Where are the young people? David Schectman (Miles Franklin)

[68Camaro]

There is more to the article but I thought the start was especially worth a reminder, because Schectman is one of a few trustworthy suppliers who defined and created the modern precious metals market and has lived through the whole thing.

Where are all the young people?

Our clients are, by and large, in their 60s, 70s and 80s. Where are the young people? They’re on social media and buy stocks. The gold and silver buyer pre-1975 were almost exclusively coin collectors. The precious metals dealers were strip mall coin dealers.

My early experiences with precious metals were the circulated silver dollars that were used in slot machines in Las Vegas that my uncle Irv brought back and gave to all the kids as holiday gifts. No one but a coin collector knew anything about gold. It wasn’t legal to own gold (unless you were a coin collector) until 1975.

When the U.S. government removed silver from our coinage in 1965, a few people started collecting silver dollars and dimes and quarters (pre-65) at face value and sold them to coin dealers for a profit – since the silver value by weight was greater than the face value of the coins. That was the industry, period!

Our industry, as you know it, came into being in the late 70s with the arrival of Blanchard and Investment Rarities, national telemarketing companies selling silver dollars, junk silver, Krugerrands, Mexican 50 Pesos and pre-1933 gold double eagles.

For the first time, people started writing about the history of monetary metals, and the reasons to own them. Jerome Smith wrote a couple of books on silver, Gary North, Doug Casey, Richard Russell, James Dale Davidson, and others published precious metals newsletters and a new industry came into being – the financial seminars and offshore conferences. The message was getting out.

Because of the inflation of the 1970s and the rise in gold from $35 to $850 and silver’s rise from a dollar or two an ounce to $50 there was great interest in precious metals. Both the massive bull market that peaked in 1980 and the new telemarketers and newsletter writers (the king being Howard Ruff and his Ruff Times) and the conferences and seminars, a market base came into being.

Now we have financial news channels and gurus like Mad Money’s Jim Cramer, who pitch paper assets. Gold gets no love from Wall Street or money managers and financial advisors. Young people know little about the reasons to own gold and silver and on top of that, they have been in a bear market for the last seven years while stocks have gathered all the headlines.

College econ courses do not discuss the causes of inflation (money creation), and do not speak positively about gold and silver. If the younger generation isn’t getting educated in school, or by Wall Street WHY gold and silver are important financial assets, then who will we will our metals to? My generation, our readers, are not the buyers of tomorrow.
The young people will eventually figure it out – why we need gold and silver, but not until the prices explode and paper assets crash. That’s coming. The 2020s will resemble the 1970s and history will repeat, right on down to a new generation of buyers discovering gold and silver.

But meanwhile, we hear from our older clients that their kids are mad at them for buying all that worthless gold and silver – when they could have put the money into stocks.
I want to gloat! I want to tell these kids, “See, we told you so, this is why gold and silver are necessary. Aren’t you sorry you don’t own any (yet?)

...

[Cu Penny Hoarder]

Don't worry Mr Schectman... One day silver will be as cool/hip with millennials as cryptos are. When that happens, that's when I sell it all.

[Know Common Cents]

I've been a silver bug when it was uncool, then cool and back to its apparent uncool status.

I'm a veteran of the silver age. Silver coins circulated freely when I was young in the 1950s and 1960s. There was really never a question about its integrity. It was mined from the ground and was considered to be sound money. Hold a few silver quarters close to your nose and breathe in. The smell in unforgettable. Then take a couple of common silver quarters or halves and drop them on a hard surface. The ring of the silver coinage is something akin to Nirvana (at least IMHO).

Gold is great as a store of significant value. At $300/oz I backed up the truck. Now it's unaffordable, but the foundation of these coins has made my retirement so much more tolerable.

Investing in silver and gold may be an inconvenience or downright unaffordable (even at today's lower prices), but buy what you can and hold for the longer term. I've been smiling all the way into my 50s and 60s. No longer do my kids think I sustained some massive head injury as a young guy and have been delirious ever since (with regard to PMs, that is).

Great to be able to sleep at night.

