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Speaker 1: On this episode of news World, I am really pleased

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Speaker 1: to welcome my guest, Charles Thornren, CEO of Legacy Precious Metals.

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Speaker 1: He's joining me for a special town hall event on

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Speaker 1: how to protect and grow your retirement, and we're taking

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Speaker 1: your questions first. I'm want to welcome you to this

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Speaker 1: special live Q and A on how to protect and

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Speaker 1: grow your retirement. And I'm really pleased to introduce my

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Speaker 1: co host of this event, Charles thorn Gren, CEO of

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Speaker 1: Legacy Precious Metals. You know, with inflation at a forty

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Speaker 1: year high and with gas prices that are so outrageous,

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Speaker 1: you literally leave the pump shaking your head. And I

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Speaker 1: might mention that Callisto on Saturday was stunned because it

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Speaker 1: cost her a hundred and four dollars and fifty cents

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Speaker 1: to fill up her tank. You have to think about

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Speaker 1: the supply chain issues, the baby formulas shortages. I think

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Speaker 1: it's fair to say many of us are concerned about

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Speaker 1: our financial futures. So that's one of the reasons I

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Speaker 1: wanted to have this event today. Charles and I first

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Speaker 1: met when Legacy Precious Metals became a sponsor of my

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Speaker 1: neut World podcast, and it's because of Charles's advice I

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Speaker 1: have personally started investing in precious metals, and by way

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Speaker 1: of introduction, I want to tell you a little bit

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Speaker 1: about Charles. Charles served in the Air Force in Germany,

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Speaker 1: where he worked as a jet mechanic on F sixteen

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Speaker 1: fighting falcons. He began his career in investment management in

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Speaker 1: nineteen ninety five and eventually started his own investment firm.

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Speaker 1: While looking for opportunities they will bring diversity to his

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Speaker 1: client's portfolios, he began to look at precious metals. He

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Speaker 1: founded Legacy Precious Metals with a focus in gold and

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Speaker 1: silver investments. So, Charles, if you don't mind tell us

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Speaker 1: a little bit about what your approach is. Your clients

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Speaker 1: had Legacy Precious Metals, how do you set yourself apart

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Speaker 1: from the other precious metals investment companies out there? Thanks dude.

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Speaker 1: Really happy to be here and to be able to

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Speaker 1: talk to people about retirements and investments. It's one of

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Speaker 1: the things that we really strive for here Legacy Prescious Metals.

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Speaker 1: We believe that the most important thing we can do

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Speaker 1: is serve our clients needs. We believe in honesty, transparency, education,

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Speaker 1: and more of a customer focused approach to things. The

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Speaker 1: truth is that there's many companies out there that will

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Speaker 1: try to take advantage of you and just basically make

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Speaker 1: a sale. I've been advising clients now for almost three decades,

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Speaker 1: and I know from experience that most people want good

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Speaker 1: advice on how and when to invest and where. So

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Speaker 1: really grateful to be able to do this sound Hall

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Speaker 1: so that we can take people's questions and give answers. Well,

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Speaker 1: it's going to be very interesting and frankly, very practical

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Speaker 1: given what's happening with inflation and with the economy. So

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Speaker 1: why don't we go to the first question? Thanks new

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Speaker 1: Thanks Charles. Our first question comes from Adam from Texas.

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Speaker 1: Thank you Claire, and thank you speaker Gingrich and Charles Charles.

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Speaker 1: I've seen my stock portfolio and my retirement account dip

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Speaker 1: pretty significantly since November late last year. I remember two

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Speaker 1: thousand and eight. To be honest, that was towards the

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Speaker 1: start of my career, so it didn't impact me as much. However,

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Speaker 1: I saw what it did to my parents. Now things

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Speaker 1: have changed. I have a lot more money in my

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Speaker 1: retirement in my portfolio, and I've taken a big loss.

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Speaker 1: Do you think this is going to be a repeat

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Speaker 1: of two thousand and eight? And is there anything I

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Speaker 1: can do to protect myself in this situation? Great question,

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Speaker 1: and I think a timely question too. I think this

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Speaker 1: is similar to two thousand and eight, I would have

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Speaker 1: to say yes. In fact, I would say it's significantly worse.

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Speaker 1: If we look at the events of two thousand and eight,

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Speaker 1: we were running debt at that time of two and

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Speaker 1: a half a trillion dollars. Our debt now just on

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Speaker 1: the federal reserves balance sheet is almost nine trillion dollars.

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Speaker 1: So from a dollar standpoint and from a fistical health

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Speaker 1: of the country, it's significantly worse now than it was

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Speaker 1: in two thousand and eight. So when we look at

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Speaker 1: those scenarios, I think we see greater risk now than

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Speaker 1: we did then. And two thousand and eight was horrible,

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Speaker 1: and like you said, you watched your parents go through it,

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Speaker 1: and now you're looking at that situation and say, how

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Speaker 1: do I avoid that? Well, I got to tell you

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Speaker 1: one of the best ways is to be diversified. Right

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Speaker 1: when your holdings are all in equities only, you run

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Speaker 1: the risk of that debt and that market response to

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Speaker 1: that debt helping diminish your retirement and your savings and

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Speaker 1: what you work so hard for. So the answer is

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Speaker 1: always going to be diversification. Whether it's in real estate,

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Speaker 1: or whether it's in precious metals, or whether it's in

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Speaker 1: a healthier bond portfolio. That's true diversification. When we look

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Speaker 1: at today's scenario, some of those options aren't so great.

