Gold has been long adored as a bauble and an investment, but its popularity in the current market has increased because of the shaky economy. This article can help you learn about the gold market. Keep reading to find some useful advice.
Before you buy gold from a dealer, be sure you know exactly when it will be delivered to you. If the person selling you the gold does not deliver the product right away, make sure you get a written contract outlining when the items will arrive. The expected delivery date they expect you to get them should be noted somewhere. Don’t not follow through with the order until you have this in hand.
Check out current price in the gold market values before you ever sell any jewelry. This will help you in determining if the offer you receive is fair.
Prior to purchasing a gold item from a seller, you must be certain you have a firm delivery agreement. If you don’t get delivery immediately, get something in writing which confirms delivery of your pieces. The expected delivery date should not be a mystery; it should be clearly stated. Do not complete your order without this important information.
This is easy to do over time, and you can see how this can make a valuable investment. Keep it inside a safe place until you have enough of it to cash in.
If you’re using a mail-order gold buying service, find out how much mailing and insuring these items will cost you and how much you will have to pay to have the items mailed back to you in case you do not accept the buyer’s offer. Be sure you figure out what things will cost before you start mailing off your items.
Use a magnet to determine whether an item is really made of gold. Precious metals like gold are not respond to magnets. Sometimes a jewelry piece is only plated in gold with a solid but the rest is plated. This method is good way to test for that.
Is it better to sell your gold jewelry for melt value or as jewelry? Some buyers, including a lot of private sellers and pawn shops, only care about melt value. Don’t let this hamper you, because you’ll find the right buyer eventually.
Many times you will have a stamp on it. However, there are some times when there aren’t visible signs, there are other ways to determine purity.Acid testing is a very simple method, so if the rep does this, they’re probably new to the business.
Have all jewelry appraised before selling it to anyone as scrap gold. This is especially true for one-of-a-kind pieces that have intricate details and workmanship. You may have to pay to have a piece appraised, but it might bring you profit eventually. Appraisers also may know of someone that wants to purchase your precious jewelry.
Earring backings are often solid gold, no matter if the earring is or not.Necklace clasps and ring bands are frequently real as well. You can often sell these small pieces together. A large quantity can be obtained this way as many pieces are being sold in one “lot”.
The day that you plan on buying gold, check its spot price. The spot price is readily found on the Internet. Never pay in excess of 8% markup above the spot price. Some dealers are going to try and charge you more, but don’t pay it.
Gold has always been an excellent investment and a good way to insure wealth. This is even more the case given the economic turmoil of recent years. Use the information from this article as a valuable resource to help your build your wealth.