I want to start buying gold but don't know where to start.

26-02-18
Where is the best place to start as a gold investor? How do I start investing in gold safely? Should I invest in gold or in stocks and shares instead? I think I want to invest in gold but I am scared to get it wrong Investing in gold is scary and amateurs should be careful Should amateurs be afraid of investing in gold or just do it?

So you have finally decided that you want to start buying gold as an investment but you don’t know where to start, what do you do next?

Well it depends what your real motivation for investing in gold is. – Are you looking to become a serious or regular investor, or are you just going to dabble?

If you are serious about building up an investment in gold over time, you should probably try to connect with one or two recognised suppliers and build a relationship with them. They can help you and can give you immediate market intelligence on things like the price (both today and forward), formats, markets and timings.

If you are just looking to dip your toe in the water for the first time, you should probably look at one of the reputable online suppliers of gold bullion and coins.

In either case it’s probably worth remembering that there are other precious metals to look at as well. – Think silver and platinum for example.

From my experience, something I hear quite often from amateur investors is,

“I think I want to invest in gold but I am scared to get it wrong”.

Like all things that are new to people, it can look a bit scary at first but as you become more experienced and learn more, you gain confidence and all of a sudden it is not as scary as you first thought.

I can’t stress enough though that you should take time to pick your suppliers carefully. – If you get this right, you will feel supported and reassured. Get it wrong and you may have sleepless nights worrying whether you are making the right decisions.

Do your homework.

Set a budget and stick to it. – Decide how you are going to invest. Will you buy a regular amount monthly? Or is it once every now and again? – Have a plan.

Where will you keep it?

Remember to add it to your insurance policy.

Remember to record and catalogue every purchase.

Good suppliers will be only too happy to help you. Find one that will give you references and take up those references.

Don’t invest more than you can afford, and remember, it is supposed to also be fun.

Want to know more? - Contact me and let's connect.

Share this content

About the author

Phil Blackett

Send message View profile


I am an entrepreneurial retailer and wholesaler with a strong track record of achievement and success in E-Commerce within a B2C environment.

For over 30 years I have successfully founded, created and operated businesses within Men’s High St retail and online optical. I’ve built successful, high-performing teams – both technical and non-technical and always enjoyed developing profitable, long-term relationships with clients. 

It hasn’t all been plain sailing. I’ve learnt some hard lessons along the way that have shaped my ‘people first’ approach. I have a laser focus when it comes to margin, I believe profit tops turnover, cash is king and putting the customer first builds the right reputation. I’ve worked extensively with clients and suppliers all across the globe – giving me a truly international perspective in understanding cultural nuance and sensitivity.

By the very nature of my career to date, I have a very broad business experience and perspective. From developing international supply chains, merchandising and store design to raising VC funding, negotiating with banks and property agents and building high performance E-commerce sites – I believe I can bring value and insight to solve a broad range of business challenges.

Throughout my business career hindsight would have been a wonderful thing. I feel that I’m now able to share my knowledge and experience with others and help them avoid pitfalls and overcome the challenges that I’ve faced over a thirty-year career. In addition I believe my e-commerce knowledge and experience is very much at the cutting edge – enabling me to not only support ‘traditional’ small business – but also add value to those looking to establish themselves in the digital economy.

Additional Skills

E-commerce business seeding and transformation

I am also a Director of London Gold Bullion.

https://www.londongoldbullion.co.uk

 

Comments

There are no comments. Join now to add a comment. Click to Join

Back to top









About us - Terms of use - Privacy policy - Pay






>