How to buy gold and silver when you haven’t done it before

how to buy gold and silver

As an individual of high net worth, knowing where to invest your money to make it work for you is key to managing your wealth. If you haven’t purchased precious metals in the past but are considering investing, we have prepared some guidance on how to buy gold and silver to simplify the process and get your portfolio started.   

When to buy gold and silver 

If you read our previous blog on ‘is now a good time to buy gold’ then you will know that the current global economic climate is not a stable one. With high inflation here in the UK, rising interest rates across the world and US politicians scrambling to stabilise their economy as the debt ceiling is again raised ahead of the looming 2024 presidential election, there is plenty of uncertainty ahead.  

As we explored in our previous blog, gold and other precious metals often provide a safe haven at times like this, allowing you to hedge against inflation and minimise risk to preserve the value in your portfolio. If you haven’t invested in precious metals before, click here to read why you should buy gold and silver instead of investing in property, stocks or cryptocurrencies. 

Where to buy silver and gold 

Once you’ve decided to invest in a precious metal such as gold, you need to determine what format to purchase it in. There are three main choices when it comes to buying gold – physical gold, digital gold and gold ETFs (Exchange-Traded Funds) – these track gold but trade on the stock market, like shares. 

If you choose to buy physical gold then your choice is between gold bullion and coins. For larger denominations, bullion is the sensible option but you’ll need to ascertain whether you’ll be taking possession of the gold or paying to have it stored in a safe vault.  

The easiest way to invest in precious metals is to buy them online from gold dealers. Even if you prefer to do things the old fashioned way and complete the deal over the telephone, the internet provides you with the best research in terms of comparing live prices and storage costs. It is quite safe to buy gold bullion online when you purchase from a reputable dealer such as Goldstar Global. Our customers can relax in the knowledge that our easily accessible electronic environment is safe, secure and facilitates real time trading. 

Where to store your precious metals 

If you want to buy physical gold or silver but store it yourself there are a few factors you’ll need to take into consideration. Firstly, you will need to find a safe, dry location for storage. This should preferably be away from your home and in a place that is free of damp and corrosives. It is also worth noting that gold and silver should not be stored together as silver can oxidise over time which can tarnish the gold. 

If you choose to store your own precious metals you’ll also need to ensure you take out adequate insurance to protect your investment. 

The easiest option when purchasing gold or silver is to pay to have it stored. This can be arranged at the time of purchase when you buy from us, helping to keep the process simple and the costs transparent.  

Why use Goldstar Global? 

If you are looking for gold dealers to help build your investment portfolio, you’ve come to the right place. At Goldstar Global we promise: 

  • A fair and transparent environment where all gold and silver market investors and traders are safe and secure. 
  • All the services of a Bullion Bank without the associated high fees. 
  • A low friction solution for the trading, purchase, sale and storing of precious metals globally. 
  • Private client account management – should you wish us to help manage your portfolio. 

To get started with your precious metals portfolio please click here to buy silver and gold. 

If you want to stay up to date with the latest gold and precious metals news, prices,  investment and wealth protection tips please fill in the form below to sign up to our newsletter: 

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