How to Buy Gold in Chicago, IL
Gold is a worthwhile investment for numerous reasons. Not only are gold pieces beautiful as jewelry or on display, but they also have great value. Gold is a powerful medium for diversifying your investment portfolio, whether you choose to do so with bullion, coins, or jewelry. Understanding how to buy gold, value gold and find trustworthy gold sellers is essential to making the best investment.
Why Invest in Gold?
Gold has long been respected for its value. In an uncertain political and economic environment, gold investments can protect you from some of this volatility. The value of gold usually keeps pace with the cost of living expenses, and physical gold is extremely liquid, which means that you can buy and sell it quickly. Buying gold is an effective way to diversify your investment profile and hedge your bets against difficult times.
If you need to make cash quickly, selling your gold is an easy and effective way to do so. Many buyers will readily pay top prices for gold pieces, including broken jewelry. A reputable gold buyer will ensure you get a high price for your gold, so you have a reliable way to get essential funds quickly when you have a stock of gold available.
Most financial advisors will recommend against investing exclusively in gold, however. The value of gold can fluctuate greatly. As an investment, it doesn’t offer the long-term potential of other things like stocks and bonds. Gold won’t pay dividends, so you can’t compound your investment over time. However, keeping some gold on hand is a smart way to protect yourself against all possible outcomes. For example, in November 2008 and March 2009, the S&P fell by about 30% while the value of gold rose roughly the same amount.
In addition to serving as an investment vehicle, gold is also a beautiful item to own and enjoy. Gold class rings and wedding bands are cherished treasures. Gold charm bracelets, chains, and earrings make wonderful gifts to be treasured and enjoyed. Collectible gold coins can make a stunning display. There are many ways to enjoy gold once you’ve purchased it.
How Can You Buy Gold?
Though you can invest in gold in the form of stocks, exchange-traded funds, or gold futures contracts, the most straightforward way to buy gold is in its physical state, such as gold coins, gold bars, or gold jewelry. In any form, it’s important for you as the buyer to know exactly what you’re purchasing, so you’re assured of its value.
Gold bars, also known as gold bullion, are sold by weight. The bullion must be at least 99.5% pure to serve as an investment. Gold with a lower purity is not eligible for many investments, such as a gold IRA, which is a specialized individual retirement account that allows investors to hold gold as a qualified retirement investment. If you purchase bullion online, you may have to pay additional insurance and delivery fees to ensure its safe transportation and arrival.
Gold coins are popular both as investments and as collectibles. You’ll typically pay more than the flat value of the gold when you buy these coins because you’re also purchasing the art on the coin, which is typically a part of American history. Gold coins usually have a lower purity than bullion. The American Eagle coin is 91.67% gold, while the remainder is made up of copper and silver.
Jewelry is another common medium for gold. It is often the least efficient way to invest in gold for gold’s sake because most gold jewelry contains only a small percentage of pure gold. An item that’s 10-karat gold comprises just 41.7% gold. 14-karat gold is 58.3% gold. An 18-karat gold item is 75% gold. 22-karat gold, however, is 91.7% gold, which is better than some gold coins, and 24-karat gold pieces are 99.9% gold, which outdoes some bullion.
If you’re purchasing jewelry with a high gold content, remember that this makes it much softer. If you plan to actively wear the jewelry, you’ll need to be mindful of damaging these items.
What Is the Price of Gold?
Before you buy gold, check the current price for this precious metal. Gold prices fluctuate constantly, so you should check the price on the day you make your purchase for the most accurate information. You should also research the specific item you’re considering to determine whether you’ve found a good deal. You can find the value of gold coins online. Gold jewelry may have a slight markup for the making charges associated with its production, which is particularly true of handmade jewelry. Gold bullion, however, doesn’t have these increases.
Where Can You Buy Gold?
Before deciding where to buy gold, it’s important to identify reputable gold sellers. Well-established gold dealers typically belong to professional organizations like the:
- American Numismatic Association.
- Accredited Precious Metals Dealers.
- Professional Numismatists Guild.
- Numismatic Guaranty Corporation.
- Industry Council for Tangible Assets.
These organizations carefully vet their members to ensure they adhere to only the highest standards of quality and reliability. A quality gold seller working with one of these organizations is also likely to sell other precious metals, such as sterling silver.
A reliable gold dealer will have a solid reputation online and in their community. You can check with the Better Business Bureau, Yelp, and Google Reviews to see what others say about the business. Positive reviews and high ratings can help you identify the best gold dealers in your area.
When you’re considering specific items for purchase, don’t hesitate to ask questions. A reputable gold dealer will easily be able to answer inquiries such as:
- What is the purity?
- What is the weight?
- Is the jewelry hallmarked, and if so, where is the hallmark stamp?
- Is the gold coin backed by the U.S. government?
Are You Looking For Reputable Gold Sellers?
If you’re in the market for gold, Americash Jewelry & Coin Buyer has an extensive selection for you to consider. We actively seek out the best items with outstanding value to purchase from individuals like you. We can then pass those exquisite pieces on to other buyers. Explore our collection today.
