BUFFALO, NY (WKBW) – Economic concerns during the pandemic bode well for the precious metals industry.
“If the economy goes south, those stocks and limits lose value and vice versa, gold and silver go up in price,” said Scott Hunt.
Hunt is the president of Jack Hunt Gold and Silver in Buffalo. The company has been in existence since the 1960s. It is a wholesale consolidator and retailer of scrap metal and precious metals and a wholesaler and retailer of precious metals in ingots or gold and silver coins. “We are one of only 13 companies in the world with the distinction of purchasing gold and silver bullion produced by US Mint as a distributor,” said Hunt.
Hunt said much like the 2008 financial crisis, business is good. “When things go upside down in the economy, investors tend to be drawn to precious metals because it is a tangible item that they can hold and store on their own and that found outside the financial system. “
Hunt said there are things to consider to avoid getting ripped off.
- The seller pushes you to buy bullion.
- The seller is trying to sell you a gold coin as a collector’s item.
“If you have the ability to ‘mark’ so to speak, why wouldn’t the person who sells them buy all of these parts?” Why do they need to sell it? “
3. The Bate-and-switch scam: Inquire about a part and the seller tries to sell you a more expensive part.
4. A seller’s buy-back policy. If they are unwilling to pay what they charged, that can be a red flag.
“In my opinion, now is never the right time to buy bullion. Gold is an inert investment. It has no dividends and it has no profits, ”explained the president and founder of Ogorek Wealth Management LLC, Tony Ogorek.
“If you have a business, you have a common stock and you have a portion of a transaction that makes a profit. You can put a price on it, ”Ogorek explained.
Bullion experts like Scott Hunt have said gold and silver are a wise long-term investment and he believes it will continue for some time.
“I don’t see anything changing in the industry until the inflation rate is brought under control.”