Deposits-in the bank or in gold? - page 9.

KingsDen

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Quote from: Joshapat on May 12, 2023, 05:23:36 AM

Until now I have never bought gold in large quantities, this is because I prefer other types of investment, for example stocks or property, in my opinion gold investment must be supported by good security, people deposit gold in banks with fees that can reach 1% per year and in my opinion is the wrong thing, it's better to buy a special safe to store gold.

Different people has different method of investments in order to fight against inflation. But personally, I'm not a fan of buying gold. I have never even bought gold, because I do not believe it to be an absolute hedge against inflation. I rather go with Bitcoin. Bitcoin investment is something that I can control and be able to sell whenever the market is going against me very easily. Apart from Bitcoin Investments, real estate is another aspects of diversification. However, this does not mean that gold is not among the best to fight inflation. But I am not a fan of buying it, unless I want to have it as a jewelry, which is not among my plans for now.

molsewid

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Quote from: koleusdat on May 09, 2023, 08:06:13 AM

How to save savings in inflation, there are many deposits provided by the bank, but banks often go bankrupt, does it make sense to buy gold? How is gold bought in a bank and interest is issued on it?

Right now, instead of keeping my money in banks I rather put it in Binance or any trusted wallet but I scatter it I mean I will not put big amount of money I just 1 wallet, I will just make sure that these wallet has multiple factor authentication that cannot be hack so easily. You can also try to put something in earn program of binance so that your money will grow little by little if you want.

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Quote from: koleusdat on May 09, 2023, 08:06:13 AM

How to save savings in inflation, there are many deposits provided by the bank, but banks often go bankrupt, does it make sense to buy gold? How is gold bought in a bank and interest is issued on it?

If you want to buy gold, it would make more sense if you get it physically and keep it in a safe place yourself. Papers issued on reserves of gold are prone to scams or corruption by the issuing entity, they could emit more paper than gold in their reserves.

Self custody is the key word, that is why I like Bitcoin and cryptocurrency in general.

Also, if you ever want to adquiere gold, please do it from highly reputable vendors. It is not a secret there are scammers who sell tungsten bars painted golden. Tongue

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Quote from: Joshapat on May 12, 2023, 05:23:36 AM

Until now I have never bought gold in large quantities, this is because I prefer other types of investment, for example stocks or property, in my opinion gold investment must be supported by good security, people deposit gold in banks with fees that can reach 1% per year and in my opinion is the wrong thing, it's better to buy a special safe to store gold.

you are right. I also said that before that it is best to store gold in a safe or in a locker instead of depositing them in bank. that's much more secure and convenient as well because you could be able to take your gold anytime you want.. in banks there are many long procedures for that.

Quote from: AnonBitCoiner on May 12, 2023, 12:34:22 PM

A person cannot saved all amount of money with him due to robbery but he can save by investing that money in some business but for that business experience is necessary. Buying gold is the only way that doesn't require any experience and you will not face too much losses but instead you will enhances your money year by year.

Gold also have the risk of robbery bro. you can't say buying gold is 100% safe. there will always be the tension of getting robbed.

AnonBitCoiner

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inflation become higher sometimes due to the harsh situations of countries so in that situations saving your money in bank is full of hazards so its important to avoid losing money by removing your money from bank. So I think that whenever a person want to save his money he should select gold which cannot go completely down in value.

A person cannot saved all amount of money with him due to robbery but he can save by investing that money in some business but for that business experience is necessary. Buying gold is the only way that doesn't require any experience and you will not face too much losses but instead you will enhances your money year by year.

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Quote from: koleusdat on May 09, 2023, 08:06:13 AM

How to save savings in inflation, there are many deposits provided by the bank, but banks often go bankrupt, does it make sense to buy gold? How is gold bought in a bank and interest is issued on it?

Deposits in banks or gold? Try it on gold instead of depositing it in a bank.
Making deposits at a bank has certain rules that must be complied with by customers.
For me, it's better if we stay away from so-called banks and buying gold can be an alternative investment.

Why not invest in Bitcoin to protect your savings.
Investing in Bitcon is not complicated or foolproof. Moreover, at this time the price of Bitcoin is experiencing a decline in price.
By investing in Bitcoin, we only need to properly secure the seed phrase or private key as access to the wallet where we store the assets.
In terms of returns, Bitcoin is bigger than gold.

We only suggest. The decision rests with the OP himself.

Joshapat

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Until now I have never bought gold in large quantities, this is because I prefer other types of investment, for example stocks or property, in my opinion gold investment must be supported by good security, people deposit gold in banks with fees that can reach 1% per year and in my opinion is the wrong thing, it's better to buy a special safe to store gold.

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Quote from: lienfaye on May 12, 2023, 03:39:35 AM

Quote from: koleusdat on May 09, 2023, 08:06:13 AM

How to save savings in inflation, there are many deposits provided by the bank, but banks often go bankrupt, does it make sense to buy gold? How is gold bought in a bank and interest is issued on it?

