Does this make any sense?????

[Myerz]

I know this is the wrong thread......but over in the Economics & Sound money" forum there's only 6 people and they don't want to talk to me.

Here's the question.....

I want to buy some Gold......


I have about $10,000 in an IRA. I am willing to cash that out and pay the penalties.I'm not sure how much I think it's about 10%. And, then take it and buy all the gold I can.
With the dollar crashing, and Gold going up...it seems like the wise thing to do.


Then, this idea...which sounds crazier......

I take a credit card with 4.9% fixed interst rate w/ a $10,000 limit and buy $10K in gold.
I see the price of gold going up way over 4.9%.....enough to pay the interest plus some.......and if the economy tanks even more then my Gold is worth that much more.
I realize I have to pay the $10K back on the credit card, but at least I will be able to buy Gold at today's prices and not when it $1500-$2000 Oz.

What do you think??? :confused::confused:

[Pete Kay]

That sounds like a good plan. The only problem is paying back what you owe. You would have to cash in the gold to pay back the money you borrowed plus you would be paying the interest. Your whole plan is centered on the assumption of a dollar crash, whichmay be happening soon. The question is: How confident are you that the dollar will crash?

[Myerz]

I'm pretty sure the dollar is on it's way out.....and really is out of our ( USA's) hands. The world is tired of the dollar, when countries start talking about how they want their commodities valued in Euros or something else than the dollar...you know you are in trouble. Not to mention what the FED is doing to us......even again today!