Rick Rule – Your Purchasing Power is Inflating Away
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I think that people would like to believe that Trump will solve the malaise around the American economy I don’t think he can do that you get elected by making promises to various constituencies when the bill comes due it becomes very very difficult to look after everyone hello again everyone and welcome to another Edition of silver bullion television sbtv I’m your host Patrick Vieira part of the Outreach team of silver bullion here in Singapore where we want to help you truly secure your wealth Rick rule joins us today Rick is the founder of battle Bank as well as the former CEO of sprout us and president of rural investment media and we’re delighted to have Rick join us once again today it’s time to saddle up and silver up for Rick rule Rick welcome back to sbtv how are you doing uh it’s always a pleasure I’m doing better for being back with you thanks for having me back glad to have you back on really really glad to have you back on and um you are waking up to a new president uh got to ask what’s your let’s just call it prognosis for a nation that has a new president and at the same time has been sort of in a uh fiscal Health decline I’m uh delighted that 51% of the voters are happy uh it’s too bad that 49% of the voters are unhappy I need to say Patrick uh I haven’t voted with enthusiasm for a president since Harry Brown um I personally look at politics and politicians of either stripe with uh some disdain I remember well HL m admonishment that advanced that elections are Advanced auctions of stolen property uh and I too remember I guess it was gor Vidal that said that you Define politics by looking at the root words poly from the Greek for many and tick from the English colloquial for small blood sucking insect I suspect that people in life Who deliver value to other people producers will do well irrespective of who won the election I suspect that people who just go through life consuming value rather than creating value will do poorly uh in other words Life Will Go On the issues around gold and silver uh I I suspect in the very near term that you will see greater US dollar strength and so softer gold and silver prices in the longer term uh I think that precious metals are are a reflection in the maintenance of the purchasing power of the US dollar which I think will be poor remember that the on balance sheet liabilities of the US government exceed $35 trillion remember that the deficits are $2 trillion remember too that the net present value of off-balance sheet liabilities Medicare Medicaid Social Security federal pensions EX ce100 trillion Harris wasn’t going to change that Trump won’t change that so Life Will Go On indeed indeed Life Will Go On uh you know but Rick with the w with the the Trump win we we saw the markets rise quite a bit we even saw the dollar rise we even saw Bitcoin rising to new highs is this telling us anything no uh I I mean no I I think that people would like to believe that uh Trump will solve the malaise around the American economy uh and I don’t think he’ll do that I don’t think he can do that that’s no criticism of trump uh you get elected Ed by making promises to various constituencies when the bill comes due it becomes very very difficult to look after everyone those who are hopeful uh about politics should read a book by David Stockman called the Triumph of politics that talks about the fact that it took 90 days for the politicians to Dem manle dismantle the Reagan Revolution uh the lesson is to go about your own business uh invest in high quality businesses generate more utility for others than you consume for yourself the Delta between what you produce and what you consume is called wealth and you owe it to yourself to become wealthy uh I I think that markets are uh maybe not euphoric but I think as an example that Trump will not dismantle the carried interest tax provision which means that hedge fund operators are happy their taxes won’t go up I think that Trump absolutely will deliver tax cuts uh and for upper income taxpayers such as myself that’s lovely but Patrick uh tax cuts without spending cuts are actually fraud they they defer the bill so in the near term the liquidity from tax cuts are a good thing in the longterm they add to the on-balance sheet and off-balance sheet liabilities of the US government if we don’t cut spending and I don’t believe that Trump or anybody else this isn’t a criticism of trump I I don’t believe that any of these people have the wherewithal to cut spending the message is to pay attention to the basics not to be despondent not to be elated not to worry too much uh about I don’t know a floating abstraction called an election and spend a lot more time paying attention to the companies that you invest in paying attention to doing your job well and paying attention to running your own business well you with what you were just uh talking about here um I want to stick with the debt for