What scares me from investing in gold.

[bakasabo]

I might sound as a newbie, but is it really simple to trade gold as easy as it is to trade crypto or stocks? Lets take crypto for example. We have hundred of exchanges, both dex and cex. We have IRL crypto exchanges. We have telegram bots that exchange crypto. I am saying that we have lots of options to quickly and easy trade crypto. Can I do the same with gold? Can I buy it with few taps on my mobile? And in emergency case quickly sell it in a minute? That is the main reason what stops me from trading and investing in gold.

[Assface16678]

I might sound as a newbie, but is it really simple to trade gold as easy as it is to trade crypto or stocks? Lets take crypto for example. We have hundred of exchanges, both dex and cex. We have IRL crypto exchanges. We have telegram bots that exchange crypto. I am saying that we have lots of options to quickly and easy trade crypto. Can I do the same with gold? Can I buy it with few taps on my mobile? And in emergency case quickly sell it in a minute? That is the main reason what stops me from trading and investing in gold.

I don't think there's a trading bot or AI bot that will automatically trade forex, one of which is gold. The thing is, it is not a very easy thing to trade gold or in forex. From my experience, I first do forex trading, and after some time I notice that it is hard for me to trade forex, mainly gold, and switch to crypto currency trading, which I'm still doing right now. So in short, it's up to the person to decide what he will find easy to do, forex or crypto currency; it doesn't matter as long as you are earning from one of them, so based on my opinion, forex trading is much harder than investing or doing crypto currency trade. Note that I'm not using any trading bot or automation to trade; I'm mainly trading using my pure skill, knowledge, and experience, and as forex doesn't have those features, it will add that forex or gold trading is harder than crypto trading.

[kro55]

I might sound as a newbie, but is it really simple to trade gold as easy as it is to trade crypto or stocks? Lets take crypto for example. We have hundred of exchanges, both dex and cex. We have IRL crypto exchanges. We have telegram bots that exchange crypto. I am saying that we have lots of options to quickly and easy trade crypto. Can I do the same with gold? Can I buy it with few taps on my mobile? And in emergency case quickly sell it in a minute? That is the main reason what stops me from trading and investing in gold.

If you go somewhere without internet, how will you pay with bitcoin? Meanwhile, gold will easily do that. Many countries still do not accept and even ban bitcoin, what will you do if you live there or travel or work there? Meanwhile, gold is accepted everywhere in the world.

Come on, don't try to come up with ridiculous evidence to exaggerate bitcoin and slander gold. You and I, like many people, do not want to invest in gold because it is stable and does not bring high returns. Meanwhile bitcoin can help us get rich quickly with our little capital, we want to become rich quickly and bitcoin can do that.

[Negotiation]

I might sound as a newbie, but is it really simple to trade gold as easy as it is to trade crypto or stocks? Lets take crypto for example. We have hundred of exchanges, both dex and cex. We have IRL crypto exchanges. We have telegram bots that exchange crypto. I am saying that we have lots of options to quickly and easy trade crypto. Can I do the same with gold? Can I buy it with few taps on my mobile? And in emergency case quickly sell it in a minute? That is the main reason what stops me from trading and investing in gold.

If you go somewhere without internet, how will you pay with bitcoin? Meanwhile, gold will easily do that. Many countries still do not accept and even ban bitcoin, what will you do if you live there or travel or work there? Meanwhile, gold is accepted everywhere in the world.

Come on, don't try to come up with ridiculous evidence to exaggerate bitcoin and slander gold. You and I, like many people, do not want to invest in gold because it is stable and does not bring high returns. Meanwhile bitcoin can help us get rich quickly with our little capital, we want to become rich quickly and bitcoin can do that.

Rightly said it is not right to slander anyone here it will depend on the individual's own decision in terms of investment. Both can be good investments but it is true that bitcoin gives higher returns than gold and the future is brighter. In the case of gold it takes a while to have its impact on the country's economy. No one has any influence on bitcoin the individual can do whatever he wants.

[Wapfika]

I read a couple articles on the internet about how to sell gold and it seems a rather complicated and expensive process to do.
Where do you even go to sell your gold besides a pawn shop (who will give you only half of what its worth if you're lucky)?

Do you have to ship it to the buyer? Is escrow involved?

Selling your gold is not that bigger problem compared on how you will gonna stored it since it’s prone for physical theft that makes you uncomfortable when you leave your house without any people in there.

There’s a gold community which people buy and sell on social media. You can easily sell your gold investment buy lowering your price to the spot market price when you are already in profit.

This is the reason why Bitcoin is always the superior investment compared to physical investment such as gold because it’s feature of being tangible makes it more vulnerable to different attack that will give danger to you. In short, you can’t invest discretely.

