Gold Investing: The Best Investment Tips and Mistakes In Investing In Gold – Although fairly profitable, gold investment can not be done carelessly.
There are several things that must be considered so that the investment runs safely and profitably.
Moreover, for beginners, if not done correctly the investment has the potential to provide losses.
Even so, you do not need to worry because gold investments include investment groups that are minimal in risk.
In addition, the way of investing in gold is also not difficult.
Provided that you undergo all the processes according to the procedure, then the investment will run safely and have the opportunity to give you a considerable profit.
Therefore, if you are interested in starting to invest in gold, it helps you know the ins and outs of investing in gold first.
When making an investment, everyone has their own goals. This also applies to gold investments.
Before you start investing, try asking yourself first, what exactly do you want to go to with the proceeds from this investment?
For example, you could set a goal that 10 years from now you’ll buy a home in cash, retire early, or be financially free.
Well, after knowing what the goal is of course you must be more consistent in buying gold with a certain amount according to ability. That’s the first gold investment tip for beginners.
Monitor and Check Gold Prices Periodically
After having a definite goal to invest in, you must be patient and do not lust to directly buy gold.
Gold investment tips that you must follow next are to check the price of gold bullion in the market.
Nowadays, it is easy to find this information about gold investments. You can find it on the internet because of the many sites that display it.
Not only that, now there are many gold stores digitally that you can check periodically through a smartphone.
Buy gold when the price in the market is falling, because of course in the future it is likely for you to get greater results.
After that, you can continue to monitor the movement of gold prices.
Although the movement of gold can be said to be constant that does not mean you silence it, yes.
Make sure to buy in the right place
Investing in gold will be done when you buy it in a trusted place. First, check the track record where you want to buy gold. Make sure the place has status.
Just like other investments, there are also many scams that attack gold buyers.
You need to be more careful when there are parties who offer gold purchases with a quick process.
Investing can be said to be quite expensive.
Of course, you do not want to, if the money that has been invested just disappeared.
Determine the amount of investment
The next gold investment tip is to determine the amount of money that must be spent. After knowing what your goal is to invest, of course, you have taken into account how much must be collected to achieve these goals.
For example, when you want to invest in gold to buy a house in cash in 10 years, you can estimate how much inflation each year from the property industry.
Then you will know the value of the next 10 years.
Once you can estimate its value, you can determine the period of when and how much gold to buy.
For example, every month you determine the purchase of gold as much as 5 grams at a price of $ 35.7, meaning you have to spend $ 178.5 every month.
Well, but even though gold investment is relatively safer, you still have to pay attention to some conditions so as not to make gold investment mistakes.
Then, what are the things that you should avoid so as not to get caught up with gold investment mistakes?
Common Mistakes of Gold Investing
Not Checking the Purity of Gold
When buying gold in the form of jewelry, you will definitely get gold with other metal mixtures.
This is very different from investing in gold in the form of bars, where you can get pure gold without any other mixture.
We advise you to buy pure gold in the form of bars if you have the purpose of investing, in order to avoid making gold investment mistakes.
Not having adequate storage
Gold is a precious metal that is easy to carry and move.
This is what makes gold more at risk of being lost and stolen by others.
When deciding to invest in gold, it is important to have a special storage area or be able to rent a storage area in a bank or pawnshop.
Don’t have a special place to store gold?
The solution, currently there is such a thing as joining gold or investing in digital gold.
Where you can invest gold online, without having to save the physical.
Of course, this is considered safer, because it reduces the potential for gold bullion to be stolen by others.
But, since it concerns investment assets, when choosing a platform to make digital gold investments you have to really ensure the company’s track record.
Do not let, you just choose and make mistakes of gold investment that is inevitable.
One of the providers of digital gold investment services is KoinGold from KoinWorks (Powered by IndoGold).
KoinWorks itself is an application that provides financial product services, where the company has been registered as a subscription to the Aggregator cluster of the Financial Services Authority (OJK).
Not comparing the price of gold
The next gold investment mistake is, rushing to buy gold.
Therefore, before buying gold bullion, it never hurts to compare prices in several trusted places in order to get the best price.
Do not let you lose money because there are sellers who raise the price of gold too high.
This is very important to do especially for those of you who do not monitor the movement of gold prices.
Wrong Investment Goals
Do not buy gold to be used as jewelry to look attractive when coming to a party.
If you have a goal to get returns in the future, then you should buy gold in the form of bars.
Buying gold bullion is much more profitable because you won’t be charged the cost of making it when reselling it.
One type of quality gold bullion is gold that has a 99.99% Antam certificate that is widely available in pawnshops or Antam Boutiques.
Don’t forget to keep gold for over 2 years in order to get a better return.
Gold itself is a type of long-term investment, which means the profit can only be seen after at least 5 years.
Not monitoring gold prices
Gold price movements play an important role when you are going to sell or buy gold.
Therefore, you as an investor should make sure to buy gold when prices are low and sell it when the price has increased.
Gold Price Check Today: Monday, October 25, 2021
Do not sell gold when the price is below the purchase price because it can make you lose money.
Well, to avoid this, KoinGold has a variety of features such as subscription features, and Auto buy-sell features.
The existence of these features will greatly help you make gold investments, the amount of which you can adjust to your goals, desires, or preferences.
Gold is included in long-term investments, so make sure you invest in gold over 2 years or more, yes.
Originally posted 2021-10-25 19:03:26.