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With interest rates as low as they are today, more and more people are looking for alternative forms of investment, both for the short and the long term as well as to help provide diversity. 1 oz gold coins are a great way of either getting started investing in gold, diversifying your investment portfolio or simply splitting your investment into manageable and tradeable chunks. This type of investment is within most people’s reach and adds a real element of interest to your savings or wealth management.
When looking at alternative forms of investment for the first time, people are often fearful of buying gold, or imagine that investing in gold will be complicated. This isn’t the case and you don’t even need to become a gold expert to be able to make the right decisions and spread your investment risk and wealth into new areas. All you need is a good supplier and a reliable source of quality information on your side; and this is where we come in.
If you’re thinking of investing in 1 oz gold coins for the first time, there are a few basic things that you need to know:
Why buy gold coins?
Gold has been used as an investment vehicle for hundreds of years and has come back into its own following the plummeting interest rates we’ve witnessed over the last couple of decades. Gold is a physical investment that you can look at, touch and enjoy, unlike stocks and shares. Once you decide to buy gold, you have the choice of buying rare, old, collectors’ gold or investment gold.
For people who are new to buying gold, buying investment gold that is minted in high numbers in current years is a safer option than scouring the globe for collector items where you’re in competition with real gold experts. 1 oz gold coins that are sold as investment gold mean that you can buy gold as close to the spot price as possible, giving you the best possible chance of a good return.
What exactly is a 1 oz gold coin?
As the name suggests, a 1 oz gold coin is a (normally) round coin that’s made of gold and weighs 1 oz. Names such as Krugerrand, Maple Leaf and Vienna Philharmonic are 1 oz gold coin options that you’re likely to come across.
How big are they?
1 oz gold coins will vary in diameter and thickness, but will always contain 31.1 g of pure gold.
Who produces these coins?
1 oz gold coins are always minted by state-owned mints, such as the US Mint or the Australian mint; gold bullion on the other hand is produced by private corporations or banks.
What is their legal status?
Nearly all 1 oz gold coins, with the exception of the Krugerrand, have a face value minted onto the coin. Any coin that is marked with a face value is deemed to be legal tender. The amount that you see marked on the coin is the legal value of the coin, but you shouldn’t be fooled into thinking that this is the value of the coin. The coin is generally speaking “worth” the value of the gold.
How pure are 1 oz gold coins?
1 oz gold coins are normally of a fineness or purity of 24 karat or 999/1000. Although you may occasionally find a purity of 999.9/1000 in a gold coin, this is still classed as 24 karat.
How much do they cost?
Gold coin prices vary depending on the underlying gold spot price. The buying price for a 1 oz gold coin is the gold spot price plus premium. In normal market phases the premium is around 3 to 6%. This includes refining, minting, transportation, insurance and the dealers margin.
Where should I buy?
If you are planning to buy 1 oz gold coins, you should make sure you buy from a dependable source that has a good selection of coins from the world’s most reputable mints. You should also look out for a supplier that has buying power in the market and as a result can pass on the savings they make to you, enabling you to buy at a low premium.