Saving for retirement since the age of twelve – Customer profile: Allan
From the age of twelve when he started his first business, long-time loyal customer Allan has made sure he is in control of his own destiny.
“My next door neighbour taught me how to play the stock market at an early age and I bought and sold shares, which my father signed on my behalf. I grew up in an area that was close to a gold mine and knew the value of gold from the old miners and my relations. I always had a strong interest in gold and when I could afford to buy some I did,” he says.
The first gold Allan first bought was priced at $25/oz (today you will pay around $2,200/oz). His interest in silver was sparked in the early eighties when the 1935 Tuppence became a collector’s item, and he began adding silver to his portfolio. His philosophy to buy and hold is steadfast, and he is yet to sell any of the precious metal he has bought over the decades.
“One day it will be my retirement. I’ve already expired twice and have found it difficult to retire. I had a heart attack early this year from which I was literally brought back to life, it also resulted in my body changing – I’ve had a reset and am full of energy. I’ve always had a positive outlook in life and make things happen,” he says.
So, what does a seasoned buyer procure? “I buy 1 oz bars of gold which can be easily traded at any time. In silver, I buy 1 kg bars and either Silver Maples or Perth Mint 1oz coins. These two mints are recognised as being most stable,” he says. “We never know what’s going to happen to the economy, that’s why I buy the coins – they always hold their value and are not going to diminish.”
Allan is part of a group of like-minded people who buy gold and silver, share information and work together to meet their common goals. They buy exclusively through New Zealand Gold Merchants. “We researched who were the best precious metal dealers in the country and our research pointed us in that direction. There are several of us in the group and we are growing. The NZGM team look after us, and we share in any price reductions or information within our buying group,” he says.
“For those not doing it yet (buying gold and silver) I would encourage them to look back over history and see what’s happened – if that doesn’t give them some indication of what to do then they’re going to miss the boat.”