Did you know that hundreds, if not thousands of investors, lost millions to dishonest coin dealers hoping to obtain physical gold as protection for their assets? Keep reading, as this guide will help customers like you by offering ways to prevent scams and choose only dependable and trustworthy dealers to do business with.
If you’re ready, let’s dive in!
The demand for physical gold is increasing and continues to be powerful. That’s because more and more investors are realizing the significance of allocating a portion of their assets to precious metals.
That surge in demand also increased the formulation of numerous new bullion companies. Nonetheless, most wish to take advantage of customers or simply out to scam other people.
On top of that, different types of common gold IRA scams have been going on in the gold market and the precious metals industry for many years. This is a testament to the fact that more people fall for such tricks.
Here are the important tips you need to follow to buy gold safely:
Do you want to make a successful gold purchase? Consider the following factors:
Pick sellers that provide prompt delivery. You should avoid those who store or delay your sold as much as possible, as physical possession is vital for fast selling.
Choose coin dealers with an excellent track record and stay away from those with bad feedback. Remember that online forums can offer reliable insights into those dependable dealers.
Be extra careful of offers that seem extremely favorable or have massive incentives. Remember that bullion products often sell at or above the spot prices.
Why don’t you utilize the National Features Association (NFA) database to check the dealer’s regulatory history? On top of that, you can consult BBB for further details on the reviews, ratings, and history of the dealer.
Concentrate on the gold’s weight rather than the coins’ perceived aesthetic or rarity value. You should also be extra cautious of scammers who inflate claims about the value or history of the coins themselves.
It’s also essential to look for dealers accepting different payment methods. These payment methods include credit cards, bank transfers, checks, traditional cards, and digital currencies such as Bitcoin or Ethereum.
Always pick a dealer that offers a buyback policy. Doing this will guarantee a smooth and stress-free selling process and experience.
It will also help if you ask for documentation about the impartial grading of your bullion products. Confirm the independence of the third-party certification.
Make it a rule to go for established dealers who deal with higher volumes and provide quick delivery, unlike smaller ones.
Gold can be a great investment, especially if you aim to safeguard yourself from inflation. Remember that gold prices are more likely to increase in an inflationary setting.
Thus, buying gold online might not be a good investment in the long term. Gold is an unproductive asset compared to bonds, deposits, or shares.
You may purchase gold coins from different sources. It’s best to begin with people within your inner circle. It could be a person or a friend you trust. On the other hand, you can buy gold coins from vendors like JM Bullion.
In case you didn’t know yet, the safest way to buy gold coins is by buying from people around you or those you can trust. That way, you can track the individual if there are concerns with the coin eventually.
On the other hand, you can try a local pawn shop or dealer. It will also help if you ask for referrals or go with somebody with more expertise and knowledge. You can buy gold online only when the dealer is listed in the United States Mint Database.
Always store it in a dry place. Prevent exposing your gold coins to too much direct sunlight or extreme temperatures. We also recommend keeping them from humid places and storing them in dry areas.
