Many people have an affinity for gold but don’t know much about it.Not knowing about gold can make it something that’s hard to judge when looking into it.
Get an estimate from a few buyers before selling your gold. There are many places to get this done, but prices vary from one professional to the next. Getting multiple offers allows you make sure that you receive a fair price.
The IRS has to approve the gold that you receive. Bars are more valuable than coins are.
If you feel that gold is too expensive, you may be tempted to purchase gold-plated as an alternative. You can still buy gold jewelry without spending a ton at a jewelry store. Visiting flea markets and pawn shops can help you to get the very best price.
Get an appraisal to find out the exact value your jewelry. This may cost a small fee, but it’s important to know what you have. If you still decide to sell your gold, you’re not going to get the appraisal value.
Most buyers will offer you just the melt value for gold jewelry.
Make sure you know the price of gold the day you plan to buy or sell. Many websites contain this information daily. Never buy something listed at more than an 8 percent markup on the spot price. Some dealers are going to try and charge you more, but that isn’t ethical.
Realize that any piece containing gold is marketable. This could be tableware, broken jewelry, and other stuff you have around your house. It is not really necessary for these items to be solid gold. It just needs to be plated or maybe only a part of it’s gold. Any amount of gold will get you back a nice amount of money.
If selling gold using a mail service, be sure that you find out how much the return postage will cost if the price offered you is too low. Be certain you have an idea how much it will be.
Use a magnet to test inexpensive jewelry to determine if it consists of gold. Precious metals do not going to be attracted to a magnet. Sometimes only plated in gold with a solid but the rest is plated. This method of testing for that.
Many times the backs of earrings are solid gold, even when the actual earring is not solid. Necklace clasps and ring bands often are usually real as well. You can often sell these smaller pieces together. This is a bunch of different gold pieces in one quantity and can help you earn more money.
Shop around town if you are taking scrap jewelry or gold pieces to sell to a store or pawn shop. Even though the market “spot” gold price is the national standard, not all stores will pay it. Look at places where it costs less for the company to do business, so they can pay more for the gold.
Don’t just sell gold just to sell it. Gold tends to increase in price, so don’t sell it unless you really need the money. You may be able to sell your gold.
When you sell gold, separate it based on karats. The karat value determines the gold’s value, it won’t be the best value you can get. Gold with a higher karat value is more pure and therefore more valuable.
Carefully read and check the small print in the sales contract. This is especially important if you decide to sell some of your gold items through a mail-in program. This allows you to know how much of your proceeds will be used to pay for commissions and fees.
Gold prices have increased by over 400 percent in the last decade. When the dollar loses value, gold rises.
Lots of people that are big on gold don’t really know that much about it. But after reading the tips in this article, you should have a better understanding on this subject. Take what you have learned here and apply it in your gold trading.