[Mercuryman]

I'm technically a millennial. I don't have any social media and I've never participated in playing the rigged super computer market trading. Less than 10% of trading is regular stock picking. I don't know any millennial's playing the stock market. Millennial's are into social media, smart phones and crypto's. Even crypto is rare, most millennial's have nothing of value or any store of wealth. I hate my generation. Everyone expects to be handed a silver platter and get a free ride.

[Cu Penny Hoarder]

I'm technically a millennial. I don't have any social media and I've never participated in playing the rigged super computer market trading. Less than 10% of trading is regular stock picking. I don't know any millennial's playing the stock market. Millennial's are into social media, smart phones and crypto's. Even crypto is rare, most millennial's have nothing of value or any store of wealth. I hate my generation. Everyone expects to be handed a silver platter and get a free ride.

You sir are an exception to the rule. Good for you.

Crypto is a hyped, digital vaporware, Ponzi scheme. The blockchain technology is interesting and has some value, but cryptos themselves are not rare. Did you see all the bitcoin mining rigs that are now for sale on Ebay?... check it out sometime.

The stock market is indeed rigged, but you can exploit the rigging and ride the coattails of the algos... up or down.

The majority of millennials are basically f*cked. All the college grads I've ever worked with and/or hired come out of school with $50-$100K student loan debt and make $12-20/hr. Dollar devaluation only gets worse with time and wages do not keep up with it. Yet, I see them buying new cars, houses, tech toys, etc. Being a debt serf and wage slave is no way to live your life.

[68Camaro]

Some - a few - older technical millennials have been taught to "get it". But still the social / cultural pressure to conform to the "norm" of that generation and the generation that follows is intense and unless their belief is truly internalized until they own it, many cave to the pressure.

The problem with multiple generations being "f*cked" is that is the stuff that revolutions are made of. The few older middle class who were thrifty and saved will become in their minds the "elite" who have what they don't have - and they will then rationalize in their minds why it is ok to take it from them (you).

Opsec is key.

[Cu Penny Hoarder]

Some - a few - older technical millennials have been taught to "get it". But still the social / cultural pressure to conform to the "norm" of that generation and the generation that follows is intense and unless their belief is truly internalized until they own it, many cave to the pressure.

The problem with multiple generations being "f*cked" is that is the stuff that revolutions are made of. The few older middle class who were thrifty and saved will become in their minds the "elite" who have what they don't have - and they will then rationalize in their minds why it is ok to take it from them (you).

Opsec is key.

They way I see it... Revolution is really the only way out of this debt/slave system the global bankers have created. What's going on in France right now gives me some hope, but they only have sticks and stones, while the government military has tanks, planes, machine guns and bombs. Another US revolution is inevitable. It will be very violent and very bloody. There is no other way to change the current status quo scam system. It will need to be burned down and started from scratch. I'll probably be dead by the time that happens.

[InfleXion]

Everyone, old or young has an uphill battle to see beyond the status quo. The people I talk to seem to fall into a few camps, either too broke to think about it, too preoccupied to look out ahead, or afraid of the implications in looking too closely. It's easy for a young person to get into student loan debt before they understand how money works, and in the real world a piece of paper is only a foot in the door. I think people are and will be educated about money, as long as we take the time to tell them.

[chris6084]

I'm technically a millennial. I don't have any social media and I've never participated in playing the rigged super computer market trading. Less than 10% of trading is regular stock picking. I don't know any millennial's playing the stock market. Millennial's are into social media, smart phones and crypto's. Even crypto is rare, most millennial's have nothing of value or any store of wealth. I hate my generation. Everyone expects to be handed a silver platter and get a free ride.

I work with a millennial who plays the stock market. Like most millennials though, he is glued to his phone all day looking at social media to find his next stock pick. Then he is glued to his phone to watch his stock app looking at live stock market action trying to time his next buy. Of course, he isn't doing much actual work during all of this.

