In the past year, everything we knew about the gold and silver markets changed once and for all. From now on we will have to give the terms “long term investment”, “safe haven”, and “fundamentals” serious reconsideration as far as our gold and especially our silver purchases are concerned.
On the other hand the “new volatility” seems to be taking a breather and short term trading and stock market logic have finally receded; but as not all of us are experts we need the help of dependable bullion dealers that can offer their services in the most economical way.
Both faithful, traditional investors as well as newcomers to the precious metals markets will need a helping hand in these volatile conditions and a dependable “partner” means that they should have nothing to fear and quite a lot to gain investing in precious metals this year.
What investors mostly need right now is information: you need price charts, quantity charts, technical analysis charts, updated product descriptions, convenient paying methods and safe, affordable shipping services.
Rest assured that there are quite a few such dealers available in the market. Competition is very intense internationally, and even cash-for-gold shops are modernized and increasing in size and number. There is absolutely nothing wrong doing business with your local shop as long as you know the current spot prices of gold and silver, the content in gold of your jewelry (depending on the karats) and the value of your gold and silver coins. There are numerous catalogues on line and the fact that you can negotiate face to face will give you an extra bonus if you are well prepared. You will also save time and have no shipping costs.
On the road bullion dealers, on line bullion dealers
Buying gold or silver bullion from your local shop may prove a different case. Provided you have checked their credentials (something you must never hesitate to do) you can get an equally good price at your local shop for most popular standard products (such as the 1 oz. bar). There are quite a few mints and refining companies (Credit Suisse, the Perth Mint, the Royal Canadian Mint, Argor-Heraeus, Umicore) producing 1 oz. gold bars, so you can find them practically everywhere. They sell at about the same price (2-3% premium) and often carry authenticity marks and certificates (although you can never be too careful as fake certificates have been found). However, if you are considering something different, like a 1kg gold bar or a novelty 1 g bar, then it is unlikely that your local market will be able to meet your demands.
Except for the very popular coins, you will not find what you need in local shops and it is difficult to get a good price as smaller businesses do not buy in large quantities. The danger of ending up with a fake coin is much higher here as most small dealers lack the expertise necessary to detect the very good imitations.