Gold investing has a number of great benefits. If you're thinking about getting involved with it, you're making a wise decision. You need to know what to do and weigh all options. This article will help you to understand what some of the advantages of gold buying and selling are.
When going to sell your gold, bring along identification. If you come to an agreement on the sale of the pieces, you will be required to give the buyers a copy of your government issued id. This is a law meant to protect individuals against buying pieces that are stolen, and any reputable dealer will stand by this law.
Never buy your gold from a telemarketer. These individuals charge the highest commission rates, meaning you will pay more for your gold coins than you really have to. Instead, look for gold sellers on your own, and always buy from someone who is reputable. This will help you to get the greatest value in your gold investment.
When dealing with any gold buyer, make sure you shop around before making any final decisions. You may get a wide variety of offers. If you don't shop around, you may not get what you are owed. Take your time to help you net the most cash.
Do not allow different carats of gold to be weighed together. This is because dealers will base the price on the lowest carat gold. Each carat of gold is mixed with 10 parts of other alloys; thus, a 10 carat weight gold ring will be worth much less than an 18 carat gold ring.
Do not sell your gold at a gold party. Although these parties are fun, sellers usually net less than 80 percent of the value of their gold at these parties. To get the most bang for your buck, find a reputable dealer that specializes in buying and selling gold.
Know the gold market before selling or buying gold. Much like buying and selling stock, you should always buy low and sell high. The gold market varies daily just like the stock market, so it is important to follow the trends and sell your gold when it is at its highest sales price.
When shopping around for the best deal on your gold jewelry, get any offers in writing. Most companies will give you something in writing, and that offer will usually be valid for a very short period of time. You can use the written offer to negotiate a better deal at your next stop.
The first step in buying gold bullion is to be sure you know the actual price on the day of your purchase. Gold prices change daily, so precision is important.
Experts say you should expect to pay more proportionately for a fraction of an ounce than you would for the full ounce. Among gold coins, the Kruggerrand coins from South Africa can usually be acquired at a cheaper price than the more popular American Eagle or Canadian Maple Leaf coins.
Be aware that you will not get the full price for the gold you are selling. A gold dealer is a businessperson just like all others. They are about making money, so they will try to negotiate a purchase price. Offers of 50% to 70% of the actual value are commonplace.
Be certain that the value of what you are purchasing is real. Some coins are only gold plated while others will be difficult for you to sell. If gold coins appeal to you, asked for an independent certification from a certified appraiser.
Be careful to sell your unwanted gold to a dealer that has a good reputation. Ask family and friends for recommendations, read reviews online and check with the Better Business Bureau to make sure there are no unresolved complaints against the dealer. It is also wise to shop around and get estimates from several dealers.
If you are looking to purchase gold as an investment, you should aim to acquire gold of a higher karat. 24 karat gold is worth the most amount of money and it goes down from there. 10 karat gold holds the least value, which is why you want to invest in the higher karat gold.
Remember, a gold dealer only buys gold, not the alloys it's mixed with. Many gold pieces are made with gold that's less than pure (based off the karats). Your dealer will take that into consideration when offering you a price, so the weight of your piece may not reflect what you're offered exactly.
Keep in mind that the weight of your gold jewelry also include the weight of any other metals that were added to make the gold stronger. A dealer who purchases gold will only pay for the actual weight of the gold. Be realistic about your expectations, even if the jewelry has sentimental value.
Gold should be considered as a long-term investment and not something to be traded actively. Daily prices can fluctuate a lot, and you should not play the market timing game. If you hold on to gold for at least three years, it will usually give you a good return for your investment.
When you invest in gold coins or gold bullion, plan on it being a long-term investment. The premiums and fees associated with buying gold are much higher than those paid for the purchase of stocks and bonds. With the shipping charges for heavy gold bars, you may actually be down a bit on your investment initially.
Get your gold appraised to ensure that you will get the price for it. Of course the appraisal does cost you some money initially. However, the small fee will ensure that you get the proper value for your gold and don't get taken advantage of by unscrupulous buyers.
Hopefully, you now can see the value gold has in your portfolio. Gold makes an excellent entry in a diversified investment portfolio, striking a useful balance between the liquidity of cash reserves and the growth potential of stocks and bonds. Learn why gold is a smart investment, and know the different risk levels between all the different choices.
Orignal From: The Ins And Outs Of Gold Purchasing And Selling
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