Canadian Entrepreneur Thomas Beggs Dispels Four Misconceptions about Investing in Precious Metals

If you happen to check out the latest financial news, you’ll notice that the value of gold is at an all-time high. In this scenario, many people are looking to add precious metals to their investment portfolio. However, several naïve investors constantly worry if precious metals are worth the investment or not. Some experts state investing in precious metals offers a lot of uncertainty, while others believe metals like gold and silver are doing well. The truth is, there’s no hard and fast rule in terms of investing in precious metals. It largely relies on the economy. But part of the ambiguity exists due to the misconceptions surrounding the idea of investing in precious metals. But the President and CEO of Worldwide Precious Metals – Thomas Anthony George Beggs, popularly known as Thomas Beggs, helps us break through these misconceptions and understand the truth behind some of the world’s most precious metals. 

Gold is out of reach for a common man

“If you hesitate to invest in gold because of a belief that it is something that only multi-millionaires do, then you have been made to believe something that’s not true,” says the 31-year-old entrepreneur. He is of the opinion that almost anyone can and should invest in gold, and the budget shouldn’t be the restricting factor. “You may choose to add gold to the investments retained within your mutual fund, or you may opt for a smaller quantity of gold: the choice is yours. Just know that gold is a reliable option that is certainly not limited to the top one percent of the wealthiest people in the world,” added Beggs.

Banks and government control the prices of precious metals

Through his experience and observation, Beggs shares there have been misconceptions amongst investors that banks try to manipulate spot metal prices for a certain period of time. However, he clears the air by adding that banks or the government have nothing to do with the profit or loss investors experience. He further adds, bullion markets are mainly driven on the basis of demand and supply, so when there’s a massive demand for gold, the prices tend to shoot up. “Both small and large investors have made money and incurred losses in the precious metals markets,” tells Beggs.

Silver isn’t money

Many misinformers have repeatedly claimed that silver isn’t money, gold is! The Canadian entrepreneur disagrees with this strongly. “It’s true that, typically, silver isn’t held in monetary funds by central banks; however, silver remains the go-to tangible money for the masses,” says Beggs. In the scenario of a currency collapse that leads people to ditch dollars, he shares that silver is most likely than gold to be utilized as barter money in day-to-day transactions.

Precious metals will lose value in the future

With the entrance of cryptocurrency, investors are left doubting stable investment modes such as gold and silver, since many believe that precious metals may get redundant by the end of the century. However, Beggs says that the most important thing to remember is that cryptocurrencies are a virtual medium. “In my opinion, cryptocurrencies are prone to greater market risks since they are highly volatile. Since it is not physical in nature, investors are left with very little or no control over the investment,” he adds. Beggs believes gold is a tangible and physical asset, and it has global acceptance. He even shares that since gold isn’t a speculative asset, the investors considering to make quick money by short selling will most probably find this investment unattractive. 

Other than the misconceptions described above around investment in precious metals, there are many more that Beggs has identified. Thus, he suggests everyone should talk to investment experts prior to making any decisions. He concludes by saying, “All investments carry their own set of risks and rewards. That’s supposed to be anticipated. But first, cut away the veneer of mysteries surfacing around the so-called alternative markets such as precious metals.” 

Written by CelebMix