The Billionaire’s First Time

09 Oct

The Billionaire’s First Time

Leon Cooperman Discovers Gold at the Age of 77!

Like so many of the superrich these days, Leon Cooperman has discovered gold!

The 77 year-old billionaire, senior Goldman Sachs investment veteran, and now chairman and CEO of the New York-based investment firm Omega Advisors, did just a few days ago what he had never before done in a long and successful career in finance.

“I bought gold for the first time in my life a week ago,” said Cooperman.

It was a frank assessment of today’s financial reality that brought the hedge fund billionaire around to gold.  

First of all, Cooperman seems to have spied the bubble that is the stock market.  “We were just starting to knock on the door of euphoria before the virus hit. In some respects, we’re knocking on the door of euphoria again now,” he says.

“I have a very conservative view about the market presently, because I’m worried about who pays for the party when the party is over”

The last time we wrote about Cooperman was last year, before the Corona virus hit.  He fired a shot at the Federal Reserve then, asking why the Fed was cutting interest rates and “screwing savers,” despite the US economy being in a record-long economic expansion.  

Now Coopeman is concerned about the compounding US debt, saying “Nobody’s worrying about the debt that’s being created.” 

He picked a good time to comment about the debt.  Just days ago, it ticked up past $27 trillion dollars.  Which just means that future taxpayers – maybe even your own kids and grandkids – just got a lot more debt shoved down their throats.

Actually, we’re very concerned about the unpayable US debt here at Republic Monetary Exchange.  You should be, too!  When government officials tell this isn’t time to worry about the debt, it’s time to worry about the debt!

We do our daily best to educate people about the impact of increases in the US debt.  We have reached an inflection point in which additions to the debt are being paid by central bank money creation.  

Which means higher gold prices.

“I understand the case for gold,” said Cooperman. “We’re on the way to some banana republic situation.”

We congratulate Leon Cooperman for discovering gold and welcome him among us.  Even billionaires hate to see their wealth inflated away by dishonest monetary policies.    

But remember, it’s even more important to protect yourself and your family with gold if you’re not a billionaire!   After all, if dollar devaluation strips away 99 percent of a billionaire’s net worth, he still has $10 million in purchasing power remaining.  He may not like it, but he will probably manage to get by.  But if you have $1 million, and the government destroys 99 percent of the dollar’s value, you are left with only $10,000 in purchasing power.

And $10,000 ain’t what it used to be!

jim-sign