We are all into the new year and by now you should have a clear indication of your financial situation. What was your New Year’s resolution? To save money? Learn a new hobby or stacking your gold.
The price of gold has been good so far. It’s hovering just above the $1,200 mark and analysts believe it might go over $1,300 again. There is no better time than now to evaluate your gold bullion collection and start looking at ways of capitalising on what is shaping up to be a glorious year for precious metals like gold.
Here are a few things you can do to improve your gold bullion collection this year.
Complete a series
Maybe you have some missing pieces in your Perth Mint gold lunar collection, you might want to start looking for the coins to complete the series or start with a new Queen Victoria 200th. Get excited about something new. There are plenty of collectible coins to choose from. If you, like many collectors have been waiting for precious metal markets to rise again, then this is the best time to start stacking different types of bullion or filling the gaps in your coin collection.
Balance your bullion
Buying bullion can be fun, but you don’t want to have too much of the same type. You should not only mix the metals in your investment portfolio, but also look at mixing coins, bars and even jewellery. Have bullion that is strictly for your vault and some bullion to show off. Prices may vary as you go from one type to another. The good thing is that you can always find gold that you can afford. By now you should have done some spring cleaning and maybe there are a couple of things you need to get rid off to make way for something new. Sell gold bullion you don’t need to raise some cash for that one coin you missed in your lunar series.
When we talk about stacking, we aren’t just talking about having different kinds of metals in different forms, but you should also consider putting your money into some digital gold. Non-physical gold is quick and easy to buy and sell.
Organize your bullion and store it properly
As a bullion investor, your responsibility does not end when the gold is delivered to you. You are responsible for protecting your precious metals from damage and from being stolen. Fine gold is soft and it is easily damaged by scratches and dents. You should ensure that your coins, rounds or bars are kept in their original plastic container. PVS-free Air-Tite capsules are also good for storing individual coins or bars. It’s easy to fall behind in ensuring that your precious metals are kept in top condition. If you are buying bullion, then make sure the person who is offering to sell gold bullion to you has secured the in protective tubes. Handle your bullion worth care and use gloves to prevent the transfer of damaging skin oils.
Sell gold bullion you don’t need
Take a look at the bullion you have with an unbiased eye and sell what you don’t really like or need. If something is not contributing to the value of your stack the best thing to do is to let it go, cash in and use the money to complete or start stacking.