Creating Wealth: Create One Own Gold Standard 101

Despite the roller coaster ups and downs of various economic indicators, one thing remains constant for approximately the last 3,000 years: the value of gold. No one disputes its value; however, there is a perpetual debate as to what is the better way to buy, invest or hold this precious yellow metal. Below, we will cover one common sense approach that may help not only the experienced investor in gold but the first time investor as well.

Since it is doubtful that anyone of us will actually own a gold mining operation, although it is not outside of the impossible, our article will limit itself to the best way to buy gold and the best way to buy silver, being coin collectibles vs bullion.

Gold Standard Background

Since having abandoned the gold standard in 1971 during the administration of President Richard M. Nixon, many notable individuals have advocated a return to a gold standard. In fact, more than 12 states are slowly but surely moving ahead in the direction of a gold standard including: Colorado, Indiana, Iowa, Georgia, Missouri, Montana, New Hampshire, Oklahoma, South Carolina, Tennessee, Texas, Vermont and Washington.

Furthermore, Steve Forbes, ex-Federal Reserve Chairman Alan Greenspan and former presidential candidates among many others are saying that individual citizens can set up their own gold standard with some simple to implement steps–right now!

Where Does One Begin? Changing One’s Mind

First of all, one must recognize that the only impediment to creating wealth is in one’s thinking process. For too long, many have blindly been led by what the powers that be recommended as choice ways to prosper financially.

Secondly, creating a mindset that says a person alone is responsible for creating their own wealth is crucially important. Fortunately, today the Internet has facilitated gold investment and is showing many the best way to buy gold and the best way to buy silver through the means of web sites dedicated to investments.

Lastly, one must realize that there is no scarcity of gold or silver. A manipulated market is what makes these and other commodities scarce on planet earth.

Devising A Strategy

While undergoing a paradigm shift of sorts about being able to do this, the next step that follows is basically starting a short-term plan. Getting an education and researching everything on investing in gold, especially about coin collectibles vs bullion, is vitally important.

Setting aside a part of one’s paper money, make an emergency gold-based and silver-based reserve fund by investing in “junk” silver coins, 1 ounce silver eagles and 1 ounce gold coins or small gold bullion ingots. This short-term reserve emergency fund will theoretically carry an individual for about six months.

Advancing to the next step, medium-range gold goal setting, set up a secured, gold deposit account in Switzerland. Of course, one also has the option of taking physical possession of one’s precious yellow investment.

Finally, being mindful that gold is kept best as a long-term investment, develop long-term plans for both purchasing and storing precious metals. Experts usually agree on keeping up to 25 percent of one’s financial portfolio backed with gold-backed entities; however, monitoring daily gold fluctuations is a must.

Not Enough To Create A Gold Standard? Think Again

Today, thanks to the Internet platform, many beginner investors are securing their future by going online to buy precious metals. For as little as $25.00 a month, a small investor can either purchase gold/silver ingots or gold/silver coin collectibles.

Once the full purchase price is reached, the commodities can either be sent to an investor’s home address or stored in Swiss gold depositories. If nothing else, buying gold jewelry has always proven a good investment as well.

While gold is not a panacea for all of this planet’s economic and social ills, one’s self-confidence grows when a person learns to manage their own financial future.