With all that has been happening in the world and economies, looking for investment options that will protect you from all these instabilities is a wise move. Gold is one asset that will provide this refuge for you as it is known to perform well if not better even in uncertain times.
During times when stocks are performing poorly, Gold price typically goes up. Also, this asset is known to act as a hedge over inflation, meaning it is generally not affected by inflation. Therefore, when this asset is added to your investment, it can serve as your financial insurance.
But if you have decided to go down this investment path, then it is a must to be extra careful to avoid being scammed. The safest way to buy gold is to ensure you buy from only reliable and reputable dealers. If the dealer isn’t reliable, you may end up being scammed by them.
There are so many dealers out there and this makes separating the good ones from the bad one’s kind of difficult. However, if you follow the tips which we will share in this article, things will be made a lot easier for you.
1. Fees and Price
A lot of investors often fall prey to scammers by choosing the seller that has the cheapest price. Instead of focusing on how low the price is, simply compare the prices of several dealers and select those with reasonable offers.
Shady sellers often offer very low prices in a bid to attract and hook customers. So, when a deal appears unbelievably good, you have to be wary of the seller.
You also need to know the current price of the asset. This way, you will know the prices that fall within the right range and this will help you stay clear of scammers that offer low prices.
2. Experience and Reputation
The sad truth is that in the business of buying precious metals, there is usually no guarantee. Because of how in-demand gold is, several companies are springing up everywhere. Some of these companies are simply created to take advantage of investors and dupe them into making payments and getting nothing in return.
Some of these dealers are simply working from their homes and usually have little if not zero experience when it comes to dealing with gold. They do everything to attract customers and this involves making their websites look as great as those that have been in the business for long.
Hence, it is usually better to deal with sellers who have been in the industry for a long time (preferable some years), rather than those new to the business. A seller with 5 years of experience is great, but one with 10 or even more is way better.
Those that have been in the business for this long do not just have the required expertise due to their experience, but they are usually dedicated and reliable.
Despite this, you should not base your decision solely on experience. You also need to be sure of the seller’s reputation. To do this, check review sites to see what people are talking about them.
You can also check NFA records (click here to do this) and find out the dealer’s regulatory background. Another place to check is Better Business Bureau. If the dealer you are considering is on this list, you can check out their ratings and experience here too.
Big-time sellers often have several types of products for sale. When considering the dealer to go for, you need to be sure that they can provide you with several gold products to select from rather than limiting you to a few.
Some dealers only have limited suppliers, hence, they may simply specialize in only one product or offer just limited products. For instance, a seller may only carry coins, or they may have a particular size they deal with. More often than not, these limited products may not meet your needs. So, it is usually better to choose a dealer that offers diverse products.
4. Location and Delivery
The type of dealer you want to use is a vital aspect when you are considering this factor. Typically, you can either choose an online or a local dealer.
Buying from a local dealer has several benefits including being able to inspect the product before you make payment for it. You also do not need to pay a shipping or delivery fee because you can easily transport the asset from the store to your home or wherever you want to store it.
Hence, if you choose a local dealer, you need to be sure they are as close to you as possible so you won’t have to transport the asset by yourself long-distance.
When it comes to online shopping, there are several things to consider. It doesn’t matter if you are buying a bag or shoe or even gold, the factors are always the same. You need to be sure of the website, ensure they are as transparent as possible, read the details of the products, among other things. Visit https://www.standardmedia.co.ke/ to find out what you need to consider when shopping online.
Before you select the online gold dealer, you need to be sure of their delivery policy. The location sometimes determines how long it will take before your product gets to you. So, if you need to get your order within a short timeframe, you should consider getting an online dealer close to you.
Gold is in demand a lot these days, due to this, there are several dealers of this precious metal out there. Some of these sellers are mostly scammers looking to get paid without delivering the product paid for. To avoid being one of the unlucky ones, you need to consider some important factors like the price offered (low prices are most times a bad sign), and the dealer’s experience and reliability.