Listen to Scott Carter’s Interview

Jim: Good morning, Welcome. I’m Jim Murphy from grow forward TV. We’re here in the beautiful local foods site, just north of North Avenue. It’s a pleasure to be here, and we’ve got a special guest – Scott Carter. CEO of PM Capital. Welcome, Scott, welcome to Chicago, your old hometown.

Scott: Thanks, Jim. I know, always a pleasure to be here.

Jim: Scott’s from Salt Lake City in Utah and is back in Chicago enjoying our nice weather here this time of year. You know many of you think about investing and we haven’t spent a lot of time on this show talking about investing. I think some of it’s very important and something we can help you with or I think we can help you with, as we normally would speak about sustainability. We talk about food and quality nutrition, we’ve talked about growing food both here and in the Netherlands. You know we met with Alderman Burke and talked about the history of Chicago. We haven’t really talked about investing and I think investing especially for young people is a very important thing to think about. And so we want to – rather than go and talk about stocks or other forms of investing or homes or things that maybe – that maybe other people have other expertise – we’ve invited Scott to come and talk to you about his line of business and what he’s doing in Utah. Scott, just take a few minutes before getting any questions and tell everyone about what you do and what your company does.

Scott: Certainly. Again, it’s a pleasure to be here, Jim. PM Capital sells physical precious metals – gold, silver, platinum, palladium – to affluent investors or just investors in general that want to diversify their portfolio, and it’s the physical asset. Many investors don’t have this asset in their portfolio and really aren’t aware of the values that it can provide in a portfolio for the long term. So PM Capital provides this. We market to investors. They purchase our product and we have what’s known as a bid and ask every day, meaning we will sell to investors and we buy back from investors every day to have this asset as a portion of their investment portfolio.

Jim: You know I don’t see a lot of people – young people – saving a lot, okay, they’ve got a lot of bills, they pay a lot of expenses. How do you talk to a young person that may be maybe watching this show and tell them, you know, you’re 28, you’re 30 years old you’re 32 you’re 35… why should they be doing something like that at this time and how do they – how do they afford to do it?

Scott: Sure, well, look, I think the first thing when you talk about is fairy tales. Because I’m asked this question all the time and I think understanding fairy tales is a good way to understand investing. And usually when I ask investors, “throw out your favorite fairy tale,” they’ll throw out Cinderella. And I say, “well, this is the gold and silver story,” this is not about the sisters, and you know, about all the uglies and the prince, this is about owning gold and silver. And they recalibrate and they’ll throw out the goose who laid the golden egg, or maybe they’ll say King Midas or maybe even Rumplestiltskin who used to spin gold out of straw. And I say those are all great fairy tales but when it comes to investing and what your portfolio is, I want you to think about Rip Van Winkle. And I get a confused look, what – what’s Rip van Winkle? Well, Rip Van Winkle was a story written by Washington Irving and Rip van Winkle fell asleep before the Revolutionary War, and he slept for 20 years and when he woke up we were the United States of America.

Jim: Big change.

Scott: A big change, right? But he didn’t have to worry. He came and he woke up to a better position than he was in before he fell asleep. So when it comes to investing, don’t’ be the guy who wants to own the goose who laid the golden egg and he killed the goose because he was greedy. Or don’t be Midas because Midas even though everything he touched turned to gold, he died of starvation because he was so arrogant that no one wanted to be around him and eventually he couldn’t even eat. I want you to be Rip van Winkle because you should have a portfolio that does well in good times and in bad times that has a long-term perspective – a twenty year perspective – and if you happen to fall asleep and you wake up 20 years from now, your investments are going to be in an even better position than when you started and that’s how gold and silver can play a part in your portfolio.

Jim: So say a successful person, a young person in town has a good job and after taxes, they get 100 grand a year – which isn’t a bad job in this town.

Scott: A great job.

Jim: It’s a great job in this town. And say they were going to decide to put – what would you recommend is the amount they put away for investment in totality and then what percentage of that would you put into metals?

