Saving by buying gold

@ddaguno (3110)
Philippines
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
1 person likes this
4 responses
• Singapore
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.
@tkonlinevn (5785)
• Vietnam
16 Mar 11
If I have much free money, I'll buy gold. However, if I have a few, I'll save in bank because I can withdraw any time.
@ddaguno (3110)
• Philippines
16 Mar 11
I hear you buy gold certificates instead of physical gold and each certificate would be equal to actual grams of gold. i think you can also withdraw it but I dont really know how it goes.
@scheng1 (24957)
• Singapore
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.
@Hatley (154938)
• 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.