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Speaker 1: We're left with a stronger leaning towards a heavier base

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Speaker 1: and precious metals because it is the anti dollar investment.

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Speaker 1: So yeah, I think looking at it and going forward,

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Speaker 1: you may want to say, Okay, how do I get

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Speaker 1: a portion of my retirement account from my savings into

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Speaker 1: precious metals That will help that shock that you have

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Speaker 1: to come when we see this correction. Thanks Charles. Our

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Speaker 1: next question comes from Gary sticking down some of our savings,

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Speaker 1: putting it in pressious metals and also seeing a loss

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Speaker 1: of income in the full three D. We're wondering if

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Speaker 1: this point's beings found to continue, if it's better to

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Speaker 1: the first buy into more precious metals, and that does

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Speaker 1: make sense. When we speak about diversity, you want to

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Speaker 1: look at diversity in your metals as well. And when

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Speaker 1: we're talking about IRA specifically, you're allowed to put in

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Speaker 1: your gold, silver, platinum, and palladium, and a basket of

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Speaker 1: those would work for you. Gold and silver are your lights,

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Speaker 1: they're your superstars. They're the metal that most people know.

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Speaker 1: But there's a case for platinum and palladium as well,

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Speaker 1: and on those. What you really want to do is

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Speaker 1: call us and let's talk about some specifics about what

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Speaker 1: you're trying to do. What's your time frame, what's your

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Speaker 1: risk tolerance, and how you're set up right now. But diversity, yeah,

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Speaker 1: absolutely makes sense even within the metals market, you know.

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Speaker 1: But we want to make sure that when we look

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Speaker 1: at that answer, we want to be able to spend

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Speaker 1: time with you and say, Okay, what makes sense for

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Speaker 1: your specific scenario. That's an important part of the process.

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Speaker 1: But short answer, yes, thank you, Charles. We have a

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Speaker 1: written in question from one of our guests. They ask,

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Speaker 1: will employees or retired employees of the military or others

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Speaker 1: in the federal Thrift savings plans in a state or

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Speaker 1: local retirement be able to invest? And if so, how

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Speaker 1: can they do that? Absolutely, the TSP plan can be

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Speaker 1: rolled over into a traditional IRA. Most people aren't aware

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Speaker 1: of that change is to it have recently come about

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Speaker 1: in the last few years where you have some more flexibility,

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Speaker 1: and for people who are looking for diversity, it makes sense.

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Speaker 1: Just because you happen to be a federal employee doesn't

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Speaker 1: mean that you need to miss out on the opportunities

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Speaker 1: at diversifying, whether that be in a self directed IIRA

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Speaker 1: where you can do real estate or precious metals or

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Speaker 1: other things. You have that option. So one of the

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Speaker 1: important things is to actually call resources and see what

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Speaker 1: amount is qualified for you to move. There are certain

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Speaker 1: criterias depending on which brands of the federal government you

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Speaker 1: work for, which will determine how much you can move

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Speaker 1: and when you can move it. But it is a

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Speaker 1: possibility and it's a good idea for you to be

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Speaker 1: thinking about that. You know, the TSP is a great plan.

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Speaker 1: It's a nice low cost plan, but it doesn't really

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Speaker 1: have a lot of options for diversity. So congratulations for

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Speaker 1: thinking about that. If you're paying attention, you've seen that

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Speaker 1: the stock market has been plummeting, many economists predicting this

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Speaker 1: is just the beginning and we could see a market

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Speaker 1: pullback well into two twenty three. If that happens, You're

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Speaker 1: going to see tremendous losses in your portfolio. There's been

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Speaker 1: one historical answer to this, gold in the two thousand

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Speaker 1: and eight crash and all the recent crashes before it.

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Speaker 1: When the market dipped, gold went up. Legacy Precious Metals

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Speaker 1: is the company I trust when investing in gold and

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Speaker 1: precious metals. They can advise you on whether gold is

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Speaker 1: right for you, whether it becomes part of your retirement

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Speaker 1: account or having physical metals shipped to you. When it

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Speaker 1: comes to your finances, you want to act before it's

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Speaker 1: too late. Be informed on your options. Legacy Precious Medals

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Speaker 1: expert team can answer all your questions. Call Legacy Precious

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Speaker 1: Medals today at eight six six four eight four four

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Speaker 1: O four three. That's eight six six four eight four

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Speaker 1: four O four three, or download their comprehensive Gold guide

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Speaker 1: at Legacy PM Investments dot com. That's LEGACYPM Investments dot com.

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Speaker 1: The next question comes from Kevin in Atlanta. When are

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Speaker 1: we going to see this crazy inflation end? Is this

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Speaker 1: a short term thing or is it here for the

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Speaker 1: long run? I wish I had better news. There is

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Speaker 1: nothing short term about this. We begin to look at

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Speaker 1: the scenario now from OZ perspective, and I believe this.

