Is anyone else feeling the itch to buy more gold right now? Or am I just getting FOMO?
- •Okay, so I've been wrestling with this for a bit and wanted to throw it out to the group.
- •I've got a decent chunk, about $70k currently, in my Gold IRA that I started a few years back to supplement my government pension when I retire.
- •My initial strategy was to dollar-cost average, which has served me well – got in at some decent points and haven't had to stress too much.
Okay, so I've been wrestling with this for a bit and wanted to throw it out to the group. I've got a decent chunk, about $70k currently, in my Gold IRA that I started a few years back to supplement my government pension when I retire. I'm based here in Albuquerque and between the news, inflation numbers, and just a general feeling of instability, I'm seriously considering adding another $5-10k to my holdings.
My initial strategy was to dollar-cost average, which has served me well – got in at some decent points and haven't had to stress too much. But lately, observing the Fed's moves and the global economy, it feels like we're on the cusp of something big, either up or down. Part of me is screaming "buy the dip!" or even just "buy before it shoots up!", but the other part is reminding me about "timing the market" versus "time in the market."
I know the common wisdom is you can't time it, and trying to usually bites you. But with precious metals, it feels a little different sometimes, especially with their safe-haven appeal. Is anyone else in a similar boat, feeling the urge to make a larger, more impactful purchase right now rather than sticking strictly to a DCA plan? Or am I just letting fear of missing out cloud my judgment?
What are your thoughts on trying to time the gold market, especially in current conditions? Have any of you had success (or failure) with it? I'm trying to be smart about this supplemental retirement fund, so any perspectives are much appreciated!