Has Life Got You Down?

Somewhere, the sun will come out tomorrow...(Annie)

right.

the following quotes are from an email I sent to another ccf member 2 weeks ago.




(in the email I shared screenshots of a number of videos, but in lieu of screenshots here I'm just going to list the video thumbnails' sales pitches, most of them are all caps, but I'm not going to do all caps)

December $6,000 gold!
$2,000 silver once this happens!
Gold & silver will crash!
Silver price will triple; $77!
Be ready! PMs are ripe for an outbreak!
Silver will make you rich!
Silver will go 10x-15x current price!
The real reason silver will explode next week!
Final warning for gold & silver!
Get ready for gold and silver mania as global financial system collapses!




if those people making those claims were right, they'd all be wealthy and probably wouldn't be posting videos on you tube.

the sales pitches I listed above look like they could have been from this past week, but they were actually from 2021.

those types of videos are made just to shake your cash away from you and waste your time.

thankfully, I've never acquired PMs because some you tube clown told me to. we here at First Pink Savings don't make it a habit of watching those videos, but we do have a peek at them from time to time just to see how they're going about trying to sell PMs this month. their tactics haven't really changed in several years.

i knew that rate cut was coming and I watched what gold did. it spiked up to $2,616 (or somewhere thereabouts) and fell back down to $2,573 (or somewhere thereabouts), lower than where it began the day.

hysterical. (<sarcasm)

The last (only) 2 times the FED has started with a 50bp cut, the economy has gone into recession. All the talking heads this morning are talking about how great the market will be. It is not a signal of a good economy. If you are a long-term investor, it will be choppy but still up over time.

Agreed. The dips feel rough, but part of the game. Over the last 30 years I am still in the black, so I cannot and will not complain.

Like Groucho Marx said, "I wouldn't want to join any club that would have me as a member."

Any YouTuber successful enough to know a sure thing in precious metals will already be too rich to bother with YouTube. I wouldn't want advice from anyone who needs to sell me their advice.

As an aside, I remember that Jim Cramer once talked on his podcast about what a joke the financial media was (and yes, the irony cannot be ignored). His podcast was serious, btw, and not the clown show he does on TV. His claim was that most news commentators just tried to fit the news of the day onto the market events of the day. Most of big action in the market was just a result of macro trends that caused sectors to be overbought or oversold. Only individual equities really moved on direct events that were newsworthy and reportable. It was a really excellent podcast. I wish I had saved the episodes before they suddenly just pulled it all down one day.

I don't watch that stuff. Maybe my Dad did. He bought base metal proof sets, royalty trusts and Texaco toy airplanes.

After he died I learned how unstable those royalty trusts were, and how little the proofs and toys had increased in value. The gold coins he held were worth a lot more than the proofs and toys. That was his valuable lesson for me. Not what hucksters talk about but steady buying a la dollar cost averaging. Since he died 10 years ago the gold has outperformed my equities and bonds. It's not the best investment and it's not the worst investment, but it's easier than stock picking.

Long term the US dollar is loosing it's value, inflation, national debt, etc. Americans have the highest ever credit card debt, like 1.1 trillion dollars. We are paying more interest on the national dept than the entire military budget. The Federal deficit is going to cause major problems someday and politicians, news media and general public mostly ignore this elephant in the room. When interest on the national dept starts eating away at other expeditures what then, more taxes, what programs would they cut or eliminate?

It's difficult to trust government statements when their jobs report had to be revised downward 800K, when the CPI isn't accurate in my opinion. No matter the party in power, their press conferences will say everything is fine and any problems are the other party's fault.

I agree some YouTube channels use scare sky is falling tactics, claim that silver/gold will explode higher yesterday. But their basic arguments that the fiat system is getting worse, that the Fed just keeps printing money causing more long term debt and inflation, that banks precariously trade derivatives, shorts/options with nowhere near the assets to cover losses are very valid in my opinion. I stack PMs not because of the hype YouTubers say, but because I think they are correct about current and future economic dangers.

Even if the doom and gloom YouTubers are wrong, that nothing bad will happen soon, no economic collapse comes for generations, I'm still happy with my silver/gold, enjoy them. Silver/gold are a percentage of my overall finances. Long term my silver/gold have appreciated substantially in value.