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Buying the dip..... not


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So, updated my spreadsheet earlier for a bit of silver I picked up and thought to myself that it must be close to my 1st anniversary of buying Gold. Had a quick look at its next month.... 7th to be exact. 

“Wonder what the Gold price was on that day?” 

Quick search and it seems I bought my 1st piece of Gold at the very top of the peak!!

Thank god it was only 2 x 1g loose bars from BBP.

£64.70 each!!! On a plus, it was free postage!! (Little win)

 

082BE5CE-AE26-40A1-8388-E3AA9DC5CF35.png

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Agree with Dicker that buying is a long term project, need to do and accumulate with patience as well.  Unlike stocks, price won't go up in rocket (if that's happened, must be something wrong).  In current environment, central banks are using their own copier to print banknotes.  I sometimes think what if I have authority  turning on my printer at home and print currency in color at unlimited quantity, will anyone trust it, and the answer is definitely no.  Then, i will go for something physical, like gold or silver.

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I buy for the pleasure of owning silver & gold. We all do, for our own reasons. Within reason I dont worry too much about prices - it all evens out in the end.

Ultimately it will belong to my kids and it wont have cost them a penny. So everybody wins.

My sole regret is that I was relatively late to the party, but better late than never. I will continue to buy for as long as I am able and enjoy the journey (and the ever increasing pile of shiny stuff!)

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39 minutes ago, TheShinyStuff said:

I buy for the pleasure of owning silver & gold. We all do, for our own reasons. Within reason I dont worry too much about prices - it all evens out in the end.

Ultimately it will belong to my kids and it wont have cost them a penny. So everybody wins.

My sole regret is that I was relatively late to the party, but better late than never. I will continue to buy for as long as I am able and enjoy the journey (and the ever increasing pile of shiny stuff!)

My thoughts also, except my grandchildren will benefit.

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15 minutes ago, Fishface220 said:

Yeah long term saving plan just Sod’s law that I started at the peak! 

 

But we know now that gold can reach that peak 👍 and history tells us that the only way is up 🚀and upwards  

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Personally, I find it much easier to save in metals than I do in fiat, so tend to buy little and often regardless of spot price. I still get to scratch my itch to spend cash whilst saving at the same time. It's amazing how quickly it accumulates over time and the hobby brings immense enjoyment.

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14 hours ago, Fishface220 said:

Yeah, really was a case of “I want some gold” 

Certainly won’t be selling 1 of them. 

Remember when you do sell premium items on the secondary market, you can ask for that premium too.

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12 hours ago, sixfour said:

My thoughts also, except my grandchildren will benefit.

 

Yes, me too, although given the apalling world (IMO) I/we are leaving for our children/grandchildren, at least compared to the world I gew up in where making strong money was far easier (IMO), I plan on sitting down with my kids to avoid any potential difficulties which may arise when I'm gone.

My eldest son knows way more about gold/silver than the others and has his own stack already, but I want to sit them all down to ensure an equal a spread as is possible. 

I witnessed some wicked c**p when my Grandmother, Father and youngest sister died, so I am determined to try my very best to avoid any repeat of that.

So as far as cost prices goes, it's all a cost averaging excercise for me and I'd suggest that's the best way to view it for most.

A society grows great when old men plant trees whose shade they know they will never sit in.

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Sometimes you have to buy, regardless of the current price, just to get into the habit.  I've been meaning to buy for years and just didn't get around to it, so I recently decided to take the plunge just to stop procrastinating.  Hopefully, in a few years time the purchase price of those two bars won't matter that much to you.  Most hobbies have a cost so I accept the ups and downs as part of the ride.

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16 minutes ago, Arcadian said:

Sometimes you have to buy, regardless of the current price, just to get into the habit.  I've been meaning to buy for years and just didn't get around to it, so I recently decided to take the plunge just to stop procrastinating.  Hopefully, in a few years time the purchase price of those two bars won't matter that much to you.  Most hobbies have a cost so I accept the ups and downs as part of the ride.

It's like building up a portfolio of shares. Staring at the screen, trying to time the market mostly doesn't work. Better to build your portfolio with regular purchases. That way you get a good average price. Building wealth is a long slow process, but by persistence you get there.

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I also started with gold in 2020 somewhere around the peak, but somehow due to some really smart deals and picking up bargains I've reached jsut 4.67% over today's current spot price in total.  But the average price paid per unit over todays current spot price is +34% which seems really high.  The few bargains I got pulled the whole cost down and I'm really happy with +4.67% in total because I have mostly premium coins and not low premium bullion.  So in short, I think at least in my case, you can buy during high's and still overall end up with costs not to far from current spot price.  :D

Ave % Over Spot
134.44%
Total % Over Spot
104.67%
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