Wise investors have always kept gold in mind as a solid method of safeguarding wealth, but interest in the commodity has truly boomed of late. However, far too many investors lack the essential understanding of gold markets make smart decisions in terms of buying and selling. Keep reading to ensure that you are not among the latter group.
It is important to understand the type of scale your gold dealer uses. Some dealers use a Troy scale while others use a pennyweight. On a Troy scale, gold weighs 31.1 grams per ounce. A pennyweight equals 1.555 grams. In comparison, a US scale measures each ounce of gold at 28 grams.
Try to only buy and sell your gold to certain dealers that are recognized through official gold and money associations. These dealers must follow strict guidelines under these organizations to ensure that you get fair compensation or quality pieces. One such well-known organization is the ANA or American Numismatic Association.
Always research a company you want to send gold jewelry to. The last thing that you want to do is lose money because of a flawed shipment. Take pictures of anything you send so that you can settle any disputes that may occur later.
If you are interested in reaping the benefits of selling gold but do not have any gold to sell yourself, consider organizing a gold party. This is a party where you invite your friends and family to sell their gold pieces. You invite an appraiser to make the purchases, and you receive proceeds from the profits earned.
Before you sell your gold as scrap, it is wise to have it appraised first. This rings true especially concerning pieces that are one-of-a-kind. While the appraisal costs money, you might end up with more later on. An appraiser may know someone who will give you a good price for your jewelry items.
A photo id is required with each sale of precious metal. This is because the information is kept on file to assist local police authorities in the investigation of thefts and robberies. A reputable dealer will require identification when selling gold. If the buyer does not require identification, he is not honest, and you should find a different gold dealer.
Try to avoid buying gold coins from small shops that claim to be reputable dealers. You want to make sure that the people you deal with are really knowledgeable about the business, so it would be in your best interest to look for a gold dealer that has a much larger inventory.
If you are selling gold jewelry that is covered with other stones, never leave the gold dealer without those stones on you. Some shady dealers will try and pocket those gems so that they can sell them elsewhere. Even if you don’t hink they’re worth anything, it’s best to get them before leaving.
Gold has long been part of every astute investor’s financial mix, but interest among a wide range of individuals has grown exponentially in the aftermath of the financial turmoil of recent years. The lynchpin of sound gold investing is knowledge, which takes time and effort to acquire. With any luck, the above article has been a helpful tool for accomplishing that task.