For the past few years, I’ve noticed an increasing interest in people buying gold. Advertisements on television, radio, endless banners proclaiming cash for gold around town as you drive around. The price of gold has soared in recent memory. But what about now? The tune has started to change. Now, the tide is slowly turning the other way. More and more, you see signs proclaiming that you should buy gold. Today on the radio, I even heard an advert for a gold backed IRA. The kicker was that they will give you an extra $150 for buying into the gold fund.
What does it mean? Well, instead of buying up your gold, investors/speculators are trying to offload it. What better way to do that then proclaim how it’s gone up so much in value. Originally, you heard about selling gold, now they’re looking for suckers to buy it while the price is still high.
Remember, gold is a commodity, just like everything else. It has value, but it has price fluctuations like everything else. It can be overvalued, it can be undervalued. You could possibly trade with it, but it still needs to be converted into money. While it can store value, but it’s not an investment. It cannot generate returns on it’s own.
You heard it here first, folks.
Gold is currently at USD $1830.79