You should start educating yourself on precious metal investments. Then if you only have 1000 $, then it would be wiser to buy silver. But wait for the price to go down... watch the spot price of silver. I think it might go down to 30 $/oz, perhaps even lower. Right now it's around 33 $. Return on investment with silver is much better than with gold. But keep in mind that silver is extremely volatile.
Hey Jake. I started a few years ago with gold and silver... I think I was 19 or 20 at the time (cant really remember). To begin with I got silver, because frankly it was cheap. Over time I moved more towards gold, which is where I am at now. If you are interested in metals as an investment medium have a bit of a dabble in the market. You arent 'playing for sheep stations', and as other posters have said young people like me and you have the luxury of time. We can actually afford to ball's it up a few times (not that we should aim to though!) and still come out all right in the end. tl;dr- Give it a go, see how you like it... and hopefully you will learn from whatever mistakes, or hopefully successes, that you have.
Here is what I think I should have done. I should have bought myself a gold sovereign each month as it wouldn't be a huge stretch financially to do so. Over my working life to age 65 that would be about 564 coins. Once I hit retirement I could then sell them off at a rate of 2 coins a month before they ran out at 88 yrs old. I'd probably have pegged out by then... I imagine how good it would feel... as an old fellow to know that I had that stash to supplement my compulsory super contributions that the govt. is constantly eyeing off and rubbing their hands over. Sovereigns are small too. You can hide them easily without too much effort. And whose to know what you're selling bit by bit, to the coin shop or whoever. Unfortunately I'm in my 30's and will have to up my purchase rate to about 1.5 sovereigns per month to catch up with this plan. Would be worth it though, I think. Bill
Nice story Billythekid, I had a workmate who told me that he was keen on buying gold when it was $800 and ounce, instead he used the money for beers. And of course the price of gold is now double. To the OP i am a 29 year old newbie and so far from my experience, like fellow stackers here recommend. But silver not gold, gold is far to expensive for a young budget, further it feels great having a table full of silver 1oz coins rather than 1 tiny peice of gold : )
I know this is an old thread but Make sure you enjoy your 20's. Great to look into the investments but ensure that you travel, chase the girls and enjoy life while you do not have responsibilities. You are only ypung once and you can get away with stupid things more easily now. Enjoy the world's flavours 'cause you will settle down for a long time hopefully.
I can't recommend highly enough an investment in yourself - working holiday visa for the UK. Avoid living in London as it's a money sink but have friends there to bum on their couch when you visit the place as it is wonderful to visit. Base yourself somewhere like York or Chester or Edinburgh and try to work amongst locals rather than the typical broke Aussies. Use Easyjet to jet off on trips to all the best of the Old World, remember to visit some museums as well as chase skirt in Madrid nightclubs. Take some trips to Eastern Europe, Turkey or Morocco. See the world for 1 or 2 years and earn UKPounds. Sow some wild oats. Bring a Welsh girl home to Australia. While doing that, have some of your wealth in some PM buried under your parents house, in blue chip securities or just high interest term deposits. Resume buying silver when you come home, cut your hair and get a job. As has been said. Plenty of time to be old. Not much time to be young.
lol at the necro thread the guy hasnt been online since the day after he posted it 4 months ago .Oh well maybe some newbies & guests can read it
