Bullion is a fantastic investment choice if you're searching for a long-term strategy to conserve wealth, a haven from upcoming economic disasters, or even a tangible asset you can handle directly. It satisfies requirements that few other securities can and plays a vital protective function in a volatile market.
You can purchase silver and gold locally from one of the many bullion dealers in Toronto. To make an informed decision and ensure that metals are functioning for you, you must question your bullion dealer the following questions.
Questions To Ask Your Bullion Dealer
1. How do I know if my bullion dealer is legit?
There are many ways to verify a bullion dealer's legitimacy. One way is to ask them how they got started. They probably have a good reputation if they have been around for a long time. Another way is to look at their website.
A reputable bullion dealer in Toronto should have a well-designed site that clearly explains what they sell, where they buy gold and silver Canada, and how much they charge per gram.
Also, ensure they have a physical location where you can visit and check out their inventory. You want to ensure they are not just selling bullion online and shipping it to you.
2. What kind of storage does your company use?
Bullion dealers store their bullion in different types of vaults. There are two main types of vaults: cold and hot. Cold vaults keep the metal below freezing temperatures, while hot vaults keep the metal above 100 degrees Fahrenheit.
Most people store their bullion in a cold vault because it keeps the metals safe from oxidation and corrosion. However, holding bullion in a cold environment takes longer to get your money back. On the other hand, storing bullion in hot environments makes it easier to retrieve your money, but it increases the risk of losing your bullion due to theft or fire.
3. How often do you audit your inventory?
Bullion dealers should regularly audit their inventory to ensure they get the best prices possible. Auditing your inventory helps you avoid overpaying for bullion. When auditing your inventory, you need to note each item's current market value.
Once done, compare that to the asking price. If you notice that the asking price is higher than the current market value, you may be able to negotiate a lower price.
4. How do you protect your customers' privacy?
When purchasing bullion online, you should always be concerned about your privacy. Many companies collect customer information, including their names, phone numbers, email addresses, and credit card details.
Ensure your bullion dealer doesn't share this information with anyone else. Instead, they should only give it to third parties who help them run their business.
5. How do you handle returns?
If you decide to purchase bullion from a bullions dealer, you should expect to receive your payment within three days. After receiving your payment, you should wait until you receive your shipment.
Once you receive your shipment, you should inspect it carefully. If anything looks wrong, contact the bullion dealer immediately. If you notice something missing, damaged, or broken, you should file a claim with the bullion dealer. In addition, you should never sign any documents unless you read them first.
6. What is your refund policy?
You should always be wary of bullion dealers that don't offer refunds. Refunds are provided to customers who purchased bullion that was defective or damaged. If you bought bullion that was stolen or lost, you should expect to get a full refund. However, if you bought bullion that had no defects, you shouldn't expect to get a refund.
7. Is my bullion insured?
Insurance is a great way to protect your investment. Insurance covers your bullion in case it gets stolen or damaged. Before you purchase bullion, you should ask your bullion dealer whether or not they carry insurance. If they don't, then you should decline their offer.
Now You Know!
This brings us to the end of our blog! Remember, while there are numerous questions you could be asking your Canadian bullion dealers, there are some who stand for their name. Their authenticity vouches for their sales. Therefore, buy only from authentic brands. All the best!
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