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The Golden Dream: Making Money With Gold

Unless you are familiar with the workings of the gold market, it’s almost impossible to make it an important part of your wealth portfolio. You cannot just jump into it, though it’s not very complicated when you know all about it. This article can help you to learn more about gold investments.

If the gold you are purchasing is an investment in your future, you must be aware that there are certain kinds you should target. The gold must be approved by the IRS. They have to be either 24 karat coins or bullion bars. Consider buying bars instead of coins, since they tend to be more valuable.

Check the return policy before you buy anyone a gift of gold. It’s not uncommon for many pieces to not be the receiver’s taste or the wrong size. If that happens then you’re going to want to return it and get your money back.

Gold is something that changes in price all the time. This is why you should know what it’s worth prior to selling. Different karat values will be valued and weighed separately when selling your gold. Avoid selling jewelry that is worth more because of the designer or maker.

Why not get your gold jewelry appraised if you are not too sure about its current value? Although you’re spending some money up front, at least you’re getting fair market value for your items. Find a reputable appraiser, however, to visit. If you still decide to sell your gold, you should know that you will not be paid the full appraisal value.

Be aware that any items containing gold can be sold to someone dealing in gold. That could be broken pieces of jewelry, tableware, home decor, or anything else you have around. Solid 24-karat gold isn’t the only type that dealers are interested in, either. Even gold plated items will have some value. You can still get some decent money selling these items.

Figure out what return shipping will cost if you don’t like the offer the mail order gold buyers are willing to give you. Many companies will pay for your postage when you send but charge a high price when they return the piece to you. Know what this cost is before you mail your items.

Check the current price in the gold market before you sell your jewelry. Doing so will help you figure out if a dealer’s offer is a good one or not. The majority of dealers will offer you market value for your gold, but some know that sellers just want to convert their items into cash quickly, and they take advantage of the buyers.

Be cautious with the gold market. There are many unscrupulous companies out there who deal with gold. Lots of folks are willing to steal right out from under you. Always exercise caution.

Understand what you really have. Just because it looks like gold doesn’t mean it’s valuable. Usually gold is mixed with other metals to give it strength. These metals can reduce the value of gold. Items can also be plated with gold. If you do not know for sure the value of your gold piece, have it appraised before presenting it for sale.

Review all fine print in sales contracts. You should carefully read the whole contract especially if selling through a mail service. This helps you keep better track of how much you have to pay for fees.

If you plan to mail your jewelry, be sure that you find out how much the return postage will cost if the price offered you is too low. Most companies will give you free shipping to them but charge you an arm and a leg for return postage. Understand what you will have to pay if you don’t like their offer. Protect yourself.

You don’t have to own gold to invest in it. It is possible to purchase stocks of gold mining companies, shares in a gold ETF or a mutual fund whose focus is gold. If you choose to purchase actual coins or bars, take into account the cost of secure storage of your gold.

Before you sell gold, put it in different karat weights. Some buyers will weigh all your gold at once and offer you what the smallest karat weight is worth. You’ll get less money that way. Rather, pre-separate the pieces so you can get the most money you can.

After reading this article, it is time to begin using the knowledge you have gained. Begin using this knowledge and including gold in your investment strategies. Gold can likely play a role in your financial planning strategy.

Know the true value of your gold. Not everything that looks like gold is worth its weight in it. Some jewelry is a composite of a number of different metals. This can lower the price. Gold plated items are subject to this too. If you don’t know what you have, have it appraised before trying to sell it.

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