Gold buying and selling has been around for a very long time and perhaps this is something that you’re looking to get involved with. If that’s the case, there are many great tips to help get you started in this market. Below is a bevy of great strategies that professionals have used to succeed.
Find out if you have a piece made by a well-known designer. Sometimes, the origin of the piece and the designer of the piece makes a gold piece worth more, rather than having it melted down. Tell the buyer if you have a piece done by someone noteworthy, to get a better price.
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.
Ensure that your retirement investments are approved. Gold needs to be IRS-approved. That means that the gold is a minimum of 24 karats, and formed as coins or bullion bars. Try going with bars over coins since they tend to be more valuable.
You never know where you will find valuable gold; places like thrift stores are often great places to discover good deals. If you have an idea of what you are seeking, you can really find a bargain in these places. Many people do not realize what they have and sell it or donate it to these shops. You can reap the benefits of their loss if you do your homework first.
When selling your gold, realize that jewelers use a different scale system than others. For example, one ounce of gold will weigh 31.1 grams. Some businesses weigh by the pennyweight, which is 1.555 grams. Then, they purchase by the gram instead of the pennyweight, which can result in them underpaying you.
Be very careful when buying gold off of the Internet, you never know who it is you are actually dealing with. You may be thinking you are getting gold from a reputable dealer, and the person you are dealing with is a scam artist that is only after your financial information.
Prior to going to a gold party, take your jewelry to a store and get an estimate as to how much the gold is worth. If the gold party representative quotes you a lower amount, see if they are willing to negotiate. If not, determine whether you truly want to sell at the party or would just prefer to hang on to the items.
Now that you read excellent strategies that professionals have used in order to succeed at buying and selling gold, do you feel confident to proceed into this market? All it takes is a bit of education like you received here and anyone can succeed. Use these strategies and study them until you feel confident to invest your hard-earned money in the gold market.