Is gold the new black? No. But, where investing is concerned, I would rather own an ounce of gold than a pair of Louis Vuitton shoes.
Even an ounce of gold jewelry, as an investment, is really only worth its fine weight. Why not take a cue from billionaire and chairman of Manhattan-based Tigris Financial Group, Thomas Kaplain, and start hedging your investments too – with gold bars and gold coins?
Although there are a few precious metals that are valued as investments, gold is, by far, the most popular. Many dedicated investors believe gold is the best way to protect oneself against any political, social, economic or fiat currency crises that could occur.
Purchasing
Investing in gold can easily be done. Traditionally, gold can be purchased in the form of bullion bars (usually one or ten ounces in weight). Gold is also available in coin form. Bullion coins are an excellent option for investment. Some types of coins to be purchased include: American Eagle, Britannia, Canadian Maple Leaf, or Australian Gold Kangaroo Coins. Both bullion bars and gold coins can be bought and sold through trusted dealers of coins and precious metals. In addition to being gorgeous, gold coins are recognized universally and can, thus, be easily sold.
Storing
There are several types of gold "accounts" available. Many banks offer accounts where gold can be bought and sold instantly like any foreign currency. Swiss banks offer banking service on an allocated basis. Other options include pool accounts, and digital gold currency systems.
Tracking
You can keep track of all of your metal stock prices through your gold and precious metal dealer’s website or at MarketWatch.
Now, before you go stuffing your Coach bag with oodles of gold I should give you one last tip. It is important to take care of your gold when you receive it. Gold is soft and can easily be scratched. In order to insure getting the best price in the event of re-sale, gold bars and bullion coins need to be kept in the original mint packaging. In the end, you may not be able to flaunt this shimmering investment during a night on the town, but it will keep your coffers fashionably insulated.