The only reason he didn’t buy gold at that time was because it was already too expensive. Flash forward to 2010 and gold is selling for nearly $1400 an ounce and has been big all year.
If you have gold sitting around not being used, then it’s a great time to sell. Who knows how many years or decades until the next time that old ring is worth so much?
There are even house parties where companies price and may buy gold items bought by guests. Instead of leaving house parties with less money than you entered, it’s the opposite for a change. I’m thinking it’s time to go through the jewelry box for non-used items of value.
Although unable to predict the future, historic gold and silver prices have dropped as the dollar strengthens. I think prices will be dropping in 2011, especially in the second part of the year.
People have been buying gold to offset inflation but the best way to invest is not with bars and coins. Instead invest in a commodity-based mutual fund which includes not only gold but oil, grains, and other metals.
Also set a price point at which you’ll divest to keep you from hanging on too long. For example, maybe sell a percentage for every $500 price decrease.
Gold and silver have a place in your portfolio. Just make it’s part of a diversified investment strategy; not the whole plan. Has gold or silver been part of your financial strategy recently?