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He was on the radio today telling listeners not to buy gold, but instead to simply stuff money away in a Roth IRA for example for the next 30 years.
Kind of a contrary view these days.
Going in the opposite direction from the herd has been a good strategy for a long time.
The best time to get out of tech stocks during the bubble was when you getting stock tips from the server at Applebee's.
The best time to get out of real estate was when your next door neighbor started talking about "flipping"
The best time to buy stocks was when all the panicked talking heads were talking about how the only good position is the fetal position.
The best time to get out of gold is when wild eyed ARFcommers start talking about how you should get it now for SHTF before it goes to $5,000.
Seriously, there are high volume infomercials for Gold now. It's time to keep your eye on the exit. I'm not saying it won't go up from here but there will be a day of reckoning for the people riding this bubble just like before at some point in the next few years. It's not like we haven't been here before with Gold.
You know, with
very few exceptions, none of the talking heads on the cable TV money shows saw any of the previous bubbles coming. None.
However, you cannot seem to find any of them who'll say that gold
isn't in a bubble.
A bubble exits (usually) when nearly everyone is in on it. Despite the buzz, not too many people actually have a position in gold. Ask around.
All the TV commericials for buying gold? Yeah,
they're buying....despite the "bubble" price.
Ramsey and his ilk are in the paper business. He cannot encourage anyone to get in to PMs......it runs counter to how he and his minions make their money. Rick Edleman is the same way. Smart, knowledgable, but his bread is buttered in one way and one way only.
Two years ago, my parents sat down with one of Edleman's people to get investment advice. I was trying to talk them in to meeting with
my broker who deals in investments outside of the USD...but he wouldn't hear it. Predictably, the Edelman guy pushed paper, USD, and all of the standard investment products offered through them. When my dad asked the guy about some of the things that I was involved in (dividend paying foreign stocks, gold, ETFs,
Nothing in the Euro, etc), the guy told my dad that that stuff was crap. Despite the debasing of our currency, despite the socialization of the US economy, despite
everything, "just sign here..." Thankfully, they didn't.
The bad news is, although it took two years of reading and research, my dad died this month....just as he was trying to move his money to my broker and out of the USD. My mom is hesitant to act, so her financial ship will sink along with the USD.