Just Bought My First Bullion - How Did I Do?

Welcome to you and your wife,
You did fine!! Yes, maybe you should have bought in years ago but our reality is today. You definitely didn't get ripped off at all. Relax and enjoy!!!

 

Log in or Sign up to hide this ad.

Been there...

Back in the 70's, I was a young Marine in Beaufort, SC. I used our tax refund to buy 5 Krugerrands at about $178 each.

My wife made me sell them back to the local dealer at about $5 profit each. About a year later, gold was up to over $400.

(the details are vague...)

Moral of the story?

Buy them. Hold them. They'll grow in value...

 

Congrats on your purchase...Although if I had that kind of dough, and I was going the investment route, I think I would have just bought them in plain ole' government packaging

 

Gold is a loooooooooooooooooooooooooooooooong term investment.
You would have to sell them for apx. $1450-$1475 on Ebay to break even at this time.

 

It depends on your definition of long. About 6 or 7 years ago it took no particular skill or insight to purchase 1 ounce gold bullion for $375 to $475. They are very easy to sell for a substantial profit.

 

You paid a fair price for NGC MS70 gold buffalos.
Congratulations!!

 

Joe Smith:

You need to look at Golds cycle over the past 5-7 years...if you think Gold gold will not retract, then indeed you are a fool.
I did not say that it would go back to 1933 prices by any means...if you bought it like I did in a low range, then when the economy settles back down so will the metals. We are not on a Gold Standard anymore.

The economy is in recession and gold does good in these times and may continue to do so for the short term...pity the fools who buy at high and even higher prices still. The stop loss I am talking about for the coins is simply set a low point threshold..when you hit it, sell it off to prevent additional losses if you have no tolerance for risk!
I am not talking about a "stock" stop loss order


Clowdsweeper:

It will never ever again reach that point, you know that.

When the dust settles from these economic times I see gold back in the 600-700 range...I got in and then I got out.

Good luck you guy's..

RickieB

 

We are not following history now. Instead we are creating history!

No matter you admit it or not, dollar starts losing its world currency position. There are also no major gold sellers now. All European central banks selling gold last decade stops selling now. I will agree gold will retract if there are some major gold sellers. Hopefully it won't US government. Otherwise that means US economy is really really bad...

 

From what I read, it seems that the current cost of finding and bringing a new gold deposit to market is in the $800 to $900 range per ounce, depending on the grade and usual stuff that goes on in mining. It seems unlikely that gold will settle at a price below the cost of production. That's probably the current floor. In the meantime, gold is in a bull market and bull markets can move higher and last longer than anybody imagines at the start. You are correct that someday the price will drop - a lot - but I don't think we are there yet.

 

I agree as well never understood grading bullion but like you say some will disagree just not me.