Dave Ramsey: So Wrong On Gold, For So Long…

Take 3 minutes to listen to this clip from Dave Ramsey on his thoughts on Gold. I know it might be painful, but if think this is a perfect example of how the masses are manipulated. I am of the opinion that your success in political and financial media has much more to to with how well you serve the Elite that own the media, than if you were right or wrong. In fact, it seems that the more wrong you are, the bigger the success you become. Let’s take paper pusher Dave Ramsey. I have never listened to him, but I know he is very popular on the radio and influences a lot of people on financial matters. The masses listen to him because they figure if he has a radio show he must know what he is talking about, and he also speaks to them in a language they can relate too. A Sons of Liberty Academy Member sent me this 3 minute clip on Dave bashing gold and I thought it would be a good idea to dissect his rant.

The clip starts out with a questions about him if he still does not recommend buying gold. “Gold is horrible. Never invest in Gold. Never invest in Gold. Never invest in Gold.” (Yes he said that 3 times.) It is always a good way to start out and argument with vilification and absolutism. Really Dave? Never invest in gold? Never ever,ever, ever? Not even a little as insurance of you being wrong? You are that sure? I am probably the most ardent physical silver buyer and even I say keep a stash of the dreaded dollar to cover down times in the silver market. I would never ever consider being so absolute about anything. Even some paper pushers say you should have 5% gold and the rest in their paper casino. I say you should take a majority of your money out of their casino and have some fiat dollars just in case. But Dave is on the radio and seems strangely adamant on this issue so he must be right, right? The last time I saw that much determination on an issue was this guy…

“It has a horrible long term track record.”Actually, Dave could not be more wrong. In fact, I would be challenged to find another asset except for silver that has had a better long term track record. Gold has been an asset for 6,000 years. I cannot fathom a  paper asset that even comes close that. Even real estate does not have that great of a record. It is accepted worldwide as real money. Try this little thought experiment. If you could pick one asset to be invested in and be randomly dropped anywhere in the world or anywhere in time, past or future, what would that one asset be? Go ahead I will wait…

“It is a commodity that has bubbled up. Warren Buffet came out last week saying don’t buy gold. Everybody who is anybody is coming out and saying don’t buy gold.” Maybe I should write an article about how wrong Buffet is on gold and silver. Buffet sold his silver position at about $8 an ounce and missed out on 400% move on silver. Berkshire Hathaway in 2000 was worth 56,000 and today stands at 118,000, up 110% in the past 11 years. Gold on the other hand started out $282 and now is at $1,500, up 400%. So for the past decade, gold’s purchasing power versus one of the best stocks in the world, has smoked Warren Buffet by just sitting there. No wonder the Oracle is miffed. It is like when monkeys throwing darts out perform Wall Street’s best, it kind of takes all of the arrogance away.

“I of course have been saying this for like 6 years. The reason is real simple, it is at a 178 year high. It is not going to go anywhere from that but down.” So Dave you admit that you missed Gold from $424 to $1,500 and you are wearing that as a badge of honor?! I wonder what spectacular investments you have made during that time to make up for being so wrong on Gold for so long? From what I have seen paper assets have not performed as well in that time period.

“It is based not on the value of Gold, it is based on everyone being afraid. It is a fear based commodity. As soon as everyone is not afraid your Gold is going to go in half. (In a mocking tone…) Well the world is going to come to and end and the debt and the spending and the terrorism and the oil prices and the whole thing is going to cave in. You know I have been hearing that for a long time.”Dave is right there is a huge influence of fear in the gold trade. Fear that the entire system is going to collapse. This fear is not unjustified. It is mathematically inevitable that there will be a world wide fiat currency collapse and that will have dramatic effects on all paper assets. As a result people now see that money can be printed out of thin air, that inflation is theft and that only REAL tangible assets can protect against these threats to our wealth. My question is how Dave thinks this paper system is going to get back to the good ole’ days when we have…

  • $140 trillion of unfunded liabilities…
  • our manufacturing shipped overseas…
  • 3 wars…
  • the driving consumer the Baby Boomers are retiring and starting to take from the Ponzi scheme…
  • trillion dollar deficits…
  • peak oil…
  • and no more foreign countries buying our debt.

All of this says to me that the day of reckoning is near and that it is not only prudent to at the very least buy some gold. There is a very convincing case to get out of the musical chairs game of the paper chase and just sit down now in the last seat with your REAL tangible assets.

“While people have been saying that, I have got rich, gone broke and got rich again.That’s how long I have been hearing it. I am sorry chicken little you are going to have to keep your helmet.” Spoken like a true paper gambler. It is amazing to me how so much of the financial advice community sounds just like gamblers. Seriously, listen to sports shows and financial shows and you could substitute you favorite team or your favorite stock on the other show and the advice is essentially the same. And when the game or the stock goes against the bet, they have the same Monday morning quarterbacking giving every excuse in the book why they should have known better. You can justify all you want that you are an “investor” but unless you have all of the knowledge of what is really going to happen, you are just gambling. In fact you have better odds betting on sports because they at least don’t change the rules or manipulate the games fundamentals. Buying REAL physical assets like gold and silver you will NEVER go broke. The same cannot same cannot be said of any of the paper investments these guys push.

