I have the utmost respect for Mike. He comes across as genuine, honest and a man of integrity. I don't find he oversells his services and has a passion to educate the masses into protecting their wealth for the upcoming economic problems.
I somewhat believe there is assurance in a dude that will state there are phases/cycles and the price will drop in time. Rather than typical spruikers who beat it up even during the declines
Precisely. I said his commentary can come across as spruikish. We're not all so blind as to assume it would sound otherwise, that's his core business after all - promotion. Who else but a man of integrity would actually have the balls to stand up at a banker's conference to deliver a dose of reality and you actually question his values and integrity? But the irritating and grating cynical banter in the pro-debtor commentary here has been the assumption that because use of the term as a description for perception on Mike's approach, it should automatically be aligned with the malignant form of spruiking which has been the hall mark of the vested property promoters here in the biggest ponzi scam in recorded history. It's a question of context, which these people know full well, but choose to ignore whilst dipping their hands into the cracks of their arse to fling shit in Mike's direction. You guys know full well that standing Mike Maloney next to the likes of Chris Joye and painting them with the same brush is a slap in the face of integrity, but your own bias leads you to play these propaganda games that you love to condone and mock. The man has integrity and ideals. He understands the market more than many of you pissants ever could assume and just like Peter Schiff, Steve Keen, Gerald Celente, Mark Faber, David Morgan and Max Keiser, he will be proven in the long run to be one of the minority who actually really did 'get it' and took the time and effort to warn people who quite frankly never damn well deserved it in the first place. If we're going to be unzipping the fly and comparing the value and weight of words (and a number of you did in another thread concerning MY personal integrity) based on portfolio proof, I daresay on such a scale Mike has more integrity in his gooch than many of you will see in your entire lives. The man actually knows what he's talking about and has the bank balance (which you seem to equate to proof) to match.
In other words he is not a spruiker. Spruikers would say "double your money every 7-10 years" in the face of a crash. [youtube]http://www.youtube.com/watch?v=rSjK2Oqrgic[/youtube] He may talk his book but I think that is because he is passionate about what he does.
Please - you're not serious are you? Your most ardent, ridiculous, over-the-top property spruiker will say double your money every 7 years. MM is saying silver will go up many more times (hundreds??) than that in a shorter time frame and this makes him not a spruiker? Please note: I am not questioning his integrity or that he may be right or wrong. I am questioning the premise that he is not a spruiker purely because he talks about silver not property! malachii
One point in his favor is that at least he talks about exiting PMs at the correct point - property spruikers tend to have blinkers on, the only exit from a property is into two more with the equity you've gained.
His website is called "wealth cycles". He's stated on numerous occasions that there will be a time in the future when PMs will be overvalued and you should sell. His viewpoint is not comparable to the typical property spruiker. What I find more interesting is his prediction of $10/barrel oil - now that is a bigger call than anything he's said about PMs.
I've met Mike Maloney too. That is how I got into silver. He is so passionate about gold and silver. After his seminar he took questions from the audience. Even after getting kicked out of the seminar hall. He was still taking questions outside the hall hours after his seminar had finished. With a whole group of people eagerly listening to his every word. If it wasn't for him I would of never known about Gold and Silver investing.
