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Chapter 10. Real Estate and Other Invest... > Gold and Other Precious Resources

Gold and Other Precious Resources

Our monetary system stopped using gold as the standard for U.S. currency in 1976. When President Nixon severed the formal ties between gold and the value of the dollar, he made gold a commodity investment. You may still hear people tell you to buy gold as a hedge against inflation. My own personal belief is that real estate is a better hedge against inflation than gold, and it can produce income, which is something gold cannot do. Also, depending on the manner in which you buy gold or other precious resources, you can get taken to the cleaners by the salespeople offering these investments. The markups are very high, and unless you're an expert, you can't be certain of the quality if you're buying gold directly.

Gold can be purchased any number of ways, including as a gift of a lovely gold ring or necklace. While you're certain to be fondly remembered for your gift, I'd love to be a fly on the wall when you try to convince your spouse or significant other that it's time to sell the gold necklace for your retirement. However, you can also purchase gold in bullion form, gold coins, gold stocks, gold futures, or gold certificates.


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