Blog 2 keyword Gold Bars vs Coins 1589263443876

Buying Gold Bars for the First Time? Here’s What You Need to Know

When you think of investing in the physical form of gold, the first option that pops into your mind is
a gold bar. They are safe, easy to store and easy to sell off if need be. In case you are buying gold
bars for the first time, here’s what you need to know to ensure that you don’t regret your decision
later on.

Gold Bars vs. Coins

Gold bars are a preferred option over gold coins because a gold bar is less pricey than a gold coin.
Crafting a gold coin and its design is a very delicate task that requires several staff hours and
machines. So, when their costs are included, the gold coins are priced high. There is no doubt about
the fact that gold coins look pretty, but you pay a huge price for that prettiness. Another advantage
of gold bars over gold coins is that gold bars can be stored with ease by even stacking one over the
other. Hence, they take less space as compared to coins.
The best features of gold bars are they are portable, liquid, private and will last forever with minimal
care and maintenance.

How to Choose the Right Gold Bars for You

If you are convinced that old bars are the right choice and want to buy ones that suit you then here
are a few tips that will help you to buy the right ones.
  • Select the Right Size

    Gold bars can be as thin as one gram and as hefty as 400 ounces. The thinnest ones are called gold
    wafers while the heaviest are usually ideal for central banks, ETFs and exchanges. Usually, the cost of
    producing a heavier bar would be less than the thinnest one. But that doesn’t mean you should buy
    gold bars worth a few hundred ounces. In fact, you should buy smaller bars so that you can sell them
    off in batches and not all at once. Also, finding buyers of small bars is easier than finding buyers of
    heavy ones. Smaller bars also don’t need assays and have a lower risk of counterfeiting.
  • Assure Quality

    When you want to purchase a gold bar for investment purpose, you don’t want to end up buying a
    fake bar that cannot be sold when there is an emergency. So, you should look for stamping and
    hallmark to ensure that the gold bar you are buying is worth it. If a seller is not offering gold bars
    with a recognized hallmark or proper stamping, it means that they are trying to deceive you by
    selling a fake or low-quality gold bar. Always buy from a seller who sells gold bars that have purity,
    weight, refiner and a registration number stamped to ensure you are not cheated.
  • Ask the Right Questions

    In case you have decided to buy gold bars from a reputed provider, make sure that you ask them
    about their products, the processes they use to manufacture or acquire the bars and the reselling
    options you will have. If possible, read reviews of previous buyers or talk to them directly to know
    that you are getting quality products.
    You should also know that the reputation of the hallmark also matters a lot. If the brand of the manufacturer or refiner is well-recognized, you will be able to sell it with ease any time in the future.

Final Words

All in all, it can be said that if you are buying gold bars for the first time, you should remember these criteria to ensure that you don’t get ripped off. As an alternative, you can also trust the NY Gold Company to buy the purest gold bars quickly and at the right prices.

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