For the next seven weeks, we will be posting one chapter a week in a series called 7 Common Mistakes of Precious Metals Investing And How to Avoid Them for our readers. Some of it will be news to you, some of it wont. Either way, we hope you are able to take something away from it. Enjoy!

Common Mistake #1 – Impatience

One of the biggest pitfalls faced by precious metal investors of all experience levels is impatience. Particularly with newcomers, the calling to get rich quick is a temptation that prompts the urge to move as quickly as possible.

Many newcomers have the mindset that success is a given and that it must appear quickly, without much effort.

Nothing could be further from the truth

As any experienced investor will tell you, investing in gold or silver is a long-term proposition. The measure of one’s success comes from years spent in the game, not weeks or months. It is unrealistic to expect “get rich quick” results.

However, this is a mindset all gold and silver investors fall prey to at some point. This tendency often causes investors to flip-flop with their investment decisions. It’s the classic “the grass is always greener on the other side” scenario. An investor will try one approach and when it doesn’t yield the desired results in a fairly rapid timeframe, they will abandon the approach considered to be faulty for another that’s perceived as better.

Take a step back

To avoid the impatience trap, it’s important to take a step back and re-evaluate your expectations. Ask yourself the following questions:

• Are your expectations realistic ?
• What are your long-term financial goals?

Note that both of these questions fail to mention anything about instant profit cash flow. Remember, success in precious metal investing is not instantaneous. Forget the drive to make a fast fortune. Take a moment to relax and realize that you’re in this for the long haul.

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