5 Tips for Buying Gold Online

Looking to invest in gold and prefer buying online? Smart thinking, because it can be difficult to find enough gold locally to build a solid portfolio. Experts encourage investors to accumulate 10-20 percent of their net worth in gold due to the terrifying state of the world’s economy.

Some experts predict that an economic collapse could send the price of gold as high as $10,000 per ounce. This means even a meager quantity of gold could be lifesaving if global affairs continue to deteriorate. Here are a few tips for making sound gold investments online.

Tip #1 – Set Up a Website

Gold Buying Website

Image Courtesy of anantal via Flickr

What do people look for when deciding to do business with you? Your professionalism will set you apart. Get a well-designed website and fill it with information that will set customers’ minds at ease in dealing with you. Make sure the writing is free of grammar and spelling errors and looks like a reputable place to do business. The website will serve as your portal where customers can contact you.

Tip #2 – Start With Jewelry and Bullion

Gold Jewelry

Image Courtesy of mararie via Flickr

Some beginning investors think only of gold coins, but there is a lot of potential in bullion and jewelry that gets overlooked. Online auctions are a great way to find these pieces. Craigslist is another resource. Craft well-written ads stressing the benefits of selling gold and how much money customers can make. Reference your website in the ad to look like an established business.

Tip #3 – Calculate Your Minimum Investment

Calculate Gold Investment

Image Courtesy of stuartpilbrow via Flickr

A good starting point is $1,000. Less than this really isn’t worth your while and more is risky if you don’t have enough cash on hand. Build at a reasonable pace, growing your gold investments without sacrificing your financial status. Many gold buyers are able to accumulate substantial gold holdings for just a few hundred dollars at a time.

Tip #4 – Get Gold Testing Equipment

Gold Testing Equipment

Image Courtesy of the justified sinner via Flickr

Before buying gold, you’ve got to know that the gold is real and how pure it is. Gold testing supplies aren’t very expensive, and are far less costly than paying full price for fake gold. Learn to use your testing equipment before making any transactions. Start by testing the gold in your own jewelry box and pieces from friends and family until you get the hang of it.

Tip #5 – Be Willing to Travel

Travel to Buy Gold

Image Courtesy of CountyLemonade via Flickr

When buying gold online, it’s impossible to test the gold and price it properly over the Internet. If you find someone online that you’re willing to do business with but isn’t comfortable with online transactions, you’ll need to meet with them to test the gold and make an offer. Make sure the expenses of the trip are worth the amount of gold you’ll be getting, and make an offer that helps compensate you for your fuel costs and other expenses.

Making All These Gold Buying Tips Work for You

Gold Buying Tips

Image Courtesy of mynameisharsha via Flickr

The bottom line in gold buying is to buy at the lowest price possible. Since so many people in this economy are struggling, it’s easy to find people with gold they’d love to turn into cash. Some gold buyers keep all of the gold, some resell the gold at a profit and others send it to a refinery. Decide whether you’ll hang onto most of the gold you buy or turn it over for a huge profit. The potential is endless.

Speak Your Mind