When the world economy shakes, gold and silver prosper. Gold and silver bullion coins which sell in millions every week, tap into the allure of investing in gold and silver. However, before you invest in gold coins, you should know that it has some downsides. The first thing that you have to keep in mind is that the price fluctuates. Moreover, the dealers don’t usually take credit cards when you purchase gold. However, buying gold and silver is an easy if you keep few things in mind. Here are certain things that you need to follow when you buy gold and silver online.
Check Out the Price
The people who invest in gold and silver should be aware of the fact that bullion coins are sold at a small premium over the real spot gold price. They are actually minted by the sovereign governments which charge a fabrication fee. The spot gold price is usually based on 100 ounces or bigger .999 fine gold bars. Gold and silver coins ranging from 1/10 oz. to about 1 ounce trade is 1%-15% premium over spot gold based on the coin and its size that you are purchasing.
Several coins dealers will try to sell single or one ounce gold at about 4%-5% over the present spot value. Investors need to contact various creditable metal dealers and try to shop for the best price.
Compare the prices of the dealers and make sure that you aim for the lowest price. Also, you should avoid bullion coins on bidding sites, as you might get caught in the bidding war.
Try to Avoid Rare Coins
Rare coins need more expertise and diligence if you buy them. This is because two coins might look alike but have different grades. This difference might make you pay thousands of dollars more. You need to hire a professional grading service and acquire a certificate of authenticity when you purchase the gold and silver bullion coins. This can be a hassle but it will prove to be really useful.
Uncover the Dealer’s Buying Policy
When you consider buying the gold and silver coins, you have to find out what the dealer usually charges for selling them. Every dealer is different and there are some that might not even charge you with a premium. Thus, it is better to call out and find the policy.
Buy One Ounce Denominations
Fake 10 ounce gold and silver bars are surfaced across the world. These are east to detect and spot by a professional dealer. Hence, you need to make sure that your dealer guarantee’s the coin to be a genuine one.
All that Glitters Is Not Silver or Gold
Keep in mind that all that glitters is not gold. There are various scams out there. There are some dealers that offer delayed delivery and free storage. Hence, you should check the testimonials and references. Use your guts to find out the better bullion coins dealer among the lot. Do not forget to check the reputation they have in the market. Here are few more tips to buy gold online.