Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Hi, this is newt Gold has broken several record highs
this year and Legacy Precious Medals of the company I
personally invest with. Together, we created the official contract with
America Silver Coin that commemorates our historic House victory in
nineteen ninety four. Supplies are limited and this commemorative coin
will sell out. Go to Legacypminvestments dot com or call
them at age sixty six four eight four four oh
(00:22):
four three d eight yours today. Tell them I sent you,
and they'll send you a free contract with America Coin
on all qualified IRA rollovers on this episode of News
World Washington, d C. The mainstream media and federal government
employees across the United States have been buzzing about the
(00:45):
Department of Government Efficiency, or DOGE as it's known. Doze's
goal is to cut wasteful and excess expending in the
federal government and save US taxpayers money. But Elon Musk's
DOGE team is in counter ring some pushback in their
efforts to take on the bureaucracy. Here to discuss DOGE
(01:05):
and President Trump's proposed tariffs, I'm really pleased to welcome
back my guest, Charles Thorngren, founder and CEO of Legacy
Precious Metals. Charles, Welcome and thank you for joining me
again on News World, particularly the time of extraordinary change.
(01:29):
It's always a pleasure and very informative talking with you.
Speaker 2 (01:32):
Oh, thank you for having me. It's my pleasure as
always and it is most certainly interesting times.
Speaker 1 (01:37):
Well, you're based in Texas. What are you hearing about
Elon musk doje efforts there?
Speaker 2 (01:43):
It's interesting, I think when you look at what he's
trying to accomplish here in Texas, we understand that waste
and fraud is always in the way. So the fact
that someone who has no direct attachment to it is
going after the system them to create a place where
there's equity fairly assigned to where it belongs, programs are
(02:07):
fairly funded and removing the waste during a time of
massive debt. It's what we want to see. It's not
just here in Texas. I think it's throughout most of
the United States. The concept sounds great. I don't think
that most people are aware of what it's going to
cost to get rid of that fraud. There is some
pain that comes with those kinds of an effort, but
(02:28):
it's worth it. In the end.
Speaker 1 (02:30):
Of course, there's going to be a lot of termoil
because you have people who've been used to really for
the last ninety years, starting with President Roosevelt, a certain
big government, Washington centered bureaucratit model, and suddenly everything's sort
of up in the air. As you know, Elon Musk
and the Department of Government Efficiency have said that their
goal is two trillion dollars in savings. Do you think
(02:51):
that's really achievable.
Speaker 2 (02:53):
I would like to say it's not. However, I will
say I don't put it past the team in place.
I think when we look at the team that President
Trump is put in place to manage the government, and
having Elon Musk specifically looking as in the industry, what's
(03:15):
known as the axe man makes sense. He has shown
a history of doing it effectively. This is not something
new to him. He understands money in a way most
people don't, and he understands how to run a company.
And ultimately, every one of these programs should be looked
at as a company, not a government subsidy. They have
(03:37):
a specific job to do and it takes money to
do that. But he's well aware of how much money
it takes to run a company and where the waste lies.
So his ability to find the waste is what's going
to lead the possibility of a two trillion dollar reduction.
Speaker 1 (03:53):
I've inclined to be very impressed with him. I've read
both Burger's book on the Founding of Space and Isaacson's
biography of Musk, and it's pretty astonishing the range of
places that he's had an impact. Now, if they were
able to do that, you know, the US national debt
right now is thirty six trillion, two hundred and twenty
(04:15):
billion dollars. Do you think that the spending cuts on
that scale would begin to impact the national debt?
Speaker 2 (04:23):
It's the question, isn't it. We have to look at
that debt in a unique way. Some of that is
future debt, but some of it's already existing debt. So
cutting from the budget now will help remove future debt,
it doesn't eliminate today's debt, yesterday's debt. We look in
(04:43):
the world, and especially as we look at the bond market. Now,
bond market is all about yesterday's debt. It has to
be paid back tomorrow, but it's yesterday's debt. It's already
on the books. So those cuts will help increase the
liquidity of the government's cash sets, but it doesn't remove
the debt that's already existing. That's a different battle that
(05:05):
has to be fought. But you have to start someplace,
you know.
