Before you jump into investing in precious metals, you will want first to get an education in them. There are many excellent online resources available that can help you with this, and you will want to do plenty of reading before taking the plunge. Once you have educated yourself in investing in precious metals and are ready to make a purchase, the next task is finding a reputable dealer, and there are many things you will need to consider.
Below are some of the factors that you need to consider before choosing your bullion dealer to ensure you use a reputable one and get a fair deal.
Start Your Search Online
The best place to start your search is online using the internet, and you can search for various dealers throughout the country and in your local area. There are benefits to using local companies and making online purchases, and you will need to weigh these up to see which is best for you. You will want to make yourself a list of potential companies you are considering using for your precious metal investment. Once you have enough, you can then compare them and work out which option is best for you.
The Price Of Gold
As gold is a commodity, its value is dictated by the market, so you will find that the dealers will all have the same, if not very similar, prices. You can often find some shady operators offering lower prices for gold and other precious metals, but this is to lure in newbie investors who do not know better. They make up for the price they sell their gold and other precious metals with the commission they charge and delivery fees when you want to take physical possession of your investment. As such, you will want to avoid these companies and compare the companies together carefully.
Compare Their Charges
Where the companies will differ the most is the commission they charge for purchasing from them, and these can vary quite drastically. You will need to look at this charge from all the companies on your list and strike off any too high and considerably more expensive than the others. Another consideration is also going to be the delivery charge, which can also vary, and you can negate this by opting to buy from a local dealer if you have one close to you.
The Delivery Charges
You should find that each company’s delivery charges are displayed on their website, and if they do not advertise this, there may be a reason. They may have significantly higher delivery charges, so they do not want to advertise them. If you’re located within Australia, you can purchase bullion from City Gold Bullion Brisbane has on offer. For those living outside the country, a Google search should lead you to a dealer near your area. Go for dealers who have fair and competitive delivery charges, so they are best avoided if a company is charging significantly more than them.
Take your time deciding who you will purchase your precious metal investment from, and do not rush into choosing. You will also need to keep in mind that precious metals are a long-term investment, so be prepared to sit on them for a while and let them increase in value.