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Speaker 1: Hey, they're aud Loots listeners. It's Tracy Alloway.

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Speaker 2: And Joe Wisenthal.

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Speaker 1: We are very excited to announce that Oudlots is going

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Speaker 1: to Washington That's right.

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Speaker 2: For the first time, we are going to do a

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Speaker 2: live public Odd Lots recording in our nation's capital. That's

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Speaker 2: going to be March twelfth in Washington, DC at the

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Speaker 2: Miracle Theater and guests will be announced in the coming days,

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Speaker 2: but in the meantime you can find a ticket link

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Speaker 2: at Bloomberg dot com, slash odd.

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Speaker 3: Lots, Bloomberg Audio Studios, Podcasts, radio News.

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Speaker 2: Hello and welcome to another episode of the Odd Lots podcast.

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Speaker 1: I'm Joe Wisenthal and I'm Tracy Alloway.

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Speaker 2: Tracy. Gold has had a really good year.

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Speaker 1: Here's a question. Here's a question.

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Speaker 2: Yeah.

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Speaker 1: One of the last times we talked about gold, you

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Speaker 1: made fun of me for being a gold bug. Are

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Speaker 1: you going to start this episode out by doing the

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Speaker 1: same thing.

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Speaker 2: No, you're completely vindicated. Gold has done really well over

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Speaker 2: the long term. Over the last several years, it's been

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Speaker 2: one of the best performing assets. It's stable. I take

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Speaker 2: back everything I ever implied negatively about gold.

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Speaker 1: You're gonna be nice to the gold now, yeah, all right.

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Speaker 2: Out, but it's look at the chart's great.

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Speaker 1: I will say I'm sort of an accidental gold bug.

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Speaker 1: It has not been a conscious choice to accumulate, but

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Speaker 1: it has turned out really well. So gold keeps hitting

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Speaker 1: record after record. As we're recording this, I think it's

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Speaker 1: at two thousand and six hundred announced.

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Speaker 2: Yeah, twenty six forty nine. It had gotten as high

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Speaker 2: as twenty eight hundred almost in October. But it's been

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Speaker 2: I mean, it's the last couple of years have been phenomenal.

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Speaker 1: That's crazy. And the other really interesting thing is like

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Speaker 1: it started going up even as the Federal Reserve was

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Speaker 1: raising rates, which is something that you don't normally see,

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Speaker 1: like normally has that inverse relationship to rates, that negative correlation. Yeah,

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Speaker 1: and I guess the demand has just been so strong

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Speaker 1: that it doesn't really matter this time around.

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Speaker 2: Can I say something? So you bring up the sort

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Speaker 2: of FED connection, et cetera. And so I want to

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Speaker 2: learn more about gold, but I don't really have much

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Speaker 2: interest in just talking to like another gold macro guy,

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Speaker 2: because I don't know what they say. They always sell

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Speaker 2: the same story. It's like inflation and currency debasement and

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Speaker 2: all that. Maybe that's all true, but I sort of like,

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Speaker 2: I want to talk gold, but it's just like I

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Speaker 2: sort of felt going into this conversation that we can't

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Speaker 2: just talk to someone who's just, you know, going to

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Speaker 2: tell the same story they could have told about gold

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Speaker 2: every single day for the last twenty years.

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Speaker 1: I think it's a very valid feeling to have. There

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Speaker 1: is something like physical about gold. Obviously, it's shiny, it's

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Speaker 1: fun to hold. Even like silver, you can have fun

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Speaker 1: stacking those coins, as I know personally, So it makes

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Speaker 1: sense to talk to someone who's in the physical market.

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Speaker 2: We're gonna talk about what's going on in the gold market,

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Speaker 2: but actually get into why people love gold so much,

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Speaker 2: and why people want to be covered and why right now,

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Speaker 2: why right now, why people want to accumulate gold, have

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Speaker 2: it in their saves, have it on their person, et cetera.

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Speaker 2: We really do have the perfect guest. We're going to

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Speaker 2: be speaking with Max sud Aga, Johnny Max Aga. Johnny.

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Speaker 2: He is the founder of Tracks NYC, New York City

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Speaker 2: based jewelry dealer, and listeners might not We actually had

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Speaker 2: him on the podcast once in early twenty twenty, and

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Speaker 2: listeners might know him if they ever saw the movie

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Speaker 2: Uncut Gems, one of my favorite movies of the last

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Speaker 2: few years, because he actually was in the movie. He

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Speaker 2: played I guess kind of himself to some extent in

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Speaker 2: the movie. I think the character's name was Yussie in

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Speaker 2: the Diamond District, in the gold District in Manhattan. And

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Speaker 2: we're going to talk all these gold with Max masud

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Speaker 2: Aka Yussi. Thank you so much for coming back on

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Speaker 2: oud laws.

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Speaker 4: Thank you for having me for a second time.

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Speaker 2: What's your life been like the last four years? How

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Speaker 2: did that all change your life?

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Speaker 4: Am I the od It's only been up from there

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Speaker 4: A little movie that you appeared in. The movie did good,

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Speaker 4: My odd lots did good, other podcasts did good, and

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Speaker 4: all the social media also it did really good for me.

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Speaker 1: Here's an important question. Did you bring me the diamond

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Speaker 1: encrusted Ferbie?

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Speaker 4: In all reality? It wasn't even diamonds in that thing.

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Speaker 4: It was movie magic.

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Speaker 1: Honestly, I would take the brass version too.

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Speaker 4: But it might not be good for your skin.

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Speaker 2: But oh really, what does breast do your skin?

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Speaker 1: It turns it green?

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Speaker 4: She got it, she knows it.

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Speaker 1: All all women know this. The big difference between gold

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Speaker 1: and brass.

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Speaker 2: So other than the fact that gold doesn't turn your

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Speaker 2: skin green, people, what is it that people love about gold?

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Speaker 2: Why do people why do people buy gold from you?

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Speaker 4: Well, gold is for people who have money to burn, right,

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Speaker 4: you know, if you're you could go back thousands of years,

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Speaker 4: if you're an Egyptian pharaoh and you're not starving, you

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Speaker 4: have any of labor and grain and land and property.

