I think it is best to buy either in a valley not a peak.  We have seen many valleys and peaks.  It does not seem like mining hardware prices dip as much in a valley.  I believe mining hardware is a better buy in a peak than buying the coins.  It also depends on whether you solo mine or pool mine with a limited amount of hardware.  I think solo mining is an excellent gamble with one miner over a lottery ticket from whatever state.  I gambled $300 on a s7 miner and lost nothing because the hardware sold for exactly what I paid for it.  I was leasing it for free and just paid electricity.