Five things to know when buying or selling precious metals
Watchbuyer$ Montreal’s ongoing consumer education series on selling and purchasing gold, precious metals, diamonds, watches and handbags.
Director Mr. Tourgeman gives the lowdown on what you need to know.
According to him, the high price of gold in the last few years had changed the landscape for jewelers.
For now, here´s what you need to know about precious metals:
- If you are dealing in metals, you have the precious metals triumvirate of: gold, silver, platinum
- Make sure it is issued and stamped by a recognized mint
- You want 99.9% or better yet, 99.99% purity
- Pay special attention to coins – prior to 1970 many coins were made of silver. Apart from the value of the silver, the coin (especially in proof, uncirculated or excellent condition) may carry additional value, so raid your attic for old coins!
- If you don’t know the exact percentage of the actual metal in the sample, it will be much harder to resell. So get that certificate and receipt.
Once again, it pays to buy from a reputable dealer and to get your authenticity statement or proof of mintage (usually stamped on the coin or ingot.)
Thanks for reading and happy metals dealing!
Mr. Tourgeman is available for questions and private audiences at their office in Montreal. Mention you saw them online and get a FREE GIFT for stopping in +1 (514) 419-0656.
They purchase gold, diamonds, precious metals, fine Swiss watches and lightly-used luxury handbags.