£140k in savings

Goldy_locks

Apparently gold is expected to sky rocket in value over the next few years. And I know of someone who made £3k who bought gold 3 months ago. I am considering coins not nuggets. 

Goldy_locks

Thanks so much. Will look into this.

Uriziel

Goldy_locks said:

Apparently gold is expected to sky rocket in value over the next few years. And I know of someone who made £3k who bought gold 3 months ago. I am considering coins not nuggets. 

But it can also go down as you cannot predict the future. The reason gold goes up is because of political tensions between countries but the moment things cool down it can plummet.

If you cannot afford to lose the money I would put it in a high interest savings account. If you lose the money and you are unemployed you could end up in a pretty crappy situation.

kempiejon

Although not necessarily a good place for the OPs savings gold has been going up fairly steadily for a few years, doubling in that time. Coins will benefit from those increases but the spread on buy/sell for sovs is not as good as buying say an ETC. 
Will gold keep going up or start going down sideways who can say, I'm still buying.

friolento

kempiejon said:

Although not necessarily a good place for the OPs savings gold has been going up fairly steadily for a few years, doubling in that time. Coins will benefit from those increases but the spread on buy/sell for sovs is not as good as buying say an ETC. 
Will gold keep going up or start going down sideways who can say, I'm still buying.

Somebody who is a few years from retirement, without a job, without financial backup from a partner, with a currently unknown amount of state pension (but it won't be a lot), with only a tiny amount in a pension, and with uncertain living arrangements would take a huge risk investing all their cash in gold. 

Those who bought gold in 1980 and needed to sell anytime before 2010 (30 years!) are most unlikely to think they made a good investment. Same for those who bought in 2010 and had to sell before 2020. Buying gold now, when it is at its highest ever price, might well mean a very long wait for any increase. On the other hand, the increase might continue, or the value might stay essentially flat, as it did for the 35 years from 1935 to 1970 - who knows.  

A lot depends on how much money the OP needs to survive, and how much financial risk they are willing to take. In their shoes, I would put all the money into cash savings for now, and perhaps consider adding £2,880 a year to the existing pension. I definitely wouldn't put a penny into gold.