Investing in gold means understanding the market. It’s key to diversify, and gold is there to balance your portfolio. Where do you need to start? The number of options available can make it difficult to know what to do. Read on to simplify the entire process and get started with gold investment basics.

Gold prices change all of the time, so make sure you are aware of the value before you try to sell any. Different karat values will be valued and weighed separately when selling your gold. Stay away from selling high-end jewelry pieces because they have more value.

Prior to buying a piece of gold from a seller, make sure you schedule for timely delivery. If you don’t get delivery immediately, get something in writing which confirms delivery of your pieces. Make sure that a specific date is listed within this writing. Don’t go through with the order if they can’t provide you with the delivery date in writing.

If the gold price is not to your liking, perhaps going with gold-filled or gold-plated jewelry is something to consider. You can still buy gold jewelry without spending a fortune at a store. Pawn shops can offer many good deals and there are also many online buying options.

While you may be very tempted to quickly send off your old gold scraps and jewelry to a business that buys gold through the mail, do your homework about the company first. Be certain you have a clear understanding of the timeline involved, and make certain your jewelry is insured. Make sure that you photograph each piece of gold you’re sending before you mail it off.

If you’re buying gold to save for your retirement, buy the right type. The gold has to be IRS approved. Only 24K coins and bullion bars are eligible. You should be more inclined to buy gold bars, which hold greater value than coins.

Why not get your gold jewelry appraised if you are not too sure about its current value? Although appraisals cost money, you will know the value of your items. You will want to find someone who is accredited in gold appraisal to get the proper value of the piece. Remember if you sell, you will not receive the full price of the appraisal.

It’s always a good idea to verify the spot price before making a purchase the same day. You can find this on a variety of websites, and it can change daily. When purchasing, don’t pay greater than 8% markup above the spot price. Many times sellers will try to sell it at a higher price.

Never sell to an unlicensed gold dealer. Although anyone could rip you off, the chances are slim when working with someone who is licensed. Many entities buy gold, so you don’t necessarily have to sell when you get the first offer.

Making good decisions about gold investment is an important part of the process. You can start implementing your plan now that you have educated yourself. Do more research on gold and different ways to invest before making any important decisions.