Speaker 1 (05:09):
One of the things that's kind of fascinating. Musk has
floated the idea of doze dividend checks to taxpayers, which
he thinks would be about five thousand apiece. Do you
think this is a good idea? I mean, some friends
have written men said wouldn't it be better take that
money and begin to pay down the national debt? But
others have said, yeah, I wouldn't mind getting In terms
of building popular support, getting a doze dividend check might
(05:33):
be effective. How do you respond.
Speaker 2 (05:35):
I'm a guy who believes and kill the debt as
much as you can, right. I understand the concept of
the five thousand dollars check, and it truly is to
get everyone on board. And I think that's the wisdom
of Elon Musk, knowing there is pain points coming, right,
if we give people a dividend check or the trouble
(05:57):
that's about to come to them, it helps often them
a little bit. Me personally, I say, get rid of
the debt as fast as you can, because that ultimately
leads to prosperity for everyone sooner, because that's the ultimate goal,
an effective government that doesn't get in our way and
allows us as business people and employees to grow right,
(06:19):
reduce our taxes overall, give us more money in our
pockets for the long term, not just one big check.
But I do understand why that parrot is out there.
It's going to make the process a little bit more
palatable for some people when.
Speaker 1 (06:34):
You think about it. Here you have this remarkable, totally
new Doge project with Musk. At the same time you
have Trump talking about tariffs. What's your reaction looking at
the economy about Trump's idea that we ought to have
tariffs to balance off what other countries are doing to us.
Speaker 2 (06:55):
It's an interesting concept, and I think I've seen more
outrage about the tariff conversation among economists than any other
thing that we've talked about probably the last fifty years.
There's the concept of what's right is right? You're going
to impose tariffs on us, why should we not then
impose tariffs on you. The reciprocal conversation makes sense from
(07:18):
a fair play point of view. Will it happen the
way that it's designed, that's the question. Right now, it
seems like an amazing negotiation tool, and it seems to
be working. Everyone says they're going to fight back as
they capitulate two days later. So there is the art
of the deal in play right there. So I won't
(07:39):
say that it's not effective. I will say we see
substantial resistance. It could cause problems, but part of the
plan is the tariffs, the reduction of taxes for companies
and all of these things. It's creating that balance so
that you can give the American people, the American business
a break, and don't we deserve one after all the
(08:02):
struggles we've been through, especially if you're dealing internationally. So
I get it. It's not as simple as a yes
or no. It will work or it won't work. There
is a masterful plan behind it that has to work
to a team, and if it does, it will be amazing.
If it doesn't, that's where the trouble comes in. But
that's why the team that's built now is so important
(08:25):
for the tariffs to actually take effect.
Speaker 1 (08:28):
The first really targeted place, the tariff twenty five percent
tariform's stealing raising the tariff on aluminum to twenty five percent,
and both leaders of the steel in aluminum industry, you'll
come out in favor of these tariffs. Why do you
think there's such strong support from the steel and aluminum.
Speaker 2 (08:46):
Industry specifically for those two industries that they have been devastated.
They've been devastated by the terraffs placed on their steel. Overseas.
You can't get American steel in Japan, and it reduced
and crushed a very a major manufacturing aspect of America.
American steel, US steel, that was what you wanted your
(09:06):
country built on throughout the history of building here in
the United States and overseas as well. That tariff placed
by other nations on our steel has resulted in more
American jobs lost than almost anything. It's caused the decimation
of some cities. You take a look at some of
the cities in Pennsylvania that were revolving around the steel
(09:27):
industry and their shells of what they once were, and
that's a direct result from this tariff. If you can't
sell overseas, you can't stay in business. So from that industry,
I get it, they're excited, and they should be. They're
getting a level playing field for change in.
Speaker 1 (09:45):
That sense heavenly for a long time and played for
suckers where we have an open economy and all of
our trade competitors would have closed economies, and then people
would chant free trade. But in fact it was pretty
much a rig game in which the can subsidize almost
everybody else. Isn't that sort of your sense of how
that's working.
Speaker 2 (10:05):
Absolutely, and that's exactly what happened and carried even further
into NATO. We did the same thing in NATO. You know,
we subsidize the world, and it's time that that gets removed.
