In his article, he lists the reasons why investments in commodities, such as gold and silver, are not good investments. Several times in his article, Ramsey states that gold would not be useful in an economic crisis. He insists that people would not barter in gold and silver. There wasn't enough gold to cover all the paper money if foreign central banks requested to exchange their dollars for gold.
Like any other type of investment, the best way to prepare for changes in precious metal prices is not to abandon them, but to study trends and consult with an expert. During this same period, gold achieved an annual return of 35%, making it one of the best hedge investments against inflation for most of the decade. Perhaps to give historical proof, Ramsey continues to discuss how Nixon ended the government's practice of exchanging gold for dollars. If you think about the global obsession with gold, it's easy to get carried away by adventure and mystery, such as searching for gold during the gold rush, pirate ships and treasure maps.
If you want to invest even more in retirement, you can consult with a quality investment professional with the heart of a teacher to see if you are eligible for a clandestine Roth IRA. There aren't many times when you can take a bag of gold chains to the gas station and exchange it for a gas tank. It suggests that since you can't take your dollars to the government and get gold in return, that gold won't help you in times of inflation. While the higher value of silver and especially gold may make it difficult to carry out small transactions with it, the same is true of other things that people use as a medium of exchange for bartering.
I don't want it to sound like a broken record, but like gold and silver, platinum isn't the investment you're looking for. When it seems like the world is going crazy and the news cycle is filled with a constant stream of bad news, you may be tempted to make foolish financial decisions, such as opting for a “better bartering system” based on commodities such as gold or silver. And some people still do, but instead of burying gold ingots in their backyard, they buy stocks or mutual funds that invest in gold. One thing that makes gold and silver a logical option for use in purchasing goods and services in a crisis is that they have the right balance between abundance and scarcity.