a little bit and and correct if I’m wrong but I believe as of end of September this year the US debt to GDP ratio was at about 123% 123% Rick you know firstly when you hear this number 123% what does it mean to you and second do you see this number rising or lowering it means a lot to me um what I’ve learned in life uh both as an investor but as a lender is that asset values are ephemeral they rise and fall but obligation debt is fixed and money good uh specifically the debt to GDP number is relevant because it means that if we had the replay of a circumstance like 2008 a liquidity crisis our ability for credit markets to allow us to print our way out of the difficulty to increase liquidity through quantitative easing gets less and less coming into 2008 federal debt on balance sheet debt relative to GDP was about 40% that same number today is three times higher the tolerance of credit markets for counterfeiting uh will decline which means that our ability our fiscal ability to deal with liquidity crises declines could it work one more time sure maybe maybe he a rough word uh it’s all a function of confidence we could afford to be more confident when on balance sheet liabilities were 40% of GDP then we can where on balance sheet liabilities are 120% of GDP but people look at these numbers and they think they’re abstract uh let’s transpose those to a person Let’s uh let’s decide that your gross earnings for a year are going to be $100,000 uh and let’s decide at the beginning of the period that you have $40,000 in debt after all of your other expenses you can likely service $40,000 in debt at a reasonable interest rate let’s say the however 20 years tense that your salary is $100,000 and your debt is now $120,000 um sometimes it’s useful to scrape all of the zeros off the number uh and to personalize uh the potential impact of the debt sometimes that helps people but Patrick uh the second area of concern and by the way I’m not I’m not one of these Doom and Gloom guys but the second part of the concern goes around a number that nobody talks about that is the hundred trillion dollar in the net present value of promises that we’ve made to ourselves entitlements I believe that we will honor the nominal value of those entitlements let me put that in perspective some old codger let’s say Rick rule 71y old guy I don’t know what social security has promised me maybe $4,000 a month I don’t know 3,000 I have no idea to be honest with you uh society’s going to keep that promise they’re going to continue to pay me my $4,000 a month but they’re going to inflate away the net present value of the obligation did you know Patrick you probably don’t because you weren’t alive then that in the decade of the 1970s according to the IRS the purchasing power of of the US dollar in 10 years 1970 to 1980 declined by 75% I believe that Medicare obligations on a nominal basis and Social Security obligations on a nominal basis and federal pensions and Military pensions on a nominal basis will be honored but I think the purchasing power of those nominal payments will be reduced by 75% in the next 10 years in other words some old codra like me will get $4,000 but $4,000 will buy $1,000 in goods and services that’s how we deal that’s how we’ll deal with the debt and the deficits so be prepared if you’re enjoying this interview with Rick Rule and I please do consider subscribing to our YouTube channel and if you are a current subscriber to this Channel please do check to see that you are still subscribed and have have not been unsubscribed I myself have been unsubscribed from this channel without my doing or knowledge but as always if you have any questions about precious metals wealth protection storing offshore or generational wealth please feel free to email me Patricks silver.com DSG or visit our website www.silver.com SG I guess along with this um I’ll ask are you are we going to see The Return of inflation as these things start to uh purchasing power diminishes Patrick I would argue that we’ve already seen the return of inflation the big thinkers in the world would have you measure CP inflation as the CPI uh we laughingly call that the CP Li uh the CPI when it’s inconvenient doesn’t include food or fuel I’ll ask you Patrick do you eat oh yes what use is an inflation measure that doesn’t include breakfast lunch or dinner yeah yeah the second thing it does is it doesn’t value the cost of goods and services it assigns arbitrary value to them it is hedonistically adjusted meaning that the people who construct the index construct the values but the silliest part about the CPI is it doesn’t include tax uh I I would ask your listeners to do a thought experiment uh take the period if you will 2000 to 2024 and ask yourself whether your cost of living has increased at 2.6% or some higher number I would suggest that if you measure inflation personally uh and you describe it as the deterioration in the purchase power of your savings and Investments that the purchasing power of the US dollar is