Every smart investor should consider precious metals as a part of your investment profile. Precious metals, especially gold and silver, are always in demand, and even when the economic factors are not very favorable, these metals tend to yield returns. If you want to buy silver and gold, one of the first tasks is to select a reliable, known dealer, and there are some of the aspects you need to know!
The profile
The profile of a gold/silver dealer is of utmost importance. You need to know if they deal in these metals on a regular basis, and if they also buy back gold and silver, because you can never predict about the need for money. Some dealers also specialize in selling and buying silver coins and silver jewelry, besides bullion, flatware, and timepieces that have been valued on other factors, as well. You also want the dealer to be experienced in evaluating diamonds and semi-precious gemstones, especially when you want to buy jewelry.
Why not a pawn shop?
Once in a while, we come across stories where people have found some rare items at pawn shops at throwaway price, but that’s rare. Unknown sellers and pawn shops don’t have the experience, expertise, or understanding to deal in gold, and most of the time, they don’t even use the right equipment. While pawn shops may offer a discount once in a while, they often tend to overcharge. We strongly recommend that you consider a reliable dealer for investment purposes. That way, you can be assured that you will get the right price for your product and can choose to resell as needed.
Other aspects that matter
It is also necessary to evaluate the credentials of the dealer before investing. You can ask a few basic questions, like
- Is the dealer a part of known organizations, such as American Numismatic Association?
- Do they use certified equipment for evaluation?
- Do they deal in gold/silver on a day-to-day basis?
- From where do they source their stock?
- Do they get precious metals from U.S. Mint or other private mints?
- Do they have a team of experts who can help investors?
- Do they deal in rare coins?
These are just some of the questions worth asking before you select a deal for buying precious metals. This is your investment and hard-earned money, and we strongly recommend that you make time to select a known, trusted dealer.