Scott: Right. Well, first, in totality, I suggest that you could – should invest – just as much as you can and still live a comfortable life. Most of us tend to stretch a little bit too much in our living. I’m as guilty as that as anyone. You want to have great vacation you want to own the nicest car maybe buy a bigger home and to some extent, that’s the American life. But if you can live a little beneath your means, if you can live just a little, so you can save more money over the long haul, you’re actually going to do much better. So just investing in general, try to lay off of taking that extra vacation if you will, and make sure that you’re setting enough money aside for the long haul of retirement because it’s very hard, very hard to save that money. Specifically, though? If you’re making $100,000 a year after tax, then I would recommend for gold and silver, that that should be 5 to 10 percent of your liquid portfolio. And by that I mean assets that you can easily turn into cash, such as your retirement account or such as certainly your equities versus an illiquid asset like your home. Let’s say I’ve got $100,000 of equity in my home. I really cant’ sell my home quickly. I don’t want you to consider that as your liquid portfolio. So whatever your liquid portfolio is, lets say you have saved $200,000 dollars then you should have somewhere around $10,000 dollars of 5 percent of up to $15,000 of that $200,000 into gold and silver and that’s a good start.

Jim: So if I buy bonds, I get a yield. If I buy stocks I might get a dividend. I buy gold, I don’t get any of that stuff. So how do I value it, how do I look at it and say, “that’s a smart thing to do” when it’s just sitting there and it’s not paying me to sit there?

Scott: Well, that’s a great, great comment and many people say, “gosh, gold doesn’t pay a dividend,” and they’re absolutely right. But I don’t know many things that are paying a dividend right now. If I put my money in a CD, I barely make a 10th of a percent in a bank. If I’m buying a bond, I’m barely covering inflation. So with regard to investing in gold and silver today, that parity is much closer and that risk factor, if you will, not paying a dividend doesn’t exist when you own gold and silver. But gold and silver primarily preserves your buying power. When you want to preserve your buying power and for young investors, a lot of times making a return on your money is just making what you have, and that is very hard to do when you have inflation and when you have a government that’s in debt.

Jim: How would you illustrate that, how that preserves your buying power, is there any way that you can make that clear for people to understand?

Scott: Yeah. I get that question quite a bit. I think this is the best way to do it: if I were to ask your viewers to take 525 and divide it by 20, they would come up with the number 26. And then if I were to say, “now take the number 1250 and divide it by 45,” they would come up again, Jim, with the number 26. And then finally if I would say, take 33,500 and divide it by 1250 – shocker – they’d come up with the number 26. So what have I just demonstrated there? Well, in 1925, a new car cost 525 dollars and the price of gold was $20 an ounce. So it took 26 ounces of gold to buy a new car in 1925. In 1970, about the time when you and I, well, we were still a little too young, but we certainly were riding in cars and the average price of a new car was $1250 and the price of gold as $45and guess what, it cost 26 ounces to buy a new car. In just April of this year, the government came out and a new car cost $33,500 and the price of gold was $1,250. So, shocker alert, it took 26 ounces of gold today to buy a new car. So when you talk about preserving your buying power, that’s what gold and silver does, is I can buy the same amount of products or goods today that I could buy in 1925. And that is absolutely critical for savers to be able to do when they’re looking at their investment portfolio.

Jim: If we were to take a step and talk a little bit about government debt because government debt has an impact on gold and precious metals, probably stocks and bonds… talk a little about the difference between the federal debt and the state of Illinois. Because we get a lot of news here about Chicago about the state of Illinois, we have to follow it very closely, there’s a lot of giving back and forth and young people today really don’t know what to take of it, ok, what to mean of it, is it just somebody else’s debt? Is it their debt? How does it work? How do you compare it to and what effect, if any, do the two have on the price of precious metals?

