Picture this: you’ve spent the last several years carefully investing in gold and silver bullion. Now you’ve run into a financial crisis and you need money quickly, so you go to sell the precious metals you’ve collected. When you get back home, you do a quick search out of curiosity and find out some of the bullion and coins you sold were worth a few thousand dollars more than you got for them. The professionals from First National Bullion and Coin, Scottsdale gold and bullion dealers with years of experience collectors can trust, explain why it pays to have your bullion appraised.
Common Traps in Buying & Selling
In any market with enthusiastic customers and high-value goods, there’s an opportunity for dishonest players to take advantage of people to earn a profit. Gold and silver bullion are some of the most stable investments out there, but it’s still easy for inexperienced investors to lose their money, whether it’s due to being scammed outright, making an honest mistake, or something in between.
Gold & Silver Scams
It’s easier to get scammed by a seller than a buyer, so if you’re able to have the gold you’re going to purchase appraised or examined before you buy it, that would be ideal. However, that’s not always possible. Instead, the best option is to purchase gold from trusted, well-known bullion sellers.
When selling gold or silver, it’s important to know the specifics about your bullion before setting foot in the shop. Scam buyers will give you false weights, tell you your bullion isn’t as pure as it really is, or even try to convince you white gold is silver. Your best defense is to have your bullion appraised beforehand.
Most bullion sells at a price almost completely dependent on its melt value, but if you own vintage bars or coins that are rare or have significant historical value, they could be worth more than you think. Even an honest buyer might not know the true worth of your bullion, so it’s worth the trouble to have it appraised professionally.
Jewelry & Heirlooms
If your bullion was passed down to you by a relative, you found it rummaging through your garage, or its origin is unclear for another reason, it may be a good idea to have it appraised before trying to sell it. It’s always wise to have as much information as possible about a piece before selling it.
Throughout history, different alloys of silver and gold have been used in jewelry, but these metals are rarely used in their pure form, as both are too soft to stand up to daily wear. Depending on the age and origin of a piece of jewelry, it could have different concentrations of silver and other precious metals than what’s common today.
Whetheryou’re a veteran coin collector or you’re interested in buying precious metals for investment purposes, you’ll find a fantastic variety of high-quality bullion and numismatic coins at First National Bullion. If you’re looking to work with only the most reputable precious metals experts and Scottsdale gold coin dealers, give us a call at 480-546-8928 to speak with one of our precious metals experts.
The statements made in this blog are opinions, and past performance is not indicative of future returns. Precious metals, like all investments, carry risk. Precious metals and coins may appreciate, depreciate, or stay the same in cash value depending on a variety of factors. First National Bullion does not guarantee, and its website and employees make no representation, that any metals for sale will appreciate sufficiently to earn the customers a profit. The decision to buy, sell, or borrow precious metals and which precious metals to purchase, borrow, or sell are made at the customer’s sole discretion.