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Step 1
Before you look elsewhere, go directly to the US Mint. You can find their catalog here: http://catalog.usmint.gov
The United States Mint produces 24-karat and 22-karat gold bullion coins, which are then distributed to national and international dealers, banks, brokerage firms, and other businesses. You can buy them directly on their website. -
Step 2
If you choose to buy elsewhere, be sure to check for a maker's mark, weight, and grade stamped into the gold coin (or ignot). This is like a certificate of authenticity.
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Step 3
When it doubt, ask for the gold to be tested. All jewelers and many pawnbrokers should be able to do this, in order to demonstrate legitimacy.
For example, nitric acid can dissolve just about every metal and alloy EXCEPT gold. Gold is also heavier and denser than other metals, like brass. There are ways to check the density of gold when it is submerged in water. Pure gold also has no odor or taste. -
Step 4
Consider other types of gold bullion investments. Pure gold can be made into jewelry, for example, contrary to popular belief. While not strong enough to be recommended for regular wear, as an investment or heirloom piece, these are impressive.
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Step 5
Consider storage. You can put bullion in your IRA, provided that it's stored at a bank or other qualified third party institution. Be aware that you may need to pay a storage fee. Of course, if you just want gold coins as a collectors item, you might be fine keeping them in a safe or firebox at home. However, if you plan on buying a large amount of gold, it makes sense to store it at the bank or other secure institution.
Comments
sonni57 said
on 6/29/2009 I've' never had any bullion coins it might be nice to see one.