Hey all,
I was just hoping to get some feedback from you guys since you understand the stock market a whole lot better then I do. My fathers been pressuring me to buy gold and put it into my RSP, what do you guys think about this?
In just the last 2 months gold went from 1,100 to over 1,400 per oz. Had I listened to my father several months ago I would have made some decent amount of gains on it. Should I buy gold? I plan to leave it alone for at least 5-10 years. I have about $6,600 to invest and was thinking of buying maybe $2,000 worth, what do you think?
Thanks guys for your professional knowledge .
Quote:
Originally Posted by DuDeK11 View Post
Hey all,
I was just hoping to get some feedback from you guys since you understand the stock market a whole lot better then I do. My fathers been pressuring me to buy gold and put it into my RSP, what do you guys think about this?
In just the last 2 months gold went from 1,100 to over 1,400 per oz. Had I listened to my father several months ago I would have made some decent amount of gains on it. Should I buy gold? I plan to leave it alone for at least 5-10 years. I have about $6,600 to invest and was thinking of buying maybe $2,000 worth, what do you think?
Thanks guys for your professional knowledge .
It depends on your investment goals and risk/reward limits. The gold camp versus the gold haters are about equal and I listen to both sides of the argument. However, I slightly favor gold for one reason, there's no denying the Fed has devalued our currency by printing money. Well, maybe two reasons, gold has NEVER been worth nothing. LOL
Are talking about physical or paper gold?
Putting Gold into my RSP, good or bad?
Hey BadThad, thanks for your input. It's going to be paper gold... I don't know if you've heard of Kitco or not but they have a thing where I can diversify my portfolio with gold. Here's the link Kitco - Precious Metals in you IRA or RSP it says that I can buy gold and put it in my RSP. I have a self controlled RSP right now. My fathers been pressuring me for awhile now to invest into gold I just wanted some advice from experienced investors if I should do it. I am looking to invest for long term not short term. I'd like to maybe invest $2,000 or half of my total investment; and with the remaining amount I want to learn to play the stock market. So what do you think I should do? Thanks again for your advice I really do appreciate it,
Cheers! :D
Quote:
Originally Posted by DuDeK11 View Post
Hey BadThad, thanks for your input. It's going to be paper gold... I don't know if you've heard of Kitco or not but they have a thing where I can diversify my portfolio with gold. Here's the link Kitco - Precious Metals in you IRA or RSP it says that I can buy gold and put it in my RSP. I have a self controlled RSP right now. My fathers been pressuring me for awhile now to invest into gold I just wanted some advice from experienced investors if I should do it. I am looking to invest for long term not short term. I'd like to maybe invest $2,000 or half of my total investment; and with the remaining amount I want to learn to play the stock market. So what do you think I should do? Thanks again for your advice I really do appreciate it,
Cheers! :D
I'm very familiar with Kitco and the plan you speak of. Just be aware of the fees involved. You'll have to pay a maintenance fee which can eat away at your profits. I was seriously thinking of doing this but backed out once I saw how much is was going to be costing me. I have a HUGE preference for physical gold over paper or "pseudo-paper" (what this is).
If you're only going to buy an ounce, go PHYSICAL....it's not worth all the fees IMO. Buy a one ounce bullion round or coin and stash it. In the end, you'll be a million times better off, plus, if you need the money, it's an instant sell for cash anywhere in the world. The only time these "we hold the gold for you" plans are worth a hoot is if you're buying $20,000+ in gold....then it's worth paying the fee to hold it for you where it's safe.
I too have a couple self-directed IRA's, that's where 99% of my trading is done. I've been well served over the years by using the stock market to grow the accounts....better than buying gold by a mile. You should rethink your plan....that's my 2 cents.
Good Luck!