Please help!!

[Nyrik]

I am writing an E-book on investing in silver and gold and I need some help....  I need to know one simple thing. What the biggest obstacle was in making your first purchase of silver or gold.

[HawkHybrid]

knowledge, understanding gold/silver sufficiently to make a

decent judgement suitable for investment takes time and a

lot of reading.

 

HH

[Nyrik]

Thanks... Where did you find the information that allowed you to be comfortable with making  your first purchase?

[HawkHybrid]

internet, sites like chards have really good stuff .

 

HH

[Stu]

Fear off being ripped off. To the extent that my first purchase was with the Royal Mint who charge well over the odds for their metals. I did not have the confidence to trust the independent dealers at the time. 

[Nyrik]

Thanks..... Stu, How did you overcome your fear of being ripped off? 

[vand]

Getting enough capital together so that you are not paying too high a premium.

Buy a 1oz single silver coin and you can expect to pay 100% over spot. Buy 100oz at a time, from the right place and you can pay 20% over spot, or even less if you buy gold. But not everyone has £500-£1000 every month to do so, and unlike just leaving money in your bank account or making an overpayment on your mortgage, there are per unit costs involved in dealing with physical bullion.

[Stu]

Like I said, I overcome the fear of being ripped of by buying from the Royal Mint who are a government organisation so no chance of receiving fake goods. Big downside is that they charge a very high premium. This was my gateway to precious metals however and after reading lots and joining this forum you soon get on the right track. 

Good luck with your venture.

[SilverPirate]

I bought my first coin a silver american eagle from E-bay.I checked for 100% feedback and plenty of it, not from someone with low feedback numbers.I saw silver on You tube and knew i wanted some, so the keenness of wanting some spurred me on .

As i bought from different sellers i found buying from people i was sure where selling legit silver, took me back again and again.

I was mainly buying from sarnia silver and her sister company the name escapes me for now and as i found other dealers i stopped buying from E-bay i felt safe buying from dealers.

Now i would rather buy from forum members that have been here a while than from E-bay or dealers as i am getting good stuff at good prices. I am in a gold mood at the moment.But i don't feel comfortable buying sovereigns from E-bay but i know others are.

It boils down to a confidence thing.

[MaxShiraz]

I think the biggest obstacle for a first-timer is being able to pull the trigger. Spot prices being what they are, you're always waiting for it to be a little lower, a little lower...

The biggest long-term obstacle to bear in mind is taxation. It's difficult enough to stay in the black, but it you're paying sales tax that makes it really tough. I have never lived anywhere where there is a sales tax on bullion, but AFAIK in the UK they pay 20% VAT (i.e. sales tax) - UK members correct me If I'm wrong. So right of the bat you're in a hole profit-wise and need a market rise just to get even. Also, some countries (e.g. Australia) have 0% GST on 24k Au, but have 10% GST on Au less that 99.95 Au, so you need to be selective in what you buy. In this scenario American Gold Eagles are off limits even with a modest premium.

And of course taxation never ends - capital gain tax will take a big chunk of anything you happen to sell at profit (e.g. 28%  in the US) so to "invest" in PMs is pretty tough IMO

[Oldun]

Buying your first piece of silver or gold in person is like going on a first date when you were a kid. You are trying to look cool and like you have done it before whilst quietly shitting yourself inside in case you balls it up.

[Paul]

15 hours ago, Nyrik said:

I am writing an E-book on investing in silver and gold and I need some help....  I need to know one simple thing. What the biggest obstacle was in making your first purchase of silver or gold.

https://www.bullionbypost.co.uk/info/how-to-buy-gold/

This covers pretty much everything in plain English in bite size portions for a UK buyer.

I used this as a base and other sites like chard before taking the plunge and buying in person locally.

As you are USA based how relevant our UK based opinions will be to your target group you are writing to appeal to I dont know

 

[Nyrik]

Thanks Paul!

[Nyrik]

Thanks everyone!!!

[Oldun]

 

People make purchase decisions rooted as much in emotional impulses as logical facts

The brain has two sides, and people often describe themselves as left-brained (logical and analytical) or right-brained (intuitive, subjective). The truth about your grey matter isn’t so black and white. Even if you might lean one way or the other, both sides of the brain still matter in your thought processes, and certainly in your buying decisions. We’re not robots, so we will never make purchase decisions based solely on logical factors, such as economics (cost-benefit ROI analysis) or politics.

Think about when someone buys a Ferrari. They might have seen a photo of the fire-red sleek machine and fallen in love with it instantly. Of course, they will then justify the decision by looking up mechanical specifications – the car’s horsepower, cutting-edge engine, aerodynamic design, safety record, maintenance requirements, etc. That’s both sides of the brain working in concert for this purchase decision.

2) Buyers have egos

When making purchase decisions for themselves, buyers will naturally think about themselves and what they stand to gain by buying. As a seller, this means playing to this ego and even stroking your buyer’s ego to make them more comfortable with the purchase decision. Think about addressing a buyer’s egocentric tendencies by answering this question from their perspective: “What’s in it for me?” When you can definitively and satisfactorily answer that question for them – before they even ask it – you will have gone a long way toward completing the sale.

 

Follow the link for the rest of the list.........

http://www.insightsquared.com/2014/07/why-buyers-buy-the-psychology-of-purchase-decisions/