Buying gold always seems like a straightforward affair when getting started but tends to stop as soon as one actually sees the price point of a few bullion coins. At that point, many beginners tend to stumble, put off by the markets, or worry about quality, or even just knowing whom to buy from reliably. Fortunately, there are multiple ways one can buy gold that works for all types of buyers, even beginners.
First Off, Do Your Homework
Learn about gold and how it works, sells, and trades, and you don’t need to go to a special school or take specific classes to do so. One of the most powerful tools any investor has available to him or her is the Internet. With the ability to search and find multiple resources in a matter of seconds, one can easily learn about gold from its economic history over the centuries to where gold is today and has been in terms of pricing for the last 50 years. In fact, the details available are so easy to find, one can even find how much gold was worth by the day, the month, and the year for at least the last three decades. So, there’s no reason for anyone to be starting off buying gold and feeling like they are purchasing blind. Just get on the Internet, do some learning for a few hours, and you will be amazed by how much you can learn about the precious metal in a day or so.
Consider Buying What is a Comfortable Start
If this is your first foray into gold, start small and get a feel for how things work. Look for dips in market values as big holders add supply to the market, lowering prices. The wonderful thing about buying gold for personal value building is that the precious metal comes in multiple forms, sizes, and prices. Just want to have a little bit and see what happens? Buy a 1/10th or 1/4 ounce coin instead of a full Troy ounce. You get a feel for the transaction, you will actually own real, physical gold, and your purchases won’t break the bank on your first moves into the precious metal market. Essentially, anyone can match gold-buying to their discretionary income level, whether a few hundred dollars or a few thousand a month or every few months.
Don’t Go With the First Vendor You Find
While there are multiple gold sellers in New Zealand, as well as online, that doesn’t mean they offer you the best price and access to gold. Many will apply fees, markups, and profit margins which inflate what you will pay for gold far more than what it is worth at the time. Ideally, you want to buy gold from a seller that has a reasonable business margin but is generally close to the spot market value of gold for a Troy ounce, adjusted for the unit and quality actually being bought. That margin shouldn’t be more than 15 percent in most cases. If you’re talking to a vendor who is well over 20 percent over the spot market, you’re probably better off comparing prices between multiple vendors and locating the one with a more reasonable price point for the same gold versus the others. Too many beginner buyers ended paying far more than they ever should have for gold simply because they didn’t look beyond one or two nearby vendors.
At first, the initial gold purchases made will be easy to take care of and keep secure. A few coins or bullion pieces don’t take up a lot of space. However, if you get to a point where you’re adding to your holdings on a regular basis, space is going to start to be an issue, especially a storage option that is secure. Most folks graduate to a bank deposit box with their local bank. This is doable for a while; personal deposit boxes can hold a reasonable amount of paperwork, jewellery, coins, and small bars. However, even that might to start to become crowded. At that point, a gold buyer will need to make some choices. First, one could start to consolidate gold, trading in smaller pieces for a larger unit of the same quality and value. However, one can only fit so many bars in a bank deposit box before the same problem of storage space begins again. Second, a personal home safe could be an option. A precious metal safe can be a great investment, providing you a sizable and secure storage resource for your gold in your home that can’t easily be accessed. Third, you could rent storage space with a reputable gold caretaker. This works like a bank deposit box, but a lot more storage space is possible, which works very well for large gold holders and owners down the road.
Watch Out With Online Buying via Auctions
While it might seem extremely convenient, folks are taking huge risks with buying gold online from private parties or through auction sites. Case after case, New Zealand buyers have been scammed and separated from their hard-earned money by characters all too willing to lie and defraud people with fake gold or nothing at all. The sales online might look good, even too good when one compares them to normally available gold products at physical stores. And that should likely be the tip-off something is wrong. However, despite repeat warnings and various educational programs as well as the new, there still tends to be numerous New Zealanders who find themselves attracted to an online gold sale only to find out it was a lie and their money is gone a few emails later. This problem has grown tremendously with a large number of professionally crafted gold coins and bullion bars floating around in online markets now with extremely well-designed features. The fake gold pieces are crafted so well, even experts are having a hard time finding them or identifying these frauds before being duped as well. So, it’s better overall to just not buy from auction sites or classified ads online, period. Traditional gold sellers with established venues and businesses in New Zealand provide a much safer channel as well as a recognized business presence with licensing and regulation by the New Zealand government.
A Dependable Local New Zealand Resource for Any Buyer
MyGold has been in the business of selling high-quality precious gold to Kiwi buyers as well as providing personal storage options and storage services as well. With the combined value of access to some of the best gold bullion available in New Zealand as well as exceptional price points that are extremely competitive and secure services for all gold buying aspects, a buyer is going to very hard-pressed to find a better gold-selling resource. Add in the high-quality service and dedication to customer needs and support, and MyGold pretty much stands out as the top choice for gold-buying for everyone from the first coin ever to the seasoned investor picking up his or her 60th bullion bar and collectible gold coins. And, with the only service supported by secure courier protection, even remote buying is possible and safe with MyGold. Call or email to find out more and what you can snap up for your holdings today!