I'm curious as to what members think of the market right now. Is now a buying opportunity or a selling opportunity? While I personally think it is a buying opportunity, I find myself in a less than perfect situation where my wife and I are looking to buy a new house and I need more cash on hand and am currently selling.
Oh it's clearly time to buy. I was in my LCS the other day, and they had been completely cleaned out of all gold. Many sellers with large gold are pulling back inventory at this price to wait for a correction, or are simply refusing to lower prices.
Interesting. I have 15 coins that I was thinking about selling just because I need additional cash for the down payment. It should be easy to offload, I've already had offers on some.
Then it sounds like, for you, it's time to sell. Is gold likely to go up in the future? Yes, eventually. Down, too. Soon? Hard to say. Soon enough for you? Impossible to say. This is one of the problems with coins/PMs as an "investment" or "store of value". If you may need to cash out on someone else's schedule, you may need to cash out at a bad time. But I'd say that having a suitable house is a lot more useful than having some nice coins, and that would drive me toward selling the coins. You might end up kicking yourself for selling just before a big price increase, but at least you'll be able to do it indoors, where people won't point and laugh at you. Welcome to CoinTalk!
I'm buying, but sometimes you have to do what you have to do. Like back in '08, I had to sell a bunch to take advantage of a really sweet deal on a couple of lake lots. Turns out I made the right decision even though it cost me at the time. Good luck.
How about sitting chilly? I don’t find that volatile overall markets are a great time to do much of anything.
I'm always buying and selling. I am going to start a thread showing my buys and sells to show the forum for info purposes. What do you guys think? like this Date B/S Metal Quantity Price 10/23 BUY GOLD 1 Kilo $1220
I should say, "would be buying" if I had the money to do so. I just don't see prices going all that much lower again than current levels from this point forward.
Since you are the head of a gallery, it probably will be considered advertising, so I would not recommend it unless you wish to ask Peter about paying for it. Jim
I believe that regardless of what you do, you'll find critics, so probably best you enjoy your dealings privately. I personally dollar cost average, and believe that it is a "buy" market if you can locate "value". I'm buying what I believe is a value purchase of CACed better date classic Gold U.S. coinage. I've been locating ~1 coin/week, with 2 coins to be shipped this week. I'm finding that regardless of stated market pricing, "value" is becoming more scarce. JMHO
Thank you all for the comments and the feedback Thanks for the welcome! That's a really great point that I hadn't previously considered. I've always considered them to be a good investment but I didn't consider the fact that I might need more cash during a down time. Also, having a house, especially before winter is as of right now a top priority
A house or other real life things always need to be taken care of first. Personally, I have buying some double eagles around MS63 or so cheaply over melt. I have about 2/3rds of a roll nowadays, (I assume a roll would be 20 coins, is that right?). Silver has more upside IMHO but I have simply run out of room for silver.
Selling is always a matter of personal economics. Fortunately I haven't been put in that position. So for me anyways.... It is buying time. And at the current spot market, I rather feel like I am stealing the stuff.
I doubt you'll get a very good result from your poll, because most people who buy PMs do so to supplement traditional investments, and their plan is to keep those precious metals for an extended period of time. They are buying at the same pace regardless of how the market is doing in any particular year. Why are people unlikely to modify their purchasing: Precious metals carry a much larger cost to purchase than stocks or bonds, so there is a great incentive to hang on to them longer than you would paper investments that have lower premiums. Therefore, people are unlikely to buy and sell constantly, because it's too expensive to do so. It's also just a hunch, but I would imagine precious metals buyers are way more likely to experience the so-called "endowment effect" than are buyers of paper investment. This is the psychological flaw to attach more value to something you already own than the thing is actually worth. So gold and silver own is worth more to you than its actual value. Consequently, those who have given in to the endowment effect will be less likely to sell PMs. Having said all of that, my answer to your question is that it doesn't really matter what the PM market looks like, most PM buyers will not change their behavior. People who buy PMs do so for the long term. If they do that wisely, they will buy at almost the same rate no matter what the market looks like in any given short period of time. And they are unlikely to ever sell in the short term, because their PM acquisition is about slow and steady accumulation, not short term gain.