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Speaker 4: What don't you have? Well, I guess I want to

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Speaker 4: make a gold casket, a gold esophagus, so to speak,

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Speaker 4: and maybe some peasants might find some in the field

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Speaker 4: and I'll give him the grain he needs, and he'll

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Speaker 4: give me the gold. So it accumulates with people who

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Speaker 4: are not struggling, and that turns it into a status symbol.

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Speaker 1: You know, Joe, I remember you actually wrote a really

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Speaker 1: good piece about the history of gold and how it

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Speaker 1: was sort of intermingled with power and this idea that

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Speaker 1: you know, like you needed a big military basically to

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Speaker 1: go out and get gold, and you needed a lot

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Speaker 1: of labor to dig it up, and so it became

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Speaker 1: very much associated with power.

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Speaker 2: It's like a proof of work, right, Yeah, you can,

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Speaker 2: like even in the bitcoin sense. Also, you know, one thing, Tracy.

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Speaker 2: You know, Max mentioned the Pharaohs. Gold doesn't tarnish, right,

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Speaker 2: So it's like the historically, going back thousands of years,

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Speaker 2: it was associated with the God, just like one commodity

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Speaker 2: that is truly immortal in a way that most things

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Speaker 2: that we find on earth are.

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Speaker 1: Okay, I have a really dumb question, though. When gold

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Speaker 1: is hitting records like it is right now, do you

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Speaker 1: see more or less demand for jewelry?

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Speaker 4: I mean, it's kind of stable, to be honest. You know,

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Speaker 4: when I started my business in two thousand and four,

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Speaker 4: gold was about three hundred dollars in ounce. Now it's

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Speaker 4: twenty five hundred and twenty six hundred, fluctuating over there.

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Speaker 4: I've watched it the whole way. It's increase in price

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Speaker 4: does have a little bit of effect on a demand,

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Speaker 4: but not that much. But you know, at some point

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Speaker 4: people can't afford what they want. Back in two thousand

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Speaker 4: and four, you could stack yourself with gold fourteen carrot

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Speaker 4: at twelve dollars a gram or whatever it was. It

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Speaker 4: was a great time to really stack gold. But now

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Speaker 4: your dollar doesn't go so far and you can't really

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Speaker 4: have as much as you'd like.

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Speaker 2: But on the other hand, in two thousand and four,

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Speaker 2: if you bought one hundred dollars worth of gold, you

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Speaker 2: had one hundred dollars worth of gold. In twenty twenty five,

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Speaker 2: if you buy one hundred dollars worth of gold, you

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Speaker 2: still have one hundred dollars. So in a way, no

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Speaker 2: o like for real, like if you want to like

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Speaker 2: convert your dollars into something else, it does the same

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Speaker 2: job at twenty six forty nine as it does a three.

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Speaker 4: Yeah. Well listen until the guy that bought it at

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Speaker 4: two thousand and four walks through the door and his

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Speaker 4: hundred dollars worth of gold looks like a bigger pile

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Speaker 4: than your one hundred dollars worth of gold. But whatever,

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Speaker 4: you know, money's a game. Gold is one way to

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Speaker 4: play it. It's a safe way to play it. I

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Speaker 4: love it because I have a jewelry store full of

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Speaker 4: goal chains and gold jewelry, and as the price goes up,

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Speaker 4: what I can't sell, I melt and I still make

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Speaker 4: my money back, and that's a fantastic aspect of it.

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Speaker 4: And it never let me down, and I don't think

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Speaker 4: it ever let anybody in history down. So you can't

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Speaker 4: really go wrong with it. You might not be the

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Speaker 4: biggest winner like you are with the cryptos or whatever.

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Speaker 4: It is. Somebody who bought you know, a pizza pie

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Speaker 4: for fifteen or twenty bitcoin back in twenty eleven and

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Speaker 4: now could have been a billionaire or whatever. Yeah, it

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Speaker 4: might not do that, but it'll keep you safe and

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Speaker 4: sound and happy.

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Speaker 1: Do you feel competition with the crypt I mean.

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Speaker 4: I don't want gold to go up. You know that

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Speaker 4: doesn't do anything for me. I know it will eventually,

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Speaker 4: but yeah, crypto had a major impact. Who knows if

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Speaker 4: crypto would never Satoshi Nakamoto never bothered to do whatever

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Speaker 4: he was doing or whatever that was. What would the

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Speaker 4: gold be right now if it wasn't trillions of dollars

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Speaker 4: literally inside of crazy cryptos?

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Speaker 2: Yeah, it could be up more. What what are people

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Speaker 2: into these days?

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Speaker 4: What are people into these days?

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Speaker 2: So when they come into your store, what are they like?

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Speaker 2: How much is it like the crazy diamond and crusted

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Speaker 2: ferbies that Tracy didn't get today versus just wanting a

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Speaker 2: nice tasteful chain versus So what's what's that?

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Speaker 4: I mean, listen, everybody everybody has their own little need,

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Speaker 4: you know, they want they want to give a gift

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Speaker 4: for a girl. So they might want to be able

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Speaker 4: to buy a tennis bracelet. Okay, they have a girlfriend,

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Speaker 4: or they have a side chick, or they have a

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Speaker 4: baby mama. I don't know what their situation is, but

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Speaker 4: you gotta buy or something, all right, So you gotta

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Speaker 4: go and you gotta buy it. Could be a tennis

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Speaker 4: bracelet that will be with done.

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Speaker 2: Call they tell you if it's for the side chick,

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Speaker 2: will they say that, by the way, this is for

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Speaker 2: the side Uh?

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Speaker 4: I could usually tell what's going on.

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Speaker 1: Is the bracelet for the side chicks the one for

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Speaker 1: the wife?

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Speaker 4: You know that varies from customer to customer. Put it

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Speaker 4: that way, okay.

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Speaker 1: Can I ask the basic question though? Why why do

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Speaker 1: you think gold prices happen going up?

