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Gold is a versatile commodity. It is commonly used in jewelry, dentistry, electronics and more. And, it is also versatile in the investment portfolio. It’s not just about offering gold diversification valuebut also a good way to hedge against risks like inflation and market correction.
Gold can also be a high growth asset. The visible increase in the price of the metal has been seen since January 1 ($2,063.73 per ounce) until May 20 ($2,439.98 per ounce)up more than 18% in less than six months.
However, when you decide invest in gold, it is important to start investing at the best price. And, there are many ways to reduce the cost of investing in commodities that investors should be aware of today. Below, we will distinguish between the three.
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How to reduce the cost of gold investment now
with gold is now equal to 2 334.74 US dollars per ounce, starting with commodities can be relatively expensive. However, there are ways to save as a gold investor. Here are some ways to reduce the cost of gold investment today:
Buy when the price is low
One of the best ways to reduce the cost of gold investment is buy commodities when they are cheap. And, now is a good time to do this. A year ago, gold traded at $2,439.98 per ounce. Considering the current price of $2,334.74 per ounce, you can buy the commodity at a discount of more than 4% from the peak price.
However, you must act quickly. The price of gold is cyclical – meaning that gains in value are often followed by declines which are usually followed by gains. So, it is important to make a gold investment nowbefore prices rise again.
Buy gold now before the price has a chance to go up.
Use a reputable gold company
When you invest in gold, you have several options to consider where you will buy it. There are many online and brick and mortar retailers. You can also buy gold at Walmart or Costco if you want to take the big box store approach. And, gold is commonly sold on ebay, Facebook Marketplace and other online listing websites.
However, if you want the best price – and to make sure you’re actually getting the quality gold you’re paying for – it’s important to work with it. reputable dealers. Dealers like American Hartford Gold, GoldCo Precious Metals and Rosland Capital not only have a strong history in the gold investment industry, but can also offer lower prices than smaller or less reputable dealers.
Try second-hand gold
Most gold dealers buy back the products they sell from their customers. And, when they do, they usually sell these used items at a discount compared to new bars and coins. However, it is important to note that the gold value per ounce does not change based on the age, mint or style of the coin or bar you choose to purchase.
So, by buying second-hand gold items, you can enjoy discounts for newer counterparts without having to absorb the loss in the value of the commodity you are buying.
However, when buying used items from a well-known gold dealer, you may not be able to choose the style of the product you buy. For example, with JM Bullion, you can access discounted gold bars this way. But if you do, you’ll be buying a product marked “different condition, whatever mint.” So, you are alone buy gold by the ounce, instead of choosing designs and mints.
Bottom line
It might be smart to add gold to your investment portfolio today. And, it can be done at a discount. Follow the above tips to reduce your gold investment costs. Make your gold investment now before prices have a chance to rise.
