They also are seeing some earlier customers who are selling either because of personal economic conditions or simply want to take advantage of significantly higher bullion values since they purchased, according to members of the Accredited Precious Metals Dealer program (https://apmddealers.org), a division of the nonprofit Professional Numismatists Guild (www.PNGdealers.org).
"Of course, no one has an accurate crystal ball to precisely know the future, but dealers we’ve recently heard from say many of their customers are optimistic that gold and silver prices will continue going up, especially silver. Some dealers say their increase in precious metals sales are being made to investors worried about federal government spending and the uncertainty of the presidential election," said PNG and APMD President Richard Weaver.
"On the selling side, dealers are reporting purchases from estate sales, from buyers taking advantage of profits from years-earlier acquisition of gold and silver bullion and also making purchases from sellers who quickly need cash whether because of unemployment, renovating a home or school tuition for their children," explained Weaver.
Several APMD dealers said they are assisting elderly investors to get refunds from unscrupulous telemarketers who sold them grossly overpriced, and in some cases, counterfeit items.
"To avoid potential scams, such as counterfeits, and to avoid paying too much when you buy or receiving too little when you sell, investors absolutely must know the credentials of the bullion dealer. If you don’t know gold, you’d better know your gold dealer," Weaver cautioned.
The Professional Numismatists Guild established its Accredited Precious Metals Dealer program in 2015 to provide consumer and investor protection in the marketplace. Every APMD member must follow a strict Code of Ethics (https://www.apmddealers.org/join-apmd#code) in the buying and selling of precious metals.
For additional information about the Accredited Precious Metals Dealer program, call the PNG at 951-587-8300 or visit www.APMDdealers.org. A list of APMD member-dealers is online at www.APMDddealers.org/apmd-dealers.