Best Ways to Buy Gold
Today, gold is a raging market and everyone seems to want in. Not only is it a great long-term investment, as it has always been, but it’s fast climb against the US Dollar has made it a favorite of many short-term investors as well. Whatever your reasons for buying gold, you need to know a few things.
There are three basic reasons to purchase gold: as a steady base for an investment portfolio or retirement plan, as a bank or home “stash” for bad times, or as a collector of beautiful and aesthetic coins. In all three cases, buying gold has some specific needs and there are better ways to buy gold than you might be using now.
In our look today, we are specifically dealing with gold as a collector’s or bullion owner’s “hands-on” gold. The best ways to buy gold in this situation are important, since for these folks, gold has both immediate and future value and the lower the cost of acquisition, the better.
Most often, you’ll likely be buying gold at a coin shop or dealer. Find a reputable one and check prices online or in the morning paper before you go in so you know the current spot price (the price paid for pure gold bullion on the market).
These prices change during the day, but don’t often fluctuate by much. Most good coin shops will have a computer monitor or television with a live feed of current bullion prices based on New York figures.
Now just watch the markup prices. Right now, American Gold Eagles are at a premium because the mint has not had enough gold to keep up with demand this year. The U.S. Mint is required to produce enough Eagles to meet demand, but must also source all of its gold from American mines, which have had a production dip this year, so the Mint cannot keep up.
For this reason, the Mexican Peso pieces or the Canadian Maple Leaf are a better bet. Their markup will be about half the Eagle’s, so this is one of the new best ways to buy gold.
The other is to go with silver instead. If you’re not necessarily collecting gold for gold’s sake, silver is a great option right now. There is a lot of it on the market and the price is rising steadily.
Hopefully these tips help some when you’re shopping for ways to buy gold this winter.
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