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Bad Reasons to Buy Gold & Silver 1-15 | Augusta Precious Metals - YouTube
Channel: Augusta Precious Metals
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I'm Devlyn Steele director of education at Augusta聽
Precious Metals I've recently been made aware聽聽
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of the practices of some companies in the gold and聽
silver industry stoking in my opinion false fears聽聽
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to push people to buy gold and silver today I聽
want to share what I believe to be bad reasons聽聽
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to buy gold and silver bad reason number one聽
the banks are going to take all your money away聽聽
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it is true that in response to the 2008 economic聽
crisis on July 21st 2010 then president Obama聽聽
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signed the Dodd-Frank reform act the broadest bill聽
giving power to the regulators over the banks and聽聽
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financial institutions ever put in place it is聽
true that in article 1 it provides regulators to聽聽
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deem some banks and financial institutions too big聽
to fail and it is true that article two provides聽聽
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for regulators to enact a bail-in that allows聽
banks to convert customer deposits into equity for聽聽
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the purposes of increasing capital requirements聽
so yes if the banking system fails again聽聽
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they can replace your cash deposits with equity in聽
the bank to shore up capital requirements however聽聽
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I believe that the likelihood of the banking聽
system failing again right now is extremely low聽聽
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in my opinion the recent actions of the fed to聽
support the economy through QE make the bailing聽聽
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scenario nearly impossible no one can tell you聽
what will happen my thought is if you get a call聽聽
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to buy gold because the banks are going to take聽
your money away hang up bad reason number two聽聽
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the market is going to crash no one has a crystal聽
ball and can tell you whether the stock market is聽聽
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going to go up or down it is true that there have聽
been times historically when markets corrected聽聽
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gold and silver rose it is also true during the聽
housing bubble pop that led to a market correction聽聽
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that gold rose 240 percent and聽
silver 500 percent from 2008 to 2011.聽聽
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I'm sure that many of you are hearing a lot of聽
alphabet economics right now v's u's w's k's l's聽聽
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and so on is there a theoretical risk of a market聽
drop given the political environment right now聽聽
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of course there is but there is a chance聽
that markets could continue to rise聽聽
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or show no significant change in the near term聽
anyone telling you to pull out of the stock market聽聽
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and buy gold and silver is just trying to scare聽
you and probably violating federal security laws聽聽
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the bottom line is don't let anyone scare you you聽
don't need to be scared of stocks to buy gold and聽聽
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silver bad reason number three guaranteed to make聽
money I know this might sound ridiculous and yet聽聽
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it's actually true there are sales people聽
who guarantee a profit on your gold聽聽
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and silver purchases this explanation is going聽
to be short nobody can guarantee a profit in聽聽
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any asset in any market if someone calls聽
you up and guarantees you a profit hang up聽聽
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bad reason number four short term profits this is聽
my general opinion about taking a position in gold聽聽
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and silver gold and silver should be purchased聽
for the long term that is why they are used by聽聽
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many people to stabilize retirement savings bad聽
reason number five income from your portfolio聽聽
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gold and silver do not pay you dividends聽
if you're living off the income from your聽聽
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savings you probably shouldn't invest in gold and聽
silver bad reason number six price predictions
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there are endless price predictions in聽
all markets on all assets based on endless聽聽
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factors price predictions are opinions and not聽
guaranteed there are those who have a history聽聽
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of making better price predictions based聽
on data than others however all predictions聽聽
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including mine are just that predictions but聽
here are two that I like Bank of America thinks聽聽
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gold is going to 3,000 in 18 months and Nick聽
Barisheff thinks 10,000 is down the road聽聽
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as stated in his book ten thousand dollar gold聽
book I'm at $5,000 in 36 months聽聽
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do your own research make a move into gold聽
and silver if you feel it's right for you聽聽
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not based on anyone else's predictions alone聽
bad reason number seven stoking fear listen聽聽
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what to avoid is anyone trying to get you to make聽
a decision based on fear you don't need to be聽聽
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fearful to buy gold and silver there are many聽
more good reasons to buy physical gold and silver聽聽
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that are happening right now bad reason聽
number eight free gold and silver聽聽
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let's discuss getting free silver does聽
that sound good getting free silver聽聽
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up to five thousand dollars in free silver sounds聽
good to me or does it I have seen extraordinary聽聽
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offers on tv and on the internet where you can聽
get up to $5,000 in free silver聽聽
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you know the old adage if it's too good to be true聽
well you know the rest can you imagine your banker聽聽
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telling you that they will add $5,000 to your account when you open a new聽聽
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account of course not listen there are reasonable聽
gift incentives and then there are outrageous聽聽
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gift incentives that simply don't make sense bad聽
reason number nine greed we're all naturally a聽聽
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little greedy we hate to admit it but it's true we聽
all want to make money the problem is some people聽聽
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might try and appeal to your greed in order to get聽
