Archive for March, 2013

How to Buy Gold and Avoid Scams

Tuesday, March 26th, 2013

The continent of Africa continues to be the world’s fastest gold-producing region. The history, and events of today as they pertain to the continent are quite telling as to gold’s monetary value regardless of market conditions. Mali and South Africa have been two of the world’s top gold-producing countries for quite some time. Gold prices have risen by more than 500 percent since 2002, and will continue to rise as the global central banks continue their policies of liberally printing and debasing the value of world currencies. Wealth attracts criminal opportunity as we’ve seen with the country of Nigeria unfairly targeted in the well-known “Nigerian prince” scam. The following are some tips on gold investing and how to avoid being scammed.

Gold Investment

Gold Investment

Mining

The Nigerian Minerals and Mining Act of 2007 prohibits “unauthorized” exploration and excavation of minerals from the ground, including gold. The federal government has issued permits and titles to several individuals and companies to begin mining. But the process has been slowed because villagers, who’ve lived on the lands for centuries, aren’t leaving quietly, according to the Global Post. Locals are well aware of the precious metal’s presence all around them, but in the past haven’t pursued mining because of small returns on their time investments. This has all changed now that gold is selling on international markets for about 10,000 Naira ($60 U.S.) per gram.

Nigerians are forming local associations and unions to pool resources and slowly buy back the right to mine their lands, according to Voice of America News. Lead poisoning is common, however, for miners who don’t take the necessary precautions. Any associations and unions looking to mine should invest in a supply of dimercaptosuccinic acid (DMSA), which removes lead from the body in case of poisoning.

Buy Bullion

Gold is now far too expensive for most Nigerians (and most others around the world) to buy at market prices, but is a great investment for those with the means. The main concern with buying gold bullion bars is, of course, being ripped off. A reputable online seller, such as US Money Reserve, will have disclosures and any risk factors on their website. The premium which any company charges over market value should never exceed five percent. The company should also have a verifiable address and phone number.

Gold Exchange Traded Funds

The best thing about gold ETFs (stocks) is that you can generally purchase shares for far less than on the per ounce gram basis bullion is sold. The Nigerian Stock Exchange added the NewGold ETF to its index in December 2011, which enabled investors to diversify without buying the physical metals. The fund has done relatively well in the subsequent 13 months after starting off slowly.

If you are trading in gold, do well to share with us in your comment. Cheers.

5 Ways to Compete in a Crowded Field

Friday, March 1st, 2013

Be noticed, stay nimble, and get customers.

If you want to start your own business in a field with a lot of contenders, or you’re the company that has had competition crop up around them like weeds, take note. Here are some great ways to keep your company agile in a changing market place, and get above the crowd to get noticed.

1. Focus on End User Experience

In January of 2007, nobody had heard of an iPhone; but 6 months later, nobody hadn’t. Apple didn’t release the first cell phone, or the first smart phone, or even the first touch screen; and they certainly didn’t invent apps. Virtually nothing about the iPhone was unique except that the company obviously cared about the users of the phone. They tailored an experience that was all about the user: they made it pretty, fool-proof, and backed it up with customer care that worked.

2. Be Something

You should be cheaper, closer, cleaner, and smarter than your competitors, but those things don’t make you’re company truly unique. Your company needs to be something. Many companies are becoming more charitable, doing things like donating a pair of shoes to the needy for every pair bought, or donating a portion of every purchased meal to a particular charity. Your company can organize events, clean-up days; encourage your employees to give back to the community, and in turn your company will get noticed and be known for something.

3. Don’t Outsource Too Much

For a small company it’s easy to spread yourself too thin. There are some things you should definitely outsource (like legal matters), but you should keep as much as you can as close to you as possible. Invest in tax and accounting software that will help you keep accounting resources in the office. If your company uses graphics heavily for advertising or for your actual business, invest in Adobe’s cloud suite to save time and money in completing jobs. The more you can keep in-house, the quicker you will be able to shift and adapt to the changing needs of customers, the volatility of the market, and the evolving techniques of the competition.

4. Be Socially Aware

Your company has an online presence, whether you manage it or not. Services like Yelp, Google Places, and CitySearch allow users to search and leave reviews for businesses, tipping off other customers of perks and drawbacks of the company. You need to be active in creating a positive social presence for yourself. Respond to reviewers, both negative and positive, personally—and with as much warmth and humor as you can manage. Create a Twitter account and a Facebook page to spread the news on promotions and deals and company activity.

5. Don’t Bash the Competition

As you start your business or as others around you begin theirs in your field, two things will happen. Companies will criticize you, and customers will as well. You should respond to criticism and try to address issues that your customers have, but you should never bash the competition; bringing their name into the discussion is nothing but free advertising. If you have to respond specifically about a competitor, address the issue as positively as possible.

Tara Wagner is a staff writer for TechBreach. She has worked from home for over a decade, and loves sharing news and advice with fellow telecommuting moms and dads. She’s fascinated by new tech and new ideas; and when she finds time to unplug, she enjoys long hikes in the mountains near her home. She lives in Denver.