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Speaker 1: Yellen was actually speaking about it today saying it's going

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Speaker 1: to be all very very long time that we deal

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Speaker 1: with inflation. The run up that we have now didn't

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Speaker 1: happen overnight. It's not a short term thing. This is

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Speaker 1: a long term policy of the Federal Reserve. You know.

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Speaker 1: Interestingly enough, we mentioned two thousand and eight earlier, but

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Speaker 1: in two thousand and eight, when we suffered that devastating

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Speaker 1: logal financial system, the Federal Reserve established what became known

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Speaker 1: as quantitative easy process fusion of money into the system,

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Speaker 1: and we never shut it off. So we have an

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Speaker 1: economy that is used to easy money. So the way

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Speaker 1: you fix inflation is to make money hard. That does

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Speaker 1: two things, especially in this specific time. If we continue

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Speaker 1: to raise the federrate right, we're going to run into

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Speaker 1: some additional problems. We've got real estate now now we're

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Speaker 1: making mortgage rates go up. We have supply chain issues,

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Speaker 1: we have fuel issues. We have an employment issue. We

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Speaker 1: have seven million jobs that need to be filled and

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Speaker 1: no one to fill them. So what we have there

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Speaker 1: is now we have companies that are increasing the rate

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Speaker 1: of pay to entice people to come and work, which

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Speaker 1: is normally good until you add it to the combination

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Speaker 1: of everything else that's out there that creates more inflation.

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Speaker 1: So the solution to fixing the inflation is unfortunately going

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Speaker 1: to be to raise it first to the point that

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Speaker 1: it hurts, and then we can begin to see inflation

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Speaker 1: curve as people curve appetite for spending s. We have

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Speaker 1: our fuel situation dealt with in a real sense, So

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Speaker 1: that's what it's going to take, So it is longer term.

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Speaker 1: Let me add to that, if I might, Charles, I

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Speaker 1: think when you have an administration which is as anti

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Speaker 1: oil and gas as this one, the price of gasoline

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Speaker 1: is just going to keep going up. The price of

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Speaker 1: diesel fuel is going to keep going up. That has

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Speaker 1: a big impact because every truck that comes to the

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Speaker 1: grocery store or the drug store or the furniture store

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Speaker 1: is almost certainly using diesel fuel. So as that price

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Speaker 1: goes up, so does the price of delivering goods. At

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Speaker 1: the same time, petroleum translates directly into agriculture, both in

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Speaker 1: the cost of fertilizer and the cost of travel and fuel,

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Speaker 1: and the cost of a variety of other things that

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Speaker 1: are used by arms. So the total effect of the

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Speaker 1: scale of increase. We're seeing Ian oil and gas, which

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Speaker 1: may go higher as the Europeans sanctioned Russian oil. Some

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Speaker 1: people are talking about one hundred and fifty dollars a barrel,

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Speaker 1: which would be an extraordinary transition for most people around

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Speaker 1: the world and for Americans who are used to driving

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Speaker 1: long distances at affordable cost. All of these things are

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Speaker 1: going to drive price up. The price of gasoline going up, well, then,

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Speaker 1: as I said, drive up the price of food, and

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Speaker 1: these become a cycle. So my guess is, unless you

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Speaker 1: had a very dramatic change in policy, you could easily

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Speaker 1: have three to five years of inflationary and price pressures

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Speaker 1: on the economy in a way which I think makes

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Speaker 1: Charles's message about diversification and thinking about your long term

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Speaker 1: strategy even more important. All Right, we're going to go

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Speaker 1: to our next question from Alan and Clean Virginia. What

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Speaker 1: is the best metal to invest in? Gold or silver?

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Speaker 1: Great question. I'm assuming you want me to do that

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Speaker 1: one way outside my knowledge, in fact that I'm looking

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Speaker 1: forward to your answer. Okay, it's a great question, and

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Speaker 1: I could throw all out an answer now, but remember

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Speaker 1: everything is dependent upon what your situation is. Not everyone

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Speaker 1: invests the same, so there's not a one size fits

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Speaker 1: all solution. But let me try to put a pretty

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Speaker 1: bow on a pretty big question and see if I

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Speaker 1: can't help make it make a little bit more sense. Okay,

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Speaker 1: Gold and silver both precious metals, both offer diversification. Okay,

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Speaker 1: gold significantly more expensive than silver. So one of the

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Speaker 1: things we need to look at is what is your

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Speaker 1: goal for the investment. If it's a place value holder

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Speaker 1: until it's time to get dollars back in any form

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Speaker 1: and fashion that we may be when it's time to

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Speaker 1: redeem it. Gold and silver both work fine. Okay. If

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Speaker 1: we're dealing with something that where storage is an issue,

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Speaker 1: then we want to look at gold. You know, a

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Speaker 1: million dollars worth of gold is a shoe box. It's

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Speaker 1: the size of a shoe box. Ten thousand dollars worth

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Speaker 1: of silver is the size of a shoe box. So

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Speaker 1: space is important, right. Both are great if you feel

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Speaker 1: like your investment is something you're going to cash in

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Speaker 1: over time and small amounts. Let's look at silver. It's

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Speaker 1: easily sold off just like gold is, but you can

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Speaker 1: do it in smaller dollar amounts. So that's some of

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Speaker 1: the answers that we're going to leave there and say

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Speaker 1: that they're both good, but it depends on the amount

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Speaker 1: that you're trying to diversify and the end goal for it.

