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Investing in 1-ounce gold bars this July? Here’s how to buy them.
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Both new and seasoned investors have been closely monitoring gold since the start of the year, and for good reason. For starters, the precious metal has long been prized for its unique benefits as an investment asset, including its potential to diversify portfolios and act as a hedge against inflation, both of which are crucial in today’s economic environment.
However, the surge in interest that has occurred since the start of 2024 can largely be attributed to gold’s impressive price performance. Early this year, gold prices began climbing, and over the last several months, gold prices have hit a handful of new record highs — even surpassing $2,400 per ounce in late May. Prices have retreated somewhat since then, but they’re still higher than where they started 2024.
And, when it comes to investing in gold, there’s no shortage of options to choose from. From gold exchange-traded funds (ETFs) and gold mining stocks to gold coins and jewelry, investors have a wide array of assets to buy into. However, 1-ounce gold bars stand out as one of the most accessible forms of gold bullion. For those new to gold investing or gold bullion, though, the process of buying 1-ounce gold bars can seem tricky — but it doesn’t have to be.
Start comparing your top gold investing options online now.
How to buy 1-ounce gold bars this July
If you’re planning to invest in 1-ounce gold bars this July, here’s how to buy them:
Research current market conditions
Before making any investment, it’s crucial to understand the current state of the gold market. Gold prices may have stabilized somewhat from their May peak, but they still tend to fluctuate over the short term. So, if you want to buy in at a good price, be sure to keep an eye on the factors that could influence gold prices, such as inflation rates, geopolitical tensions and central bank policies.
Learn more about how the right gold investment could help protect your portfolio here.
Set a budget
You should also determine how much you’re willing to invest in gold. Remember that while 1-ounce bars are more affordable than larger denominations, they still represent a significant investment — especially now that the spot price of gold is $2,373.86 per ounce (as of July 10, 2024).
But you likely won’t be paying just the spot price when you purchase 1-ounce gold bars. You can expect to pay a premium of about 3% to 5% over the price of gold, so be sure to factor that in, too.
Choose a reputable dealer
Before making a purchase, do your homework and look for established, well-reviewed gold dealers. There are lots of online gold dealers to consider, but you can also purchase from local coin shops if you prefer face-to-face transactions. No matter what route you choose, though, it’s important to ensure the dealer is reputable and accredited.
Verify authenticity and purity
It’s important to verify the authenticity and purity of any 1-ounce gold bars you may purchase. So, look for those stamped with .9999 fine gold, which indicates 99.99% purity. Reputable manufacturers also produce bars with unique serial numbers and anti-counterfeiting features, and some dealers now offer bars with enhanced security features, such as holographic seals or microprinting.
Compare prices and premiums
Demand for gold bars is elevated right now, so it’s important to shop around to find the best deals. After all, while the base price of gold is universal, dealers charge different premiums. And, those premiums tend to be slightly higher when demand ticks up, so it’s worth comparing multiple sources if you’re buying in now.
Consider storage options
Before purchasing, you should also decide how you’ll store your gold bars. Home safes remain a popular choice for small quantities, but many investors will opt for allocated storage in secure vaults instead due to rising concerns about home security. Some online dealers offer integrated storage solutions, which can be convenient if you’re purchasing your gold bars online, but those solutions also come with ongoing fees.
Time your purchase
While timing the market perfectly is impossible, you can strategize your purchase. For example, it may benefit you to watch the price of gold closely and buy during the dips, as gold prices have been somewhat volatile recently. Using strategies like dollar-cost averaging — which is buying fixed amounts at regular intervals — can also help mitigate short-term price fluctuations.
Consider authentication services
For added peace of mind, you may want to consider using a third-party authentication service to verify the authenticity of any 1-ounce gold bars you’re planning to purchase. After all, counterfeit bars can be an issue — and that’s especially true right now, with gold prices as high as they are. Some companies also offer other services, like encapsulation services, which can be particularly valuable if you plan to resell your gold in the future.
The bottom line
Investing in 1-ounce gold bars can be an exciting way to diversify your portfolio and potentially hedge against economic uncertainties. And, by following these steps and staying informed about current market conditions, you can navigate the process of buying gold bars with confidence. Just remember that gold investing, as with all investments, comes with risks, so weigh those before buying in.
