what to do with this money

Doomcow

Lol_UK wrote: »

Seems to me that having any investment/pension plan is risky right now and I don't really trust any bank or financial institution at the moment...with good reason I'd say!...

Please....
...
explain why you dont trust banks of "any?" financial institution at the moment (yet you still "buy gold"?)

Lol_UK_2

Doomcow wrote: »

Please....
...
explain why you dont trust banks or "any?" financial institution at the moment (yet you still "buy gold"?)

Because gold is a tangible, real asset that will outlive and (I think) outperform any paper 'assets' that will come and go as the banks shuffle debt around the world over the coming months/years!

You mention the point in savings 'a store...without any worries, penalties, delays.'
Fine...until the pound is devalued, or we have high inflation...both distinct possibilities! If I have 10k in a savings account, I'd like to offset the potential losses by having something that might actually go up in value...guess what that might be?

Yeah- I guess I might be a knob, but hey- it takes all sorts...;)

DemiDee

I actually think that Lol has made some interesting points, and all without resorting to personal criticism and insults. I had never considered gold as an option for investment and I have to say that I'd prefer to listen to someone speaking logically and reasonably (even if this does turn out to be incorrect information on further investigation) than people who are just out to criticise and retaliate against a poster who is, from what I can see, genuinely trying to help and give advice. We all have different opinions on what we would do in this scenario and we should likewise all have a right to post on this board without being attacked and vilified for doing so. That's what makes MSE interesting and useful. It refrains from being so when comments sink to personal insults.

Lokolo

No, giving information about gold is fine. Spamming threads and threads about gold isn't.

Lol is pretty much saying gold is the be and end all, when its not.

Doomcow

Lokolo wrote: »

No, giving information about gold is fine. Spamming threads and threads about gold isn't.

Lol is pretty much saying gold is the be and end all, when its not.

exactly. and its getting tiresome.

so Lol_UK doesnt believe you should have any emergency funds?

Plus, you should really consider the persons own attitudes before just chanting "gold gold gold" all the time.

Lol_UK_2

Doomcow wrote: »

exactly. and its getting tiresome.

so Lol_UK doesnt believe you should have any emergency funds?

Plus, you should really consider the persons own attitudes before just chanting "gold gold gold" all the time.

Lots of people come on these forums asking for suggestions about how to invest modest/medium amounts of money, and most of the advice seems to be get an ISA...good, sound advice no doubt...but if we inflate and the pound devalues then I think it's reasonable to assume that any percentage interest will just disappear!

Noone suggesting an ISA get's accused of spamming- but mention gold and everyone goes ballistic! What gives here?

Apparently all the financial wizards working as Financial advisors, Investment bankers and Government financiers couldn't see this crisis coming- and now we are in this deep sh*t! And you think I'm irresponsible for suggesting gold?

Eco_Miser

Sorry for the delay in getting back to you.

Lol_UK wrote: »

Nothing wrong with other precious metals (except those used solely in industry might be losers)...just that gold and silver have always been the metals used as currency.

And copper (since forever), aluminium, zinc, iron ...

but my point is that since there is nothing wrong with these other precious metals, gold is not, as you claimed, the only true solid asset of value that we have in the world!

Lol_UK wrote: »

Gold is a solid, tangible asset- paper money is just that...paper.
While our paper assets shrink in value (and they will, once we print billions of pounds) gold can only increase in value...

Paper is also solid and tangible.

Both gold and paper are worth what someone thinks they are worth. After the meltdown of the financial system you are predicting, I can think of at least two intrinsic uses for paper (fuel and hygiene). Will the owners of food or fuel be willing to swap them for pieces of pretty yellow metal, I wonder.