Buying Gold Is It Really Worth It & How Does It Work

[pumpjack]

I've been hearing a lot on the media recently about putting money into gold how would this work where to buy it who to buy it from and how to sell it, want to buy some, give to my daughter not a lot but maybe a couple of thousand-pound worth for when she's older,
probably better than collecting dust in a bank and letting a bank make money off you

[barry1010]

A good basic guide https://moneyfacts.co.uk/investments-how-to-invest-your-money/how-to-invest-in-gold/

[douglas9401]

Chortle

[barry1010]

What's tickled you, douglas? It's a valid question and many people are considering buying gold as an investment due to current interest rates.

[pumpjack]

Chortle.

douglas LOL
Hit yourself a slap on the back for being the first ............ of the day congratulations !

[pumpjack]

thankyou barry

as i say i would only buy say 2 x 1 ounce bars to give to my kid.
really no big deal for me . i rem my parents bought us all queens jubillee coins when we were kids so why some clown is laughing i do not know

[Karolina82]

Gold is a risky investment. Its value was around £700 per troy ounce in 2015 and it is currently around £1500 per troy ounce. In economically uncertain times the price of gold soars. If the economy picks up the value of gold is likely to fall.

[barry1010]

Karolina is right. If you buy gold now it will be expensive, the idea is to buy low and sell high and you won't be able to do that at the moment.

[retrocop]

Coincidence perfhaps but my wife,only this morning observed that the Bof E were pumping £150 billion to prop up our economy.She mused if it was worth investing £30,000 in gold. We have been on the wrong side of the economy ever since we married. When we were struggling with our outgoings and trying to buy our first house the interest was phenonemal on our mortgage. Now we are very comfortable,don't need a third house and have savings the interest is virtually non existent.The price of Gold is good according to the programmes I watch but it fluctuates like lead or copper.

[retrocop]

sorry crossed posts whilst writing.

[barry1010]

We are in the same boat as you, Retro. I remember paying over 15% interest on my mortgage at one point. Now we are mortgage free with savings.

[woofgang]

pumpjack have you looked into it? You can buy lumps of gold but in most cases where you invest, the investor doesn't get to hold the gold...instead it is held in secure storage with everybody else's gold. If you wasnt to hold the gold yourself then they have to make it into a dinky little ingot and ship it to you which costs them and therefore you, more money...it moves it from investment into artefact.

[malagabob]

There was a report on recently about a chap who thought investing in limited edition gold coins, was a good investment. When he thought the value of them had increased, he was gobsmacked to find out they were only worth the weight value.

[Peter Pedant]

yes 15% interest in 1980
my first house

but gold
remember the spread ( buy sell divide )
I wd probably buy krugerands
and remember they dont produce anything
( unlike shares in factories)

[david small]

My brother put 10k into a developing gold mine 7 years ago. His investment went down to 6k worth. It’s now worth 40k. He was a financial advisor, I never listened.
Incidentally, my 20k in a Lloyds saver increased by 16 pence interest this month. Not even enough for cheap chips.

[Peter Pedant]

// My brother put 10k into a developing gold mine 7 years ago.//

o god does anyone remember the mining scandal 1969-70. They found titanium ( or rhenium or osmium or ...) in a mine in Aus. The shares shroopled
and it was all a scam/fraud
as in we said we had found titanium when we hadnt

[douglas9401]

What tickled me, Barry, was pumpjack wanting to speculate on the precious metals market while screaming the place down about the loss he'd make exchanging his hard-earned Euro into poonds sterling with those shylocks in high-street banking.

I could see the project not ending well for the poster, that's all.

[barry1010]

Douglas, keep an eye on your pennies and they will grow in to pounds :) Every little helps