[Bigjohn]

I am a millennial, a stacker, a collector, a family man, and someone with a higher education and a full time job. Personally, I don’t agree with a lot of things that are being sad about millennial’s. While I understand that stereotypes are stereotypes for a reason, I do believe that stereotyping millennials is no different than stereotyping based on race, color, or gender. I have a lot of friends in my age group and can tell you that none (Including myself) day trade, addicted to crypto, spend all our time on social media (I don’t have a single social media account), have any student debt, have $12 an hour job, expect anything to be handed to us............I won’t go on. All of us put ourselves through college working multiple jobs. I don’t take offense, just wanted to put my 2c in

[Cu Penny Hoarder]

I am a millennial, a stacker, a collector, a family man, and someone with a higher education and a full time job. Personally, I don’t agree with a lot of things that are being sad about millennial’s. While I understand that stereotypes are stereotypes for a reason, I do believe that stereotyping millennials is no different than stereotyping based on race, color, or gender. I have a lot of friends in my age group and can tell you that none (Including myself) day trade, addicted to crypto, spend all our time on social media (I don’t have a single social media account), have any student debt, have $12 an hour job, expect anything to be handed to us............I won’t go on. All of us put ourselves through college working multiple jobs. I don’t take offense, just wanted to put my 2c in

You are an exception. 90% of the millennial's I've dealt with are in debt, addicted to video games and can't go 30 seconds without looking at their cell phone and/or social media.

[68Camaro]

Not to get too far off topic but stereotyping is a natural, normal best practice for processing our surroundings and especially useful for high level decision making. It becomes a harmful practice only when taken to an extreme, and/or when based on incorrect facts (which at that point isn't really stereotyping), and when it is applied at the individual level without any actual discernment or balance.

Just like my generation is notorious for the helicopter parenting that contributed to millenial behavior - but I'm definitely not one of those - there are a number of exceptions. Trouble is a generational norm is defined by the vocal majority an [oops - hit submit mid sentence] - and while I have no trouble culling out the best of the best in my hiring practices (and I've hired a lot of really great young people over the past several years) most of those that I've hired feel (like yourself) that they are the exceptional minority in their age group.

[Bigjohn]

I've hired a lot of really great young people over the past several years) most of those that I've hired feel (like yourself) that they are the exceptional minority in their age group.

I guess what I was trying to say is that I don’t feel like I am in the minority. Maybe it’s the part of the country where I live (PNW).......Maybe it’s who I associate myself with....... perhaps I am just broken (can of worms). I know a lot of people in my age group and the great majority is faaaar from that stereotype. I can see my 16 year old niece and her friends being a closer fit but that’s a whole different age group...........and even she works her tail off working a real job with maximum hours allowed by law though fairly into social media.

[68Camaro]

People tend to associate (even in work) with like types. If you looked at my friends, co workers, wife's friends, church friends, etc and extrapolated that to the country you'd think we were almost entirely a country of conservatives. We embrace a range of conservatism that includes what would formerly have included the old Democratic party, but you won't see many socialists or open border communists in it except for a few brainwashed millenials.

[Know Common Cents]

Think back to New Year's Eve 2017. If someone told you about all the actual economic and political strife that loomed ahead during these 12 months, you (like me) would've dismissed them as being an alarmist.

The next 12 months of 2019 have the potential to be very good or very bad. Middle of the road doesn't even seem like a possibility anymore. Many millenials have lots to learn about financial matters. In my early 20s, I pretty much knew what I should be doing, but made multiple conscious decisions to rebel against just about all conventional wisdom.

I dropped out of college (strongly believing I already possessed the wisdom of the ages) only to discover how wrong I was. I finished college and had a very successful career. I do have an optimistic slant to my thinking these days about the future of most millenials. The ones who concern me the most, however, are those who are on a perpetual slow-drip IV of social media. They're on a self-imposed short tether and consider Facebook and other social media to be the center of the known universe.

I do have abundant hope. May I live long enough to validate it.

[Mercuryman]

Think back to New Year's Eve 2017. If someone told you about all the actual economic and political strife that loomed ahead during these 12 months, you (like me) would've dismissed them as being an alarmist.

The next 12 months of 2019 have the potential to be very good or very bad. Middle of the road doesn't even seem like a possibility anymore. Many millenials have lots to learn about financial matters. In my early 20s, I pretty much knew what I should be doing, but made multiple conscious decisions to rebel against just about all conventional wisdom.

I dropped out of college (strongly believing I already possessed the wisdom of the ages) only to discover how wrong I was. I finished college and had a very successful career. I do have an optimistic slant to my thinking these days about the future of most millenials. The ones who concern me the most, however, are those who are on a perpetual slow-drip IV of social media. They're on a self-imposed short tether and consider Facebook and other social media to be the center of the known universe.

