Last night I had a conversation with a close friend of mine. We started talking about the economy. Full disclosure I am a full time trader i stare at charts for a living.
I've been warning him for over 2 years now that the plandemic and all the bullshit they implemented was going to cause a massive recession into a depression the likes of which we've never seen. That the credit crunch was gonna be unbelievable and that buying at home at all time highs during the plandemic was retarded and that he should stop pouring money into his 401k at his work.
He continued to pour money into those wortheless funds at work, he bought a house in 2021 which he got into a bidding war with and he even bought a new truck.
He is now complaining and blaming others about all the shit that's happening to him. He's going through a rough marriage, his work (new build developers) are now talking about massive slow downs and putting projects on suspension because the cost benefit analysis is weak etc etc.
He's mad at wall street for his problems. Just blindly pointing the finger at anyone but the mirror.
He's also giving me attitude lately because he finds it absurd that I can make money on a declining economy.
This is normie mentality 101. THIS is the core of the problem. Now I wouldn't even bother talking about the DS with him cause there is no point.
Let’s say your friend had, for example, 20k in his 401k that he took out on your advice.
Where would he put it for safety?
Gold?
Silver?
Copper?
Game Stop?
Gold will destroy Fed so that’s kinda attractive as a “FU” to the deep state but is it really safe?
Safe is relative. Gold has been valuable for thousands of years. Can you say the same about the dollar, or any other paper currency? If the dollar hyperinflates and becomes worthless, that $20,000 worth of gold you bought before the inflation sure isn't.
I told him to hold cash to be ready to go for emergencies, a significant amount not a couple thousand. I also told him to invest in physical metals. Gold and Silver are holding up very well in a market that is ruining everything else.
I think people without Gold and Silver are fools (if they can afford it)
If wanting to get into the market, I would research foreign companies that produce clothing, food and manufacture parts for vehicles.