Did you know that 12% of the population owns gold, while 14.7% own silver? Since ancient times, people have loved collecting precious metals.

With their gorgeous appearance, inherent value, and interesting forms, it’s not hard to see why.

Sadly, there are a lot of frequent mistakes that new collectors make. That’s why we made this guide. In it, we’ll cover everything you need to know about collecting precious metal bars safely. Let’s get started!

Check Out the Saleman’s Background

You should always perform a bit of a background check on any salesperson before you purchase from them. At a bare minimum, they should be accredited by the Better Business Bureau.

You can also search whether or not they’re registered at the Background Affiliation Status Information Center (BASIC).

Be careful around any salesperson that seems pushy. Any reputable seller isn’t going to make you feel pressured.

Understand the Risks

Many sellers like to say that precious metals are low-risk when it comes to investments. However, even the best investment comes with some risks. And precious metal is no different.

Price fluctuations can make certain precious metals a risky investment. This doesn’t have much impact if you just want a metal collection. But, if you’re viewing it as an investment, then you should be aware.

Know About the Fees

There are a lot of hidden fees that come with collecting precious metal. So, don’t think that you’ll just be paying for the precious metal itself. You will likely also encounter:

  • Commission fees
  • Account opening fees
  • Storage fees
  • Management fees
  • Interest from a loan

So, if you’re on a budget, then you will need to factor these extra costs into how much you can spend. Otherwise, you could potentially go into debt from collecting.

Find a Seller That’s Passionate

Whether you’re looking at precious metal bars as an investment or just a fun thing to collect, you want a manufacturer that brings a passion to the work.

If they have a history that they can bring to the table, that’s even better. For example, the Geiger Edelmetalle is a German operation that’s been active for over three hundred years.

And, while no mint is perfect, the bullion products offered by them certainly come close. You can see here if you want to learn more about them.

Appreciate Learning About Precious Metal Bars Collecting? Keep Reading

We hope this article helped you learn more about collecting precious metal bars. The most important advice is to start slow and only shop with sellers and traders that you trust.

If you rush the process, then you’re bound to get a bad deal. So take your time and enjoy the collection process. Did you love this article? If the answer is yes, then keep exploring our website for more articles just like it.

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