Mike Maloney: The Greatest Wealth Transfer in History

there was a guy named Larry Bates that

wrote a book called the great economic

disorder back in the 90s and he there

was a phrase that he said wealth is

never destroyed is it merely transferred

when I heard that I went wow it's never

destroyed it's merely transferred this

there's there's something coming up

we're all currencies could have a crisis

at the same time therefore this is going

to be the greatest Alcon transfer of

wealth in history so if it's the

greatest wealth transfer in history it

is therefore the greatest opportunity in

the history of mankind think about about

the number of people in your city where

the vast majority of their wealth is

somehow connected with precious metals

I'm a hundred percent invested in just

physical precious metals I used to have

mining stocks and so on and I do

recommend mining stocks with your

speculative capital but you have to

subscribe to a good newsletter if you

take a look at I'm and I'm taking a

little side road here if you take a look

at the Barron's gold mining index the

percent gains from 1971 to today versus

gold gold has outperformed the Barron's

gold mining index by 400% and so if you

want the big leverage that mining stocks

can add you need experts giving you

guidance I say if you can't hold it you

don't own it the only leverage that I

recommend is mining stocks stay away

from ETFs please stay away from

leveraged accounts like margins trading

accounts they're gonna you're going to

get slaughtered on those numismatics I

think are basically I can see a scenario

where in a deflation people have to

choose do I let go to the house first or

the coin collection mmm coin collection

you get hundreds of thousands of coin

collections hitting the market at the

same time all the numismatic value

disappears I got a email from a customer

he was a customer a customer of mine

several years ago and gold was probably

around six or seven hundred dollars

talk with this guy on the phone I'd

spend hours with him and he put took a

sizable position in in in bullion and he

wanted to buy some numismatics and I

told him what I thought of him he said

this document back to me and he said you

were right I should have listened to you

and it had an accounting of what has

what they cost him and what they are

worth today and he had spent I think

it's about 3.5 million collector coins

that have fallen to about 2.5 and Gold

is done from 700 bucks to 1,900 bucks

and that means I think that this is a

particular time in history that is

unlike any other you know in Weimar

Germany during the hyperinflation

there was a tremendous wealth transfer

that went on I've heard many times that

an entire city block at the end of that

hyperinflation could be purchased for

just 25 ounces of gold an entire city

block of commercial property in downtown

Berlin if you were in Berlin though you

could hold french francs British pounds

US dollars that were gold this time it's

global this time if the dollar has the

world's reserve currency has a problem

people around the world I believe we're

going to look at their currencies and go

oh my god these are just pieces of paper

with numbers on them - and they're going

to get rid of them and all try and buy

gold at once and I think you're going to

see I mean this thing is going nuclear

it's it's going to be big and it's going

to be really bad for most people so the

wealth transfer is going to be on the

order of like 1,000 people to want think

about how many people in your city have

all their wealth tied up in gold and

silver and the percentage is not even

one one thousandth of a percent yet but

that's going to change it's going to

change rather rapidly