What Naysayers are Saying; 38-74 of 112
(Part 2 of 3 )
Silver Stock Report
by Jason Hommel, December 8th, 2009
Last week, I asked my readers to tell me what it's like when they try to convince their friends and family to buy silver and gold.
The letters poured in. They are all very good.
Another thing we need to warn against is the foolish naysayers called "financial advisors". Very rarely will any of them will ever point you to gold. They will almost always knock it. They are the blind leading the blind.
Anyway, here are the letters, with my responses in ALL CAPS, where needed.
why not gold ?
4 arguments against well shit, if it all descends into martial law and cannibalism, I don?t want gold ? I want food and toilet paper if the global fiat money supply implodes into a black hole, no one will have an money to buy gold or anything else governments can vaporize your gains via taxes, controls, confiscation, and outright theft if absolutely necessary gold is entirely irrational, serves no true useful purpose ? unless you count making beautiful women happy
My experience with those unaware of Silver as an Investment My experience talking about silver produces the same reaction when I bring up the UFO mystery.
The evidence is there if you go to the trouble to look, but only a handful actually do. Of the handful who are impressed with the evidence, most become distracted with mundane demands for their time, and never get started. Of the tiny fraction who say they are going to buy, only one has actually gone out and made a purchase on his own. And that individual manages a scrap metal processing plant! The rest expect me to get them the silver which I do. Otherwise, they would never do anything either.
Gold is expensive now, so it is a bad time to buy. Gold will only go up if it is the end of the world, and if it is the end of the world then your Gold won't save you. If you buy Gold and Silver then you want the financial system to collapse and you are a bad person. You can't eat Gold or Silver. You can't buy stuff at the store with Gold and Silver, and you never will be able to again. Credit cards, Debit cards, and electronic transactions are the future, Gold and Silver are what our primitive ancestors used. Your Gold and Silver might be stolen, so they are less safe than an FDIC insured bank account. The Price of Gold and Silver are way too volatile, I can't invest in something so erratic and dangerous. The stock market has recovered 50%, you should have put your money there. The Housing market has bottomed, now is a good time to get back in, instead of buying Gold and Silver. I can't pull any of "my money" out of my 401K, so even though I believe you, I can't invest. I'm locked into the Stock Market. I have to hope and believe that things will get better and everything will be OK. Things are tight and we need to save money right now, so we can't afford luxuries or get-rich-quick-schemes like Gold and Silver. You have been brain-washed by the Gold and Silver Sellers, you have fallen for their sales-pitch. Gold is useless. What is it good for? What does it do? All it does is sit in Vaults all day.
Hi Jason, I come from a family of eleven children. Last Christmas each brother or sister recieved a card wishing them the best and was decorated with a one ounce silver round taped to the inner fold. I told them that silver was about to take off and they should invest in the market. Only one sister came to me with questions and was seriously interested -- never a peep from the others. Spot price of silver last December was somewhere under ten dollars per ounce. If they had only listened,right? Well, this year they are going to get another silver ounce taped to the inner fold -- do you think they will listen now?
j --how DO we spend it if we have silver and gold who will take a 1oz gold coin for groceries, give me some insight. that is the most important ? i get, plus i am not sure myself --tks.
Hi Jason, I tell them it was FREE!!! let me explain. I have been a collector since the age of 8, and at 41, I still collect, but over the last few yrs, I have bought more and more silver coins that are either semi-numismatic, or non-numismatic, based on their silver content alone. I buy as much "junk" silver as I can afford, but mostly foreign. I get it at melt value or sometimes even below melt.The variety of coins is fantastic, I usually get at least a few coins I have never seen, learn a lot about their history, and of course, accumulate a nice collection of foreign coins (they call them "world coins" now? maybe a PC thing?). They are just as good as major mint bars, if not more, because their authenticity can be validated by any coin dealer in the world with a Krause book and a scale. I organize them, tube them, and write the purity on the tube. All I need is a scale or some 3rd grade math, and I know the absolute silver content, and thus, the value (of the silver -- some have lots of copper too -- a bonus :)
Every now and then, I bring an interesting coin to lunch where I work, and show a couple of close friends. One of the things I say when people ask me what I paid for them is that I paid NOTHING!!!! They were FREE!!! I get the strangest looks, but I then explain my "numismatic math"
I explain that since precious metals are the only REAL money around, and since the paper (fiat) money is going to eventually be worthless, I am just moving my risky fiat money to something more stable, REAL money of equal worth (at that time), but that will never go to zero. I further explain that not only is it FREE (because I have all the same value in worth as when I started - if not more with the recent uptrend) but the original country that paid for the mining, melting and minting has already paid my "seniorage." So I just get the final product without production costs.
I have a close friend that likes my coins. He was always asking me to sell him some of my neat coins, but I always say that I don't sell my coins. One day I brought in a beat up old silver eagle that was not real pretty to look at. I said "just hold it -- whenever you want, you can pay me melt value for it". He put it in his drawer -- . silver was 14.25/oz then. It is still in his drawer, and he is kicking himself for not buying it then. About 3 weeks ago, I called him from my local coin shop and said that they had a 20 balboa that I could get for him at melt (I was buying a large lot at melt, and the premium would be waived for this semi-numismatic coin because of my relationship with my local dealer, and the size of the rest of the purchase). He agreed, and got himself a nice 3.84 oz ASW 20 balboa from Panama. at $16.25/oz. Today, he is very pleased with his choice, and he is now checking eBay daily for world silver.
Creating Silver bugs -- .. and saving the world -- .. one ounce at a time -- ..
Hi Jason - Thanks for the opportunity to share experiences with you on this question.
The only person I have ever really convinced to make a serious investment in silver is my wife. She started buying silver in 2004 from her own finances and today she has a very high percentage of her net worth in silver and related precious metals investments. Of course, it has worked out very well for her - so well she has become a real believer in silver.
In fact, six months ago she gave a speech at her local Toastmasters group suggesting silver as a good investment. I have attached the file so you can see what she said. She was limited to 5 to 7 minutes and it was a very new idea for most of her audience. Also, the financial crisis was still very fresh in people's minds at that time (end of May). The comments she received back were quite positive and her use of a 1 ounce Maple Leaf silver coin as a "prop" for her speech was very effective.
It is important to point out that my wife is a very practical person and she always expects good value before she parts with her money. Although she trusted my judgement in 2004, I think she could instintively relate to purchasing something beautiful, useful and enduring as an investment - especially when it seemed so inexpensive relative to its merits. As an investor she is willing to get away from the mainstream ideas and is willing to take well thought out risks - to "think outside the box" as the expression goes.
