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.
Before attending a gold party, separate your jewelry by karat weight. Some buyers will try to weigh all of your pieces together, and then pay you based on the lowest karat weight among them. This amounts to less money in your pocket, meaning you have made an unfair sale.
Avoid buying gold coins for their historical value, unless the investment can stand on its own without the gold factoring in. Although coins with historical value can be very profitable investments, most often it is that alone and not the composite material that makes you money. Don’t confuse the two markets.
Take precautions if you mail your items. There are a lot of mail-in services these days, and while they can be convenient, you need to protect yourself. Send the pieces through insured mail, take photographs and know the company’s policies in case they lose your gold pieces and you want a settlement.
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.
You may think that solid gold jewelry is too expensive and choose to purchase gold plated or filled jewelry. You can still buy gold jewelry without spending a ton at a jewelry store. Try visiting a pawn shop or looking online instead.
Knowing the current market value of gold is important prior to selling or buying it. Gold dealers cannot scam you out of money when you are informed about the value of your items. The majority of dealers will offer you market value for your gold, but some know that sellers just want to convert their items into cash quickly, and they take advantage of the buyers.
Those investing in gold bullion coins or collector coins need to know how their prices work differ before they buy or sell. The prices of bullion coins are determined by the daily prices of gold, while collector coins carry significant collector premiums that are determined via historical supply and demand. Some coins may be easily found in circulated condition for modest premiums over their own bullion content, but those exact coins in superb condition may fetch a higher value that is several thousand dollars above their melt value.
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.