Gold & silver preserve one’s wealth during a financial crisis
There may not be any exact science behind knowing when to buy gold or silver, but investments in these precious metals are ultimately about preserving one’s wealth and protecting oneself against a financial crisis like the one triggered by Covid-19, says Lynette Zang.
In a recent podcast interview with Silver Bullion TV, the chief market analyst at ITM Trading said that the US Federal Reserve has been printing dollar to save the economy from being ravaged by the Covid-19 crisis, but “the more they do, the less will become the purchasing power” of the currency.
So, according to her, this is not the time to get swayed away by the rising stock markets, thanks to the intervention of the Fed, or falling real estate prices, but the right opportunity to start stocking up on gold and silver, which are something physical and universally accepted.
“If you have gold and silver that is outside of the system, then you get to retain your choices … if everything you do and everything you have is inside of the system (then) somebody else is choosing for you,” Zang said.
“Silver is about barterability and that’s what I would take to put gas in my car or go to the grocery store and gold is about wealth preservation and also about the ability to take advantage of opportunities”
“Silver as well as gold both of them are universally accepted, so that’s why it’s critical to have it and i would use the opportunity right now when things have eased up a little bit to go ahead and lay it and lay in your position if you haven’t done so or add to it,” she said.
Zang also believes that every currency has a lifecycle, but not precious metals like gold. “Over time, every fiat currency which is a government-backed currency, every single one has failed, but gold the real currency has withstood,” she said.
Asked if she had any favourite among the two metals, the market veteran said, “For me, silver is about barterability and that’s what I would take to put gas in my car or go to the grocery store and gold is about wealth preservation and also about the ability to take advantage of opportunities because you can hold a lot more wealth in a smaller package.
“So for example, you know i might need a room full of silver to buy a building, whereas i might just need one coin to buy that same building it’s much easier to transact. So, I can’t say that i have a preference,” she said.
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There may not be any exact science behind knowing when to buy #gold or #silver, but #investments in these precious metals are ultimately about preserving one's wealth and protecting oneself against a #financialcrisis, says @itmtrading_zang. #TheIndianSunhttps://t.co/7As4HTydwh
— The Indian Sun (@The_Indian_Sun) June 9, 2020
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