It’s Not Too Late…

Two comments. Both related. Each on opposite ends of the spectrum.

Comment 1: “I just had to meet you and thank you! You have made me so much money in the last two years. I am so glad I listened to you. I really do feel prepared.”

Comment 2: “I know you keep saying to buy gold and bitcoin, but the prices are so high. I figured it was too late—that I missed it. So it’s too late, right? Tell me it’s too late.”

Both are comments from attendees who approached me at International Living’s Ultimate Go Overseas Bootcamp in Portland, Oregon last weekend.

Commentor 1 told me she began buying gold and bitcoin sometime in early 2023, not long after I wrote here in Field Notes that crypto’s animal spirits were again percolating even as the mainstream media was still harping about “crypto winter” and the death of bitcoin.

In the time she has owned bitcoin and gold, they’re up roughly 400% and 100%, respectively.

Which means Commentor 2 has missed out on similar gains because of worries he was buying at the top. (Actually, he wasn’t the only one who shared that sentiment; three or four people approached me over the weekend, each saying they’ve been reluctant to buy because bitcoin and gold seem “toppy.”)

As a value investor at my core, I absolutely understand the “toppy” worry—the fear that just maybe you’re buying at the market’s top.

But as I told those making that comment, people were worried about a top market when bitcoin was $10,000 or gold was at $1,000… and they worried about a toppy market with bitcoin at $25,000 and gold at $2,000… and then again when bitcoin was at $60,000 and gold was at $3,000. And here we are today, with bitcoin at $110,000 and gold at $3,500.

What a lot of people don’t grasp is that there are times when record high prices for an asset aren’t a sign of a market top, but a sign of a market pushing higher and higher because of underlying tailwinds.

Bitcoin and gold at or near record prices these days means we’re in just such a time.

In my various Portland presentations, I explained why both assets are surging these days: Increasing fear among global investors that America is heading in a painfully wrong direction…

• Soaring US debt (and fiscal incontinence in DC) is scaring the bejeezus out of foreign investors who would otherwise be putting cash to work in US stocks and US Treasuries.

• America’s political landscape looks like a clown circus to overseas investors, so they’re backing away from the US for fear of a political crisis.

• Global investors also believe US economic and fiscal policies are misguided and are leading America toward a cliff.

All of that combined is driving demand for assets that will protect holders from the global destruction that a crisis in America will impose on the world.

A crisis typically would mean a race to own the dollar by owning US Treasury paper.

But a paradigm shift is underway—just as I’ve been predicting for well over a year now: When the crisis IS the dollar, no one is going to rush to own the dollar. That’s like rushing to Miami because a Cat 5 hurricane is about to hit South Beach.

Instead, investors are rushing into gold and bitcoin as their safe-haven plays. That’s a big reason why both assets are surging.

Both bitcoin and gold are sending a message that all is not quiet on the American front.

Which is why I keep saying buy buy buy! Buy as much gold and bitcoin as you feel comfortable owning.

Don’t look at $3,500 gold and think, “Toppy!”

Don’t look at $110,000 bitcoin and think, “Toppy!”

Look at both of those and think about their trajectory over the last few years, and why they keep pushing past new all-time highs.

Yes, they retreat every once in a while. That’s just consolidation. It happens with every asset. Gold and bitcoin race higher… they stop for a bit and slump a couple percentage points as they catch their breath… and then they start racing higher once again.

That’s going to continue.

There’s nothing on the horizon that says the US is getting its house in order.

There’s nothing that says US politics is anything other than a sh**show—a romper room in which petulant toddlers are in charge.

There’s nothing that says America’s debt and its incontinent spending are under control.

To the contrary, everything points to worsening situations all around.

And, so, gold and bitcoin shrug and just keep marching higher because investors are buying more and more and more of each asset as they prepare for the inevitable crisis to come.

So do yourself a favor. Don’t look at the price of gold and bitcoin today and see record highs and then worry you’ve missed the boat. Look, instead, at all the tailwinds that have pushed bitcoin and gold to those record highs and ask yourself: Are those tailwinds still around? Or are they gone? (Hint: They are not gone.)

And then go buy yourself some bitcoin and gold… and come to the International Living Ultimate Go Overseas Bootcamp in Tampa, Florida next Labor Day and find me at my little table in the expo hall, and tell me, “I just wanted to find you and say thank you for encouraging me to buy bitcoin and gold!”