Scott: Sure. Well, just a brief history of how we got to the debt that we’re in, Jim, and I know you know this very well, but up until 1971, every dollar that was in circulation was backed by gold. So it’s only been 45 years that this experiment of being able to have the US dollar backed by the good faith and credit of the united states government has been in existence, and it hasn’t been a great story since then. We went from very small debts in Richard Nixon’s era to when he basically took us off the gold standard, closed the gold window. We now have, in the US, 20 trillion dollars of debt. SO the very fact that we can print money without any sort of hard asset backing it, has caused us to really live beyond our means. We’re basically borrowing against future generations. And for your viewers, this should be very important because we are accruing or amassing debts that their generation when they get to our ripe old age, they’re going to have to figure out a way to pay these bills and these commitments that today we are making. 21 trillion dollars is almost like a phony baloney number. You really can’t fathom how big that number is. And it’s really no different than the state of Illinois. When the state of Illinois is talking about billions of dollars of pension liabilities, this is because promises have been made and that money is not set aside to pay those future bills. It’s the same with the US government level of security and Medicare and all those things when we think about that as investors, that has to be a factor in determining what assets we own. Because to pay those future bills, what’s happened thus far is that the US government or the central bank has printed more money to pay those bills. And when you print more money, the value of your current dollars are worth less. That gets back to the preserving buying power I talked about. So if you’re an investor and you’re a saver, that is the impact that it has and our US government, as you and I have spoken in the past, is 21 trillion today. The target by the government, not by me, the target in the next 15 years is for our debt to be 40 trillion dollars. Gold’s at 1200, 1350 dollars today, do you really think the price of gold is going to stay where it is today? There’s almost a 95 percent correlation to the price of gold and the US debt. 21 trillion to 40 trillion, gold’s at 1350, I don’t know where it’ll be in the next 15 years, but it’s certainly not going to be where it is from a price standpoint that it sits today.

Jim: What do you know about the difference between a government who can print money to take care of their debts and the government that can’t print money to take care of their debts, hence the federal government vs the state of Illinois? What’s situation is the state of Illinois it that they cannot print money to take care of this problem, and if this problem becomes unsolvable – this is going to sound funny – what’s the solution?

Scott: Sure. I mean, in fact, you can do it on a national level and you can do it on a state level. At the state level, we have examples of states that have been in this situation. I – what was it, three years ago, Detroit had to declare bankruptcy. California, three or four municipalities had to declare bankruptcy because there wasn’t a tax base large enough there to raise taxes or the citizens wouldn’t tolerate it to raise taxes to pay the bills. Illinois has the dubious honor of being in the worst financial condition of any state in the union, and that’s not always been the case. But the state of Illinois not only has immediate bills that they have been deferring to the tune of 14 or 15 billion, but they also have, like every other state, an unfunded pension liability that is astronomical. The federal government has the means to print money so it can basically pay its bills or monetize its future liabilities unlike the state of Illinois. So Illinois is faced with either raising taxes or cutting future expenses to the constituents that are going to get it, or declaring bankruptcy, doing something to get out of these bills. There really isn’t a palatable situation long-term to fix this problem. And I would liken it, Jim, at a much larger scale. If we looked at Europe and you think about all you’ve read about Greece and Portugal and Spain… you know Greece used to have their own currency, the Drachma, and they could print money in Greece to pay their future bills and we didn’t have Greece in a financial crisis like we have today. But Greece joined the European Union and committed to having the Euro as their currency. Well, Greece can’t control printing of Euros. So, therefore, they are stuck with having these liabilities and asperity programs and borrowing money from the IMF and the European Union to try to sustain their lifestyle. Illinois is in very much the same situation at a state level. They’re going to be hat in hand, asking the US government for a buyout. They’re going to hat in hand asking taxpayers for a buyout, and it’s not a good financial situation and the solutions only get more difficult as the can is kicked down the road or these liabilities or these problems get extended into the future.

Jim: Is that what happened in Puerto Rico?

