465: Unearthing the Wealth of Gold
Get Rich Education
Keith Weinhold
4.3 • 602 Ratings
🗓️ 4 September 2023
⏱️ 49 minutes
🧾️ Download transcript
Summary
Why is gold even worth anything in today's modern world? Isn't it just a lump of metal?
In fact, I tell today's guest that I believe gold is a poor wealth creation vehicle.
Our guest is Dana Samuelson, Founder and Owner of American Gold Exchange. He's one of the most influential, pedigreed and respected names in the gold industry.
Major central banks have been hoarding gold recently—like Russia and China. Last year, central banks bought the most gold on record. We discuss why.
A recent survey found that only 11% of Americans own gold.
The case for owning gold: no counterparty risk, millennia of value, liquidity, limited supply, it's like "money insurance".
The case against gold: storage burden, no yield, few industrial applications, difficult to lever.
Though gold is historically a poor wealth *creation* vehicle, it's excellent for long-term wealth *storage*. Dana generally agrees with me there.
Most gold that's been mined in world history still exists today.
Learn how to identify fake gold.
Dana discusses how you can store your gold.
You effectively pay "closing costs" on bullion. I describe.
We also quickly cover: silver, platinum, and palladium.
Resources mentioned:
Show Notes:
American Gold Exchange:
1-800-613-9323
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Transcript
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| 0:00.0 | Welcome to GRE. I'm your host Keith Whitehall. They say he who has the gold makes the rules. |
| 0:07.0 | But is that still true today? We're talking about the case for and against owning gold. |
| 0:12.0 | I will tell today's prominent gold guest why I do not believe that gold is a good wealth creation vehicle at all. |
| 0:19.0 | Why should gold have value today and what's its future on |
| 0:22.8 | get rich education? |
| 0:28.2 | You're listening to the show that has created more financial freedom than nearly any show |
| 0:33.7 | in the world. |
| 0:35.5 | This is get Rich Education. |
| 0:51.1 | Welcome to GRE from Cape Cod, Massachusetts, the Cape May, New Jersey, and across 108 nations worldwide. |
| 0:57.0 | I'm Keith Weinholden. This is Get Rich Education. If aliens look down at what us humans do on Earth, they would wonder, what in the heck are we doing? |
| 1:09.7 | We dig this shiny metal called gold out of the ground, refine it, melt it into bars and coins just to go put it right back down in the ground again in a vault. |
| 1:23.1 | Today's show is going to explain why we do that with gold, like real estate. |
| 1:27.8 | Gold is a physical, tangible asset. |
| 1:30.4 | Why are major world banks, including China and Russia, loading up on gold like crazy these past several years? |
| 1:38.6 | We'll get into that. |
| 1:39.9 | Now, in the following weeks, we're going to send it directly on real estate, including a show with one of the nation's foremost housing analysts about what's going on in the market now that interest rates have ticked up a little higher. |
| 1:49.6 | Gold is on the periodic table of the elements, and you will be awarded some gold stars for comprehension if you recall from your sophomore high school chemistry class that it is element number 79, |
| 2:03.5 | its symbol is AU, it's beautiful, valuable, and it's one of the most malleable metals that there are. |
| 2:11.6 | One ounce can be beaten out into 300 square feet. |
| 2:16.9 | That's amazing. And gold does not rust. It is scarce, too. It's been said |
| 2:22.8 | that all the gold that's ever been mined would fit into a cube with edges 22 meters long. That's |
| 2:30.5 | small enough to fit into three Olympic-sized swimming pools. |
... |
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