Investing in precious metals
Terry,
We are in our late 70s, and while not wealthy, we are financially comfortable. With all the advertising being done lately regarding investments in gold and silver, would you recommend investing in gold and silver? If so, what should we watch out for before investing?
Thank you!
Terry Says
There’s a LOT to watch out for — starting with scams!
First, you should decide how much (what percent) of your portfolio you want to invest.
If the money is inside an IRA, you’d be best off investing in a gold mining company mutual fund. You’ll find them at Vanguard and Fidelity — low cost, diversified, paying dividends.
If you just want to buy individual stocks, either inside an IRA or though your brokerage account, I would suggest the one stock — and ETF — that tracks the price of gold instantly. The symbol is GLD. It trades on teh New York Stock Exchange.
And if you want to purchase bullion coins, please do so through a reputable dealer. Find one at the website of the American Numismatic Association — www.Money.org.
Then be sure to take delivery of your coins, and store them in a bank safe deposit box.
