How to Save while Buying Precious Metals for the First Time
Buying precious metals the first time can be an overwhelming experience. But, with the right knowledge, there’s no reason to find the process daunting. Below are a few tips to ensure your first purchase is as smooth as possible.
Know the risks of investing in precious metals
As with any investment, when you want to buy gold in Brisbane, or any other precious metals, know that there are risks. First-time investors, specially, should do their due diligence before they make a purchase. Remember that markets are always going to be unpredictable and past performance shouldn’t be used as an indicator of future results.
Keep an open mind
If you’re the first person in your network to invest in precious metals, you may be keen to buy when the stock market is on the up and producing massive returns. But, don’t let this deter you. Gold is somewhat different to other investments in that it is a peace of mind purchase rather than one to profit from. Keep an open mind when you do your research and always ask questions.
Plan to keep the metals for the long term
Physical precious metals should be seen as a long-term investment to be held for a period of about 5 to 10 years or more. They are volatile in the short term and tend to take longer to appreciate in their value. They also form a protection for finances, which one always needs, so you should plan to keep them in your portfolio for as long as possible.
Buy from a reputable company
This is a very important tip for first-time buyers. You should choose a reputable company, and one that you feel comfortable with and can trust. It is, after all, your financial future, and you ought to handle it with care. Here’s what to look for in a precious metal seller:
- Transparency – Make sure there’s full transparency in terms of premiums, fees, processing and commissions when you ready through the terms and agreements.
- A knowledgeable representative – The company should practice on the premise that educated buyers make for loyal customers. Representatives should be ready, willing and able to answer your questions truthfully.
- Full service – Look for a company that can handle paperwork and processing for you.
- Reputable third parties and vendors – The company you choose to buy precious metals from should only deal with vendors and third parties that sell genuine products.
- Buyback history – Seek out a company that has a solid history of offering to buy back a client’s metals and one that rarely, if ever, turns someone down. They shouldn’t charge fees on buybacks either.
- Accreditations – Finally, look for a company that is accredited with well-known organisations.
These are just a few key tips for first time precious metal buyers. Always buy from a reputable seller who offers a transparent agreement and process, and remember to think in the long-term. You may want to hold onto your precious metals for a decade, or even keep them to hand down to your heirs.