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Wise investors have always kept gold in mind as a solid method of safeguarding wealth, but interest in the commodity has truly boomed of late. However, far too many investors lack the essential understanding of gold markets make smart decisions in terms of buying and selling. Keep reading to ensure that you are not among the latter group.
Avoid selling pieces whose worth is more than just the weight of the gold. The value of antique jewelry and rare coins can far outweigh the value of the gold. Also avoid selling pieces that are artistically crafted, jewelry that has gems and anything with sentimental value. The gold will be melted down before it is sold.
Be aware that it is possible to sell anything with a gold content to gold dealers. For example, you might sell home accent pieces, dinnerware, and old or broken rings and necklaces. In fact, a gold piece doesn’t have to be 100-percent gold to be worth something. Items with partial gold content, gold plating, or gold mixtures may still be valuable. You can still find a nice return on the sale of it.
If you’re buying gold pieces for investment reasons, stay away from proof coins. These coins are polished and mounted, and they can sometimes be worth more than regular coins. The problem is, proof coin value only matters to collectors, and it can vary on a daily basis. For investment only purposes, stick with regular coins.
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.
Be extra cautious when using a mail-away service for selling your gold. Always buy shipping insurance for your items. Know how long the dealer will hold your pieces before melting them, and know how long you have to accept or reject their offer. And keep an inventory with pictures of all the items you’ve sent.
When selling gold, it pays to shop around. This includes checking with several dealers both locally and nationally. To get the most bang for your buck, ask what fees will be assessed during the sale. Just because a dealer is offering to pay more per ounce, does not always equate to more money in your pocket. This extra money can be ate up by fees and commissions.
Have a basic understanding of grams and pennyweight measurements when selling your gold. Some jewelers will measure in pennyweight but pay in grams, and this results in a lower payment to the seller. Avoid this by asking what measurement your jeweler is using before your pieces are ever weighed, and make sure you are paid based on that same measurement.
Gold has long been part of every astute investor’s financial mix, but interest among a wide range of individuals has grown exponentially in the aftermath of the financial turmoil of recent years. The lynchpin of sound gold investing is knowledge, which takes time and effort to acquire. With any luck, the above article has been a helpful tool for accomplishing that task.