Hone Your Gold Knowledge By Using This Expert Advice

Given the dollars decline, lots of folks are looking to alternative investment vehicles. Customarily when the value of currency lowers, the value of gold begins to rise. The following article will give you some great tips to understand more about gold.

Never overlook gold scraps. If you happen to have small pieces of gold sitting around, keep them together to sell at a future time. This can be scraps from an old pair of earrings or any other piece of jewelry. Even a few ounces can be some serious cash back in your pocket.

Avoid gold coins that are being sold at flea markets and local pawn shops. They may seem like a great deal, but all that glitters is not gold. The coins may be counterfeit and/or they may have been cleaned to make them appear far more valuable than they actually are.

Only jewelry that is at least 10 karats can be sold to gold dealers. The more karats your piece is, the higher amount it will command on the market. Therefore, a necklace that is 14 karats should get you a better price than something that is only 10 karats. Prior to taking in your jewelry, look at each piece to determine how many karats it is. This may help you decide whether you want to sell it or not.

If you are headed to a gold party, keep your expectations low. While you may walk out with a few hundred dollars, you are not going to get rich. You also wont get the full value of your jewelry. Go and have fun, but do not sell anything you dont want to sell.

Understanding how gold alloy works is important when both buying and selling your gold. Since gold is too soft to be used by itself, it is combined with other metals to form an alloy. The karat system will tell you how much gold is in the alloy. In the United States, jewelry must be at least 10 karats for it be legally allowed to be called "gold jewelry".

When deciphering the actual sales price of gold, you should understand the fees associated with selling gold. Dealers generally charge a commission of five to six percent for each ounce of gold sold. For example, if you are selling $100.00 worth of gold, the dealer will take $5.00 out of the proceeds for commission fees.

If youre going to get into gold, plan ahead for it. As fun and rewarding as it may be, accumulating wealth is also a very stressful thing if youre not prepared properly. Consider things like storage and insurance long before you get your hands on any gold, and avoid unnecessary headaches and worry.

If you are interested in reaping the benefits of selling gold but do not have any gold to sell yourself, consider organizing a gold party. This is a party where you invite your friends and family to sell their gold pieces. You invite an appraiser to make the purchases, and you receive proceeds from the profits earned.

Prior to going to a gold party, take your jewelry to a store and get an estimate as to how much the gold is worth. If the gold party representative quotes you a lower amount, see if they are willing to negotiate. If not, determine whether you truly want to sell at the party or would just prefer to hang on to the items.

It is important to plan your investment strategies carefully when investing in gold or other precious metals. While many find riches dealing in silver or platinum, others are able to reach their goals with gold. You just gained solid advice on understanding the entire gold market.