Where Can I Buy Gold?

Where Can I Buy Gold?

If you’re an investor looking to own precious metals as security against unforeseen economic crises, then you need to look at gold as an opportunity. Gold’s allure as a physical asset which holds its value for long periods is practically unchallenged even today.

If you are looking to buy gold bullion, buying gold bars would be the best option. While coins are another avenue to invest your money, gold bars are the investment asset of choice for financial institutions and individuals alike. Gold bars are the standard when it comes to consistent, long-term investment potential in the smallest package possible.

Let’s delve a bit into why gold should also be a part of your investment portfolio.

 Why Should You Buy Gold?

Gold was discovered thousands of years ago, and it has only grown in value since that time. Gold was the first universal currency used in the world. The first coins were produced in 700 BC, which is 2,700 years ago! While it is not used as currency today, investors always have maintained that it holds value much better than fiat currency.

Because gold is a noble metal, it has very low reactivity, and so does not corrode as most other metals do. Fire or water doesn’t hold any dangers for this yellow metal; the same can’t be said for currency. Another aspect that a lot of investors cite is that physical gold can be held in your hand, a feeling you can’t get with a lot of other investments. Gold is liquid regardless of the economic conditions prevailing – if you want to sell your gold, there will be people willing to buy it.

Universal Acceptance – Gold is a universal asset, and most financial institutions have a backup of gold for times of crisis.

Diversification – if you want an asset that moves differently compared to your other assets, gold is the right choice. 

Inflation Hedge – gold is probably the best hedge against inflation because it increases in value during economic turbulence.

Liquidity – gold is a highly liquid asset and can be converted to cash easily wherever you are.

Holds Value – history has proven that gold holds value really well over a long time.

 Best Places To Buy Gold

A prevalent oversight when buying gold is that people only look at the price factor. When it comes to gold, like everything else you buy, deals that might seem too good to be true usually are. If you are buying gold online, check with reputable vendors who deal in precious metals.

There are a lot of websites like eBay and Amazon that offer gold for sale among other commodities. A problem with buying from these kinds of websites – there's no way of actually verifying the quality of the gold you’re buying. It might vary depending on the gold seller. Since you’re buying gold for investment, the best option would be to opt for a website that only deals with precious metals rather than a general B2C brand. 

Things To Look For When Buying Gold Bullion

Buying gold bullion from reputed websites online can maximize your investment potential and is the safest option. When selecting the right vendor to buy gold from, here are a few things that you need to check.

Reviews – the first thing you need to look for are reviews about their services that you can find online. There are several review websites like Trustpilot, Better Business Bureau, and Ripoff Report that provide a record of reviews. Checking reviews will also give investors insights into how these brands handle complaints from their customers.

Large dealers – the general rule of thumb when purchasing gold online would be – always choose the bigger gold dealer. There are many reasons why – they have a great track record over time, more flexible to your demands, and have a larger selection of products. Vendors like OneGold and APMEX have immaculate customer review histories when it comes to precious metals. Smaller vendors tend to have higher fees and longer shipping dates, which doesn't make it a smart buy.

Buyback – is the vendor willing to buy products that it sold to its customers? Generally, if there is no buyback policy in place, investors are advised to pass on them. A guarantee that investors will not be stuck without a buyer when they want to sell gold is critical when it comes to making a purchase decision.

Payment – most top precious metal vendors have several methods of making payment. This adds to the convenience factor when shopping for gold. Also, remember to check how long the dealer takes to ship your product after the payment is cleared. Anything more than four days is unacceptable, and investors need to look elsewhere.

Online store – while a lot of people prefer brick-and-mortar over online stores, the former just doesn’t offer the same convenience as the latter. People are able to buy gold from online vendors at any time of the day. Some vendors are even open during holidays, which never happens with a local shop. Finally, online gold can be a lot cheaper than gold bought from a brick-and-mortar store.

 How To Buy Gold

Buying gold has become a relatively straightforward process with several online options available. There are reputed retail websites such as APMEX, to name a few. These websites give you a lot of options to choose from, including weight, quantity, and price. The final price of the order depends on the amount you buy, with some websites offering discounts for larger quantities.

Also, you will find that vendors sometimes prefer one mode of payment over the other. For example, they might offer you discounts for wire transfers or credit cards. Most vendors offer free shipping for order values that exceed a specific amount. Few websites even offer free shipping on all their items. The gold bars are delivered neatly packaged, and in most cases, you need to be available to receive them. Unless you already have stored gold before, it is recommended that you keep them in their packaging during storage to avoid scratches and blemishes.

Gold Bars vs. Coins vs Digital

Gold in all its forms holds monetary value, but some types are better for investment purposes. If you are purely after gold for its investment value, then gold bars are what you should buy. Gold coins come at a premium due to their workmanship and historical significance. While numismatic coins are a market of its own and do offer the best returns on investment for experienced investors, gold bars are the safest. Central banks and countries have held their wealth in the form of gold bars for hundreds of years.

But at OneGold we think the best investment is in a digital form until you are ready to take full physical possession. OneGold offers many ways to purchase gold or silver. You can dollar cost average into a position via AutoInvest, or you can connect your bank account, and quickly make up to 100k purchases per day.                    

Opt For The Right Size Of Gold

Another thing to consider when buying gold is the size of the commodity. Investors should remember that it is a lot easier to sell gold in smaller quantities. Given a choice between gold in 1-ounce and 10-ounce bars, the best option would be to choose the smaller quantity. On the other hand, getting too small a size is also a problem as it becomes hard to keep track. 

Check Different Websites

There are a lot of websites to choose from, so investors should make sure they check as many as possible for getting the most out of their money. Gold is a volatile commodity, and prices fluctuate wildly depending on when you’re buying it. There are various types of fees that are associated with gold purchases like payment processing fees, authentication certificate fees, shipping, and handling. Getting as much information on all of these fees can help make an effective purchase decision.