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What are the Best Tips for Buying Gold?

Deanna Baranyi
Updated May 17, 2024
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Buying gold is often considered to be a sound financial investment. There are, however, some tips that should be considered to make buying gold less stressful and more lucrative. For example, sellers should be investigated thoroughly before the gold is purchased, the type of gold should be considered before purchase, and the sale and return policies of the sellers should be considered.

Gold can be purchased from a variety of sources. One of the most important tips is to research several sources before buying gold and then buy from the cheapest and most reputable source. For example, gold dealers may be more expensive, but they are often available for a face-to-face meeting. It is best to check with a consumer protection group, such as the Better Business Bureau in the United States, before purchasing gold from a dealer.

There are several online sources for gold as well. A good tip to consider before using an online source for gold is whether they offer feedback from previous buyers. It is also beneficial to read the details of prior sales to see whether the items being sold were of any value or whether the sales were just small items sold to boost the seller’s online ratings.

In addition, it is wise to use an escrow account when buying gold online. An escrow account will hold the buyer’s money until the buyer receives the gold. Then, the escrow company releases the money to the seller. This ensures that money does not change hands until the gold has been received.

Another good tip when buying gold from an online source is to request shipping insurance. The insurance will cover the cost of the gold while it is in transit. If, by chance, the gold were to get lost during shipping, the cost of the gold would be covered in most circumstances.

There are two primary types of gold that may be purchased: gold bars and gold coins. The gold bars are usually of a consistent quality and can vary in size from small bars to large bars. Coins are typically graded to determine their quality.

One valuable tip is that gold coins should be graded by a major grading service. They should also have been graded recently. The grading tables often change, and a coin graded several years prior to purchase may no longer be the same grade.

Other tips for people interested in buying gold involve the kind of gold to buy. Only 24-carat gold is pure gold, anything less than 24-carat gold is not pure. Also, gold coins are often less expensive than gold bars. This is typically because they can be of lesser quality.

In addition, a good tip for buyers is to find out the return policy for gold coins, particularly if they are bought online. It is best to make sure the coins can be returned if they appear unsatisfactory. Lastly, the best value generally comes from gold when it is saved, not continuously sold or traded.

WiseGeek is dedicated to providing accurate and trustworthy information. We carefully select reputable sources and employ a rigorous fact-checking process to maintain the highest standards. To learn more about our commitment to accuracy, read our editorial process.
Deanna Baranyi
By Deanna Baranyi
Deanna Baranyi, a freelance writer and editor with a passion for the written word, brings a diverse skill set to her work. With degrees in relevant fields and a keen ability to understand and connect with target audiences, she crafts compelling copy, articles, and content that inform and engage readers.
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Deanna Baranyi
Deanna Baranyi
Deanna Baranyi, a freelance writer and editor with a passion for the written word, brings a diverse skill set to her...
Learn more
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