Gold is a chemical element whose atomic number is 76 and the symbol of gold is “Au.” It is yellowish red in its natural form. Gold has various properties one of them being it is malleable. A single gram of gold can be spread and molded to a sheet of 1 square meter.
Gold is respected around the world for its value and rich history. Gold coins first appeared in 800 B.C during the reign of King Croesus of Lydia. The history of the price of gold is very unpredictable as seen in the 2000s. The same thing happened in the 1970s when the price of gold shot up and slowly not long after that it gradually started to decline. Despite all that gold is considered of high value. Here are a few tips for buying gold in the coming year 2019,
1) Direct Ownership-
Gold can always be exchanged for money. Thus it never loses its value. It doesn’t matter if you own a lot of money or just buying even small gold coins is a good investment. It is highly critical that the gold purchased is kept in a place which is easily accessible during crises.
2) Market speculation-
Never buy gold without understanding the current market scenario. Research is always important as the value of gold may change at any time, the flow in the rate of currency has to be taken under consideration. It is also important to keep an eye on the exchange rate of dollar and rupees. The price of gold has tripled between the years 1998 and 2008, and each time there was a change in the value of a dollar the price of gold increased.
3) Only buy gold with complete certainty-
Make sure you are only investing in gold once you are sure you won’t be needing a certain amount of money for the next couple of years. It is highly essential to take this factor under consideration as uncertainty may arise at any point, and one must be ready to deal with it.
4) By in small amounts-
It is required by law to disclose when a person buys a large amount of physical gold in a year. A smarter way of dealing with this is to buy small amounts of gold coins every year. This allows the buyer to stay anonymous and thus does not fall under the legal law of disclosing his possession. Buying gold coins in small quantities enable the buyer to use it for their expense.
5) Never store gold in banks-
It’s not a good idea to store gold in the bank, despite having personal safety deposit lockers if gold of specific high value or high quantity is found, the bank has the authority to seize the gold without giving out any form of payoff. Storing gold or cash in a safety deposit box is neither a good idea as safety deposit boxes are not insured and thus creating a risk factor.