Why didn't I buy more gold coins when gold was $35.00 an ounce instead of listening to people who were advising me to get silver crowns and proof sets?
$35 and ounce for gold? when gold breached $400 I decided to hold off, waiting for it to lower again. I started some buying again from 6-700, then I thought the same thing when it breached $800 ... to hold off. Well ... there is much more demand in the world then from back then so the pricing is different nowadays. Other than newer Mint stuff I haven't bought much Gold nor Silver as I think the price is unattainable ... but then that's what I thought multiple times in the past. I treat Silver as just a cheaper to buy Gold. I also have bought Platinum too. I used to buy Platinum more when it always was higher than Gold ... oops, oh well.
I wish I had bought a lot more rolls of mercury dimes off of eBay back in early 2001 for $15.00 per roll. I also remember buying $20 Saint for right around $400.00, it was graded and everything. I want to say it was a generic MS-64. But at the time, that was a lot of money for me to tie up, so I sold it. I wish I had kept it now.
Oh, man. I was making good money at that point, and didn't have kids yet -- but I was out of the hobby. Yeah, it's kind of a shame. On the other hand, I did buy some Apple stock, so it wasn't all regrettable decisions. (We won't talk about the Northern Telecom stock.)
If we're going to go that far back would have been FAR better off with Bitcoin when it first started, Amazon, Apple, Tesla and so on.
I've always liked coin collecting and was never attracted to the stock market. I found it boring and coins always have a lot of history behind them.
Yeah, if only I could go back to March of 2010 with a $10.00 bill and bought 2,000 BTC for $0.005 each.
Only thing worse is probably the first purchase ever where some guy spent 10k bitcoins for two pepperoni papa johns pizzas.
And the guy who accepted the transaction should get to retire at 10x his salary for the rest of his life.
For every Bitcoin and Amazon there are 5 dozen or more new idea startup things that fall completely flat and people lose loads of money on them. These things are always a gamble. There are a LOT more people hitting their heads against the wall about bad investments where they lost money they couldn't afford to lose because they were "sure" that this thing would skyrocket. The house always seems to win. There are very few of us who make it big on these fluke things that beat the odds. Most of us lose money hoping that what we're buying into becomes the next big thing.
There were countless points along the way where people could have invested in them and be WAY up on them. You don't have to be in on the ground floor. Apple and Amazon have been making people money for years and years as have many other companies. No one should be using money they cant afford to lose, especially not on aggressive high upside all or nothing style plays
Absolutely, and the classic "high upside or nothing" play is lottery tickets. Buying and selling gold or silver retail isn't a "high upside or nothing" play, though. It's a "starting out with two strikes" play, I guess -- you have to pay a premium when you buy it, and you have to accept a discount when you sell it. If the metal goes up enough between the time you buy and the time you sell, you can make money, but there's no guarantee. There are people who bought silver in 2011 and 2012 who are still waiting for a chance to get their money back out of it. They may have to wait a lot longer. Gold just recently topped its 2011 high, but it's already fallen back some, and there's no guarantee it won't fall back more. Sure, if the dollar collapses, the nominal price of PMs will go up. Even if we just continue with 1%-2% inflation for decades to come, eventually PMs will hit new dollar price highs. But that doesn't matter, because their value will continue to fluctuate as it always has. An ounce of gold might "always buy a nice men's suit", but sometimes it'll be Brooks Brothers, and sometimes it'll be Men's Wearhouse.
Exactly, and there were many people from the 80s that had to wait until 2011 to even break even on the price. It's really one of the last places I would put my money in terms of an investment, and if I was going to invest in it I would invest in the PM stocks where the fees are much smaller Not to mention if the dollar actually collapsed there would be far bigger problems and you better have some guns