I find many people are coming from a basis of fear - especially the fear of "looking stupid" (what if I buy and it goes down - tomorrow - or next year??). Also, many people are somewhat mentally lazy. As Jesse Livermore pointed out in Reminiscences of a Stock Operator many years ago, people would run out and buy a specific stock based solely on his say-so with no explanation but would get bored and annoyed if he tried to tell them in detail why he believed it was a bull market - which was far more valuable advice!
People believe what they want to believe. Sadly, many people will wait until silver becomes "respectable" or mainstream before they buy. I trust this feedback is helpful to you. All the best,
I do not try to push this to others. One good friend understands as a veteran and geologist. He has been out of professional work about a year. So when he declined my subtle suggestion to acquiring gold he agreed but said he could not afford it. So I then said how about a little silver? It is much lower in cost and increments.
Aside 1: When FDR said that citizens must turn in their domestic constitutional gold currency for dollars or be threatened, most did. Of course nusimatic coins and I believe up to $100 face value in gold coins could be retained. My father explained that his parents could have retained $200. This was impossible, I had seven other brothers and sisters, the depression was on and your grandparents just didn't have that 'extra' money to keep. We had to buy food and the essentials. Bread was a nickel a loaf back then. We could bearly make the rent but had a big garden and fruit trees.
I vowed someday I would acquire one of those "Double Eagle" St. Gaudens and show it to my father. I did several months ago and he was pleased.
Aside 2: The other item I wanted to acquire was the old US currency with gold ink. The wording on it said it all in the terms when paper had a real promise from the reputable US Treasury. It is imprinted for a Twenty Dollar certificate (1922) reading: This certifies there have been deposited in the Treasury of the, United States of America, Twenty Dollars, in Gold Coin, payable to the bearer on demand
Attached is a photo of the certificate.
Keep up the distribution of your teaching
Jason, I got my parents into silver and gold back in the early 70's when silver was about $1.50 and gold under 100 per oz. To say the least they did OK over the years. I only talk to potential gold and silver investors about the advantages of protecting assets or capital in precious metals when asked. I have found it far easier to talk about it when the potential investor is already primed.
One of the best convincing explanations I use is to pull a silver 25 cents out of the bucket and say: "When I was starting college in the late 50's and through the early 60's I (making it personal) could buy a gallon of gas with one silver quarter. One can still buy a gallon of gas with a US silver quarter. All you have to do is bring the silver 25 cents in here and I will give you at least $3. Then you can go out and buy a gallon of gas. Bottom line; real gold and silver money maintains it purchasing power through time."
Or I might say one can buy a new 2009 Ford with the same amount of gold coin as one could in 1929. The examples are endless. Don't forget to get the book "They Own It All (including you) by MacDonald and Rowen, MD. ISBN 1-4392-3361-6. You can get it through Republic Broadcasting: http://republicbroadcasting.org/zencart/index.php?main_page=product_info&cPath=4&products_id=51
Mr. Hommel: Thank you for sharing God's Word with us and your experience with precious metals. My family says gold is too expensive and silver isn't liquid enough, so I'll keep sharing your emails. Marc
Hi Jason, They say they don't want to buy gold as it is at the top and they don't want to buy at an all time high.
You raised a good point about touching it. When my wife and I handled our first silver coins it was self evident that we were holding something of value. I look forward to your writings. We are fellow Christians. Thanks,
What family and friends say about silver.
Hi Jason, Back in 2002 I urged family members and friends to buy gold. The Daily Reckoning newsletter at the time was my inspiration. I also told them that Fanny Mae and Freddie Mac as well as Citigroup would have difficulties. They thought I was weird, a bit into conspiracy theories and "what are you worried about", "it will never happen", "our pollies would never be so dumb". We didn't buy gold ourselves as we were about to drop a baby, had to move states and my husband no longer had a job. One family member just ignored me.
Again about a year ago I urged family to buy gold. My parents just lost many thousands in a mortgage deposit investment backed scheme through a large bank (I think it was ING). They said thanks for thinking of them but did nothing. Other family members* - same as before just ignored the advice and told me to stop sending them any emails on the subject (and I send only max a few a year on any conspiracy/investment sort of subject!). Other relatives members* also took it in their stride and said "the lord will provide - what will be will be. *means they believe they are good christians who regularly practice their faith and go to church. I on the other hand am spiritual but not religious. I do believe in God but any Church and religion that indulges their congregation to switch their brains off, apathetic (because god will provide), become self indulgent, greedy, uncaring, opportunistic at the expense of others is really a waste of my time. Miracles do happen but the expression in everyday life "God helps those that "help" themselves - in a positive way is more appropriate.
In reality in Australia people just hear that it is a "US" problem. The rag and box do not paint a picture of what is really happening in the world, and for those whose life is swimmingly okay, there is no need to contemplate the problem further. To do so would take up their valuable time which they have otherwise set aside for "more important things". Only fringe dwellers who are intelligent but not well off (and so treasure the little that they have) take notice.
More info on how this thing will affect all peoples of all the world - especially those countries doing "well" would be useful. Thanks
Jason, your passion, intelligence and commitment propels you to forward your mission. This 80 yr. old guy has one couple of close friends buying gold from XXX whom I buy my little orders of silver from, for the past 8 years -- It was Weiss research that I was reading that started me into the precious metal buying. Wish I had started 20 years before.
Now, I tell my closest friends and family what I am doing and what I believe will befall our society very soon -- But I do not tell or advise them what they should do....they are all educated and literate and should figure it out... I know I have already irritated some with my opinions.
They, I believe, are becoming somewhat alarmed by the debacle heading our way. Perhaps, many of them will find it too late to take measures to protect themselves. Our nation has been conned by one of the most consumate con men (and there have been many) that I have seen in my past 70 years of awareness -- I think back to FDR.
I am an old Jew who still cannot understand how 87% of my fellow Jews voted for Obama and who still loved FDR after he turned away the St. Louis with 900 Jews and sent them back to the concentration camps.
I think you are a wonderful spokesman along with a few dozen more folks promoting the value of precious metals. Frankly, it has been the best investments I have made in these many years.
Do take care of yourself and family.
A Merry Christmas and Happy New Year to you.
