Guide to Investing in Gold and Silver
I know, I know… I’m throwing another curveball here! Really?! “Guide to Investing in Gold and Silver” on my reading list? Let me explain…
In July 2019, I started a book club with a few other bloggers to help me get in the habit of reading daily again. After seeing the movie trailer, I suggested starting our book club by reading “Where’d you go, Bernadette” by Maria Semple. Though this book has been published a few years back, we’re right on time for the movie release the following month. To my surprise, we all really enjoyed the book and later shared our thoughts on the movie.
Read about my thoughts on “Where’d you go, Bernadette” here.
We had an excellent lineup of books to read but after only finishing 1 novel, I veered towards business-related books as I always do. My purpose in starting the book club was so I can get exposed to reading excellent fictional stories as a mental break. Sad to say that I ended up quitting the book club that I helped created because of my inherent interest in reading non-fictional books mostly regarding business and finance. On the other hand, I’m happy to say that I’m on my 5th book upon writing this blog post!
Also, I have to point out that as an entrepreneur, I am naturally interested in anything related to business, taxes, investing, finance and economics. I’ve recently decided to get back on my financial education train again and have already found a few interesting titles to add to my reading list.
Synopsis
"Throughout the ages, many things have been used as currency: livestock, grains, spices, shells, beads, and now paper. But only two things have ever been money: gold and silver. When paper money becomes too abundant, and thus loses its value, man always turns back to precious metals. During these times there is always an enormous wealth transfer, and it is within your power to transfer that wealth away from you or toward you." - Michael Maloney, precious metals investment expert and historian; founder and principal, GoldSilver.com.
My thoughts…
Disclaimer: I was looking for some guidance in investing in precious metals and Michael Maloney is one of the foremost experts in this field. This book is actually free on his website, you just have to pay for the shipping fees. It is important to note that he is a seller of precious metals and though the purpose of this book is educational, it is also being used as a marketing tool.
“Guide to Investing in Gold and Silver" is divided into 4 parts that are rightfully titled "Yesterday”, “Today”, “Tomorrow” and “How to Invest in Precious Metals”. Maloney delves into the differences between fiat (paper money) and gold, the history of money, economic cycles and its effects on precious metals and the dangers of the US government’s incessant printing of dollars that could eventually lead to its demise. In the 4th part of the book, he discusses the scams and pitfalls of investing in precious metals as well as sound practices and specific details of which ones to invest in.
“Guide to Investing in Gold and Silver” is an eye-opener for me! Though an avid student of business, I realized just how little I know about the history of money. In fact, understanding the history of currency has significantly changed my perspective in earning, managing and investing. Furthermore, I’ve also learned about the differences between real money and fiat currency and gained more understanding of the booms and bust of economic cycles as well as the creation of inflation. This book is packed with fundamental economic concepts that is valuable whether or not you are interested in investing in precious metals. In fact, the first 3 parts of the book cover not only the history but also our current financial situation in the US as well as its likely future.
I am not a financial expert and obviously don’t qualify to give any investment advice. However, one thing I can undoubtedly say is that the best investment we can make is on ourselves. As I mentioned earlier, I’ve decided recently to get more serious in educating myself financially and this book opened a pandora’s box of curiosity and questions regarding economics, business, investing, the global market and finances. After reading “Guide to Investing in Gold and Silver”, I immediately purchased more books related to this most specifically regarding economics. I will be adding more titles to my recommended reading list soon!
I give this book a 2-thumbs-up rating! A must-read to those who wants to gain knowlege of not only the history of money but also our current financial system and how it affects us personally. Additionally, this book is an excellent resource to get an understanding of some of the basic concepts of the economy relating to gold and other precious metals. The best thing is that you can get this for free on Michael Maloney's website!