If you are new to investing or simply not familiar with all the different types that you can access online, it can honestly feel quite overwhelming trying to parse through all of the information out there. So many blogs and websites exist trying to get you to buy their products or telling you what to do.
For anyone feeling confused by it all or not sure where to begin, I am here to help. Rather than trying to get you to buy a certain product or subscribe to a newsletter or something, hopefully I can offer you some practical advice as far as gold investing goes. If that is something you want to learn about, be sure to stick around.
Precious Metals and Investing: The Basics
When you think of investing, I understand if some shiny rocks are not the first thing you think about. Let me assure you, though, there is far more to them than meets the eye. This is particularly true for precious metals.
You have probably heard of them before. Gold, silver, and platinum are the ones that are fairly popular in pop culture, particularly the former two. However, there is also palladium, and a few others that do not get as much coverage or attention.
What is the deal with investing in them, though? There are a few reasons that they are so popular, as you can imagine. Primarily, it is that they have retained value over several centuries of human history, so it is highly doubtful that the market will suddenly crash (unlike some other ones).
Gold in History and Why it Matters
Now, it might seem like a total tangent to talk about gold throughout history (and yeah, maybe it is a bit of one) but I am bringing it up for a reason. Mainly, I think it is good to know the value it has had since we discovered it! Think about it – it has been a huge motivating factor for all sorts of occurrences.
Even in our ancient societies like Egypt and Rome, gold played a large role in culture and society. Many pharaohs had elaborate jewelry and their tombs were adorned with the metal as well in a variety of manners, and the Romans had gold coins.
Fast forward a bit and we see it become a big reason that Europeans expanded outwards to both explore and colonize many parts of the world. In particular, the Spanish were on the hunt for gold and found some in South America where they landed (along with platinum, which they incidentally did not think would be valuable).
Through all that time, it still remains very popular and valuable. We might not use the gold standard system anymore (it used to be the main way that a lot of governments handled exchange rates), but its remnants still influence many parts of our world. That is why I think learning about this is so valuable, even if it seems off topic.
What to Look for in a Gold Broker
This is the main issue that I would like to tackle in this office. While there are websites such as this one, https://www.kingoldjewelry.com/united-gold-direct-review/, that do offer some perspective on where to look, I think it is probably a good idea to come at it from a few different points of view. That way, you are able to get a holistic viewpoint.
The first thing to note is that it all starts with education. The more you know about how precious metals and the gold market works, the better you will be able to protect your investment and select one in the first place. So, hopefully the information that I have provided thus far has been helpful to you!
Beyond that, just be on the watch for a few things as far as reputable brokers. Obviously, they should have good customer service. Something that I like to do is send an email, call them, or even chat with an employee on their website if they have a portal dedicated to that. Many of them do, so testing it out is a good call.
If the people who answer you can provide accurate and helpful information, that is a sign that they are a company you can trust. In addition to that, it may be a solid idea to look at reviews for them, both online and elsewhere. If your friends and family are investors, consider asking them who they have worked with and their opinions!
In the age of social media, I think that is another valuable resource to tap into and I want to point it out because as much as we all use it, we do tend to forget about it when we are searching for services like these. That being said, why should we bother with all of this?
Is Investing in Precious Metals Worthwhile?
Now that you know about locating a broker and some of the ins and outs of that, you are probably wondering why this is important anyway. After all, should we bother with investing in precious metals and other commodities, or is it too risky?
In general, I would say that it is a fairly solid way to improve the diversity of your assets in regard to your investing portfolio. After all, we do not want to only put our money into one form of asset. If we did that, one thing going wrong could result in us losing all our money that we have put in through one fell swoop.
Honestly, I think that it seems a lot more intimidating than it really is. You can purchase bullion from a broker or even have a coin collection evaluated for any that have enough gold or silver content to count for something like an individual retirement arrangement, if that is up your alley. With all of the options, almost everyone can find one that works for them.
If you have been on the fence, consider talking to a financial advisor!