Gold is usually the most expensive precious metal, and if you have ever bought any gold jewelry, you know that you can spend some serious money to get your hands on this shiny, yellow metal. A lot of people think of gold first when they hear the phrase precious metals. Since gold is expensive, this causes many people to falsely believe they cannot get involved in precious metal investing unless they are wealthy.
This is certainly not the case. In the latter part of 2021, browsing an online precious metal dealership revealed a spot price of $25 for silver and $1,800 for gold. The most common investment in precious metals is purchasing 1 Troy ounce, and you, of course, have to pay some type of premium so the dealer can make a profit. In many cases, this premium is as low as 3% or may be as high as 10%.
In the case of silver, you could purchase 5 -gram square silver bars for around $16, with the 2021 pricing listed above. A 1-ounce silver bar of .999 purity would set you back between $25 and $36. As you can see, you don’t have to be a wealthy individual to benefit from investing in precious metals.
Isn’t Gold Too Expensive to Buy?
There is only so much gold in the world. The same is true for other precious metals, and this is why they carry the precious designation. The fact that they are rare and that these metals have a finite supply means that they can become pricey from time to time. In the example above, you may not have the more than $1,800 that would be required to purchase 1 ounce of gold.
However, you don’t need anywhere near that amount of money to begin investing in gold.At most of the top online precious metal dealers, you can purchase 1 gram of gold in a small bar form. Some dealers also have 1/2 gram offerings.
Using late 2020 pricing, it was possible to purchase a 1 gram gold bar for $76 to $88, and a 1/2 gram bar for $59. If you are thinking about investing in precious metals to make a profit, it doesn’t matter what size or weight your gold investment is. When that commodity goes up in value, so does your investment.
There are affordable coins, bars, ingots, and rounds, and many dealers both online and off run daily, weekly, monthly, and annual specials. You can often buy in bulk to lower your cost per ounce or gram and still keep from spending a lot of money.
People who amass a large collection of precious metals often pay for storage at a depository. This is a monthly fee that the small investor does not have to incur. If you believe that precious metals act as a hedge against inflation or some other economic turmoil, or you just like the idea of owning some gold or silver, platinum or palladium, don’t let the fact that you are not Donald Trump keep you from starting a precious metals collection.
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