If you plan to buy gold as your investment, make sure to do it wisely and efficiently. But, you should never rush to just pick any gold you find in a jewelry store or a pawn shop. Rather, you need to think about a lot of factors before you consider buying one, which is not as simple as it seems. For you to be guided, we are listing in this article below some of the best way how you can purchase gold both in physical and online shops:
Refuse buying at more than 0.5 percent
When you’re planning to invest in beyond 100 g (amounting to $5000 or more), refuse to 0.5% or more of the price. Hence, inspect your bar’s market price and when the gold supplier is selling it with a boundary of more than 0.5 percent, then call it off and start looking for a new gold dealer.
Try to request for the spread
The spread indicates the price gap that your gold supplier will purchase the bullion from you and the price he’ll sell the bullion to you. This can provide you details of the actual margin created by your bullion dealer and gives you the chance to negotiate better.
Attempt to inspect the spot price
At times, the price that’s displayed in shops is not their actual price. The legit price, which is known as spot price, is the live market price as of the moment for a product. Each one of them has its respective name/; XPTUSD for Platinum, XAGUSD for Silver, and XAUUSD for Gold.
Try investing in fresh gold bars
If we talk about fresh bars, it only means that these freshly came directly from the refinery to the customers since they are not secondhand and pre-loved. Usually, a lot of bullion banks/dealers purchase bullion outsource from non-authorized sellers (traders, individuals) and resell such bars to new customers without performing a correct purity test. As much as possible, refrain from buying such bars from these people since you get a higher chance of having counterfeited products. Though it’s hard to conclude whether the gold bars are fresh or not, you can verify with your bullion dealer whether the bar has undertaken the integrity procedure.
Try buying LBMA Gold Bars
LBMA or the London Bullion Market Association is the leading authority in the world that regulates the precious metals market. This organization certifies the most diligent and most serious refineries around the globe. Investing in bars from LBMA-certified refineries mainly guarantees the fungibility, purity, and the quality of the bars. This only means that you can sell the bar a lot easier on the international market compared to the ones that come from a non-certified refinery.
After knowing all of the tips mentioned above, you are now armed with the knowledge on how to effectively and wisely invest your money for a bouillon. The next thing you should do is to look for the certified Bay Area gold buyers today.