Do you wish you have inherited gold or silver?

Hi Send, most currencies in the world are not backed by gold nor the gold reserve of a country. Once the United States took itself off the gold, the currencies of many countries are not backed by gold too. I know the value of the currency in my country is backed by the foreign reserve, and a limited gold reserve. The sovereign funds take care of the investment. That is why the currency is very strong, and very stable. Silver is actually an industrial commodity, used to make solar panels, cell phones, computers and other electrical and electronics products.

Hi Send, I am not from the United States. Right now the currency in US is devaluing, and that is why people buy gold and silver. The remarkable thing about gold and silver is that there is only one price in the world. Everyone follows the same price, no matter where they live. That is why keeping gold is better than keeping currency, since you can buy and sell everywhere you want. I think you can buy a few silver coins even if you are still a student. It does not cost much, just a few dollars, and you can get one or two silver coins. Just make sure that the coins have a purity of 99.99%.

i stand corrected. are you from the USA? perhaps, different countries adopt different policies? am not too sure though. however, it is interesting to note your comment for my own education. thanks.

Hi Isadora, I think if your grandparents had left some gold and silver to your family, all of you will feel a sense of financial security. Gold and silver are currencies of crisis. When a country experiences warfare, and people are dying to get out of the country, they would not bring along the paper money. They will bring along gold and silver. nearly every country has a gold reserve, and the banks in the country buy and keep gold too. They want to have something solid in case the currencies lose value. When you grow up, and earn money, you can buy gold bars and silver bars for your parents. Do not buy those gold jewelries. These are not pure gold.

thank you for your responce and your advice,maybe when i earn money and i can afford to buy some expensive things,i will follow your advice.thank you .

Hi KrauseHome, not everything will get more valuable as time past. It is only recently that gold and silver become so expensive. If only our parents had been wise enough to buy silver coins when the silver price was just four dollars, now they would have made near ten times the profit. Gold price used to go below a thousand dollars too. If they had bought gold bars when gold was very cheap, the value would double. We still have many years to witness the boom and bust of the economy, including the boom and bust of gold and silver.

Hi Canellita, I doubt the coins hidden under the bed incurred tax burden, since nobody knows about it. That is the beauty of having physical assets that are so small yet so valuable, especially when the currency is getting more and more worthless. Paper assets such as stocks and bonds are recorded, and you cannot deny the existence. However, a few old coins in the attic is definitely debatable. I doubt anyone will report the gold coins and incur tax.

Hi Iriene88, I think your husband would not be happy if you had asked for an extremely heavy gold jewelry as wedding gift. I like the design of the gold coin sold by Maybank. Just too bad that I stay in Singapore. If I buy the gold coin in Malaysia, and bring it over, I still have to pay the 7% goods and services tax. Not worth the effort. If you have the money, I think it is a good idea to buy gold coin, or open a gold saving account.

Hi Changjiangzhibin, I think if you have the money now, and you buy gold for your parents and grandparents, they will be very happy and proud. The gold price is really very high now. Even a one-gram gold bar costs a lot of money. Buying silver is better, even though the price increase is actually more than gold price. Too bad your grandparents never dig out any hidden chest of gold and silver from the ground.

Hi Chiyosan, many Chinese families have the culture of passing gold jewelries down to the descendants. I think that is a good practice. Most of us would not dream of selling the heirloom. However, owning it means that we have financial security, and the feelings that our ancestors, especially deceased grandparents still care for us.

Hi DuoMaxwell, I have a few silver bars bought on the last week of last year. i regretted not buying more when the price of silver dropped at the end of January this year. if I had taken the step to buy more, I would have made 30% profit even it is unrealized profit. I think hedging against the decline of currency devaluing is very important.

Hi Tessa9, I am not looking forward to selling the inherited gold jewelries too. It is too painful to part with it. My grandmother did give us gold bracelets or something. I will keep it for the rest of my life. If ever I sell it, it will be for a very strong reason, definitely not to liquidate it and then spend the money on a holiday. I only regret not buying gold bars and silver bars when the price was low, as in two or three years ago.

Hi Joewilly, I also wish that I have used my savings to buy silver or gold when the price is much lower. The problem is that we do not know how useful gold and silver is, until the price is too high for us. I think we still have many chances in the future. The gold and silver price will definitely come down again. That is the time when we should buy, and hold it for another round of price increase.