Scott: That’s exactly what happened in Puerto Rico. That’s apart of the US government. If you will, it’s in the United States, financially, it’s in our purview, and they can’t print their own money and they have borrowed money beyond what their means were to pay it, and they asked for a handout or a bailout from the united states government and Congress blinked – congress gave them money – not all, but they gave their money to sustain Puerto Rico and allowed them to continue going forward. But it has a chill on private investors, the bond market, when they went to invest – they gave them, again, in Puerto Rico or in Detroit or Illinois because if you know that you’re going to get a haircut as an investor and putting money into bonds, you’re going to be a little hesitant to invest in the future. And unfortunately, this is a problem that is starting to steamroll. And in my view as an investor, it’s the second biggest problem that we have to account for in our investment portfolio. The first is our national debt, but this is a second huge crisis that’s coming down the pike and its called our unfunded pension liability and every state in the union has got a problem with it as investors young and old, we have to understand that because if I don’t have any money to invest, I don’t care. But if I’m a saver and I’m putting money into the stock market, in my savings account, my savings aren’t going to be worth as much if I have to pay more taxes or money is printed and I can’t buy as much.

Jim: What do you know about bitcoins and how they compare to the gold market and these currencies that are kind of off in computers somewhere, tell me about that.

Scott: Sure. Cryptocurrencies, as they’re affectionately called, I would put it in two camps: the technology that sits underneath the crypto currency’s blockchain technology is really an innovative next step and that’s not going away. That’s going to enable us to conduct commerce internationally in an easy an efficient way that we haven’t been able to do in the past. When I say we, it’s not only the individual but its really bank to bank or government to government. So block-chain technology and the ability to do this in a way that is secure and safe for the assets is really an amazing new technology. But what comes out of that is actually a new way to conduct commerce, meaning, instead of paying a dollar to buy tomatoes or what have you, you can literally digitally pay on a bitcoin or Ethereum, or you pick the cryptocurrency of choice and you can conduct commerce without having to exchange physical dollars. That is going to be a new method of how we make payments. Not too different from when we moved from actual cash to credit cards. There was a big sea change in the way we conduct business when credit cards and banks were able to go from state to state in the blue sky laws were changed and all of a sudden we could do credit card transactions and it fundamentally changed the way we transact business. Cryptocurrency, bitcoin Ethereum and these, that’s going to be the next way in which we conduct business. So ultimately we’ll be in digital currencies but today it’s a speculator’s market, Jim. I mean, a bitcoin is – you want it to be the same value yesterday as it is today because I want to buy goods and services. But right now it could go from – well, it has – it’s gone, in the last three months, it’s gone from 2,500 up to 5,000, and today, I didn’t look today, but it’s probably down to 4,000 because China changed the law. So, as investors, I would be very cautious about investing in bitcoin today. But as a currency and as a future in how we conduct business, I would keep an eye on it because I think its here to stay and I think it’s going to be how we conduct commerce in the future.

Jim: So you see central governments are going to be very much involved in it, they’ll be in the middle of that market.

Scott: Well, you know, central government –

Jim: Or central banks –

Scott: Right, central banks. I mean, it’s like the camel, right? The camel gets its nose under the tent, next thing you know, you’ve got the whole camel under there. They like to be on our shores. They like to be in our business, and cryptocurrencies right now really aren’t trackable. It’s transparent – I’m sorry, it’s not transparent to the US government. They don’t know how much you and I own in bitcoin, and they don’t know what purchases or goods we’re buying and not buying in bitcoin or Ethereum. As soon as that gets a placeholder, Jim, the US government and the central banks are not going to allow it to be blind or behind what’s going on. They’re going to want to raise taxes on it, they’re going to want to make sure everybody is doing legal activities and that’s why you’re seeing central banks and China and Japan and all these governments, starting to, if you will, legalize or to oversee what’s going on in these cryptocurrencies.

Jim: And once that happens, does the cryptocurrency lose one of its main points of attraction? That it’s not going to be private anymore?

