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New to PM- Time to jump in!

RxGold74

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#1
I am a newly registered forum member who wants to learn as much as possible about PM. I'm about to make my first purchase of physical gold and silver. I plan to accumulate physical gold and silver over the next several years. Any advice for someone new to PMs would be greatly appreciated. I felt it was important to start buying PMs for my family. I've learned a lot lurking on these forums but I know I have so much more I need to learn. Oh well, that's why I'm here!

Edit to add a little bit about myself: I am in my upper 30s, I work as a pharmacist, I was married about 7 months ago, and I've always been interested in investing and the stock market. As my worries over the stability of the US dollar increased and my faith in a fiscally responsible government decreased, I became more and more interested in precious metals investing. I'm here to learn and hopefully one day know enough myself to contribute and help someone else!

My plan is to become a hoarder of gold and silver with regular and hopefully smart PM purchases in the future.
 
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Goldhedge

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#2
Welcome to the board!
 

RxGold74

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I placed my first ever PM order with Provident Metals online earlier today. The check is in the mail. I am excited and a little nervous now as I wait for shipment. I'm expecting a couple of weeks delay due to paying by personal check. I hope everything goes smoothly with this first order. Now I plan to save money for Order #2 and frequent these forums to learn as much as I can! :D
 

stonedywankanobe

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I placed my first ever PM order with Provident Metals online earlier today. The check is in the mail. I am excited and a little nervous now as I wait for shipment. I'm expecting a couple of weeks delay due to paying by personal check. I hope everything goes smoothly with this first order. Now I plan to save money for Order #2 and frequent these forums to learn as much as I can! :D
Hell your so excited that im excited for U....
Welcome to the board sir.
Last time I ordered from PMetal it took 26 days.
 

RxGold74

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Hell your so excited that im excited for U....
Welcome to the board sir.
Last time I ordered from PMetal it took 26 days.
With a delay of 26 days it will be interesting for me to look up the spot prices when my order finally arrives. Then again, I may not want to know. If prices have significantly dropped, I will be kicking myself! :(
 

hammerhead

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PHP:
With a delay of 26 days it will be interesting for me to look up the spot prices when my order finally arrives. Then again, I may not want to know. If prices have significantly dropped, I will be kicking myself! :(
Hi there RxGold74 and welcome to the nut house. ;)

If you are in it to make money like myself, than worry your butt off because nobody knows what the heck is going on with metals. I can't stack because I am not financially secure. I flip and have made some money and on occasion lost some.

But as the members of this place will attest, stacking is a form of wealth. And if ever need be, can be converted back to FRNs quite easily. Rest assured, you journey will pay off and you will enjoy PMs. It can be a sickness that I doubt there is a script that will cure it. :bear_blink:

Relax and enjoy the ride.
 

RxGold74

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PHP:
Hi there RxGold74 and welcome to the nut house. ;)

If you are in it to make money like myself, than worry your butt off because nobody knows what the heck is going on with metals. I can't stack because I am not financially secure. I flip and have made some money and on occasion lost some.

But as the members of this place will attest, stacking is a form of wealth. And if ever need be, can be converted back to FRNs quite easily. Rest assured, you journey will pay off and you will enjoy PMs. It can be a sickness that I doubt there is a script that will cure it. :bear_blink:

Relax and enjoy the ride.
Thanks! I will try to enjoy the ride but I have a sick feeling that I am hearing that clicking noise you hear at the beginning of a roller coaster ride. It's time for me to hang on tight! :p
 

stonedywankanobe

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Thanks! I will try to enjoy the ride but I have a sick feeling that I am hearing that clicking noise you hear at the beginning of a roller coaster ride. It's time for me to hang on tight! :p
Well if you hear clicking You got on at the right time...
When I got on all I heard was screaming all the way down.
 

