Sold all my gold, got stung

[shawy2510]

4 minutes ago, vand said:

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. 

Like you say its all a learning curve,

I remember having £1000 in XRP & it had not moved hardly in 6 months so I put it into another coin & overnight it went up 18x so £17000 profit I could have had ifs & buts 

[Abyss]

Cannot be too harsh on anyone sold their Gold in the past our education systems does not teach about finance/money/investing/protecting wealth/central banking/fiat currencies/inflation/stock markets. IMHO depending on where in the business cycle you are their is a time to be more heavily invested in property/stocks/bonds/precarious metals/cash. On reflection I made the right call last year wanted to diversify and allocate percentage net worth into Gold/Silver but my mistake was the allocation was to small of a percentage. Last year when purchasing Gold I knew I eventually wanted a larger percentage of net worth into the metals but only purchased smaller percentage. Original poster maybe kicking themselves in the teeth sold their gold on reflection of current prices but by the same token I am also regretting not buying more after all the research time/energy/effort put into holding physical metal.

April 2018 Gold moved from $1360 down to $1160 August 2018. I started purchasing September/October 2018 price $1200 but Gold is no exception like everything else when prices tank people get fearful and start to sell and when prices rise people don't want to miss out and start buying. It is very hard to fight our baser human instinct regardless where investing our money.

Financial Markets: When Fear & Greed Take Over: https://www.investopedia.com/articles/01/030701.asp

Edited August 29, 2019 by Abyss

[HighlandTiger]

On 30/11/2018 at 17:44, Glorfindel said:

Not buying gold again unless the price crashes <500. 😂

I'll be picking up my birthday card from the queen before that happens. (and yes I fully expect the queen to live to 139 years old)  

[Fastnick]

1 hour ago, vand said:

I have learnt more from my failures than I have from any of my successes. 

Never a truer word spoken.......

[Xander]

My Gold finger is becoming itchy, when is spot coming down.

 

[JunkBond]

3 minutes ago, Xander said:

My Gold finger is becoming itchy, when is spot coming down.

 

What has spot got to be to get you buying?

[Fastnick]

2 minutes ago, Xander said:

My Gold finger is becoming itchy, when is spot coming down.

 

I've been picking up quite a few Sovereigns and Half Sovereigns recently - if you have the time and inclination to do a bit of legwork and digging, there are a few decent "below spot" opportunities around.

[Xander]

1 minute ago, JunkBond said:

What has spot got to be to get you buying?

At least £100 lower than it is now. Having said that, last week spot went down to around £1,222 and the 20g bar I was looking at increased by £20.

[Xander]

4 minutes ago, Fastnick said:

I've been picking up quite a few Sovereigns and Half Sovereigns recently - if you have the time and inclination to do a bit of legwork and digging, there are a few decent "below spot" opportunities around.

When the dealer says bellow spot it's the fact one sovereign has increased by around £70 during the last few weeks. 

I know chard have some good near spot deals but again the spot is high so it,s not a good barometer to judge the value.

[Xander]

8 minutes ago, Fastnick said:

I've been picking up quite a few Sovereigns and Half Sovereigns recently - if you have the time and inclination to do a bit of legwork and digging, there are a few decent "below spot" opportunities around.

Recommend anywhere

[Mcgrimes]

2 hours ago, shawy2510 said:

Like you say its all a learning curve,

I remember having £1000 in XRP & it had not moved hardly in 6 months so I put it into another coin & overnight it went up 18x so £17000 profit I could have had ifs & buts 

Haha, I share your sorrows - when £125 became £3500, became £100!

[Fastnick]

H&B are selling the 2019 Sovereign at £289....

eBay has yielded some below-spot bargains for me (all due caution needs to be exercised, of course!)....

and a local antique shop hadn't been keeping an eye on the gold price over the last few weeks 

[Fastnick]

11 minutes ago, Xander said:

When the dealer says bellow spot it's the fact one sovereign has increased by around £70 during the last few weeks. 

I know chard have some good near spot deals but again the spot is high so it,s not a good barometer to judge the value.

