There is something truly magical about gold that transcends the value and perhaps this is why so many people decide to plough their hard earned cash into this precious metal as an investment for the future. Gold is recognised as a viable hard currency in pretty much every country in the world, and the value has gone spiralling upwards over the last decade. So how does the typical individual make their first foray into this dizzy world of commodities without risking too much of their savings? Well, having a clear and concise view of what you are actually getting yourself into is a damn fine place to start. Experience helps, but we’ve got some fine tips that will hopefully allow you to make you mark without getting your fingers burned, or at least that is the intention! So if you have some hard cash that is burning a hole in your pocket and you think you could give Midas a run for his money, please spend a few minutes checking out the rest of this short article.
Purity is Everything
Don’t let anyone say otherwise, the more pure that your gold is, the more value it will retain. Gold is measured in Karats, and these signify how pure the overall precious metal happens to be. 100% pure gold is 24 Karat, and each Karat is a 24th of the overall purity. Although the purest gold is favoured for jewellery by Indians and most of the Asian continent, it is considered too soft for most commercial uses. In the West, 18 Karat is preferred for jewellery as well.
As well as the sumptuous 24 Karat gold’s deep yellow colour, gold also comes in a myriad of other shades. White gold is very desirable and rose gold is another favourite option to choose. Palladium and silver are often mixed into the gold to make a variety of very slick looking rings and earring jewellery. The main thing to grasp is exactly how much gold is in the actual item before deciding on a price.
You really need to know the current values of gold before heading off with your chequebook in hand. These prices can change overnight and even a small rise or fall can dictate a huge difference when you are buying in bulk. And if you suspect the dealer is selling at the wrong price, just say no and go elsewhere. Because they are probably going to rip you of in other ways even when they’ve corrected that dodgy price!
Because there are so many fraudsters out there, you should check that the gold you are buying has a proper hallmark. This can differ between countries, so do your research before making the necessary checks. If you are splashing out on gold plated sets from an unknown source, make sure that you have plenty of paperwork with the product and do not be hurried into making a decision. If the gold is real, they will not be in a rush to part company with their bling!
So there you have it, 4 excellent tips to help you buy some groovy gold, good luck and don’t forget us when you make your first million!