Time to Buy Gold?

Holding Gold CoinI had a conversation with a friend recently in which he told me he was going to buy some gold as a result of the declining dollar and political unrest.  The chat went further down the path of needing something in the case of collapse of our economy and our currency.  While gold has performed well as an asset class (it’s not an investment) in the past, I cautioned that the time to buy gold was 10-15 years ago when nobody cared about it.  Since then it has been sensationalized in the news and would not be a smart buy.  The “smart money” has already sold out of their gold or has kept some and is looking to add fuel to the irrationality that the market is showing towards some metal that doesn’t really do anything other than sit there.

I have always maintained that it is important to be a good steward of your own personal economy, since that’s the one thing that you yourself can control.  This is why fundamentally, I have a problem with holding gold based on most reasons, including news sensationalism and irrational panic.  Gold does nothing for you.  At least nothing like what true investments such as learning a new skill, buying some real estate or company stock, going to college or trade school, or even taking a vacation.  Our county was not built into the beacon of free markets, and wealth creation based on holding some yellow rocks, but instead on the principles of self improvement, ingenuity, and productivity.

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