AFTER MUCH EFFORT I HAVE CONVINCED ALMOST EVERYONE I TALK TO, and that actually listens that the precious metals are the way to go. Unfortunately, even after they mentally get it they still don't act. I actually came across a slam dunk easy as pie $100 free money deal that took no effort. I told probably 20 people about it and only a few made the simple phone call to take advantage of the situation. I guess many people are just not very open to the idea of protecting themselves. I have managed to get three people to act and they have many thousands (nearly hundreds of thousands for one of them). It took years and they could have made more but at least these three acted. One person I told to buy silver when it was just over $4.00 an ounce said it was too heavy to lift so they did not buy. Another very smart person who I actually got into the last great gold rush (late 70s to the peak) took forever to get on board the train this time around but finally did after silver had already hit $21 and fell back to around $10. Hard to figure. Another person I sent articles to actually talked to their "financial planner" who told them the move for the metals was over. Of course, the fool never bought an ounce when it was $4.00 an ounce for silver and under $300 gold but now was an expert at saying the run was over. Go figure.
My father lost a lot of money in the stock market in 2008, I told him in the summer of 2008 to get his money out because I think the market might crash. He laughed at me and told me "why don't you leave those things to people who know what they're talking about." Recently I talked to him about Gold and Silver he asked, "Well is it a risk?" I stupidly replied, "Well, I guess anything is a risk but..." He immediately became turned off and I learned he invested into "less risky" things like bonds. Oh, great.
He is a great man who has served this country and loves his Lord. I am his 25 year old son, but I don't think I have earned his respect. How can I get him into Gold and Silver?
The number one objection I get to investing in Silver and Gold is: "I'd love to but I don't have the money right now"
That's my roommates, that's my girlfriend, that's my boss. Even if they have resources they just try to dismiss my arguments because they don't believe the economy is going to get worse. I just think to myself how easy it is to get a silver coin and wonder why.
And this last part is to thank you...
Jason you are an inspiration. I started getting into silver in the spring of 2008, right around the time I started looking into Ron Paul. Then I convinced a friend to buy 100 ounces of silver with me and he sent me a link to your website. We keep buying. We are recent college graduates beginning to invest but I'm becoming a zealot and I love your newsletter. I remember reading one of your articles dealing with the biblical morality of sound money and it clicked. Just like when I watched Ron Paul in the presidential debates and became a libertarian, I always knew the truth and your arguments make sense.
When you know the truth and God inspires you its like you can't help but speak the truth. I talk to everyone I'm close to about God, politics and silver. Your newsletter is an inspiration. VERY FEW listen to me but they can only dismiss me because its hard to believe. When I talk to my roommates (who voted for Obama) they laugh at me. So I give them weekly updates on the price and their interest perks a little more each time.
Thank you for your piece of truth in this world.
Let's see. Upward battle, for sure. Out of ten to fifteen friends, two of us have a small amount of metal, say 50,000 It is hard to carve out that kind of money. After discussing many, many, times; here are some of their arguments.
1. No longer money, not tangible, i.e. cannot trade or sell at a moment?s notice. Like it needs to freaking pop out of an ATM?
2. Need some type of exit strategy, once you make the online purchase wait months for delivery then securely store it, how are you going to sell the heavy metal?
3. No knowledge of metals AT ALL. Unwilling to listen to your (Jason) and other reasoned arguments. Jeeze?.just do the math.
4. Low price of both silver and not so much gold now, but my friends appear to be extremely frightened of market manipulation. I argue that most holders have PAPER and we all know the intrinsic value of a munched up tree.
5. Ok, sad to admit, but some of them at work actually mailed in ?broken and unwanted gold jewelry? Man, I wish I had come up with the cash for gold idea, but do not think I could have taken advantage of folks so terribly.
6. Lack of media coverage. In one breath the media extols gold and in the next claims it is a horrible investment idea, likely to plummet to pennies on the dollar. Hey?just like the real dollar.
7. Sadly, comments that the government will fix the problem, or mumbling about going down with the ship. Has no one seen the new debt clock? Cannot wrap my mind around those numbers.
Anyway, just some of the stuff I have to wade through with tall boots. I really enjoy your emails Jason, they are extremely well reasoned, and seem to be getting better all the time. Of course being right does not hurt does it? Lately, it feels like vindication. I think the biggest problem facing most folks is the lack of an ability to buy small amounts of gold and silver as they receive their paychecks. I remember buying silver junk coins back in the early 90?s every time I got a check for 6.00 an ounce. And I would buy one or two coins every payday. Was a broke college student at the time, and carving out the money is the most difficult aspect for most people I have met. As we get older, not so hard, but many, many, folks are struggling and gold and silver has been so disrespected and derided by the government and economists, that people have a tough time believing that they can successfully buy and sell heavy metal. Again, you have really helped me and although I have not been able to put away as much as I would have liked, I do have physical metal and you have helped convince me to double my efforts to obtain more. If small amounts of metal were available to everyday folks (not unlike the coin operated gold dispensing machines in Europe) and a way for people to freely trade in the metal, it would help our cause. Although, the damage to the national debt and the dollar may have taken care of that issue for us anyway. I am in the high Rocky Mountains, so nothing like your coin shop exists for us. We pay shipping via secured FedEx. Anyway, thanks for everything you do,
I've tried to tell people, trying to make sure at first they have some degree of reasoning power but I have found that no one does their home work when it comes to metals. I hate to say this but I've found most people dumb ignorant and stupid when one trys to tell them about the benefits of buying metals to protect them selves and wealth. At first they attentively listen then you can tell their attention span has been lost, its always yes but -- theyve always got something to do but never consider silver or gold for their general welfare. They figure as long green bucks are spendble why should they? I found most people live for just right now. They just cannot take the time to investigate. The hardest most unteachable lesson one can present to others is how one can change their future and entire life through considered thought then follow up action. In this case the considered thought is metals and benefits for owning them. "Well if thats all I had to do was to sit around and think of ways to get rich Id get rich to" was one stupid sarcastic comment. Most people never read, they have tunnel vision, they think the US fed is going to always take care of them. I say think Katrina. Shakespeare once said "wisdom is obeyed like a command to cats" so very true.
__________ Hello Jason,
I'm responding to your article requesting input concerning what friends and family say when the subject of PM's is brought up.
By far, the most common response is a deafening silence. This is primarily because I live in Shanghai, and the rest of my family is on the other side of the planet. I rarely get a chance to talk with them face-to-face, so they can choose to explicity ignore what I send to them in my long emails concerning the fast deterioating financial structure, and instead respond to other things I might have mentioned in my emails, such as "Oh, good to hear that your weather is better than ours over here. yadeyadeya..."
