Buying gold coins can be very rewarding and potentially profitable. But there are many precautions to be aware of before buying your first gold coins. These precautions can mean the difference between a large profit or a large loss. Some of these precautions may not be as obvious as others.
The first precaution is that buyers should buy their coins on plates or directly from the US Mint The possibility of counterfeiting a gold coin is very real. Perpetrators can easily make a fake gold coin that costs $ 200 worth of gold, but it can sell for thousands. Many times the percentage of gold within these coins is very low compared to the percentage of gold within the actual gold coin. For more information on buying gold contact us.
Even if the currency is real, it can still be scammed. Gold merchants used to use a fine file to remove a bit of gold from each coin. At the end of the day, they would have a good amount of gold dust that they could sell later. So always buy them from the mint or on PCGS or NGC slabs.
Let's say you went to a reputable dealer so you don't have to worry about getting scammed. Well, they have their own ways of scamming you. They're trying to sell you a Gold Eagle with a guarantee. A regular Gold Eagle can cost $ 115. But they may charge you $ 150 for a Gold Eagle that is guaranteed to rate an MS65 or better. Heck, I might even rate an MS70! The problem with this is that all of today's Gold Eagles would rate MS65 or better anyway.
Buying gold coins depends on the gold market. If you're not careful, you could end up losing a lot of money. Notice that a certain group of gold coins keeps going up in value and never seems to stop going up. So you shop in the hope of making money.