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Speaker 1: Thanks Charles, I'm going to read the question from Nicholas.

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Speaker 1: He asks Cudlo on Fox News address treasury bonds by

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Speaker 1: government paying a near ten percent interest? Is that a

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Speaker 1: good idea in addition to precious metals. First off, you're

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Speaker 1: not going to get ten percent, okay, So let's just

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Speaker 1: look at that and say, okay, that's not a reality.

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Speaker 1: Should you be diversified, yes, Are those particular bonds the

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Speaker 1: bonds to be in Well, that's questionable. When you look

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Speaker 1: at what a bond's rate of return is, it's going

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Speaker 1: to be depending upon the amount of inflation and the

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Speaker 1: amount of a federal rate. So when you buy a bond,

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Speaker 1: you're paying we'll just use a nice easy number, one

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Speaker 1: thousand dollars, and you're going to get whatever rate of

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Speaker 1: return it is. Now, the rate of return goes higher,

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Speaker 1: and the next three months, when the next cycle of

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Speaker 1: bonds come out, your bond is now worth less because

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Speaker 1: you're getting less of a return. So the only way

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Speaker 1: you do that is because a bond gives you a

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Speaker 1: set rate of return, is you lose principle to make

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Speaker 1: up for that value. So that thousand dollars you have

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Speaker 1: in that bond, now someone will buy off of you

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Speaker 1: for nine hundred and fifty dollars to get that yield. Okay,

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Speaker 1: So do bonds make sense? Yes, they do if you

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Speaker 1: need the money right away. If you're looking for a

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Speaker 1: store of wealth for the next twenty years, maybe now

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Speaker 1: is the time to look at bonds. I personally would

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Speaker 1: wait till the rates got a little higher, so I

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Speaker 1: can ensure i'd better rate a return for myself, and

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Speaker 1: in an inflationary rate. When we know the fat has

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Speaker 1: already said five more rates pikes more than likely this year,

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Speaker 1: and then some more next year, I'm more inclined to

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Speaker 1: delay that so that I can get the best year impossible.

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Speaker 1: Thanks Charles. Our next question comes from how good Eating,

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Speaker 1: mister Speaker and mister thorn Grin. If I choose to

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Speaker 1: hold precious metals, would you recommend holding it in the

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Speaker 1: context of an exchange traded fund and ETF or actually

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Speaker 1: holding the physical specie? And if indeed you choose to

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Speaker 1: whole specie. How do you factor in the sales costs

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Speaker 1: associated with it, sales tax and so on and so forth.

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Speaker 1: Thank you very much. Well, how that's a great question.

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Speaker 1: ETFs with nothing wrong with ETFs. If you want a

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Speaker 1: short term trade metals, that's probably the best way to go.

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Speaker 1: Can I break in? Is the guy who doesn't know anything?

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Speaker 1: What is an ETF electronically traded fund? Okay? So basically

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Speaker 1: it's a mutual fund created by the index itself and

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Speaker 1: not necessarily a broken chase. So etful, we're term trading fantastic.

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Speaker 1: You get up in the middle of the night, you

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Speaker 1: think you know what silver is going to go up

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Speaker 1: twenty percent tomorrow morning. I want in get as much

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Speaker 1: ETF as you can. The only thing with the ETF

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Speaker 1: is you're not dealing with actual physical metals. You're dealing

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Speaker 1: with a leveraged account that is a fund, much like

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Speaker 1: a mutual fund. If you are looking longer term, the

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Speaker 1: physical metals make more sense because there are fees attached

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Speaker 1: to an ETF where you get charged on a regular basis.

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Speaker 1: With physical metals, once you buy them and own them,

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Speaker 1: they're you worse. The only other fee you may have

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Speaker 1: is if you have it in a retirement account or

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Speaker 1: if you're storing at someplace other than that, your costs

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Speaker 1: are covered as to the cost to selling them back. Listen,

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Speaker 1: anything over fifteen hundred dollars in metals is non taxable,

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Speaker 1: except for a few exempt states where they have probably

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Speaker 1: come out and said we're going to tax your metals,

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Speaker 1: and it's a small list, but for the majority of people,

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Speaker 1: anything over fifteen hundred dollars is considered an investment, not

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Speaker 1: just a purchase, so you avoid the sales tax when

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Speaker 1: you're purchasing when it comes time to declare it based

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Speaker 1: on your profit. That goes for anything. The IRS says,

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Speaker 1: if you make money on something, you have to tell

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Speaker 1: us and pay your tasks. So there's no difference there

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Speaker 1: whether there's any etf or physical metals. So it comes

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Speaker 1: down to what are you more comfortable with having the

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Speaker 1: metals for having a digital account and short term treading.

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Speaker 1: Thanks Charles, We're going to go over to Emerson out

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Speaker 1: all right. I Memberson from California. I have a similar question,

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Speaker 1: so we're probably on the same line here. But you know,

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Speaker 1: I've bought some gold and some silver in the past,

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Speaker 1: and you sort of just mentioned putting metals in the

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Speaker 1: retirement account. I mean, do you think it's better to

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Speaker 1: own a physical gold or to put it in a

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Speaker 1: retirement account? And that's a personal choice type of thing, right.

