Is Stocking up on Gold and Silver Smart
Is Stocking up on Gold and Silver Smart
There are so many precious metals in the world. But the most common metals are silver and gold. Though platinum is also a valuable metal, people use them occasionally.
There are so many precious metals in the world. But the most common metals are silver and gold. Though platinum is also a valuable metal, people use them occasionally.
From the past to the present, people are crazy about gold. In history, we see that the kings were fond of gold and other precious metals. The reason behind the thing is, gold is attractive, and it never loses its beauty and never mixes up with other metals. The same thing goes for silver. Both are high priced and attractive. Now the fact is, is it a good idea to stock up on gold and silver?
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Why is it a good Idea?
As I have mentioned above, gold is one of the most precious metal in the world, and it never mixes with other metals, so they stay like new for a long time. The price of the gold never decreases. You will also see most of the developed countries are stocking and buying gold to secure their economy. Some of the developed countries which are buying and stocking gold are United States, Italy, France, Russia. This is a clear indicator that they are stocking gold for the future condition of their economy. So, why not you? I often store gold in my awesome tiny house.
When you stock gold, this means that you have something valuable. When you face an economic collapse, you can use these precious metal as your game changer. Usually, when the economy collapses, the price of the gold increases. So, it can bring lots of money when needed. Another thing is, you can collect gold and keep at your home without any hassle. There is no chance of any damage to gold. When you see that the value of money is decreasing and you can’t buy anything at the current price, you can sell gold for a good amount of money. Banks and other financial organizations will also give you a loan based on the amount of gold or silver. The most important thing is, gold and silver don’t get damaged easily. They remain pure which is not possible in case of the other metals.
Though there are a lot of positive side of stocking gold, this is not a practical thing in some conditions. Here I am going to discuss the reasons when it is not a good idea to stocking gold.
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Why is it a Bad Idea?
Though you can sell gold at a good price when it is an economic collapse, there are also some other factors which you should keep in mind. Sometimes the price of gold also decreases. To guess the condition, you need the basic knowledge of economics. Also, the above things are possible when you are living in a developed city. But if you are in a rural area, there is no value of gold. You can’t buy foods with colors. On those situations, you need cash for your living cost. Also, there is less chance of exchanging the gold for cash when the economic condition is not in good condition.
So, the decision is yours what you want to do. Do that thing which you understand clearly and can bear the risks.