Be sure the buyer you are considering is licensed by the state to make gold purchases. This does not prevent you from getting scammed, but a licensed buyer probably has a better reputation. There is a lot of competition out there, so you can sell to someone else if you’re not happy with the first offer.
Even if your earrings are not real gold, the backs may be. The bands to rings and necklace clasps are often times real as well. These sorts of items are often lightweight and should be sold as a collected lot rather than individually. With a quality of items, you may be able to get someone to buy them together, hoping for greater profits. When attempting to sell your gold, you want to do your research into the market price. Compare the prices offered by different buyers. This gives you an idea of what you should get. Just make sure to go a little higher than what you actually want so that there is wiggle room for negotiation.
Understanding how gold is weighed can ensure that you don’t get ripped off when selling your gold to a dealer. Gold can be weighed in Troy ounces, pennyweight, or grams. The most important thing is to make sure that whatever system the buyer is using to weigh your gold is the same one they’re calculating the payment with.
As stated from above, anyone can get into the gold market and succeed if they understand where to start. Being educated is the first step towards being successful in gold trading, and making sure you get a good return on your investment. If you keep these tips close by you are sure to reap the rewards in the market of gold.
When buying gold jewelry as a gift for someone, consider the colors that they normally wear. While yellow gold remains popular and classic, gold is also available in white and rose. Sometimes these are better options for individuals who wear a lot of silver or have a lot of pink in their wardrobe. One valuable piece of information about gold is that while its dollar value may fluctuate, its purchasing power does not. In other words, if 10 ounces of gold could purchase a car 50 years ago, 10 ounces of gold can still purchase a car today. This is because although the dollar value of the car has increased, so did the dollar value of an ounce of gold. Once you have all these things in your mind you can really start to get into gold. You will realize profits as you start to buy gold and sell gold with ease. Knowing what you’re actually doing will increase your odds of being successful. Experts say you should expect to pay more proportionately for a fraction of an ounce than you would for the full ounce. Among gold coins, the Kruggerrand coins from South Africa can usually be acquired at a cheaper price than the more popular American Eagle or Canadian Maple Leaf coins.
Separate your gold by karat weight. A vendor may scam you by weighing what you have together by the lowest weight in karat. This of course results in fewer dollars for you. Separating the gold before you go prevents this from happening.
Check the gold charts that are put out monthly to determine the market trends. Use MCX charts to locate trends and other important factors affecting gold prices. It’s better to use both of these charts for better research.
Understand fees and commissions when buying investment gold pieces. Most reputable dealers will charge between five and seven percent. You need to realize this cost incurred to make sure you are still getting a good deal on the pieces you are buying, based on their true value at the time of purchase.