Gold trading has sparked the interest of a great deal of potential investors of late, largely because of the difficult economic times many have faced. There aren't enough gold investors that are knowledgeable enough about the market, though. The following information will help you learn all you need to know about gold.
Take precautions if you mail your items. There are a lot of mail-in services these days, and while they can be convenient, you need to protect yourself. Send the pieces through insured mail, take photographs and know the company's policies in case they lose your gold pieces and you want a settlement.
Now is the best time to sell because gold prices have been at near record highs. You can sell your broken or unwanted gold jewelry, gold-plated dinner wear, gold coins and even dental gold. Gold buyers are anxious to buy anything that contains gold. Get several bids to ensure that you are getting the best price.
Understand how weighing gold works prior to going into a shop to sell or buy gold. There are lots of unfamiliar terms like troy ounces and penny weights. This can often fool the inexperienced into thinking they are getting a better deal than they really are. Don't let that be you.
Gold prices may be so high that you may feel that it is best to choose jewelry that is gold-filled or gold-plated instead. However, you can still find a deal now and then, which you can turn around and sell for a profit. Visiting flea markets and pawn shops can help you to get the very best price.
Understanding how gold is weighed can ensure that you don't get ripped off when selling your gold to a dealer. Gold can be weighed in Troy ounces, pennyweight, or grams. The most important thing is to make sure that whatever system the buyer is using to weigh your gold is the same one they're calculating the payment with.
If you're not sure about the value of your jewelry, you can have an appraisal done. While there is a cost involved, you will at least then be fully aware of what you own and what it is worth. Use an accredited appraiser for best results. If you continue with your plan to sell, do be aware that you won't receive the price the piece has been appraised at.
Consider futures trading if you have an interest in gold investing, but not a lot of cash. You can visit a local commodity trading firm and open a new account. The best thing about futures is that you can control amounts that far exceed what you actually have on hand in terms of cash.
Know what you have. Some items are worth way more than the actual price of the gold they are made from. This is especially true for antique coins or jewelry. Oftentimes gold jewelry features highly sought after gems in the setting too. That could make the item a lot more valuable.
Make sure you're only selling to someone who has a license to purchase gold. There's always a risk of getting ripped off, but a buyer who is licensed poses far less risk of this occurring. There are a lot of stores and individuals that will buy gold, so don't feel like you have to sell to the first person you come across.
Be extra cautious when using a mail-away service for selling your gold. Always buy shipping insurance for your items. Know how long the dealer will hold your pieces before melting them, and know how long you have to accept or reject their offer. And keep an inventory with pictures of all the items you've sent.
Approach the market with caution. There are many unscrupulous companies out there who deal with gold. There are quite a few people out there that would just love to dupe you out of what you are really owed. Do your homework before giving anyone your business.
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.
Watch out for the gold buying bait and switch. There are buyers out there that promote the price they'll pay for bulk gold, but don't tell you that the price is much more for smaller quantities. This can leave you making a very bad deal. Ask before you make any sort of commitment.
A lot of people are curious about investing in the gold market. In many cases, however, they don't know what they are doing, so they don't make money or even lose it. This article has taught you what it takes to get ahead.
Orignal From: Let Your Portfolio Shine With These Gold Tips
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