Gold is one of the best things to buy as an investment and asset. Before the use of paper money, gold was a means of exchange. If you don’t want your money to lose value, then it’s good to keep your excess cash that you don’t use as gold. In this post, we’ll be examining the best way to buy gold as an investment and asset in Nigeria.
Before we go on to looking at this, you gave to know why it is great to buy gold. There are good reasons why you should buy gold instead of keeping your money in the bank. You should read carefully to know.
Why you should Buy Gold as Investment and Asset?
1. Long High Value
As stated earlier, unlike cash and physical money, gold doesn’t lose value or depreciates. Gold would have the same value or more depending on the state of your country’s economy. In 90% of the cases, a stockpile of gold would have increased in value every four years due to inflation and more use of gold.
Thus, you should consider buying gold to keep because of its very long high value.
2. Warding off Inflation
This is a great reason you should buy gold. Instead of keeping money in the bank, you should buy gold and store it with the bank to ward off inflation.
3. Continuous High Demand of Gold
There will always be an high demand of gold. Therefore, you shouldn’t be afraid that there won’t be demand of your gold if you buy them. There will be continuous high demand, and you can always sell it.
You can also use gold as a way to diversify your wealth. While buying up gold for storage, you can use a way to do buying and selling of gold. It is a good way to diversify your income mode.
The next section of this post is to deal with the best method to buy gold in Nigeria when you intend keeping it as an asset or investment.
The Best Way to Buy Gold as an Investment and Asset in Nigeria
1. In Nigeria, gold is sold in major urban areas. However, you should not try getting up to buy it anywhere you want. There are places where genuine gold is sold for cheap. So, you don’t get duped.
2. There are different types of gold, and the most common are jewelry gold and normal gold. However, you should try buying jewelry gold than normal gold.
3. There are cities you can go to buy genuine gold cheap and in larger quantities. Kano and Lagos have good genuine gold markets you can buy from. You will get gold cheaper in these cities than any other parts of Nigeria.
4. It is IMPORTANT you buy genuine and original gold, and you don’t get cheated.
5. You are to store your gold with your bank to avoid getting robbed or stolen from.
6. As of recent, the price of made in Nigeria gold products is $1200 per troy ounce. You should buy it in larger quantity from a wholesaler to make it cheaper for you. The cheaper the more viable the asset.
7. If you intend selling and buying, you can market the gold jewelries to the rich and elites. Ensure you have eyes for fine designs. This is why we suggested gold jewelry because someone can bid to buy them from you as it catches their fancy. You sell at higher prices and go get another one.
This act is an act that would make you gain a lot. So far, we have treated the best way to buy gold as an investment and asset in Nigeria. We’ll still reiterate that instead of keeping your money in the bank, you can buy gold and store.