Over the past few months we’ve written in-depth and unbiased resources covering just about every facet of gold investing. If you’re still wondering the types of gold available, factors affecting the gold price, the different ways to invest in gold, or simply looking for reasons to invest in gold – follow the relevant links above and come back to this post when your concerns have been addressed.
This post deals specifically with how to go about buying gold – and we are assuming that you want to buy gold cheap so we have put together the best way on how to buy gold online, or at your local gold shop if that’s a method you prefer.
If you are looking for a short answer on the best way to buy gold – our research reveals that BullionVault is the way to go and this is why we have chosen it as the only advertisement on this website – we feel like we should only be promoting things that we believe in. The advantages of BullionVault are many and include the ability to buy and sell gold online at the best price, gives access to secure and affordable storage options, has a huge customer base, a really easy to use interface, and is the quickest way to get hold of some gold. Check out the following video to learn how it works:
Gold Buying Tips
Ok if you prefer a more traditional method to buy gold the old fashioned way at local retailers, then we have a very important tip for you. Remember that purchasing gold can be very confusing for the first time investor, you would think that gold buying would be made easy in this day and age but unfortunately it isn’t so and in fact without proper knowledge, the average investor can be ripped off on buying low purity gold at high premiums.
For this not to happen, the most important factor is choosing a gold dealer that is established and has trust from the gold community. Unfortunately, most local gold or jewellery retailers are small business doing what they can to survive in this tough economic climate and hence premiums you pay (the amount of price charged over the spot price) can be higher than other places. However even worse than paying a high price for gold, is paying a high price for fake gold (usually a metal substance called Tungsten) and while the chance of a retail shop doing this are rare, we still feel its a risk that we have to mention as life savings can be wiped out if one gets tricked (and it isn’t that easy to tell gold apart from Tungsten to the untrained purchaser).
So in essence we don’t entirely recommend buying gold at local shops unless you know the business is reputable and even then we would suggest to only buy gold coins that are popular, our link to the left details 7 popular options which will assure you purchase a gold coin that can easily be sold in the future if you wish.
Where To Buy Gold
So if you don’t want to buy gold online and are stubborn on your wish to buy gold locally – the World Gold Council has an excellent resource that will pinpoint exactly where you can buy gold in your country. In some countries it will be state mints, in some cases banks, and other times major jewellery chains. In some cases no reputable local option can be recommended and the only option is to buy gold on the internet, and we will detail how in the next section.
How To Buy Gold Online
At the beginning of the article we highlighted how Bullion Vault was the best way to buy gold so we won’t repeat too much why, but the fact that you can get physical gold bullion within minutes and having the option to have that gold stored on your behalf somewhere safe is hard to argue against. Some hardcore gold bugs might suggest that having the gold in your own possession is the best, but being constantly worried about the gold in your house is a stress not many are willing to take.
Other respectable online gold dealers include:
These all boast A- and above BBB rating which assures that you’re dealing with a respectable business. These online business will usually ship anywhere in North America, with others also shipping internationally. Premiums are pretty even across the board, and buying in bulk generally results in a small gold discount.
So that covers our gold buying guide – whichever method you choose, sleep safe knowing that you’re one of the few wise investors that went out of their way to secure their financial future on an asset that has and will continue to stand the test of time.
Thanks to our friends at Aranan Hediye (interesting gifts site) who’ve helped in the creation of this post.