Is it crazy to think about adding more gold now?
- •Been following a lot of the posts here about the ups and downs lately, and it's got me really thinking.
- •I started my Gold IRA about two years ago, right around when things were starting to get a little wacky with inflation and all.
- •Put in about $75k then, mainly for that peace of mind knowing I had something tangible outside of the stock market.
Been following a lot of the posts here about the ups and downs lately, and it's got me really thinking. I started my Gold IRA about two years ago, right around when things were starting to get a little wacky with inflation and all. Put in about $75k then, mainly for that peace of mind knowing I had something tangible outside of the stock market. As a nurse here in Seattle, I see enough uncertainty every day, so this was my way of trying to shore up my retirement.
My advisor always preached about dollar-cost averaging and not trying to time the market, which made sense to me then. Just consistently putting a bit in and letting it ride. But now, with gold having pulled back a bit from its highs, I'm almost feeling like it's a "buy the dip" moment. Is it completely irrational to be looking at adding another chunk now? I'm not talking about emptying my savings, but maybe another $10k-$15k to bolster my precious metals allocation.
A part of me is like, "this is exactly what they tell you not to do," because who knows if it'll go lower. But another part is thinking, "if I believe in gold for long-term security, why wouldn't I take advantage of a relative discount?" I'm generally pretty conservative with my investments, so this feeling is new to me. Anyone else in a similar boat, or have you actually tried to time a gold investment and had it pay off (or spectacularly fail)? Trying to decide if this is a genuine opportunity or just FOMO kicking in in reverse.