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October 22, 2011 | Carol Morgan | Comments 0

We Buy Gold

tips on purchasing goldIt seems that no matter where I go I see sign flippers advertising that their store buys gold.  Not to mention all the gold parties I’m invited to on Facebook. Everything that glitters in today’s economy does certainly seem to be gold with the price of gold at $1,900 and predictions that it could reach $2,500 by the holidays. There is major demand for gold.

An article titled, “Investing Advice for Selling Your Gold” on the Equifax Finance Blog on this subject caught my attention. Maybe you already have gold in your investment portfolio?

If you haven’t purchased gold yet, you may want to consider it. It is currently seen as an attractive option for a stable investment. And, if you own gold, you might want to sell it.  The Equifax article gives tips for achieving the best result in a sale. They give five tips that we will cover here, but to read the article with all of its details, visit the Equifax site.

  1. Do your Research. Gold is not measured in standard ounces. It is measured by the troy ounce, which is 31.1 grams versus the 28 gram standard. Keep this conversion rate in mind.
  2. Find a trustworthy appraiser. Find a dealer through a source like the National Association of Jewelry Appraisers and get two or three gold appraisals.
  3. Understand how to sell gold. There are several ways to make money on gold. The jewelry store usually offers the most money, but there are also gold parties where you can make a few hundred dollars. Remember that at parties the host and appraiser each also get a cut. See the website for tips on mailing in your gold.
  4. Watch out for scams.  If it seems to good to be true, it probably is!

Remember all that glitters is not gold and make wise choices when buying or selling gold.  Visit the Equifax Finance Blog often for tips on personal finance.

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