It’s taxing to keep a tab of the loans, credit card bills, and utility bills to pay these off timely and avoid incurring any additional charges.
Invest in GOLD and give a boost to your investment portfolio
Gold is the smartest and one of the most reliable forms of investments. It provides financial security at times of inflation and other financial crisis. Sure, you too must be thinking to invest in gold. And, when you think of gold, you can’t think of a country other than the UAE; it is the gold hub for the world. Gold rates in UAE are considered to be the best for the buyers.
Here are a few tips that will prove handy while investing in gold in the UAE in 2022. Check them out:
They say, “If you cannot hold your gold, you don’t own it”.
Consider an example that you belong to lower middle class and do not have much money to invest in gold, it would be wise to ensure that whatever amount of gold is bought, you have quick access to it in a harsh crisis scenario.
In case you have enough money and wish to dedicate a portion of your wealth into physical gold, you may approach jurisdictions that have strong private property rights such as Switzerland and Liechtenstein. These jurisdictions form a good choice when it comes to storing precious metals outside the traditional banking system.
Needless to say, always ensure that the gold storage company you are choosing identifies you as the owner of gold; the company can’t pledge, hedge, or lease out your asset.
Gold is a form of investment and for a healthy economy and it is advised to save first and then invest. This can be explained as follows:
Opposite to healthy economy, the current system relies on credit, debt and consumption. Think of a situation where you have bought gold by paying through a credit card or through a loan. Now the gold rates in UAE have dropped. How will you repay the credit card bill or the loaned amount? Since you never know what the market is going to do, buying gold through credit is a bad idea; drop it down!
In the banking system, property rights are of a temporary nature. This means that when the banks bail-in they can always confiscate your assets and this has been done several times in past. And, as many and many people are buying gold to protect them during hard times, a huge banking crisis is expected in the near future. Therefore, it is always advised to store your physical gold outside the banking system. If you say that you have a safe deposit box in the bank, please note that the safe deposits are usually not insured. So, in case the bank shuts down or faces a crisis it may claim that it didn’t hold any gold.
Since the law does not allow buying a lot of coins at a time, as an average gold investor you should always buy a few coins. It’s actually an advantage as buying a few coins does not require any disclosure of the identity; you can buy them privately. This, in turn, provides stronger security and privacy.
However, if you are a big investor who wants to invest a large amount you need to be complainant with certain laws; you will have to disclose your identity and provide valid proofs. You can’t just hide your black money in form of gold. Once you are compliant, you may play by the rules of the game and save your investment from being confiscated. This is possible when storing your gold in a jurisdiction like Switzerland or Liechtenstein.
We all know that it’s hard to predict when the system is going to crash and it’s even harder if we talk about the short term. Therefore, it is advised to buy gold only for that money that you will not be requiring in the near future. Although a hike in gold rates in UAE is very likely, for good returns you must wait at least for five years.
Gold is one of the best investment vehicles. However, to make sure that you make maximum out of the investment, it’s important to keep the above tips in mind while investing in gold. Apart from these, here a bonus tip for you - while buying gold don’t forget to cross-check the gold rates in UAE and always keep an eye on purity and weight of gold.