If you own gold, SELL IT! SELL IT NOW WHILE IT IS HIGH! Gold is a bubble that will burst when Obama leaves office and the economy improves and produces more wealth, which I contend will add value to the dollar. Now you can vote for & re-elect Obama to keep the price of gold high, but are you such a doucebag to do that?
Dave Ramsey is being so nice on this subject. Here is why. Ever since we have had a currency, we have steadily inflated it at certain times, yet we are now worried about inflation in the past few years. I concede, yes, inflation devalues a currency and Obama has inflated our currency quite a bit in the past few years doing a lot of damage to the dollar. However, I contend there is a flip-side to this people are not looking at. My contention that wealth creation adds value to a currency.
HAHAHAHA look closely everyone... it's the face of investor mediocrity. These are the guys managing your investments and letting you pay for proving them wrong.
If gold is going to go up because the stock market is down and we are going to inflate the money supply, what happens when both of those trends reverse after we get a GOP president and majorities in both houses of congress enacting conservative, pro-business policies that turn this recession into a rip-roaring, booming recovery in 2013? You should ask your investment guy if gold could tank if that happens. Something that is too good to be true IS, STUPID! Gold is a bubble!
If gold is going to go up because the stock market is down and we are going to inflate the money supply, what happens when both of those trends reverse after we get a Republican president and majorities in both houses of congress enacting conservative, pro-business policies that turn this recession into a rip-roaring, booming recovery in 2013? You should ask your investment guy if gold could tank if that happens. Something that is too good to be true IS, STUPID! Gold is a bubble!
lol! Apparently gold is a 'weird' investment, gold is an 'illusion' hahahaa.... not surprising given this guy went to the University of Tennessee. One thing is for sure, he has absolutely NO idea. I feel pity for those who follow him.
Or I could listen to this guy push his stocks and bonds which have lost every thing they made for the year twice now. My gold and silver I purchased 10 years ago have not lost a thing. If gold is not a good store of value why do the Chinese keep buying more and more of it?
@ryotaroky........sure buy stocks, the market has nearly collapsed twice now since Bush was elected. Once under Bush, once under Obama. If the dollar is such a great idea, why is it harder to get by at today's salaries than it was with my first job at $1.60 per hour? The dollar will be worth less and less. I also tell people to not buy a gold or silver ETF. You will find once again you have a worthless piece of paper when it all washes out.
Finally someone with a brain about the commodities bubble. Look at what happened after the bull market of the 70's. PM's entered a 21 year bear market. If you bought 10yrs ago good for you, you should be buying bank stocks right now.
Take your money out of the Jewish Federal Reserve banks, get out of debt and STAY out of debt (cut the parasites off), leave the US if you can, refuse to fight in Zionist wars, turn off their propaganda news channels, and boycott Hollywood (watch for free on internet). Fuck Israel
I am not sure if alot of people know this but one reason Dave is so down on gold was he was a failure trying to trade on the precious metals markets back in 1980's and ended up losing money on it...would anyone want to take his advice on the metals market based on his past and current track record? I can't help but wonder how many people have lost a great deal of money because of Dave's advice in 2008,2009,and 2010 about selling their gold.Dave doesn't even speak about gold anymore.
Gold is a weird investment?.. Well so is the USD which pays zero percent return, and loses every year to inflation!.. I wouldnt bother investing in the USD. But of course gold is not a great investment, it is just a hedge against the extreme currency debasement we see at the moment. Longer term, emerging markets shares and property will do well.
His logic is flawed as we only were removed from the gold standard during the Nixon Administration. How could gold increase drastically pre Nixon if it had been pegged to the dollar? Idiot.
@davidmdonaldson I think he's wrong but he does have a point with the collapsed economy example. If America's economy or even the government suddenly collapses Im not going to accept gold coins for something Im selling. What would I do with them?
You might try trading those coins with someone who has something you need. We did that here in America for almost 200 years,
If the economy collapses and the central bankers flood the market with paper in an attempt to solve a "liquidity problem" - your US dollars will become virtually worthless in any form - plastic or paper.
Ask those who have lived through hyperinflation what they immediately reverted to for trade to buy food. (hint: it wasn't paper).
@KDanagger I understand if just the economy collapsed but I was talking about a disaster situation, complete collapse of all government function but you do make a valid point. Im going to start buying troy ounces of gold and maybe some platinum just in case.
I know what Dave's problem with gold is...He bought in during the euphoria during the last great bull run on gold in 1980. He probably bought right before the Fed hiked up interest rates to near 20% and gold/silver tanked. Except, this time around, our currency has been so highly inflated (with the potential for more QE) and our interest rates are at near zero. The Fed has said they will not raise interest rates for the next 2 years. This is perfect conditions for gold to soar. Get In.
@truthforamerica You can die and lose it all as well. Any investment can bottom out, and eventually once there is a ballon there will be a correction. This guy says Gold has not been used since the Roman Empire, ummmm... he lost all credibility and shows that he does not understand the bigger picture, at all. The gold standard was nixed in the early 1970's here in the states, however the Government still has gold, and all Government's worldwide keep gold, they are currently increasing holding
@truthforamerica But it hasn't and it won't. Don't get me wrong, I would LOVE IT if it did, because that would mean our dollar is doing better! But it's mathematically impossible for our economy to come back from it's multi-trillion dollar debt. NO AMOUNT OF PRINTING CAN BRING US BACK. Gold and silver are the only other viable alternative for the time being. This posts date 9-10-11, gold sits at around $1900 an oz.
@JiveDadson If gold turns out to be a bubble (and we might not know that until 2013 or 2014), will you purchase and go through Dave Ramsey's Financial Peace University course?
Dave Ramsey does not have to worry about gold and silver.
He makes tons of money from his adoring (... cough) admirers and followers buying his books and seminars. Yes, Dave does have an agenda ... it's no# 1.
Once again a christian who has an agenda. ONLY A CHRISTIAN AS FAR AS IT PROMOTES his agenda. Ben bernake dosen't think gold is money b/c it might make investors loss confidence in the dollar. Warren Buffett doesn't like gold b/c than nobody would want to invest in his funds. Remember George Bush was a Christian and the christian right supported the war in IRAQ these people are Christians as far it benefits them . Remember all the prayers for our troops and the support we had for BUSHIT
He advocates financial responiblity yet the US governement
the most irresponibile. Yet are dollars are back my the government why the f-ck would I want a currency that the government prints and spends more money that they take in (tax revenues). If he advocated gold he wouldn't have any books to sell or anything to talk about on his show. (. He has a motive not to like gold because he wouldn't have anything to sell.
Ramsey shows his ignorance here. Gold and Silver were never intended to be an investment, they were intended to be MONEY. And, for most of that two hundred years, gold WAS money. It has only been since 1971 (abolishment of the Gold Standard) that Gold and Silver have become an investment. Since then, Gold has increased by 3850% (77% per year), and in the last 10 years by 466% (47% per year). Ramseys analysis is obviously severely flawed. Fortunately, most intelligent people can see that.
If you invested in gold in 2000 and not Enron you are an idiot!!! BTW diamonds and gold should not be compared. They are far more different than apples and oranges! How does this guy get a show?
diamonds are absolutly nothing to do with the fundamentals of gold.diamonds are a monopoly owned by debeers they limit supply and create artificial scarcity. Gold and silver are both widely held as a defacto currancy.gold purity is usually certified by govt mints(diamonds are to unique for this).Davce ramsey is a fool
Hey dave how does it feel to be so wrong in your predictions, and how peter schiff was so right, you really look amature compered to peter schiff, how can you be so wrong on everything you say? You must have some personal interest with a big corporation or you are just dum. either way you are makeing many people like me wealth by doing the oppisite of what you say thanks
Dave you do not have a clue, if anyone reads this blogg do the oppisite of what dave says and you will become rich, Buy gold and silver, Dave is talking about othere metals the difference between other metals and gold and silver, is that gold and silver is a CURRENCY DAVE thanks i am making alot of money doing the oppisite of what you say.
Dave Ramsey greatly underestimates the extent of the U.S debt problem, a greatly over estimates the resolve of the American people and our elected officials to get the problem under control soon enough. We have a looming financial crisis. He compares this to the problems of the late 1970's. We live in a very different world now. Our debt problem is much more difficult to fix now than it was then. We cannot just raise interest rates to 20% like Volker did to control inflation.
Absolutly right. Ramsey does give good advice, but he is in a rude awakeneng like many others who have all their savings in Federal Reserve Notes. Gold can be manipulated just like anything. Wanna know why Dave? Since FDRs gold robbery of 1933 much of the gold has been stolen from the public and the propoganda machine has made people feel some euphora about the dollar. Gold will always be there because you can't print the value away from gold. Gold is a good safety valve to me, not an investment
Ramsey has no understanding of fiat currencies. He still has faith in the dollar. What a joke. He is misleading millions of people and making millions selling his "system". He an uneducated hack that sells his own product and advertising. Do the opposite of what he says.
