As with any investment, the purchase of scrap gold is an investment that you should put careful thought and research into. You need to make a few important decisions before you make a purchase of scrap gold. The following are six decisions to make before you buy gold.
Where you're going to store your gold
Gold is highly valuable and needs to be adequately secured so that you don't lose it to theft. You need to plan ahead and have a safe place where you can keep your gold.
You might want to keep your gold in a safe in your house. Another option would be to rent a safe deposit box at a secure financial institution. These are generally the two best options for storing gold.
What the goal of your gold purchase is
Plan your gold purchase through and consider what you're hoping to do with it. Most likely, you want to make money on your gold purchase by selling your gold down the road.
If this is the case, you should decide on an appropriate goal for your gold purchase including an estimation of how much you might be able to make from it.
How much your budget is
Determine how much you can afford to invest in scrap gold at the moment. You need to decide on a budget for your scrap gold purchase so that you don't end up spending more than you can afford to on it.
What type of gold you want to buy
Jewelry might be the first form of gold that comes to mind when you think about buying scrap gold. However, there are other types of scrap gold out there. In particular, scrap gold is frequently available as an industrial byproduct.
Scrap gold is any gold that is sold as a precious metal rather than as the original product it was used to manufacture. You should consider what type of gold you'll be buying so that you'll know what to expect when you go and make a scrap gold purchase.
How you're going to inspect gold before buying it
It's essential that you know how to inspect gold to determine if it's genuine and to find what its karat value is. You can identify gold using a nitric acid test. You can also find the karat value by using an acid and touchstone test.
Testing gold before you buy it is important so that you can get an accurate idea of how much scrap gold pieces you are offered are worth.
Who you're going to buy gold from
Finding gold sellers in your area that you can depend on for quality scrap gold is important. Do your research and get in touch with sellers to find sellers offering quality scrap gold at a good price.