Gold bullion used to be used as currency centuries ago, before we got into paper money and the stock market. But there seems to be a trend back to gold bullion coins and especially gold bars, that has been fueled by the shaky economy.
It is hard enough to save our money in the bank, when the dollar value is going up and down like a yoyo, and interest on savings is low. The other choice of course is the stock market, but if you have trouble sleeping at night letting someone else invest your money, then you may be someone who should consider buying gold bars.
But where? To buy gold bars, could be your edge on your future savings. A gold bars purchase can be a great investment, but you need to buy from a reputable establishment and store it in a safe place.
My husband is one of those savings account skeptics. With the pitiful interest rates the banks are handing out at present time, and the eroding dollar values, he wanted something else. He had been researching gold bars to purchase online and found out a little bit of history that he filled me in on. The twenty years between 1965 and 1985 the dollar lost about 3/4 of its value. This meant that what you could have bought with your money in 1965 would now cost you an arm and a leg in 1985! (his words).
But yet anyone who purchased gold bars during the same period would have seen the value go up.
Gold has always been looked at, as something only the rich would have or Fort Knox, not the average guy on the street. Gold value is independent, it does not ride the same train as currency does. True, you can't just take it to the corner store and spend it, but it would be a definite forced savings plan right? You are not likely to go to the trouble of cashing it in to buy a couch right?
So, all this being said, where to buy gold bars? Where does the average guy make a gold bars purchase?
Buy Gold Bars With An Online Dealer
If you are familiar with shopping online, then you can research and make a gold bars purchase online. You need to find someone reputable, and for many this can be a scary prospect, but it may be your cheapest way to buy gold bars. This way your gold bars purchase is shipped right to you and at the best price. There is not the overhead or people involved.
Many people don't realize that you can make a gold bars purchase at the bank. You can be sure of the source, but you can also pay a higher premium. But for the first time, it might be a good way to go, until you get more familiar with gold dealers in your area.
You might want to compare banks, and see what the going rate is for a gold bar buy. The plus side, of course, is that you can see it and feel it. The bank will make the purchase once you hand over the money, at that days rate, and will call you when it is in, or some banks keep gold bars on site. They are usually packaged quite well.
But now you have to get it home! When we finally came up with a place for it. My hubby was excited. His gold bar buy had already gone up in value. He had been saving his "I stopped smoking money" for a while now, and did not like the idea of pitiful interest rates, or letting someone else invest it for him, so this way he felt he was in control and not likely to run out and spend it tomorrow. He called it his edge on the future.
So where to buy gold bars? Check the bank first and get the rate, then try some other places and online.
But it is funny the way we are going full circle again. Do you remember the old movies where rich people had safes behind pictures or in the floors for their gold and cash and jewelry? These are making a comeback, as more and more people want to hang onto their own money, gold and valuables. There are online sites where you can get really cool safes that mix in with your home decor and are totally fire proof. Or you could rent a deposit box at the bank for fairly cheap.
If you rent a deposit box, make sure and put it in your will. If no one knows you have one, and if this is not your regular bank, then it may never be found. You just have to say where the safety deposit box is. The same goes for any wall or floor safes at home. You are going to have to trust someone with this information! Or the house could get sold with your gold bars still in it!
If you make a gold bar buy, then you have to make sure your paperwork is in order. When you have cash in the bank there is a paper trail and will hopefully be found by your heirs, but with a gold purchase, you have to write it down somewhere!
My grandparents never did trust a bank account. We used to tell them how dangerous this was having it in the house. Finally one day my granddad made a gold bars purchase with some of it, and put it in a safety deposit box in the bank, that was as close to the bank as he was getting! He said they spend a lot of money on security, so he felt it would be safe there, he used to think it was funny that he had money right under their nose, that they were not making anything off of. I used to laugh at him for that, but now I am thinking this actually sounds like a good idea!