How do I maximize my wealth in years to come, avoiding the US dollar, utilizing only precious metals?
2007-02-26 11:26:24 · 9 answers · asked by Wizdumb 2 in Business & Finance ➔ Investing
There is no tangilble backing to American currency, just the faith and credit of the US government.
You won't be able to max your wealth on precious metals.
2007-02-26 11:30:10 · answer #1 · answered by joe s 6 · 0⤊ 1⤋
Gold, Silver or any other metal have NO BACKING at all. They trade in thier own Pit open out cry juat like a stock, option or commodity future would with a Bid and an Ask Price. Also keep in mind that metals have pit locations in the USA and London. There are number if ways to purchase metals. You can purchase the Futures Metalsat the New York Mercantile Exchange, Buy spot gold at the Libor (London exchange) Buy spot metals on AMEX, Over the counter etc. Here is site I hope you find helpful. http://www.goldstockcenter.com/tma.htm
Best wishes.
2007-02-26 12:25:43 · answer #2 · answered by Thomas Z 2 · 0⤊ 0⤋
Precious metals are historically a bad investment. The price tends to remain stable over a long period of time. In the past few years gold and silver have seen a surge in price. However, this means it would be an even worse time to invest as the market is overpriced. If you buy precious metals now, be prepared to lose half the investment in a year or two.
2007-02-26 11:35:28 · answer #3 · answered by rosekm 3 · 0⤊ 0⤋
The whole point (ultimately) of precious metals is that they do NOTHING to "maximize" wealth, they are a hedge. A gallon of milk will cost you they same weight in silver today as it did ten or twenty years ago...
2007-03-06 09:16:05 · answer #4 · answered by Anonymous · 0⤊ 0⤋
no paper money does not depend on precious metal..
Just the reserve law...
Fort Knox has 3 trillion dollars in gold in reserve but that does not back our money supply alone.
Our military hardware alone exceeds that... just to point out value..
The Hunt brothers tried that deal back in the late 1970"s and lost a billion dollars...
The precious metals can jump up for a year or two or three and dive for ten.......
Good luck...few have made it..
2007-02-26 11:49:19 · answer #5 · answered by cork 7 · 0⤊ 0⤋
USD is just a worthless piece of paper.
It's not backed by gold or silver or anything.
If you want to buy precious metals then open a brokerage account at Zecco and invest in the ETFs IAU and SLV.
2007-02-26 13:10:23 · answer #6 · answered by Anonymous · 0⤊ 1⤋
Buy Euros.
2007-02-26 11:33:38 · answer #7 · answered by poorcocoboiboi 6 · 0⤊ 0⤋
to maximize your wealth sue someone for something idiotic, or extort someone... or that's about it.
2007-02-26 12:32:57 · answer #8 · answered by Modus Operandi 6 · 0⤊ 0⤋
No they are not.
2007-02-26 11:34:02 · answer #9 · answered by Anonymous · 0⤊ 0⤋