Investing In Gold Coins: The Do’s and Don’ts
When things go south for the economy, gold always ends up on top! Investing in gold is a great way to bring in more cash. However, some don’t know what exactly to invest in. This article will speak on investing in gold coins such as American Eagles and Canadian Maple Leaf coins. American Eagles and Canadian Maple Leaf coins are of a high gold purity and easy to sell to precious metals dealers. Below are a few tips on how to “cash in” in the world of buying and selling gold.
Buy American Coins
American Eagles and Canadian Maple Leaf are two of the easiest coins to exchange. Outside of the states, 24-Karat Maples leaf are hot commodities. Within the U.S., purchasers tend to lean towards the 22-karat American Eagle.
If you choose to buy gold coins, make sure to store them in a safety deposit box or a safe instead of leaving them with a dealer in order to avoid scams.
Compare Prices From Different Dealers
Keep in mind; the U.S. Mint does not allow for you to directly by American Eagle gold coins from them. However, on the Mint’s website, there is a dealer locator tool. Coins sell higher than gold’s spot price which can change by the minute. Aim for the dealer with the lowest premium.
Investing In Gold Coins
Purchase 1-Ounce Coins
American Eagle coins come in denominations come in these denominations: 1-ounce, half-ounce, one-quarter ounce and one-tenth ounce. However, fractional coins tend to have higher premiums than 1-ounce coins.
Stay Away From Rare Coins
There is more knowledge needed when purchasing rare coins. Though two coins may look identical, they both may have different grades. The difference in grades can add more zeros on to the worth of a coin.
Read Up on Dealer Buyback Policies
When considering who to buy your coins from, make sure to research how much specific dealers charge to sell theirs. Some dealers charge a premium; some do not. It’ll help in the long run if you know before even stepping foot into a shop, so make that call!