Getting Started With Physical Gold And Silver

Most of us still carry around at least a few $20 bills. A brand new one-ounce American Silver Eagle coin usually goes for around $20 today. Leaving some silver coins lying around the house is no more dangerous than having a few $20 bills in your wallet. When you’re ready for something bigger, you can buy a two-ounce British Silver Falcon.

In earlier times, people naturally started with silver and gold coins. It was easy because ordinary dimes and quarters still contained silver until the 1960s. Many investors no longer have direct contact with real money, so they often begin with precious metal ETFs. Even when people realize the benefits of physical gold, getting started can be intimidating. Fears of theft, confusion over insurance options, and the perceived need for storage vaults can keep investors trapped in the financial system. Physical gold and silver are the natural way to hold money, so getting started is easier than most people think. The key is to start small.

Gold costs more than silver, but you can still buy coins that are small enough not to worry about. A single 1/10-ounce American Gold Eagle goes for less than $200 in 2019. Many smartphones cost far more than that, and they are much more likely to be stolen. How many other possessions do you have that are worth over $200? A TV? A laptop computer? Gold jewelry? A family heirloom? Having a few gold coins is no different.

Later on, you can worry about protecting your gold and silver. After you buy several 1/10-ounce gold coins, buying a $20 diversion safe is sensible. Does having that safe make you feel safe? If it does, you may want to spend several hundred dollars on a personal safe when you get more gold. If not, it could be time to open a safe-deposit box or buy space at a private vault. By starting small, you learn who you are and avoid costly mistakes.

Finally, you might want to start thinking about insurance after you have more gold. On the other hand, buying insurance can help the government learn about your gold holdings. You don’t have to purchase insurance for all of your physical gold or put it all in a safe-deposit box. You can keep those first few gold coins hidden at home. Then, they’ll always be there when you need them.

Controlling your own money can be scary at first, but like learning to drive or getting your own place, it can also be liberating. When you begin with just a few gold or silver coins, you can learn along the way and overcome doubts. Also, consider buying silver or gold coins for your friends and family this Christmas. That way, they can start small and enjoy the benefits of precious metals without worries.