Is my account tied to the gold market?

enduroxendurox Posts: 7 Tin ✭
If I make a deposit (say enough to cover the purchase of 1 gram) does that get tied into the market. So if I buy 1 gram for $30 today and tomorrow the gold market goes up to say $40 per gram does my account go up $10 in value? I apologize for the dumb question but appreciate a response.
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Comments

  • PinkdogPinkdog Posts: 511 Silver ✭✭✭✭
    Yes. The example you provide is correct. Your account will fluctuate with the value of gold. Just multiply the number of grams by the current value of gold per gram.
  • enduroxendurox Posts: 7 Tin ✭
    I think I answered my own question, which is "Yes, my account is tied to the market." When I signed up I had X amount and when I checked an hour later I had a lower amount. I assume since the price of gold went down.
  • UvasUvas Posts: 669 Silver ✭✭✭✭
    You can check the live price charts provided by Goldmoney to see what the price of gold is doing.
  • GoldIsCurrencyGoldIsCurrency Posts: 1,773 Gold ✭✭✭✭✭
    @endurox I am not sure what country you reside in but if you go to the below link you can view how gold is performing against your countries currency. This is the live pricing @Uvas mentioned above. Keep in mind the best way to buy gold is by buying smaller amounts on a regular basis for longer term savings. Goldmoney has a recurring deposit function that myself and many others use. This way you can slowly accumulate gold over time and not be as sensitive to price movements in the short term. Averaging in so to say.

    https://www.goldmoney.com/live-prices

    People can select any countries currency type by clicking on the + sign on the top right corner. This is a cool feature goldmoney provides that allows people to see how gold is performing to the currency type they use day to day. As I always say why compare how gold is performing to USD if you don't hold USD.


  • AnttiAntti Posts: 1 Tin ✭
    Hi,
    We gold owners should not be talking about gold going up or down. We actually own gold because its value stays the same. Gold is always gold that keeps its value. The value of fiat money fluctuates until it eventually looses all its value.

    Example: If you are a euro based investor (person) you talk about dollar going up and down. If you are a USD based person you talk about Yen and Euro going up and down. We all here are or are going to be gold based people here so we should talk about USD, Euro, Yen, Ruble ....fluctuating up and down. Do you people agree?
    Antti
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