Most investors enjoy the feel, touch, and safety of owning gold. That is why they purchase bars instead of investing in mutual funds or ETFs. Physical and investment-grade gold, which we can call bullion, is something you can purchase at spot price, which includes the overall market value of gold plus additional expenses that depend on a dealer.
The essential aspect of owning physical gold is through bars and coins. You can easily liquidate it in case of economic collapse, which will provide you peace of mind and security. Generally, you should research various dealers and check the form, purity, size, and weight before making up your mind.
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Remember that it can come with additional expenses, including sales markup, insurance, and storage. Online dealers have a more extensive selection, but you should include insurance and shipping expenses. You should be aware of protection and storing it safely, meaning putting it into a home safe is not the best option. Instead, you should pay for third-party storage.
Gold Purchasing Process
When buying physical gold bars, you should know that it is a simple process. Most buyers can easily browse different bar products from the retail websites and choose based on price, purity, and weight. The most common option is through licensed retailers online, which is essential to remember.
As soon as you receive it, the best action is to keep it in packaging to prevent scratches. At the same time, you should store it in either a safety deposit box or a home safe. Remember that choosing third-party storage comes with additional expenses, including insurance and storing fees. However, it is safer than risking your home.
Buying In-Person vs. Online
Some people are more likely to choose an in-person dealer from a city or town, meaning you can inspect everything and pay it in cash. Still, local dealers come with higher premiums than online ones, which is essential to remember.
On the other hand, online retailers can offer you higher volumes and more affordable options than brick-and-mortar options. At the same time, you should conduct regular research to find professionals.
Online stores can also offer discounts for people who decide to buy large amounts. Some will offer you a discount after credit card purchases, while others will do it for wire transfers. Therefore, you should choose the best and most affordable option available.
Of course, you can find some options on auction sites. However, checking out the seller’s feedback and comments is vital. The best action is to check out negative comments about authenticity because you do not wish to buy a low-purity option for a high price tag.
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You can find gold-to-go automatic teller machines or ATMs in Dubai and Las Vegas. As a result, you should understand the spot price because most of them will sell above the price, which is vital to remember.
Things to Consider
- Storage – Investors should understand where to place gold bars. Although it is possible to keep them at home, it is way better to keep gold in a safe-deposit box. For instance, if the broker is buying for retirement purposes, you should find an IRS certified custodian to ensure safety. Most custodians will charge you a fee, but you will get additional security.
- Insurance – Suppose you wish to store it at home. In that case, you should get an insurance policy for a specific situation. That way, in case of disasters, flooding and burglary, you may not retrieve it, but you can receive money to top everything up. However, safe deposit boxes are not federally insured, which is not something you will get with certified bank deposits.
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- Purity – When it comes to investment-quality bars, you should ensure that it is pure gold with at least 99.5% purity. The rest should be alloys such as copper or silver, but it is in traces, which does not affect the overall bar. If you wish to purchase bullion as an investment, you should get one with weight, manufacturer, and purity. The most popular mints are Perth Mint and Royal Canadian Mint, among others.