On The Market For Gold? What Needs To Be Known First
The rise in gold prices seems to be almost continuous. As someone who stands to gain a lot from gold, you will be pleased to know that anyone can find success. Here are a few tips to get you off to a good start in the gold market. selling gold jewelry
Gold bullion bars are great investments. The weight of these bars vary. Bars may be a half ounce, 400 ounces or anything in between. However, the really big bars are very hard to come by.
Gold is something that changes in price all the time. This is why you should know what it's worth prior to selling. If you choose to sell any gold, keep in mind that pieces that have different karat values need to be valued and weighed separately. Don't sell gold jewelry that may be worth more when sold as a designer piece.
Many people don't know that a magnet can be used to test whether something is made of gold or some other type of metal that is precious. Gold and other precious metal will not be affected by a magnet, which means that they won't stick to it at all. Often the clasp of a piece is real gold, while the rest of the piece is just plated. You will find this to be an effective way of testing this.
A lot of times, earring backs are gold, even when the earrings themselves are not. Ring bands, clasps on necklaces, and other easy-to-overlook bits of jewelry also often have significant gold content. These sorts of items are often lightweight and should be sold as a collected lot rather than individually. A lot is a collection of separate pieces weighed and sold together; selling off jewelry in lots is often the best way to get maximum value.
Have a professional appraise your gold jewelry if you do not know how much it is worth. This adds an up-front cost, but it could save you a lot of money later. In order to have it valued most accurately, go with an appraiser who is accredited and independent. Remember if you sell, you will not receive the full price of the appraisal.
Make sure you know the spot price of gold the day you plan to buy or sell. Many sites offer this information, plus it changes every day. When going to buy the jewelry, you should not have to pay higher than 8% markup over the spot price. Knowing the value of your gold will keep you from getting ripped off.
selling gold Use GoldMoney if you are interested in buying gold. It can be compared to "gold bank accounts." Set up the account, deposit some funds, and you get gold at the price that correlates to the account. It then is kept in a vault. The gold is yours to cash in if you wish. You may also redeem it for physical gold later.
invest in gold Purchasing gold from the average person is one way to get the best deals. But you should realize that there is risk involved when buying in this manner. That's why you must get the coin appraised. If a person wants to sell a cheap coin and you are confident it's genuine, take your chances and go for it.
The gears should be turning in your head about how you can profit off gold. No matter how you decide to do it, hard work can help you succeed. Now you are prepared to begin making some money from gold.