declining by more like 7 and a half% compounded over the last four years Patrick well you don’t live in the United States so maybe it isn’t fair to ask you has gasoline gone up 2.6% have grocery prices gone up 2.6% has health insurance and Health Care gone up 2.6% how about rent the mortgage interest rate has doubled and how about taxes the idea that inflation as I Define it the deterioration in the purchasing power of US dollar savings is marching along at 2.6% is to me farsal I’m amused that the people who vote and the people people who work and invest uh now believe that these inflation measures by measures I mean the methodology that’s used to measure inflation and index is accurate because it’s Fiction it’s pure fiction this isn’t a democratic statement Patrick this isn’t a republic Republican statement this is simple arithmetic inflation is with us would you say that uh currently we’re we’re in a the environment of this inflation and then for now anyway where we they are telling US inflation has gone down uh but at the same time we are seeing elevated prices so we are going to see this swing back where prices are going to start to rise once again we are in a circumstance that left to its own devices would be broadly deflationary when you liquidate at the end of a credit cycle uh when you have defaults that’s deflationary the policy response to that is inflationary in other words we postpone the Reckoning around the debt by inflating away the net present value of the debt uh we’re living in an artificial construct and I think we’re going to live in an artificial construct for the rest of my natural life uh what that means as an individual is that you need to understand if you are on a defined benefit Pension Plan uh or if you think that your University education in the in the future is going to be funded by an endowment uh if you’re counting on social security or Medicare or Medicaid understand that you’re going to have to make uh other arrangements if you are planning for retirement and you are if your thinking is uh around nominal pricing which is to say if you have an adequate life now with retirement income of $5,000 or $6,000 a month and you project forward 10 years understand that your five or $6,000 a month will buy you uh $1,500 worth of goods and services at today’s prices looking forward and you need to make private arrangements to deal with that and it’s important that you begin to do it now in according to the IRS Patrick at the as I said in the decade of the 1970s the last time we faced this circumstance uh according to government statistics not some cranky old libertarian Rick rule according to government statistics the US dollar lost 75% of its purchasing power in 10 years not coincidentally the gold price soared I think it’s important to note too for all its faults uh the US currency is still the best currency in the world so if you live outside the US my suspicion is that your outcome will likely be worse not better uh unless you live in Demi States Singapore where you do uh as I understand it um but for Americans uh I’m not suggesting Doom and Gloom I’m just suggesting that if you rely on the Commonwealth in the oldfashioned sense of the word for your future you’re mistaken you need to rely on yourself with the dollar still being sort of the the the best so-called currency or the cleanest currency in the in the hamper how do you see treasury uh sort of reacting I guess mid to long term is the dollar still going to be that safe haven asset that people look for I think the dollar I think the dollar will do well relative to other currencies but I think the dollar will do very poor poorly uh in isolation let’s look at the arithmetic around the US 10year Treasury Patrick and answer to your question the treasury pays you 4.4% uh and if you believe the CPI stated rate of inflation at 2. 6 you’re getting a 2.2% real yield not great not bad you know you’re going to get paid because if they need to they can print to pay you but if you change your inflation assumptions to reflect real arithmetic what you see then is that the purchasing power of your yield and your principle is declining by 7.5% compounded now that’s brand new arithmetic uh if you take 4.4 as the interest number and you subtract 7.5 the deterioration in the purchasing power what you learn is that in a real sense you’re losing 3% a year every year for 10 years the US government is making you a promise Patrick if you lend them $1,000 today in a US 10year Treasury they will give you back 35% less purchasing power 10 years from now and they guarantee it uh that’s the first promise they’ve ever made to me that I believe that’s a that’s a good way to look at it hey Rick we we got the uh I think the fomc meeting is is right around the corner what do you see the FED doing this time around I think they’re going to be under an awful lot of pressure to either maintain or cut the interest rate the political clamor from both sides of the aisle uh is cheaper credit uh in other words penalize savers