Buying gold now

[Lewbear]

Hi all!

Just in need of a biy of advice seeing as there there seems to be a wealth of knowledge on here!

So im very new to this all, looked into this all about 4 yeard ago and picked up some silver but realised wasnt a good time.

Long and short of it is finally in a good position to make a real start (6 months ago would have been nicer!) But have been watching for a while..

Question is seeing as i own no gold at all at the moment is now a good to time buy with this current high or is it worth sitting on the cash and seeing how things play out over next few months? Was looking to pick up maybe a sov and a tenth oz or sov and half. Or looked at some of atkinsons special offers (although buying preowned coins seems cheaper, all about weight at mo!

Sorry for long post and thanks in advanced for any advice!! 

[5huggy]

I would suggest that unless you have Mega funds immediately available -

the best approach, IMHO, is pound cost averaging !!

So buy a small amount ,at whatever size , NOW - if "spot" retraces purchase proportionately more!

for example you buy 1 X k now

price goes down enough - you buy 2 X k

Now you have 3 X k but effectively  across the 3  you have averaged down !

hope that helps - its just my opinion !

 

[goldmember44]

Atkinsons do have some good deals on their cheapest gold offerings, mostly sovereigns. I'd say if you can still get sovereigns for around £300 or slightly over it's not a bad deal. I think the times of sub-£300 sovereigns are well and truly over. Most important, in my opinion, is to look at what premium the dealers are charging over spot for their gold. And if you can get a low premium, it's usually a good deal. Because we don't know what the gold price is going to be tomorrow, let alone next month! But the current trend, and long term trend, is up!

[Lewbear]

Thanks very much, i appreciate the responses! Think its too easy to worry about small variations in price and looking at what it was when i first started looking... shouldnt matter really as in for the long haul anyway! 

[silvernewbie]

Im in the same boat and will be buying a sov and 1oz krug next week!  U can watch if prices fall over the coming weeks (which is likely), i will assess next week

[Fastnick]

If you're just looking to get started by stacking purely for weight and are not overly fussed about condition, then check out the prices of some of the Sovereigns on the Hatton Garden Metals website:

https://www.hattongardenmetals.com/buy/cid13/gold-sovereigns

[Tickety]

I agree with all that @5huggy says. Buy small and often, forget about checking prices on a frequent basis, that just leads to madness and remember this is a very long game. If you cannot afford to have your money tied up for years then this is perhaps not for you.

[KitboyE17]

If you are in it for the long run, buy small and often. Some people, like myself, set a monthly allowance aside. You don’t have to spend it all every month - which also means you can buy more expensive items on occasions. This helps with cost averaging.

Keep a record of what you buy - when you buy - how much it cost. Some of us use spreadsheets, some use notebooks. This helps you realise your profits at a quick glance. 

Buy. Enjoy. 

[Fastnick]

Really good advice there from @KitboyE17 -always keep a record of:

1. What you have bought

2. The date you bought it

3. From whom/where you bought it

4. The price you paid

5. Any post and packing costs that you also incurred.

The best bit of advice though was to buy and enjoy 

[Lewbear]

Once again muxh appreciated all! 

[Tn21]

Everyone stays at the party untill it's too late. 

Best time to buy will always be yesterday or in the past, just roll up your sleeve and buy what you can afford on a monthly, quarterly or what ever time period suits you. 

Key this is to take action and get your foot through the door.

I used to hesitate when I first got into PM's by timing the buys but now I don't bother so much as the forum offers great value on occasions. 

 

[HawkHybrid]

https://www.youtube.com/watch?v=5xd-mywrZmI

don't fomo into these markets

 

HH

[Stu]

Folks go daft at advising buy as close to spot as possible, which on the whole is not bad advice but very biased from my viewpoint. Buy this way by all means.. Don't let spot price be the guiding light however. Buy up and down in the market as long as you are happy with the price, if someone is charging way over spot then tell them wtg. When I first started stacking, I paid over the odds for a sovereign at £200 and folks said I was daft? Spot price is now around the all time high in 2011, I.e. £300 for a sov. 

I set myself a core position with gold and silver which i am now fortunate enough to have reached and only buy the odd piece here and there. Let folk guide you but not tell you what to do, they will invariably be wrong, much like myself😀

[Downs523]

If it was me... I would hold off on buying gold at the moment. It's very high and it's already dropping... keep an eye on spot over the next few days and see where its heading. 

[AurumArgenti]

Well I'm very much new to PM's but I decided to get my feet wet this weekend and this morning with 3 coins. I will be watching and waiting to see where the markets go from now though.

[verorl]

Here is something that happened to me yesterday:

I have been stacking cash to buy some gold. Decided to get my feet wet and get a couple of small coins. Went to my local coin shop, they didn't have any. 20 pesos Aztec coins and bigger... Went to another place, same story. Turns out small gold coins are huge in Mexico because of weddings. It is a ritual that the groom gives the bride the Arras (13 coins, people strive to buy gold for them) in the ceremony, this is a big part of the wedding ritual here. Coins from 2 pesos to the 5 pesos, and 1/10 and 1/20 ounces are out of stock everywhere and they get immediately bought when they become available.

So for me, this is a little bit of a validation that there is a market for small gold coins (at least here), and I will go ahead and start stacking small gold while saving on the side for bigger coins down the line, knowing I can always sell them really easy.

So maybe there is something to small gold coins after all.

[mae]

My opinion is that if you own no Gold maybe make a modest purchase and wait for a correction.

I don't consider myself a trader nor an expert but I do have experience in the markets already and all I can say is you need to control the idiot you carry inside. This recent spike has been huge, I stopped buying at around 1180€—and started buying Silver. In fact I've been for years under water with my 2011 purchases and I'm now on profit... I bought at the worst time possible and today's prices are even worse. That should tell you something.

Timing is very important. I personally don't buy the 'dollar cost average strategy' as opportunities don't last, I now tend to buy big when I think I'm in front of an opportunity. Why do you dollar cost average when you can go all it at $1000 ? it makes no sense.

Keep in mind this might be the last time you'll see Gold below today's prices but that's hardly ever the case.

You need to be very patience, Gold is very very slow. I pray for a big correction 🙏

[Lewbear]

Definately a lot of interesting points raised and a lot to take on board. Ended up picking up a few sovs just ti get foot in the door really, im also terrible with holding cash (big reason for saving thrpugh PM) and i know a bit of self control goes a long way and am getting better but cash is too spendable!! In terms of the current high if there is a minor drop not too worrying as more for pong term anyway bit also was lucky before, i only own about 30 oz of silver but current spot is way above what i paid per Oz anyway do hopefully balances out a bit! Nice to see a few different thoughts and opinions though, gives a few more angles to consider! Certainly feeling better just to get off the start line and think it will make it easier for me to hold and wait when the peaks high, although holding the sovereigns does make me want more... the bug has begun and thinking so 24k may be necessary...