Sold all my gold, got stung

[black959]

First post. Just joined the forum. Have been a regular purchaser from multiple UK dealers (some good some bad) of gold, silver and rhodium for many years (and a periodic seller) but somehow didn't find this forum for all this time! Had a brief pause in buying but Brexit has really inspired me to start up my stacking again. I am of the opinion that 2019 will be a great year for gold. My reasoning for this is: Crypto bubble has popped, house prices in UK and US are floundering, people are panicking about holding sterling / euro and stocks are seeing much greater volatility. All are good for gold. I wouldn't be selling now... In fact I'm buying. Anyway, just thought I'd introduce myself.

[bored]

5 hours ago, Bdean316 said:

welcome to the forum dude - aren't people worried about the dollar as well 🙂 

Keep on stacking! 

The dollar is scaring the pants off me atm

[CadmiumGreen]

7 minutes ago, bored said:

The dollar is scaring the pants off me atm

@bored, Sorry, couldn’t resist...😁

https://www.nydailynews.com/news/crime/brit-claimed-disability-working-stripper-cops-article-1.2467545

 

 

 

[ilovesilverireallydo]

I wonder if OP is now annoyed they sold too quickly seeing we had a couple of high weeks? 

[Oldun]

Yup. Of course. Bad timing.

 

[Oldun]

On 01/12/2018 at 02:57, MoralHazard said:

You would have received easily £1250 per piece for the griffins here. Similarly £1200 for the lion. For the dragon £1100. Now you sold those coins for melt value to a dealer. Great job, you got drilled twice instead of turning for profits.

Atkinsson will resell the griffins for £1350 and £1300 for the lion a piece. Easy money for them

Big time.

[Tape]

I find it puzzling that the OP sold their gold so fast as if it was going to disappear or explode, personally I find gold as the best investment IMO, it will always have a value to it.

Edited February 18, 2019 by Tape

[sixgun]

7 minutes ago, Tape said:

I find it puzzling that the OP sold their gold so fast as if it was going to disappear or explode, personally I find gold as the best investment IMO, it will always have a value to it.

i think the OP was quite inexperienced and was panicked by media hysteria relating to Brexit. i am sure he is regretting his decision to sell, to sell to a dealer and to post what he had done on the silver forum.

[RoughDog]

Maybe not.  Maybe he still thinks gold will drop soon and is happy with his decision.

If I thought something was near the top I wouldn't mind selling before it reached the top.

 

[Tape]

It's not even close to the top

[DarkChameleon]

On 18/02/2019 at 04:17, RoughDog said:

Maybe not.  Maybe he still thinks gold will drop soon and is happy with his decision.

If I thought something was near the top I wouldn't mind selling before it reached the top.

 

I recall when gold topped $1700/oz and people thought it would shoot to the moon...,but I also recall the panic selling when gold rose to $1000/oz...people thought that was the top...as I collect for my kids it doesn't bother me much as small gains and losses just mean I delay buying and selling...I was screaming at people to buy palladium when it was $600/oz but the biggest reply I got what "what is palladium?".

Edited February 20, 2019 by DarkChameleon

[sixgun]

2 hours ago, DarkChameleon said:

"what is palladium?".

The Palladium is a theatre in the West End of London.

[DarkChameleon]

7 minutes ago, sixgun said:

The Palladium is a theatre in the West End of London.

Where they used to have Sunday nights..lol..I'm an ex pat myself...but it's most commonly used for cat converters and to make gold into bright white gold....some people have 14k gold items that are worth more then 24k as they contain palladium which is more then the gold...they never saw that one coming..lol.

[sixgun]

2 minutes ago, DarkChameleon said:

Where they used to have Sunday nights..lol..I'm an ex pat myself...but it's most commonly used for cat converters and to make gold into bright white gold....some people have 14k gold items that are worth more then 24k as they contain palladium which is more then the gold...they never saw that one coming..lol.

Here are some of the cats you mention.

Edited February 21, 2019 by sixgun

[DarkChameleon]

34 minutes ago, sixgun said:

Here are some of the cats you mention.

Was on about cat coverters but yes, I went there when I was getting my fiance visa back in 03...watched Chitty Chitty bang bang..even got a nice seat...almost empty isle, then found out why, when they shot,the balloon down the glitter fell from the ceiling...all over me..I was covered and leaving glitter where I went for,the next three days...lol.

Edited February 21, 2019 by DarkChameleon

[RoughDog]

On ‎10‎/‎12‎/‎2018 at 12:55, Pipers said:

I have been reading this thread it's been very enjoyable.  As far as gold is concerned , it is my view one should not buy gold with a view to hold for longer than 10 years, if an opportunity comes your way to sell a small part of a holding because of a price spike and one was confident that the price was going to dip again then ok sell knowing you are going to buy back.  Remember you may lose if you choose to sell on a price spike as macro events happen too and the price may carry on moving up.

