Regular readers of this blog will be well aware that my dad is a keen collector of coins, gold and gold coins. He has boxes of the things all packed away gathering dust in the back of a cupboard in the front room.
I probably shouldn’t have mentioned that on this blog, if anyone is reading this then they now know exactly where my dad hides his valuable gold coin collection. If it goes missing then he can blame me for blabbing. Just pretend I never mentioned that it is on the right as you walk into the front room…
My dad started buying gold from friends and family a couple of years ago, about the same time when the adverts were flooding our televisions, he would sit in his chair in his dressing gown with a cigar hanging out of his mouth as he told people “I’ll make you an offer that you won’t find anywhere else”.
This is why I call him Don Larry.
All joking aside, I think there might be something in this gold investing malarkey.
The first time I heard of the term gold IRA I incorrectly thought that it was an elite paramilitary organisation that was only open to very rich socialist nationalists. What it actually stands for though is Individual Retirement Account.
With the financial climate becoming quite unstable all over the world, we are seeing more and more people turning to other sources to invest in for their retirement. War, inflation & bank failures all have a detrimental effect on money and stocks, but it doesn’t seem to affect gold as badly.
I am assuming that this concept has floated over from America where they now have gold 401k accounts available.
Even if there is a small gold IRA transfer charge I still think this is something worth considering.