Understand what you're buying · 2.Use only reputable dealers · 4. Avoid offers that are “too good to be”. You should know how jewelers weigh gold. The measurement accepted in the international market is in troy ounces.
When traders and investors talk about spot prices, they always refer to troy ounces as well. A Troy Ounce is not the same as a Standard Ounce. Technically, a single troy ounce is equivalent to 10971 standard ounces, or 31,1035 grams. Small distributors will have their own limitations, such as having a limited selection of products and may not be able to fulfill a large order quickly enough.
They will also fall short on delivery time if you compare them to those of large distributors. Major players can ship within 2 to 4 days after your payment has been settled at the bank. Small dealers will have a longer delivery time. Fraudsters may try to deceive investors with partial delivery scams.
A case of delivery fraud involves a buyer paying for a partial delivery of gold without receiving anything from the seller. Bait and switch scammers lead the investor to make a partial payment and receive a small amount of the purchase. This allows the seller to lure the buyer with a false sense of security and legitimacy. The buyer then pays the investment amount in full and never receives the remaining investment, or is instead rewarded with fools' gold.
Finally, a gold seller may appear to be reputable and uses shipping rates as a Trojan horse to extort money from investors. A reputable gold seller must be professional and transparent throughout the process of acquiring gold investments. If a magnet is attracted to what you think is a gold coin, it's most likely not real gold (or 99.9 percent pure). That said, it follows that any investment account in gold, gold futures, or other precious metals investment plans in which the buyer does not obtain physical possession of the ingots should raise some warning signs.
TPGC does not provide you with any investment advice and is not responsible for your ability to make a profit by purchasing gold and assumes no responsibility for any losses you may suffer as a result of your decision to buy gold. While not all gold-related scams are as juicy as the Bre-X gold mining scandal, the negative externalities of gold scammers can be felt individually and within the ecosystem of the globalized gold industry. Definition: The Pure Gold Company will purchase gold up to the nearest integer number of ingots or coins and the monetary difference between the amount of the investment and the actual amount purchased will be reimbursed in full. Even if you don't want to store gold yourself, choosing a company that is capable of performing this practice is a useful way to avoid fraud, as many fraudulent organizations promise to store gold on-site without providing you with any proof of purchase.
Reliable gold traders will offer you a way to physically deliver your gold by providing you with insured delivery methods. To avoid portfolio devastation, it is imperative that investors purchase gold through verified gold sellers. Gold can be a good investment if your goal is to protect yourself from inflation, as gold prices tend to rise in an inflationary environment. You might think it's cheaper to buy gold outside of a reputable channel, but you don't know if the gold is real.
Fortunately, organizations like ours can provide comprehensive information on gold investment opportunities, gold trust centers, and other precious metals investment products, so you don't have to face the challenge of avoiding gold-related scams on your own. In addition, shady gold traders offer low quotes to attract customers, but they cannot deliver gold at these rates. . .