Scott: Well certainly, I don’t have any stats on this, and the crowd that wants to use cryptocurrencies because they don’t want the government to know what it’s doing is a small sliver of, really, the marketplace. The individuals who like the ease of use – and if you think about a cryptocurrency where you don’t even have to use a credit card – if I were a credit card company, I’d be concerned. Because now its peer to peer or point to point in cryptocurrencies. I don’t have to pull out my Visa to make a payment, I basically have Square or I have these companies like VeriFone that’s paid, and it’s paid from my account to the company that I am paying, and there is no intermediate means of conducting transactions. That is here to stay. And that blockchain technology that allows that to occur and in a safe and secure environment, that type of technology is here to stay and the way we conduct payment is here to stay. Why would I want to pay – or, if I were a merchant – why would I want to pay 2.5 percent to a credit card company if I can adopt a bitcoin account or an Ethereum account and my consumers can conduct transactions between myself and them without having to have an intermediary. That’s powerful. Very powerful, and it’s here to stay.

Jim: Around the world, there seems to be a movement to eliminate the largest denomination bill in current currencies, including $100 bill here in America. What do you think is behind that and what’s the real reason that movement’s going on?

Scott: Yeah, I think it’s a very interesting topic and you can bleed over into conspiracy theory on this topic, right? And I’m, on this particular piece, it’s less of a conspiracy to me in reality. And here’s the reality: I think the world is facing deflation. Meaning, we have goods and services and we have a population that we do not have enough capacity, economic growth, to really handle the amount of capacity that is in the world for production. Because you have China, that’s growing dramatically, India that’s growing dramatically. So the world, to keep the lifestyle that we have, the world has got to keep the economy growing at two, three, four percent on a world basis. Every year in and year out. The central banks can’t just print money to make it happen. So if that doesn’t happen, Jim, and that slows down you basically are battling deflation, meaning goods and services are losing value. And the way central banks attack that is lower interest rates to try to make money cheap to keep the growth growing. You see that in Japan, right? Japan has negative interest rates. Can you imagine that you’re buying a bond and it costs you money to buy a bond? Europe has negative interest rates. So now let’s get back to your question: why are we trying to eliminate cash? There is only 1.2 trillion dollars of physical US dollars in the world. Out of 25 trillion dollars of digital currency, 1.2 trillion dollars is actually in physical cash. Hundred dollar bills, fifty dollar bills, twenty dollar bills. If the US government has to go to negative interest rates – lets take you and I as an example – lets say we’ve got five thousand dollars in a bank and the bank is going to charges us one percent to keep our five thousand dollars in the bank, wouldn’t we go to the bank and take our five thousand dollars out? So we didn’t have to pay one percent? I’ve got it at home. Right?

Jim: Right.

Scott: And I’ve just saved one percent. The united states government is scared to death of that because if you and I and another hundred million US citizens go down to the bank to pull their money out, there’s 20 trillion dollars on the books, there’s only 1.2 trillion dollars of paper – the banks have to shut down. The banks do not have enough cash to pay it out. So, how do you handle that? It’s much like the gold standard. You eliminate the cash that’s in circulation, you eliminate the hundred dollar bill, you have it as a digital, just like India just did –

Jim: I read that –

Scott: Australia just did, or trying to do, right? The euro got rid of the 500 euro, which is about 600 of our dollars, roughly, or most. The hundred dollar bill in the United States, of the 1.2 trillion represents 85% of the 1.2 trillion. Just by eliminating the 100 dollar bill and by forcing individuals to put it in their account digitally or get smaller denominations, accomplishes the goal

Jim: What if someone walked to the bank and said they wanted 10,000 dollars in 100 dollar bills?

