Are you considering buying gold to preserve your wealth amid increased inflation?
If so, you’re likely wondering whether you should focus on gold coins vs bars. Both are great for building your wealth through precious metals.
As a general rule, you should consider buying both to build your wealth. But which is the best option to focus on?
Here’s what you need to know about buying gold coins vs bars.
The Benefits of a Gold Coin
The main benefit of a gold coin is that it’s a lot easier to transport and store. You won’t have to worry about investing in a large safe or vault to keep your gold coins safe.
If you plan on selling or trading your gold, then a gold coin is often the best choice. Gold coins also usually come in smaller weights so you can use them for small-scale transactions.
Gold coins also require less maintenance. You can store a gold coin in a capsule to protect it. You won’t have to worry about keeping it clean or away from pollutants.
The Benefits of a Gold Bar
Most precious metals investors opt for gold bars when they want to focus on buying weight.
If you want a quick way of preserving your wealth, it’s a lot easier to buy one 10 oz gold bar than it is to buy ten 1 oz gold coins. Gold bars are also the preferred method for large-scale transactions.
If you wish to store your gold bullion in an offshore vault, they might prefer you have at least some gold bars.
While gold bars with high weights are the most popular, you can also buy gold bars that come in lighter weights. You can read this how to guide on how to buy 1 oz gold bars.
Your Strategy for Buying Gold
As mentioned in the introduction, you should consider buying gold coins and gold bars.
You want to consider your priority with buying gold to determine what type of bullion to focus on. If you hope to preserve your wealth and pass it on to your heirs, gold bars are the best choice.
If you want to leave the option for using your precious metals as money, it’s often easier to trade in gold coins.
You also want to consider how easy it is to store your precious metals. If you have access to a large safe or offshore vault, don’t hesitate to buy a gold bar. If you don’t have easy storage options, then gold coins are more convenient.
Gold Coins vs Bars: Own Them Both
Now that you know the pros and cons of gold coins vs bars, you can determine which type of bullion to focus on. Make sure you still focus on buying each type.
For easy storage and paying for small-scale transactions, you’ll prefer gold coins. For large-scale transactions and for preserving your wealth, gold bars do a much better job.
Make sure you also share this guide with others to encourage buying gold and investing in precious metals!
You can find even more articles on buying gold on our blog.