Is silver a good investment?
December 21, 2007 6:40 AM Subscribe
With the US economy apparently getting ready to go 'foom!', a friend of mine has become very excited about silver as an investment.
posted by anonymous to Work & Money (31 answers total) 2 users marked this as a favorite
So apparently the great thing with silver is, it's seriously undervalued at the moment, due to ages of behind-the-scenes manipulation to keep the price artifically low, which is now getting ready to 'splode and send the price from $14/oz to $100/oz or more, and furthermore even if it doesn't, it's certainly not going to get any cheaper, so the worst possible scenario is breaking even. Plus the fact that it's hard value and not "fiat currency", and it's necessary to get the hell away from US dollars and the stock market, because everything's going to burst into flames any day now, he says. He's in the process of converting his savings into a safe-deposit box full of silver. Though I sound flippant, he's actually very convincing... but he's self-educated in these issues, so I'm hoping AskMeta has some more experienced economists.
At the moment, I have no retirement fund, but I do have about $23 grand in a mutual fund. I'd been thinking about cashing out some of it to start an IRA anyway, but given the current economic situation, what should I do? Should I get my money out of the fund and away from the stock market? And do what with it? IRA? Is an IRA safe if the US goes mega-inflation? Is that likely to happen? Should I buy a pantload of silver bullion and bury it in the yard? I don't know anything about any of this grown-up crap. Help!
(posting anonymous for reasons of not discussing my finances with strangers)