Is Gold a good idea

[leon]

Hi Guys, I have considered buying Gold as an investment of sorts.

I am very new to this sort of thing and virtually know nothing about it or even how it all works.

I have done a little research and it seems that it might be a good idea.

So I am looking for or would like to hear from those that may know more than me for some advice.

The first question would be, is this a good idea :shrug: is it a safe way to invest, what would one buy, a single large amount/weight or smaller coins maybe.

Some advice would be much appreciated or do i just keep my cash in the bank.:):)

Thank you.

Leon :thumbsup:

[Nikolas]

Best to ask an expert

https://www.ig.com/au/commodities/gold-trading/how-to-trade-gold
And here (https://www.fool.com.au/investing-education/the-beginners-guide-to-investing-in-gold/)


Be aware there is no actual income stream it is a long term investment only.

[leon]

Thanks Nik, yes I did realise that, but is it better than just having notes/cash.
Thanks for the link.

Leon

[leon]

let me give you an idea of what i am trying to say.:)

I have no desire to trade in gold so to speak. ;)

So if i have say 50,000 sitting in a bank account doing nothing and barely making any interest would it be better to convert that 50,000 into gold and hide it.:shrug: and always be insured that the gold is worth the 50,000 if the banks fell over, or someone scammed me out of my savings. :shrug: I cant be scammed out of my gold if i have it buried in my back yard so to speak.

Leon :thumbsup:

[blindman]

Good idea, maybe little bit late considering how much it went up recently, but still good idea.

[sheeny]

The gold won't always be worth what you pay for it though, Leon. It will follow the commodities market.


Back in the '80s I think it was was the only time I was tempted to invest in gold because the gold price was really low. I didn't though, I missed the boat, but I'm not sorry about it because it's a gamble.


There are often stories (perhaps closely related to conspiracy theories) that in time of war and social unrest it is best to invest on gold. It's not necessarily the case. IMO these stories are often spread by those who have gold but want the price to go up to make more profit so they want more demand especially from people who don't understand the market. It's best to study the market, and make an informed decision if you going to start gambling this way.


Al.

[AstroViking]

Buying gold is not an investment - it's a store of wealth that's easily portable.

If you do buy gold make sure it's physically delivered to your hands.

Do not trust the seller to keep it safe for you - I've heard tales of places with 'unallocated storage' selling more gold than they have physical possession of; leading to "problems" for customers who wanted to take their gold home.

Buying right now is not a good idea - the price has sky-rocketed over the last 6 months or so. There are strong rumours that China and India are buying up as much gold as they can, whilst divesting themselves of $USD. Make of that what you will.

If you do head down this path, then consider buying silver as well.

V.

[leon]

Excellent advice people, and thank you, :thumbsup:I wont rush into this and see how the prices vary over a 6 to 12 month period maybe, anyway I thought it a good idea at the time and still like the idea, :)thanks again.

Leon:thumbsup:

[doug mc]

I have forgotten where I read it, but the point that was made was the amount of money invested in silver and gold is way above what actually exists. So if you do buy gold, make sure you have it all available somewhere.

[leon]

Yea Doug I agree, if I ever go down that path I will have it physically and stashed away somewhere, thank you.

Leon

[TrevorW]

Try silver :)

[gregbradley]

I read an article about how to invest in gold a few months ago.

This makes an interesting read.

https://www.bing.com/search?q=is+it+better+to+invest+in+ physical+gold+or+gold+ETFs%3F&form=ANNTH1&refig=fd48f921df844cc987f8b9615e03c a01&pc=U531

Greg.

[leon]

Thanks Greg, I ran the idea past Alice, she still needs a little convincing though.:lol:

Leon:thumbsup:

[refractordude]

Hello there friends

Stock up on canned goods. In the time of a national and or international crises canned food will be worth it's weight in gold. I like sardines, spinach, and beans/rice. The four cover all nutritional needs. However, best to have a variety of foods and several ways to purify water. Get the five gallon air tight food grade buckets from the hardware store. By a bunch of them and fill with rice and beans/lentils. Top the buckets off with oxygen absorbers. I like tealight candles for cooking. This may be a little of topic, but food stored is the best investment you can have.

[Bobbyoutback]

Silver is so underpriced !
Make a note of what you could have bought an ounce from Perth Mint today .

I'll remind you of the above later this year ;)

Cheers & Beers
Bobby

This is not financial advice just my opinion .