GOLD AS AN INVESTMENT

Contents

1. Introduction

2. Why gold is usually a solid investment

3. Should I invest in silver instead?

4. Types of physical gold investment - pros and cons

5. Owning gold without owning gold - funds and futures

6. The art of gold investment

7. Gold scams to look out for

8. How to know your gold is in safe hands

1. Introduction

Why Gold?

Gold is a physical asset in limited supply. There is only so much gold that exists on this planet and for that reason, this precious metal is a commodity that many people use as an investment, or as part of an investment portfolio.

For many, precious metals are a good way of diversifying or counterbalancing the risks that come with other investments. Gold, in particular, is often referred to as a ‘safe haven’ when compared to traditional investments such as stocks and shares because it tends to perform well when markets are in decline. Currency values are steadily falling and while governments can create more money, the same cannot be done with gold as there is a limited supply of it.

In August, the World Gold Council released their Q2 Gold Trends report, which outlined a positive trend for gold coin and bar demand globally. The report described a fourth consecutive quarter of year-on-year gains for physical bullion, with 243.8 tons purchased over the three-month period. In addition, it revealed that central banks continued to buy gold throughout the quarter and that demand for gold jewellery was up by 60% year-on-year.

Gold has been sought after for millennia. Some companies have been dealing with it for a very long time, whereas with newer investments, such as Bitcoin for example, we only have a few years investment to base our case on. The patterns established in the gold market can date back thousands of years. And companies such as The Royal Mint in the UK have been crafting gold products for the best part of a millennium.

A Long Term Investment

Gold traditionally offers a strong return over time. According to The World Gold Council, the value of gold has increased by an average of 10-11% per year for the last 20 years, outperforming many other types of investments.

2. Why is gold such a popular investment?

Given the dual nature of gold- as both an investment and a commodity- it has the potential to perform well during times of both boom and bust.

Gold has historically increased in value during times of uncertainty, and the pandemic was no exception. In January 2020, gold was trading as low as £1,151.10 per troy ounce, but by early August the price was over £1,570 – a 37% increase in a matter of months*. However, uncertainty isn’t the only thing that drives the gold price. Traditionally, monetary policy has had a significant impact on gold demand; for example, rising inflation can lead some to hedge against local currencies in gold and lowering of interest rates often acts as a driver for gold.

Conversely, gold can also perform well when the going is good. Increasing GDPs (particularly in India and China) can boost demand for gold, and especially gold jewellery. Another important driver for gold demand is central bank purchasing, which can have a significant impact on the gold price.

European investors are no strangers to strategic investment in gold in times of crisis. For example, the Global Financial Crisis (GFC) led to a sharp increase in gold investment in the region, leaping from 70 tons (t) in 2007 to over 400t over the next four years – as investors sought to protect their wealth. More recently, the threat posed by COVID-19 to both the health of the European population and economy, combined with large-scale monetary and fiscal stimuli, has caused a similar demand.

3. Should I invest in silver instead?

Since 2007, the value of silver has roughly doubled, similar to the rate of increase gold has enjoyed. Therefore many people see silver as an equally appealing investment opportunity as gold, despite gold’s standing as the more precious of the metals. The investment opportunities with silver are often comparable to those of gold, and it can certainly be a profitable market.

The Royal Mint state that “the rarity of gold makes it more expensive to purchase than silver, so it may appear that you get more for your money when buying silver. But the situation is somewhat more complex: purchases of investment gold in the UK do not currently attract VAT, for instance, whereas silver purchases do.”

Gold prices do tend to move more slowly than silver: the latter is seen as being more volatile, partly because of its wider use within industry. The best option for your own circumstances is likely to depend upon your attitude to risk and whether you are seeking a longer-term investment- for which gold is a popular option- or you enjoy the shorter-term volatility of silver.

It should also be noted that all silver bullion products attract VAT. However, if you are interested in a VAT free option, gold bullion bars and coins from The Royal Mint are VAT-free for non -VAT registered private individuals.

If you are also interested in Capital Gains Tax (CGT) exempt bullion products, The Royal Mint’s range of bullion coins, including the Sovereign, Britannia and Queen’s Beasts are CGT exempt for UK residents, thanks to their status as legal tender.

4.

Types of physical gold investment – Pros &

Cons

There are three main ways to buy physical gold: in the form of bars, coins and jewellery.