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Speaker 4: Well, listen, I mean, you know, we gotta do the math,

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Speaker 4: all right. It's one thing I learned since the last

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Speaker 4: time I was here to today. A lot of people,

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Speaker 4: maybe they might be in a beautiful building like we

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Speaker 4: are now, are in a professional field, but not doing

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Speaker 4: the mathematics here at all. All right, thirty six trillion

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Speaker 4: dollars and that one trillion dollars in interest you got

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Speaker 4: China buying it up like crazy. So I hear Central

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Speaker 4: Banks this that if you look into numbers, you're going

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Speaker 4: to find out what's really going on. And it's like

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Speaker 4: the Wizard of Oz out there. You really don't want

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Speaker 4: to look behind the curtain here because I don't know

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Speaker 4: what you're gonna find there and how this is all

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Speaker 4: going to come to a head as things that get turbulent,

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Speaker 4: you know, when in the new administration or what have you,

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Speaker 4: whatever you want to call it, and cryptos and quantum

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Speaker 4: computing and robots and this and that. I don't really

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Speaker 4: know how it's all going to play out, but I

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Speaker 4: know that if anything happens, I have my safe, my

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Speaker 4: combination to my safe, my security system, and my physical

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Speaker 4: assets that I can rely on. So that's what it

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Speaker 4: is for me. I don't know.

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Speaker 1: I feel like there is a tension there though, because

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Speaker 1: like if I imagine myself coming into a jewelry store and

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Speaker 1: I'm like, okay, I'm gonna buy a gold chain because

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Speaker 1: you know, it's a safe store of value and things

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Speaker 1: are uncertain right now, Like that's okay, But on the

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Speaker 1: other hand, I'm buying like something that's pretty frivolous, right.

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Speaker 1: It's like a it's a gold chain. What am I

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Speaker 1: really going to do with as it should be?

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Speaker 4: Frivolous? I mean, you're not supposed to be on the

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Speaker 4: edge of starvation, you know, struggling against all odds. I

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Speaker 4: need choose and a winter coat and coal for my.

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Speaker 1: Furnace, you know, prioritize the gold.

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Speaker 4: Yeah, we're supposed to be productive, successful people in a

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Speaker 4: modern world with surplus. Right.

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Speaker 1: Wait, but when people come into your store, do they

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Speaker 1: talk to you about why they're buying gold? Do they

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Speaker 1: say stuff like I'm worried about inflation?

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Speaker 4: Yeah, some people do. I mean there's somebody that came in.

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Speaker 4: I'll never forget him. He was listening to what I

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Speaker 4: was saying and he came in. This is when gold

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Speaker 4: was eighteen fifty and he was painting houses and he

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Speaker 4: bought like ten ounces. So he saved up the money

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Speaker 4: eighteen five hundred dollars or whatever it was, and he

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Speaker 4: saved up the money and he said, you know what,

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Speaker 4: I'm tired of losing my money. I'm tired of spending.

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Speaker 4: He bought ten ounces of gold because of what I said.

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Speaker 4: And you know wherever he is now if he held

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Speaker 4: out to that gold, now it's you know, twenty six thousand,

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Speaker 4: five hundred or whatever. So he did great, and he

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Speaker 4: just bought ten ten ounces of you know, one ounce

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Speaker 4: each of Bouyon bars. But I feel like he even

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Speaker 4: got short changed. I think the gold price after that

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Speaker 4: ridiculous pandemic with all that printing, should be way higher

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Speaker 4: and then even twenty six fifty. But I'm not looking

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Speaker 4: for that to happen anytime soon.

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Speaker 2: One thing that I always liked on your Instagram page,

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Speaker 2: and I'm not sure if you've done one recently. Used

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Speaker 2: to do like these really fun like sort of like

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Speaker 2: let's take a look at geopolitics and like the charts

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Speaker 2: and the maps. Have you still been doing that?

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Speaker 4: Yeah, I mean that's not like the I found that

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Speaker 4: to be very entertaining. Well you guys, you guys, there's

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Speaker 4: you know, a little smart and stuff like that. But

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Speaker 4: for the average person in the crowd, sometimes I have

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Speaker 4: to do something a little bit more.

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Speaker 2: I remember, like years and I don't know what year

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Speaker 2: it was when you had like the chart of Iran

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Speaker 2: and the chart, you know, and it's differently tensions in

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Speaker 2: the Middle East.

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Speaker 4: I do that on tracks news. Yeah, yeah, I have

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Speaker 4: a little side channel where I talk about what's really

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Speaker 4: going on in the world. But when it comes to

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Speaker 4: my main pages, I want to I have to make money. Yeah, okay,

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Speaker 4: So I have to go and I have to stick

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Speaker 4: around the materials, the diamonds, the sapphires, the gold, and

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Speaker 4: I have to market my jewelry to the masses in

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Speaker 4: a clever way. Make my money. Buy more gold chains.

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Speaker 4: I'm placing in order for half a million for seven

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Speaker 4: kilos okay of gold chains. I'm gonna flood out my

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Speaker 4: shop and I'm gonna hunker down and I'm gonna wait

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Speaker 4: for it all to end.

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Speaker 1: What are your security costs right now?

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Speaker 4: Well, listen, I mean I'm in the middle of the

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Speaker 4: Diamond district. You know, my rent is about fifty thousand

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Speaker 4: dollars a month. But that has three spaces up you know,

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Speaker 4: in fourteen A, which is on the thirteenth floor, and

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Speaker 4: then I have a mezzanine, and then I have a storefront.

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Speaker 4: And luckily there's you know, police cars there and two

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Speaker 4: precincts nearby. I'm next to Fox News and Rockefeller Center,

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Speaker 4: so I'm in a safe place. If if there's ever

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Speaker 4: was a place to stash gold, this is the place

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Speaker 4: to do it. So I'm gonna take advantage of that fact.

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Speaker 2: What what would you leave for the day? Like how

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Speaker 2: big is that protocol of like locking up everything?

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Speaker 4: Right? Well, my staff does it. I have cameras. I

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Speaker 4: see what's going on, and I have It's like a

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Speaker 4: casino or a bank. If you make a proper protocol,

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Speaker 4: you don't have to sit here and worry about it

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Speaker 4: so much.

