As various forms of currency decrease in value, gold prices continue to go up. That’s why it is such a great investment, as well as a great thing to sell if you need quick cash. When you sell or buy gold, you should consider a few important things. Use these hand-picked tips to maximize your profits from dealing in gold.
Gold’s price is always changing, which makes it important to know your piece’s value before selling it. If you choose to sell gold items, those with differing karat designations ought to be weighed on their own. Don’t sell jewelry with a designer name that has a higher worth than straight melt value.
You should always ask for timely delivery when purchasing some gold from a reliable seller. Always get a timeline in writing of when your gold pieces will be delivered if immediately delivery is not provided by the seller. The date on which you can expect to receive the items should be provided. Do not finalize your order until you receive written confirmation.
If you have an interest in getting into the gold markets, but don’t have a lot of investment capital, consider buying scrap. Do this regularly over a certain length of time, and in 12 months or so, you would have accumulated a good amount. Keep it inside a safe location until you get enough to cash in.
When it comes time to sell your gold, figure out if you would like to sell it for its melt value or simply as a piece. Pawn shops and many private sellers are only looking to pay the melt value. It may take longer to find the right buyer, but you will get more money this way.
Make sure that you only deal with buyers that are licensed to deal in it. Most states require that dealers be licensed when dealing with the buying and selling of gold. There are many stores and individual buyers looking to purchase gold, so always know you have multiple options, and never just the first deal that comes up.
Understand what you really have. Just because something looks like gold, that doesn’t mean it’s worth the full weight in gold. Many times, other metals get mixed with gold for more durability. The price will be affected by this, often lowering it. Items can also be plated with gold. Have your pieces appraised before sale to determine their value.
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. Many times the item will have a stamp. If there is no stamp, there are different ways to test the gold to ensure it is solid. If a buyer uses acid testing, it’s an indication they are a newer business.
Many times the backs of earrings are solid gold, even if the earring itself is not solid. In many cases ring bands and the clasps of necklaces are real gold too. Because these pieces do not weigh a lot, try selling them as a “lot.” 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.
Gold is a popular investment for many reasons. Gold prices continue to go up, making it a solid investment. Just keep in mind that it is important to consider important buying and selling tips if you’re going to be entering the gold market. Read this piece and use its guidance to get the very best outcome possible.