Gold makes a great investment, but what do you know about buying and selling gold. While it may sound simple, there are actually many things you should know before you get started. Keep reading so that you can learn more about gold as an investment and how it can strengthen your portfolio.
Get valuations for your tangible gold from a handful of dealers at a minimum. 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. Getting estimates from several establishments will help you make sure that you receive a fair price.
When buying gold, it is best to buy in larger weights. The more the gold weighs, the less you will pay per ounce. Take your time when buying gold to be sure to shop around for the best price for the weight that you are intending to buy to be sure you are investing wisely.
Try to only buy and sell your gold to certain dealers that are recognized through official gold and money associations. These dealers must follow strict guidelines under these organizations to ensure that you get fair compensation or quality pieces. One such well-known organization is the ANA or American Numismatic Association.
All gold buyers are different, so it is important to look around and find someone that you feel comfortable doing business with. Check for online reviews and reports from the BBB and see how these dealers resolve complaints from their customers. Get the best offer for the gold you have to sell by approaching multiple buyers.
Know what gold is currently selling for. While it’s convenient to just bring your gold to a shop, do a little internet research first to see what the range is. That way, you can go in knowing how much you can expect to receive. You will know if you are being lowballed.
If you have a particularly nice piece of jewelry, you may be able to get more money for it as is rather than selling it to someone to melt down. This is particularly true if the item was made by a popular designer. Investigate your options before you just go forward with a sale.
If you’re not sure about the value of your jewelry, you can have an appraisal done. Paying a professional to appraise your item is a good investment. In order to maximize reliability, make sure the appraiser is independent and accredited. Understand that you’ll be paid less than the appraisal value of your gold by gold buyers, however.
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.
Although buying gold is exciting, don’t talk to people about this. You may not know who is overhearing you, or who is trustworthy. You want to keep these investments safe, mainly stored at the bank or at home if you’ve got a good safe. This keeps your gold hidden and secure, as it is a very valuable investment you want to protect.
Now that you are more familiar with the different strategies for buying and selling gold, you can dive into the market. Gold is a wonderful recession-proof investment, and you want it to work for you. Remember all the tips you’ve read so that you can come out on top in the market.