WTF! GOLD IS AN ILLUSION???? The only reasion we went off the gold standerd was because of a made up plan of the president back in the20"s! For the dawn of time gold and jewls have always been money. I like Dave but on this subject he is wronge!!!!
My DR testimony. Following his financial peace plan, I:
-paid off $62k to become debt-free
-saved up to buy vacations, cars, degrees, emergency funds, etc.
-bought proven mutual funds that weren't hurt as bad by the recession, bounced back very quickly, and out performed all other muties...HOWEVER, I actually saved up MORE in a few years than my stock portfolio has produced in dozens of years.
Don't ever hand your money over to anyone...no stocks. Invest in yourself (career, image).
Dave is right on with gold and he is right that the economy is no where near as bad as the media made it out to be. I've seen the fake energy crisis of the 70's, the lies about Japan buying up USA in the 80's, the lies about urban crime in the 90's, Y2K, the lies about illegal immigration, etc. Also, I know there have been dozens of recessions/depressions of the very solid US economy. Thus, I am not afraid...and certainly would never bet on something as volatile as a single commodity.
The creation of the FED in 1913, the government outlaw & gold confiscation in the 1930’s, and getting rid of the Bretton Woods system in 1971. Since these events have occurred the value of the dollar has fallen, and the price of gold has increased at a much more rapid pace. Therefore any historical analysis of the gold price prior to 1913 will be greatly flawed. We are in serious jeopardy of a crisis. The only protection people have against this would be real assets like gold & silver.
nobody was carrying gold in new orleans because nobody owns gold if 5% of the worlds population owned gold it would be $5000oz. im pretty sure dave ramsey porfollio hasnt outperformed gold spot price for the last 10 years. im pretty sure the housing market is still crashing..... im pretty sure dave ramsey doesnt know what hes talking about....
what i dont get is how can painting and art be sooooo valuable and worth millions? that is seriously whats wrong with the economy, you have those millions not even circulating in society.
@FoolishInTheEnd The art market is a very very tiny small dinky part of the economy. It has no significant effect and it's not often these things occur. Our econ problems are Gov't policy i.e., decoupling from precious metal in 1973, over extended liberal entitlements (SS, Medicare), over extended military (just like Rome did), liberal housing ideas (community reinvestment act 1977) Union quest for total control (teachers union, AFLCIO), OUR litigious attitudes that stymie risk.
Besides food, what does he recommend then for the collapse of the crap US dollar? I respect Dave Ramsey, although I think he is way off on this one. Real estate as a hedge against inflation? Really, Dave? That is bad advice. A farm might be insurance against economic collapse, but real estate would be worthless in a collapse...
People were not walking around New Orleans during Katrina trying to get what they needed by offering gold or silver because those stupid people did not have any and if they had some money, they would have wasted it on depreciating assets if not consume it on booze and drugs! The smart people who may have owned Gold got out of town before the SHTF! Ramsey's economic explanations are like skipping a rock across the surface of water. Bounce Bounce Sink!
The argument here is about Ramsey's advice on gold ownership and the motives behind the advice he gives. It's not a pissing match about who has the largest net worth.
@Joeys48 his advice on gold ownership is part of the larger idea of being financially succesful .....i think its kind of silly to argue anything financially with someone who has a much larger net worth than you.....its like when fat people argue diet and exercise with their trainers.....
@soundwavefreak6659 Dave Ramsey, the financial Dr. Phil, advised the caller to NOT buy gold so your comment makes little sense unless you think NOT owning gold is a road to wealth building. He makes his money selling books and financial advice to discern less people not by following his own advice of putting money in the bank, buying bonds and SELLING his gold jewelry in an envelope. He makes no mention of our insurmountable national debt and the effect it has on our fiat currency.
Dave Ramsey gives good advise to people lacking dicipline, having little to none understanding about money and have spent themselves into economic slavery while failing to understand they are the problem. I once had an 8 year old say to me in anger "But I want it now" Some children don't grow out of it!
Fiat money is the real illusion. He doesn't know what he is talking about. People should not listen to what he says because he is just a person with an opinion and has nothing that is solid to base his opinions on.
@flowergirl8628 You're right on the money about Dave Ramsey. He holds up, as a qualification to give advise, the fact that he at one time pissed everything away! Mean while, I started and operated a business for 25 years. Built up my nest egg. Paid off my 30 year mortgage in 9 years and because I own 40 oz of Gold and 1,500 oz of silver, I'm looking stupid?
Dave Ramsey makes a lot of money (Fiat, of course) from his classes to churches and he claims to be Christian but then calls someone an idiot (same as fool) who doesn't agree with him. He should read Proverbs again.
I put Dave Ramsey in the same class as Dr. Phil. They both are making a lot of money off of people who put trust and faith in snake charmers.
Another thing Ramsey people say is "If things get really bad, you can't eat Gold and it will be worthless" Imagine society has broken down. People will be at different levels of preparedness. My neighbor has a cherry 56 Chevy but no food. I have food and Gold. My $400 Gold is now at 7K oz. I offer him 3 oz for the car. He takes it cause the grocery won't trade food for cars but will take Gold. I got the car for $1,200 & he thinks I paid him 21K for the car.
Ramsey says Gold has appreciated only 1.5% since 1833. True but, for the 1st 99 years it was the money so, it stayed naturally stable around $18 because of market forces. The next 40 years it was artificially locked at about $35 so, it's dishonest to include those years to evaluate whether or not to buy it today! Look at it from 1973 when it became legal again to own.
In may of 2009, Ramsey said "If you buy Gold you will make yourself look stupid" Gold range that month was $885-975. He said your buying at the top of the market. Whoever listened to this blowhard passed up on over $400 per oz gain while the fiat dollar declined. Great insight Ramsey! He actually has the balls to recommend selling gold in an envelope on the honor system. But we should have trust because Dave says so! A wolf in sheeps clothing?
@Joeys48 Today gold is like $1300. As the dollar continues to weaken, gold and silver prises will continue to rise. I guess Ramsey needs to look at the numbers first.
@StevenSaliba I think he is looking at numbers but , not the one's we think an unbiased adviser should be looking at. He's looking at the numbers important to him like the money he's getting from the companies he's pitching.
Dave Ramsey is a corporate tool. Dave Ramsey is a hypocrite and is lucky that there are enough dumb Americans in debt to buy his common sense book that you can do yourself without ever buying his book if you know one principle...Don't spend more than you have. Peter Schiff on the other hand is a modern day founding father. Gold is real money. Don't listen to the Federal Reserve as "Federal" as Federal Express, Dave "Corporate Tool" Ramsey, "Owe"bama, or Ben "Bubbles" Bernanke. Buy Gold.
@gary19681000 Ramsey says, on his web site "When you play precious metals, you are gambling with about the same odds as playing a blackjack hand. You are not investing … you are speculating. This thing can go south on you in a hurry. This is gambling, and I would get out of it." I don't worry about my metals. I worry about my retirement dollars.
lol so if the economy collapses i guess our paper money and stocks will save us? at least i could sell gold for another type of currency that was still valid. maybe dave thinks i should invest in water bottles and bread
People stop waisting time thinking Dave is a morn or an idiot, he is NOT. He is just doing his job. And his job is simply to deceive you and everyone else. What you should be doing right now is the complete opposite of what he is saying.
Huh? This guy needs to learn some history about gold. He also needs to learn some basic Macro-Economics. Recommending a mutual fund as an Inflation hedge? he says "Gold doesn't inflate as inflation inflates?" He doesn't know what inflation is.
By the way, if anyone of those people found gold on the ground in Louisiana, they would be fucking stupid not to pick up. Because in any given situation somewhere in time someone out there will always barter with you for it. Like it has for the past 5000 years. Why because GOLD has an intrinsic value.
Gold doesn't inflate when inflation inflates? Hey Dave, Gold is king cash is trash. Prices of commodities going up because fiat cash is going down in value. Gold is finite, even if everyone bought gold to hold and exchange there is still a limited supply of the metal and it's price relative to FIAT FED NOTES will stay high. You cannot say Gold is not an inflation hedge without saying all limited resources (including your "real estate" inflation hedge) are not inflation hedges.
He's right about that. Whenever everyone is being urged to buy the same hedge against inflation, look out! What's going to happen when the currency collapses and everybody is simultaneously trying to sell their gold assets? Yup, the market is suddenly flooded with gold and, guess what, the price of this over-abundant commodity is then going to fall through the floor. If you must buy a precious metal, buy platinum. It has so many industrial uses it will always have value.
