Gold is a great investment to help balance your portfolio. However, you need to understand all you can about the gold market. Keep reading to learn why gold can be so useful as an investment strategy.
Get valuations for your tangible gold from a handful of dealers at a minimum. There are many places where you can buy and sell gold, and they all use different metrics to decide on price. When you seek more than one estimate, a fair price is going to be more attainable.
Prior to selling or buying gold, be certain you know how precious metal pricing works. Silver, gold and platinum prices vary from day to day, so spot check a price on the day you plan to do business. Gold pieces with fractions of an ounce will command higher prices than pieces weighing one ounce.
Make sure to research prospective buyers in advance in order to find a reputable one. Check for online reviews and reports from the BBB and see how these dealers resolve complaints from their customers. You have a better chance of getting the highest possible price for your gold when you obtain bids from a number of different gold buyers.
You might balk at the high cost of gold, causing you to select gold-filled or gold-plated items. However, don’t feel that to buy gold of real value you need to pay a high price in a fine jewelry store. Pawn shops provide great discounts.
Look at the spot price of gold before selling. Doing so will help you figure out if a dealer’s offer is a good one or not. There are some unscrupulous dealers that will try to pull one over on you.
If you’re unaware of your gold’s worth, have it appraised. Paying a professional to appraise your item is a good investment. An independent appraiser should be used in order to receive the best value. If you’re going to sell the gold you have, you’re not going to get the appraisal value.
If you are sending your jewelry off in the mail, make sure you investigate how much it will cost you to have the pieces sent back to you if you don’t like the offer. Many companies advertise no shipping costs, but they often hide large handling fees in the fine print. Know ahead of time if you must pay to get jewelry back.
Now, you should be able to find a place for gold inside your investment portfolio. That is a strategy that acts like a bridge between your stocks and funds, and your cash savings. Learn why gold is a smart investment, and know the different risk levels between all the different choices.
David InghamFollow Dgingham