Statistics from the Federal Trade Commission indicate that approximately fifty billion dollars exchanged hands last year in form of gold. The fast moving action in the market of this commodity has attracted a lot of players, some good and others not so good. Gullible investors have lost millions of dollars in the hands of scam traders and unscrupulous dealers. As such, buyers must be very careful before deciding to buy gold San Antonio.
When considering a potential purchase, customers are advised by the regulatory authority to desist from paying exorbitant prices. The authority recommends a markup of five to eight percent when purchasing such metals. After all, they are simply goods like any market products. Buyers are often swindled on the perceived importance and shortage of gold to overstate its price by a huge margin. Exceptions for this rule occur in the case of special commemorative coins that hold a high numismatic value and thus demand a higher premium.
Unscrupulous dealers have on many occasions moved to the bait and switch sales technique to dupe potential buyers. This involves lying to customers about the perceived intrinsic value of coins based on their history. Unfortunately, most old coins are not worth anything more than their melt value. The high premium paid for such investment is usually a loss to the buyer.
The concept of fractional coins has for a long time been a source of loss to many inexperienced buyers. These are tokens that are made in fractions of the ounce such as quarter or half an ounce. In most markets, dealers sell these tokens at a higher bounty than the corresponding full bodied tokens. This means that customers get less metal content for higher prices.
The rising phenomenon of phone salesmen has caught on even in the precious metal market. However, this presents a looming danger of getting into transactions without subject matter. On a number of occasions, customers have been lied to regarding the quality and quantity of precious metals by scammers. Other telemarketers dupe customers into providing sensitive information such as social security and credit card numbers.
A number of dealers have been pushing coins on the falsehood that they are about to be confiscated by the government. This is usually a lie in reference to one rare confiscation that happened during the government of President Roosevelt. Nonetheless, since the United States long abandoned the Brenton standard, traders are free to transact and there is no risk of confiscation.
One of the deadliest mistakes made by investors is getting debt to finance purchase of valuable metals and currencies. The nature of this business is volatile and may result in huge financial losses. In event of such likelihood, the investor might have to part with their personal savings or properties to service the loan.
There are quite a number of considerations to make before you buy gold San Antonio. Dealing with an experienced, honest and ethical trader is one way to ensure that you get the right value for the product. Other sources of information such as the internet, friends and family may also be resourceful in such matters.
When considering a potential purchase, customers are advised by the regulatory authority to desist from paying exorbitant prices. The authority recommends a markup of five to eight percent when purchasing such metals. After all, they are simply goods like any market products. Buyers are often swindled on the perceived importance and shortage of gold to overstate its price by a huge margin. Exceptions for this rule occur in the case of special commemorative coins that hold a high numismatic value and thus demand a higher premium.
Unscrupulous dealers have on many occasions moved to the bait and switch sales technique to dupe potential buyers. This involves lying to customers about the perceived intrinsic value of coins based on their history. Unfortunately, most old coins are not worth anything more than their melt value. The high premium paid for such investment is usually a loss to the buyer.
The concept of fractional coins has for a long time been a source of loss to many inexperienced buyers. These are tokens that are made in fractions of the ounce such as quarter or half an ounce. In most markets, dealers sell these tokens at a higher bounty than the corresponding full bodied tokens. This means that customers get less metal content for higher prices.
The rising phenomenon of phone salesmen has caught on even in the precious metal market. However, this presents a looming danger of getting into transactions without subject matter. On a number of occasions, customers have been lied to regarding the quality and quantity of precious metals by scammers. Other telemarketers dupe customers into providing sensitive information such as social security and credit card numbers.
A number of dealers have been pushing coins on the falsehood that they are about to be confiscated by the government. This is usually a lie in reference to one rare confiscation that happened during the government of President Roosevelt. Nonetheless, since the United States long abandoned the Brenton standard, traders are free to transact and there is no risk of confiscation.
One of the deadliest mistakes made by investors is getting debt to finance purchase of valuable metals and currencies. The nature of this business is volatile and may result in huge financial losses. In event of such likelihood, the investor might have to part with their personal savings or properties to service the loan.
There are quite a number of considerations to make before you buy gold San Antonio. Dealing with an experienced, honest and ethical trader is one way to ensure that you get the right value for the product. Other sources of information such as the internet, friends and family may also be resourceful in such matters.
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