In times of economic uncertainty, many investors will turn to gold as a stable and lucrative source of income. The easy nature of the gold market makes it easy for newcomers to get a piece of the action. Here are some tips on how to buy gold as a new trader.
Keep it Simple
When you're first starting out with investing in gold, it can be tough to decide whether you should buy into any of the "hype" forms of gold, such as exotic coins, US gold $20 coins, or forms of "premium" gold. While these can sometimes be a good deal, it takes a lot more knowledge to be successful in trading these other rarer forms of gold. For a simple and stable investment, choose a more common form of gold, such as gold nuggets or gold bullion.
Where to Buy
There are several sources of gold that you can access when you're just starting out. If you're going for the smaller pieces such as jewelry, you might want to start at your local pawn shop or look in the local paper. Gold retailers can be surprisingly good deals for gold buyers since the industry is fairly regulated in price. Finally, some investment companies will offer you the ability to buy "paper" gold, where the gold is traded into your account but you never actually deal with the physical gold pieces.
What Type of Gold to Buy
Several forms of gold make good investments for beginning gold investors. One of the most popular for businesses is gold bullion. These forms of bulk gold are easy to manage; since they're usually sold by a certified gold retailer, it's easy to know what you're getting into. Many retailers handle the storage for you, and some online retailers will offer free shipping or other perks for large purchases.
For a smaller gold purchase, try gold nugget. This form of gold is easier to acquire from small and independent sellers, and the small buy-in allows you to get your feet wet in gold trading without spending an arm and a leg. The smaller cost of this type of gold also makes it easier to sell, so that you can complete several smaller transactions and get an idea of how the process works from start to finish.
The gold market is fairly friendly to newcomers, making it easy to buy gold and get started in investing quickly. Follow the guidelines above for the greatest amount of success in your new endeavor. For more information, contact a professional like those at Rocky Mountain Coin Inc.