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Originally Posted by vickyx
But Of The Top Of The Market Cost I Purchased Gold Giving My All Savings On 10th Of May In India, Mumbai.... And Today I M Loosing six Thousand Rupees per Fifty Thousand.
Now Friends Now What Shall I Do ??? Tell Me ...
1) Shall I Sell It Off On Todays Rate ....
Or
2) Wait For Using This Gold At Optimum In War Like Situation.....
3) Can Gold Go Up High In Compair To Current Intrest Rate In Normal Banks ...in Near Future
Please Help Me Out.....friends
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Hi Vikyx,
My response to your questions are below:
1)
As long as you bought physical gold with savings and you didn't borrow money to buy the gold or you didn't buy the gold on margin, the you should definitely not sell your gold.
2) Gold will become money again in the future when all fiat currencies collapse (paper money). That is when you will find your gold to be most valuable and when you will be glad you put all your savings into gold now. This time is coming sooner than many people think. Of course if you have expenses that you need to pay you can always sell some of your gold along the way.
3) In the near term, say next few months the gold price could decline, perhaps as far as $550US but it won't last for long and the gold price will be back on its way to $800 in no time. So I would say you will do better than having your money in the bank, even in the near term.