The buy gold price is quoted on a minute-by-minute basis and tracked by news media and can be traded through your stockbroker (Trade Station is authorised and regulated in the UK). ETFs are another way to invest in the metal. They are shares that essentially track the gold price and can be bought and sold on the share market, just like any other stock.

Some investors buy physical bullion as a status symbol. Others are concerned about currency inflation and geopolitics and find comfort in its value. Gold has historically performed better than stocks and bonds during periods of economic volatility, but there are no guarantees it will do so again.

A Golden Opportunity: A Guide to Buying Gold in Ireland

Many people choose to store their bullion with a specialist dealer who offers secure storage. This typically costs a few per cent of the value and involves locking up the precious metal away from damp, corrosives and other metals that could tarnish it. It is important to remember that this service is an additional cost and it can take time for you to access your money if you wish to sell your bullion.

Some dealers specialise in particular gold coins, such as the Britannia and Sovereign, which are British legal tender and therefore VAT and CGT-free. However, these are more expensive than other bullion and they require more stage space to store. Word of mouth is a very effective research tool in this area, particularly from personal recommendations from friends and family.