Gold Bars For Sale Online
Helpful tips for buying gold bars
Whether you are buying gold bars online or physically, there are certain things you should consider before and during the purchase process.
Below are helpful tips for buying gold bars online or physically.
When you are buying gold bars online, search the gold dealer’s website to see if they have a buyback or return policy. You should be able to return the gold bars you purchase within a stipulated period if they don’t meet the required standards. A lot of big gold dealers have a buyback and return policy. Don’t always be in a rush to agree to the terms and conditions, carefully read through it before buying your gold bars online.
This is another helpful tip you should consider when buying gold bars online. Ask the gold dealer to tell you the refinery where the gold bar was refined. You are not asking for too much information. The thing is that gold bars that were refined at famous refineries have the highest level of purity. So, if you find out that the gold bar you want to purchase lacks this feature, you need to be very careful. In India, there are two of those popular refineries, they are MMTC-PAMP and Bangalore Refinery.
The purity of the gold you want to buy is another thing you should be sure about before buying gold bars online. The purity of a gold bar is measured using karat–so, the higher the karat, the higher the purity of the gold. So, a 24 karats gold bar is purer than an 18 karat gold bar. For instance, the level of impurities in a 24 karats gold is lower than the one in an 18 karat gold. Also, the price of 24 karats gold is higher than that of 18 karat gold. If you want to invest in gold, paying for 24 Karats gold is best but if it is for your consumption, a 22 karats gold is perfect.
It is always good you keep the physical gold in the packaging it was delivered in because leaving it there helps to maintain the purity of the gold bar.
As someone who wants to buy or invest in gold bars, the gold bar you want to buy should have a Hallmark certification. If the gold bar doesn’t have a Hallmark certification from that particular country, then you should not buy from that gold dealer. For instance, the Hallmark certification in India is the Bureau of Indian Standards (BIS).
You should buy gold bars that have lower denominations. Buying gold bars that have lower denominations aid in maintaining the liquidity when you need it. Usually, the denomination of gold bars can be as low as 5g, 10g, 50g, 100g, and up to 1 kg. The price of higher denominations could be lower since they have a lesser premium.
The fineness or how smooth a gold bar is is another thing you should look out for when buying a gold bar. Fineness indicates the purity of precious metals by parts per thousand instead of karats–it is a method of showing the precious metal content of the gold bar. For instance, if gold is refined to a fineness level of 999.9 parts per thousand it is written as 999.9.
This is a very important tip that should also guide your buying process. Ask the gold dealer to provide you with details about the purity tolerance level and weight of the gold bar you intend to buy. The purity tolerance level is the difference in purity. While some gold bars have a +/- tolerance level, others may have NIL negative weight tolerance and NIL negative purity tolerance. It is better for you but the gold bar doesn’t have NIL purity tolerance and NIL negative weight tolerance.
Invest the money you won’t need for 5 years
If you must invest in gold, make sure you use the money that you won’t need for at least the next 5 years. Don’t listen to the people that keep telling you that the system will crash in the next six months.
If you want a reasonable amount of return on investment, you should wait for at least 5 years. Even if the system crashes before the expiration of five years, you would still be good. Make sure you don’t use money that you will need in three, six, or even nine months, since you don’t know what would happen to the price of gold within that short period.
The truth is that an ounce of gold will always remain an ounce of gold, it is only the price of fiat that fluctuates. There are high chances of you profiting greatly after five years of investing your money in gold.
Comply with all the laws that guide the gold purchase process
As an investor, you should buy gold when an opportunity to buy comes. You may not be able to buy a lot because of the small amount of money you have but you can be buying gold bars in small denominations during the year. And the beautiful thing is that you can be buying them anonymously–you don’t have to provide the gold dealer you are buying gold form with your details and it is not illegal. You are assured of more security and privacy when you buy gold bars in small denominations. But if you want to make bigger purchases, ensure you comply with all the laws that guide that particular purchase process so that you don’t have issues with constituted authorities.
If you want to buy physical gold, make sure you are doing it with the right intentions. If you intend to purchase a home to hide your wealth from the government, it is not safe. Be compliant with the laws, if you are, you won’t have to bother about anything. Storing your gold in jurisdictions like Liechtenstein or Swiss law is safe.
Buy gold with your savings, don’t use credit
If you have intentions of investing in or buying gold someday, ensure you save towards it. Don’t use credit to invest in gold. If the money you want to use to buy gold is not yours, please, don’t do it. Don’t borrow from the bank to buy gold because the market price of gold fluctuates.
Learn to always store your gold outside the banking system
One thing you must know is that our current banking system depends on computer digits, paper, and credit and gold is the antidote for this system. So, buying gold and keeping it in a bank is something you should not do. The property rights in the banking system are temporal. In the past, some banks confiscated their customers’ physical gold. Some banks will tell you that you would be given a safe deposit box, but you should not rely on that information because those boxes are not insured.
Store some gold close to you
Instead of keeping your gold in the bank, keep it in a safe place that’s close to you. You can either keep it in a safe inside your house or bury it somewhere outside your house. All you need to do is make sure you can easily access it when you need it. But ensure that you have your insurance outside the country.
So, if you have more than fifty thousand dollars to invest in gold, keep it in a safe jurisdiction like Switzerland but if it is less than fifty thousand dollars, store it in a place close to you.
If you practice buying gold bars online using these helpful tips, you will make little or fewer mistakes during your purchase process.