Buy Gold Safely – How Do You Buy Gold Safely in 2010?

To buy τιμη χρυσου ανα γραμμαριο σημερα safely is the number one concern behind every conversation I had with gold buyers as a gold broker. After years of buying and selling gold, I can tell you that it is much more difficult than the industry would have you believe.

In order to buy gold safely, you need to find someone you trust, someone who will put your needs first and sell you gold safely. The problem is whenever you discuss investing and safety…it becomes a discussion of opinions more than facts. In my experiences, this is even truer in gold investing than broadly traded stock or other more mainstream investments.

So then, how do you buy gold safely?

In a one sentence answer – you do all your research on the gold you want to buy before you make any calls to gold brokers.

In my experience as a gold broker – the people who bought the gold that no industry insider would ever own, were those who decided they thought they should buy gold, then called a broker and discussed what that should be and for what price. This may sound silly to some of you, but this was more true than not in the many conversations I had with people who had already bought gold or another precious metal. All gold dealers and gold brokers have specific kinds of precious metals they tend to specialize in. They know these products well. They have ready markets where they go to buy and sell these gold coins and other precious metals. If you do your homework first, then screen the gold dealers and gold brokers based on whether they sell what you are looking for, you will limit your risk when buying gold considerably.

To do that, start by gold category. Are you interested in gold coins? If so, are you interested in gold bullion coins or the many coins in the collectible’s market called numismatics? I will give you some advice right away. If you are new or unsure of what the differences are, get educated. Find credible, objective sources of information (almost always from someone who does not sell gold or whatever they suggest), from industry veterans, then learn!

As a general rule, if you have not bought gold before, or have very little, I would stay in the gold bullion markets. These gold coins have the smallest mark-ups, or premiums, and their prices are quoted online from many sources. I offer a few for starters on my website. Pick a few widely traded coins and shop their prices. Get comfortable and then buy a few.

Numismatic or collectible gold coins are rare coins with additional premiums over their weight in gold for the condition and the general lack of circulation (rarity). These coins are a lot like collectible art. They are worth only what another buyer is willing to pay for them. There are a lot of buyers so this isn’t usually a problem but the prices vary by coin and many conditions including the collectible coins ‘market’ conditions. You really need to know what you are doing here. So, you either have to get very educated or you need to have an honest, knowledgeable (lots of gold brokers do not know this side of the business very well – so just because they sell gold, doesn’t necessarily qualify them as experts), that you can trust to do this for you. Lots of money can be made in this sector of the gold coin market. But again, if you want to buy gold safely, then this is not where I would start.

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