12 Comments

  1. Wow this is awesome. I never new about gold savings account. No let me ask you, if I save using a gold savings account would my money also be save from a global recession given that it is backed by gold? And how liquid are these accounts?

    • Hi Chris and thanks for your comment.

      Your right that you would be safe from a global recession with gold, that’s one of the big reason why people invest in gold. Have a look at my top 3 reasons for investing in gold where you will see and learn some more about it.

      Gold has been around for 5000 years and has been money in the world for around 2800 years. It has seen empires fall, wars, natural disasters and everything else that you can think of in human history and it has always kept it’s value and it’s purchasing power.

      It is the safest investment there is and that’s why gold is called a safe haven.

      These accounts are very liquid. You can sell your gold back to Karatbars if you like directly and get cash for your gold. Or you can easily sell them online because of their unique security features it’s very safe to buy and sell Karatbars gold.

      Marcus

  2. Now I’m clear about the difference of a normal savings account and gold savings account. But then again the trouble is, apart from gold savings account offered by banks, it is hard to verify that independent firm offering such savings did actually purchase any physical gold on our behalf. Is there any way to do that?

    • Thanks for the comment Kenny.

      Yes I agree that it can be hard to verify that the gold is always there from companies like this. As I talked about in the post that was my biggest concerns. Here are the things the helped me understand that Karatbars really do save in physical gold.

      1) The storage facility is independent from Karatbars and it gets audited by another third party auditing firm every year where you can read their report.
      2) You can personally go down to the vault in Germany and visit it and see your own safety box. There is videos of people doing this.
      3) Karatbars is recommended by Bun der Sparer which is a recommendation that would not allow a company to say one thing and not doing it.

      Marcus

  3. Interesting idea to save into gold and I can see the benefits especially in the UK at the moment with the volatility of the markets which has made gold prices rise.
    I am though appalling at saving money – I’ve worked for myself for 20 years and I still can’t save. No idea why. I do though buy property when I can but I might have to look at gold too.

    • Hi Evie and thanks for the comment.

      Yes right now you have a lot of volatility in the market around the world and especially in the UK. I don’t think it will get much better. The crisis we had 2008 was the end game of fiat currency. But with bailouts and 0% interest rates the central planners kept the financial system going for a bit longer but without fixing any of the problems.

      We had a debt crisis. The problem was that our banks and countries had too much debt and operated to risky. How did they solve the problem in 2008? Created more debt and make even riskier bets.

      We will have a systemic failure again of our banking and financial system. With gold you can protect yourself.

      Buying properties is not a bad idea because you actually buy something with intrinsic value. A house is a house even after a financial crisis. I would suggest that you learn to pay yourself first. Every time you get some money from a paycheck you take some of it and transfer it into gold as your savings.

      Don’t try to save at the end of the month. The mentality of “I will save what ever I have left after the month” never works. Pay yourself first as soon as you see your paycheck and you’ll see that after just 1-2 months you wont even realize that your saving money anymore but in a few years you will thank yourself for it.

      Marcus

  4. That’s a very scary way to look at things Marcus. All my money in my savings account isn’t really just money – Its just a bunch of 0s and 1s on a server. If only one of those bits change then I could lose half my savings! All of a sudden investing in gold sounds a lot more safe 🙂

    • Thanks for the comment Matt.

      Your right. There is so many different things that could happen to your “money” when they are just stored in 1’s and 0’s. The server can crash (even though they have a lot of backup). But another thing is that the bank now have your money.

      Like you say in Cyprus not too long ago there was a bank bail-in. Because their banks went under they basically locked down the banks so nobody could take any money out for a few weeks. After that everybody lost around 80% of their money they had in the bank. The bank simply just took it to save their shareholders.

      These laws have been passed all around the western world. Last financial crisis in 2008 went the bank were going down they needed a bail-out by the government (the taxpayers). This time the taxpayers are broke and can’t possible bail out these big banks. Therefore they have passed these bail-in laws saying that if there is a systemic error again like 2008. They can just take your money from your savings accounts.

      Now why would you give someone your money to store them on a computer without getting paid for it and take that HUGE risk? To me that is not smart.

      The banks WILL fail again like 2008. It’s not a matter of if, it’s just a matter of when. Please people, don’t have you hard earned saved money in the banking system when it collapses again.

      Marcus

  5. Sounds interesting. Is their a minimum amount you need to keep in the account? When you make a withdraw do you cash in so much of the gold? this is great information. More people need to hear about this.

    • Hi Larry, thanks for the comment.

      The minimum that you can do for the savings account is 50 euro a month (around 56 USD). Other than that there is no restriction. You could have one gram in your account if you like.

      When you want to withdraw some gold you have two options:

      1) Either send the physical gold back to you. This is how I do it. I save a gram of gold a week in the savings account and once every 6 months I take physical delivery of the gold. To ship the gold internationally is right now $21 which means that shipping is around $1 a gram for me. Can’t be cheaper than that. This can be done by just clicking a button in your online portal for your savings account.

      2) You can sell the gold back to Karatbars and get cash for it instantly. You will sell the gold at a spot price rate for the day. This is a good thing as well. Because say that your dishwasher breaks down and you just have to liquidate your gold position. Then you can easily do this. Also this is done through your online portal for your savings account.

      Please share the knowledge because like you say – mor people need to know that this exists.

      Marcus

  6. This is great information Marcus! I have often wondered about a better way to invest in gold, a way where I would actually have the solid gold stored away and not, as you say, as 1s and 0s. Having the physical gold is a great safety net to have in these uncertain times.

    I am definitely going to have to look into this some more and see how I can get started doing a little at a time. Gold definitely is a great investment because there isn’t much of it left to find in the good ole earth. Most has been mined already, and those that have it are hoarding it.

    • Thanks for the comment Robert.

      Your absolutely right. Having physical gold instead of 1’s and 0’s is the way to go, especially in uncertain times. Gold has gone up around 26% this year so far and has outperformed almost every asset on the planet. The safest investment is also the most profitable.

      Please let me know if you want any more information about investing in gold. I think the best way to get started would be to start a free gold savings account with Karatbars. That way you can start with as little as $50/month and start saving in physical gold.

      There will soon come a time where it’s almost impossible to get your hands on gold. You have seen the physical demand skyrocket in the last few years. Pictures of people lining up a few blocks away from the store in Asia is a weekly sight. The US mint has had to stop selling gold and silver because they reached their quota like 7 days into a month.

      Get your hands on some before it’s to late.

      Marcus

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