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Looking To Get Started In Gold Investing? Read This First!

May 23

Looking To Get Started In Gold Investing? Read This First!

If you were to want to add gold to your investment portfolio today without lugging around gold bars, would you know how to do that? Do you know all of your options for investing in gold? To learn some basics so that you can get started with gold investing, keep reading.

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Before selling any of your gold, check to see what the current sales price is. This will help ensure that you are getting the amount of money you deserve. There are many reputable sites available online that will help you on coming up with a fair price for your gold.

 

Use GoldMoney to buy gold. It's akin to opening up a bank account but with gold instead. All you do is set up the account, deposit funds, and then you are assigned gold to your account. The gold itself is in a vault at a bank, and you can cash it or redeem it for gold bullions.

 

Before you sell your gold as scrap, it is wise to have it appraised first. This is particularly true for unique pieces that have exquisite workmanship and design. A proper appraisal may cost money, but it can definitely be worth the expense with valuable pieces that may have resale value. An appraiser may know someone that's interested in your jewelry.

 

Have a basic understanding of grams and pennyweight measurements when selling your gold. Some jewelers will measure in pennyweight but pay in grams, and this results in a lower payment to the seller. Avoid this by asking what measurement your jeweler is using before your pieces are ever weighed, and make sure you are paid based on that same measurement.

 

Do not assume because there is no stamp that a piece of gold is not real. There are many solid gold pieces out there that are not stamped at all. Try testing the gold in question with a magnet and if it does not stick, you probably have solid gold.

 

Try to look for coin dealers that offer a money back guarantee. This proves that the company is more worried about you being satisfied than they are about making a profit for themselves. It will not be easy to find a dealer that offers this, but it is definitely worth the time it takes to seek one out.

 

To benefit from the upside potential in gold, consider gold index funds. They are easily traded on the exchanges. For instance, the CBOE Gold Index roughly tracks the price of gold, both up and down, by trading gold mining companies. There exchange traded funds that trade on gold futures contracts, but those tend to be quite volatile.

 

Knowing how to determine the grade of gold is essential if you want to invest in gold pieces. Gold is measured by karats. The higher the karat, the more the gold is worth. You cannot just go by the karat stamp. When you know how to test gold, you'll ensure that you get good quality.

 

This article has described some great strategies you need to know for gold investing. Surely you now feel more comfortable about investing in gold to help diversify your financial portfolio. Use the information that has been given to you so that you can plan and strategize in the right direction.