What Gold Traders Should be Careful About

For 5000 years gold coins have impressively maintained their market value. This is the primary reason why more and more people are turning to gold coins for safe haven purposes. The popularity of gold coins dramatically increased after the recent global financial crisis that affected even the United States. After that sad incident in the financial history of the United States, investors have begun searching for a safe  haven that can withstand even a global financial crisis. Because of this, many have come to discover the value and security in buying gold coins.

A Wise Gold Coin Investment

Although a lot of people are aware that gold coins are a great portfolio diversifier, not many people know how to actually acquire them. No one should not make an investment without sufficient knowledge on how to go about it. As a first-time buyer, you must make sure that you are paying a fair price for the gold coins you are trying to acquire. According to Steven L. Contursi, an experienced gold coin investor, anyone interested in gold coins should do a research beforehand. You must be well-informed not to overpay for the gold coins. A gold coin investor must not pay more than 5-10 percent higher than the spot price of gold when buying gold bullion coins. You should also sell gold coins at a price within the range of the spot price or even higher. The updated spot price for gold can be found on various websites on the internet.

Constant Research

To be a successful gold coins investor, you must constantly update yourself with the current prices in the market. This is to make sure that you are not paying higher than the actual market value of gold coins. You must also update yourself with the latest news, trends and other events that can directly affect the price of gold coins. You must constantly be on the lookout for the latest developments in the gold coins trade.

How To Spot A Fake

There are many advertisements on the radio, internet, television and newspapers selling gold coins that claim to be very rare. One thing to watch out for is that when gold coins are sold as easily like they were a piece of furniture, they are probably not authentic. If they are too good to be true you may end up buying something at a high price only to discover that its real value is very low.

Deal Only With Legitimate Firms

If you plan on investing in gold coins, the best advice would be to deal only with firms that are legitimate. These legitimate firms deal only with coins certified by the NGC or the PCGS which are the firms that give the certification of authenticity and quality.