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The Golden Rule: Safe Strategies of Sage Investors [Hardcover]

Jim Gibbons

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Book Description

May 3 2010

Everything the independent investor needs to know to effectively invest in gold

With today's increasing economic uncertainties, a strong investment strategy is to put a portion of your net worth in gold. However, given investors' overall lack of knowledge about gold as an investment, as wealth insurance, or as a store of value, many are hesitant to enter this arena.

That's why Jim Gibbons has created The Golden Rule. This book answers many questions, including: How do you purchase gold and in what form? Why gold now? When should you buy? And, most importantly, from whom? Throughout the book, Gibbons puts gold in perspective and shows you why it belongs in every investor's portfolio.

  • Provides practical gold investment insights from New York Times bestsellers Peter Schiff, William Bonner, Doug Casey, Addison Wiggin, and James Turk as well as from leading experts in this field including: Congressman Ron Paul, Rick Rule, Adrian Day, and many others
  • Demystifies gold by putting it in the context of twenty-first century economic realities
  • Highlights a variety of ways to invest in gold-from mining stocks to buying gold coins and bullion

With the financial markets more erratic than ever, gold appeals to investors looking for a safe haven for their assets. With The Golden Rule as your guide, you'll quickly learn how to make the best decisions possible with regards to this precious commodity.

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Product Details

Product Description

From the Inside Flap

With today's increasing economic uncertainties, a strong investment strategy is to put a portion of your net worth in gold. However, given investors' overall lack of knowledge about gold as an investment, as wealth insurance, or as a store of value, many are hesitant to enter this arena.

That's why Jim Gibbons—who has studied the role of gold in the world economy for over thirty years—has created The Golden Rule. Comprised of contributed chapters from many leading experts in this field, The Golden Rule answers many essential questions, including: How do you purchase gold and in what form? Why gold now? When should you buy? And, most importantly, from whom?

Throughout the book, Gibbons and the extraordinary group of experts he has assembled, put gold in perspective and show you why it belongs in every investor's portfolio. Page by page, this reliable resource provides practical gold investment insights from some of the best minds in the business, including seasoned Wall Street prognosticator Peter Schiff, William Bonner and Addison Wiggin of Agora Financial, James Turk of GoldMoney.com, Congressman Ron Paul, Rick Rule of Global Resource Investments Ltd., Eric Sprott of Sprott Asset Management, and many others.

Along the way, this timely guide also:

  • Demystifies gold by putting it in the context of twenty-first century economic realities

  • Highlights a variety of ways to invest in gold—from mining stocks to buying gold coins and bullion

  • Discusses gold's importance to both the world economy and your future

  • Provides contact information to the gold experts highlighted in the book

  • And much more

With the financial markets more erratic than ever, gold appeals to investors looking for a safe haven for their assets. With The Golden Rule as your guide, you'll quickly learn how to incorporate gold into your portfolio and make the best decisions possible with regard to this precious commodity.

From the Back Cover

Praise for The Golden Rule

"I have been around the 'hard money camp' for almost thirty years and know almost all of the writers in this book, often for decades. I have learned from them and now you can reap the accumulated wisdom of many years of these masters of the gold markets. Got gold? You should!"
—John Mauldin, Millennium Wave Investments, author, Bull's Eye Investing

"The Golden Rule contains serious analysis and arguments why every saver should hold some of his cash and assets in physical gold and gold-related investments. A fine read!"
—Marc Faber, Editor, The Gloom, Boom & Doom Report

If you don't trust Greenspan or Bernanke, Bush or Obama, Congress or any other part of the regime, to plan your economic future, own some gold. It's a personal declaration of independence."
—Llewellyn Rockwell, Chairman, Ludwig von Mises Institute

"If there's one thing American investors need to know more about, it is gold. They can either learn about it now—ahead of the curve—or later from the school of hard-knocks. Jim Gibbons thinks now is better and has done a great job gathering some of the industry's most knowledgeable experts together in one highly informative, full-spectrum package."
—Charles Goyette, author, New York Times bestseller The Dollar Meltdown

Before the recent economic crisis, some investors were leery of holding an asset such as gold, which pays no dividend and earns no income. But times have changed, and today, having gold in your portfolio is more important than ever.

Nobody understands this better than author Jim Gibbons, and now, in The Golden Rule, he has assembled an extraordinary group of experts in this field, who will help you gain a firm understanding of gold as an investment, as wealth insurance, and as a store of value.

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Amazon.com: 4.5 out of 5 stars  8 reviews
9 of 10 people found the following review helpful
4.0 out of 5 stars The Golden Rule Is A Must Read! July 6 2010
By Claddagh Cottage - Published on Amazon.com
As this book has been recommended by the likes of Marc Faber, John Mauldin, and Lew Rockwell, I'm not sure how much my review will add. Still, a friend of a friend of a friend of Jim Gibbons, the person who put the book together, has said he is looking for reviews of his book. I decided to oblige, although this is my first formal review of any book. The book seems well put together and informative. It also has several other strengths.