917601

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With a delay of 26 days it will be interesting for me to look up the spot prices when my order finally arrives. Then again, I may not want to know. If prices have significantly dropped, I will be kicking myself! :(
Many paper educated here disagree with my hardened, worry free, PM attitude. First rule, ( it took me about 7 years to realize), count your PM 's in ounces, not USD. The whole game is changing, availability is entering the equation.The past 6 weeks, ALL my local shops had very slim to no selection, sold out.I have never seen this since 2001, nor have any one of the local dealers.PM's are bought as insurance or to get out of the system,any other reason will disappoint you.Recording my holdings in dollars since 2001 shows a roller coaster ride, recorded in ounces shows a line straight up, and up,and up.Save yourself the 'worry', measure your holdings in ounces. You are either a solid gold bug, or not. Lukewarm, fair weather buying will result in emotional selling-disaster, emotionally and financially. Sep 2015 will be here before you know it.

"So then because thou art lukewarm, and neither cold nor hot, I will spue thee out of my mouth."
Revelation 3:16
 

TomD

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If you're not familiar with dollar cost averaging, you need to be.
 

917601

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If you're not familiar with dollar cost averaging, you need to be.
Keep thinking in "dollars"?,not myself.However,when I do apply this "fiat cost averaging" to my "accumulated ounce holding", I see an added bonus, jumped in large( not lukewarm) Ag $4.00 oz, Au right at $300 oz, and haven't looked back since.For the short on memory types, the USD index was 128 around 2001, today it is around 80, inflation has hit >4%, measuring in dollars ?.....good luck with that dollar cost averaging formula. Fiat (paper) is measured in constantly changing USD, PM's are measured in ounces, unless you have an ETF or some other form of " promise to pay".Last I checked, a PM ounce was 31.1 grams, been that way for over a hundred years.Last I checked the USD index, well, that ' unit of measure" looked like a roller coaster ride since 1913 . I do not use "unequal weights and measures" as a gauge. Keep it simple, count your PMs in ounces, count your paper holdings in an every changing unit. Good Luck, enjoy your roller coaster ride.
 

newmisty

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#13
With a delay of 26 days it will be interesting for me to look up the spot prices when my order finally arrives. Then again, I may not want to know. If prices have significantly dropped, I will be kicking myself! :(
If you bought metal, you will have no reason to kick yourself. Regardless of what your peers may say or what number the pixels read, you will have REAL MONEY. How many of your friends and neighbors can say that? Heck how many of them even know the difference between money and currency?

Point is your already ahead of the pack. Now just keep up the pace...
 

RxGold74

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#14
If you're not familiar with dollar cost averaging, you need to be.

I am familiar with the term but not everyone on these forums seem to agree with the idea! :s9:
 

917601

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I am familiar with the term but not everyone on these forums seem to agree with the idea! :s9:
The ones that do not agree are fighting WW2 from the trenches of WW1.The dollar is no longer the king, it is far from being an honest weight and measure. Think ounces (Garands), not dollars ( '03 Springfields).
 

Weatherman

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#16
Any advice for someone new to PMs would be greatly appreciated.
I have a couple of suggestions to consider. First, don't focus all your investment energy on precious metals. Gold and silver are an essential part of your family support plan, but they are not the only part. You also need to balance in personal security and increased preparations as insurance that you will do OK no matter what happens. Second, please be cautious about who you tell details about what you are buying and how you are storing it. It is a natural reflex to want to tell friends about something that excites you, but your friends can then tell people you don't know, and there are people you prefer to not know stuff about your business that is best kept close inside your family circle.

My plan is to become a hoarder of gold and silver with regular and hopefully smart PM purchases in the future.
LOL. All of us hoarders will be demonized in the press and by our public officials before this roller coaster ride is done. People who cannot plan ahead are very unforgiving toward others who do.
 

