If you’re looking to invest in gold, then you are here to find out some information to help get you going. There are certain things that are going to be discussed within this article that can help you get the basics down. Then, as you continue planning your investments, you can sneak a little gold in there as well.
You need to know what a karat is. Gold is a soft metal so it must be combined with other metals for durability. Each karat, which is 1/24 pure gold, tells you how much gold is in the alloy compared to other metals. A piece that has less than 10 karats cannot legally be called gold.
Gold’s price is always changing, which makes it important to know your piece’s value before selling it. If you are selling gold, sort it by karat so that it can be valued separately. Don’t sell gold jewelry that may be worth more when sold as a designer piece.
When mailing your gold away for sale, make sure to read all the fine print before sending it in. Some buyers have less than stellar reputations, and you will not see this until you read the fine print. Make sure you are comfortable with all the terms you are agreeing to, or look to another location to sell your gold.
Only jewelry that is at least 10 karats can be sold to gold dealers. The more karats your piece is, the higher amount it will command on the market. Therefore, a necklace that is 14 karats should get you a better price than something that is only 10 karats. Prior to taking in your jewelry, look at each piece to determine how many karats it is. This may help you decide whether you want to sell it or not.
Sort your jewelry before heading in to sell it, putting all the 10 karat pieces together, all the 14 karat pieces together and so on. This will help ensure that your jewelry is weighed separately. There are dealers that will simply throw everything in together and only pay you as if it is all 10 karats.
While doing your research about the seller of gold, be wary of reviews on social media sites. Gold sellers have been known to pay people to produce false reviews about their services. Do not count solely on the reviews that you read on those sites and continue your research through other sites.
If you’re interested in buying gold from a dealer, make sure he is reputable. Avoid doing business with anyone who doesn’t have at least 10 years of experience in the business, because that’s one of the most important prerequisites to have. Someone who has been around for a decade is likely to be trustworthy and knowledgeable enough to make you money.
Know what you have. Some items are worth way more than the actual price of the gold they are made from. This is especially true for antique coins or jewelry. Oftentimes gold jewelry features highly sought after gems in the setting too. That could make the item a lot more valuable.
All investments come with a certain amount of risk, and gold is no different. To help limit your risk when selling gold, ask for referrals from friends or family members who have sold gold in the past. They may be able to steer you toward a reputable gold buyer.
When looking to buy gold as an investment, it is important that you invest in solid gold. There are many phrases you should look out for such as “gold clad,” “gold enveloped” because these are just fancy words for gold plated. This means under the gold is a different metal, which drastically drives down the value.
Earring backings are often solid gold, even when the earrings are not. Ring bands, clasps on necklaces, and other easy-to-overlook bits of jewelry also often have significant gold content. Those odd pieces should be sold as one lot, as they weigh so little on their own. This just pulls together a number of gold pieces as a quantity, which might help you make a little more money.
The first thing you should do when selling gold is group the pieces by karat weight. This will ensure that you are paid correctly; otherwise, a dealer may try to pay you using the lower karat weight values. This will result in you receiving less money. Instead go in with the piles pre-separated so that you’ll get the most for your gold.
Are you ready to see gold show up in your investment portfolio? Surely after reading these tips, you see the different benefits available to you. Make sure you work towards applying what you have learned so that you can realize how gold can balance your portfolio and help you plan for retirement.
