During the recent profit-taking and market correction, major retail sellers of physical gold and silver coins and ingots say they did not encounter significant panic selling by customers. They report younger buyers have entered the market and Baby Boomers continue buying gold and silver bullion coins, according to the Accredited Precious Metals Dealer division of the non-profit Professional Numismatists Guild (PNG) Aug. 18.
“Savvy investors know that every market has its ups and downs,” said Richard Weaver, president of the PNG. “Professional bullion dealers we’ve talked with the past week say one of their biggest problems is keeping up with gold and silver inventory to meet the demand for filling orders from retail customers. Some customers have sold a relatively small number of gold coins to take profits, but there have not been any reports of massive panic selling when prices recently fell.
“We are currently seeing older bullion positions being liquidated because significant profits can now be made, especially among older investors who are getting their financial house in order,” explained Weaver. “However, we’re also still seeing other senior citizens acquiring precious metal positions. And, for the first time in a long time, we are seeing buyers in their 20s and 30s entering the market for physical gold and silver.”
“Know your dealer to avoid potential bullion scams,” he advised.
“We recently heard of a case where an unsuspecting buyer responded to an unsolicited telemarketing call, spent $70,000 and all the gold coins he received were counterfeits. Buyers should be cautious about an increase in fake gold coins offered in the marketplace by unscrupulous sellers, and also beware of scam artists trying to lure investors with urgent claims of too-good-to-be-true low prices and quick, guaranteed bullion market profits,” he cautioned.
All members of the Accredited Precious Metals Dealer program must adhere to a strict Code of Ethics in the buying and selling of precious metals. A list of the 47 APMD member-dealers is online at www.APMDddealers.org/apmd-dealers or call the PNG at (951) 587-8300.