Regrets - buyers and sellers

[Ted1945]

Another mistake 

optimistically waiting for RM account managers to call back / answer e mail only to realise they are on long term sick … again  …. repeat 

[Chrisplym]

Not buying enough memorial PF70 sovereigns 😉

[Paul]

2 minutes ago, Chrisplym said:

Not buying enough memorial PF70 sovereigns 😉

That's the other way to look at it.

Buying when there's blood in the streets

Too much product and little demand

could be the shrewdest thing one could do

Not all horses 🐎 are winning horses but that one big odds winner 🏆 can hit a home run

I did that with taking the punt on the Una and lion 2oz gold 

£3995 for 2oz of gold I must have been made paying that premium 

[Scuzzle]

My biggest regret is splitting my stack and adding a percentage of numesmatic.  I have since realised I am not savvy enough to spot what's going to be desirable and appreciate in price going forward or when the optimal time to move it on is.  If I could do it all again it would just all be bullion and all UK bullion at that, I also mixed it up with other mints just for a bit of interest and variation but if metals  ever do go to da moon the capital gains tax free will be vital.

[Minted]

I bought a gold tenth proof Brit from my birth year on eBay.  Came in original box with COA.  Very good price (same as bullion) so wasn't too bothered about whether it was a genuine proof or not.  When I received it, I noticed the cap hadn't been screwed together properly.  Thought I'd just unscrew it to realign it, but with the lightest touch the cap opened, the coin dropped out, bounced down my jeans and ended up on the floor.  Marvellous... 😄 

My biggest PM regret is probably buying brand new silver Proofs from the RM.  I always seem to be disappointed with them.  Nothing particularly 'wrong' with them, just don't feel like they're worth 5 times the intrinsic value when I get them in hand.

I did start buying PM's on BBP before I realised there were cheaper places for exactly the same item.  But I don't class that as a regret, was part of the learning curve. 🙂

[apachebleu]

16 hours ago, SiCole said:

1. I wish i knew about it sooner 

2. I wish i hadn't gone all in on memorial sets (hindsight!)

 

 Could be worse some went all in on the gothic crown.

 

[SiCole]

1 minute ago, apachebleu said:

 Could be worse some went all in on the gothic crown.

 

No-one would have been that @Darr3nG silly!

[MrB]

Regrets?

1. Not piling in pre vat rules change for bullion.
2. Not getting in earlier full stop when both gold and silver were much lower. At least pre financial crisis. I had the money. Doh.
3. Buying too many art coins. Lovely to look at but they lose their premium faster than an brand new car driven off the forecourt.
4. Getting into precious metals at all when I realise that i have to sell them on eventually. Shares are so much easier. 

[blackadder]

Slowing down or near on total stop on buying/collecting,When everything was so much cheaper.Then buying other s**** that's just made losses.

However,look at the royal mints pricing of some things now,I think you're going to see alot of people stop due to this.

Being priced out🙃

 

[slack]

23 hours ago, Ted1945 said:

I’ve often seen mention of references to past mistakes and regrets and wondered if anyone would share their experiences?  I am still new to collecting and certainly messed up with buying from the RM and continue to do so😂

who knows it may be cathartic to share or not,  just wondered ? 

 

I'd imagine most of us have Royal Mint regrets and yes, I've bought far more silver proof stuff then I ever planned too

[slack]

21 hours ago, SiCole said:

1. I wish i knew about it sooner 

2. I wish i hadn't gone all in on memorial sets (hindsight!)

 

IMHO I suspect so long as you are able to hold for a good few years the memorial sets will come good

[apachebleu]

31 minutes ago, slack said:

IMHO I suspect so long as you are able to hold for a good few years the memorial sets will come good

That's our war cry!

[jultorsk]

16 hours ago, apachebleu said:

 Could be worse some went all in on the gothic crown.

 

The real Gothic Crowns were cheap 10 years ago, compared to what they sell for today. Not that I had the wisdom to buy any back then. I even remember reading an article where someone described buying a plain rim UNC Gothic for $8,000 (aussie pesos), and I thought it's nuts to pay that much.  Then again, back then I wouldn't have been knowledgeable enough to avoid even a dead-certain fake, so could've just as well lost it all.

My biggest regrets are not starting way earlier with older (pre-Vic) sovs & high quality Crowns, and spending money on grading coins that did not benefit from getting slabbed.

 

Edited September 11, 2023 by jultorsk

[ZigZag]

Regret not finding this place sooner,.

Not selling unwanted silver sooner.

Whereas after a couple of years dithering, possibly selling proofs the wrong time, or was it too cheaply due to laziness maybe or dumb ignorance. 

[ZRPMs]

Sorry folks, I cant help but this is stuck in my head now. 

And now the end is near
And so I face the final curtain
My friend, I'll say it clear
I'll state my case of which I'm certain

 

I've lived a life that's full
I travelled each and every highway
And more, much more than this
I did it my way

 

Regrets I've had a few
But then again, too few to mention
I did what I had to do
And saw it through without exemption

 

I planned each chartered course
Each careful step along the by-way
And more, much more than this
I did it my way

 

Yes, there were times, I'm sure you knew
When I bit off more than I could chew
But through it all when there was doubt
I ate it up and spit it out
I faced it all and I stood tall
And did it my way

 

I've loved, I've laughed, and cried
I've had my fill, my share of losing
And now, as tears subside
I find it all so amusing

 

To think I did all that
And may I say, not in a shy way
Oh no, oh no, not me
I did it my way

 

For what is a man, what has he got?
If not himself, then he has naught
To say the things he truly feels
And not the words of one who kneels
The record shows I took the blows
And did it my way

 

Yes, it was my way

 

Songwriters: Paul Anka, Gilles Thibaut, Claude Francois, Jacques Revaux, Jacques Revaux Adaptation De Paul Anka.

