4 Tips for Buying Gold and Silver

nobody will hold it against you if you're only into gold and silver for fun well maybe your wife or your Fidelity broker maybe your Banker cousin or a whole subreddit full of Bitcoin fans but we aren't here to talk about fun haters we're here to work on our comebacks it is surprisingly difficult to find good information on buying gold and silver suspicious motives are everywhere four smart gold investing moves that every beginner should make that appears to have been written just to give some affiliate links a home a soft pitch to roll your IRA into this gold custody service or another now I don't have that motive so I'm going to give you my four tips for gold investing we're going to start off with the free one let's not call it investing we're just going to look at it like an asset and we're going to include silver here too because there's a huge amount of crossover if you want to lump platinum in there too that's fine so let's kick it off with the most important one the reason that I started this channel in the first place and that is know what you're buying any of us can find a spot price of gold or silver at any time I'm using a chart from SD bullion here we can get gold we can get silver we can see that right now the spot price of gold is $203 I can't tell you the behind each one that makes them all slightly different but it's very minimal every bullion dealer should list a spot price of gold and silver in real time and if you just want a number you can always go to Kit code that's another good place to look but knowing the spot price means that you know the premium that's going to be charged for what you're buying also lets you know if there are additional service fees something hidden so buying direct from somebody like SD bullion is easy there should be no service fees the price you see on the products detail pay page is going to be the price that you pay now your estate might charge sales tax that'll show up in the checkout screen but there won't be additional costs now if you're buying from somebody else a broker an IRA custodian there are going to be service fees and there might be recommendations coming for other types of products expensive products that you probably wouldn't have otherwise even known about much less bought but stick a pin in that for a minute we'll come back to that part B of this before we move on is just knowing who you're buying from SD bullan they're Channel sponsor here you should know that but by us aside they're just a good example of a simple business model straightforward stuff you buy a gold or silver coin for the spot price of the metal plus a premium that's the way it should be if you want one of those gold buffalos maybe you'll pay spot plus 6% or so more than you want to spend well no problem they have Canadian maple leaf for spot plus 22% and that's potentially the best deal on gold coins right now at least in my my opinion but like I said I don't have any motivations behind saying something like that I'm just pointing out that you have options and on top of this dealers like them or your local coin shops aren't going to have hidden fees they're also not going to push special products on you like a graded pre-33 gold coin they say can't be taken from you in a government confiscation which brings us to tip number two don't buy any of this on other people's fear appear is going to be a constant in this space Maybe right now you're afraid I'm going to ding these coins but I'm not now if we were to dive into where all that comes from all the fear my bet is that we'd find it all comes from analysts quotes around that word there are Brokers out there hoping to do your gold investing for you and some of the most vocal fear-mongers in this space are analysts at one of those companies so rather than stopping into a local shop or jumping onto a website finding what you're looking for seeing what the price is and checking out you're going to call one of their experts now if you aren't up on tip number one knowing what you're buying or tip 1B understanding who you're buying it from well you're really not in a good spot for this kind of relationship now look my point in making this video is not to talk down any particular business model but I am familiar with a few of them who aren't there to offer you gold Buffalo is at 6% over spot or Canadian maple leaves at 2 A2 now let's just give them the benefit of the doubt and say that they can sell you a bullon for a reasonable price they're maybe able to store it for you at a reasonable custodian fee maybe they'll help you roll over some or all of your retirement account for another fee and while I don't have any reason to warn anyone against any of that some of those experts are going to ask if you've thought about other things are you concerned with government confiscation maybe they have a particular type of gold that they say might be better for you that's code for significantly more expensive are you concerned with banks feeling maybe you should spend more concerned with cbdcs maybe you should spend a lot more now I'm not pointing here at any particular company I'm just saying if that comes up that's what I'm talking about here that would be buying on other