A black piggy bank with several coins

If this is your first time investing in precious metals, here are some mistakes you should try to avoid.

1.   Expecting Quick Cash

Investing in precious metals requires time and patience. These investments don’t yield quick revenue, so you shouldn’t invest in them if you’re looking to make fast cash.

While gold prices drastically increased from 2001 to 2011 from $375 to $1900 per ounce, this is not the norm.

Don’t expect to make large payoffs by investing small amounts in gold or silver.

Rather, you should treat these investments as long-term and understand that they’ll contribute to your financial portfolio in the distant future.

2.   Investing in One Item

Several first-time investors make the mistake of investing a large amount of their savings at once.

These investors think they’ll gain substantial payoffs over time or ensure security as the investment product will increase in value over time.

Instead of putting all your eggs in one basket and investing in only one item, start by making small gold or silver investments and then observing the market trend before investing more.

3.   Ignoring IRA Potential

Investments in precious metals also have the potential for growth due to self-directed IRAs. You can set up a precious metals IRA portfolio that will help you protect your investments and save up for retirement.

Many new investors ignore the IRA potential of precious metals and store them in safe depositories or private vault storage.

You can choose the easier route with a precious metals IRA account. This will give you the benefits of an IRA and only cost a flat fee per year.

4.   Buying from Unverified Sellers

Individuals who’re beginning their foray into precious metals investment look for cheap dealers with low prices.

However, if these dealers are not verified, you might get a bad deal such as false or impure gold or silver.

To avoid this mistake, spend ample time researching different sellers before deciding which one to buy from.

5.   Doing Little Research

First-time investors are eager to start investing their savings in precious metals, but you should practice patience and self-restraint.

Don’t grab the first available opportunity, rather spend some time doing research such as reading articles or blogs on investing in precious metals and observing market trends to get an idea of how the market fluctuates with time and what you can expect after investing.

Looking for an experienced dealer to invest in gold coins or silver coins? Benefit from Orion Metal Exchange’s 50 years of experience as you learn how to invest in gold.

Whether you want to put your money in a precious metals IRA account or buy gold or silver bullion, we’re here to fulfill your needs. Contact us here and begin your journey in precious metals investing!