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The state of the economy has caused people to both purchase and sell gold these days. It may be that you are interested in getting more involved in gold as a way to safeguard your personal wealth, but you lack the essential knowledge. Keep reading in order to rectify that situation today.
It is important to understand the type of scale your gold dealer uses. Some dealers use a Troy scale while others use a pennyweight. On a Troy scale, gold weighs 31.1 grams per ounce. A pennyweight equals 1.555 grams. In comparison, a US scale measures each ounce of gold at 28 grams.
When buying gold, it is best to buy in larger weights. The more the gold weighs, the less you will pay per ounce. Take your time when buying gold to be sure to shop around for the best price for the weight that you are intending to buy to be sure you are investing wisely.
Before you purchase a gold piece, know when it is going to be delivered. If your seller doesn’t offer delivery immediately, you need written confirmation of when to expect your items. The date on which you can expect to receive the items should be provided. Don’t buy without such a contract.
Now is the best time to sell because gold prices have been at near record highs. You can sell your broken or unwanted gold jewelry, gold-plated dinner wear, gold coins and even dental gold. Gold buyers are anxious to buy anything that contains gold. Get several bids to ensure that you are getting the best price.
When selling your gold, make sure that you separate each piece by its karat value. Some dealers will attempt to weigh all your gold at once then use the lowest karat value to calculate the payment. Keeping your jewelry separated out by karat values ensures that you are paid fairly for each piece.
Protect yourself from dishonest people who are trying to steal your identity. One way to ensure that you are protected is to purchase gold locally from a reputable dealer. Never give your personal information out over the phone, including your Social Security number and credit card information, unless you are certain that it is a reputable company.
Get a good grasp on what you own. Not all that looks as if it’s real gold is as valuable as the real thing. Many times, gold is mixed with other metals to increase its strength. This actually lowers the price of the gold. This is also true of items that are just plated. When you don’t know what you’ve got, have it appraised ahead of selling it.
Research the market price of gold before you attempt to sell yours. You should see if you can figure out what people are selling pieces like yours for as well. Doing this will provide you with a helpful price to work around. Start the bidding a bit above what you really want. That way, the buyer can negotiate a little.
Gold markets have experienced a tremendous boon in recent times, most likely in reaction to the deep financial insecurity that has gripped much of the world. If you understand the market, you can profit off it. Use the information applied in these tips to your benefit when considering the gold markets.