Other than this forum, do you recommend gold in conversation to anyone?
jmski52
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I have strong ideas about the economics that relate to precious metals. I have no problem expressing my opinions and analyses here, I guess because it's a forum that invites discussion and analysis. Until just recently I've never made recommendations to buy precious metals to any family, close friends, professional associates or any other of my regular contacts.
The last thing I want to do is to come off like a Goldline commercial. Normally, I don't consider such a topic to be anyone else's business, and likewise I tend to think that someone else's money is none of my business. But recently, my older brother asked me what I thought about precious metals investing and I made a case for precious metals - how, why, when & where.
The other thing is that I'm responsible for my own finances and if I nudge someone over the line and into a precious metal investment, it may not be right for them or the timing might be off - causing a disruption in their own plans & finances. I recognize that if someone isn't buying precious metals, one of the reasons is because they aren't familiar with the territory and they might be influenced by years of classical conditioning by the finance industry, which always tends to give gold backhanded compliments like, "sure - invest up to 5% in gold to diversify the risk in your portfolio" or some tripe like that.
How much do you talk to other people about precious metals investing to the important people around you, and do you have any similar concerns like the concerns I listed above?
The last thing I want to do is to come off like a Goldline commercial. Normally, I don't consider such a topic to be anyone else's business, and likewise I tend to think that someone else's money is none of my business. But recently, my older brother asked me what I thought about precious metals investing and I made a case for precious metals - how, why, when & where.
The other thing is that I'm responsible for my own finances and if I nudge someone over the line and into a precious metal investment, it may not be right for them or the timing might be off - causing a disruption in their own plans & finances. I recognize that if someone isn't buying precious metals, one of the reasons is because they aren't familiar with the territory and they might be influenced by years of classical conditioning by the finance industry, which always tends to give gold backhanded compliments like, "sure - invest up to 5% in gold to diversify the risk in your portfolio" or some tripe like that.
How much do you talk to other people about precious metals investing to the important people around you, and do you have any similar concerns like the concerns I listed above?
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I knew it would happen.
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I remember three years ago I played golf with three retired financial investors.
Boy was that a hoot!
Trying to tell them that 'gold will easily break $1000 in the near future' was a laugh. They wouldn't buy it (no pun intended).
They just couldn't see that printing money would result in this.
I could understand it if they were 30 years old, but these guys were in their professional prime in the 1970's and should have known better.
Oh well, let them buy their lehman brothers and US bonds.
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
I never bring it up, people typically don't want advice.
Ironically about a month ago my Niece and her Husband (both doctors) had a Certified Financial
Planner suggest that they buy some Gold Coins.
Knowing that I have been keen on real money for quite some time, they did ask me what kind of gold coins to buy.
I find it interesting that because I didn't have a CFP diploma, I must not know what I'm talking about.
It's been my experience that traditional financial people are clueless. It must be from watching the talking heads on CNBC.
Anyway, I directed them to a large Bullion dealer in their neighborhood in Springfield Ill. They had 1oz Buffs at close to melt.
They purchase a substantial quantity that they could have had for far less if only their CFP had brought them to the party earlier.
I guess it's better to come later to the party than to not arrive at all.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Two reasons:
I want my choices to remain private, and...
If they are interested, they either already have some PM or they will find their way their own way, as Frank said.
Anything else seems like boasting or berating.
Miles
<< <i>Other than this forum, do you recommend gold in conversation to anyone?
>>
Daily.
Knowledge is the enemy of fear
<< <i>On occasion. I find most people are not mentally prepared to save any money at all. My conversations with them are generally very short.
This is SO true! When asked by friends or family about gold/silver bullion, I give advice such as setting aside "x" amount from each paycheck to buy metals consistantly. There is always some retort about how they couldnt possibly afford that much! I'd like to say, "maybe if you could skip the 3rd vacation of the year......", but common sense kicks in and I drop the convo immediately. You have stackers, and you have money blowers. Im a stacker.
I've seen good intentioned unsolicited investment advise gone south ruin friendships, work relationships and split families.
JMHO.
I do get asked a lot. MJ
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
Mostly folks ignore it all. Perhaps because I tend to give a total view and never say something is a sure thing (because it never is). The gold commercials that are all over radio have hammered home the selling points to those that are going to listen. Now after 10 straight up years for gold, and a quadrupling in price from the lows, it isn't exactly getting in on the ground floor.
If a person gives bad advice to friends or family it may be remembered for a long time and cause hard feelings. Even if it only drops 10% which can happen at any time, the advice taker often has that romantic notion they could have timed that dip exactly. If a person gives good advice, usually nothing will be remembered. So for the most part, just keep quiet, it is "no win." The exceptions might be when someone else brings up the subject, or talks about their other investments, or says something like "I have a CD coming due, and the interest rates are so low, I don't know what I will do." That might be an opening, but again, there is no point in pounding the table for gold after 10 straight up years.