Advice For A Friend - Coin Community Forum

To participate in the forum you must log in or register.

Author	Replies: 8 / Views: 1,368
stud722 Pillar of the Community United States 1088 Posts	Posted 05/01/2013 11:02 am A friend of mine approached me today, knowing that I am a coin collector. He said that he has been hearing of the decline in the price of precious metals. His question was if he wanted to invest a few thousand into precious metals should he buy gold or silver, bullion or coins, etc. I told him that it is really his choice. I hate making other people's decisions for them. He insisted that I give my honest opinion on the matter. I told him I would like to do a little research before I give him an answer. What would you suggest him to do if he were your friend? Report this Post to the Staff

Northerncoins Pillar of the Community Canada 2019 Posts	Posted 05/01/2013 11:24 am If his is buying for long term then buy some now, if he wants to flip it for short term then wait I guess and see what happens. No one really knows whats going to happen. Edited by Northerncoins 05/01/2013 3:13 pm Report this Post to the Staff
stud722 Pillar of the Community United States 1088 Posts	Posted 05/01/2013 11:32 am He is buying to put away for his kids Report this Post to the Staff
Northerncoins Pillar of the Community Canada 2019 Posts	Posted 05/01/2013 12:00 pm Then spend half now and wait a few weeks or so before spending the rest and see where the spot is , the trend appears to be down but it could spike back up anytime, you just dont know, if it starts back up then spend the rest at that time. Thats just my view on it, others may have a different outlook. Report this Post to the Staff
stud722 Pillar of the Community United States 1088 Posts	Posted 05/01/2013 12:04 pm I appreciate your input. Thank you. Report this Post to the Staff
SA4H Pillar of the Community United States 2764 Posts	Posted 05/01/2013 4:58 pm If it's my money, I would split the money in half (buy half now, half latter). Then search for reasonable priced bullion (legal tender bullion that have premium w/in $2/oz over spot) and using half of the money to buy. Of the first half of money, I would split 50/50 btw silver and gold bullion. Legal tender bullion coins tend to command extra premium over just generic bar bullion.... the premium is usually retained when resale. I hope this help. Report this Post to the Staff
Libertad Pillar of the Community Canada 3692 Posts	Posted 05/01/2013 7:50 pm I would tell him to stay the heck out of the game unless he knows what he's doing. Study for 2-3 years to get a good grip on the subject. I'm reading a book right now called The Power of Gold by Peter L. Bernstein. Even after everything I know about the subject, it's a great insight into monetary instruments. The book was published in 2000, so I'd be interested to know his take on the subject now. It covers ancient times until the year 2000. As to your friend, knowledge is power. If I had heard that toy collecting was the in-thing to making money these days I wouldn't go out with $20K in my pocket buying up every toy I laid my eyes on. You have to know what you're doing and make up your mind as to the reason behind such a move. My advice to your friend is to stay out for 2-3 years and just watch daily what the "price" is doing and link it to current events. Try to figure out what's driving the moves instead of laying his children's bets before they're grown. Report this Post to the Staff
bekiz Pillar of the Community Japan 666 Posts	Posted 05/02/2013 03:52 am Step 1: tell him to spend 1/10th of what he wants to spend and sleep one months with what he got ... During the month tell him to educate himself as much as he can. Step 2: If he sleeps well and decides that PM are for him then the time for another 1/10th came. repeat step 1 and step 2 until he is happy with his decision. Report this Post to the Staff
stud722 Pillar of the Community United States 1088 Posts	Posted 05/02/2013 08:38 am I appreciate everyone's input. I will talk to him today and tell him about these ideas. Report this Post to the Staff
	Replies: 8 / Views: 1,368

To participate in the forum you must log in or register.

All Forums Category: General Numismatic Forums Forum: Precious Metals and Bullion - Gold, Silver, Copper, Platinum

The First Dollar, your premier source for bullion and rare coins. See our bullion list on the site and the coin inventory on ebay.

Silver Gold Bull US is the United States leading bullion dealer. We deliver gold coins, gold bars, silver coins, silver bars and precious metals to your door. Order today!

View Last 100 New Topics

View Last 100 Active Topics

Disclaimer: While a tremendous amount of effort goes into ensuring the accuracy of the information contained in this site, Coin Community assumes no liability for errors. Copyright 2005 - 2026 Coin Community Family- all rights reserved worldwide. Use of any images or content on this website without prior written permission of Coin Community or the original lender is strictly prohibited.
Contact Us | Advertise Here | Privacy Policy / Terms of Use

Coin Community Forum

It took 0.26 seconds to rattle this change.