Buying gold and silver is a great long term investment for your family, and small amounts are cheaper than you'd think
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GOLD and silver have been symbols of wealth throughout all of human history.
But it is now easier than ever to start buying the precious metals, so here's how to get in on the action.
There are several advantages to buying gold and silver, such as stability and having something that will hold its value for generations.
Just being able to physically own some gold or silver is an advantage in itself.
Although, be prepared to spend some serious money to get a whole gold ingot.
Here is what you need to know about gold and how to buy and sell it.
An ingot is the classic gold bar that you have probably seen in every bank robbery film ever.
Though the bars aren't limited to gold and can come be made out of any metal or alloy.
Gold and silver ingots are made by pouring the molten metal into a mould and leaving it to cool and set.
The standard size for a gold bar is called the Good Delivery bar and is most commonly traded by banks and gold bullion dealers internationally.
A Good Delivery bar must weigh between 11kg and 13kg.
But gold can be bought be in various weights depending on how much you want to spend.
As of September 13 2018 the price of gold is currently £29,513.23 a kilogram.
The price for a kilogram of silver today is £348.89.
Which means that for a whole Good Delivery gold bar you can expect to pay between £324,000 and £383,000.
Obviously this a ginormous amount of money for anyone, but you can buy smaller amounts of gold and silver for a lot cheaper.
The Royal Mint sell a 1g bar of gold for £41.54.
Or they also sell a 100g bar of silver for £60.52.
Unlike notes and coins, gold and silver have traditionally always held their value.
Investing in these precious metals is a very stable way of being able to pass on your wealth to the next generation.
Gold and Silver are also a sure bet in a time of economic downturn.
The price of gold tends to increase when the cost of living gets higher, making gold stable even in times of inflation.
Silver is similarly stable in tough economic times and can be counted upon to hold value, unlike paper currencies or new experiments with money like Bitcoin and other online only currencies.
Bitcoin investors struggled to withdraw cash from their accounts recently.
Although it is a very stable investment, don't expect large returns on the value of your gold and silver as prices change at a very slow rate.
There are lots of places online such as , or who will allow you to buy and sell physical gold and silver.
Being able to physically have and hold your gold and silver is definitely an allure to buying the precious metals.
But lots of people choose to invest in gold stocks rather than buy a small amount of physical gold.
To buy gold on the stock market you want to look for stocks called physically backed Exchange Traded Funds (ETFs).
You want to make sure to buy physical backed rather than synthetic ETFs, as when you purchase the former you actually buy a small portion of actual gold held in a vault somewhere.
These are easier to use than buying an actual piece of gold as they can be easily traded just like stocks.
Selling gold and silver can be a little more tricky.
Some gold dealers will not buy your gold unless you originally bought it from them.
Companies like Bullion By Post make their money by buying back gold for less than they sold it to you for.
For instance they currently sell one ounce of gold for £968 but will only give you £880 if you sell it back to them.
So, it is worth staying on top of the price your gold and only selling if you know you are going to get more than what you paid for it.
The first ever gold coin could sell at auction for £500,000.
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