Spotting Gold And Silver Prices
You may be searching for the price of gold per ounce and the overall price of precious metals, or even checking the Kitco, Inc. gold chart, trying to figure out the very best way to purchase your precious metals and save the most money.
Many uneducated buyers don’t know any better so they just call up a broker whom they see advertising on TV and rely on them to tell them what they need to do. Bad idea. As always, stop and educate yourself before you contact anyone.
Some brokers know that when you call in, they only have “one shot” at getting all they can from you at that time. They know the odds are good that they either sell you right then… or they lose the sale forever.
Sometimes they will use every trick known to man to convince you to “go all in” and spend everything you possibly can with them… right now. Again, don’t allow yourself to be sold.
In most cases, dollar cost averaging is the smartest way to go. No one, absolutely no one can accurately predict the price movements of gold and silver.
I have found that the smartest advisors I know are very up-front about this. They freely admit it. Often the less smart, “want-to-be” advisors pretend to know the market moves in advance, but they are rarely, if ever, correct.
So, if no one knows the future price moves, it’s often best to spread out your purchases and dollar cost average.
Determine how much you want to invest over some time, and break up your purchases into several different amounts.
For example, say you want to invest X amount over the next 6 months, and you want to pretty much break it up into 4 to 6 different purchases.
It’s okay to vary your timing from your plan a bit if necessary. You can keep an eye on the spot prices, and when you see them dip… that’s the time to purchase more.
But when it’s on sale, not necessarily when it’s going up like crazy. This is a hard concept for some people to act on.
It seems like every time the metals have a selloff, people start asking if they should sell. “Is it time to get out of the market and take our profits?”, they ask. Most of the people I know think just the opposite.
They say to themselves, “Hot dog, they are putting my metals on sale… it’s time to back up the truck and purchase.”
Conversely, when the metals are going up like crazy, that’s when the masses want to jump in.
Gold & silver usually tend to have some pretty dramatic price movements, and not just go straight up. However, if the market is reasonably steady, it’s usually best to stick to your purchasing, dollar-cost-averaging, schedule.
CAUTION…You can make yourself stark raving crazy if you become obsessed with watching the spot price all day long and trying to guess its next move.
Trust me, I know this from experience.
Life will be much better if you develop your investment plan, and pretty much stick to it. And, your results will probably be much better if you have a plan, instead of trying to guess the best time to “go all in” and hope you got it right.