The DON'T buy gold thread

lukekelly_2

Having your savings not fall is extremely easy. Have a look here for many ways to not lose money.

sh856531

please tell us what a good savings strategy would be in these uncertain times

Well, if you're interested in saving I'd start with a savings account. If you want to gamble then buy gold or invest in shares.

You might be right - gold may increase in value or even hold its value better than cash. But then again, if people start getting more confidence in the banks you could find that the value of gold plummets. Gold is certainly not a proxy for cash - its a gamble, just like stocks and shares...

Best Regards

S

wriggly

1984ReturnsForReal wrote: »

Buy gas, electric, coal, nuclear & green technologies.

I bought some gas and electric today! Boy was it expensive! Hopefully next quarter's bill will be a lot less.

mrposhman

Lol_UK wrote: »

As you seem so against buying gold, please tell us what a good savings strategy would be in these uncertain times? Lots of people on these forums want to protect their falling investments and pensions, so it would seem prudent to offer positive advice rather than negative. Tell us the secret of your success!

Thats you coming up with the same point again.

All you seem to suggest in your posts is that theres no downside with Gold.

Like I've said several times, buying gold now when its at its highest its been in years (its been within this range for 2 years now and towards the top end) then you have to know when to sell or you could be left with a massive loss. Whats more, what if the $ falls against the £?

For example (made up figures by the way), buy gold at $900 today at an exchange rate of $1.4 = £643

The dollar falls versus the £ to $1.5 and the same $900 gold price is now worth $600 in sterling terms meaning that there is a loss of 6.6% without any movement in the gold price.

There is plenty of risk around gold both market and currency and therefore isn't a "safe" investment. Its as much speculation as buying shares is yet you seem to suggest there is less risk.

Stavros_3

I seem to recall Mr Goldfinger of this website tipping gold to reach $2,000 an ounce

thrupence

Lol_UK wrote: »

As you seem so against buying gold, please tell us what a good savings strategy would be in these uncertain times? Lots of people on these forums want to protect their falling investments and pensions, so it would seem prudent to offer positive advice rather than negative. Tell us the secret of your success!

The sensible advice always is to buy investments when they're cheap. The only issue then is how you work out what cheap is at at any given time.

Gold has been quite expensive recently and if you'd taken the advice of some posters here you'd have lost money.

But anyway, gold isn't some sort of holy grail. It's just one thing to look at when thinking of an overall investment strategy.

What people are fed up with is this "one trick pony" approach to investment peddled by some.

sabretoothtigger

Gold is not priced in dollars exclusively, if the dollar falls in value then you will need more of them to buy the gold ie. the price rises

Has the price of gold risen in pounds today?

cloud_dog

I still don't understand why gold discussions bring out the more agressive (possibly too strong a word) in people.

It is an investment asset not a savings asset.

It has merit.

It has risk.

You can make money with it.

You can lose money with it.

Why, when people discuss gold are they absolutely for it or absolutely against it?

As I said I think it has merit although nothing is without risk, including just bog standard savings, and nothing is ever set in stone.

I'm a bit of a gold bug but have liquidated 2/3rds of my investment in physical gold a couple of weeks ago. This doesn't mean I am now negative on gold and when I start buying in again I am not certain that it wont go down further.

I just think people need to accept that 'We are all different' and what appeal to one with a certain risk factor will not appeal to another.

Regarding the 'protecting people from the buy, buy, buy' well, only the individual is responsible for that and the sooner individuals realise that the better for them.

tradetime

cloud_dog wrote: »

I still don't understand why gold discussions bring out the more agressive (possibly too strong a word) in people.

It is an investment asset not a savings asset.

It has merit.

It has risk.

You can make money with it.

You can lose money with it.

Why, when people discuss gold are they absolutely for it or absolutely against it?

As I said I think it has merit although nothing is without risk, including just bog standard savings, and nothing is ever set in stone.

I'm a bit of a gold bug but have liquidated 2/3rds of my investment in physical gold a couple of weeks ago. This doesn't mean I am now negative on gold and when I start buying in again I am not certain that it wont go down further.

I just think people need to accept that 'We are all different' and what appeal to one with a certain risk factor will not appeal to another.

Regarding the 'protecting people from the buy, buy, buy' well, only the individual is responsible for that and the sooner individuals realise that the better for them.

Here here, it moves, therefore it's tradable up or down, like everything else tradable, buy it, sell it, but don't marry it.

gozomark

I think the reason many people post negative points is not that they are necessarily negative on gold, but are indifferent, and don't see gold investing as any more important than any of the tens of thousands of other investments available, and don't understand why it has such a high profile