Buying Gold and Silver for Beginners
Buying gold and silver for the first time is easy. Even though we listed 10 steps here but what really matters are finding the right dealers and the right items to buy.
Step 1 - Choose the Type of Gold and Silver:
Precious metals can be bought in various forms, including bullion coins, bars, and jewelry. Decide whether you want physical metal or prefer to invest in paper assets like ETFs (Exchange-Traded Funds) backed by gold or silver. We suggest you ONLY get physical gold and silver.
Step 2 - Find a Reputable Dealer:
Look for a reputable dealer or broker to purchase gold and silver. Make sure the dealer is well-established and has a good reputation.
Step 3 - Research the Current Prices:
Check the current market prices for gold and silver. Prices fluctuate daily due to supply and demand factors, so it's essential to know the current rates before making a purchase.
Step 4 - Verify the Dealer's Credentials:
Ensure that the dealer is legitimate and accredited. Look for reviews and ratings from previous customers. Verify their certifications and licenses if applicable in your jurisdiction.
Step 5 - Choose Your Product:
Select the specific gold and silver products you want to buy. This could be gold or silver coins, bars, or rounds. Each form has its advantages and disadvantages, so choose according to your preferences and goals.
Step 6 - Make the Purchase:
When you're ready to buy, contact the dealer or broker and place your order. Be prepared to provide identification and payment information.
Step 7 - Payment Method:
You can typically pay for precious metals with cash, check, bank transfer, or credit card. Note that some payment methods may come with additional fees.
Some even accept BitPay Card
Step 8 - Secure Storage:
If you purchase physical gold and silver, you'll need a secure place to store it. Options include a safe at home, a bank safe deposit box, or a third-party storage facility. Make sure your storage method is safe and well-documented.
Step 9 - Keep Records:
Maintain records of your purchase, including invoices, receipts, and any certificates of authenticity that come with the products. These records are important for tracking your investment and for tax purposes.
Step 10 - Consider Insurance:
Depending on the value of your holdings, you might want to consider insuring your precious metals against theft or damage.