Gold is a great asset to hedge your cash wealth against devaluations of the dollar. Owning physical gold or having physical gold in your IRA can protect your wealth in case of another financial recession. While gold has many benefits, it can be difficult at times to find a reputable dealer to buy gold from. Needless to say, the local pawn shop is not the best place to buy gold for future financial security. Here are several tips that will help you find a reputable gold dealer:
Go with Well-Known Dealers
Find a dealer that is well known among investors and in the precious metals industry. Avoid obscure firms that no one has ever heard of. Precious metals dealers like Lear Capital have been in the industry for years and knows all the rules and regulations. Choose a dealer like that, which is also a registered business in the United States. Avoid buying gold from unknown dealers online without business addresses.
Don’t forget to read reviews for various dealers for gold on sites like Trustlink. You must read both customer and professional reviews before your entrust your money with any precious metals dealer. For example, you can see how well the company performs, rates and features on offer in one of these Lear Capital Reviews. It’s a bit like buying electronics online. Like reading customer reviews on Amazon to make sure the product works as intended, reviews for gold dealers will give you an idea of how well the company or the person delivers.
Do not go with the first price a gold dealer provides you with. Search around and compare prices among various dealers. The buying prices must reflect market prices for gold. However, some dealers may charge more in service fees, or for special features like storage. But you must be aware of the individual price you pay for the gold. Make sure it’s not higher than or lower than the market average.
Ask the Dealer to Disclose All Fees
When you buy gold, the dealer will most definitely charge extra in fees. It’s common to see service, storage and transaction fees when buying gold. You can consider the pros and cons of extra features before paying for them. However, you must be aware of all the fees the dealer charges. The separate fees that are applicable must be clearly listed on the invoice you get. Before you finalize a deal, it’s highly recommended to ask the seller to disclose all fees being charged. Awareness in this regard will prevent you from getting ripped off in various dubious “service” charges.
Check out the U.S. Mint List of Dealers
In the U.S., there are no regulations yet that cover gold dealers. The next authority that might come closer to a list of authorized dealers is the U.S. Mint list of approved gold dealers. Now keep in mind that U.S. Mint has checked out these dealers, but do not actually vouch for them. However, these dealers are trusted by Mint, so they are largely safe to buy from.
Heed the above suggestions to make smart decisions about finding a reputable gold dealer.