I just finished reading Mike Maloney's "Guide to Investing in Gold and Silver". Mike has made a compelling case that sooner, rather than later, the US Dollar is going to tank and everyone will be running to gold and silver to protect their wealth. The good news is that NOW is the time to get in on both silver and gold- before the HERD of people start rushing in. Mike states that this opportunity coming could be the best investment in history.
The book starts off with the history of other empires that have used a fiat currency and how they have failed 100% of the time. The United States has been on this path since Aug, 1971 when President Nixon took us off the gold standard. There are a lot of interesting facts in this book but not too many to bore the reader. He explains that gold and silver will revalue themselves periodically in relation to the amount of paper currency printed. For example, the M3 money supply (total printed money in circulation) was ~$1.7 billion in January, 1980 when gold hit $850 an ounce. Today, the M3 is estimated at $14 trillion, a 7.7 times increase in the amount of currency. With that said, gold, when it adjusts, should be $6,118.00 an ounce...
Mike goes into today's current economic climate, then predictions for "tomorrow". He concludes with the final section "How to Invest in Precious Metals".
I recommend this book if you are unsure about silver and gold relating to investing. There's so much documentation and research behind it. I've never read an investment book with this much passion put into it. Now is the time to buy as silver is down again to $10.44 (9/11/08) from $20.81 (3/14/08). I have invested in silver for the long term.
4 comments:
Yes, good book. I think this will be the last buying opportunity for gold and silver, especially with the financial news today. Robert's predictions always come true.
Couldn't agree more!!!
I bought about $2,000 worth of silver at the $11.50 spot last week. I then watched as silver today (10/10/2008) went as low as $9.77/oz while the stock market went crashing. I'm not sure why it went down. In fact I thought it would of gone up in value if the dollar and stock market sank lower. I still have a lot to learn but after hearing robert say that silver under $30 was still a bargin I am stil confident in my investment and will hold on to the 110 oz, in 1 oz and 10 oz bars, of silver for the long term.
Robert always said that a true investor holds for the long term. I'm holding out, after all he helped me buy my first apartment building in 2003 at age 19 so what the heck he has my full trust. I'm only 26 today and still living of that investments cashflow. I know my silver investment will be all the greater.
My one regret in life so far is that I did not find a way to buy more apartment buildings back then, just as I am sure my 2nd regret in life will end up being not finding a way to buy up more silver at these $10 prices!
The reason gold and silver has gone down during this market crash is because the huge institutional investors have had to sell their other assets off so they have cash to cover their stock positions. They have had to convert to cash. Other people are so afraid they are holding on to cash. I think they will be coming back into the market as the bailout money starts to circulate.
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