on behalf of Spenders in a sense the political class has no choice with uh almost $36 trillion in on balance sheet liabilities uh an increase in the nominal interest rate leaves less money in the federal government for them to waste and that’s what they want to do uh so my suspicion is that interest rates will uh either stay the same uh or they will engineer a 25% rate a 25 basis point rate cut uh I I don’t believe that we will see an end perhaps even in my lifetime to artificially low interest rates uh and credit Market manipulation by the FED let’s look at what manipulated interest rates are they’re really a political circumstance where you penalize Savers uh people who have generated economic surplus on behalf of Spenders or on behalf of relatively few investors like myself who have access to credit and the knowledge to employ it intelligently but what it really is is an income transfer from those who save to those who spend and invest it amuses me that it’s so popular the uh 2% Target fed is uh getting pretty close to it by their measures by by their metrics uh they’re going to be claiming that soft Landing as well are we out of the woods as far as the talk of recessions or or maybe stagflation still I think we’re in stagflation uh there’s no doubt in my mind at all uh we have an economy that is much stronger than I had anticipated but it’s an economy that isn’t working for most Americans it’s working in Spades for people like me you know this is really truly a Goldilocks moment uh but for the rank and file American it’s not working so well uh the jobs growth that we have seen statistically is almost all government jobs which is to say no wealth creation just wealth redistribution uh we have papered over the excesses in the economy but what people really seem not to understand is the deterioration in their purchasing power uh it’s even become a political issue uh groceries food which is 11% of the average household budget has become uh a political issue it is not that groceries prices have gone up it’s that the purchasing power of the dollar has gone down the profit margins for grocery chains are notoriously small and somehow uh people don’t get this uh gasoline prices rise and fall uh in some measure due to crude oil prices they also rise mostly due to the difficulties around permitting new refineries what Rises inexorably around gasoline or taxes so I I think I think it’s very clear that we are in stagflation I think what we have is a situation like we had in the period 1968 to 1972 or 73 where the impact of inflation hadn’t been personalized which is to say that people hadn’t recognized it yet uh and I think that we’re one or two years away from a popular Reckoning around inflation and an understanding like we had in the 1970s that this isn’t a problem that be can that can be solved in a quarter it’s a problem that needs to be solved over a decade and we will solve it by the way uh it’s just that it’s going to take uh a really ugly period of Readjustment much I think like the decade of the 70s but uh Patrick let me be just completely candid we are not headed to stagflation we’re in it in the early Innings to be sure and it hasn’t impacted markets yet uh because people went through a period 1982 to 2022 a 40-year period of very benign economic climate and people’s perceptions uh of the economy are set by the experience over the last 40 years I would argue that beginning in 2022 uh things changed and I think that the pace of change will become increasingly rapid uh I think that’ll be very good for people who understand it and are prepared for it which unfortunately I think is a small proportion of the population and very bad like the decade of the 1970s were for people who didn’t prepare themselves yeah I can uh I I can see that I I completely agree also with what you’re saying uh but with that what measures do you think that the FED will take and will those measures be uh be politically acceptable because the last time we when uh when Trump was in office let say he and Paul they were at odds with the way you know the the fiscal and monetary policies were supposed to have been run I think to really cure the economy you need to deregulate interest rates uh uh you need the cost of capital to be expressed in the market and by the way the market starting to express itself anyway you know you have the FED cutting nominal rates uh and the yield on the US 10e Treasury going up the idea that the FED job bones interest rates lower and the market takes interest rates higher is something that I haven’t seen for a very long time the last time I saw it was 2001 as I say politics is very transactional and Trump and the Republicans have made promises to various constituencies uh keeping those promises uh is likely to require the continuation of an extraordinarily accommodative uh fiscal policy I think it was Dick Cheney a long time ago who said during the early part of the Reagan Administration deficits don’t matter uh what he meant was in order to win the popular