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Investors looking to bolster their retirement portfolio may be considering bank CD’s (Certificate of Deposit) and wondering whether they are a better option than gold. In a thriving economy when bank interest rates are high, CD’s represent a sound investment, but it pays to know when to invest in CD’s and when to invest in gold.
Should you invest in Bank CD’s?
Bank CD’s are similar to traditional savings accounts. The only exception is your funds are held for an agreed length of time, typically between three months and five years. Sometimes a decade. The accounts are backed by the Federal Deposit Insurance Corp and are ideal for retirees that want your savings to continue working for you.
The benefits of a bank CD is there is little risk is involved, there are no monthly fees to pay and interest is accrued at current bank rates. CD’s can be useful for savers that do not need to access “locked in” funds during the agreed term. The down-shot is when the US economy goes through periods of slow growth and prolonged recession, CD’s do not mature.
Interest rates following the 2008 banking crisis were at all time lows. With the US economy swimming in trillions of dollars worth of debt, there is a strong chance the economy will collapse again. In the event of a credit crash, banks rates could feasibly fall into negative interest meaning you will have to pay the banks to store the money you have tied up with them. Therefore, CD’s only work in a bull economy.
Should you buy gold?
As an investment instrument, gold is considered a safe haven. Traders trust the yellow metal so much because it always increases in value over time. The main reason why gold is such a safe and reliable addition to a retirement portfolio is because the value always increases.
When the US dollar fails, investors turn to gold to hedge against paper-backed assets and inflation. Furthermore, gold has high liquidity because it is in high demand across a number of industries that rely on precious metals to build products.
Whilst gold-indexed CD’s are available, they are not a recommended investment when pitted against gold bullion or gold IRA’s. The terms of CD’s vary widely and rely on interest rates as well as the spot price of gold at the time the certificate is issued. The safest way to hold gold as an asset for your retirement portfolio is with a gold IRA.
Contact Gold IRA
Gold IRA provide professional financial advice and assistance to ensure you choose the right investment for your retirement portfolio. In order to get the most from your investment tools, investing at the right times is critical. Our experienced advisors will explain your best options in relation to your current circumstances.