You can buy precious metals both over the internet and in bricks-and-mortar establishments such as jewelry stores and coin shops. You can even go to private parties especially organized to sell this type of metal. Where you decide to buy precious metal will depend greatly on which form you’d like to the metal to be in. Decide whether you want to buy coins, jewelry, bars or flatware and other large ornaments.
You can buy practically any form of precious metal online. However, Internet retailers nowadays tend to sell new products rather than second-hand ones. As online stores don’t have the same amount of overheads and staff as physical shops, items bought over the internet will be comparatively cheaper than their equivalents in bricks-and-mortar establishments. Buying online also means you can make your purchase and get the order delivered to you without having to leave your house. Unlike professional retailers online, online auction sites actually do give much opportunity to buy second-hand and even antique goods online. Another place online where you can buy precious metal is the mint. You can buy new coins directly from the mint’s website.
When buying jewelry for its precious metal, it’s obviously important to make sure that the gold, silver or platinum within the articles is genuine. Ask the jeweler if you can see the hallmarks on the pieces you’re interested in buying. This is, of course, one advantage of buying jewelry in a bricks-and-mortar store rather than online—you can see the hallmark for yourself, rather than having to rely on a photos that may or may not be fake. There are many jewelry stores in Southeast Asia. In Singapore alone there are hundreds of jewelry retail outlets, the most notable of which include Tiffany & Co, Far East Gemological Institute and Tai Hing Chiong. Hong Kong, however, is considered by many to be the true centre of the Asian jewelry industry. If you’re looking for a particular type of jewelry, call the shop ahead of time to ensure they have it in stock.
Prior to going a coin shop, it’s a good idea to find out what kind of prices you can expect to pay. Research the prices of coins by looking in coin books and online. The best places to look for coin shops are larger cities. Once you find a coin shop, spend plenty of time sifting through the bins in order to pick out coins to buy. By thoroughly searching through these coin bins, you may find something rare and extremely valuable. If the shop doesn’t have what you’re looking for, ask the coin dealer if they can order in what it is you want. Once the order comes in, the dealer can contact you via phone or email and you can go back to the shop and collect the coins. Coin shops are generally regarded as the best places to buy metals like gold and silver below their spot price.
Private home parties specifically for selling metal are becoming ever more popular. The host opens up their home to friends and acquaintances who come to buy and sell their precious metal. This is a great way for a large amount of people to get their hands on gold, silver and other metals at the same time, from individuals that they trust. Buying metal from this type of party can even raise money for charity, as, in some cases, the sellers will donate all proceeds from the party to the charitable cause of their choice. There will be a scale and sensor at each of these parties, so buyers are able the test the quality and content of the metal in the articles they’re interested in purchasing. These parties also represent a great opportunity to socialize and catch up with old friends, as often food and drink is served at these events before everyone gets down to the serious business of buying and selling.
Wherever you decide to buy precious metals, be sure to do plenty of research before making the purchase and decide beforehand what exactly it is you want to buy. Never get pressurized by a store or dealer to buy something you don’t want or pay a price you can’t afford.
1) How to avoid rare gold coin scams