“I don’t think the world is coming to an end. I REALLY don’t think the world is coming to an end. So based on that I don’t think gold is a good buy.” What if you are wrong? I don’t think I am going to get into an accident, but I have car insurance. Dave is basically recommending driving in a doomed Government Motors Dollar without insurance or even a seat belt. Currencies don’t last forever and neither do Empires. Both the dollar and the American Empire are going to end. The shake up is going to effect all of the human race like no single event ever and Dave is absolutely positive it is not going to happen? Whatever makes him sleep at night or keeps those fat checks coming in…

“I think those of you that do own gold are going to look ridiculous. Kind of like the people who have generators in their basement left over from Y2K. Some of you don’t even remember Y2K. Still got the bottled water, still got the dried food.” What is so foolish about have REAL assets that have REAL value versus some electronic digits in some fractional reserve bank. Or how about the some brokerage account where the DTCC really owns your stocks. I think when this all goes down those that were not Aware and Prepared and got out of paper assets and into REAL assets, they are going to be the ones that at best, look ridiculous and at worst, Suicidal.

“It is this thing in human nature that feels like something bad has to happen, this Freudian black cloud hanging over people’s heads that is driving gold’s prices. And NOTHING ELSE is. There is no economics behind it what so ever.”

“Gold is money and nothing else” ~ JP Morgan, testifying to the Pujo Committee, 1913.

“And so no I do not believe in gold. I have never believed investing in Gold. Well, I did it one time when I was 20 something years old I put $5,000 on a gold option and I lost it all in 32 days. Because on an option it either makes the price or it doesn’t and you lose all of your money. It was either I was going to make $50,000 or I was going to make nothing and I made nothing. and so I am bitter. Ha not really. Seriously hah.” Finally, the truth comes out. He is a scorned lover of Gold. He probably hates all of his ex-girlfriends too. Dave gambled, not invested in physical gold. He like many others who got burned recently in the paper markets they figured they could dance with the devil and not get burned. This explains why he got rich, went broke, and got rich again, he gambled his way in and out. There was probably a case where it was a good time to try this gambling like back in the 90’s when the Boomers had the economy was humming, the US was undisputed master of the world and the Tech bubble was just starting. Now, all of those things that once pushed the economy, are now working against it. The paradigm shift we are going to see will not allow for a do over. When this all goes down you are either going to be at the top or at the bottom, there will be NO middle.

19 comments to Dave Ramsey: So Wrong On Gold, For So Long…

  • Ragnar

    Did he really just say that only fear drives the price of Gold? There is no economics behind it what so ever? How about the fact that it can’t be inflated, hyper or otherwise. You can’t throw a switch and walk away and come back in the morning to a pile of the yellow stuff like you can with the green stuff. Oh sure it can be mined, for a price, but not produced, it was produced by God, your stuff is produced by man’s belief that he can outsmart God. He is not just against PMs, this fool scorns preparation! I have used my generator on numerous occasions following power outages during ice-storms, I guess I’m just silly to desire some level of comfort when it is -20 outside. Maybe I should wait for the government to save me. While we’re on the topic, hospitals should really get rid of their back-up power supply as well. Aren’t they being equally foolish with such a ridiculous degree of preparation. Also, if there is one thing that gives me greater peace of mind than my Gold and Silver, it is my food and water supply. Thankfully, I won’t need Dave Ramsey when my children get hungry. At least then idiot made no arguement against guns and ammo.

  • jono

    Dave Ramesy proves that you can be considered “smart” without knowing one damn thing.

    Keep Stacking!

  • Jay

    I won’t waste my time watching the clip of a guy I can’t stand on the radio.( I spent it reading your comments! ) As you say,the elites have the talkies in their pockets as they serve greed .I got turned off by Hannity as I saw what he was behind.HIS PAYCHECK! Never said a word about the wetback Obama not being natural born etc.I believe the Constitution was not made for any era dumbshits to change.They never lived in those times when it was written and have no DAMN concept of why it was written with the Hand of Divine Providence.
    Rule of Law nowadays? Are you kidding me?
    Silver and Lead to prosper and live long.

  • I just want to know how this guy (Ramsey) can speak so clearly WITH HIS HEAD SO FAR UP HIS ASS!!!!!!!!!!!!!!!
    Must be a ventriloquist or something.
    It’s like you said Chris, he gambled once on gold ($50,000) and lost, so now nothing in the world will make him buy it again. At least he admitted it in the video.

  • Darth Smoker

    All these media and political elites are heavy in Gold but dare not admit it
    bernake, soros, buffett, and this ramsey clown
    Oh and don’t forget bob brinker. So annoying how he repeats everything he says, repeats everything he says

  • This knucklehead has a similar name to mine. Grrr.

