There are tons of articles and videos from economists and analysts about gold and silver that are making their rounds through precious metals companies’ marketing campaigns. It’s mostly a variation of an old message, only more outrageous than usual. This week alone, we’ve seen three emails and an article claiming gold prices will hit $5,000 next year and one video from a “respected” analyst claiming it will hit $10,000 by 2025.
Is it possible that precious metals, particularly gold and silver, will skyrocket? Of course. That’s always a possibility, especially in a tumultuous economy such as what we’ve experienced over the past three years. But even so, it does not behoove us to root for precious metals prices to skyrocket because that is normally accompanied by massive economic carnage in other areas.
You DON’T need “collectable” coins. Physical Gold and Silver bullion protects your wealth at home or in a retirement account. Contact Ira and learn why “collectable” coins aren’t worth their weight in gold.
As a best practice, we work with bullion because its value is based on weight and quality rather than intangibles. And we do so with the understanding that precious metals should be viewed as ways to store wealth, NOT as investments that will appreciate dramatically in the future. If prices go up, that’s good for those who own physical precious metals. If they stay steady or even dip a bit, that’s fine when we consider the status of other asset classes today.
What’s NOT a best practice is to jump into precious metals based on hype marketing. Doing so makes people vulnerable to “FOMO” — Fear Of Missing Out. It’s one thing to be prudent and back a self-directed IRA with physical precious metals or have them discreetly delivered to your door based on the desire to put your wealth or retirement on a financial higher ground. It’s another thing to be drawn in by salesmen who pretend to read the tea leaves that are telling them an outrageous target price like $5,000 or $10,000 per ounce of gold is coming.
They don’t really know. They can’t know.
Again, I’m not saying that gold and silver won’t double or even triple in value in the near future. I’m simply saying it’s not a good idea to base financial decisions on such predictions because nobody really knows. Four decades in the financial sector has taught me that these prognostications always pop up during economic downturns and they almost never pan out.
We craft the proper purchases based on the individual needs and goals of our customers. Moving retirement accounts or fulfilling cash purchases require an understanding of what bars or coins are best for achieving the customer’s goals. Unlike the vast majority in the precious metals industry, our affection toward bullion is based on what’s best for our customers, not what’s best for our bottom line. That’s the beauty of being a smaller firm. We don’t have huge celebrity contracts to pay or massive advertising budgets to fund.
Be prudent. Be thoughtful. Let us help you navigate these waters without the hype or high-pressure sales pitch. Reach out to Ira Bershatsky today.
Ira Bershatsky offers consultations to those who want to invest in precious metals. During these consultations, he will match your current financial situation with the best physical precious metal purchases whether you want to rollover your IRA or have coins discreetly shipped to your home. You will not talk to a telemarketer or sales rep. You will talk to a true expert in precious metals with decades of experience helping people protect and advance their wealth.
