No one can resist the value and charm of yellow gold, which is one of the world’s most precious metal. Over thousands of years, gold is the only metal that has made investors rich.

The prices of gold vary based on its demand and supply. There are several reasons why gold is the most preferred metal, such as its durability and resistance to corrosion or decay.

Tips to invest in and buy gold
Gold is considered a long-term investment. Reports suggest that gold mines are getting exhausted and the scarcity of this metal is affecting its price. If you are a first-time investor in gold, here are some handy tips for investing in this precious metal.

Compare prices
22-karat American Eagle is guaranteed by the U.S. Mint, but it is not sold directly to customers or investors. One can check the spot price on websites like Monex and Kitco to compare prices. Normally, gold coins are sold at premium prices above the fixed price. Comparing prices will give you a fair idea about the prevailing prices and trends. Gold coins are available in different sizes, such as 1 oz., 0.50 oz., 0.23-oz., and 0.10-oz.

Buy American Eagle
In the United States, a gold coin is weighed at 22 karats and outside it is weighed at 24 karats.

If you want to invest in gold coins, always go with American Eagle or Canadian Maple Leaf. It is advised to avoid physical possession of gold bars. They should be stored safely in a vault.

Invest in gold ETFs
Another way through which you can invest in gold is by opting for gold ETFs (exchange-traded funds). An investor can accurately track the price of gold. ETFs are traded on all major stock exchanges. Putting your money in a gold ETF is like investing in gold without physically buying it.

Buying from an authorized gold dealer
Though people prefer to buy gold coins from jewelers, banks, and brokerage houses, other dealers also offer options to invest in gold. Before investing in a gold coin, make sure it is bought from a reputed and authorized dealer. First-timers, who are reluctant to approach any dealer, should buy from the U.S. Gold Bureau to make sure they get authentic gold coins.

Know buyback policies
Before buying, understand the seller’s buyback policy. When you want to sell gold, a few dealers will buy it only if you have purchased it from them. Other dealers will be willing to buyback gold coins even if they have not sold them to you, albeit at relatively lower prices.

However, while buying gold coins, beware of fraudulent dealers who scam you for a few dollars. It is advisable to invest in gold coins because gold has the power to survive even in turbulent conditions. That is why it is considered a tangible asset.