How To Become Gold Savvy

Gold is a commodity that for centuries has been prized and coveted as a reliable method of securing and quantifying wealth. Recent years have seen an explosion in the popularity of gold among all sorts of investors, though it is important to gain sufficient knowledge of the topic before leaping in with both feet. Keep reading to learn some key tips.

Look into companies like GoldMoney. This program allows you to purchase gold without taking physical possession of it. You deposit money into an account and they assign you gold that remains in vaults. Do not worry about theft of your gold as it is insured while it is kept in the safe.

Do not dabble in the gold market until you are familiar with pricing of precious metals. The prices for precious metals go up and down from one day to the next. Therefore you must find the price on the exact day before you agree to do business with someone. Gold pieces with fractions of an ounce will command higher prices than pieces weighing one ounce.

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.

Never buy your gold from a telemarketer. These individuals charge the highest commission rates, meaning you will pay more for your gold coins than you really have to. Instead, look for gold sellers on your own, and always buy from someone who is reputable. This will help you to get the greatest value in your gold investment.

When it comes time to sell your gold, figure out if you would like to sell it for its melt value or simply as a piece. If you are selling to pawn shops or most private sellers, expect them to offer the melt value. Try not to be discouraged. Sooner or later you will discover the purchaser you are seeking.

Be wary when buying gold from online precious metal dealers. There is a lot of fake gold for sale on the internet, so it pays be cautious when buying investment precious metals online. Many fake gold bullion bars are almost indistinguishable from real gold bullion bars, as many fake gold bars are coated with real gold despite the fact that their insides are fake.

Prior to going to a gold party, take your jewelry to a store and get an estimate as to how much the gold is worth. If the gold party representative quotes you a lower amount, see if they are willing to negotiate. If not, determine whether you truly want to sell at the party or would just prefer to hang on to the items.

If you’re selling gold jewelry, make sure you know about karats. Pure gold is very soft, so it’s mixed with other metals for color and durability. The FTC or Federal Trade Commission requires that all sold U.S. gold jewelry must describe the alloy’s karat fineness. A single karat equals 1/24 of pure gold via weight. For instance, 14 karats jewelry is 14 parts gold and 10 parts different metals. Jewelry can’t be sold as “gold jewelry” if it’s less than 10 karats.

There is no doubt that the economic troubles of recent years have caused an incredible boost in interest when it comes to buying and selling gold. Without a good foundation of knowledge, however, the terrain of gold markets can be rather treacherous. Hopefully the preceding article has served as a valuable resource.

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