The prices of gold change rapidly. There is never a bad time to buy, sell or trade gold. When there are tough economic times, the price of gold continues to go higher and higher. Keep reading to learn how you can take advantage of the gold market.
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.
You need to know what a karat is. Gold is a soft metal so it must be combined with other metals for durability. Each karat, which is 1/24 pure gold, tells you how much gold is in the alloy compared to other metals. A piece that has less than 10 karats cannot legally be called gold.
Have an understanding of the current market value of gold before you sell it. You can call a jewelry store for this information. Gold value changes often, sometimes from day to day, and you want to make sure your buyer is offering you a fair price for your pieces, based on current market value.
When buying gold jewelry for another, make sure you can return it. People’s preferences in jewelry are different, and the piece might not fit the person. Because this isn’t rare, it’s crucial that you have the ability to return the jewelry for a refund if it’s necessary.
Before taking your gold to sell, research the buyer. Most reputable dealers will be members of the American Numismatic Association. These dealers are held to a higher standard of ethics and must follow certain criteria when purchasing gold from individuals. To ensure you get the most money for your gold, make sure to use a dealer who is part of this association.
Be extra cautious when using a mail-away service for selling your gold. Always buy shipping insurance for your items. Know how long the dealer will hold your pieces before melting them, and know how long you have to accept or reject their offer. And keep an inventory with pictures of all the items you’ve sent.
You may even be able to find old gold at thrift shops or garage sales. You can find bargains in these places. The prices are low here as the items are often donated. If you are smart, you can make a great profit.
When trying to determine if something is real gold or not, try holding it up to a magnet. Since true gold does not have any magnetic properties, it shouldn’t respond at all. If you observe any attraction between your “gold” and the magnet, you’ve probably been fooled or simply found a good imitation.
As you surely know, gold is the constant that our financial system weighs again. For this reason, this commodity is a wonderful way to secure your future financial goals. Use the information gained here to secure your hold on the gold market.