This could be reduced in size to a shoebox of gold. Gold (not fiat currency) is for savings.
For those of you who follow what I have to say, you probably should know what is important to me. Wealth was never my goal. I wanted freedom and peace of mind. My success was an accident, not a planned event. I wanted to be able to do what I wanted to do. I wanted to own my own company and enjoy the freedom that comes along with it. Even as an athlete, I always performed at my best “in free space, while improvising.” Thinking on the move comes naturally to me. The gold and silver business turned out to be a perfect fit. When I started out, there was no template to success. In order to succeed, I had to be able to see far ahead and to think way outside the mainstream box. But that’s what I do.
For me, nothing could be more interesting – and challenging – than running a large, successful precious metals company. I had the good fortune to be a part of this once-in-a-generation, 13-year old, and still snorting, bull market. I saw it coming long before most people were even aware that it was happening. Even now, in the midst of so many doubters, I understand where the end game is headed and it gives me the chills just thinking about what lies ahead. If you are reading this and you still have their doubts, don’t! Have faith. Have faith in gold and silver. Stop relying on government and on fiat currency. Rely on yourself and on your physical gold and silver. Yeah, mining shares are O.K., especially now, when they are starting to show some life; but they are the speculative part of your precious metals portfolio. The physicals are the base, the financial insurance that you build on.
From now on, gold and silver will either make you very rich – or, worse case, they will keep you from becoming very poor. They are your financial insurance policy and you are about to need one.
Somehow, purely by accident, I stumbled onto the precious metals industry when I was 41 years old. I didn’t have a clue of what gold and silver were all about. Actually, in 1983 most of the brokers who sold it didn’t either. But I understood that I was onto something very important even though it was way outside of the mainstream. I have always been blessed with the ability to “see around corners,” and think outside of the box. At last, I was in my element; I was in an industry that rewarded original thinking and a bit of risk taking.
Miles Franklin has allowed me to live a very good life, and best of all, I am able to share it with my son Andy, who has been with me since the beginning, in 1990. Andy is my partner and he is a large part of the success of Miles Franklin.
I was correct in 2001 when I proclaimed that the bull market in gold and silver was here. I lived through 17 years of a bear market and that was quite an experience but I could see that the cycle was changing. And so it did. I tell you now, with total confidence: The bull market is back! Actually, it never left – it just sat down for a while to catch its breath. If you don’t believe me, then stand aside and let the profits of a lifetime pass you by.
I did very well for our clients and for my own family too, during the first decade of the new millennium. I invested heavily when gold was below $300 and silver was $4.00 to $5.00 an ounce. I added to my positions all the way up. I added more when the prices fell. My mantra is – it’s all about ounces! The price will take care of itself, but you win big only by having a lot of ounces! The big profits are just around the corner!
Today, I invested all of my spare cash into more gold and silver. I repositioned my wife Susan’s IRA stock portfolio into solid silver and gold mining companies. I did this with full awareness that you don’t screw around with your better half’s money! You better be darn sure if you do. I am darn sure!
I know quite a few prominent people in our industry who make a very nice living selling gold and silver, but they don’t invest their own money in what they sell. I do! If I didn’t believe in what I sold or what I wrote, I wouldn’t own a lick of gold and silver. The fact is my family’s net worth is primarily in precious metals. I do not expect to be proven wrong!
Last night Susan and I took my son Andy, his wife Zhanna, my daughter Betsy, her husband David and two of Andy’s closet friends to the Dakota nightclub to see Leon Russell. We were celebrating Andy’s 43rd birthday. We sat right up front against the stage, just two feet from his piano.
Leon and I are the same age. He looks a bit different now than he did in 1972!
The road has taken its toll on him. He’s been playing since he was 14 and traveling for the last 50 years. He can still sing and play the piano and he had everyone in the joint smiling and tapping their feet. It was a great show. But he doesn’t move around much anymore. He walks slowly and uses a cane.
Below, is Leon in 1970, when I was a big fan of his.
If you love rock and roll, and don’t have the Joe Cocker/Leon Russell Mad Dogs and Englishmen album, go out and get it. It is the definitive rock LP of the era. And don’t forget to buy Leon Live. These two LPs define rock and roll in the 70s!
We didn’t get home until very late last night. This morning, I have a 9:30 checkup with my eye doctor. It’s my final post-op check up for my recent cataracts surgery, which by the way was a smashing success.
Heading into N.Y. on Thursday morning, I see that gold is up and silver is still over $23. I won’t be able to get today’s comments out in time, due to my early morning doctors appointment, but I will have a lot to say on Friday. Bill Holter and Andy Hoffman will shoulder the load for me today.