Is Ecommerce a Safe Mode for Gold Trade?

investing in goldLike every other goods sold on the internet nowadays, gold has become a commodity that is being increasingly traded through the online means. However, there is a huge difference between buying a pair of shoes from an online retailer and buying gold in its various forms from a reputed online gold dealer. Firstly, gold is a precious commodity and any slackness shown either in the quality assessment, payment, or any other factor of gold dealing is likely to translate into huge losses. Moreover, gold deals are worth a huge sum. So, special caution needs to be taken while buying gold through the eCommerce mode.

Caution during Gold Purchase

If you plan to buy gold bars online, convenience must definitely be the number one factor you are looking for. However, when it comes to gold, you can't afford a tad bit of carelessness. Check out a variety of gold deals available online. If you are not sure whether a gold dealer is genuine or not, check out the contact information given on their website and verify it.

Gold Dealer Authenticity Verification

Call them up at the phone number given, talk to them, inquire them about the various gold bar deals they are offering, and ask them what would be the best for you considering various factors. When you do all this, you make sure that the dealer knows a lot about the business they have set up online and aren't some fake people out there to loot you of your money only to hand you some cheap metallic stuff in exchange.

Comparative Analysis of Various Online Gold Dealers

Compare the various dealers in your city offering gold bars for sale online and see which one you find the most lucrative in terms of discounts, special offers, shipping costs, and insurance costs. Ask them whether they deliver a certificate of authenticity and purity along with the gold bar selected by the customer.

Secure Packaging

Check if the packaging is highly protective. Is the gold bar intact upon delivery? Moreover, once you order a gold bar of a certain weight from an online dealer, get it assessed once again through another dealer in terms of weight, purity, and other factors. Check whether they have a goods' return policy in case you aren't satisfied with the delivered product.

Lucrative Deals

Prefer to buy gold bars that are cast than one that are minted. Minted gold bars sell at a higher premium over cast gold bars. Some online dealers offer gold bars that are VAT-free. It is preferable to buy from such dealers in order to save on the gold price.

Be Alert with the Daily State of Gold Market

Though gold is a fairly stable asset as far as market value is concerned, slight fluctuations are normal. Never trust the gold dealer blindly; check out the gold price on a daily basis through newspapers or other sources of financial market information. A slight change in gold rate can lead to a massive change when you are buying a really heavy gold bar or a number of bars. Calculate the price of the gold bar you are buying on the day of the purchase itself, and find out if the dealer is cheating you. So, when you find an online auction saying gold bars for sale, don't be tempted to jump in to buy a gold bar. Research well before you ink the deal.

A post by Christian Walker (2 Posts)

Christian Walker is author at LeraBlog. The author's views are entirely their own and may not reflect the views and opinions of LeraBlog staff.

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