What are Some of the Best Ways to Buy Gold Coins and Bars?
When it comes to buying gold coins and bars, we first need to understand goals. What are your goals? Diversification? Long term growth? Short term gains? Conquer the world? Just kidding - but it really does matter what you want to ultimately accomplish so we can answer the question of “what you should buy” first - then we can dive into the best strategies on how to buy the best asset for your portfolio.
For the purposes of this video we are going to focus on buying gold coins and bars for your portfolio - with a key eye on gold bars. All gold coins and bars come in a range of sizes from 50 grams, 100 grams, 1 kilogram, 1 ounce, 10 ounces, 100 ounces and 400 ounces. Thinner gold bars are often referred to as gold biscuits or gold wafers.
The very wealthy can purchase huge bars, which are usually stored in banks. Sovereign nations and large businesses usually purchase gold bars in large quantities as a means of storing and securing their wealth. For ordinary mortals (like most of us) the focus is usually on the one ounce, 5 ounce, or 10 ounce bars.
There are many bars available in the market , and they are imported from all over the world. Some of the more well-known refineries of gold bars are Credit Suisse, Johnson Matthey, PAMP Suisse, Perth Mint, UBS and Rand Refinery. All are credible and worthy of purchases from.
So, How Much Do Gold Bars Actually Cost?
Gold bars always sell at current market value with a margin from a precious metals firm. Said margin can be high or low depending on the dealer, and often includes packaging, sales tax and freight.
The fineness you see on the bar impacts price considerably and refers to the purity of the gold in the bar. Gold purity is expressed in parts per thousand. This explains why you might have two bars of identical weight going for different prices. The price variation would be dictated by the fineness of the gold.
So, Where Do I Buy Gold Bars for my Portfolio?
Most gold bars are sold online these days via ecommerce platforms. Some people still purchase from local coin dealers via their shops, but can be risky - we always advise our clients to do their homework before venturing into a local gold shop - and never never never sell to a pawn shop - their margins will kill you.
The bottom line is gold can make an excellent long term investment and real diversification for your portfolio.
Remember - "take care of your money and your money will take care of you."
Call or email us today if we can help. We stand ready to serve you.