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How to buy gold? 4 easy steps
March 20, 2008
Now that the world battles the latest financial crisis and Indian stocks are off by almost a quarter, it is a great time to rebuild your portfolio and add an investment vehicle that reduces risk and provides stability.
Gold is on steroids currently and is up 40 per cent from last year.
Why buy gold?
There are two reasons to buy gold today.
One, a downtrend in stocks gives us the mind-space to look beyond them and consider the role of a third asset (the other two being equity and debt) in our portfolio to bring down risk at the same level of return or increase return at the same level of risk.
Here is a step-by-step guide to buying gold...
#1. Jewellery
Go to a reputed jeweller
Word of mouth is the best assessment, try and speak to people you know
Try not to buy jewellery with too many stones on it, this reduces its resale value
Ask the jeweller to quote the gold price, and the design and making charges separately
Retain the cash memo and guarantee/certification cards and check for purity embossing
While selling, try and go to the jeweller from whom you bought the piece
Ask for options to exchange jewellery to bars or coins
Text: Veena Venugopal, with additional reports from Kayezad E Adajania & Rajesh Kumar.
Photograph: Mario Tama/Getty Images
Image: A woman looks at gold and other jewelry items
Also read: Drive these cars @ 40 paise per km!
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