If you are looking for a reliable, fun, and safe way to invest your money, buying gold bullion is a wonderful way to keep your money in a place where it will be protected from a number of elements that can make other investments less secure. Gold is not subject to physical damage, in the way that property is, and it is an investment that can withstand dips in the market and even grow more valuable under certain conditions. Whether you are ready to buy gold for the first time, or you are looking to sell bullion that you currently own, it is important to find a gold bullion dealer who you trust and who will help you make a transaction that you are both fully satisfied with. Here are a few tips on how to choose the right gold bullion dealer and what you can expect from your dealer.
The Professional Numismatists Guild
One key factor in ensuring that you are working with an ethical dealer is researching whether or not they belong to the Professional Numismatists Guild. The Professional Numismatists Guild is an alliance of dealers who all agree to adhere to a strict set of rules and a code of ethics that helps customers by ensuring that members of the guild participate in honest business practices. The guild has a number of guidelines that prohibit practices like unfair pricing or being dishonest about the value of a piece that is being presented to them. Members of the Professional Numismatists Guild are also discouraged from pressuring customers to buy an item. Before you select a dealer, research whether they are a member of the guild.
Know the Value of the Product
Whether you are buying or selling gold, it is important that you know the value of what you want to sell. If you are looking to invest in coins like an American Eagle or Canadian Maple leaf, you should know that the value of these is slightly higher than that of pure bullion. That said, many other coins may be valued slightly lower than bullion because they do not contain quite the same purity of gold and may contain small amounts of other substances. If they coin you are selling will be melted into bullion, know the gold content and be aware of how much you can expect to receive for it. If you do not have much experience with buying or selling gold, it is a good idea to speak with a few different dealers and see whether the price they offer you varies. Do not sell your gold or buy gold from a dealer that you do not trust, and once you have found a person whose opinion you do trust, it is a good idea to make the bulk of your transactions through them.
Be Familiar With the Market
One thing that makes investing in gold both interesting and lucrative is the fact that the price of gold can fluctuate so frequently. There is no such thing as a sure-fire way of knowing when is a good time to buy or sell gold, but it is important that you keep an eye on the market and remain aware of any trends that you see occurring. The price of gold changes literally minute to minute, and the day that you decide to make your purchase or sale, you should be equipped with up to the minute information on what the exact current market value of gold bullion is. You should be aware that the dealer you are buying or selling from will not give exactly the current market value because they will take a small commission for themselves, but knowing the actual value of gold can help you avoid paying to much for gold or receiving too little. This is why apps like ibullion are so helpful. They allow you to quickly and easily access the important information that you need to walk into a negotiation informed and equipped with the knowledge that will make you feel confident that you have made a good and wise transaction. This is also why, if you are not familiar or comfortable with a dealer, you should check with a few different places and get quotes from them before settling on one place.
If you are making a large purchase, it is highly possible that your dealer will have to arrange for delivery of your bullion. It is normal for bullion delivery to take between ten days and two weeks to arrive, but if this is to be the case, you should be informed of this at the time of purchase. When possible, you should have an exact date of delivery and be advised as to where the gold is shipping from. You should also avoid, when possible, storing the gold at the dealership.