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Speaker 2: When you talk about buying half a million, seven kilos

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Speaker 2: worth of gold making a half a million dollar order,

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Speaker 2: what's that? What's that?

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Speaker 1: Like?

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Speaker 2: Who are the big players in the sort of wholesale

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Speaker 2: gold district?

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Speaker 4: And for anybody doing the math that's in fourteen characters,

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Speaker 4: they're going to seven kilos, they're going to be think

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Speaker 4: and this guy's some not on the up and up.

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Speaker 4: That's coming from different chain manufacturers in Italy sometimes could

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Speaker 4: be Indonesia or somewhere else, and they have factories and

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Speaker 4: they source their gold however which way they do it.

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Speaker 4: You know, I've been to some of these factories. They're

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Speaker 4: beautiful factories, family run. But I like to buy my

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Speaker 4: gold in gold chains. Now if I buy gold bars

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Speaker 4: or grain, and I do that often as well. I

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Speaker 4: do that right on the street on forty seventh Street

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Speaker 4: with several different vendors there that are really really cool

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Speaker 4: people worth the visiting and learning about.

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Speaker 1: What do higher gold prices actually do for your profit

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Speaker 1: margins because I imagine, like the actual manufacturing cost is

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Speaker 1: probably the biggest chunk.

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Speaker 4: Yeah, they know that's not the manufacturing cost is not

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Speaker 4: the biggest chunk. I mean, the gold, the material is

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Speaker 4: the biggest by far, and it eats away and then

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Speaker 4: you have to raise your prices. But jewelry is the

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Speaker 4: only industry in which you raise your prices and sales

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Speaker 4: could go up because people associate that with a higher quality, right,

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Speaker 4: you know, they'll look if people don't know anything about it,

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Speaker 4: they'll say, hey, this sapphire is thirty thousand, this one's

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Speaker 4: twenty thousand, so that sapphire must be better than this one,

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Speaker 4: you know. And that's how people think about jewelry, and

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Speaker 4: that's the psychology behind it. And you know that works

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Speaker 4: in our favor if we're building a jewelry brand or whatever.

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Speaker 2: So, by the way, we're recording this on January seventh.

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Speaker 2: Just today, Mark Zuckerberg, the Meta CEO, the Facebook Guy,

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Speaker 2: released a video and about content moderation and a number

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Speaker 2: of people noticed he was wearing a nine hundred thousand

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Speaker 2: dollars watch. His style has changed. Yep, what do you

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Speaker 2: is there been? Have you noticed a shift in general

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Speaker 2: sort of public styles of people these days maybe versus

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Speaker 2: say ten years ago, of wanting to wear their wealth

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Speaker 2: on their wrist, around their neck more.

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Speaker 4: Yeah. Yeah, the people are growing up. Think things are

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Speaker 4: definitely changing and people are flashing a little bit more.

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Speaker 4: I mean, you know, there was the era of Steve

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Speaker 4: Jobs where he was the real leader and he was,

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Speaker 4: you know, the same pair of jeans and sneakers, New

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Speaker 4: Balance sneakers, very plain, and you know, once he passed,

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Speaker 4: other people are stepping out and the watch game is

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Speaker 4: I guess something that caught marks and he's in it

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Speaker 4: now and he's playing along, which is great for business.

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Speaker 4: And you know, that's really what's been going on. And

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Speaker 4: I think that's a great trend. A lot of people

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Speaker 4: wearing different time pieces. There's way more information about them now.

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Speaker 4: The market has kind of been democratized a little bit

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Speaker 4: where people could look up different watches and find their

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Speaker 4: certain styling. And this guy is stepping out, he's stepping

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Speaker 4: up and he's changing his personality. Maybe he did ayahuasca.

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Speaker 4: I don't really know what got into him, but it's

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Speaker 4: good for business, so I'm happy about it.

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Speaker 1: He definitely had a little makeover recently. You can tell

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Speaker 1: we've been talking a lot about gold, but we should

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Speaker 1: talk about diamonds as well, because like gold's been going up,

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Speaker 1: diamond prices have been going down for a while. And

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Speaker 1: I imagine some of it is, you know, the pressure

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Speaker 1: from lab grown diamonds, but like what's going.

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Speaker 4: On there, Well, the lab grown is in the market

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Speaker 4: and it's weighing it down heavily because you can't tell

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Speaker 4: the difference. And even I've buy them sometimes and you

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Speaker 4: know the real challenges it used to be able to sell.

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Speaker 4: You know, S I, two, I one J color as well.

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Speaker 4: These are all the gradings of the stone.

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Speaker 1: Keep so you didn't you buy an engagement ring and

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Speaker 1: forgot it.

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Speaker 2: It was a family early so I never had to

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Speaker 2: go to the lucky then in those days.

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Speaker 4: So the lower you know, lower grade stones, they used

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Speaker 4: to play a part. But now why would I buy

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Speaker 4: a lower grade stone? Right? It's here's a decent example.

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Speaker 4: Why would I buy a Honda Accord built from a

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Speaker 4: factory when I could buy a lab grown Mercedes.

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Speaker 2: Yeah, I get that.

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Speaker 4: Okay, you know, so it's.

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Speaker 2: Really it kills the low end. Yeah, if you're going

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Speaker 2: to go to the low end anyway, you don't really.

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Speaker 4: But once you take out the low end, the high

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Speaker 4: end is coming with it and all sorts of things

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Speaker 4: are going down. But natural is still natural. Natural gems

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Speaker 4: are a different story.

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Speaker 2: So the natural gyms are for the wife.

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Speaker 4: Yeah, they're for their wives, and there for a way

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Speaker 4: for you to spend money.

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Speaker 1: But wait, my engagement ring is actually an aquamarine. It's

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Speaker 1: not a diamond. But this reminds me, like, do you

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Speaker 1: see other types of stones coming into fashion, like the

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Speaker 1: more natural gemstones if maybe, like the lab grown diamonds

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Speaker 1: are kind of muddy in that market.

