Of all the things you could invest your money in, gold is one of the safest bets. Even with minor fluctuations, gold really tends to hold its value over the years. Learn more about gold and what your options are with it, with the tips and tricks in the following article.
Get several opinions about the value of your gold piece before you put it up for sale. Gold buyers and jewelry stores are out to make a profit, so they’ll all pay less than the actual value of the gold you’re selling. By getting multiple estimates, you can be assured that you will get a fair price when you sell.
Look into companies like GoldMoney. This program allows you to purchase gold without taking physical possession of it. You deposit money into an account and they assign you gold that remains in vaults. Do not worry about theft of your gold as it is insured while it is kept in the safe.
Gold prices change frequently, so you must stay apprised on the values of your items. If you sell gold, pieces that have various karat values need to be valued and weighted individually. Stay away from selling high-end jewelry pieces because they have more value.
When searching for jewelry, you will probably want to know how many karats a particular piece has. The hallmark on a piece of jewelry will provide you with this information. For instance, say you purchase a ring that is 14 karat gold, the hallmark will say “14k”. The hallmark can be found on the inside of each piece.
Make sure that you understand the terms when sending jewelry back through the mail. Insure your shipment, and get a solid confirmation of when you can expect to be paid. The final step is to take photos of your jewelry, just to be sure you can fight any future problems that may occur.
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.
As fruitful as gold investments can be, the market is also always-changing. If you can’t handle the fluctuations, avoid this market. If you have enough tolerance, you should still limit your exposure. Never invest more than a sliver of your total portfolio in gold. Five percent is a good limit.
Educating yourself about gold is the first and most important step to entering into this lucrative market. Make sure you have a good understanding of what is involved with your purchase, sale or collectibles before spending any money. Once you really know what you’re doing, it should be a lot of fun and very worth your while.