Saving by buying gold
March 13, 2011 12:36am CST
I read in Robert Kiyosaki's book that it is better to save with gold rather than saving with a bank. He said, saving with gold protects your money from inflation which causes money to lose its value. I would like to start saving with this method but how? I hope some myLotters could enlighten me. Thanks
18 Mar 11
Depending on where you live, you can check out the banks that issue gold coin, gold certificates or you can open a gold savings account. In a gold savings account, you will be issued unallocated gold when you put your money in the account. You can withdraw it anytime, sell it back to the bank.
20 Apr 11
Hi DDaguno, I think you forget one very important factor. When is the book written? Is the information still valid? If the book is written when gold price was just $800 per ounce, it is definitely worthwhile to buy and keep, assuming you have the money for it. Now gold price is at $1500, do you have so much money to buy gold? If not, you can start from silver investing, such as buying silver bar with 99.9% purity or silver coins.
• Garden Grove, California
13 Mar 11
hi I have read this too about putting your extra money in saving gold rather than in the bank. I prefer my savings as small as they may be in a safe bank account and not in jewelry that could be stolen. Anyway I do not have any extra money to buy gold or do anything with. lucky people to have that much money to buy gold with. wow. I do envy them as what I have has to be spent all the time. lol. AI sure cannot enlighten anyone as I have no idea how to make that kind of money.