Would like to hear some opinions

TooSnappy

I've been wanting to invest a little of my savings on gold and or silver. I'm not doing a HUGE chunk at once, I hear from many talking heads to do a little at a time when your comfortable.

Well I'm at another "buying time" for me right now and I'm thinking if I should run out today or wait and see what happens Monday(my local shop doesnt actually open back up after today until Tuesday). I'm thinking on an ounce of gold and probably rounding the rest up to $2k in silver(a fairly large investment for my modest salary.

I'd like to hear if you'd wait until Monday or do it today and also WHAT form of a 1 ounce gold would you buy with premiums, buy backs, ect... in mind.

Thanks in advance for the imput.

TooSnappy

Sorry to reply to my own post, but I didnt mention the reason with being hesitant and wanting opinions is because of the resent downgrade of the US rating. What do people think about it having an effect on PM's come Monday.

Thanks again!

vann

The credit rating downgrade means the US will have a harder time selling treasuries, and will have to pay a higher yield in order to attract investors. Gold and silver tend to go up as a response along with the money supply. If the big players think the FED will just print more (QE) to make up for the loss in treasuries, they may move to gold and silver. Otherwise, they may simply move in to cash for the time being. The FOMC metting is Tuesday and the market will be looking to see what the FED response is going to be.

percyb

<< <i>Sorry to reply to my own post, but I didnt mention the reason with being hesitant and wanting opinions is because of the resent downgrade of the US rating. What do people think about it having an effect on PM's come Monday.

Thanks again! >>



I think they'll be down with everything else on Monday. Could be a buying opportunity.

JCMhouston

I'm really not sure S&P downgrading will do anything at all, you have to ask yourself where will all the big bond players go? The answer is really hard to figure out, but it won't be gold and silver. Most of the bond requirements I have read do not actually say AAA rated bond, they say "US Treasury bonds or equivalent AAA rated bonds", so I am not convinced yet this means they will move money very quickly.

Gold for me is a long term store, so I don't really care that much about the price from day to day, silver on the other hand is something I almost day trade in (paper silver that is) so I do think about daily price swings when buying. If you can get silver today at the most recent close then I would do that, it may well move up early next week, I don't think gold will have a big move upward yet, but of course I don't really "know" what will happen, I'm just guessing like everyone else.

Justacommeman

<< <i>

<< <i>Sorry to reply to my own post, but I didnt mention the reason with being hesitant and wanting opinions is because of the resent downgrade of the US rating. What do people think about it having an effect on PM's come Monday.

Thanks again! >>



I think they'll be down with everything else on Monday. Could be a buying opportunity. >>



If there is a major sell off on Monday everything could be effected including gold. Silver could be limit down. However, often times when there is "time" to think about things cooler heads prevail and it really could be much to do about nothing. I just don't know.................Start making a list of things you been wanting buy just in case there is a fire sell this week would be my only advise................MJ

gsa1fan

Buy American gold & silver eagles

jmski52

I'd wait until the dust settles on Monday or even Tuesday. There's alot of head fakes in all of the markets right now.

TooSnappy

Thanks all for the opinions.

I did descide to "let the dust settle" and see what Monday brings and probably even what the Fed announcement brings on Tuesday.

I did make a 10 ounce silver purchase to add to the stack just incase, but the 1oz AGE I held off on. Hopefully early next week brings a "fire sale" for me before it starts its climb again.

We'll see...

Coupdescrounge

Calls by the left for an investigation of the rating agency are more troubling than the downgrade. It's 30's Germany.

derryb

(1) buy bullion gold eagles or buffalos where the premium is lowest.

(2) I expect equities to open way down with metals showing early strength.

TooSnappy

<< <i>(1) buy bullion gold eagles or buffalos where the premium is lowest. >>



Thats what I'm being told all over the place, to buy an AGE even though they have the highest premium.

