Anything you invest your money into will have some risk involved. Coin collecting can be a fulfilling and rewarding hobby but if you want to make a profit from your coin buying you need to be prepared for this risk. Make sure you do enough research on the coin you are considering. If you do not have enough knowledge please seek the advice of a coin collecting professional before sinking a bunch of money in something. You can buy a fake coin all too easily if you do not have the proper knowledge.
You need to know which type of gold you should purchase. This will depend on your goals and objectives. Choose gold coins if you desire to avoid financial risks or if you intend to capitalize on the movement of the price. Gold investors who would like big profits include pre-1933 gold coins in their collection. These things have a proven and lengthy history in the extraordinary coinmarketcap. In addition to that, they’re exempt from current gold confiscation laws and regulations.
In other words why should you win when the vast majority of traders fail? The edge you have must be logical and you must have confidence in it, to beat the majority of losers. If you don’t know what it is you don’t have one and its back to your forex education.
I got interested in coins from a telephone sales person when I was buying bullion type coins. She showed me how little more some common date “rare” American coins could cost over bullion and how much more valuable they were. From there, I started learning about silver and gold coins and was hooked.
With non-graded coins, I determine what the worst grade might be, and offer less than that. Very often, my offer isn’t accepted. Then I tell the seller, “have it graded and then we’ll talk more money”.
Unlike insurance however, gold and silver don’t just expire worthless at the end of the year, and you have to renew the purchase to stay covered. You should continue buying gold and silver regularly and simply accumulate more. You get to make more money on your investment, not the insurance company.
I learned many years ago the most successful investors are contrarian. They do the opposite of what the crowd is doing. They buy when the crowd is selling and sell when the crowd is buying. The crowd is selling right now, so in my view it’s time to buy. In my case however, I’ll just continue buying.
It’s insurance. It’s a hedge. It’s rewarding. It’s a fascinating hobby that’s truly enjoyable. I recommend getting what you can afford of each category and enjoy the experience. If a crisis does come, precious metal will take its place along with food and firearms for getting through it.