Top Mistakes First-Time Bullion Buyers Make (And How to Avoid Them)
This is a moment that every new investor will have. You are thinking about bullion prices; gold is solid, silver is “affordable,” and platinum just sounds exclusive enough to count. Then you sit back, because making a mistake with physical bullion is catastrophic. That is a good thing that you are hesitant. The reason most first-time buyers lose money is that bullion is risky; they are not losing money because the entry process is easy, but it is not as easy as it appears. Let's take a look at the common pitfalls that keep happening when buying gold, silver, and platinum. 1. Buying Without Understanding the Real Price (Spot vs Premium) The biggest pitfall is assuming that the listed price is the price! In reality, it is not! Whether you are looking at platinum bars, gold bullion, or silver coins , all bullion items are sold at an above spot price. The additional cost is known as a premium, and each dealer offers different ones. New buyers may not be aware of the gap and overpay. It...