If you would like to start an investment in gold coins, then you should first know how to buy gold coins. Arming yourself with some basic knowledge on this subject is key for your success in the business. Today, we will tell you some of the most important aspects that you should consider as you plan on how to purchase gold coins. Below are some of the most important recommendations.
The first thing to consider is the weight of the gold coins
As you learn how to buy gold coins, the first thing you have to bear in mind is that most gold coins weigh about 31 grams. However, there are some lighter coins, and the fact of the matter is that they are not very popular. So, if the gold coin you want to buy is less than 31 grams, then you should not buy them. The reason for this is that you will never make higher profits when trading in lighter coins.
Secondly, know the difference between a troy ounce and an ounce of gold
The system that makers of gold coins use for the measurement is the “troy ounce.” A troy ounce is not the same as the traditional ounce of gold. If we are to illustrate this, we can say that a 100-troy-ounce gold bar is not equivalent to 100 ounces of salt. Between the two, there is a variance of 8.85 troy ounces. This is very critical in your quest for info on how to buy gold coins.
Gold coin buyers should also know the different types of gold coins
Another tip on how to buy gold coins is knowledge of the variants of gold coins. In reality, there two variances of gold coins: collector coins and numismatic coins. Collector gold coins are ancient pieces, usually rare in nature. Gold coin makers no longer produce this type of gold coins. If you are to start buying them, then you should be an experienced gold buyer in the area. On the other hand, numismatic gold coins are gold coins that investors buy as a form of investment. Usually, they contain 90% more gold, and they are produced every year.
Know your gold seller
Knowing how to buy gold coins also entails deep knowledge about the person or company you are buying the gold coins from. You should buy from companies that have good reviews and a lot of positive likes. In case you will sell the coins later, you should also find out if the gold coins seller will be willing to buy the same gold coins in case you tender them for sale.
Know how to buy gold coins – inspection is a key component of your investment
Before you pay for the gold coins, you should be able to determine if they are real without damaging any of them. The basic tests you can perform are the weight , acidity, and sound tests. In knowing how to buy gold coins, a gold buyer should be armed with a caliper and jewelry scale to check its weight. Today, there are fraudulent people who sell counterfeited gold coins. Usually, these coins may have the correct weight, but the only difference is that they are thicker. Bang one gold coin on another in order to hear if they chime. Finally, you should acquire an acidity test kit that can help you verify if the gold coins are genuine. In case you are not familiar with the aforementioned methods, you should consider hiring and expert to help you.
Decide on where you will store the gold coins before buying them
The storage of gold is one of the most important things that investors seeking knowledge on how to buy gold coins should plan for in advance. Usually, this depends on whether you will be buying small quantities, or in bulk. Retail buyers can store the gold coins in a safe in the house. However, bulk gold buyers should consider storing the gold in a vault operated by a bank.
Never pay more than the current price for the gold
If you want to avoid paying more than the correct price on the same day you buy the gold coins, keep checking the price updates. Usually, those who buy gold online are asked to pay an additional cost for the shipment. However, this should not cost more than 20% of the total value of the gold coins. Finally, you should learn to compare prices. There are different ways of doing this. You can use the internet, local retailers, or official government websites. Now that you have acquired some tips on how to buy gold coins, do you want to buy gold from the Democratic Republic of Congo? If so, partner with us today.
