How and why I started with precious metals (few tips for beginners)

[MetalsMonk]

Hi,

 

I want to start saying that English is not my first language and to apologize about my grammatical errors. This is the first time I am trying to write about something and I think would be a good practice for me.

I currently leave in the USA and I started stacking (buying a little silver and gold) a little less than one year ago. All this started after many conversation I have with a very good friend from UK. We meet there since I lived for about 5 year on the Island (I miss it sometimes). He was telling me about a few financial books and different ways to conserve your wealth or invest. so I started to read and read. 

I was not educated financially in my original country as well as my parents didn't had the knowledge to teach me about money. Soon as I started to read this books and trying to find more information about this subjected I understood you need to have a divers portfolio to conserve your wealth and to invest. Since I am a beginner in all this I wanted to start with something safer and I considered silver and gold being a safe way to start. In the mean time to learn more about the financial world of investing on wealth preservation.

When I decided to do this a did a lot of research and I started to watch a lot of more experience stacker's on you tube. I would say everybody has their own reasons why they started to stack/ invest in precious metals and before you start you will have to decide what that reason is for you. 

To me this is two things. A way to conserve / invest some of my money and the other to have a little fun. Since I was a kid a had a coin collection so obviously when I started to learn about this it made sense for me. My main focus is to buy American Silver Eagles and Bullion coins backed by governments (Libertas, Meaple's, Britannia, Krug) and to try a get a few series I like. This way I can invest / conserv my wealth and have some fun. 

I usually buy my coins on line (Apmex, bold etc...)also in my local city there is a monthly coin show and I try to go there once every couple months and see what is there to buy. What I try to do is to be patient and find a deal that I think is good (same deal might not be the best for anybody).I use a website to try and find deals www.findbullionprices.com is not updated all the time but it helped me especially in this time we are now (found a very good deal on 1/10 oz gold).

l recommend you make yourself a budget that you want to spend on precious metals so you don't go all in and have to sell at a loss in case of an emergency. Do your research and don't overextend. Try to find the downside of buying precious metals and one that I can tell is the selling of gold and silver in case of emergency you might lose money. 

Before I end a few more things I am doing. Keeping track of my purchases, what you buy, when, price, spot price, premium etc.. Stay informed about the markets and what happens in the world. Don't by on fear to miss out on something. 

I know a lot of the successful people own a lot of gold and silver so I think this is a good start for me to understand financial world and conserve my wealth/ invest in something.

Thank you and I hope I didn't bored you to death with my story. 

[dicker]

Hello,

Your English is better than many of the people I work with who are born and bred in the U.K.!

Welcome to the forum

Best

Dicker

[ExUmbris]

That is very helpful advice, thank you! I am new to precious metals as well and have much to learn. Especially helpful for me is the recommendation you made to keep track of one's purchases. I will start keeping a ledger for that purpose. 

[Tn21]

On 14/04/2020 at 00:18, MetalsMonk said:

Hi,

 

I want to start saying that English is not my first language and to apologize about my grammatical errors. This is the first time I am trying to write about something and I think would be a good practice for me.

I currently live in the USA and I started stacking (buying a little silver and gold) a little less than one year ago. All this started after many conversations I had with a very good friend from UK. We meet there since I lived for about 5 year on the Island (I miss it sometimes). He was telling me about a few financial books and different ways to conserve your wealth or invest. So I started to read and read. 

I was not educated financially in my original country as well as my parents didn't have the knowledge to teach me about money. Soon as I started to read this books and trying to find more information about this subject I understood you need to have a diversified portfolio to conserve your wealth and to invest. Since I am a beginner in all this I wanted to start with something safer and I considered silver and gold being a safe way to start. In the mean time to learn more about the financial world of investing on wealth preservation.

When I decided to do this a did a lot of research and I started to watch a lot of more experienced stacker's on you tube. I would say everybody has their own reasons why they started to stack/ invest in precious metals and before you start you will have to decide what that reason is for you. 

To me this is two things. A way to conserve / invest some of my money and the other is to have a little fun. Since I was a kid  i had a coin collection so obviously when I started to learn about this it made sense for me. My main focus is to buy American Silver Eagles and Bullion coins backed by governments (Libertas, Meaple's, Britannia, Krug) and to try a get a few series I like. This way I can invest / conserve my wealth and have some fun. 

I usually buy my coins on line (Apmex, bold etc...)also in my local city there is a monthly coin show and I try to go there once every couple months and see what is there to buy. What I try to do is to be patient and find a deal that I think is good (same deal might not be the best for anybody).I use a website to try and find deals www.findbullionprices.com is not updated all the time but it helped me especially in these time we are now (found a very good deal on 1/10 oz gold).

l recommend you make yourself a budget that you want to spend on precious metals so you don't go all in and have to sell at a loss in case of an emergency. Do your research and don't overextend. Try to find the downside of buying precious metals and one that I can tell is the selling of gold and silver in case of emergency you might lose money. 