Scott: There would be a huge delay. You cannot believe the hurdles that banks put in place for you to get your own money out. There’s a delay, they take you through a series of questions. I’ve actually been through this to try and move money and all of a sudden I got a question like, “what street were you living on in 1970?” I mean, they go back 50 years or so and ask you questions to try to make it difficult for you to get your own money out. So what you’ll have is the bank restricting. Now, it’s not there yet, it’s not unheard of. Again, I’ll go back to Cyprus where they had financial conditions that were difficult the Cyprus government limited the amount of money you could take out to 1,200 dollars a day. And it’s not far-fetched in the laws there in the banking industry that if a crisis occurs, they can limit our ability to get our money. So I hope we don’t get there, and I hope that our economy turns around and I hope we get these debts under our control, but if there’s one thing for certain it’s that the governments around the world would do whatever it takes to protect the positions they have and to protect their currency. And as investors, we have to make sure we understand that not that the sky is falling, not that the world’s coming to an end, but just make sure that you understand how these things are happening and that they’re going to come to the people with money first – not last – to take care of the problem.

Jim: So let’s go through some of the… the more mundane parts of your business.

Scott: (Laughs) Okay.

Jim: People can’t buy gold for free or silver for free. How’s the commissions work when someone wants to buy gold from somebody like you?

Scott: Sure. And I often explain this by taking it outside the gold industry, but I get asked that question all the time. Well, gold’s trading at $1350 an ounce on the spot price on any given day. Can I buy gold for $1350 an ounce? And I usually explain it this way: well, a barrel of oil costs $42 a gallon today, and there are 42 gallons in a barrel of oil. So really, so a barrel of oil is a dollar a gallon. Why doesn’t my gas cost me a dollar a gallon? It’s only $42 for a barrel of oil. And the answer that people will certainly recognize is, well I have to pay taxes on that, they have to process it, they have to ship it out to Exxon, and there are costs associated with getting a barrel of oil actually to the gas pumps so I can drive my car.

Jim: But you don’t actually charge three times the price of gold.

Scott: You’re right, I only wish! I can only dream I could charge three times the price of gold to consumers. The cost of gold, at spot price, is like a barrel of oil. It has just been gotten out of the ground, it hasn’t been processed, it hasn’t been minted, it hasn’t been taken to a wholesaler and marketed. So when you look at what you’re buying – the physical asset that gold has – is that there’s a traditional business model where it goes from the miner to the government to the wholesaler to the retailer and that’s where we buy it. Now the good news is that that entire process allows you to buy gold and silver depending on your product, of anywhere from two percent up to fifteen or twenty percent of the spot price. But that’s a slight amount of increased compared to a barrel of oil, where gas might cost us $2.50 a gallon. Very expensive. So when individuals are thinking about buying gold and silver, we don’t necessarily have to buy it at the spot price. I can’t buy it at the spot price. But you do buy it as a relative to other assets. You do buy it, or can buy it, relatively close to the spot price. We charge a one-time fee to get to your commission’s point of sale. We do not charge an annual fee like some managers do. We do not charge a fee when you liquidate. So you could buy $1000, $10,000 dollars worth of gold from me, and in 20 years later come back to me and want to sell me that twenty thousand dollars, whatever the market price is, and there will be no charge to do that liquidation. We’re a one-time fee at the point of sale, and that’s it.

Jim: Where do people keep their gold after they buy it? They put it in their closet? Underneath their bed? Mattress? What do they do with it?

Scott: Well, that’s one way, I mean that’s certainly –

Jim: Maybe a hole in the backyard, huh?

