Looking for advice on buying gold in Libya (complete beginner here)

[u/xX_Little_Elf_Xx]

​

السلام عليكم

I’m interested in buying gold as a way to save money for the long term, but honestly I don’t know much about the gold market in Libya & I’d rather learn from people with actual experience before making any decisions.

I keep hearing about 24K, 21K and 18K gold, new gold, used gold and ذهب كسر.. but I’m still trying to understand the differences and what makes the most sense when buying gold mainly for saving rather than just wearing jewellery

I’d really appreciate it if anyone experienced in buying and selling gold in Libya could help me understand a few things:

- Which karat is best for saving money long-term? Is 24K, 21K or 18K the better option and WHY?

- New gold vs used gold vs ذهب كسر: What is the actual difference? Is used gold a better deal because you pay less for workmanship and what should I know before buying it?

- How does pricing work in Libya? What should I ask the jeweller about the price per gram, workmanship (المصنعية), and any additional charges?

- When is the best time to buy? With gold prices constantly changing, does it make more sense to buy now or wait a few months? How do you follow prices and decide when to buy?

- What should a complete beginner watch out for? How can I make sure the gold is genuine, the karat is correct and I’m not overpaying?

- How easy is it to sell gold later? Are some types easier to resell & how much difference is there between the buying and selling prices?

I’m not looking for a quick profit scheme or anything like that. I just want to understand the market properly and make informed decisions instead of walking into a gold shop without knowing what to ask.

If you have personal experience with this especially in the Libyan market I’d genuinely appreciate any advice/tips or mistakes you think beginners should avoid.

Thank you in advance (:

[u/mswehli]

Assuming you're buying to invest. Buying for jewelery is entirely different.

For investment, only buy 24k gold buillion inside its original sheet. Do not buy used gold or anythign under 24k.

Buy from a well known international brand such as PAMP or metalor, both are available in Libya.

Do not open it, keep it safe inside its original packaging.

When you resell it, you'll lose about 3% of its value at the time as a fee to the buyer.

Buy normal bullions, don't buy the special edition coins such as those from royal mint of uk or canada. Those have a small premium.

When buying, you will pay standard international gold prices, at the black market rate. You can find the price per wieght at goldprice.org on the chart, select gold, usd, g, it will show you the price per gram in usd, multiple it by whatever the usd black market rate is at the time, thats the price it should be sold to you at. Anything more than 1-3% over that price is too much.

As always, buy from a well known and respected shop. Not all shops in the gold market are trust worthy. Buy from the shops that have gold displayed in their windows and not the currency traders.

Alternatively, if you have a USD debit card, you can buy gold online in the same way you buy stocks.

Edit: As for the best time to buy, thats impossible to tell. Anyone who knows that would be able to get very rich from that. And theres quite a complex relationship between gold prices and the economy in general, and larger events such as dedollarisation. So really you should only buy gold to hold onto it for 5 - 10 years.

[u/Akramkiller22 → u/mswehli]

Can u tell me which shops are trustworthy in Tripoli

[u/Beautiful-Remove-805]

- Obviously, the purer the gold the more expensive it is. You’ll pay more upfront but you’ll also get more when you sell it. So it really depends on your budget rather than which one is better.

• If you’re buying gold as a way to save money, used gold is better. Once you buy new gold it becomes “used” even if you never actually wore it. So you might lose money when you sell it depending on the exchange rate at the time.
  
• What I do is shop around and ask different jewelry stores how much they charge per gram then go with whichever one has a price that works for me. Stay away from big name brands.
  
• I honestly can’t answer this one. I could tell you to wait but prices might keep going up or I could tell you to buy now and they might drop right after lol It’s all about timing and luck unless you know someone good at predicting the market.
  
• Keep your receipt! God forbid the gold turns out to be fake at least you can go back to the same guy and resell it to him. He can’t exactly admit he scammed you without exposing himself lol
  
• Stay away from jewelry with pearls or stones. They charge you for the weight of the whole piece but when you resell it they remove the stones and only pay you for the gold. So you end up losing money on the weight you paid for.

[u/OutrageousMail7441]

وعليكم السلام ورحمة الله

اذا كان موضوعك المكسب فدونك للكسر ، اشري كسر عيار 18 او 21 و الافضل 18
لان الكسر اتحصل من ايساومك فيه في اي وقت واللي يساوموا اسعارهم متقاربه بتجيك في دوره بسيطه بيش اتحصل احسن سوم

ولا اشري مستعمل كنك منكش بايعه طول ( منها عيد ومنها قديد ) تقدري تلبسيه ميقعدش دهب املوح وخلاص لكن في فرق في السعر بينه وبين الكسر من 60 الى 100 دينار في الجرام حسب الحاله

اما السبائك الخارجيه اسعارها غاليه جدا بالفلاقي يحشوا فيهن للناس

مثلا لو شريتي سبيكه خارجيه وبعتيها في نفس الوقت حيكون الفرق بين البيع والشراء اقل شي 100 دينار في الجرام
لكن لو خديتي كسر وبعتيه طول للمحل اللي بعده في الوقت حيكون الفرق بالكثير 15 دل

ولما بتاخد كسر خود من محل معروف وخود منه فتوره مختومه وركزي على نظافه الكسر من الفصوص والاحجار و التكلسات و الاوساخ

المهم الكسر افضل لانه more reliable في بلادنا

[u/ProofFinance5824]

F

[u/AbKalthoum]

For timing the market, the best is to distribute your purchases. For example, if you have $1000 to invest in gold, buy $500 this month and $500 next month.

[u/cauliflowerbestie33]

Always buy second hand gold, you will get a good deals from it also try to get pieces with no gem stones in it so you don't get scammed