Tallymoney

justin128

A family member is thinking of opening an account and investing in Tallymoney. I am not sure if you are allowed to post links to financial products on here, but a Google search brings up numerous links. It looks like a good and genuine alternative to fiat currency, so I would appreciate any comments or if anyone has had any experience with this.          

wmb194

justin128 said:

A family member is thinking of opening an account and investing in Tallymoney. I am not sure if you are allowed to post links to financial products on here, but a Google search brings up numerous links. It looks like a good and genuine alternative to fiat currency, so I would appreciate any comments or if anyone has had any experience with this.          

Earlier in the year there was a thread on this. Net net, don't bother. If you want gold there are better ways to invest in it.

https://forums.moneysavingexpert.com/discussion/6500119/tally-money-vs-the-royal-mint-vs-invesco-physical-gold-etc-for-investing-in-gold

Eyeful

1. As wmb194 above states, there are better ways to invest in gold.

2. Better still tell them to understand simple investing.
Watch this first :https://www.kroijer.com/
Example:    https://www.vanguardinvestor.co.uk/investing-explained/what-are-lifestrategy-funds?intcmpgn=lifestrategyfunds_learnmore_link   

justin128

OK I have advised them to look at alternatives.

I am also debating between investing in iShares Physical Gold ETC GBP or Invesco Physical Gold ETC. I can buy them both directly in my Interactive Investors ISA account.

Any thoughts, or is it six and half a dozen? Or is there a better one I can buy gold in the same place, which avoids opening up new accounts.

Eyeful

1. Why do you and your family member want to invest in gold to begin with?
2. Why do you want to invest in an ETC which is in USD?
3. Do you have any other investments or is this going to be your first investment?
4. Do you have a "Rainy Day" account to cover emergencies?
5. Do you intend to hold your gold investment for some time (say 5 years).
6  Do you intend to trade (jump in to & out off) your investment as prices change?

I do hope you are not being tempted in to buying gold after watching social media..
Holding a single commodity (say like gold), trading & having no other investments is very high risk.
Trading is gambling, most traders lose money.
Some people seem to be easily tempted by social media, hope your not one of those.

justin128

1. Some protection against inflation.
2. I don't.
3. Yes I already have an investment account in ii with a spread of investments.
4. Yes.
5. Yes.
6. No.

I take everything I read on social media with a pinch of salt. 

Eyeful

The following article's may be of interest to you:
https://monevator.com/is-gold-a-good-investment/
https://monevator.com/gold-as-an-asset-class/