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3 Significant Coin & Bullion New Years Resolutions to Consider for 2024

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3 Significant Coin & Bullion New Years Resolutions to Consider for 2024

One of the most common traditions in2024 new years resolution coins precious metals agcb the U.S., and we suspect in other parts of the world is to come up with a list of New Year’s resolutions for the upcoming year. There are many aspects in life that we can all improve on, including finances, work, family time, etc., but just as important, and especially for our regular readers, is to set coin and bullion goals.

This doesn’t necessarily mean that you should set a goal to liquidate all your traditional investment positions and park every spare cent you have in precious metals, although we wouldn’t mind if you did, but to set some goals in advance to help position you for success throughout the year.

While exercising five times a week or cutting all junk food out of your diet can be challenging New Year’s resolutions, investing and saving through precious metals doesn’t have to be. There are a number of goals that we could conceivably discuss regarding coins and bullion, but we thought we would leave you with three simple and attainable goals to consider as you embark on the new year.

Trust Your Gut

Most of us have a sense, an intuition, a prompting, etc when it comes to making choices in life, and I’ve personally found that I’ve been most successful with whichever endeavor I’ve pursued when I’ve trusted my gut.

I could go on and on with investment examples that I could have pursued years ago that would have made a significant impact on my finances today, but the point is that we all experience gut feelings, and in my opinion, should consider listening and acting upon these feelings.

Why do we oftentimes choose to ignore these gut feelings? It’s typically driven by fear or greed. These emotions in most cases should be disregarded, as inevitably they cost us opportunities. We find ourselves battling with fear when we see an asset pullback in price, such as gold and silver. Rather than take advantage of lower prices, we are concerned that prices may continue to dip and oftentimes find ourselves missing out on a buying opportunity.

Likewise, greed can be just as debilitating. Let’s say that you’ve set a target price on an asset, whether it be precious metals, stocks, bonds, real estate, etc. and the value of your asset reaches this target. However, it continues to increase above and beyond your goal. We find it very difficult to pull the trigger and exit a position when we see a run up in prices, even when the current price doesn’t affect reality. That’s why we all need to stay disciplined.

Stay Disciplined

Speaking of discipline, this is one of the keys to success. There are many examples that we can provide, but ultimately it has to do with setting a plan and sticking to it. A perfect example is the young lady that we highlighted in a previous article who is purchasing gold coins on a monthly basis. While there are no guarantees in life, her approach will most likely result in her being a millionaire by the time she retires.

We realize being a millionaire isn’t quite what it once was considering the increased cost of living we’ve all experienced since the lockdowns, but most of us could find a way to get by with a nest egg of seven figures.

Being disciplined doesn’t necessarily require that you purchase gold coins on a monthly basis. You may instead decide to invest in gold and silver on a quarterly or annual basis. We regularly meet with folks who receive quarterly or annual bonuses and choose to invest these proceeds (at least a portion of their bonuses) in gold and silver.

We’ve even talked to our 18 year old son about being a disciplined investor. While his part time job doesn’t afford him the opportunity to invest in gold coins, or for that matter, much in the way of precious metals, a silver coin a month is well within reach and overtime will add up. If he purchases just one silver coin a month until he reaches retirement age of 65, he will have accumulated a nice little investment of 564 ounces of silver.

How can an 18 year old, who is working a part time job, find $25 – $30 a month to invest in an ounce of silver? If you’ve been to a fast food restaurant lately, you probably know that you can’t get out of there for less than $12 – $15. Simply cutting out two fast food runs per month will not only give you the ability to invest in silver, but will also do wonders for your health!

One other quick note, The Big Mac Index is an interesting signal when looking at a country’s economic situation. The video below shows how these two correlate relatively well from 2000 to 2023:

Set a Long Term Goal

 

Last, but not least, and we’ve been alluding to it throughout this article, is to set long term goals. While trusting your gut and being disciplined with your purchases will put you well on your way to success, it’s also important to look beyond the current year and into the future.

long term goals precious metals

While it feels like we’re always going to be young and retirement will never arrive, it sneaks up on you quicker than you realize. Personally, it feels like I just got married a few years ago at the age of 24. The last 26 years have flown by and I find myself as a 50 year old wondering where time has gone.

 

That being said, what are your long term goals? Do you have a specific dollar amount that you want to invest in gold and silver coins or bullion? Are you instead interested in accumulating a certain number of ounces? How about as a percentage of your overall portfolio? As we’ve discussed in the past, even financial advisors or wealth managers recommend an allocation of 5% – 10% in precious metals due to the low correlation between other assets. Over time, precious metals have helped to reduce overall portfolio volatility and increase total returns.

 

If you’re late to the game and have only recently come to realize the importance of saving and investing in gold and silver, don’t beat yourself up. The key is to do the best you can with the resources and time that you have available to you. While we don’t have a crystal ball, we believe there’s a good chance that we could see gold and silver prices explode higher in the future, which means you may ultimately need a much smaller investment that you realize.

 

Summary

 

While we all have different opinions on New Year’s resolutions, we recommend that you consider setting some gold and silver goals for this year. New Year’s resolutions aren’t always about establishing specific goals. One promise you can make to yourself is to trust your gut instincts and to not let fear or greed be an overriding consideration with your investment plans.

 

That being said, over the long time, in order to be successful, we need to establish goals and be disciplined with our approach. This could mean buying monthly regardless of the price, even when it appears to be high. Ultimately, a monthly buying approach is much like dollar cost averaging and will help to reduce your overall basis.

 

Lastly, look beyond this year with your goal setting. Time flies by, and before you know it, you’ll approach your later working years or possibly retirement. If you’re fortunate enough to be able to start young, that’s outstanding, but very few of us have this type of insight at such a young age. Regardless of when you begin, do the best you can with the resources and investment horizon that you have available.

 

While we refrain from providing specific investment advice, our goal is to try and provide the right gold and silver options to meet your long term goals and needs. Reach out to the experts today at Atlanta Gold & Coin Buyers and let us help you to achieve your New Year’s resolutions for 2024 and beyond!

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Tony Davis
Tony Davis is the owner of Atlanta Gold & Coin Buyers, a full service Atlanta based coin and bullion dealer specializing in buying, selling and appraising coins and coin collections of all types and sizes. Tony frequently writes on various economic and numismatic related topics affecting the coin and bullion markets and has been published on some of the industry’s leading websites, including Coin Week, the American Numismatic Association, Coin Collector, Coinflation, and Coin Auctions Help, just to name a few. Visit Atlanta Gold & Coin’s website at atlantagoldandcoin.com to obtain additional information on the products, services and educational resources offered by his company. Tony can be reached at sales@atlantagoldandcoin.com or at 404-236-9744

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