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Avoid These Gold Buying Blunders

The more prepared you are for any investment, the better off you will be. Buying gold is no exception. 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 on their purchases because they make common mistakes.  Avoiding these mistakes is key to making more money and to protecting your financial security.  

gold buyingThe 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, diversification affords stability. Consider gold coins minted over many different years, of varying denominations, and in varying condition.

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 avoid is leaving your gold coins unsecured.  While you may be excited and proud about recent gold purchases, announcing it to the world is probably not the best idea  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. Ask an expert at ONR for more information on the confidential and secure storage of precious metals and rare coins.