Given its historical place of honor among valuable commodities, it is easy to understand why gold continues to be of immense interest to investors of all levels. Unfortunately, not everyone who wishes to get involved in gold markets has sufficient know-how to do so successfully. The article that follows is meant to remedy that situation for interested readers.
Before selling your gold to an establishment, make sure that they are a reputable seller. Check with your Better Business Bureau to make sure that they have given fair prices to people. You don’t want to sell your gold to someone who will cheat you out of the precious gold you’re selling.
Avoid gold coins that are being sold at flea markets and local pawn shops. They may seem like a great deal, but all that glitters is not gold. The coins may be counterfeit and/or they may have been cleaned to make them appear far more valuable than they actually are.
If a deal seems too good to be true, then it probably is. Be leery of people who are selling their gold for way below the going rate. Chances are probably good that it is gold plated or brass. Even if it is stamped, it is always best to have it tested before you buy it.
Find out the spot price for gold on the day that you’re planning to buy. This price changes every day. You can locate it on several different websites. When you do buy, avoid more than an 8% markup. Paying that price would simply be unfair to you.
It is a good idea to check with the Better Business Bureau before you deal with a gold broker. You can find out about certain businesses and experiences so that you can move forward from there. Complaints that have been resolved are actually a good thing, so factor those in as well. If there’s a lot of complaints about one company, consider not using them.
Don’t just bring your gold to a buyer without knowing its true value, no matter how badly you are in need of cash. Calculate the value of your items based on purity and weight so that you have a good idea what the fair market value is. Only then should you bring your gold to a dealer.
If the buyer of your gold does not ask to see your government issued ID, you may want to think twice about doing business with them. Gold buyers are required by law to see your ID and record your information. This requirement helps recover stolen property and prevents money laundering.
It can be tempting to take the first offer for your gold, but don’t always jump at it. What might be a piece of scrap gold to someone, might be an antique or catch the interest of a collector. Doing a little research before selling your gold can really end up paying off.
Gold has a long and storied history when it comes to preserving and building personal wealth. The best way to get involved in gold markets in prudent fashion is to study several fundamental concepts and methods. It is our hope that the facts presented above have given readers a great resource for doing just that.