From a financial point of view, having gold in your portfolio is akin to owning a Swiss knife due to its versatility, according to market pundits.
In the current turbulent market, gold has proven to be a “safe haven” for many investors as it can be used to hedge against inflation, diversify one’s portfolio and even guard against the collapse of a country’s economy, as was the case with Venezuela.
Gold has been popular this year with investors across the globe scrambling to get their hands on it. But how does one go about getting their hands on gold?
Right timing: Knowing when to buy gold is key to making a good choice. Keep a close eye on the market.
Buy low, sell high: Just like stocks and funds, you need to buy low and sell high to profit from gold.
Watch the economy: Gold is usually in low demand when the economy is strong and stock markets are on a bull run. Smart investors buy when the stock market starts going south.
Shop around: Check for good prices on dealers’ websites and gold exchanges which can be easily found online.
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Buyer beware: When buying gold from a dealer, check on their policies to see if they charge a premium to buy back your gold.
Sell to another buyer, not a dealer: Always sell gold to another buyer and not a dealer as buyers do not charge premiums while dealers sometimes do.
