7 Mistakes of Gold Investment by Beginner Investors
When we have a stable financial situation, we must not delay spending a little of our money to invest, because we may need it in the future. Do not until you only have personal savings that can be used up at one time. Nothing can guarantee that personal savings can meet future needs because the value of a currency can go up and down at any time. One of the easiest investments and can be done by everyone and without big capital is gold investment. For employees, you can look for a top gold IRA company that can guarantee your old age by being happy with the disbursement of funds from your gold futures investing.
Although easy, gold investment can be detrimental when someone underestimates this. You can’t just let go of your money when you invest. You should always look at market prices to see the development of the value of the investment you have spent. Here are some mistakes of novice investors that many people don’t know about.
# 1 Don’t Monitor Gold Prices
Gold prices tend to go up and down. Some novice investors often make the mistake of buying gold when prices are high. This is a basic strategy for investing. When you spend capital, you must have a desire to make a profit.
Look at the price chart in the last 1 to 3 months before you buy gold. If prices have tended to decline in the past 1 month, it is the right time to use your capital.
# 2 Don’t Compare Prices
Some sellers sometimes raise prices so high. Do not rush to buy. Compare several gold shops and make sure you get the best price.
# 3 Buy Recycled Gold
Damaged and recycled gold jewelry or coins tend to have aesthetic flaws so very few people want to buy them.
# 4 Buy from an untrusted seller
Fake gold has a lot on the market. Don’t be fooled and choose a trusted gold shop.
# 5 Don’t Diversify Gold
Buy gold with small and large units. If at any time you have an urgent need, you can sell gold in small units.
# 6 Not Paying Attention To Purity
Some gold coins only have a 90% gold content. For investment, you should choose 99% pure gold because it is easier to resell
# 7 Buy Too Much Gold
Novice investors buy gold in large quantities and leave little cash. You also need to have a reserve fund, for example, health costs.