Considering the cost of Gold and Silver (every precious metal) is increasing, it is not a good way to go and buy gold in bulk. I will not have ability to purchase gold in one shot for many sovereigns. Because that is going to be very costly.
Instead, here is a strategy to accumulate more gold at home, without any strain to your pocket or wallet or bank account.
1) Set a day in a week or a month for purchase of gold.
2) Fix a reliable Gold Jewellery shop.
3) Enquire the return policy of gold in the jewellery shop and make sure they take back gold for the market rate and no commission out of it.
4) Purchase gold or silver periodically like 1 gram to 2 gram to 4 grams every period - say week or month, depending upon your capability.
5) Remember to buy only gold coin for this purpose, which is only 3% making charge (lowest) and 1% VAT. Prefer to pay in cash, so that you don't get 1% more for Card purchase.
6) Say for example - you buy 4 grams of gold every month OR 1 gram every week - you end up with 6 sovereigns of GOLD at the end of the year.
7) Cultural point - we associate our daughters with gold for some reason. Hence, when the child gets born, and you start doing this activity of purchasing gold in denominations, you end up with 120 sovereigns of gold by 20 years of your daughter's age!
8) In this, you don't have to worry about Gold price going down or going up. Your cost gets averaged and you don't get disturbed by any ups and downs. Mental peace and also you get the asset of GOLD, which is never changing and always increasing ASSET.
Isn't that amazing?
9) Well, at last don't forget to have a locker opened in your local bank. You will have to store the precious metals in the Bank locker and not in your home. That is a danger for every one and that might lead to loss!
No comments:
Post a Comment