Gold price action and my plan - Providence perspective

Janet Cook

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Gold price action and my plan - Providence perspective

janet_cook📊Growing (50-100k)

about 2 hours ago

Key Takeaways

•Man, these gold prices have been wild lately, right?
•Been watching the spot price like a hawk from my jewelry store in Providence, and it’s a constant rollercoaster.
•One day it's up, the next it’s taking a breather.

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Man, these gold prices have been wild lately, right? Been watching the spot price like a hawk from my jewelry store in Providence, and it’s a constant rollercoaster. One day it's up, the next it’s taking a breather. I’ve owned my shop for over 20 years, so I like to think I’ve got a decent handle on precious metals, but even I'm scratching my head sometimes at the intraday swings.

I started my Gold IRA a few years back, just under the wire before things really took off. Got about $75k in there now, mostly in physical gold coins. With all the geopolitical stuff going on, and just the general instability in the markets, I feel pretty good about having a chunk of my retirement in something tangible. My wife thinks I’m old-fashioned, but you can’t exactly wear a stock certificate around your neck, can you?

My current strategy is to keep dollar-cost averaging in, even with the volatility. I'm putting a little extra in every month, buying the dips when I can. I’m thinking long-term here, not trying to day trade my retirement account. What are some of you folks doing? Are you adding more now, or waiting for a bigger correction? I’ve been using the Learning Center quite a bit to brush up on some of the nuances of a Gold IRA, especially the stuff about storage and distributions. It's a really solid resource if you need to deep dive into anything.

Looking at the economic tea leaves, I just don't see things settling down much in the short to medium term. Inflation still feels sticky, and the Fed's next moves are a big question mark. For me, that just reinforces the need for gold as a store of value. Anyone else in the Northeast feeling the same way, or am I just getting too paranoid watching the news constantly?

5 comments

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Best Answer▲ 10 upvotes

gary_stewart📊Growing (50-100k)

Totally agree, the volatility has been nuts. I'm just a small-time investor, but even checking my portfolio feels like a coin flip these days. I've got a decent chunk in GLD and it's been a ride for sure. Holding steady for now though!

Comments (5)

robert_thompson💰Established (100-250k)Real Investor✓ Verified•less than a minute ago

Totally get what you mean! I’ve been feeling the same with my numismatic collection. Not a jewelry store owner, but I've got a decent chunk of my retirement in precious metals, and the swings have been giving me whiplash. My plan is similar – hold strong and watch the long game. It's tough not to react, but I've learned panic selling rarely pays off.

dorothy_lopez💰Established (100-250k)Real Investor•less than a minute ago

Hey, cool to hear from another RI'er! So when you say "taking a breather," are you seeing that more in the wholesale price you're paying, or when you're buying from customers?

dorothy_lopez💰Established (100-250k)Real Investor•less than a minute ago

Totally get the rollercoaster feeling, especially when you're looking at things day-to-day from a business perspective. But for those of us in the Gold IRA game, I actually see the dips as more of an opportunity than a cause for concern. It's less about the daily fluctuations and more about dollar-cost averaging into a long-term hedge, ya know?

laura_sanchez💰Established (100-250k)Real Investor✓ Verified•less than a minute ago

Totally feel you on the rollercoaster, it’s been a crazy ride! For tracking historical trends and getting a broader perspective beyond just spot, I've found Macrotrends to be super helpful. You can really zoom out and see the big picture. Might be useful for your Providence perspective too!