Posted:
#1
Hey Guys
I'm 24 and I have about $70000 saved for a down payment that I intend to use in about 12 to 18 months. It was in a GIC up until last week and as the interest rates have dropped I'm now looking for a different option to invest in. I have never bought any stocks or funds but I do read about the markets alot and it seems that everyone feels that gold will be hitting $1000 by years end. If I could take a potential 10% gain with only a little risk I would jump in a heart beat. So my questions are:
1. Would you do this in my position even though I'm clearly late to the gold party?
2. Given the shortterm correction that gold has been going through, when would be the best time to buy in?
3. As I would like to stay away from the volatility of mining stocks, is Streettracks the way to go?
Obviously I will be sitting down with someone to go through this but I'm really interested in your opinions as I would not like to look like a fool in front of a broker the first time I meet with them. Any other recommendations would be great keeping in mind that risk aversion is the most important factor.
Thanks
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