"Investment" is a Risky and Dangerous Word
The truth is both are risky.
That is why investment is so dangerous.
I read someone that said investment is a seeking of return while speculation is a gamble.
Most folks invest, that is why more money is lost through investments. A government bond that returns four or five percent is an investment to these advisors. The fact that money growth is far greater than that, meaning inflation is greater than your yield, is not mentioned. That safe bond under those conditions loses value every year.
The investment safety of a guaranteed loss.
Most investments are like that, they seem safe, but the undisclosed and hidden risks are stealing your money. Not to mention the fees or commissions your advisor takes for leading you to the investment.
No one cares more about your money than you do - unless they plan to steal it.
Learn to speculate, not invest.
Speculation requires that you do some research and take some risks.
Life is risk!
Don't let someone talk you into something "guaranteed" so as to avoid risk. The risk will still be there, only well hidden. It is better to enter a speculation where the risks are mostly well known and then manage your risk and money well.
Since life is risk, don't hide from risk, manage risk.
Here is a write up by Richard Appel on the 321Gold web site. While I'm not endorsing his current views, Richard does make solid general points along the lines we are discussing. (I do have some gold speculations, but I will make my own entry and exit decisions, do the same for yourself.)
The key is that all investment is speculation. Salesmen and professors at college are playing word games that effect your money to say otherwise.
Inflation, caused by an overabundance of money created by the government, is just one of many risks your wealth faces.
Learn to guard your money.