My parents suggested that I should buy gold
Currently I am 19 and I have about 5000 euros. My parents suggested that I should buy gold. What advice would you give me?
Don’t do it, no matter what you’re trying to achieve.
Gold has no returns but is purely speculative, so you might as well go to the Casino. (2) If you really want to speculate in commodities, the gold price is currently unbelievably high. (3) The costs and commission are also so high that (on this scale) you actually always lose on a net basis.
If it’s savings, and you’re not sure whether you want to use it again in a month or a year, leave it neatly in a Savings Account. Only if you really don’t need it for the longer term (more than 5 years) then you can start investing.
If you want to take little risk, invest it somewhere in the family, because that’s where you get your money back first in case of problems.
If you want to take a lot of risk and you don’t care about the climate crisis, take a look at Cryptos – I’m morally adamant about that, but you don’t have to worry about that.
But the very best thing you can do: invest it in yourself! Follow an education, a course, learn a skill for which you do not have to hire (other) professionals in the future. Get an extra diploma that will increase your salary. Take a course in welding, bricklaying, tiling, garden design. Buy tools with which you can do odd jobs, take an accounting course so that you can earn extra money at your desk in the evening. Learn to program and build that App you had that genius idea for yourself. There are countless possibilities. Talk with us about gold and others.