Have Questions About Gold? Get Your Answers Here

Most expert investors choose to include a percentage of commodities in their portfolios. With that in mind, nothing beats gold. In this article, we will give you good tips for making money with gold for any reason.

Gold prices fluctuate on a regular basis, so make sure you have up-to-date information about gold prices before selling something. If you decide to sell your gold, pieces with different karat values should be weighed and valued separately. Stay away from selling high-end jewelry pieces because they have more value.

You might have avoided gold because of the price, and chose instead to buy gold-filled or gold-plated pieces instead. You do not have to spend lots of money at a jewelry store to buy nice gold jewelry. You can buy gold jewelry more cheaply in pawn shops or online.

Look at the current gold market price prior to selling your pieces. This allows you to evaluate a dealer’s offer against the current market rate. Many gold dealers will pay market value; however, some dealers try to get your gold cheap.

If you’re going to sell scrap gold for cash, be sure you’re looking into everything. The current spot price for gold is considered as a national standard but not all buyers will offer this price. Local stores that don’t have outrageous overhead may be able to pay you more for your gold.

Take a look at the spot price prior to going out to purchase gold. This price can be found on a number of websites. When going to buy the jewelry, you should not have to pay higher than 8% markup over the spot price. Anything more is unethical.

Know what you have when it comes to gold. Pieces that appear to be gold may not be worth gold’s weight. Usually other metals are combined with gold to provide more strength. Items that are not pure gold have a lower value. This applies to gold plated items as well. Have your pieces appraised before sale to determine their value.

Research the daily spot price before you sell your gold. Research the selling price of pieces similar to yours. This will help you figure out a good price point. Just make sure to go a little higher than what you actually want so that there is wiggle room for negotiation.

Use a magnet to quickly determine whether an item is really made of gold or another precious metal. Precious metals do not respond to magnets. Check the chain as well as the clasp for an accurate reading. That’s a great way to make sure.

A lot of times, the earring posts are made from solid gold even though the earring may not be. Sometimes rings are only partially gold, and sometimes necklaces just have gold clasps. They don’t weigh too much so you may want to sell them all together. By selling them as a collection you will get a higher price.

Now that you’ve come to the end of this article, you know a few things about gold. Apply these ideas to upgrade your portfolio or just make a little money. Keep these tips in mind to be a successful gold investor.

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