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What does the gold market mean to you? Will it give you the ability to enjoy a hobby that makes you some extra income? Or would you like to quit your day job and be able to live off the profits of your investments? Either way, this article has some tips to help you get started.
Do your research on the fee and commission structures for the dealer you are considering. Every dealer will have slightly different commission structures. Some may be more fair to you than others, so use it as a way to comparison shop against multiple dealers. This way, you can get the best deal for you possible.
If you decide to go with a mail in service to sell your gold, make sure to have your items insured. If the items do not arrive at the buyer’s location, you could lose out on the entire value of your gold. By insuring the items, you are protecting yourself against loss or theft.
Conduct extensive research before you do business with a company specializing in gold. Read online reviews, check with the BBB, and see how the dealers resolve complaints. Also get more than one offer for your gold. This will ensure you get the best possible price.
If you need money in a pinch, sell your gold to a pawn shop. You won’t get the best rates from a pawn shop, but it’s highly unlikely they’ll look the other way with any gold you bring into them. If speed is of an essence, it’s probably your best bet.
Before selling your gold, comparison shop. You may be shocked to see how different the offers are! Going with the very first buyer who comes along might prove a bad deal. Get the most money for your gold by spending time to comparison shop.
Understand how gold much gold is in each ounce. For example, 18 carat gold contains more gold than 14 carat. This is because in 18 carat gold there is 18 parts gold and 10 parts other alloys. In 14 carat gold, there is 14 parts gold and 10 parts other alloys. For this reason, 18 carat gold sells for more than 14 carat gold.
Watch out for the gold buying bait and switch. There are buyers out there that promote the price they’ll pay for bulk gold, but don’t tell you that the price is much more for smaller quantities. This can leave you making a very bad deal. Ask before you make any sort of commitment.
When selling gold, it pays to shop around. This includes checking with several dealers both locally and nationally. To get the most bang for your buck, ask what fees will be assessed during the sale. Just because a dealer is offering to pay more per ounce, does not always equate to more money in your pocket. This extra money can be ate up by fees and commissions.
Of course, this article is not the most comprehensive on the topic. You cannot end your education by finishing off this paragraph. Continue to seek out expert advice on how to capitalize on the gold market so you can learn what it takes to turn your strategy into a real winner.