As a former Gold Broker - I talked to thousands of would
be gold and silver buyers. It never ceased to amaze me that even those who had
already purchased a fair amount of gold or silver continued to make some of the
same mistakes many new gold buyers make.
For some, there was a certain element of luck that may end
up protecting them from severe harm, but if they too do not learn to do a
better job, it is only a matter of time before it catches up with them and they
get burned.
For others, the gold and silver they were sold at the
prices they paid will likely never be recovered. They are permanently
underwater...losses guaranteed.
Like many decisions, there are a couple of things that
influence these decisions that a buyer has control over. One is how much they
know about what they are buying. The products - coins, bars, numismatics, bullion,
etc... The market it is in - commodities
and financial-investments and the delivery vehicles or how they participate in
the market - brokers, dealers, internet etc...
The second are is motivation or emotion. It is common
knowledge within the industry that most gold and silver and other precious
metals investors are operating from the emotions of fear and/or greed. With
fear, folks are looking mainly for protection, with greed; they are expecting
to make a bunch of money. Usually precious metals buyers fall into one of these
two camps, but can share from both of course. Even those who want protection
against a total currency collapse hope to make money with their gold, silver or
other precious metals.
The problems begin here...too little knowledge with too much
emotion. So, the three biggest mistakes gold buyers make:
Make a decision to buy gold or silver without
taking the time to learn the products, the markets, and the sales
processes....too little information. Until recently, finding the right
information was almost impossible. Most of the information being offered to
help educate buyers is being offered by companies that sell gold, silver and
other precious metals. They will not teach what will make better buyers when it
includes things like how products are priced, how to negotiate with a broker,
how to determine a fair price, what are the right products for you and your
specific situation. Everything they write is pointed toward selling you
something and every dealer has preferences....bullion, numismatics, gold, and
platinum...whatever. And they don't want to anger others in the industry so they
would never go to great lengths to show you why certain products are almost
always a bad idea. I truly believe I have alleviated this problem to a large
degree.
Procrastination and "herd" mentality. Over
the last week, the price of gold has fallen almost 10%. This is a perfect time
to be working real hard on #1. Our best estimates are that less than 3% of the
population owns gold. Yet over the last year, the subject has garnered more
attention than it did for the previous 30 years. The problem is it is outside
most people's experience so they listen and think they need to figure this out
sometime soon. But they will not. They pick up a snippet here, or a snippet
there, and instead of zeroing in for some time and get educated and take some
action over a calculated deliberate effort...they will wait until it is frenzy
buying and all the reasons I have been writing about for years as to why they
should be owning some gold come true and like lemmings - pile into it at the
very top of the market...or even on the downside.
Emotions are a key player in all financial
decisions to some degree but they rank exceedingly high in the gold and silver
markets. Come on, gold is gold. For over 5000 years it has always been
associated with wealth and status. Gold brokers are professional emotion
managers. And although they understand and use greed to sell a lot of gold,
fear is the more dangerous of the two - at least when it comes to you and the
rest of the 97% who own no gold. I study the markets for a living and I cannot
overstate how serious global economics are today. We have never been where we
find ourselves right now. There is more ammunition for economic fear based
decisions than has existed at least since the 1930's if not ever and the good
gold brokers are having a field day. Much of the information they will use the
typical person does not know or understand and much of it is true. They represent
the reasons you should be learning all you can about precious metals right now
and preparing a personal plan. But most of you won't. You will wait until fear
reaches its peak then jump in and buy whatever a good gold broker sells you.
And many of you will never ever break even.
I have provided the resources to change this for you. In a few hours from
one source you will move very far down the scale towards precious metals
success. Go here Avoid Costly Gold Buying Mistakes.
I have combined over 24 years of equities, gold trading and gold broker
experience to teach you what you need to know to avoid the mistakes so many
gold buyers and sellers make. You can learn more at www.GoldSafetySecrets.com
Also check out this video from Steve Peters on Gold Buying Insider Trading.
I encourage you to check out Steve Peter's Website. Remember Gold is part 6 L's of Biblical Wealth (Labor, Loot, Land, Livestock, Legacy and Love).
You can start creating Biblilcal Wealth today by taking ownership of Gold...in the best and most affordable form.
