A Beginner’s Guide to Buying Gold Coins Online
If you are looking for an investment option to secure your future, investing in gold coins can be one of the smartest decisions you could ever make. Gold coins are highly liquid, offer promising long-term storage value and perform well whenever the markets go inflate.
Plus, they just have that “good-to-carry” feel about them, every time you weigh them in your hands which simply makes them an irresistible purchase.
When buying gold coins, you have two options. You can buy them from a local brick and mortar gold store, or you can buy them online.
Where buying gold coins from a local gold store carries much less of a risk, buying gold coins online is much cheaper and offers more convenience. Besides that, not everyone has a gold store in their neighborhood, so for them the option to purchase gold coins online may be the only viable option.
In this post, we’ll be taking a look at some of the essentials of buying gold coins online. By the end of this post, you will be equipped with the necessary information to make your first gold coin online purchase successfully.
The first thing that you should know…
When buying gold coins online, you’ll find different retailers quoting different prices for the same gold coin. For example, one retailer may quote you $1406.87 for a Gold American Eagle coin, while another retailer may quote you $1720.65. Of course, you are likely to be tempted by the cheaper price, but that doesn’t mean it’s always the best choice to make. It could very well be that the cheaper gold coin is not an original gold coin.
So the first thing that you should know when buying gold coins online, is the spot price of the coin itself. Spot price is the real-time price of an ounce of gold. Retailers usually quote an asking price that is above the spot price to make profit. Knowing the spot price of a gold coin would help you in determining whether a retailer is charging you fairly, unfairly or simply selling you a counterfeit coin.
You can check the spot price of gold by clicking here.
How to find an honest dealer
Next, and arguably the most important thing to know is how to find an honest online gold dealer. Be wary, there are many scam dealers out there waiting to cheat first time buyers.
Every online gold coin deal assumes an inherent risk because you are ultimately making the purchase online and not in person, however, you can lower the risk by following these guidelines when selecting an online dealer:
- Be sure the dealer is selling bullion coins, and not numismatic coins
- Ensure the dealer has a physical address
- Research about the dealer online and find what their customers have to say about them
- Run a check with consumer protection agency to know about any complaints filed previously against the dealer
- Check for any accreditation or trusted partnership
If you are looking to invest big, always start by ordering small. If you are satisfied with the product and services of the dealer, you can then order more gold coins.
As for which gold coin you should buy…
There are many different types of gold coins you can choose from, with each offering unbeatable value. However, some gold coins are considered better value for money than others. Here are a few of them:
- Gold American Eagle
- Canadian Maple Leaf
- American Buffalo
- Great Britain Gold Queen’s Beast
Investors have more choices than ever before when it comes to investment options, and gold coins present a high value investment prospect. With the option to buy them online, they are also the most convenient and cost-effective way to invest one’s hard-earned cash.
Are you looking for a reputable online dealer for gold coin dealing?
Orion Metal Exchange can help.
We’re America’s fastest growing retail precious metal firms, specializing in gold coin investments along with other precious metal investment options. You can shop from our vast assortment of bullion gold coins and get your order delivered right at your doorstep. We are authorized PCGS dealer. Check out our gold coins collection!