Good morning from the west coast, the fed is printing money until the dollar hits the big goose egg, they say the cpi is low, if you believe that, just ask yourself how come most everything is going up, which means that your currency in the bank has less and less buying power, at least listen to the other side of the silver or gold coin, i know you think that things might go on AS BEFORE they wont, we owe to much , the feds have no clue, get prepared, read your Bible, pray, watchman.
Dave is misleading about one thing. He talks about inflation in the 1800s. There was little if any inflation. There were ups and downs but overall over time there was actually deflation. So talking about gold not going up during a period of little or no inflation is dumb.
I used to be a fan of Dave Ramsey, but I'm glad I NEVER listened to him concerning gold and silver. I bought quite a bit of silver back when it was 15$ an ounce and the truth is...if I were to sell it all right now I could have my house completely paid for and have about 20K left over for other purposes. HOWEVER, I am not going to sell it because this is a big precious metals bull market that we are in and I'd rather pay down my house with crap depreciating dollars. Dave's gold info is wrong.
@shailston I'm with you about Ramsey. His precious metal attitude is just plain ignorant. His target market is people that can't save 2 quarters let alone save enough to buy precious metals, I think his intention is to make them feel O.K. about their lack of ability. He sells a book or two to each one of them and makes them think he's their friend. Pretty clever way to make a buck.
As long as markets still function - even marginally, gold and silver have always been recognized as a store of value. Only in the event of a total apocalyptic collapse would gold and silver become useless. But, there is always a recovery - in which gold and silver will regain their value. However, assets in paper money will have been permanently destroyed. The only people who came through the Wiemar republic hyperinflation with any of their monetary assets were those holding gold and silver.
Dave's plan is not a get out of debt plan, but a holistic system of personal finance. If you adopt it, you will most likely get wealthy, better marriage,etc.
That plan is pretty much free (internet, library, etc). However, beyond that it you have to pay for the other products/services, but only if you want them...hey, it's a business. But like any other organization/guru (Obama, Schiff, etc.), the culture is a tad cultish...and that is where the friction comes in.
Get out of debt, best advice in the world. But Dave is using Katrina as an example of a collapsed economy. Karina would be the first year or so of a collapse, after that civilization would rebuild and then you could trade gold for a new currency. It sounds like Dave is giving advice to fill your garage with water as a hedge against collapse? I'll take the basics first, skills and food, etc. Then silver and gold as storage of wealth. Industrial metals never go to zero gold has industrial use too.
I think Dave is a little unfair to gold. He bases gold's slow growth rate (2 to 3%) on the entire time that gold has been sold in the US (~40 yrs?). But he advises people to buy mutual funds with a good long record...but to him "long" is over ten years. If you apply that ten year rule to gold, gold has a great long record (400%).
Instead of comparing apples to oranges, Dave should just say that buying gold means you are buying one commodity, which is like buying one stock...way too volatile.
@TheGoalSetter Dave Ramsey say that is a bad idea to invest in Gold when is at its all time high. But he forgets to mention that public debt, money printing, and trade deficit are also at all time high. I dont know many real estate companies that are more than 100 years old. Invest in real estate in the US is a bad idea. And like AM29 mentioned, gold id keeping up with its depreciation against other countries currencies and thats why commodities are rising.
@lucasapaes Also real estate is still overprice...like nearly everything else. I don't know about hyper-inflation, but inflation is here! Currently, I'm investing in education and that's it. The rest I sock away and wait on really good deals that I can buy with cash. That includes real estate, but more likely it will mean cars.
Currently, I'm considering trading $ for Chinese money. It's priced is fixed, but hey, any currency is too big a gamble now.
@lucasapaes Yeah, but Dave Ramsey is endorsing his pet company, Gold Stash, like crazy encouraging everyone to sell their gold to them. So are we to believe that Gold Stash is spending thousands of dollars to buy "worthless gold," and lose all that money in the "dumb investment" out of the goodness of their hearts?!
Here's another great Dave Ramsey moment of ignorance: "A failed economy does not return to the gold standard. Show me one that has." I guess Dave Ramsey isn't aware he's living in one such country. Did he not learn in school that the early colonies' fiat money, the Continental, collapsed... "Article I, Section 10, Clause 1: No State shall…coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debt." Dave Ramsey: total idiot or purposeful disinfo?
Schiff wants you to invest in one or two commodities...that's crazy.
Ramsey wants you to invest in real estate and solid mutual funds...that's better, but still a risk.
Invest in education...and I don't mean just college degrees. I also mean education in health, business, finance, gardening, psychology, law, travel, survival, etc. Learn from the best...if the best charge you, pay them. But often the investment is time. Instead of TV, study.
For the average person, the best thing to have in an economic collapse will yes be actual staple goods like non-perishable food, firearms and ammunition, a generator, etc. But it's unlikely that you will be able to store 100's or even 10's of thousands of dollars worth of canned peas.
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A suitcase full of gold is the best way to store wealth if indeed one day the whole system collapses and people no longer accept pieces of paper with dead presidents on them as payment.
Dave Ramsey is an absolute financial idiot. Listen to Peter Schiff for some good solid advice that will allow you to maintain whatever money you have.
SO WHAT DO YOU SAY WE DO WHEN WE ARE HOLDING ALL THESE WORTHLESS FIAT DOLLARS AND 401KS,UM ID RATHER HAVE METALS THAT HAVE BEEN USED AS MONEY FOR THOUSANDS OF YEARS.I AGREE WITH DAVE ON ALOT BUT NOT ON THIS..DO THE RESEARCH THE INFO IS ALL HERE ON YOUTUBE.
Dave Ramsey is an IDIOT! Ramsey uses 1830 figures for gold but "forgets" (yeah, right) that the gold rush of 1849 causes a plentiful supply and prices to plunge. ASSHOLE!
Today on his show he admitted that gold has been a "good" investment for the last 7 years (It's actually been 10 years but whose counting? Not Dave), but he said that it was only going up due to fear. LOL! I don't see how he misses the connection between the overprinting of the US dollar and huge US debt (which he frequently talks about) and the devaluing of the dollar, which directly affects the price of gold. He will never admit he is wrong even if gold reaches $5000.
@18wheeler76 C'mon dude, are you telling me that people go up and down Samora Machel (the main drag through Zim.'s capital Harare) carrying gold? I'm thinking they use US dollars and South African Rand.
Dave does bring up 1 good point though. In times of total economic collapse along with societal collapse and the destruction of communication and infrastructure then gold is not worth diddly and water and gasoline have much more value. But Armageddon is probably not upon us and Gold will do just fine as an investment. In 1923 Wiemar Germany you could buy an entire city block in Berlin with a Single ounce of gold.
@thewonderfrog I know that this is an old comment, but worth responding to. Wrong, dead wrong. During Katrina NONE of those folks in New Orleans had any gold to trade. So the comparison is false. Yes, water was a good barter item, granted, but that's NOT a knock on gold.
Gold did not start inflating in price until Nixon shut the Gold window in 1971. Gold was $35 then and the only reason it wasn't still $20 an ounce wasn't because of previous inflation it was due to FDR's Confiscation of all private gold in '33 and the subsequent revaluation to $35 in '34. Us Citizens were not legally allowed to own gold bullion again until 1973. So to be statistically correct Gold has really gone from $20 an ounce to $1250 an ounce in the span of 38 years.
He says: "Gold is an Illusion!" Really? I suppose he thinks an FDR is a tangible asset!? Anyone that equates Gold to Diamonds must not be dealing with a full deck.
Amazing that this guy is actually giving advice on the mainstream media.
However, you know the old cliche: "There's a sucker born every minute!"
Let's compare apples to apples. From 1830 - 1930 you could turn in your paper $20 bill for 1 ounce of gold, except for during the civil war. From 1930 - 2001the price went from $20 to $270. So, adjusted for inflation, $20 in 1930 = $201 in 2001 while gold was $270. So it kept up perfectly with inflation. This is normalizing the inflationary period of the 80's and ignoring the last 9 years. Comparing 170 years of gold to 70 of inflation is dishonest.
AHH HA HA HA! I'd say someone has given bald headed boobie some BAD INFORMATION. Gold has gone from $275 to $1400 in the past ten years. I guess Ramsey can't do basic math. That's a 409% increase, or $40.9% per year. Gold doesn't have to DO anything, because it is simply a reflection of fiat currencies that DO do something... they go down, down, down as the number of them chasing goods and services constantly increases.
