gold guru's... part deux

Good morning and welcome to another Top-Shelf Thursday. Last night I was invited to Cameron Weiss’s “Watches & Whiskey Tour.” Cameron has created some very classic watches and is restoring prestige to American watchmaking. I can say that as a Rolex and Omega fan, these watches easily compare with the look and feel I like, without the hefty price. You can find them on the web here and if you live in the Atlanta area, try one on at David Douglas Diamonds. And of course, when my friend Doug gets involved, the whisky is nothing but top-shelf. Impressive! Mouth and MacNeal greet me this morning with her 1972 hit, “How Do You Do.”

The New York Spot Prices did a 180 yesterday with Gold finally closing up $3.90 settling in at $1,274.30, Silver had a monstrous climb up $0.43 to $17.11, and Platinum showed real promise closing up $14.00 at $931. In early morning trading gold is up an additional $1.60, silver is down $0.03, and platinum is down $3.00.Let’s see how things progress when the New York Market opens.

The Dow was up 57.77, however the dollar got left by all of the major currencies except the Hong Kong dollar. So from my cheap seats, I think the positive actions of the precious metals yesterday was due to the dollar’s decline.

To continue with yesterday’s musings of introducing gold guru’s, this morning I’d like to look at what Jim Rogers says about the yellow metal. Jim Rogers is an American businessman, investor, financial commentator and author. He is chairman of Rogers Holdings and Beeland Industries, Inc. He is also co-founder of the Quantum Fund. Although he doesn’t consider himself a member of any school of economic thought, his views best-fit in the Austrian School. I just finished reading a worthwhile read by Jim titled “The Nobel world,” but let’s stay focused. For anyone who knows me… the word at this moment is squirrel! Ha!

Jim has been a long-time gold holder. And he believes everyone should hold gold – at least as an insurance policy. “Everybody should have coins, physical coins, as an insurance policy, as an emergency, if nothing else. You hope you never need them. But you’ve got to start by owning gold coins, coins that are recognized all over the world.”

History has proven time and time again that gold is one of the best ways to hedge your portfolio – that is, to protect it when stock markets everywhere fail. And unlike paper money, gold is a permanent store of value. Gold has withstood history and maintained its inherent value. It’s durable, easy to transport, looks the same everywhere, and is easy to weigh and grade. In short, gold is insurance against financial calamity.

But what about investing in gold today? Jim says he’s not selling, but he’s not buying right now either. “I’ve owned gold for many, many years. I’ve never sold any gold. I haven’t bought any serious gold since 2010. But short of war, I expect another opportunity to buy gold and silver. And if it happens, I hope I’m smart enough to buy a lot.” So when the time comes, Jim believes gold and silver coins are the way to buy.

The above italicized section was taken from a September 29th article written by Kim Iskyan, publisher of the Stanberry Churchouse Research publication.

Jim reiterates again and again that owning gold and silver coins is a must. It’s not going to make you rich, but if the debt puts too much pressure on the dollar; if the Feds over-govern the economy; if the stock market has a correction; or if we find ourselves in a mess with North Korea, Iran, Russia, and or China, I think you’ll be glad you found the extra cash to buy some coins. Because if any of that happens, the cash you have won’t be enough to buy precious metals.

Well, I’ll let that be it for today. Go out there and make a difference! See ya’ll later!

*Disclaimer: Precious Metal Musings™ is written for entertainment and news purposes only and should not be used in making purchases and/or sales of precious metals.