Contemplating on picking up 2 more oz tomorrow on my visit to the LCS. Am I on the crazy bus all alone?
Your not crazy at all,don't think it'll go down anytime soon and this could be a wakeup call.Gold could be 2,500 by the end of the year,wouldn't surprise me.
I can't seem to make myself buy at these levels.... Though if I had a spare $4200.00 burning a hole min my pocket, that's the direction I would go too.
I usually try to pick up a few of my wants this time of year. Just sitting here watching the gold ticker....
What's crazy about buying something at about $2,160 that will probably see $3,000 before it sees $1,500 ? If I had more cash here, I'd be buying. I would not LOAD UP here -- that's different. But if one of my old Private Bank Clients came to me with $100,000 that he could "play with" aside from his investment portfolio, I would probably have him buy $20,000 in gold today and then sit a few days/weeks. Then I'd deploy another $20K and re-evaluate again for a few weeks. I'd look to get rid of it all no later than early-2025 if not sooner.
If you're worried about what the price of gold is going to be tomorrow, next week, or even next year...... then physical gold is probably not the market in which you should be shopping. When you take into account all of the premiums and costs associated with buying and storing physical gold, it makes very little sense as a short to mid-term investment vehicle (You're starting out 10-20% in the hole). The only place where it makes sense is for people that buy on a regular basis, dollar cost average their expenses, and hold onto their investments looooong-term. If you are buying gold with the intention of selling it for profit, then ETFs represent are far cheaper and more convenient way to do this. I can see how a dollar-cost average person would want to focus their buys within local minimums in spot price though. But, so far as whether its ever gonna be going up or down......... who knows!?
Excellent post. The nice thing about buying gold coins is you can look at them and learn their history...show them to friends and family...and enjoy them....which is certainly NOT the case with a gold ETF or futures contract or bar of gold. Gold is essentially in the same region it was 13 years ago, give or take a bit. It's basing...could do it a few more months....or even a few more years. You own gold NOW because if China moves on Taiwan, you won't have a chance to wait for a coin show to buy more. Ditto terrible inflation numbers. Another blowup in the EU with the Euro. Gold will be up a few hundred bucks in a day or two. Gold will spike up and everyone will be asking why they didn't do anything when it laid at about $2,000 or so give or take a few bucks for weeks...or months...or years.
Wars, the economy, inflation, etc, etc do of course affect the price of gold. But these days, in my opinion, the biggest influence on gold price is the public perception of crypto-currencies. Gold used to track things like inflation rates and economic trends pretty well, however, it seems to have become a bit disconnected in recent years. I think that is because crypto-currencies have largely displaced the role that gold used to play.... especially among younger people. I think that the lid should have been blowing off of gold for a long time, and Bitcoin is the thing that has been holding the lid on. The single thing that would cause the biggest jump in gold price would be sudden public distrust in crypto. At least that's my guess.
I just bought a tiny bit more this week but it’s more than just gold, it’s a novelty and I had to have it.
Supply and demand ultimately drive the price of gold. Demand is increasing -- thought not at the speed that it would without Bitcoin and Crypto -- and supply is tightening. No doubt some of the Bitcoin/Crypto $$$ would have went into gold, especially institutional $$$. Could be 5%....could be 25%. No way to tell.
I agree with you. I'm into pre33 and have no plans on selling any of my coins until retirement if even then. Never sold any of my stuff...well maybe a few ASE in 2011....