Bank in my country is offering 20% APY interest rate
State bank increased the rate by 300 basis point as a result now, in my part of the world Bank has increased the interest rate to 20%. This is exactly the APR offered by HBD investment. What does it means? In simple words if you submitt $1000 amount at the end of year you will receive $1200. Great isn't it? High interest rate has raised the debate that either it is a good move to invest in Bank.
My straight answer is no. Although the banks are offering high interest rates, but this high interest rate badly affected the industrial growth. High interest already have forced many small industries to shut down. High interest rate has detorirated already deteroriated economy. High inflation has made living more and more difficult.
In almost last one year our currency observed 60% dip as compared with Dollar. Such big dip reveals that it is not a good idea to invest in bank as it is decreasing your worth almost 40% down, despite giving you 20% APR. Who will want to bear such big loss. Not at all. This situation demanded to invest money in metals like gold and Silver. Gold has almost increased more than 60% of its worth in last one year. Investment of gold is pretty save. Unlike currency, there is little chance of depreciation in price. Gold and silver is equally recognizable worldwide like currency. In fact gold and silver is equivalent to modern currency. In old days we trade through gold and silver. Good time to invest in metals. It will help to make your investment pretty safe during global uncertainity. What is your opinion my friends?
This is it for my today post. Wish you all a very happy, healthy and prosperous life ahead. Have a nice time.
I am strongly agree with you, the best investment is to invest in gold or silver because since I've grown up I've always seen their prices go up. It is the only investment in which the chances of loss are very low but of course the profit is less. But as we know more risk more profit and less risk less profit.
Agree with you, currency losses value when inflation is out of control and going high and high.
I think I can guess your country, I think you can guess mine based on inflation. The largest in Europe. Was expected, as the total value of banknotes in circulation increased by 2.5 times in 10 years.
I don't have enough money for precious metals, so I'm left with dollars and crypto. (even if the dollar also produces at least 5-6% inflation.)
It says a lot that banks are breaking records in buying gold, so soon it won't be an option for ordinary people either.
In my part of the world. Investment in USD is also pretty safe as USD almost raised more than 60% in last one year
similar here - however, it is not like this all the time-, but last year it was first up by 40%, as today, it is down from the top by 20%...
I think Gold and Silver are the best investment. There's always a seller and buyer !
You are right. Gold and Silver is the best investment when there is global economic crisis and uncertanity .
Better to invest in Gold and BTC in this current era. To me, these are the best investing strategies to become prosper later. I keep eyes on GOLD over silver.
In my opinion BTC is pretty risky considering the global economic crisis. However, it is a good idea for long term investment.
Gold merchants across the world must be smiling to the bank right now .
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I see a high interest rate by a fiat bank is not a very good thing this happens when inflation is very high in a country. This means things are getting expensive very fast.
Hope things improve in your country.
Everyone gets food and inflation is brought down.
Take care my friend.