The Golden Dream: Making Money With Gold

Many people have an affinity for gold but don’t know much about it. Not knowing about it makes it difficult to benefit.

Look online for a gold buyer that has a good reputation.

Check out current price in the gold market values before you sell any jewelry. This way you to evaluate a fair price when you sell or buy.

When you sell gold, you should obtain a type of estimated value from multiple sources. Dealer prices vary by store. Therefore, it is wise to get several offers to ensure the best price.

Only buy gold jewelry from a seller if you can return it.If you have the receipt, make sure you get your money back.

Pawn brokers and many private sellers may just want to pay melt value.

Make sure you know the spot price of gold the same day you plan to buy it. This information can be found on a number of websites. Never buy something listed at more than 8% premiums on your gold. Some dealers are going to try and charge you more, but it is a rip-off.

Changes in the current price of gold will affect the price you will get. If you’re trying to get gold sold, know that various karat values are going to need to be weighed separately. Don’t sell jewelry that has an increased value because of the design or the creator.

Sell only to gold buyers that are licensed by the state. There are various people and stores that can buy gold, so do not think that you must make a sale to the first buyer that you meet.

Look around before deciding on purchasing from a particular gold buyer.You might be amazed by the variety of offers you wind up getting! Going with the very first buyer might prove a bad deal. Take a little bit more time upfront so that you have the most cash possible in your pocket.

Use a magnet to determine if an item is made of steel. Precious metals like gold are not respond to magnets. Sometimes a jewelry piece is only the clasp is solid gold clasp.This is a good test that.

Schedule for a proper delivery before buying gold from any seller. If the seller does not provide immediate delivery, you must get some kind of writing from them confirming when you can expect to get your pieces. The expected date must be listed. Only go through with your order if you obtain this document.

Separate your gold into groups based on karat weight. Some buyers will weigh all your gold at once and offer you what the lowest karat. This will cheat you money.

Karat Value

When you are in the market to sell your gold, separate it into different karat value groups. The value of the gold differs by the karat value of each and if all your gold is weighed together, so you are unlikely to receive the best price for your gold if it is all weighed together. Gold with higher karat values is more money.

If you are thinking about selling some of your gold jewelry, know what the going market price for gold is. This will assist you in determining if the offer you receive is fair. Lots of dealers offer market value, though some try to take advantage of the sense of urgency felt by sellers needing fast money.

The purity of golds is measured in units called karats. The higher the karat, the higher the karats and the more valuable it is by the ounce. You should not just go by the karat stamp.You won’t pay too much for poor quality when you know the methods to testing gold purity tests.

A good way to get a good value out of gold is to ask your relatives for their broken items that they no longer want. If you can buy it from them at below melt value, you can offer friends and family a higher price than what they would receive at a pawnshop.

If selling gold online is attractive, double check the prices before moving forward. It is certainly easier than dealing with a mail-only company, but is that simplicity worth giving up a profit in the hundreds?

Check spot prices before you buy. You can see it on various sites and it usually changes every day. Never pay in excess of 8% markup above the spot price. Paying that price would simply be unfair to you.

As this article said in the beginning, no matter what people think of gold, they rarely know much about it. However, after reading this article, you now know much more. Use the knowledge you’ve acquired to assist you with making better decisions regarding gold.



Be Sociable, Share!

Recommended Resources

Comments are closed.