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The Pitfalls to Avoid When Chasing the Gold Rate Today by Lee Coates

Ok so you've been convinced that investing in gold and silver is the smart thing to do in today's economic climate as the gold rate today continues to rise. You also realize that you have to act and buy gold investments or silver investments right now. But the question is; what forms of gold and silver should you buy? How do you buy? What forms do you buy it in?

One of the most important things to remember is to buy real gold and silver not fool's gold and fool's silver. You need to buy gold coins, buy silver coins and gold and silver bars, physical precious metals that you can hold in your hands. Now you don't actually have to hold them in your hand, you can have them stored in one of Brinks two locations.

But physical gold and silver is the form to hold. There are many other forms of gold and silver out in the markets and many of them are nothing but fool's gold or fool's silver in my opinion. Number one would be the exchange traded funds, otherwise known as EFT's. It is widely accepted in the gold community that the exchange traded funds do not have all the gold and silver that they say they do to back them up.

What you are really buying is price exposure to the gold rate today when you buy these funds. You are not buying physical gold and silver that you can hold and touch. The purchase of physical gold and silver is one of the most private investments around. It's a transaction between you and the dealer and nobody else knows about it. When you buy EFT's you are putting that private investment back into the hands of the banks that have caused the whole economic financial crisis in the first place. Trust them to your own peril.

Another thing to watch out for are the pool accounts and certificates. They probably don't have all the gold and silver to back up the investments in the pool accounts. Basically you are investing in futures contracts. So you are getting exposure to gold and silver prices again and not the real thing.

There are also numismatic coins or collectible coins. Now when you buy a numismatic coin, you could be paying many times the actual gold or silver content that is in the coin because you are actually paying for the rarity and how much someone else covets that particular coin. Whereas, with bullion coins and bullion bars, their value is derived from the world spot silver and gold spot price at any given moment. There are hundreds or thousands if not millions of buyers out there for gold and silver bullion coins.

The other thing to look out for in collector coins is that in certain times - say when there is high inflation, you could have thousands of these coin collections come to market at the same time resulting in the numismatic premium suddenly disappearing. So that coin you paid thousands for would fall in price to its gold or silver value. At the same time physical gold and silver coins might be doubling, tripling or even quadrupling in price.

One last thing, beware of leverage; it is a double edged sword. The gold chart and the silver chart have shown values going up steadily on average for the last few years, making money for those holding the physical metal. A large number of individuals using leverage of margin account have actually lost a lot of money. Many unscrupulous dealers will talk you in to buying on margin and will continue to sell you more as the price goes up. But all markets have volatility and when they drop you end up in a margin call situation. Many of these accounts are liquidated at a loss before you are allowed to deposit more money into the account to cover the margin call resulting in you losing money in what should have been a profitable market. Leave the leveraged accounts to the pros especially in the futures and options realm

That covers the main pitfalls. Of course in times like these scams, cons, rackets and pyramids abound. Be safe, get physical and store it in a safe place. Hold on and enjoy the ride.

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Article Source: http://www.earticlesonline.com/Article/The-Pitfalls-to-Avoid-When-Chasing-the-Gold-Rate-Today/1071480

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