244 - Gold Plated Trouble

In this episode, I am going to cover a topic never before discussed on this podcast.  Before I go any farther I want to begin by stating that nothing contained in this episode should be considered investment advice.  I am NOT an expert in precious metal investing, therefore you should conduct your own independent research before considering any financial investment.

There, with that said, let’s dive in, shall we?

When I was young, my Grandpa used to tell me to always keep a silver coin in my pocket.  He gave me my first one.  His logic was that as long as a man had access to “God’s money” as he called it, he could weather just about any financial storm.

I remember as a boy him grumbling about our elected officials of the time, Gerald Ford if memory serves me correctly.  Grandpa was complaining about Federal spending and devaluation of the dollar being a problem.  At the time I was clueless about what he was talking about because I just wanted to focus on my fishing.

When I grew older, a friend told me to trade in my silver and get gold because it was worth more per ounce.  Not knowing any better that’s exactly what I did which I realize now might not have been a smart decision because I had no real logic involved in the choice I made.  Lesson number one of investing for me was to never take advice from people who aren’t willing to learn new things.

In recent years my wife and I invested a great deal of time learning about economics and financial markets.  For us, investing a portion of our cash into precious metals made good sense so that we could insure ourselves against a devaluing dollar.  Gold and silver do continually appreciate over spans of time and look to be not very volatile over the long term. 

For us, it makes sense to hold physical gold and silver bullion as a hedge against inflation as well.

In our journey of learning, we have found several great resources that I want to share with you, links to these books will also be on the Cash Flow Guys Website.

I’ve learned over the years that I need to make sure I am never the smartest person in the room I am in, if I am, I’m in the wrong room.

Here is the shortlist of the people I follow to keep up to date on the state of the economy and all things precious metals:

Mike Maloney GoldSilver.com

Peter Schiff schiffradio.com

Jim Rickards

Dana Samuelson American Gold Exchange Amergold.com

 

Books:

Stack Silver Get Gold by Hunter Riley https://amzn.to/2ETnu81

Guide to Investing In Gold and Silver - Mike Maloney https://amzn.to/2XRcgYD

The New Case for Gold - Jim Rickards https://amzn.to/3ih86kw

The Death of Money- Jim Rickards https://amzn.to/31qicJ1

Aftermath Seven Secrets of Wealth Preservation in the Coming Chaos - Jim Rickards https://amzn.to/2EZ8w0t

Times are strange right now and are certain to get stranger.  If you never listen to anything else I offer on the podcast, please at least take the time to read about the benefits of investing in precious metals and consider taking action to preserve your wealth.