How To Save Money When Buying Gold

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How To Save Money When Buying Gold
How To Save Money When Buying Gold

Video: How To Save Money When Buying Gold

Video: How To Save Money When Buying Gold
Video: Have Trouble Saving Money? Buy Gold and Silver 2024, March
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Buying gold is considered to be one of the most efficient ways to invest your money. Most banks offer customers several options for converting banknotes into precious metal. If you are thinking about the safety of the family budget and want to create your own gold reserve for the first time, evaluate the advantages and disadvantages of each option.

How to save money when buying gold
How to save money when buying gold

Instructions

Step 1

Bullions Buy bullion gold only from banks licensed to carry out operations with precious metals. To make a purchase, present your passport or a document that replaces it (temporary identity card, serviceman's identity card, military ID, refugee card, etc.).

Step 2

For the purchased bullion, the bank is obliged to issue a certificate, a passport of the manufacturer and cash documents. The latter should contain complete information about the product: the name of the metal, the weight of the ingot, its purity, serial number, price, date of purchase. Keep these documents very carefully. The bank may refuse to redeem the bullion if you do not present a certificate or passport of gold.

Step 3

When purchasing a gold bar, the bank will charge you VAT in the amount of 18% of the value of the purchased precious metal. This amount will not pay off if you sell gold shortly after purchase. Try to wait for the moment when the value of your bullion grows by at least 20%.

Step 4

If you plan to store your bullion outside of a safe deposit box, be extremely careful when handling it. You will not be able to sell a copy that is scratched, deformed, contains stains of any origin. Even for the presence of fingerprints on the ingot, its value can be significantly reduced by the buying bank.

Step 5

Coins In addition to bullion gold, banking institutions offer a large selection of gold or gold coins. They are issued by the Central Bank of the Russian Federation in connection with anniversaries and memorable dates. Gold-bearing coins are collectible and investment.

Step 6

The first ones are minted in a limited edition and have a high artistic value. Their cost is made up not only of the price of gold included in the composition, but also of production costs. Collectible coins rise in price slowly, because their value is determined by their rarity and popularity with collectors. Investment coins do not have artistic exclusivity. The cost of such coins depends on the percentage of pure gold in the total composition.

Step 7

Selling coins containing gold is quite difficult. Not all banks offering such coins redeem them back. In addition, as a rule, when buying out the bank reduces the price by 15-20%. Collectible items can be sold in specialized jewelry or antique stores. You get more here than in the bank. But do not forget about caution, do not use the services of strangers and dubious organizations.

Step 8

Depersonalized bank account This method of buying gold does not involve any manipulation of the real precious metal. The bank will open a special account in your name. The ruble amount deposited by you will be converted into grams of gold. It is the weight of the purchased metal that will be recorded in the documents on the bank account. For services, the bank will charge a commission, the amount of which is determined by the financial institution.

Step 9

As the price of gold rises, the amount of your deposit will increase. You can sell the precious metal to the bank at any time, close the account and get the principal and profit in your hands.

Step 10

When opening an impersonal account, take your choice of bank seriously. Funds in "metal" accounts are not included in the system of compulsory insurance of citizens' deposits. If the bank is declared bankrupt, you may lose your investment.

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