Dave Ramsey says: Let’s be clear – keep away from gold as investment option

Sandy asks if it's worth transferring her IRA to gold. Dave Ramsey advises to stop that line of thinking right there, gold isn't a great investment for that purpose.

BY DAVE RAMSEY

Dec 20, 2016, 12:34 PM

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Dear Dave,

What are your thoughts on transferring an IRA over to gold?

— Sandy

Dear Sandy,

Honestly, I think that’s about the dumbest thing a person could do. I hope I wasn’t unclear.

Gold is going down like a rock right now as people start to believe in the economy and the economic direction of this country again.

The stock market indicates this is true, and in the process, gold becomes worth less and less. Gold is essentially a fear-based product, and the less fear that’s out there, the cheaper gold is.

That’s not how you want to fund your IRA, Sandy.

You want to fund it with something that has a long track record based on growth due to the performance of the companies involved — not someone’s greed or fear.

Gold is a horrible investment and I don’t own any except for one nice watch and a pair of cufflinks. That’s it!

— Dave