Investing in Gold
If you want to invest in gold, you need to know a few things before you get started. You will need to know all the ins and outs of investing, what types of gold to invest in, and many more things that will help you out. You need help from experts, but you can also get a little help from articles like this.
You can also get help by reading the reviews of others who have checked things out for you. This review from Lexi Capital reviews can help you, as well. They have looked at different brokers and dealers and have reviewed them for you. This will help you to decide if these are good places to help you invest.
There are other people who have made good reviews for others, as well. Before you invest in gold, you might want to read more of these types of reviews. This article will help you to learn some more tips before you invest.
Tips
- Buy Only Physical Gold
If you want to have your gold investment as a hedge against tough times later on, you need to buy physical gold. In 1971 Nixon removed the backing of gold from the monetary system and went to a fiat system. That meant that paper money was no longer backed by gold. That started a worldwide trend and now, it is all based primarily on a fiat system.
If you want to invest in gold, there are many ways to do it. One way is to buy this precious metal that is primarily on paper. If you invest in this way, you are not guaranteed to have the physical gold later on if you need it, and it will not pay off that well. This will save you trouble and heartache later. If you want to know its price today, you can look here: https://www.apmex.com/gold-price. They have up-to-date prices at all times.
- It Must Be in Your Direct Ownership
You want to make sure as well that you take physical ownership. You do not want to store it somewhere that makes you pledge the gold to them. If you only have a small amount of money to invest, buy coins that you can keep near you. If you have larger amounts of money, have it stored in a place that allows you to maintain ownership of the gold. There are storage places all over the world that allow you to do just that.
- Only Buy the Most Liquid Gold Coins and Bars
You will want to only buy gold coins and bars that you can easily cash out when necessary. You do not want to have something that takes too much time or money to cash out, especially if you have an emergency and need the money immediately. There will always be fees attached to selling your gold, but you want the fees that cost the least. You do not want to lose a substantial portion of the fees.
- Build Up Liquid Gold Stocks
You want to be able to have stocks of liquid gold – a precious metal that is easily transferred for monetary value. Some people suggest that we are headed for an economic disaster soon, and if this is true, you want to be able to use your gold to buy things. You want to be able to have something that you can turn into money quickly or use as money in a disaster.
You want to buy gold coins such as the Austrian Philharmonic, the Canadian Maple Leaf, or the American Gold Eagle. You can learn more about the cost of the coins and see if this is the route you want to take. Having these coins that are legal tender will assure you that you will be able to use them in an emergency.
- Do Not Use Credit, Use Savings
You do not want to use credit to buy your gold, this will end up costing you more money in the end. If at all possible, buy with your savings so that you can avoid all the extra fees that come along with credit use. Do not use speculation to buy either, you may want to make sure that you have the gold in your hands.
- Store Some Gold Nearby
You want to store some of your gold nearby so that you have it when you need it. You can store it in a home safe, or some people even suggest burying it in your yard – although you must remember where it is buried. You do not want to keep all your gold near you in case of burglary or something similar. You do not want to lose all your investment in a circumstance like that.
- Store Some Gold in a Safe Jurisdiction
In America, we have one president that has the ultimate power to control things. He has the veto power to veto laws that he does not like and has the power to enact laws that he favors. There are other jurisdictions that do not have one ultimate power. Switzerland, for example, has seven presidents, but the people have the ultimate power. People can choose what is right and wrong.
Because of this, America is not as good a place to store your gold as Switzerland would be. Your gold will remain safe in Switzerland, and no one will ultimately try to confiscate it “for the good of the country.”
- Be Compliant with All Laws
If you buy your gold in small, insignificant amounts, you do not have to declare it with to government, so it might be best for you to do just that. If you have the money to buy in large quantities, you will have to declare it and give your personal information to the authorities. If you want to keep your purchases secret, buy in smaller amounts.
These are just a few tips that you need to know before investing. There is much more that you need to know, so do some research before you purchase gold. If it helps, you can read more about this here.