More recently, people have been opting for digital precious metals programmes, particularly those that are backed 100% by real physical investment bars. Owning an actual piece of precious metal is an attractive prospect at the moment because if there is a stock market crash, for instance, then it can be a great comfort to have something safely stored away that is likely to increase in value.

If you’re looking to buy gold, your best bet is to use established dealers who will deliver it straight to your house through trackable insured couriers. Go to a large, well-known firm with a good track-record such as The Royal Mint. You can also buy gold through The Royal Mint’s website, royalmint.com/invest. Like the other firms, you will be able to have the gold delivered to your home through an insured courier. However, The Royal Mint also allows you to store your gold or silver in The Vault, their on-site precious metal storage facility – which is located outside of the financial system and protected at all times.

Whenever you buy gold, make sure you confirm your delivery details before paying, and receive a receipt after the purchase. Most dealers will offer a discount for buying in large quantities: at the other end of the scale, there will usually be a minimum purchase applied. You can expect to pay for shipping and handling.

A major issue when buying gold is storage. Putting it in a safe at home is a good option, but ideally you should use a bank safe deposit box or a recognised vault. For one thing, if you have gold stored at home you will need to inform your insurer and this could increase your premium. And of course there’s the fact that no home security system will be as secure as a safety deposit box or a vault.

If you’re not comfortable about storing precious metals at home, some companies will not only sell you them but offer to store them for you too. You’ll be charged 1% per year for storage in The Royal Mint’s Vault, so you may want to compare this fee against the cost of buying a safe and/or improving your home’s security system.

Gold bars

Buying bullion bars is the traditional way of investing in physical gold.

Bars are often a more cost-effective way of owning larger amounts of physical gold – this is because the premiums (the price you pay over the spot price to cover things like manufacturing) tend to be lower - it costs less to pour gold into a large bar mould than it does to mint a beautiful coin, and you’re benefitting from economies of scale.

Unlike coins, bars are not CGT exempt as they are not legal tender – but in some circumstances, they can be held inside Self Invested Personal Pensions, which can be free of CGT.

The Royal Mint’s Gold for Pensions programme facilitates this option.

The Pros

Buyers have confidence in bars as they can be satisfied that a certified item consists of at least 99.5%– and usually 99.9%pure gold or 24 carat. There are also practical advantages to buying bars; mainly that when buying in bulk there are less individual items to deal with than there would be with coins, for example. Many people see bars as a better investment than coins because they generally carry a lower price premium than coins or jewellery. Storing gold bars is made easier by their rectangular shape as they can be stacked together to best utilise space.

Sizes of gold bars include, but are not limited to:

• 400 troy oz (12.4 kg)

• 1 kg (32 troy oz)

• 10 troy oz

• 100 g

• 50g

• 1 troy oz

• 20g

• 10g

• 5g

• 1g

• 1 tael (50 g)

• 1 tola (11.7 g)

Gold coins

Coins are valuable for two different reasons – metal (weight) value or antique (numismatic) value. Coins are seen as a more flexible investment than bars as it’s easier to sell a percentage of coins than a whole bar. Coins are also one of the more collectable forms of gold. The most popular gold coins are the Sovereign and Britannia from The Royal Mint as well as the Krugerrand. These bullion coins are recognised and trusted all over the world.

All bullion coins made by The Royal Mint are legal tender in the UK, and are therefore exempt from Capital Gains Tax for UK investors. The gold coins are also VAT free. Common sizes are 1/10oz, 1/4oz, 1/2oz and 1oz gold, as well as the Full, Half and Double Sovereign.

Jewellery

Jewellery is often seen as a more desirable way of collecting, jewellery offers everyday joy from the precious metal. Jewellery accounts for two-thirds of the world’s annual gold demand. Unlike bars and coins, jewellery can be bought and used for decorative purposes as an accessory rather than always being stored in a safe. Unfortunately, the jewellery market is notorious for having huge mark-ups over the actual metal value of the item itself. Some large pieces can be priced at 250% of the market price for gold, whereas the mark-up with bars and coins tends to be around 5%. This is a premium for the craftsmanship of the design and is one of the reasons why jewellery may not be your best for an investment.

