The word "tula" is a Sanskrit word that means weight or balance, and the term "tola bars" is derived from it. Tola bars are without any markings and they normally weigh 100 grams. Tola bars are mainly traded in Europe, Australia, Singapore, Pakistan, India and the Middle East. In the United States, gold is usually traded through coins, bullion or certificates. Gold dealers sometimes carry tola bars as part of bullion. When buying tola bars, you must look for authentic sources that buy and sell gold on a regular basis. As of 2010, the U.S Mint only offers gold and silver coins and does not carry tola bars.
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Things you need
- Gold bullion price
- Investment cost
- Reputable gold bullion dealer
- Tola bar conversion and price
Search the Internet for the most current price for gold bullion. The term "gold bullion" is specifically used for investment gold. Most financial sections of newspapers also list the current price for gold. To get the exact amount, you can search different reputable dealers of gold bullion online, such as www.blanchardonline.com, www.kitco.com, www.monex.com and www.golddealer.com.>
Ask yourself how much money you want to invest in gold. Buying gold is an investment, just like buying real estate, and the price for gold is constantly changing. Once you have evaluated how much you can invest, divide that number by the most current price for gold in ounces. The resulting number will be the amount of ounces of gold you can afford for your investment.
Find a reputable gold bullion dealer. Some dealers of coins carry bullion, including tola bars, but if you are buying large quantities of gold then you will need to find a dealer in precious metals. A reputable dealer is usually known in the community and has a long history of dealing in gold. The Federal Reserve states, "You can buy or sell precious metal bullion and coins from private dealers. Check your Yellow Pages or conduct an Internet search. Federal Reserve Banks neither buy nor sell precious metals." A reputable dealer should also list all the prices openly.
Convert the current price of gold, whether in ounces, grams or penny weight, to tola bars. Dealers often carry pre-measured weights of 10 tola bars, known as TT or Ten Tola, which is the most common size. Tola bars are also available in 1, 2, 3, 4, and 5 tola weights. The dealer should list the conversion of the particular size of tola in either grams or ounces. Once you find out the conversion and price from the dealer, check the price of gold one more time to make sure it is correct before purchasing.
Verify that the tola bars do not have any wear or tear on them. The purity of the bar is usually measured in percentages and 99.999 per cent is considered the purest. Gold is also measured in carats, ranging from 22 to 24 carats. The measurement of purity for gold bullion is not as important as the weight of the gold itself. Each tola bar is weighed according to the amount of pure gold inside of it, so if the bar is 85.1gr then it will have 85.1gr of pure gold. The actual weight of any bar is usually more because of the different metals used to harden the gold, as gold is soft and bendable in its purest form. When you purchase tola bars online, you should verify the authenticity of the site and read reviews online before buying to make sure the tola bars you will receive are in the best condition. Many online dealers belong to the BBB (Better Business Bureau) and display their current rankings on the front page of their websites for verification.
Tips and warnings
- Ask for a discount when buying gold in bulk as some states do not charge taxes on gold sold over £650.
- When buying gold online, make sure the dealer uses registered or insured delivery of money.
- Never buy gold from disreputable dealers or from unknown auction sites on the Internet as you risk losing money or getting scammed.
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