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By *crc300 OP Man 4 weeks ago
Chester |
"You'd think that nowadays people would just keep gold on their phones."
The physical asset is always best if it’s digital there’s nothing stopping the government just taking it or wiping it away |
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"Price of gold keeps going up wondering if it’s not a bad time to buy looks like it’s going to continue to go up in price "
It's a good time to sell not buy..If you buy now while prices are high, they could drop and you could lose a lot of money.. |
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I think the OP was implying as the price is rising, get on board now and sell quickly with a slight gain rather than buying at its lowest and selling at its highest for a larger gain.
Unfortunately for me whenever I enter this world, I seem to buy at the commodities pinnacle and generally miss out. |
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"Price of gold keeps going up wondering if it’s not a bad time to buy looks like it’s going to continue to go up in price "
I buy and sell & recently sold some at 245 (AED) that I paid 160. What I would say is this
Do you enjoy owning / wearing gold ? Even coins or bars in a safe , do you like the feel of it because theatres better investments if you don’t
Gold is a mechanism primarily to preserve wealth not grow it , but of course it grows better than inflation often.
When you buy gold you will often pay VAT at 20% in the UK you can avoid this by buying non-physical investment gold But that takes the fun out of it, other option is to buy gold without VAT country like the UAE, And where it or carry it back to the future as a personal item not an investment. Same with diamonds there are two places here the gold and diamond park and the gold souk, you should not really buy gold from any other place.
When you buy gold jewelry you will be paying the gold spot price per gram for the weight of the item, plus a make price, Per gram. For example if the daily spot price is 175 dirhams program, a simple gold chain cost you 215 g/g, Or a more complex handmade rain might cost 270 per gram. Italian made Jewelry has a higher make price than Asian. If you don’t have much taste and Obama primarily foreign investment than you can find shops in the gold souk called zero make price where they will literally sell you 24 carat machine made jewelry with a fractional make price of maybe one or two dirhams.
When you come to sell gold be aware that most shops will offer you 10% below the spot price so selling privately at 10% above the spot price on Facebook is a much better option, for this you will need to keep all your receipts and invoices.
Good luck
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"Price of gold keeps going up wondering if it’s not a bad time to buy looks like it’s going to continue to go up in price
It's a good time to sell not buy..If you buy now while prices are high, they could drop and you could lose a lot of money.."
Gold rises when stocks and shares do badly and there is uncertainty in the world, things like wars and pandemics and global recession mean people preserve their wealth through the bad times via precious metals |
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"I think the OP was implying as the price is rising, get on board now and sell quickly with a slight gain "
It’s not possible to do this with gold , trading costs outweigh way marginal gains. Gold is something that you buy and ideally hold for as long as possible. |
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