Enter the characters you see below Sorry, we just need to make sure you’re not a robot. Access insights and guidance is It Good To Invest In Gold our Wall Street pros. Find the product that’s right for you. It’s never too late to invest in gold, no matter what the gold price. Whenever you buy gold, the first rule of thumb is dollar cost averaging — putting a fixed amount of money towards gold every month regardless of the price. For the average investor, this strategy spreads risk out over time and lessens the downside.
Gold is protection, insurance against inflation, currency debasement, and global uncertainty. Here are four ways you can invest. Buy physical gold at various prices: coins, bars and jewelry. Some of the most popular gold coins are American Buffalo, American Eagle and St. You can store gold in bank safety deposit boxes or in your home. You can also buy and sell gold at your local jewelers.
When you buy gold coins or bullion, avoid big premiums. The higher the premium, the higher the gold price will have to rise in order for you to profit. To calculate the premium of a gold product, subtract the spot price from the price you are being quoted, divide that number by the spot price and multiply by 100. Had you purchased a one ounce gold bar at Kitco. 1,200 — the bar has a 2. This means that the gold price only has to rise 2.
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To avoid getting ripped off you must establish why you want to buy gold bullion. If you want to own gold as a long term investment, then buy gold as close to the spot price as possible. If you want to own gold to use as money, if you are a “survivalist” you want to buy a tank of gas with gold as Jon Nadler, senior analyst at Kitco. Where investors also tend to go astray is by buying semi-numismatic or numismatic coins, otherwise known as rare coins, which come with huge premiums that seldom recoup their value.
A good rule of thumb is to leave rare coin buying to rare coin dealers. Merena or Christie’s who have experts on staff and can objectively grade the coins the same way an antique dealer would appraise goods. If a broker tries to sell you a story with the coin like it’s from the “old world and there are only a few thousand in existence” experts advise to go elsewhere. Don’t confuse investing in gold with the things being sold as gold investments,” cautions Nadler.
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