First time buying/saving with gold?

Em13Em13 Posts: 31 Bronze ✭✭✭
edited December 2015 in About Gold
Hey BitGold community - I want to know, is this your first time buying/saving with gold? Or have most of you been buying up and storing gold for years?
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Comments

  • JRinJPJRinJP Posts: 6 Tin ✭
    First timer here. Have a lot to learn but am committed to it. Don't like where global fiat currencies are heading..
  • KimKim Posts: 636 Bronze ✭✭✭
  • SuebellesSuebelles Posts: 15 Tin ✭
    First for me. I have saved other things like rare books, silver coins, and stamps.
  • GoldfingerGoldfinger Posts: 128 Copper ✭✭
    First time buying gold on an Internet platform..I like gold you can hold but this is an easy way to save some extra money.
  • KimKim Posts: 636 Bronze ✭✭✭
    Nice thing here is you can obtain some physical gold if you choose
  • Joey2015Joey2015 Posts: 38 Copper ✭✭
    First time. Have not bought yet, still trying to understand how the system works.
  • KimKim Posts: 636 Bronze ✭✭✭
    @Joey2015, let us know your questions and concerns. Lots of smart, caring, and helpful people in this community with pretty good advice. Of course we have to take it in, filter, and do what is right for us as individuals when the time is right.
  • Joey2015Joey2015 Posts: 38 Copper ✭✭
    @Kim, thanks a lot. For starters, before you buy gold, what is the very first thing you need to do? Do I need to inform admin first to say, am about to buy? or do I just buy and everything else falls in place? I hope am making sense.
  • KimKim Posts: 636 Bronze ✭✭✭
    @Joey2015, first thing is figure out how much you wish to purchase. Then from what account will you buy, example bank, credit card...

    Once ready click the "deposit" icon inside of your member site. You will find the icon on the top of the page. Follow the prompts. It is very self-explanatory from there.
  • gemstonegemstone Posts: 8 Tin ✭
    Today was my first time.
  • rohanibuang61rohanibuang61 Posts: 2,379 Gold ✭✭✭✭✭
    Hi @ Em13. We are all the 1st timer in BitGold membership and Gold purchased. What we need is good heart and confident to BitGold. So for the 1st timer, the Japanese says "Kamikaze" or sacrifice.
  • KimKim Posts: 636 Bronze ✭✭✭
  • rohanibuang61rohanibuang61 Posts: 2,379 Gold ✭✭✭✭✭
    Hi @Em13, Earlier is my starter in this community site and my answer not relates to your questions. Personally, I am consistently buying and storing physical gold and silver every month for the last 2 years. Now with the present of Bitgold, I therefore have to adjust my buying portfolio on Gold and Silver.
  • BoyfromBowBoyfromBow Posts: 5 Tin ✭
    Em13 said:

    Hey BitGold community - I want to know, is this your first time buying/saving with gold? Or have most of you been buying up and storing gold for years?

    Yes this is my first time investing in gold. I have thought about it for a long time and I have started off with a small investment until I understand it all better.
  • FrancisFrancis Posts: 2 Tin ✭
    First time buyer here, I had heard about the idea of buying precious metals like silver, even looked into oil, but Bitgold makes it extremely easy to purchase. Love the recurring deposits. Only question I have are .

    1.What advantage or disadvantage is there to deposit in different vaults?

    2.If gold can be a standalone currency why is it mostly affected by the world currency (US dollar) and how can this affect my purchase? Would one be better off buying in a different currency?

    Thanks for all your help.
  • cyruscyrus Posts: 121 Copper ✭✭
    Also a first time buyer. I did not invest in gold before, because it like it clean and easy ! I think most of the users are first time buyers or pretty new to gold.
  • lordoftruthlordoftruth Posts: 5 Tin ✭
    I invested in gold 10 years ago
    I am happy that I find BitGold to invest in Gold again
    and this is the reason why I am here..
  • KimKim Posts: 636 Bronze ✭✭✭
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @rohanibuang61

    Sorry but I had to disagree. Kamikaze literally means divine (kami) wind (kaze)

    https://en.m.wikipedia.org/wiki/Kamikaze

    B)
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    edited January 2016
    Welcome to the community @Francis
    Francis said:

    First time buyer here, I had heard about the idea of buying precious metals like silver, even looked into oil, but Bitgold makes it extremely easy to purchase. Love the recurring deposits. Only question I have are .

    1.What advantage or disadvantage is there to deposit in different vaults?

    2.If gold can be a standalone currency why is it mostly affected by the world currency (US dollar) and how can this affect my purchase? Would one be better off buying in a different currency?

    Thanks for all your help.

