In a world of uncertainties, in which real estate prices can go down overnight, Bitcoin can hit the bottom within a few days, gold remains the most reliable investment in Dubai. Though it requires patience and a significant amount of investment, the risk is negligible.
Lots of people fancy buying gold coins and billions. But when they are investing for the first time, they have no idea how much to invest, where to buy gold, and how long to keep it. And everything in between.
Are you at the same point where you have made up your mind to invest in gold bullion, but don’t know how to proceed ahead?
No worries, we are here to help you. So what’s your first step?
How Much Should I Invest in Gold Bullion?
Now, that’s the kind of question you should ask yourself. Maybe have a look at your bank balance, your other savings, and most importantly consider the objective of putting your money in gold.
The wise rule of investment is not to put all your eggs in one basket. Secondly, to make some decent profit from your gold investment, you must be prepared to keep your money invested for a long time.
The gold price increases gradually. You can’t expect the gold price to increase by 10 times within a week, like Bitcoin. So be mentally prepared to wait for months, or possibly a year before it’s the right time to cash your gold bullion.
And then comes the objective of your investment. You might be buying gold bullions for hedging, so you can preserve the value of your assets when the local currency is in decline. In this case, it’s viable to invest a major part of your savings and assets in gold bullion.
So, in order to decide how much you should invest, consider your objective and the investment/savings available. In case you don’t do the essential calculations before, most likely you will have to cash your gold bullions earlier and instead of making some profit, you will end up losing a huge chunk of your investment.
How to Buy Gold Bullions in Dubai?
There are dozens of trading exchanges in Dubai to buy gold. Also, you can find an individual dealer who will buy gold on your behalf. But yes, before choosing any exchange or online platform, do some research.
Take quotes from different platforms. The price of gold bullion can also vary based on the type of gold bullion, and the quantity of gold bullion you want to buy.
Remember, the gold vending machines you see here and there are not the right place to buy gold. The price of gold in these is usually higher. The same goes for the random dealers, many of them are scammers.
You can get leads from friends and relatives who have invested in gold bullion before. Also, you can do some research and find some reliable gold bullion trading exchanges to buy gold online.
Carefully read the reviews of such platforms to learn about the experience of their old customers. Make sure the reviews are true. There should be at least hundreds of reviews. Also, the gold exchange must have a physical office in Dubai.
Physical or Online Gold?
In the case of physical gold, you either have to store your bullions in a vault or take them to your home. Of course, there are safety concerns when you store physical gold anywhere.
However, if you have no time to take care of gold purchasing and its safety, your best option is online gold purchasing. The company through which you are buying will save your gold and store it.
Besides that, they might also allow you to sell it or buy more from your phone. You will get regular updates regarding the gold price. So someone with a 9-5 job and can’t take out time for physical gold trading, online gold investment remains the best option.
Why Gold Bullion?
No one is stopping you from buying any other form of gold. But gold bullion is preferred because it’s easier to store, carry, and protect. You can even turn gold bullion into jewelry as there are shops in Dubai that offer this service.
On the other hand, gold jewelry has its own importance. You can put it in exhibitions or auctions. Or even sell it to any friend or relative who fancies it. But it’s not as flexible as gold bullion. Of course, you can’t revert a gold necklace back to gold bullion.
So, when it comes to investment, people prefer to buy gold bullion in Dubai. And we suggest you do the same if you have made up your mind to invest in gold.
Gold bullion is a safe and flexible investment. You can invest as much or as little as you want to. But patience remains the key because you will have to wait for months before it’s the right time to cash your gold bullions. Also, if you are buying gold bullion online, make sure you buy from a credible source and have 24/7 access to it so you can sell it anytime.