I do have abundant hope. May I live long enough to validate it.

Honestly back in 2017 I knew exactly what was coming. I've been aware of the banksters financial system of fraud since I was 16. The federal reserve has been plunging this country into the ground since 1913, It's a private bank running our country with zero oversight or regulations. People in the 70's thought the fiat money system crash was imminent and yet here we are still chugging along.

I honestly thought [shucks] would hit the fan years ago. Every year your dollar will be worth less and prices will keep going up. Wages will not increase with this cost of living.

Once the Government subsidized housing, food stamps and free medical care go away this country will go to hell quickly. Especially when they don't have entertainment and are withdrawing from their psychotropic ant-depressants. The US will never fully recover after we have our economic crash.

This current system could keep riding like this for decades... or it could collapse anytime. The best thing to do is be prepared and mentally ready for the challenges ahead.

Unfortunately the millennial's have no idea what's going to slap them in the face. It's not a matter of will it happen, its a matter of when will it happen.

Sorry if i just dropped a black pill. My advise is enjoy the good times while we still have them!

[Cu Penny Hoarder]

Honestly back in 2017 I knew exactly what was coming. I've been aware of the banksters financial system of fraud since I was 16. The federal reserve has been plunging this country into the ground since 1913, It's a private bank running our country with zero oversight or regulations. People in the 70's thought the fiat money system crash was imminent and yet here we are still chugging along.

I honestly thought [shucks] would hit the fan years ago. Every year your dollar will be worth less and prices will keep going up. Wages will not increase with this cost of living.

Once the Government subsidized housing, food stamps and free medical care go away this country will go to hell quickly. Especially when they don't have entertainment and are withdrawing from their psychotropic ant-depressants. The US will never fully recover after we have our economic crash.

This current system could keep riding like this for decades... or it could collapse anytime. The best thing to do is be prepared and mentally ready for the challenges ahead.

Unfortunately the millennial's have no idea what's going to slap them in the face. It's not a matter of will it happen, its a matter of when will it happen.

Sorry if i just dropped a black pill. My advise is enjoy the good times while we still have them!

Good post, especially the part about government subsidies disappearing. People will certainly go nuts when that happens. Watch those "Purge" movies to get an inkling of how it will be. When the trucks stop delivering food to the supermarkets... yikes.

A crash us coming, but it won't crash all at once. In 2019 I believe we'll see the markets stair stepping downward, but there will be few fierce bear market rallies (like we had last week). When the market starts dropping really fast and hard, the TPTB will intervene and try to rescue the market with some new bull[excrement] program(s) like they always do. Lowering interest rates is only going to get them so far.

[CLINT-THE-GREAT]

Long time since I last posted.... I am an X-ennial. I'm the small sector between the Gen-X and Millenials. I was the last generation to take "typing" class and the first generation to learn on a computer all at the same time. While I enjoy many of today's luxuries, I was raised the old school way with old school parents in which I am raising my son the same way. Of my 3 siblings and their children, my son is the only child to have a savings account. My son is the only one with a silver stash, and my wife and I still buy physical savings bonds for our son when we do our taxes. But like several others have stated, people in my generation and many more in the millenial generation have ZERO wealth. No stocks, bonds, crypto, PMs....nothing. I can't tell you how many people I know of who have already raided their 401k's to pay for things.....including a VACATION!!!! I see a lot of you saying we are heading towards the 70s again.... I think it may be more like the 30s. Just my $.02

-The Great

[Cu Penny Hoarder]

Long time since I last posted.... I am an X-ennial. I'm the small sector between the Gen-X and Millenials. I was the last generation to take "typing" class and the first generation to learn on a computer all at the same time. While I enjoy many of today's luxuries, I was raised the old school way with old school parents in which I am raising my son the same way. Of my 3 siblings and their children, my son is the only child to have a savings account. My son is the only one with a silver stash, and my wife and I still buy physical savings bonds for our son when we do our taxes. But like several others have stated, people in my generation and many more in the millenial generation have ZERO wealth. No stocks, bonds, crypto, PMs....nothing. I can't tell you how many people I know of who have already raided their 401k's to pay for things.....including a VACATION!!!! I see a lot of you saying we are heading towards the 70s again.... I think it may be more like the 30s. Just my $.02
-The Great

Welcome back CTG. Nice job. I would buy your son more gold and silver instead of savings bonds. Bonds won't be worth much by the time he cashes them in, but the gold and silver will be worth a LOT.