I'll go for gold rather than saving my money in banks. Because gold is a good investment, the price is consistently increasing, though the progress is not that fast and it can take months or years. On the other side, yes there's a risk if you save in bank and the common is, the possibility to go bankrupt during inflation. But you don't have to completely get rid of saving in banks. We still need it since it is accessible especially for emergencies hence it would be wise to still have an account. However, take a precaution of not putting a huge money.

Anyway aside from gold, you can invest in Bitcoin (as others have said already) because diversifying is better since it can minimize the risk and can improve your profit.

Gold is the good option as long as you can get it physically and hold it. For example it is quite hard to buy gold for, for example, $1234, you can only buy it form of ingots for specific price. But it is easy to deposit any amount to bank account.

A lot of people choose gold, but keep it in their banks safety boxes, or buy $1234 worth of gold in bank online, which is imo similar to buying virtual gold, virtual asset. That isnt much different from keeping fiat money in bank. Because in case bank goes bankrupt, it wont issue you $1234 worth gold ingot or give access to safety box, as it will be under arrest or investigation and wait for commands from liquidator.

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Quote from: koleusdat on May 09, 2023, 08:06:13 AM

How to save savings in inflation, there are many deposits provided by the bank, but banks often go bankrupt, does it make sense to buy gold? How is gold bought in a bank and interest is issued on it?

I'll go for gold rather than saving my money in banks. Because gold is a good investment, the price is consistently increasing, though the progress is not that fast and it can take months or years. On the other side, yes there's a risk if you save in bank and the common is, the possibility to go bankrupt during inflation. But you don't have to completely get rid of saving in banks. We still need it since it is accessible especially for emergencies hence it would be wise to still have an account. However, take a precaution of not putting a huge money.

Anyway aside from gold, you can invest in Bitcoin (as others have said already) because diversifying is better since it can minimize the risk and can improve your profit.

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Quote from: Darker45 on May 12, 2023, 12:32:19 AM

Well, if you can completely do away with a savings account in a bank, avoid it. But where would you keep your money for emergencies and other future expenses? You can have a fault in your house, yeah, but can you access it from everywhere like when you are traveling?

I'm saying it's almost impossible to totally detach ourselves from banks. Even those who are against the banks probably have bank accounts. So it's probably best to maintain one but keep only a small amount.

If you are saving a huge amount, however, that is not intended for something else, you better save in gold or real estate or Bitcoin.

This is well said, the two options for us is more like different things to invest or save money. Bank are more like you could easily withdraw money as long as you have the savings in your bank account. While for golds if you won't need the money for long then it would be the best to put your money in investment with gold since we all know that gold in a long time would worth a lot. Banks give people convenience to have money everywhere since you can still withdraw in other ATM machine even though there's a fee. And golds give people a good investment since there's a lack of supply of gold that will increase it's value in years.

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For now, it seems that keeping savings in a bank is no longer a way to have a lot of money because the interest from the bank is less than the fees that must be paid each month. Unless you have a lot of money, it may make sense to earn more interest than the costs. So the money you want to save in the bank should be used to buy gold because it can provide more benefits in the future than keeping money in the bank. And besides gold, we are now familiar with bitcoin, which can also be used to store the value of the money we have where the return that Bitcoin can give can be greater than our profit compared to saving gold. But people who are used to saving gold will still choose gold over bitcoin because they can see the physicality of the gold. It's just a matter of individual choice and it's okay if they prefer to store gold over bitcoin.

Darker45

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Well, if you can completely do away with a savings account in a bank, avoid it. But where would you keep your money for emergencies and other future expenses? You can have a fault in your house, yeah, but can you access it from everywhere like when you are traveling?

I'm saying it's almost impossible to totally detach ourselves from banks. Even those who are against the banks probably have bank accounts. So it's probably best to maintain one but keep only a small amount.

If you are saving a huge amount, however, that is not intended for something else, you better save in gold or real estate or Bitcoin.

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Quote from: yohananaomi on May 11, 2023, 07:30:36 PM

Quote from: diminizio on May 11, 2023, 11:53:18 AM

I prefer gold. more money to inflation even if it's kept long enough, well I know deposits may possibly invest some profitable assets in the future but I think in the long term nothing compares to gold. gold will replace currency to be the real medium of exchange in the future that is what gold does best in the future.

I agree, if you compare gold and deposits, it is clear that gold is more productive and can be used as an attractive investment for a long time, because deposits only rely on bank interest, which is not greater than savings interest. but if it's even better, of course for the long term, it's willing to invest in bitcoin, because for the same long period of time, bitcoin will be more profitable than gold.
once again deposits are not bad but for profit not too good than gold.

