Prices of gold and silver have recently seen a steady increase. For that, gold, silver, and platinum gained the interest of people looking at possible investments. While there are reliable distributors that sell gold and silver coins and bars, you must be careful to avoid costly losses. Before making any purchase, make a thorough research about the market prices to know the products’ real value.
Read on to know a few things you should take into account before buying those precious gold and silver bullion or coins:
As prices of gold and silver changes constantly on a daily basis, make sure to check that day’s “spot price” before conducting any transaction. Spot price refers to the current price of precious metals. This way, you’ll avoid overspending. The melt value of fractional gold pieces — 1/10th, 1/4th, and 1/2 ounce — are usually higher compared to one-pounce pieces, so expect to pay a bigger amount.
Delivery of coins or bullions should normally be received within 10-14 days under normal conditions. If immediate delivery cannot be made, secure a document from the seller stating when the actual delivery date is. If the seller refuses to provide specific confirmation about the delivery, reconsider your purchase. In case of any mint delivery problem, the seller should disclose this information to you so you’re aware of the possible delay.
People buy bullion coins mostly for investment purposes. Therefore, if you’re planning to buy some, you need to take certain measures to protect them. One of the most effective ways to protect yourself is by staying up-to-date with information about gold and silver on the open market. People who make hasty purchases are usually the uninformed ones, and this result to overspending. Keep in mind that in any investment, there are no guarantees. Markets fluctuate, so whether gold and silver prices will remain at their current levels or continue to rise cannot be predicted.
Once you’ve made the purchase, take care of your coins so their actual value remains intact. Remember, 999 pure gold can get marked up easily, losing its value by 1-3 percent. Meanwhile, silver will oxidise if exposed to air. This will also affect its value.
Think you’re ready to make new investments? Research online to find out more information and safety tips about buying gold and silver coins and bars.