Gold bullion can be purchased by investors who want to feel gold’s security, touch, and feel of owning tangible gold. A spot price is when physical, investment-grade gold can be bought. This price is also known as gold bullion. The un-fabricated price plus any additional costs may vary according to the seller. In the unlikely event of a complete economic collapse, physical gold can be sold.
The Gold-Buying Process
It is easy to buy physical gold bullion coins and bars online. In addition, you can browse gold bullion products at reputable online retailers. In addition, you can filter the gold bullion you want to purchase by weight, quantity, or price.
Customers who purchase larger quantities of online gold are often offered discounts. Some retailers offer discounts for customers who use a credit card. Others offer wire transfer discounts. Choose the most cost-effective option for you. Keep the gold bullion in its original packaging.
You can also place bids on eBay for gold bullion. It is essential to read the seller’s feedback before you buy gold online. Avoid sellers with negative feedback about authenticity, shipping fees, and delivery failures.
If you want to purchase gold bars in Las Vegas or Dubai, Gold-to-Go ATMs can be used. However, it is essential to pay attention to the spot price for gold as ATMs can sell it at a higher price than most retailers.
Buy Only Pure Gold
Gold bullion that is investment-quality should contain at least 99.5% (995) pure gold. The remainder is an alloy of silver or copper that allows smelting. If you are looking to invest in gold bullion, make sure it has the name of the manufacturer, the weight, and the purity. Usually, this is expressed as a 99.99% stamp. The Royal Canadian Mint and the Perth Mint are two of the most popular gold bullion coin mints.
Difference Between Gold Coins and Bars
All forms of pure gold are worth a lot, but not all gold is equally suitable for investment. Investors who want to invest in physical products that track the gold price may prefer gold coins. These coins are often attractive and have historical value. However, they cost more because of their numismatic worth.
Gold bullion coins can also be more expensive and skew an investor’s portfolio’s value. For example, the U.S. Mint’s highly-regarded American gold Eagle coin contains 91.67% of gold, but it is more costly than plain gold bullion bars due to its collector’s value.
Purchase Gold in Workable Sizes
When you buy gold bars, you should consider the ease with which the bars can be liquidated as part of their buying process.
If gold sells for $1,400 an ounce, and an investor has $14,000 to purchase gold bullion, it will be easier to sell the gold bullion if they buy ten 1-ounce bars instead of one 10-ounce bar. Then, if they have to sell fast, they can sell the 1-ounce bars individually.
Investors sometimes save money to purchase larger bars than one-gram gold bars.
Shop around
When browsing the bullion markets, investors should be aware of the spot price for gold. Stock tickers are often displayed on finance websites. They also show the daily gold price.
It is easy to purchase gold, but prices can vary widely as sellers add profit margins and additional costs like shipping, handling, authentication, and payment processing fees. Therefore, it is essential to compare the prices of different sellers to get the best price for gold bars.
Avoid Rip-Offs
Buyers of gold bars should check websites like the Better Business Bureau or Ripoff Report to learn more about a seller’s reputation. Reputable gold sellers should disclose upfront all fees involved in a transaction.
Buyers from the U.S. should research before purchasing gold from sellers overseas. Buyers may have difficulty clearing gold customs depending on how many bars they bought.
The bottom line
Owning physical gold comes with a variety of costs. These include storage costs and insurance costs. There are also transaction fees and markups that must be paid when buying or selling the commodity. Investors who make smaller purchases may also have to pay processing fees or small lot fees.
These costs are not likely to significantly impact someone who wants to invest in small amounts of gold. However, they can be prohibitive for investors looking to increase their exposure.
Buy Gold Bullion Bars & Coins in Michigan
We provide a simple and easy buying process for gold bullion and other precious metals. Contact us to discuss the items you would like to invest in, and we will inform you of the items we have in stock along with the current spot prices. Call us today to find out daily prices! Contact us for more information on what we sell today!