I'm very bullish about gold in the long term, so paying a higher price than I was a few months back is not something that I'm uncomfortable with; providing I'm paying spot or below, I'm buying as much as I can at the moment 

[HighlandTiger]

1 hour ago, Fastnick said:

local antique shop hadn't been keeping an eye on the gold price over the last few weeks 

Everyone should be out this weekend scouring their local antique centres for cheap gold AND silver. The dealers never get around to all their cabinets to change prices. Oh and keep an eye out for sovereign scales for me as well  

[Coolsmp]

2 hours ago, Mcgrimes said:

Haha, I share your sorrows - when £125 became £3500, became £100!

Youve got to keep the faith. Altcoins will rise again.

[greendragon]

I haven't found anywhere to buy below spot

HOWEVER. I did find a half sov and a full sov in proof for spot

some places sell at the same price regardless

 

[AuricGoldfinger]

The forum!

[Notafront4adragon]

4 hours ago, HighlandTiger said:

Everyone should be out this weekend scouring their local antique centres for cheap gold AND silver. The dealers never get around to all their cabinets to change prices. Oh and keep an eye out for sovereign scales for me as well  

I wish I lived somewhere else, my local antiques dealer was VERY up to date on prices. He was convinced the price will crash post Brexit, gold and silver. Didn't stop him charging plenty though!

Did give me an ok price on scrap gold though saves me a trip to London.

[MrStacker]

We always learn something new everyday. Never let a win get to your head or a loss to your heart as they say! Especially when it comes to PMs investment. 👍

I always tend to go with my first gut feeling/hunch and it usually ends up being the right choice or option. Whether that's saving my ass or opening a new door. The more deliberation or over thinking you do will lead to a cloudy judgement and you'll end up hating yourself for it. I know the feeling. It can apply to all aspects of life. Thanks for sharing your experience @Glorfindel 

As gold prices are still gradually climbing I'm restricting my splurg on silver coins and focusing on sovereigns. I got annnoyed with myself for not buying the 2019 gold 1oz panda at the beginning of the year. Really liked it but kept telling myself I'll wait for the price to go lower and expecting it to do so! Now look where we are at with it! 🤣

Edited August 29, 2019 by MrStacker

[5huggy]

4 minutes ago, MrStacker said:

The more deliberation or over thinking you do will lead to a cloudy judgement

Often alternatively referred to as  - "ANALYSIS PARALYSIS"!!

[MrStacker]

6 minutes ago, 5huggy said:

Often alternatively referred to as  - "ANALYSIS PARALYSIS"!!

Very true and guilty of it. Grrrr! Can't be helped from time to time! 😑

[Michal]

First hunch is so important, I always overthink things and make wrong decision (or maybe not the best one). I remember when didn't buy 1 oz gold for 1010 pounds coz wanted to buy for under 1k and end up buying silver 😀.

In general i remember when this thread was started and my reaction to this guy complain 😲. 

Understanding your purchase ( in any matter) is crucial.

1. Physical PM makes you a bit independent from current monetary system.

2. You buying Physical PM long term and should consider gain/lost  in terms of decades rather than months.

3. You don't "invest" money which you need or will need soon.

4. You don't "invest" money that you can't loose.

5. You don't sell until have opportunity to buy something which fits your financial goals more. 

[vand]

Diversify! Balance is key! 

Too many of your eggs in any one basket leads to acting on fear rather than being rational in your decision making. This is a guaranteed way to lose in the market, no matter what your investment vehicle of  choice may be.

Here is the Permanent Portfolio's recent performance: Its not a very meaningful time period, just that it coincides with the start of the tax year when I got my shnitz together on this diversification wagon.

 

Do you think that investors pursuing this strategy sleep soundly at night? They are isolated from the wild swings of both gold and equities, while charting a smoother path to the gains. With the business cycle where it is, I cannot think of a better strategy that balances risk and reward. 

[DarkChameleon]

I think you can put all your eggs in one basket if that basket is no more then 20% Of your fund...i think if you were to spend 100% of your future on one pm or two or three you'd be stupid to the nines...too many did during the great rise of 09 - 11 .... they didn't even have a clue how to get out when they got in and so.missed the high and got cut up in the dive.

[RichmondStacker]

I have been waiting for spot to come down for the last few months but I feel its better to have it than not as I don’t think it will dip too much anytime soon.  

I bought a 1/2oz gold eagle from Hattons today.  That should keep me going for a while.  Bonus time next month which will be going towards a 1oz buffalo and some sovs.  I can’t decide whether  to get one last cheap silver order from goldsilver.be or buy the gold coins.  Not a bad dilemma to have.