There are also tax issues, as Simon Temple explains: “Jewellery incurs VAT and therefore the consumer has to make back 20% on top of the premium they are initially paying.”

You may then take a hit when it comes to selling, because while there is an international marketplace where the price of gold is at an accepted rate, the valuation of jewellery is a subjective business and opinions can differ greatly between valuers.

Even though the value of gold continues to rise, it’s estimated that sellers of jewellery return only 30% of the cost price, with many jewellers reluctant to consider buying pieces back. Therefore, the big gap between the buy and sell price for jewellery is so wide that making a decent return on it is quite unlikely.

5. Owning

gold without

owning gold –Funds & Futures

The ownership of gold has come a long way since treasure chests bursting with bullion. Many people who now invest in the precious metal may never see so much as a coin, because it is all done digitally.

We really recommend that you equip yourself with knowledge and understanding of the rich and varied gold market. Because while both digital and physical products track the same gold spot price, that doesn’t necessarily mean they have the same net effect.

For example, UK bullion coins produced by The Royal Mint are exempt from Capital Gains Tax for UK investors – though you’ll usually pay a little extra in terms of premiums (the price you pay over the spot price to cover things like manufacturing) in comparison to DigiGold, which is not in itself CGT exempt but offers a lower premium than coins and bars.

The DigiGold range (of digital gold, silver and platinum) gives investors ownership of fractions of large bars held in The Royal Mint’s vault. In terms of gold, these are 400 oz. (12.5kg) gold bars of the type traded by central banks and institutions, and are valued at around £500,000 each.

However, it’s the economies of scale that allow investors to enjoy gold ownership (in the form of slithers of these bars) at a lower cost. The physical gold used to back DigiGold is fully allocated and owned by DigiGold customers. The Royal Mint has no claim over it and does not use it for any activities. Investors can trade in and out of their positions 24/7 via royalmint.com.

Some gold products, like The Royal Mint Physical Gold ETC, can also be held inside ISAs or SIPPs, which may offer additional benefits to some investors.

Ultimately, individuals should carefully consider their own circumstances taking into account their overall strategies, pricing and product features and seek financial advice from a regulated entity if unsure.

Other digital ownerships: Gold Mutual Fund

One of the most common ways of investing in precious metals is via a gold mutual fund. A gold mutual fund is essentially buying shares in mining companies. Because mining companies have fixed costs, whenever the price of gold increases, the percentage of profit rises quite dramatically. For example, if it costs a mining company £700 to mine an ounce of gold when the price is £900, the profit is £200. When the price goes up to £1,000, the mining costs remain the same so the profit is £300 – a 50% increase in profits caused by an 11% rise in the price of gold. Of course, the opposite would be true if prices go down. So for this reason, the prices of mutual funds that invest in gold mining companies tend to move about twice as much as the gold price.

Other events which can affect the prices of gold mining funds would be company-specific issues like operational problems or just the overall stock market – if the market goes down, all stocks go down, including gold stocks (regardless of the price of the metal).

This could be the option for you if you’re confident that gold prices are going to continue to rise. Here’s a selection for you to look into:

• FrankTemp/FrankAdv Gold PrMadv

• Vanguard FDS Precious Metals and Mining

• First Eagle Funds Gold

• Permanent Portfolio

Futures

Gold Futures are considered a severely high-risk strategy and is only really for very experienced investors (and people with enough money to take risks). It involves guess work and an investor predicting how the price of gold will change in the short term and investing money accordingly. There are so many factors that can impact the price of gold, making it extremely difficult to forecast changes in the market. Therefore putting your money into any metal futures can’t really be called investing – it’s speculating, which is a polite word for gambling. As you’ve probably gathered, we don’t suggest speculating on futures, but if you’re determined to chance your arm, here’s the best way to go about it:

a. Accept the risks involved

When buying gold coins or bars, you pay the current asking price. A futures contract differs in that it’s an agreement that you’ll pay the current price at some point in the future, regardless of the price at the time. Therefore, if the price goes down you’ll lose money; but if the price rises, you make a profit. This is known as a “call” contract; you can do the same thing in reverse with a “put” contract. What makes investing in gold futures potentially both profitable and risky is the margin. Futures contracts are bought and sold with the trader putting up a small amount of the actual price (say 10%). When you invest in futures costing £100,000 you put up £10,000 (or less). If the price goes up 10% you can double your money. But if the price goes down 10% you’ll lose your entire investment.

b. What factors affect the price

There are three major economic forces that can affect the price of precious metals. Firstly, demand increases when new buyers are entering the market. This has been evident in recent years as newly-emerging industrial nations such as China create growing demand for gold. Secondly, there’s the value of currency itself. If the value of currency falls, either because of rising inflation or a weak dollar on the currency exchanges, it takes more money to buy metals and consequently the price rises.

