How to Buy Gold & Silver From Local Coin Shops
Getting into the gold and silver market is as easy as walking down to your local coin shop, and for many investors in precious metals that is their exact and preferred course of action. While it is fairly obvious that the internet isn’t just a passing fad, some investors prefer to conduct their bullion transactions face to face with a seller they can speak with rather than an anonymous Wi-Fi connection. If you are thinking about buying gold or silver from your local coin shop, you should be aware that that decision comes with both advantages and disadvantages that can have major consequences on your investing experience.
Perhaps the biggest advantage to buying gold and silver from a local coin shop is the ability to examine your purchase before shelling out any money for the item. Buying gold and silver on the internet offers an array of choices, but the buyer is forced to depend on the seller’s description regarding the coins condition. The obvious problem with this approach is that if the delivered item is not as described, you will need to go through the extra steps to request a refund and sending the unwanted item back to the seller.
Not only is this a frustrating experience, but it also lends itself to delays and added fees associated with your purchase. When you purchase from the local coin shop however, you do not need to worry that your item is not as described because you can fully examine your intended purchased items with no obligation to buy the gold or silver coin that you have been eying. Indeed, you avoid the entire range of hassles associated with the emotional roller coaster of waiting for your package to arrive.
For those investors who haunt the local coin shop for their gold and silver coin purchases, they forge strong relationships with the store’s expert employees. These relationships can dramatically advance your knowledge base regarding the world of silver and gold investment, whereas the impersonal nature of an internet purchase leaves the buyer feeling as if they are their own when it comes to parsing your available options. Additionally, shopping locally provides you the opportunity to meet with other coin collectors and investors, so you gain informative resources to help advance your investing hobby or career. Investing in bullion and coinage is like any other investment, success is dependant on fully knowing your investing field, and it is always good to remember that the internet isn’t the only place to gather information.
While the aforementioned advantages make a visit to the local coin shop for your gold and silver purchases worthwhile, it also comes with several major drawbacks that demand consideration and factoring before choosing a local, brick-and-mortar coin store as your venue for purchasing your gold and silver. One of the primary drawbacks to this buying approach is a limited inventory and scant selection from which to choose.
Finite vault space demands that the small, local businesses offering gold and silver for sale have a limited inventory because, after all, owing to the constraints of a physical storefront, there is only so much storeroom and display case space. Additionally, without the broad based clientele that internet dealers enjoy, the local gold and silver dealer must tailor their inventory to meet the expectations of their regular customers, which has the effect of minimizing the variety of inventory on the shelves.
For the investor looking to maximizing their profits, buying gold from local coin stores comes with some premium pricing as compared to what they might pay by buying online. Simply stated, the cost of running that small, local coin shop is passed on to the consumer in the form of higher prices for the gold and silver you buy. Additionally, their inability to buy in bulk and their need to respond to a much smaller customer base, forces their prices up that, again, must be absorbed by you the consumer.
Buying locally at a coin shop for your silver is an excellent way to gain information, meet fellow numismatics, and gain an appreciation of different aspects of the hobby you never considered. Shopping locally also allows you the satisfaction of achieving “instant gratification,” but you will pay a higher price for that thrill.