10 Things to Know Before Buying Gold

Anyone can be an investor in gold, whether young or old, as long as they have enough funding for it. The only difference that you would see in these investors however, is how they manage gold. Do you buy and then sell it after a few years? What type of gold should you buy? When is the right time to buy or to sell this precious metal? The answers to these questions are what separate a good from a bad investor. If you would like to succeed in the field of gold investing, here are ten things that one should know before buying gold.

1. Gold is one of the best types of precious metals to invest in. Throughout history, you will see that gold has always had value and a huge one at that, being esteemed highly in various civilizations and retaining their worth through different types of economic conditions. Gold has been used as a medium of exchange in monetary transactions throughout history and is still in use today.

gold-coin-for-collection2. Gold comes in various purities and weights. If you would like to invest in gold, make sure that you know exactly the type and amount of gold that you plan to invest in. The higher the purity, the more value it would have even possibly for a lesser weight.

3. The less fancy your gold is, the more value would it have for its weight. By fancy, I mean the various designs and added historical value that an item could have. For example, a collector’s item gold coin would be priced much highly than a gold round which comes at a greater weight. But, when you sell it eventually, the round will have a higher selling price due to its weight.

4. It is best to invest in several different pieces of gold. One of the major principles in investing is diversification of assets. The same applies with gold – you should buy not only the larger bullion types but in several smaller pieces as well so you can sell smaller items if you have emergency or other smaller needs.

5. Don’t sell your gold within a few short years. The value of gold tends to attain its highest peak after 10 or more years by which it could have doubled more than 10 times its original buying price.

6. Should you choose to collect some gold coins, make sure to buy the African Krugerrand. It is the standard in purity and is recognized in almost any part of the world if you ever decide to sell it.

7. Don’t try to buy a large amount of gold all at once. Make your purchases over regular intervals of time. Your personal budget must be considered and if budget-wise, large acquisitions can also mean large losses for your other personal expenses.

8. There is a spot price of gold and you should base your purchases on them. Although there are indeed some premiums added to the actual price, there should not be a large difference between spot and the buying price.

9. Buy from a trusted source. Buying stolen items can eventually get you into difficult circumstances.

10. Make sure that you have a safe and secure storage for your gold before you buy any.

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