    Even worse, he quotes Scripture daily. He is, as my Lord would say, “the blind leading the blind”.

    If we do a search in the Bible for “silver” and “gold” it instantly becomes obvious what God thinks of it. They are mentioned over 500 times! (Though it becomes asphalt in His new city.)

    Christ’s only violent acts were when He whipped the “money changers”. Not once but twice. Not to mention God’s frequent admonition to weigh out money honestly.

    Satan’s chief earthly tools are the banking elite. Dave Ramsay is a tool too, though more long the lines of a Sergent without class.

    Nice job dissecting his error filled comments!

  • Thankful

    Dave’s advice helped our family straighten out our family debt issues, start a budget and live debt free. Some of his tools were very helpful, we started setting financial goals, got our life insurance and wills done etc. We’ve been on a debt free life ever since. Never again will I go there, and it feels really good. He helped us break our bond with debt; which is the shackle that the elite want us in. I did at one time parrot his don’t buy gold; but I am wise enough to recognize truth in a paradigm shift and adjusted our stance accordingly. I began to read more Austrian economics and recognized the truth in them. I became more educated about the issues; as is my responsibility, rather than just trust whatever I heard on the radio, or read on the internet; that is what is truly liberating! I am thankful for Dave though, because his hard hitting debt free advice hit home and helped us a great deal. And he has helped many do the same. He’s not right on everything but you can’t deny the good he is doing.

  • Thankful

    I agree with you, and it is this sort of attitude (it can’t happen here; wall street will always be the best investment) that will bankrupt many Americans that were previously rich and refuse to see the paradigm change. It will create a misery not yet known in our country. We are doing what we can to wake people up; but we cannot change their minds if they are in concrete. People may get out of debt, but if they don’t have their capital in something that can hold value (like physical silver, gold or tangibles) when the dollar dies; they will lose everything.

  • fuzzywzhe

    Go look at that.

    That is the US government’s TOTAL take in taxes per year, divided by the Federal government’s debt for every year since 1970.

    Another way to look at it, is that it’s the maximum prime interest rate the Federal Reserve can charge to consume all tax revenue.

    Currently, it’s a little under 16%.

    I don’t have much sympathy for people who can’t understand that the bankruptcy of the US federal government doesn’t mean the world is ending. It just means the dollar is.

  • mianne

    Everybody seems to forget that the Government can use Roosevelt’s Gold Confiscation Act ( April 5th, 1933)at any moment . Roosevelt used it in order to save the country from bankruptcy , and confiscated all the gold privately owned by the American citizens when the price of gold was the highest.

    • Silver Shield

      There was a low rate of compliance and no one was arrested or fined over it.

      The world is very different place.

      Fool us once…

  • Silver Trader

    They confiscated gold because we were on a gold standard and they needed more gold to print more money. No gold standard today. To confiscate it now would be admitting that gold and silver had real value as money. And besides they only confiscated from banks and funds i believe, not from private citizens.

  • Unfair to Dave

    Perhaps you need to listen to Dave’s whole message, not just pick out a 3 minute clip. He’s got a lot of wisdom.

    Dave Ramsey is not an elite. He lost his money 20+ years ago because of unwise debt issues, not because of gold.

    He does want everyone to get out from under the slavery of debt. When I invest in the stock market, I am investing in companies such as Home Depot, Office Max, Walmart, etc, which DO go up in value (since people shop there). Gold just sits there and only goes up in value if someone actually wants to buy it (which, with the fear right now, causes it to go up).

    Hope that helps!

  • Big D

    Nearly every econ and finance prof I had in college in the 80’s said that gold was a great hedge against inflation as an investment. I was talking to my stepfather and he heard the same thing in the 40’s at UNC Chapel Hill. We know the Fed has been printing money and so we have hyper inflation. I know this because I have been doing a budget for the last 3 years, thanks Dave. So yea he knows about getting out of debt but not much on macro econ

  • Big D

    I think Dave is great when it comes to getting out of debt. personal finances and starting a small biz but thats about as far as it goes. Lets face the majority of his time is spent selling his product and doing he show. He wouldnt have the time to do much else so hes no expert on politics or investing. Actually if he knew anything about ROn Paul, he would be singing his praises everyday

  • Larry_P

    Dave is right, lots of people just lost a bunch of money in the last two market days.

  • […] Dave Ramsey: So Wrong On Gold, For So Long… – Dont Tread On Me“Take 3 minutes to listen to this clip from Dave Ramsey on his thoughts on Gold. I know it might be painful, but I think this is a perfect example of how the masses are manipulated. … The masses listen to him because they figure if he has a radio show he must know what he is talking about, and he also speaks to them in a language they can relate too.” This entry was posted in People I Follow and tagged Dave Ramsey, debt, gold, insurance, Peter Schiff, real estate, silver. Bookmark the permalink. ← The Myth About The Importance Of A University/College Degree Gold Bullion Debit Card and Silver Bank → […]

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