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Speaker 1: We want to look at that and say, where is

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Speaker 1: the money I'm concerned about coming from. If it's in

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Speaker 1: a retirement account, then use your retirement right, you can

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Speaker 1: diversify there. If it's savings that you have in cash,

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Speaker 1: then you're going to go the physical metals round. It's

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Speaker 1: not really an either or, it's more of where the

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Speaker 1: funds are that I need to protect. I think that

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00:19:38,840 --> 00:19:47,360
Speaker 1: would be the best word to approach that question. If

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Speaker 1: you're paying attention, you've seen that the stock market has

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Speaker 1: been plummeting. Many economists are predicting this is just the

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Speaker 1: beginning and we could see a market pullback well into

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Speaker 1: twenty twenty three. If that happens, you're going to see

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Speaker 1: tremendous losses in your portfolio. There's been one historical answer

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Speaker 1: to this, gold in the two thousand and eight crash

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Speaker 1: and all the recent crashes before it, When the market dipped,

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Speaker 1: gold went up. Legacy Precious Metals is the company I

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00:20:14,840 --> 00:20:18,159
Speaker 1: trust when investing in gold and precious metals. They can

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00:20:18,200 --> 00:20:21,480
Speaker 1: advise you on whether gold is right for you, whether

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00:20:21,480 --> 00:20:24,560
Speaker 1: it becomes part of your retirement account or having physical

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Speaker 1: metals shipped to you. When it comes to your finances,

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00:20:27,680 --> 00:20:30,840
Speaker 1: you want to act before it's too late be informed

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00:20:30,840 --> 00:20:34,919
Speaker 1: on your options. Legacy Precious Medals Expert team can answer

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00:20:35,000 --> 00:20:39,120
Speaker 1: all your questions. Call Legacy Precious Medals today at eight

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00:20:39,200 --> 00:20:43,200
Speaker 1: six six four eight four four O four three. That's

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00:20:43,320 --> 00:20:47,600
Speaker 1: eight six six four eight four four O four three,

356
00:20:47,840 --> 00:20:53,480
Speaker 1: or download their comprehensive Gold Guide at LEGACYPM investments dot com.

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Speaker 1: That's LEGACYPM investments dot com. Our next question comes from

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Speaker 1: Caroline in Santa Barbara, California. If I want to cash

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Speaker 1: out my gold IRA, how do I get the money out?

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Speaker 1: Do I get it in actual gold or is it

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Speaker 1: transferred into dollars? Great question. The answer is that's absolutely

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Speaker 1: your choice. You have the option as an IRA holder

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Speaker 1: to say I'd like metals delivered to me. That's considered

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Speaker 1: a distribution distribution in kind, much like you can do

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Speaker 1: with stocks. Most people aren't aware of that. But when

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Speaker 1: you take a retirement account, if you have equities in

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Speaker 1: there and you want to remove it, but not actually

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Speaker 1: sell the stock. You can have it transferred in kind.

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Speaker 1: The same thing with metals if you need money, if

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Speaker 1: you want to sell it for the dollars, you can

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Speaker 1: convert it and have the distribution in cash. So it's

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Speaker 1: a flexibility scenario there, and it's as simple as contact

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Speaker 1: your custodian saying I'd like to take a distribution or

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Speaker 1: a rollover or a withdrawal, depending on what your scenario is.

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Speaker 1: The next question comes from Richard. Him is a speaker,

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Speaker 1: High Charles. My name is Richard. I'm from Los Angeles.

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Speaker 1: So I've read that silver is used a lot in

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Speaker 1: technology and in electric vehicles. Is the amount used significant

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Speaker 1: and does that mean silver prices will go up as

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Speaker 1: it's more in demand. It is used quite a bit.

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Speaker 1: The amount used is tremendous when you look at an

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Speaker 1: industry as a whole. Understand though, that, like with silver,

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Speaker 1: silver is an interesting product. There are some pure silver minds,

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Speaker 1: but most silver is mined and gotten from the actual

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Speaker 1: mining of gold. It's a byproduct. You'll find that many

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Speaker 1: minds that our minds for gold produced equally or more silver,

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Speaker 1: just because of the layout and the way minds work

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Speaker 1: and the way the metals have been formed in the earth,

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Speaker 1: so you know, silver a much greater demand industrial. It's

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Speaker 1: always been the industrial metal choice for life of things

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Speaker 1: based on its price. When you're looking at conductors and

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Speaker 1: electrical conducting, it's superior to copper. It is more expensive

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Speaker 1: than copper, but it's also cheaper than gold, which is

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Speaker 1: the go to option. And that's all uses a lot

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Speaker 1: of gold for its space programs, but the cost is

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Speaker 1: prohibitive for industrial purposes here tersturally, and I think it

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Speaker 1: does play a part. But silver has always been an

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Speaker 1: industrial metal, so I think you see some increase, but

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Speaker 1: we are reclaiming a lot more than we ever have

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Speaker 1: in the past, so what we see an optic Yes,

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Speaker 1: I don't think it's the driving factor. I think silver

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Speaker 1: still gets moved based on its currency evaluation versus more

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Speaker 1: than its industrial Thanks Charles, we have time for two

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Speaker 1: more questions. The first one comes from Wayne. He asked,

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Speaker 1: if the economy continues to crash, could the government nationalize

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Speaker 1: gold again like back in the nineteen thirties. I think

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Speaker 1: this is a question for both the speaker and I.