Millenials often take offense when they read negative things written about their generation. There are a few exceptions, but the majority of them are totally phucked. They don't realize it because they are so dumbed down and distracted. As I've stated above, all the kids I've hired and worked with have $50-100K of debt right out of college. Mostly from student loans and credit cards. They think they are going to have a family, buy a home and live happily ever after... they have no clue what they are in for. We are living in precipitous times. Housing and stock market is going to fall hard. What happened in the early 70's, 1987, 2000 and 2008 was a cake walk. IMO when all is said and done, it's going to be somewhat worse than 30's.

[Bigjohn]

Saw this article today, made me think on the thread.

https://www.msn.com/en-us/money/persona ... li=BBnb7Kz

I do believe that what many refer to as millennials is actually the post-millennials (Gen Z). It’s interesting that millennials actually have the least amount of debt of all generations, less than baby boomers. There are fewer millennials in debt than Gen X (36-51 yo).

[Cu Penny Hoarder]

Saw this article today, made me think on the thread.

https://www.msn.com/en-us/money/persona ... li=BBnb7Kz

I do believe that what many refer to as millennials is actually the post-millennials (Gen Z). It’s interesting that millennials actually have the least amount of debt of all generations, less than baby boomers. There are fewer millennials in debt than Gen X (36-51 yo).

I guess anyone can cherry pick data, but I'm speaking from direct experience on my dealings with them. A quick google search yielded these...

Millennials between the ages of 25 and 34 have an average of $42,000 in debt each, according to Northwestern Mutual's 2018 Planning & Progress Study. ... Credit card balances make up a full fourth of the average older millennials owe, while student debt accounted for about 16 percent, according to Northwestern Mutual. Aug 16, 2018


What percentage of Millennials are in debt?
Debt has caused a third of all millennials, or 34 percent, to hold off on buying a home and 31 percent to delay saving for retirement. It has also affected millennials' family structure. Fourteen percent of millennials have delayed getting married due to debt, and 16 percent have delayed having children. Apr 4, 2018


How much credit card debt does the average Millennial have?
Credit cards are the least of millennials' debt burden. Credit card debt totaling $56 billion may seem like a lot, but it's only a small part of the millennial debt picture. Millennial Credit Karma members in the U.S. have nearly $930 billion of debt overall, and those who carry debt each have $46,713 on average. Jun 26, 2018

[Bigjohn]

Not cherry picking anything. Was reading the news and the article caught my eye. That said, some have their minds made up regardless of data, which is only natural

[Recyclersteve]

Don't know if anyone has mentioned this yet, but perhaps part of the problem with young people and coins is that coin collecting is a slow paced activity. With social media and the internet, games that have incredible graphics, etc. there are lots of much faster paced items available for young people to get involved with.

[aloneibreak]

Don't know if anyone has mentioned this yet, but perhaps part of the problem with young people and coins is that coin collecting is a slow paced activity. With social media and the internet, games that have incredible graphics, etc. there are lots of much faster paced items available for young people to get involved with.

exactly right

its that instant gratification that is ruining the youth

who wants to save and look and wait for years until they finally find and can afford the last walker to complete their set ?

[Cu Penny Hoarder]

Not cherry picking anything. Was reading the news and the article caught my eye. That said, some have their minds made up regardless of data, which is only natural

There are more young people in debt now than ever before. The value of the currency is being inflated away and the cost of living keeps going up and up over time. Workers wages are not keeping up with the inflation.

Yes, the young people of today are screwed. 95% are totally distracted with cell phones, social media, SJW/PC propaganda, video games, sports, porn and other nonsensical bull[excrement]. The US is in big trouble. Politicians are useless for the most part. Left or right, red or blue... everything only gets worse as time goes by.

Gold and silver are great a preserving wealth, but when the SHTF they'll be at the bottom of the priority list.