How To Shop For Precious Metals
When looking for precious metals, it is essential to know how to shop for them. Here are some tips to avoid pushy salespeople, third party sellers, and social media.
These tips will help you save time and money when searching for precious metals. You should be able to buy the metals that you are interested in without having to leave your home.
Avoiding Pushy Salespeople
When shopping for precious metals, avoid salespeople who are aggressive or use high-pressure tactics. This tactic can be used to separate people from their money. Using manipulative language and promising excellent returns is counter-productive because all potential returns include risks.
Always do your research. Before making a purchase, check with local authorities and the Better Business Bureau to determine whether the company is reputable. Click here for more information about the Better Business Bureau. If a company is not accredited, avoid them. Read customer reviews and look for those written by legitimate customers. Avoid companies that are new to the industry. If they have been around for less than two years, they may not be legitimate.
Some precious metals investments are outright scams. These sellers operate illegally and may not be registered with the Securities and Exchange Commission (SEC).
Before making a purchase, check the seller’s background and experience. If the seller claims they are a registered dealer, use Broker Check to verify their background. Also, avoid salespeople who offer to buy precious metals on margin. It may be risky to purchase on margin, so make sure you understand all fees and charges before making any decisions.
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Avoiding Third-Party Sellers
Buying precious metals from third-party sellers should be avoided at all costs. Be wary of websites that advertise on social media, self-proclaimed “brokers,” and even some popular big box sites. Instead, stick to reputable companies that either buy directly from the Mint or pool their inventory from big suppliers.
Be sure to check out online reviews to help you determine whether or not a company will be a good fit for your investment goals. For example, Texas Precious Metals reviews give information about the reliability, communication, and pricing models of the company. It is important to research a company thoroughly before you commit to an investment plan.
Avoiding Auction Websites
When it comes to precious metals, you should avoid auction websites as much as possible. These sites are often fraudulent and you should avoid them at all costs. For example, you should never buy gold coins from a website that does not provide the seller with a certificate of authenticity. This way, you can be sure that you’re getting an authentic coin.
Auction sites have become notorious for having fake bullion sellers who try to con unsuspecting buyers into thinking that they’re buying genuine bullion. Good sellers will be up front about flaws in their listings, respond quickly (usually within 24 hours), and clearly explain what shipping will cost. The seller should also be upfront about the cost of shipping, as well as when and how long it will take to arrive.
Another scam that you need to avoid is those that use fake prices and do not use your money to purchase metals. These companies often charge phony interest and do not store your metal at independent facilities. Moreover, they often fail to point out any additional fees or commissions they might charge for price fluctuations.
In addition, many of these companies don’t follow the National Futures Association or CFTC rules, so you are not guaranteed to receive the profit you were promised.
Another way to ensure that you are making a smart investment is to research any relevant trade organizations the investment company may be associated with. Some have a code of ethics on their website that you can read to find out more information. When it comes to your money, it is important that you perform your due diligence and only invest with companies that earn your trust.
Avoiding Social Media
Using social media while buying and selling precious metals is a risky proposition. While it may be tempting to post pictures of precious metals on your profile, the fact is that these photos can attract unwanted attention.
There have been several reports of gold and silver thefts in recent years. One story involved PS40,000 in stolen gold from a home in South London. Another involved a man who invested his life savings in silver and lost almost $1 million. It was headline news when the famous Kardashian sisters were robbed when they were travelling in Paris. They had posted earlier in the day about the valuable items in their possession.
Another risk is high-pressure sales tactics, which can lead to fraud. Even reputable investment professionals should never pressure clients into taking action immediately. Avoid unsolicited phone calls from salespeople using tactics like phantom riches and implying that the quantity of investment is limited.
Any high-quality retailer will be willing to give you twenty-four hours to cool off and think about your investment. If you notice that your sales representative is becoming agitated when you try to leave, take that as your cue.
It can be a good idea to bring a friend or family member with you to help you stick to your purchasing goals. Only do business in person or over the phone if you are prepared to walk away from a deal. Some companies will do business over the internet, where it can be easier to reject unfavorable deals.
Avoiding Big Box Stores
If you are looking to buy gold and silver coins, you should avoid buying them from big box stores. There are several reasons for this.
The biggest is that specialty products can be quite expensive. You want to avoid paying a premium for something you might not even use. You should look for companies that buy from the Mint and pool inventory at big suppliers.
On some items, big box stores are able to supply you with a competitive price. The opposite is true of precious metals.
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