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Speaker 1: I think when you look there's some facts that they

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Speaker 1: to be known about the last time that there was

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Speaker 1: a supposed gold confiscation, the United States government did not

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Speaker 1: take gold from people. What the United States government did

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Speaker 1: was change its currency. Its currency was golden so over

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Speaker 1: at the time, we were in a scenario where there

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Speaker 1: wasn't enough liquid money in circulation for the economy to grow.

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Speaker 1: So the government decided, let's go fiat. Let's go paper. Right,

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Speaker 1: we can print. We have a good enough credit rating

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Speaker 1: in the world where we can create a fiat currency.

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Speaker 1: It's worked elsewhere in the world, it can work here.

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Speaker 1: So that gold that people often talk about being confiscated,

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Speaker 1: it's not that it was taken because they wanted your gold.

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Speaker 1: It was taken because it was actual currency of the

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Speaker 1: United States. It was stamped, it came from the Mint,

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Speaker 1: it came from the Treasury Department. So will we see

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Speaker 1: them do that again, I don't think so. It's not

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Speaker 1: currency right now. The US has the American Eagle and

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Speaker 1: it has a dollar value on it. It's required to

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Speaker 1: because it's from the US Mint. The US Mint can't

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Speaker 1: mint anything without a monetary value assigned to it. So

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Speaker 1: there's that aspect. And two, if we look at the

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Speaker 1: state our economy is in right now, if the government

431
00:25:22,160 --> 00:25:25,399
Speaker 1: took all the gold we had as citizens, It's a

432
00:25:25,520 --> 00:25:27,720
Speaker 1: drop in the bucket to the debt that we have.

433
00:25:29,119 --> 00:25:32,159
Speaker 1: The government is not in the business of purposely ruining

434
00:25:32,200 --> 00:25:35,719
Speaker 1: your life like that. It would solve no purpose for

435
00:25:35,760 --> 00:25:38,160
Speaker 1: them to do it. It wouldn't fix any of their problems.

436
00:25:38,560 --> 00:25:42,120
Speaker 1: So I'm of the mindset that, no, we wouldn't see

437
00:25:42,119 --> 00:25:46,320
Speaker 1: that again. I think that Charles drew the correct distinction.

438
00:25:47,000 --> 00:25:49,440
Speaker 1: They weren't going out and scooping up all the gold.

439
00:25:49,480 --> 00:25:52,600
Speaker 1: They were just setting a price and making it impossible

440
00:25:52,680 --> 00:25:56,479
Speaker 1: for gold to migrate away from that price, whereas before

441
00:25:56,520 --> 00:26:00,480
Speaker 1: that we'd actually had the price of gold defining a dollar.

442
00:26:01,119 --> 00:26:03,760
Speaker 1: You know, anything is possible, just given the nature of

443
00:26:04,240 --> 00:26:08,119
Speaker 1: the political structure we're currently messing around with. But my

444
00:26:08,320 --> 00:26:13,199
Speaker 1: sense is that the public reaction against any effort to

445
00:26:13,640 --> 00:26:18,640
Speaker 1: actually have the government seize property would be so enormous

446
00:26:18,680 --> 00:26:21,880
Speaker 1: that it just wouldn't happen. Plus, as Charles burned out,

447
00:26:22,119 --> 00:26:24,960
Speaker 1: it doesn't get you very much. The scale of our

448
00:26:25,000 --> 00:26:28,120
Speaker 1: debt right now is so extraordinary. And I say this

449
00:26:28,160 --> 00:26:32,920
Speaker 1: as somebody who helped organize the only four consecutive balanced

450
00:26:32,920 --> 00:26:36,200
Speaker 1: budgets in your lifetime. This is such a gigantic mess

451
00:26:36,320 --> 00:26:39,439
Speaker 1: right now that I don't think trying to do something

452
00:26:39,440 --> 00:26:41,800
Speaker 1: with gold or silver from the standpoint of the government

453
00:26:42,040 --> 00:26:44,360
Speaker 1: would get them very far, and I think the country

454
00:26:44,840 --> 00:26:48,679
Speaker 1: would deeply oppose it. I agree with that, all right,

455
00:26:48,720 --> 00:26:52,560
Speaker 1: and our final question comes from David Hi, Good afternoon.

456
00:26:52,720 --> 00:26:55,560
Speaker 1: My name is David Shunk. I live in the Atlanta area.

457
00:26:55,800 --> 00:26:59,639
Speaker 1: My question is with respect to your perspective on the

458
00:27:00,000 --> 00:27:04,160
Speaker 1: ability of our government moving to a truly digital currency

459
00:27:04,280 --> 00:27:07,080
Speaker 1: and what does that really mean for the dollar as

460
00:27:07,119 --> 00:27:10,200
Speaker 1: the medium for a global exchange. Let me try it first.

