Hello Everyone! (+ newbie question)

[ExigentCircumstances]

Hi everybody, 

I have been wanting to get into silver and gold now for probably about 10 years know. I finally got myself financially able to do so this month (no cc debt or mortgage). I just bought my first order Friday of 100oz and then learned about the banking crisis & the panic buying. My question is, I have 5k more that I can spend so should I just buy now or wait for things to calm down? I know that it is a like asking what the winning lottery numbers will be... I am just curious as to what seasoned stackers would do if they was in my position.

My longterm goal is to buy 5k per year of precious metals which is 10% of my pre-tax income. I know it's not a lot of weight but I just want some security. I don't plan on making a quick buck, I just want to know that 25 years from know I can retire comfortably. 

Thanks!

Edited April 9, 2023 by ExigentCircumstances
Forgot to add something

[ChrisSilver]

Hello and welcome to The Silver Forum  

[ChrisSilver]

2 hours ago, ExigentCircumstances said:

My question is, I have 5k more that I can spend so should I just buy now or wait for things to calm down?

If you are planning to buy 5k per year, it may me a good idea to consider splitting it up into smaller purchases through the year rather than all in one go. E.g. a monthly purchase, or every other month, or even quarterly.

This would average out the buying price of your purchases more throughout the year.

It’s also good to have some cash at hand for various emergencies or incase you see a really good deal. 

Hope that helps  

[WizardOfSov]

Hello and welcome 🙂

[SilverCalum]

Welcome to the forums! You'll find us a friendly bunch.

Buying £400 to £500 of silver or gold per month soon adds up and in 25 years you will have quite a collection!

Buying monthly also allows you learn all about precious metals (PM) as you go and will let you cost average your purchases. I'd advise you try and buy the dips each month, you won't win every single time but you will enjoy the process a lot and make more profit long term.

[ExigentCircumstances]

Thanks for all the replies! Sounds like a good idea, I will just hold off and do monthly purchases to average out the purchase price. 

[CollectSilver]

Hello and welcome to the forum.  I too am new here but I've been collecting for a while now.  You might receive a better price if you buy it all at once but you will probably be better off to pace your purchases over a period of time as suggested above.  That way you can take advantage of price swings, buying the dips along the way.  

[daca]

Welcome aboard and enjoy the ride!