If you are seeking ways to invest your money and be guaranteed a profit each month, gold trading is something to consider. Although there really are no guarantees when you’re investing money, gold profits have gone up in the past decade. The article below shows you how to invest your money in this “safe” market called gold.
It is important to understand the type of scale your gold dealer uses. Some dealers use a Troy scale while others use a pennyweight. On a Troy scale, gold weighs 31.1 grams per ounce. A pennyweight equals 1.555 grams. In comparison, a US scale measures each ounce of gold at 28 grams.
When looking for a gold coin dealer to buy from, make sure you do your research. Carefully look at their five key traits: reputation, experience, guarantee, ethics, and size. You also need to find out about any minimal restrictions like minimum amounts, whether they may only accept certain types of payments, and when you’ll get your coins.
Gold prices constantly change so you must know your piece’s value before selling it. If you’re trying to get gold sold, know that various karat values are going to need to be weighed separately. Avoid selling any jewelry that’s worth is dependent on the designer.
Understanding how gold is weighed can ensure that you don’t get ripped off when selling your gold to a dealer. Gold can be weighed in Troy ounces, pennyweight, or grams. The most important thing is to make sure that whatever system the buyer is using to weigh your gold is the same one they’re calculating the payment with.
When selling your gold, make sure that you separate each piece by its karat value. Some dealers will attempt to weigh all your gold at once then use the lowest karat value to calculate the payment. Keeping your jewelry separated out by karat values ensures that you are paid fairly for each piece.
When it’s time to sell off gold, you should always deal with trustworthy buyers. Contact your local Better Business Bureau to see if there have been complaints filed against a gold dealer. Reputable buyers will pay fair rates for gold and will provide solid customer service. Do this to protect yourself and your gold investment.
Be a comparison shopper. Each gold dealer will make different offers. It may depend on their commission set up or the flexibility in their fees. But you won’t see the benefit of this unless you shop around. Don’t stop at the first place and call it a day. You may be making a bad deal for yourself.
The gold value of a piece of jewelry will never be equal to the amount you paid for it. That is because the gold is not pure and is diluted by alloys. The jewelry will need to be melted down to separate the gold from whatever other material it was mixed with.
Earring backings are usually solid gold, no matter if the earring is or not. Ring bands, clasps on necklaces, and other easy-to-overlook bits of jewelry also often have significant gold content. You can often sell these smaller pieces together to get more money. With a quality of items, you may be able to get someone to buy them together, hoping for greater profits.
The high price of gold may give you the idea that gold-filled or gold-plated jewelry is better. You can acquire gold jewelry from a number of sources at a reasonable price. It is cheaper online and at pawn shops.
When you buy gold as an investment, you should consider how easy it will be to sell when you are ready. Common gold coins are relatively simple to sell. Rare gold coins and coins mostly traded outside the US can be more difficult to sell. Gold bars can be expensive and difficult to resell if you need to send them to a dealer.
After reading the above article you now have have excellent tips on how to approach the gold market. Anyone can make a profit but nothing is guaranteed. The strategies to help you out that we’re in this article are meant to show you how to succeed but you will need to use them wisely.
If you’re clueless about the value of your gold jewelry, have it appraised. This adds an up-front cost, but it could save you a lot of money later. If you want to obtain an unbiased value, retain the services of a certified appraiser. When selling gold jewelry, you will receive only a percentage of the appraised value.