However, I have found that face-to-face meetings with friends and family can be dangerous. Why? Because implicit in the explanation of why PM's are set to soar, is that the dollar and the US economy are NOT going to recover, at least anytime soon, to put it delicately. This threatens some very well-defended comfort zones.
Often, there is usually no direct argument against PM's. Rather, there is the faith of those that wish to hold on to comforting beliefs that the economy is on the mend. Here are some samples of the usual responses I get, compiled into a fictionally consolidated response...
"Hey, look at the stock market recovery since March, up 65%! And there's still a lot of money on the sidelines - and when that comes back into the markets - we'll be cooking. Real Estate down? Yeah, it got a bit overheated, but it'll come back. Real Estate always goes up over time, and as soon as it bottoms, there's gonna be some killer properties to pick up cheap.
Dollar's going down? Excellent! It'll make all our exports cheaper, and then all the jobs will come back to the US. Gold? Yeah, gold's going up, but it's in a bubble - it'll crash as soon as the sideline money moves back into the markets.
Silver? Who wants silver? I can understand some people wanting gold, but silver is nothing but an industrial metal. It's cheap. And if what you say it going to happen, what with your global economic collapse and all, there'll be no industrial need for silver - so it'll be totally worthless.
So, I appreciate your warnings and advice, but yaknow - you need to lighten up and get out of your Doom and Gloom mode. Honestly, people are starting to worry about you. When are you going to get normal?"
When I then go through the ugly fundamentals, regarding skyrocketing governmental debt, defaults/foreclosures/bankruptcies, Fed monetization, the fast-approaching twin tsunamis of commercial real estate and ALT-A Option ARMS busts and steadily rising unemployment - and how that will play out in a collapsing economy, they get angry. One friend kicked me out of his car in the middle of the street, shouting "Don't tell me this! I have family!"
So now, I don't speak much about it anymore. I recall a quote by somebody that I can't remember that captures the dilemma very aptly: "Never destroy a man's faith without replacing it with something equally mesmerizing."
Hope this helps.
A most interesting question indeed, how can people be convinced that holding Gold/Silver is practical or even common sense? We have been brainwashed by the Govt pure and simple.
I have been holding for a number of years now convinced that our Govt will fail financially. The book of Revelations could not conclude if this were not so. Israel will hold off the whole world all by itself says the Bible. Where is the US? Broke and indigent, that's where.
I have many friends that I have tried to woo into making reasonable and (I feel) Godly inspired investments. I have been laughed at for years. Comments that I made at work drew scowls, everyone knew better.
More recently since the recession all of my friends have lost money. I was at lunch with one gal that lost over $350 thousand in IRA's and was beside herself. Fortunately she was very well off and could afford it at the time. I spoke to her about investing in gold. She merely raised her eyebrows and looked down.
Time and again I have tried to influence people but to no avail. I think that they'd like to laugh at me openly but don't out of respect for my successes. For some reason they don't think that they can do it too. They seem to think that its like a ball game. If my team wins then theirs has to lose. I beat my head but they simply can't see.
5 years ago I invest some $22 thousand in $20 dollar gold pieces. My daughter came over to the house and saw them laying on the table. So I told her what I did and she became livid with me. What kind of a nut would squander my inheritance like that she says? She had a small fortune in the stock market (Las Vegas style gambling in my eyes) but to her it was a legitimate investment. Since then she has lost a bundle but my coins have tripled in value. Likewise my silver has acted similarly but she still can't see. Slowly shes coming around but the world still thinks that I'm nuts. I've boasted (I know that I shouldn't) about my profits and its relative safety to friends with deaf ears. I've hoped that this would sway their opinion. It hasn't!!!!
I have a Christian friend that I used to escort to Texas for the winter. I tried to get her to invest in metal but she said that I was nuts too. She's always held property and considered it a safe haven. When the bubble burst she lost a little too. I was still making money and told her so too and then she hit me with the grand slam. She accused me of putting up valuables in the last days which the Bible warns specifically against. She took God's own words and aimed them at me like a rocket. She didn't realize that she'd twisted his words first and made me look like the bad guy putting up riches and sneering at God. Hardly, although I do sneer at my Govt and what they would have us become.
So I believe its all come down to the game of brainwashing. We are taught all of our lives that metal is unnecessary as now money is backed by the goodwill of our Govt. The depression didn't teach anyone a thing as we now have the FDIC. What a joke.
God said that in the last days things would be just like they were before the great flood. We abort babies and soon now hope to terminate the elderly Kevorkian style with our health care. We have gay marriages and even gay priests to enlighten our lifestyles. We adopt children to same sex couples, preach disarmament while Korea and Iran secure our demise, and open our borders while preaching that our differences are our greatest values. Say what? Didn't the Bible touch on all that nonsense too? Indeed it did but again on deaf ears. God scrambled our languages at the tower of Babel for a reason but today we are to embrace it. I said all of that for a reason as Silver and Gold fit nicely into that scenario. We live in a scrambled world where up is down, back is forth, and right is wrong just as the Lord said it would be.
I believe that people cannot accept Gold/Silver for a reason. Very effective brainwashing is one reason, the other is that God has blinded people totally. They have faith in man and in Govt and God is about to destroy their faith totally. He will illustrate that goods and services are fleeting and that the almighty dollar is worthless. Even Silver and Gold will become cankered and worthless but not quite yet. First Gold will be confiscated while we throw our Silver in the streets and this should come soon now. I don't believe that this will happen before the rapture but soon all the same.
That in a nutshell is why I believe that people cannot see. They march to mans beating drum and God is far from them. As believers we can see but cannot understand why they cannot see. Does that make sense? No amount of talking can undo what has been done. Silver and Gold is for those that can see. God's riches are not for everyone yet.
