Avoid These Gold Buying Blunders
The more prepared you are for any investment, but gold buying, in particular, the better off you’ll be. It is important to be knowledgeable about the gold products you plan to purchase and to be financially responsible when doing so. Many gold buyers lose money or value in their product purchases because they make common mistakes. Avoiding these mistakes is key to making more money and to protecting your financial security.
The first frequently made mistake is buying gold only when it’s popular. If you decide to purchase gold when everyone else is purchasing gold, then you could miss out on particular products simply because it runs out, due to the high demand. If you are fortunate enough to obtain the product, chances are you will pay too much since suppliers often increase their costs during the high demand periods. Experienced gold buyers will purchase gold during less trendy times and get the same quality product for a much lower price.
The second common mistake is buying just one type of gold coin. Like any collection, a varied selection of products is most valued. If you collected stamps, you wouldn’t want to purchase them from only the United States. A collection representing stamps from around the world would most likely hold more value and be more sought after by stamp enthusiasts. So the same holds true with coin collections. It is recommended to purchase both bullion coins which are precious metal coins valued by their weight and sold through private dealers, and proof coins which are the highest quality of coins sold through the U.S. Mint. Having both of these types of coins in your collection will help your portfolio withstand the good times and the bad.
Another avoidable mistake is purchasing gold from an untrustworthy source. Taking the time to do your research will bear dividends in years to come. The last thing you want is to be a victim of a scam, losing out on what you thought was real gold! Avoid pawn shops and newspaper ads at all cost. Research your gold company to make sure they are legitimate, have a good reputation, and offer secure shipping. Once you find a gold company you can trust, ask questions and let them guide you into purchasing coins that fit your financial needs and goals. For helpful and reliable service in the Pittsburgh area, trust Olevian Numismatic Rarities. ONR is the city’s most dependable coin dealer and can be reached at 1-844-ONR-COIN.
The final mistake to be dodged is sharing your purchase with others. While you may be excited and proud about recent gold purchases, announcing it to the world could put you in potential danger. Be careful who you advertise to and always be sure your gold is locked up in a secure place. Store it in a safe, security deposit box, or precious metals depository for safekeeping.