Wow is Dave Ramsey uneducated on gold. The world stopped using gold when the roman empire collapsed? WTF is he thinking, doesn't he know that the MAJORITY of the world still uses gold to buy things? He says to invest in real estate, well lets say you need that money tomorrow, are you gonna sell you house in 1 day? No, but you can trade gold for any currency directly in any country in mere minutes. Gold went from $35 to $1260 in 38 years, wanna guess what the trend is for the future?
After Hurricane Katrina this was an issue of scarce resources reaching people in need versus a currency crisis, which is slowly happening and then hyperinflation. Our economy is literally in uncharted territory as far as debt, spending, liabilities, etc. These are two totally different issues. Yes, water and food are important, but can only buy so much. During the Germany hyperinflation those who bought gold protected their wealth. Gold is a universal global currency now.
Mister T wore more gold jewelry than any celebrity, millionaires and dare say billionaires. And has been pitying fools for 28 years on movies and television. Should he pity himself? Or was he a smart cookie? you decide folks.
This is the only thing I disagree with dave with... look at the gold charts durring the busts... Money inflates... inflation doesn't inflate. Dave is awesome tho, I love his advice in budgeting and debt killing but I'm going to side with gold and silver on this one. It is universal currency and governments and banks hold tons of it for a reason. In an appocolypse it is worthless... in bust it is tradable for any currency in the world.
Dave is a smart guy and gives great advice. However on his view on buying gold, lets look at the downside and real risk of such a move. I hold gold and silver bullion in my possession. I really dont care if its value halved or even worse. If this does happen it will mean my currency (the Aussie dollar) is still relatively stable and my economy would also be likely to be stable. My dollars are still worth something and I save those as well as putting money into other asset classes.
If however it all goes to hell in a hand basket and my dollar collapses and I hold no gold and silver I may be somewhat screwed economically. The downside of holding bullion is in my estimation small compared to not holding it. I liken my bullion holdings to having smoke detectors and a fire extinguisher in my home ..........cont.
While these dont give me 100% guarantee against the ravishes of a fire it does give me more of a chance of survival and in the scheme of things I would rather not have to use these things but glad they are there
His stats are a total spin. The US dollar was originally backed by gold, therefore gold was set at a fixed price until 1973, so of course it wouldn't go up in terms of U.S.dollars until then. He fails to mention that since 1973 (when we went OFF the gold standard) gold has risen from $42/oz to $1100/oz today. That's 26 times higher!! Not bad compared to the Dow Jones which was 1000 in 1973 and is10,000 today, only 10 times higher.
His Hurricane Katrina example is flawed. That was a natural disaster, not a currency crisis, and there were no issues with the value of the dollar back then, so of course they wouldn't be using gold. It's not like a bunch of people there had gold coins anyway. Okay Dave, if you think our Dollar is in great shape with all the new money creation, unsustainable US debt, and if you think China and Japan will continue buying our treasuries... Keep holding onto your US dollars and see what happens.
Dave is very smart about some things, but with regards to the macro trends of the economy, he is a complete idiot. Never forget that Dave, more than anything else, is a REALTOR.
Dave says gold doesn't inflate when inflation inflates. That is exactly how it maintains it's value. You can't make gold on a printing press like paper money.
Fiat currency is the 'illusion'.
bizwiz21 5 days ago
the blind leading the blind
6298mike 1 month ago
get silver
6298mike 1 month ago
he's nuts
6298mike 1 month ago
Paper is poverty….it is only the ghost of money,and not money itself. - Thomas Jefferson
Paper is simply an IOU - a promise - a promise that is only as good as the integrity and honesty of those who issue and control it.
The value of our fiat paper money is controlled by banksters and politicians. Fiat currencies survive only 27 years on average.
The value of gold is determined by the market - a FREE market. It has been a reliable store of value for over 6000 years.
Ramsey is an ignoramus.
KDanagger 2 months ago
If you own gold, SELL IT! SELL IT NOW WHILE IT IS HIGH! Gold is a bubble that will burst when Obama leaves office and the economy improves and produces more wealth, which I contend will add value to the dollar. Now you can vote for & re-elect Obama to keep the price of gold high, but are you such a doucebag to do that?
MrConservative608 4 months ago
Dave Ramsey is being so nice on this subject. Here is why. Ever since we have had a currency, we have steadily inflated it at certain times, yet we are now worried about inflation in the past few years. I concede, yes, inflation devalues a currency and Obama has inflated our currency quite a bit in the past few years doing a lot of damage to the dollar. However, I contend there is a flip-side to this people are not looking at. My contention that wealth creation adds value to a currency.
MrConservative608 4 months ago
Dave Ramsey sounds like your typical status-quo moron.
hathigmonorow 4 months ago 2
HAHAHAHA look closely everyone... it's the face of investor mediocrity. These are the guys managing your investments and letting you pay for proving them wrong.
ScionAscendant 4 months ago
Should gold be invested in? Are the radio and TV ads just a bunch of hype?
my friend gold has been around a lot longer than TV. most of the small gold investors i know don't even own a TV
coketimemdear 4 months ago
Dave Ramsey cant even admit that he was wrong.....what a smuck......and plp listen to this egg head...go back to selling your book you preying mantis
commoditiesRforme495 4 months ago
Ramsey should invest in US treasuries. The Fed could use some help
whatupwiththatdog 5 months ago
Hey, i guess we can always sell our gold to Ramseys buddy for 20 cents on the dollar -- buffoon
whatupwiththatdog 5 months ago
Where does this psychopathic egomaniac get his stats?
whatupwiththatdog 5 months ago
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Pull your head out of your Butt Ramsey!!
BigOnGold 5 months ago
If gold is going to go up because the stock market is down and we are going to inflate the money supply, what happens when both of those trends reverse after we get a GOP president and majorities in both houses of congress enacting conservative, pro-business policies that turn this recession into a rip-roaring, booming recovery in 2013? You should ask your investment guy if gold could tank if that happens. Something that is too good to be true IS, STUPID! Gold is a bubble!
MrConservative608 5 months ago
If gold is going to go up because the stock market is down and we are going to inflate the money supply, what happens when both of those trends reverse after we get a Republican president and majorities in both houses of congress enacting conservative, pro-business policies that turn this recession into a rip-roaring, booming recovery in 2013? You should ask your investment guy if gold could tank if that happens. Something that is too good to be true IS, STUPID! Gold is a bubble!
MrConservative608 5 months ago
lol! Apparently gold is a 'weird' investment, gold is an 'illusion' hahahaa.... not surprising given this guy went to the University of Tennessee. One thing is for sure, he has absolutely NO idea. I feel pity for those who follow him.
pasank 5 months ago
Or I could listen to this guy push his stocks and bonds which have lost every thing they made for the year twice now. My gold and silver I purchased 10 years ago have not lost a thing. If gold is not a good store of value why do the Chinese keep buying more and more of it?
rid29651 5 months ago
Now I know this guys advice can not be taken seriously!
ryotaroky 5 months ago 2
@ryotaroky........sure buy stocks, the market has nearly collapsed twice now since Bush was elected. Once under Bush, once under Obama. If the dollar is such a great idea, why is it harder to get by at today's salaries than it was with my first job at $1.60 per hour? The dollar will be worth less and less. I also tell people to not buy a gold or silver ETF. You will find once again you have a worthless piece of paper when it all washes out.
rid29651 5 months ago
Finally someone with a brain about the commodities bubble. Look at what happened after the bull market of the 70's. PM's entered a 21 year bear market. If you bought 10yrs ago good for you, you should be buying bank stocks right now.
Trox118 5 months ago
Benjamin Graham would not be invested in gold.
Trox118 5 months ago
Is global economic collapse an inflation hedge? Wonder if he still loves them real estate inflation hedges in Detroit.
For some reason I'm reminded of the 3 Amigos, "And prune de hedges!"
BurnOutXL 5 months ago
consumer price index figures are constatntly altered. gold is money ramsey, youi are a stupid fuck
fsvoorhies 5 months ago
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Take your money out of the Jewish Federal Reserve banks, get out of debt and STAY out of debt (cut the parasites off), leave the US if you can, refuse to fight in Zionist wars, turn off their propaganda news channels, and boycott Hollywood (watch for free on internet). Fuck Israel
TheJewRegulator 5 months ago
He is right, he is doing better than he deserves.
bigcrabrob 5 months ago
I am not sure if alot of people know this but one reason Dave is so down on gold was he was a failure trying to trade on the precious metals markets back in 1980's and ended up losing money on it...would anyone want to take his advice on the metals market based on his past and current track record? I can't help but wonder how many people have lost a great deal of money because of Dave's advice in 2008,2009,and 2010 about selling their gold.Dave doesn't even speak about gold anymore.
borebear 5 months ago
Gold is a weird investment?.. Well so is the USD which pays zero percent return, and loses every year to inflation!.. I wouldnt bother investing in the USD. But of course gold is not a great investment, it is just a hedge against the extreme currency debasement we see at the moment. Longer term, emerging markets shares and property will do well.
astro7894 5 months ago
Dave has a major problem. His head is stuck someplace that would seem to be anatomically impossible.
numbnuts234567 5 months ago
His logic is flawed as we only were removed from the gold standard during the Nixon Administration. How could gold increase drastically pre Nixon if it had been pegged to the dollar? Idiot.
st0xnstuff 6 months ago
what an idiot
slampiece99 6 months ago
Dave, you are a complete and total IDIOT.
