Given that the dollar seems to be headed forever down in value, a lot of investors find precious metals like gold to be a trustworthy and rock solid investment. Gold tends to be the most popular since it’s value keeps increasing while the dollar’s value is decreasing. Utilize the advice in this piece as you contemplate getting into gold investing.
Beware of buying or selling gold from any mobile offices or cold-call solicitations. These “businesses” are set up in temporary locations that include inns and motels. They claim to offer instant cash for silver and gold pieces, especially coins. They enjoy taking pieces to make a profit for unfair or no compensation.
Have an understanding of gold prices. The value of gold tends to fluctuate, which is why it is important to understand the market trends. Understand that you will likely pay a higher price for fractional pieces. A half an ounce, for instance, will not exactly cost one half the price of an ounce, it will be slightly higher.
When mailing your gold away for sale, make sure to read all the fine print before sending it in. Some buyers have less than stellar reputations, and you will not see this until you read the fine print. Make sure you are comfortable with all the terms you are agreeing to, or look to another location to sell your gold.
Know you’re going to have to show your ID when you sell gold. By law, people are required to present their identification when they sell gold. That is done in order to deter thieves and other criminals. Therefore, don’t be embarrassed if they ask for your ID, and even snap a photograph of you.
Do you have an allergy to nickel? If so, you are better off getting jewelry that has a higher gold content, like 18 or 22 karat gold. Items that have a higher gold content are less likely to cause an allergic reaction. You should also stay away from gold plated jewelry.
If you’re going to sell scrap gold for cash, be sure you’re looking into everything. Some stores won’t pay the market price of gold, and it’s up to you to realize this. Look for stores off the beaten path as they often have lower overhead and better deals.
Be knowledgeable about market prices before you accept someone’s offer to buy your gold. Also, ask around to find out how much similar pieces are going for. This way you have an idea of what you can ask for yours. Ask a bit more so you can negotiate.
If you are thinking about becoming a buyer or seller of gold, make sure you are legal! In the United States, you must have a license to purchase, sell or trade gold in any quantities on a regular basis. Check with your city or town about how to become licensed, and then enjoy your new entitlement to dealing in gold.
There are many investment strategies to use when investing in gold. Many people prefer gold bullion, while others prefer purchasing stock in gold companies. Hopefully you now have a better understanding of the different ways that you can invest in gold.