Saving Money In Gold

Discussion in Personal Finance started by tonyb • Dec 5, 2016.

  1. tonyb

    tonybActive Member

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    When it comes to saving your earnings would you consider buying or putting in gold. Not too clear to me, does this not look more coded and securer way to save money with the advantage of easy portability. In addition, in a dwindling economy, my thinking, this can guarantee financial insurance or stability.
    What's your perspective to saving money in gold?
     
  2. Jamille

    JamilleActive Member

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    When it comes to investment, diversification is the key. For me, investing in gold is one of the most secure or stable ways to invest if you know gold. The price of gold may go down at one point but at least, whatever happens, you have something solid in hand unlike paper investments. If you know places where you can buy high quality gold items at significantly low prices, then you can make immediate profit by selling these items. The Middle East, for one, is where I was able to buy low priced jewelries (during Ramadan sales) which were valued in my country at 30-40% higher than the purchase price. I would not want to invest in bars of gold or stock certificates of gold companies, though. Bars of gold aren't portable while stock certificates are subject to the vagaries of the stock market.
     
  3. Binu

    BinuActive Member

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    I try to save hard cash as well as save money by buying gold. Disadvantage of saving hard cash is you tend to use it when you are in need of money. Contrarily, when you buy gold as a way to save money, you will less likely to convert it to cash when you are in need of cash immediately.
     
  4. Alexandoy

    AlexandoyWell-Known Member

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    When saving money, I always use the piggy bank although in a different style. It is usually a small box in my office table at home and also a small biscuit can stowed in my dresser. And when my piggy bank is full, I get the money and deposit it in my bank account particularly the atm. I have never entertained the idea of saving money in gold because I understand that gold is valuable and you need a big amount just to have a small bar of gold. Maybe if I would win the lotto then I can save some treasure in the form of gold ingots.
     
  5. Decentlady

    DecentladyActive Member

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    Gold is a dead investment. This is because gold as it is doesn't earn you any interest like liquid cash. Unless you are buying for future conversion as gold prices overall are always hiking then it is good to have some amount of gold.
     
  6. larryl332

    larryl332Active Member

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    I think that it has some sort of inherent appeal to it, but I also think that it is probably more dangerous and risky than anything. Although I guess if you know what you are doing then by all means.
     
  7. ptahm22

    ptahm22Active Member

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    Saving money in gold depends on how much money you have. Gold may be too expensive and may not match your payout. I use a system called locked savings where you save for a definite time and earn a higher interest. If I had alot of money I would consider saving in gold.
     
  8. luisalex96

    luisalex96Member

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    With regards to sparing a bit of your income, a mistake the vast majority make is to spare their riches in man-made monetary standards. These monetary forms are controlled by focal organizers, frequently controlled, and made out of nowhere without respect for the estimation of the cash you have in your wallet.

    In the advanced age, accounts holding these monetary forms can be solidified, effortlessly seized, and followed. I for one supporter sparing in gold or different valuable metals like silver, palladium, or platinum.
     
  9. raaman

    raamanNew Member

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    So far, I have not ventured in that area. Many people here in India do that and it appears to be a good bet.
     
  10. luckycharm

    luckycharmActive Member

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    I agree with @Jamile that diversification is very important in the presence scenario. I would definitely park some money in gold but also invest in other risky ventures like stock market. In our country gold price is also like share market values and it is going through a lot of ups and downs nowadays. Earlier gold was considered to be one of the stable investments but now time has changed a lot.

    I would keep a combination of risky and non-risky profile and gold off course would be a part of it. I would keep around 50% in non-risky assets like Government bonds, fixed deposits etc even though the return is not so attractive.
     
  11. Vinaya

    VinayaActive Member

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    Gold is non risky investment. Sometimes gold price may drop, but this kind of dropping does not happen too much. I like to save money in gold. However, I don't buy gold bars, I buy gold jewelries, which serve two purpose, fashion accessory as well as investment.
     
  12. Jessika

    JessikaActive Member

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    Gold is less a profitable or income earning investment than a hedge against the market. When the stock market drops, the gold price almost always goes up, so it is as well to hold some in a portfolio. The problem is if you buy certificates, the value drops because you have to pay someone to hold it for you. If you aren't seriously into gold investment though, coins or jewellery are far more affordable and easier to sell than bars. Jewellery can be worn (guess what I invest in!), and coins have a bit of collector's value on top of the metal's value.
     
  13. tonyb

    tonybActive Member

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    What I am looking at here is not necessarily the interest. I am thinking that saving money in gold would help in a long way guide against depreciation. I think that price of gold is relatively more stable and not easily fluctuate in the market.
     
  14. abonnen

    abonnenActive Member

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    I know some of my prepper friends save their money in silver and gold...I personally do not understand it becasue if the economy goes down who is going to want to trade for gold, I would want to trade for supplies. I really do not think there is anyway to be secure in a dwindling economy except to have supplies. I am not saying saving money is bad or anything but I personally think it doesn't matter how you save it anything can depreciate.
     
  15. Penny

    PennyActive Member

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    Unless you are expecting the zombie apocalypse or the end time there is no good reason to keep your money in gold. And, actually, gold isn't going to be much use against zombie or get you into heaven, so not even then--maybe invest in freeze dried good or charity.

    Like any other commodity the value of gold fluctuates, it is not stable and it does not accrue value. It is difficult to store and a 100% loss if stolen.

    Almost any other investment is harder to totally lose, and more likely to hold or gain value. Land, stocks, bonds, antiques, improving your own health, your kids' educations--all are better investments. it sort of goes: Conventional investing > gold > gambling at Los Vegas > coke and strippers.
     
  16. luckycharm

    luckycharmActive Member

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    Money wont't grow if you keep it as ready cash. You have to invest in somewhere to make it grow and reap the interest. Moreover, money keeps on losing its value year after year due to inflation. I think investing in gold is a good option to grow money. But I would say only a certain percentage of your saving should be there. Our country has been witnessing high fluctuations in gold prices during the year.

    If you are a family person I think at least 50% of your savings should be in secure investment options like fixed deposits, Government bonds etc. If you have a risk appetite you can invest some money in stock market too.
     
  17. harijobs

    harijobsActive Member

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    Investing in gold is good and secure too as you have something solid in your hand rather than other investments like the shares and mutual funds which have a higher risk involved. if you are saving for the future and wanting to take something in gold it is definitely a good idea to invest in gold.
     
  18. luri

    luriActive Member

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    I think gold is the best form of investment as gold price is always increasing. I have not bought a bar of gold yet, however, I buy gold jewelry for my wife. When ever I need money, I get loan against my wife's gold jewelry. I have not yet sold my gold, however, when time comes, I will sell gold and buy fixed assets such a house and land.
     
  19. overcast

    overcastActive Member

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    I have found cryptocurrency to be more valuable over the gold. And the return seems to be lot better. You can see that gold does not seem to have much value if the family system these days being collapsed. You can see that the diamond is also going to lose it's touch too. That's something we have to focus on as well. But things take time for sure.