Many people assume gold is a great way to protect their wealth. Many believe that gold markets are the ideal safe haven when economic troubles prevail. If you’re seeking additional knowledge about gold and entering this market, read on for solid tips.
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 you are buying or selling gold to another person, make sure you are keeping yourself protected agaisnt identity theft. Avoid giving out your personal financial information. This includes bank account numbers, credit card numbers and Social Security numbers. Take special care to not give out this type of information, especially over the phone to people that you don’t know.
When purchasing gold jewelry, ask the jeweler for a certificate of authenticity. This certificate is proof that you are purchasing a good piece of jewelry made of solid cold. Be sure the certificate indicates the price of the jewelry. Should you ever decide to sell your jewelry, this will be of help.
Get an appraisal if you have no idea what value your gold holds. It costs a little, but the knowledge gained is valuable. An independent appraiser should be used in order to receive the best value. If you decide to sell, be aware that it’s not likely for you to get full retail value of your item.
Remember to look for gold in thrift and antique shops. If you you’re aware of what to look for, you can find some great bargains. Often people do not realize the value of old jewelry and simply donate it or put it in a garage sale. Their loss can be your gain.
Make a commitment to yourself to get educated on gold. Know going in: only you are on your side. The buyers, no matter how reputable, want to get the best deal for themselves as possible. If you can’t speak the language, there’s a very good chance that you’ll lose in any sort of negotiation.
Never sign a contract without thoroughly reading it first. You should carefully read the whole contract especially if selling through a mail service. You’ll then know the amount of your profit that will go to fees and commissions.
The first thing you should do when selling gold is group the pieces by karat weight. Some vendors may try to weigh all of your items at one time and pay you for the lowest karat. This is a scam that will cost you money. The way around this is to present the gold to the buyer pre-separated so that you get fair market value for each piece.
Getting into gold isn’t that hard if you understand the ins and outs of the market. You are now ready to push forward in the gold market using the tips you’ve just read. Use what you’ve learned here to make the best deals possible. For more information on click here: http://www.financetypes.us