Gold prices are increasing nearly every single day. Anybody can make money buying and selling gold. You do not have to be a major investor. Here are a few tips to get you off to a good start in the gold market.
Beware of buying or selling from any mobile offices or cold-call solicitations. These “businesses” are set up in temporary locations that include inns and motels. They claim to offer instant cash for silver and gold pieces, especially coins. They enjoy taking pieces to make a profit for unfair or no compensation.
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.
Separate jewelry by their karat values before getting an offer. A lot of times, gold buyers will try to give you a price for the lowest karat and lump everything together. Think of that and make a point of separating your pieces according to karat, so you’ll get a better price.
Never feel too rushed when dealing with gold. These are highly involved in purchases and sales. There’s lots of money on the table, so it’s important to be confident about your choices. If that means taking a few extra days to look into other options or to wait out a price fluctuation, then so be it.
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.
If you want to purchase a piece of gold jewelry that will last a long time, it’s crucial to purchase heavier jewelry. Though they may be more expensive, heavier pieces are able to withstand pretty much anything. On the other hand, thinner more fragile pieces are more likely to break.
Prior to going to a gold party, take your jewelry to a store and get an estimate as to how much it is worth. If the party representative quotes you a lower amount, see if they are willing to negotiate. If not, determine whether you truly want to sell at the party or would just prefer to hang on to the items.
Before going to a gold party, find out which company will be buying your jewelry. Research the company ahead of time by taking a look at their website and finding out how long they have been in business. You can also check the Better Business Bureau to see if they are on there or have any reviews.
When selling, it is important to realize that most states govern the buying and selling of precious stones and metals. For this reason, you should always bring a valid photo id with you when selling your gold. By only dealing with a reputable dealer who requires identification, you can ensure that there are no stolen items in the store.
One thing to see if you can get cheap gold is to see if you know anyone that has broken jewelry for sale. Purchase a quality jewelry scale, figure out the weight of the jewelry they are willing to sell, and offer them a good price. You will end up paying them more than they would get from a pawn shop, and you will make a profit.
When buying gold coins, always purchase the largest denomination available. Gold firms typically charge a premium on each coin to cover their advertising costs and provide a profit. By purchasing large denominations, and therefore fewer actual coins, you save yourself money by reducing the premium you pay to the dealer.
Now that you read the above piece, you probably know what it takes to purchase gold or trade and purchase the pieces you already have. Hard work, good research and smart investments help you make profitable decisions. Just use the information you read here to help you, so you can be prepared.