Investing in precious metals is a wise move, but before you do so, you should do your homework to discover how and where to buy gold bullion bars. For starters, you should look for a reputable dealer and choose to buy LBMA approved gold bars and coins. LBMA stands for the London Bullion Market Association, and it’s the competent authority for the world’s bullion market. Therefore, when gold hallmark as LBMA approved, it means that it has come from a member of the London bullion market, a wholesale market for trading in gold and silver.
LBMA Rules on Gold Bullion:
There are some rules that the LBMA has issued, and in this case, the most important one is the physical attributes of gold traded in the market. Also, there are rules regarding which refineries can be on the official list of approved companies. The bottom line is that when you buy gold bullion bars that are LBMA approved, you are getting your hands on the finest quality products on the market. You can also avoid being fleeced because you are dealing with an authorized trader who has to follow specific rules to remain a member of the association.
Choosing a Dealer:
Now that you know the type of bullion you should be looking to buy, it’s time to look for a gold bullion dealer. It’s advisable to look for a dealer who has been in business for many years. Such a dealer will have enough experience to provide excellent service. You can also ask for referrals from satisfied customers and look for online reviews to determine the best trader to do business with. Most dealers will display the spot price of gold on their website, and this is useful to help you compare prices before you place your order.
Buying Gold worth $5,000:
If you wish to buy gold worth more than $5,000, you need to provide photographic identification, which can be a passport or driving license. You also need to provide your address, and you can use a recent utility bill or bank statement for this purpose. But if you’re buying gold worth less than $5,000, you don’t need to provide identification. After choosing the bullion that you wish to purchase, you can lock your price based on the live spot price. So, if you want to get the best deal, you can read the latest reports and follow the trends to anticipate the prices.
Where to Keep your Investment
Now that you’ve managed to buy gold bullion bars, you need to think about protecting your investment. Keeping gold in your home is risky, and it’s advisable to keep your investment in a bank or storage vault. Some dealers can provide storage, and this makes it easy for customers to buy and sell their precious metal without moving it from place to place. You also need to ask about the company’s buyback policy because some dealers will only buy back bars and coins that they’ve sold themselves. And last but not least, you need to decide beforehand