JP5466 6 months ago
Moron... I'll keep buying my precious metals!
davidmdonaldson 6 months ago
@davidmdonaldson I think he's wrong but he does have a point with the collapsed economy example. If America's economy or even the government suddenly collapses Im not going to accept gold coins for something Im selling. What would I do with them?
huntersdman6 3 months ago
@huntersdman6
You might try trading those coins with someone who has something you need. We did that here in America for almost 200 years,
If the economy collapses and the central bankers flood the market with paper in an attempt to solve a "liquidity problem" - your US dollars will become virtually worthless in any form - plastic or paper.
Ask those who have lived through hyperinflation what they immediately reverted to for trade to buy food. (hint: it wasn't paper).
KDanagger 2 months ago
@KDanagger I understand if just the economy collapsed but I was talking about a disaster situation, complete collapse of all government function but you do make a valid point. Im going to start buying troy ounces of gold and maybe some platinum just in case.
huntersdman6 2 months ago
dave ramsey sucks the jew dick HAHAHAHAHAHAHHAHAA
wejewsdid911HAHAHA89 6 months ago
I know what Dave's problem with gold is...He bought in during the euphoria during the last great bull run on gold in 1980. He probably bought right before the Fed hiked up interest rates to near 20% and gold/silver tanked. Except, this time around, our currency has been so highly inflated (with the potential for more QE) and our interest rates are at near zero. The Fed has said they will not raise interest rates for the next 2 years. This is perfect conditions for gold to soar. Get In.
shailston 6 months ago
Hahaha. Gold is up 50% since this show was aired.
JiveDadson 6 months ago 6
@JiveDadson Right, and it can bottom out just as fast.
truthforamerica 6 months ago
@truthforamerica Not in the current economic environment.
JP5466 6 months ago
@truthforamerica You can die and lose it all as well. Any investment can bottom out, and eventually once there is a ballon there will be a correction. This guy says Gold has not been used since the Roman Empire, ummmm... he lost all credibility and shows that he does not understand the bigger picture, at all. The gold standard was nixed in the early 1970's here in the states, however the Government still has gold, and all Government's worldwide keep gold, they are currently increasing holding
bigcrabrob 5 months ago
@truthforamerica How can that happen considering what this gov't along with the Fed keep doing??
mikeh0114 5 months ago
@truthforamerica But it hasn't and it won't. Don't get me wrong, I would LOVE IT if it did, because that would mean our dollar is doing better! But it's mathematically impossible for our economy to come back from it's multi-trillion dollar debt. NO AMOUNT OF PRINTING CAN BRING US BACK. Gold and silver are the only other viable alternative for the time being. This posts date 9-10-11, gold sits at around $1900 an oz.
4240ed 5 months ago
@truthforamerica Hahahahahahahaahahahaahahhaahaha - 1900 USD gold - moron... (im a trader by the way)
neb967 5 months ago
@JiveDadson If gold turns out to be a bubble (and we might not know that until 2013 or 2014), will you purchase and go through Dave Ramsey's Financial Peace University course?
MrConservative608 5 months ago
Dave Ramsey does not have to worry about gold and silver.
He makes tons of money from his adoring (... cough) admirers and followers buying his books and seminars. Yes, Dave does have an agenda ... it's no# 1.
cheeriosinabowl 7 months ago
Once again a christian who has an agenda. ONLY A CHRISTIAN AS FAR AS IT PROMOTES his agenda. Ben bernake dosen't think gold is money b/c it might make investors loss confidence in the dollar. Warren Buffett doesn't like gold b/c than nobody would want to invest in his funds. Remember George Bush was a Christian and the christian right supported the war in IRAQ these people are Christians as far it benefits them . Remember all the prayers for our troops and the support we had for BUSHIT
ezdayth 7 months ago
He advocates financial responiblity yet the US governement
the most irresponibile. Yet are dollars are back my the government why the f-ck would I want a currency that the government prints and spends more money that they take in (tax revenues). If he advocated gold he wouldn't have any books to sell or anything to talk about on his show. (. He has a motive not to like gold because he wouldn't have anything to sell.
ezdayth 7 months ago
Idiots. Theirs better things and less riskier then gold.
GotBizzyPk 8 months ago
@GotBizzyPk And we should take advice from the guy that doesn't know when to use "there's" instead of "theirs"?
grekridea 6 months ago
Ramsey shows his ignorance here. Gold and Silver were never intended to be an investment, they were intended to be MONEY. And, for most of that two hundred years, gold WAS money. It has only been since 1971 (abolishment of the Gold Standard) that Gold and Silver have become an investment. Since then, Gold has increased by 3850% (77% per year), and in the last 10 years by 466% (47% per year). Ramseys analysis is obviously severely flawed. Fortunately, most intelligent people can see that.
KDanagger 9 months ago
What an idiot.
PrudenceWright 9 months ago 10
If you invested in gold in 2000 and not Enron you are an idiot!!! BTW diamonds and gold should not be compared. They are far more different than apples and oranges! How does this guy get a show?
mrjon75 9 months ago
He was DEAD WRONG. And he should bow and kiss Peter Schiff's feet.
hummarstra 10 months ago 19
diamonds are absolutly nothing to do with the fundamentals of gold.diamonds are a monopoly owned by debeers they limit supply and create artificial scarcity. Gold and silver are both widely held as a defacto currancy.gold purity is usually certified by govt mints(diamonds are to unique for this).Davce ramsey is a fool
crabtrap 10 months ago
Hey dave how does it feel to be so wrong in your predictions, and how peter schiff was so right, you really look amature compered to peter schiff, how can you be so wrong on everything you say? You must have some personal interest with a big corporation or you are just dum. either way you are makeing many people like me wealth by doing the oppisite of what you say thanks
david4141faith 10 months ago
Dave you do not have a clue, if anyone reads this blogg do the oppisite of what dave says and you will become rich, Buy gold and silver, Dave is talking about othere metals the difference between other metals and gold and silver, is that gold and silver is a CURRENCY DAVE thanks i am making alot of money doing the oppisite of what you say.
david4141faith 10 months ago
this guy has no idea...
604johny 10 months ago
Bad advice, but it's nice to have an uncrowded trade.
bizwiz21 10 months ago
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Federal Reserve Notes are an illusion!!!!
azyeah08 10 months ago
The dollar is an illusion!!
azyeah08 10 months ago
what a fool... this is digusting to see someone so respected saying something so stupid. awful advice
a10fjet 11 months ago
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Dave Ramsey greatly underestimates the extent of the U.S debt problem, a greatly over estimates the resolve of the American people and our elected officials to get the problem under control soon enough. We have a looming financial crisis. He compares this to the problems of the late 1970's. We live in a very different world now. Our debt problem is much more difficult to fix now than it was then. We cannot just raise interest rates to 20% like Volker did to control inflation.
daroncrass 11 months ago
Absolutly right. Ramsey does give good advice, but he is in a rude awakeneng like many others who have all their savings in Federal Reserve Notes. Gold can be manipulated just like anything. Wanna know why Dave? Since FDRs gold robbery of 1933 much of the gold has been stolen from the public and the propoganda machine has made people feel some euphora about the dollar. Gold will always be there because you can't print the value away from gold. Gold is a good safety valve to me, not an investment
jneil2007 11 months ago
Ramsey has no understanding of fiat currencies. He still has faith in the dollar. What a joke. He is misleading millions of people and making millions selling his "system". He an uneducated hack that sells his own product and advertising. Do the opposite of what he says.
mattandpatti222 11 months ago
WTF! GOLD IS AN ILLUSION???? The only reasion we went off the gold standerd was because of a made up plan of the president back in the20"s! For the dawn of time gold and jewls have always been money. I like Dave but on this subject he is wronge!!!!
zekehooper 11 months ago
My DR testimony. Following his financial peace plan, I:
-paid off $62k to become debt-free
-saved up to buy vacations, cars, degrees, emergency funds, etc.
-bought proven mutual funds that weren't hurt as bad by the recession, bounced back very quickly, and out performed all other muties...HOWEVER, I actually saved up MORE in a few years than my stock portfolio has produced in dozens of years.
Don't ever hand your money over to anyone...no stocks. Invest in yourself (career, image).
