I just don't believe all the hype about gold being a great place to park money right now. The price of gold has been at a plateau for the past 3 years, with ups and downs, but it just doesn't look like there is the big climb the gold sellers are trying to tell potential customers. If gold was such a great buy, wouldn't they put all their resources into buying it for themselves, rather than selling it to others?
Any thoughts on gold are appreciated.
He was very nice, right up to the point where I finally said "No" :)
The companies get a flat 7% of whatever you buy, so the price needs to go up at least more than 7% (there are storage fees) to break even. I don't know what the commission for the sales people is, but if they just get 1%, it could be lucrative for them, since some people actually buy several hundred thousand dollars or more. He was mad because the first time he spoke with me he spent about an hour and a half on the phone with me, and the more recent call was about 45 minutes. I was considering putting a considerable portion of my retirement account into gold, but when I look at the price history, it just doesn't seem like there is a need to get into it right now.
Storage fees? Will it still be there if SHTF?
One more reason to question the wisdom of a gold IRA.
@PhDinNY Storage?!? Umm, yeah. The only people "storing" my hard assets are VERY close family members with even more remote/secure locations than I maintain. That s*** goes where you go, buddy!
Buy some junk silver and put it in a safety deposit box, if you don't have a very good safe.
Just a reminder that the FBI raided a bank in Beverly Hills and took everything in all the safety deposit boxes, and still has not returned anything. And the injustice system backed them up.
If you don’t hold it, you don’t own it.
https://www.courthousenews.com/fbi-cleared-in-seizure-of-anonymous-beverly-hills-safety-deposit-boxes/
I know, but for every fbi raid,their are 1,000 of home burglary.
Know your own risk and act accordingly.
Indeed
Safe deposit box and all its contents are owned by the bank. If stuff goes bad you don't want a deposit box
Yes but it doesn't go bad in one day.
It's about 10,000 times more likely for you to lose your shiny in your own home. Some people live in very safe areas and some don't.
I'm a metal worker, safes are very easy to break into or take.
How do I know when to pull the contents of your deposit box? I think Jan-Mar 2020 would have qualified.
And don't claim the tax deduction for the deposit box.
Junk has a huge premium right now. A lot of people are agreeing with you!
I have some to get us through the rough patch coming.
BRICS is gonna destroy the dollar or “Gold will destroy Fed” same thing
"Gold salesman" seems like a scam. How much value can they possibly add? It would seem, the larger the transaction. the more the salesguy is just driving up the cost with no extra value.