How to Get the Most for Your Money When Buying Precious Metals
How can you buy close to spot price and really stretch your investment dollar? Here are some ways for you to maximize your capital and get the most bang for your buck:
DECIDE WHICH PRECIOUS METAL PRODUCTS INTEREST YOU
Bullion pieces such as bars and rounds generally command lower premiums, while coins can boast wildly different premiums depending on each specific item. A certified, mint-condition, rare coin, for example, is likely to have significant numismatic value and therefore a huge premium. Do your research and aim to buy appropriate bars and rounds at the lowest possible price.
KNOW THE CURRENT SPOT PRICE
You can follow the Gold spot price and Silver spot price easily on many websites. Carefully observe the price chart and time your purchases to your advantage. Know where Gold and Silver are trading before you buy.
UNDERSTAND ANY FEES THAT MAY BE ATTACHED TO YOUR PURCHASE
This is a crucial detail that buyers tend to forget in the excitement of making a purchase. What additional costs will you incur with your Precious Metal purchase? You may be charged for shipping and insurance on the package. You may even face a fee for paying by credit card. Make sure you understand all fees attached to your transaction, as you must consider these additional expenses as part of the total purchase price of your Precious Metals. You can only compare bullion items side by side when you know the whole cost of an item.
BUY METALS IN VOLUME IF POSSIBLE
Many reputable companies offer significant per-ounce discounts when purchases are made in bulk. For example, on a product page, you will likely see a chart showing different price points based on the quantity you order. Just as it is with many everyday purchases, buying in bulk means you may pay a lower price per unit. This is a great way to help you get the most for your money when buying Precious Metals.
LOOK FOR SPECIALS OR SALES FROM YOUR RETAILER
Retailers, even Precious Metals dealers, sometimes need to move excess inventory. These special deals could provide your ideal opportunity to acquire Gold or Silver for the absolute lowest premium price and really get the most for your money.