Should you invest in gold or silver? When is the right time to sell gold? When is the right time to buy gold?
These questions are not easy to answer. The gold value compared to the US dollar fluctuates, but has been an upward trend for the past century due to steady inflation. Gold should be seen as a long term secure savings account, not an investment. It is much better than keeping cash, because it has been used as a currency from the beginning of recorded history. Paper money, on the other hand, is much more prone to fail or lose value.
Gold and silver are good components of a diversified portfolio, whether you are rich or poor. They are easy to liquidate if you need fast cash.
With the government spending spiraling out of control, there is always the possibility of the US dollar losing value. After all, it is not tied to gold, or anything else.
Should you wait to sell your gold? Maybe. Unless you need to use the money. It may go up in a year, it may also go down. Unless you plan to keep it for several years, you might as well sell it.
Will the gold value continue to rise compared to the dollar? No one knows. There is the possibility of a deflation rather than an inflation. In a deflation, the dollar would become more valuable compared to gold. However, with global demand for gold increasing, and a track record of inflation in the US, you are probably best off hanging on to it.
We try to be unbiased and honest with you. We are in the industry because we believe gold and silver are valuable commodities. Stop by and ask us if you would like advice specific to your situation.
It’s your call!