[letteredhub]

This is why even though many see gold as a valuable investment we can not deny how inconvenient it is to store gold and sell them unlike with crypto where in just a few clicks away you can buy and sell and you can do it at the comfort of your own house. It is one of the many advantages of crypto over gold.

True about the convenience with cryptocurrency but a gold investor can really find convenience with storing gold or sell if he or she have a good depth of the gold market. Every financial instrument has its own peculiar hassles, for crypto storage in a non custodial wallet the investor is faced with the challenge of how to safely keep his wallet seed phrase, just as it is with gold storage a lot of security challenges against theft or cost of storage in a financial institution like bank. For the profitable sell of gold, there are markets an individual can always sell his gold with a fair market price depending on the value of the gold, it just for you to do your research on the market and required procedures depending on your country.

[coolcoinz]

2) Costco charges a 2% fee over the spot price which is two to ten times what most crypto exchanges charge you to buy and sell bitcoin.

Still less than what bitcoin ATM operators charge

I read a couple articles on the internet about how to sell gold and it seems a rather complicated and expensive process to do.
Where do you even go to sell your gold besides a pawn shop (who will give you only half of what its worth if you're lucky)?

Do you have to ship it to the buyer? Is escrow involved?

It's not that hard. I've seen jewelry stores that will buy your gold and they even list the bar manufacturers that they buy with no additional checkups. If you have a bar from a less known (not listed) company, you'll have to call them and leave the bar to be checked. If it's listed, you'll get cash in 5 minutes.

I don't have much gold, but selling it is very easy and only an idiot would go to a pawn shop to get half of what the market price is. One time, years ago, I found a gold earring and took it straight to the jeweler to ask if they'll buy it and they checked the marking and the market price and gave me that - their fee which for gold they consider scrap was a few % more than what they charge for bars.

[summonerrk]

I do not know what the problem is with buying gold, if in my country any bullion is served in any bank - from the smallest to the largest, and you can buy physical gold for almost any amount. But the trouble is that the selling price is very different. This is specially done by banks so that people cannot play on the gold rate when it rises and falls. And the benefit will be only when gold rises in price by about 15 percent. And very bad conditions. After all, the bank makes a huge profit from such conditions, and this is very bad for people.

Banks also offer to buy gold tokens in the app, but this is not physical gold. It is somewhat similar to the mechanisms of operation of ETF. But this is stupid, because the point of buying gold is always that you get your hands on it.

[Lucius]

I was in Costco the other day and was tempted to buy gold bars they were selling to diversify my portfolio.
I have never bought gold as an investment before and it would be super easy and convenient to get it from my local Costco.
For those who don't know Costco is a very popular supermarket in the US that sells everything from grocery to consumer electronics.

This is the first time I've heard of gold being sold in a supermarket, so I'm wondering if that supermarket might have security guards patrolling the store with automatic weapons? I assume that buying gold is not something that takes place according to the principle of buying an ordinary product from the shelf, but what kind of risk is taken by the person who buys gold and needs to transport it from the store to the place where it will be stored?

~snip~
I read a couple articles on the internet about how to sell gold and it seems a rather complicated and expensive process to do.
Where do you even go to sell your gold besides a pawn shop (who will give you only half of what its worth if you're lucky)?
Do you have to ship it to the buyer? Is escrow involved?

In some EU countries there are specialized shops where you can buy or sell gold, and there is also a service where you can buy gold online and then have it delivered to your address in an armored vehicle. When you look at how complicated and risky the whole process is compared to buying/selling Bitcoin, and how much less profitable gold is than Bitcoin, the conclusion is self-evident, right?

[bakasabo]

I might sound as a newbie, but is it really simple to trade gold as easy as it is to trade crypto or stocks? Lets take crypto for example. We have hundred of exchanges, both dex and cex. We have IRL crypto exchanges. We have telegram bots that exchange crypto. I am saying that we have lots of options to quickly and easy trade crypto. Can I do the same with gold? Can I buy it with few taps on my mobile? And in emergency case quickly sell it in a minute? That is the main reason what stops me from trading and investing in gold.

If you go somewhere without internet, how will you pay with bitcoin? Meanwhile, gold will easily do that. Many countries still do not accept and even ban bitcoin, what will you do if you live there or travel or work there? Meanwhile, gold is accepted everywhere in the world.

Come on, don't try to come up with ridiculous evidence to exaggerate bitcoin and slander gold. You and I, like many people, do not want to invest in gold because it is stable and does not bring high returns. Meanwhile bitcoin can help us get rich quickly with our little capital, we want to become rich quickly and bitcoin can do that.

I am really in huge need to pay in Bitcoin without the internet, I would simply give you my wallet/keys/hdd or ssd.

