It’s that time of year when we all take a minute to look back at the year ending now and ponder what might have been. And a minute later, we look forward to our hopes and dreams for what might be. It’s time to consider New Year’s Resolutions.
Americans have a lot to think about financially. Our economy drives much of the rest of the world. Our approach to consuming goods and services is what has provided jobs, homes and education in much of the world. And yet our spending (and debt) habits are a sizable portion of what landed us this past year in the greatest financial crisis since the Great Depression. Our economy tanked.
To recover, we are told we will have to spend. But to prevent the same spiraling problem in a downward spin, we have to work our way out of debt and begin to save. How is it possible to do both? Like most people, I’ve been pondering this a lot for the past year.
For myself, I’ve come up with one singular answer: Gold.
The price has slowly backed away from the $1200 mark we saw in the last couple of months. Perhaps investors are feeling more confident in the American dollar and stashing less of it away in gold. But what it truly means is that it is now a better buy than it was only weeks ago. It’s a buying opportunity. Whether the current price ($1093.60 on Tuesday) is your price point, is up to you. But it is significantly down from where it was and from where it is predicted to go.
So let’s think about this. How can you spend money but at the same time save for the future? If you invest in gold, you have something that will hold its value. The intrinsic value of the metal is always there and available.
You can buy someone a gift of fine gold jewelry that remains with them always and may even be handed down to someone else with a sense of increased value. Or you can buy them a gift of investment gold. Either one will hold its value, although admittedly, the investment gold will be an easier mark to retrieve the value should it be necessary or desirable.
If we all save our money, our “stimulus” efforts will fall far short. If we spend our money, our future slides out our back pocket and into the street. If we spend our money and get value for our investment portfolio, whether we’re talking about actual investments or investments in those we love, then we may have the best of all possibilities.
And isn’t that our best resolve for 2010?
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Category: Gold Prices