The value of gold has recently skyrocketed to above $1,580 per ounce. As a result, a growing number of investors are searching for reputable gold dealers so that they can get in on the game while there is still plenty of room for growth. Investment analysts around the globe are forecasting that the gold price will exceed $2,000 per ounce by the year’s end. At the same time, there are many people selling gold to take advantage of the high gold value. It pays off for investors to do their homework before buying gold from just anyone.
Finding reputable gold dealers is not just about purchasing bullion bars or coins at a fair price. While this is important, it is equally if not more important to make sure that you are buying authentic bars or coins. Fraudulent coins are an unfortunate reality especially as precious metal investing grows in popularity. For this reason, only trade with a coin dealer who is a member of a recognized professional coin organization such as the Professional Numismatics Guild (PNG). Dealers who are members of such organizations are held to strict standards and are required to have extensive numismatic knowledge that will allow them to properly authenticate coins.
Never purchase or sell bullion to pawnshops or similar establishments. Again, an inexperienced dealer will not be able to ensure that a coin is authentic and will not understand how to accurately price a coin. You may end up spending far more than a coin is actually worth or, if you are selling a coin, you may lose out on quite a bit of profit unless you seek the expertise of an experienced coin dealer.
Whether you are interested in gold bullion ingots or coins, make sure that the dealer has a significant amount of precious metal assets. It’s important to know that the dealer will still be in business several years down the line so that you have recourse if you have any issues with your purchase at a future time. On that note, only work with gold dealers who offer recourse if a dispute should arise. Dealers who are PNG members, for instance, must adhere to binding arbitration in order to resolve disputes.
With the rising value of gold investments, having recourse is imperative to savvy investing. Of course, investors who find highly vetted precious metal dealers can typically rest assured knowing that they will receive fair and accurate pricing, and authentic bullion investments.