Gold was among the highest performing investments in 2020 and is considered to be the blue-chip investment in the pandemic backdrop. If you are wondering whether to buy gold, then here are some things to know about the precious metal that will help you decide if going forward gold will be a valuable addition to your portfolio. 1 gold bar value in NYC is performing better than any other commodity in the market as it offers security during these times of economic slowdown.
Gold bullion rates match the gold commodity market rate, however, in its physical form, making charges are attached to the gold coins or bars. God bars have the lowest price per ounce and that is why they are preferred by small investors and central banks alike. Therefore, 1 gold bar value is closest to the spot market price including the making charges. They are also easier to store and maintain over the long run. Here are 6 Things to know about how to buy gold Bars.
1. Why invest in gold bars?
Gold itself has a longer history as money than currency and it offers a long-term store value even though currency is no longer backed by gold. Gold bars are portable, liquid, easy to store and have a long life.
2. Buy gold Bars of the right size
Should you buy a small-sized gold bars (also called wafers) or large-sized gold bars (also called bricks)? The larger sizes of gold bars are generally purchased by banks, ETFs or institutional buyers as they have a smaller premium attached to them. The smaller size ones have other benefits such as –
- You can invest the amount spent on a large brick on multiple smaller sized wafers, making your investment more liquid. You can sell the smaller sized wafers in instalments based on your needs and market situation.
- It is difficult to find buyers for large bars. With smaller bars, it is easier to sell them locally.
You can go for a balanced option where you invest on a single large gold bar and multiple smaller ones for economies of scale.
3. Choosing the right brand when you buy gold
Make sure the check the hallmark stamp and unique ID code on the bar at the time of purchase to ensure originality. There are some reputed refineries with globally recognized hallmarks that you can consider, such as –
- Pamp Suisse
- Valcambi
- Johnson Matthey
- Perth Mint
This is not an exhaustive list, there are other recognized brands too.
4. Where to buy gold bars?
Make your gold bar purchase only from a reputed dealer with many positive customer ratings and clear buyback policy. It is wise to go to a larger dealer because they have strong volumes and greater flexibility. They have better and large product selection.
5. Locally or online?
1 gold bar value in NYC will be the same as anywhere across the USA if it is from a reputed brand. Hence, you needn’t rely entirely on the local dealer to buy gold. Buying gold by visiting a physical comes with risks as someone can spot your purchase and try to steal it. If you order online, you can have the gold bar discreetly packaged and delivered at your address without anyone getting a clue of what the package contains.
6. Storing gold bars
You can store the gold in a locker in your house or somewhere close where you can access it at any time.
It is advisable to allocate between 5% to 15% of your investments to gold as it offers a protective cover against market uncertainties that other forms of investment are likely to carry. Gold bars are easy to buy, store and sell and make for good holdings over the long run.
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