 

Could say the same with the stock market.  I know someone who has shares and I asked during a crash, "why not sell some?"  He said they would got back up.  Today they are well up and they probably always will in be in the long term.

 

Trying to predict when to sell and when to buy back is risky without a crystal ball.

If purchased at a fairly low price there is nothing to worry about in most cases.

Edited February 21, 2019 by RoughDog

[FoolzGold]

Always feels like it's worth reviving this thread when gold climbs to a new high. 

As a reminder :

April 2017 - guy joined forum and asked for advice on which coins to buy. Following the excellent advice of the users here he bought:

3 x Britannia (2016, 2017)
1 x Queen's Beasts Lion
2 x Queen's Beasts Dragon
2 x Queen's Beasts Griffin

November 2018 - without asking anyone's advice he panicked and sold them at melt price (maybe £930/oz) to Atkinsons, who turned around and sold them on their site for £1300+ each.

Value today? Spot price around £1250/oz, roughly 35% above the spot price at the time he panicked. Resale value of those QBs? Probably at least 30% higher still. I'd say he'd have been looking at maybe 75% more today on those QB's than he sold them for 9 months ago.

Quote: "I'm just glad I got out of it before I lost even more."

Edited August 29, 2019 by FoolzGold
corrected date

[DarkChameleon]

6 minutes ago, FoolzGold said:

Always feels like it's worth reviving this thread when gold climbs to a new high. 

As a reminder :

April 2017 - guy joined forum and asked for advice on which coins to buy. Following the excellent advice of the users here he bought:

3 x Britannia (2016, 2017)
1 x Queen's Beasts Lion
2 x Queen's Beasts Dragon
2 x Queen's Beasts Griffin

November 2017 - without asking anyone's advice he panicked and sold them at melt price (maybe £930/oz) to Atkinsons, who turned around and sold them on their site for £1300+ each.

Value today? Spot price around £1250/oz, roughly 35% above the spot price at the time he panicked. Resale value of those QBs? Probably at least 30% higher still. I'd say he'd have been looking at maybe 75% more today on those QB's than he sold them for 9 months ago.

Quote: "I'm just glad I got out of it before I lost even more."

This is why so many people never end up rich, they panic too easily, the rich end up richer because they can afford the drops, they can still eat and pay the bills, if a billionaire loses 3 billions but still has one billion left they are still ok, if a working stiff drops $500 they are panic stricken, not many working people bought silver at $4 and sold at $45 because the downside was unthinkable...they were investing what they couldn't afford to lose...others held onto their money but so e of those people bought at $4 and held onto to it till it reached $50  and still have it today as they were terrified to sell incase it went to $100 and their one shot at being rich they gave up on....it's subconscious that kills the profit. . none,of us know what we'll do u til it happens to use,I watched my gold shoot to th moon and come back down again,I wasn't ready to sell and still aren't, it's a case of get rich or die trying.

[AuricGoldfinger]

Lol this thread is legendary 

[sovereignsteve]

1 hour ago, FoolzGold said:

Always feels like it's worth reviving this thread when gold climbs to a new high. 

As a reminder :

April 2017 - guy joined forum and asked for advice on which coins to buy. Following the excellent advice of the users here he bought:

3 x Britannia (2016, 2017)
1 x Queen's Beasts Lion
2 x Queen's Beasts Dragon
2 x Queen's Beasts Griffin

November 2017 - without asking anyone's advice he panicked and sold them at melt price (maybe £930/oz) to Atkinsons, who turned around and sold them on their site for £1300+ each.

Value today? Spot price around £1250/oz, roughly 35% above the spot price at the time he panicked. Resale value of those QBs? Probably at least 30% higher still. I'd say he'd have been looking at maybe 75% more today on those QB's than he sold them for 9 months ago.

Quote: "I'm just glad I got out of it before I lost even more."

you are awful...........😉

[sixgun]

If this guy had come to the forum before selling he would have had a wall of advice - most of it would be not to sell. Everything he was thinking was upside down. This is not a position of hindsight - we told him at the time and we were right - time has proven that.

The moral of the story is take advice from the sages of the Silver Forum. We have many years of experience and knowledge.

[JunkBond]

I think he had all his eggs in one basket, bad move.

[sixgun]

4 minutes ago, JunkBond said:

I think he had all his eggs in one basket, bad move.

Perhaps not when those eggs are golden.

Edited August 29, 2019 by sixgun

[JunkBond]

All his eggs were golden but they were all his eggs, hence his panic. 😉

[vand]

The OP had absolutely no business buying gold in the first place as it was clear that he did not understand the nature of gold, and you should never invest in anything you don't understand. 

But that's alright... there isn't an investor alive who hasn't made a tonne of screw ups. It's how we learn. I have learnt more from my failures than I have from any of my successes.