I dont have much of a selection on local shops where I am and the premium is outrageous on the eagles, but its still cheaper than ebay and you never see them for sale here.

pmcollectour

1. Buy the highs, buy the middle, buy the lows. It doesn't matter, they'll all be taken out eventually anyway.

2. Gold has not had a decent pullback in 30 days. Many buyers are waiting for that $50-$100 pullback. Good luck.

TooSnappy

<< <i>1. Buy the highs, buy the middle, buy the lows. It doesn't matter, they'll all be taken out eventually anyway. >>



Words of wisdom, I think I've seen you post that in 90% of the threads in here. I even caught myself quoting it to my buddy yesterday.

DrBuster

Can't go wrong with gold eagles and 90%.

secondrepublic

If you can get a certified $20 Saint in MS for close to melt, I would get one of those. Nicer to look at than an AGE and it maintains some numismatic value.

derryb

<< <i>If you can get a certified $20 Saint in MS for close to melt, I would get one of those. Nicer to look at than an AGE and it maintains some numismatic value. >>



Not all gold coins have the same gold purity. Be clear on exactly how much you are buying. Multiply "gold oz" from this table times spot price to know gold value of the coin:

Gold bullion coin specifications

secondrepublic

<< <i>

<< <i>If you can get a certified $20 Saint in MS for close to melt, I would get one of those. Nicer to look at than an AGE and it maintains some numismatic value. >>



Not all gold coins have the same gold purity. Be clear on exactly how much you are buying. Multiply "gold oz" from this table times spot price to know gold value of the coin:

Gold bullion coin specifications >>



That's a good point, and to clarify, a $20 gold saint or liberty has slightly less than 1 oz. of pure gold. Still, it's very neat to own and look at, and if gold shoots to $5,000 you'll make out OK either way.

yellowkid

I think at this stage I would be buying low MS state US gold coins.

MsMorrisine

<< <i>

<< <i>

<< <i>Sorry to reply to my own post, but I didnt mention the reason with being hesitant and wanting opinions is because of the resent downgrade of the US rating. What do people think about it having an effect on PM's come Monday.

Thanks again! >>



I think they'll be down with everything else on Monday. Could be a buying opportunity. >>



If there is a major sell off on Monday everything could be effected including gold. Silver could be limit down. However, often times when there is "time" to think about things cooler heads prevail and it really could be much to do about nothing. I just don't know.................Start making a list of things you been wanting buy just in case there is a fire sell this week would be my only advise................MJ >>




Are you sure silver and gold still have limit moves ??

derryb

I have a strong suspicion that if the paper markets see a bad Monday that QE3.0 will be expeditied. This will have a very positive affect on metals when it occurs.

MsMorrisine

I don't think this will change the Fed Res' view on QE3

I think QE3 is still off the table for the time being.

derryb

<< <i>I don't think this will change the Fed Res' view on QE3

I think QE3 is still off the table for the time being. >>


I think the Fed has been planning QE3 since it ended QE2. I also think the ending of QE2 and the recent downturn of the paper markets were intentional so that the Fed, who have maintained a bad reputation, can come in with QE3 and save the day (and with some, their reputation).

DoubleEagle59

<< <i>

<< <i>I don't think this will change the Fed Res' view on QE3

I think QE3 is still off the table for the time being. >>


I think the Fed has been planning QE3 since it ended QE2. I also think the ending of QE2 and the recent downturn of the paper markets were intentional so that the Fed, who have maintained a bad reputation, can come in with QE3 and save the day (and with some, their reputation). >>



I agree QE3 is definitely on its way.

However, I've heard it mentioned that QE3 will be much more 'stealth' in nature, so as to not upset the opponents of Quantitative Easing.

jmski52

I think that they have QE as the permanent contingency plan, which is the same as saying that they have no plan. They have got nowhere to run and nowhere to hide.

Buckle up.

MsMorrisine

I definitely think QE remains on the list of things to do.

Maybe they hit the button if GDP goes south.