My journey into gold started around the time I was in my early thirties. At that time my knowledge about investing and building a portfolio was very minimal. I knew investing in precious metals was a good idea, although I wasn’t sure which way would be the best for me to acquire them. Trying to wrap my head around the pros and cons of gold ETF’s vs RRSP’s and owning physically was quite overwhelming to say the least.
After spending some time doing research online and visiting a few local precious metal dealers, I was able to get a much better understanding about which investment method would work best for me and my lifestyle.
The following is a brief overview of some points to consider when you are looking to purchase gold and other precious metals for your portfolio.
What Amount Should You Invest?
Determining how much money you’re willing to invest really comes down to why you want to invest in the first place. Are you looking to invest for your retirement? Trying to add security to your investment portfolio? Maybe you’re just looking for a few collectors items. Or, maybe you are preparing for a potential economic crisis and crash of the dollar? Either way, everyone has their reasons for why they want to have physical access to gold. Once you have made a decision, you can then really decide how much money you are going to set aside.
Once you have made a decision on how much you are going to invest, you then want to take a look at the spot price of gold, silver or whatever precious metal you decide to invest with. The spot price is basically the current value of a precious metal at a given time on the market. This price can change at any time, which is why some dealers allow you to lock in your price before buying so that you don’t have to worry about last minute fluctuations when it comes time to invest.
Choosing Your Precious Metals
When you have come to an idea of how much money you’re willing to put down, you’re going to want to start doing some research on the types of precious metals you want to own. Besides that, you’re also going to want to take into consideration what type of bullion you would like to have.
For example, the most common types of precious metal bullion include gold, silver, platinum and palladium. Out of those four there are generally three main forms of bullion that are available on the market. That includes; bullion coins, rounds and bars.
Choosing The Right Dealer
When searching for the right precious metal dealer, not only are you trying to find a good price but you also want to make sure that you are dealing with a reputable and well known professional establishment that is licensed to sell precious metals.
Aside from licensing and quality of products, you’re going to want to look into the different methods and procedures for shipping and storage of your precious metals. You’re also going to want to look into information on taxes, insurance and methods of payment that you can use when investing.
Once you have narrowed down a few companies that you’re interested in investing with, you’re going to want to look into the different payment methods that are available. Some of the most common forms of payment methods include; money order, bank wire, personal check or cashier’s check. Not all dealers will accept credit card as they would prefer to have cash in hand before delivering any precious metal investments to their customers.
Storage & Security
The storage, security and safety of your precious metals is highly important once you have made your purchase. Whether you are a new or experienced investor, you may already have a secure place in your home where you can store your bullion. If not, then you will definitely need to find an offsite location where are you can have them stored securely.
Many precious metal dealers allow their clients to store bullion in their depositories for a fee. This may just be the best option for you if you are unable to find a safe and secure place at your residence.
Buy Back Program?
Not many precious metal investment companies provide the option for their clients to sell their bullion. Most companies will leave you on your own to find a buyer, while others will create marketplaces and some will allow you to sell back directly to the company that you purchased from. Having this option is a great alternative in the event that you ever need to exchange your investment back for cash.
Silver Gold Bull is a precious metal investment company that is capable of providing many, if not all of the options mentioned above. They are fully licensed and are known to provide investors with quality and authentic precious metals to add to their portfolio. Along with safe, secure and insured storage for their clients.
To get more information on Silver Gold Bull and the different types of bullion that they offer, be sure to click here.