With the world’s economy proving unreliable and markets fluctuating faster than ever, more and more entrepreneurs are turning to gold as the ultimate investment. Gold has been one of the oldest mediums of international exchange and a means to store wealth that will help increase and preserve a nation’s power.

Gold is not only used by governments and nations, but also by individuals as a safe haven against the fluctuation and depreciation of paper money and as an insurance against macroeconomic and geopolitical risks. While investing in gold coins is one of the safest ways to protect your future, there are several tips you should know in order to get the most out of your asset.

1.       North American coins constitute the safest investment

Not only are North American gold coins easier to buy and sell, but you can also use the bullion as an extra security for your IRA or retirement account. It is highly advisable to stick with known coins, such as the Canadian Maple Leaf and the American Eagles since are widely bought and sold within and outside the borders of the US. Unlike gold bars, coins are much more affordable and easier to store.

2.       Stick to one-ounce coins

When shopping around for gold coins, you will notice that American Eagles are available in a variety of sizes, ranging from one-ounce to one tenth ounce. While it may be tempting to purchase one-half ounce or one-quarter ounce gold coins, bear in mind that any fractional bullion usually carries a higher premium, which is above spot prices of one-ounce gold coins.

3.       Take on rare coins only under special circumstances

Unless you are purchasing gold bullion to increase the value of your coin collection or you are a seasoned collector, you should avoid purchasing extremely rare coins. More often than not, purchasing rare coins implies being more meticulous and knowing a thing or two about numismatics. Even though at first glance, two coins may look identical, the truth is that they could be of completely different grading, a dissimilarity that could sum up to thousands of dollars. Even if you are not new to coin collecting, you should always work with a professional grading service and be sure to obtain a certificate of authenticity when acquiring a rare coin.

4.       Compare prices, before you buy

While the US Mint does not sell gold coins directly, there are several reliable dealers listed on their website. The listing makes it easier for you to compare dealer prices as well as find the best spot price for gold on precious metal exchange sites. On a side note, even though it may seem simpler to purchase gold coins from eBay, keep in mind that bidding can become a hassle especially with so many interested buyers.

5.       Understand dealer buyback policies

For first time buyers, it may appear normal that dealers sell various gold coins at the same prices. However, each dealer conducts his business on different policies, meaning that while some can charge more than 5% above gold spot price, others may not even charge a premium at all