Is it Stupid to Buy Gold?
Gold is a rare metal. But so are many other metals taken in their purity. Arsenic is rare. Uranium is rare. Platinum is rare. Even shells are rare in some countries. A substance that does not shine, is pale yellow, gets worn out easily when used pure, and yields poor returns when resold has been one of the most sought after commodities.
What makes us do away with our reasoning when it comes to buying gold ornaments? As a basis of money it made sense as it was procurable in purity and very rare compared to other available metals. Making ornaments from this base made sense too, after all it was money. Now that it is no longer related to money, why do we still chase gold before any other metal? With extensive mining and processing, is it still as rare as it was earlier?
The reason perhaps lies in its history as a precious and rare commodity. Gold has woven its charm around us. It was sought by mighty kings, and worn by pretty queens. This history cannot be done away with easily.
Perhaps the worst part of buying gold is the investment aspect. It is difficult to get good returns when the goldsmith deducts a good amount of the weight to compensate for losses in reprocessing. It may even turn out to be gold of less purity than what it was claimed to be.
The very word â¬ËGold' has come to stand for something unique, precious, pure, and desirable. The adjective â¬Ëgolden't has come to stand for these qualities, so much so that alternative medicine formulations use gold as an ingredient in some remedies.
On the other hand, gold does have its positive side. Its yellow dullness attracts just the right attention. A brightly shining metal would be distracting to the eyes.
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