Our open policy is an amazing policy, right to the
fact that you give some nations the ability to get
(10:26):
goods and assets that they don't have the ability to
make and fairly, but when they close down those economies,
it really shook up our industries. It's kind of like
the rule that says your team is so good, we're
going to handicap you so that this other team can
feel like they're winning. And that's not what economic policy
(10:51):
should be.
Speaker 1 (10:53):
I went back and found in nineteen fifty nine statement
by President Eisenhower that the plans were playing us for
suckers and getting us to defend them while they did nothing.
And so there's this general sense, whether it's a trade
policy or defense policy, that we came out of World
War Two so successful. We were over half the world's
(11:14):
economy because everybody else has been bombed, and as a result,
we got very sloppy about what we negotiated and very
tolerant of people taking advantage of us.
Speaker 2 (11:25):
We have been so successful as a nation that we
overlooked debt, we overlooked fairness because we had the means
to do so. The problem with that is you don't
always have the means to do so.
Speaker 1 (11:49):
Hi, this is new. You can't have a balanced portfolio
if gold and silver aren't a part of it. Gold
has broken several record highs this year as investors are
looking for a safe haven. Legacy Precious Medals is the
company I invest with, and you should give them a
call and see if a gold investment is right for you.
Legacy Precious Medals also created the official Contract with America
(12:12):
silver coin that commemorates our Historic House victory in nineteen
ninety four. It's one ounce of pure silver and a
piece of American history. Supplies are limited, and this commemory
coin will sell out. You can buy this exclusive coin
by visiting Legacypminvestments dot com and you can also add
the contract with America Coin to your IRA. Call Legacy
(12:35):
today to speak with an advisor at eight six six
four eight four four oh four three, or visit Legacy
online at Legacypminvestments dot com. Tell them I sent you,
and they'll send you a free contract with America Coin
on all qualified IRA rollovers. Given all of this turmoil
(12:59):
and all these changes, what's your read on the market
and what are you thinking about you look out over
the next two or three years.
Speaker 2 (13:07):
Interestingly enough, and we kind of talked about a little
bit in the beginning, the changes being made have to
be made. The economy is broken. It needs to be fixed.
The process to fix it is going to cause turmoil,
and we're beginning to see that. I know we've talked
in the past, and I have made the statement that
I thought the FED was not going after inflation as
(13:29):
strong as it should be. They should have become a
little bit more aggressive than they have. They should have
started a little sooner, and we're beginning to see that.
Now we're seeing inflationary pressures creeping back into the economy.
You take inflation, you take oil, you take everything else
into consideration. Things are going to get tough. The economy
is going to get tough, and you're going to see
(13:52):
American business take a hit before they come free from everything.
My outlooks a little gloomy for equities. I would say
that we will see a quasi recession happening just because
it's built into the economy already. The damage that's been
done isn't easily fixed. So looking forward the next year
and a half two years, we will see some hardship,
(14:15):
but then tariffs and tax breaks and things of this
nature will begin to play into the economy. That's when
we begin to see the turnaround. It's just how bad
the damage gets while we're waiting for that to happen.
That's the big issue.
Speaker 1 (14:28):
Given the last administration, in the policies that Biden Harris saw,
it was it almost inevitable that we would have this
kind of wrenching transition.
Speaker 2 (14:38):
Absolutely, I don't say this lightly. I think it was
by design. I think that we had an administration that
knew towards the end that it was not going to
win this election. That forty seventh president was inevitable and
damage was done specifically to hurt his reputation, to hurt
(14:59):
his legacy. Very pessimistic of me, I know, and I
don't say it lightly, but I don't know how to
explain the spending that's happened by the previous administration. It
makes no sense focus on the things they focused on
that had no bearing on ninety nine percent of Americans.
It's ludicrous and it never makes sense. So I have
to look at it and say, what was the design
(15:21):
behind it?
Speaker 1 (15:23):
So when you go through this kind of a dramatic
change and you see all these different patterns changing, from
your perspective, what is that place gold and silver as
part of a diverse investment portfolio. I mean, this has
got to be a period when there are no experts
who understand the level of volatility which could come out
(15:44):
of this, whether it's up or down. And in that context,
what are the relative virtues of gold and silver and
thinking about some kind of legacy precious metal approach making
sure that your assets get through the scale of change.
Speaker 2 (15:59):
You and I have been interesting question. And I'm not
someone who likes to run out there and say, you know,
the sky's falling, that's not what we do here at legacy.
