From 560 BC until 1971, gold was used as currency in various forms. It is still collected as a backup plan by investors who worry about an ever-changing economy. Having sold around $1,200 an ounce in 2009, it remains a solid investment. Anyone can buy gold--and you don't have to be a millionaire to invest in it. Gold can be purchased in bars (1 oz, 10 oz, kilo or 100 gram size) or as rare gold coins, and from many different sources. But while still considered the safest investment, buying gold is not an activity to start without some detailed preparation.
Instructions
1. Decide why you want to invest in gold. Do you fear another Great Depression? Are you diversifying your investment portfolio? Some people choose buy gold to hide their true wealth; others use it as a way to bet against the future strength of the dollar. Many just like the idea of being a gold collector. Ask yourself why this particular investment interests you.
2. Research buying gold very carefully, and take some time to do so. Read articles online; check out library books on gold investing; review metal investment magazines, such as "Coin Connoisseur" or "Commodities Now." Teach yourself basic information about buying precious metals to avoid making an inexpensive mistake.
3. Find a reliable dealer--either locally or online--for the type of gold you plan to buy. Try to find someone who has been in business over 10 years. Reputable dealers are usually part of the Industry Council for Tangible Assets (www.ictaonline.org).
4. Make your purchase, either online, by phone or in person. Most dealers accept personal and cashier's checks, money orders, bank wire transfers or cash.
5. Protect the gold purchase. Smaller items can be kept in a safe deposit box at a bank, but these are not insured by the FDIC if something catastrophic happens. For larger purchases, research bonded vault facilities that can provide the protection your investment requires.
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