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Forget the stereotypes. Investing in gold is not only for the rich and it is now possible to store your gold bars somewhere else than under your mattress. In fact, buying gold has become more democratic, thanks to the emergence of online platforms specialized in precious metals, which offer various solutions, accessible to all investor profiles.
If you are new to investing, you may feel overwhelmed by the process. However, gold is an accessible and easy-to-buy asset that anyone can feel confident investing in, even as a beginner. Gold is traded extensively around the world, making it one of the most widely traded financial assets. With a variety of gold products available, investing in gold can be straightforward and safe, as long as you ask the right questions.
The four-step guide to buying gold provides straightforward guidelines to help you make safe investment decisions.
There are several types of gold products that can be used for investment, each with its own benefits and considerations. Bullion bars and coins are a popular choice because they often have low premiums and may offer tax benefits, depending on the region. Numismatic coins and other collectibles, such as medals, may have additional value due to their rarity or design. Investment jewelry, which is made of highly pure gold, can also be a good investment option.
To ensure that you are buying a legitimate gold product, it's important to follow some safe practices. For bullion bars and coins, make sure to get a certificate of ownership in your names and a certificate of authenticity that proves the gold's purity. Also, make sure that you are holding your metals directly and that you can physically withdraw them. To verify the authenticity of numismatic coins and other collectibles, consider using an independent grading service and checking the serial number with the professional grading service. When buying investment jewelry, be sure to check for hallmarks and ensure that the gold is pure. You should also demand proof of the jewelry's melt value.
When buying gold, it's important to understand the various costs and fees associated with the purchase. Make sure to ask your seller to explain the sale price, including any premiums. You may also have to pay purchase fees and commissions, and there may be delivery fees if you have the gold delivered to your home. If you store your gold in a secure vault, you will obviously have to pay a storage fee. Make sure that precious metal insurance is included in these. If you store your gold in a safe deposit box at a bank or other facility, there will be a box rental fee and you may need to purchase insurance from the bank or facility or from an outside insurance company. If you store your gold at home, you will not have to pay storage fees but the insurance will certainly be expensive (if you can find one). It's also important to understand what fees may be involved if you decide to sell your gold.
To ensure that you are buying gold from a legitimate seller, it's important to follow some best practices. Make sure to confirm that the company has a physical address and can be contacted via phone and email. Check to see if the company is registered with the national business registry and whether there have been any warnings issued by regulators or consumer protection bodies. It is also a good idea to find out if the insurance company covering the gold delivery or storage operation is reputable. Products should be stored securely with a well-established storage company, preferably in its own name and without intermediaries.
Finally, be aware that you should never feel pressured into buying gold. If you encounter a seller using aggressive tactics, be cautious of their intentions.