HowToBuyGoldX.comThis site shows you how to buy gold and why now (2011) is the right time to buy gold.

2. Gold Accounts

How to Buy Gold
Option 2: Opening a Gold Account

If you’re following the 40/40/15/5 split, then you’ve already put 40% into holding physical gold.

The next 40% of your gold investment will go into your gold account.

A gold account is just what it sounds like.

It’s a bank account that you deposit money into.

You then use that account to buy gold at whatever the market price is (plus/minus some commission).

The company holding your gold guarantees that they are holding a physical amount of the metal you’ve purchased.

They do this in a vault. This means there can be storage fees for holding your gold as well.

The best companies for gold accounts have multiple features in place:

• Independent audit procedures to make sure they are actually holding the amount of metal you’ve requested.
• Security procedures in place to protect the physical gold
• Insurance to cover their metals holdings (your metal) against theft or damage.

How a Gold Account Works
You generally have to wire transfer the money into your account, and then the money sits there until you’re ready to buy.

Once you buy gold, your investment stays in a vault until you sell it.

Once you sell it, the money for that sale goes back into your account at the value you sold your metal for.

You can then hold the money in your account, or withdraw it via wire transfer to a bank account.

How to Set Up A Gold Account
The company that I know of that meets the criteria (physical security and audits) outlined above is GoldMoney.

It is free to join.

You have to verify your account with GoldMoney (to make sure you’re on the up and up).

If you’re in the US, verification involves giving them your social security number and verifying that you are in fact who you say you are.

If you’re in the UK, there is a similar process.

(They run a credit report and verify you against that.)

All of this can be done online and takes less than 10 minutes to set up.

Next Steps for your GoldMoney Account

1. Your GoldMoney account is set up and verified.
2. Add funds. This happens through a wire transfer.
a. Log in to your GoldMoney account and start a funds transfer there.
b. GoldMoney gives you details about the transfer, which you will give to your bank.
c. Your bank will wire the money to your account at GoldMoney.
3. GoldMoney sends you an email saying your account has been credited
4. You use the funds to purchase gold/silver/platinum/palladium from your GoldMoney account.

If you’ve never sent a wire transfer from your bank before, there will likely be some process you’ll need to complete at your bank as well, in order to do wire transfers from your bank account.

However, once the wire transfer has been completed, you will be able to see the money in your Gold Money Account.

On the following page, you can see some sample screenshots of what the GoldMoney account looks like online.

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