When it comes to gold, it is true that people can become drunk with its value. Whether buying, selling or caring for it, it is mesmerizing and captivating. If you want to learn all you can about gold, this article contains a great deal of priceless information you can’t go on without.
If you are selling gold then shop around to get an idea of what its true value is from different companies. From pawn shops to jewelry stores, each location will charge a different premium on gold. Therefore, it is wise to get several offers to ensure the best price.
Do your research on the fee and commission structures for the dealer you are considering. Every dealer will have slightly different commission structures. Some may be more fair to you than others, so use it as a way to comparison shop against multiple dealers. This way, you can get the best deal for you possible.
When searching for jewelry, you will probably want to know how many karats a particular piece has. The hallmark on a piece of jewelry will provide you with this information. For instance, say you purchase a ring that is 14 karat gold, the hallmark will say “14k”. The hallmark can be found on the inside of each piece.
Before you mail any jewelry to a particular company which purchases such items, be sure to do your homework and check out the company thoroughly before you do so. Know when they will send your payment out and get your package insured. Take a photo of what you mail to battle against disputes down the road.
Make sure that you get your gold valued by a selection of different precious metal dealers before you agree to trade in your gold for cash. The price per gram of gold offered by different precious metal dealers can vary greatly, so it pays to get prices from many different dealers before agreeing on a deal.
Never buy your gold from a telemarketer. These individuals charge the highest commission rates, meaning you will pay more for your gold coins than you really have to. Instead, look for gold sellers on your own, and always buy from someone who is reputable. This will help you to get the greatest value in your gold investment.
The day that you plan on buying gold, check its spot price. This price can be found on a number of websites. Never pay in excess of 8% markup above the spot price. Occasionally an unethical dealer may try to overcharge their customers.
If you are planning on buying gold for historic value, make sure you understand the true value of the piece. Some are worth no more than their melt price. If you are buying for your own collection, that might be okay. If you are buying as an investment, you should look for pieces that are worth more, meaning it’s often advisable to stay away from any mention of historic value.
If you are considering selling your gold to a pawn shop or second hand store, go with the pawn shop. Pawn shops have certain regulations they must abide by, and this protects you, the consumer. Second hand stores have no such regulations, which opens up the possibility of unethical practices.
Don’t just bring your gold to a buyer without knowing its true value, no matter how badly you are in need of cash. Calculate the value of your items based on purity and weight so that you have a good idea what the fair market value is. Only then should you bring your gold to a dealer.
Be cautious about buying gold from a mobile office. Anyone who sets up in a hotel or other temporary location should be considered with a great level of caution, even if they promise great deals. Remember that these dealers might not be there if you ever have to go back, meaning they can easily sell you something that isn’t worth as much as they say it is.
Know the gold market before selling or buying gold. Much like buying and selling stock, you should always buy low and sell high. The gold market varies daily just like the stock market, so it is important to follow the trends and sell your gold when it is at its highest sales price.
Get a certificate of authenticity when buying gold jewelry. This is your proof that the piece you have purchased is real, consists of a certain karat count and has a specific value. This certificate can be used to authenticate your piece for resale or insurance purposes, should you need it.
Now that you know so much about gold, you are ready to master the topic. Continue reading all you can so that you can continue to learn about gold. Soon enough, you will have great confidence when discussing anything involving this precious metal, and ownership will become even more enjoyable.
