7 Questions to Ask Your Bullion Dealer

Investing in bullion is a great option if you want to save money over the long term, protect yourself from upcoming economic disasters, or even have a tangible asset you can directly manage. It meets requirements that few other securities can, and it plays a crucial protective role in a market that is volatile.

Locally, you can get silver and gold from one of the many bullion dealers in Toronto. You should ask your bullion dealer the following questions to ensure that your metals are working for you and to make an informed decision.

Questions for Your Bullion Dealer to Answer: How can I verify the legitimacy of my bullion dealer?

There are numerous ways to confirm the legitimacy of a bullion dealer. One approach is to inquire about their upbringing. Due to their long history, they probably enjoy a favourable reputation. You can also check out their website.

A well-designed website from a reputable Toronto bullion dealer should clearly state what they sell, where they buy gold and silver from Canada, and how much they charge per gram.

Additionally, check to see that there is a location where you can actually view their inventory. You must ensure that they are not shipping bullion to you and selling it online.

2. What kind of storage system does your business employ?

Numerous vaults are used by coin dealers to store their products. Vaults come in two main categories: cold and hot: While hot vaults keep the metal above 100 degrees Fahrenheit, cold vaults keep the metal below freezing.

Because it prevents the metals from oxidizing and corroding, the majority of people store their bullion in a cold vault. However, it takes longer to get your money back when holding bullion in a cold environment. However, despite the fact that keeping bullion in hot weather makes it easier to get your money back, it also increases the likelihood that it will be stolen or destroyed by fire.

3. How frequently do you look over your inventory?

To ensure that they receive the best possible prices, dealers in precious metals should regularly inspect their inventory. If you audit your stock, you can avoid paying too much for bullion. You must keep track of each item's current market value when conducting an inventory audit.

Compare that to the asking price when you are finished. You may be able to negotiate a lower price if you notice that the asking price is higher than the current market value.

4. How do you safeguard the privacy of your customers?

You should always be concerned about your privacy when buying bullion online. Names, email addresses, phone numbers, and credit card numbers are some of the customer information that is gathered by numerous businesses.

This information must be kept confidential by your bullion dealer. They ought, on the other hand, to limit it to those who assist them in running their businesses.

5. How do returns get handled?

You can anticipate receiving payment within three days if you decide to purchase bullion from a dealer. You should wait until you get your shipment before making any payments.

You should carefully examine it when it arrives. Get in touch with the bullion dealer right away if anything seems off. You should file a claim with the bullion dealer if you discover anything missing, broken, or damaged. Furthermore, you should never sign anything without first reading it.

6. How do you handle return requests?

Dealers in precious metals who do not offer refunds should never be approached. Customers who purchased damaged or defective bullion receive refunds. You can anticipate receiving a full refund in the event that you purchased bullion that was either lost or stolen. However, you should not anticipate receiving a refund if you purchased flawless bullion.

7. Is my bullion insured?

A great way to safeguard your investment is through insurance. Insurance will pay for any damage or theft of your bullion. You should inquire about your bullion dealer's insurance coverage prior to making a purchase. You should decline their offer if they don't.