How To Get The Best Value For Your First Gold Coin
Posted on: 20 October 2021
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If you are simply purchasing gold as a gift, you might not put as much thought into it. But if you are purchasing gold as an investment, you will need to make sure that you never pay too much for your gold. Fortunately, it's not that difficult to avoid paying substantially more than you should.
Do Not Pay Above the Mark-Up Price
Always check the spot price, and make sure that you are not paying higher than the spot price. One way to make sure you're not paying too much is to buy gold coins from an authorized purchaser.
The mark-up pays for the cost of minting the coin, the cost of shipping the coin, and other costs. The dealer will have their own mark-up to generate a profit. There will also be a higher mark-up for commemorative coins. However, you will not want to pay a substantial amount for the mark-up price, or you will not receive as much of a return on your investment.
Certain Types of Coins Aren't as Valuable as You Think
You might assume that a coin is more valuable because of its historical value because it might attract collecters, but you shouldn't purchase a gold coin with historical value unless you are personally interested in this type of coin. Some historical coins do not have any more value above their melt value.
Proof coins are also not more valuable than regular gold coins unless you are able to find a collector. These are coins that have been polished and have mirror surfaces. However, they are not any more valuable than a normal gold coin. One-ounce coins are also more valuable than fractional coins.
Decide How You Want To Store It
Because a gold coin is an investment you can hold in your hand, it can be very satisfying. However, a gold coin is also going to be a target if your home is burglarized. However, you can always store your gold coins in a safety deposit box at a local bank. However, if you like to have full control of your investment, you have full control over how you store your gold coins.
Gold coins are very liquid, and you can sell a gold coin anywhere in the world. There are many stores dedicated to purchasing gold. Therefore, buying gold from a gold seller is a great way to get started with a new investment.