If you’re wondering how to buy gold and silver in Scottsdale AZ, start with this investment guide.
If U.S. money can’t be backed by gold, at least our investment portfolios can. In 1971, America abandoned the gold standard. President Richard Nixon announced the U.S. would no longer convert dollars into gold at a fixed value. Fortunately, the government gave Americans the power to purchase gold bullion a few years later. Unhinged from gold, the dollar provides little economic stability. If you’re looking to invest in the lustrous metal whose value has been confirmed by every civilization in the world, what better place to do it than “The West’s Most Western Town”: Scottsdale, AZ.
Step 1: Determine Your Investment Strategy
Stocks and bonds are paradoxically the most common and riskiest assets, and especially in this tumultuous economy, investing in gold and silver can add protection to any wisely diversified portfolio. Long viewed as a hedge against inflation, gold and silver are great long-term investments. However, you’ll have some decisions to make before you invest:
Weighing Your Gold Investment Options
- Paper certificates or gold ETFs: If the recent 2008 economic crisis left you wary of the stock market, then steer clear of paper-backed gold investments. These assets will only be as secure as the financial institutions that manage them; they could all collapse at once—remember Bear Stearns.
- Gold IRA: A gold IRA will allow you to hold physical gold and silver outside of the traditional, sometimes unstable, financial system. Specific rules apply to buying and storing gold and silver for a gold IRA: only 24 karat gold bullion bars and coins or 22 karat American Eagle gold coins are allowed. Consulting with a reputable Scottsdale gold and silver broker can ensure you take the proper steps when setting up and managing a gold IRA.
- Buying Gold and Silver: If you’d like even more control over your silver or gold, then you can purchase physical bars and coins at your discretion. Bullion bars and coins are both excellent investments; however, there are several distinctions between coins that determine their value, and dealing in them requires knowing much more than their weight and spot price. One of the first indicators that you’ve found a reputable Scottsdale gold and silver firm is if the staff will take the time to educate you about the intricacies of the gold and silver market, including how to buy gold and silver coins.
Step 2: Research Scottsdale Gold and Silver Brokers
Once you’ve planned your investment strategy, you may be wondering how to buy gold and silver in Scottsdale AZ. Gold is one of the oldest forms of currency in the world, and, as would to be expected, numerous scams and stratagems have been devised throughout the years to cheat people of the precious metal. Whether it’s gold or silver you’re after, only a reputable gold broker can lead you to the real thing.
3 Signs You’ve Found a Reputable Scottsdale Gold and Silver Dealer
- The gold and silver broker has a brick-and-mortar establishment in the Scottsdale AZ community. A local businessperson who swindles townspeople won’t get very far for long; the same is true for gold dealers.
- The broker doesn’t need to rush a sale. A gold or silver dealer with truly valuable bullion and coin inventory knows there will always be a demand for it. Instead of hurrying customers along, this type of dealer takes the time to educate them about the gold and silver market to ensure they make the purchase that is best suited for their needs and to build longstanding business relationships with them.
- The broker receives good online reviews. See firsthand what past customers have said about the broker by checking Yelp and the website for the Better Business Bureau in Scottsdale AZ.
Places to Never Buy Gold and Silver in Scottsdale AZ
- Pop-Up Shops: These transient vendors are simply unreliable, and oftentimes untrustworthy. If they have the scales and other equipment necessary for evaluating gold and silver, it’s most likely faulty. When you realize you’ve been had, they’ll already have skipped town.
- Pawn Shops: Given that pawn shops do not specialize in selling gold and silver bullion and rare coins, they’re unlikely to offer a good selection. Used gold and silver jewelry is more typically found behind their counters. With lower inventories and less knowledge of the gold and silver markets, pawn shops have little to offer customers.
Step 3: Develop a Storage Strategy
Once you have figured out how to buy gold and silver in Scottsdale AZ, you’ll need to develop a storage strategy. Planning ahead will not only ensure your precious metals are safe but could also save you money.
Gold and Silver Bullion and Coin Storage Options
Gold IRA: Just as there are rules governing the type of gold you can keep in your gold IRA, there are also rules for how you store your gold or silver bullion coins: an IRA custodian must administer the precious metals, and they must be stored in an IRS-approved location.
Physical Gold and Silver: Gold and silver bullion and rare coins can be stored in your home safe, a bank safe deposit box or in a private firm’s gold depository. With the first option, you’ll pay up front for the safe and shoulder more of the risk. A safe deposit box can cost anywhere from $50 to $200 a year depending on the size, and you will also have to pay to insure the gold or silver bullion bars or coins inside. Private firms can be a secure option for larger amounts of gold and silver as long as they’re trustworthy; one indicator that you’ve found a legitimate firm is if they allow you to survey your holdings on 24 hours’ notice.
Step 4: Begin Investing in Gold and Silver
After you’ve done your research about how to buy gold and silver in Scottsdale AZ, it’s time to begin investing. With a combined 65 years of experience, the precious metals experts at Scottsdale Bullion and Coin (SBC Gold) will gladly sit down and share with you what you need to know about the gold and silver markets to help you make the most informed purchase possible. Contact SBC Gold today to learn more about one of the smartest and secure investments you can make: gold and silver.