If you are new to buying gold and silver, you already know that there are a few things you must know (that’s why you are here).
So I ask you this… Are you ready to buy gold and silver? Are you feeling comfortable?
You’ve seen a whole load of commercials on television grinding the importance of buying physical gold and silver, and you’ve also heard all those reasons why you really MUST own gold and silver. Ok… you’ve made the decision… you’re ready now to start buying gold and silver!
So now what?
Do you know how to ensure a safe proper purchase? I’ll make this simple for you. There’s three things you need to know to buy gold and silver with confidence. Authentication, Valuation, and Strategy. Let me delve a little deeper.
You need to know how to authenticate… that way you know it is real. It would really be a bummer if you finally bought gold bullion, only to find out afterwards that it wasn’t real. You will never have this issue once you know how to authenticate your purchases before you buy. There are three ways you can test the authenticity of gold and silver bullion.
- Chemical testing
- Electronic testing
- Physical testing
In case you are wondering, physical testing includes testing weight, size, and sound (yes, sound) of the bullion you are considering. The testing methods you choose will be based on the types of purchases you make, the volume of your purchases, and your budget.
Understanding valuation is important so you don’t overpay. Value of gold or silver is determined using the weight, purity, and trading price (known as the spot price). Weight is straight forward, but is only part of the equation… we need to also know the purity… i.e.: the percentage of gold. For example, if a piece of gold bullion weighs one troy ounce and is 50% pure, then the gold content would be one half of a troy ounce. You can then easily figure the value using the spot price.
Your strategy is far more important that you initially may think. I know what you are thinking: “I just need to know how to buy real authentic gold at a fair price, I don’t need a strategy”. Oh, but you do need a strategy! How else would you know which bullion to buy, in what quantity, how often, and (as an additional point) where to store it?
Understanding your reason for buying gold and silver sets the path to your strategy. This will help you choose the correct bullion. Bullion comes in many different sizes, shapes, and values, and you will need to make purchase choices based on your objectives. Your choices would differ if you are buying for wealth protection, to hedge against currency fluctuation, or to prepare for an economic meltdown. Get the idea? Whatever your reasons, you must know why you are buying and only then would you be able to make the right choices.
Buying gold and silver is simpler than you think, but one mistake can cost you big time. After all, precious metals are valuable, and your purchases can (and should) really add up. If you’re really ready to take the plunge, you can get our ebook (yes, we wrote the book!). It contains everything you need to know!