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How And Where To Buy Physical Gold
So you’ve made the decision to buy some physical gold for your investment portfolio. Congratulations. Now, where do you go and how do you get your hands on some what’s reputable and what’s a scam I’m Caesar Meyer with Crown Gold Exchange. And today I’m going to show you how to buy physical gold without getting ripped off.
The obvious answer on where to buy physical gold is to find a local gold dealer. A good local gold dealer should be able to show you a few options for your investment needs. These local dealers could be either quaint shops, pawn shops, or cash for gold locations. Most local gold dealers can offer you better deals for items that they already have in stock. If they don’t have what you have in stock, they should be able to place an order for you. If you develop a good relationship with your local gold dealer, they’ll get to know your likes and your dislikes. And we’ll let you know when something that fits your appetite comes into their store.
How To Buy Gold Online
If you prefer to do your gold coins, bars, or bullion, buying online, here are some reputable companies you can work with, but you may end up paying just a little bit more. And these companies are APMEX, SD bullion, JM bullion, and moneymetals.com. When you’re comparing prices, many dealers will give you a dollar amount above for that particular item that you want to buy. For example, you might get quoted
$100 over spot as the price for a particular gold point. Be sure to ask if they’re using the spot bid or the spot, ask price. Also have them tell you the total amount it would cost to get it actually in your hands. This includes all taxes, all fees, and any other special hidden charges.
Let’s run an example of comparing two companies, the gold bid price being 1750 and the gold asset price being 1755. The first company says they’ll charge you $80 over spot for 10 gold bars, but you asked the right questions and found out they’re using the spot. Ask price of 1755. However, they also charge you a handling fee of $20 per coin and also a $50 shipping fee. Additionally, they only accept wire transfers. So that adds another $30 to your total cost. When you get to your final invoice, you’re looking at 18,350 for 10 gold coins. But remember you have to add in the $200 in handling fees, 50 for shipping 30 for wire fees, this takes your total to $18,630. The second company says they’ll charge you a hundred dollars over spot for 10 gold bars. Again, you ask the right questions and find out they’re using the spot bid price of 1750 $5 less.
There is no handling fee. Shipping fees are waived because of your higher quantity and they accept ACH payments, which only costs you $5. This brings your total to $18,505 because you asked the right questions. You found the better deal, even though it sounded like it was going to cost you more. At first. Now I see physical gold offered on sale on other online platforms like Facebook marketplace, Craigslist, and offer. And the risk from buying on these platforms may outweigh the reward. How do you know the gold they’re selling is real more importantly, how do you know you’re going to be safe while I’m meeting a stranger, carrying thousands of dollars. If you want to go this route, I would recommend meeting them at a gold dealer location who can verify the authenticity of the gold for you. Be sure to call ahead and make sure your local gold
Dealer and be okay with that. Now we offer this service to our community for free, but I can’t speak for other dealers also.
How To Know If The Gold You Bought Is Real
How do you know if the gold you bought is real well, really gold? There are two very simple tests to get you on the right track and you can’t rely solely on these two Tests, but if they don’t pass these, then you can either just send them back or don’t buy them in the first place. The first test is to take a powerful magnet to your goal. Gold won’t stick to a magnet. So if it sticks, you definitely know that it’s fake. The second test is to wait on an accurate scale to the nearest hundredth of a gram gold bullion is pretty spot on when it comes to its weight.
So be sure to do a quick Google search and find out how much your goals should weigh, and then compare it to the actual weight. This weight shouldn’t be off by more than let’s say 0.1 grams. If you’re wearing your golden ounces, just remember that Troy ounces O Z T are different than a body plot ounces, which is O Z. And to be clear, gold is priced and measured in Troy ounces. The true test to know if your gold is
Real is to take it to a gold dealer and see if they will buy it. If they make you an offer, then at least, you know, your gold is good. Whatever you do, don’t buy your gold on wish.com or Ali-Baba dot com. It’s definitely going to be fake. And come on. I know you’re better than that.
Do You Have To Pay Sales Tax If You Buy Physical Gold?
Lastly, let’s talk about sales tax. I know there are already five states that don’t have any sales tax, but for everyone else, if you spend at least $1,500 on gold coins, bars or bullion, you don’t have to pay any sales tax. Now that you know, the ins and outs of how to buy gold, watch our next video titled what kind of gold should I buy? Not only does it talk about what kind of gold you should buy, but also what kind of gold you should avoid and how much you should pay for investment grade gold. If you’re ready to buy some physical gold for yourself, or just have more questions, You can schedule an appointment here.