How should I go about with this money management scenario?

Due to the current economy, I want to invest in some gold, seeing how they're only going to go up right now. As many of you already know, it's about a thousand dollars per ounce. However, I have more than that in credit card debt (my only debt). Paying off that debt isn't going to be a problem; probably take me two months max. I've been taught that it's better to pay off credit card debt first due to their high interest rates than invest in something. But again, gold prices is growing faster than a teenager going through puberty.

So what do you think? Would it be better to buy gold now before it goes up any higher? Does the gain (gold) outweigh the loss (credit card interest)?

Everyone seems to have the right idea. The simple answer is to definitely pay off your credit card debit, for the good reasons that have already be posted.

The more important issue is that you must realize that gold, or any other commodity for that matter, is extremely volatile. That is, they go up and down equally fast. From what you wrote, it seems that you got the idea that gold will keep going up because it has been going up. That reasoning is unsound and very dangerous. Past performance of any investment do not predict future performance. If it did, then every one will be rich.

Commodities such as gold certainly have their proper place as part of a comprehensive investment strategy. However, the key word here is investment, not speculation. If you want to take a position based on your view of future gold prices, I wish you the best of luck. Just be ware that you are speculating in that case, not investing.

Do you want to be rich??? Read my lips>>>>>

GET OUT OF DEBT!!!!!
STAY OUT OF DEBT!!!!

And gold has lost 10% this week,,,,things don't go up forever

GET OUT OF DEBT
STAY OUT OF DEBT

Then start an investment plan

Pay off your debt first. But do not invest in commodities now . The market is slipping fast. To know more about investing in gold or other type of investment check out
Are Commodities set to crash!
http://www.stockinvest.in/category/commo...

My advise is for you to pay off your credit card debt ASAP.

This is why:

1. the gain on gold is uncertain whereas the interest on your credit card is a sure thing.
2. your interest rate on your credit card can be a whopping 36% per annum (take your monthly rate and multiply by 12). I doubt gold will appreciate by that amount in a year.
3. just because you don't invest in gold now, doesn't mean that you can't get in on it later. I mean, you don't think that gold prices will plummet in 2 months, do you? Get in 2 months from now with no debt and in good financial shape.

NEVER get into debt in order to get in on an investment!

Pay off the credit cards first. Would you borrow money at 18% (average credit card interest rate) to invest at 7% (or whatever is the current growth rate for gold)?

If you are looking at long-term investing, gold is not the way to go because it gains only around the rate of inflation. Good growth-stock mutual funds with a 10 or 20-year history will average a 12% return over 10 years - the average growth rate of the stock exchange over the last 100 years given any 10-year period, including recessions and the great depression. See Dave Ramsey dot com.