Wise Tips For Getting Into The Gold Market

Exactly how much knowledge do you have about the workings of the gold market? Are you a rookie to this game? Have you been doing this forever, but want to learn more? Whatever your knowledge base, you can benefit from using the following tips. You will learn things you can’t find elsewhere.

Prior to buying or selling any gold, be sure you truly understand how gold pricing works. Prices of precious metals fluctuate everyday, so pick a day to check on the spot price before you buy or sell. You must be prepared to pay higher percentages over the melt values for fractional gold pieces like 1/10, 1/4th, and 1/2 ounces versus one-ounce pieces.

Try selling gold online. You don’t have to go to a physical location to sell gold any longer. There are quite a few websites out there that will buy it. Most sites work by mailing you a mailer or kit. You then use your mailer to ship the gold. They will pay you their standard per ounce price for your gold.

When you purchase gold, it’s important to set a fairly stringent schedule for delivery of your metal. If the seller delays delivery, you have to get a written confirmation on when the expected delivery date is. You should have the date of delivery clearly listed. Don’t buy without such a contract.

Consider a fair return policy as an absolute necessity when you’re purchasing gold jewelry, especially if you intend to make a gift out of it. It is hard to tell if that jewelry is going to fit another person, or if that person is going to want it. It’s always a good idea to be able to get your money back on a jewelry purchase if it doesn’t work out for you.

Shop around town if you are taking scrap jewelry or gold pieces to sell to a store or pawn shop. Even though the market “spot” gold price is the national standard, not all stores will pay it. Stores located apart from larger shopping centers may have fewer fixed costs and are thus, able to pay higher prices.

When you plan to buy gold, make sure you look at the spot price. The spot price is readily found on the Internet. Never pay in excess of 8% markup above the spot price. If you find a dealer asking for more than 8%, they’re overcharging and may not be ethical.

Think about shopping thrift and antique shops to discover gold treasures. Many of these places offer great finds in gold at a cheap price if dig deep enough. Many people donate or sell to these places at low prices because they don’t know what they own. You can reap the benefits of their loss if you do your homework first.

With this helpful information at your disposal, prepare to become a contender in the gold market. Before you know it, you will be buying and selling like a professional, and you will certainly earn money as a result. That’s the best outcome for a fun endeavor.

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