Safe Gold Purchase Advice

Always ensure your gold is secure and avoid untrustworthy sellers. Here are some straight-forward guidelines on how to start investing in gold.

1. Choose the right gold product for you.

2. Verify your product.
The process of buying gold is unregulated but easily navigated with guidance. If you need help determining whether a product is genuine, use the list of safe practices below.

Bullion bars & coins
• Obtain a certificate of ownership in writing.
• Obtain a certificate of authenticity proving your gold’s purity.

Numismatic coins & other collectibles
• Verify collectibles through an independent grading service.
• Check the serial number of any professional grading service online or by phone.

Investment jewellery
• Check jewellery for hallmarks and ensure the gold content is pure. Demand proof of the jewellery’s melt value.

Managed gold products
• Confirm whether you own specific pieces of gold or share ownership in a ‘pool’ of allocated gold.
• Check whether you can withdraw physical gold from your managed product on re-quest and the fees for doing so.
• Confirm if third parties are involved in the sale. If so, research their legitimacy, too.

3. Evaluate Costs
When you’re buying gold, understanding the associated fees is paramount. Are you positive that you’re aware of the total cost involved in your purchase? If not, reference the below list.

Sale price
• Make sure your seller explains their sale price, including any premiums.

Purchase fees & commissions
• A common cost associated with most gold purchases.

Delivery fees
• Having gold delivered to you or a professional vault? Delivery fees may apply.

Storage fees and Insurance
If you store your gold:
• at a professional vault, storage fees will normally be charged.

Typically, insurance is included.
• in a safe deposit box at a bank or other facility, there will be a box rental fee. You can buy insurance from the bank or facility or an outside insurance company.
• yourself, there is of course no storage fee. You should assess whether you need to buy insurance.

Selling fees
• Understand what potentially selling your gold involves.

4. Recognize sales pressure
You should never feel pressured into buying gold. If you ever interact with a seller employ-ing any of the below tactics, be wary of their intentions.

• Cold calls or emails from ‘banks’ and ‘authorities’
• ‘Zero risk’ advertisements and over-promising
• Limited-time deals or threats of losing savings without investment
• Remember: false marketing is not always aggressive and obvious.

5. Verify your seller is legitimate
Make sure you are buying from a trustworthy seller and that your rights are secure. Do you know whether or not your vendor is genuine? This checklist can help.

• Confirm the company has a physical address.
• Confirm the company can be contacted via phone and email.
• Confirm the company is registered with the national business registry.
• Check whether the regulator or consumer protection bodies have issued any warnings to the company.
• Understand the legal implications of working with an overseas company.
• Enquire about insurance. Any gold deliveries should be insured, including managed gold products (which are stored on your behalf).
• Managed gold should be stored with well-established vault operators.

For further information contact us through our website www.liemeta.com.cy