Gold and silver are popular choices when it comes to investing in precious metals, they generally hold their value and remain safe investments. The prices will fluctuate from day to day but they do hold their own when it comes to long term investing. Like any other investment you can buy gold and silver online but you need to be very cautious about doing so. Before you start investing, always learn about the market first. Once you understand the precious metals market now you are ready to trade. Here are some tips on buying and selling gold online.
How Precious Metals are Valued
Gold and other precious metals are valued based on purity and weight. Using gold as an example the closest thing you will get to pure gold is 22K. Jewelry and coins are never pure gold the metal is too soft for that. Gold is weighed by the troy ounce and that is what the price of gold is based on. A troy ounce is a little bit heavier than a traditional ounce. The value will change from day to day, you can find the price of gold here. Wherever you end up buying gold from make sure the price is in line with the market price. Here is what you can expect in the coming year.
Vet the Seller
Never buy gold from some random website without doing some due diligence first. Look through their website and make sure there is some method of contact beyond a form, ideally you want an address and phone number. Someone that only communicates through email is somewhere you want to steer well clear of. Check with online review sites to see their reputation and how they treated previous customers.
Read Over Everything Carefully
Be wary and cautious if this is a seller that you have never worked with before. Read over the description of the precious metals and look for weight and purity. Make sure that there are pictures and if you are buying bullion look for a stamp. Yes it is difficult to determine the weight or purity but a picture but this all goes toward determining if the seller is credible or not.
If it is too Good to be True
If you find a super crazy deal that is too good to be true then you probably want to pass. Don’t make impulse buys because you see a crazy low price. Double check absolutely everything.