Greetings Jason: One long-time friend, an email/phone friend in the reptile business -- completely ignores any mention of PM investment --
Another long-time friend very successful in the reptile business, is paying me a small commission to help him invest (so far about $5000 in the last month or so) -- we specialize in bullion reptile coins, altho he's also buying a lot of 10 oz silver bars because of lower premiums -- he listens well -- Another coworker listens, and has actually bought a little (a few ounces), but he rather spend his extra money on comic books -- low end stuff, he rather collect 50 $2 comic books than one $100 one --
Another friend rather spend his dough on fossils -- he has enough of those, trust me -- instead of liquidating some and buying some silver, he'll do it "later" -- admittedly, shark teeth (his specialty) are increasing in value (measured in US$), but I make the point that they aren't really keeping up with the dollar's decline -- and most people don't give an iota about shark teeth -- etc etc --
After much effort, and I've done everything you said, my dad has finally agreed to purchase some silver -- I just wish he listened 12-15 months ago -- Two sisters play stupid (one has a BA, the other a BA and a Master's degree) -- they'll wake up too late -- Actually Jason, I believe learning disabilities are far more common in society than anyone is willing to admit -- I see it everywhere I look -- oddly enough, my 3rd sister, with a GED (high school equivalency), is the one who has invested well in PM's -- she'll be OK --
I look forward to your survey results --
Jason, The most common argument I hear about the economy is that it is going to recover soon and everything is OK. This is a ridiculous position for anyone to take, but it shows the ignorance of most people. People don't see the conspiracy of the Federal Reserve. I take vitamins and other supplements and I have taken them for 38 years, but a lot of people won't take my advice re vitamins even though I have cured other people of the same malady that they have. Similarly, as you know, not everyone will hear the Gospel when it is preached. Satan blinds people to reality if he can. My good Christian friends know the economy is in serious trouble and is not going to recover. Most people have a belief system that they don't want to abandon because they have had it for a long time. A perfect example is the Jews. They are looking for a messiah. They have been waiting almost 2000 years since the destruction of the temple in Jerusalem when the Jews were scattered. I can see being skeptical that Jesus was the messiah for a few years, but 2000 years? That is nuts. God is doing this on purpose to get peoples' attention. It is just like Israel in the OT when He took them into captivity over and over again. They never did "get it." He has told me that, "Every institution of man that man has put his faith into will fail." This country has made money a god, and it will crumble and turn to dust.
God has told me that buying silver is part of the wealth transfer from the wicked to the righteous. Your analysis on where the price of gold may go to ($32,000/ounce) is reasonably accurate, in my opinion. There is very little silver and gold to use as money, and we are just starting to see the effect of gold used as money. So far, silver is still a commodity. 90% silver coins are the best money that one can have because the denominations are small, and the coins are readily recognized by the public. Gold coins have too large a denomination. When silver and gold become money, the price in dollars will skyrocket, but more important, the value relative to the commodities will also skyrocket. The price of gold in dollars is about to become academic as the dollar becomes worthless. How much of other commodities like food, water, oil, etc., gold and silver will buy is what is going to be important. I believe I am going to buy a million+ dollar house for $250 face value of silver. I remember reading a story some years ago about a Jew on a train to a concentration camp. He traded a gold bar for a cup of water. It was a good trade because he was going to lose the gold bar anyway. We are heading to the same situation. How do you buy food with a house? How valuable is a collectible coin going to be when the dollar is worthless. I have watched the value of many "collectibles" drop by more than half in the last year or so. Diamonds are presently down 50%. Cars are down 50%.
Most of the pundits are assuming that the present situation is just a rehash of what has happened before. I don't believe it is. I think the world monetary system is in a place it has never been before. The world is awash in paper dollars. At present prices, there is not enough gold to use gold for money and replace all the paper. It appears that China is saying one thing and doing something else. Recovery from this recession? Not likely. God Bless You
__________ Re: Advising the Reluctent. Jason,
Thanks for your efforts to assist those of us who are attempting to educate others about precious metals. I happen to come at precious metals from a moralistic perspective. At the age of eight (1958) I saw my first gold coin (1853 one Dollar gold piece) and silver dollar (1883 Morgan). This started me asking questions and no one I knew had any answers. As far as these people were concerned, the monetary system was just the way it was and that was just fine with them. But inside, I knew something wasn't right. Then to confirm my suspicions, in 1964 all the silver coins disappeared; no one I knew had any idea where they all went or why. The first day at University, after I unloaded my gear in the dorm, I went to the library and asked where the economic/monetary stacks were located; when I found it I walked up and took the first five books down off the shelf, checked them out and read them during the week and came back for the next five; I continued this weekly until I had read all 1,500 volumes in that collection. I use to get into arguments with my college economics professors about practically every issue. It was only later that I discovered that I had become a "natural" Austrian Economist.
Now I have had several decades of discussions with hundreds of people about the economic/monetary/financial issues. Here are some of my conclusions:
1. People are more concerned about being "with the herd" than about being true. I use the word "true" rather than right, because they think that they are being right when they are with the herd. [Being true includes the idea of being a follower of the golden rule (the do unto others rule, not he who has the gold rule). Even if it were physically possible to "print money" and not as a consequence have prices increase, it is immoral to do so; just on the principle of the golden rule. Those who "print money" certainly would not approve of some one else taking advantage of them in such a manner.]
My own father is a prime example of some one who is "herd" conscious. He care more about what other people think than most any thing else. His life has been lived in constant fear of what others will think of him. He was the first one I told of what I was reading about at the University library. It took him years of face the facts that he'd been lied to his whole life about the financial/monetary/economic system. FDR was my father's hero and what information I revealed about that politician made my Father literally loose sleep for years. But finally after years of rising gold and silver prices (early 1970s) I persuaded him to invest $12,000 in silver and $10,000 in gold. Yes we broke the "law" and purchased Austrian 100 Cronen coins from those reprobate commies in Hungary (my Father almost backed out of that deal when he learned that the communist government controlled mint was restriking these, just because they were "communists" and he believed that there must be a clever plot to "weaken" us in the West with this gold). He is definitely pro precious metals now, but it took years. If I were attempting to do the same thing today, I honestly don't know if I would invest the effort; because we don't have years for people to change at a gradual pace as was the case with my father. On the other hand, the collapse of the system may force reluctant people to address issues faster than they'd prefer.
2. Trying to entice a reluctant person into precious metals with the "potential profit" carrot can work; and I have done this as a last resort; but I always push the moral points above all else. In my opinion, if some one isn't outraged at the immoral actions by the "paper money cabal" they aren't worth the effort to educate them. I see the majority of people in the precious metals as "profit oriented" and I know that this is better than their being apathetic about these issues; but this attitude isn't much different from those in the "paper money" crowd; after all these "paper" people are motivated by profit as well; the "paper" people are willing to steal. Now don't get me wrong, I'm not opposed to profit, but to obtain a profit morally is the key point here.
For example, I have never purchased a house using convention mortgage arrangements, because I wasn't going to fall for the "something for nothing approach; by this I mean the idea of paying for a house with depreciating currency. This isn't what I would find acceptable if I was selling the house, and if I was buying a house at some point in the future I would be a seller. Plus the idea that I would later sell some one into "slavery" (even voluntary) is repugnant!
