Gold is a historically highly sought after metal. It has been revered for thousands of years. If you're trying to figure out how to get into buying gold, or you just want some jewelry, then you'll find the following tips to be useful.
Only deal with reputable buyers. You can check out their reputation by contacting the BBB and checking online reviews. Reputable buyers offer great customer service along with fair prices. Research helps protect you and your investment.
price of gold per ounce If you plan to invest in gold for retirement, be sure you purchase the right kind. The IRS has to approve the gold. They have to be 24 karat coins or bullion bars. Bars typically are more valuable than coins are.
Research the current market price of gold before you attempt to sell your old and unwanted jewelry. Doing so will help you figure out if a dealer's offer is a good one or not. Most dealers will give you the market value, but some will rely on the fact that people just want cash to try and get the best deal possible for themselves.
If you are buying gold jewelry as a gift, make sure you have a money back guarantee. People's preferences in jewelry are different, and the piece might not fit the person. It's always a good idea to be able to get your money back on a jewelry purchase if it doesn't work out for you.
gold If you don't know what your gold jewelry is worth, consider having an appraisal done. It costs a little, but the knowledge gained is valuable. An independent appraiser should be used in order to receive the best value. If you choose to sell your piece, know that you probably are not going to get the full appraisal amount.
If you will be selling your gold, shop around for best prices. While many stores state they pay the standard price for gold, there are a number of them that do not. Some stores outside of busy urban areas do not have to pay as much on rents as stores located in a shopping mall and will offer a better price.
Be careful in the gold market. While there are unscrupulous traders and companies in every market, the gold trade is particularly noted for having a healthy helping of scam artists. Any number of shady individuals or even business are ready and willing to rip you off. Doing a good amount of research will ensure that you are getting the very best deal.
Review all fine print in sales contracts. If you're trying to sell gold to people through the mail, then you have to go over the fine print carefully before you sell gold. In this way you can determine what percentage of your profits will go toward fees and commissions.
A fast, cheap way to test for gold's authenticity is to use magnets. Gold, unlike other metals, will not be attracted to a magnet. Sometimes the clasp of a piece is solid, however the rest will be plated. The magnet test is simple and effective for this purpose.
With these terrific tips at hand, get ready to conquer the world of gold. You can make a profit and hedge against tough economic times by using gold as an investment. That's the best outcome for a fun endeavor.