How To Know Who To Trust When Buying Gold
If you really think that fake gold coins are only something you’ll hear about or see in the movies when the baddies trick each other, it’s time to rethink. Interestingly, there has been a major increase in the number of fake coins popping up in the marketplace over the last couple of years. What’s more, counterfeiters seem to be using extremely sophisticated production methods that is making it even more difficult to spot the fakes.
Most fake gold coins tend to come from China and are made to look like the top coins, such as American Buffaloes, American Eagles and Canadian Maple Leafs. The coins are usually bought in large quantities from underhanded dealers or individuals and sold on as “genuine” gold to unknowing customers online, at pawnshops and the like.
How to Avoid Fake Gold and Make Sure Your Purchases Are the Real Deal
Use Reputable Dealers
The most important thing is to know who to trust when buying gold. If you purchase gold online, pick a dealer is has some sort of accreditation and privacy certification. Also, be sure to read verified customer reviews on third-party sites to find out about other buyer’s experiences. You can buy gold from Adelaide’s bullion retail specialist with utter peace of mind.
Learn How To Spot A Fake
If you mostly buy gold in person, it’s worth learning how to spot the fakes. From weighing gold coins to conducting acid tests, inspecting the text and carefully inspecting design details, the more checks you’re able to perform, the less likely you are to buy a fake coin.
Don’t Be Greedy
If something sounds too good to be true, it more than likely is. If you come across gold coins at incredibly low prices, walk away.
Fake gold has certainly become a reality, but with enough vigilance, you can avoid falling victim to a scam. One of the best things you can do is find a reputable gold dealer.
How to Find A Dealer You Can Trust
Avoid purchasing gold without doing some research.
- Whether you decide to buy gold from an online dealer or through a local dealer, find out how long they have been in business. They should always have their physical address.
- Check out consumer protection agencies and read reviews to find any complaints against the dealer or company.
- Watch out for tactics like “bait and switch” that aim to reel you in with loss-leader prices and sell you on collectible coins which tend to have a high-margin and you may not want to own them.
- Contact customer service before buying gold online.
- Reputable dealers will always be delighted to answer questions about their products. They won’t behave like pushy salespeople or offer too-good-to-be-true deals.
Honest gold dealers will also offer ways to physically deliver your purchases. Before making a big investment, you may want to make a small order for delivery to ensure you do receive the product.