You will also be paying about 6% every time you buy, and every time you sell. That cuts into profit (or magnifies losses) in a big way.
Gold coins are very shiny and pretty, so if you want a couple, go ahead, but do not expect a profit.
Your plan would be gambling instead of investing. Gold's intrinsic value does not change.
If you buy gold hoping that you can sell it for a quick profit because of the weekly or monthly swings in price, then you are not investing. You are trying to guess better than the public (including the professionals) how the price will change.
Precious metals on the average keep pace with the inflation rate. This is better than nothing, but not by much.
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I recommend corporate stocks but for long term, not short term.
Choose a company that has steady earnings each year instead of losses. If your company has very little long term debt, it will likely not get into financial trouble.
Buy quality stocks and hold on to them. When you hold these over a period of time, the share prices will go up for a real reason - the companies are earning money every year and becoming more valuable. This is not gambling; you are owner of a money making business.
If you save a portion of your income each payday and as it accumulates invest in stocks, over the course of several years you can grow very wealthy indeed. It is like hiring someone to get a job and earn money for you, and then using that money to hire more workers. Your money grows exponentially.
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Buy Low and Sell High is easy to say but hard to do. Kinda like saying "Anyone can be President".
A better idea would be buy a metal detector and frequent parks, beaches, lakes, ball fields. and hunt for gold that way.
The problem with your plan is that gold doesn't move up and down over weeks and months. It tends to move downward or upward over several years. Right now, gold and all metals are looking at decreasing prices for the next few years at least. It just is not a good investment right now.
I appreciate your desire to invest your money, but overall investing in precious metals is a fools dream.
What you may or may not know is every transaction is recorded. The Govt knows what you've purchased, how much you purchased and where you live.
The Govt confiscated everyone's gold back in the 1900s and made it a law that no private citizen could own gold.
They did it once before, they'll do it again. And when they come for it and your refuse to hand it over you can go to jail or worse.
Thtat's how it works. Buy anything cheap and sell dear.
If only it were so simple. Can't you see the flaw?
so the majority of people say that im to young to go into the stock market but i wanna make my own money. so i came up with the idea that maybe buying little quantities of gold when its cheap and selling it when it s at high demand I would sell it getting me some money.But for that i already have some money saved up. Should I?and please if you have nothing nice to say don't even bother
