Hello! I’m trying to build up my savings, but I feel like stashing money away in a savings account is a waste (I don’t have access to high yield savings accounts), after considering my options, I decided to allocate what’s equivalent to around 480$ each month to buying gold.
I’m extremely uneducated in investing but through my research I figured that putting my money into gold ETFs is a better deal than buying coins (which was my original plan). I have a general understanding of how it works, but I’m still unsure about many things:
I downloaded eToro to experiment and play around with the virtual wallet but it’s a bit overwhelming, (especially because they advised me not to do it😂) I’m not trying to dabble into things I don’t understand, I just want the best way to put a bit of money aside each month and convert it to gold when the market conditions aren’t too bad. But is that a really bad idea with my budget?
Through my search I gathered that I’d be able to get gold ETFs without leverage, but in eToro’s virtual portfolio it seems like I can’t turn that option off.
I know that even gold investment comes with risk, but I plan to hold the coins/ETF for multiple years and never sell them unless it’s turning a profit. But should I not do that? And am I at risk of losing ALL my assets when it comes to investing in gold ETFs?
I apologize if my questions sound dumb, again I know nothing about this, I’d appreciate your advice.