Gold and gold coins are a solid investment that typically hold their value over the years. They are also a tangible investment, meaning a physical item you actually buy. This is unlike stocks which are investments in an intangible value assigned to a company by traders, which in turn also allows them to better hold their value over time.
As solid of an investment as they are, you still need to carefully consider how you buy your gold and your gold coins. There are different forms of gold coins and they don't all have the same value. You also need to be careful about the seller from whom you purchase, so you know you're getting a fair deal. Consider some important tips for safely buying gold and gold coins.
1. Know the difference in gold coins
There are bullion coins and collector coins; it's vital you understand the difference between the two. American bullion coins are plain coins with little markings or decorative elements. Their value is simply in the gold itself. Collector coins are decorated and designed in particular ways and may have more value to collectors because of their design.
While bullion coins will typically hold their value, collector coins will fluctuate in value according to the demand of other collectors. When a particular design or other decorative element is in demand, the value will go up but if no collectors are interested in that particular coin, the value will plummet. Exercise caution when buying collector coins as they are the riskier investment.
Gold bullion coins are priced according to the market value of gold and typically the 22 or 24 karat weights are the better investment, as these have a 90% heavier content of gold than 14 karat.
2. Research every potential seller
Every seller has the option of adding on extraneous expenses and costs when they sell gold, rather than just selling bullion and collector coins according to market value. This is where your research will be vitally important. Check out their fees for commissions, shipping costs, extra charges for certain payment methods, and so on.
You also want to research the volume of gold they buy and sell and their reputation. You can do this through online sites and be sure you look for peer reviews as well as consumer reviews. Peer reviews will tell you if a company only buys their own supplies from reputable dealers and outlets.
Remember these two important tips when buying gold or gold coins, to protect your investment and ensure you get your money's worth.
Share30 December 2014
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