What do I need to consider when buying gold and silver?

Buying gold and silver brings stability to portfolios, as it protects against the unstable banking system, geopolitical turmoil and inflation.

However, if you need some tips on what you need to consider before buying gold and silver bullion, this checklist should help you get started.

Cast, minted or coined?

Gold and silver comes in bars and coins, with bars either cast or minted. Cast bars involve pouring molten metal into a mould, while minted assets are cut into set dimensions from rolled gold.

Ultimately, the form in which you decide to take delivery of your gold or silver will typically come down to personal preference. Coins and minted bars are more expensive to produce, resulting in higher premiums, although they are usually more aesthetically pleasing.

Does size matter?

Gold and silver bars and coins come in a variety of weights, ranging from 1 ounce up to 1 kg.

Deciding the best option for you will depend on several factors. Larger bars are more cost-effective by ounce than multiple smaller bars or coins. However, smaller bars provide you with more flexibility in liquidating your assets should you choose to do this sporadically rather than all in one go, especially since precious metals have trending upwards over the past decade.

Finding adequate storage facilities

Physical gold and silver should be stored in a state-of-the-art facility designed to fully protect your precious metal assets.

Hiding your investments in or around your property can be tempting, but there are significant risks of theft, damage or loss.

Insurance

Insuring your precious metals helps guard against unforeseen circumstances, although there is a limited chance of problems occurring when assets are stored in a secure vaulting service.

Nonetheless, having insurance will give you peace of mind that your valuables are completely protected against any worst-case scenarios that could crop up.

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