Buy Gold Bars Locally
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Despite the convenience of online dealers, many customers prefer to shop at local coin shops for their precious metal needs. There can be a number of reasons why people choose to purchase their gold and silver locally. For some, making their purchase in person adds an extra level of security. For others, it saves them time and shipping expenses. There are even those who visit these shops for the sense of community. However, while we respect the varied needs and preferences of the individual, we would like to discuss some of the advantages and disadvantages of purchasing precious metals locally.
The main advantage of buying gold and silver from a local shop is the opportunity to see your purchase beforehand. Examining your item up close will not only enable you to see if it is the exact piece you are looking for, but also enables you to assess the extent of its wear and preservation. Should anything dissatisfy you, you are under no obligation to purchase it. In contrast, customers viewing an item online must take the word of the seller regarding the product description and then trust that their item will arrive in the described condition. If the item that arrives is not as described, customers have to go through the process of requesting a refund, which often results in extra fees.
When you purchase gold or silver locally, there is no need to concern yourself with any of the potential problems associated with the online shipping and handling process. Being able to take your purchases with you ensures that your investment will be carefully handled since you yourself will be responsible for getting them home safely. It also provides you with immediate access to your purchases rather than having to wait for its arrival in the mail. Lastly, self-transport also spares you from the shipping and insurance expenses commonly charged by online dealers, though here at JM Bullion we offer free shipping on orders over $99 and insurance on all orders.
One of the main disadvantages of purchasing gold and silver locally is the lack of privacy. Once seen shopping or leaving your local coin shop with a package, others will know that you likely own some form of gold and/or silver bullion. This knowledge could lead you to become the target of theft or burglary. Customers leaving such establishments with gold or silver should never leave their purchases unattended in the open or in their car. Customers of local coin shops should consider purchasing a safe and storing your precious metals in secure place, or explore the option of storing your gold and silver in a safety deposit box.
Another major drawback to purchasing gold or silver locally is the limited product selection. Due to the constraints of a physical storefront, the selection of precious metal products is often restricted to how much merchandise can fit in the display cases and in the storage rooms. And unlike online dealers that cater to a broad clientele, local coin shops must also limit their selection to the tastes and preferences of their regular customers since they neither have the space or budget to spare on items that cannot produce profits. It is also worth noting that most local shops obtain some of their merchandise secondhand from individuals wishing to sell their valuables for money, as opposed to the mints and distributors themselves. As a result, many items sold at local shops are in used condition.
Investment in silver and gold has a long history in Colorado. Much of Colorado was settled by those who had initially planned to travel all the way west during the California Gold Rush. Gold was first discovered here in 1858.
The price of gold bars is $1,743 per ounce as of Aug. 28, 2022."}},"@type": "Question","name": "How Do You Buy Gold Bars With Cash","acceptedAnswer": "@type": "Answer","text": "Most reputable coin stores and gold dealers will accept payment in cash. However, they are legally required to report any cash transaction of over $10,000. This includes collecting information about the customer, such as name, address, phone number, and social security number.","@type": "Question","name": "Is Gold a Better Investment Than Silver","acceptedAnswer": "@type": "Answer","text": "As precious metals, gold and silver have many common qualities and their prices often move together. However, they do have differences. Silver tends to be more volatile than gold, and its industrial applications mean that the price is more closely linked to commercial activity. Gold tends to be more stable, and has a better track record as an anti-inflation hedge."]}]}] Investing Stocks Bonds Fixed Income Mutual Funds ETFs Options 401(k) Roth IRA Fundamental Analysis Technical Analysis Markets View All Simulator Login / Portfolio Trade Research My Games Leaderboard Economy Government Policy Monetary Policy Fiscal Policy View All Personal Finance Financial Literacy Retirement Budgeting Saving Taxes Home Ownership View All News Markets Companies Earnings Economy Crypto Personal Finance Government View All Reviews Best Online Brokers Best Life Insurance Companies Best CD Rates Best Savings Accounts Best Personal Loans Best Credit Repair Companies Best Mortgage Rates Best Auto Loan Rates Best Credit Cards View All Academy Investing for Beginners Trading for Beginners Become a Day Trader Technical Analysis All Investing Courses All Trading Courses View All TradeSearchSearchPlease fill out this field.SearchSearchPlease fill out this field.InvestingInvesting Stocks Bonds Fixed Income Mutual Funds ETFs Options 401(k) Roth IRA Fundamental Analysis Technical Analysis Markets View All SimulatorSimulator Login / Portfolio Trade Research My Games Leaderboard EconomyEconomy Government Policy Monetary Policy Fiscal Policy View All Personal FinancePersonal Finance Financial Literacy Retirement Budgeting Saving Taxes Home Ownership View All NewsNews Markets Companies Earnings Economy Crypto Personal Finance Government View All ReviewsReviews Best Online Brokers Best Life Insurance Companies Best CD Rates Best Savings Accounts Best Personal Loans Best Credit Repair Companies Best Mortgage Rates Best Auto Loan Rates Best Credit Cards View All AcademyAcademy Investing for Beginners Trading for Beginners Become a Day Trader Technical Analysis All Investing Courses All Trading Courses View All Financial Terms Newsletter About Us Follow Us Facebook Instagram LinkedIn TikTok Twitter YouTube Table of ContentsExpandTable of ContentsThe Gold-Buying ProcessOnline vs. in PersonFactors to ConsiderBars vs. CoinsCompare SellersWhat to Look forIs Gold a Good InvestmentBuying Gold Bars FAQsThe Bottom LineCommoditiesGoldHow to Buy Gold BarsByLisa GoetzFull BioLisa Goetz is a finance content writer for Investopedia. She typically covers insurance, real estate, budgets and credit, and banking and taxes.Learn about our editorial policiesUpdated February 26, 2022Reviewed byThomas Brock Reviewed byThomas BrockFull BioThomas J. Brock is a CFA and CPA with more than 20 years of experience in various areas including investing, insurance portfolio management, finance and accounting, personal investment and financial planning advice, and development of educational materials about life insurance and annuities.Learn about our Financial Review BoardFact checked by
Most reputable coin stores and gold dealers will accept payment in cash. However, they are legally required to report any cash transaction of over $10,000. This includes collecting information about the customer, such as name, address, phone number, and social security number.
As precious metals, gold and silver have many common qualities and their prices often move together. However, they do have differences. Silver tends to be more volatile than gold, and its industrial applications mean that the price is more closely linked to commercial activity. Gold tends to be more stable, and has a better track record as an anti-inflation hedge.
Purchasing gold and silver bullion -- whether in the form of coins, bars, or rounds -- is a prudent decision for investors and wealth protectors alike. The Federal Reserve continues to issue huge numbers of debt backed instruments, called Federal Reserve Notes (or their electronic equivalent), thereby devaluing each unit already in existence and levying the most insidious of taxes, the hidden inflation tax.
Coins typically have lower gold content than gold bars. A one-ounce American Eagle coin, for instance, is only 91.67% gold. In fact, the coin weighs 1.1 ounces, approximately one ounce of which is pure gold; the rest of the weight is silver and copper.
Rather than investing in a single company tied to gold, you invest in a basket of gold-related securities through gold mutual funds or ETFs. Gold funds may track the price of gold, include the stocks of multiple gold mines and refineries or provide exposure to gold futures and options.
For investors willing to take on more risk, futures and options may be attractive. (If neither of those words means anything to you already, you should probably avoid these gold investments for now as they are highly speculative.) 59ce067264
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