In volatile times Gold is seen as safe haven asset. I can’t tell if now is a good time to invest in Gold. There is so much uncertainty in the markets that any investment is going to be risky. But if you are looking to invest in Gold, here are some of the options I have tried in the past:
SendGold is a relatively new Australian company that is simplifying the process of buying, storing and sending gold. You can buy Gold through their app and then either store it in your account, or send it to others. This means you can use SendGold as a payments platform.
You maintain 100% direct ownership over the gold and it’s insured by Llyods of London.
As it’s an Australian company you can buy gold using Australian payment methods including BPay and POLi and they also support PayPal!
This is currently my pick of bunch when it comes to buying gold online.
Buying Gold Standard
Gold Standard is a crypto that is backed by Gold. So 1AUS = 1 Gram of gold. Because it’s a crypto, you can store it in any erc-20 compatible crypto wallet. You can also easily send it between exchanges, wallets etc. This makes it a very easy way to get started investing in Gold.
The crypto is issued by Australian company Ainslie Bullion, which has a good reputation in the Gold bullion space.
You can buy Gold Standard through Australian Crypto exchange CoinSpot. It’s my preferred place to buy crypto.
Trading Gold (via CFDs)
If you’re looking to trade Gold, then you can do so on eToro. eToro is a trading platform for stocks, forex and commodities such as Gold.
Trading gold like this is more complex and I recommend trading only to people experienced with online trading platforms. It is possible to copytrade on eToro (this is where you automatically copy the trades made by more experienced traders), but there is no guarantee a copied trader will invest in just Gold.
If you’re new to trading, you can sign up to eToro for free and practice trading using a virtual account. This way you won’t risk losing any real money.
Investing in Physical Gold
Investing in physical gold is pretty easy to do. There are lots of online stores. Gold bars are generally priced closer to the spot value, where as gold coins are collectible so you will pay a premium. For investment purposes a Gold bar is probably your best bet. Of course when you buy physical gold you have to worry about storage and security. You also need to consider liquidity. Will you be able to sell your gold quickly and easily later on.
Investing in a Gold Account
If you don’t want to worry about securing gold on your own, you can invest in a “Gold Account”. This is where you buy Gold, but the Gold is securely stored by a third party.
A number of Australian companies offer gold investment accounts. The Perth Mint offers an online depository program. You can get started with as little as $50 and comes with a government guarantee for security.