What is there to know about gold? I hear that it is a good hedge for investment. If it is so great as a hedge then why not a main asset?
What if I was to buy a bit of gold, wait until it appreciates a bit and then sell some of it to someone and immediately use that money to buy more? Then I would begin to stockpile gold and it would just keep getting bigger.
Buying gold would be better than just having cash because the value would not depreciate as the dollar does, and if I needed to use it I could sell it pretty readily for cash. Also, I would be less tempted to spend money that is tied up in something like that.
Do I have enough to buy anything?
Who would I sell it to?
Would I need an exit strategy? If the price of gold dropped what would I do? Hold on to it? Sell it immediately? To whom would I sell it?
After a little research I found a few answers and a few more questions. I would need at least $50 to place an order with APMEX. I could set up an account for free storage or have them ship my order to me. I could get one 1/10 ounce gold coin for about $180. I could get a lot more silver or other precious metals for that price, or even just spend less.
I don’t know what implications are involved as far as insurance and taxes. I read in several places that they recommend you to consult a financial expert about taxes on investments and the specific laws for the country and state. There are also a lot of words and terms to get familiar with, but that didn’t look too difficult.
So my next step for this is to talk to someone.