Thirdly, economic uncertainty plays a big part. Gold, as we’ve mentioned, is often regarded as a ‘safe haven’ asset. During times of financial hardship, investors tend to pull out of risky stock markets and put their money in safer investments, of which precious metals are firm favourites.

c. Open a brokerage account

A broker is a middleman used by investors to buy and sell, and their knowledge and up-to-date information is invaluable. Although brokers charge commission for overseeing trades, you can keep costs to a minimum by using discount brokerage firms.

d. Keep your finger on the pulse

The smallest of changes in the price of gold will have a significant effect on whether you make a profit or a loss. You can get live quotes at Gold Price websites. Futures contracts are always somewhat different in price and need to be watched separately. Most brokers have online sites where you can monitor prices in real time.

e. Study the markets and trading patterns

Once you’re confident that you’re ready to try your hand at trading gold futures, make sure you start with small amounts until you find your feet. You could also limit your risk by including a ‘stop sell order’ with each trade. This is an order to your broker to sell automatically if the price falls a certain amount. This is a sensible way to limit any losses.

6. The art of gold

investment

(diversifying rather than only investing in gold)

As with any investment, equipping yourself with knowledge of the market is key and diversification of investment is often recommended by your broker. One such method is Exchange Traded Funds (Or ETFs).

ETFs are similar to tracker funds and are a share based trade. They try to copy the performance of a market such as the FTSE 100. The shares are issued based on an amount of stored physical gold and as the price increases, so does the share value.

An ETF that tracks gold is an increasingly popular option. If you’re still fairly new to the investing game, it’s best to steer clear of ‘derivative’, ‘leveraged’ and ‘short’ ETFs. These have the potential to make you huge profits, but also bring a much higher level of risk and are best left to the professionals.

If you’re serious about investing in ETFs, it’s advisable to sign up to a relevant newsletter to receive trading alerts and advice. The Gold and Oil Guy is a reputable one.

If you’re unsure about whether to opt for physical metal or ETFs, then consider your reason for investing.

These are seen by many as a useful investment because they give you exposure to physical gold without the hassle of having to insure, store, move or resell it. To invest you can expect to pay a small commission fee, which is normally around 0.5%.

Most ETFs have a minimum investment but you don’t have to buy large amounts. ETFs can also be held tax free in an ISA and although ETFs are traded like standard shares, they are exempt from stamp duty.

There are caveats to investing in gold ETFs as the gold in some of them can be ‘rehypothecated’, i.e. lent out to borrowers of gold. If you’re minded to buy a Gold ETF, then one that is backed by actual physical gold bars makes more sense, rather than a “synthetic” ETF which instead uses financial instruments to track the gold price. The Royal Mint Physical Gold ETC- RMAU fits the bill in this regard.

Interestingly, the Reserve Bank of India has calculated that there are roughly a hundred claims on gold for every unit that actually exists. So when there’s a run on gold, which there may be in the near future, you need to be sure that you own what you think is in your account!

It’s worth taking a look at the Exchange Traded Gold website, which is updated every minute with the price of gold and details the value of international shares. ETFs track the price of gold (or whichever precious metal you have invested in, for that matter).

DigiGold

Another method similar (yet crucially different) to an ETF is digital gold, a new method of owning physical gold in digital form. An example is The Royal Mint’s DigiGold service They are one of the several companies which now offer Digital Gold Investment all at the click of a button. Each purchase of DigiGold is backed by a portion of a real physical gold bar, fully insured and stored securely within The Royal Mint’s vault. Digital Gold investment offers investors direct ownership of real physical gold, minus the fees associated with coins and bars.

