Wise Tips For Getting Into The Gold Market

If you are looking for a good safe investment, how would the make you feel? You could fund your retirement, but only when you know the right information. The following article will give you professional tips.

It is important to understand the type of scale your gold dealer uses. Some dealers use a Troy scale while others use a pennyweight. On a Troy scale, gold weighs 31.1 grams per ounce. A pennyweight equals 1.555 grams. In comparison, a US scale measures each ounce of gold at 28 grams.

If you need money in a pinch, sell your gold to a pawn shop. You wont get the best rates from a pawn shop, but its highly unlikely theyll look the other way with any gold you bring into them. If speed is of an essence, its probably your best bet.

Do not go to a pawn shop if you have gold to sell. You will not get as much for your gold as you would if you went to a gold dealer. A pawn shop will try to give you the minimum amount so they can make the maximum profit.

Get your jewelry appraised. It costs a little, but the knowledge gained is valuable. In order to maximize reliability, make sure the appraiser is independent and accredited. When you sell, you wont get the whole appraisal value, though.

If you want to purchase a piece of gold jewelry that will last a long time, its crucial to purchase heavier jewelry. Though they may be more expensive, heavier pieces are able to withstand pretty much anything. On the other hand, thinner more fragile pieces are more likely to break.

Realize that any piece containing gold is marketable. From broken jewelry to gold fillings, it can all be sold. Even things that are not pure gold can have value. Items that are gold plated or filled are also valuable. Its still possible to make money this way.

If you decide to invest in gold, you need to consider it a long-term investment. The price of gold fluctuates constantly but over the long term, prices increase. Even if you plan to make a large investment in gold, buy gold bars or coins separately over a short period of time.

If youre selling gold jewelry, make sure you know about karats. Pure gold is very soft, so its mixed with other metals for color and durability. The FTC or Federal Trade Commission requires that all sold U.S. gold jewelry must describe the alloys karat fineness. A single karat equals 1/24 of pure gold via weight. For instance, 14 karats jewelry is 14 parts gold and 10 parts different metals. Jewelry cant be sold as "gold jewelry" if its less than 10 karats.

Have your gold weighed out in the open, in front of you. If a dealer wants to take your piece to the back of the store, beware. Some less than ethical dealers will use a bait and switch, or they will tell you the pieces weigh less than they actually do. This means less money in your pocket, and it amounts to an unfair deal.

If you are selling gold jewelry that is covered with other stones, never leave the gold dealer without those stones on you. Some shady dealers will try and pocket those gems so that they can sell them elsewhere. Even if you dont hink theyre worth anything, its best to get them before leaving.

You arent likely to turn a big profit right out of the gate, but this article will mean steady success into the future. A series of modest goals, combined with dedication, will lead to success. Being consistently steady will help you win the race. Dont rush the process but instead enjoy it all.