Just keep on buying

Discussion in 'Bullion Investing' started by Blue Angel, Jun 24, 2009.

  1. Blue Angel

    Blue Angel Senior Member

    Seem to encounter quite a few newer, younger folks these days on the web asking a lot of questions about buying coins/bullion. In my opinion, one should sit down and think about what you are trying to achieve by purchasing these items. Are you a collector? Are you an investor? Are you trying to make money quickly? Are you trying to make money long term? Are you trying to preserve wealth?

    I personally am in the precious metals for the long term......and I have "strong hands".....I am not interested in selling. I am into preserving my wealth. I buy silver bullion, primarily Silver Eagles, Libertads, and 90% silver. Every now and then I will treat myself to a nice Morgan dollar or a Brittania.....I really like the Liberty Walking half dollars and pick those up when the price is right. And I love the proof Eagles and silver mint sets....those are for the grandkids.

    The thing is, I buy silver every pay period. I usually spend $150-$200 every two weeks on Ag. That is my "401K plan" (how much have you lost in the last 12 months on your 401K?)...Sometimes I buy from my local dealer, sometimes I buy from folks I meet thru forums on the web. I never buy from Ebay....that is just my personal preference.....The key thing to me is that I "just keep on buying". I don't really worry about spot prices because I think it is irrelevant. The price of silver is exactly WHAT THE MARKET WILL BEAR.....If it is too high at one place, pass on the deal and keep looking. If someone has their silver priced too high, they will probably not sell it as fast as someone more reasonably priced.

    I think the good plan is to just keep buying even if it is an ounce or two every payday....It is all about the "dollar cost average"....a topic for another time.

    Blue Angel
     
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  3. Cloudsweeper99

    Cloudsweeper99 Treasure Hunter

    I think it might turn out to be unwise to bet your retirement on a single asset class. I like gold and silver a lot, but well chosen stocks return much more over time. Over the past 5 years my stocks have outperformed my gold holdings. I expect this to continue. The time will come when holding gold and silver will be the wrong thing to do. Count on it.
     
  4. Blue Angel

    Blue Angel Senior Member

    Your point is well taken....I didn't mention real estate holdings as another asset class. And then again, I am a "blue collar" worker and plan on working all my adult life to some extent.....just have to remain active. I am like some others and absolutely do not trust the markets, mutuals, etc., with my hard earned money. I don't have the savvy, or time to play the stock market. I am not trying to influence others to do as I am....it is just many in the PM's these days are spending their money on "pretty" bullion coins hoping to make a quick buck.....just sharing my plan and experiences. If my plan is unwise....I can certainly live with it.

    Appreciate your comments here and in all your posts...Jim

     
  5. danisanub

    danisanub Finance Major

    IMO I think it'd be smarter if you tried to buy as close to spot as you can instead of buying the coins for a lot more than the silver in them is worth. That's just what my plan is anyway, to put a quarter of my saving in silver.
     
  6. Paddy54

    Paddy54 Variety Collector

    one should not put all their eggs in one basket....but golden eggs or silver ones will NEVER go to ZERO as stocks bonds and IRA & 401 K's can. I have alot of faith in our new President but I must say looking back 15 years ago at my IRA's holdings and now I must admit that I'm glad to be a gold bug! Oh BTW another gold bug" Waren Buffett" funny how one of the worlds riches men holds his weight in gold! Hummm makes one think paper is only as good as the gold that backs it! OH the Federal Reserve should take notice!:whistle:
     
  7. CentDime

    CentDime Coin Hoarder

  8. chasva69

    chasva69 Member

    I'm retired now, but when I was working every pay check I bought a book and bottle of red wine. Have quite a collection of both & enjoy them more than my silver coins. I'm all for hedging agaainst financial calamity, but don't loose the plot. I agree with Cloudsweeper that stocks over the long run will be better returns likely than silver.
     
  9. andrew289

    andrew289 Senior Analyst

    I own my home, I have a 401k but I also buy 10 ounces of gold every year to put back. I figure in 20 years, 300 ounces of gold might come in handy (been doing this for 10 years already).
     
  10. skippy

    skippy Senior Member

    I WISH I had bought more back 10 years ago!! :bigeyes:

    Dad and I even talked about it but we never did it. ::sigh::

    I usually add a couple ounces of silver per paycheck and a few grams of gold on occasion. But I decided this past year to add a little palladium to the mix on occasion too.
     
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