Professional Equipment for Serious Detectorists!


Miner's News

When friends and relatives start asking you about gold and silver investing, it's a good sign...

August 24, 2019

by Scott Harn
Editor/Publisher, ICMJs Prospecting and Mining Journal

There have been three times during my 20-year tenure as editor/publisher that friends and relatives started asking questions about investing in precious metals, and gold, in particular. The first time was in late 2008 when gold surpassed $800 per ounce, but the questions faded within a month or two.

The second time began in late 2010 and continued through mid-2013. Gold miners and investors will recall that gold peaked at nearly $1,900 per troy ounce in September, 2011. When gold reached $1,700 per troy ounce in August 2011, I was being inundated with questions from friends and acquaintances at church, and even some of my daughter's teachers at school. It was a difficult situation. I'm not a financial planner or investment advisor—not even close—and I made that very clear. I had to start off each conversation with a firm warning so these folks did not risk funds they were unwilling to lose, though I'm fairly sure a few of them disregarded this warning. I made it clear I had no idea where the price of gold was headed, explained the difference between buying physical gold versus ETFs and mining stocks, and asked them to do some further research. I'm certain some of these folks bought gold just prior to the peak and I have no idea if they are still holding those investments.

Fast-forward to August 2019. It's starting again. In the past month, I've had two acquaintances and one teacher ask me about investing in gold. They are all looking for a firm answer on where the gold price is headed. That's something I cannot provide. I let them know how I invest in physical gold and what stocks I currently hold in my 401k retirement fund, and I pointed out that I purchased these investments prior to and during the recent upswing. I stressed the importance of consulting with a professional investment advisor. I also took advantage of the opportunity to explain how they can get out with their families and find a little gold themselves.

It's a good sign when the general public starts looking into gold and precious metals investments, as this lends support to higher prices, and it leads to more interest in prospecting for gold, including sales of entry-level equipment. If folks start asking you about gold investing, be sure to caution them appropriately and encourage them to get involved in gold prospecting. You might even invite them along with you on your next gold prospecting adventure. It's a prime opportunity to get the general public involved, create the next generation of gold prospectors, increase support for keeping our public lands open, and turn some of the uneducated into allies. Let's take advantage of the opportunity.



View an online sample issue


Precious Metals Recovery plants and equipment
Fighting to keep public lands open to the public
Specializing in the processing of precious metal ores!
Watch prospecting shows on your computer right now
Free Online Sample Issue