Thread: If you buy gold and intend to sell it back

If you paid a percentage over spot price, the only way you'll ever break even is if the price of gold goes well above spot price, correct? All the places where I'm trying to sell gold are offering 95% of spot so I'm only able to sell at a loss now

Originally Posted by TugOfPeace

If you paid a percentage over spot price, the only way you'll ever break even is if the price of gold goes well above spot price, correct? All the places where I'm trying to sell gold are offering 95% of spot so I'm only able to sell at a loss now

Yes, thats why it´s a waste unless the price increase a lot. Physical gold is a good investment IMO, but not for gaining money. It´s something you store a little bit of in case disaster hits, or to hedge against fiat/society collapse. It´s also good for accumulating wealth or use as growing your savings.

It can also be nice to look at or collect rare cool coins. Or something you can easily bring in your pocket with you. Imagine a war breaks out in your country and you have to flee. You can´t sell or bring your house or most of your belongings, but you can easily bring a few gold coins.

Originally Posted by SkyDiveNoob99

Yes, thats why it´s a waste unless the price increase a lot. Physical gold is a good investment IMO, but not for gaining money. It´s something you store a little bit of in case disaster hits, or to hedge against fiat/society collapse. It´s also good for accumulating wealth or use as growing your savings.

It can also be nice to look at or collect rare cool coins. Or something you can easily bring in your pocket with you. Imagine a war breaks out in your country and you have to flee. You can´t sell or bring your house or most of your belongings, but you can easily bring a few gold coins.

Damn. I bought 8 gold coins and about 155 silver coins.

I bought the 8 gold coins for when spot price was $1820 and the 155 silver coins when spot price was $27.

However, I paid above spot.. so about $1910 for the gold and $34 for silver. Total of $20,500 or so.

If I sold now and was lucky enough to get 96% of spot for all of that I'd end up with $17,600 or so.

15% loss.. ugh I shouldn't have bought. I don't NEED the money right now but I have some 0% interest debt that I was hoping to clear by the time my birthday rolled around.

Originally Posted by chino3

Is there anything you don't buy high and sell low?



Just lock that chit away and forget about it. And I'm not talking about save it for when you really need it, I'm saying 10+ years minimum. Buy a safe, lock it away, and don't even think about it. Set a calendar reminder for 10 years from now to open it. Enjoy.



bruh...

lol. always amused at your 10/10 roasting.

I bought that gold/silver when I was "debt free" aka prior to losing my stonk gains. Had no intention of selling it. Smarter decision is to just hold onto it like you've said, but I'm trying to reduce my liabilities (including debt). No choice now, there's no way I'm selling it for such a loss.