Are you considering investing in precious metals like gold and silver? While they can be a valuable addition to a diversified portfolio, it's important to approach the market wisely to maximize your savings. In this blog post, we'll guide you through the intricacies of buying gold and silver and provide tips to make sure you get the best value for your money.

Buy from trusted gold dealers

When buying gold and silver, it is crucial to choose a reputable and trustworthy dealer. Dealing with a trusted dealer ensures that you are getting genuine products, accurate pricing, and reliable customer service. Here are some tips to help you identify trusted gold dealers:

Look for transparency: Trustworthy gold dealers are transparent about their pricing, fees, and policies. They should provide clear information about the purity and weight of their products, as well as any associated costs such as shipping and insurance.

Avoid high-pressure sales tactics: Legitimate gold dealers will not pressure you into making a purchase. They should be willing to answer your questions and provide you with the information you need to make an informed decision.

Use Metalsmart: Metalsmart takes the guesswork out of finding a trustworthy gold dealer. We have carefully screened and verified a network of reputable dealers, ensuring that you can buy gold and silver with confidence. Our dealers are committed to providing competitive pricing and excellent customer service.

Don't overpay for gold

Whether you're looking to invest in gold or silver, avoiding overpaying for these precious metals is essential. Here are some crucial tips to help you save money:

Choose trusted dealers who are transparent about their pricing. Reputable dealers, like those approved by Metalsmart, will provide clear and concise information about the prices of their gold and silver products, including any premiums or fees. Be wary of dealers who are vague or evasive about their pricing.

Compare prices from multiple dealers. Before making a purchase, it's important to compare prices from several different dealers. This will help you make sure you're getting the best possible deal. You can get free price quotes using our metals plan builder.

Beware of double-digit percentage premiums. Some dealers may charge high price premiums on gold and silver products. These premiums, the spread between the per-ounce price of "spot" gold or silver and the per-ounce price of the product you are buying, can significantly increase the cost of your investment.

Buy the right gold and silver products

When it comes to investing in gold and silver, choosing the right pieces to buy is essential to getting the best value. Several factors come into play that determine the value and suitability of a gold piece.

Buy pure gold and silver. The higher the purity, the more valuable the gold piece. Look for gold pieces with a purity of at least 99.5%, often referred to as "24 karat" gold. This ensures that you're getting a high-quality investment that retains its value over time.

Avoid numismatic, "collectible" coins. Numismatic coins are so-called "rare" or collectible coins that some gold dealers push because they can charge higher mark-ups. They are also more costly to sell when you are ready to liquidate.

Consider the size and weight of your gold and silver products. Larger gold pieces, such as 1-ounce or larger bars, tend to have lower premiums over the spot price of gold compared to smaller pieces. This means you pay less per ounce of gold when buying larger pieces. However, smaller gold pieces, like 1/10-ounce or 1/4-ounce coins, may be more convenient for those looking to diversify their investments or make smaller, regular purchases.

By considering these factors and choosing the right dealer and products, you will save money and get the best value for your investment.