A Nigerian man has taken to social media to express his disappointment after attempting to sell a large quantity of gold that he had purchased earlier, expecting its value to increase over time. He revealed that he bought the gold based on advice that it was a reliable investment that typically appreciates in value.
Man's Gold Investment Turns Sour
The man, identified as @twitgameboy on X, explained that he initially bought one gram of gold at a cost of N160,000. Convinced that gold prices would rise, he proceeded to order a larger quantity of 50 grams. However, when he later tried to sell the gold, buyers were only willing to pay N145,000 per gram, which is lower than his purchase price.
He described the experience as deeply discouraging and called the situation a scam. In his words: "I was told to buy gold because it appreciates in value. I bought one gram for N160k. So I ordered 50 grams! Now I want to sell it, but they're offering N145k per gram. This is a scam."
Reactions from Nigerians
The post generated numerous reactions from social media users who shared their thoughts on the matter.
- Adebisi commented: "I have made nothing less than 17 million naira on a 120 grams of gold I bought many years ago when it was just 5,500 naira per gram. I think I bought that around 2005 or 2007."
- Ofure said: "I'm a jeweler and I would tell you gold profits take time. Don't expect to buy gold this year and sell same year, you run at loss then. Gold appreciates in value over time, not a short period of time."
- Blank added: "People need to understand that the fact that you're liquid doesn't mean you should jump into a business without understanding how it works. Gold business isn't bad, it's you who didn't do enough research. You should also note that you can't make profits with a short time line. I still wear my gold from 2012 I got at about 12k per gram. Has that not appreciated?"
- Amarachi advised: "Please when did you buy it? Before you can start making profit will take at least 6 months to a year. Sometimes based on exchange rate 3-4 months. Please don't sell now. I save in gold too."
Lessons Learned from the Gold Investment Experience
The man lamented that he had acted on advice that gold was a secure asset that would provide a profitable return if held for a period. However, the outcome proved contrary to that expectation. He noted that the incident caused him to reconsider the assurances often given about the long-term value of precious metals.
This story serves as a reminder that investments, including gold, require patience and a thorough understanding of market dynamics. Quick profits are not guaranteed, and prices can fluctuate based on various factors.
