Investing in gold is a great way to balance your investment portfolio. But like any type of investing, you can’t go into it blindly. You need to learn what you can about it. Keep reading to discover the benefits of gold, plus some ideas on getting involved in it.
Do not sell your gold without first knowing what it is currently worth. Different karat values will be valued and weighed separately when selling your gold. Don’t sell jewelry that’s worth more due to maker or designer.
Know what gold is currently selling for. While it’s convenient to just bring your gold to a shop, do a little internet research first to see what the range is. That way, you can go in knowing how much you can expect to receive. You will know if you are being lowballed.
Take precautions if you mail your items. There are a lot of mail-in services these days, and while they can be convenient, you need to protect yourself. Send the pieces through insured mail, take photographs and know the company’s policies in case they lose your gold pieces and you want a settlement.
Get an appraisal to find out the exact value of your jewelry. It costs a little, but the knowledge gained is valuable. Be sure to select an appraiser who is accredited and independent for a realistic appraisal. Remember, though, that you won’t get the appraiser’s price for your gold.
When buying gold, beware of scam artists. Always buy from a reputable dealer, and beware of any offers such as free storage or delays in delivery time. Sometimes these dealers will take your money and never provide you with the gold you were promised. Check out your dealer at the BBB before buying to make sure you are working with someone ethical.
Never buy your gold from a telemarketer. These individuals charge the highest commission rates, meaning you will pay more for your gold coins than you really have to. Instead, look for gold sellers on your own, and always buy from someone who is reputable. This will help you to get the greatest value in your gold investment.
Be sure to select carefully when considering taking your gold to a pawn shop or jeweler for sale. While the market quotes a price, not all companies actually pay close to that price. The stores located outside of shopping malls and other similar places don’t have as much overhead, so they might be able to pay more.
When selling your gold, make sure that you separate each piece by its karat value. Some dealers will attempt to weigh all your gold at once then use the lowest karat value to calculate the payment. Keeping your jewelry separated out by karat values ensures that you are paid fairly for each piece.
Hopefully, you now see the value of gold in your portfolio. This strategy can bridge the gap found between mutual funds, stocks and cash savings. Now you should be able to see what makes gold good to invest in as well as what risks you should look out for.