All eyes are on gold prices these days. One prices are up and the next day they are down. As with all things traded on the stock market, you never really know what will happen tomorrow. Actually, this is true with all things in life. So what if you invest in gold and suddenly the prices drop dramatically?
You could lose your life’s savings. Not really. Even if gold prices do drop, they are sure to rise again. It could take a few years, or maybe even a decade, but sure as the sun will rise, gold prices will too.
You can’t be this certain about your IRA. The company that manages the funds in your gold ira could skip town with your future income. You have no guarantees that any of the money will be there when you are ready to retire. That is why many people are choosing to convert their IRA into gold. Gold will always be there when you need it.
Some people like to convert their IRA into gold futures. Those are like gold shares and are traded on the stock market. You don’t actually own the physical gold, even though your stock broker will tell you it is the same as owning physical gold. But, if you own gold, wouldn’t you rather have the gold in your possession than off in some obscure location?
Your stock broker will tell you it is much safer to store your gold “over there” than to keep it at home. But, where is “over there?” You might be given the location. You might even be allowed to visit your gold once in a while. If you believe that then you might believe the tooth fairy will visit your six year old child tonight, too.
Do you believe the tooth fairy will visit? Then why would you believe this “imaginary” gold really exists? Of course, there are some things that we can’t see, but we believe in them anyway. This is called faith. So, how much faith do you have in your stock broker? Did you see the movie “Assault on Wall Street”? If not, see the movie before you put too much faith in any stock broker.
Stock brokers do their jobs, and they try to do the best thing for their clients.