Investing in gold is a time-honored tradition, not only for profitable returns but also to protect your wealth from economic and global instability. For this reason (and many others that will be covered in today’s article), it is highly popular among both investors and collectors.
However, the precious metals market can also be highly complex, with many pitfalls to avoid. Among the most popular products are gold 1 oz coins. The reason they are so sought after is due to the fact that they offer a nicely sized portion of gold while still remaining reasonably priced for most people. But there is also the shady side of the industry where unscrupulous dealers, counterfeit coins, and other risks exist.
To help make sure that you don’t fall victim to something of this nature, we sought out our precious metals experts to give us some suggestions on how to make sure your investment is authentic. Here are the 5 most important tips they offered:
1. Finding a Trustworthy Precious Metals Provider
This is number one on the list for several reasons. But the main point is that having someone you know is honest and does ethical business means that you don’t have to go to exhaustive links to verify their products or prices (though good business sense says you should, as even honest people make mistakes).
2. Be Aware of the Current Market Price
Precious metals fluctuate rapidly. Know what the fair market value is for any coins you are interested in purchasing. You should also be aware that numismatic value can also have an impact on pricing.
3. Familiarize Yourself with Minting History
Be sure that you are knowledgeable about the coin you plan to purchase. Various mints create coins with unique designs and characteristics, which, in turn, impact their value. Also, familiarize yourself with common counterfeits that target specific coins and mints.
4. Always Verify a Coin’s Authenticity
Making sure that your gold 1 oz coin is real means performing a careful and thorough inspection. Examine specific characteristics such as purity, weight, and the mint marking. Investing in a magnifying glass and quality scale is a good idea. Maybe even consider using the services of a professional grader.
5. Look into Insurance and Storage
Whenever you make a gold purchase, you are buying a valuable and highly desirable asset. And just like any other high-value object, they are subject to theft. Consider getting some type of secure storage option for your gold, along with property insurance to cover damage or theft.
Finding Reputable Providers of Gold 1 Oz Coins
By using the tips offered in today’s post, you will be able to eliminate the concern of being scammed by unethical dealers or counterfeit products. You will be able to make your gold purchases with the peace of mind and security of knowing you are getting authentic, true-value metals at a fair price.
Whether you are just dipping your toe into the gold market for the first time or expanding an already existing portfolio, having a dealer you can trust should be your highest priority.
Read also All you need to know about Litecoin.
