FOMO Buying Gold: Good or Bad?

[Suba]

Gold has long been considered a safe haven asset, resistant to global economic shocks, with prices remaining stable and even tending to rise.

The FOMO phenomenon often occurs when gold prices soar and become viral and widely discussed. This tempts many people to buy gold, simply because they don't want to miss out on the opportunity to profit. However, is the decision to buy gold solely due to FOMO beneficial or detrimental? What do you think?

 

[Starmix]

It could be good depending on the wallet of the person. Per ounce gold price is overwhelming. For me, I can't afford to buy gold bars he he. I could afford only gold jewelry which I started buying some affordable pieces. I will dispose them if the price triples my capital he he.

 

[Suba]

It could be good depending on the wallet of the person. Per ounce gold price is overwhelming. For me, I can't afford to buy gold bars he he. I could afford only gold jewelry which I started buying some affordable pieces. I will dispose them if the price triples my capital he he.

In this thread, I assume that people who buy gold have money. While buying gold is profitable if the price continues to rise, we must also be careful not to buy gold that has peaked or is too high. In my country, investing in gold bullion doesn't require a large amount of money; we can also use a gold savings system.

 

[Min George]

I won't say that FOMO for gold investment is unhealthy to finances. I generally consider it healthy.