Are You A First-Time Gold Buyer? Don’t Miss These Tips!
A lot of people are interested in precious metals, often because of the return value. Despite all the changing economic factors, the value of metals like gold and silver doesn’t really deplete. If you can hold onto your investment, getting the right price is never a problem. However, being a first-time gold buyer, you need to be a tad more cautious, and there are some essential aspects that you must keep in mind. Here are some of the best tips at a glance.
Know your gold
Did you know that gold comes in four distinct colors? Yes, apart from yellow and white gold, you will also find pink or rose gold, which contains copper, and then, there is a rarer variety known as green gold, which contains silver and is more expensive. If you check online or with any dealer, you will realize that the purity of gold is measured in ‘karat’. 24-karat gold is the most expensive one and is ideal for investment. However, it is also brittle and not suited for daily-wear, especially when it comes to selecting jewelry. For the needs of investment, anything over 18-karat is considered good. On gold jewelry, you will find hallmark markings, and your jeweler should be able to help in finding the same. You may also come across the term called ‘GF’, which refers to gold filled, while ‘GP’ means gold plated. PT refers to platinum, while PD means Palladium.
How to choose a dealer?
Before you buy gold, it is wise to find reputable dealer than you can rely on. Keep in mind that a good dealer is experienced and has the necessary skills and expertise that are required for being in business, and it only comes with time. Instead of buying gold in a flea market, check online and find ‘brick and mortar’ stores near you. Also, check if the dealer offers a complete bill for the purchase and if they deal in gold and other precious metals on a regular basis. Gold is often considered to be a liquid asset, because you can always find a buyer. It is also good to find a dealer who can buy back gold, in case you choose to sell at some point of time.
If you have other additional concerns, do talk to your dealer in detail and ask the relevant questions. After all, gold is an investment that never really goes down on value.