Buy Gold with Debt?

in #gold7 years ago

MR-Bean.jpg
Mr. Bean uses his line of credit to purchase 10 oz. of gold at $1,300, total $13,000. Six months later, the Big reset happens and the price of gold increases to $5,000 per oz. Mr. Bean sells 3 oz. to pay off his $13,000 debt + interest and keeps 7 oz for his retirement.
Does it make sense? What do you think?

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Absolutely not! It is never, NEVER, wise to gamble with money you don't have. Sadly, I learned this lesson the hard way many years ago with margin trading. It hurt, a lot.

Thank you for your opinion. Much appreciated.

You're welcome. Please learn from my mistake.

It's all OK when you know the currency is printed out of thin air and you can pay the interest on your LOC for couple of the years in future. Careful you are betting against the big buddies. LOL. Good Post my friend.

Thank you, my logic is telling me the same thing. Why don't I play their game, right? Thank you, sir.

It is only OK in my opinion to use credit if you have the money sitting somewhere else, but not to use money you do not have. I love the cryptos and the metals. I spent several hours putting this mining stock investigation together. I hope you find it of value. I think silver and gold may be ready to start moving up again very soon. This is an article I wrote breaking down some mining companies, the better of which should outperform the metals themselves by a wide margin. https://steemit.com/money/@motowngold/i-think-gold-and-silver-are-staging-for-a-run-here-are-some-mining-stock-ideas

I was thinking the same thing but it seems to risky

The worst case scenario, you can sell the PHYSICAL GOLD back and pay back the debt.

very good post my friend. keep it up. hopefully it will happen soon.

Just hang on to your metals...