I think you did not get my point (or I have explained it incorrectly). But to deal with bitcoin (does not matter if it is trading or investing), I dont have even make many moves. All I have to do is to do some taps on my mobile. And like I've said, I am no expert in investing in gold, but can I invest in it just by making few taps? Can I invest in it without spending much time googling? Are there places where I can buy gold with credit card in few minutes?

[philipma1957]

I was in Costco the other day and was tempted to buy gold bars they were selling to diversify my portfolio.
I have never bought gold as an investment before and it would be super easy and convenient to get it from my local Costco.

For those who don't know Costco is a very popular supermarket in the US that sells everything from grocery to consumer electronics.

Two things made me change my mind.

1) I asked the salesperson will Costco buy gold back when I want to cash in and sell it? He said no Costco only sells but won't buy it back.
So buying gold from Costco would be super easy and convenient but when you want to sell it Costco says good luck you are on your own.

2) Costco charges a 2% fee over the spot price which is two to ten times what most crypto exchanges charge you to buy and sell bitcoin.

I read a couple articles on the internet about how to sell gold and it seems a rather complicated and expensive process to do.
Where do you even go to sell your gold besides a pawn shop (who will give you only half of what its worth if you're lucky)?

Do you have to ship it to the buyer? Is escrow involved?



How to sell gold without getting scammed.
November 10, 2023

https://www.cbsnews.com/news/gold-prices-how-to-sell-your-gold/

the best place to sell gold is right here on bitcointalk.

https://bitcointalk.org/index.php?board=217.0


plenty of good buyers on that board. myself included. although I am pro silver not gold.

[spectre71]

With Gold and Silver it's about managing the overhead, the points above spot.

I work with my local shop and they buy back at spot pretty easily.

Gold bars (10oz 5 oz) are a pain in the ass, because it's allot of money for the buyer to have around and you could take a bigger bath when you need some money and the market isn't so great. smaller divisions generally cost more over spot but I easy to get rid of.

I like to buy silver coins from individual at spot or below or when times are not good. If I ever needed to horse trade some gas or food silver would be much easier to trade. And always have some cash on hand as well.

Kevin Oleary last time I heard was in about 50% physical and 50% digital on gold. Seems smart.

Here in the US I have both Gold and BTC in my IRA (retirement account with tax perks). It has a purpose.

Never have all your eggs in one basket, so foolish.

[Porfirii]

I am astonished how easy it is to buy gold in the US. I should dig more into this, but I think that in my country you have to meet a series of requirements in order to be able to buy something more than a little ring and things like that. Although, if I'm not wrong, you have to be a member in order to be allowed to buy at Costco, aren't you? so can take the KYC at least for granted.

Be that as it may, I can't imagine myself going to the supermarket to buy gold bars in my country anytime soon...

[Maus0728]

Costco is a big company, why would you get scared buying gold from them, you're thinking about this the wrong way if you ask me, you should be praying that they sell you fake gold for the price of a real gold because that's going to net you more money than you'd ever get out of gold because that's lawsuit that they wouldn't be able to win, they've basically committed a fraud on you and others which might lead to a class action lawsuit that would generate you more money so buying gold in costco shouldn't be a thing that should worry you. Also, why are you buying gold anyway? Bitcoin's already a better option.

[electronicash]

Costco is a big company, why would you get scared buying gold from them, you're thinking about this the wrong way if you ask me, you should be praying that they sell you fake gold for the price of a real gold because that's going to net you more money than you'd ever get out of gold because that's lawsuit that they wouldn't be able to win, they've basically committed a fraud on you and others which might lead to a class action lawsuit that would generate you more money so buying gold in costco shouldn't be a thing that should worry you. Also, why are you buying gold anyway? Bitcoin's already a better option.

maybe diversifying his wealth. whether there is war and no internet, it's gold still that will be a better currency as the paper money will have no value by that time. i think buying at least a few pounds will give you a higher chance of survival in times of apocalyptic events.

stocks and Bitcoin could be seized depending on where the user keeps them. but so is gold. governments today are seizing assets already. i think we are going to this direction as well. invest in gold and bury it somewhere. 

[philipma1957]

buying from costco at a 2% premium is good.

your cc likely has 2% cash back


keep the receipt and the sealed bar in a stainless steel bento box.


https://www.amazon.com/gp/product/B09X2RR6F6/ref=ox_sc_act_title_1?smid=AIW3ELUIMUT4F&psc=1


you can fit quite a few in this box.

https://www.costco.com/1-oz-gold-bar-pamp-suisse-lady-fortuna-veriscan-new-in-assay.product.4000186760.html


if you want gold get one and hodl it in the bento box.



I don’t hodl gold I prefer silver.

If I wanted to hodl gold I would buy a bar from my local costco.

