Gold has traditionally been a very highly-valued metal. Gold was discovered centuries ago and has been valued since that time. If you wish to get into gold, these tips can help you get more bang for your buck.
When you sell gold, get an idea of value from a number of sources. There are many places to get this done, and some will pay you more than others. Therefore, it is wise to get several offers to ensure the best price.
Know the meaning of different karat weights when buying or selling gold. Twenty four karat gold is worth more than fourteen, which is worth more than ten. If you understand the differences, you can make sure that you buy or sell for a fair price based on the true value of the piece.
Try to only buy and sell your gold to certain dealers that are recognized through official gold and money associations. These dealers must follow strict guidelines under these organizations to ensure that you get fair compensation or quality pieces. One such well-known organization is the ANA or American Numismatic Association.
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 overlook gold scraps. If you happen to have small pieces of gold sitting around, keep them together to sell at a future time. This can be scraps from an old pair of earrings or any other piece of jewelry. Even a few ounces can be some serious cash back in your pocket.
Check the prices of golds the day you plan to buy. Many sites offer this information, plus it changes every day. You shouldn’t pay more than 8 percent over the spot price. Some dealers will try to charge more, but they are overcharging and oftentimes, not ethical.
Watch out for “pop-up” buyers. These individuals travel from place to place, putting out advertisements that lure in sellers with the promise of a big payout. In many cases, these buyers then leave town without paying the sellers what they are owed. Always do your research on anyone you are planning to sell to.
Always read small print in sales contracts. If you are going to sell gold pieces to a mail-in buyer, look at the fine print prior to selling to them. That way, you will be aware of the cut of your proceeds that will go to fees and commissions.
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.
Now you are better educated about the value of gold and why it is so treasured by people all over the world. Gold can be a good way to make money and be beautiful to wear at the same time. Use what you have learned to help you invest in gold soon.