With the sharp increases in bullion prices, the Professional Numismatists Guild is warning against underselling and overpaying for gold and silver. The organization distributed a cautionary news release to personal finance editors, reporters and columnists across the country March 12.
The statement advises investors who are considering buying or selling gold or silver to ?avoid impulse buying and uninformed selling,? and warns against cold-call telemarketer solicitations that might charge significantly higher fees.
?To make the best possible transactions, people need to know the current ?spot? price of precious metals, the dealer?s reputation and the fees or commissions before they buy or sell,? Gary Adkins, PNG president, said in the statement.
PNG goes on to offer detailed tips on how to avoid risking money by knowing an item?s intrinsic value, becoming familiar with a dealer and being aware of tax implications.
The full advisory, along with more consumer education tips, can be found at www.PNGdealers.com.
For a copy of the informative pamphlet, ?What You Should Know Before You Buy Rare Coins,? and a printed directory of PNG member-dealers, send $1 to cover postage costs to Robert Brueggeman, PNG Executive Director, 3950 Concordia Lane, Fallbrook, CA 92028. For more information, call (760) 728-1300 or send an e-mail to info@PNGdealers.com.