Sam Brannan made a fortune with a pick and ax in the early days of the California gold rush. History shows a month’s profit of $140,000.00, around $4 million in today’s dollars, was not uncommon. History refers to Brannan as California’s first millionaire but the funny thing is, to my knowledge, Brannan never wet a foot in search of gold. In fact, the way he accumulated massive amounts of money is no different from many gold profiteers today. Today we learn a lesson from a gold rush millionaire.
When I founded The Prospector Site I purposely named it such since searching for gold is a lot like the days of old. Misconception, theft, security danger, risk, and boom or bust possibilities all still exist. In fact, they are more prevalent today than ever before. In 1848 Mr. Brannon put gold into a bottle, bought not found, and ran through the streets yelling “Gold, Gold!” The convenient part was his store sold everything a dreaming miner would need to find riches in gold. Today we see gold, and now silver, advertisements yelling “Gold, Gold” but just like Mr. Brannan the goal is not necessary your best interest but capitalizing on confusion.
TWO STEPS TO OWNING GOLD
One must first understand why owning physical gold and silver is so important well before buying metal. I remember a reader asking a question about ownership but very confused how or why to own gold. My advice was to not buy a thing until a full understanding on the value of precious metal ownership. If the price of gold went up in the meantime so be it. If you are still not sure why to own gold please step back and read past posts on the true value of gold possession. It goes far beyond making money.
Step two is where the rubber meets the road. So many gold buyers, a few silver buyers too, confuse themselves by being misled by metal advertisers. The Prospector Site prides itself on keeping it simple since simple is truly all there is to it. There is no need trading dollars for rare coins or buying “proof” coins paying hefty premiums along the way. Sure profit can be made from this type of investing but leave this to the experts, which someday maybe you. Each business day we post “Fair prices of Gold & Silver” for all to compare to their local market. If you’re asked to pay more than find a new place to trade dollars for gold/silver.
To read more on the colorful Sam Brannan click here.
MARKETWATCH: “People Plan to Work Longer or Never Retire” and this title says it all. I wish this article was longer so you can quickly read it here.
THE STREET: Jim Cramer sums it up better than I can with this two-minute video “Cramer: Gold vs. Gold Stocks” and you can watch it here.
FAIR PRICES IN GOLD & SILVER (9:15 am MDT)
ONE OUNCE SILVER BULLION: $39.76
ONE OUNCE SILVER ROUND: $37.42
ONE OUNCE GOLD BULLION: $1574
ONE OUNCE GOLD BAR: $1536