How To Secure Your Savings By Investing In Gold.
Investing in gold has become a popular investment these days due to the economic uncertainty and memory of the losses that many investors incurred in the not too distant past. The desire to secure your retirement savings and put your money in a physical asset that has been proven to increase in value over time is a wise move. Many of the world’s most wealthy investors are quietly moving large chunks of their investment capital into gold and silver as they take a “let's wait and see” approach towards the world’s current economic state.
If you feel that you have to be rich or that you need to be a billionaire to take advantage of the security that gold investing provides then think again. Every day investors and especially soon to be retirees and baby-boomers are moving their 401Ks and IRAs into gold and gold IRAs in record numbers. After many investors saw 40% or more of their savings vanish into thin air back in 2008, many Americans aren’t taking any chances. They’re securing their savings will taking advantage of gold’s ability to hedge inflation during their retirement.
But, how can you invest in gold? Where should you go and what are your options? Should you believe what you see on TV and invest in gold coins or are there other options that might suit you better?
Buying Gold From A Gold Investment Company
Buying gold from a gold investment company is your best choice when you’re hoping to invest in gold and silver. These companies specialize in buying and selling gold and you will get the best price, the best advice and better service than you would if you went to a local gold dealer or a shop that both buys and sells gold scrap or jewelry.
Think of it like you would the difference between buying wholesale and retail. You want to get as close as you can to the manufacturer or the initial distributor.
Gold companies buy and sell gold in larger quantities so you will find that you’re getting the best price possible per ounce when you buy your gold or silver from one of these larger gold companies. There’s also nothing to be nervous about. Representatives at these companies will often treat you better than a local gold dealer because they truly want your business and this is what they live and breathe... as opposed to a glorified pawn shop owner in your local town.
Taking delivery of your gold and silver investment and storing it either in your home or in a bank safe deposit box is an option that you might want to consider. All of this takes place exactly as you might dream of. For amounts that exceed a few thousand dollars worth of gold, your precious metals are sent to you by armored car while smaller amounts are shipped via courier.
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Buying Collectible Coins
This investment is the one that you usually see advertised on TV late at night.... beautiful pictures of shiny gold coins along with claims about how these collectible coins are guaranteed to increase in value over time. While all of that sounds dandy, there are no guarantees with any investment and often these limited mint coins are the worst investment that you can make. The price of these coins is highly inflated and you’re paying for the collectable value of the coin and not the gold value.
Of course, if you want a new hobby or you’re into coin collecting then, by all means, go ahead and buy these collectable gold coins. Keep in mind that this isn’t gold investing. This is coin collecting. They’re two different animals, so to speak. Also, if you’re goal is to invest in gold and anyone tries to sell you these high priced gold coins then feel free to walk the other way. They’re trying to rip you off. They’re trying to sell you something that you don’t want at an inflated price.
Open A Gold IRA
Opening a Gold IRA has become a viable option for many investors these days. The ease with which you can buy and sell off your investment makes a gold IRA a good option for many investors. There’s no need to worry about storage or calculating what your precious metals portfolio is worth. The only real difference between this option and taking delivery of your gold and silver is that instead of either buying a safe or renting a safe deposit box, you pay close to that same amount to a custodian that stores your gold and silver.
One of the big pluses of a gold IRA is the ability to liquidate portions of your investment when needed. Whether it be monthly withdraws when you’re retired or having an emergency that requires you to liquidate some of your savings, a gold IRA doesn’t require setting up a buyer or shipping your gold to that buyer. There’s no need for testing or jumping through any hoops with a gold IRA. You simply make a phone call and fill out the necessary paperwork. This saves you time, aggravation and expense when that time does come when you want to liquidate all or a portion of your gold IRA.
In short, investing in gold and silver as well as other precious metals can be a wise investment. How you invest your savings is up to you. While it’s recommended that you vary your portfolio, precious metals investing allows you to do exactly that while keeping your savings secure in a physical asset that you can hold. You simply can’t say the same for stocks or bonds. Gold bullion will never declare bankruptcy or be brought up on charges for insider trading by the SEC and gold and silver can be easily exchanged for currency no matter where you go in the world.
Note that you should always consult your financial adviser when making important investment decisions.