Gold is a universal investment and currency. Despite all the economic issues, the price of gold never really falters unexpectedly. No matter whether you are new to buying gold or are a regular investor, you have to consider a few aspects before making a purchase. Before you buy gold, check some of the tips listed below.
- Find a good deal. As a buyer, you are probably concerned about one singular factor while buying gold – Genuineness. Only a good dealer can ensure that. Expectedly, the first obvious step is to find a dealer. You can check for references or look online – the choice is yours.
- Check the basics. Is the dealer experienced enough? What kind of reputation does the deal have in the industry? Does the dealer buy and sell precious metals on a day-to-day basis? Keep in mind that an experienced precious metal dealer has probably spent years in understanding the factors related to gold. Also, it may have taken many deals to acquire the required skills and knowledge.
- Go for a traditional seller. When it comes to buying gold and diamonds, it is wise to stick to traditional brick-and-mortar stores that have a good reputation, instead of a flea market. This is mainly because these dealers and stores have goodwill to maintain, and therefore, they never really go beyond the fair price. For the uninitiated, there is 1-2% margin in the trading of metals like gold and silver.
- Understand the key aspects. As a buyer, you need to know the purity of metals before you buy any. In case of gold, 24-karat is 100% pure and costs the highest, while 12-karat is 50% pure. If you are buying gold as an investment, anything that is 18-karat or more is considered to be good enough. Also, you will find gold in three essential colors – yellow, white and rose. Rose gold includes some amount of copper, and there is a green variety too, which contains silver and is more expensive.
- Finally, do check if the seller or dealer has some sort of return policy or at least deals in buy-back of gold. This basically ensures that your gold remains a liquid asset, which can be sold when you want. For expensive jewelry items, this is a key aspect to consider.
Check online now to find the best gold dealers near you and do review the things mentioned above.