The next big question that arises after you have decided to purchase gold is, what type of gold should you go for?
There are several options out there but not all might be right for you. We?ll explain each in this article:
Types of Gold
Most people assume that there is only one type of gold and that is the gold you get in the form of rings or other accessories. However, you will be surprised to know that there are actually 4 types of gold for investors:
Gold Investments, as the name suggests is when you purchase a stock in a mining company. It also includes futures. This is a more professional approach to purchasing gold. Speculators take great interest in this option.
Making a gold investment does not only require experience, but also a commodity broker that is trustworthy.
Moreover, you will have to deal with taxes that can be troublesome.
Gold accounts allow you to hold your own gold with banks. However, a drawback of this is that such a facility is not available in every country.
These days, you can even store gold and other precious metals in your IRA.
Gold bullion is gold in the form of coins or bars of varying weights. It?s easy to purchase and is popular among investors and collectors as coins and bars do not lose value with time. In fact, they typically appreciate over time.
Which Type Should You Purchase?
The type of gold you purchase depends on your preference.
If you are a speculator and want to own gold for investment purposes, then gold accounts or gold investments may be the way to go for you.
However, if you are a hobbyist or looking to purchase gold just to store it away for times of need, then gold bullion will be good for you.
Nonetheless, remember these tips:
- - Do a lot of research on the type of gold you are hoping to purchase.
- - Plan out your budget.
- - Visit various websites that give an in-depth review of each type of gold just so you can weigh out your options again.
- - Choose a reliable seller and make sure to buy authentic gold.