[Maus0728]

Costco is a big company, why would you get scared buying gold from them, you're thinking about this the wrong way if you ask me, you should be praying that they sell you fake gold for the price of a real gold because that's going to net you more money than you'd ever get out of gold because that's lawsuit that they wouldn't be able to win, they've basically committed a fraud on you and others which might lead to a class action lawsuit that would generate you more money so buying gold in costco shouldn't be a thing that should worry you. Also, why are you buying gold anyway? Bitcoin's already a better option.

maybe diversifying his wealth. whether there is war and no internet, it's gold still that will be a better currency as the paper money will have no value by that time. i think buying at least a few pounds will give you a higher chance of survival in times of apocalyptic events.

stocks and Bitcoin could be seized depending on where the user keeps them. but so is gold. governments today are seizing assets already. i think we are going to this direction as well. invest in gold and bury it somewhere. 

The problem with gold during wartime is that it's eventually going to be confiscated by the government if the country that you're from is going to participate in the war theater, gold is the best guarantee of payment for the production of your war machines so it's not really the best one to use when you want to secure your wealth, maybe if a war that doesn't have any chances of going nuclear is the one thing that happens, you're better off investing in war bonds or something like that, they're the IOU of the government distributed to the people.

I don't get the need for survival in apocalypse or apocalyptic events, a lot of us will probably lose 90% of our will to live and it's weird to me how we're conditioned to believe that it's the opposite that's going to happen when an apocalypse happens. If you're struggling to live now, how are you going to be any different in times like that?

[angrybirdy]

I didn't know that gold was hard to sell. All I know is just go to pawn shops and sell it, I think it's still easy to just invest in ETFs though it would be hard for some people as it's too challenging for them compared to just buying and selling physical golds. For me, I would still prefer investing to cryptocurrency, luckily I managed to get myself curious stick to cryptocurrency.

Other than that, as per the OP the transaction is really expensive, I wouldn't dare to  trade with a 2% fee. I was wondering if this is only in Costco or also in other part of the world.

here in our country, it's not difficult to sell gold, as you said, we usually go directly to pawnshops because they often accept gold items, but they will buy it from you for a low price, so it's your choice whether to sell it at a pawnshop or to other person who collects gold, especially now that gold investment is popular here, many people are interested because it is very easy to buy it as long as you check carefully and see if the carat and gram weight are correct because there are other sellers who sells fake items to their customers.

You are right in what you said, it would be easier if we just invest in ETF but not all of us are aware of digital coins, investment using crypto or other things that are digital, because there are many of us who have not really kept up with what what other investors usually do.

[Strongkored]

The capitalization of the gold market is over 15 trillion and the capitalization of bitcoin is just over 1.3 trillion. I want to ask people (who think gold is harder to sell than bitcoin) which asset is more liquid?

There are more and more stories comparing gold and bitcoin, and what's even more interesting is that most jump in to support bitcoin and criticize gold. But that's not too surprising since we're on the bitcoin forum and we're all bitcoin investors. But in this way, by smearing gold and exaggerating about bitcoin, will bitcoin become more popular than gold through this route?

If you read Op's explanation you will understand that he wanted to buy gold from a supermarket but apparently the supermarket only made sales and would not buy gold back, I think he will find a place to sell it based on the company that issued the gold, because in my country If you want to buy gold in physical form, it will be registered with a certificate so that the gold owner can resell the gold to the company that issued the gold. Likewise, when the gold is in the form of jewelry, many shops accept buying back the gold but the value will decrease when there is no certificate.
Gold seems to only be an investment for many older people.
Currently we can invest in gold but don't hold the physical thing and I do that, but don't ask about the comparison with Bitcoin, it's very far away, Bitcoin's price changes are much better than gold, but those who haven't followed Bitcoin's developments since the beginning will find it quite difficult to choose Bitcoin as an investment.

[justdimin]

I do not know what the problem is with buying gold, if in my country any bullion is served in any bank - from the smallest to the largest, and you can buy physical gold for almost any amount. But the trouble is that the selling price is very different. This is specially done by banks so that people cannot play on the gold rate when it rises and falls. And the benefit will be only when gold rises in price by about 15 percent. And very bad conditions. After all, the bank makes a huge profit from such conditions, and this is very bad for people.

Banks also offer to buy gold tokens in the app, but this is not physical gold. It is somewhat similar to the mechanisms of operation of ETF. But this is stupid, because the point of buying gold is always that you get your hands on it.

I feel like that's exactly why people do not like it? I mean there are other reasons as well of course, but if banks control it then they could make it go up or down whenever they want to. Imagine a bank that has the right to put a big rate difference, meaning that you buy and sell at very different prices so the difference is their profit.

If they are capable of doing something like that then what makes you think that we are not going to see banks end up with manipulating the market as well? That's why people just don't want to end up with anything major like that and just want to avoid it as much as they possibly could.