Many people feel tentative about the current stock market and global economy. This is why most of them look for alternatives to preserve and grow their wealth. Many people invest in cryptocurrency but many others prefer a traditional way of making money – for instance, silver Investing, buy gold, gold coins, and other precious metals from different gold dealers. So, in today’s article, our focus would be on how to buy gold in Hong Kong?
What should you buy?
This is one of the most important question asked by people – for instance, “should I buy bars, coins, or jewelry?” Well, if you are looking to buy gold bullion as a pure investment, we suggest you buy gold close to the gold spot price. In addition, when it comes to gold jewelry, there is usually a big premium, which is added to the gold spot rate – for instance, you need to pay for brand, design, and marketing.
On the other hand, if you want to buy gold coins, then be informed that they also carry 7% premium for their fancy designs over the gold’s spot market value. Therefore, we believe that for investment purposes, the best way to buy gold in gold bars – small or big – doesn’t matter as it depends on your budget. In general, in order to lower the premium, you should consider buying a larger gold bar.
How should you store gold?
As far as gold storage is concerned, there are a lot of options. You can store gold at home if you think the quantity is smaller. If you have a quality safe at home, we think it is absolutely fine to store a large quantity of gold in it.
Some people prefer to store gold bullion, silver bullion, and other precious metals in a safety deposit box in the bank. If you choose this option, then you have to pay some duties on gold purchased overseas. For example, if you have purchased gold in Singapore, storing it in Hong Kong banks will make you liable to pay import duties. Every country has its own rules and regulations on gold.
Another option is designated gold storage facilities. In most cases, this may not be the same place where you have bought the gold. An exception to this would be a bank where you can buy and store the gold in the safety deposit box. This way, your gold is safe and you would be satisfied that the bank will keep it separate from other people’s or bank’s own gold. In Hong Kong, designated gold storage facilities to charge around 75 U.S dollars per year for renting a safety deposit box.
Just like Dubai and Singapore, Hong Kong is the best place to buy and store gold. If you don’t believe us, you can take a trip to Hong Kong and check the reliability and affordability yourself. Anyway, Hong Kong is one of the greatest cities in the world that is worth a trip – no matter if you opt to buy gold or not.