Gold and Silver Investing Experience at Abby’s

If you have thought “Maybe I should be buying some gold and silver to hold.”

Allow me to report to you some of  what my customers ask and say to me as well as tell you about what they buy and their reasons why.

Many of my customers are first time buyers/investors and many have different degrees of involvement over short and long periods.The first time buyers always ask “ Where do you think the price of gold and silver are going?”

My standard and truthful answer is” I do not know and believe no other person on the internet knows for sure either!”

 Approximately 50% of my first time buyers mention the collapse of the U. S. dollar as being their #1 reason for their interest in buying gold and or silver.

“Our money isn’t going to be worth a damn if such and such happens”. And maybe they’re right.Who knows for sure.

Many want to save money in the form of gold and silver for the next generation, which seems to make good sense.As long as you don’t sink all your savings into the metals market.

Other customers like to think that their heirs can escape estate taxes if they pass on wealth to the next generation in the form of gold coins or bars or silver dollars.

Customers definitely have an idea of what form of gold and silver they want to invest in. 

Some want only gold or only silver.

Recently we had a customer buy thousands of dollars of dimes and quarters from 1964 and before (they are 90% silver so don’t spend them at the arcade). Is he thinking like some of my customers that he will need coins to buy groceries and gas once the predicted financial collapse finally occurs?

There’s really alot to think about when approaching this subject so let me tell you what I do say to customers who want more information. 

Have a clear,good reason for putting your money into gold and silver.

What are your goals for this investment? To beat inflation? To make a killing?

If you’re old (I am) tell your trusted someone that you have it, where you put it and who might you talk to if you ever want to sell it.

If it sounds too good to be true then it probably (99% of the time ) isn’t!

If you do want to invest in gold and /or silver do so on a cost averaged basis and hold it for the long run.

Do NOT  invest in gold and silver if you believe you may need to sell it in the foreseeable future for your utilities,food,transportation etc. Invest with your dollars that you do not need to live on.

And finally, I am not a pundit. I do not know where gold and silver are going,up or down. And again no one else has 100% surety either.

Make your best decision and know this… Gold was once $35 an ounce. When I started my business in 1985 it was $327 an ounce and in 2015 it was a little over $1,000.

Today it is $2,772.