    To answer your questions:

    1.What advantage or disadvantage is there to deposit in different vaults?

    Which vault is a function of personal choice, level of paranoia, local law, and convenience of access.

    Assume that you live in the US. Do you fear that the US government will confiscate your gold as it did in 1933? In which case storing it far away in a country known for safeguarding deposits, say Zurich, may be for you.

    Do you want to avoid the US FBAR reporting requirement for $10,000 or more in foreign banks? Then you may want to vault your gold in New York. Also note that since BitGold is not a bank but rather a bailment service, FBAR may not apply. Also since BitGold is a Canadian company any vault may be considered offshore. Disclaimer: I am not a qualified tax adviser. These are mere thoughts I offer for your consideration.

    If you hope to ever redeem to 1kg bars, you will need to pick them up yourself at the vault. If you live in the US, it may be preferable to vault in New York for this reason. However since you can easily transfer gold from one vault to another (with the possible exception of Dubai) you can keep your gold in any vault and transfer or redeem as needed.

    2.If gold can be a standalone currency why is it mostly affected by the world currency (US dollar) and how can this affect my purchase? Would one be better off buying in a different currency?

    As @BigD is fond of saying "paper is paper, gold is gold" it isn't the gold changing value relative to any given currency, rather it is the fiat currency changing value in relation to gold.

    B)
  • GoldIsCurrencyGoldIsCurrency Posts: 1,781 Gold ✭✭✭✭✭
    @Francis We always see gold pegged against the USD when we see it on TV or even looking at gold price charts as the USD historically has been the best performing fiat money however other than that gold has it's own valuation against every currency in the world. I am not sure which country you are from but storing your wealth in gold is advantageous no matter what country you are from. For some countries it has a greater significance than other countries. The bottom line is that gold outperforms ALL currencies over time. From 1970 till now gold has outperformed the USD by over 3000% and that is the strongest fiat currency!

    You can look at the Venezuelan Bolivar that is in significant devaluation difficulties where gold has outperformed the Bolivar by a shocking 3675% in a mere 15 years, scary to see what can happen to fiat money. No matter what country you are from I encourage you to take a look at the following link that you can check the performance of gold against any currency in the world. It is quite the eye opener! Gold is wealth preservation. https://www.bitgold.com/current-gold-price#/

    @79Au197 Thank you for the quote!

    Paper is paper and gold is gold.


  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @Em13

    I have loved gold since 1974 when Gerald Ford Signed the executive order that allowed US citizens to own bullion grade gold for the first time since 1933.

    http://www.tchistory.org/TCHISTORY/Gold_Timeline.htm

    Over the past thirty years I have bought and sold a one ounce Krugerand, Canadian Maple Leaf, Credit Suisse Bar, and several 10th ounce American Gold Eagles. Whenever I had saved up enough to buy an item of gold it always seemed that some dire emergency forced me to sell it at a loss. Prior to BitGold, buying and selling gold has been an expensive proposition. Even with online dealers, finding a buyer is difficult and getting a good sale price is impossible.

    I stumbled upon BitGold about the time it entered the US market and was immediately impressed with the concept, founders, philosophy, technology, etc. I took a chance and opened an account. To my joy and amazement, BitGold is everything it claims to be and more so. So easy to use with recurring deposits and same day redemptions to the Prepaid Card. BitGold is bar none the cheapest and easiest way to own gold!

    Last year I decided to also get back into owning physical gold, but instead of buying and hiding I decided to convert it to jewlery that I could see while my wife wore it. I made her a couple of medallions using gold and silver coins and a necklace of fine gold spheres and black pearls.

    B)
  • wdstk46wdstk46 Posts: 7 Tin ✭
    I have been buying and selling gold and silver for many years but never had a proper savings plan until now. BitGold has allowed me to structure a savings plan that is simple and affordable. Thanks!
  • golden_grgolden_gr Posts: 664 Bronze ✭✭✭
    @Em13 I invested in Silver coins about 4 years ago, but now i only care to invest in Gold. So yeap this is my 1st time.
  • AMALGAM11AMALGAM11 Posts: 202 Bronze ✭✭✭
    First gold buy was 1oz Canadian Maple Leafs for $350 in 2001.
  • KarlKarl Posts: 1 Tin ✭
    Truly happy, that ME living below the "poverty line", and trying to provide for my children, can take part and automatically buy small amounts of gold, every two weeks, and not be charged fees, that would eat up my principle, This is a wonderful thing for us small guys who other wise would get left behind. Thank you BitGold!!
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @Karl you are 100% correct! Welcome to the forum and welcome to BitGold!
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @Roy Sebag @Josh Crumb @Darrell @Melanie - see at @Karl comment above - he speaks for all of us <3
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