Hi yall.
Right-wing media such as Fox News like to get senior citizens to cash out their 401ks and Roth IRAs and IRAs and buy a bunch of gold with them and put all their retirement in physical gold.Many times the gold has high-commission and sell special collectors coins that have numismatic value but are hard to get your money back out of.Many times these scams are predicated on the skepticism of the American financial system the U.S. dollar and the stock market by these retired folks.
I have a friend from church who has bought gold and CDS for years and is not invested in the stock market and has a huge portion of his retirement in gold.1 dollar invested in gold in 1980 would be worth 3 to 4 dollars today and 1 dollar invested in the S and P 500 with all dividends reinvested in 1980 would be worth 170 dollars so these people who are putting all their retirement in gold are losing out on lots of growth.I like to say that gold and silver are not investments but rather is insurance.
Gold just keeps pace with inflation so they are getting twice the risk of the stock market with 2 to 3 percent returns compared to 10 percent returns in the stock market.Also some of these people have their bulllion stored elsewhere and there have been cases where they wind up with no gold/silver and money either.Also there is danger in having it at your house because it could get stolen.Also one thing that does not get taken into consideration is that owning gold could be made illegal again by the feds like FDR did in the 30's so the government could give them a choice of handing over all their gold or going to jail for a long time and getting a felony on your record.
02 Sep 2024, 10:00 am