First, as it is a collection of two dozen essays, it presents a variety of ways to invest in gold. My knowledge about the practical aspects of gold investing was limited and the various essays filled in many gaps for me. Although Gibbons' point of view is that the primary reason to hold gold is as a form of wealth insurance, the investment aspects of owning gold also receives wide play from the various contributors. Despite gold being at record prices, I guess it's not surprising that virtually all the contributors think the price of gold is going much, much higher.

Additionally, Gibbons also asks the reader to believe that the contributors he has gathered together are much more trustworthy than your average Wall Street brokers or financial planners. He does a good job of conveying to the reader why we this might be so. If one can believe Gibbons, the referrals alone are worth the price of the book. The list of referrals includes stock brokers, coin and bullion dealers, and investment newsletter publishers among others. A few names I recognized, but the majority were new to me.

Again, I am no expert on gold, but the combined effect of the essays makes the book feel more like a primer on gold investing than it does a detailed analysis. Although a few of the contributors go in to great detail about certain aspects of gold investing, it is readily apparent that each one of them could have written their own book on investing. Some of them have. This is both a strength and a weakness of the book depending on what you hope to get from it.

If there is one true weakness in the book, it is that a couple of the essays already seem a bit dated. It's for this reason that I only gave the book a 4 star rating, although if just one of the contributors I plan on contacting pans out, it would be 5 stars.
4 of 4 people found the following review helpful
5.0 out of 5 stars Golden Advice Aug. 8 2010
By Margaret Picky - Published on Amazon.com
"The Golden Rule" is an anthology with contributions from about twenty-five different experts, all of them very well-respected for their knowledge about the material they provide. Even on the internet, it would be unusual to find in one place such a well-written gathering of ideas about the many aspects of gold relevant to investors.

The book is divided into five parts, roughly classifying the professionals who contributed chapters: Brokers/Money Managers, Investment Newsletter Writers, Coin and Bullion Brokers/Dealers, The Miners, and Game-Changing Educators. Some of the names are quite familiar, such as Ron Paul, others less so; yet all of them have in common, besides a great deal of knowledge and expertise, so much conviction that at least one has been imprisoned for following his beliefs.

The preface does a good job of explaining what the book is all about and how the author brought together so many experts but I suggest that you start instead with the introduction, "The Tie That Binds", which perfectly illustrates how gold, which has proven itself to be a reliable way to store and preserve wealth for thousands of years, is still important in our modern world. If you aren't the type of person to read introductions or if it doesn't convince you that the information presented here is relevant to you, skip to pages 49 and 50 and read about the two Vietnamese refugees--then go back to the preface and start over, from the beginning.

Certainly "The Golden Rule" is an excellent current overview of the entire subject of investing in gold but therein, perhaps, lies a fault: the book is written for this particular time and it refers to specific stocks and firms and even quotes the current value of gold in U.S. dollars. This means that although the the principles presented will still hold true in twenty or fifty years, the specific examples will not. This was obviously a conscious decision on the part of the author, to gain relevance, interest, and practical usefulness in exchange for some timelessness. For the most part, this was successful, although certainly prices have changed in the time between when the words were written and when they are read. I deduct half a star for this but still round up to five stars--the books on investing in an inflationary environment from the 1970s are still useful and arguably even more interesting for being a record of their times.

In thirty or forty years, reading this book about gold at $1,000.00 an ounce will likely induce nostalgia for when the U.S. dollar was really worth something. Fiat money has always failed and the best one can hope for is that it succumbs to the type of slow inflation that has ravaged the U.S. dollar over the past decades, for even time is its enemy. Gold endures.

A copy of this book was provided for review by the author.
2 of 2 people found the following review helpful
4.0 out of 5 stars Not as disappointing as it seemed Sept. 13 2010
By Marvin D. Pipher - Published on Amazon.com
Let me begin by saying that I bought this book primarily because of its copyright date, 2010: so my views may not reflect those of any other reader.

Having read a number of other books on pretty much the same subject, I was interested in seeing what the latest thinking might be regarding the state of the U.S. economy in general and the future of gold in particular. When I began reading the book, however, I soon discovered that it was essentially a compilation of essays, articles, and speeches by a number of investors and analysts knowledgeable in the various fields of gold investment. Unfortunately, at least from my initial perspective, the majority of them dated from 2008 or earlier, with one going back as far as 1997.

I found this to be something of a disappointment. But as I read deeper into the book my opinion began to change. The reason for that change was that there appeared to be two types of essays/articles in the book: 1) those which offered specific investment advise; and 2) those which more broadly addressed the current state of affairs with regard to the U.S. economy and its implications for the U.S. dollar and gold in the future.

I found many of the former chapters to be somewhat self-serving and also a bit difficult to put into proper perspective. Although they were highly informative and offered some sage advice, their recommendations were outdated making it hard to put them into any meaningful context. This difficulty was compounded by the fact that the "original" dates of publication of this material varied from chapter to chapter. Broadly speaking: I learned a lot from these chapters, but it wasn't what I was looking for, and I wasn't sure how useful it might be.

