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Key Terms for Gold, Silver, and Platinum Dealers
Gold, silver, and platinum dealers are popular businesses, particularly in times of economic lows. These businesses allow you to buy and sell precious metals, sometimes at wholesale prices. Some allow you to invest in gold, silver, and platinum, considered an effective money-making technique. The following terms will help you understand what to look out for when looking to purchase or sell jewelry, coins, and rare pieces.
Accredited - Businesses certified by the Better Business Bureau are more reliable in general. They will typically offer the fairest prices.
Bullion - Rare metal that is priced by weight before coining. Gold and silver can be found in bullion. These are typically used on the stock exchange.
Sterling - Generally meaning particularly fine, sterling also applies to silver that is 92.5% silver. Bracelets, watches, and necklaces as well as others can be found in sterling.
Investing - Buyers can purchase precious metals outright and store them, allowing their value to accrue. This is different from buying or selling jewelry.
Platinum - One of the more valuable precious metals. Chains, rings and earrings are all popular in platinum.
Distributor - Some mints will distribute their own metals, which can be purchased directly from the company.
Coin - To coin a metal is to turn it into currency. This can increase its value, making it more expensive to purchase.
Bulk/Wholesale - Purchasing in bulk or at wholesale affords you the opportunity to see the value of your purchase increase as demand increases.
Alloy - A blend of metals. Most gold, platinum, and silver you purchase will not be entirely made of that material. The more pure it is, the higher its value.
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In a sluggish economy, investors often turn to commodity investments like gold, silver and platinum to get them through the crunch. Whether you have jewelry or coins to sell or you want to take advantage of the current market to buy and invest, these bullion markets are where many savvy dealers and investors are turning today. In many cases, you can get a great deal on the price of these metals, whether you invest in jewelry like bracelets, necklaces or earrings, or coins or bars. You can also invest in companies that deal in gold, silver or platinum, if you consider the possession of sterling silver, gold rings or platinum chains a security risk. Before you begin buying these items for investment purposes, there are a few things you should know about how to invest in gold, platinum and silver metal, and how to choose the best accredited dealer for your needs.
Gold is often the exchange of choice for many investors and dealers, because of the rare quality and mystique of the metal. Gold has consistently been a good choice to buy and sell, because it consistently goes up in price on the markets. In fact, when economies become relatively unstable, investments into gold and sterling silver become some of the most stable options around. However, despite the advantages of investing in gold, silver and platinum, there are some significant drawbacks as well.
Gold, silver and platinum can be a security risk for investors, because they are items thieves tend to target. To avoid the risk, keep pieces like watches and jewelry in a vault and the certificate of purchase on file for easy access. While you can buy jewelry and coins from stores, there are also government authorized distributors that sell coins, with less risk for the new investor.