461
00:27:10,200 --> 00:27:12,719
Speaker 1: Then I'm going to yield to Charles, who knows vastly

462
00:27:12,800 --> 00:27:16,560
Speaker 1: more about finances and currency than I do. I think

463
00:27:16,600 --> 00:27:21,880
Speaker 1: if you look at the scale of speculation unsay Bitcoin,

464
00:27:21,960 --> 00:27:25,639
Speaker 1: which is the most popular of all the current digital currencies,

465
00:27:26,119 --> 00:27:28,919
Speaker 1: which got as high as about sixty two or sixty

466
00:27:28,960 --> 00:27:31,879
Speaker 1: three thousand dollars, and I think currently is down around

467
00:27:31,920 --> 00:27:35,840
Speaker 1: thirty or less. That's a level of confusion. You know.

468
00:27:36,240 --> 00:27:38,880
Speaker 1: One of the purposes of a currency is to give

469
00:27:38,920 --> 00:27:43,000
Speaker 1: you a stable store of value, so that you know

470
00:27:43,800 --> 00:27:46,960
Speaker 1: that if I buy something from you for a dollar,

471
00:27:47,480 --> 00:27:50,119
Speaker 1: you actually got a dollar. One of the problems of

472
00:27:50,160 --> 00:27:53,560
Speaker 1: inflation is that that cheapens the dollar. I'm giving you

473
00:27:54,160 --> 00:27:56,720
Speaker 1: a digital currency doesn't solve that. The truth is we

474
00:27:56,720 --> 00:27:59,399
Speaker 1: don't have enough experience right now to go to a

475
00:27:59,440 --> 00:28:02,840
Speaker 1: digital and see. And I would argue this is the

476
00:28:02,880 --> 00:28:07,359
Speaker 1: case strongly in favor with Charles Advises. I would argue

477
00:28:07,480 --> 00:28:13,760
Speaker 1: that the current rate of inflation severely undermine savings and

478
00:28:13,880 --> 00:28:18,320
Speaker 1: severely punishes both the poor and senior citizens who are retired,

479
00:28:18,760 --> 00:28:21,080
Speaker 1: and that, if anything, the country would be far better

480
00:28:21,160 --> 00:28:25,280
Speaker 1: off with a dramatically more stable currency. And that's why

481
00:28:25,400 --> 00:28:29,600
Speaker 1: historically gold is a store of value, was trusted so

482
00:28:29,720 --> 00:28:33,040
Speaker 1: dramatically in the modern world up until the nineteen thirties,

483
00:28:33,080 --> 00:28:35,760
Speaker 1: and it was probably a huge mistake to leave that

484
00:28:35,840 --> 00:28:39,080
Speaker 1: and to go to a fiat currency. That meant we

485
00:28:39,200 --> 00:28:41,840
Speaker 1: government get his print paper and hope you actually thought

486
00:28:41,880 --> 00:28:43,960
Speaker 1: the paper was worth something. But Charles, you may want

487
00:28:43,960 --> 00:28:46,920
Speaker 1: to expand or not. Yeah, a great point, and to

488
00:28:47,000 --> 00:28:48,920
Speaker 1: jump in there just a little bit too. I would

489
00:28:48,960 --> 00:28:52,000
Speaker 1: also say that to some degree we do have a

490
00:28:52,040 --> 00:28:57,400
Speaker 1: digital currency. When the central bank releases funds into the economy,

491
00:28:57,560 --> 00:29:00,760
Speaker 1: they don't print money. We often hear that, and I've

492
00:29:00,800 --> 00:29:04,600
Speaker 1: been guilty of saying it too. They're printing money. The

493
00:29:04,680 --> 00:29:10,120
Speaker 1: Treasury Department prints money, The Federal Reserve releases money from

494
00:29:10,320 --> 00:29:15,480
Speaker 1: nothing into federal banks. So to some degree, it's already

495
00:29:15,560 --> 00:29:19,600
Speaker 1: a digital currency. So we know that that's not the answer.

496
00:29:19,760 --> 00:29:23,280
Speaker 1: We have that existing now, and you do lose so

497
00:29:23,400 --> 00:29:27,240
Speaker 1: much stability and we hear about people getting hacked and

498
00:29:27,400 --> 00:29:30,000
Speaker 1: things like that with the digital curren There's so many

499
00:29:30,040 --> 00:29:32,400
Speaker 1: things to be fixed. Now. I'm not saying that digital

500
00:29:32,400 --> 00:29:35,640
Speaker 1: currency is not an answer, but it's not the answer yet.

501
00:29:36,200 --> 00:29:39,520
Speaker 1: I want to commend you. I have studied this stuff

502
00:29:39,560 --> 00:29:42,400
Speaker 1: for many years as a historian and then as a

503
00:29:42,440 --> 00:29:45,320
Speaker 1: political figure, but I think the point you just made

504
00:29:45,360 --> 00:29:48,360
Speaker 1: as brilliant. We have gone from printing money when you

505
00:29:48,400 --> 00:29:52,640
Speaker 1: talk about the Federal Reserve, to simply inventing digits and

506
00:29:52,800 --> 00:29:55,640
Speaker 1: saying to a bank, hi, you now have X number

507
00:29:55,680 --> 00:29:58,760
Speaker 1: of x dollars you could draw on and it's all

508
00:29:58,880 --> 00:30:03,200
Speaker 1: pure thin. I mean, there is nothing there to back it,

509
00:30:03,280 --> 00:30:05,640
Speaker 1: which is really remarkable. If you go back even as

510
00:30:05,720 --> 00:30:09,520
Speaker 1: late as World War Two, Fort Knox meant something because

511
00:30:09,560 --> 00:30:12,160
Speaker 1: the gold and Fort Knox actually did back the dollar.

