Understandably, one of the most common investment plans that most people think about when diversifying to secure their wealth is in the form of gold coins. Centuries have regarded gold as a very stable commodity; no doubt it is considered one of the viable investments during these unstable economic times.
Whether you shop online or prefer the process of going into the local shops, it’s important to be informed about your options; that way, you can make sure you know what you are doing and not get into possibly less desirable situations.
Our step-by-step guide shows you some of the places where you could buy gold coins, thereby helping you make a confident start in your investment journey.
1. Consider the Authorized Dealers
It is important when buying gold coins that a person purchases from a reputable and authorized dealer. Many mints, of course, authorize only certain dealers to sell their various types of gold coins. An authorized dealer will more than likely be able to offer authentic items, as they are usually required to follow very specific guidelines that the mint may stipulate regarding open and fair pricing across the board.
2. Online Retailers
Buying gold coins, with the advancement of the internet, has become easy. Select only those websites that describe in detail the coins they sell, such as their weight, purity, or origin. This will give you complete insight to make a specific decision and avoid any kind of fraud.
3. Buy Gold Coins from Local Coin Shops
For the more hands-on buyer, local coin shops could be a great avenue through which to purchase gold coins. Many of these shops have experts on board that can take you through the buying process and answer any questions one may have on investing in gold coins. You can also view the coins before you buy them when you visit the local coin shop, which further provides peace of mind. Be sure to check the shop’s reputation, reviews, or credentials to be certain that your seller is trustworthy.
4. Auctions and Gold Shows
Other ways to buy gold coins are through auctions and gold shows. This is where many collectors along with dealers meet to sell, buy, and sometimes trade their coins. This could be a brilliant opportunity for a new investor to meet with experienced sellers and travel further into the gold market. Prices at auctions can vary a great deal, so it really is more than necessary to have a budget and avoid overpayment on impulse during the auction. Gold shows are generally those that have more coins available, and therefore, this market is a pretty good place to look through quite a few options before making a purchase.
Things to Consider for You Buy Gold Coins
Several things can be considered before a purchase for you to get value out of the investment:
a. Purity
The purity of gold coins ranges from 90% to 99.99%. The higher the percentage, the more valuable it will be.
b. Weight
Bullion gold coins are sold in various weights, usually measured in troy ounces. Be sure you know how much gold you are buying.
c. Premiums
Gold coins can have a premium above and beyond the current price of gold. This premium sometimes ranges from dealer to dealer. Be able to compare these premiums so you do not overpay.
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