I recently made a post expressing my problems with a decision that I am having to make about whether to join a wealth management firm or not. My friend who owns this firm is...not a huge endorser of gold, but has told me that he will give me two weeks to put together a presentation of some sort which would try to convince him.
Alright, well I already have the basic grasp and understanding of why gold is important, and why it has the role it does.
But this guy is going to want some SERIOUS evidence and, almost as importantly, some really nice ACADEMIC SOURCES!
So all of you Mises people...this is your chance to help me convince a non believer! :) I am asking for your help, which would be of tremendous assistance to me as I appreciate the knowledge and ability to express such knowledge which so many of you posess.
Let's get started with the basic question that I am going to have to pose in this presenation:
"Why should we, as wealth managers and financial advisors, advise our clients to put a portion of their portfolio into gold?"
OK, first off, I understand that gold is not the end all. It is not the answer to everything. Are there other things to invest in that would also protect you from weakening dollars? Yes. But we need to focus here.
Alright, so there's the question which I will need to argue to my friend. I am going to need...
1. Good, concise arguments
2. Tons of both current and historic examples
3. LOADS of academic research/papers/evidence which supports all of this.
4. Literature which I can suggest he read in order to understand these issues in even greater depth.
I don't pretend to be an expert of gold investing, but I do know that I am not absolutely crazy when I voice my support for a type money (gold) that cannot be printed into oblivion, manipulated for political and personal gain (at least not for very long), and is an ACTUAL store of wealth.
Alright...so that's all I have to say right now. I'm going to need all the ammo you guys have available. My abilitiy to present this to him will determine one of the biggest choices I have ever had to make in my life. I'm sorry to sound melodramatic, but it's true.
I really appreciate all of you who take the time to answer all of these questions. I know that it probably can feel redundant, but know that you are helping to do a good thing.
Unfortunately I'm not a finance whiz-kid and I can't do much else other than point you to the article. It has more charts on the intraday short/ interday long pattern:
The Anarch is to the Anarchist what the Monarch is to the Monarchist.
Thanks JJ, I already read it.
Now I want to know whether these people and numbers are trustworthy.
So my friend called me this morning and told me that he had finally come to the conclusion that it was indeed wise to have some precious metals in your portfolio!
I want to thank everyone here for helping me out and providing me with fast information in order to convince him with cold hard facts.
interesting. What exactly did you give/say to him?