Due to exploding population growth, technological advancement, and DEBT (due to fiat currency) - today’s youth, as a whole, has no chance to be as financial successful as their parents…which, in the Western world, is a first in the Modern Era. This is why they need to think out of the box – like eschewing traditional education in lieu of careers in up-and-coming technologies - like Bitcoin. Even so, they still must be cognizant of a world changing more rapidly than at any time in history – which unquestionably, will require continuous “modernization” of one’s skills.
In my case, I entered Wall Street in 1989, and received my CFA in 1998 – after which, I spent seven years as a sell-side oilfield service, equipment, and drilling analyst. However, when regulators cracked down on analyst compensation (with the “poster child” being Jack Grubman, who sat down the hall from me), Wall Street started laying off analysts en masse – including me, in 2005. Thirteen years later, not only is the Wall Street sell-side analyst nearly non-existent (except for show), but humans are being replaced by machines. In other words, what for a brief time was a very lucrative and respected profession has, in barely a decade, been demonized, marginalized, and eliminated.
I then turned my attention to gold and silver mining; in which, I re-invented myself as an Investor Relations expert – with not only deep marketing experience, but more Precious Metals knowledge than most mining executives. For five years, I was exposed to many opportunities – but unfortunately, the mining stocks peaked just as I entered the space in 2007 and never stopped falling (and still haven’t). Thus, I was forced to re-invent myself again in 2011, when I became Marketing Director of a major U.S. bullion dealer…unfortunately, just one month after the September 2011 all-time high.
At this point, I had sworn off traditional financial assets AND mining stocks, in lieu of a 100% position in physical Precious Metals – as despite losing confidence in mining stocks, I still saw gold and silver as the only viable sound monetary alternatives…given the CERTAINTY that fiat currency would inevitably destroy itself.
Six years later, the bullion industry is on the verge of collapse – and when this occurs, you will be SHOCKED by how illiquid bullion coins become. Thankfully, I started investing in Bitcoin 2½ years ago – and when SegWit was locked in last summer, divested all of my silver…when it became clear that silver had lost its monetary value.
However, I still believed gold’s value would last – even if Bitcoin was rapidly stealing the wealth storage leadership it held for the prior 5,000 years…at least, until the older generations that own it bequeath it to their children – who likely, will immediately sell it.
That is, until around year-end - when it dawned on me that, like silver, gold had become antiquated in the Age of Bitcoin. Thus, I sold it all, never to look back. Which, for anyone that has followed me for the past 16 years, knows to be a GIGANTIC about face – perhaps, the biggest in modern Precious Metal history!
Since then, Bitcoin’s use case has dramatically strengthened, in my view - even as its price muddles through a cyclical decline. Gold and silver, however, have not only been unable to capitalize on Bitcoin’s downtrend, but broken down badly, despite a plunging U.S. dollar exchange rate – culminating in today’s “death cross”…which in turn, triggered another Precious Metals plunge.
Reading the formerly anti-gold Zero Hedge relentlessly promote gold, it couldn’t be clearer that the status quo leaders that buy ZH’s advertising space no longer fear gold – but to the contrary, Bitcoin, given ZH’s relentlessly misinformed; and borderline libelous; “reporting” of Bitcoin-related news. The reason being, that like silver before it, gold is rapidly dying as a monetary asset – with the last to figure this out being the world’s ONLY remaining gold buyers…the Communist, backwards-thinking Chinse and Russian governments. As for the retail public, sales are so low, it’s hard to believe the bullion industry can last much longer – given how weak sales were BEFORE I left last year, and how “swaps” between gold and silver have become non-existent.
Anyone holding physical gold and silver, think long and hard about what the future looks like – as in a Digital Age dominated by Bitcoin, Precious Metals will become the monetary equivalents of the Buggy Whip.
I am int the cryptos, but will retain the metals I have as there are some that have real other assets now that will never be in crypto. They would still trade in metals though... in the future this may change, but right now there are many old dogs with lots of tangible assets still here.
Meh "buy phys gold & silver" finger always twitches when you capitulate. If bitcoin should have taught you anything it is: decentralize / diversify.
here on steemit we get alot of info from diffrents peoples post i like that .....