vote uh in order to continue with the programs that the nominal right considered to be expedient uh that people didn’t care particularly about a floating abstraction called a budget uh and I think that continues uh I think it’s unfortunate and I think just like in the decade of the 70s there will be a reckoning uh and I think the accommodation as I said earlier in this interview uh will be the tolerance uh through the political class of 10 years of inflation where the purchasing power of savings declines by 75% that the the decade of the 70s um even 80s I remember as a kid uh on my way to school uh listening to the early morning radio programs they always always mentioned the price of gold and it seemed to always be the price of gold Rising uh today you know we we frequently hear about $5,000 an ounce gold $10,000 50 an ounce gold are these numbers plausible with with the Outlook of the debt still growing the GDP uh really growing phenomenally the way it is uh again let’s look at history and arithmetic in the decade of the 1970s with the US dollar losing 75% of its purchasing power the gold price went from $35 to $850 a 30-fold increase let’s strip part of that out just for fun let’s say that the move from $35 to $100 was due to the legalization of gold ownership because gold had been price controlled for what 40 years so let’s say at the beginning of the decade just for fun the gold was $100 an ounce at the end end of the decade with a 75% deterioration in the purchasing power of the US dollar gold was at $850 an 8 a half fold gain then let’s fast forward to the decade 2000 to 2010 the last time the US dollar was under internal assault at the beginning of that decade the gold price was $253 at the end of the decade the gold price was $1,700 a Sevenfold increase or or just for fun let’s lengthen the time frame let’s do 2000 until today uh at the beginning of the Millennium gold was at $253 an ounce now it’s 26 $2700 what’s that an eight-fold increase ninefold increase uh gold has done exactly what it was supposed to do for the last 24 years it has maintained its purchasing power if I’m right and the decline in the purchasing power of the US dollar is at 7.5% it was less earlier and gold increased in value by 8% compounded over 24 years what gold did is exactly what it was supposed to do so when people with a short-term orientation the greed buyers of gold say I own it at 27 because I think it can go to 3200 uh that number becomes real to them looking at the immediate past that’s not why I own gold I own gold because I have a visceral memory of the decade of the 1970s when the gold price increased in real terms Eightfold I own gold not because I hope it’ll go to 3200 but because I’m afraid it’s going to go to 9,000 or 10,000 Patrick I would dearly love to be wrong yeah um how important do you think it is for people to to truly understand this because I think last time we went over some numbers I think uh precious metals or gold was still just a fractional part of of people’s portfolios uh it’s still a fractional part of people’s portfolio uh and let’s do the numbers according to JP Morgan Chase the market share of precious metals and precious metals related investments in the United States Market uh is about 1 half of 1% after a pretty good rise in the gold in in the gold price the four decade mean market share was 2% gold doesn’t have to win the war against the US dollar uh we don’t have to have a creating of the treasury market all we have to do is revert to four decade means and demand for precious metals and precious metals related Investments grows four-fold imagine what a four-fold increase in demand would do price or if you don’t want to look forward like that Look Backwards look at the decade of the 1970s or look at the decade 2000 to 2010 don’t overinvestment yields pretty good coverage uh if as an example at the beginning of the decade of the 1970s you had had 10% of your portfolio in Gold uh and 90% in other assets uh but let’s say just for fun that you had them in the long bond market and the stock market uh 6040 or 4060 at the end of the decade you would have lost 35 or 40% of 90% uh but in Gold uh you would have made eight times your money which is to say you would have come out of that decade with only a 10% allocation to Gold uh with your purchasing power with your wealth maintained and I I think people who ignore history like that uh are probably going to experience a fairly unpleasant 10 years last question here you know silver very very well um gold was on a run you know hitting all-time high seeming seemingly once or twice every month or so uh silver still pretty sluggish com compared to Gold what would you say the reason is for that uh again in my experience history uh I’ve been through depending on how you count them either three or four precious metals bull market Cycles some fairly short but they followed a predictable pattern uh the market was kicked off by a fear buyer buying physical gold gold moved first uh after the momentum