The New Gold Rush: What You Should Know

| October 21, 2014 | 0 Comments

Not many people know all about gold, even though they may love it. Not knowing all there is to know about it could really hurt someone. If you’re one of these people who doesn’t know much about gold, these tips will be helpful to you.

Have an understanding of gold prices. Precious metal prices can fluctuate a lot, so check the markets daily, especially when making a transaction. If you have gold that does not weigh up to a full ounce, you may receive less than the melt value when selling it.

TIP! When you sell gold, make sure to get multiple appraisals. There are many places to get this done, and some will pay you more than others.

Make sure to research prospective buyers in advance in order to find a reputable one. Better Business Associates can give your information about complaints made against a company and how those complaints were resolved. Check for offers through different buyers to make sure you get the best price for your gold.

Do your research and know what the latest gold price is before you sell your jewelry. Doing so will help you figure out if a dealer’s offer is a good one or not. While dealers often give you market value, some are used to sellers wanting quick cash.

When you buy some gold jewelry for another person, make sure they have a refund policy. It’s entirely possible that a particular piece ends up being improperly sized or simply unappreciated by its recipient. By ensuring that the dealer offers a return policy, you can help protect yourself.

TIP! When selling gold, sell to reputable buyers. You can find out if they’re trustworthy by looking at the BBB reviews.

Get your jewelry appraised. This can cost you a little initially, but you want to know right? Be sure to select an appraiser who is accredited and independent for a realistic appraisal. If you’re going to sell the gold you have, you’re not going to get the appraisal value.

Understand that any item containing gold carries value with gold dealers. You could, for instance, sell some broken jewelry, some tableware, gold coins or many other objects. Having 100% gold isn’t required, either. It just needs to be plated or maybe only a part of it’s gold. Any amount of gold will get you back a nice amount of money.

If you send off gold by mail, see how much it is to have it returned to you if the offer isn’t that great. Most companies will advertise free shipping, but they often charge a lot to put the items back in the mail. Know what this cost is before you mail your items.

TIP! If you’re thinking of mailing off some jewelry to someone, you need to be sure you do your research first. Find out when you will receive your payment, and get insurance for your package.

Sell only to gold buyers who are licensed. While you can still get taken for a ride, licensed buyers tend to be more reliable. Many entities buy gold, so you don’t necessarily have to sell when you get the first offer.

When it comes to purchasing gold, GoldMoney is a site to consider using. It’s similar to opening a “gold bank account.” You just sign up for your account, fund it and then you will be assigned gold. The gold rests in the bank where you can trade it for cash, portion it out, or redeem the gold for bullion bars.

Prior to coming to any decisions with regard to a gold buyer, shop around. The chances are good that you will get completely different offers for your gold. If you stick with your first buyer, you could get a terrible deal. Be sure to take time to choose your buyer wisely for the best profit.

TIP! Buy the right gold if you are investing for retirement. The IRS must have approved the gold that you receive.

Very often earring backs are made from gold even when the earring itself is not. Necklace clasps and ring bands are usually real as well. Attempt to sell pieces such as these as a “lot” since those pieces are fairly lightweight. A large quantity can assist you in profiting better from them.

One option when selling your gold is to send it away in the mail. A lot of sellers enjoy doing this because it’s not hard. You ship your jewelry in a prepaid envelope, and then you receive a check. These companies won’t pay the same amount for gold as others though. A seller might offer you as little as 30 percent of the value, so be careful.

As previously mentioned, not everyone is well versed on the topic of gold. But since you’ve gotten through this post, you know much more than you did. Use these tips to turn gold into a profitable hobby.

Category: Finance

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