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>The most reliable way to keep your savings safe seems to be to store it as gold. This is nonsense. FDIC insurance is adequate for most people and you can open
by diogenescynic 4y ago
>The most reliable way to keep your savings safe seems to be to store it as gold.
This is nonsense. FDIC insurance is adequate for most people and you can open multiple bank accounts without any issues to expand your coverage limit. Stop giving people bad advice.
And everything you said about banks is an issue with gold. Most people don't have a vault at home they are storing gold in... they are simply buying a certificate that says they own gold in someone else's vault--which has all the same issues as banks and exchanges.
- codedokode 4y agoAs I understand, the interest rates for deposits in developed countries are too low to compensate inflation.
- diogenescynic 4y agoGold is not even keeping track with the S&P500 vs inflation. You're also conflating a savings/checking account with investing. Totally different issues. This is why people really shouldn't listen to random users for financial advice.
- codedokode 4y ago> You're also conflating a savings/checking account with investing As I understand, investing is a risk because you can lose everything and nobody will compensate you. Investments are not covered by FDIC insurance or similar systems in other countries. But as for gold, your gold will stay with you unless the government decides to confiscate it.
- diogenescynic 4y ago>But as for gold, your gold will stay with you unless the government decides to confiscate it. You're infinitely more likely to get robbed than the bank is to fail or the S&P500 is to go to zero. Also, as I said most people invest in gold indirectly and they hold a certificate that says they hold X amount of gold. Idiots store gold at their property and the exchange rates for buying/selling make this by far one of the worst strategies.