This page has been archived and commenting is disabled.
Buy Physical Gold and Silver Bars - Ex Mafia Boss
Michael Franzese, the former powerful mafia boss turned motivational speaker and author, warned on CNBC that stocks are a bubble, Wall Street is crooked and advised people to own physical gold and silver bars.
Asked for his “top investment tips,” Franzese told CNBC:
“I did a lot of things at times with people on Wall Street and I don’t trust them … that is the bottom line … a lot of [Wall Street] guys are shady and they did shady things with me and I don’t trust them. And I don’t like other people that I don’t know really well taking care of my money. I think that I can do it better.”
Regarding stocks he said he thinks “there is a bubble there and when it bursts it is not going to be good.”
He said he would not invest in gold ETFs, rather he owns physical bars:
“No matter what, it’s <bullion bars> always going to have a value and there will always be something there.”
“Unlike stocks, where in our country, you go to sleep, everyone tells you everything is wonderful, you wake up and everything is gone. We have experience that. Fortunately, I wasn’t invested at the time.”
The interviewer asks “it sounds like you are bracing for Armageddon?”
Franzese says “Well I don’t think so … that’s been my experience and I have done that successfully and like I said I always have something to hold onto.”
Regarding diversification, he agrees with diversification but says you need to have knowledge and understand what you are investing in and not allow others to pick investments for you.
The Colombo crime family’s former boss – Michael Franzese – says even he doesn’t trust Wall Street.
Franzese – played by Joseph Bono in the 1990 Martin Scorsese movie “GoodFellas” – spent 10 years in prison after he was convicted on federal racketeering charges.
When he was 35, Franzese ranked number 8 on Fortune Magazine’s list of the 50 most wealthy and powerful mafia bosses. 44 of those on the list are now dead, and three are doing life in prison without parole. He reportedly raked in up to $8 million a week. Franzese is the only surviving high-ranking member of a major crime family to publicly walk away and refuse protective custody.
He also said that what made him turn over a new leaf was the love of a good woman who is now his wife of 29 years.
Franzese is right to be wary of Wall Street given the litany of fraudulent activities uncovered in recent years. Bullion banks have been found to be charging “storage fees” to store gold bullion … without having the bullion in storage. They also offer unallocated gold accounts where there is not the ounce for ounce backing of clients purchases - meaning that the same gold is pledged to numerous people.
Owning physical gold coins and bars, rather than paper gold or gold owned via a digital platform, remains the safest way to own gold.
Inform yourself of the 7 Key Gold Storage Must Haves here
»
- advertisements -
I'll buy after the Monday morning fat thumb smack down
Anyone out there ever buy limited series or have interest in things like these? Why or why not?
http://www.providentmetals.com/bullion/bullion-by-series/the-12-labors-of-hercules-series.html?ref=slideshow
http://www.providentmetals.com/bullion/silver/private-slv/1-ozt-rd.html?ppm_coin_series=715
Do you get the copper coins? I like the zombucks for their concept and have been getting them. Will prolly get these too.
I buy from Provident. Silver. I usually buy the cheapest .999, 1 oz coins or bars they have. But I do by the occasional "country" coin. Some of them are quite beautiful.
What happened to Joe Pesci's career after that? Tommy was a serious badass lunatic. Die hard four dbag and punching bag for the home alone kid. Give us more cowboy Tommy
Ah, Goodfellas. One of those movies I can watch over, and over, and over....and never tire of it.
I'm a believer. Bullion FTW.
Smart guy. Although I'd have to differ on owning bars...it seems to me that holding coins or other smaller units would be wiser.
In a SHTF scenario, gold bars may be nearly useless for most everyday purchases...who's going to make change? And out of what? Fiat currency?
Also, maybe I'm wrong, but it seems to me that larger transactions would pretty much dry up...who wants to involve themselves in big transactions in an uncertain environment? Sure, you could exchange your gold bars for land, but what happens if a new government simply voided all such transactions? Wealthy Russians weren't out buying up land after the Bolsheviks came...they just wanted to get the fuck outta there. It's probably easier to pay your fare with smaller units.
So, my way is to accumulate smaller units, mostly old jewelry (which I get for a song). A nice 30 gram 18k neck chain is easily sold, and can be worn until then.
Bars are multi purpose. Store of wealth, makes a great door stop, plus you can always beat the shit out of someone with a bar. If you have enough of them you can always build yourself a little house in your basement;-)
Agreed Bemused.
Smaller the better. But IMHO, you should scratch the half-value Bling - and load up pre-64 dimes.
When a loaf of bread is 25 Cents again (instead of $4.29), a silver DIME could be worth $25.00 ... so you either load up the grocery cart for that shiny silver or take your change in near-worthless ersatz.
A gold chain might buy several tillable acres - but for day to day needs, the Mercury will rule.
when the evening news does its first story on gold/silver trade for merchandise, a new executive action will be used to stop the "greedy hoarders" from using their fungible precious metals. we can't have planners and preppers getting the better of the average american dumbass. you won't believe the clamor that will ensue vilifying gold/silver owners.
Professor Franzese Ph.D, University of Crime Business School v. Dr. Krugman
Who would ask a broke guy for financial advise?
"rather he owns physical bars" = not broke!
Krugman owns barbarous relics? Phyz?
When the pumpers have no one but the gangsters that created the pump in the first place and I'm the 4th comment it is safe to say that you finally listened to us.
Yup it wa s a scam and 4 suckers are left
Makes me feel kinda gangsterish/
Hey You lookin at me? Wassa matta you. I busta you face.
Miss you James Gandolfini
Why didn't he mention Bitcoin?
"Always have something to hold onto" might have something to do with it. If someone wants to try and steal my PM's, they have to risk death to do it.
WOW, I did not realize that I have been ahead of the game for such a long time.
8 million a week!?
Attn. boys and girls: Crime does pay.
You must have missed the part that said he's the ONLY boss still out and not on protective service...