Gold has always been considered valuable. Learn how to incorporate gold into your portfolio and develop a sound investment policy. There is a lot to know about, whether you're buying gold or traditional stock. Read on to find out more about investing in gold.
how to buy gold
selling gold jewelry It is crucial that you have a solid idea about how the gold and precious metals market works. Metal prices fluctuate constantly, so you need to know the price on any given day for a transaction. You also will have to pay more than melt value, but you will sell below melt value.
selling gold jewelry You can use a magnet to determine the authenticity of gold. Precious metals do not respond to magnets. Often the clasp of a piece is real gold, while the rest of the piece is just plated. Using this technique will help ensure your pieces are solid gold.
Instead of immediately thinking you have scrap gold, take it to get appraised first. This is a good idea if the piece is antique or has an elaborate design. Even though there is an appraisal fee, you could see a lot of extra money in your pocket. This is also a great way to locate buyers who might be interested in your gold.
A lot of times, the earring posts are made from solid gold even though the earring may not be. In many cases ring bands and the clasps of necklaces are real gold too. Since such pieces often weigh little, attempt selling them in a "lot". Selling lightweight gold in a lot will increase your chances of selling them.
Know what you actually have in your possession. Not all gold piece are worth their weight in gold. It's not uncommon to find gold that has been mixed in with other, lesser metals. This can make the price a lot lower. Gold-plated items apply the same principle. If you aren't sure what you've got, you should get it appraised before you sell it.
Before selling your gold, comparison shop. You'll be surprised by all the different offers you'll get. If you select the very first buyer you encounter, you may get a terrible deal. Spend the required time to comparison shop before making any decisions.
One quit and cheap method of finding out whether or not gold is real is to use a magnet on it. Real gold won't stick to a magnet. There may be times when an item of jewelry has a solid gold clasp, but the rest of the item is only gold plated. This method is good test for that.
If you're at a gold party you should speak with the person in charge so you can figure out what karats are in the jewelry. Often, the item will be stamped. Sometimes, though, an eye test is insufficient and buyers have other ways of making that determination. One simple way to do this is to use the acid test; if your rep does this, he might be a novice in the business.
You should know more about gold now that you've read this. Now you should be prepared to make a smart choice as to whether gold is for you. Use what you learned here to make the best investments in the gold markets.