Ever since the gold price has increased at astonishing rates, numerous people are looking at gold coins as investments. Reputable and honest vendors can aid in buying the coins at a good market price. However, there are some others who might rip you off and sell gold coins at an utterly expensive price.
Prior to investing in precious gold coins, you need to research and gain knowledge from somewhere or somebody other than the vendor who is selling you the gold coins. To make a well-informed decision, you need to be cautious about various marketplace factors such as price, hallmarking, proper billing etc.
Prior to making your mind up to invest in gold coins, you need to verify the gold coin quality. You can do this in two ways; fineness and Karat. Karat is typically used gold purity measure. 24 Karat is the unadulterated form of gold that includes 24 by 24 parts of gold. Similarly, 22 Karat gold is comprehended from 22 gold parts with 2 parts of various metals like zinc or silver. It is combined with alloys to make gold durable.
Fineness is yet another parameter that helps measure the purity of gold. According to the World Gold Council, pure and unadulterated gold might contain a few impurities which the maker couldn’t remove completely. Gold coin fineness can be defined as the pure gold weight in proportion to the gold coin’s total weight, comprising the impurities. Thus, 24 Karat gold is almost pure [99.9%], and 22 Karat gold has a purity level of around 91.66%.
Prior to purchasing gold coins, you need to note whether the coins include hallmarking. A hallmark is nothing but a trademark that verifies a gold coin’s purity according to the Indian Standard specifications. Official (Bureau of Indian Standard) BIS hallmarking centre tests and certifies gold items for their fineness and purity.
It is particularly important to guarantee a purchase of gold coins with a comprehensive bill from the vendor you purchase your gold coin from. Ensure that the bill states the vital details like the weight, Karat, the present price of gold for every gram and the making charges. You must make sure that you obtain a permanent bill which precisely documents the gold coin purchase showing proof of its legality and purity, citing the proper value of your gold coin purchase and proof of lawful ownership.
Ensure to verify for these elements that are marked on your gold coins: Purity in Fineness and Karat, the BIS logo, Assaying and Hallmarking Center Logo, and the Jeweller’s recognition mark/number. The markings can save you time in trying to validate the gold coins.
Ease of selling
One more significant thing to note down is that if you wish to buy 22 karat gold coins, you need to acquire them from reputable jewellers only. If you purchase them from a bank, the bank will not purchase them back. Thus, if you have plans to resell them at a later stage, you cannot do so. Also, you need to bear in mind that gold coins purchased from one particular vendor and sold to some other dealer will only get you an inferior resale amount. This is due to the fact that the dealer to whom you sell it will only take into account the gold you own and not the administrative fees, making charges, that you paid whilst purchasing it from another dealer.
Upon receiving the gold coins from the jeweller that you just purchased from, you need to be careful as you carry them. Keep them in a briefcase or safely in your pouch or pocket. Never carry the coins in your hand as anybody can notice them easily. In addition, you must be completely aware of your environment as you exit the building of the jeweller. If you notice something suspicious, go back inside immediately and ask the jeweller for an usher to your car.