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Those of you who, like me, were active in the Ron Paul GOP presidential campaigns will surely agree that you met a lot of impressive people during those years.
Michael Maresco rode his bike the entire distance of the United States and back, distributing literature and speaking about Dr. Paul along the way. We all assumed Michael must be an avid cyclist. Turns out he wasn't. He was just a guy who knew how to ride a bike and wanted to spread a message.
He passed through Auburn, Alabama, while I was a resident scholar at the Mises Institute, so he paid us all a visit. (And Dr. Paul famously rode alongside him in Lake Jackson, Texas.)
I could spend all day telling you about the diverse array of mind-blowing geniuses and charming oddballs I got to know and whose friendship I cherish to this day.
Another one of them was the great Larry Lepard, the guy who really put his money where his mouth was: he took out full-page ads for Dr. Paul in major newspapers, framing them as an open letter from the Founding Fathers.
Well, it turns out Larry is, as I've said before, a freak of nature in his skill as a money manager. When I found out he had a fund I could invest in, we didn't hesitate, and our money is now three times what it was.
Larry is also the author of a book I highly recommend, namely The Big Print: What Happened to America and How Sound Money Will Fix It.
I interviewed Larry again not all that long ago but I didn't tell you about it (I notify my email list about maybe one in every ten episodes of the Tom Woods Show). What he had to say there was important for all of us, so I thought I'd let you know about it.
Our discussion included the following:
The Fed started a new program in late 2025 that it insists "isn't QE." Larry walks through why it's QE with a new name, and why $40 billion a month, quiet as it is, signals the tightening era is already over.
Now that Kevin Warsh has the Fed, here's what Larry expects him to actually do -- and why installing a perceived hawk may have been the most dovish move Trump could make (Larry's logic: it's Nixon going to China). He also flags one Warsh comment about AI that echoes a Greenspan line from the '90s, and explains exactly what it signals about where rates go next.
The five-year price targets, said flatly: gold at $10,000 (maybe $15-20K), Bitcoin at $120K minimum (possibly $300-400K), silver at $200 on the way to $400. Hear the math before you're sure he's wrong.
There may be 100 paper claims for every real ounce of silver. Larry explains the "side bet" problem the Comex would rather not spell out -- and why one Japanese company quietly locking up a small miner's entire future output is the tell that something's breaking.
Bitcoin's crash isn't the bug, it's the feature. The same force dragging the price down right now is, in Larry's view, the exact reason it rockets next. He calls Bitcoin the best "fire alarm" in finance and explains what the alarm is currently screaming.
Peter Schiff is taking victory laps on Bitcoin's slump -- and Larry, who's known him for years (and I remain a Schiff fan and friend), thinks wounded pride is doing some of the talking. There's one word Larry says reframes the entire Bitcoin-vs-gold fight, and most people skip right past it.
We're "five years into" something almost no living investor has lived through. If your retirement is all S&P 500, Larry argues you've bet everything on the one era that's now ending -- and you've already "missed the first two innings" of the next.
How much of his own money does a professional fund manager actually keep in gold, silver, and Bitcoin? The honest number is higher than you'd guess, and his answer for someone who owns none of it is blunt.
I think you can see why this one is a must listen, so click the link and enjoy:
P.S. Homeschoolers, if you're planning to use the K-12 Ron Paul Curriculum for the coming year, you should of course join through my link so you can get the $160 in free bonuses available only through me. Here's the link: https://www.RonPaulHomeschool.com
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