Friday, June 18, 2010

I don’t listen to coins collectors.

Never listen to a coins collector before you buy gold eagle coins. They have a very different outlook towards precious metal coins. Once, an aged coins collector ridiculed me when I told him I have no gold coins to show.

He asked me, “Haven’t you ever bought any gold or silver coins?” I said I have bought them umpteen numbers of times but I have also sold them the same number of times.

He was shocked. He told me coins collection should not be done with a profit motive and you should collect for sheer self-satisfaction only.

However, I am not a rare coins collector! I am only a part-time bullion market investor and I buy and sell precious metals only for making money!

Nevertheless, I should agree that what he told made sense. Even if I am a precious metal trader, I should aim for bigger profits by holding onto my portfolio for a longer period.

May be, next time I purchase silver coins from the United States Gold Bureau, I will arrange for convenient and safe storage at an independent bank or depository for a minimum of 6 months.

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