NEW YORK — The Teamsters union is launching a strike against Amazon at numerous locations across the country, including in Maspeth, Queens.
The Teamsters are calling it the largest strike against Amazon in United States history, and it’s set to begin at 6 a.m. Thursday. In addition to New York City, workers will be joining picket lines in Atlanta, Southern California, San Francisco and Illinois.
In a video announcement released Wednesday night, workers voiced their frustrations.
“Us being strike ready means we’re fed up, and Amazon is clearly ignoring us and we want to be heard,” one worker says in the video.
“It’s really exciting. We’re taking steps for ourselves to win better conditions, better benefits, better wages,” another worker in the video says.
The union says it represents about 10,000 Amazon employees and that Amazon ignored a deadline to come to the table and negotiate. The $2 trillion company doesn’t pay employees enough to make ends meet, the union asserts.
At the height of the holiday season, many are wondering what this means for packages currently in transit.
Teamsters President Sean O’Brien said, “If your package is delayed during the holidays, you can blame Amazon’s insatiable greed.”
Amazon says Teamsters are misleading the public
An Amazon spokesperson says the Teamsters are misleading the public and do not represent any Amazon employees, despite any claims.
“The truth is that the Teamsters have actively threatened, intimidated, and attempted to coerce Amazon employees and third-party drivers to join them, which is illegal and is the subject of multiple pending unfair labor practice charges against the union,” the spokesperson said in a statement.
An Amazon representative says the company doesn’t expect operations to be impacted.
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Wisconsin school shooter was in contact with California man plotting his own attack, court documents say
The shooter who killed a student and teacher at a religious school in Wisconsin brought two guns to the school and was in contact with a man in California whom authorities say was planning to attack a government building, according to authorities and court documents that became public Wednesday.
Police were still investigating why the 15-year-old student at Abundant Life Christian School in Madison shot and killed a fellow student and teacher on Monday before shooting herself, Madison Police Chief Shon Barnes told the Associated Press Wednesday. Two other students who were shot remained in critical condition on Wednesday.
A Southern California judge issued a restraining order Tuesday under California’s gun red flag law against a 20-year-old Carlsbad man. The order requires the man to turn his guns and ammunition into police within 48 hours unless an officer asks for them sooner because he poses an immediate danger to himself and others.
Carlsbad is located just north of San Diego.
According to the order, the man told FBI agents that he had been messaging Natalie Rupnow, the Wisconsin shooter, about attacking a government building with a gun and explosives. The order doesn’t say what building he had targeted or when he planned to launch his attack. It also doesn’t detail his interactions with Rupnow except to state that the man was plotting a mass shooting with her.
CBS’ San Diego affiliate KFMB-TV reported that law enforcement searched the man’s home Tuesday night after the order was signed by the judge.
Police, with the assistance of the FBI, were scouring online records and other resources and speaking with the shooter’s parents and classmates in an attempt to determine a motive for the shooting, Barnes told the AP.
Police don’t know if anyone was targeted in the attack or if the attack had been planned in advance, the chief said. Police said the shooting occurred in a classroom where a study hall was taking place involving students from several grades.
“I do not know if if she planned it that day or if she planned it a week prior,” Barnes said. “To me, bringing a gun to school to hurt people is planning. And so we don’t know what the premeditation is.”
On a Madison city website providing details about the shooting, police disclosed Wednesday that two guns were found at the school, but only one was used in the shooting. A law enforcement source previously told CBS News the weapon used appears to have been a 9 mm pistol.
Barnes told the AP that he did not know how the suspected shooter obtained the guns and he declined to say who purchased them, citing the ongoing investigation.
No decisions have been made about whether Rupnow’s parents might be charged in relation to the shooting, but they have been cooperating, Barnes told the AP.
Abundant Life is a nondenominational Christian school that offers prekindergarten classes through high school. About 420 students attend the institution.
The Dan County Medical Examiner’s Office identified the two people killed Wednesday as 42-year-old Erin West and 14-year-old Rubi Vergara.
An online obituary on a local funeral site stated Vergara was a freshman who leaves behind her parents, one brother, and a large extended family. It described her as “an avid reader” who “loved art, singing and playing keyboard in the family worship band.”
West’s exact position with the school was unclear.