I'm going to revive this discussion because I think its important. Please I am not trying to knock anyone - and I dont really have any idea about the personal integrity of Michael Maloney - that is in fact what I am trying to find out. The fact is this could be the greatest; most well run fake bubble ever - or the investment of a lifetime. However it just may be that what Michael Maloney and his mate Robert Kiyosaki have managed to realise is the incredible power of the internet today and its unprecedented ability to 'spread the word' - just like in the old days when brokers would artificially pump up the price of a stock prior to dumping it by ringing 'favoured' clients and advising on a 'special tip' - but magnified 1 billion-fold. I am writing in this forum because about a year ago I read about how silver is going to be in short supply and the price will go up significantly. I planed to invest but didnt due to life inertia. It has since doubled in price. Last week I began reading a lot of information on the web regarding silver about to sky rocket in price and that it is the investment of a lifetime. The logic of the argument, is very compelling. I was very ready to jump on the band wagon. Started planning how to start buying those 10 ounce bars. Until I remembered logic 1, and that any argument however logically sound is only as good as its premises. So I started looking into who was at the bottom of the premise - everywhere I read about an article on how silver is set to skyrocket in price - the person at the bottom of it - ie writing the article, being interviewed or being quoted - that person is Michael Maloney. I just cant find anyone else saying it as a direct source. Oh plenty of people repeating what he says - putting him up as an expert. I cant find anyone independently saying he is an expert. I can however find that: he has a book on the subject - oh I can find that and links to buy that book everywhere. Believe me that is incredibly easy to find. I then discovered he has a brokerage for silver and gold. So he directly benefits from people trading in the PMs; benefits in people buying his book on PMs - and I would say has a lot of money invested in PMs. So I'm thinking a) this guy has a vested interest in the price of silver going up. and b) if he believes it is such a sure fire way to get rich - ie believes it will jump in price from current $35 per ounce to $200 per ounce (or more); why is he all over the net and I mean all over the net telling everyone about it? It would be much easier just to invest in it. Wouldn't you keep quiet and quietly go around buying it yourself? or at the most tell a few people - why so heavily promote the idea? So I began trying to find some information out on his credentials - and I cant find anything (although I have not been looking long only about 1/2 hour); only thing I can find is he is connected with Robert Kiyosaki. Who I can see is connected with Amway (a brilliantly executed pyramid structure). I know people are going to say - oh look at the price of silver it has doubled - his predictions are true - it cant be all him. Well I disagree - anything promoted this heavily on the internet with its clients of millions/billions, could easily effect the price this much. And of course the very real inflationary pressures after the GFC would help to give the meteoric rise of silver steam. But I just cant help being extremely wary of something so heavily promoted by someone with such a huge vested interest with strong links to someone heavily associated with Amway and like schemes. After all this guy is not Michael Moore - who I believe is a man of incredible integrity. I wish I could find out what this guy did pre 2000. This just feels like an incredible old fashioned fraud, perpetuated in a very new fashioned and powerful medium and everybody screaming 'but this is different'. What a great climate we are in to spin this story now. Nobody any longer trusts wall street/bankers/politicians for very good reason. But just because somebody points out the bad guy does not automatically make him the good guy. Be careful. And in the parlance of the X files "Trust no-one"
One thing to consider is that the likes of Schiff and Maloney only started selling PMs after they had been promoting it for quite a long while. If you see dealers making good money with growing demand and you have the wherewithal to get a slice of the action why not?
Megan30Jane in your research did you come across such names as Ted Butler and David Morgan, who are considered the leading authorities in the silver market (just to name a couple)? These guys have been writing about silver for the past 30 years, admitedly with less gusto and bravdo as Mike Morgan, but they are very well respected and to date they have been extremely accurate with their views on where silver is going in the longer term, which is much, much higher than today's prices. Having said that, it's always good to have a healthy suspicion and to do your own due diligence before investing your hard earned to ensure you don't get yourself in deeper than you can handle. Like I've said before, investing in the physical PM's is all about the long haul and if you can't tolerate a min 50% correction, then you're in to deep. Me, well I'm glad that the PM's are having a healthly "breather" because that just gives me another chance to grab some more at lower prices. In the end it's about forming your own opinion on what direction you believe prices are going in the long term, being realistic with projections and then being patient. I expect it'll be at least another 5-10 years before I'm able to totally sell up and fund my "retirement". If it comes sooner than this, then it's a bonus.
To be honest dealers don't particularly care if spot moves up or down unless they can benefit from such moves - larger dealers hedge sales anyway and care about number of ounces, not the spot price. You can buy a kilo bar for $1400 and sell it the next day for $1200 and still make money.
