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Buy Gold. The Best Financial Advise I got that I Never Took...

By Jason Potrzeba

Mortgage and Lending with Home Loan Investment Bank NMLS 49493

May 11, 2010 10:09 AM

Buy Gold. The Best Financial Advise I got that I Never Took...

When I first began my career in Finance, almost 11 years ago, I had been given the advice to invest some money in gold. I never acted on this advice.

Today as the price of gold set a new record at $1,210 an ounce, I am reminded of my failure to take the investment suggestion. Back then the price was somewhere around $260-$270 and for the past 10 years the price of gold has always been higher at each year end then when that year began. Not too bad.

I also recently finished Empire of Debt and recall that the authors, Bonner & Wiggin, offered up some advice in the last sentence of this book. It simply read "And buy gold."

For all of you who may own some gold, congratulations on what appears to have been and be a smart investment.

Jason

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Lexi & Jordan Ostlund

RE/MAX Professionals - Gillette, WY

Gold seems tothe big sexy advertisement on the radio today. Do you believe that gold will pass the $1,500 mark at the end of this year as the so called "experts" are predicting?

May 11, 2010 10:34 AM

Jon Zolsky, Daytona Beach, FL

Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL

Buy Daytona condos for heavenly good prices

Jason,

I am not investing in gold or anything except for Real Estate (and not now, as I am out of cash), but recently I read a very troubling article, which labels the gold rush as the greatest scam.

The idea is that there are actually only 1% of gold sold to investors, which physically exists. The rest is just a paper, not guaranteed by any collateral. They claim that if people wuld demand their gold, one out of 100 will be able to get it and the rest would hold an emptu bag.

I wrote a post and provided a link there to a very interesting interview (can't put links here)

May 11, 2010 11:10 AM

Jason Potrzeba

Home Loan Investment Bank - Warwick, RI

Senior Account Executive

Hi Lexi & Jordan, I'll have to remember to revisit this post on December 31st to compare the actual number with the $1,283 I am throwing out there. $1,500 seems a bit steep.

Hi Jon, I'll check out your post. I haven't bought gold. I know physical gold can be purchased along with the paper you've mentioned. I guess as long as it keeps going up and you never have to exercise the demand feature, you might be ok.

May 11, 2010 01:21 PM

I want to scream: No, No,No.

If the value is only in paper, it will one day hit and hurt a lot of people. Bernie Maddoff thought it would never end if he wold do it smart, but it always ends, and it always hurts...

You can't invest in nothing and expect that it would magically turn something tangible. So, unless you have gold in metal bars, you do not have gold.

You have a promise of gold. And many-many others

May 12, 2010 08:15 AM

Buy Gold. The Best Financial Advise I got that I Never Took...

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