According to the Professional Numismatists Guild, the average retail commission for one-ounce American Eagle or Maple Leaf gold coins is around five or six percent. How much commission do gold buyers get? When you sell gold coins or ingots, you should expect to receive at least 90 to 95% of the current market value. However, with gold jewelry, you're only likely to get 70 to 80% of the fusion value. Over time, due to heavy advertising on television and radio by gold traders, the conversation could focus on acquiring gold for your portfolio, including Gold IRA home storage. If that gold sales representative doesn't, he'll hire one of the company's experienced professionals to annoy him, scare him, take advantage of all his fears about what's happening in the economy and about how the government will one day take away his gold, making a last-ditch effort to get a sale.
I explain this tactic in more detail in “Don't buy European gold or rare coins: gold traders' fraud and media bias are exposed”. In fact, I tried to let Congress know what these gold traders were doing by pointing them to chapter 8 of my book, the chapter that sets out the tactics of gold traders. Many gold and silver traders offer commission-free settlements, meaning that the price you are quoted to sell your gold contains no hidden fees or commissions that could reduce your profits at the end of the sale. In this book, I look in more detail at what extent gold traders can go to try to separate their hard-earned money from their own and convert it into inferior investments in gold and silver.
While there are good reasons to be concerned about the state of the economy, there are even greater reasons to be concerned about who you buy the gold from and what type of gold you should buy. These European coins give more gold for your money, but only compared to rare coins, not to American Eagle gold coins. Gold traders will use all the tricks in the book to make potential investors forget about investing in gold bars and end up selling them a nice coin or something else that isn't easily liquidated in the United States. When you sell your gold to a gold dealer, that dealer is likely to sell those same metals to a large-scale depositary or wholesaler.
Since the CARES Act was enacted in March in response to the COVID-19 (coronavirus) pandemic, the CFTC has seen a growing trend of precious metals promoters and traders encouraging investors to use the CARES Act distribution rules to convert their retirement savings into investments in gold or silver coins, self-managed gold individual retirement accounts (IRAs) or make leveraged purchases of physical metals. The easiest way to invest your money in gold is to buy and store gold bars, coins or jewelry. If you find a gold merchant who promises low prices and fast delivery times, find out how much they charge for insurance, shipping and delivery, as many reputable gold exchange houses offer fair prices and 100% free shipping.
