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The Gold Show is for entertainment purposes only and not financial advice.
â€śWhen is the best time to buy gold?â€ť is the question we hear most often.
Itâ€™s easy to look back through historical data and with the power of hindsight say â€ś2005/2006 was a great time to invest in gold bullion when the price was only ÂŁ250 per troy ounceâ€ť, or again in 2007/08 when the banking crisis created another perfect opportunity to jump on the gold bandwagon at around ÂŁ350 per troy ounce.
But hindsight doesnâ€™t help us take advantage of those opportunities today, or help us predict the future, unfortunately.
The other questions we hear a lot are â€śis it too late to buy gold?â€ť, and, â€ścan the price of gold really keep going up?â€ť
The truth is, thereâ€™s no way to really predict what the price of gold is going to do.Â But there are plenty of very effective indicators, and patterns to look out for in order to find an opportune time to invest in gold.
These indicators are used by experienced investors every day.Â And there were, of course, investors that read these signs back in 2005/06 and 2007/08 that led to them buying gold at the time and seeing their investment more than double in the last decade.
There have been plenty of more recent opportunities too.Â It was only back in 2019 that we saw a big jump in the price of gold from ÂŁ975 per ounce to and all-time sterling high of ÂŁ1282.
So the opportunities are out there, and will very likely continue to be.
There is a long-term upward trend
Buying gold should not be seen as a short-term investment!Â As such, it is important to look at the long-term trend of gold and note that it is currently in a long-term upward trend, and prices have been increasing month on month for years.Â
It is equally important, however, to recognise that the price of gold will still rise and fall in the short term meaning you could buy today for one price and then next week or next month the price has dipped by 5%.Â
The key is to not panic at this and remember â€“ this is a long-term investment, and the hope is that the market will continue its long terms trend, correct this short-term dip and move back up.Â
Our advice is to look at holding your gold for a minimum of 6 months in order to allow these ups and downs to occur.
Of course, if you do see some good gains in the short term, by all means, sell and reap the rewards.Â You can then start looking for another opportunity to buy back in at a better price.
Buy gold during uncertain times
Buying gold bullion during uncertain times is a tried and tested method for timing your investment.Â Let us explain:
In general, when other investments like stocks or property are underperforming or moving down, the price of gold and silver is generally moving up.
Why is this?
The common theory for this is that major investors, banks, and companies will invest in gold and silver as an insurance policy to cover losses they are accruing through their other investments.Â The more they buy the higher the price goes.
This is a great time to buy gold bullion, either as an addition to your portfolio or as a first-time buyer, as you can often get a nice uplift in the price pretty quickly.
The best way to keep an eye out for these opportunities is by paying close attention to big news coming from major institutions like the stock exchange, governments, banks, or even larger companies.
Stock, in particular, is susceptible to big moves with big news, so staying abreast of current affairs means you will be well placed to take advantage of the opportunities that present themselves.
Buy gold when you can
Ultimately, the best time to buy gold is to do it when you can.Â When you have some extra money sitting in your bank that you arenâ€™t using and are comfortable risking, then have a look at buying some gold.
It is possible to buy gold in small parts and add to it over time, so thereâ€™s no need to worry about saving larger amounts in order to invest.
In fact, spreading your investment over time and buying in smaller chunks is a great way of taking advantage of the price movement, and will often give you a lower average price overall.Â This is great as it really allows you to maximise your return on investment.
Last updated: November 27, 2020
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