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Thanks for your insights. Any thoughts on where to safely park IRA money that has to stay with an institution ?
As a new member,( this is my first post) I have to say, I am not very sophisticated on gold trading and can become upset about the effect of precious metal market gyrations on my savings. I have always viewed gold as a scarce commodity that doubles as a physical money, one that cannot be debased and floats freely against fiat currencies. Intellectually, I expect it to trade up and down against those currencies and am not sure how important that is on a day to day basis. Over the long term, I believe gold will hold its value. However, emotionally, I have trouble keeping that perspective and I have to remind myself why I have purchased gold.
I became interested in gold not so as an investment, but as a form of insurance, one that provides some security against a monetary/economic collapse. For me, the premium on that catastrophe insurance (holding gold) is the loss of earnings that I would otherwise earn on stocks or bonds ( thanks ZIRP !). I have to remind myself that the insurance premium is a pure expense and that when I buy insurance, I am actually hoping the catastrophe will never materialize. When I remind myself of my goal, I am less worried about current market changes. That said I am increasingly worried that we might all collect on our gold insurance given the total irresponsibility of our leadership.
Two areas where I would very much appreciate suggestions from other members are the best sources for purchasing physical gold and silver and the safest places to hold cash , e.g., a savings account, an insured money market account, a CD, a short term Treasury ETF or ???