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Are You A Gold Lover? Read This

Serious investors should consider that commodities should make up a certain portion of their portfolio. Gold is truly the best commodity to invest in. The following article will help you, whether you want to use gold for retirement savings or just want some extra money.

When you decide to sell gold, you should get a few sources to give you an estimated value. There are quite a few stores selling jewelry or that buy it, and they sometimes make more money on the gold than you make on it. By getting multiple estimates, you can be assured that you will get a fair price when you sell.

Prior to selling or buying gold, be certain you know how precious metal pricing works. The prices of metals like platinum, gold and silver can fluctuate greatly in just one day. Before you do any buying or selling, check the market prices beforehand. Also be ready to pay increasingly higher percentages above melt values for any gold pieces that are fractional. These include 1/10, 1/2 and 1/4 ounce pieces.

Have an understanding of gold prices. Gold, platinum and silver prices tend to fluctuate daily, so make sure you check the spot price on a specific day before you make a transaction. You also will have to pay more than melt value, but you will sell below melt value.

Scrap Gold

Scrap gold is an excellent investment if you are working with limited investment money. After a year of buying a little gold each payday, you could end up with a valuable collection of scrap gold. Be sure to stash your gold safely away until you decide to sell it.

Do a little comparison shopping before you sell jewelry or other gold items, even if you’re looking for a quick cash-for-gold deal. The “spot” price for gold is determined by a constantly fluctuating market, so not every store is going to pay it. Try to focus on stores that are not located in a mall, as their overhead may not be as high, which means they might have the ability to give you a better return on your gold.

Before you mail any jewelry to a particular company which purchases such items, be sure to do your homework and check out the company thoroughly before you do so. Make sure you know when payment will be sent to you and insure your package as well. Also, make a photographic inventory of every item you send.

There are many sites where you can purchase gold, such as GoldMoney. It is almost like opening a bank account for gold. Set up the account, deposit some funds, and you get gold at the price that correlates to the account. Your gold sits in a vault until you decide what you wish to do with it next.

Make sure that you step up to the market with a sound mind and wary eye. There are many unscrupulous companies out there who deal with gold. Any number of shady individuals or even business are ready and willing to rip you off. Stay alert and always take the time to obtain the information you need to make an informed decision.

A quick and inexpensive way to test a piece of gold or precious metal to see if it is real, is by using a magnet. Real gold won’t stick to a magnet. Sometimes you’ll find a clasp to be something solid, but everything else is plated. You will find this to be an effective way of testing this.

When you decide on buying gold the first thing to do is look at the spot price. You can see it on various sites and it usually changes every day. When you do buy, avoid more than an 8% markup. Paying that price would simply be unfair to you.

Be sure to check the credentials of all gold buyers, jewelry stores and dealers with the Better Business Bureau. The BBB has information about each business including any complaints or reviews from others who have used their services. Pay special attention to any complaints and if they were resolved or not. Too many complaints are a warning sign and it’s a business you should definitely avoid.

Now you should know a little more about gold trading. Take the tips you’ve learned here to help better your financial portfolio, or maybe even make yourself a little extra money. Keep in mind all that you gleaned from this article to find success that is truly golden.

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