 

By the way. If you've made it this far in my post. I should have bought more gold when it was £700 an ounce like so many here.

Edited September 11, 2023 by ZRPMs

[HonestMoneyGoldSilver]

According to the EMH (Efficient Market Hypothesis, often maligned) it is impossible to perfectly time markets and to consistently outperform the market over long horizons. Like everybody else here I regret not buying at the right time and holding for X years to realise those gains (Hindsight Bias). These kind of thoughts are common but irrational as they assume you had information when gold was £X/oz that you didn't actually have. To comfort our irrational minds, here are some proverbs and sayings about trees:

1. The best time to plant a tree was 20 years ago. The second best time is now ― Chinese Proverb
2. The true meaning of life is to plant trees, under whose shade you do not expect to sit – Nelson Henderson
3. He that plants trees, loves others besides himself – Thomas Fuller
4. The great French Marshall Lyautey once asked his gardener to plant a tree. The gardener objected that the tree was slow growing and wouldn't reach maturity for 100 years. The Marshall replied, "In that case, there is no time to lose; plant it this afternoon!"

Edited September 14, 2023 by HonestMoneyGoldSilver

[HonestMoneyGoldSilver]

I regret falling asleep on the sofa at 7pm and not waking up until 1am

[Bigmarc]

1 hour ago, HonestMoneyGoldSilver said:

• The best time to plant a tree was 20 years ago. The second best time is now ― Chinese Proverb
• The true meaning of life is to plant trees, under whose shade you do not expect to sit – Nelson Henderson
• He that plants trees, loves others besides himself – Thomas Fuller
• The great French Marshall Lyautey once asked his gardener to plant a tree. The gardener objected that the tree was slow growing and wouldn't reach maturity for 100 years. The Marshall replied, "In that case, there is no time to lose; plant it this afternoon!

 

 

[SidS]

I regret seller by my 1/10oz palladium round. I sold it near the top of the market and made a good profit, but now I'm thinking of restarting my element collection, I'm all out of palladium.

[slack]

On 14/09/2023 at 05:02, HonestMoneyGoldSilver said:

According to the EMH (Efficient Market Hypothesis, often maligned) it is impossible to perfectly time markets and to consistently outperform the market over long horizons. Like everybody else here I regret not buying at the right time and holding for X years to realise those gains (Hindsight Bias). These kind of thoughts are common but irrational as they assume you had information when gold was £X/oz that you didn't actually have. To comfort our irrational minds, here are some proverbs and sayings about trees:

1. The best time to plant a tree was 20 years ago. The second best time is now ― Chinese Proverb
2. The true meaning of life is to plant trees, under whose shade you do not expect to sit – Nelson Henderson
3. He that plants trees, loves others besides himself – Thomas Fuller
4. The great French Marshall Lyautey once asked his gardener to plant a tree. The gardener objected that the tree was slow growing and wouldn't reach maturity for 100 years. The Marshall replied, "In that case, there is no time to lose; plant it this afternoon!"

Excellent thanks for sharing 

[Shell]

Buying 'collector' Britannia coins. 

[Ted1945]

Getting sucked into bidding fever whilst supposedly only viewing online auctions whoops hey ho 

[Bratnia]

On 09/09/2023 at 20:12, Charliemouse said:

Define mistake.

Some people would say that if you don't buy at the rock bottom of a market, it's a mistake.

Others say that if you don't realise the most possible profit and sell at the top, it's a mistake.

And others say that if you buy something of beauty and stick it in a box for 20 years where no one can see it, it's a mistake.

I've done all of them.

Not combining physical with more liquid/tighter spreads paper (gold fund) is another potential miss. As part of a broader asset allocation and rebalancing once/year your gold exposure will tend to rise/fall 

PAXG by PAXOS has caught my attention recently. I've not been into crypto at all, but I am contemplating a first step into PAXG. More along the lines of direct purchase/sales (with paxos) rather than through the crypto exchanges. With direct they actually buy (sell) physical gold 1:1. As part of that you pay a creation (destruction) fee i.e. them creating (destroying) PAXG tokens by buying (selling) physical gold. Nice being able to buy/sell any amounts near instantly, with relatively low spreads/costs. With direct you can only buy/sell during gold market trading hours, but you have the fallback option of being able to buy/sell 24/7 via the exchanges and where you can rotate into other currencies/crypto choices.

If you started in 1987 with one ounce of gold, and twice that gold value in stocks (MKL and BRK (which is Berkshire Hathaway i.e. Warren Buffett)), rebalancing yearly to thirds each equal capital values in gold, MKL, BRK, then by the 2000's you were holding 11 times more ounces of gold, but where subsequently to 2012 you saw that near halve down to less than 6 ounces being held. But where by 2022 that had risen to 13 ounces being held. If you were doing that via physical gold/coins then the repeated buy/sell spreads would eat a chunk out of your overall rewards.

Paxos are going down the compliant/regulated path, and use the more advanced Ethereum network, that is more a case of being a network of programs rather than just records, both of which are more inclined to prevail mid/longer term. 

For smaller amounts Bullion Vault still has the edge on price/cost, PaxG becomes more cost effective for larger amounts.

Whichever way you hold gold there are distinct risks to each choice/method. Diversifying across a range of methods/choics reduces that risk. Is more inclined to encounter one of the risks occurring, but involves less of a loss.