was established in physical gold some of the better gold producers began to enjoy better profit margins there’s a delayed reaction to this of course but when that happened uh the biggest gold producers began to move and that momentum attracted generalist investors when the generalist investor became interested in the precious metals narrative a couple things happened uh du going right to your question perhaps because of the lower unit price of silver leadership in the precious metals Market changed from gold to silver silver moved later but when it moved it moved further and faster sorry to keep going back to history but let’s look again at the decade of the 1970s uh at the beginning of the period gold was at $35 price controlled silver was at a buck 20 or a buck 25 at the end of the decade gold was at $ 850 silver was at $50 uh let’s go back then to 2000 uh at 200000 gold was at 253 and if my memory serves me well silver was at five or six at the end of the decade gold was at 1700 and silver was back at 50 uh when when Market leadership changes from gold to Silver uh silver runs further and faster but it takes longer for it to get started you may remember or you may not I looked at my notes of our last interview years in mine uh or second to the last interview uh at the beginning of 2024 and I had suggested to you that uh the highquality junior stocks as a whole were really really really hated uh I love to Triumph my past successes on those odd occasions where I was right and I was really right and I said I think that these silver stocks are a coiled spring uh not because I think silver needs to do well over 2024 but rather because everybody who possibly wanted to sell these stocks has already done it they’re hated and and we’ve seen this weird circumstance in 2024 where the high quality silver juniors are uniformly up two three three and a half times while the silver price hasn’t moved much so I would caution you that it may be that in the next stage of the silver World Market in the beginning of the market that silver itself the metal might outperform the junior stocks because the high quality Juniors have already had such a spectacular run looking longer term again in my experience uh Doug Casey famously points out that the market capitalization of highquality Junior Silvers is so small and notice that I say high quality you know I’m not talking about the really junk junky guys that when the generalist investor becomes interested in the space there isn’t enough room there isn’t enough market cap to contain the money from the point of view of what silver bullion does uh which is to say sells Silver you won’t need me to tell you when leadership is transitioned from gold to Silver uh my experience is that when silver runs you don’t need a crystal ball to understand it’s running it really really really runs is that going to happen in 2025 or 2026 I don’t know what I do know is that when it runs whether you had to wait two years or three years doesn’t matter matter much um you don’t have to trust me on this just get a silver price chart going back to 1970 and take a look at what happens to the metal when it runs it is truly truly truly astonishing I have um I think about two and a half% of my portfolio uh in silver stocks right now and I I wouldn’t be surprised if organically without any additions from me uh it becomes 20% of my portfolio they’re fairly well chosen silver stocks but the upside in silver stocks in a silver bull market the upside in silver itself is just breathtaking your audience most of whom is Young younger than I uh don’t seem to think in five-year time frames uh they seem to have expectations that are limited to the next long weekend uh that’s a mistake uh I wish I would get quicker gratification too but it doesn’t matter much what you wish for you have to pay attention to what’s on offer and what’s on offer is the probability that we are in a precious metals bull market led by the deterioration of purchasing power of the US dollar if that’s true history suggests that after the narrative has been proven with increasing gold prices and the generalist investor comes down into the space that leadership in the market changes to Silver just want to touch on the uh the miners so since we talked about the Juniors overall in your view what how is the state of the miners and also consider ing that you know we’ve heard for so long you know the the solar panel production you know needing all this silver and we’ve heard about the silver demand uh not being able to keep up with with Supply are these things starting to factor in well it’s always been difficult for me because I’ve never understood how to ascertain what real Supply is um traditional holders of silver include as an example large parts of the peasantry uh of India Bangladesh Pakistan and Sri Lanka they own it because they don’t trust their government which means they’re not really good about reporting how much they own so it’s difficult to ascertain uh what really constitutes Supply I don’t