You already know that gold is the best investment to make in 2019. But not all gold dealers are alike. Sure, you could look to buy precious metals online or from an overseas mega-corporation, but every day there are new tales of people being scammed, ripped off, and given counterfeit pieces that carry no value.
Don’t let that happen to you. When you want to strengthen your investment portfolio with gold, remember these seven reasons why it’s best to always shop locally.
1. Buying Gold Locally is Less Risky
There are tons of fishy websites out there, including sites dedicated to selling fool’s gold. Earlier this year, 14 Chinese scam artists were arrested for defrauding individuals out of $80 million, and investing their pilfered retirement funds in a scam known as “London Gold.” According to police, nearly 300 scammers have been arrested in connection to “London Gold” scams between 2016 and 2019.
When you buy gold locally, you can read local reviews from actual customers to verify the legitimacy of the business and visit the Better Business Bureau to see what people are saying about where you want to shop. The Federal Trade Commission recommends contacting your state Attorney General and local consumer protection agency to verify a gold company before buying from one.
With local sales, you also lower your risk of sending a payment to an online scammer who never sends you what is promised or sends you something useless. You won’t have to waste time trying to get your money back or deal with a mess that could have been avoided.
2. See and Touch What You’re Buying with Local Sellers
There’s nothing that can quite compare to actually seeing and holding what you’re buying. Buying locally means you can see, touch, and feel the weight of your purchase immediately. That makes your investment tangible and more meaningful than paying online, waiting, and hoping for the best when your metals arrive.
3. Local Sales Allow You to Talk with an Expert Dealer
If you’re new to investing in gold, or you just need some fresh advice, shopping local means you can have a real conversation with an expert gold dealer. You can put a face to your investment and feel better that you have a professional who is going to provide you with insights that have your best interests in mind. Reputable gold sellers have probably been around for a while, since a bad reputation will not get you far in the precious metals business.
4. Local Sellers Reduce Waiting Time
Making an investment in gold is exciting, and you want to get your hands on the gold as soon as possible. You can get gold the day you purchase it when you shop locally, often within minutes. Instead of having to wait around after ordering online, you can get your investment in-hand immediately. The longer you wait for your gold to arrive, the higher the chance something bad happens to your hard-earned gold in transit.
5. Avoid Putting Your Banking Info on Potentially Malicious Sites
In 2018, consumers lost $1.48 billion in fraud complaints, up $406 million from the previous year, the Insurance Information Institute reports. There were 209,000 breached credit card accounts in the United States, and many cases happen because of online credit card theft.
Since EMV chip cards were introduced, “card-not-present” fraud (online, phone and mail order transactions) has skyrocketed. Juniper Research shows retailers are expected to lose $130 billion between 2019 and 2023 due to card-not-present fraud, an increase of its previous prediction of a $71 billion loss between 2018 and 2022.
When you make a purchase online from a non-secure website, your banking information can get stolen by online thieves and put you at risk.
6. Your Local Expert Is Close By
Have a question about your gold investment or a move you should make next? Good luck getting an answer online.
When you buy from a local gold dealer, you get a partner you can trust to help you when you need it. You can stop in, have a chat, and make new smart financial decisions with the help of someone who has been there for you. The customer service you get in a local shop usually goes above and beyond what you’d find online.
7. Easily Sell Your Gold in an Emergency
Financial emergencies happen more often than most Americans think. The Harris Poll reports almost 50% of Americans encountered a financial emergency in the past year alone. Additionally, most Americans are ill-equipped to handle these emergencies, and most rely on credit cards or borrowing from family; 60% of Americans couldn’t cover a $1,000 expense with their savings, according to Bankrate. The top financial emergencies include job loss, marital problems, natural disasters, bankruptcy, and the death of a spouse. Even the financially prudent find themselves in expensive emergencies from time to time.
One of the beautiful aspects of buying gold locally is the ease of liquidating, selling, or trading your gold in the event of an emergency. At Republic Monetary Exchange, we offer same-day payment on most liquidations, without the burden of sales tax.
The next time you find yourself in a financial pickle, you’ll be glad to have gold as an absolute financial security.
Go Local When Buying Gold
Buying gold locally is safe, secure, and recommended by consumer protection groups. Consumer Affairs advises citizens to avoid purchasing gold from an online dealer offering massive discounts, as well as any dealer without a brick and mortar location.
With Republic Monetary Exchange, you don’t have to worry about any of that. Our experts are here for you to help you make the best investment for your future.For gold and precious metals solutions that aren’t a gamble, schedule your free consultation with Republic Monetary Exchange today.