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Dave Says...IRA to Gold? Bad Idea

Dear Dave, What are your thoughts on transferring an IRA over to gold? Sandy Dear Sandy, Honestly, I think that’s about the dumbest thing a person could do. I hope I wasn’t unclear. Gold is …

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Dave Says...IRA to Gold? Bad Idea
From the archive. This report was published on this domain by the community newspaper that ran here before City Home. We keep it online because the record is worth keeping; prices, dates and contacts in it are historical.

Dear Dave,

What are your thoughts on transferring an IRA over to gold?

Sandy

Dear Sandy,

dave-ramseyHonestly, I think that’s about the dumbest thing a person could do. I hope I wasn’t unclear.

Gold is going down like a rock right now as people start to believe in the economy and the economic direction of this country again. The stock market indicates this is true, and in the process, gold becomes worth less and less. Gold is essentially a fear-based product, and the less fear that’s out there, the cheaper gold is.

That’s not how you want to fund your IRA, Sandy. You want to fund it with something that has a long track record based on growth due to the performance of the companies involved — not someone’s greed or fear. Gold is a horrible investment, and I don’t own any except for one nice watch and a pair of cufflinks. That’s it!

— Dave

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