Best Reputable Gold and Silver Dealers - Do They Exist?
Posted By | August 12, 2014
Buying Gold and Silver
With These Tips, You Will Be Able To Decide Where to Look for the Best and Most Reputable Precious Metals Dealers
In order to find a good and reputable gold and silver dealer, you have to search for vendors that have easy-to-understand pricing that is fair. A 3 percent buy-back under spot is not worth it, and a purchase price of 3 percent is way too expensive.
Verify a dealer’s reputation by asking for referrals from its distributor. Also, visit a couple of online sites where customers are allowed to rate their most recent Internet purchases, and check with the Business Consumer Alliance (BCA) to see if there is anything negative about the dealer’s business. Check out their BCA rating, and click on the complaint section, even if they have an A+ as their score. If a company responds to a complaint, their score is not damaged. For this matter, it is important that you do your homework beforehand.
Before sealing a deal, ask the vendor’s customer service department about its return policies, available payment methods, and warranties that come with the specific item you are interested in. It’s preferable that you contact them via phone so that you can listen to the manner in which they respond to your questions. If they are too pushy, avoid buying any gold and silver or other precious metals from that dealer.
As you can tell, finding a reputable gold dealer is not a difficult task if you play your cards right. The next time you are thinking about purchasing gold bars or gold coins, take these helpful tips into consideration. If you put them to good use, they will help you save a lot of time and money.
There are numerous precious metals around the globe that have always seemed to cause interest in those individuals who like to invest on something that won’t let them down in the long run, such as gold or silver.
Gold always retains its value even in the most difficult economic times, which can be of great benefit for people who like to always be financially secure. In the past, gold and silver could only be purchased through registered dealers, but nowadays, it is simpler to buy precious metals than it was in the old days if you follow a couple of tips (read below).
Conduct Research - Always Research the Gold and Silver Dealers
You cannot just walk into the unknown without being aware of what to expect. Decide what you want to purchase by doing some research on the availability, products and prices. There are two types of precious metals that are usually traded: gold and silver coins (numismatic), and gold and silver bullion.
Gold and silver bullion, which are basically pure metals, can be either in the form of coins or bars. The gold and silver bars in particular are recommended for big league collectors or investors. Options for buyers are limited, as bars cannot be subdivided.
Gold and silver coins are more popular, as they are easier to cash in. They are often mixed with other metals; therefore, their prices often rise and fall more frequently than the bullion.
Before you make any moves, determine how much money you want to spend on gold, as you don’t want to spend more than what you intend.
Make sure to know gold and silver market prices on the day you opt to purchase. Calculate the percentage over the price the dealer charges.
Characteristics to Look for in an Online Gold and Silver Dealer
Wondering how to find an honest and reputable dealer is a good thing, as you don’t want to be taken as a novice. If a vendor’s pricing lacks transparency, has advertising everywhere, has a website that appears mysterious, and sends you paperwork to complete, this is a clear sign that dealing with this vendor won’t do you or your wallet any good.
A large percentage of people do not buy from big name brand advertisers, as they have an accumulation of complaints, poor confidentiality, high prices and slick websites. A small percentage of people try to avoid online auction sites or local dealers because of the prices, risks, inconvenience, confidentiality and lack of transparency that is involved during transactions.
In order to know for sure that you are not dealing with a crook, make sure you do business with a vendor who is insured, guarantees its products, has controls in place to detect fraud, has fair prices, provides shipping that is insured and secure, and provides a tracking number, and make sure that this vendor offers flexible payment methods. Never use money transfer services, such as Western Union, as it is the payment method many crooks opt to use in order to receive payments from customers. If you send money using this method and your transaction goes bad, it is almost certain that you’ll never get your money back.
Don’t do business with a vendor who has a website with no prices. These types of vendors don’t want you to see the prices because they want to make a profitable sum off you. They’ll talk you into buying expensive coins. Don’t fall for it!
Avoid shopping at pawn shops, eBay, Craigslist and shopping networks. These shopping options are not ideal for anyone, as these types of merchants tend to overcharge a lot for gold, and you’ll never know for sure if you are getting the real deal. If you opt to purchase your gold or silver using one of these options, you will more than likely get ripped off.
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