In the first financial quarter of 2022, gold prices rose by 8%. With a global recession looming, it makes sound economical sense to invest in precious metals like gold. But where is the best place to get it?
When buying gold, you need to purchase from the most trustworthy dealer you can find. Read on as we give our essential tips on how to choose a gold dealer.
Many dealers will try to hide their final price, giving the bare cost without any additions. This makes it hard to compare prices with their competitors, as you don’t know exactly what you are paying for.
When you choose a gold dealer in person or online, you should have a clear breakdown of the final price. This includes commissions, fees, and shipping. Ideally, look for dealers that have flat rate shipping and handling with no fees or commissions on their stated price at all.
If you find a gold dealer that does not have reviews, you are not some VIP service. You are taking a huge risk. Reading online reviews is one of the few ways you can gauge a company’s legitimacy and authenticity, so they should have some lined up.
As well as testimonials on their own website, you should be able to find information on third-party websites. Not all of these have to be five stars, but most of them should be favorable.
The price of gold fluctuates constantly. When you approach a dealer, it is important that you cross-reference their prices with the cost of gold at the given time.
This does not mean you will get the exact price on the market. All gold will have additional costs added.
However, by looking at the purity of the gold and what is included in the final price, you will be able to get an idea of who has the best prices. You can also avoid dealers who have fixed higher prices.
Dealers have different ways in which you can buy metals from them. Some may ask for you to pre-fund your account before you can place an order. Others may want your details, identification, and credit card information.
The result is that you may not get the gold you want to order for a few weeks. By then, the price could have changed so you may be getting a worse deal. Check that their ordering process is fast and transparent.
If you are interested in buying gold bars in bulk, you don’t want to go to a dealer who is only trying to sell limited edition coins.
Make sure you know they can deliver the type of items you want and in the right quantity.
Now that you know how to choose a gold dealer, start to shop around. Don’t be afraid to ask for recommendations or to see what their prices include. Make sure you don’t purchase anything until you are 100% satisfied.
Certified Mint is America’s source of silver and gold. We can provide daily spot prices to ensure you get the best deal possible. Click here to sign up for our insider newsletter and get daily updates on prices.