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Speaker 4: Not yet nobody really knows what to do, okay, So

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Speaker 4: the engagement marriage these are you know, the highest societal

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Speaker 4: matters that one can discuss, and society doesn't know how

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Speaker 4: to decide that. There has to be some leadership. Someone

402
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Speaker 4: has to get engaged with the sapphire to start a trend,

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Speaker 4: some major celebrity or you know, God forbid. Malania gets

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Speaker 4: a divorce and gets a new husband. He buys her

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Speaker 4: a ruby. I think we'll see it.

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Speaker 1: Well Kate Middleton satire. Yeah that was a big deal.

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Speaker 4: Yeah, that's a big deal. And that's the way they

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Speaker 4: do it over there, because that was kind of Princess

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Speaker 4: Diana had, I think a safire. So I think that

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Speaker 4: was the trend, but it never really caught on into

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Speaker 4: the masses. Just yet, it's still diamonds.

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Speaker 1: Wait, why do things like fall in and out of

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Speaker 1: fashion like that? Like why why did diamonds have such

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Speaker 1: a hold on the engagement market.

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Speaker 4: Still, that's a fantastic question. I mean this was you know,

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Speaker 4: propagandized by de beers at some point of time, somebody's

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Speaker 4: brainchild to be able to show commitment. And it also

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Speaker 4: the shoe fit, so they wore it. You know, she

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Speaker 4: got a one character, she's got a one and a half. Well,

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Speaker 4: my husband bought me a three character, but yours a Jkuller.

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Speaker 4: And it's just it's just a game for people to

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Speaker 4: play and for a way to have the guy spend money.

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Speaker 1: One more diamond question, but like, how come diamonds? My

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Speaker 1: impression is notoriously if you get a giant diamond engagement ring,

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Speaker 1: like yes, okay, that's great, but if you break up

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Speaker 1: or you divorce and you want to go sell it,

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Speaker 1: it immediately loses a ton of value. Why is it

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Speaker 1: that diamonds never really like transformed into a store of

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Speaker 1: value in the same way that gold.

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Speaker 4: It's a luxury product. Okay, listen, another example that I

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Speaker 4: give most of my clients, right, you could buy you

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Speaker 4: could go to the liquor store. You have a sixty dollars,

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Speaker 4: you could buy a bottle of champagne, or you could

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Speaker 4: buy a bottle of Jamaican rum. Okay, So one is

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Speaker 4: going to get you way more drunk for way longer

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Speaker 4: than the other. You know, Champagne, half the bottle is

437
00:21:32,240 --> 00:21:35,679
Speaker 4: gonna fly out when you open it, half the content

438
00:21:35,760 --> 00:21:38,600
Speaker 4: to the bottle. But Jamaican run rum, you could sit

439
00:21:38,640 --> 00:21:40,359
Speaker 4: under a bridge for a month and you know whatever.

440
00:21:40,640 --> 00:21:42,560
Speaker 4: So the fact of the matter is is one is

441
00:21:42,600 --> 00:21:46,920
Speaker 4: a luxury product for celebration and one is not. Okay,

442
00:21:47,000 --> 00:21:50,240
Speaker 4: if you really want, you know, if you're somewhere in

443
00:21:50,920 --> 00:21:54,200
Speaker 4: the Middle East or in Asia and you're getting married,

444
00:21:54,240 --> 00:21:56,160
Speaker 4: you're gonna cover your wife in gold so she could

445
00:21:56,160 --> 00:22:01,280
Speaker 4: feel secure about her you know, marriage or divorce or

446
00:22:01,320 --> 00:22:05,080
Speaker 4: commitment or whatever. But here in the West, you know,

447
00:22:05,240 --> 00:22:08,840
Speaker 4: at the top one percent of society or civilization or

448
00:22:08,840 --> 00:22:12,280
Speaker 4: whatever it might be. It's a different trend, and you're

449
00:22:12,280 --> 00:22:16,680
Speaker 4: buying something that is frivolous and luxurious. If you really

450
00:22:16,720 --> 00:22:19,360
Speaker 4: want something that's going to keep your value, give your

451
00:22:19,400 --> 00:22:22,679
Speaker 4: wife a gold bar or you know, you're not going

452
00:22:22,760 --> 00:22:25,159
Speaker 4: to see in some you know, on Park Avenue at

453
00:22:25,200 --> 00:22:28,639
Speaker 4: some a major wedding hall or whatever, a wife covered

454
00:22:28,640 --> 00:22:32,960
Speaker 4: in gold coins. Okay, all right, you know like you would.

455
00:22:33,040 --> 00:22:34,679
Speaker 1: Maybe one day maybe one.

456
00:22:34,600 --> 00:22:38,399
Speaker 4: Day, yeah, after you know, after the economy really I'm

457
00:22:38,440 --> 00:22:41,160
Speaker 4: gonna takes a noose dives then yeah. Maybe. So that's

458
00:22:41,200 --> 00:22:41,600
Speaker 4: the reason.

459
00:22:41,840 --> 00:22:44,080
Speaker 2: Let's talk about watches a little more. You sell watchers.

460
00:22:44,119 --> 00:22:47,240
Speaker 2: I'm looking at a ninety two thousand, fully iced out

461
00:22:47,359 --> 00:22:51,439
Speaker 2: sky Dweller Oyster Perpetual roll X watch on your website.

462
00:22:51,560 --> 00:22:54,240
Speaker 2: What's a cool watch brand these days? I mean Rolllexes

463
00:22:54,240 --> 00:22:56,040
Speaker 2: are always what are people into?

464
00:22:56,119 --> 00:22:56,359
Speaker 4: Now?

465
00:22:56,560 --> 00:22:57,479
Speaker 2: What's the hot thing in all?

466
00:22:57,560 --> 00:23:02,480
Speaker 4: Well, the big boys obviously protect Philippe, Automar and Rolex,

467
00:23:03,240 --> 00:23:06,159
Speaker 4: and then if you really want to stand out, you

468
00:23:06,240 --> 00:23:11,320
Speaker 4: might get a brigade or you know, Cartiers or Cartier

469
00:23:11,680 --> 00:23:15,639
Speaker 4: as they like to pronounce it is something that's also cute.