people's fear now this tip doesn't relate only to Precious Metals Brokers maybe your favorite YouTuber is doing the same thing and they might not profit from it at your expense maybe it's just add Revenue to them but the way that attention works is that you have to continually spin the wheel or the momentum dies so their focus is to continually spin up new fear constantly surfacing reasons for you to be afraid reasons for you to constantly be checking in it's just dumb now from an entertainment perspective whatever but I don't think additional stress and constant anxiety is good for anyone maybe that's just me but the important part here is not believing other people's fear at least not believing it to the point that you're spending money that you wouldn't have otherwise spent based on this week's story buy for your own reasons the next tip is easy but it's easier said than done don't buy weird stuff now the reason that that's hard is that weird stuff can be fun maybe just somebody else gave a convincing argument of why they think it's funny either way is probably not a good reason these Greek god of olymp coins they were $150 each actually I think they were a little bit more than that that's for 1 o of silver these coins are each 1 o and the spot price of silver today is $23 so what is that 600% premium almost now I won't get that back and that's maybe an extreme case but it's kind of nuts and I have 20 ounces or so of gold coins that I would have to sell individually to private buyers just to get back what I paid or what I think they're worth coin here or there it's worth it to me if the design is Meaningful but I went overboard personally if I was starting out today I would stick to Eagles buffaloes Canadian maple leafs that's considering their price this High Relief Lunar tiger is something I don't ever plan to sell but I knew that going in if Eagles Buffalo Maple Leafs they're not your thing when we have krugs or branas Phil harmonics kangaroos whatever is the best in your region that's what you should consider first that will allow you or your family to quickly sell when or if the time comes now if you really want a high relief tiger or Scrooge McDuck or Haiti sitting on a toilet will just know that you're probably going to have to sell all of them one at a time last up is probably a tip for anything in life and that is don't compare yourself to others I think Teddy Roosevelt said it best when he said comparison is the thief of Joy it's a really good way of putting it a lot of the pressure to buy comes from seeing what others are saying what others are doing and a lot of the missing sense of accomplishment comes from comparing yourself to somebody who's been at it for longer than you someone's ahead of you and that hits harder when we're talking about finances when we're talking about saving some kind of asset I see comments from people saying they only have a few grams of gold well good for you if that's what you've been able to save there are definitely cheaper ways to buy gold than buying those grams but a few grams of gold is still a few grams more than nothing don't let somebody else's place steal your joy and related to this comparing is probably how we end up with 600% premium silver coins I'm still trying to figure out who talked me into these now if you can lock in those four tips you're in a good place the rest is just going to be about creating a budget timing your purchases and I talk about a lot of those things really in most of my videos so I'm not going to go further into that here but as a bonus something that I don't bring up spe specifically at least not often enough is just to enjoy it there are a lot of ways to save money it should be fun it's not something that we have to do because we think the world is ending and I've been doing it for 15 years and I still get a hit with every purchase and that helps me avoid wasting money on things that I don't need but if I ever lost that if I stopped enjoying it I was just feeling nervous about the stuff I would probably look for other things I just don't see that happening all right let's call it good there if you have some of your own tips love to hear about them in the comments if you're watching this before November 6th by the way the Luna dragon is coming and let's just be clear about that one it gets a pass on the rule about not buying weird stuff I think that one's going to be a winner guess we'll see but let us know what you're up to and then while you're in the comments be sure to hit that like button if you found any of this interesting be sure you're subscribed with notifications turned on if you'd like to see more on the topic and if you're still here thanks again for watching I always appreciate your time take [Music] [Music] care

Channel: 2 is 1

Views: 25,639

Keywords: tips for buying gold and silver, gold buying, gold buying for beginners, silver buying tips, silver and gold, precious metals, how to buy silver, how to buy gold, how to invest in gold, gold bullion, silver stacking, silver bullion, physical silver, guide to buying gold and silver, how to invest in silver, how to buy precious metals, silver, gold, gold coins

Id: FLC8eXvniYQ

Length: 10min 20sec (620 seconds)

Published: Sat Nov 04 2023