Make Money In Gold With These Nuggets Of Knowledge

 

 

The value of gold has been high since the dawn of time. Everyone loves gold, however knowing how to get the most bang for your buck is a little harder. If you are in the market to buy gold, then keep reading for some helpful tips on how to get some gold.

When mailing your gold away for sale, make sure to read all the fine print before sending it in. Some buyers have less than stellar reputations, and you will not see this until you read the fine print. Make sure you are comfortable with all the terms you are agreeing to, or look to another location to sell your gold.

When you go to sell your gold, make sure your expectations are not too high and bring your government-issued identification. On average, gold dealers pay between 70 and 80 percent of the actual value. The law requires that dealers ask sellers for identification when buying gold to aid police in their investigations about stolen property.

Now is the best time to sell because gold prices have been at near record highs. You can sell your broken or unwanted gold jewelry, gold-plated dinner wear, gold coins and even dental gold. Gold buyers are anxious to buy anything that contains gold. Get several bids to ensure that you are getting the best price.

Look into buying scrap gold if you can’t afford to get into the bigger market. This can be done in tiny increments which allow you to build wealth slowly. Keep the gold somewhere secure until you’re ready to sell it.

Understanding how gold alloy works is important when both buying and selling your gold. Since gold is too soft to be used by itself, it is combined with other metals to form an alloy. The karat system will tell you how much gold is in the alloy. In the United States, jewelry must be at least 10 karats for it be legally allowed to be called “gold jewelry”.

The day that you plan on buying gold, check its spot price. Many sites offer this information, plus it changes every day. As you prepare to make a purchase, it is best to avoid any price with a markup of greater than 8 percent. Many dealers try to overcharge you; however, by being informed you can avoid this trap.

Watch out for “pop-up” buyers. These individuals travel from place to place, putting out advertisements that lure in sellers with the promise of a big payout. In many cases, these buyers then leave town without paying the sellers what they are owed. Always do your research on anyone you are planning to sell to.

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.

As the article indicates, gold is a great commodity to have. Investing in gold makes good sense because it not only retains value, but can increase in value over time. With this knowledge behind you, you can start collecting gold right away.

Posted by