TheGoalSetter 11 months ago
Dave is right on with gold and he is right that the economy is no where near as bad as the media made it out to be. I've seen the fake energy crisis of the 70's, the lies about Japan buying up USA in the 80's, the lies about urban crime in the 90's, Y2K, the lies about illegal immigration, etc. Also, I know there have been dozens of recessions/depressions of the very solid US economy. Thus, I am not afraid...and certainly would never bet on something as volatile as a single commodity.
TheGoalSetter 11 months ago
@TheGoalSetter Haha, You're such an idiot.
hummarstra 10 months ago
FOX kicked Dave Ramsey to the curb when Dave refused to back the bullcrap gold rush that FOX spearheaded.
As a Ron Paul fan, I knew that Dave was better than FOX. Too bad Dave had to find out the hard way.
Oh well, Dave is better off without FOX.
TheGoalSetter 11 months ago
@TheGoalSetter Fox "spearheaded" the gold rush? HAHAHAHAHAHAHAHAHA!!!!!!!!!!!!!!!!
hummarstra 10 months ago
this dude is a clown and a joke, i feel sorry if you lissen to this idiot.
cetnik03 11 months ago
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The creation of the FED in 1913, the government outlaw & gold confiscation in the 1930’s, and getting rid of the Bretton Woods system in 1971. Since these events have occurred the value of the dollar has fallen, and the price of gold has increased at a much more rapid pace. Therefore any historical analysis of the gold price prior to 1913 will be greatly flawed. We are in serious jeopardy of a crisis. The only protection people have against this would be real assets like gold & silver.
daroncrass 1 year ago
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Joeys48 11 months ago
nobody was carrying gold in new orleans because nobody owns gold if 5% of the worlds population owned gold it would be $5000oz. im pretty sure dave ramsey porfollio hasnt outperformed gold spot price for the last 10 years. im pretty sure the housing market is still crashing..... im pretty sure dave ramsey doesnt know what hes talking about....
CrazyFunnyGy 1 year ago
Ramsey doesn't understand money, that is his problem. Jim Rogers and Marc Faber, they understand money.
bamacre1 1 year ago
what i dont get is how can painting and art be sooooo valuable and worth millions? that is seriously whats wrong with the economy, you have those millions not even circulating in society.
FoolishInTheEnd 1 year ago
@FoolishInTheEnd The art market is a very very tiny small dinky part of the economy. It has no significant effect and it's not often these things occur. Our econ problems are Gov't policy i.e., decoupling from precious metal in 1973, over extended liberal entitlements (SS, Medicare), over extended military (just like Rome did), liberal housing ideas (community reinvestment act 1977) Union quest for total control (teachers union, AFLCIO), OUR litigious attitudes that stymie risk.
Joeys48 1 year ago
Ramsey is an ass hat
timmyotooleful 1 year ago
Besides food, what does he recommend then for the collapse of the crap US dollar? I respect Dave Ramsey, although I think he is way off on this one. Real estate as a hedge against inflation? Really, Dave? That is bad advice. A farm might be insurance against economic collapse, but real estate would be worthless in a collapse...
extremeshock 1 year ago
People were not walking around New Orleans during Katrina trying to get what they needed by offering gold or silver because those stupid people did not have any and if they had some money, they would have wasted it on depreciating assets if not consume it on booze and drugs! The smart people who may have owned Gold got out of town before the SHTF! Ramsey's economic explanations are like skipping a rock across the surface of water. Bounce Bounce Sink!
Joeys48 1 year ago
@Joeys48 i hope you have a net worth in the tens of millions.....otherwise you dont have much room to knock his financial advice.
soundwavefreak6659 1 year ago
@soundwavefreak6659
The argument here is about Ramsey's advice on gold ownership and the motives behind the advice he gives. It's not a pissing match about who has the largest net worth.
Joeys48 1 year ago
@Joeys48 his advice on gold ownership is part of the larger idea of being financially succesful .....i think its kind of silly to argue anything financially with someone who has a much larger net worth than you.....its like when fat people argue diet and exercise with their trainers.....
soundwavefreak6659 1 year ago
@soundwavefreak6659 Dave Ramsey, the financial Dr. Phil, advised the caller to NOT buy gold so your comment makes little sense unless you think NOT owning gold is a road to wealth building. He makes his money selling books and financial advice to discern less people not by following his own advice of putting money in the bank, buying bonds and SELLING his gold jewelry in an envelope. He makes no mention of our insurmountable national debt and the effect it has on our fiat currency.
Joeys48 1 year ago
Dave Ramsey gives good advise to people lacking dicipline, having little to none understanding about money and have spent themselves into economic slavery while failing to understand they are the problem. I once had an 8 year old say to me in anger "But I want it now" Some children don't grow out of it!
Joeys48 1 year ago
What a retard.
NAP0LE0NDYNAM1TE 1 year ago
Fiat money is the real illusion. He doesn't know what he is talking about. People should not listen to what he says because he is just a person with an opinion and has nothing that is solid to base his opinions on.
flowergirl8628 1 year ago
@flowergirl8628 You're right on the money about Dave Ramsey. He holds up, as a qualification to give advise, the fact that he at one time pissed everything away! Mean while, I started and operated a business for 25 years. Built up my nest egg. Paid off my 30 year mortgage in 9 years and because I own 40 oz of Gold and 1,500 oz of silver, I'm looking stupid?
Joeys48 1 year ago
Dave Ramsey makes a lot of money (Fiat, of course) from his classes to churches and he claims to be Christian but then calls someone an idiot (same as fool) who doesn't agree with him. He should read Proverbs again.
I put Dave Ramsey in the same class as Dr. Phil. They both are making a lot of money off of people who put trust and faith in snake charmers.
flowergirl8628 1 year ago
Another thing Ramsey people say is "If things get really bad, you can't eat Gold and it will be worthless" Imagine society has broken down. People will be at different levels of preparedness. My neighbor has a cherry 56 Chevy but no food. I have food and Gold. My $400 Gold is now at 7K oz. I offer him 3 oz for the car. He takes it cause the grocery won't trade food for cars but will take Gold. I got the car for $1,200 & he thinks I paid him 21K for the car.
Joeys48 1 year ago
Ramsey says Gold has appreciated only 1.5% since 1833. True but, for the 1st 99 years it was the money so, it stayed naturally stable around $18 because of market forces. The next 40 years it was artificially locked at about $35 so, it's dishonest to include those years to evaluate whether or not to buy it today! Look at it from 1973 when it became legal again to own.
Joeys48 1 year ago
In may of 2009, Ramsey said "If you buy Gold you will make yourself look stupid" Gold range that month was $885-975. He said your buying at the top of the market. Whoever listened to this blowhard passed up on over $400 per oz gain while the fiat dollar declined. Great insight Ramsey! He actually has the balls to recommend selling gold in an envelope on the honor system. But we should have trust because Dave says so! A wolf in sheeps clothing?
Joeys48 1 year ago
@Joeys48 Today gold is like $1300. As the dollar continues to weaken, gold and silver prises will continue to rise. I guess Ramsey needs to look at the numbers first.
StevenSaliba 1 year ago
@StevenSaliba I think he is looking at numbers but , not the one's we think an unbiased adviser should be looking at. He's looking at the numbers important to him like the money he's getting from the companies he's pitching.
Joeys48 1 year ago
Dave Ramsey is a corporate tool. Dave Ramsey is a hypocrite and is lucky that there are enough dumb Americans in debt to buy his common sense book that you can do yourself without ever buying his book if you know one principle...Don't spend more than you have. Peter Schiff on the other hand is a modern day founding father. Gold is real money. Don't listen to the Federal Reserve as "Federal" as Federal Express, Dave "Corporate Tool" Ramsey, "Owe"bama, or Ben "Bubbles" Bernanke. Buy Gold.
msungs 1 year ago
Wonder how he feels about silver.
gary19681000 1 year ago
@gary19681000 Ramsey says, on his web site "When you play precious metals, you are gambling with about the same odds as playing a blackjack hand. You are not investing … you are speculating. This thing can go south on you in a hurry. This is gambling, and I would get out of it." I don't worry about my metals. I worry about my retirement dollars.
