Gold is a financial asset whose prices go up in times of market uncertainty. This is the reason Australian people like to invest in gold. However, buying gold is not as easy as it seems. In Australia, the sale and purchase of precious metals bullion does not require an AFSL license.
Unfortunately, crooked gold dealers also look for opportunities to make quick money without caring for customers. We have summarized steps to finding the most reliable gold bullion dealer in Australia to make it safer.
Factors to Consider When Selecting a Gold Bullion Dealer
Fees and Prices
According to experts from the website https://www.goldstackers.com.au/, the reliable dealer is not always one with the lowest prices when it comes to buying gold bullion. You need to compare dealers and check who has the most reasonable offer. Many shady operators try to hook buyers by offering lower prices. Many times, you will realize the offers of lower prices are too good to be true.
First-time buyers need to be extra careful when selecting a gold bullion dealer. This is because they are more likely to believe the lowest price is the most crucial consideration.
But, they need to know that the first step is getting possession of gold they have purchased. You can avoid scammers by keeping yourself updated about current and fair prices of precious metals and know about the reasonable price range.
You also need to compare the shipping fees. They should be reasonable and adequate for the volume of purchase.
Reputation and Experience
It is always a good practice to buy gold bullion from reputed gold bullion dealers. These dealers have been in business for years and built an excellent reputation by offering good customer service. You can start by looking for gold bullion dealers who have been in business for five years or more. The golden rule is the more years, the better.
The gold bullion business trend is catching up, and you will find many new firms coming up. The scary thing is that many dealers are a home-based business without any experience and a proper infrastructure.
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Please do not fall for their fancy websites or false claims. Reputed dealers have a positive presence in the Better Business Bureauand NFA.
Diversity of the Products
Reputed dealers offer a diversity of gold bullion products. For example, you can find gold bullion products from renowned brands like PAMP Suisse, Perth Mint, Baird & Co, and many more. You have the option of buying gold bars or gold coins.
Some stores have a limited network of suppliers, and they might offer gold bars or gold coins. It will help if you consider your preference when selecting a reliable gold bullion dealer.
Safety Matters the Most
This is integral to purchasing gold bullion products. There is no guarantee when it boils down to the business of precious metals. One thing that makes things scarier is that there is no legal requirement under Australian Law for organizations or persons to buy or sell precious metals.
Due to the spike in demand, many fraudulent companies pop up intending to dupe customers by taking their money and delivering nothing. Scams involving gold coins have become more prevalent in recent years. Here are some tips to lower the risk of buying gold bullion products.
- Price– Educate yourself about the current price of the precious metals you want to buy.
- Weight– Make sure you know how to get the weight of the gold.
- Designs– Gold coins and bars from reputed brands have an exclusive design with small details which are difficult to fake.
- Purity – Know the different gold purities like 97%, 98%, 99%, 99.10%, 99.99% or 100% pure.
The tips here help in avoiding fraudsters and bring you closer to reliable gold bullion dealers in Australia.