Gold is a precious commodity purchased and kept as a store of value against economic downturn and unpredictable market forces.
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To get a higher monetary value on your monetary investment in gold, there are some cheap ways to buy gold.
1. Purchasing per unit
One way to buy gold is to buy gold bars according to the price per unit and not the total value price of the gold.
Making your purchase this way assures you of paying a lower price and saving some money though this method of purchase is often not considered by buyers.
2. Spot market
This is also a place to buy gold cheap as dealers have no definite transaction location which makes them have almost zero operating costs and buying from them can be cheap.
3. Change of purchase location
Gold is cheaper in some countries than in some other locations. You need to carry out your findings.
Prices of gold in certain locations are dependent on market forces of demand and supply which can make it look cheap to someone who is in a different location entirely.
If you choose to purchase gold from a farther location because you consider it cheap, traveling expenses to go purchase it yourself or shipping fees to bring it down to your location will certainly shoot up costs for you. Except you choose to go through an authorized gold dealer on auction sites.
4. Online gold
Instead of conventional physical gold, one can also purchase gold digitally. Payment is made using your credit card or electronic wallet and your gold is stored digitally.
Online sale of gold is relatively cheaper than the physical one.
5. Buying in bulk
Buying precious metals in bulk especially bullion bars is cheaper also because you pay the lowest premium according to its unit per weight.
6. Purchasing from a bank
You can make your gold purchase from a bank at a cheaper value but it requires a deep understanding and understudy of the market as it is not just any bank that can offer expected cheap prices.
Hong Kong is considered to be one of the places in the world to purchase gold at a cheap value, as you can walk into a bank in Hong Kong and purchase your gold which is considered cheap compared to banks in other countries of the world.
Gold is also believed to be cheap in India as large banks import gold into the country since almost all gold in India is imported.
And there is no standard price for gold in India. Prices vary from location to location which can make one get a cheap gold price.
7. Coins instead of bars
Another way to get value for your purchase of gold is to purchase gold coins instead of bullion bars. Gold coins save more money than bullion bars.
8. Studying the market forces
Monitoring the futures market of gold can help predict the right and appropriate time to buy gold at a cheap price because the price of precious metals is largely determined by the futures market.
Gold and other precious metals are always sold at the spot price in the futures market even though this includes minting charges, transportation costs, and other expenses.