Hello Hive Fam
Good day to you all, and I hope you're having a good time wherever you are.
Gold is a precious metal, and I have been investing in this asset through a systematic investment plan for a long time. Earlier, I used to invest in this asset in a traditional way when I used to buy physical gold, but it was not convenient because every time I needed to buy, I had to visit the jewellery store, and generally, with a small amount, it is not that convenient. Now multiple platforms are offering the functionality to buy digital gold online, which is more convenient, and I have been using one of the applications for approximately 2 years.
This app is good in terms of the user experience, and I did not have to go outside to buy the gold; I can do it just within a few taps. GST is applicable on all purchases, but these applications make a good amount of money through the price difference. Since my goal is for the long term, I'm not much bothered about it, and I continue to buy because it even offers the functionality to buy every day, and money is deducted automatically from the bank account.
Today I was checking the gold price, and it is really interesting to see that in the last seven days the price has gone up nicely. But I'm not really so happy because I'm not going to sell anything since my investment in gold is a long-term investment. It is something that I am building for the long term, and I really don't know when I'm going to sell, so there can be two situations when I can think of selling my gold. One is when I really need money for something big, and I do not have enough liquidity, probably not with me. The second can be when I see even better profitability on my investment than I can think of selling and buying back at a lower price, but that is only possible when I see a very nice price jump.
Currently, the price growth is nice, but I would not say it is extraordinary, so from that perspective I do not expect any bigger recovery on the gold price. But when a bigger jump happens all of a sudden, then we can expect the recovery, and that's when I can think of selling and buying back at a lower price. Those are the only two possible options for me, which I will consider in the future, but for now I really don't know when it is going to happen, and that's why I continue to invest every day, and with this, my average buying price is much better if I do the comparison of lump sum buying in a fixed gap.
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