Important Factors to Consider before Investing in Gold or Silver

• by Admin
• February 2, 2022
• Buying gold

Last year, Gold was in the news a lot. Still, certain people are not convinced whether investing in it is profitable or not. They think that gold is usually significant for its monetary and symbolic value only. But, they do not know that it is also useful in other applications, such as medications, electronics, electrical wiring, dentistry, colouring glass, etc.

If you are someone who is interested in gold, this post has got you covered. Here we are discussing some important factors about gold and why buying gold is a smart move. Let’s dive in.

Why Should One Purchase Gold or Silver?

Purchasing this shiny metal is a stable form of investment. That is because, in the previous years, the stock market price of this metal has shown a positive movement. As far as the stock value is concerned, it is doing good in the market. That means now is the right time to invest in it.  

Despite the Covid-19 crisis, silver and shiny yellow metal have secured a stable and profitable position in the market. 

Also, a report has revealed that the prices are around 53% higher than the previous year. That means $1.00 last year was equal to $1.53 this year. It roughly translates to a $100,000 investment today in gold resulting in purchasing power of $535,000. 

But while purchasing gold, keep a note that pure gold is 24 karats, while 18 karat gold has 75% purity, 14 karat gold has 58.5% purity, and 10 karat gold has only 41.7% purity. 

Factors to Know Before Buying Gold or Silver 

Cost Per Gram

Before purchasing this shiny metal, you need to know its cost per gram. It can be quickly done by visiting a trusted website or multiple websites. 

Levels of Purity

Gold comes with different purity levels. That means the 100% or 24k shiny metals are the purest. Moving further, 22k contains 22 parts of gold and 2 parts of other metal. Likewise, 18k contains 18 parts of gold and 6 parts of other metals. 

Not to forget, Gold is the only metal on earth which is yellow or golden in colour. Other metals may become yellow but only when they react to some chemicals. Whenever you are buying gold, make sure it is odourless & tasteless as these are the signs of its purity. 

Additional Charges

This shiny yellow metal always comes with hidden charges that are not stated explicitly. Before purchasing, know the gold price in your city. 

And to know the additional charge, ask for per gram price, wastage, and making charges. All these things change the actual price and the paying cost. 

Certification 

Many sellers claim to offer genuine products, but you must check the hallmark as a buyer. Whether you are investing in gold coins or ornaments, always look for evidence of the BIS hallmark. 

Know the Buy Back Terms 

The last thing to know is the buy back terms from the seller. It means that you must ask about the money you will get if you ever want to change the item.

Get an Invoice

Another thing to remember is to ask for an invoice. With the increasing gold price, remembering the actual cost can be difficult. But when you have an invoice, you have proof of the actual transaction. 

To invest in 24k gold, you can visit MyGoldKart. We are a well-known platform that has simplified buying and selling digital gold for everyone. No matter how small your investment budget is, we have got you covered with our plans.