Since from the ancient era, the kings, barons and common people convert their money to precious metal and stones. Gold is a precious metal and has a great resale value for the long run. Since that time, it is one of the most preferred ways to save people’s money. Now a day, gold plays a vital role in the global economy. The main reason of gold as an investment is – it protects your money from economic meltdown, political and social disturbance, inflation and war. The most beneficial part of it is – you can sell it anytime with good and reasonable price.
There are several ways to invest in gold. The most popular way to invest in gold is –
- Gold bar
- Gold coins
- Exchange traded products including – exchange traded funds and close end funds
- Gold certificates and
However, investment in gold is not a simple task. There are lots of things you must consider before buying. Here is a comprehensive checklist for you –
Methods of Buying Gold: As mentioned earlier, there are several methods available for buying gold.
Buy gold from authorized agencies :You can buy gold bar and coin from banks and other authorized agencies. Alternatively you can buy gold bond and derivatives from the stock exchange. Based on your priority and requirement, you can choose your option. If you want to invest your money on gold and expect the dividend from it, then gold bond, exchange traded products and derivatives can give you the best result.
Buy Gold Locally– Never ever buy gold in any hotels, resorts or any other places where people meet temporarily. Usually the fraud gold transaction takes place in those areas. It is a good idea to buy gold from banks and other government authorized agencies that have a license to sell gold and give you the certificate of the authenticity. Additionally, avoid broking service or any other third parties for buying gold. Rather buy gold directly from the authorized shops and banks.
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Check The Purity of The Gold (How to Check the purity of Gold) – Gold comes with different purity. So, you can check the authenticity certificate for purity before buying. For example – 18 karat gold contains 75% of the gold, 22 karat gold contains 91.6% of the gold whereas 24 karat means – it is pure gold. So, do your homework first before buying.
Finally don’t forget to collect your final sales receipt. Make sure that the sales receipt includes all the taxes, weight, purity and all other necessary details. This will help you to get the perfect price when you sell your gold.