3. I always paint the darkest picture of the future, with out precious metals as money; because I want the people to know that doing nothing will result in the worst outcome possible. I'm referred to as the "doom and gloomer", but only by those who have chosen not to act. I even had one co-worker instruct me to never bring up the subject with him again, ever! Every thing I was telling him would leave him in a black mood and he wasn't going to pull his head out of the sand; his dreams about retirement and future contentment were challenged by what I was bringing to his attention.
4. Most people I talk with are not concerned about getting precious metals until they see the prices rising, then they want to jump in with both feet. I've always practiced dollar cost averaging and buying pull backs and so that is what I preach. But people can't control themselves emotionally; emotion is their principle motivator rather than logic. They crow about how smart they are when they buy gold at $1,000 when I've been telling them to get it years ago at $300, $400, and $500 per ounce. When the price breaks down their emotions tell them that prices will continue down and conversely when prices are up they will continue up. What "fools these mortals be" is a good summary for people. One of my friends has been talking about buying for years and when gold finally pushed about $1,000 he bought and when I asked him why, he replied "it broke a thousand"! Like that was some kind of logical conclusion that any one could grasp. It is as though it had to go above that number to prove to him that the price could go above that number.
5. The "side tracked" person is very frustrating for me. The people who know all about precious metals and even have had some and sold it when the "once in a life time" opportunity came along to add on to the house or go on that dream vacation; and then when prices finally take off they wail and weep about how they could've should've would've known better; only to build up their precious metals reserves and "spend" it on something or other and then do the self denunciation gig all over time after time. These people remind me of the almost converted Christian, who spent decades in the pew, hiding from God. I admit church is a great place to hide from Deity, but it is still not salvation or redemption, just self abuse. I had a former business partner who admitted that he punished himself, so he could save God the effort; after all, he reasoned, how could God punish him when he'd already done it to himself?
6. The deflationists I know always quick to point out that precious metals will collapse when the deflation finally arrives. I simply ask them a question; "This deflation you speak of, will it be like Japan has had over the past twenty years?" When they respond, "Yes!" I them pull out the price chart for gold in Yen and ask them to explain how prices are rising in Yen? They can only say that it will go down at some point. I then ask the natural next question, "When?"; in another twenty years? I'm looking forward to the Demographer Dent's explanation for why the precious metals prices increasing even as the economy tanks further. He said that he'd have to re-evaluate his projections if gold went to $1,200 and kept rising. I think the deflationists have taken their stance because it sells their publications. They are playing and paying off people's insecurities concerning the future behavior of precious metals. This, for me, it just as it should be; the longer the majority put off reality the greater the explosion that will result when their world view fails utterly.
7. Political types have the state as their religion and they expect the state to "save them" when the SHTF. They don't need precious metals because fundamentally they don't want to be reconciled for their future; that is what governments are for. I try to explain to them that the government "eats the people"; that is what it always does, why it was organized in the first place. When I show them historically that the "founding fathers" of this "great nation" were intent on milking the masses for every thing they could get,they are shocked! In essence people want "heros" to admire and assure them that the future is secure with the powers that be in control. Of course, they will concede that the "system" isn't perfect, but it is better than the chaos that would surely engulf us with out the state. I wonder what excuse the political types will come up with when the chaos comes in spite of (because of) the state's efforts?
These are just a few of my thoughts from my experiences attempting to educate people about the mess we're in. Thanks for your time and patience. Yours,
ur emails are too long
I replied: 1200 words is too much? Came the reply: for ADD culture, over 500 is too much!
This is not about naysaying, but....
I've been reading your warnings and others' as well for years now. And like other readers might feel it's a long learning curve. Lately I have come to the conclusion that while in theory everything you say and advise about holding precious metals is true, reality has different limits for different folks.
I'm watching the value of my holdings go up and down, all the while realizing that the market makers are swimming in earnings as the charts follow the hooker's drawers. Individual investors just can't trade efficiently against the brokers. It's one thing to buy and hold physical for its storage function, but even then the naked shorts play havoc with it. As long as short are allowed to go naked and losing futures are settled in cash, we don't actually have real price discovery. Plus the well-connected players can get money for zero interest. We are screwed coming and going.
There's gotta be a better way!
PS. I get very positive responses from family and friends, some even bought more, but they had some before. Mostly folks are paying down debt before considering PMs.
Everyone thinks I am a broken record. Gold this, Silver that! However, If you read behind all of the excuses people give as to why they don?t jump on board, it flat out comes down to the fact they just don?t have any money. Not everyone, but most can?t take action if they wanted to. I just had a minor success with my father, he just conceded and bought some Fake Paper Gold. He actually believes in their Guarantee. He bought it because it was convenient. I hope for his sake they honor their word. I am owning mine the old fashion way.
Analogy for buying silver and gold Jason,
I teach combat shooting so I use the following analogy to illustrate the importance of buying silver and gold. If I were walking through a bad part of town and somebody tries to rob me or attack me, they probably won't be very successful if I pull out my .45 and know how to use it. If however, I walk through the same bad part of town the next day, and someone tries to rob or attack me and I pull out a receipt for my .45, then I submit that the outcome of the encounter would be vastly different.
In like manner, paper money, stocks and bonds, etc. are only receipts or IOU's for "real" money and will not be able to protect anyone's assets in the coming meltdown. When I put the matter in those terms, friends are often are able to understand the importance of buying gold and silver, the only historical "real" money.
I write a free newsletter to 102 people , mostly friends of mine. It is mostly about gold and silver and the conomy. I am a highschool teacher and the toughest questions come from teenagers. Questions or comments I hear from everyone. I do try to help as many people as I can.
#1 Where would I get silver or gold, store it and re sell it at the right time. They say I don't want to deal with all that, while they complain of making only 1% per year in the IRa accounts. I'm not stupid I listen very carefully in a crowd of other conversations that I'm not involved in..
#2 The highschool kids say if silver is going to go up then why is it still in the 15 to 19 range and hasn't done much. Kids like fast moving excitement. They are right it hasn't done much. The ratio of silver to gold is moving higher now at almost 64. I tell them this is your chance to buy more and build up your silver pile.
#3 They don't understand why gold is $1200 and silver is $19 if silver is so rare.
#4 I have actual High School kids that own 10 to 100 oz and are just holding it but don't understand why the silver shortage hasn't done much to the price. What do I say to that?
I would like to say that this price range of 9 to 20 has really allowed me to build up my silver pile up to 517 oz and some gold, but I do wish it would move higher, I to am waiting and I'm not sure if my followers will hold on forever.
