Considering Investing in Gold: Seeking Advice

[mekajen]

Hello everyone.

I'm currently exploring the idea of investing in gold and would greatly appreciate some insights and advice from those who have experience in this area.
I've been researching various investment options, and gold seems to be a popular choice for many investors, especially during uncertain economic times. However, I'm still somewhat hesitant and have a few questions lingering in my mind.
Firstly, I'm curious about the factors that influence the price of gold. I understand that it's often seen as a hedge against inflation and a safe haven asset, but are there other factors I should consider when monitoring its price movements?
Secondly, I'm interested in learning about the different ways to invest in gold. Should I consider purchasing physical gold, such as coins or bars, or would investing in gold ETFs or mining stocks be a better option for someone like me who is new to investing in precious metals?
Lastly, I'd love to hear about your personal experiences with investing in gold. What are some of the advantages and disadvantages you've encountered? Are there any tips or strategies you would recommend to someone just starting out on their gold investment journey?

 

[Maintenanceguy]

Investing in an S&P 500 mutual fund (or just about any other common mtual fund) would have beat gold by 5x in the last 50 years. Gold fluctuates wildly but in the long run does not beat inflation. That means that in inflation adjusted "real dollars" gold loses money.

During the great depression the federal government made personal gold ownership illegal and collected everyone's stockpiles and a few went to prison for not turning theirs in. If that ever happens again a gold vault won't do much good since you wouldn't be able to spend any you were hiding. Open a brokerage account for free and invest in something that will make you money. Invest with every paycheck for your whole career and retire without fear.

 

[Maintenanceguy]

I realize I missed something in my post above. I said to invest in something that will make money. I should have added: something like an S&P 500 or NASDAQ 100 mutual fund. Simple. Every week. Never touch it. Be rich 45 years later. Those who know about this stuff recommend investing 10%.

Dave Ramsey seems to be the Christ centered investment guru and I think his advice is good for 90% of people. He has an almost free program taught at thousands of local churches that is really informative for the new investor. Absolutely worth the time.

 

[Seeker47]

I agree with Maintenance Guy in Post #2. If you have time and can afford a little risk, look elsewhere.

I do own a small amount of gold. It's part of my plan to diversify. Also if you buy small amounts the purchases are not reported to Big Momma. It is about the only asset I own that others do not already control.

 

[Karlon]

Hello everyone.

I'm currently exploring the idea of investing in gold and would greatly appreciate some insights and advice from those who have experience in this area.
I've been researching various investment options, and gold seems to be a popular choice for many investors, especially during uncertain economic times. However, I'm still somewhat hesitant and have a few questions lingering in my mind.
Firstly, I'm curious about the factors that influence the price of gold. I understand that it's often seen as a hedge against inflation and a safe haven asset, but are there other factors I should consider when monitoring its price movements?
Secondly, I'm interested in learning about the different ways to invest in gold. Should I consider purchasing physical gold, such as coins or bars, or would investing in gold ETFs or mining stocks be a better option for someone like me who is new to investing in precious metals?
Lastly, I'd love to hear about your personal experiences with investing in gold. What are some of the advantages and disadvantages you've encountered? Are there any tips or strategies you would recommend to someone just starting out on their gold investment journey?

GET GOD ON THE JOB 1ST!!! see if He wants you to make that choice. sellers can be magnificently deceiving. try to find someone with decades of experience. have a 2 to 3 year backup plan. blessings to you.