Buying gold is a prudent investment for securing your finances for future unrest, and this precious metal has a long history as a stable currency that is resistant to losing value due to market fluctuations. Purchasing gold is possible without spending large sums of money, and the following article details how preppers can get started with buying gold as a valuable financial survival strategy.
History of Gold as Stable Currency
The use of gold as currency dates back to the Middle Ages. Countries throughout Europe began adopting standard currencies depending on the one found to lose the least value over time. That commodity was invariably gold ingots, gold coins and similar items crafted from gold. This practice became the first precursor to the gold standard.
Today, the gold standard is a method for calculating the value of paper currencies against a fixed amount of gold. Until recently, the US dollar was one of the better-known currencies that’s traditionally been measured against the gold standard. However, as the dollar continues to devalue, gold remains stable. The two main advantages of the gold standard has included safeguards against excessive inflation and limits on governments’ ability to increase the money supply by printing more currency.
During economic recessions and other times of financial instability, the value of many paper currencies can drop to noticeable degrees. The same losses can occur with various forms of stocks and bonds. For individuals who want to build a stable, secure financial future these losses can be frightening. Prepper’s who Invest in gold can safeguard against losses during economic upheval. Prime opportunities to buy gold are everywhere, because its value increases steadily even as the value of paper currencies continue to decline.
How to Purchase Gold for Less
The price of gold is measured as a fixed amount per ounce, making most standard size gold bars quite expensive. Buying gold coins from specific types of vendors is an excellent choice in many cases. Some of the most common sellers include mints and established precious metals dealers. These coins typically come in simple plastic protective cases rather than fancy presentation cases, which is an advantage because these vendors will not mark up the prices as high. Spending the most on the gold itself is the best choice, and the vendors with the highest mark-ups tend to be post offices and higher end gold wholesalers.
Smaller gold bullion bars are also less expensive than standard size gold bars. The dealers’ markup is also usually the same or even a bit less than that of gold coins. Gold dealers’ mark-up is defined as the difference between the wholesale prices they paid for each coin or bar and the retail price they assign to the gold. Markup can vary noticeably from one gold seller to the next, so buyers are encouraged to research the current gold value per ounce and compare it to the markup before making final purchase decisions.
Buying Gold From Reputable Dealers
To narrow down a search for a reputable gold dealer, the best criteria concern prices and number of years each dealer has been in business. Some of the best gold dealers take the time to research current values per ounce and give fair prices. Knowledgeable dealers also keep watch on the markets and are able to gauge when the value of gold is projected to increase in the near future. These dealers can then make educated recommendations about the best timing for buying gold at ideal prices.
The most reputable gold dealers also have accreditation with an organization such as the Better Business Bureau, along with comprehensive websites. Ideally, one of these gold dealers has both a brick-and-mortar shop and an online store for ordering gold coins or bars. Each dealer also needs to have plenty of good published reviews as well as any accessible past complaints from buyers. The best gold sellers have taken the time to educate themselves on market conditions and can then educate you, the buyer about the best options for adding gold to your prepper portfolio. A high quality gold dealer will also be able to tell each buyer the current COMEX value of gold by the ounce, which is updated by the minute. Working with the best dealer will get every buyer the best gold returns.