The New Gold Rush: What You Should Know

| March 11, 2015 | 0 Comments

If you have desired entering the gold market before but didn’t do so, then this article is for you. If you’re new to it, there’s no reason to be overwhelmed. But, it is important to know more about it before you try to invest in it. Investing in gold offers many positives, and knowing what they are is key.

When investing in gold, bullion bars are the best way to go. The weights will vary. They can range from a half an ounce to bars that weigh four-hundred ounces. The 400 ounce bars are generally hard to find.

TIP! It is always a smart idea to have more than one appraisal when you are considering selling gold. Gold buyers include all types of businesses ranging from jewelers to online companies.

Gold prices change all of the time, so make sure you are aware of the value before you try to sell any. Different karat values will be valued and weighed separately when selling your gold. Try not to sell jewelry items that are valuable due to their maker.

Think about selling your gold online. Gold dealing is no longer something that takes a brick and mortar store. Just visit a reliable website that will buy your gold. You will receive a package that details how to send you gold pieces. If the transaction goes smoothly, they’ll give you a quote and you can either accept or decline the offer.

If you are thinking about selling some of your gold jewelry, know what the going market price for gold is. You can then discern whether you are getting the right price for your jewelry pieces. There are some unscrupulous dealers that will try to pull one over on you.

Melt Value

If you’re selling a gold item that has value beyond its weight in gold, you need to choose whether to sell the piece for its intrinsic value or its melt value. Many buyers only want to pay for the melt value of the jewelry. However, if you are patient, you will find a buyer who is willing to pay top dollar for your jewelry.

Never sell to an unlicensed gold dealer. There’s always a risk of getting ripped off, but a buyer who is licensed poses far less risk of this occurring. Many establishments purchase gold, so there is no need to sell yours to the first buyer you deal with.

TIP! You may be put off by the price of gold, making you go with gold-plated or gold-filled jewelry instead. You can still buy gold jewelry without spending a fortune at a store.

Thrift shops, antique stores and estate sales can be fantastic sources for finding gold jewelry at a good price. When you know what to search for, you can find great items in these places. Many people don’t understand how valuable their items are, so they sell for cheaper than they could at these places. Their loss can be your gain.

Get a good grasp on what you own. Just because something looks like gold, that doesn’t mean it’s worth the full weight in gold. Usually, there are other metals mixed with gold for stability. This reduces its price though. Items can also be plated with gold. Have an appraisal done on large amounts of jewelry or gold whose value you are uncertain about before selling it.

Research the daily spot price before you sell your gold. Research the selling price of pieces similar to yours. This is a price point that you can work with. Ask a bit more than you want so you can negotiate with the buyer or seller.

TIP! If you have an interest in getting into the gold markets, but don’t have a lot of investment capital, consider buying scrap. Just keep buying a little every time you get paid, over a year or two you will accumulate quite a little pile.

Divide any gold you plan to sell into groups that contain specific karat values. The karat value determines the gold’s value, so you are unlikely to receive the best price for your gold if it is all weighed together. The higher the gold content, the better the price.

The price of gold has increased 400 percent over the past 10 years, and that is great for gold owners. The changes in currency value affect the value of gold. As the value of the dollar drops, gold usually rises.

Gather information about any gold dealer you are considering selling to. If you’re selling your gold through the mail, this is even more important. Look for gold companies that are listed in the BBB to ensure that you are working with a reputable business.

TIP! Anything gold is able to be sold. There may be broken home decor, tableware, jewelry, or other things that are around you.

Try buying broken gold jewelry from friends and relatives. If you use an accurate scale that is designed for jewelry, you can offer friends and family a higher price than what they would receive at a pawnshop.

Find out if you can retain any small gems from a gold item that is destined to be melted down. Remember that very small gems are quite difficult to remove. Someone trading in gold is most likely not going to want a tiny gem, since the value is not there after it’s melted down.

Stock Market

TIP! If you will be selling your gold, shop around for best prices. The “spot” price for gold is determined by a constantly fluctuating market, so not every store is going to pay it.

Try selling gold coins when the value has peaked. The capital markets fluctuate every day. If you know a little about the stock market, making good money is a possibility. The time to sell your gold is when the stock market is rising.

You now know how to proceed. It’s time to start investing in gold, so use the strategies discussed here to begin. It won’t take long to witness the benefits that gold investment presents.

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Category: Finance

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