It's a pirate's booty and an ingredient in microcircuits. It's been used to make jewelry since at least 4000 B.C. and to treat cancer only in recent decades. It's in the pot at the end of the rainbow and in the coating on astronaut visors. What's this element that bridges old and new — and myth and science — so seamlessly? Gold, Stephanie Pappas
In my previous blog post, titled, "Financial Freedom – The Raw Truth,” I touched on a few benefits why Gold is an asset to invest in. In this post, I want to dig a bit deeper into how your financial investment in this precious metal can act as a hedge against major financial losses due to devalued fiat currency, inflation and deflation and many other financial risks now or in the future.
Before you invest in gold or any asset, you must have a thorough understanding about the asset. In this instance, we are referring to gold. I would like to suggest you read a book by a best-selling author and authority on gold, Jim Rickards called, “The New Case For Gold,” where you would obtain an in-depth overview and analysis about gold and how it can protect you and your family against economic chaos.
For the pessimists, I am not receiving any royalty for advertising this book!
So Why Gold
Gold provides a good option for diversification as it continues on an upward trajectory with unparalleled liquidity and universality. I am not saying to take your life’s saving and put it all into gold. Being over-exposed to any one asset class is risky and unwise.
Historically, gold was considered a universal currency due to its globally accepted value. It has played a major role in supporting many countries domestic currencies. While it is not the primary currency used today, it is still accepted as a worthy long-term investment.
How is Gold Measured
In the gold market, the unit of measurement differs by country based on their local measurement units. Some of the most common measurements used worldwide are the:
Troy ounce – America and British countries
Pennyweight – North America
Gram – Universal
Tola – New Delhi, Karachi, Mumbai
Tael – China, Hong Kong, South Asia
Baht – Thailand
Grain – Universal
Troy weight is customarily used for precious metals and gemstones, such as gold, silver, and gemstones. N.B. 1 troy pound is equal to 12 troy ounces, distinguishing from avoirdupois system (16 ounces per pound). The units of measurement are troy pound, troy ounce, and pennyweight and so on. See conversion table below.
Conversion Table
Source: http://www.goldpriceoz.com/
BuyingGold
Only buy Gold from reputable organizations. NEVER BUY PHYSICAL GOLD COINS OR BARS FROM ANYONE!!!!
I highly recommend:
- Goldmoney – allows you to purchase Gold with your Credit or Prepaid Card
- BullionVault – Wire transfer required
Both companies provide several options for storage of your Gold and purchasing is as simple as:
- Open your account
- Transfer funds from your credit or prepaid bank card to your account
- Purchase gold through your vault of choice (See options below)
- Validate your account: upload a copy or your ID or Passport and a Bank Statement (Proof of Address)
Goldmoney Vaults:
- Zurich
- Dubai
- Hong Kong
- Singapore
- London
- New York
- Ottawa
- Toronto
BullionVault:
- Zurich
- London
- New York
- Toronto
