Dear Mary: If you had $500 for investing, what would you do with the money? I'm considering buying gold. Or should I do something else? — Karen, email
Dear Karen: As I write, $500 would buy about one-third of an ounce of gold (the price changes daily). Practically speaking, gold is not available in such a small amount, which puts it out of your reach at this time. A more practical solution for you (and what I would do if I were you) may be to purchase silver, instead. At this time, silver is about $33 per ounce.
At a local coin shop in your city, your $500 would buy about 15 1-ounce silver coins (U.S. silver dollars, which are .999 pure silver) at spot, plus the coin shop owner mark-up for profit.
Silver, like gold, has proven that it retains its value. And if you need the money later, you can easily sell (or cash in) silver dollars or rounds to a local coin shop.
Let me explain: If you would have purchased one U.S. silver dollar in 1963, it would have cost you one dollar bill. Today, you need $33 to buy that very same silver dollar. It's not that the silver became more valuable, it's that the dollar bills have lost their value. We have every reason to believe that silver will continue to increase in cost, which of course is just another way of saying that the U.S. dollar will continue to slide.
You can also purchase .9999 pure silver bullion by the ounce online. I can recommend Great Panther Silver Mine as reputable (www.Great Panther.com). Or go to www.US Mint.com to learn more. But hurry. While the price of silver is holding steady, experts believe it will continue to climb in 2012.
Dear Mary: I wear a lot of dark clothing. Woolite makes a detergent for dark fabrics, but it's two to three times the cost of regular detergent. Is there a less expensive detergent to use that won't fade dark clothing? — Dee, New Jersey
Dear Dee: Soap and water are the enemy of dark-colored washable fabrics. They leach out the color and send it down the drain. You don't need pricey products to combat this problem. Simply wash your darks in cool water with the minimum amount of detergent, using the shortest wash cycle. Never allow darks to soak. Another trick is to add about half a cup of table salt to the wash cycle the first time you wash new dark-colored items. Experts tell us that salt "sets" the color. It's difficult to measure the results, but it can't hurt.
Do you have a question for Mary? Email her at mary@everydaycheapskate.com, or write to Everyday Cheapskate, P.O. Box 2135, Paramount, CA 90723.
