Mistakes to Avoid in Gold Investment – In starting an investment, there will definitely be mistakes that we shouldn’t face, but don’t worry, there are some things we can do to avoid mistakes in investing in gold.

1. Cash flow is still messy

The most common mistake that novice investors make is cash flow that is not well organized. Cash flow is an increase or decrease in the amount of money held by a business, institution, or individual. This is a very crucial aspect of investing, including gold investment.

Before starting to invest, you should manage your personal finances effectively and efficiently, so you can have a positive cash flow.

“If the cash flow is the other way around, you can’t invest in gold regularly or even invest using ‘hot money’,” said Indra.

2. Does not determine investment objectives

Getting as much profit as possible is one of the main goals of investors. It’s not wrong, but the meaning and benefits of investing are far greater than just chasing money. Without having an investment goal, the profits you want to achieve will be more difficult to achieve. This aspect is useful in determining how much investment risk you can take and will be your mecca while investing.

“In addition, with an investment goal, you can easily determine the investment period and the amount of funds needed regularly to achieve these goals,” said Indra.

Also Read : Types of Gold Investment

3. Choose a digital platform that is not a credible online gold investment provider

In investing in gold online, you must pay attention to the legal aspects of the digital platform provider. Choosing a digital platform that has been registered and supervised by the Financial Services Authority (OJK) can help you keep investing safely.

“One of the digital platforms for gold investment that has been registered and supervised by the OJK is IndoGold. Moreover, IndoGold also cooperates with a trusted digital payment service, ShopeePay,” said Indra.

4. Gold investment for the short term

Using gold as a short-term investment is not recommended. Although gold prices tend to rise in the long term, gold prices fluctuate in the short term because gold is a traded commodity.

According to Indra, gold prices tend to fluctuate because they are influenced by various factors, such as interest rates and economic conditions “Therefore, investing in this instrument will be more profitable if it is applied in the long term, which is at least 5 years,” he said.