470
00:23:16,119 --> 00:23:18,320
Speaker 4: But aside from that, Listen, you're getting a watch not

471
00:23:18,359 --> 00:23:20,760
Speaker 4: to tell the time. Let's just keep it real, okay,

472
00:23:20,800 --> 00:23:24,000
Speaker 4: You're getting a watch to have a status symbol. So

473
00:23:24,040 --> 00:23:26,400
Speaker 4: they call rolexes the new money. When you get your

474
00:23:26,400 --> 00:23:30,239
Speaker 4: first real money, you get yourself a rolex because you

475
00:23:30,320 --> 00:23:32,680
Speaker 4: know it's going to do the job. You've arrived, yes,

476
00:23:33,040 --> 00:23:36,280
Speaker 4: and then from there you go out further and further

477
00:23:36,960 --> 00:23:42,720
Speaker 4: into something that might be a little bit you know,

478
00:23:42,880 --> 00:23:47,200
Speaker 4: I'm unknown, but amongst the community of people in the watches,

479
00:23:47,920 --> 00:23:53,240
Speaker 4: it's respected. And there's definitely several different brands like that,

480
00:23:53,320 --> 00:23:54,879
Speaker 4: and none of them come to mind at the moment.

481
00:23:55,040 --> 00:23:57,600
Speaker 4: But you know, I usually rely on my friend Roman

482
00:23:57,680 --> 00:24:00,520
Speaker 4: Scharf when it comes to watches. He's an expert in

483
00:24:00,600 --> 00:24:01,320
Speaker 4: that field.

484
00:24:01,720 --> 00:24:06,480
Speaker 1: I used to know a big luxury watch collector in Appudapi.

485
00:24:06,680 --> 00:24:11,040
Speaker 1: Maybe that's unsurprising, and I never really understood the thesis

486
00:24:11,119 --> 00:24:14,800
Speaker 1: of like speculating on watches, but he was big into that.

487
00:24:14,800 --> 00:24:17,119
Speaker 1: He would buy and then he would trade and sell.

488
00:24:17,880 --> 00:24:21,000
Speaker 1: Is that an investment thesis that you buy into or

489
00:24:21,080 --> 00:24:21,640
Speaker 1: not so much?

490
00:24:21,720 --> 00:24:25,320
Speaker 4: You know, Like at my store, I feel happiest when

491
00:24:25,320 --> 00:24:28,159
Speaker 4: I have a million in watches and a million in

492
00:24:28,160 --> 00:24:31,520
Speaker 4: gold or something like that. Okay, so you can't ever

493
00:24:31,640 --> 00:24:35,879
Speaker 4: go wrong with those assets. And they do Roles just

494
00:24:35,960 --> 00:24:39,120
Speaker 4: raise their list prices. So the prices went up on

495
00:24:39,280 --> 00:24:42,159
Speaker 4: all the watches, and anybody who has a Rolex gained,

496
00:24:42,160 --> 00:24:44,960
Speaker 4: and anybody who didn't is going to have to be,

497
00:24:45,320 --> 00:24:47,480
Speaker 4: you know, get their dollars up even higher to get one.

498
00:24:47,560 --> 00:24:51,000
Speaker 4: So you can't go wrong with some of those assets.

499
00:24:51,040 --> 00:24:53,160
Speaker 4: And you go look, you know, you'll see some run

500
00:24:53,160 --> 00:24:56,680
Speaker 4: into a YouTube video or something like that. Somebody who

501
00:24:56,720 --> 00:25:01,120
Speaker 4: bought a Rolex straight out of the army in nineteen

502
00:25:01,240 --> 00:25:04,560
Speaker 4: fifty eight or nineteen sixty three, and they bought it

503
00:25:04,600 --> 00:25:06,480
Speaker 4: and they kept a box and papers, and they bought

504
00:25:06,520 --> 00:25:08,679
Speaker 4: it for six hundred and fifty dollars, and today it's

505
00:25:08,720 --> 00:25:11,119
Speaker 4: worth a quarter of a million or one hundred and

506
00:25:11,160 --> 00:25:14,320
Speaker 4: fifty thousand or sixty nice. Yeah, I mean, you know

507
00:25:15,520 --> 00:25:17,320
Speaker 4: a lot of the things if you go and buy

508
00:25:17,359 --> 00:25:20,040
Speaker 4: them today, and you know you're a young person, if

509
00:25:20,080 --> 00:25:22,800
Speaker 4: you're a young person listening to this or's you know,

510
00:25:23,240 --> 00:25:25,440
Speaker 4: a few might be. And you go and you buy

511
00:25:25,560 --> 00:25:27,600
Speaker 4: Rolex and you don't take the stickers off, and you

512
00:25:27,640 --> 00:25:29,879
Speaker 4: buy a limited edition and you keep it there and

513
00:25:29,920 --> 00:25:31,920
Speaker 4: then you're sixty five years old. I know it seems

514
00:25:31,960 --> 00:25:34,080
Speaker 4: like a long long time from now, but that day

515
00:25:34,160 --> 00:25:36,800
Speaker 4: is gonna come. And if you pull that Rolex out

516
00:25:36,800 --> 00:25:40,160
Speaker 4: of that closet or out of that safe, you're gonna

517
00:25:40,160 --> 00:25:44,000
Speaker 4: really be happy with what's going on. And that's that's

518
00:25:44,000 --> 00:25:47,800
Speaker 4: the nature watches, because these companies and these brands do

519
00:25:47,960 --> 00:25:51,800
Speaker 4: something special for you know, their time pieces, and it's

520
00:25:52,160 --> 00:25:52,920
Speaker 4: and it works.

521
00:25:53,240 --> 00:25:54,800
Speaker 2: I want to ask you a sort of real meat

522
00:25:54,800 --> 00:25:58,800
Speaker 2: and potatoes business question, but going back to safety and

523
00:25:58,840 --> 00:26:02,439
Speaker 2: security and uppers and like you probably have to like

524
00:26:03,160 --> 00:26:05,600
Speaker 2: hiring can't be people for your store, can't be like

525
00:26:05,600 --> 00:26:08,359
Speaker 2: totally trivial because you have to be able to trust them, etc.

