Investment Guide and Resources

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How You Can Make Money By Selling Gold

There is no doubt that gold has become more popular during the recent downfall of the economy. More people are ensuring their wealth through gold more than ever. The article below will help you get started.

If you have a nice gold piece, consider selling it privately rather than through a gold purchasing agency or jewelry store. Many companies that are in business to buy gold will only buy it to melt and sell, meaning they will pay only for the weight of the gold. An individual who likes your piece might be willing to pay a higher price tag, because they are likely to keep and enjoy the piece.

When you go to sell your gold, make sure your expectations are not too high and bring your government-issued identification. On average, gold dealers pay between 70 and 80 percent of the actual value. The law requires that dealers ask sellers for identification when buying gold to aid police in their investigations about stolen property.

Before selling your old and broken gold items for cash, make it a point to visit at least 3 or 4 buyers. Even though the market “spot” gold price is the national standard, not all stores will pay it. Some stores outside of busy urban areas do not have to pay as much on rents as stores located in a shopping mall and will offer a better price.

Your buyers should always have gold-buying licenses from the state. Licensure is not a guarantee of credibility, but it is certainly a good indicator. There is no shortage of places to do gold trading, so don’t feel pressured to take the first offer you get.

Protect yourself from dishonest people who are trying to steal your identity. One way to ensure that you are protected is to purchase gold locally from a reputable dealer. Never give your personal information out over the phone, including your Social Security number and credit card information, unless you are certain that it is a reputable company.

If you are buying or selling gold, a good place to advertise is online. Websites such as Craigslist and Ebay allow you to buy and sell gold at your own pace. These sites are usually free and very user friendly. Many people use these sites to find great deals and sell pieces at the price they want.

Gold has become increasingly popular in recent years with the economic downturn. Anyone can use gold for their investments as long as they have the right information. This article provided you with a great starting point.

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