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Tuesday, August 23, 2011

How to get rich

If you're looking for ways to get rich in this market, punch yourself in the head. Hard.

There's no way to get rich in this market. If you're looking to get rich in this market you're a moron. If anybody's advising you of ways to get rich in this market they're crooks. Or morons. This is not a market. It's a rigged casino.

If you're the one rigging it - then, yes, you can get rich. If the Fed is lending you billions at zero percent that you can gamble as you see fit, you're bound to get rich. At least on paper. If not, you're the sucker at the table.

So, be smart. Preserve your capital.

How to preserve your capital: Buy gold bullion regularly. Put it away. Don't worry about the price of gold. As things deteriorate it will go up proportionately. You won't get rich. But you'll preserve your capital. That's the best you can do.

Gold is down 60 dollars today. What a gift. Buy some gold cheap. If it goes down, buy some more. If it pops back up, buy some more. Regularly, in a disciplined way. In five years you'll be so so pleased.

The market is up 300 right now. If you don't think this is a sucker's rally, you're the definition of a sucker. It might be up 300 again tomorrow. So what. In six months it will be way lower than it is now. And all those chasing paper profits will be looking for new ways to get rich with their last little strips of colored paper.

As Richard Russel likes to point out: in markets like this, he who loses least, wins.

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