For millennia, gold has played a central part in the world’s economy. Only within the last century did most nations go off the gold standard. Millions of people still invest in gold as part of their financial portfolios. If you are interested in investing in gold, keep reading for some great advice. If you have a nice gold piece, consider selling it privately rather than through a gold purchasing agency or jewelry store.
Many companies that are in business to buy gold will only buy it to melt and sell, meaning they will pay only for the weight of the gold. An individual who likes your piece might be willing to pay a higher price tag, because they are likely to keep and enjoy the piece. Know what gold is currently selling for. While it’s convenient to just bring your gold to a shop, do a little internet research first to see what the range is. That way, you can go in knowing how much you can expect to receive. You will know if you are being lowballed. Do not expect too much from a gold party. While you will make some money by attending, they are more about having fun with friends or family. Expect to reap about 80 percent of the actual value of your gold. If you are looking to get more than that, consider dealing with a jeweler or other gold dealer. Before you go shopping for gold jewelry, be sure you know which particular color you would like to purchase. Yellow gold tends to be the most popular, gold is also found in other colors, like white, rose, and even green. Knowing this information will help you narrow down your choice. If you are going to a store to sell your gold, make sure you research the shop on the Better Business Bureau’s website. You will be able to see what type of experience other consumers had, and you can determine whether or not the company was responsive to customer complaints. Before actually purchasing a piece of gold jewelry, shop around. More expensive jewelry stores will charge you an arm and leg. However, the same piece of jewelry can sometimes be found elsewhere for a much lower price. You can even tell a jeweler that you saw the piece for cheaper and you may be able to negotiate with them. 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. Look into any company you are considering via the Better Business Bureau. If there have been complaints lodged against the company, then it’s best for you to just move on to another buyer or seller. The BBB is an excellent first line of defense to weed out the worst companies out there. If you are considering selling your gold to a pawn shop or second hand store, go with the pawn shop.
Pawn shops have certain regulations they must abide by, and this protects you, the consumer. Second hand stores have no such regulations, which opens up the possibility of unethical practices. When selling gold, it is important to realize that most states govern the buying and selling of precious stones and metals.
For this reason, you should always bring a valid photo id with you when selling your gold. By only dealing with a reputable dealer who requires identification, you can ensure that there is no stolen items in the store. 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. Know the gold market before selling or buying gold. Much like buying and selling stock, you should always buy low and sell high. The gold market varies daily just like the stock market, so it is important to follow the trends and sell your gold when it is at its highest sales price. Understand the return policy of a seller. Some buyers will charge you a fee to sell your gold. Think about the extra charges concerning sending gold of all kinds to different geographical locations. To keep yourself protected, don’t purchase gold only to let it remain in the dealer’s hands. When you are investing in gold bullions or coins, stay away from high premiums. A premium of ten percent is usually the acceptable average because this is fairly close to the spot price. If you pay a high premium, the actual price of the gold will need to go higher in order for you to realize a profit. Try to sell your gold coins when gold is selling at its peak. The market is always changing. When you understand this market, you will get the most money. When the stock market is rising, a sale of gold coins will be profitable too. Gold can be an important part of a properly diversified investment portfolio. However, to get the best return on your investment, you need to understand as much as you can about the market for gold. With the information you have read here, you can get a good return on your investment.