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Watch your hard earned savings shrink to nothing to invest in -- that's why I buy gold every chance I get.
I even like the field goals hears -- my father told me to invest in land well I did and I did very well.
But now it's time to buy goal.
You can't -- tremendous even.
Everywhere those commercials -- -- but these days.
-- -- -- the precious metals getting pummeled its recent plunge setting gold bugs scrambling.
After reaching a high of more than 18100 dollars an -- yesterday.
Did you see this it fell below 12100 for the first time in nearly three years.
Gold was down 23%.
For the second quarter it's biggest quarterly drop on record -- -- It's got to be affecting gold sellers everywhere in -- -- tells as a man with skin in the game -- expert and dealer Arthur Blumenthal.
Welcome to the show thank you think you having me how you feeling you're holding on to your gold nuggets they are you nervous about what's going not.
No not at all it's more -- the commodity now going to rise it's going to fall you just have to position yourself correctly.
Actually better to make.
Money you know rising market that's easy.
Ranking money in the down market takes a little bit more strategy a little more strategy to say the least you got to get absolutely slaughtered and basically -- he basically OK and I know a lot of people are in this boat.
I mean I knew people at the end of last year personally who had their bonuses paid in gold because they were so worried about the currency.
And and it's logical and you watch what's going on what the Fed is doing and you say wow the dollar is going to be worthless the bond vigilantes are coming.
But the market has turned against you what would you say to people out there.
Who are invested in gold and maybe aren't you know hiding under their bad right now so sad about what's going on what would you tell them.
Well everyone is is crying a little bit with the -- coming down it is an investment.
But as I call it is also an insurance policy it's always going to be there it's always gonna pay off.
Maybe not as high as it was a one time but every what he now has access to information and when I mean in this year.
Well a lot of the global factors that affected gold such as to the Korean.
North Korea on getting a missile in the name of the United States right and we had I ran he's gonna build nuclear weapons gonna bomb Israel.
A lot of these have.
Quieted down and people now realize a lot of these global factors are -- I'm not as prevalent as the -- -- -- -- So yeah.
-- -- -- 18100 the sky was falling I don't feel like the skies that much higher now.
I I still feel it around my ears at this point -- night it doesn't seem like things -- that much better.
Now things are not much better and I think the stock market when we so what happened when the Fed Chairman.
Sort of gave the impression of Q we whatever right they're -- through now is gonna take him the ball away right and and I -- -- a while ago when this first started.
A lot of this money will be going into the stock market because -- -- some sort of -- then.
Very banks now are not bearing any thing -- so.
This with this sort of ending and we saw the stock market come off as a result pretty much of what he had to say -- so a lot of the bubble has.
And again it's commodity it's gonna -- gonna fall.
Do you have your -- -- what is always we have some gold -- that it's still lovely and I still love it.
You you know you're you're brave man for coming out here and in spite of everything that has happened.
Right now are you so -- that at this point you double down that you believe that what's going on -- using gold as an absolute bargain at 12100.
Or is that catching a falling knife.
It's a good question you know where's the bottom.
Mean every little tiny -- and you just have to get a good deal I mean timing the bottom no one can really do that but do you believe -- -- all the 12100 -- say.
I'm not as panicked as the other investors I'm gonna get it here and then I'm gonna look like the Smart person when it goes back up do you do that right here will.
As the morning as we go to this bear market you know everybody.
Including myself wants to jump in at some point.
Where's that point was -- 15100.
Was it 14100.
Now when he came down to 1290 and then when and when it went under 12100.
Basically I'm chomping at the bit and it's -- sort of recovered a little bit today.
-- -- here chopping your thinking about all those guys we see on the commercials.
I love them because they sponsor our shot in the lab they -- I wanna do -- have those guys go please don't go out of business we need you to advertise.
Are people going out of business based on this hurt or is it just temporary you guys are able to as to weather the storm.
The strong will survive.
You know the Johnny come lately is you will see dissipate.
-- -- every business that you go by cash for gold cash for gold right right.
Bought -- shops funeral parlors -- -- -- -- but I'm not gonna -- -- These are gonna fall by the wayside okay the strong will survive just I've been doing this 35 years I've seen the markets common go -- don't get emotional.
They go but there is a time where.
-- that they keep coming -- -- so I got a lot of respect -- -- golds at 18100 everybody wants to come on in and right now we see gold getting slaughtered people don't -- come monsignor your good guy your standup guy we appreciate it well if someone once -- heat this is that okay just give -- 12100 dollars -- -- keep it but as somebody once said Harry will be back guilty back all right Arthur -- cannot thank you so much now.
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