I WANT TO BUY SOME GOLD but I AM A LITTLE SCARED

Coin collectors should be financially knowledgeable, and many of us are financially savvy or work in the business. I also find many smart people in political and auto forums.

And of course, I have my investment-only forums, too !

 

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I am also knowledgeable in other areas, I have a BS, MS, and MAT, but I come to this forum to discuss coins and currency. I don't feel qualified to give someone financial information and I think if someone wants to know how to invest their $8,000 I don't think this is the right forum for them to come to. It has nothing to do with being "smart", I know several PHDs that lost a lot of money in the stock market downturn, They took advise from people who were not qualified to give advise and they lost a lot of money.

I just feel there are better places and better people with the required knowledge to help suggest to him where he should put his money, and judging from some of the snide, rude and nasty remarks made on this forum, granted the vast majority are sincere, I'm sure he can find a better place to get real advise.

 

There is no right forum for that in all honesty. A forum should be nothing more than ideas to look into and make decisions for yourself. No one says a word if they have the magic answer until they have shored up their own positions and by then you have generally missed a large percentage of the profits anyway

 

Every investor needs a good adviser, but to have the best chance of success, he/she needs to absorb as much knowledge as possible themselves. Bad advice doesn't carry a penalty for the adviser -- just for the investor.

 

There are forums that deal with financial matters, I'm not suggesting that is the right way to go, but you don't go to a pizza shop to buy burritos, and you don't go to a coin and currency forum for advice on how to invest your money. There are no guarantees in life, you learn as much as you can, and then make your decisions.

One of my closest friends is a licensed financial advisor working for a national company. He has given me advice, but the final decision on what I do with my money is mine. He gave me his best advice, but it's my money and if he's wrong, he isn't going to lose money I am.

A coin collector (not investor) buys coins for the love of the hobby, if he/she happens to make money on a coin they bought, down the line, that's a bonus not a goal. That's what this forum is about, coin and currency collecting. I do have some gold and silver bullion in my retirement portfolio, but as I stated earlier, it is about 20% of the program I am following. Would I suggest this to the person that asked about what to do with is $8,000? No, what works for me may not work for him. Besides, I'm not a financial advisor.

 

Meh... He asked, we provided our opinions, take it or leave it. I've fired financial advisors and this is the bullion section (investment/speculation).

Even experts (financial advisors) are prone to not knowing what they're talking about or worse " what works for financial advisors may not work for him."

 

$8,000?

Options in order:

If you have no emergency fund, then this $8,000 could be it, or part of it.
If you have debt, pay it off.
If you need to save for retirement, then this $8,000 could be it, or part of it.
If this $8,000 is purely discretionary play money, then buying $8,000 worth of gold can be as much fun as picking $8,000 worth of stocks to day trade. $8,000 in day stocks has more upside, but also more downside.

* see your financial professional for investment advice.

 

While it makes sense to be apprehensive about purchasing gold, everyone should have part of their financial portfolio be in precious metals. Perhaps don't put all of the money into gold, but put some. Diversify.

 

My first St. Gauden is a 1909 S MS 63 PCGS graded

 

I gotta agree! If it's truly extra money and you don't have any debt at all, I would put half into stock and half in gold. That's pre-33 gold, pass on errors and any bs that pontificates into a higher price.

 

1909 S PCGS MS 63. I love it...wish I had a few more.

 

I have the 1908 No Motto and the 2008 with Motto Saint-Gaudens $20 dollar gold. They are both PCGS MS63, I think these are my two favorite coins.

 

I think they are beautiful. I need a few more.

 

Duane Charter_ Are you a vet? I'm a Viet Nam War vet.

 

Thanks for all the good responses. Sorry I didn't get back. Just got busy with work and life and there seems to always be so much to do. No time. You know how it is. Anyways thanks for the good responses and taking the time to respond. I came across a great offer where I was about to get a good amount of gold right at spot. I even got a 1 ounce Krug for 1300 so I figured why not. Just buy some gold. That's what I wanted to do anyway. If it goes down I will just have to stomach it as you all do. Just keep buying and lower the DCA I guess. Maybe if I find time tonight I will post pics of what I have bought over the last couple weeks.

 

What ever you do...don't just buy gold...but get some kilo's of silver!!!!

 

I wouldn't touch silver. Cant even hold $20. Anytime it breaks above $20 you know the beatdown is coming. Not to mention its usually $2 over spot to buy ( 0ver 10% ) and $1-$1.50 back of spot to sell ( 5-8% ). And for that the dealer makes a $3 profit per coin. LOL. Gold on the other hand is usually 3-4% ($40-$55) over spot when buying and I have never sold under spot. Usually get right at spot or $5 over if lucky.

Silver spread is too much and there are just too many weak hands.