When Should I Buy Precious Metals?

When Should I Buy Precious Metals?

There is no set time when you should buy precious metals. You should buy gold, silver, platinum, or palladium when you decide you want to own it. Physical gold isn’t a paper asset or an investment in the sense that it can become a liability to another party; it’s wealth insurance. If you believe that you should own gold for your own security and peace of mind, you should buy it. You’re looking for protection from financial meltdown – you might not have time to wait for your ideal conditions.

Are American products better?

If you plan to liquidate your gold in the United States, it could be easier to accomplish with U.S. minted coins. However, if you wish to open a precious metals IRA, you can select any IRS-approved metals, which can be American, Canadian, Australian, and more.

How long can I hold my gold?

Precious metals ownership has numerous advantages. Gold has been a symbol of wealth and status throughout human history; gold is valued all over the world; gold cannot be manipulated like paper currency. However, gold is not a short-term investment. If you are going to be buying gold, you should consider holding onto it for the long term. International conditions that affect the price of gold don’t change immediately, and prices can fluctuate considerably within the space of a year. Selling at the first sign of a price dip might only result in purchasing gold again later – at a higher price.

If you believe you might struggle to keep your gold as a long-term asset, you might want to think about which forms are the easiest to liquidate.

What kind of metal should I buy?

While gold is the most luxurious of all the precious metals, it certainly isn’t the only financially sound option. Silver is a valuable yet budget-friendly precious metal that has most of the same safe-haven asset advantages as gold. Moreover, think about whether you anticipate using your precious metals as money. Should bartering become necessary, it will be far more advantageous to have access to silver, rather than purely value-dense gold coins.

If you’re looking to spend under $10,000 for precious metals to hold in the event of a currency catastrophe, silver might be your best bet.

How much should I spend on precious metals?

While there is no definitive net-worth percentage, some advisors suggest holding anywhere between 10 – 30 percent of assets in precious metals. Of course, the amount depends upon your financial situation, and your comfort with current international economic conditions.

Where should I buy my precious metals?

It is critically important to select a reputable gold firm with a savvy, knowledgeable, and professional team of precious metals experts. You want not only pure, fairly-priced precious metal products, but also access to seasoned representatives so that you can successfully navigate the rocky terrain of precious metals ownership, and assist you with making changes to your portfolio, and liquidating assets.

You want to check all consumer advocacy resources before committing to a purchase; the Better Business Bureau is an excellent place to start. Not only are you making sure the dealer has an A+ rating, you also get to read reviews and testimonials from a diverse client base. (Beware of abundant customer complaints, even with an A+ rating.)

Next, you’ll want to have a good rapport with your contact at the company. Your specialist should understand your goals for protecting your savings – it shouldn’t just be a sales pitch. He/she should be knowledgeable, and committed to open and transparent communication before and after any transaction. If they try to pressure you into buying, walk away.

Lastly, it’s also important to find a firm that has a stable history within the precious metals industry. More than 10 years in the business is a good sign.

Once you’ve answered the above questions comprehensively, you’ll be in a good position to make the best precious metals choices for your lifestyle and goals.

If you are interested in either purchasing physical gold or opening a precious metals IRA, please contact the team at Birch Gold Group for a consultation today.

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