you to make decisions you wouldn't normally make聽聽
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they paint a picture that you're going to聽
make all of this money if you act today聽聽
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here's the thing that many people don't understand聽
there's no such thing as a guaranteed profit聽聽
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don't let anyone appeal to your greed when you聽
hear someone doing this let the warning bells go聽聽
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off and back away bad reason number 10 ticking聽
clock listen we've all seen those tv ads where聽聽
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the sale is ending at midnight or the sales ending聽
after this weekend get out and buy get out and buy聽聽
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the idea is to get you to do just one thing act聽
now otherwise you're going to lose an opportunity聽聽
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you're going to lose a special limited time offer聽
you should be buying gold and silver for the long聽聽
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term when looking at using your retirement account聽
or other funds you have to make sure that gold and聽聽
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silver is right for you there's no ticking time聽
clock make the decisions that are best for you and聽聽
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then the clock will work for you bad reason number聽
11 bad mounting what do I mean by bad mouthing聽聽
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well when you speak to certain companies out there聽
the way that they try to get you to buy from them聽聽
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is telling you how bad other companies are I聽
always tell people that my food doesn't taste good聽聽
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because other food tastes bad it either tastes聽
good or doesn't either there's a good reason to do聽聽
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business with a company or there isn't as soon聽
as I hear someone bad mouthing this hairs in the聽聽
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back of my neck go up and I know I am talking to聽
the wrong company bad reason number 12 pressure聽聽
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we've spent a lot of time talking about聽
the bad reasons to buy gold and silver聽聽
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and there are probably many many more in the end聽
ultimately the main bad reason to buy anything聽聽
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is pressure all of these reasons are designed to聽
get you to act quickly without thinking about them聽聽
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and to get you to move forward without doing your聽
due diligence bad reason number 13 government聽聽
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recall of gold some gold companies are stoking the聽
fear that government might recall or confiscate聽聽
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gold from Americans here's what they do they get聽
you on the phone to complete your transaction聽聽
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and then they try to scare you to choose certain聽
coins that they claim won't be confiscatable聽聽
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they essentially say don't worry this聽
coin is different and the government聽聽
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can't take it there are actually two聽
things that we want you to know about this聽聽
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first our position is that no one can say whether聽
or how the government might recall privately owned聽聽
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gold in the future or prohibit gold ownership聽
in any way we think this is very unlikely聽聽
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second no one knows which kinds of coins might or聽
might not ever be deemed confiscatable so choosing聽聽
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certain coins out of fear to avoid government聽
confiscation of gold is a bad reason to buy them聽聽
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if you do this you might end up with coins that聽
are not the best choice for you to summarize聽聽
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never buy coins because someone tries to聽
make you afraid of government confiscation聽聽
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and tries to tell you certain coins will be聽
exempt they're just trying to use fear to get聽聽
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you to buy what they want you to buy bad reason聽
number 14 non-reportable coins some companies out聽聽
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there will tell you that certain gold and silver聽
coins are non-reportable they insinuate or just聽聽
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flat out tell you that you won't get a 1099 for聽
your metals meaning you won't have to pay taxes聽聽
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when a gold provider pitches this and tries聽
to get you to buy be careful the truth is聽聽
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you certainly do have to pay taxes on聽
any coins you sell and make a profit on聽聽
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yes it is true that the seller doesn't have聽
to report certain coins sales but you still聽聽
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have to pay your taxes a gold company聽
with integrity will make this clear聽聽
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to summarize never buy coins because someone聽
tells you that they're non-reportable and hints聽聽
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that you won't have to pay taxes this is flat out聽
not true bad reason number 15 investment advice聽聽
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we've been hearing about gold companies that聽
act as if they are licensed investment advisors聽聽
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they ask you to tell them about investments聽
that you currently have and then try to get聽聽
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you to sell them to buy precious metals some even聽
tell you specifically which assets you should sell聽聽
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to go into gold and silver this may include聽
stocks bonds annuities and other investments聽聽
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including your hard earned retirement accounts聽
this is not acceptable because gold dealers are聽聽
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not licensed investment advisors if you've decided聽
on your own that you want to buy precious metals聽聽
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then a gold dealer can help facilitate the process聽
of buying gold and silver so here's a warning if聽聽
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you speak with a gold company that advises you聽
that the market is about to crash and you should聽聽
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sell your stocks stop beware of this type of聽
pressure from any precious metals provider聽聽
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a gold company representative is not qualified聽
to give you investment advice and it is illegal聽聽
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the good news is there are tons of good reasons to聽
buy physical gold and silver I suggest you learn聽聽
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more about the good reasons to buy gold and silver聽
by studying one of Augusta Precious Metals guides聽聽
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or even better sign up for an augusta one-on-one聽
web conference where we make economics simple
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