Speaker 1: Welcome to another edition of the Chicks on the Right podcast.
Very excited today to have with us doctor Mike Fulgens,
who is the numismatic consultant with First Fidelity Reserve, which is,
by the way, where we get our gold and silver,
and we want to pick your brain a little bit
about the state of precious metals right now, starting with gold,
which topped three grand an ounce for the first time
ever and it's on track to keep right on growing.
And even when everybody else was like all super skeptical,
you were predicting that it would grow and you were right.
So how much higher is it going to go?
Speaker 2: Well?
Speaker 3: I got a chance to interview Steve Forbes in Nashville
in October of twenty twenty three, and we both agreed
about where the dollar was with central banks were buying more,
and we thought gold would hit twenty five hundred and
twenty four and it did, and we think it'll hit
thirty five hundred this year. And Bank of America and
City Bank agree with us, and the London bullion market
analysts over twenty of them agree it's going to go
up substantially because increased central bank buying, increase exchange trade
fund buying, and frankly, people are around the world, not
just the United States, are concerned about uncertainty and a
lot of buying for iras investment retirement accounts. I promised
you I wouldn't use acronym.
Speaker 4: Sorry, no worry goodness. Silver is the same way too, right,
because silver is seen again in twenty twenty four they
were it was up what twenty four percent and twenty
twenty four and then ten percent and twenty twenty five,
So do you expect that to continue as well?
Speaker 2: Well?
Speaker 3: Industrial demand has grown over the last four years, has
been shortfall and supply, and I do expect and again
the London bullion market analysts saw about a forty percent
increase coming this year. And many people think silver can
get up over thirty five to forty dollars and we
see gold at thirty five hundreds. So it's a good
place to put apart. I'm with a number of people
you would recognize, and they say twenty percent in gold,
rare coins and precious metals either in your IRA for
your investment portfolio.
Speaker 2: I wouldn't say.
Speaker 3: Put over a quarter in any one thing unless that's
just your area. But twenty twenty five percent in this
area makes sense and it has been good over the
long term.
Speaker 1: Okay, so how do banks like fit into the equation?
What are the trends that you're seeing there?
Speaker 3: Well, central banks around the world of trying to shore
up their currency which is weak, so they put more
gold to the public in China, in India, in all
sorts of countries that they have more trust in their
paper money. You know, the old adage about the US
Bureau of Engraving in printing is they make money the
old fashioned way they print.
Speaker 2: It, you know, so you got to back it with something.
Speaker 4: Yep, yep. There's a lot of talk about the stock market,
which I know you're talking about like twenty five percent
in gold and silver. A lot of people don't do that.
There are a lot of people that are not doing
that right now because you know, people don't know a
lot about it. But give us your thoughts on you know,
gold and silver versus the stock market. What are your
thinkings about.
Speaker 3: Gold has almost tripped the down s and P since
two thousand and it's far out performed at Silver has
been way up more not as much as gold, but
significantly above the down SMP.
Speaker 2: But the key is buying from the right people.
Speaker 3: I wrote the Consumer Protection Guide for the Attorney General
Texas Ken Paxson. I was head of a committee that
helped the FTC in the past on their consumer Protection Guide.
You got to pick someone you're doing business with that
has ability and also has integrity. They've been in business
a long time, they've won awards in their industry. Those
are things to look for, and they send you information
that can really help. Our materials have been voted the
best in the industry multiple times. And we say buy
the book or we give away the books for free,
but buy the guides in the books before you buy
the product. We want you educated, and that's what you
want from anybody buying in this field.
Speaker 4: Yeah, there's a lot of people out there doing it.
Speaker 1: Yeah right, oh yeah, well, and that's one of the
things that we learned from you early on is it's
super super easy to get ski And you've had, like,
you've got horror stories. Would you care to share a
couple of the more scary ones, just to make sure
people know how they can get scammed.
