Dan Celia shares his thoughts on purchasing gold as an investment and advices not to fall prey to the gold IRA’s.
Purchasing Gold As An Investment: I Just Don’t Think Gold is Really Worth It
What are your thoughts on purchasing gold as an investment? Thank you.
Okay, sounds good. Thank you, Mike.
Yep, you're welcome. So here, I'm not a big fan Mike of purchasing gold as an investment. And I'll tell you, I'll give you some reasons. I don't mind owning somebody, if you want to have a small percentage into precious metals as a speculative commodity. position. I don't really understand why people own a great deal of gold. And I can tell you, over and over hundreds of people that I've heard from over the years, that own gold IRAs. They say, its the sorriest, it's the biggest mistake they've ever made. Additionally, they are now they're paying for storage.
Do not purchase a gold IRA
They can't sell it, they need money. They're trying to sell it, they have to sell it, they can't take it. You know, they have to sell it, it cost a fee to sell it. So they've got to pay a sales charge, and they've got to get it. Doesn't produce any income. It doesn't pay any dividends.
It has tied times with purchasing gold where it's been 40 years between its last highs. I don't know why anybody would want an investment that would go that long. It's not a tradable commodity. And I have seen sales charges on the way you know when you're selling out that they don't tell you about as high as 40% and I've had people call me and say it's as high as 60%. So look, I and they say well, you know what's outperform This is what I can name a hundred stocks off the top of my head, forget long term in the last five years that have well outperform gold and with a click of the mouse, you can sell it.
Don't Fall Prey To The Gold IRA's
Don't get too excited because in five or six weeks you'll be talking about will gold go to 1300 again, it could pull back but right now itself about a half a 1% this morning. Silver, not quite the same, same kind of movement that's hanging in and around 1491. Silver's been trading pretty much in a fairly tight consistent range, little unusual for silver but that's the way it's been going for a whole year actually. So gold up, so all the gold guys are having a field day man, they are on the phones pitching purchasing gold. They're selling you gold.
Gold IRA explained
They're saying this is it. This is the big one. This is the $8,000 an ounce here. It's coming. This is the this is the one that everybody's been waiting for. So they're going to use this. You'll notice this weekend trust me on this. I'm right every time I call it right every time. All the gold commercials you see now all the commercials you've been seeing. You saw it, last week's switchover from silver to gold, that's what it's going to stay.
It's going to be all about purchasing gold. They're going to ramp up it's going to become a little bit more aggressive and you are going to be chafing at the bit to dial that phone and put all your money in gold. Please don't do that. Please don't do the gold IRA. Think please, please don't do it.