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How to Get Started Investing in Gold and Silver

Written by Banks Editorial Team

Updated January 24, 2022​

3 min. read​

Most people have been noticing prices rising fast. Food prices have increased in some areas by more than 10%, and gas has risen above $6 per gallon in some California cities.

With rapidly rising prices, many people are buying precious metals to beat inflation and secure their wealth. This is a wise move, especially since gold and silver hold their value over time and are a great option for bartering in times of economic collapse.

While gold and silver bullion prices are higher than they were last year, it’s not too late to start investing in gold and silver. If you’re interested in preserving your wealth with precious metals, here are some tips to get started.

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1. Consider Investing in a Precious Metals IRA

If you’ve been working for a while, you probably have an IRA. If you have a self-directed IRA, you can hold precious metals like gold and silver as your assets. However, with a precious metals IRA, you don’t physically hold the metals – they’re stored for you.

When you use a reputable company like the Oxford Gold Group, your precious metals will be stored in a private, secure, insured, non-bank facility. You can choose from a variety of gold, silver, palladium, and platinum rounds.

Adding precious metals to your IRA is a great way to diversify your portfolio and preserve your wealth with an asset that has historically maintained value, even in hard times.

2. Find a Reputable Dealer

Buying from a reputable dealer is important. Fake gold and silver are a risk when you’re not careful. A reputable precious metals dealer will inspect and/or test all metals they receive before selling them to others, so you can be certain you’re getting the real deal.

Ideally, you should buy your gold and silver in person at a local shop. You’ll get the best deals, especially when you pay cash. When you find a reputable dealer with good inventory, stick with them, and you might even get better deals for being a regular customer.

3. Buy Metals in the Right Proportions

The three most popular investment metals are gold, silver, and copper. As of December 21, 2021, prices are as follows:

  • Gold – $1,790 per ounce
  • Silver – $22.54 per ounce
  • Copper – $4.34 per ounce

While you can also buy platinum and palladium, they’re not the most popular metals because they don’t have the same level of practical value. Gold usually costs slightly less than palladium, but gold is a better investment.

It’s important to buy your metals in the right quantities and proportions. For example, if you only buy 10oz or 1-kilo gold bars, you’ll save space, but it will be harder to use your gold to barter for goods and services.

A 1-kilo gold bar you purchased for $58,000 would be difficult to barter for most goods or services. However, that same 1-kilo gold bar is great for preserving your wealth.

This is why you want to have a variety of metals. Large gold bars are a great way to preserve your wealth, while smaller, 1 oz and 1/10th oz gold coins are great for barter. In 1 oz and 1/10th oz rounds or bars, silver is the ideal metal for bartering small-to-medium-sized transactions. For even smaller transactions, 1 oz copper rounds are perfect.

It’s important to have a mix of all three metals, but make sure you buy them in the quantities and proportions that will work for your financial goals.

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4. Start Investing Now

The most important tip for investing in gold and silver is to start investing right away. Don’t wait to buy your metals. If you can only afford to buy a few rounds at a time, start there.

If you’re buying from an online shop, you’ll probably need to spend at least $200 per transaction. If you’re going to make regular purchases, it’s best to wait until you can buy the minimum required to get free shipping since the cost will add up quickly. The longer you wait to buy precious metals, the more you’ll have to pay, and the less stock will be available.

Gold and Silver Won’t Lose Value

There has never been a time in history when gold and silver became worthless or lost their value. The value of precious metals will fluctuate, but gold and silver will never lose their value.

Start investing in precious metals today, and you’ll have currency to barter in hard times and the ability to preserve your wealth for the future.

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