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Rich Dad's Advisors: Guide to Investing In Gold and Silver: Protect Your Financial Future Paperback – August 28, 2008
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About the Author
Michael Maloney is a precious metals investment expert and historian and the founder and principal of GoldSilver.com. He serves as an advisor on Robert Kiyosaki's Rich Dad team and speaks frequently on commodities investing.
Top Customer Reviews
The book starts off with the history of other empires that have used a fiat currency and how they have failed 100% of the time. The United States has been on this path since Aug, 1971 when President Nixon took us off the gold standard. There are a lot of interesting facts in this book but not too many to bore the reader. He explains that gold and silver will revalue themselves periodically in relation to the amount of paper currency printed. For example, the M3 money supply (total printed money in circulation) was ~$1.7 billion in January, 1980 when gold hit $850 an ounce. Today, the M3 is estimated at $14 trillion, a 7.7 times increase in the amount of currency. With that said, gold, when it adjusts, should be $6,118.00 an ounce...
Mike goes into today's current economic climate, then predictions for "tomorrow". He concludes with the final section "How to Invest in Precious Metals".
I recommend this book if you are unsure about silver and gold relating to investing. There's so much documentation and research behind it.
I've never read an investment book with this much passion put into it!!!
The "why" part of the book was a lot more mixed. While a lot of it is generally sound, some of it is really misleading. For example, in places he seems to imply that gold and silver always go up (they don't) and carry virtually no risk (actually, they can be really volatile).
There are a few significant points he doesn't cover. (As a quick caveat, the audiobook is abridged, so maybe a few of the things omitted in the audiobook were addressed in the full book; also, I will sometimes use "inflation" to mean "an increase in general prices" even though I know this isn't strictly accurate).
One of the most glaring omissions is a treatment of the actual price history of gold and silver. Specifically, if gold and silver are always such a reliable hedge against inflation, why is the correlation between inflation and the price of gold so unpredictable? Yeah, yeah, I've heard all the arguments about how the CPI is rigged (in fact, the author argues that in this book), and it probably is. But that still doesn't solve the problem. Consider:
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As I write this, the spot price for gold is pushing $900 per ounce. I got into gold about $20 ago. Although I already understood a lot of the things this book explains, I had always put the purchase of gold on the back burner because I never really connected all the dots. However, when the current credit crisis happened and the government began talking about a Trillion dollar bailout (of course, it will cost at least 3 times that - it always does), I knew that the unavoidable result would be a devaluation of the dollar. Therefore, in order to preserve the value of my dollars, I transferred them into gold. I THEN read Michael Maloney's book.
If I had been able to see the big picture as I now understand it after reading his book, I would have bought gold years ago and been way ahead of the game at this point. However, I don't regret my delayed entry into gold because I now UNDERSTAND that when it comes to the devaluation of our currency and the resulting increase in the price of gold, "we ain't seen nothing yet". So, even if the price of gold is $1,500 or $2,000 per ounce by the time that you read this, buy it anyway because that price is still only the beginning. I am not saying that you are going to profit by owning gold (although you probably will), I am saying this because your dollars MUST continue to decrease in value. If this sounds confusing, don't worry. After you read the book you will completely understand what I am saying.
One last thing. This is NOT one of those doomsday books.Read more ›
Most Recent Customer Reviews
If you want to understand how and why Gold & Silver work and the history of money this is your book!Published 2 months ago by danzhanzen
Mike Maloney has opened my eyes, just as he has for so many people. Yes, he is a silver and gold dealer, but when you listen to his rationale for buying precious metals,it's a... Read morePublished 4 months ago by Ks L
Great basic introduction to the concepts of precious metal investing. You can start some basic investing after you read this book, however, I would treat it more as a good... Read morePublished 5 months ago by Dathen Fairley
I'm not sure what to believe about Mike Mahoney. He did these predictions a number of years ago and nothing has happened yet. Read morePublished 6 months ago by Bruce G Taylor
If you value your financial future read this book! It has change my thinking big time!Published 7 months ago by Philip Dallmeier
Awesome intro into the history of gold and silver and its relation to economies, such as in historical governments and empires. Read morePublished 7 months ago by Edward S.
This book blew my mind. I am so grateful I was informed by a friend to get this. It is a must read if you care about your financial future!Published 9 months ago by Amazon Customer