Before I end a few more things I am doing. Keeping track of my purchases, what you buy, when, price, spot price, premium etc.. Stay informed about the markets and what happens in the world. Don't buy on fear to miss out on something. 

I know a lot of the successful people own a lot of gold and silver so I think this is a good start for me to understand financial world and conserve my wealth/ invest in something.

Thank you and I hope I didn't bore you to death with my story. 

Hi, don't mean to undermine your your post. As I'm just going through the entries to cast my vote I thought I would just try and help you out after a brief skim read. Highlighted in bold are words which I have changed for your own reference and understanding. 

Brilliant effort and good use of the English language, so well done for a very good effort.

 

[MetalsMonk]

thank you very much for the feedback. Really appreciate it!

[doctorgolden]

On 14/04/2020 at 00:18, MetalsMonk said:

Hi,

 

I want to start saying that English is not my first language and to apologize about my grammatical errors. This is the first time I am trying to write about something and I think would be a good practice for me.

I currently leave in the USA and I started stacking (buying a little silver and gold) a little less than one year ago. All this started after many conversation I have with a very good friend from UK. We meet there since I lived for about 5 year on the Island (I miss it sometimes). He was telling me about a few financial books and different ways to conserve your wealth or invest. so I started to read and read. 

I was not educated financially in my original country as well as my parents didn't had the knowledge to teach me about money. Soon as I started to read this books and trying to find more information about this subjected I understood you need to have a divers portfolio to conserve your wealth and to invest. Since I am a beginner in all this I wanted to start with something safer and I considered silver and gold being a safe way to start. In the mean time to learn more about the financial world of investing on wealth preservation.

When I decided to do this a did a lot of research and I started to watch a lot of more experience stacker's on you tube. I would say everybody has their own reasons why they started to stack/ invest in precious metals and before you start you will have to decide what that reason is for you. 

To me this is two things. A way to conserve / invest some of my money and the other to have a little fun. Since I was a kid a had a coin collection so obviously when I started to learn about this it made sense for me. My main focus is to buy American Silver Eagles and Bullion coins backed by governments (Libertas, Meaple's, Britannia, Krug) and to try a get a few series I like. This way I can invest / conserv my wealth and have some fun. 

I usually buy my coins on line (Apmex, bold etc...)also in my local city there is a monthly coin show and I try to go there once every couple months and see what is there to buy. What I try to do is to be patient and find a deal that I think is good (same deal might not be the best for anybody).I use a website to try and find deals www.findbullionprices.com is not updated all the time but it helped me especially in this time we are now (found a very good deal on 1/10 oz gold).

l recommend you make yourself a budget that you want to spend on precious metals so you don't go all in and have to sell at a loss in case of an emergency. Do your research and don't overextend. Try to find the downside of buying precious metals and one that I can tell is the selling of gold and silver in case of emergency you might lose money. 

Before I end a few more things I am doing. Keeping track of my purchases, what you buy, when, price, spot price, premium etc.. Stay informed about the markets and what happens in the world. Don't by on fear to miss out on something. 

I know a lot of the successful people own a lot of gold and silver so I think this is a good start for me to understand financial world and conserve my wealth/ invest in something.

Thank you and I hope I didn't bored you to death with my story. 

Thanks for sharing.

Which books have you read which you would be happy to recommend, and who do you recommend follow on YouTube ?

 

Thanks

[MetalsMonk]

Hi, 

I started with Rich dad poor dad, The Millionaire next door, The total Money makeover, Think and grow rich. This are just a few that are out there and very popular. My favorite was the Total Money Makeover. I would say they all talk about a mindset but is important to read them and take what you think is best for you. 

On youtube again you can find a lot of good channels. What got me into stacking was Guido Stacking beginners videos very good for somebody new into precious metals. Salivate metals has very good videos and very informative. Spegtacular, back yard bullion, to name a couple more that are very good to watch. 

Thank you your post 

 

[Notafront4adragon]

9 hours ago, MetalsMonk said:

Hi, 

I started with Rich dad poor dad, The Millionaire next door, The total Money makeover, Think and grow rich. This are just a few that are out there and very popular. My favorite was the Total Money Makeover. I would say they all talk about a mindset but is important to read them and take what you think is best for you. 

On youtube again you can find a lot of good channels. What got me into stacking was Guido Stacking beginners videos very good for somebody new into precious metals. Salivate metals has very good videos and very informative. Spegtacular, back yard bullion, to name a couple more that are very good to watch. 

Thank you your post 

 

Guidostackin is a great youtuber, I like his love for silver, but also he is rational about it as well as gold and unlike a lot of similar youtubers he isn't a pumper exclaiming silver is gonna shoot to the moon.