know how to do it it’s difficult too to understand forward-looking supply because new Mine Supply is only 17 or 18% of new Supply in silver the rest comes from Silver production that’s a byproduct of mining other metals or from recycling it’s very difficult to generate a supply demand balance if you don’t know what the supply is either new mind Supply or above ground Supply so after that long-winded uh answer I’m going to duck the question I don’t know uh unlike most other commentators I know I don’t know and I know they don’t know um I look historically at the fact that what has really goosed silver periodically has been investment demand and investment demand is always a function of silver catching up and then surpassing Gold’s momentum in a precious metals bull market all right I will take that as a it’s a good answer it’s it’s a good answer come to think of it uh riby before we wrap up can you tell us how we can follow you and support your work sure uh uh if you like what I have to say about natural resources or precious metals investing and you want to personalize it go to my website rinv media.com one word list your natural resource stocks and I personally for free no obligation we’ll rank them one to 10 one being best 10 being worst I’ll comment on individual issues if I think my comments might have value rule investment media.com list your natural resource STS please no crypto please no tech stocks please no pot stocks you know leave an old guide to do what he does in addition uh if you’re American or Canadian and for any reason at all you’re unhappy with your current banking relationships check out battle Bank uh we’re starting a bank for people who demand better service or who would like to be paid interest on their savings uh you can either go to battle.com or at rural investment media in the question and comment section write Bank we will I believe soon be open and we are looking forward to battling for your business just just a question here if let’s say when people sent you uh what what what they’re looking at were there any that kind of left you scratching your head a bit for a while yeah at least three uh most people describe themselves as conservative investors when in fact they’re wild speculators it’s okay to be a Speculator but you need to acknowledge that yourself to yourself that you are a Speculator and you need to uh prepare yourself financially and psychologically for speculation all the money I now invest conservatively I made speculating aggressively so that’s the first thing the second thing is that most people own way too many stocks way too many stocks uh I ask investors or speculators rather to own the number of stocks that corresponds with the number of hours per month that they’re prepared to spend studying the stocks if you’re prepared to spend 10 hours then you should own 10 stocks but many many many people whose portfolios I’ve graded uh own 60 or 70 stocks and I know that they’re not spending 60 or 70 hours the third thing that I would suggest is that most investors have very long-term perspectives and narratives but they have short-term tactics if you own silver stocks because you think silver is going to go up over five years you need to prepare to be prepared to hold them for five years but the idea that you own uh commodity stocks based on a commodity narrative and you don’t allow the investment time to give you compounding means that you set up to fail there’s a contradiction between your strategy and your tactic and that that contradiction between strategy and tactics I think is the principal re reason why most speculators are losers Fidelity did a study where they took tens of millions of investors in Fidelity products worldwide and they segregated those investors into various subgroups men women rich men uh Caucasian black Hispanic blah blah blah blah all this kind of stuff right and they tried to find which investment subgroup did the best had the best outcome and you know who it was I’m interested I’m interested who was it dead people people who didn’t trade who didn’t fall for the latest uh hyperbole it was dead people that outperformed every other subgroup at fidelity [Laughter] I’m not suggesting death as an investment strategy I’m just suggesting that not tra not chasing the latest the latest fad uh is how one does well you know Rick I I want to thank you again for for your support and I really hope we can do this again soon and and I’m very hopeful that things will unfold in a way that that works for everyone if not most people anytime Patrick I look forward to this that was Rick Ru sharing his views on the economy and precious metals to see more of Rick’s views and work please do visit rinv media.com if you like this 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7 Book Set – Master Your Time – Master Your Beliefs – Master Your Destiny – Master Your Thinking – Master Your Emotions – Master Your Motivation – Master Your Focus By Thibaut Meurisse
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