Tips To Help You Make Money With Gold

When it comes to trading gold, it is very different than other commodities markets. When you compare it to Forex or even the stock market, you will find strategies differ as do research methods. To best profit from trading in gold, read this article from top to bottom to learn the tricks you need.

Do not dabble in the gold market until you are familiar with pricing of precious metals. Daily fluctuations are the norm, so you must be current on the spot price. You must be prepared to pay higher percentages over the melt values for fractional gold pieces like 1/10, 1/4th, and 1/2 ounces versus one-ounce pieces.

How heavy your gold is will determine how much money you get for each piece. However, some dealers are not very reputable and may try to pay you less than you are owed. Watch out for anyone who weighs your gold by the pennyweight but tries to pay you for grams instead.

You may be put off by the price of gold, making you go with gold-plated or gold-filled jewelry instead. You can still buy gold jewelry without spending too much at the jewelry store. You are able to get gold cheaply in pawn shops or on the Internet.

Before actually purchasing a piece of gold jewelry, shop around. More expensive jewelry stores will charge you an arm and leg. However, the same piece of jewelry can sometimes be found elsewhere for a much lower price. You can even tell a jeweler that you saw the piece for cheaper and you may be able to negotiate with them.

If you have an interest in gold and also want to start your own business on the side, combine the two passions. Collect scrap gold from various sources, like friends and classified ads, and learn how to treat and melt the pieces into pure or near-pure gold. You can easily find a buyer for your end-product and repeat the process!

If you take jewelry or scrap gold to local companies that will pay for it, shop around. While spot pricing is the national standard, most stores don't honor it. The overhead of the store involved may determine how much or little they are able to offer.

Be wary when buying gold from online precious metal dealers. There is a lot of fake gold for sale on the internet, so it pays be cautious when buying investment precious metals online. Many fake gold bullion bars are almost indistinguishable from real gold bullion bars, as many fake gold bars are coated with real gold despite the fact that their insides are fake.

Use a magnet to determine if an item is made of gold. If the piece is real gold, the magnet will not be attracted to it. Check the clasp separately from a chain. You will find this to be an effective way of testing this.

Do NOT sell your scrap gold or gold jewelery to a company wanting to do so through the mail. These types of operations pay less than pennies on the dollar and you will have no recourse once you receive your measly check from them. Visit a dealer in person, get a real evaluation and try to sell it to them.

Look into any company you are considering via the Better Business Bureau. If there have been complaints lodged against the company, then it's best for you to just move on to another buyer or seller. The BBB is an excellent first line of defense to weed out the worst companies out there.

While some people like the idea of purchasing gold in coins or bars, the cost is very high. It is also not advisable to keep valuable coins or bullion in your possession unless you have a very secure safe. Having personal possession of a few gold coins is only a good idea if you know you can keep them secure.

The price of gold has increased 400 percent over the past 10 years, and that is great for gold owners. It is unclear whether now is the right time to purchase gold, though the answer often lies in the current status of the dollar. When the dollar loses value, the value of gold increases.

If you are thinking about selling gold on the Internet, check the prices several times prior to proceeding. It's entirely possible that you can secure a better deal by working with a local dealer face-to-face. Convenience is lost, but it's worth it to make more profit.

Like any type of investing, think about gold as a long-term gambit. You don't just purchase gold when it's price is high. Actually, you are better off investing when the price is lower. If you purchase gold during both good and bad times without timing the market, you will get a better price overall.

If you want to make money if the equity market goes up, your best bet is to invest in shares of gold mining companies. if you want to make money when the equity market goes down, you are better off investing in physical gold instead. Put money in both if you think it can turn a profit!

Now that you have read all of these tips and understand what they are offering you, take advantage of their rewards. Profits can be yours when you trade smarter and with the right knowledge behind you. All you have to do is make an investment, follow through and reach for your goals.

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This article was published on 13 Dec 2014 and has been viewed 967 times
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