Investors flock to gold for many reasons. The yellow metal is known for its beauty and versatility in a wide range of commercial and manufacturing settings. Gold bullion is prized across the world for its value and is easily bought and sold.
Bullion is a stable hedge against inflation and is often trusted by more people than fiat currencies issued by central banks.
One of the easiest ways to purchase bullion is to buy gold online. Many websites sell a wide array of gold coins, bars, and rounds for consumers too purchase with just a few clicks on their computer or smartphone.
Industry-leading websites offer competitive premiums that often place gold bullion close to the spot price and different payment and shipping options to satisfy any buyer.
While buying gold online can be alluring as it saves a trip to a local pawn shop or coin dealer, investors should understand how to safely make purchases and ensure their shipments arrive at their door. Keep reading for a few steps gold buyers should follow before making a purchase.
Steps To Safely Buy Gold Online
- Confirm Transparency About Pricing: Reputable websites selling gold bullion will clearly state the spot price and premiums for each gold coin, bar, and round it sells. Consumers should stay away if they perform arithmetic themselves to understand how much a gold bullion item is marked up. Industry-leading websites will also clearly list the item’s price based on different payment methods, like cash, debit card, credit card, or even cryptocurrencies like Bitcoin. Understanding the spot price and premium ensures investors are not ripped off and can maximize the money they do have to invest.
- Read The Reviews: One of the greatest benefits of the Internet age is the level of transparency businesses and customers have with each other. Websites like the Better Business Bureau (BBB)publish reviews and red-flags about online businesses. Social media pages like Facebook also give customers the ability to leave a business review and explain their thoughts. Those interested in buying gold should do their due diligence looking into an online gold seller. Does the entity have a good BBB rating? Do customers write about delayed shipments or mistakes with orders? Are there negative reviews that complain about unfair pricing practices or long wait times for customer support or assistance? There are a lot of companies selling gold online. If one raises a few red flags – there are plenty of others to choose from.
- Understand Gold Purity Levels and Major Manufacturers: Investment-quality gold coins, bars, and rounds are always 99.5% pure gold. Do not listen to websites that try to make a different claim. While some gold jewelry is marketed as 10K, 14K, or 18K, these items are not investment grade. 10K gold is only 41.7% gold. Investors should only buy from websites that are clear about the products they are selling. Popular mints producing gold include the Royal Canadian Mint, the U.S. Mint, and the Perth Mint. Gold bars should be prominently displayed with the name of the manufacturer, weight, and purity. Legitimate websites selling gold will be more than happy to correspond with customers to explain the different options and clearly separate gold products into different categories based on weight, manufacturer, and purity level.
- Investigate For Proper Certifications And Accreditation: Checking if an online gold dealer or seller is properly accredited is one of the easiest ways to maintain peace of mind about buying gold online. For example, some leading bullion dealers are members of the Certified Coin Exchange – which connects more than 350 of the globe’s top rare bullion dealers. Entities like the American Numismatic Association and the National Futures Association (NFA) can assist in locating legitimate dealers in a customer’s particular area. The NFA database lets customers view a particular dealer’s regulatory history and see if they have any sanctions or other issues. Working with online websites and dealers who maintain accreditation dramatically reduces the risk of issues when buying gold bullion.
Safely Purchasing Gold Online
Buying gold online is an exciting time for investors looking to add to their portfolio or diversify current assets. Prospective gold buyers should be prudent about the digital retailers they work with to ensure the minimization of potential issues.
Reputable websites selling gold go to great lengths to ensure customer satisfaction with the purchasing and shipping process while ensuring transaction and shipping integrity to keep customers happy.
Interested investors and collectors of gold bullion should follow the above steps before purchasing from a specific online dealer or retailer. Doing so could save headaches down the road, or at worst, lost money.