Unlike money, gold coins are easy to store, portable and possess high investment value. In fact, gold bullion coins generally sell in millions in America. So, if you’re recently thinking to buy gold online for investment purposes, it’s a good option.
However, with the amount of theft and fraud companies online, buying gold can become a difficult endeavor. However, fret not! This blog has all the answers to buy gold coins virtually without being scammed.
- Opt for North American Coins
When it comes to purity of gold coins, nothing beats Canadian Maple Leaf and American Eagle gold bullion coins. These are certified 24-karats and undoubtedly have good investment value even outside the United States.
Further, customer reports matter and the above-mentioned gold coins are also widely sold. Unlike their counterparts like the Austrian Vienna Philharmonic, and South African Krugerrand these coins are more popular.
So, to avoid scams go for these trusted brands especially if you’re opting to buy gold online.
- Buy 1-Ounce Gold Coins
Since your main motive to buy gold online, is an investment, go for 1-ounce gold coins. The American Eagle is available in 4 denominations:
- One-quarter ounce
- One-tenth ounce
Now, as the fractional coins have higher premium value above spot prices it’s best to stick to 1-ounce coins.
- Dealer Prices Comparison
For this use a gold dealer comparison tool online. Remember different dealers have different price ranges, but the genuine ones have a specified range. Don’t go for ones that are showing excessive low range as these might not offer genuine quality.
- Avoid Rare Coins
When you are looking to buy gold online, avoid rare coins. Two coins might resemble each other similarly; however, these rare coins have a different gradation. Even the slightest gradation can result in a thousand dollar difference. Thus, either hire a professional grading service and ensure that the coin has a certification of authenticity or avoid the endeavor of buying rare gold coins.
- Lookout for Scam Signs
With the increasing number of scams online, it can be hard to find a dealer that offers genuine gold coins. Thus, when buying gold look out for tell-tale signs of scams. A dealer that offers an excessive discount, delayed delivery, free storage etc. might be selling you scammed materials.
Additionally, you can also try out a few gold tests, to ensure that you’re not being sold fake coins.
Check These Out:
- The Chime
Authentic gold coins chime when struck with another coin. So, balance the coin at the tip of your finger and strike with another coin, if it chimes it is original. Further, other metal coins when struck will produce a duller tune with a shorter ring. One of gold will resonate a bit longer.
- The Magnet Test
For this, you’ll require a strong magnet which you can get at any local hardware store. Take your gold and see if it’s attracted to the magnet. If it’s metal it’ll likely be attracted.
So, there you go, in such cases, you can charge your seller and ask him why he sold you fake gold. Well with these 2 tips, fortunately, you can prevent scams while looking to buy gold online.
Now, follow all the above tips and invest in peace!