Joeys48 1 year ago
lol so if the economy collapses i guess our paper money and stocks will save us? at least i could sell gold for another type of currency that was still valid. maybe dave thinks i should invest in water bottles and bread
CobraStyleDevil 1 year ago
People stop waisting time thinking Dave is a morn or an idiot, he is NOT. He is just doing his job. And his job is simply to deceive you and everyone else. What you should be doing right now is the complete opposite of what he is saying.
godzkitchen81 1 year ago
Huh? This guy needs to learn some history about gold. He also needs to learn some basic Macro-Economics. Recommending a mutual fund as an Inflation hedge? he says "Gold doesn't inflate as inflation inflates?" He doesn't know what inflation is.
davenetdog 1 year ago
Real estate is a hedge against inflation? What planet is Dave Ramsey living on? Get out of Debt GREAT IDEA, besides that he is very misinformed
allinlen 1 year ago
WOW THIS GUY IS A MORON!!!!
survivalbros 1 year ago
By the way, if anyone of those people found gold on the ground in Louisiana, they would be fucking stupid not to pick up. Because in any given situation somewhere in time someone out there will always barter with you for it. Like it has for the past 5000 years. Why because GOLD has an intrinsic value.
godzkitchen81 1 year ago
Gold doesn't inflate when inflation inflates? Hey Dave, Gold is king cash is trash. Prices of commodities going up because fiat cash is going down in value. Gold is finite, even if everyone bought gold to hold and exchange there is still a limited supply of the metal and it's price relative to FIAT FED NOTES will stay high. You cannot say Gold is not an inflation hedge without saying all limited resources (including your "real estate" inflation hedge) are not inflation hedges.
HighCalip 1 year ago
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HighCalip 1 year ago
He's right about that. Whenever everyone is being urged to buy the same hedge against inflation, look out! What's going to happen when the currency collapses and everybody is simultaneously trying to sell their gold assets? Yup, the market is suddenly flooded with gold and, guess what, the price of this over-abundant commodity is then going to fall through the floor. If you must buy a precious metal, buy platinum. It has so many industrial uses it will always have value.
JackKangaroo1 1 year ago
Good morning from the west coast, the fed is printing money until the dollar hits the big goose egg, they say the cpi is low, if you believe that, just ask yourself how come most everything is going up, which means that your currency in the bank has less and less buying power, at least listen to the other side of the silver or gold coin, i know you think that things might go on AS BEFORE they wont, we owe to much , the feds have no clue, get prepared, read your Bible, pray, watchman.
endorbegin8888 1 year ago
Dave is misleading about one thing. He talks about inflation in the 1800s. There was little if any inflation. There were ups and downs but overall over time there was actually deflation. So talking about gold not going up during a period of little or no inflation is dumb.
rot2846 1 year ago
I used to be a fan of Dave Ramsey, but I'm glad I NEVER listened to him concerning gold and silver. I bought quite a bit of silver back when it was 15$ an ounce and the truth is...if I were to sell it all right now I could have my house completely paid for and have about 20K left over for other purposes. HOWEVER, I am not going to sell it because this is a big precious metals bull market that we are in and I'd rather pay down my house with crap depreciating dollars. Dave's gold info is wrong.
shailston 1 year ago
@shailston I'm with you about Ramsey. His precious metal attitude is just plain ignorant. His target market is people that can't save 2 quarters let alone save enough to buy precious metals, I think his intention is to make them feel O.K. about their lack of ability. He sells a book or two to each one of them and makes them think he's their friend. Pretty clever way to make a buck.
Joeys48 1 year ago
As long as markets still function - even marginally, gold and silver have always been recognized as a store of value. Only in the event of a total apocalyptic collapse would gold and silver become useless. But, there is always a recovery - in which gold and silver will regain their value. However, assets in paper money will have been permanently destroyed. The only people who came through the Wiemar republic hyperinflation with any of their monetary assets were those holding gold and silver.
KDanagger 1 year ago
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IHaveAHouse4U 1 year ago
Dave's plan is not a get out of debt plan, but a holistic system of personal finance. If you adopt it, you will most likely get wealthy, better marriage,etc.
That plan is pretty much free (internet, library, etc). However, beyond that it you have to pay for the other products/services, but only if you want them...hey, it's a business. But like any other organization/guru (Obama, Schiff, etc.), the culture is a tad cultish...and that is where the friction comes in.
TheGoalSetter 1 year ago
Surprised Ramsey is such an Idiot on Gold.
wakeupsheople 1 year ago
Get out of debt, best advice in the world. But Dave is using Katrina as an example of a collapsed economy. Karina would be the first year or so of a collapse, after that civilization would rebuild and then you could trade gold for a new currency. It sounds like Dave is giving advice to fill your garage with water as a hedge against collapse? I'll take the basics first, skills and food, etc. Then silver and gold as storage of wealth. Industrial metals never go to zero gold has industrial use too.
jedrin 1 year ago
I like Dave Ramsey but after watching these clips I'm afraid to invest in anything.
watch?v=uzef43gdupk
watch?v=0Wrrzsrb-wg
KenMacMillan 1 year ago
I think Dave is a little unfair to gold. He bases gold's slow growth rate (2 to 3%) on the entire time that gold has been sold in the US (~40 yrs?). But he advises people to buy mutual funds with a good long record...but to him "long" is over ten years. If you apply that ten year rule to gold, gold has a great long record (400%).
Instead of comparing apples to oranges, Dave should just say that buying gold means you are buying one commodity, which is like buying one stock...way too volatile.
TheGoalSetter 1 year ago
@TheGoalSetter Dave Ramsey say that is a bad idea to invest in Gold when is at its all time high. But he forgets to mention that public debt, money printing, and trade deficit are also at all time high. I dont know many real estate companies that are more than 100 years old. Invest in real estate in the US is a bad idea. And like AM29 mentioned, gold id keeping up with its depreciation against other countries currencies and thats why commodities are rising.
lucasapaes 1 year ago
@lucasapaes Also real estate is still overprice...like nearly everything else. I don't know about hyper-inflation, but inflation is here! Currently, I'm investing in education and that's it. The rest I sock away and wait on really good deals that I can buy with cash. That includes real estate, but more likely it will mean cars.
Currently, I'm considering trading $ for Chinese money. It's priced is fixed, but hey, any currency is too big a gamble now.
TheGoalSetter 1 year ago
@lucasapaes Yeah, but Dave Ramsey is endorsing his pet company, Gold Stash, like crazy encouraging everyone to sell their gold to them. So are we to believe that Gold Stash is spending thousands of dollars to buy "worthless gold," and lose all that money in the "dumb investment" out of the goodness of their hearts?!
clayrains 1 year ago
Here's another great Dave Ramsey moment of ignorance: "A failed economy does not return to the gold standard. Show me one that has." I guess Dave Ramsey isn't aware he's living in one such country. Did he not learn in school that the early colonies' fiat money, the Continental, collapsed... "Article I, Section 10, Clause 1: No State shall…coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debt." Dave Ramsey: total idiot or purposeful disinfo?
clayrains 1 year ago
I followed Dave's plan and became debt free in a couple of years...and made my marriage very strong.
Still, I have reservations in investing in real estate and mutual funds...as Dave advises. Everything is too overpriced...thus a gamble.
And don't talk gold/silver to me. They are way overpriced.
But hey, we all need to study from a variety of sources. Not only study pop gurus like Ramsey and Schiff, but also the heavy duty stuff.
To me, the simple way (Ramsey) worked.
TheGoalSetter 1 year ago
@TheGoalSetter Overpriced in australian dollars or brazilian reals? neither metals went up that much since 2008.
AM429 1 year ago
Schiff wants you to invest in one or two commodities...that's crazy.
Ramsey wants you to invest in real estate and solid mutual funds...that's better, but still a risk.
Invest in education...and I don't mean just college degrees. I also mean education in health, business, finance, gardening, psychology, law, travel, survival, etc. Learn from the best...if the best charge you, pay them. But often the investment is time. Instead of TV, study.
Do this and be wealthy in a variety of ways.
TheGoalSetter 1 year ago
I would never take financial advise from this guy .
dave0z96 1 year ago
He's right and wrong.
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For the average person, the best thing to have in an economic collapse will yes be actual staple goods like non-perishable food, firearms and ammunition, a generator, etc. But it's unlikely that you will be able to store 100's or even 10's of thousands of dollars worth of canned peas.
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A suitcase full of gold is the best way to store wealth if indeed one day the whole system collapses and people no longer accept pieces of paper with dead presidents on them as payment.
SpecialFester 1 year ago
Dave Ramsey is an absolute financial idiot. Listen to Peter Schiff for some good solid advice that will allow you to maintain whatever money you have.
alphabeets 1 year ago
1300!!! What a clown
bonfirejovi 1 year ago
SO WHAT DO YOU SAY WE DO WHEN WE ARE HOLDING ALL THESE WORTHLESS FIAT DOLLARS AND 401KS,UM ID RATHER HAVE METALS THAT HAVE BEEN USED AS MONEY FOR THOUSANDS OF YEARS.I AGREE WITH DAVE ON ALOT BUT NOT ON THIS..DO THE RESEARCH THE INFO IS ALL HERE ON YOUTUBE.
