Sydney is home to 5,231,150 people and is one of the most expensive cities in Australia. People in the city must make informed financial and investment decisions to maintain their quality of life. Amongst other financial decisions, gold is popular as it offers inflationary protection and has intrinsic value with no credit risk.
So, if you wish to buy gold in Sydney but don’t know where to start, you may commence with finding the right dealer. But choosing a bullion dealer is not simple. You must know a few things not to get cheated by any unreliable and unauthorised dealer.
For that, keep reading!
One of the most common problems with bullion dealers is subjectivity. Subjectivity can lead to poor customer service, quality products, and sales and financial advice.
A bullion dealer’s job isn’t simply about selling metal; it’s also about serving their customers’ needs. It means that their product choice may reflect their personal preferences or those of their employer.
Buying gold online
Online gold dealers are not regulated. It means there are no standards for what they sell and no guarantee that their products will be authentic or high-quality.
Online dealers may also be less likely to know the necessary information to assess the value of your piece since they don’t have physical inventory. While this can make buying from an online dealer convenient, it’s essential to consider whether or not you want someone else making decisions about your precious metals investment without being able to see first-hand what they’re offering.
Online gold scams and rip-offs.
You should also avoid online gold scams and rip-offs. Here’s how:
Check the bullion dealer’s reputation. Look for reviews on Google or Facebook. If there are any complaints about their business practices, that’s a red flag worth investigating further before deciding whether to do business with them in the first place. Also, legitimate bullion dealers in Sydney should have accreditation with some of the reputed bodies of commodity exchange like the LBMA, SGE, and TOCOM, among others.
Check their website for information about pricing policies and payment options. You can also check reviews by other customers on websites if you don’t want to risk buying from an online merchant. So, choose wisely.
The authenticity of your gold coin’s markings.
It’s essential to confirm the authenticity of your gold coin’s markings when you buy gold in Sydney.
- Check the weight and purity of your coin: This can be done by weighing them in grams or ounces or checking the metal content with a magnetometer.
- Check for mint marks: If there’s no mint mark on your coin, it may have been made elsewhere instead of where you thought it was. It’s best not to buy these coins unless they have proper markings indicating their origin country and manufacturer.
Do your homework.
Before you purchase any metal, you must do your homework.
Check out the dealer’s website. The first thing to look at is their description of their products and services and any information about their background. You will want to know what metals they buy, where they get them from, how much money they are willing to pay for each type of metal, and what payment methods they accept.
The gold bullion exchange market is one of the most subjective markets in the world. As a buyer, you have to accept that your purchase price will change based on supply and demand, and it will not always be the same price you paid for your gold coin. But before you buy gold, you need to do your homework. Avoiding online gold scams is also important since they are unfortunately commonplace, with many of them being well-hidden. An investigation by experienced members can help detect these scams and avoid becoming victims or wasting time.