Savings to Gold Investment
Hi guys, so basically I have a decent amount of savings (both from student finance and my part time job). Instead of the money just sitting around, I am thinking of buying like a gold biscuit and selling it after a year, or even a couple of gold coins. Price of gold is kinda like houses and defo should go up. Any suggestions or advice please. Also do you know anyone else that has done something similar. Thx!
Although you could purchase physical gold, you then need to worry about storing it securely. I don't know what "a decent amount" means in reality, but would you want £1,000 of cash hidden under your mattress? Well £1,000 of gold is just as vulnerable to theft/loss.
An alternative would be to buy units in a fund which itself invests in either gold bullion or gold futures contracts. Some also invest in firms that mine gold, but that adds another dimension (as the mine might perform poorly even if the value of gold increases). Such a fund might not have the tangible appeal of being able to hold physical gold in your hand, but it's probably more practical.
These types of funds (technically known as an ETFs, for exchange traded funds, or ETCs, for exchange traded commodities) can be invested in via the tax shielding of an ISA (Individual Savings Account). See a list of some such offerings here. There are loads out there; just google for "gold isa".
Personally, I'd steer clear of those which invest in gold mines. The idea of investing in The Royal Mint's Physical Gold ETC has some appeal. I don't know why.
An alternative would be to buy units in a fund which itself invests in either gold bullion or gold futures contracts. Some also invest in firms that mine gold, but that adds another dimension (as the mine might perform poorly even if the value of gold increases). Such a fund might not have the tangible appeal of being able to hold physical gold in your hand, but it's probably more practical.
These types of funds (technically known as an ETFs, for exchange traded funds, or ETCs, for exchange traded commodities) can be invested in via the tax shielding of an ISA (Individual Savings Account). See a list of some such offerings here. There are loads out there; just google for "gold isa".
Personally, I'd steer clear of those which invest in gold mines. The idea of investing in The Royal Mint's Physical Gold ETC has some appeal. I don't know why.
Original post by DataVenia
Although you could purchase physical gold, you then need to worry about storing it securely. I don't know what "a decent amount" means in reality, but would you want £1,000 of cash hidden under your mattress? Well £1,000 of gold is just as vulnerable to theft/loss.
An alternative would be to buy units in a fund which itself invests in either gold bullion or gold futures contracts. Some also invest in firms that mine gold, but that adds another dimension (as the mine might perform poorly even if the value of gold increases). Such a fund might not have the tangible appeal of being able to hold physical gold in your hand, but it's probably more practical.
These types of funds (technically known as an ETFs, for exchange traded funds, or ETCs, for exchange traded commodities) can be invested in via the tax shielding of an ISA (Individual Savings Account). See a list of some such offerings here. There are loads out there; just google for "gold isa".
Personally, I'd steer clear of those which invest in gold mines. The idea of investing in The Royal Mint's Physical Gold ETC has some appeal. I don't know why.
An alternative would be to buy units in a fund which itself invests in either gold bullion or gold futures contracts. Some also invest in firms that mine gold, but that adds another dimension (as the mine might perform poorly even if the value of gold increases). Such a fund might not have the tangible appeal of being able to hold physical gold in your hand, but it's probably more practical.
These types of funds (technically known as an ETFs, for exchange traded funds, or ETCs, for exchange traded commodities) can be invested in via the tax shielding of an ISA (Individual Savings Account). See a list of some such offerings here. There are loads out there; just google for "gold isa".
Personally, I'd steer clear of those which invest in gold mines. The idea of investing in The Royal Mint's Physical Gold ETC has some appeal. I don't know why.
Thanks for you reply bro. I was thinking of just putting in my family’s bank locker or even safe, but yeah true point physical gold has drawbacks. Ahh I see those are some good shouts, I’ll look into them for sure. Esp the gold isa seems cool. I’m guessing you also think money just sitting in a place is pointless haha.
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