The articles and essays of the latter type, however, proved to be extremely interesting and enlightening. In the main: they addressed America's economic and political problems and outlook in a broader sense and, as a result, although they might also be dated, the information they conveyed was timeless. Several of the chapters stood out above the rest and should be of interest to anyone having a specific interest in any of the book's topics, or who, like many of us, is just a casual but concerned reader. The ones I would recommend most highly are: Chapter 7, Bet Against a False Premise; Chapter 8, Undervalued Companies and Gold; Chapter; 12, Gold is Truly Precious; Chapter 15, The Internet Gold and Currency Provider; Chapter 16, Gold, Fiat Currency, and Integrity; Chapter 21, What the Price of Gold is Telling Us; and Chapter 22, The Gold Price. Chapter 16 is the best and most telling. It may sicken you, may even scare the pants off you, but it is an absolute must read.

As you can see, I have mixed feelings concerning this book. But the book's good features far outweigh the bad, and I feel that it is a book which should be read by anyone seeking to know more about America's economic problems and/or what the implications of those problems might be for the country and/or the gold market.
4 of 5 people found the following review helpful
4.0 out of 5 stars Collection of articles about gold. Aug. 4 2010
By N. Wallach - Published on Amazon.com
Have you ever considered investments in gold? I looked at it off and on over the past 20 to 25 years but never pulled the trigger nor did anything about it. In that time frame gold stayed mostly stable at around $300 per ounce until the last few years and now is wobbling around $1000 per ounce. All the history notwithstanding, there has always been an active community of folks who believe that gold is the solution to the world's ills and, in particular, want to see gold standards reestablished for currencies all over the globe, and certainly in the U.S. With that history in mind, it should be no surprise that when a book titled "The Golden Rule: Safe Strategies of Sage Investors" came into my hands, that I would read it with an open mind.

The book is actually a collection of 23 essays and articles, most of them reprints from other publications that appeared mostly in 2007 and 2008. These essays are divided into five categories but all share the common theme of talking about what a good investment gold is and why it should take up a share of your investing dollars. The variability amongst the various articles has more to do with the particular viewpoint of the writer than the general feeling that you should own gold. Several parts become very repetitive - after all, one can only read that paper money is not backed up by anything except for trust, and that the Fed and other government officials are con artists so many time before it gets bothersome.

One after another of these essays trots out pretty much the same basic argument which is that gold has held up its value for thousands of years as a means of value exchange while paper money is too easily manipulated by corrupt politicians. While the overall message comes across since it is hammered into your head repeatedly, I found other sections to be much more interesting. Those were the sections that delved more deeply into the various ways that you can own gold. Whether you choose to invest in the metal itself (by buying coins, say), or choose to invest in a mining company stock, or an exploration company, there are essays here that help you launch your own searches into the particular investment type and that was worth the read.

The author (or collector?) of these essays does not have a long pedigree as a gold expert. He explains his own background in the front part of the book and we learn that he built and operated an inn and now operates a clam farm. So, what makes his insights useful? In the Preface he states that he has learned over the years that one of the most important things you can do in the investment world is to find out who you can trust and that his experience showed him who to trust in the gold world. Those people were the ones who were asked to contribute essays towards this book. Of course, speaking for myself, I do not know the author, nor do I have any way of evaluating whether the people he recommends are trustworthy, nor whether he himself is trustworthy so this is a bit of a dilemma.

Now after having finished reading the book the question becomes would I follow the recommendations given in it? My answer is that I would consider having some gold coins on hand as a type of catastrophic insurance, but no more than that. Gold is simply not appealing enough of an investment to my investing and thinking styles and I do not see the attraction. However, I do see how others with a different mindset may wish to explore gold in a deeper fashion. For those folks, this book can be a valuable addition to their investing library and therefore I chose to give the book four stars. Would I invest in gold? No - but it may make sense for you.
1 of 1 people found the following review helpful
5.0 out of 5 stars Timeless Jan. 22 2014
By afreeman - Published on Amazon.com
Format:Hardcover|Verified Purchase
Unlike several reviewers I was not at all disappointed by the fact that many chapters had writings from several years ago. One of the attractions of gold is that if an essay about it is not relevant today...wait a few years and see what you think. The men Gibbons chose as his "Who" are excellent. I have read many of their works for years and profited from their advice. Principles, history, practical economics for the layman, and the application of all three to gold are the value of this work. I would recommend this book to the beginner and intermediate gold investor both.

Chapter One was an excellent real life tale of why everyone should convert at least some of their life's labor into gold on hand. The pages of history are full of examples of people who never thought disaster and war would happen to them today. On the optimistic side there is much to recommend gold as an undervalued asset that will not only protect the value of your savings but also displays promising fundamentals for future appreciation.

Highly recommended and a great book to pass on to others (only if you are sure you will get it back).

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