First one should consider how much gold you want at today’s price. Of course this should be within one’s budget either on a right now basis or spread over time with regular purchases.
One should also decide on the type of gold you would like to own. Gold coins, bars or nuggets. Nuggets are hard to come by and it requires an experienced eye to know which are the best and which are not. However, their natural untouched beauty can make them an appealing option for gold collecting. Gold bars are a good buy but somewhat bland for some people's taste. Gold coins, however, have a magic all their own.
There are many different types of gold coins but by far the best are those which are guaranteed to contain 1 troy ounce of gold.
Such coins as:
- Australian Kangaroo
- Austrian Philharmonic
- Canadian Maple Leaf
- South African Krugerrand
- United States Eagle
- British Sovereigns
It is important when buying gold coins to get the best deal possible. This might mean paying cash and watching out for special discounts or special offers. Shopping around is always a good idea. There are many reputable dealers out there jostling for your dollar!
So you need to select a trusted, reputable firm that is a Mint Recommended Dealer and can also demonstrate being a member of the American Numismatic Association, if in the US, or the equivalent in other countries.
It is important to work with a trusted dealer to ensure the coins you are purchasing are not counterfeit. In addition you may wish to sell back coins you have purchased and this is much easier with a dealer you have a track record with.
One can have a lot of fun building up a collection of gold coins and there are some great deals available, when buying gold, for the watchful eye!