> Another common concern is that "You can't spend it." That's proof it's cheap! Indeed!
> You also can't spend your house, stocks or bonds! That is a good point - I'll have to remember that one.
> Money is more than just a medium of exchange, it's also a store of value.
Of course the US$ is doing poorly - soon to be disastrous - in that regard.
I think the main obstacle we face with the majority of people is more basic. You're describing aspects of showing people that they should invest in (real) gold (and even better) silver instead of other investments - which are typically mutual funds of stocks. (You'd think after the stock market crash a year ago that it would be easy...) The thing is the majority of people don't have ANY investments - they live pay-cheque to pay-cheque, making the minimum payments on high interest rate credit cards with big balances from all the useless crap they buy.
Of course long term big picture thinking regarding gold and silver is just a great way to learn what really matters - making investments that will last for eternity. Have you read the book "Money, Possessions and Eternity" by Randy Alcorn yet? I would highly recommend it.
I really think this is one of the most important topics for family?s and close friends. Most families have zero or one bulls that understand the value of REAL money.
I tried to get my parents to buy some silver and then gold. They won?t. I even said that I will 100% guarantee better returns than what the bank is paying in CD?s and savings accounts. I said I will back it with dollars or gold or silver. They will not accept my promises as they think I may have to pay out my pocket for them. The next excuse is that they are too old to risk dollars in gold or silver. I have given them some gold and silver as presents for Father?s day, Mother?s day, birthdays and Christmas. My dad owns stock in Caterpillar which I think could even go down significantly against dollars, not to mention silver and gold. I bought the book ?The Creature from Jekyll Island ? along with an AU PCGS gold eagle for my dad saying that he could keep the coin if he only read the book. I have since heard many excuses why he hasn?t read the book. I also sent an email to my entire family in early 2008 stating there was a big risk of holding normal stocks and they should buy some gold and silver to protect them. My brother replied with ?We are too busy with two new children and two dogs to read about the articles I sent them?. My brother worked for Fidelity Investments at the time and has since been laid off. At that time (before the initial stock crash) that I received a lot of feedback that I was much too negative and I should be more positive on the economy and the dollar.
Recently, I heard from Don Stott at Colorado Gold that the best book for convincing people was ?The Dollar Meltdown: Surviving the Impending Currency Crisis with Gold, Oil, and Other Unconventional Investments?, so I?m going to order two copies (one for me and one for my parents). Maybe it will help, maybe not.
At this point I don?t know what to really say when they won?t even read or put any effort into learning why they need to own some monetary insurance. My brother I?m sure has much more money, and also lost a ton about a year ago in the initial meltdown, with is nothing compare to what I think will happen. I initially urged them to all buy silver in 2006 when it was $10 an ounce and the Fed discontinued reporting M3. Unfortunately I?m not wealthy enough to protect them all so I?m currently at a loss at what to tell them after both gold and silver have doubled since then.
Your help on this topic for me and thousands of others (millions if you include your email lists family and friends) is pretty much as ?American Express? would say is PRICELESS! I am personally concerned about a pullback in silver after the next stock market crash that I think is sure to come, and that if we have deflation in the future that the gold silver ratio will increase much further. I am convinced that in 10 years that silver will be an order of magnitude higher due to how it is used and continuous declines in above ground storage of silver. I still hold it, but am concerned.
Dear Mr. Jason : I viewed your streaming video interview. Quite enlightening. As for the soft sell, I have placed $20 Eagles, Indians, St. Gaudens, British Sovereigns, French Angels, French 50 Franc Hercules, 10 oz. silver bars, Australian 1 kilo " Kooks", and 100 oz. Engelhard bars into the laps of people. Same result : They ask, " How do you get money for it ? " I tell them that it is money. Then they go on and tell me that the stock market long term is much safer. A man I know that works at the local convenience store catches his own fish, uses a small 12 guage shotgun to hunt pheasant in the Sacramento Delta region and goes to his local coin shop to purchase 1 ounce silver rounds. He told me that the paper money system is not trustworthy ! He also has a working sluice here in Napa County , California. I have collected stamps & coins since the 1960's. Started accumulating pm's since 2003. Question : When is a good time to sell & if so, where do you put the paper money ? P. S. I subscribe to Kitco.com, Seeking Alpha, Whiskey & Gunpowder, Daily Reckoning. Where are we in this bull market? The innovator stage, the imitator stage or the idiot Stage ? Thanks.
Hi there Most common response to buying gold AND, bizarrely, silver (!!!) - "I can't afford it." Ha. Regards
It's just basic lack of knowledge as everyone under the age of 50 has only known prosperity and stability until recently. The sense I get is the pre 1950's generation never trusted prosperity/stability and post 1950's group has only had the wind at their backs.
Also the political class has done a great job in transitioning the country from a precious metals backed money system to our fiat paper money regime. I like to remind my friends and family that nothing lasts forever (except gold/silver) and silver is a great way for the middle class to save, especially in our current zero interest rate environment.
The greatest challenge is to convince them that exchanging dollars for silver is a form of savings not investing. For some reason they all think "saving" is less risky than "investing" so explaining the advantages of silver today is paramount.
Keep up the good work Jason.
Dear Jason, While I would prefer that I and my son (age 10 at the time and now 13) had caught the silver bug much sooner when there was more currency to buy with, we understand that our family has been financially more challenged during the past three years due to spending money on adoption which was more than worth it. Still, choices were made that were not valuable and could have been spent on silver or gold by my husband, who has only recently been getting interested, but not interested enough to make do much. Still, he does occasionally buy an ounce or two and a few months ago actually bought about 12 ounces when I convinced an ebay seller to sell the last of her silver to us.
Tell me exactly what your friends and family who reject gold, actually say. Our son-in-law who lives in the same house believes silver and gold are doing well now, but the amount of value increase won?t be very much and God will take care of us.
Please tell me in as much detail as you can. What are their arguments? It is unrealistic to expect the few ounces I can afford in my weekly allowance buying on ebay to help much. Still, he does believe at this point that stocks are a bad plan and silver would be a better investment. What are yours? If the four of us adults took 100 euros a month out of income coming to 200 euros a piece, then it could make a difference and that just maybe in a couple of years it would come to $500 for an ounce of silver. If not, we just wouldn?t spend it and at least we would have a tiny saving since currency is incredibly shaky.
