Man Who Bought 50 Grams of Gold for N160k Each to Resell Cries Out after Buyer Offered N145k
- A Nigerian man has spoken out on social media after attempting to sell a large quantity of gold that he had purchased some time ago
- He said he had bought the gold believing that its value would increase and that he would be able to sell it for a higher price later on
- However, the amount a buyer offered him left him disheartened, and he shared his experience online
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A Nigerian man has expressed disappointment on social media after trying to sell a large quantity of gold he acquired earlier with the expectation that it would gain value over time.
He lamented that he had acted on advice that gold was a reliable investment that tended to rise in price.
Source: Twitter
Man laments over selling price of gold
Acting on that belief, he had bought a single gram at a cost of ₦160000 and subsequently placed an order for a larger quantity of 50 grams.
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When he later attempted to sell the gold, he discovered that buyers were willing to pay only ₦145000 for each gram, a figure that was lower than what he had originally paid.
The difference between the purchase price and the offer left him feeling heartbroken and questioning the reliability of the information he had received.
The man, identified as @twitgameboy on X, explained that his decision was based on the understanding that gold generally appreciated, and that it would therefore provide a profitable return if held for a period.
The outcome, however, proved contrary to that expectation, and he described the experience as deeply discouraging.
He lamented that the reality of the transaction had fallen short of what he had been led to believe, regarding gold as a secure asset.
He also noted that the incident caused him to reconsider the assurances that were often given about the long-term value of precious metals.
In his words:
"I was told to buy gold because it appreciates in value. I bought one gram for ₦160k. So I ordered 50 grams! Now I want to sell it, but they’re offering ₦145k per gram. This is a scam."
Source: Twitter
Reactions as man laments after purchasing gold
Nigerians shared their various opinions in the comments section.
Adebisi said:
"I have made nothing less than 17million naira on a 120grams of gold I bought many years ago. When it was just 5500 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 takes 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 said:
"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, its you who didn't do enough research. You should also note that you can't make profits with the short time line. I still wear my Gold from 2012 I got at about 12k per gram. Has that not appreciated?"
Amarachi added:
"Please when did you buy it? Before you can start making profit will take at least 6 months to a year. Sometimes base on exchange rate 3-4 months. Please don't sell now. I save in gold too."
See the post below:
Man discovers gold bar while digging
Meanwhile, Legit.ng previously reported that a man who bought a house in France decided to add a swimming pool at the back of his yard, but he discovered something valuable.
According to the story, while digging a space meant for the swimming pool, the man discovered bars of gold buried there.
Source: Legit.ng
