『The Commodity Vortex』
image extraction: Firefly
I sold all the commodities I had purchased on this page on October 27, 2025.
Since I bought silver, palladium, and platinum on November 14, 2023, I ended up holding them for 1 year and 11 months—712 days to be exact.
I hadn’t written this on that page, but as for gold, although I changed the account holding it along the way, I had owned it since July 2, 2021, giving it a holding period of about four years and four months.
That said, what I held wasn’t the physical metals but ETCs, and the amounts were not substantial. It was more of a small “trial purchase” meant to give me first-hand experience of what it feels like to maintain a position over a period that could reasonably be called long-term trading.
Because of that, it didn’t seem worth dedicating an entire page to it; adding it as a note to the page above probably would have sufficed. However, there are some things I want to record for my own reference, so I decided to make this a standalone entry.
The main thing I want to record concerns fees and maintenance costs associated with long-term investing.
Costs of Long-Term Holding
Naturally, when choosing an account, you should consider maintenance fees (if any), trading fees, spreads, and so on.
Just like in Japan, fees vary widely across European banks and brokerage firms, so you need to think carefully when choosing—but it can get complicated.
For example, consider comparing “1% of the order amount” versus a “variable fee ranging from €3 to €19.” Some platforms charge per transaction, while others have conditions such as “up to three fee discounts per month if condition X is met.”
To make proper comparisons, it’s far better to have a concrete investment plan in mind—such as “contribute €500 every month.”
Beyond those costs, you also want to consider whether you can choose an accumulating version that automatically reinvests profits, whether the platform has an automatic tax payment option, and so on. Since you will be using the account for many years, it’s best to pick something that minimizes hassle.
In my case, compared to the exchange I had been using, I narrowed it down to a bank that would be cheaper for long-term investments exceeding seven years. I plan to wait there for the next investment opportunity in precious metals.
I won’t mention the place I originally used so as not to cause issues, but the bank I chose is Fineco Bank.
There are indeed cheaper banks and brokerages in Europe if you only look at fees, but I selected this one considering the automatic tax payment service and similar features.
ETCs I Plan to Purchase
The ETCs I plan to buy when the time comes are:
Gold:
Invesco Physical Gold ETC
TER/OCL: 0.12%
Silver:
Invesco Physical Silver ETC
TER/OCL: 0.19%
Platinum:
Xtrackers Physical Platinum ETC
TER/OCL: 0.60%
Palladium:
Xtrackers Physical Palladium ETC
TER/OCL: 0.60%
If I decide to buy copper, there’s nothing particularly attractive as a standalone ETC, so the following seems like a good option:
WisdomTree Industrial Metals ETC
TER/OCL: 0.49%
Timing the Start of Investment
If I were to resume monthly purchases starting this month, it would essentially be a continuation of the previous investment cycle. But as for precious metals—especially gold—I want to wait and observe for a while. That’s why I took profits for the time being in the first place.
As of November 19, 2025, gold has recovered half of its sharp drop and is trending upward again. But that doesn’t mean I feel like buying it back—one look at the bizarrely steep monthly chart completely kills that urge.
I’m well aware that market predictions rarely come true, but still, it feels like speculators are swarming into gold right now. It makes me suspect the market may be overly heated.
There are also reports that central banks are increasing their gold purchases, and with ongoing wars, the fundamentals for precious metals still appear supportive. Even so, I currently feel like stepping back—at least for the rest of this year—unless something extraordinary happens.
Summary
To summarize the points to consider when choosing an account for long-term investment—assuming it offers the assets you want:
・Trading fees
・Maintenance fees (if any)
・Spreads
And in addition:
・Whether the desired product is available in an accumulating version (depending on preference)
Whether the platform offers automatic tax payment services
Some securities firms can issue debit cards and function much like ordinary banks, so ultimately it depends on your needs and preferences.
Incidentally, things like this can now be easily researched using AI tools like ChatGPT. It’s a great time to be an investor.