18wheeler76 1 year ago
BUY GOLD AND SILVER YOU IDIOTS.SILVER WILL GO UP BY $100 AN OUNCE WITHIN 6 YEARS.BUY BUY BUY BUY BUY SILVER SILVER,AND FOOD .
18wheeler76 1 year ago
Dave Ramsey is an IDIOT! Ramsey uses 1830 figures for gold but "forgets" (yeah, right) that the gold rush of 1849 causes a plentiful supply and prices to plunge. ASSHOLE!
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Icriedtoday 1 year ago
Dave Ramsey is an IDIOT! Ramsey uses 1830 figures for gold but only the "last 70 years" for inflation! What a jackass!
Icriedtoday 1 year ago
Today on his show he admitted that gold has been a "good" investment for the last 7 years (It's actually been 10 years but whose counting? Not Dave), but he said that it was only going up due to fear. LOL! I don't see how he misses the connection between the overprinting of the US dollar and huge US debt (which he frequently talks about) and the devaluing of the dollar, which directly affects the price of gold. He will never admit he is wrong even if gold reaches $5000.
mikef8080 1 year ago
gold has tripled in value, according to a commercial done by Michael Savage, what cost $1 in 1902 now costs at least $50. The dollar has gone down.
annaslakersgirl 1 year ago
The reason they are emotional because they are real unlike paper which the goverment can print and con the people.
zrzr4 1 year ago
Real estate as a hedge lol. Gold and silver ftw.
zrzr4 1 year ago
false,its used as a median of exchange right now in zimbabwe.
18wheeler76 1 year ago
@18wheeler76 C'mon dude, are you telling me that people go up and down Samora Machel (the main drag through Zim.'s capital Harare) carrying gold? I'm thinking they use US dollars and South African Rand.
lsnows 1 year ago
Dave does bring up 1 good point though. In times of total economic collapse along with societal collapse and the destruction of communication and infrastructure then gold is not worth diddly and water and gasoline have much more value. But Armageddon is probably not upon us and Gold will do just fine as an investment. In 1923 Wiemar Germany you could buy an entire city block in Berlin with a Single ounce of gold.
thewonderfrog 1 year ago
@thewonderfrog I know that this is an old comment, but worth responding to. Wrong, dead wrong. During Katrina NONE of those folks in New Orleans had any gold to trade. So the comparison is false. Yes, water was a good barter item, granted, but that's NOT a knock on gold.
Icriedtoday 1 year ago
@Icriedtoday Your reply is not at me, I never said anything about Katrina therefore have no clue what you are referring to.
thewonderfrog 1 year ago
Gold did not start inflating in price until Nixon shut the Gold window in 1971. Gold was $35 then and the only reason it wasn't still $20 an ounce wasn't because of previous inflation it was due to FDR's Confiscation of all private gold in '33 and the subsequent revaluation to $35 in '34. Us Citizens were not legally allowed to own gold bullion again until 1973. So to be statistically correct Gold has really gone from $20 an ounce to $1250 an ounce in the span of 38 years.
thewonderfrog 1 year ago
He says: "Gold is an Illusion!" Really? I suppose he thinks an FDR is a tangible asset!? Anyone that equates Gold to Diamonds must not be dealing with a full deck.
Amazing that this guy is actually giving advice on the mainstream media.
However, you know the old cliche: "There's a sucker born every minute!"
mark97213 1 year ago
Let's compare apples to apples. From 1830 - 1930 you could turn in your paper $20 bill for 1 ounce of gold, except for during the civil war. From 1930 - 2001the price went from $20 to $270. So, adjusted for inflation, $20 in 1930 = $201 in 2001 while gold was $270. So it kept up perfectly with inflation. This is normalizing the inflationary period of the 80's and ignoring the last 9 years. Comparing 170 years of gold to 70 of inflation is dishonest.
shelly8510 1 year ago 2
AHH HA HA HA! I'd say someone has given bald headed boobie some BAD INFORMATION. Gold has gone from $275 to $1400 in the past ten years. I guess Ramsey can't do basic math. That's a 409% increase, or $40.9% per year. Gold doesn't have to DO anything, because it is simply a reflection of fiat currencies that DO do something... they go down, down, down as the number of them chasing goods and services constantly increases.
KDanagger 1 year ago
Wow is Dave Ramsey uneducated on gold. The world stopped using gold when the roman empire collapsed? WTF is he thinking, doesn't he know that the MAJORITY of the world still uses gold to buy things? He says to invest in real estate, well lets say you need that money tomorrow, are you gonna sell you house in 1 day? No, but you can trade gold for any currency directly in any country in mere minutes. Gold went from $35 to $1260 in 38 years, wanna guess what the trend is for the future?
thewonderfrog 1 year ago
After Hurricane Katrina this was an issue of scarce resources reaching people in need versus a currency crisis, which is slowly happening and then hyperinflation. Our economy is literally in uncharted territory as far as debt, spending, liabilities, etc. These are two totally different issues. Yes, water and food are important, but can only buy so much. During the Germany hyperinflation those who bought gold protected their wealth. Gold is a universal global currency now.
ggadguy 1 year ago
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bridgetlear2009 1 year ago
@bridgetlear2009 the schmuck is.......the guy who says "Schmuck". The Doctor who doesn't use his real last name. Does that answer your question?
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BLACK MARKET BARTYR IS THE MEDIUM OF EXCHANGE, I thought you were smart Bridget, rate of return on gold is less than the rate of inflation.
ir10031981 1 year ago
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annaslakersgirl 1 year ago
@annaslakersgirl oh shut up! you need to get a life if you're always listening to talk radio.
bridgetlear2009 1 year ago
Mister T wore more gold jewelry than any celebrity, millionaires and dare say billionaires. And has been pitying fools for 28 years on movies and television. Should he pity himself? Or was he a smart cookie? you decide folks.
bridgetlear2009 1 year ago
Michael Savage endorses investing in gold. Is he wrong? I guess , according to Dave Ramsey. He mentions gold when he goes to commercial break.
bridgetlear2009 1 year ago
How much gold did it take to buy a house 5 years ago? ...and today?
Florida homes have gone down 90% from the peak priced in gold. From 300 ounces to about 30 ounces.
julebuggy 1 year ago
This is the only thing I disagree with dave with... look at the gold charts durring the busts... Money inflates... inflation doesn't inflate. Dave is awesome tho, I love his advice in budgeting and debt killing but I'm going to side with gold and silver on this one. It is universal currency and governments and banks hold tons of it for a reason. In an appocolypse it is worthless... in bust it is tradable for any currency in the world.
qlcmusic 1 year ago
Dave is a smart guy and gives great advice. However on his view on buying gold, lets look at the downside and real risk of such a move. I hold gold and silver bullion in my possession. I really dont care if its value halved or even worse. If this does happen it will mean my currency (the Aussie dollar) is still relatively stable and my economy would also be likely to be stable. My dollars are still worth something and I save those as well as putting money into other asset classes.
nichaeloz 1 year ago
If however it all goes to hell in a hand basket and my dollar collapses and I hold no gold and silver I may be somewhat screwed economically. The downside of holding bullion is in my estimation small compared to not holding it. I liken my bullion holdings to having smoke detectors and a fire extinguisher in my home ..........cont.
nichaeloz 1 year ago
While these dont give me 100% guarantee against the ravishes of a fire it does give me more of a chance of survival and in the scheme of things I would rather not have to use these things but glad they are there
nichaeloz 1 year ago
This has been flagged as spam show
His stats are a total spin. The US dollar was originally backed by gold, therefore gold was set at a fixed price until 1973, so of course it wouldn't go up in terms of U.S.dollars until then. He fails to mention that since 1973 (when we went OFF the gold standard) gold has risen from $42/oz to $1100/oz today. That's 26 times higher!! Not bad compared to the Dow Jones which was 1000 in 1973 and is10,000 today, only 10 times higher.
mikef8080 2 years ago
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mikef8080 2 years ago
His Hurricane Katrina example is flawed. That was a natural disaster, not a currency crisis, and there were no issues with the value of the dollar back then, so of course they wouldn't be using gold. It's not like a bunch of people there had gold coins anyway. Okay Dave, if you think our Dollar is in great shape with all the new money creation, unsustainable US debt, and if you think China and Japan will continue buying our treasuries... Keep holding onto your US dollars and see what happens.
mikef8080 2 years ago
Dave is very smart about some things, but with regards to the macro trends of the economy, he is a complete idiot. Never forget that Dave, more than anything else, is a REALTOR.
damndirtyape68 2 years ago
Dave says gold doesn't inflate when inflation inflates. That is exactly how it maintains it's value. You can't make gold on a printing press like paper money.
MoneyBags73 2 years ago