Following the checklist below is encouraged when buying or selling gold or silver bullion coins:
1. The reputation and expertise of your bullion dealer is important.
dealer needs to be a respected name in the industry with experience
buying and selling bullion in fluctuating markets. ANA dealers must
adhere to a strict code of ethics. To locate an ANA bullion dealer, use
our Dealer Directory
2. Know the actual cost per ounce of precious metals.
silver, and platinum prices fluctuate daily, so check that day's spot
price prior to making a transaction. Expect to pay a higher percentage
over melt value for fractional gold pieces (1/10th, 1/4th, and 1/2
ounce) than for one-ounce pieces. Also, American Eagle and Canadian
Maple Leaf bullion coins typically have a higher retail price than South
African Kruggerrand bullion coins.
3. Understand the fees and/or commissions involved.
According to the Professional Numismatists Guild
, the average retail commission for one-ounce American Eagle or Maple Leaf gold coins is about five or six percent.
4. Arrange for timely delivery.
immediate delivery is not possible, obtain from the seller in writing
specific confirmation about the delivery date. Only then should you
execute your order.
5. Know that all investments come with risks.
you intend to buy bullion coins for investment purposes, your best
protection is to spend time learning about the coins before you buy
them. Uninformed buyers who make hasty purchases often overpay. Like any
investment, there are no guarantees - and no one can predict with
certainty that gold and silver prices will remain at the current levels
or continue to appreciate.
6. Protect against identity theft.
not give out credit card numbers or bank account numbers or other
private information such as Social Security numbers over the phone to
anyone not known to you.