5 Ways to Avoid Scams When Buying Gold Online

There are all kinds of reasons we buy rare gold coins. Some people love the thrill of collecting, the time spent to find a coin from a very particular time and place. Others do it simply as a long-term financial investment. But as people make the choice to buy gold, there’s always the chance that they’ll get scammed. When you factor in the internet, there’s even more of a chance.

Read on for 5 useful tips to keep in mind if you decide to purchase rare coins online.

1. Gold comes in a variety of forms, like coins, jewelry, and bars. However, only certain forms are traded. When coins and bars are traded, they need to meet a minimum fineness requirement, and they need to be approved by the IRS before being allowed into a gold-back IRA account. Rare coins usually aren’t allowed.

2. One of the great things about the Web is the fact that you can buy pretty much anything for a bargain, as long as you don’t care where it comes from. The anonymity provided online acts as a shield for scam artists. Unless you have the ability of authenticating coins yourself, it’s best to stay away from sites like Craigslist for gold purchases.

3. Before doing business with a gold dealer, do your research. The more experience they have, the more practical knowledge they can bring to bear. If they have experience, as well as being honest, reliable, and friendly, they’re worth your time.

4. Another great aspect of the web is the speed and efficiency that an opinion can spread regarding a business. Yes, people will always find something to complain about. But if lots of different people on Facebook or Twitter say the same things about a company, there’s probably some truth to it.

5. Fear and greed are the weapons scam artists use against us. They may try to get you to buy something by pushing you to make a decision “before it’s too late,” or they may “guarantee” that there’s no risk. If you feel pressure, or if something is too good to be true, walk away.