Unlike coins and bars, DigiGold ownership enables you to purchase gold based on value rather than weight e.g. £25 instead of a 1 oz. coin or bar. As you purchase fractions of a large bar, your product cannot be delivered, and unlike larger coins and bars, you can spend exactly what you choose. The ownership of gold is yours however. You can accumulate and ask for delivery only when required or after reaching the denominations like 1gm, 2gm, 5gm ,10gm etc. of Physical Gold Coins & Bars. You may even sell DigiGold without even ordering delivery if you feel so.

Diversifying your portfolio with gold

Some gold products, like The Royal Mint Physical Gold ETC, can also be held inside ISAs or SIPPs, which may offer additional benefits to some investors.

Ultimately, individuals should carefully consider their own circumstances taking into account their overall strategies, pricing and product features and seek financial advice from a regulated entity if unsure.

Gold is often known as a great way to diversify any investment portfolio. As mentioned in the introduction, as opposed to investing all of your money in gold (for an example of a single market) investment in gold is often viewed more as a good way to hedge against other riskier investments. It is a financial no-no across the board to put all of your money in one investment, because if there is a dip in the market it could result in huge financial trouble. Therefore, portfolio diversification is a practice used to reduce risk of investment.

It is when an investor spreads their investments across a range of assets or investment vehicles. The approach isn't intended to maximise returns; it is undertaken to limit the impact of volatility. By doing this, investors help protect their money from the risks inherent in many investment vehicles.

Physical gold bullion is one of the best ways to diversify your portfolio and The World Gold Council suggests that by allocating between 5-10% of your assets to gold, you can help protect your wealth against the volatility of the financial markets.

Gold especially is considered a hedge against inflation, and inflation is one of the key risks for economy-based investments like stocks or ISAs. Gold is also typically seen as a safe-haven asset; as mentioned previously, when other markets crash, gold tends to sees its value increase.

One of the difficulties faced by those who diversify only within the stock market is the cost and complication involved. Multiple stocks, across different trading markets, will often involve several brokerage fees, management margins, and more. With physical bullion you simply buy your metal and you're done.

7. Gold scams to look out for

Here’s our guide to avoid getting scammed when it comes to gold. As with any purchasing decision, it’s always worth making sure that you’re buying from a reputable dealer, and if you’re using a third-party, that you’re storing with a trustworthy company with adequate insurance.

The Royal Mint have made this possible and very comprehensible by setting out their principles clearly on their website, to help reassure customers looking to make an investment: https://www.royalmint.com/invest/discover/invest-ingold/buying-gold-safely/

However, whilst The Royal Mint does not seem to be as badly affected as some other mints, there are still some unscrupulous sellers attempting to sell counterfeit gold coins online.

Each company has a different way to overcome this. The Royal Mint reassure customers that they’re buying a genuine gold coin by introducing four state-of-the-art security features to their flagship Britannia coin range last year. These features, including surface animation, a latent image and micro-text, are extremely difficult to counterfeit and can be verified with the naked eye.

It’s worth warning about some of the ‘cash for gold’ companies. Most of these operators offer decent and fair prices for gold you send them but during difficult times for finances, there are always people trying to take advantage of desperate or unwitting dealers, and the gold market is no exception. Avoid being one of those poor souls who sends expensive jewellery or family treasures, only to get a paltry cheque. Be smart: if you have any doubt about a merchant, don’t deal with them.

Also be aware that even though you may be keen and excited to be dealing in gold, you should be careful who you trust with this information: people don’t need to know you have gold in your home or place of business.

If you’re in any doubt at all, you can contact The Royal Mintthey have a range of free educational resources available on their website via their precious metals academy, this includes articles, guides, videos and quizzes to help educate yourself on investing in gold, silver and platinum.

One of the main ways to ensure your gold is genuine is by testing it. This is a comprehensive round-up of all the ways of doing this.

Markings check

Inspect your gold for official markings. A stamp shows its fineness (1-999 or .1-.999 – only for jewellery) or carat (10K, 14K, 18K, 22K or 24K). Anything less than 10K is not considered to be real gold. Use a magnifying glass to ensure you're dealing with the real thing.

Be aware that a good counterfeit might include the following:

Discolouration

Gold discolouration, paying attention to the key bar areas such as the corners, is a reliable sign that it’s fake. If the gold is rubbing off and you can see another metal, sadly it’s only a gold-plated bar.

