There are a thousand reasons why people like to own gold. Coins and jewelry are the two most common forms in which people buy and keep gold. Coins however, are considered a better investment out of the two. While investing in gold coins, there are a lot of dos and don'ts that need to be understood. Here are some tips to guide you through this investment.
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First, decide why you wish to buy gold. If you wish to collect, then go for rare coins, but if you wish to trade, then go for bullion coins.
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Plan what you want to do once you get the coins. If you wish to trade, then keep following gold and dollar rates in the market, and sell high. However, if you wish to collect, then find a safe place to store the coins.
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If you are buying a coin and not a bullion, then zero in on its denomination. Standard gold coins are of an ounce, which is around half the size of a dollar coin. You can also get them in smaller denominations. Check the cost of gold in other currencies, you may find a better deal. Also, explore the possibility of buying coins from banks.
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Buying gold coins online is easy. Just look up an Internet auction website and start buying. But make sure you buy from a credible and reputed seller.
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Before investing, ensure that the shop you are buying from is an established one, so that you don't get duped. The best place to buy any form of gold is from a certified and authorized dealer.
Before closing, there are few more tips which also might prove useful:
- Experts in this field express doubts about buying gold coins from neighborhood coin shops, jewelry stores, pawn shops, and specially via newspaper ads.
- Do not go for shops and dealers who have no online presence.
- If you buy gold coins online, make sure that you insure the shipment.