It is possible to buy gold both online or in-person. This is done through commercial gold brokers and private citizens alike. Similar to making any other type of important sale or purchase it is important to do research and comparison-shopping before finalizing any transactions.
This is important when you are buying gold to prevent you from overspending based on exaggerated seller-stated values. It is equally important when selling your personal gold to ensure you find a compatible, honest buyer.
Fair market value is often heavily impacted by buyer and seller perceptions as well as pandemics, natural disasters and military-based or political unrest. If you do not take the proper steps to assess the true value of the gold you are buying or selling, you put yourself at the mercy (or lack thereof) of potential scammers or investors who simply do not understand proper gold value calculation methods.
Before you make an online gold purchase, you need to research the person or company with which you are engaging in a transaction. It is also advisable to get an appraisal. Yes, appraisals will cost you some money out-of-pocket. The price will likely be far less than the cost of making a bad deal when buying or selling gold, however.
A professional gold appraiser backs up your asking price when you are selling your own gold. When you are buying gold, a professional gold appraiser gives you proper knowledge and accurate information pursuant to the true value of the gold you are purchasing.
Essentially, hiring a professional gold appraiser before you buy gold coins or other gold items eliminates almost all risks of making a bad financial decision.
Noble Gold is a popular gold dealer, which specializes in gold-based individual retirement accounts (IRAs). Completing an IRA setup form through Noble Gold takes a reasonable five minutes on average.
This company deals in gold and silver, but also handles:
• IRA-sanctioned palladium.
• Prearranged survival packs.
• Rare, collectible coins.
Comparing Noble Gold to other online gold purchase or sale options is a viable way to receive fair value for your gold, whether buying or selling. Scout online customer review websites such as Yelp and Consumer Affairs to check for both positive and negative ratings left by real-life customers and clients.
The Better Business Bureau (BBB) is also a reliable resource for looking into the reputations of gold buyers and sellers in operation today.
Finally, learn the formula to accurately calculate the value of your own gold if possible. This allows you to understand the melt value of the gold in question and stay in step or ahead of the other buyer or seller.
Please note: Karats are also calculated as parts per thousand. A 10 karat rating provides an even purity rating easily used within a formula. A 24 karat rating equals pure gold. Consider the following formula when assessing the value of your own gold:
• 10/24 = .4166.
• .4166 x 100 (pure) = 41.66%.
• 41.66% = 417 parts per thousand (rounded up).