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every time there's been a stock market decline I didn't say crash you said crash but I'm talking about decline a serious decline it has hurt many and it has hurt most investors some people of course do well but nearly always when there's a long big stock market decline most investors Suffer Well the us is going through the longest period in American history without a big problem at least without a big problem in the stock market so paray look out the window everybody's happy uh the problem with that is it's been a very long time and when everybody's happy for a very long time it usually means something is going to make people unhappy whether that's a stock market decline or economic decline or both I don't know but I am certainly skeptical of the US right now I've have sold my US Stocks so but that doesn't mean I know what I'm doing but I'm certainly worried and skeptical first of all it's the longest period in American history which would make make me raise questions or look for answers secondly that's true of many stock markets in the world it's rare that everybody's having a good time at the same time that is another reason to be skeptical or at least to ask questions so and as I look around I see a lot of new people coming into the market talking about how easy it is how much fun it is and you can make money easy easy money well I've always learned to be skeptical of easy money now wait let me make sure you understand I like easy money I would love a lot of easy money but I've been around long enough to worry nearly every investment market around the world is at or near an all-time high I know enough about markets forget numbers I know enough about markets to know when everybody's having a good time something is probably going to change and of course the reason things are at alltime high is because the numbers don't support the president PR well the numbers in theory don't support the present prices so that makes me skeptical does it mean I'm right no oh Scott I make many mistakes in my life many mistakes but I do know that at the moment all nearly all markets are making new highs and that is often a cause for concern often not always every time there's been a stock market decline I didn't say crash you said crash but I'm talking about decline a serious decline it has hurt many and it has hurt most investors some people of course do well but nearly always when there's a long big stock market decline most investors suffer so my advice pleas please to everybody only invest in what you yourself know a lot about everybody right now wants and is eager to have a hot tip be skeptical of Hot Tips Hot Tips can ruin you and probably will Ru you so just be very very careful and be very skeptical but of nothing else the very fact that he's has these positions will cause people to discuss things that they might not have discussed otherwise or might have just dismissed out of hand otherwise so yes it's going to cause a discussion if nothing else and if there's a discussion more and more people look at things like gold and silver just because I mean it's a high levels in Washington are talking about gold people will too they will think about it so if nothing else is going to open more discussion which we haven't had much of in a long time well I own gold I have own gold for many years I've never sold any gold and I hope I'm smarter enough to buy more gold I hope that my children have my gold sometime but if I were buying precious metals today I would buy silver silver is much cheaper on a historic basis I own both and if I were buying one today I would be buying silver both have a long history of being valuable to the world both have a long history of being profitable helpful during crisis and people have known about gold and silver for centuries I mean many the US for instance was founded on a silver standard in 1792 we changed later to a gold standard as did many people in the world but silver has a huge value you remember I mean Jesus Christ was sold for 30 pieces of silver not for 30 pieces of gold because silver has had a long history of value I own both if I will buy one today I would buy silver to repeat Mo much of the world in the last few decades has been a gold standard uh after the second world war especially the world was all on gold so I guess that's the answer I don't have a good answer my only answer is I own both I know that throughout history people have often tried to return to a gold or silver standard when they big problems uh the main answer is it's never worked that's why we're not on a gold standard now because it never was successful but when people have serious problems they try gold standard silver standard whatever so it's a very good chance that if we have a serious problem in the world people especially currency problem serious currency problem people will start talking about a gold standard again I own it whatever they talk about I own gold I'm skeptical I've heard this story before I'm old enough to have heard many stories like this I've read about this for many many years I'm skeptical but hooray if he doesn't we'll probably all be better off at least eventually in the first stage we might suffer because whenever you do a lot of cutting somebody suffers but eventually if if he does it and if he successful but always better off but I'm skeptical I've heard it before just give a quick summary in 1924 Britain there was no number two but 50 years later in 1976 Britain went bankrupt literally bankrupt IMF had to help them pay their bills that happened in 50 years to the number one country it's happened often in history that countries get out of control I see the dead skyrocketing in the US I don't see how I mean I can add and subtract Elijah I don't see how we can ever pay the bills how we can ever pay the debt and that always in history has led to problems someday somebody has to say what do we do and usually what they do is they print more money which is not good for any country although the politicians at the time always say this is good for you it's the evil fathers we have to worry about it's not loyal faithful good standing American citizens it's the evil foreigners or whatever countries is concerned well I mean you have enough perspective or enough knowledge to know that it doesn't work but that's not what they say when it's happening in the government the government always says this is a short-term measure it's temporary and it's the way it's going to be good for you citizens loyal citizens and we're only worried about the foreigners the evil horrible foreigners it's not our citizens that are at fault it's the evil farers and it's only temporary don't worry it it will be good for you in the end I mean I can write the speeches I know what they're going to say well I own shares in very few countries in the world anymore because most stock markets most investment markets are doing well that makes me ask questions makes me skeptical so I am not very keen on most stocks in the world uh if I look around things like agriculture are still somewhat depressed some Commodities are still somewhat dep I mean oil is certainly well down from its all-time high so is silver there are some things that might be good places to look I just repeat uh Elijah I try to look for things that are depressed that's where I start doesn't mean I will invest in them but I always I usually do not look at things that are at an all-time high unless I'm thinky about selling short I look at things that are depressed
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