With the market going so haywire, I have been trying to diversify as much as possible, with on going investments. How I refuse to dump off my stock at my current position, and I want to grab as much good deals in the market as I can, I absolutely feel the need to hedge my bets a little by adding some precious metals investing to my portfolio.
To that end I have been talking with Monex, one of the bigger precious metals trading companies. And so far so good. I did some checking on all the companies in the space, and I found complaints about all of them. But the fact is, precious metal trading is much different than stocks, and people tend to complain more about the companies. I also noticed you have lower income people investing in gold and silver than in the stock market.
Going through the Monex site, I found some interesting information. This is a direct quote from Monex:
“One-ounce and smaller gold and silver coins . . . ten-ounce and hundred-ounce silver bars . . . ten-ounce ingots and 32.15 ounce “kilobars” of gold have virtually disappeared from the marketplace,” explains Michael Maroney. “They’re in private hands now, and people are holding onto them, unwilling to sell them back into the market.”
According to Michael Maroney, on of the VP’s at Monex, while the paper market is doing some interesting things, demand for these coins is skyrocketing. Maybe it has something to do with the huge lack of confidence everyone has in the market right now, but it does appear that this is heating up.