Buying Gold: What Not to Do

Buying Gold: What Not to Do

Mar 29th 2020

Posted by LCR Coin

If you are a first-time gold buyer, you should certainly be wary of buying gold without understanding the process and industry. While there is much less risk involved when investing in gold rather than a stock, you could still lose your financial standing if you’re not careful. Here at Home Stored Gold IRA, we highly recommend meeting with a professional investor to discuss your options, learn how to safely buy gold, and get all the insider information you need to make wise decisions. If for some reason you do decide to go it alone, be very wary not to make these rookie mistakes.


Simply buy gold jewelry. Purchasing gold jewelry does not equate to buying pure gold. The gold that is used to make jewelry is often mixed with other metals to improve its resistance to scratches, dings and natural wear and tear. This dilutes the purity of the gold content. Buying gold should not be mistaken for collecting gold jewelry and it should only be purchased through a reputable precious metal dealer. Overbuy. Yes, buying gold is certainly a great way to increase your retirement savings and grow your investment, but it by no means should replace all your stock, cash savings, or physical assets (such as a home or a car). Having a diversified and balanced portfolio is key to growing your retirement savings. Overlook the spot price. The spot price of gold is a term that is used to describe an overall average current value of the estimated price of gold in the future. This price is based on the expectation of future gold value instead of current supply and demand. Before buying gold, you definitely want to find out what the current spot price of gold is. This will help you compare dealer prices more accurately and also avoid getting ripped off. Buy from untrustworthy gold dealers. It’s far too easy to be swooned by gold dealers who promise the best prices and the purest gold. Unfortunately, when buying gold, you must be extremely careful about who you do business with. If you trust the wrong dealer, you may end up with fake gold and a lot of lost money.

Need Help Buying Gold?

Having a seasoned investor on your side can make all the difference and will ensure you don’t fall into the same traps many other first-time investors do. Before you begin your gold buying adventure, contact Home Stored Gold IRA. We are dedicated to providing all the resources and assistance you need to make educated investments that will leave you feeling confident about your decision. Don’t put it off any longer. Contact a professional investor at Home Stored Gold IRA today to get started buying gold.  ]]>