Mike Fuljenz, an expert from Beaumont, Texas, who publishes an award-winning investment newsletter, warns that there have been numerous scams in recent years involving gold coins – including growing numbers of counterfeit U.S. coins made in China. Elderly people have been among the principal targets of such fraud. Lawsuits can help some victims recover part of their losses, Mr. Fuljenz says – but the best way to avoid losses, lawyers and costly litigation is to deal with companies accredited by the Better Business Bureau which have earned high ratings for reputable service and pledge to submit any disputes to arbitration. This produces peace of mind that is, in a real sense, as good as gold.

Gold has special glitter when times are tough. Its universal coin and bullion appeal, ease of storage and concentrated value make it a first line of defense for people striving to fend off economic calamity. The American public rediscovered its virtues when the federal government lifted a ban on private gold ownership of coins and bullion in 1974. Since then, gold has been widely available from coin and bullion dealers and other private companies, and even from the U.S. Mint itself.

When much of the U.S. economy entered a nose dive several years ago, gold did just the opposite, soaring to unprecedented heights. This was a universal Godsend for people who had been wise enough to reserve a place for gold coins and bullion in their portfolios, rainy day savings or retirement nest eggs. But Mr. Fuljenz cautions buying and selling the shiny yellow metal takes prudence, preparation and precaution.