Many people love gold, but don't know much about it. This lack of knowledge can make it hard to take advantage of all that gold can offer them. If you are not that knowledgeable about it, the following tips should help you navigate the world of buying and selling gold.
Bullion bars might be the best gold investment you can make. They come in weights that vary. They range from just under an ounce on up to 400 ounces. The larger bars can be very difficult to find.
Do you know how pricing on precious metals works? Silver, gold and platinum prices vary from day to day, so spot check a price on the day you plan to do business. Also, understand that some types of gold will be more expensive than others.
Always check the daily spot price before you buy gold. This information is available on a number of websites. Only place your order if you can find a dealer willing to sell for an 8% markup or less over the spot price. Some dealers are going to try and charge you more, but don't pay it.
Remember to look for gold in thrift and antique shops. If you have a discerning eye, you can locate great pieces. The prices are low here as the items are often donated. You can benefit from the seller's loss if you research a bit.
When you try to sell gold, you must research the market to find the right price. See what others are bidding for gold items similar to yours. This will allow you to have a price in mind you can work with. People will haggle, so ask for more than you will actually settle on.
Talk to someone at a gold party to learn how they figure out the number of karats in a jewelry piece. Many items are stamped. Sometimes, however, there is no visual sign, so many representatives have other methods of figuring it out. An acid test is one of the least complex ways of doing so, so if the representative is using that test, they may be new to the business.
Have all jewelry appraised before selling it as scrap gold. You should do this for special pieces. Unique pieces may be worth more intact than they would if eventually melted down. You may have to pay to have a piece appraised, but it's worth it. Appraisers can also tip you off about interested parties concerning your jewelry.
Before doing business with an gold dealer, you will want to inquire with the BBB. They are sure to have information about each business, as well as data on any complaints filed. You should especially pay attention to any customer complaints filed as well as what the resolutions were. If they have a ton of complaints or many that are unresolved, you should consider a different business.
As the start of this article discussed, as much as gold is loved, it's not a subject most people can say they know all about. Since you've read the article above, you should be better educated. Use this information to make good decisions when investing in gold.
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