Dave Ramsey is wrong about gold

Dave Ramsey is a financial guru on syndicated radio. He talks about getting out of debt and investing from a Christian perspective. While Ramsey is right about the destructive nature of debt on your financial peace and well-being, he is wrong about gold. In fact, he demonstrates a lack of understanding about the nature of money, the history of money, and what inflation really is. I address the gold issue, his statement that "Money is spiritual, based on faith." and the fact that he is somewhat compromised in his position on investing since his biggest sponsors profit from traditional investment vehicles (mutual funds and real estate).

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• Jason
• Rink
• Dave
• Ramsey
• Gold
• Investing
• Inflation

[ElectricSwag]

The average listener can afford gold at 1400 dollars an ounce?

[thinkrink]

@ElectricSwag If they are investing, they can afford $1,400. If you don't have $1,400 to invest, then you are probably on baby step one and two. Why is spending $1,400 on an ounce of gold more difficult than investing in a mutual fund, or investment real estate? However, the point here is not that anyone has to invest in precious metals, but simply that Dave has been completely wrong on what has turned out to be a 10 year bull market.

[TheGoalSetter]

If you can't admit that some portion of the gold increase is because of 9/11 fears and extensive chicken-hawking, you're biased.

70%? That would mean 700 of the 1000 growth since 9/11 is fear-based. Considering before 9/11 and Fed fears, gold was 400 and had a low growth rate, Dave is in the ball park.

My advice to you gold pushers is to ignore Dave Ramsey. The more you mess with him, the more he'll push back. And he simply has a bigger microphone than you.

[thinkrink]

@TheGoalSetter...fort he record, I do think that some of gold's pricing IS fear based...but 70%? Not even close. Gold has been on a consistent, steady rise for 10 years. It has risen because the U.S. dollar has fallen in value. Fed fears? Well, the Fed has generated a lot of warranted fears because of it's monetary policy. Increase the money supply, and gold rises in value. That's just simple economics.

[BASS0000000000888888]

@thinkrink You are right. The US dollar was originally backed by gold until 1971, when the dollar was taken off of the gold standard. The federal reserve can print more money now. The more the federal reserve prints money, the more the value of gold will increase. Gold, silver, oil and other commodities are the only thing that protects against inflation.

[ezdayth]

futhermore ramsey and bernake and warren buffett have an agenda and gold would hurt their plans. why buy buffetts fund or if bernake liked gold the dollar would decline further. real estate is a bad investment. try selling a house. ramsey is a christian so far as it promotes his cause. just like George Bush and the war in Iraqi let us not forget. We were a christian nation and fighting against an evil relgion and regime. But the defense contractors ripped us off.

[ezdayth]

ramsey is a hyocrite. 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 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. Once again we have a christian who claims that his practices (financial advice) are spiritual. 

[Joeys48]

@GotBizzyPk I doubt the Fed has any Gold to sell. Has anyone been inside Fort Knox lately?

[GotBizzyPk]

@thinkrink all it takes is the fed to sell all our gold and the price will drop.

[KDanagger]

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.

[standinginnothing]

@Wakespray1 what happens to the stocks you buy in manufacturing companies when those companies get impacted by the economic collapse, laying off workers and slowed production. How do you grow and store food in real estate, does stored food pay rent on real estate. Im trying to understand the logic here.

[777ceci]

Thanks for the video! I agree with you 100% I love Dave, but Peter has been so right. 

[tito810]

@TheF4FS it's not just the late 1800s/early 1900s it's always been like that since mankind started civilizations. There's only been a few societies that the government did let their citizens do whatever they wanted to. The only thing was just to play taxes.