Gold prices keep going up, no matter what other currency goes down. Thanks to this increasing value, gold is a great place to invest your money and a useful tool for managing your finances. Whether you are buying or selling it, there are essential things to know about gold. This article can help you make the best out of each opportunity for buying or selling gold.
Look into companies like GoldMoney. This program allows you to purchase gold without taking physical possession of it. You deposit money into an account and they assign you gold that remains in vaults. Do not worry about theft of your gold as it is insured while it is kept in the safe.
Check the current price in the gold market before you sell your jewelry. That way you will be able to ascertain if a dealer is providing you with a fair price or not for your pieces. Many dealers will pay market value, however others rely on people desperate for cash to get the most for themselves.
Before actually purchasing a piece of gold jewelry, shop around. More expensive jewelry stores will charge you an arm and leg. However, the same piece of jewelry can sometimes be found elsewhere for a much lower price. You can even tell a jeweler that you saw the piece for cheaper and you may be able to negotiate with them.
Before taking your gold to sell, research the buyer. Most reputable dealers will be members of the American Numismatic Association. These dealers are held to a higher standard of ethics and must follow certain criteria when purchasing gold from individuals. To ensure you get the most money for your gold, make sure to use a dealer who is part of this association.
Research gold buyers. If you decide to send your gold out of state, make sure your package is certified and insured. You will probably feel more confident selling your gold to a reputable local business that has a storefront. Either way, you should check with the Better Business Bureau.
If you’re buying gold pieces for investment reasons, stay away from proof coins. These coins are polished and mounted, and they can sometimes be worth more than regular coins. The problem is, proof coin value only matters to collectors, and it can vary on a daily basis. For investment only purposes, stick with regular coins.
If you’re selling gold jewelry, make sure you know about karats. Pure gold is very soft, so it’s mixed with other metals for color and durability. The FTC or Federal Trade Commission requires that all sold U.S. gold jewelry must describe the alloy’s karat fineness. A single karat equals 1/24 of pure gold via weight. For instance, 14 karats jewelry is 14 parts gold and 10 parts different metals. Jewelry can’t be sold as “gold jewelry” if it’s less than 10 karats.
There’s good reason that selling and buying gold is popular. Gold prices continue to go up, making it a solid investment. However, if you are a novice to the gold market then you need to be sure about what you are doing before you start trading. Pay attention to the advice in this article for the best profit in your endeavors.