[/caption]The gold has recently climbed to new record highs, almost hitting the $1,400 per ounce mark last week. This gold bull market draws many new investors into gold and especially into gold coins. Goldline posted a press release recently giving some advice for new gold coin buyers:
Ten Tips for New Gold Coin Buyers and Sellers
| 1. | Determine if the coins you are selling or purchasing have numismatic value beyond the precious metal content, or ”melt” value, of their coins. Coins with numismatic value generally command a premium beyond their melt value. | |||||
| 2. | Consult reputable coin guidebooks to learn more about the coins being purchased or sold. Guidebooks, such as The Official Red Book: A Guide Book of United States Coins, are available and many can be found at your local library. | |||||
| 3. | When buying a coin, understand all of the costs involved as well as the seller’s policies regarding future buybacks. | |||||
| 4. | Identify where you want to store your precious metals, such as a safe deposit box or home safe, before making a purchase. Some precious metals and rare coins dealers can arrange for storage with an independent storage facility. | |||||
| 5. | People selling numismatic coins should consider having their coins graded by a reputable coin grading service such as Professional Coin Grading Service (“PCGS”) or Numismatic Guaranty Corporation (“NGC”). | |||||
| 6. | When buying graded coins, choose coins graded by PCGS or NGC. Be aware there is a growing number of counterfeit coins in the marketplace. | |||||
| 7. | Review the dealer’s risk and disclosure information before making a sale or purchase. If the dealer does not have written disclosures, consider choosing another dealer. | |||||
| 8. | When buying coins and precious metals, determine the dealer’s refund policies. Refund policies may vary from state to state as well as product to product. | |||||
| 9. | If you are acquiring coins or precious metals for investment purposes, understand that precious metals should be considered a long term investment and part of a diversified portfolio. | |||||
| 10. | When choosing a dealer, inquire how long the dealer has been in business and consult organizations such as the Better Business Bureau to see how the company is rated. Also, find out if the dealer has annually audited financials which may reflect on the company’s long term stability. | |||||
Most of the tips are common sense and you would usually apply them anyhow. But it is good to make these points aware, as some of these points are often overlooked. You should especially read and understand not only a companies promo pieces, but also their legalese and all of their fine print. I have seen companies telling one thing in their brochures, but then reversing it completely in their terms and conditions, which you have to sign.
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