Scott: Exactly! There are three primary ways that individuals buy. If you think about, and I’m talking a lot about gold, but you know, in this example I’ll use gold and silver – gold… I could put a million dollars of gold in a shoebox. So many individuals will take physical possession of the gold. And they’ll either put it in a safe they have at home, certainly don’t tell anybody, or they’ll put it in their safety deposit box at the bank. And then the third option is, I can arrange for storage at an insured, a 100% insured facility, like Brinks or DDSE. Now, gold is pretty easy because it takes up a small amount of space. If I bought a million dollars worth of silver, you couldn’t fit it in this room that we’re interviewing in. So almost exclusively when there’s a large amount of silver purchased, they ask me to store it and I just put it in Brinks and I 100% insure it. But if you’re buying anywhere from 5,000 to even 50,000 dollars of gold and silver, many individuals will take physical possession and store it in their home in a safe or in a safety deposit box because the motivation for investors to have physical gold and silver is to have no counterpartying risk, meaning my asset isn’t in a bank’s or company’s liability. I like the peace of mind knowing I have that physical asset right here in my possession and I know where it is.

Jim: But it can be dangerous to keep it at home. I remember one time, years ago –

Scott: Yes.

Jim: – A guy who was on a trading floor was being interviewed by a business radio talk show and he said, “Well yeah, I believe in gold. I keep a quarter million dollars of it at home.” By the time he got home that day his wife and children were tied up and it was gone. So I don’t think we should be recommending that people keep gold and silver in their homes.

Scott: Well, it depends on the amount, right? And you certainly should have a safe and you should not have it on TV or in a video announced that you have gold and silver at home. As a matter of fact, there was an individual that had a lot – that I just spoke to about a month ago, he owns a lot of gold and silver – and he was telling me he had a safe at home and he was telling me he had workers put the safe in the house. And I said, “well, you need to have two safes, given the amount you have. You need to have a phony safe where you might have $10,000 worth of gold in there and if you have a million dollars in gold, you need the other 990,000 in a second safe so if someone comes into your house, you know, here’s the place to have it.

Jim: Most of our viewers won’t have that problem.

Scott: They won’t have that problem. Put it in a safe or put it in a safety deposit box. Or, the safest thing to do, is ask me to store it for you. It’s very inexpensive to store gold and silver. I’ll put it in Brinks. It’s 100% insured, it’s in your name, you can get it at any time.

Jim: Good. A lot of my viewers like me to ask questions related about golf.

Scott: That’s great. (laughs)

Jim: You know, and so we go from gold to golf.

Scott: Okay.

Jim: Okay.

Scott: One letter off!

Jim: I think they’d be all be very interested in knowing – first of all, maybe you want to tell us a little about your professional sports career and then we’ll just close off with golf. So before you went into golf, what other sport did you play?

Scott: That’s right. Well, I was not a pro bowler. I was – I had – it’s very generous of you to say it was a career, even. I did play a couple years of minor league baseball for the New York Yankees. In the early 80s. I was the last draft pick in 1981. I played in upstate New York, in Oneonta, New York, and our right fielder was actually the greatest athlete I had ever seen. And he never played baseball. So our right fielder was drafted and he played one month of minor league baseball and he went back to college. And he went back for his senior year. And he decided, he was such a good athlete, he decided to go into the NFL draft… and it was John Elway.

Jim: Oh my goodness .

Scott: So he was drafted by the New York Yankees in 1981. Played right field for the Oneonta Yankees. I was the first baseman. Al Leiter was a pitcher who had a great career with the Mets. And I lasted just a brief period of time in the Yankee organization because of an insurance job became available so I decided to do that as a career. And that’s – so that’s my professional baseball career summed up.

Jim: So you swung over to golf?

Scott: I swung over to golf because as you get older, that’s just about all you can do as you get older. So I picked up golf. And have been a struggling, frustrated golfer for the last 30 years.  

Jim: And what are your top five golf courses in the world?

Scott: Well, I would say – that I’ve played –

Jim: Yes.

Scott: I would say Pine Valley, I think is a very, very strong golf course. One of the top in the world. Bel-Air country club in California.

Jim: Home of the Swinging Bridge Invitational.

Scott: Home of the Swinging Bridge Invitational!

Jim: Just won a couple years ago by John Elway, as I recall!

Scott: John Elway won the Swinging Bridge two years ago. Isn’t it amazing how the world keeps everybody together? And I remember there was a team at the Swinging Bridge a couple of years ago that was actually leading the Swinging Bridge in front of John Elway before the last day. And then just – they just collapsed. The Murphy-Carter team.

