Before buying gold, nuggets for thought

Gold may be wise investment for many Americans. When you’re looking to buy gold, your Better Business Bureau says to be sure to look for a gold mine of information and be vigilant so scam artists don’t try to separate you from your money.

Before you purchase gold, you need to make a few decisions, such as the type, size, your budget, etc. When shopping online, shop with a familiar gold dealer, get the business’ contact information and details of your purchase in writing and print out a copy of a receipt for your records. Make sure the website is legit and secure. The URL should start with https:// and a small padlock icon should be at the corner of the URL bar.

Over the last year, your BBB recorded almost 218,000 inquiries and more than 500 complaints about gold dealers across North America. Locally, your BBB recorded almost 300 inquiries about gold dealers.

When you’re looking to purchase gold, your BBB offers a few buying tips:

• Get recommendations from friends and family. If they’re pleased with their gold dealer, most likely you’ll be, too.

• Make sure the jeweler has a longstanding and solid reputation.

• Shop around. Compare quality and price.

• Select a dealer who’s customer-focused. A reputable dealer is a consultant, as well as a salesperson.

• Don’t give in to sales pressure.

• Educate yourself about the specifics of the gold you’re considering purchasing.

• Ask the gold dealer about his or her education. Make sure the gold dealer is a knowledgeable, reliable dealer who can give you accurate and expert advice.

• Find out if a dealer is a member of associations such the American Numismatic Association (ANA). Dealers belonging to this association can give you some assurance you’re not dealing with a scammer or a fly-by-night operation.

• Inquire about the dealer’s refund and return policy.

Remember, there’s no guarantee gold will keep or hold its value. There are several ways to buy and invest in gold. You can buy collectible gold coins and jewelry from a dealer, purchase through gold funds and stocks and/or purchase gold from banks, brokerages and the U.S. Mint.

For more information on gold, such as current prices and the latest trends, go online to www.gold.org. You can always contact your BBB for a list of BBB Accredited gold dealers and Business Reviews on ones you’re considering. Visit www.bbb.org or call (937) 222-5825 or (800) 776-5301.

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