My 1st Million At 33 – yes, you can do it too

Say what?! Buy gold?  Yes, and it was in year of 2002.

Gold didn’t close below 252 $US, a level described by Martin Armstrong as a would-be century deal.  But after the double bottom chart formation on spot gold has been clear to me, forming at bottom of $253 in 1999, and $255 in 2001, I jumped right in at the first pull-back in the summer of 2002.  This was just after gold exceeded 300 $US.

I couldn’t find any reliable place to buy pure physical gold in the US.  So I asked my father to help me buy it back in my home country from Asia.  My dad grumbled throughout the search, but finally found me a bank that has depository account in gold.  So I asked my dad to buy me $10000 US worth of gold, timing my entry at around $305 US.  My dad and my brother went into the bank for me for my purchase.  The bank clerk repeated more than three times, telling my dad, “there is no interest earned on the gold depository account, okay?  Are you sure?”  The clerks even giggled when my dad and brother walked out of the door.  The next day when I found out about that my dad walked out of bank with only $1000 US purchase instead of $10000 US because of the repeated good-willed urgings by the bank clerk.  I was totally speechless and dumbfounded.  I told my dad, that I have been watching gold market for more than two years, and finally found a terrific entry point.  My dad was not too happy at all, but agreed to go back for more.  In a couple of days, gold went up by more than 3% to $315, and I was afraid at this level now.  So I got myself just another $5000 US worth of gold.

The rest is history.  That was truly a purchase close to the bottom of the market, a grumbled and ridiculed purchase that was made with great fear.