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Pat Gorman on How to Protect Your Wealth, Invest for Success and Protect Your Family

Written by Anthony Wile

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The Daily Bell is pleased to present this exclusive interview with Pat Gorman.

Introduction: Mr. Gorman has been actively extolling the virtues of honest money for nearly 30 years, the last fifteen of which he has spent as president of Resource Consultants, a Phoenix, Arizona based wealth advisory firm. Mr. Gorman has hosted the longest-running financial talk radio show in the Phoenix area, Hard Money Watch. And for the past 14 years, he has hosted an annual two-day wealth protection seminar attracting today's top free-market minds. Additionally, Mr. Gorman is the author of the 'Net best-selling book, The Value of Honest Money as well as a monthly investment newsletter outlining asset protection strategies. He is also a member of the board of directors of a public mining company.

Daily Bell: How are you feeling? Good to speak to you again. You had a health setback.   

Pat Gorman: I sure did. On December 30, 2010, I suffered a major stroke. I am still working on getting my speaking skills back to where they once were. I am extremely grateful that I do not have any paralysis. My physical health is much improved and I am once again able to come into the office and work more, even though I do not yet spend much time on the phone.

Daily Bell: Good to hear you are recovering. Remind us about your business and how it's been doing in your absence.                           one-hundred-bill

Pat Gorman: I am the President and owner of Resource Consultants Incorporated. We buy and sell gold, silver, platinum and palladium coins and bullion. Our customers take delivery of their metals purchases. We also do many precious metals IRA's. Business has been nothing short of terrific. Practically all of our business comes from recommendations, referrals & repeat customers and we work very hard to earn their trust everyday. My wife and business partner, Linda, has done an outstanding job as Vice President in my absence. Our Wealth Protection 2011 conference was a huge success again this year and we are still selling CD's of the entire conference. Even the speakers commented that this year's conference was the best ever! We are a family run business and everyone has stepped up to take on a little more of the work load to ensure our clients continue to get the best service available.

Also, throughout the years I have surrounded myself with the some of the best economic minds in the country. These people have become great friends and colleagues and they have proved a wonderful source of support while I have been recovering from the stroke. We are truly blessed and grateful.

Daily Bell: You are no doubt following the metals' markets as usual. Give us a sense of where gold and silver are headed, in terms of purchasing power.

Pat Gorman: Up.

Daily Bell: Let us ask you some fundamental questions. How high will they go in your opinion?

Pat Gorman: I would be surprised not to see gold well over US $5000 per ounce and silver over US$100 per ounce within the next 2 ½ to 3 years. If I'm wrong, my timing is just off and it will happened sooner.

Daily Bell: Is the US dollar dead?

Pat Gorman: No, but it's twitching and the mutation that's happening is hideous.

Daily Bell: What may replace it?

Pat Gorman: No doubt something fiat-imposed as usual, which will only be a temporary fix. There is no doubt that gold & silver, "Honest Money" will eventually be understood to be the only real solution to bring about a sound economy. The transition will no doubt be a long and a painful one, with many stops and starts before any working monetary system is established.

Daily Bell: Is China headed for higher-highs or a crash as we think?

Pat Gorman: Higher highs with perhaps a hiccup for a while, but China is on its way to being more of an economic power than the US ever was.

Daily Bell: Is there any paper currency you would recommend?

Pat Gorman: It would be really tough to recommend any of them right now.

Daily Bell: Where is the euro headed? Will it survive?

Pat Gorman: It will survive for a while, but as a currency it really is in very big trouble right now, as is the entire European Union.

Daily Bell: What are your feelings about the Internet today?

Pat Gorman: There is now a heightened sense of awareness about many things. The internet has helped to bring this about. Research that used to involve hours spent in the library is now available with a click of a button. Now, it's just a matter of sorting through the propaganda and finding the truth. I have to say "The Daily Bell" is one of the few and the best places for free-market thinkers to go for an improved understanding of economics today.

Daily Bell: Thanks for the compliment. Are people catching on to the central banking scam?

Pat Gorman: For the best answers to the central banking questions I went to my good friend Sinclair Noe. Sinclair is the author of Eat The Bankers: The Case Against Usury, a must read for anyone trying to understand the banking system and its effects on our economy. Mr. Noe has been filling in for me on my radio show, Hard Money Watch, while I work on getting myself radio-ready again – and he has been doing a great job. Sinclair was also the Master of Ceremony at our Wealth Protection Conference again this year. Sinclair, what say you?

Sinclair: "Yes. The Internet has given us a window into the historically secretive world of central banking. Remember the Federal Reserve was conceived in secrecy, shrouded in ritualistic mumbo jumbo, and cloaked behind the intentionally indecipherable language of the dismal science. The Creature From Jekyll Island was never meant to be seen in the bright light of the sun. It is more than ironic that Ben Bernanke has recently started to hold press conferences. This is pure theater, but it shows two things: the Fed is getting nervous, and the Fed still thinks they can put on a dog and pony show and hoodwink the masses."

