Michael Maroney: Hi! My name is Michael Maroney, and I am the Vice President of Monex Deposit Company. We're talking today about creating lasting wealth with gold and silver. So let's talk about where to purchase physical precious metals. As most consumers know, it's absolutely essential to know who you're dealing with. Everyone has heard of the saying, caveat emptor, which means buyer beware. So it is upto you, the individual investor, to do your due diligence before you actually purchase metal. Knowledge is power. Investigate who you plan on doing business with. The safest way to buy precious metals is by dealing with a reputable established dealer. Check everyone out; use the TV, the internet, the paper. Find out who you're dealing with. Talk to a friend. Most of our business comes from referrals. So there's lots of people out there that have dealt in the precious metals market that have a quality experience that they will share with you.
Now, of course, you want to make sure you're dealing with someone that has experience in the business. And once you feel comfortable, compare prices, fees and services. Buy only what you feel comfortable with and never be pressured into purchasing anything. There're other places that you could purchase precious metals. Some people buy precious metals from coin stores, jewellery stores or even coin shops. But you should use a high level of caution, and most of the times, if you're not very knowledgeable about this type of business, you should use the reputable dealer.
Now there are probably a lot of places that you shouldn't buy precious metals. You shouldn't buy precious metals on craigslist, you shouldn't buy precious metals from a swap meet, and you certainly shouldn't buy precious metals from somebody that you don't know that has a small ad in the newspaper. This is something that you're buying for security and obviously, you want to make sure what you purchased provides that security. Remember, if it sounds too good to be true, it probably isn't true. Every investor needs to be cautious. There are a lot of places that you can buy gold and silver but as we've shown, you should probably stick to a reputable dealer.