Is it wiser to store one savings in Gold as superior to the average bank/savings accounts nominal interest?

Comments

• FriendOfDeSoto@startrek.website ⁨1⁩ ⁨day⁩ ago

  Gold in large quantities is still a bet. You’re betting that society and the economy will collapse or suffer huge trauma, which will wipe out a lot of wealth. But you’re also betting that the economy will come back alive soon enough because without it all you have is a heavy pile of metal. Gold is also not an easily transferable asset. In societal and economical collapse, gold is not as useful as stuff you need to stay alive. It also ties up a big amount of wealth in one item that may be difficult to separate into smaller currency to use on a black market. And if people know you have gold, even if everything is fine in your neck of the woods, you’re a target for theft. Gold is a good idea if you don’t know what to do with some of your second million in assets. But it would be inadvisable to put all your savings into it. Diversification is the answer.

  source

  • ada@lemmy.blahaj.zone ⁨1⁩ ⁨day⁩ ago

    But you’re also betting that the economy will come back alive soon enough because without it all you have is a heavy pile of metal.

    You probably don’t even have that. Unless you have your own vault, someone else is holding it for you, and if things collapse far enough, good luck ever seeing it

    source
  • FuglyDuck@lemmy.world ⁨1⁩ ⁨day⁩ ago

    but not collapse so much that whoever is holding your gold is still around. (and if you hold it yourself, that it’s still a useful metal. post apocalyptic gold isn’t going to be worth nearly as much because it’s pretty useless outside of ornamentation.)

    source
• compostgoblin@piefed.blahaj.zone ⁨22⁩ ⁨hours⁩ ago

  Nope.

  source
• zxqwas@lemmy.world ⁨1⁩ ⁨day⁩ ago

  Physical gold? Not very compared to bank transfers. Be prepared to show the paper trail proving that you did not steal it.

  source
• Sunsofold@lemmings.world ⁨15⁩ ⁨hours⁩ ago

  The fullest widom is knowing it all depends on your goals and risks. This is not a universal binary.

  source
• Nurse_Robot@lemmy.world ⁨1⁩ ⁨day⁩ ago

  Short answer: no.

  source
• ccunning@lemmy.world ⁨1⁩ ⁨day⁩ ago

  This is going to depend a lot on where you are.

  In Thailand for example, you’ll find there are a half dozen gold shops at every grocery store that will happily liquidate your gold at a moments notice a price determined by the current gold spot rate.

  source
• bryndos@fedia.io ⁨1⁩ ⁨day⁩ ago

  Belief is power.
  https://www.youtube.com/watch?v=ntG50eXbBtc

  spoiler-title

  no

  source
• IWW4@lemmy.zip ⁨1⁩ ⁨day⁩ ago

  The challenge with gold is physical security.

  source

  • LifeInMultipleChoice@lemmy.world ⁨1⁩ ⁨day⁩ ago

    Can you help me move this 812kg if gold to my new safe please?

    source

    • Aeao@lemmy.world ⁨20⁩ ⁨hours⁩ ago

      Yes I’m down. Is it cool if I wear my mask and not tell you my name? You can’t trust me.

      source

      • -> View More Comments
    • exasperation@lemmy.dbzer0.com ⁨1⁩ ⁨day⁩ ago

      Spot prices for gold right now are about $145k per kg, so we’re talking over $110 million worth of gold. If you have that kind of wealth, you have people who work for you and will do the job, for money.

      source
• Ziggurat@jlai.lu ⁨1⁩ ⁨day⁩ ago

  While gold climbs well in time of crisis, I wouldn’t say physical gold is that of a great investment, stored at home it*s less secure than at bank, and unlike stock you don’t get yearly dividends but only expect the value to rise.

  Main usage is tax dodging, where plenty of small shops would cash out your gold with not much questions asked, but this work for small amount not for gold bar

  source