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Gold Investment Tips For Beginners
Gold is one of the investment options that are considered the safest compared to other investment instruments. Gold investment has a low risk and can withstand rising prices or inflation.
Also, gold has a value that tends to be stable in the long term. Another advantage of gold has high liquidity so that it can be sold quickly.
With several advantages it has, gold can be one of the right investment choices. Here are some tips on how to invest in gold for beginners that can be applied:
Gold Investing Tips For Beginners
1. Set goals and make plans
The first step that must be done is to determine the purpose of investing in gold. Don't just buy gold, save it, then sell it at any time.
You must have a goal, for example, to invest in gold for the cost of weddings in the next few years, to fund your children's education for another 10 years, and so on.
With a clear goal, you can make a plan to determine how much gold to be collected to achieve that goal.
2. Pay attention to financial capabilities
Investing must start with more funds. If each month already has a surplus, then the excess funds can be allocated into an investment so that it grows for future use.
Do not let you sacrifice all your income or even go into debt to get a profit on investing. You must have an adequate emergency reserve fund before investing. At least there is an emergency fund savings with 6-12 months of spending readiness before investing to cover unexpected expenses.
3. Pay attention to the right time to invest in gold
When you have the desire to invest in gold, you must be diligent in monitoring the price of gold in the market. In addition, you need to learn how the trend of gold price movement trends in the market.
This is important to determine the best time to buy or sell gold in order to get optimal profit. The best time to buy gold is when the price is down and sell it when the price is going up.
As for what needs to be considered, gold investment tips for beginners should be kept in the medium to long terms, such as more than 5 years, to get optimal benefits.
4. Select the appropriate type of gold
Investing tips for beginners are recommended in the form of precious metals. Precious metal gold investment is more profitable and more suitable for future savings than gold investment in the form of jewelry.
The advantage of precious metal gold is that it has a higher selling price. In contrast to gold jewelry, the selling price tends to be lower because it is influenced by cost components, such as manufacturing costs, number of carats, art value, models, and depreciation (price reduction).
5. Safe gold storage
The last gold investment tip for beginners is to choose safe gold storage. Carelessness in storage can put gold that has been stored for years at risk of being lost. Gold storage can be done by storing it in a safe at home or it can be stored in a safe deposit box (SDB), which is a storage service for valuables. Generally, SDB services are provided by the bank.
So, those are some tips that you can follow in investing in stocks for beginners. There are many ways you can do it, make sure the profits are yours.