For thousands of years, humans have treasured gold and regarded it as a prized possession. You can buy it as an investment or as a beautiful piece of jewelry for the one you love. If you are looking to get into buying more gold, here are some tips to help you invest wisely.
Have an idea about what you are selling before you sell. Some jewelry is worth more as is than it is melted down. If a buyer tries to offer you the melted down weight value of the gold, they might not be making a fair offer. Know if you have a popular designer or valuable stones before making your sale.
Do not hesitate to sell any gold jewelry that you no longer have use for. There are many people that hold on to these pieces for no logical reason when they can be sold for a tidy profit. The money you make from the sale would do more good than unused jewelry sitting in a box.
If you are looking to gold as a retirement vehicle, be certain you invest in the proper kinds of gold. It has to be given the stamp of approval from the IRS. They require that the gold be coins or bullion bars that are 24 karat. The bars are a better buy than the coins are because they are more likely to retain their value.
If you're clueless about the value of your gold jewelry, have it appraised. While there is a cost involved, you will at least then be fully aware of what you own and what it is worth. Make sure you go to an accredited and reliable appraiser to get valid appraisal papers. Understand that you probably will not get the full appraisal price when you sell your gold.
Research gold buyers. If you decide to send your gold out of state, make sure your package is certified and insured. You will probably feel more confident selling your gold to a reputable local business that has a storefront. Either way, you should check with the Better Business Bureau.
When selling your gold, realize that jewelers use a different scale system than others. For example, one ounce of gold will weigh 31.1 grams. Some businesses weigh by the pennyweight, which is 1.555 grams. Then, they purchase by the gram instead of the pennyweight, which can result in them underpaying you.
Always read small print in sales contracts. If you're trying to sell gold to people through the mail, then you have to go over the fine print carefully before you sell gold. This will show the commission and fees associated with your transaction.
Be a comparison shopper. Each gold dealer will make different offers. It may depend on their commission set up or the flexibility in their fees. But you won't see the benefit of this unless you shop around. Don't stop at the first place and call it a day. You may be making a bad deal for yourself.
As you have seen, gold is a highly prized, precious metal. It has lasting value and can be a wise investment if you know how to do it. Now you are better educated about gold and how to buy it. So get started on your own collection of gold today.