Former Mob Boss: Stay Away From Wall Street, Choose Gold and Silver (Video)

Michael Franzese, a former mob boss who went straight following a 10-year prison term, thinks stocks are in a bubble. He says he has worked with many of the people on Wall Street and doesn’t feel comfortable letting “shady” characters handle his money. In 1986, Franzese ranked No. 8 on Fortune Magazine’s list of the 50 wealthiest and most powerful mob bosses.

Franzese says he thinks he can do better with his money than the fellas on Wall Street. Unsurprisingly, he recommends physical metals specifically because, “No matter what, it’s always going to have value. Unlike stocks, where…you go to sleep, everyone tells you everything is wonderful, you wake up and everything is gone.”

Investors don’t need to be willing to trust an ex-mob boss with their wealth in order to recognize the truth of his words. As someone who had first hand experience dealing with the casino on Wall Street, Franzese wants no part of it. He prefers to have his money in his own hands, not in the system that has proven over and over again it can’t be trusted.

Read the Full CNBC Article Here.

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