How does the conversation go? It used to me maybe 30 seconds and they might just walk away in midsentence. How long will they let you talk before cutting you off? It used to me maybe 30 seconds and they might just walk away in midsentence. Now that the son-in-law is unemployed he talks about his relatives with money who keep everything in stocks and wishes they would switch to silver and gold. My husband only accepts short sentences, but at least occasionally buys an ounce or two. Do they actually tell you to "stop talking," or do they give you an argument you can't think of a reply to? Their eyes used to glaze over like zombies, but they get excited when they see a small package that might be an ounce or two arrive. What do they need to hear? For my son-in-law, he gets upset when a a package comes in the mail to my husband, thinking it might be a silly widget, but if he finds out is silver, he actually calms down now, thinking it is at least harmless. What are their strongest arguments? There is no way the small amount we could, if we did invest make that much difference and it would probably be better to try to save currency so that some day we will be able to buy a house instead of rent.
What are they unconvinced of? God will provide. What do they need to be convinced of? I?m not sure, maybe I?m overly hopeful, but in the past when the odds were not good and I chose to give up, I later realized that doors may have opened and opportunities were missed. What would you like to share with them? John 6:9 "A boy who has five loaves of barley bread and two small fish is here. But they won't go very far for so many people." 10 Jesus said, "Have the people sit down." The people had plenty of grass to sit on. (There were about 5,000 men in the crowd.) 11 Jesus took the loaves, gave thanks, and distributed them to the people who were sitting there. He did the same thing with the fish. All the people ate as much as they wanted. 12 When the people were full, Jesus told his disciples, "Gather the leftover pieces so that nothing will be wasted." 13 The disciples gathered the leftover pieces of bread and filled twelve baskets. 14 When the people saw the miracle Jesus performed, they said, "This man is certainly the prophet who is to come into the world." GOD'S WORD ? Translation Have you sent them any of my emails? Yes, and my husband now reads them sometimes. No response from daughter or son-in-law. Would you like to send them any particular email? Not sure. How persistent are you? It is normal to talk politics in our family, and about how Christians are increasingly ridiculed. Survival strategies just fit in naturally. Do you have a planned conclusion to the discussion?
Do you present them with places to go and buy? Yes, very often. Do you just not get that far? That?s correct. Do you expect them to take the time to study diligently for over a year to figure out what you have figured out? No. Have you put gold or silver into their hands? Yes, and now they are dreaming about getting more, but !-- -- --!
I am spreading your page to friends. I am starting to like your stuff
_______ Jason, you may find this article interesting. Would like to hear your take on it. Thanks.
Good report on Dubai, but his knowledge of gold is poor. Everything he says is wrong.
RE: "I'm also preparing a special report on gold. You will see that -- in the middle of this huge drive to manipulate gold -- demand for the yellow metal has not risen. In fact, it is plunging. Goldmines that normally sell their production forward in anticipation of higher prices in the future. Guess what they have pulled all their hedges. Meaning the producers think the price is so high they are selling all they can as fast as they can into the market. And you should to! Gold sales are down 30% year over year, falling even further. I've never heard so much b.s. about a market that, in 18 months, only managed to go up 10%. "
That's all wrong! Demand for gold is not plunging, it's soaring. The US Mint is sold out as we speak.
Goldmines do NOT hedge "in anticipation of higher prices in the future". They hedge to lock in prices now, to protect against lower pries in the future. With hedging, you can only lock in the current price, not future prices. The man does not understand futures at all. You lock in today's price "in the future". What a moron.
Yes, the mines are dehedging. That means they are covering, buying back the gold they sold and locked in at the $300 price way back at the bottom of the market.
Excuses??? Dozens of them.
"I am not a gold bug."
"It's a bubble."
"Difficult to spend it." etc.
My conclusion: Sheeple do not really believe their paper money can fail!! They might have a vague awareness of the disaster in Germany in the 1920s, but they know nothing of Argentina or Zimbabwe or any other failed currency. Yes, you can put coins in one hand but you can put a $100 bill in the other hand and they think both are swell. Probably would take the paper money because you can rush off and immediately buy some new piece of expensive crap Apple has invented so you can twitter and natter all day about nothing. Why do people have to talk all the time?!!
Every warning, every bit of financial advice, I have given to friends and families over the years has been correct. And they ignored it all. You would think at some point I would have credibility. Nope. Never dawns on them that I am on to something.
My opinion of the intelligence of the human race is quite low. Most people are self-indulgent idiots with the IQ of a dial tone. This explains why the worst scumbags can get elected. People are too lazy to think, to question and to take intelligent actions to protect themselves from anything. They really believe government is looking out for them, will do the right thing and ultimately take care of them. It is truly the nannie state--"Hey dude, where's my government cheque?"
There is nothing that persuades them. I have talked till blue in the face about the collapse ahead and the listener will nod, agree, cluck cluck oh dear gosh and then DO NOTHING. Oh..except take another trip somewhere on credit. They think I am a scare monger, a conspiracy nut etc. Just a daft old man who needs humoring once in a while.
I am 70. Have had many careers Army, investment broker, teacher, writer. I taught economics but have had people lecture me that the CPI is a basket of goods that accurately measures inflation. The fact that this is total BS is beyond their understanding. They actually believe government statistics.
It does not help the they might watch some TV guru giving horribly bad advice. I saw that dweeb Suzie Ormond (or whatever her name is) tell people to buy T bills for the next ten years and dont bother to even watch the market. There is no surer way to go broke than that. People believe the TV hucksters but not me. Cramer says you're wrong? Then you must be wrong.
My health is poor but I know that my children and grandchildren will either survive or fail based on what I do. It is fascinating that everything I now do I do for others--the next generations. I wonder if they will ever think of me--thank me??--when I am dead and gone. Probably not. They will not be homeless, hungry or in dire straits because of what I have done the past 20+ years. In fact, they may be very well off. [Instead of junkets around the globe I bought gold and silver...for their future!] As long as they don't just take their windfall inheritance and blow it on frills and trinkets, which I fear they will do. All my work and wisdom will have been for naught.
"The difference between stupidity and genius is that genius has limits." W. Churchill.
This email is in response to your request.
FYI: I bought in at POG $450 & POS $7.
Back then, I was ridiculed and told by some friends that I was being irresponsible as I refinanced my house and took the proceeds to purchase bullion. I couldn't access my retirement funds and they are tied up in the government's Ponzi 401K scheme.
Today, these same friends call me lucky...
Out of a group of roughly 50 friends, I was able to convince only one to buy gold, and he only purchased less than $30K.
Everyone else is still gun shy.
The good news now is that I am no longer considered a financial idiot.
Some are thinking about buying, but even these few are still sitting on the fence, undecided.