Gold has been a trusted store of value for thousands of years, its value is universally understood – yet many people hesitate to invest in it due to common misconceptions. If you’re considering adding gold to your financial strategy but feel unsure, let’s break down the biggest myths stopping people from buying gold and why it could be a smart choice for you.
Gold has been a trusted store of value for thousands of years, its value is universally understood – yet many people hesitate to invest in it due to common misconceptions. If you’re considering adding gold to your financial strategy but feel unsure, let’s break down the biggest myths stopping people from getting started and why gold could be a smart choice for you.
“Buying gold is only for the ultra-wealthy.”
Many believe you need to buy entire gold bars or coins to invest in gold. In reality, platforms like TallyMoney allow you to own real gold in much smaller, accessible amounts (as little as £1), making it a great option for everyday savers looking to protect their money. Even a small amount of gold can help diversify your portfolio and act as a hedge against inflation. The key is starting where you’re comfortable and adding to your holdings over time.
“I need to store physical gold myself.”
The idea of buying gold can sometimes conjure images of vaults and safes filled with shiny bars. While some investors prefer to hold physical bullion themselves, modern solutions eliminate the need for home storage and the cost and security complications that can bring. With TallyMoney, your gold is LBMA (London Bullion Market Association) approved, securely stored in a Brinks vault and fully allocated to you, meaning you don’t have to worry about safes, insurance, or physical handling, or letting slip down the pub you’ve got a store of gold. Your gold is safely held in professional vaults, fully insured, giving you the peace of mind that it’s protected while still being instantly accessible whenever you need it.
“Gold is complicated to buy or sell.”
Historically, buying and selling gold involved working with dealers, navigating deliberately confusing and varying pricing structures and worrying about quality and authenticity. But today, platforms like TallyMoney make it as simple as using a regular bank account – you can buy, transfer, or even spend gold instantly through your TallyMoney app and TallyMoney debit Mastercard®. No need to worry about finding a buyer, what rates above/below market you’re getting, understanding market fluctuations, or handling paperwork. Gold ownership has never been more straightforward.
“Buying gold is outdated – modern investments are better.”
Stocks, real estate, and cryptocurrencies may dominate media headlines and other financial discussions, but gold remains one of the most stable assets in history. It’s boring – in a great way! Unlike stocks that depend on company performance or digital assets that are highly volatile, gold has consistently retained its purchasing power through economic crashes, inflation, political events and market turbulence. It is a tried-and-tested safe haven, always functional even when other markets become dysfunctional. The key to a strong financial strategy is balance and gold can play a cornerstone role in securing and growing your wealth.
“Gold prices are too volatile.”
Gold is a stable asset, but fiat currencies like pounds and dollars are constantly fluctuating in value as they’re not anchored to anything. But if you look at the gold price in pounds or dollars, then gold prices do fluctuate in the short term, but gold continues to increase in value over the long-term relative to fiat currencies (e.g. pounds, euros). Since the year 2000, gold has, on average, increased in value by over 10%p.a. year on year when priced in fiat currency. Unlike fiat currency, which loses its purchasing power over time due to inflation, gold is independent of that system and has historically been a strong hedge against inflation, economic uncertainty and geopolitical risk. Instead of focusing on short term/daily price movements, savers should look at gold as a long-term safe and growing asset. Think of it as wealth insurance.
“Buying gold means hidden fees and tricky pricing.”
Many traditional gold providers have complex pricing structures with hidden commissions, varying exchange rates, storage fees, and other markups. This has led to concerns about whether buyers are truly getting a fair deal – and how would you know? TallyMoney operates with full transparency, ensuring that you always know exactly what you’re paying for. The rates are competitive, fair and clearly displayed, allowing you to make informed decisions without worrying about hidden costs or middlemen.
“I have to buy whole coins or bars.”
A common misconception is that gold must be bought and sold in large, set quantities. This can make people feel that they need thousands of pounds to get started. However, TallyMoney allows you to buy as much or as little as you want, making gold accessible to anyone. Whether you want to start with £10 or £10,000+, TallyMoney allows you to build your gold savings at your own pace, without the need to purchase full bars or coins. Every milligram of gold you own is fully allocated to you – and is yours to make payments out or spend at any time.
“Gold returns are heavily taxed.”
Some people assume that any gains from gold investments are eroded by taxes, making it a less attractive option compared to other investments. While it’s true that in the UK, any realised increase (when you sell) in gold’s value is subject to Capital Gains Tax (CGT) (currently at 24%), this is often still more favourable than the tax you’d pay on any interest earned from cash savings in a bank. Savings interest is taxed at your marginal income tax rate, which can be 40% or 45% for higher earners – significantly more than the CGT rate on gold. This makes gold a potentially more tax-efficient way to store and grow wealth, especially for those in higher tax brackets. As always, it’s worth checking with a financial advisor to understand how gold fits into your personal tax situation.
The bottom line
Gold is one of the most reliable stores of value in history, and today, it’s easier to own than ever before. Unlike other investments which can be complex, costly, risky, or heavily influenced by outside forces, physical gold ownership offers a sense of security and stability. With TallyMoney removing complexity and barriers to entry, investing in gold is no longer just for the ultra-rich – it’s for anyone looking to protect and grow their savings.
By breaking down these myths and understanding the reality of gold ownership, you can make an informed decision about how to safeguard and supercharge your wealth.
Ready to take control of the value of your savings? Discover how simple gold ownership can be with TallyMoney today and take control of your financial future.