526
00:26:08,640 --> 00:26:10,879
Speaker 2: That must be a huge part of it. You've jailed

527
00:26:10,920 --> 00:26:14,960
Speaker 2: it what you've seen. I was talking to my barber

528
00:26:15,280 --> 00:26:17,640
Speaker 2: recently and he was saying he had a hard time

529
00:26:17,760 --> 00:26:19,880
Speaker 2: hiring these days, and I said, well, what's the hard

530
00:26:19,920 --> 00:26:22,080
Speaker 2: part is that? Like, is it hard to find people

531
00:26:22,080 --> 00:26:24,399
Speaker 2: who can cut here? And he said, no, I'm actually

532
00:26:24,480 --> 00:26:26,920
Speaker 2: just that's basically what he said. He said, the hard

533
00:26:26,960 --> 00:26:29,239
Speaker 2: part is basically like just finding people who are sort

534
00:26:29,280 --> 00:26:31,880
Speaker 2: of normal and put together. And I'm curious, like from

535
00:26:31,880 --> 00:26:34,080
Speaker 2: your perspective, like what you've seen on that front.

536
00:26:34,200 --> 00:26:37,920
Speaker 4: Yeah, you know, New York City is a run down

537
00:26:38,200 --> 00:26:41,280
Speaker 4: in a lot of different ways. So there's a lot

538
00:26:41,280 --> 00:26:44,160
Speaker 4: of people that I mean, you got to sort through

539
00:26:44,200 --> 00:26:48,199
Speaker 4: a lot of people to find a good quality human being. Yeah, okay.

540
00:26:48,359 --> 00:26:50,919
Speaker 4: A lot of them are usually going to be immigrants

541
00:26:52,080 --> 00:26:54,920
Speaker 4: that are coming here from all over the world that

542
00:26:55,200 --> 00:26:58,080
Speaker 4: are really looking to work and have a real work

543
00:26:58,119 --> 00:27:01,840
Speaker 4: ethic that they're expected to work. People that grow up

544
00:27:01,880 --> 00:27:06,000
Speaker 4: in this society want to get high. Work is something

545
00:27:06,040 --> 00:27:08,280
Speaker 4: that for them to just an obstacle for them to

546
00:27:08,320 --> 00:27:12,320
Speaker 4: overcome for them to enjoy themselves and binge on Netflix?

547
00:27:12,480 --> 00:27:15,119
Speaker 2: Have you seen the desire to get high? And I

548
00:27:15,160 --> 00:27:17,600
Speaker 2: mean here in the literal sense of drug use? Has

549
00:27:17,640 --> 00:27:20,080
Speaker 2: that changed a lot into twenty years that you've had

550
00:27:20,119 --> 00:27:21,359
Speaker 2: tracks and having to deal with it?

551
00:27:22,080 --> 00:27:25,240
Speaker 4: Well, listen, you know I smoke periodically and so on

552
00:27:25,280 --> 00:27:27,120
Speaker 4: and so forth, but I actually I have to make

553
00:27:27,160 --> 00:27:30,800
Speaker 4: sure that I fulfill my obligations to my business. All right.

554
00:27:31,160 --> 00:27:34,720
Speaker 4: Alcohol is a drug that people partake in after work

555
00:27:34,800 --> 00:27:37,440
Speaker 4: or so on and so forth. But people have become abusive,

556
00:27:38,040 --> 00:27:40,720
Speaker 4: and you know, it's not just the drugs, it's the

557
00:27:40,720 --> 00:27:46,240
Speaker 4: theft and the overall lack of work ethic in today's society.

558
00:27:46,280 --> 00:27:49,520
Speaker 4: They just don't understand it. And you know, people are

559
00:27:49,560 --> 00:27:52,159
Speaker 4: doing the bare minimum where they're pretending to work or

560
00:27:52,200 --> 00:27:54,480
Speaker 4: so on and so forth, and the moment you check

561
00:27:54,520 --> 00:27:58,800
Speaker 4: on their work, that's a serious problem. Luckily, the AI

562
00:27:58,840 --> 00:28:00,959
Speaker 4: and the robots are coming, so they could finally go

563
00:28:01,000 --> 00:28:04,440
Speaker 4: to Central Park and play, you know, frisbee or whatever

564
00:28:04,440 --> 00:28:08,120
Speaker 4: they really want to do. But it's it's quite tragic,

565
00:28:08,200 --> 00:28:11,560
Speaker 4: and those people need to be scrutinized and filtered out,

566
00:28:12,080 --> 00:28:14,879
Speaker 4: and you know, they really don't have no any dignity

567
00:28:14,920 --> 00:28:16,240
Speaker 4: in your self respect in my opinion.

568
00:28:16,440 --> 00:28:18,480
Speaker 1: Wait, am I going to be buying jewelry from a

569
00:28:18,600 --> 00:28:21,080
Speaker 1: robot in the near future? Are they going to be

570
00:28:21,080 --> 00:28:21,800
Speaker 1: behind the counter?

571
00:28:21,960 --> 00:28:24,040
Speaker 4: Well, the beautiful thing is, you know what I'm saying

572
00:28:24,080 --> 00:28:27,199
Speaker 4: if jewelry, jewelry is the last or one of the

573
00:28:27,240 --> 00:28:31,920
Speaker 4: last few businesses that you know, escapes the eye of Saurron,

574
00:28:31,960 --> 00:28:34,440
Speaker 4: which would be like a Jeff Bezos right, all right,

575
00:28:34,600 --> 00:28:38,000
Speaker 4: you know Amazon, you it started out with books. Now

576
00:28:38,000 --> 00:28:41,440
Speaker 4: it's paper towels. Now you could host a server now

577
00:28:42,320 --> 00:28:45,440
Speaker 4: anything you can imagine, movies, TV shows. He gobbled up

578
00:28:45,480 --> 00:28:50,560
Speaker 4: everything but jewelry. I still have this little, uh little

579
00:28:51,600 --> 00:28:54,400
Speaker 4: you know, territory that I could expand in and that's

580
00:28:54,440 --> 00:28:57,720
Speaker 4: by the grace of God if nothing else. So luckily,

581
00:28:58,000 --> 00:29:00,200
Speaker 4: jewelry is kind of those one of those few things

582
00:29:00,240 --> 00:29:02,000
Speaker 4: that's not going to have a barcode on it.

