Choosing the right gold broker is always a difficult decision. It doesn’t matter where an investor is prepared to invest, it is absolutely necessary to research and make sure his/her hard-earned money doesn’t go to waste. In order to ensure the above and at the same time maximum earnings, it is important for you to read this article.
Choosing the right gold broker
Choosing the right gold broker is not an easy task. You need to do your own research. Check out the comments regarding the firm, especially the complaints, and see how these complaints were handled. You can find all that information on platforms such as Trustpilot or BBC.
If there is a long list of complaints, then this is a sign to worry about. Also, check the number of years the company operates, you want ten years of solid record.
Finally most important is to choose a firm with a commitment to keeping you informed. Keeping you informed now and in the future. If a salesperson gives you a short shift or hits you with a high sales pitch, then this is bad news.
The LBMA, London Bullion Market Association is the competent authority for the world bullion market, and it is overseen by the bank of England. It is imperative for the bullion to be produced by an LBMA-approved refinery. This way, the gold bullion coins or bars are meeting the standards set by the LBMA. In a few words, you are getting what you’ve paid for.
Direct storage outside the banking system
Storage of bullion should be outside the banking system, this way the possibility of confiscation due to bank bankruptcy (bail-ins), or government confiscation is eliminated. Storage should be direct to the client’s name with no intermediates. This way there is no risk of the investor losing his/her investment, in case the broker goes bankrupt. The investor should be provided with a storage certificate by the independent storage company.
Buyback, shipping, and pick-up services
The gold firm should be able to provide the client with several important services that include: a buyback service a pickup service, and a shipping service as many clients would prefer their gold kept at home. At the same time, it is important for the dealer to be accessible to its client’s questions and queries, and give answers and solutions promptly.
The location of the vaults is very important. A vault should be located in a free trade zone to avoid taxes or duties. There are many trade-free zones in the world, and most vaults are located there. (Singapore, Toronto, Switzerland, New York, etc.)