Money in bank accounts

a reply to: ancientlight

It really depends on your goal. You got to understand buying gold is not a method for multiplying your wealth, but preserving your purchasing power. So your not going to buy a gold coin at one dealer, and then drive down the street to flip it for a profit at another. If that is how you want to handle gold, which is as a trade, then you would be better off with those paper/digital ETF's where you can flip your holdings with the push of a button and quickly execute trades on dips and peaks throughout the day. That, however is the same thing as trading equities (stocks) and there would be significantly more profitable options.

If you are ready and willing to understand how the power of gold as a wealth preservation asset over the long term course of your life, than just figure out your accumulation strategy and how often you wish to save, which is also dependent on your income level and existing liabilities (debts/recurring payments).

See sometimes someone with a lower income level has more spending power due to lack of debt over someone with double their income due to the bills they choose to incur. Leased late model vehicles, dozens of subscription services, a liberal credit card spending habit, expensive home. In fact i see it more often than folks want to admit.

Gold accumulation in my book starts at a minimum of $50 a month. But the smaller the unit you purchase the more expensive per unit price you pay. So I would say 200$ a month if you have a decent income. If your a wage earner though your likely living a lifestyle and income level that cannot go beyond 50 a month. Stay away from pawn shops, the highest premiums I ever see are in pawn shops. The best buy/sell prices I have found are local flea market dealers, but after the global corporate terror op that started in 2020 they seem a dying breed. So your next bet are online bullion/coin dealers and auction sites. Your lowest premiums will be mass produced private mint bars and government coins in the half ounce ++ weights.

I have been able to find great deals with vaguely known foreign coins though on auction sites myself. Or, if you are good with business negotiations, start like I did And use the classifieds and local advertisement to seek junk gold jewellery. Then sell directly to refiners and use the cash to get coins and whatever else you need. Butt hat model gets more customers when good is in a bear, like it is now.

This is a way of life in a ways, and you won't just become Scrooge mcduck on a whim overnight. If you like to see your funds growing more rapidly though with bigger multipliers, you will have to take the advic already given and submit to the open equities market. Frankly, it's getting to be a good time to buy as the big funds are hitting correction territory with recent big losses in value.

In the end, you have to dedicate time to managing your own wealth. If you just throw money into something and allow someone else to fill you in from time to time, your gonna have the same reaction everyone does when they lose 20-40% of their accounts during a market hit and ask "How!? WHY!?"

Make it part of your life that you dedicate hours of your week to. Otherwise, just keep buying scratch offs and quick picks and keep on believing you will hit one day.