Buying gold coins online might be a headache for some, and others find it the easiest and fastest way to acquire the precious coins from home with few clicks. However, buying something and regretting it is such a frustrating thought. Since gold coins are sold with a premium, which is costs added to gold price, price of gold coins sold online vary from one place to other. Keeping in mind few basic guidelines is worth minimizing wasted money, effort and keep our nerves cool. No?
Doing Homework: Check before you purchase
It’s almost imperative to compare gold coin prices between sellers. Gold coins final costs vary between different vendors. As said before, coins usually sold with additional costs like shipping and profit margin. Matching prices between vendors is not that hard to spot. You can find updated gold price in more than 100 countries here. Remember that coin prices are higher. So, compare coin prices and figure out the best cost-effective way to purchase gold coins online.
Hint: Mint Coins are more expensive
Gold coins are lower in the jeweler stores than banks. Banks usually sell freshly minted coins, Mint State. Jewelers, on the other hand, sell “second-hand” coins, i.e. they are usually coins purchased from other users. That means there is another advantage to purchase at a jeweler, which is most jewelers buy-back gold coins, so no need to worry about having second thoughts after purchasing the coins. Furthermore they could be with lesser shipping costs.
Gold is all about Karats and Weight
Gold coins usually sold in 4 main weights: 1 ounce, 1/2 ounce, 1/4 ounce, and 1/10 ounce. Best seller gold coins are usually the 1-ounce 24k coins, because they have smallest decrease in value after a resell than other ones. These coins are mostly for investment purpose. However, other karats and weights might be better for me. For instance, If I can’t afford a 1-ounce coin, why not buy the 1/2 ounce? If I don’t want to keep my coin in mint-state, like bragging about it and showing it to my hommies on occasions (who wouldn’t?). 22k karat gold coins are more durable than 99.99% pure coin. Actually, 18k gold is the most suitable for jewelry, but 22k can do just fine and also looks more shiny. So, asking yourself why I want to buy gold coins will help a lot.
Timing is Everything
At the world-wide market, gold price is currently traded around $1,335 an ounce, while it was $90 lower just at February 1st 2014, at $1,244 per ounce. Lucky you if you bought your gold coin before Valentines’ day! You didn’t? Well, better luck next year. Gold prices are volatile and changing by the day. They always rise and fall. A piece of advice, wait till gold prices a little steady and make your move. Avoid weekends and days of big economic news. Wait a few days till the news had their effect then strike.
Certification, papers and legal stuff
It never harms to know if the dealer is one of the Professional Numismatists Guild (PNG) or not. They are a non-profit organization of experts in coin grading. The first thing about anything is trust, right? So, a trustworthy dealer is actually more important than anything else, even the coin itself. Furthermore, if you thought about buying gold coins on an eBay auction, seller’s rating is what to look for. If the ratings are down, it’s time to have a second thought even if the price might look like a catch. Even if the ratings are high, reading reviews and checking the coin dealer reputation will answer a lot of questions that might be in mind lessen worries. To sum up, gathering thoughts and doing researches about coin and gold prices is the first thing to do. Then figuring out what type of gold coins suits me comes next. Finding the best dealer out there for my needs and the right time to buy are the final steps. Few hours of surfing the web doing your own research might save money. So, start checking the prices, have sometime thinking what’s better coin for you and look for a dealer you trust.