My financial advisor has told me to buy gold

MalMonroe

bostonerimus said:

Yawn! This thread gets sillier by the post.

You're right. And the OP hasn't been back since the OP. So . . .  I really am wondering if he/she has gained anything whatsoever from it   . . .  

robaber

MalMonroe said:

bostonerimus said:

Yawn! This thread gets sillier by the post.

You're right. And the OP hasn't been back since the OP. So . . .  I really am wondering if he/she has gained anything whatsoever from it   . . .  

Thank you everyone, for your comments.

I was very surprised by the advisors recommendation. I have been mulling it over and so it was helpful for others views. 

I think I will stick to cash in my emergency fund, at the moment. 

A few people asked about the size of my emergency fund. It is 8 months of bills. He explained 3-6 months is recommended. 

I work in a sector where there is often a long recruitment /onboarding time e.g up to 6 months. So in my particular circumstances, I think 6-9 months of savings makes sense. 

I have previously thought about keeping 3 months in an instant access account and the rest in a 3 month notification account, to get a higher interest rate. However, currently I think instant access makes more for the purpose of the fund. 

Thanks all.

bostonerimus

Rather than buying gold, insulate your loft. The best way to deal with inflation, on a personal basis, is to spend less if you can.

irharris

I assume the gold is to protect against the pound collapsing against the dollar. Given its current direction and the governments lack of action due to leadership election and the queen's mourning period, that's looking like a less remote possibility

Albermarle

I have previously thought about keeping 3 months in an instant access account and the rest in a 3 month notification account, to get a higher interest rate.

Not even sure that three month notice accounts exist? Probably better just to make sure you are in an easy access account that is paying one of the better rates of interest.

Notepad_Phil

Albermarle said:

I have previously thought about keeping 3 months in an instant access account and the rest in a 3 month notification account, to get a higher interest rate.

Not even sure that three month notice accounts exist? Probably better just to make sure you are in an easy access account that is paying one of the better rates of interest.

They certainly do exist (well 90 to 95 days) - here's the latest top 10 (from the 16th of Sep, so look further in the thread if you're looking well past the date of this post), they pay from 2.2 to 2.5 percent depending on who you choose:

https://forums.moneysavingexpert.com/discussion/comment/79487318/#Comment_79487318

Albermarle

Notepad_Phil said:

Albermarle said:

I have previously thought about keeping 3 months in an instant access account and the rest in a 3 month notification account, to get a higher interest rate.

Not even sure that three month notice accounts exist? Probably better just to make sure you are in an easy access account that is paying one of the better rates of interest.

They certainly do exist (well 90 to 95 days) - here's the latest top 10 (from the 16th of Sep, so look further in the thread if you're looking well past the date of this post), they pay from 2.2 to 2.5 percent depending on who you choose:

https://forums.moneysavingexpert.com/discussion/comment/79487318/#Comment_79487318

As I have never had a notice account, I did not think about that. I was thinking more about a 3 month fixed rate. You learn something every day !