Gold has been used for centuries as a form of money. If you are interested in making the most of the opportunities presented by gold, this article is for you. Read on for helpful advice.
The cost of gold may put you off. You do get to buy gold jewelry without spending a ton at an actual jewelry store. Pawn shops provide great discounts.
If you plan to invest in gold as part of your retirement plan, be sure to do it wisely. For this to be the case, you must ensure that the IRS approves of that type of gold. It needs to be either 24 karat coins or bullion bars. Buy bars instead of coins to increase your profits.
When you are selling gold, you need to decide whether you want to sell it as a piece of jewelry, or for the melt value. If you are selling to pawn shops or most private sellers, expect them to offer the melt value. If you’re prepared to put more effort into locating a buyer, though, you may make more by selling your pieces as jewelry.
Gold is a lot of fun to purchase, but refrain from announcing it to everyone. You may not know who is overhearing you, or who is trustworthy. Protect your gold by storing it somewhere secure. This keeps your gold hidden and secure, as it is a very valuable investment you want to protect.
Know exactly what you have. Not everything is worth what you think it’s worth. Often, you will find other metals mixed into the gold in order to strengthen the item. This may lower the price. This is also true of items that are just plated. Get your items appraised before selling your gold.
Look around before deciding on purchasing from a gold buyer. You might get surprisingly different offers that reward your patience. By picking the first dealer, you could get a horrible deal. Spend the required time to comparison shop before making any decisions.
A magnet can be used as a cheap and fast way to determine if a piece is really made of gold. True precious metals such as gold will not stick to the magnet. Often the clasp of a piece is real gold, while the rest of the piece is just plated. The magnet test is simple and effective for this purpose.
Always separate out your gold according to karat weight before you sell it. You don’t want everything thrown together in one pile, because it will all be weighed as if it is the same karat. This is a scam that will cost you money. Separate and weigh your gold so you know the true value before selling.
Before you buy gold, know the dealer. The Better Business Bureau can help you determine whether you are dealing with a credible, honest company. Contacting the BBB will tell you if any complaints have been filed about your gold dealer. Upon learning of numerous complaints, it’s best to look elsewhere for services.
You need to know how to test the grade of the gold you buy. The purity of gold is measured by karat. Higher karats mean more value. Never go by the stamp stating karat weight. Understand the purity of your gold to get the best possible value.
Nearly anyone these days knows that gold is historically a good place to store and accumulate wealth. This trend is only magnified by the economic turbulence of recent years. Hopefully, these tips have given you enough to keep building your wealth with gold.
Author: Eddy PriceThis author has published 731 articles so far. More info about the author is coming soon.