What advice would you give someone who has never bought gold before?

I'm brand new at this.

I've never invested in gold or silver and don't even know where to start. I'm open to any and all advice you could share with me. I look forward to your answers! Thank you!

Comments

  • GoldmattersGoldmatters Posts: 3,915 Admin
    Hi @GoldNewbie ! I think @GoldIsCurrency explains the best way to use this platform : http://community.goldmoney.com/discussion/comment/20163#Comment_20163

    Most importantly, I would begin by thinking of gold as money, not an investment. Savings that will preserve your wealth over the very long term. Try not to obsess over short term price fluxuactions.

    Saving a small amount of your lifetime earnings every pay check is a great place to start :)
  • UvasUvas Posts: 678 Silver ✭✭✭✭
    edited December 2016


    Gold is a store of your wealth. It holds its value extremely well over time. If you have a emergency fund of cash sitting in a deposit or checking account, it would be smarter to hold it in gold. With Goldmoney you can buy or sell gold from your bank account and buy it or sell it as needed. You can sell your gold and get your money in your bank account in 1-2 days. Compare that a bond fund, you sell your bonds, wait 2-3 days for it to clear, then move it to your bank account in 2-3 more days.

    Gold won't make you rich, but it keeps your value safe. And using this Goldmoney platform is the is by far the most economical way to buy some gold, especially if you are just starting out. You can keep a thousand grams fully insured for no fees. The only cost you will ever see is the 1/2 percent they take when you buy or sell some gold, compared to 5-10 percent markup a gold coin dealer will hit you with.

    Look around the site, there is a lot of information. Here is a good spot to start: https://www.goldmoney.com/why-gold
  • CarlospmurilloCarlospmurillo Posts: 2 Tin ✭
    HI, I'm new too
    And my question is so basic, I saw that the value of Gold on US the past week was down
    if the value of gold down, my money too?


    And my second question is the opposite....

    If the value of gold is up? my money too? or is o... stable if I don't do anything??????

    Saludos desde Venezuela
  • NebhekaNebheka Posts: 1 Tin ✭
    Carlos Murillo yes to both questions.
  • GoldStandardCanadianGoldStandardCanadian Posts: 148 Bronze ✭✭✭
    For all newbies who want in-depth detailed learning about gold, I highly recommend the book "The New Case For Gold" by Jim Rickards. Read that book and you'll understand Gold.

    Newbies need to first of all understand what money really is. Paper printed out of thin air and its value manipulated out of preference is not real money. Gold is real money because you can't manipulate weight, purity or the costs to extract and process it into a product. The value of gold will remain roughly the same regardless of the dollar price. Gold is wealth preservation, paper money is very much not so. Your digital bank holdings of paper money does show interest gained, however this is less than the rate of inflation, so it's a losing game. I want to store my wealth in something real that holds its value - gold does that. That's what real money is, IMHO. And if gold were ever to be considered money by society rather than a commodity, its value will multiply easily 5 times or more (scientifically based on money supply calculations).
  • LeFinancisteLeFinanciste Posts: 42 Copper ✭✭
    "The New Case for gold" is a very good book, but might dive a little bit too deep for someone who is starting to look at gold and silver. I would refer the book "The guide to investing in GOLD and SILVER" by Mike Maloney. If you are not really looking for a book to read but still want to learn a lot about value of gold, silver and money, I would suggest to look for " The Hidden Secrets of Money'' Series on Youtube (7 Episodes of around 30 minutes).
    Have fun and welcome to the family!
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