The economy is facing a recession amidst a global pandemic, with retrenchments and pay cuts wearing incomes thin.
Trading in volatile assets during this turbulent time can be a risky manoeuvre, but where stocks and other assets are wavering, gold has been appreciating in value.
That said, gold investment is a great way to earn a passive stream of income — if you play your cards right.
When I reviewed the Everest Gold app in August, I was able to easily make S$20 within two days.
Launched in Singapore earlier this year, Everest Gold is the latest gold trading app on the block, offering investors unprecedented convenience and lowering the barriers to entry for gold trading.
Recession Is The Best Time To Start Trading
Once used as the peg against the US dollar, gold is remarkable for its status as a safe-haven asset.
Unlike investments into penny stocks or dot-com IPOs, the value of gold doesn’t fluctuate drastically.
Where commodities like crude oil are consumed, gold as a produced commodity has a fixed quantity over time because it’s a precious metal. All the gold that has ever been mined over the millennia could easily fit onto a football field.
While asset values rise and fall, gold tends to retain its purchasing power over time.
As a result, investors flock to gold as a safeguard against economic crisis and market turbulence, and it is often used as an asset in portfolio diversification.
Up till the 1970s, gold value rarely moved when it was used as the peg for the American dollar. Since the removal of the gold standard however, the price of gold has steadily risen.
The price of gold hit its peak in 2012 at US$1,916 per ounce and went into a decline up till the first quarter of 2016, where its value rose by 17 per cent.
As a result of Covid-19, the prices of gold are trending upward at a 26.65 percent gain in 2020, trading at US$1,928.90 per ounce in October, exceeding the peak prices in 2012.
Start Trading Gold With Everest Gold App
Everest Gold’s launch in 2020 was an opportune moment for investors looking to diversify their portfolios with gold assets.
Traditionally, gold trading lies in the realm of retail entities and central banks, which hold large quantities of gold in their coffers.
The barrier to entry for gold trading for individual investors is high as premiums on gold purchases and inconveniences like security and storage deter ordinary traders from buying gold assets.
However, Everest Gold offers investors the opportunity to trade gold on a small budget.
Through the app, you can buy as little as 0.01 gram of gold (one Everest Gold unit), backed by industry-standard certified gold assets under Swiss metals dealer Metalor.
With the Everest Gold app, you can buy, sell and profit instantaneously. There’s no minimum deposit, making it entirely possible for you to start trading with as little as S$500.
In addition, the fintech firm takes care of security and storage for your gold assets. Everest Gold partners with international firms to audit, secure and provide custodial services for your gold bullion.
As a result, gold trading can be done on-the-go and anytime since all you really need is an internet connection and a smartphone.
The app displays real-time gold prices, which allows you to make trading decisions based on accurate reflections of market data. Since the app is housed in your smartphone, you can react to market fluctuations immediately.
The low barriers to entry and high liquidity of gold trading on Everest Gold makes it an ideal tool for beginners looking to enter the gold trade, and seasoned investors seeking a more convenient method of curating their assets.
But of course, growing a passive stream of income takes time. Trading in safe-haven assets with a low starting minimum on apps like Everest Gold lets you experience first-hand commodity trading in a secure environment.
Test Your Gold Trading Skills
Starting from September, Everest Gold is holding six rounds of gold trading competition till February 2021, so users can put their trading skills to the test and win attractive prizes.
To qualify, you would need to conduct at least three trades (buy or sell).
Participants in the top 20 per cent with the highest profit in USD stand to win an entry ticket to the Grand Final, and the first-prize winner of the competition will win S$1,000 in CapitaVouchers.
The upcoming Round 2 competition will take place from 23 to 29 October 2020.
All verified users of Everest Gold who are Singapore residents can take part in this competition. No registration is required — all your real-time trading activities will be automatically recorded throughout the competition period.
Sign up and receive 300,000 reward points worth S$40 upon successful account verification. Reward points can be exchanged for gold during Gold Subscription Events.
Enter referral code “EGSG40” when you register for your Everest Gold account. Promotion valid till 31 October 2020.
This article was written in collaboration with Everest Gold.
Featured Image Credit: findglocal / luxesocietyasia