Financial Crisis Solution for the people..;Save up your money to invest in GOLD?

@slot100 (546)
Hungary
September 28, 2008 10:28am CST
Hey guys! Just heard this report on the radio of a man who has been following all financial things since 1988. He was telling that the financial crisis was already for many years a logical thing to happen, and now as he said few years ago; Many banks are bankrupt and have to close down.. Now he brought up a solution for the people, which has ofcours been known already now for many centuries; Invest your money in GOLD, and save it up! The reason why he's telling this, is because gold has been a trading piece for over many centuriesa, and has never went down in price. It has only increased! That's why he's been advising to everyone to not keep your money in the bank, but buy gold, and save it up. If you need money, sell it and you get it back + what has increased! So what's your opinion about this? Do you think it's a good idea? I do think it's a nice solution on the financial crisis for the PEOPLE itself.. Happy MyLotting!
4 responses
28 Sep 08
Precious metals are a reliable standby, and a good long term investment IF you can spare the cash to buy some and then sit on it for a few years. Personally, I don't have the cash, and neither do a lot of other people. Even if I did, I suspect now would not be the best time to buy gold. The best time is when the economy's booming, and gold is relatively cheap (the price does fluctuate)- I imagine it'll be more expensive at the moment.
@elmiko (6640)
• United States
28 Sep 08
Gold has went down in price throughout history if you were to look at the charts on gold investment web sites like monex.com. It however has went up due to harder financial times because of how bad the economy has been. When the economy is doing good gold prices do go down. Currency is worth nothing without gold as gold is there to stabalize the financial markets. Thats why you see gold go up when the economy is in bad shape. Gold prices have went high to record high prices in these times though. It would be good if you already have some gold to sell as its high. People can't expect others to go out and by gold though as its really high now and alot of people don't have the money to invest to begin with. Its best to buy gold when the economy is doing good as its much lower than it is now but than you have to wait when the economy starts to do bad. Gold is a really good investment if you can afford it and buy it at the right times.
• United States
28 Sep 08
i know gold has been used over the centuries as an investment but the other day I was watching CNN and they brought up this exact same commercial (it airs on tv too) and were actually laughing about it as it was not smart to go investing a bunch in gold and advised people not to do this. Still, if you want to be a smart investor I think its ok if you do but also to invest in other things too. I have been interested in trying to invest in international markets but I still cannot get it enough to trust doing it. I do not think brokers like a lot of questions and would rather just tell you what to invest in but Im not ok with that unless their willing to explain.
@coffeebreak (17820)
• United States
28 Sep 08
Good deal if you can do it, but how many can sit on couple thousand dollars in gold coins for many years? Gold has always been that way. GOod if you can get it. It is high right now, so buying now probably is only an option for some, but sell some of what you have in "savings" and get more than you paid for it.