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Visionary
Posts: 1632
Jasper, MO | I know that this is probably not the right place to bring up such a subject, but I've noticed that this group seems to have a good number of professionals, who make a decent living, and are mostly 50+ years of age. It is logical to me that some here might have some insight into the process of gold investing. I'm trying to educate myself. I don't make a lot of money, but I've worked hard all my life, having drawn a paycheck for over 40 years, and tried to save money responsibly. I paid cash for my new Vision, even though my annual earnings only equal about the price of two of them. As we all know, our retirement funds have taken a huge hit. I have four retirement accounts, two of which I can't do much with at this time (mutual fund IRAs), since they have each lost about 42% of their value, at least on paper. My investment advisor has been fired, but I'm stuck with what I have. I'll just have to ride it out and hope they turn around. Of the other two, one is a company sponsored 401K with a previous employer. It had "only" lost about 10% as of the last quarter. May be worse by now. It could be rolled over without penalty into another type of retirement account, such as a CD based IRA or a gold based IRA account. The other is already in a CD based IRA. It will need to be rolled over again, soon. Interest rates are now several points less than inflation. I, for one, am expecting the dollar to further devalue and inflation to increase after the new crop of clowns in Washington get going. I think I want to move some of what I have left into physical gold, and/or gold backed IRAs. Do any of you have any personal experience with any of the gold trading companies? I'm speaking of such companies as USA GOLD, Blanchard, Swiss America, etc. Recommendations? Maybe more importantly, ones to avoid? I'm not looking for specific investment advice. I'm looking for investment company recommendations or warnings. All serious advice appreciated.
Ronnie |
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Iron Butt
Posts: 965
New York State | I'm 45 have had Gold but had to sell last year due to need for cash . I actually had 1 oz gold ingots . I do not trust stock's I do not believe in investing in Gold shares. I was lucky when I sold Gold was at $725.00 an ounce so I did make money but not as much as I could have held on to it for the $1000.00 recent high. But then again I never expected it to get that high. I regret having sold at all but one must keep a roof over ones head. My advice is if your going to invest in Gold that you buy Gold not shares the ability to have your investment under your own control is priceless. |
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Iron Butt
Posts: 1158
Richmond, Virginia | If you are going to buy gold buy tangible gold. Gold that you will own physically. If its on paper or held elsewhere and you have no control over getting it, getting to it, or hold the key to the locked door if the golden crap hits the fan, a "piece of paper " that says that you own it, isnt worth a dime. However, keep in mind that if things ever went sour, the person you would want to sell your gold to most likely wouldnt have the cash to pay you for it either. Better advice? Pay off all that you own, owe no one anything.
Keep enough cash on hand for emergencies, THEN buy some gold or other investments. |
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Fountain Inn, SC United States | VaParadox has it right. Eliminate debt. Then invest in yourself (IRA, TDA).
On another note, if you are going to post a thread on an off-topic, prefix the thread title with "OT:"
I have gone and done so with this thread. |
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Visionary
Posts: 1632
Jasper, MO | Thanks for the heads up on prefixing the off-topic thread Jeff. I'll try to remember that if I ever do it again. Good advice all, and I have eliminated debt to the extent that I can at this time. I have no consumer debt other than my house mortgage. I was making double mortgage payments until my wife's job went to China. We're still making the regular payments, but at this rate it will be 8 1/2 years before it will be paid off. I could cash out my retirement accounts and completely eliminate all debt, but as you all know, there is a severe tax penalty for early withdrawals. I'm trying to figure out how to convert my paper assets into tangible assets. I can convert one 401K to a CD based IRA, but that is still a paper asset and interest rates on CD's right now are virtually nothing. Negative returns after inflation. The only thing I would gain would be some stability. I understand that physical, tangible assets beat paper assets every time, which is why I've started looking at gold, but the current tax laws prevent me from converting an existing retirement account into hard assets without the 30% penalty. The only thing allowed, as I understand it, is another paper asset that is supposedly backed by real gold. That is why I asked if anyone had any practical experience with any of these companies. I have very little faith left in the stock market, or in our govenment's ability to fix it, given the fact they they caused the fiasco in the first place. This country just voted to put, and/or keep, more of the inmates in charge of the asylum. It's not looking good. I'm just trying to figure out how to keep what I have worked so hard for all these years. The deck seems to be stacked.
Ronnie |
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Tourer
Posts: 460
Centennial, CO | I love this forum! We can talk about anything!
Thanks for the advice as I have had the same questions. I am very liquid right now so into Gold I go.  |
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OT: Gold Investing?
