should my friend sell his gold?
Well gold is now 1810 $ an ounce (july 9 2020) and my friend is wondering if he should sell his gold coins, he doesnt need the money but he can make some profit if he sold it now. should he sell it or hold on to it until he’s old or pass it on to his kids, he bought gold at 1300 an ounce. what would you do?
- zman492Lv 71 month agoFavorite Answer
In your situation I would not tell him he should sell of keep the coins. I don't have a strong reason to think I know what will happen to the price of gold in the future.
I would tell him the following things to consider:
When he bought the gold coins he had a reason for doing so. If the reason still exists, and he would want to buy the same coins today if he had not bought them earlier, he probably should keep them. If the reason does not still exist, it is likely he should sell.
Another thing he might want to consider is how much he wants to risk on the investment. For every $1,300 he put at risk originally he now has $1,810 at risk. If he is no longer comfortable with the amount he has at risk, he can always sell some, but not all, of the coins. For example, he might want to sell 25% of the coins to reduce the amount at risk to approximately what it was when he first bought the coins.
- MatthewLv 61 month ago
I'd sell it and if the Democrats win he while have the opportunity to repeat the trick