CEO of Legacy Precious Metals, Charles Thorngren, told the “Todd Starnes Show” about the one safe haven to invest in to combat rising inflation under President Biden.
“We know there will be a recession. There always is after a period like this,” Thorngren told host Todd Starnes.
“Precious metals are your one safe haven that will perform over the next few years. So when we look at that and say, how does it work really by owning precious metals, you’re saying I need protection from the dollar, I need to protect my purchasing power. And really that’s what we’re looking to do,” he said.
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“So what we say is buy the metals, get protected, and don’t ride that equities market down… Equities will continue to fall another 30 to 40 percent, and you have to be protected.” Thorngren said.
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He explained the money from an individual’s retirement account is moved over to an IRA that holds precious metals, in case of an emergency where cash is no longer valuable.
Listen to the full interview below:
The following is a rush transcript from the Todd Starnes Show which airs daily from noon to 3:00 p.m. EST.
TODD STARNES: [00:59:10] Well, I want to go to the Patriot Mobile Newsmaker Line and we’re honored to have with us a great partner here of the program, our friend Charles Thorngren, one of the smartest guys I know when it comes to the economy. He is the chief executive officer of Legacy Precious Metals. Charles, good to have you with us today. [00:59:26][16.6]
CEO CHARLES THORNGREN: [00:59:28] It’s great to be here. That’s quite a big build-up there, Todd, but glad to be here. [00:59:31][3.4]
TODD STARNES: [00:59:31] Oh, well, look, yeah, I wish it could be even larger, Charles, but we’re time-sensitive in radio. But you really have been so helpful for a lot of our listeners in maneuvering through this landmine of an economy right now. And I’m curious to get your take. What are the biggest concerns you have right now? [00:59:38][6.7]
THORNGREN: [00:59:53] Great question. The big concerns, you know, obviously, inflation, the coming recession, we know there will be a recession. There always is after a period like this. But more importantly, is the lack of active measures by the Fed to control what’s happening. That’s my biggest concern. And I know everyone’s saying, well, we’re raising rates, you know, isn’t that enough? It’s really not. We’ve had them come out and say, expect it, expect this recession to last a longer period of time. We’re going to have elevated Fed rates for quite some time. So that’s going to make everything elevated. You know, we talk about those home mortgages and, you know, just over 6.3% for a home loan. Now, that number is going to get bigger, too, and it’s going to stay longer. So this is the concern I have. And, you know, I like to throw the best example that we have. The last time we had inflation close to this was in the seventies into the eighties. And Paul Volcker was the Fed chair then. And he did something amazing. He crushed it quickly. But that required the Fed rates going up to 20%. So us sitting here, you know, playing around the 4%, it’s not managing the problem. [01:01:06][72.5]
TODD STARNES: [01:01:07] And Charles, you know, the debate’s been raging, you know, is, you know, are we in a recession? The Biden administration says we’re not. Everyone else says, well, that’s not exactly the case, are we? Everybody is hurting. And Charles, I just got back from several days in California. People over there, you know, can’t make ends meet anymore. They’re making the same salary. They’re buying the same foods. They’ve got the same bills. They just can’t make ends meet. [01:01:36][28.9]
THORNGREN: [01:01:38] It’s what we hear from everyone who’s calling in, it’s the same concern. I mean, when you look at it and say, okay, we have inflation now at 8.3%. If you do the math, that’s the equivalent of losing a paycheck. One month’s paycheck is gone. Nothing else changes. But you have one month’s less money to spend. That’s hard to do. [01:01:43][4.4]
TODD STARNES: [01:01:59] Let’s talk about the protection because I think everybody is in protection mode right now. They’re hunkering down. You’ve got a lot of people that are very concerned because they’ve got all their money invested in the stock market, Legacy Precious metals offer a lot of protection. And I want you to explain why it’s so important for people to diversify and jump into precious metals. [01:02:23][23.3]
THORNGREN: [01:02:24] Great question. And here’s why it’s so important. You know, as a company, we preach diversity, right? You shouldn’t be all into one thing. The problem is the diversity that’s out there now is at risk. Equities are at risk. Bonds are at risk. Real estate’s at risk. Precious metals are your one safe haven that will perform over the next few years. So when we look at that and say, how does it work really by owning precious metals, you’re saying I need protection from the dollar, I need to protect my purchasing power. And really that’s what we’re looking to do. We know equities will further fall depending on who you listen to. Another 25%, some people saying as much as 40%. A decline in the whole equities market. That’s hard to overcome for an individual. You know, time is important and you can’t lose these next 7 to 10 years for that to turn around and regain a break-even status. So what we say is buy the metals, get protected, and don’t ride that equities market down. There’s no need to. There’s a better way. [01:03:29][64.6]
TODD STARNES: [01:03:30] And one of the things that I love about you guys at Legacy is that there’s a process and it’s not like people are hounding you to buy something. So you guys don’t do the high-pressure stuff. And I really appreciate that. But it’s really it’s about educating people first, explaining here’s, here’s how you can do that. Here’s why you need to protect your retirement and here’s how gold and silver can help you through that process. [01:03:55][25.1]
THORNGREN: [01:03:56] Absolutely. You know, our thought is this and this is the way this company was born and how we operate. We offer the metals for financial protection, but we educate you so that you have the protection of your mind. You remove that fear and understand why you’re doing what you’re doing, and how it’s going to work for you. And it takes away that uneasiness that you have. And that’s a great thing because you need to be financially protected. But it’s also good to feel good about your own retirement accounts and your investments. [01:04:26][29.1]
TODD STARNES: [01:04:27] Now, when I started out, I didn’t understand. I just thought we were taught, you know, again, coins, and I’ve been invested in gold and silver for a long time now. But you guys offered things like gold IRAs, and silver IRAs. What are some? Talk about those for a moment. [01:04:27][0.6]
THORNGREN: [01:04:42] Absolutely. Most people’s biggest accumulation of wealth is in their retirement accounts. We’ve been told for years and years, save for your retirement, save for your retirement. Most of the options out there revolve around equities. Well, if we know we’re coming up to a point where you’re going to lose even more value, it makes sense to say, how do I protect probably one of the most important investments I have? This retirement account is what’s going to get me through the rest of my life after I quit working. When I say I’m no longer drawing an income, this is how I live. We all want a quality of life. So that’s why we do the retirement account. The great news is, is we can use those funds. We can get you transferred over to an IRA that allows precious metals to be held. So you get the safety of metals in probably one of your most important accounts, your IRA account, your retirement account. [01:05:29][46.6]
TODD STARNES: [01:05:30] I think it’s a brilliant strategy and people need to be doing this right now. And folks, I want to encourage you to go to their website legacy PM investments dot com that’s legacy PM investments dot com and you can get a free gold guide. So they are so helpful and it really is about an educational process here. And you can start by getting your free gold guide. You can also give them a call at 8664736204. That’s 8664736204. And by the way, all of this information is on the website. So legacy PM investments dot com for you to get all of the information and start taking those steps to protect your retirement accounts. And it doesn’t matter if you’re 33 or 63. You need to be doing that right now. Charles, we’re going to have to leave it there. Always good to hear from you and always great advice. We’re going to have you back to the show soon. And maybe next time we can take some calls from our listeners. I’m sure they’re going to have lots of questions about this. [01:06:30][60.7]
THORNGREN: [01:06:31] That’d be great. I’d love to do it. [01:06:32][1.1]