How Much Gold Can You Buy Per Day? (You’ve Been Lied To)

Author:

Published:

Updated:

Affiliate Disclaimer

eComDimes is a participant in various affiliate programs. We may earn a commission from qualifying purchases made through links on this website, at no additional cost to you! Here’s exactly how we make money.

We at eComDimes are on a simple mission; help our readers provide well for their families by starting and growing online businesses. Some of the links in this post may be from our partners. Here’s how we make money.

Gold is an effective safety net against inflation as the general price of this precious metal remains stable even through market fluctuations. Sounds tempting enough to invest most of your money in gold, right? But is there a limit to how much gold you can purchase in a day?

You can buy as much gold as you want per day without worrying about breaking the law. The state only requires that you record any transactions exceeding $10,000. So if you’re purchasing gold in amounts that exceed $10,000, you will need to register the transaction.

In this article, we’ll explore the daily limit for purchasing gold, the costs involved, and the various forms of gold you can invest in. 

If you find this post inspiring and useful, share it with your friends, please! (Virtual high fives and hugs to all my sharers out there!)

Is There a Daily Limit on Gold Purchasing?

Gold is considered a stable investment that appreciates in the long run, giving the holder a significant advantage in a random economy. However, even most billionaires don’t invest all their money in gold. Is it because there’s a law prohibiting such investments?

There is no daily limit on gold purchasing, and you may even import gold from other countries without any trouble. The government only mandates that any transactions exceeding $10,000 must be recorded. 

While there is no limit to the amount of gold you can purchase in a day, spending all your money on gold may not be wise. Of course, you’re safeguarded to a certain extent against financial difficulties in the future. However, owning gold comes with a set of challenges.

The 3 Challenges of Owning Gold

Gold may seem like the perfect solution to your financial problems. But it’s crucial to understand if you’re mentally and financially equipped to handle this precious metal. Here are a few troubles with owning gold.

1. Finding a Trusted Distributor

Only gold with a purity above 91% is considered real gold and worth a significant amount in the market. However, finding a distributor from whom you can purchase a stack of pure gold bars can be challenging. You must find a distributor who can provide the best quality gold on the market, and their product must be verified by other customers.

Additionally, it would help if you trusted your distributor to keep your information secret because someone who owns enough gold can become a target for crooks.

2. Securing Your Gold

Bringing home pure gold bars can fill you with both excitement and apprehension. Sure, you’ve put away a bunch of savings in a reliable asset. But this asset is coveted by everyone, and it’s crucial to secure your gold with specific safety measures.

  • Get a safe. You’ll need to invest in a high-quality safe to feel like your gold is stashed away from prying eyes. If you have a lot of gold, it’s best to leave it with a custodian with the proper facilities. All these options require significant investment in addition to the money you spend acquiring gold. 
  • Insure your gold. Even if you’ve safely put away your gold for rainy days, there’s no guarantee it won’t be stolen. So to further shield yourself from theft, it’s best to purchase gold insurance, for which the premiums can be significant.

These are the two main expenses associated with purchasing gold. And while it may not seem like much at first, the payments are often recurring and can add up over the years.

3. Finding a Reputable Dealer  

When you want to exchange your gold for money, finding a dealer willing to trade on your terms can be challenging. Most dealers have excessive markups that can make you feel like you’re being cheated. 

So, while gold is an excellent investment, there are various costs involved that you must take into account.

2 Types of Gold Investments

There’s only one precious metal called gold. However, physical gold comes in various forms. Also, you can invest in gold without directly investing in the metal itself. Let’s take a closer look at these investment options.

1. Physical Gold   

This is the kind of gold we’ve been discussing throughout the article. Physical gold refers to the actual precious metal in all its forms, and here are a few common types.

  • Bullion: Bullion typically refers to the gold bars you see depicted in cartoons, movies, and TV shows. The advantage of buying bullion is that you can purchase gold in specific quantities (grams or kilograms) and receive the exact amount in exchange for the current value of gold.
  • Coins: Gold coins are much easier to store and measure and are quite often the type of gold most households invest in. It’s also much easier to transport gold coins, and they carry a lower transportation cost. 
  • Jewelry: This is another popular way to invest in gold as these assets appreciate like regular gold. However, jewelry is a bit riskier, considering it’s hard to assess the validity of the product.

2. Gold Securities   

You can also invest in gold indirectly by purchasing securities and stocks linked to gold. Some popular options include:

  • Gold mining stocks: You can invest in stocks of companies that mine gold instead of buying gold directly. However, your investment’s growth will depend on the company’s profitability and reputation. As such, this is a riskier form of investment than regular gold.
  • Gold futures and options: This is a more complicated way of investing in gold, and it requires specific industry knowledge to be successful. 
  • Gold mutual funds: These investments are like regular mutual funds but come in the form of bundles that may include mining stocks, the price of gold, and futures and options. This form of investment is also much riskier than directly investing in gold.

Conclusion

While there’s no limit to the amount of gold you can purchase in a day, a few considerations must be made when investing in gold. Before you buy gold or any of its related securities, it’s best to get an assessment of your investment portfolio and determine your capacity for risk.

In this article, we’ve discussed the challenges of owning gold along with the 2 types of gold investments! You can safely invest your money by using this article as a guideline.

Always do your own due diligence when investing in money and never invest what you cannot afford to lose.

Thanks for going this far! If you found this post inspiring and useful, share it with your friends, please! (Virtual high fives and hugs to all my sharers out there!)

Cheers,
Odeh Ahwal

Hand-Picked Articles For You

So behind every great blog is usually someone who runs it all. That would be me, Odeh Ahwal. I’ve created the eComDimes blog with a mission to help people provide well for their families by starting online businesses, share my experience, and just introduce you to different ways of making money online! At eComDimes, we help you turn your dimes into dollars!

Latest posts

  • How To Set Annual Goals for Your Online Business in 2024

    How To Set Annual Goals for Your Online Business in 2024

    Setting annual goals is pivotal in the trajectory of any online business. Whether it’s mapping out your start-up’s first year, planning growth for a thriving small business, or steering the course for an established venture, annual goal setting is the compass that gives direction to aspirations. However, creating these annual online business goals is not…

    Read more

  • Financial Safety: Using Access Control Systems To Save Money

    Financial Safety: Using Access Control Systems To Save Money

    In today’s dynamic business landscape, safeguarding financial assets is a cornerstone of success, but how do you get there without going over budget? From deterring threats to optimizing operational efficiency, the benefits of access control technology are both nuanced and substantial. In today’s article, we’ll be discussing how you can use access control systems to…

    Read more

  • How To Start A Drop Servicing Business and Make $5719/Month

    How To Start A Drop Servicing Business and Make $5719/Month

    The eServices industry has been rapidly growing and according to Statista, its global sales are expected to reach a projected revenue of $149.4 billion dollars in 2024. Looking to start a drop servicing business that can potentially make you $5700+ a month? If so, you can’t miss this post.

    Read more