512
00:30:12,800 --> 00:30:16,200
Speaker 1: And now the dollars are so fluid around the planet

513
00:30:16,680 --> 00:30:20,760
Speaker 1: that there's no relationship to the objective reality. I'm going

514
00:30:20,800 --> 00:30:23,480
Speaker 1: to thank everybody who joined us. I partly want to

515
00:30:23,480 --> 00:30:25,680
Speaker 1: thank the people who called in and had what I

516
00:30:25,720 --> 00:30:28,440
Speaker 1: thought was a pretty darn good series of questions. I

517
00:30:28,480 --> 00:30:31,760
Speaker 1: hope you found this helpful and informative, and I particularly

518
00:30:31,840 --> 00:30:36,320
Speaker 1: want to thank Charles Thorn from Legacy Precious Metals. Now, Charles,

519
00:30:36,520 --> 00:30:38,840
Speaker 1: is there anything you'd like to add? Thanks new Thanks

520
00:30:38,880 --> 00:30:41,600
Speaker 1: for having us. I think this is fantastic. Thank you

521
00:30:41,600 --> 00:30:43,800
Speaker 1: for joining us here to night. In doing this, I

522
00:30:43,840 --> 00:30:46,040
Speaker 1: think it was a great turn out. Questions were amazing,

523
00:30:46,120 --> 00:30:49,640
Speaker 1: and it's fantastic to help people with questions and give

524
00:30:49,680 --> 00:30:53,520
Speaker 1: some guidance about investing in retirements in their future. And

525
00:30:53,560 --> 00:30:56,400
Speaker 1: it's also really great to hear what people think, what's

526
00:30:56,400 --> 00:30:58,880
Speaker 1: going on in the United States right now, what people's

527
00:30:58,920 --> 00:31:01,520
Speaker 1: concerns are. I think that's always an important thing. And

528
00:31:02,200 --> 00:31:04,600
Speaker 1: if you did have a question and we didn't get

529
00:31:04,640 --> 00:31:07,040
Speaker 1: to it tonight, reach out to me and my staff.

530
00:31:07,360 --> 00:31:11,480
Speaker 1: Eight sixty six four eight four four zero four three

531
00:31:11,640 --> 00:31:15,640
Speaker 1: again eight sixty six four eight four four zero four three.

532
00:31:15,720 --> 00:31:19,560
Speaker 1: You can go to our website LEGACYPM Investments dot com.

533
00:31:19,560 --> 00:31:21,920
Speaker 1: We have a guide there, but reach out and we'll

534
00:31:21,920 --> 00:31:23,920
Speaker 1: get those questions answered for you, and we our pleasure

535
00:31:23,960 --> 00:31:26,000
Speaker 1: to do that. That's great now. I hope people do

536
00:31:26,120 --> 00:31:28,320
Speaker 1: take you up on that because I know you really

537
00:31:28,360 --> 00:31:30,760
Speaker 1: mean it that you love having a chance to talk

538
00:31:30,800 --> 00:31:36,520
Speaker 1: with people about their personal investment horizons. Our pleasure. Thank

539
00:31:36,520 --> 00:31:39,160
Speaker 1: you to my guests Charles Thonger. You can learn more

540
00:31:39,200 --> 00:31:43,280
Speaker 1: about his company, Legacy Precious Medals on our show page

541
00:31:43,320 --> 00:31:47,080
Speaker 1: at newtsworld dot com. News World is produced by Gingwich

542
00:31:47,120 --> 00:31:52,200
Speaker 1: three sixty and iHeartMedia. Our executive producer is Garnsey Sloan,

543
00:31:52,520 --> 00:31:57,200
Speaker 1: our producer is Rebecca Howe, and our researcher is Rachel Peterson.

544
00:31:57,840 --> 00:32:00,880
Speaker 1: You Our work for the show was created by Steve Penley.

545
00:32:01,480 --> 00:32:04,680
Speaker 1: Special thanks to the team at Gingwich three sixty. If

546
00:32:04,720 --> 00:32:07,400
Speaker 1: you've been enjoying Newtsworld, I hope you'll go to Apple

547
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Speaker 1: Podcast and both rate us with five stars and give

548
00:32:11,080 --> 00:32:14,040
Speaker 1: us a review so others can learn what it's all about.

549
00:32:14,640 --> 00:32:17,320
Speaker 1: Right now, listeners of newts World can sign up from

550
00:32:17,360 --> 00:32:21,560
Speaker 1: my three free weekly columns at Gingwich three sixty dot

551
00:32:21,560 --> 00:32:26,680
Speaker 1: com slash newsletter. I'm newt Gingrich. This is news World.

552
00:32:27,240 --> 00:32:29,520
Speaker 1: This episode of newts World was brought to you by

553
00:32:29,600 --> 00:32:31,040
Speaker 1: Legacy precious medals,