Prices for precious metals have recently risen to near record levels, and this has heightened interest in transacting with either silver or gold coins. Nonetheless, experts advise consumers not to get tempted to sell their gold and silver coins or make impulse buys before researching the value of their commodity. In fact, authorities urge investors to be wary of any mobile office or cold-coil solicitations, which offer instant cash for silver and gold coins. Fraudsters have set up temporary silver coin shops Colorado in places such as casinos and motels to solicit investors. You are probably in for a scam if a dealership cold calls you to persuade you to buy its bullion coins. Fortunately, the below checklist will help everyone selling or buying silver or gold bullion to avoid falling victim to shoddy deals.
Research the Actual Cost of a Precious Metal per Ounce
The price for precious metals such as platinum, silver, and gold fluctuates now and then, so it’s crucial for investors to check the spot price before deciding to transact. However, investors should expect to pay a lower percentage below melt value for ounce gold pieces than for fractional gold pieces. Moreover, South African Kruggerrand silver coins are likely to have a lower retail price than Canadian Maple Leaf and the American Eagle bullion coins.
The expertise and reputation of a gold and silver coin dealer is a critical consideration. You need to deal with a respected bullion dealer in the industry, and ensure they are experienced in selling and buying silver and gold bullion coins in fluctuating markets. Moreover, every dealer should adhere to a strict code of conduct, and its name should feature in the Dealer Directory to make it easier for customers to locate it. If your dealer can’t deliver bullion coins immediately, obtain a written note indicating the date they will make the delivery. Otherwise, don’t execute the order to avoid getting scammed.
Protect Yourself against Identity Theft
One of the mistakes that investors often make is to give out their bank accounts or credit card numbers to their bullion dealers. Giving out any of your private information such as phone number, address, and social security number to anyone you don’t know can expose your identity to fraudsters. Moreover, avoid transacting with anyone who offers to sell precious metals at a price less than the spot value since the coins could either be stolen or counterfeit.
Know the Risks Involved
Precious metals investors should know that every deal comes with risks. Take time to learn about precious metals if your goal is to buy silver and gold coins for investment purpose. Uninformed bullion coin buyers who often make hasty purchases end up overspending. Like any other investment, there is no a guarantee that you will make a profit after selling your silver coins, and no one can predict with certainty that precious metals will retain or add their value down the road.