Demand for gold as an investment tool continues to rise in an uncertain economy. If you’ve decided that it’s time to hop on the golden gravy train and seek your fortune–or at least, your practical hedge–then glance through the tips on getting started below.
Get the Right Help
Choosing an authorized dealer to help you avoid the many possible pitfalls in gold investment could be seen as your most critical step. Working with a broker/dealer is considered essential for a good outcome by those in the know. Your choice of dealers will determine not only the structuring of your investment portfolio, but also, in large part, its performance.
Look for a dealer that specializes in both gold and other precious metals. They should have a strong history in the field, with a creditable reputation and a good track record. Never be swayed by high-pressure tactics or loud, late-night infommercials.
Talk to a broker representative of the firm you’ve chosen in person. Figure out your goals in advance of this important conversation, and tell them to your account representative. You’ll want to mention:
1. Your preferred holding periods
2. Any concerns about the economy
3. How important growth and asset protection are to you
Ask questions. You’ll want to know:
1. What are the different options on investing in gold?
2. How are my purchases applied to my investment portfolio? (Can I roll the gold investment over into my IRA, for example, or create a gold 401K?)
3. What are the pros and cons for investing in gold bullion coins and rare numismatic coins?
If you choose to buy gold and take physical possession of it, you should always use a shipping company such as FedEx that will insure it and provide a tracking number. Store the physical gold in a safe deposit box or some other extremely secure place.
If you and your broker have decided that investing in a gold portfolio where you don’t take physical possession is better for you, then you will not have to worry about storing it. Buying gold for your IRA, for example, means you’ll have the gold automatically stored for you in a government-approved gold depository.
Indeed, in today’s slick market, most gold investors are opting to invest in non-physical financial instruments such as stock options in gold mining companies, ETFs (exchange-traded funds, and futures. These non-physical methods of putting your money in gold are gradually becoming ever more popular.
Gold makes a perfect diversifying tool for your investment portfolio. Just make sure you do your homework first. Here is a great tool to keep tabs on the prices of gold. To find out more about us, visit our ‘About‘ page. Also, be sure to check out these BBB reviews and TrustLink ratings.
Blanchard Online: http://www.blanchardonline.com/gold_as_investment/ira_questions.php
ITM Trading: http://www.itmtrading.com/how-to-get-started-investing-in-gold-bullion-and-numismatic-coins/
USA Gold: http://www.usagold.com/info/gold-dealer.html