How To Buy Gold Bars – Some Important Tips
The value of gold has fluctuated in the last few years. Even though that has been the case, many people still want to invest in gold. I actually still think that gold value will hold over a long period of time. Also in many Asian countries, people buy gold jewelry as an investment. I have many friends who have lots of gold jewelry. I also have one friend who actually sold her gold jewelry in order to buy a house. She used the money for downpayment.
Now if you have decided that you would like to invest in gold, you may be asking yourself how you can buy gold bars? You have to be very careful when buying any kind of gold as there are many people who will sell you other metal plated in gold. So there are a number of things that you need to think about when you are starting to invest in gold.
The first one of where do you buy the gold bars? One of the ways that you can do this is to buy it online. This always worries me because I do not know what I am getting or if the gold bar will even get to me. You can also buy them at local stores. You may also be able to buy them from banks. Or you may just want to see if any of the jewelry stores carry gold bars. You may also be able to buy them from the U.S. Mint.
You have to be careful how you buy them too. Find out about troy ounces. This is something I found out from my friend when she sold her gold. Apparently a troy ounce is roughly 31.1 grams. If you want to buy online, make sure that you shop around to find out what the different websites offer. Also find out if the websites are reputable. You can check with Better Business Bureau. You also want to make sure that you buy the gold bars that have reputable hallmarks. This is like the brand on the gold bars. If you do not know that brand, do not buy it. One of the brands that I personally trust si Credit Suisse. Look for ones that say 999.9 on it.
Another thing that you may want to consider is if you can buy IRA eligible gold bars. This means that you can make the gold bar as part of your IRA. You can look on website and some will have gold bars that will say IRA eligible. Or you can call the company to find out whether the they are eligible. Of course when you get them, they will be for your retirement. So that means that you should hold on to them for a long time. I think that is the best thing to do. You will also get tax advantage when you do this.
You will also have to think about where you are going to put your gold bars once you have bought them. Many people do not think about this at all. However, when you buy a lot of them, then you need a safe place. If you have a safe at home, then that is where it should go. If you do not have a safe at home, you may want to consider opening a safety deposit box at your local bank. One thing to consider when you do this is weight. Gold bars can be heavy and some banks have limits on the weight that they will allow to be put into each safety deposit box. So you should call ahead and find out.
Now when to buy the gold bars is another question altogether. You will need to know the price of gold for each day. I would suggest that you monitor the price of gold for a few weeks. Find out what is the highest and what is the lowest. This will give you an idea and a benchmark so that when you see the price go to the lowest, you can then purchase your gold. Of course there is no guarantee that the price will not go lower than what you bought the gold at. But at least it is a place to start. You can buy a little at a time so that you can take advantage of the best price.
The best of the web is brought to you by Hubsly.com.