Lots of folks buy gold because they see it as a safe investment. Gold’s reliable value has made it a go-to investment in times of economic turmoil. If you’re seeking additional knowledge about gold and entering this market, read on for solid tips.
If you have a nice gold piece, consider selling it privately rather than through a gold purchasing agency or jewelry store. Many companies that are in business to buy gold will only buy it to melt and sell, meaning they will pay only for the weight of the gold. An individual who likes your piece might be willing to pay a higher price tag, because they are likely to keep and enjoy the piece.
Before buying or selling gold, look into the market price for gold for the day. There are daily fluctuations on price for precious metals, so it’s important for you to know what the current going rate is. This will help you understand whether the dealer is overpriced or fair in the offers made to you.
When searching for jewelry, you will probably want to know how many karats a particular piece has. The hallmark on a piece of jewelry will provide you with this information. For instance, say you purchase a ring that is 14 karat gold, the hallmark will say “14k”. The hallmark can be found on the inside of each piece.
If you are headed to a gold party, keep your expectations low. While you may walk out with a few hundred dollars, you are not going to get rich. You also won’t get the full value of your jewelry. Go and have fun, but do not sell anything you don’t want to sell.
Do not assume that gold that is old, ugly, broken and unwearable is not eligible to be sold for a profit. The value of gold is not based on the attractiveness of the piece. It all depends on the weight of the gold, so feel free to bring in gold that is in any condition.
When you buy some gold jewelry for another person, make sure they have a refund policy. It’s not uncommon for many pieces to not be the receiver’s taste or the wrong size. If you have the receipt, they can easily trade in the piece for something more to their liking.
If you are purchasing gold jewelry and have allergies to nickel or other metals, only purchase 18 or 22 karat gold. Almost all gold jewelry has some other metals in it because pure gold is very soft and not easy to wear on a day to day basis. By buying 18 or 22 karat, you are ensuring you’re getting the most gold, meaning less change for an allergic reaction.
You can still invest in gold without physically owning any. One option is to buy shares for gold-based mutual funds. Another option is to stick with gold mining stocks. If you decide that you wish to own physical gold, be mindful of the security costs you will be paying for storage.
It is easy to invest in gold when you understand the gold market. Once you learn a bit about the gold market, you should be able to jump in with both feet. Use what you have learned here to maximize your investment.