Gold is the king of the finance world. The more you know about gold, the better able you will be to protect your investments. There is much to consider as you formulate your strategy. For example, you need to evaluate the proper place and amount of gold to transact. Keep reading to understand gold investing a bit better.
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.
Before attending a gold party, separate your jewelry by karat weight. Some buyers will try to weigh all of your pieces together, and then pay you based on the lowest karat weight among them. This amounts to less money in your pocket, meaning you have made an unfair sale.
If a deal seems too good to be true, then it probably is. Be leery of people who are selling their gold for way below the going rate. Chances are probably good that it is gold plated or brass. Even if it is stamped, it is always best to have it tested before you buy it.
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.
Try to determine the best type of gold for you to buy. Generally, the best types of gold to get are gold coins, bullion bars, or GoldMoney. Determining the type you want can help you see the amount of money you can set aside for buying and help you figure out why you’re buying it to begin with.
Be wary when buying gold from online precious metal dealers. There is a lot of fake gold for sale on the internet, so it pays be cautious when buying investment precious metals online. Many fake gold bullion bars are almost indistinguishable from real gold bullion bars, as many fake gold bars are coated with real gold despite the fact that their insides are fake.
No matter the excitement gold buying brings, do not spread the word. You don’t know who is listening, and you don’t know who you can trust. You want to keep these investments safe, mainly stored at the bank or at home if you’ve got a good safe. This will protect your gold in all circumstances.
If you’re selling gold jewelry, make sure you know about karats. Pure gold is very soft, so it’s mixed with other metals for color and durability. The FTC or Federal Trade Commission requires that all sold U.S. gold jewelry must describe the alloy’s karat fineness. A single karat equals 1/24 of pure gold via weight. For instance, 14 karats jewelry is 14 parts gold and 10 parts different metals. Jewelry can’t be sold as “gold jewelry” if it’s less than 10 karats.
When you are strapped for cash, sell your gold. Anything containing gold can be sold. This includes bracelets, necklaces and other jewelry. Gold plated china, gold plated cups and even dental gold can be sold for extra cash. Additionally, broken jewelry, gold coins and gold bullions can also be sold to a gold dealer.
When selling gold, separate it into different karat value groups. If you don’t do this, the buyer is likely to give you the price for the lowest karat. Gold with higher karat value is more pure and therefore more valuable.
Never leave any gold alone with a potential buyer or dealer. Always be present while your gold is being assessed. While you may have utter confidence in the reputation of your dealer, it’s still a potential risk. Things can get lost. Pieces can be misplaced. And worst, bad dealers may try to swap out similar looking jewelry.
If you are thinking about selling gold on the Internet, check the prices several times prior to proceeding. Many times you will be able to find a better local deal than you can receive on the Internet. Convenience is lost, but it’s worth it to make more profit.
If you are thinking about investing in gold by buying jewelry, buy pieces of jewelry that you really love. That way, even if they go down in value, they will still be treasured possessions. They will also have sentimental value and can be passed on to your children one day.
You probably are amazed how much goes into buying and selling gold now that you’ve read the last few paragraphs. This information will make it much easier to decide whether you want to include gold in your investment portfolio. Use what you’ve just read to become the successful gold investor you’ve always wanted to be.
