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When buying a gold bar or gold coin, a buyer has to make sure he buys it from a trustworthy source, lest he gets saddled with gold of lesser purity. There have been instances when one has paid for a 24K/10 gram gold coin and has got a 19-20K/10 gram coin.
Our family has been through this experience — gold was bought from a local jeweler and a few years later when checked at a leading jeweler we got to know the real K.
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A reader asks,
I need to purchase gold ornaments for a family event that’s about twelve to fifteen months away. What’s the best way to go about saving for this goal? I can set aside a certain amount each month from my salary.
The question had me stumped since I’ve never saved/invested specifically with the goal of buying gold ornaments. I have heard of gold purchase plans (such as this) offered by leading jewelers but I’m not sure how good or how safe they are. But the scheme does look good on paper.
Posing this question to you. What would you suggest?
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