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Gold 101: Tips And Advice For Buying And Selling

To get gold in an investment portfolio, you must learn how you can do it properly. You can’t just jump right in. It takes a bit of studying to know all the facts. Read the article below to learn how to do it right.

Before buying or selling gold, know how all the prices work. Silver, gold and platinum prices vary from day to day, so spot check a price on the day you plan to do business. A higher percentage over the melt should be expected when purchasing fractional gold pieces such as 1/2 or a 1/4th ounce against a one ounce piece.

Why not make money selling your gold to online buyers? You don’t need to visit an actual store to do this. There are dozens of reputable websites where you can buy and sell gold. Contact the site, and they’ll send out a shipping kit so you can send them your gold. If you have everything together, then you will receive the going rate.

Bullion bars are a great choice if you wish to put your money in gold. You can find them in several different weights. They start at a mere half-ounce, but also rise as high as four-hundred ounces. For the record, four hundred ounce bars are very difficult to find.

The cost of gold may put you off. You still can get gold jewelry items without spending a lot at a local jewelry store. Pawn shops provide great discounts.

When you buy some gold jewelry for another person, make sure they have a refund policy. People’s tastes are different and you don’t know the whether the person will like what you buy. If that happens then you’re going to want to return it and get your money back.

Spot Price

Find out what the terms are before mailing off your old, broken jewelry. Find out when you will receive your payment, and get insurance for your package. Make sure that you photograph each piece of gold you’re sending before you mail it off.

On the day you are planning to buy your gold, check the spot price. You can find that on a lot of websites, and that can change every day. Only place your order if you can find a dealer willing to sell for an 8% markup or less over the spot price. Many dealers try to overcharge you; however, by being informed you can avoid this trap.

Know what you have. Even though the item looks like gold, it may not have much value. It’s not uncommon to find gold that has been mixed in with other, lesser metals. This makes the value lower. The same goes for pieces that are gold plated. If you are not certain about what you have, an appraisal before selling is wise.

Now that you have learned more about gold investing, it’s time to put that knowledge to use. This information can help you invest in gold, whatever your strategy. Putting your money in gold is a valuable place to keep your money as you’re planning your future.

If you are buying gold as a form of a retirement fund, make sure to buy the right kind. Gold needs to be IRS-approved. Only 24K coins and bullion bars are eligible. Because they hold their value, buy gold bars instead of gold coins.

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