Community Chat

[Q-Checker]

@KittySoftPaws If you invest in gold, I highly recommend  actual gold which you can safely keep in a Safe Deposit Box. I did that many years ago (in the form of U.S. gold medallions) and know that it is always there if I need it although it does not earn interest or dividends. I would never deal with a broker or mutual fund company to buy gold or gold certificates. Why pay them when you can buy actual gold? Gold has always been considered to be a conservative investment -- but times are different now. In any event, I think it is unwise to rely on a single investment source and suggest considering well rated mutual funds.

[millieshops]

Every investment that has the potential to increase in value has costs as well as the potential to lose value.  Even cash loses value as the cost of living goes up.  We tend to forget that until we see it happen to us personally.  

The other path I take is never to make a serious investment recommended by someone who doesn't ask for details about my overall financial life.  Even a possible great idea should be part of a whole plan.  If you don't want to confide in that person, why do you want to invest with them?

[kaydee50]

Never, ever invest "Money we can't afford to lose."  Put it into CDs, Treasury bonds/bills, etc.  Something relatively safe.  Stocks and gold are too volatile.  What goes up, can and will go down.

[tansy]

Buying gold as an investment would not be something I would be comfortable with.  🤷‍♀️

[lcubedsudbury]

I would talk to a financial advisor. Fidelity Investments has gold mutual funds you can ask about. Don’t rush in.

[cjm61]

@KittySoftPaws Although I respect many views here on this forum, I would strongly suggest getting a financial adviser. You want one that knows your spending as well as your income. They also want to know what your goals are in the future and even your health. Many aspects of your life contribute to how you should invest. None of us here know your financial history so I think it best to get a professional. Nothing against the opinions posted, but I would not ask for financial advice from people that don't know my finances. 

[SactoSue]

Do NOT invest in Gold coin or bars. 

Have him call Schwab or Vanguard for their advice, first.    These are extremely reputable companies that have very conservative, and open pricing. 

You must understand exacty what you are getting into with gold.   If the advertising says they are "Extremely Reputable". you can be sure they are not. 

The Devil is always in the details.   How much do you pay in commissions?  How often?  Are you charged a yearly or quarterly additional fee for storage, holding, inventory ?

You can be sure if someone is pusing Gold Bars or Bullion, it's because they are skimming your funds off of your naivete in getting involved in this business. 

[KittySoftPaws]

@jackthebear  No, nothing like that, it's just there are some salespeople that are very good and saavy and you get caught up in the excitment. He didn't make the move, as he obviously needed to talk to me first. He asked me if I would do more research on the company, which I did, and they seem to have a stellar reputation. But I don't like the idea at all. As for not investing what you can't afford to lose, we all do that to some degree if we have stocks etc. you can't make money if you don't spend some and assume some risk. And interest rates in banks are a joke. But my thought is what happens when you may need the liquid asset from those gold bars and no one wants to pay you for them, or pay you what it's really worth? It reminds me of my late Uncle who collected a lot of very valuable antiques for many years. He would always say "this piece is worth thousands" to which I would reply, it's only worth what someone is willing to give you for it. 

[tansy]

Did you see the BBB reports on the company?  I only looked at two so I don't know how valid they are, @KittySoftPaws.

[geezerette]

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@KittySoftPaws wrote:

@jackthebear  No, nothing like that, it's just there are some salespeople that are very good and saavy and you get caught up in the excitment. He didn't make the move, as he obviously needed to talk to me first. He asked me if I would do more research on the company, which I did, and they seem to have a stellar reputation. But I don't like the idea at all. As for not investing what you can't afford to lose, we all do that to some degree if we have stocks etc. you can't make money if you don't spend some and assume some risk. And interest rates in banks are a joke. But my thought is what happens when you may need the liquid asset from those gold bars and no one wants to pay you for them, or pay you what it's really worth? It reminds me of my late Uncle who collected a lot of very valuable antiques for many years. He would always say "this piece is worth thousands" to which I would reply, it's only worth what someone is willing to give you for it. 

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This sounds more like it should be a discussion between you and your husband rather than whether or not gold is a good investment.