How To Invest In Gold For Individuals
Professional standards set by the World Gold Council make people more likely to trust the retail gold market worldwide. They give gold suppliers a full list of best practices and a plan for how to put them into action.
Retail Gold Has A Large And Profitable Market Around The World
Throw out the old idea that a few religious extremists are hiding gold. About 45,000 tonnes of gold bars and coins are owned by private investors worldwide. About 22% of all the gold mined is called “retail gold.” In reality, over 1,000 tonnes of gold are invested in bars and coins yearly, about 25% of the world’s annual gold demand.
On the other hand, owning gold has been possible long without storing it in bars, coins, or other things. Many investors now own gold in the form of gold tokens or digital tokens based on the blockchain. You can also buy digital gold that an investor has kept in a vault.
Even though there are no rules for the retail gold market, it is safe if you know what to do. The World Gold Council made the Retail Gold Investment Principles to help people have more faith in this big, high-value industry.
Here Are The Rules For The Provider
Made the Retail Gold Investment Principles after the World Gold Council talked to 52 people in the industry from 16 different countries (RGIPs). When it comes to selling gold products, there are several different standards for what constitutes a good transaction. Working with trustworthy investors who believe in a gold market with strict rules is also good for gold suppliers.
Principle 1: Everyone Should Be Honest And Fair
A supplier must be fair and honest with clients from when they get information and services until the transaction is done.
Principle 2: Transparency
A provider must be honest and open about pricing, key terms, and other important product features.
Principle 3: Clients’ Money And Property Should Be Kept Safe
A supplier must ensure that their clients’ gold and other valuables, like cash, are well protected.
Principle 4: Honestly Getting Gold
When sourcing gold, a provider must look for high-integrity metal from reputable vendors and consider environmental, Social, and Governance (ESG) factors.
Principle 5: Rules Must Be Followed
A provider must follow all local and national laws.
Principle 6: To Be Smart About Business
A provider must be careful and ready for various situations, such as a company going out of business.
Principle 7: Operational Professionalism
A provider has to deal with big risks and run their business with the necessary skill, care, and dedication.
Get The Whole Set Of Retail Gold Investment Principles
Getting investors for your business is a good start, but if there aren’t any best practices in your industry, it can be hard to build a good reputation. Our Retail Gold Investment Principles are very important for sellers to show that they follow the rules that the World Gold Council has set up for business.
Retail Investors In Gold Should Listen To What We Say
The World Gold Council also helps individual investors choose the best gold products and suppliers. In our Retail Gold Investor Guidance (RGIPs), we tell investors that they should only buy from sellers who do the things we list. Credible sellers must follow the Retail Gold Investor Guidance to meet the needs of today’s smart investors.