But gold and silver are going to fit the position
that they've always fit. They are the safe haven asset
we look at this time and that safe haven is
more important than ever. And we've seen the run up
(16:19):
of medals just since the election. Right anytime there's uncertainty,
medals have value. The dollar will weaken because of the
changes that need to be made. Once those changes are
in the process of being made, you're again going to
have that weakness in the dollar. You're going to have
gold move up on that. You're going to have the
(16:40):
equities recession and inflation. These are all positive things for
the precious metals market. This is why that portion of
your investment should be in precious metals to protect you
from the things that have a negative effect on your
wealth and your savings. So when I look at where
(17:00):
we're at now and what's to come and gold sitting
you know right here around twenty nine hundred dollars an ounce,
it's going to look mighty cheap here in a short term,
I think that we're going to see some substantial moves
just based on the fundamentals of the economy, and then
we have to figure in the psychology. When people become
(17:21):
afraid of what they see and they don't understand what
they see or don't understand where the outcome lies, they'll
move into metals as well. I think looking at everything
that we see happening, the metal's future is something that
it's going to be very important for people's portfolio.
Speaker 1 (17:37):
From that perspective, I'm just thinking about the level of
volatility and the notion that it's virtually impossible to predict
how this comes out. So having sort of a broad
approach that has a variety of different assets sort of
protects you from ending up with one thing which then collapses.
(17:59):
And sense maybe in a period of dramatic turmoil, a
broad portfolio approach is more important than ever. It just
feels that way.
Speaker 2 (18:08):
It's very true anytime there's uncertainty, goal is important, and
I think the diversity now is really what's even more important.
If you're getting near retirement age, the last thing that
you want is another period like you know two thousand
and eight, where it takes you a decade to recoup
asset valuations because of a decline, when all you really
(18:29):
need to do is take a portion of what you
have and diversify because that's going to offset that loss.
And when you're doing that, it's important to know why
you're doing it right. So many times people say, oh,
gold and silver, it's a safe haven, but that's all
they know. It's important to know more, and that's why
(18:52):
we say, when you talk to us, ask about what
your plans are, and we ask you about what your
plans are. It's important to let us know so we
can show you why it makes sense. There's where the
peace of mind comes during these times. The diversity is important,
but also the peace of mind is important. You shouldn't
have to live with worry about your ability to retire.
(19:14):
That's why not only does it protect your portfolio, your metals,
but also gives you that peace of mind, which is
pretty invaluable when.
Speaker 1 (19:22):
You're sitting here and you're thinking, I really don't know
what to do. I don't hear you say put all
your money in any one thing, whether it's gold or
silver or whatever. But rather look at your total assets.
Think about where you want real safety and there you
have things like legacy precious metals, and then think well,
where you want to take a little bit of risk,
(19:43):
and that might be something else. But when you have
a future in turmoil, as I think we're going to have,
then having some broader approach gives you a greater likelihood
of not getting wiped out by the change. I mean,
is that a fair summary?
Speaker 2 (19:59):
Eligantly put? And I would also add to that too.
When you know that you have your backdrop, your safety net,
you're now more able to take advantage of the risk.
Right when you know that you're going to be able
to retire safely, you can say this money that I
don't need for the safety of it, I can now
take educated risks, and that'll give you the ability to
(20:21):
take advantage of some of the opportunities that will come up.
Because whenever there's a decline, when it turns around, there's
great opportunity. And if you've protected yourself, you've given yourself
the best chance to take advantage of that opportunity.
Speaker 1 (20:43):
Hi, this is new. You can't have a balanced portfolio
if gold and silver aren't a part of it. Gold
has broken several record highs this year as investors are
looking for a safe haven legacy. Precious Metals is the
company I invest with, and you should give them a
call and see if a gold investment is right for you.
Legacy Precious Metals also created the official Contract with America
(21:06):
silver coin that commemorates our historic house victory in nineteen
ninety four. It's one ounce of pure silver and a
piece of American history. Supplies are limited and this comemory
coin will sell out. You can buy this exclusive coin
by visiting Legacypminvestments dot com and you can also add
the contract with America Coin to your IRA. Call Legacy
(21:29):
Today to speak with an advisor at eight six six
four eight four four oh four three, or visit Legacy
online at Legacypminvestments dot com. Tell them I sent you,
and they'll send you a free contract with America Coin
on all qualified IRA rollovers. Somebody wants ask a very
(21:53):
famous investor what was the key to his success? He said, well,
buy low and sell high. And they said how do
you do that? He said, Well, that's the secret, isn't it.
