The price of gold has been increasing since the global pandemic started in 2019, and it has become a desirable investment prospect for many investors. There are many ways to invest in gold and add it to your portfolio, but you will need to consider the best way for you carefully. There are many factors to consider, and two of the most popular options when looking to buy gold are bullion and coins.
Below are some of the factors you will need to consider when it comes to investing in gold to help you decide which one works best for you and your investment portfolio.
Investing In Gold Bullion
If you have a significant amount of money to invest in gold, one of the easiest ways is to purchase gold bullion. If you happen to be in Australia, a gold specialist like City Gold Bullion in Adelaide is one of the best sources to start with. There are many other companies throughout the world and most of them will offer a similar service with similar prices. To find dealers near your area if you are located outside Australia, all you have to do is do a quick Google search.
You will pay a set amount for the gold bullion, and the price is dictated by the market and current live price of gold. However, you will also need to pay a commission to the company and delivery and insurance charges to ensure your purchase is transported safely.
Investing In Gold Coins
Gold coins are another excellent way to add this shiny yellow metal to your investment portfolio. Many countries throughout the world mint gold coins and sell them, and some of the most popular ones come from countries such as:
- United Kingdom
- South Africa
- United States of America
Each country has various options from which you can choose, and gold coins are an accessible option for many first-time investors. As with gold bullion, you will pay a set fee for the coin, and there will be a small commission and delivery charge unless you pick them up in person.
The Differences Between The Gold Sellers
Many companies that offer gold bullion will also sell gold coins, so no matter what you choose you can make your investment easily. Where the various companies are different is in the commission they charge, and the delivery charges for their products. The cost of gold is dictated by the market as it is a commodity, so you will need to look at the additional charges each seller has before making your purchase.
You will also need to consider storing your investment, which is going to add to the overall cost. You will need somewhere safe and secure to keep it, which means either have a safe or rent a safety deposit box. Some bullion sellers can also store your gold for you, but this is another additional cost that will add up with the monthly storage charges. If you consider keeping your gold at home, you will need to look for an insurance policy that will cover you, as most policies will not cover precious items such as gold bullion or coins.
No matter which option you choose, ensure you have somewhere safe to store your gold, and then you can sit back and watch your investment grow.