Buying gold or silver bullion from a gold dealer in Australia can be both an easy or risky process. Unfortunately, despite the fear and uncertainty that is soiling the world’s financial market, many buyers are blindly eager to pay top dollar for jewellery, with a majority of people not knowing how they can get the best value for their amount.
Never have there been so many choices on where and how to buy silver bullion in Australia. However, buying from a gold dealer is still the best option. In order to avoid making any mistakes when purchasing these metals.
Here are 6 tips that will always come in handy:
Buy From a Highly Reputable Dealer
Granted, there are many gold dealers in Australia, especially those who offer tempting prices when you want to buy silver bullion. It is important not to make any hasty purchase decisions. Only buy from a highly experienced dealer who has a respected name in the industry. The best dealers adhere to a strict code of ethics and will ensure that all buyers enjoy reasonable prices.
Understand All Costs Involved
Even in the hands of a reputable dealer, it is equally important for buyers to be knowledgeable about the process and understand all costs involved. The prices of gold and silver fluctuate on a daily basis, thus, it is advisable to be aware of the day’s spot price before making an actual transaction. Fractional gold pieces (10th, ¼th and an ounce) have a higher percentage for their melt value than for one-ounce pieces. On the other hand, gold and silver bullion has a higher retail commission in comparison to other forms of the metals.
Know All Investments Come with Risks
When buying bullion coins for the purposes of investment, it is pivotal to spend time learning about the coins before buying them. This is because buyers who are in a hurry to purchase offers end up overpaying. Just like any other investments that you can make, buying gold or silver bullion does not offer any guarantee. Even reputable gold dealers cannot predict whether the prices will remain stagnant or fluctuate.
Offer Cash Payments
Gold dealers in Australia rarely take credit cards for bullion purchases. As a smart buyer, it is important to know that when paying with debit or credit cards, you will pay highly for your bullion. This is because the sailing price will make up for any sales percentage that is lost. In terms of cash payments, also remember that purchases under $5,000 for two to three ounces of gold bullion do not require you to provide personal information such as your ID. However, this is dependent on the price of gold.
Ask for a Written Confirmation of Delivery
If immediate delivery is impossible, the gold dealer should offer a written confirmation of the expected delivery date. Physical buyers do not have to pay any insurance. If the gold or silver bullion is purchased online, it is equally significant for you to get a written confirmation of the delivery period. In this case, the buyer should also be informed of the tracking number, the courier and any insurance costs that may be applicable. Only after receiving this information should you execute your order.
Although many individuals are aware of the importance of buying bullion, these tips will ensure that they get the best value from the process.