Daily Bell: In 2008, people started paying attention to the massive bailouts and they started to seriously question the scam. Where did the bailout money go? How much money was given away? Why hasn't the Fed ever been audited? What exactly is the Fed? Who does the Fed serve? Why the hell do we need a middleman? What is the moral or legal authority for the central bank? Why did we abandon Article 1, Section 8?

Pat Gorman: Slowly but surely the light bulbs are starting to come on. People are realizing that the Fed has not added one ounce of value in nearly 100 years and many people now realize we have witnessed the greatest theft in history. The U.S. Treasury was looted. We have seen the greatest redistribution of wealth ever perpetrated. If you want a blueprint for financial corruption, it is the central banking system and the thieves who stand behind it.

Daily Bell: Is the centralized banking elite in trouble now?

Pat Gorman: Yes. Any sustainable successful economic system must be based on principles of equity, fairness, justice and opportunity for prosperity. History has proven that systems built on oppression and injustices always fail in time. So, yes central banking is in trouble now but it has been in trouble before.

Daily Bell: Will central banking continue or will it succumb to public anger?

Pat Gorman: Change is not always quick and it doesn't always lead to the results you might expect. You have to remember that the banking cartel is extremely profitable; they can start wars; they manipulate education; they direct the sciences; they purchase and control governments and they own and control mainstream media. The banking system concentrates and places power in the hands of those who control it. It is a tremendous and real advantage to be able to print money out of thin air. While it may be interesting to speculate that the Fed is nervous about transparency damaging their moral authority, the truth is, the Fed never had any moral authority and doesn't seem particularly interested in morality.

Public anger can be powerful but fear is also powerful and it is a favorite tool of the elite. They will tell us that the power to print money is too important and too complex to entrust to partisan elected politicians; that the threat of terrorism, crime, and drugs are the reason to surrender our freedoms for the perception of security. They will try to sell us that censorship of the Internet will protect us. Of course we know the old saying, "He who sacrifices freedom for security deserves neither." I think that came from Ben Franklin and he had another saying, "Time is money." The longer the banking elite can stall reform, the longer they can profit. There's another saying, "Don't fight the Fed;" that probable came from somebody in the Fed, and whenever I hear that I think of the line from the Wizard of Oz: "Pay no attention to the man behind the curtain."

I know you've compared the Internet to the Gutenberg Press and that is a good analogy. I also like your decsription of the power it has to create reform – thus your nomenclature, Internet Reformation. Maybe the Internet can pull back the curtain on the Federal Reserve, but I don't expect the Fed's handlers to just hand over power to the people. So far, all we've seen are a few monkey wrenches tossed into the gears of the money power's machinery. What we haven't seen YET is a modern day equivalent of Martin Luther's Theses nailed to their front door.

Daily Bell: What about Ben Bernanke?

Pat Gorman: What about him?

Daily Bell: Is he weathering the storm? Do you think he will eventually resign?

Pat Gorman: Bernanke is nothing more than a puppet. Eventually he will exit the stage and be replaced by another puppet. Helicopter Ben is just a contrarian indicator. How much credibility can you give to a man who says gold is not money? What you have to watch out for are the people pulling his strings, they also hold the strings of our politicians and they control the guns.

Daily Bell: What should people be buying today? Paper metal or physical metal?

Pat Gorman: Having physical gold and silver is essential if you want insure your wealth against devaluation. It should be considered as the ideal means to preserve the purchasing power of your money. Paper, whether it is suppossedly backed by gold, is still just paper. You cannot beat holding the real thing.

Daily Bell: Will gold end up confiscated in the US and the EU? You didn't believe so last time we spoke.

Pat Gorman: I'm sure they would love to confiscate gold if they could get away with it. I still don't believe it will happen. Most people have had enough of the robbery and another confiscation would be too blatant a move to try and pull without setting off a revolution of sorts. It would be much simpler to just make your dollar worthless or continue to tax the people to death. Even that is getting dangerous. When almost all you work for is taken and given to someone else by someone else, why work? I don't think the populace will continue to just lay down for agencies taking much more than they already do without putting up a fight. At least I'd like to think they wouldn't.

Daily Bell: What do you think about states printing their own money?

Pat Gorman: Well, that is something they did many years ago before the American Civil War. At this point, we may not only see some states start to print their own currency, we might see several states attempt to secceed from the Federal government. Texas, South Dakota and North Dakota have already considered it and other states are talking about it.

If the Federal government continues to let the Federal Reserve run things the way they have been, the people will become "Fed Up" and are bound to rebell against it. The people who have lived in complacency are beginning to see how that's affecting their lives and the future lives of their children.

Daily Bell: Tell us more about why you started a precious metals business.