RxGold74

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#17
I have a couple of suggestions to consider. First, don't focus all your investment energy on precious metals. Gold and silver are an essential part of your family support plan, but they are not the only part. You also need to balance in personal security and increased preparations as insurance that you will do OK no matter what happens. Second, please be cautious about who you tell details about what you are buying and how you are storing it. It is a natural reflex to want to tell friends about something that excites you, but your friends can then tell people you don't know, and there are people you prefer to not know stuff about your business that is best kept close inside your family circle.


LOL. All of us hoarders will be demonized in the press and by our public officials before this roller coaster ride is done. People who cannot plan ahead are very unforgiving toward others who do.
Thank you! That is all great advice. I plan on keeping my PM holdings a secret. My wife is the only person I've told about my recent purchase other than mentioning it here on these forums anonymously. Oddly enough, she doesn't seem to care. She gladly is handing the financial and money matters of the marriage over to me. I think she trusts me enough to know that I will try not to go overboard with any PM purchases.

I am doing many other things to prepare myself for worst case scenarios. I feel that learning to shoot is one step. I also want us to eventually buy a house on some land and grow some of our own food. You never know what can happen in the future.

Right now I am continuing to work to pay off the mortgage on our home. It should be paid in full in about four years. We don't currently have a car payment either. And I am maxing out my 401k and contributing to a Roth every month. PMs are a tiny part of my overall portfolio right now but I expect that percentage to grow.

I do wonder what percentage of total assets or investments does the average GIMer have in PM? I'd like to eventually hold 10% or more in physical gold and silver. That percentage will take me several years to achieve however as I am just now getting started. Do others here think in terms of having a set percentage of their assets in PMs or is it more like simply reaching a specific goal amount in physical gold and/or silver (buying until you have X ozs of either one)?
 

917601

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Thank you! That is all great advice. I plan on keeping my PM holdings a secret. My wife is the only person I've told about my recent purchase other than mentioning it here on these forums anonymously. Oddly enough, she doesn't seem to care. She gladly is handing the financial and money matters of the marriage over to me. I think she trusts me enough to know that I will try not to go overboard with any PM purchases.

I am doing many other things to prepare myself for worst case scenarios. I feel that learning to shoot is one step. I also want us to eventually buy a house on some land and grow some of our own food. You never know what can happen in the future.

Right now I am continuing to work to pay off the mortgage on our home. It should be paid in full in about four years. We don't currently have a car payment either. And I am maxing out my 401k and contributing to a Roth every month. PMs are a tiny part of my overall portfolio right now but I expect that percentage to grow.

I do wonder what percentage of total assets or investments does the average GIMer have in PM? I'd like to eventually hold 10% or more in physical gold and silver. That percentage will take me several years to achieve however as I am just now getting started. Do others here think in terms of having a set percentage of their assets in PMs or is it more like simply reaching a specific goal amount in physical gold and/or silver (buying until you have X ozs of either one)?
Oh no, I wish you didn't say that.Read Sinclair and Russell, the only 2 that have gotten it right in 12 years .www.jsmineset.com required daily reading.Now some "unpopular" thoughts.Ditch the 401K, put your money into physical PM purchases with that sum.I speak from 12 years experience.In 2001 I withdrew my 201K ( paid the penalties) and put it all in metals.I have made 800 percent gains over what my co workers who kept it in their 201Ks, even with the company match.Mortgage? Do not pay off a mortgage going into inflationary times, in 2001 it took about 500 US Eagles to buy a median house, today,it takes about 150 eagles. At the current rate, I will pay off my mortgage with 40 Eagles. Put that mortgage money into PM's.Another caution, in 2006, my company declared no disbursements are allowed from the 201K, unless you retire or quit.Imprisoned money.Instantly, without warning, locked up tight.Most here do not agree on my strategy , but since 2001 using these guidelines, I have experienced tremendous gains. Old ways, die hard.If you have not noticed, we are in extraordinary financial times.Read The Harbinger, the next "date" for PM evaluation is Sep 2015.Until then, keep stacking, with all your heart and mind.Good Luck, junior.