For centuries upon centuries, the allure of gold has attracted people. Even today, many people find gold to be one of the most attractive investments around. If you are thinking about putting your money into gold, you need to make sure that you understand the risks involved. Keep reading to learn more.
Have an understanding of the current market value of gold before you sell it. You can call a jewelry store for this information. Gold value changes often, sometimes from day to day, and you want to make sure your buyer is offering you a fair price for your pieces, based on current market value.
Research any gold buyer you are considering using and shop around for a reputable buyer. You can read reviews online, check with the Better Business Bureau and discover how each dealer resolves customer complaints. If you get quotes from multiple buyers, you will get the most for your gold.
Before you purchase a gold piece, know when it is going to be delivered. If you don’t get delivery immediately, get something in writing which confirms delivery of your pieces. The date of arrival should be something you can see listed. Don’t proceed with the order until you have this information.
If you plan to invest in gold for retirement, be sure you purchase the right kind. It has to be given the stamp of approval from the IRS. They must be 24 karat bullion bars or coins. Buy bars instead of coins to increase your profits.
Understanding how gold is weighed can ensure that you don’t get ripped off when selling your gold to a dealer. Gold can be weighed in Troy ounces, pennyweight, or grams. The most important thing is to make sure that whatever system the buyer is using to weigh your gold is the same one they’re calculating the payment with.
You don’t have to physically own gold to invest in gold. Check out mutual funds that invest specifically in gold. Also look at mutual funds that invest heavily in commodities in general with a concentration in gold. This makes investing in this sector a lot easier to handle for many.
If you own gold or plan on buying some anytime soon, be sure to also invest in a good safe, unless you’re going to store it in the bank. Many financial institutions don’t insure their safe deposit boxes, so people tend to harbor gold at home. Get a solid safe, home security system and have the gold insured, for the safest keeping.
All investments come with a certain amount of risk, and gold is no different. To help limit your risk when selling gold, ask for referrals from friends or family members who have sold gold in the past. They may be able to steer you toward a reputable gold buyer.
One valuable piece of information about gold is that while its dollar value may fluctuate, its purchasing power does not. In other words, if 10 ounces of gold could purchase a car 50 years ago, 10 ounces of gold can still purchase a car today. This is because although the dollar value of the car has increased, so did the dollar value of an ounce of gold.
When dealing with a gold dealer, fully read every form that’s placed in front of you. Gold is a huge market that has some serious money involved in most transactions. You need to know precisely what you are signing. Don’t be afraid to pass on anything that has terms you don’t agree to. Protecting your financial interests should be of primary importance.
It can be tempting to take the first offer for your gold, but don’t always jump at it. What might be a piece of scrap gold to someone, might be an antique or catch the interest of a collector. Doing a little research before selling your gold can really end up paying off.
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.
If you’ve come across a company over the Internet that buys old gold, shop around for pricing before doing anything. Quite often, you’ll find better deals at a local dealer with a brick and mortar store. Mailing it can be more convenient; however, it may not be worth the hundreds more that you can earn in person.
If you know what you are doing, an investment in gold can be a sensible part of your portfolio. However, too many people let themselves become seduced by the thought of owning gold, and do not make wise investments. Use the advice from this article to make wise investments in gold.