Buying gold can be a scary thing if you do not know what you are doing. There are some things that you will need to know in order to buy it safely. You can learn a lot about buying gold if you do some research and talk to some experts.
As you do research, read the online reviews for the different companies that sell precious metals. You can begin with https://bmogamviewpoints.com/birch-gold-group-reviews/ to see what they have to say about one such company. This type of review can help you find reputable dealers when you want to buy this precious metal.
This article will help you to learn more about gold and how to buy it. It will give you the information that you need to have before you buy. These are tips from experts who know what they are doing when it comes to gold.
Table of Contents
Tips for Buying Gold
- Buy Only Physical Gold and Silver
To get the most for your money you do not want to buy these precious metals on paper, you want to buy the real thing. There are many paper products that cannot guarantee that you actually own the gold. Even if you buy exchange-traded funds, a GLD, or even an SLD, they cannot guarantee that the gold that you own is real.
- It Must Be Under Your Direct Ownership
You want to be able to hold the precious metals in your hands so that you know that it is really yours. If you do not have a lot of money to spend on it, you can buy gold coins or small gold bars. You could keep these in your home or in a safe deposit box at your local bank. You want to be able to access your metals if there is a scenario of harsh crisis.
If you have the money to buy more than that, you want to store it in a jurisdiction that has strong private property rights. Right now, the best jurisdiction that you could store your property would be Switzerland and Liechtenstein. You can learn more about safe jurisdictions here. These countries can help you to keep your precious metals safe.
- Buy Gold and Silver That is Easily Liquidated
You want to buy as many precious metals as you possibly can that are at least 99.95% pure so that it is easy to liquidate. The best thing to invest in are coins that are legal tender such as the American Gold Eagle, the Canadian Maple Leaf, and the Austrian Philharmonic. In a crisis, you want to be able to easily turn your gold to cash and this is the easiest way to do it. Since the coins are as close as possible to an ounce, you want to be able to purchase them for the spot price of gold. Check out this link for the prices of gold – https://www.monex.com/gold-prices/. This is the current price of the metal, and it changes daily. Be careful and do not try to find a bargain on eBay or a similar site – the gold you buy might not be pure.
- Build Up Liquid Gold Stocks
This means that you should hold precious metals as monetary insurance and as a way to build up your savings over a long period of time. If you had bought an ounce of gold in 2004 for about $500, that same ounce would be worth over $1900 today. There is no telling what an ounce of gold will be worth in twenty years, so this is a great way to add to your savings account.
- Use Savings to Buy – Not Credit
If your main objective is to buy gold to save yourself some money, you want to buy it with your savings and not with a credit card. You do not want to have to pay off the credit card because you won’t be able to save that money. You will be spending that money each month that you pay for that card. Using money that you already have makes more sense than using credit.
- Store Some Gold Near You
You always want to always have some of your metals near you at all times. This means storing it in your home in a safe or – as some people have said – burying it in your yard. You can look here is a list of safe places that you could store your precious metals. You just want to be able to get to it quickly if there is an emergency of any kind. You shouldn’t store it all near you, you will want to make sure that you have it in other places. You might want to store it outside the country in case the federal government wants to come after it.
- Store Some of it in a Safe Country
This was touched on above; you want to store some of your gold in a safe jurisdiction such as Switzerland and Liechtenstein. These countries are safe from any politics, and you can store your gold safely there. Switzerland is the best country because they have more than one president – they have seven – and they have a decentralized political system.
- Store Outside the Bank
Since most people are buying gold because they fear a banking crisis or collapse soon, it makes sense to store your precious metals outside the banking system. Banks in the past were known to confiscate all the money and precious metals there and people are afraid that this could happen again. For this reason, they are storing them outside the banking system, which makes them safer for you.
- Be Compliant with All Laws
If you buy just a small amount of gold from time to time, you do not have to claim it or report it. You can remain anonymous if you buy in small amounts, but if you buy in large quantities, you will be asked to identify yourself. You want to make sure that you are compliant with all the laws that apply to your large purchases.
- Only Invest Money that You Don’t Need for Five Years
You want to invest only money that you won’t need in the next five years. Anything can happen in five years, or as we learned in 2020, even five months. Everyone is predicting that the price of gold will only increase in the near future, but they can’t predict if there will be a big financial crisis that will affect the prices.
Conclusion
These are just a few tips if you are wanting to buy gold, there is more that you really need to learn. You should do more research before you purchase gold, especially if you are doing it to head of a financial crisis in the future.
