Getting rich is not as tricky as staying rich. Sure, you can invest your money in stocks but while the stock market crashes, gold always retains its value. An ounce of gold can buy practically the same thing today as it could purchase a century ago. The reason is simple – gold is rare. And if it did not lose its value over 5000 years, during which has been used as money, it will probably not get depreciated in the future. Plus, seeing as the United States’ debts are gradually increasing, there will probably come a time when the U.S. dollar will collapse.
There are a few ways that you can go about investing in gold.
Start Small with Gold Coins
If you do not have more than $100,000 to invest in gold, the best choice is purchasing gold U.S. American Eagle coins. This is the most popular gold coin in the world, officially authorized by Congress in 1985. And since they are commonly traded, you can always sell them. They come in four denominations – of $5 (tenth ounce), $10 (quarter ounce), $25 (half ounce), $10 (quarter ounce) and $50 (one troy ounce). Other popular bullion coins include the Krugerrand, the Chinese Gold Panda, the Canadian Gold Maple Leaf and the Australian Gold Nugget.
Local shops will hardly offer you a good price, most likely 8% above the spot price. To get the best deal, buy coins from reputable Ebay sellers or go to Goldline.com, Monex.com, AmerGold.com, Kitco.com or APMEX.com.
Think Big – Purchase Bullions
If you want to invest in gold big time, you can purchase bullions. There are two reputable Internet sites where you can buy and store your bullions – BullionValt.com and GoldMoney.com. GoldMoney’s rates are a little higher but both sites come highly recommended.
You don’t have to pay any taxes if you buy precious metals in most states. Study your state’s tax laws and remember that you can be legally exempted from taxes by completing out of state Internet purchases. You should also note that if your purchase amounts to $10,000, the seller is obliged to report it to the IRS under the law.
Don’t put all your eggs in one basket. It you don’t use storage at BullionValt.com or GoldMoney.com, it is better to store your gold in three places – in safe-deposit boxes at two different banks and in your personal safe.