Smartest Steps to Take when Investing in Precious Metals

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Aug 12

Today, we would like to point out some steps that the smartest investors take to safeguard their investments – and to simply make more money.

Ready? Let’s get going.

Shipping Safeguards

Require a signature on delivery. It’s a very simple thing to do, and an important way to assure that what you send gets to the right person.
Use extra packing materials for everything you send. We have actually seen people send heavy metal items in cardboard FedEx and Priority Mail mailers. It is amazing that mailers sent that way ever arrive, since their contents can easily rip through cardboard and be lost. So our advice? Overpack, using the right materials. If you want to know how to pack what you send to us for testing or recycling, give us a call at 800-426-2344.
Be sure to insure what you send. Avoid the mistake of thinking that nothing you send can be lost or damaged. Spending only a few dollars on insurance can prevent major losses and disappointments.

Buying and Selling Wisdom

Know exactly what you are buying. The guy at the driveway sale says that the necklace he is selling is made of 18K gold . . . but is it really? Or the seller online claims that a watch is a Rolex in a gold case. In order to protect your investments, always be sure you know exactly what you are buying. If you are not sure, don’t buy! It’s as simple as that.
Ask the right price for what you are selling. This is the mirror image of the mistake we mentioned immediately above. Before you sell anything – be it a piece of jewelry or a piece of scrap – know what it is worth. That sounds obvious, but you might be surprised how many people sell gold, silver, platinum and other valuable items for well below market value. If you don’t know the value of something you want to sell, call us at 800-426-2344 and ask about our testing services.

Inventory and Storage Smarts

Keep an up-to-date spreadsheet inventory of your precious metal investments. It is surprising that some precious metal investors do not inventory their investments, especially when it is so easy to do so. Just create a spreadsheet that records a description of the item or investment; its weight; specific information on where you acquired it; a record of what you paid; the location where it is stored; and other details. Your inventory will be useful when you sell items and need to declare profits on your investments, when you want to insure your holdings, and even in your estate planning.
Store small, high-value items in safety deposit boxes. They are the most secure, safest place to protect your valuable smaller items from fire, theft and other losses.
Keep personal health and safety in mind. Luckily, most precious metal investments do not release chemicals that can harm you – unless you attempt to heat them, expose them to harsh chemicals, or try other do-it-yourself refining processes. If you are not sure how to safely store what you own, give our precious metal consultants a call at 800-426-2344 for advice.

Establish and Document Ownership

Remember that the fact that you have something in hand doesn’t necessarily mean it belongs to you! Let’s say, for example, that you have a piece of jewelry that you found in a churchyard when you were hunting with a metal detector. Even though you found it, that doesn’t mean it belongs to you. It probably belongs to the church!

And if you attempt to sell something that you do not own, there is a name for that! (We won’t say what it is in today’s post . . . you already know.)

Similar ownership issues can intrude on your activities as someone who invests in precious metals. But think ahead! Just a little bit of forethought and caution will save the day.