Want To Make Money In Gold? Try These Tips!

 

 

Have you invested in gold previously? Gold is a great financial tool that you can use to help you grow your investment portfolio and financial future. However, you need to know how to go about doing this. Keep reading so that you can learn all about how gold can help your portfolio.

If you need money in a pinch, sell your gold to a pawn shop. You won’t get the best rates from a pawn shop, but it’s highly unlikely they’ll look the other way with any gold you bring into them. If speed is of an essence, it’s probably your best bet.

Find out what the terms are before mailing off your old, broken jewelry. You should find out how long the process takes, and get package tracking and insurance on your package, too. You can also protect yourself in case of any disputes by snapping some photos of your jewelry before sending it off.

Don’t have much money? Invest in scrap gold. After a year of buying a little gold each payday, you could end up with a valuable collection of scrap gold. Just make sure you have a safe place to store your little stockpile until it is time to upgrade.

If you have an interest in gold and also want to start your own business on the side, combine the two passions. Collect scrap gold from various sources, like friends and classified ads, and learn how to treat and melt the pieces into pure or near-pure gold. You can easily find a buyer for your end-product and repeat the process!

Avoid rare gold coins unless you really know what you are buying. Rare gold coins can be difficult to sell, and they sometimes lose value quickly. They also might not contain as much gold as you think. Leave such purchases for the experts, and stick to better known coins for your own collection.

If you are buying or selling gold, a good place to advertise is online. Websites such as Craigslist and Ebay allow you to buy and sell gold at your own pace. These sites are usually free and very user friendly. Many people use these sites to find great deals and sell pieces at the price they want.

When selling your gold, realize that jewelers use a different scale system than others. For example, one ounce of gold will weigh 31.1 grams. Some businesses weigh by the pennyweight, which is 1.555 grams. Then, they purchase by the gram instead of the pennyweight, which can result in them underpaying you.

Do not allow different carats of gold to be weighed together. This is because dealers will base the price on the lowest carat gold. Each carat of gold is mixed with 10 parts of other alloys; thus, a 10 carat weight gold ring will be worth much less than an 18 carat gold ring.

After having read this article, you are now ready to move forward with gold investing. However, you must realize that you do not stop here. You must keep learning as the market continues changing. You have the information necessary not to feel intimidated, so just get out there and make it happen.

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