I want to start making my money work for me. Is gold the best option?
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Gold is a poor choice… check how it has compared to nearly every type of investment and it’s a loser. Stocks are historically the best investment… consider mutual funds as well. If you really want to go for gold, avoid the metal but invest in mutual funds that contain gold mining companies.
Gold a major option now. IAU is a stock ETF that actually owns part of a cache of physical gold. Don’t have to worry about mining problems or strikes – gold is in the vault. China & India continue to push it higher. Also pick up some oil & perhaps some reits for income.
Gold is an option, but maybe not the best.
There are several ways to invest in gold.
Buy gold coins. Disadvantages: have to store them, have to pay mark up to buy and mark down to sell. Subject to theft.
Buy GLD. ETF that tracks the price of gold. Disadvantages: Has annual expenses.
Buy gold mine stocks. Disadvantages: subject to management mismanagement.
Instead I would think about investing in oil. Disadvantages: It is possible that another large field could be discovered. Subject to government seizures. Advantages: Demand continues to rise, production continues to fall.
The two simplest ways to do it are to buy shares of a gold exchange traded fund (GLD is an example) or stock in a gold mine (Newmont mining NEM is the largest, and you can find a list online). Gold is a good investment if you think demand for it will increase, inflation will become a serious problem, or your native currency will drop relative to other currencies.
Buying gold has been recognized for centuries as one of the best ways to preserve one’s wealth and purchasing power. Gold bullion is a unique investment. From the time of ancient Egyptians, Greeks and Romans to more modern times, man has had an affinity for gold bullion. In all ages, man has been fascinated with the beauty and magic of gold, and with its power to change men’s lives. Today, the beauty of a gold bar lies in its proven ability to diversify investments, protect wealth and preserve one’s purchasing power.
Gold investing objectives may be “buy-and-hold” and/or trading. How much to invest in gold is subject to your specific situation and objectives
No! Have you not seen that Twilight Zone episode where bank robbers awake 100 years later only to find out that gold is worthless?????????