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11.6.13

Tips To Help You Make Money With Gold

Recent economic turmoil and social conflict has increased the number of investors buying and selling gold. Many gold investors don't know how the market works. Keep reading to learn how you can make good money in the gold market.

When you sell gold, make sure to get multiple appraisals. There are a large number of venues for selling your gold, and they each have different target margins. Getting multiple estimates gives you a better idea of the prevailing market price, which prevents you from getting ripped off.

When you invest in gold, it is a good idea to go with buillon bars. These bars are available in a number of different weights. They can range from a half an ounce to bars that weigh four-hundred ounces. It will be harder to find the bigger bars.

If you're going to sell your scrap gold at neighborhood shops, check out more than one. Though there may be a standard market price for gold at a particular moment in time, not every store will pay it. Independent gold dealers with low overhead, for instance, may be in a position to offer you better terms than upscale jewelry stores.

Have an understanding of gold prices. 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. If you have gold that does not weigh up to a full ounce, you may receive less than the melt value when selling it.

Don't have much money? Invest in scrap gold. You can do this over a period of time, say around each pay day, and accumulate a considerable amount of valuable gold within a year or so. Stash your gold in a place that is safe so that you can cash it in later.

It's always a good idea to verify the spot price before making a purchase the same day. You can find that on a lot of websites, and that can change every day. When you buy, don't pay over 8% markup over the price. Paying that price would simply be unfair to you.

One quit and cheap method of finding out whether or not gold is real is to use a magnet on it. Gold is not magnetic. Sometimes a jewelry piece is only plated in gold with a solid gold clasp. The magnet test is an excellent way to find out.

Make sure that you only deal with buyers that are licensed to deal in it. This does not prevent you from getting scammed, but a licensed buyer probably has a better reputation. There are quite a few vendors that will purchase gold, so never go into it thinking you've got to sell your gold to the first seller you talk to.

Sometimes the best way to purchase gold is through a sale from another private individual. It is important to fully understand the risks you are taking. Have the coin appraised first. If you come across someone who is interested in selling a gold coin at a low price and you are fairly certain of the coin's authenticity, you can buy it and hope that did not make a mistake.

Get a good grasp on what you own. Not all that looks as if it's real gold is as valuable as the real thing. Usually other metals are combined with gold to provide more strength. These metals can reduce the value of gold. This is the case with gold plated items. If you don't know what you have, have it appraised before trying to sell it.

As with other types of investments, gold should be held long-term. This means you rarely invest when prices are high. All investments should be looked at this way. Pace your buying over time in both ups and downs. Avoiding timing the market gives you better pricing over time.

Lots of folks are enthusiastic about the idea of making real profits by way of the gold markets. In many cases, however, they don't know what they are doing, so they don't make money or even lose it. Hopefully, the information here gave you the information you need to get started.