Speaker 3: Well, I had a pastor's wife come in after he passed,
and all the silver coins he had and all the
gold coins were counterfeit. China is shipping lots of counterfeit products,
including coins and money into the United States, and I
did a ring test. I showed him how it was
made out of nickel and zinc. It rang differently with
a pen tapping it.
Speaker 2: Wow.
Speaker 3: On the internet, wish eBay Ali Baba, Facebook their counterfeits
all over there. In fact, I got an anti counterfeiting
bill through with a few my associates through Congress in
twenty twelve, but it just slowed it down a bit.
The Trump administration's been better about it was with Mike
Pompeio a few years ago talking about how much better
they were at limiting fentanyl and counterfeits coming into the country.
It opened up morend under Biden. It hopefully under the
Trumpet demistration it will now keep tightening.
Speaker 2: But you've got to know your dealer.
Speaker 3: And behind me you can see some plaques and it's
kind of like, show me the carfax, show me the
coin plaques.
Speaker 2: Have they got awards in the field?
Speaker 3: Yeah?
Speaker 1: Well, And that's that's been the hardest thing is because
there's we see commercials constantly for various different gold companies,
and I'm sure it's overwhelming to novices out there, which
we would consider ourselves that like, how how do how
do people recognize when they're being scammed? I mean is
the answer then to like say, how many awards do
you have? You know what I mean? Like, what's the
telltale sign that they should be looking for to make
sure that they stay safe?
Speaker 2: Well?
Speaker 3: You know, first of all, you know I and when
I wrote the guide for Ken Paxton, our attorney general.
Are they a member of leading organizations?
Speaker 2: Now?
Speaker 3: The trouble is some organizations all you need is a
heart beating a check. Are they are they? Have they
served on boards of those industries? Have they been published?
I mean, I'm published in price guides and besides my
own books I've written. Make them show you where they
have peer respect? Where's the peer respect? And by the way,
I like some BBB's Better Business Bureau is excellent. There
I go with acronyms, but I like better business acronym.
Speaker 1: You're okay, we know that.
Speaker 3: Yeah, are Better Business Bureau is wonderful. Some of them
aren't quite as good. But there are other rating systems
that it's pay for play. You cannot trust five stars
from some rating systems out there. You want to know
are they a member of leading coin organizations? Are they
have They all won awards from leading coin organizations and
they served on boards of.
Speaker 2: Leading coin organizations.
Speaker 3: In fact, I have a checklist on that very thing
that you can check us against other dealers. Here are
things to see, uh, to pick a dealer. And it's
like any test. You after you take the test, it's
too late to ask a question, ask the questions and
prepare before you buy.
Speaker 4: Yeah, And it's frightening because there's probably a lot of
people out there.
Speaker 2: We say, there's no Santa Claus in numerous matics.
Speaker 3: You get what you pay for, and you want someone,
like I said, who's ethical and experience and experience, Well.
Speaker 4: How can you know where can our audience get more
information about gold and silver about you? Because that's the
thing I think a well educated customer is a good customer, right.
You want people to be educated? Boyut this stuff, because
I know that's we want it to be. Before you
get gold and silver. You want to know you're getting
gold and silver.
Speaker 3: They can go to First Fidelity Reserve's website and they
got the phone number on there. They've got information to
order on there, and go to the website at First
Fidelity Reserve. They can google it and just go there
and either call them they've got representatives standing by, or
they can well order stuff straight off the website. And
there's return privileges, there's there's all sorts of good information
to that can help them perfect.
Speaker 1: Thank you so much for your time. We really appreciate it,
and I know our audience will too.
Speaker 3: I'm honored to be on your show. You'll have done
so well and are you. And one other thing I'd
say is you can put gold in metals in your
investment retirement accounts. Consider that because that's part of your
investments too, and you should balance it out with some
gold for that. Like Bank of America says gold is
a safety hedge and they recommend by it.
Speaker 4: So thanks again, absolutely, thank you, thank you so much