@ silver is money. Thanks for taking the time to reply - I have come across those two names. However have not read much about them - probably due to the absolute plethora of material about Michael Maloney and his gold/silver book and agency. The plethora was what has made me suspicious about this whole thing. I have added those two names to my list of things to research later when I have the time. Personally I would love to be in an investment that would pay dividends in about 5 years. Initially when I started reading about silver I thought "how perfect" if I can just invest $30k now - hopefully it will be worth $300k in 3-5 years when the property market crashes and just maybe my husband and I can get into a bigger house without too massive a mortgage. However, I am worried about just how spruikish this does in fact feel. Been thinking about it more and what I would like to find out (and plan to start researching in a week - currently have an exam to prepare for) is this: a) what is the personal integrity of Michael Maloney and what are his credentials and what did he do pre 2000 - I know what hes done post 2005 - heavily promote silver bullion buying and his book. b) this story he's got about there not being enough silver to cover the already futures traded and the world shortage - how true is this. Do we have any confirmation from anyone but himself. c)What really is the intrinsic worth of silver to industrial/technological applications. ie is it an absolute requirement for certain processes or can substitute products be used if the price of silver goes too high? Anyone got some good information on these three questions would love to grab it. I plan on researching all this a bit further - and if what you say is true 5-10 year timeframe hopefully I have time to do this before it goes too far up in price. I cant help but remember the extremely 'strong' , unethical and dubious selling practice I was subjected to in buying our house in a new development off-plan. Said house has now lost $100k in value and we now only have $200k equity instead of $300k - thus stuck in a house just a bit too small for us. However, I try and believe that the exposure I had to strong arm selling practices in buying our home will save me from a bigger fall somewhere else in life!
I suppose there's a bit to be learned in the old saying "if you don't feel comfortable doing something, then don't it". If it doesn't feel right for you at the moment, then simply wait until it does. You may or may not be better off in the short term using this principle, but I guarantee you'll sleep better at night
Whatever you might think about Mike Maloney(personally he seems decent enough to me), you will find in any bull market there will be a few people out front promoting it. Some will have integrity and know what they are talking about, most will be lacking in one way or another. As the market progresses you will get many more of the latter moving in. I think Mike is mostly OK, though I cringe whenever he talks about a physical shortage as it sounds like the mythical housing shortage to me. I don't think he means it that way, rather that just demand will temporarily far outstrip supply (as it is such a small market) leading to huge price gains until the whole thing collapses. Always be clear that this is a future bubble scenario and that people hoarding silver is what is feeding it and the reason they are hoarding it is due to the monetary problems. Read his book, it's worthwhile but always be sure to do your own research and cross-reference what people say. Never listen to any one person or group no matter how knowledgeable they seem.
@hawkeye - I do plan to read his book - going to see if I can pick up a copy at the library. I guess also here in Australia - with our dollar rising compared to US - some of what he speculates on - ie hyperinflation in US causing part of the reason silver will increase in price will not apply as much to us - ie magnitude of silver rise in AUD will not be as big as in US dollars if AUD continues to strenthen against the US dollar (just based on Maloney's premise - not yet convinced myself it will come to pass) - so I guess I will need to factor that into whether worth investing in or not.
I can answer this. Prior to getting into Silver Mike was an electronics engineer. He designed an sound amplifier that was so ahead of its time, it is on permanent display in the Science (or V&A) museum in London. He organised large industry events, for the audio/sound industry, turning that into a business. High end audio apparently took a bit of a hit in one of the recent downturns, which taught him about economics and "Cycles". Apparently when he wrote the book, it was twice as long. Particularly in the monetary history and cycles areas. His editors forced many cutbacks. I would love to see the original manuscript. I have no qualms about his personal integrity. He is very giving of his time, and does not overly promote his bullion company when he presents.
