17 Elite Tips to trade Gold Online and Offline
Trade Gold Online: How much knowledge do you have about gold trading? Are you feeling like you’re just a beginner when it comes to gold? If so, read on to find the best tips on gold commodities. Whatever the case may be, most people will find this article’s tips to be helpful. Your odds of picking up some new (and useful!) information here is excellent!
Check sellers Reputation
1. Never deal with a gold buyer or seller who does not have a favorable reputation. Look at the Better Business Bureau to gather information about the company to see if their legitimate or not. A buyer with a good reputation will give you good service and an equitable price for the gold you are selling. This will protect you from rip off artists.
2. Before you mail any jewelry to a particular company which purchases such items, be sure to do your homework and check out the company thoroughly before you do so. The last thing that you want to do is lose money because of a flawed shipment. Also, you need to be sure to photograph everything you’ve put in your package in case they start a dispute.
Understand the Return Policy
3. When you buy gold jewelry as a gift, be sure to understand the return policy and get a gift receipt. You have no idea if the person for whom you are purchasing the piece will like it or if it will fit. By ensuring that the dealer offers a return policy, you can help protect yourself.
Appraise the Jewels
4. If you’re unsure what your gold might be worth, then have an appraisal done. Paying a professional to appraise your item is a good investment. An independent appraiser should be used in order to receive the best value. If you’re going to sell the gold you have, you’re not going to get the appraisal value.
5. 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. The quickest way to sell off gold (and the one many dealers and pawnbrokers prefer) is for the melt value. If you are selling a piece of jewelry, you should pursue a better deal.
Know the product value
6. Know what you have. Just because it looks like gold doesn’t mean it’s valuable. It’s not uncommon to find gold that has been mixed in with other, lesser metals. This actually lowers the price of the gold. Gold plated items are subject to this too. If you don’t know exactly what you have, consider an appraisal.
7. Be sure to separate all your gold items by karat weight before sale. If you keep them together, an unscrupulous dealer may try to weigh all the pieces in one batch, then pay you the lowest karat price for all of them. You will lose money that way. Before making your trip, have your pieces separated before you walk in.
Read Contract Carefully
8. When working with a dealer of precious metals, carefully examine every page of the contract before signing it. This business deals with large amounts of money. Make sure you completely understand the contract you are signing. If you’re not happy with the specific terms, then you need to keep moving along. You must protect your finances at all costs.
9. Gold is a very volatile investment. If you cannot handle sharp price swings, this investment is not for you. If you have enough tolerance, you should still limit your exposure. Because of the volatile market, only a small amount of your portfolio should be invested in the gold market. In most cases, 5 percent is sufficient.
10. Be sure about your financial goals before you make any gold investments. While the price of gold does fluctuate, it does protect your investment from economic turmoil and inflation. Give yourself the best chance for success by deciding how much risk you are willing to take and what you want to accomplish.
Dealership Business Deals
11. Be aware that you might not receive top dollar for your gold. Dealers need to make money like other businesses. For this reason, they must leave some difference between the value of your gold and the amount they are willing to pay. When selling your gold expect to get between 50 and 70 percent of its value.
13. When you invest in gold, you want to do so thoughtfully. Rather, this investment should be looked at as “wealth insurance””. If you are going to time it, it’s best to buy when things are quiet. Investing in gold can be quite profitable if done correctly.
14. Consider the gram weight value of your gold coins above the collectors value. You may lose a substantial amount if you opt for selling for melt value. You need to do your homework before deciding on selling.
Machine and Handcrafted Piece
15. Think about how the gold was made before you buy it. If it was machine-manufactured, it will be less valuable than a completely handcrafted piece. This will not affect the melt value, but it can make a significant price difference when sold as a piece of jewelry.
Invest in Gold
16. Gold bullion is one of the better ways you can invest in gold. Bullion are made from fine gold and their value is easy to calculate thanks to the marking on the bullion itself. Be sure to purchase bullion for a seller that’s reliable, and get it appraised, too, if you have to.
Don’t buy gold at high premiums. You cannot profit when you purchase gold at high premiums unless prices rise dramatically. Comparison shop to find low, fair premiums.
Purchasing large gold bars
17. Purchasing large gold bars is a great way to invest in gold. While it costs you more upfront, the premiums you pay are lower. That allows you to earn greater profits over the long term as gold prices rise. The value of commemorative gold coins is typically higher than normal gold coins, since they are more collectible, rather than just being prized for their gold content.
Now you know how to master the market. Gold prices are volatile and there are risks involved so don’t expect to earn a massive profit immediately. That’s what you really want at the end of the day, and this article is your starting point.