Speaker 2 (22:04):
Absolutely the secret.
Speaker 1 (22:06):
Most of us aren't smart enough to get out there
and play that particular game, but we can invest in
a cautious, practical direct way. From your perspective, when you
deal with people and talk to people, what do you
see as the Legacy Precious metals role in helping them
have a diverse investment portfolio.
Speaker 2 (22:26):
Our role has always been to provide the diversity, but
again also to provide that peace of mind. I think
when you know you have that safety net in place,
you can begin to look at other things, and you
have someone that you can talk to. You know, you
can talk to your customer service rep and say, here's
what we did, here's what I'm looking at, what makes sense?
(22:48):
What do you see going on? And we try to
offer advice on the economy pretty frequently. Me and my
A team talk about it a lot. We're talking about
not just you know, gold and silver, but the things
in the economy that are opportunities and pitfalls. That information
really will help someone to be able to diversify into
(23:11):
other things. They'll be able to say, I'm hearing on
the news this is the big new thing. Doesn't make sense.
Maybe it does, but find out from someone who's going
to talk to you about it without a horse in
the race. Right, We're looking at it from an economic standpoint,
so it's about information, So you can use that and say,
here's an independent source of information that will help me
(23:34):
make my decision on maybe let's say real estate bonds,
things of that nature, because we do talk about those
things right in a general way. What I like to
say is in a common sense, regular English kind of way. Economists,
if you let them, they'll get you spun around. They
know some fancy words that just don't make sense to
most people. But we like to break that down and
(23:55):
make it something digestible.
Speaker 1 (23:58):
If somebody does come to Pressure Metals IRA, what are
the fact that you can do at Legacy Precious Metals
that helps somebody's got an IRA, but they're thinking, maybe
I want to be more protected against the volatility of
the market. What is that conversation like? If they approach
you and say, could we roll our existing retirement count
(24:19):
into a precious Metals IRA.
Speaker 2 (24:21):
The answer is going to be a definite maybe, and
I know that it does to sound very defined. There. Really,
the way to make this process the best is to
know that we are here to answer questions. So what
you want to do is give us a call here
at Legacy Precious Metals. The phone numbers eight sixty six
four eight four four zero four to three. Again, that's
eight sixty six four eight four four zero four to three.
(24:46):
When you call, though, here's what you're going to expect.
We're going to have a conversation, a basic person to
person conversation, I like the ones you have with the
financial guy who's trying to tell you buy this hot
rising stock. And what we're going to do is say,
what are your goals? What are your financial goals? What's
your risk tolerance? Some people don't even know what their
(25:07):
risk tolerance is, right, they've been in a foundation where
they're told to buy a B or C. Well, let's
find out what your risk tolerance is, how long you
have till retirement. These are all very important things. And
then as we're walking through your investment options, we're going
to find out what kind of IRA you have is
it's something that you can roll over a part of
(25:27):
and move it into metals. Most of time you'll find yes.
There are some situations where you won't. We may have
to come up with another plan, But the goal is
for my team to provide you with enough information so
that you can make the decision that you need. Right.
We're going to make it possible for you to make
that informed decision. And that's the important part because now
(25:49):
you're going to begin to understand what you're invested in
so again, what you want to do is reach out
to us and talk to my team. The number is
eight sixty six four eight four four zero four to three.
Speaker 1 (26:01):
In addition to encouraging people to call, I have to
raise sort of my favorite subject since I've got to
know you, and this is an idea which I think
you came up with to have a contract with America
silver Coin that was created exclusively by Legacy Precious Metals.
Listeners can outworder the collectible coin on its own, but
you also have a new special offer form. I have
(26:23):
to say, the coin itself is beautiful. I really am
so grateful that you did it. I think that it's
a kind of a remarkable collector's item. But why don't
you just for a second outline how you're approaching this.
Speaker 2 (26:37):
Absolutely the contract with America Coin, it's a beautiful coin.
It's a one out silver coins have the image of yourself.
