Gold is a good medium for investment as it doesn’t depreciate in trend and economic shifts as other commodities.
When you’re ready to buy gold after learning the tricks of the trade, the next step is to find the best online gold dealer. Here are some steps you can take to get to that point.
Avoid Buying on Bidding Sites
Buying gold online should not be done on bidding sites as people might end up spending more than they should. The best platform would be on dealer websites and similar platforms.
Check for Red Flags
One of the lessons taught on how to buy gold is to look for red flags that can tell you whether the gold dealer is reputable and legit or not.
Delayed delivery and free storage options are telltale signs that you may never get the gold you paid for. Nowadays it’s easy to set up your own strong room- buy a safety deposit box or a safe and always choose to have the commodity shipped to your home.
There are some things you should not do when buying gold online, e.g., buying on Craigslist, dealers offering huge discounts, cold callers, pawnshops and dealers without a physical location.
How is the Dealer Perceived Online?
In short, does the dealer have a good reputation or a bad one?
To find the answer you’ll usually need to do some digging. To start, visit the US Mint gold dealers listing to see if they’re on it. Google the company’s name and browse through consumer reviews to get an idea on whether you should buy or not.
How High/Low are They Selling?
At this point you should have an idea of the current value of gold. Spot prices, which means the current price is influenced by several factors, including average transaction size, supply and demand, the central bank and others.