Gold is on fire. With so much uncertainty in the economy, the stock market started going down in July 2011 and gold started going up. That is why so many people consider gold an insurance policy: when things get bad, gold usually goes up.
During gold's rapid accent in the last 10 years it might have been hard to get on board if you were looking for a good entry point. Only 2008 saw any length of time where the price went down for an extended period. All other years it has seed a steady rise up.
Somewhere in the middle of 2011 I told myself that if gold went down below $1500 I would buy some. It might have gone down briefly below that amount but if it did, I missed it. And now the current price of gold sits at almost $1,900 with $2,000 surely not far behind.
What should I do now? I'm sure I'm not the only one asking that question. Can gold continue to keep going up making all time highs? And if I were to buy gold, how should I buy it: gold coins, gold bars, gold ETF's, gold mining stocks?
I used to think that gold mining stocks mirrored gold's movement but I was very wrong. I have some shares of Kirnross Gold Co. (KGC) but that has gone nowhere for the last 5 years. I won't be buying any more gold mining stocks as I have proven to myself that they are not the same as buying gold.
I have a few gold coins but I don't want to deal with the added hassle so that means this time I will give a gold ETF a try. That is, when the cost of gold goes back down a bit to at least under $1,700. Which it probably won't do. Which will mean that I miss out again.
IF YOU WAIT, YOU MAY BE TOO LATE
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