We have the speaker on the front of the coin
holding the contract that memorable moment where we had a
balanced budget, an amazing thing. And on the back of
the coin we also feature the ten pillars of the
contract because the contract was something that was an amazing thing.
(27:01):
And not easy to do, and we know that because
no one else has done it. Sent you so that
beautiful silver coin. It's also a collector's item. We're not
making millions of them. It's available now at Nuke Gingridge
silvercoin dot com. Again, that's Nuke Gingridge silvercoin dot com.
Or you can call us at eight sixty six four
(27:23):
eighty four four zero four to three get the advice
about not just the retirement accounts and medals, but you
can also pick up one of these magnificent coins as well.
I will tell you now that what we wanted to do,
and this may come as a little bit of a shock.
I don't know if you know about this or not, Newt,
but as of today, we have a special offer. If
(27:44):
you call us and decide to roll over your qualified
IRA into a legacy precious metals account, we will send
you one of the new Gingridge Contract with America coins
for free directly to you, not held in your IRA.
We're gonna ship it to your home. So, if you're
a listener of the show, call us and to tell
our sales representative you are listening to Newt's World, and
(28:05):
when you do the qualified IRA rollover, we will get
that out to you. So it's important mention the coin
because you do want to have one of these. Okay,
when you call us, also know that this account is
a regular IRA account. You're going to have all the
same regular tax benefits from a retirement account. You're going
(28:27):
to do all of that savings that you've done all
your life for your retirement account, all the same benefits,
but you're going to have something tangible inside the metals,
and you will also get that free contract with America
Coin as part of your IRA rollover. So this is
a one of a kind coin. It's going to go
up in value. It will gain value for you, just
(28:49):
like your other medals, but this has that specialty quality
to it. Call us at eight sixty six four eight
four four zero four to three again, that's eight four
eight four four zero four three.
Speaker 1 (29:04):
I have to say I was very touched when you
first suggested this to me, and I think it came
out so beautifully and it is something that makes me
feel very very proud. I want to thank you for
joining me, helping me and our listeners make sense of
the current political and economic environment and how we can
save for our retirement with a portfolio that includes precious
(29:26):
medals like gold and silver, and I want to let
our listeners know if they want more information, they can
call Charles and his team at Legacy Precious Medals directly
at eight sixty six four eight four four oh four three.
That's eight six six four eight four four oh four three,
or they can visit Legacy online at Legacypminvestments dot com.
(29:51):
Thank you very much, Charles.
Speaker 2 (29:53):
Oh, it's my pleasure. Thank you as well for having me.
Speaker 1 (29:59):
Thank you to my Charles Thornburn. You can learn more
about Legacy Precious Medals at Legacypminvestments dot com. Newtsworld is
produced by Ganglish three sixty at iHeartMedia. Our executive producer
is Guernsey Slum. Our researcher is Rachel Peterson. The artwork
for the show which created by Steve Penley. Special thanks
(30:20):
to the team at ginglishtree sixty. If you've been enjoying Newtsworld,
I hope you'll go to Apple Podcast and both rate
us with five stars and give us a review so
others can learn what it's all about. Right now, listeners
of the Newtsworld consigner for my three freeweekly columns at
Ganlistrey sixty dot com slash newsletter. I'm Newt Gingrich. This
(30:41):
is Newtsworld, and this episode of Newtsworld was brought to
you by Legacy Precious Medals. Hi, you can't have a
balanced portfolio if gold and silver aren't a part of it.
(31:04):
Gold has broken several record highs this year as investors
are looking for a safe haven. Legacy Precious Medals is
the company I invest with, and you should give them
a call and see if a gold investment is right
for you. Legacy Precious Medals also created the official Contract
with America silver coin that commemorates our historic House victory
(31:25):
in nineteen ninety four. It's one ounce of pure silver
and a piece of American history. Supplies are limited and
this comemory coin will sell out. You can buy this
exclusive coin by visiting Legacypminvestments dot com and you can
also add the Contract with America coin to your IRA.
Call Legacy Today to speak with an advisor at eight
(31:47):
six six four eight four four oh four three, or
visit Legacy online at Legacypminvestments dot com. Tell them I
sent you and they'll send you a free Contract with
America coin on all qualified Ira rollovers.