Jim: Not professional athletes.

Scott: (laughing) That is, to me, one of the top golf courses I’ve ever played at. Pebble Beach, in my view, is one of the gems of the world. That’s three… gosh, there’s Cyprus. Pebble and Cyprus, I’ve been fortunate to play, that’s four… I’d have to think about the fifth. You know as far as lovely and beautiful and elegance that no one else would even know about it, you and I have played some of the Chicago golf courses. In fact, I was just fortunate enough this weekend to play Shore Acres. And that’s an old Seth Rainer course. It’s always perennial, top 50 golf course, it’s still is, in my view, and I would have to rank that as one of my top favorite golf courses as well.

Jim: Fantastic. Well, this has certainly been a lot of fun chatting with you and getting caught up and I think our viewers are going to find this conversation has been different than our other ones but I think it’s been informative and get people thinking a little about their future. I mean, if I’m 25, 30, 35 years old, you better be thinking about the future because it’s gonna be different and there’s going to be some decisions you have to make to prepare for the next 20, 25 years. Certainly in their lives. So hopefully this little bit you’ve given them has given them a little tip, a little thing to think about. SO thanks for that

Scott: Jim, thank you for having me.

Jim: Lotta, lotta fun.

Scott: Yup.

Financial Stability Doesn’t Need to be a Fairytale

In need of solid financial advice from an expert? There are so many options for investing and everything seems too risky for your first venture into the financial world.

Scott Carter, CEO of PM Capital and former teammate of John Elway, recently joined me for a frank discussion on a variety of financial topics weighing on Millennials.

We’re covering the nation’s debt crisis, cryptocurrency, and the importance of building and diversifying investment portfolios ASAP.

Why does Scott refer to Illinois as the Greece of the United States?

How will cryptocurrency (like Bitcoin) change the way we do business?

Should you invest in gold and hide it in your basement?

We’ll tell you! (And the answers might surprise you.)

Video Segments

Gold and Silver Storage Advice

Ah, the age-old question: where should you hide your gold?

It may seem ridiculous, but precious metal investments aren’t just for the rich. Gold and silver investments are actually a savvy financial decision for Millennials looking to make a low-risk investment that will maintain its relative value long term.

But where should you store it to ensure its safety for years to come? Scott Carter, a precious metals expert (gold and silver to be exact), explains the most common ways to protect your physical investment long term.


Scott Carter on Cryptocurrency

In this clip, Scott Carter, financial expert, shares his predictions on the future of currency. How will Bitcoin and other cryptocurrencies factor in?

It seems like everyone has a Bitcoin story or knows someone who does. Either they got in when each Bitcoin cost a few cents or they’re kicking themselves for not taking the plunge into cryptocurrency.

It’s the new frontier of disruptive innovation in how the world conducts business.

Preserving Buying Power

Financial jargon makes smart investing feel like a full-time job!

Scott Carter overlooks many enticing buzzwords stockbrokers throw at their clients and instead focuses on optimizing buying power into the long term.

What is buying power and how can you invest to maintain it well into the future?

We all remember the Recession and who knows when the next economic downturn will occur. Diversifying your financial portfolio by investing in certain things will minimize your risk in the long run.

It may not be glamorous, but here’s why it works.


Investing and Fairy Tales

Precious metals expert and the CEO of PM Capital is here to give you a walk through to his initial conversation with prospective clients. He starts by asking them what their favorite fairytale character is…yeah, seriously!

This segment is part of the follwing blog post

Saving For Your Golden Years: How Are You Managing Your Portfolio?

Financial Stability Doesn’t Need to be a Fairytale In need of solid financial advice from an expert? There are so many options for investing and everything seems too risky for your first venture into the financial world. Scott Carter, CEO of PM Capital and former teammate of John Elway, recently joined me for a frank