Buying gold bars is a smart move if you are a new investor who wants to invest in an asset that rarely fails to perform and always brings in good results. If you are also a smart investor who wants to buy gold bars, you should know that there are several scammers and frauds out there who might want to dupe you. To help you out as a new investor, we have created a list of things you can do that will let you know how not to get duped while buying gold bars. Here they are.
- Don’t Pay a High Markup Price
If you want to buy a gold bar, make sure that you check the markup price offered. It should not be too high. You should know that every seller would have a markup price. The lower it is, the better it would be for you as you will end up saving that money. Compare the markup prices of different sellers and find one that is the lowest and also sells quality products.
- Don’t Buy More Than You Can Afford
It is always smart to create a budget while buying gold bars. It would help if you did not buy more than you can afford. Instead, it would help if you bought gold bars from the money you probably won’t need for the next five years. Also, make sure that you don’t exceed your budget to increase the quantity of gold you are buying, as you might regret overspending later.
- Don’t Buy on Impulse
When hoping to buy gold bars, you should decide the size and weight you are looking for and not be impulsive about the purchase. Always check the 10 gram gold bar price for a few days so that you can identify patterns. Then you can buy the gold when the price is lower than usual and save some more money.
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- Don’t Trust Cold Callers
If you are getting cold calls from someone selling gold, or you are thinking of buying gold from a person you just met online, you better not do it. The quality of gold offered by such sellers is usually quite low, and you might pay a hefty price for a product that’s not even worth it. If buying gold from a reliable person, make sure that you meet them in a public place and not in a shady alleyway!
- Buy After Checking the Quality
Always check the quality of the products you are buying. Make sure you do the research and know the differences between a regular gold bar and one that is create in a reputed mint. If buying online, read about all the product features and compare them with the product you get after it’s delivered. When buying in-store, check for the markings on the bar and ask about product features from the salespeople. Ask for the authentication certificates as well to be assure that the product you are buying is real and 100% legit.
- Buy from a Reputed Seller
It is also smart to buy gold bars from a reputed seller like The New York Gold Company. As we have been in business for more than three decades, you can count on us to provide you the best quality gold bars that you can buy online, in the store, or via the phone. The A+ rating bestowed upon us by the Better Business Bureau makes us the best choice you have when looking for the answer to the best bullion dealers near me. You can also ask about the products from one of our executives and ensure that you have 100% knowledge of the product before you pay. It will make you an aware and smart customer. Helping you will also bring a smile to the faces of our executives.
- Buy and Forget
After you have bought gold bars, your next step is to forget about them. Do not liquidate them for at least a few years if you want to make a tidy profit. Buy and forget policy works best if you want to set long-term goals of investing. It will also help you if you want to avoid selling gold on impulse. Good luck and happy investing.