Gold Information You Probably Did Not Know About

As the dollar has declined in value lately, gold has looked like a more and more attractive investment. Gold is unarguably the most sought-after precious metal. Follow the tips presented here as you consider the advantages of investing in gold.

Get your gold valued by multiple sources. Gold buyers include all types of businesses ranging from jewelers to online companies. Nearly every one has different profit levels that they must maintain. Getting multiple estimates gives you a better idea of the prevailing market price, which prevents you from getting ripped off.

When you invest in gold, you can't go wrong with bullion bars. They come in varying weights. From .5 ounces to 400 ounces, the choice is yours. The smaller bars are more common, while the larger ones are harder to find.

Consider delivery time when buying gold. If your seller doesn't offer delivery immediately, you need written confirmation of when to expect your items. This should be spelled out in no uncertain terms. Don't go through with the order if they can't provide you with the delivery date in writing.

Don't sell to entities that are not licensed by the state to buy gold. Most states require that dealers be licensed when dealing with the buying and selling of gold. Many individuals, pawn shops and jewelry stores are interested in buying gold. Be picky about your buyers.

mike dillard gold investment tips Make sure you know the spot price of gold the day you plan to buy or sell. This information is readily available online. Be aware that it is updated every day. Never pay more than 8% premiums on your gold. Anything more is unethical.

Gold jewelry should be separated into different groups based on its karat value before you sell it. The value of gold varies by karats, and weighing your gold together can cheat you out of money. Gold with higher karat value is worth more money.

gold buying tips Research the daily spot price before you sell your gold. You should see what other pieces like yours have sold for. This lets you determine a fair market value starting price point. In order to be able to negotiate, you ought to give a price above the amount you really want.

You can easily test whether a gold piece of jewelry is real by using a simple magnet. Gold and other real precious metals aren't attracted to magnets. In some cases, only an item's clasp is solid gold, while the remainder is merely plated. This method is good test for that.

Talk to someone at a gold party to learn how they figure out the number of karats in a jewelry piece. Many times, the items are stamped. There are ways to determine a piece's purity if no stamp is present. An acid test can be a very simple way of doing this, so be aware of that.

Talk to the BBB before selling your gold to a jewelry store, dealer or gold buyer. The BBB's website will share any negative reports made against a company through the BBB's service. Pay close attention to whether any of the complaints were not settled in a satisfactory way. If they have a ton of complaints or many that are unresolved, you should consider a different business.

You might not rake in the profits, but you will definitely start building. Take it slowly and build your investment. Do plenty of research on this form of investing and start with a small investment.