The Golden Dream: Making Money With Gold
Should you be a serious investor, it is important to include commodities within your portfolio. Gold tends to be the top commodity available. Read this article to find out how to invest in gold for retirement or for short-term profits.
selling gold jewelry
selling gold Get multiple estimates for your gold pieces if you are looking to sell them. Venues that buy gold will only pay you a percentage of what your gold is worth in order to make a profit. By getting multiple estimates, you can be assured that you will get a fair price when you sell.
buy gold Before buying or selling gold, know how all the prices work. With silver, platinum and gold the prices vary wildly throughout the day, and in order to get the correct price you must spot check it on the day before making a purchase. Gold pieces with fractions of an ounce will command higher prices than pieces weighing one ounce.
Understand the spot price of gold before selling any. If you make the decision to sell gold, separate your pieces by purity level. Don't sell jewelry that has an increased value because of the design or the creator.
Always use a reputable company when selling gold. Check reputations at the BBB and via online reviews. Reputable buyers usually pay fairly for gold, and they often have much better customer service versus the less reputable ones. This will protect you from rip off artists.
Understand that any item containing gold carries value with gold dealers. It could be a broken jewelry item, table settings, home decor items or anything that is in the house. It doesn't have to be all gold either. Items that are partially constructed of gold or even gold plated are acceptable. The amount you can get will depend on how pure your item is.
You may shy away due to gold's price, which may make you go for gold-filled or gold-plated jewelry instead. You can still buy gold jewelry without spending too much at the jewelry store. Pawn shops can offer many good deals and there are also many online buying options.
If you're selling gold through a mail-in service, do your homework on the company and its policies before you make a commitment. Know when they will send your payment out and get your package insured. Lastly, take pictures of all items you're sending so you have proof in the event of a dispute.
If you are interested in trying gold as a commodity, but you are short on capital for investment, start out with buying scrap. Invest small amounts of money in scrap gold. After a few months, you will have accrued a significant store of gold. Store your scrap gold in a secure location until you are ready to sell it.
Having read this article in full, you now know a thing or two you previously didn't. Use this advice to widen your portfolio, or make a bit of extra money. Use your newly found knowledge to become a successful gold trader.