Whether or not the gold market price should influence the timing of when you buy gold is going to depend on WHY you are buying gold.
For some people ownership of gold is not about buying and selling, it’s about buying and keeping. Their gold becomes a physical asset which they own, often stored in a safe place in their home.
The purpose of owning gold as an asset is to protect a proportion of your wealth against dramatic ups and down in the world’s economies. Gold is particularly good at preserving wealth in times of inflation, when fiat currencies lose their value significantly, but gold does not.
If your intention is to own gold not to “get rich quick”, but instead to keep part of your wealth safe, and in a safe place, then you’ll be much less concerned by the gold market price as it moves up and down each day.
In fact, when you are into owning gold in the long term, your interest will be in the five and ten year trends, not in the daily or monthly ups and downs.
Of course, even when you buy gold to keep, it’s still nice to buy it when the price is low. You’ll get more gold for the money you spend. But if you keep waiting and waiting for the perfect moment when the gold market price is at its lowest for years, you might have to wait a very long time.
You’re better off buying now and holding that gold as a secure asset, owned by you and outside the banking system.
Remember, when your plan is to own gold, you’re buying it for the security it brings, not the short-term profits it might deliver.
More about owning gold:
WHY gold is such a powerful store of value…