20K and dont know what to do....?

Question

i have $20,000 and i do not need it for another 12 to 14 months. don't want to let it sit in the bank and i do not want the stock market. i want something reliable. i have decided to buy physical gold/silver and sell it when the time is right. any thoughts or other suggestions of what i should do with the money? remember something reliable and safe.

thanks

and am 21 years old.

Answer 1

commodities have done well lately, which usually means YOU ARE TOO LATE to that game. If you really need that money to be there in a year from now,just realize you wont make a killing in anything,but you can make a good % on your safe money by using a FDIC insured high yeilding money market account. INGdirect.com is what I use, it pays 4.2% interest right now. Pretty good for 100% safe, insured by the federal gov. money.

Answer 2

I have to say that your head is DEFINITELY in the right place!! IF you don't want to risk the stock market, then GOLD AND SILVER are DEFINITELY good investments. I have read financial reports saying that GOLD could go as $2500 an ounce (POSSIBLY more). IF, however, you decide to invest in the stock market, here is something you may be interested in. One stock that really shines, without the high degree of volatility, is GLD. You are buying the gold in share form, and you actually own Physical Gold!! For each share you buy, you own 1/10th an ounce of gold. The value of the stock will vary according to the current price of gold. You can also buy Silver in this way. I believe the ticker symbol for it is SLV (or SIL).

Answer 3

The price of gold and silver go up and down just like stocks do. If you want safety, put it in a CD. Check at a couple banks, since rates can differ a lot among banks.

Answer 4

I agree with Jeff410. Precious metals, although "hot" at the moment, are very volatile investments. Consider a money market fund or a conservative asset-allocation mutual fund.

Answer 5

Bank, You dont have to let it sit...Go to ur bank an ask about CDs....You can by a 20,000.00 cd and let it sit for 2 years and and draw a couple thousand dollars in intrest...its safe and your making money....plus keeping all of ur 20 grand

Answer 6

Way too volatile and risky if you need that money that soon. Put in a CD.

Answer 7

u should buy a go-kart its for all ages and its safe not to much but it might be safer than a car or use it for normal stuff and dont go to work but dont do it too much because it may become a habit not to work.......