Gold is legal to own. However, there was a time when it was illegal for U.S. citizens to own gold. From 1933 to 1974, it was illegal to own gold bullion without a license. On December 31st, 1974, private gold ownership restrictions ended. Starting on January 1st, 1975, U.S. citizens could freely hold any gold with no licenses. They no longer had to report their holdings to the government and could buy any amount.
Gold bullion, typically in the form or coins or bars, is usually considered legal tender, allowing it to be brought across borders easily without incurring fees. Every maker of gold bars places its stamp of certification on its product.
When deciding to buy gold bars, San Diego residents’ most important task is finding a reputable dealer. A dealer should be knowledgeable and able to help the buyer avoid mistakes. An educated dealer is the first thing to look for. If a dealer only pushes the most expensive products, he or she isn’t educated. If you have a big order, it’s wise to seek larger dealers with a high volume of gold bars, as this will allow for flexibility when buying. A buyback policy is also a good thing to look for. If a dealer is unwilling to buy the gold he or she sells you, you shouldn’t buy gold from him or her.
The brand of gold bars you buy matters. Reputable gold bar dealers stamp bars with their hallmarks and all the information about the gold in the bars. This information should include the purity, weight, and registration number of the gold bar. If a bar is missing information, it might not be pure gold. The best way to make sure gold bars are of the highest quality is to buy ones with well-known, trusted hallmarks. With highly regarded refiners’ hallmarks, the gold bars can be sold anywhere.
Bars versus Coins
The biggest reason someone would buy gold bars instead of gold coins is that bars are cheaper. Gold coins are decorative, and buyers pay extra for that. Buyers should purchase gold bars in sizes that fit their needs best. Gold bars can weigh between one gram and 400 ounces. A one-ounce gold bar would be perfect to have for unexpected financial needs. If the buyer is wealthy, buying both small and large gold bars would be advised. When people sell big bars, they’re liquidating a major part of their assets. Those who have many small bars can liquidate a smaller portion of their assets. The large gold bars are the ones the central banks and exchanges use.
If you’re looking to buy or sell gold, platinum, or silver, make sure to work with reputable gold dealers. San Diego residents can rely on the experienced professionals at First National Bullion and Coin when they’re looking to add precious metals to their investments. Call one of our precious metals experts today at 858-666-6570.
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.