Investments can be very difficult for your average person to track and understand. If you’ve ever switched on the news while you sip your morning coffee, you’ve probably noticed lines of letters and numbers scrolling by – some have red arrows down next to them, while others have green arrows going upwards. You may have heard terms like “buy low, sell high!” before in reference to investing, but if you’re like most people, that’s likely the beginning and end of your investing knowledge. Most people choose to just stay away from investments altogether, unless they’re the extremely safe kind like setting up an RSP for retirement. Other people listen to “experts” online or on the radio who offer short sound blurbs of advice that don’t always pay off. There’s a middle ground between following risky pieces of advice that encourage you to chase short term gain and only making extremely conservative investments (if you make any at all). By pursuing well regarded investments like precious metals, it is possible for someone to strike a middle ground between these two extremes. If you’ve been watching the markets even a little bit, you’ve likely noticed that this June saw gold and silver prices surging to the roof. You might be wondering whether it’s time to invest in this historically strong stock. Before you get too thrilled, take a second to plan things out. For instance, do you know where to buy gold in Canada? The place you find gold to purchase matters more than you might think. Furthermore, you need to have a game plan in mind. Before you buy gold and silver, consider these factors. Understanding the full situation may help assist you in figuring out whether it’s a good time to invest or not.
Most investors are keenly aware of the fact that markets can change, and what is previously considered to be a “safe bet” can fade before your eyes. Gold, however, is an investment that has always been considered relatively trustworthy compared to other investments. People have traded expensive metals since they had the knowledge and technology to pry them from the ground. People who buy gold and silver have been around for centuries, if not thousands of years. The precious metals are used in jewelry and other valuable items, as well as in expensive electronics and technical goods. Even people who are on an “entry level” basis of investment know that the worth of a good is based off the supply and demand. There will always be a demand for gold, and therefore it will always be a good bet to invest in. However, you must be careful. In order to meet the supply, some people will try and hawk substandard metals that aren’t up to par. This is why you should exercise caution when researching where to buy gold in Canada. If someone is untrustworthy or sells you poor metals, your investment could vanish like smoke.
The June spike in gold prices was not a sudden, unexpected burst – it had been building slowly for a few weeks, with gold investors keeping a keen eye on the upwards trajectory. The boost comes from events around the globe. Western and Northern Iraq, as well as a large portion of Eastern Syria, have been under attack by ISIS. These tragic world events are occurring at the same time as other financial happenings: the dollar is becoming weaker due to inflation, making gold a more attractive alternative. Precious metals have been on a downswing for the last couple of years due to various factors. Investors who had done their due research on where to buy gold in Canada stocked up in preparation for the coming months and years. Now that the world stage is changing and the economy is evolving, then gold is beginning a major upswing.
The events above are still in progress. That’s right: The spike in gold and silver that made headlines are just the beginning. Investors are expecting an upwards climb that won’t plateau until 2017. That means that if people purchase now, even with the higher prices, they stand a good chance of making a big return on their investment. This is a huge opportunity for many people to create a medium term investment that has a good chance of paying off. Of course, it’s important to protect yourself. Here are some steps that you can take to avoid becoming too ambitious and hurting your current financial situation:
1. Research where to buy gold in Canada and make sure that you’re dealing with reputable vendors. If you’re not sure what makes a good vendor versus a shady one, check their reviews, their reputation, and safety certifications they hold.
2. Don’t put all of your eggs in one basket – be prepared for the possibility that the world markets could dramatically shift and gold could change in price again.
3. Don’t act on impulse! “Impulse investments” are a surefire way to hurt your own finances and make mistakes. Instead, be careful and measured.
When people are looking up where to buy gold for fair prices, EDI Refining is a name that often comes up. At EDI Refining, we’ve made great strides to make buying and selling gold easy for everyday Canadians. At the same time, we strive to keep our transactions safe and transparent. For more information on our services, visit our website today, or call us today at 1 866 688 3353 and we can assist you with any questions you might have.