Magnet test

Gold is non-magnetic, so if it sticks to a strong magnet then it’s fake. However, if it doesn’t stick to the magnet, that doesn’t necessarily indicate it to be real: much counterfeit gold is made from non-magnetic metals.

Density test

When it comes to gold, there aren’t many metals denser: pure 24K gold is somewhere around 19.3 g/ml – much higher than most other metals. So, measuring density is a pretty reliable way to see if your gold is real: the higher the density, the purer the gold. Also, ensure that you perform the density test on gold that has no gemstones attached.

1. Weigh your gold. A jeweller might do this for you gratis if you don’t have your own scales. The weight needs to be in grams.

2. Fill a measuring container with water: it will help if the container has mm markings on the side; don’t fill container to the top or it’ll flow over when you add the gold. Note carefully the exact amount of the water level.

3. Place your gold in the container, taking note of the new water level and calculating the difference between that and the original level in ml.

4. Use the following formula to calculate density: Density = mass / volume displacement.

A result close to 19 g/ml indicates either real gold, or a material with a density similar to gold. Here is an example calculation:

Your gold item weighs 38 g and it displaces 2 ml of water. Using the formula of mass (38 g) / volume displacement (2 ml), your result would be

19 g/ml

Bear in mind that different gold purity will have a different g/ml ratio:

14K = 12.9 to 14.6 g/ml

18K yellow = 15.2 to 15.9 g/ml

18K white = 14.7 to 16.9 g/ml

22K = 17.7 to 17.8 g/ml

Ceramic plate test

This is potentially the easiest way to tell if your gold is fool’s gold, but do bear in mind that your item may end up scratched.

1. Find an unglazed ceramic plate to use; if you don’t have this, you can buy a piece of unglazed ceramic cheaply.

2. Drag your item across the surface: if a black streak appears, your gold is counterfeit, whereas a gold streak indicates your item is genuine.

8.

How to know your gold is in safe hands with The Royal Mint.

As we touched upon earlier, the gold industry can be as filled with the same unscrupulous people as any other industry. Especially when it senses desperation for money. Therefore, all areas of the gold industry need to feel safe, in order for us to invest. From brokers to dealing to storage we look at ways to know that your gold is in the safest of hands.

While it is always recommended that you speak to a financial advisor for investment advice, The Royal Mint promise that all storage with them is safe. “All of our digital products are physically backed on a 1:1 basis by metal held by The Royal Mint. None of this metal is used by us for trading or any other activity.

The Royal Mint is one of the most secure sites in the UK, and houses a purpose-built, state of the art precious metals storage facility, The Vault ® and customers can opt to store their precious metals within its walls. This is the product of over 1,000 years of experience in safeguarding the nation’s coinage. The Vault ® was built to Federal Standard 832 Class A in 1986 and is guarded by trained security staff 24 hours a day, 7 days a week, 365 days a year.

Once an item leaves The Royal Mint’s vault, it cannot be returned to The Vault ®, but for those wishing to access their bullion and return it to our safekeeping, or store other items, we also offer safety deposit boxes on our site in South Wales. These are double locked, and covered for up to £50,000, with access granted via biometric technology ensuring only you can access your deposit box.

As one of the oldest companies in the world, The Royal Mint trace their history back to 886, they’ve been crafting precious metals products for over 1,100 years. As such they’re The Original Maker and considered “the home of precious metals in the UK”.

The Royal Mint work closely with industry bodies such as the London Bullion Market Association, the World Gold Council and the World Platinum Investment Council to advance standards across the industry.

Recognising their credentials within the UK (and world market) is vital and the company is 100% owned by HM Treasury, with the Chancellor of the Exchequer serving as the Master of the Mint. All of UK coins from are The Royal Mint are submitted to Her Majesty The Queen for approval.

Every year, their coins go through one of the oldest legal ceremonies in the UK, the Trial of the Pyx, where the wardens of The Goldsmith’s Company check the coins meet exacting specifications in terms of weight and purity. The ceremony dates back to the 12th century and is presided over by a High Court judge in a formal court of law. “Historically, penalties for failing the Trial of the Pyx have included the loss of a hand, so we take our responsibility very seriously!”

Get into gold

MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence. Please note the value of your investment can go down as well as up. Past performance is not a guide to future performance and you may not get back the full amount invested. if in doubt, please consult with a financial adviser or similarly qualified investment professional.