And gold can change at any time and the price can go up and vice versa, and the price of gold is influenced by supply and demand for gold, international trade relations. But in the long term, gold can provide very profitable returns, depending on your patience to wait.

and while Deposit, will guarantee constant returns to users depending on the amount you deposit and remain neutral to any external factors.

and when gold is compared to bitcoin, clearly bitcoin is much better, especially in the long term.

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Quote from: Moeda on May 11, 2023, 09:06:36 AM

If we invest in gold, it would be nice to buy gold that has physical properties and we keep it for ourselves. Don't think about interest if the savings are in gold. Saving money in a bank will make the value of the currency decrease, giving no benefit to the depositor except for small amounts. If inflation occurs, gold will not have an impact on the inflation.

Gold and fiat money are clearly different and certainly in this case physical gold is much better than fiat money that can be stored in a bank. The reason is very logical, that Gold has the potential to increase while fiat money has no potential that can be expected except to only store temporary value. In terms of saving, actually I would also recommend both of them to everyone who wants to save because fiat money will not hurt to save either.

But if you want to choose one of these two options, of course Gold is a very good choice over fiat money because Gold can be used as a future investment asset as well as being a store of value. So this is of course more favored by Gold so that it would not be wrong for everyone to continue to see Gold as an investment asset in physical form apart from their investment assets in cryptocurrencies which do not have a physical form.

STT

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Gold is long term money, you cannot really pay bills in gold. Also the variance of gold price can be upto 50% decline in a year which would make it appear worse the inflation losses to currency at times. Gold might well be superior to cash but also its been held back in its liquidity by the modern system of exchange based around government promissory notes.
Ideally for gold buying you say to yourself do I want to hold and retain this gold for a decade, till 2033 am I comfortable holding this elemental asset regardless of price. The price can go and do whatever, you will keep that same amount of gold which is its strength and drawback in that it has no yield. So the very hard questions is required to limit your aspirations, dont over speculate dont hold a hard asset when you require liquidity in your ability to pay cash bills regularly.
The basic rule of course is never more then 10% of your total wealth should be gold, its risky otherwise which is the opposite of why to buy gold hence dont. You must continue to have cash and gold for now.

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Quote from: diminizio on May 11, 2023, 11:53:18 AM

I prefer gold. more money to inflation even if it's kept long enough, well I know deposits may possibly invest some profitable assets in the future but I think in the long term nothing compares to gold. gold will replace currency to be the real medium of exchange in the future that is what gold does best in the future.

I agree, if you compare gold and deposits, it is clear that gold is more productive and can be used as an attractive investment for a long time, because deposits only rely on bank interest, which is not greater than savings interest. but if it's even better, of course for the long term, it's willing to invest in bitcoin, because for the same long period of time, bitcoin will be more profitable than gold.
once again deposits are not bad but for profit not too good than gold.

Uruhara

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Buying gold and storing it is much safer and can also avoid inflation. than we deposit our money in the bank. Even the rate of profit interest offered by the bank is sometimes still unable to cover the decline in value that occurs due to inflation. So personally I prefer saving in the form of physical gold. And I avoid platforms that provide gold digitally. because i think if it's a digital asset then bitcoin is much better. gold becomes valuable because it has a physical element that we can hold. but if we don't hold the gold physically then it's a big risk.

Dr.Bitcoin_Strange

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Well, you are right about your judgment against the banks; it doesn't really make sense to keep money in the bank any more because if you keep your money in the bank, it will get devalued due to inflation. Really, I don't think banks do sell gold. In my country, there's nothing like that. Just that, you can also save up your gold in the bank safe if you want. But I don't even advise that one store their gold in the bank either.

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I prefer gold. more money to inflation even if it's kept long enough, well I know deposits may possibly invest some profitable assets in the future but I think in the long term nothing compares to gold. gold will replace currency to be the real medium of exchange in the future that is what gold does best in the future.

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Quote from: Moeda on May 11, 2023, 09:06:36 AM

Quote from: koleusdat on May 09, 2023, 08:06:13 AM

How to save savings in inflation, there are many deposits provided by the bank, but banks often go bankrupt, does it make sense to buy gold? How is gold bought in a bank and interest is issued on it?

If we invest in gold, it would be nice to buy gold that has physical properties and we keep it for ourselves. Don't think about interest if the savings are in gold. Saving money in a bank will make the value of the currency decrease, giving no benefit to the depositor except for small amounts. If inflation occurs, gold will not have an impact on the inflation.

I will give priority to any investment than keeping money in the bank. And as such there is a wide difference between gold and bank deposits. If you keep money in the bank, the bank charges are levied, moreover, due to different types of duties and inflation, it is better to buy gold than the bank deposit. It is possible to maintain the value of money by holding it in gold regardless of inflation. But if one expects to get more money from the investment then one can decide to invest in Bitcoin. It is a reliable investment for long term.

Topic: Deposits-in the bank or in gold? - page 9. (Read 1386 times)