Pat Gorman: After working for and managing other metals companies for many years, my wife and I grew weary of the broker mentality of "selling" rather than educating. We thought there had to be a better way for people to acquire honest money. I started Resource Consultants Incorporated in 1996 with the philosophy of education before acquisition. We are a family based company and do business all over the United States. All of our business is through repeat clients, referrals and recommendations and we do not have any brokers calling anyone with a sales pitch. Some say we are the most recommended metals company in the country because of that. We simply do not pay for our recommendations.

Resource Consultants has a newsletter that we send out, free of charge. We also have a website –www.BuySilverNow.com. Additionally, I have had the longest running financial talk radio program in Phoenix, Hard Money Watch, and you can listen to it in the archives section of our website. As you can see, we try to educate people and hope they want to do business with us when they are ready. And many do.

Daily Bell: Explain why owning old coins (numismatics) is not a good idea. Or is it?

Pat Gorman: It depends. No one knows what will happen. Some of the older gold coins are good to buy if the price is right. The biggest problem most people have with old or rare coins is that they are gouged by a broker telling them it is the best thing since sliced bread and if they invest in this they will be rich two weeks from Thursday. That is not often the case. Just as investing 100% of your money in one gold mine is probably foolish, investing 100% of your money in one category of physical precious metals is not a wise idea either.

This is why Resource Consultants always recommends three categories. The first is what we call Insurance, this includes the bullion pieces such as 90% silver, silver bars and rounds, Silver Eagles, Gold Eagles, Maple Leafs and other easily traded bullion pieces that carry a very low premium.

The second category, we call insurance with a kicker. This includes Peace & Morgan silver dollars and the older American gold coins such as $20 St. Gaudens & Liberties in XF or slightly circulated condition.

The third category we call speculative, and this included the Mint State older US gold and silver coins. These coins are at very low prices as of late because there have been many people selling them back into the market. Since all markets are influenced by supply and demand, when the market gets flooded the prices come down. This is what makes this category speculative. You can do very well with these coins but you need to buy and sell right. Diversify!

Daily Bell: Are gold and silver becoming scarcer? Are People hoarding as the price goes up? When will they dis-hoard?

Pat Gorman: So far gold and silver is readily available. The demand is still very brisk. We do not believe many people are hoarding at this time. People are just beginning to wake up to the fact that the dollar is in deep, deep trouble. Many people think that with the price of gold being over $1600.00 that means the price of gold is going up. The price of gold is not really going up. The value of the US dollar is going down. If anything, what is happening is that people have been hoarding US dollars. As the world wakes up and realizes that the US currency is breathing it's last breath they will be dis-hoarding the dollar to buy gold as quickly as a beauty queen running from a leper! When this happens, the price of gold will be driven to at least $5000 per ounce or more.

Daily Bell: Are more mines likely to open up?

Pat Gorman: More and more companies are exploring all over the globe and it is inevitable that some will be successful and new discoveries will lead to the opening of more and more mines. Mineral exploration is a highly speculative field and one in which, more often than not, tears of pain are shed rather than tears of joy. Again, we hope if people choose to invest in mining exploration companies they are careful to make sure they are not being sold "The Brooklyn Bridge!"

Daily Bell: Moving on…are the powers-that-be trying to distract the populace with wars?

Pat Gorman: Absolutely.

Daily Bell: What are you doing to protect yourself and your family?

Pat Gorman: First and foremost, I am taking better care of myself. I have learned that the body needs attention once in a while and now I am learning to give it what it needs. I would like to be around for those who need and love me. A brush with death certainly gives one a new appreciation for life. Other than that, not much has changed. Remember the Y2K scare? Our family never really made any drastic moves or panicked back then, because we always lived with the Boy Scout mentality of "always be prepared." All you can do is the best you can do. But you have to take personal responsibility for what goes on in your life and say no to the dream peddlers who tell you they can do a better job of taking care of you, than you.

Daily Bell: Any other points you want to make during this tumultuous time?

Pat Gorman: My advice is get out and stay out of debt. Put away as much honest money as you can and invest in some good mining stocks too. These days having a little pioneer blood running through your veins doesn't hurt either. Know where your money is going. Know who your friends are and how to be one. Learn how to store food and have an emergency plan. Plan for the worst, but hope for the best.

It is also important to pay attention to what's really going on. Most of what you see in the news is just a diversion used to distract you, while your pocket is picked and your freedom is taken away.

Daily Bell: Any resources, books or websites that you want to recommend?

Pat Gorman: Sinclair Noe is the best source I know of for anything to do with the banking system. You can find his books on Amazon.com. Or you can call our office to order an autographed copy. Once again, our website address is www.BuySilverNow.com. You'll find all of our contact details listed there.

Additionally, Richard Maybury's "Early Warning Report" is one newsletter we highly recommend. Rick's website is www.RichardMaybury.com and his "Uncle Eric" book series is one of the best sources of education on economics you will find. Personally I think they should be in every home and school.

Daily Bell: Thanks so much for your time. Here's wishing you good health.

Pat Gorman: My pleasure, it's good to be back.

SOURCE: Daily Bell

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