Since gold's discovery in ancient civilizations, it has remained a treasured commodity in global markets. Everyone loves gold, however knowing how to get the most bang for your buck is a little harder. If you are in the market to buy gold, then keep reading for some helpful tips on how to get some gold.
When you sell gold, make sure to get multiple appraisals. There are lots of services, jewelry stores and pawn shops that buy gold. Of course, they will want to make a profit when they sell it. When you have several estimates, you'll have a better idea of what fair market value is.
Bullion bars are usually the safest way to invest in gold. These come in various weights. The weights range from 0.5 oz to 400 oz bars. Be aware that if you are looking for the biggest bars, you will have a difficult time locating them.
Research several gold buyers and compare them to obtain the best price for your gold. Better Business Associates can give your information about complaints made against a company and how those complaints were resolved. If you get multiple bids from various gold buyers, you are more likely to receive the top price for your gold.
You can sell gold online. Gold trading doesn't necessarily have to happen at an establishment with walls. Take advantage of websites that allow you to sell gold. You can get a kit to send your gold to these websites for money. If you have everything together, then you will receive the going rate.
If you are buying gold jewelry as a gift, make sure you have a money back guarantee. You're not going to be sure about the jewelry fitting or whether or not a person actually likes the piece. If that happens, you want to be able to take the piece back for a refund.
If you're unaware of your gold's worth, have it appraised. This adds an up-front cost, but it could save you a lot of money later. In order to have it valued most accurately, go with an appraiser who is accredited and independent. Understand that you'll be paid less than the appraisal value of your gold by gold buyers, however.
You can sell anything that contains gold to gold dealers. There may be broken home decor, tableware, jewelry, or other things that are around you. In fact, a gold piece doesn't have to be 100-percent gold to be worth something. A gold plated item or an item that is not entirely made from gold is still valuable. They won't be worth as much but you can still get money for them.
When it comes time to sell your gold, figure out if you would like to sell it for its melt value or simply as a piece. If you are selling to pawn shops or most private sellers, expect them to offer the melt value. Try not to be discouraged. Sooner or later you will discover the purchaser you are seeking.
Check spot prices before you buy. Many sites offer this information, plus it changes every day. You shouldn't pay more than 8 percent over the spot price. While many companies attempt to charge more, this is simply not ethical and should be viewed with caution.
If you're going to ship your jewelry to a mail-order buyer, know how much return shipping is going to cost you in the event you don't accept their offer. A lot of buyers offer free shipping but will charge you a lot to send the item back. Know beforehand how much you would have to send in order to get your pieces back.
Don't brag about your gold purchases, no matter how excited you are. Someone around you could be listening in and be untrustworthy. Protect your investment in a secure home safe or in a safe deposit box. That way, your gold will always be secure.
When you go to sell your gold have it separated into how much each karat weight. The buyer will doubtless weigh all of your pieces before setting a price for them, and if you aren't attentive you may see everything lumped together and weighed with the lowest-karat pieces. That'll mean less money for you. Instead you should go in with pre-separated piles to make the biggest return.
Get to know the dealer before buying gold. To help ensure you are buying from a reputable dealer, contact your Better Business Bureau. You will be able to learn if there have been any complaints lodged against them. If there have been complaints filed, consider using a different dealer.
When you're buying and selling gold, especially jewelry, knowing how to determine grade is very important. You measure gold purity using karats. Higher karats mean more value. It is unwise to rely on a karat stamp alone. When you know how to test gold, you'll ensure that you get good quality.
Inquire if your relatives would be interested in selling any gold they no longer want. Buy a jewelry scale, see how much the gold weighs, and offer 5 percent more than they would get on the open market. You'll still come out ahead.
Try to sell your gold coins when gold is selling at its peak. Things will change on a day to day basis. When you understand how the market works, you are better prepared to turn a profit. You can sell your gold for a profit if you keep a careful watch for the market to climb.
Be aware of the type of gold you are purchasing. Often a coin that you expected to be solid gold may really be gold plated. One way to ensure that you are getting an actual gold coin is by asking that the coin be appraised by a certified appraiser before purchasing it.
Gold is a trade-able commodity as well as being a metal prized for its beauty for thousands of years. Gold holds its value, and over time it will increase in value. With this knowledge behind you, you can start collecting gold right away.