In a post we wrote about two weeks ago, we addressed the question of How to Buy Gold (coins, bullion, jewelry, bars). In that post a number of questions came up on things to consider before or during the buying process. Depending on your wants and needs the different type of gold you select is very important. Here is a recap of those questions along with important addresses and considerations on each:

What kind of gold (vehicle) do you want? And why do you want gold in the first place?

This is a simple question and will vary depending on what you are trying to accomplish. Do you want to buy gold coins, gold bullion, gold bars, or gold jewelry? If you are interested in Gold for completely aesthetic reasons, then by all means Jewelry will probably be your best bet. But, if you are looking to Gold as a safe-harbor against inflating currencies, Jewelry is probably not your best option. Understanding the pros and cons of each as well as the various instruments or sub-categories of each can help you make a decision.

How quickly do you want to be able to exchange your gold for money (or put another way, do you see yourself “cashing” in any gold reserves in the near future?)

How you answer this question again will help guide you to the correct gold vehicle to select. Again, although jewelry can be very enjoyable, as a status symbol, sentimentally, as well as aesthetically, but the craftsmanship put into each piece, although valuable in and of itself, typically means that you will pay more than the actual value of the metal used to craft the jewelry. Which in-turn means resell value is almost never what you paid for the piece.

Collectible gold coins, on the contrary (like the kinds we sell), are more easily minted and their gold guaranteed. Selling gold as a collectible coin will be easier.

Can you guarantee the amount and quality of the gold?

This is particularly important if you are buying gold as an investment or hedge against the global economic recession. Guarantees on the quality of the gold, and the amount used are harder to determine in jewelry pieces then certified gold coins or bullion. Knowing this is abolutely vital if liquidity is important to you.

How much money do you have?

This question is very important because it determines the price at which you can buy gold, as well as the vehicle you will want/need to buy. For example considering only gold coins/gold bullion coins and gold bullion bars, answering this question will help you determine which makes the most sense. If you have a minimal amount to spend (say less than $10,000) you will most likely want to purchase gold coins or gold bullion coins. This is because the barrier to entry on gold bullion bars (the minimum amount you have to spend) is $10,000 (and can go up to the hundreds of thousands) because there is simply so much gold in each bar. Additionally bars are typically less per ounce than a coin would be, but they can also be harder to liquidize, so each has its benefits and trade-offs.

Finally, consider signing up for our free gold guide, or giving us a call. We can answer any questions you have about all types of gold, depending on your unique needs and situations. Or, if you have any more immediate questions feel free to leave a comment!