Gold $2,359.40   $0.30  Silver $28.51   $0.22  Platinum $981.30   $-12.40  Palladium $1,063.00   $-1.50

Purchasing gold to give to their children is a choice some parents hesitate to make. However, there are many benefits to giving your child precious metals. Ultimately, the decision will depend on how you present the gold, your child’s preferences, and current trends or availability. Regardless, gold is a gift you can give your child for any occasion, but there are factors to consider, including the following.

Teaching Responsibility

Giving your child gold can make him or her more responsible, which could lead to other advantages, from better study methods to more assistance with household chores. Your child will learn to value the gold instead of viewing the pieces as simple jewelry, bars, or gold coins. Scottsdale parents should remember to make the responsibility of caring for gold more enjoyable instead of feeling like a job. After all, your child is still a minor and may not know as much about cleaning, storing, and selling gold as you and other adults do. However, this is an excellent moment to teach your child more about minerals and ways to protect essential items such as gold.

Considering Your Child’s Preferences

Before purchasing gold for your child, compare a few selections. The type of gold kids like will vary depending on their personalities and available options. For instance, some kids may prefer to collect gold coins, while others may want to wear gold as watches, necklaces, earrings, or other forms of jewelry. Regardless, making the best selection is necessary to ensure your child has the gold he or she will value and appreciate. One tip to use when you’re attempting to make the correct choice is to simply ask, even if the precious metal will be a surprise gift. In those instances, ask random questions without giving hints about the present.

Determining the Purpose of the Selection

In addition to your child’s choices, the reason behind the purchase should be considered. For example, are you giving your child gold pieces to wear currently or in the future, or is this gift a financial investment? Although a long-term investment could lead to significant financial benefits, young children are typically uninterested unless collecting gold is one of their hobbies. Otherwise, they’ll generally prefer purchases they can use or wear now or a few years later instead of something that could take decades to earn interest or provide a significant benefit.

Creating a Positive Way to Hand It Out

If you give your child gold without a reason, he or she may feel entitled to the precious metal and expect the gold instead of earning it. Therefore, you should consider handing it out based on celebrations or accomplishments. In addition to reducing the risk of giving your child a sense of entitlement, he or she may take better care of the precious metal, understanding its actual value. Your child will clean and store the gold properly knowing it’s more than a simple gift. You can achieve this by explaining more about the precious metal, including its history and other fun facts he or she may enjoy learning. Ultimately, creating a positive way to reward your child with gold may make him or her value the pieces more.

If you need guidance on buying precious metals or you’re looking for the best place to sell gold in Scottsdale, make sure to work with trustworthy precious metal dealers who offer high-quality service and have years of experience. Call on the industry-leading professionals at First National Bullion when you’re ready to buy or sell precious metals, including gold, silver, platinum, and palladium. Give us a call today at (480) 546-5089.

The statements made in this blog are opinions, and past performance is not indicative of future returns. Precious metals, like all investments, carry risk. Precious metals and coins may appreciate, depreciate, or stay the same in cash value depending on a variety of factors. First National Bullion does not guarantee, and its website and employees make no representation, that any metals for sale will appreciate sufficiently to earn the customers a profit. The decision to buy, sell, or borrow precious metals and which precious metals to purchase, borrow, or sell are made at the customer’s sole discretion.

By |2022-10-25T22:03:40-07:00October 27th, 2022|Miscellaneous|0 Comments