Gold Bullion and Coins
It seems that everyone wants to buy gold bullion and gold coins right now. Gold has been shown to be a great investment, especially in an economic downturn such as we are facing now. When the economy and other investments go awry, gold, and other precious metals tend to do very well.
There are many places that you can buy bullion and coins, but you need to be careful. There are unscrupulous dealers out there who will try to take advantage of you. You can read reviews such as this one https://www.kingoldjewelry.com/nationwide-coin-and-bullion-reserve-review/ that will help you to see which company you might want to business with. This review will give you a starting point to look at reputable businesses.
This article will help you to buy gold by giving you some information about how you should go about it and things that you should look at. It will help you to find the right company and the right gold bullion and coins. It will help you by showing you what to look for, as well.
1. Only Physical Gold
You should only buy physical gold bullion and coins. You are not getting the same thing when you buy EFTs or gold certificates. Physical gold has been around for more than five thousand years, and it was not until 1971 that President Nixon decided that it should not back the currency anymore. There are some that say that this will be changed in the future and that gold will once again back currency. That is just one reason that you should only by physical gold.
2. Direct and Unencumbered Ownership
You want to be able to hold the gold that you own, you do not want to have someone else hold it for you. If you are going to buy large amounts of gold, you want it to be in a jurisdiction that will keep it safe for you. The best place for you to store your small amounts of gold is in a safe deposit box, a safe, or a nearby bank. Again, if you have large amounts of gold, you will want to store it in a safe jurisdiction such as Switzerland: https://swissgoldsafe.ch/en/additional-information/conditions-value-storage/switzerland-a-safe-country-for-storing-gold/. Switzerland has always been known as a safe place to store gold because of their laws.
3. Liquid Gold Bullion and Gold Coins
You want your gold to be as liquid as possible, which means you want to be able to get cash for it as fast as you can. You want to purchase the gold at a price that is as close to the paper cost as possible. You can also purchase gold coins with the understanding that you can sell it quickly. You do not want to buy your gold on a site such as eBay because it could be that the sellers are trying to take advantage of you and will try and scam you.
4. Build Up Liquid Gold Stocks
You can use gold as a kind of insurance for your future. If you would have bought eighteen hundred ounces of gold for around one hundred thousand dollars, it would be worth around two million dollars today. If you bought an ounce of gold for around five hundred dollars in 2004, that ounce of gold would be around nineteen hundred dollars.
5. Do Not Use Credit to Buy Gold
Buying gold with credit will defeat the purpose of buying gold for your future. If you are not buying with cash, you will have to pay the cost of that gold at a later time. That means that you are not saving with your gold, you are just paying for it over time. Use cash to buy your gold for your retirement portfolio. This site tells you why buying gold with cash is a better idea. It is mostly for your own safety and wellbeing.
6. Store Some Gold Coins Near You
You will want to save some of your gold near you, either in a safe in your home or a nearby bank. You will want to have quick access to your gold if you have an emergency or crisis. You do not want it all placed in a country far away that will take you a while to get to it.
7. Store Some of Your Gold in a Safe Jurisdiction
If you have more than fifty thousand dollars in gold, you will want to store some of that gold in a safe jurisdiction where no one can take it from you. One safe jurisdiction is in Switzerland, and no one can confiscate your gold that is placed there. You will want to do that so that in case of a crisis, the government cannot take your gold.
8. Always Store Some of Your Gold Outside the Banking System
Again, in case of crisis, you want to make sure that you have access to at least some of your gold. If the banks fail for whatever reason, you want to have access to part of your gold, so you will need to store it in a safe spot in your home. You would probably need a strong, secure safe at your home to keep a small amount of your gold that could keep you out of crisis if need be.
9. Be Compliant with All Laws When Buying Gold
There are laws that you have to comply with when you are buying large amounts of gold. You need to be sure that you are following all the laws that you should be. This includes declaring who you are and what you are doing with the gold. If you buy smaller amounts of gold, you will not have to declare those things, so you might want to buy smaller amounts over time. This way you will still have the same amount of gold, but you would not have to make any declarations.
10. Only Invest Money That You Will Not Need for Five Years
You will need to invest money that you will not need for at least five years. This will help you to get past any crisis, including a nationwide failure of the banking system. The price of gold will fluctuate from day to day, but if you keep it for the five years, it will still have most of its original value, if not more.