I've read the other threads on here about Gold, also Dr Bubb helped me out a few months back with some links. Last night I was on www.goldmoney.com (thanks guys) and I know that I'll just have to buy gold before I explode with excitement!
This is my question...
If I have £250K in spare cash that's just sitting in the bank, couldn't I just transfer it all into Gold at goldmoney, seeing as I can sell however many goldgrams I want at any time and have the money transferred to my account immediately in case of a substantial financial (£10K+) requirement? Why, if Gold is doing so well and is going to shoot up over the next 2 or 3 years would I not throw all the cash into gold at Gold money.com? If it's because it might go the other way etc, why not half of it then? Why only 10%? Sorry if this naieve by the way, but I'm sure many other posters will be wondering the same.
What should I do? I don't need the money for anything and if a requirement did arise I could "withdraw" however much I needed from the account at goldmoney.com or have I got this completely wrong?
Thanks in advance for the great advice I know you guys will give me.
Full Version: Gold Again
And one more question!
How long has gold still got left to go until the peak? We all called the housing market correctly, but when it comes to gold I have to say that I associated sovereigns more with chavs hanging around in sports gear than an investment, so don't know much but I'm a quick learner!
Cheers!
How long has gold still got left to go until the peak? We all called the housing market correctly, but when it comes to gold I have to say that I associated sovereigns more with chavs hanging around in sports gear than an investment, so don't know much but I'm a quick learner!
Cheers!
Put as much as you like into gold, it's your money.
It is clearer to think of gold as a currency like Swiss Francs rather than as an investment. If you transfer all your cash into gold out of Sterling I don't see any problem with that provided you are comfortable with the possiblity that your hard-earned and tidy pile could shrink as a result. As you point out, you can always take it out.
The figure of 10% bandied about is just that, a figure that gets bandied about. By all means follow the crowd, but you'll never get rich doing that. Personally, I have about a third of my cash in gold & silver bullion. My personaly philosophy is a) the bullion is beautiful so the future value issue is not too critical, I'll always have the beautiful bullion after all, and 2) the fundamentals of gold are so strongly bullish that I fail to see any serious loss being possible in the long term. The amount involved is, I feel, likely to make a nice little deposit on a house in about three years' time. I anticipate much lower house prices and much higher gold prices. As I explain on another thread, a house costing 650 Toz gold now may well be worth only about 200-220 Toz in three years' time.
Obviously the greater the percentage of your cash you put in gold the greater is your commitment to a single interpretation of the future given what we know. Try to consider other scenarios than gold going up due to inflation and oil prices and houses falling.
Hard work, isn't it?
It is clearer to think of gold as a currency like Swiss Francs rather than as an investment. If you transfer all your cash into gold out of Sterling I don't see any problem with that provided you are comfortable with the possiblity that your hard-earned and tidy pile could shrink as a result. As you point out, you can always take it out.
The figure of 10% bandied about is just that, a figure that gets bandied about. By all means follow the crowd, but you'll never get rich doing that. Personally, I have about a third of my cash in gold & silver bullion. My personaly philosophy is a) the bullion is beautiful so the future value issue is not too critical, I'll always have the beautiful bullion after all, and 2) the fundamentals of gold are so strongly bullish that I fail to see any serious loss being possible in the long term. The amount involved is, I feel, likely to make a nice little deposit on a house in about three years' time. I anticipate much lower house prices and much higher gold prices. As I explain on another thread, a house costing 650 Toz gold now may well be worth only about 200-220 Toz in three years' time.
Obviously the greater the percentage of your cash you put in gold the greater is your commitment to a single interpretation of the future given what we know. Try to consider other scenarios than gold going up due to inflation and oil prices and houses falling.
Hard work, isn't it?
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