Andy Schectman: US headed for recession, gold is wealth not an investment

Small Caps, Released on 5/29/23

Andy Schectman, president and chief executive officer of Miles Franklin Precious Metals, joins Small Caps to discuss various topics on the macro economy. Mr. Schectman shares his thoughts on the debt ceiling in the United States, how Central Bank Digital Currencies (CBDCs) could lead to the end of banks, how gold preserves your wealth, the rise of BRICS and rumors of Australia joining, how the US could lose the world’s reserve currency status, and more…

Andy Schectman is the President and CEO of Miles Franklin Ltd. Precious Metals. Prior to starting Miles Franklin, Ltd. in 1989, Andrew became a Licensed Financial Planner, specializing in Swiss Franc Investments and alternative investments. At Miles Franklin Ltd., a company that has eclipsed $5 billion in sales, Andrew has developed an operation that maintains trust, collaboration, and ethical behavior, superior customer service and satisfaction to better serve their clients. He is responsible for overseeing the firm’s operations and business functions; including strategy and planning, account management, finance, and new business.

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Schectman tells us that gold is wealth not an investment”.How can anything that you invest your funds in not be an investment?

If you suddenly find that you need to sell your gold (or silver), you will be getting the price that is determined by more by COMEX than by precious metal dealers. If you bought a bunch of silver in early may, you will find that the COMEX price — and corresponding dealer price — has dropped more than 10%.

Yes, I am frustrated, as you can tell by my occasional posts that say about the same thing — silver is still more than 50% less in nominal value than its highs in the 1980s, and if you figure in the real costs of inflation, it is way less. And the reason is that the markets are rigged by the Central Banks in collusion with the government.

So, caveat emptor, to all those who decide to put a lot of money in precious metals.