583
00:29:19,160 --> 00:29:22,080
Speaker 1: Just going back to hiring, how do you actually find

584
00:29:22,360 --> 00:29:24,800
Speaker 1: and source your employees? Do you put out an ad

585
00:29:25,080 --> 00:29:27,520
Speaker 1: or is it like through word of mouth through networking?

586
00:29:27,680 --> 00:29:30,800
Speaker 4: I put out an ad, I asked to whatever you know,

587
00:29:30,880 --> 00:29:33,080
Speaker 4: if anybody has somebody, or I put up a post

588
00:29:33,120 --> 00:29:35,640
Speaker 4: on social media. But the best way to hire, I

589
00:29:35,760 --> 00:29:39,200
Speaker 4: find is to tell somebody, hey, you're here for a

590
00:29:39,240 --> 00:29:43,360
Speaker 4: one week trial, and if you do well, I'll extend

591
00:29:43,400 --> 00:29:45,400
Speaker 4: that to a one month trial. And if you do

592
00:29:45,480 --> 00:29:48,680
Speaker 4: well on that too much, I'm not hiring anybody. It's

593
00:29:48,720 --> 00:29:51,000
Speaker 4: like getting married to somebody. At this point, I'm not

594
00:29:51,080 --> 00:29:54,160
Speaker 4: marrying them until I trust them and really get to

595
00:29:54,200 --> 00:29:58,640
Speaker 4: know them and see them under a different circumstances. So

596
00:29:58,880 --> 00:30:01,480
Speaker 4: it's not like the corporate world. It's the diamond district,

597
00:30:02,080 --> 00:30:05,560
Speaker 4: and I really scrutinize them, and I also ask the

598
00:30:05,600 --> 00:30:07,840
Speaker 4: other opinions, say, how did this person do? Did this

599
00:30:07,920 --> 00:30:10,680
Speaker 4: person say good And once you have a good panel

600
00:30:10,720 --> 00:30:15,040
Speaker 4: of people, then you can really you know, rely on

601
00:30:15,120 --> 00:30:18,880
Speaker 4: different opinions and build a good group. It's the biggest challenge,

602
00:30:18,960 --> 00:30:21,000
Speaker 4: especially in the jewelry business. That's why people work with

603
00:30:21,040 --> 00:30:21,560
Speaker 4: their family.

604
00:30:22,080 --> 00:30:22,560
Speaker 3: Yeah.

605
00:30:22,720 --> 00:30:24,800
Speaker 2: Is it front of shop that like, are you have

606
00:30:24,840 --> 00:30:26,360
Speaker 2: the hardest time? I mean, is it the people sort

607
00:30:26,400 --> 00:30:29,200
Speaker 2: of like working the counter talking about the jewelry showing

608
00:30:29,280 --> 00:30:31,200
Speaker 2: it to them or is it people in the back?

609
00:30:31,360 --> 00:30:31,880
Speaker 2: Is it people?

610
00:30:32,000 --> 00:30:38,320
Speaker 4: What is everybody? Everybody who touches expensive materials is scary

611
00:30:38,360 --> 00:30:41,680
Speaker 4: to me. You know, somebody's picking up a casting, someone's

612
00:30:41,680 --> 00:30:45,000
Speaker 4: shopping for sapphires. Are they taking a bribe? Are they

613
00:30:45,040 --> 00:30:47,680
Speaker 4: picking off some stones? Are they taking a couple of grams?

614
00:30:48,000 --> 00:30:51,600
Speaker 4: Are they doing some other nonsense nefarious business, which I've

615
00:30:51,680 --> 00:30:54,880
Speaker 4: seen it all. I've had employees just take stuff off

616
00:30:54,920 --> 00:30:57,520
Speaker 4: the shelf and go to the scrapper and scrap it. Wow,

617
00:30:57,880 --> 00:31:00,800
Speaker 4: you know, I've you know, I walked into my shop

618
00:31:01,360 --> 00:31:04,520
Speaker 4: and I see someone's wearing a chain underneath their neck,

619
00:31:05,520 --> 00:31:08,640
Speaker 4: a big one underneath their shirt. But I could see

620
00:31:08,640 --> 00:31:10,560
Speaker 4: it through the shirt. I'm like, listen, what is that chain?

621
00:31:10,600 --> 00:31:12,160
Speaker 4: And you know he fast talks to me He's like, no,

622
00:31:12,240 --> 00:31:14,040
Speaker 4: I'm waiting for the client. He's gonna come right back.

623
00:31:14,040 --> 00:31:15,000
Speaker 4: I'm just gonna give it to him.

624
00:31:15,040 --> 00:31:18,120
Speaker 1: And I'm like, I'm like, there's keeping it warm in

625
00:31:18,160 --> 00:31:18,760
Speaker 1: the meantime.

626
00:31:19,240 --> 00:31:21,240
Speaker 4: I'm like, there's no way this person is just looking

627
00:31:21,280 --> 00:31:23,479
Speaker 4: me dead in the eyes and lying to me. I'm like, Okay,

628
00:31:24,120 --> 00:31:26,320
Speaker 4: turns out he was just stealing it, ready to go

629
00:31:26,360 --> 00:31:28,320
Speaker 4: home with it. I mean, listen, I've been through everything

630
00:31:28,320 --> 00:31:30,600
Speaker 4: you can imagine. I've had people forward my signature on

631
00:31:30,680 --> 00:31:36,120
Speaker 4: a check, you know, pick up double castings, all right.

632
00:31:36,160 --> 00:31:38,560
Speaker 4: You go to you have to pick something up for

633
00:31:38,600 --> 00:31:40,280
Speaker 4: a client, you pick up two, you get one to

634
00:31:40,320 --> 00:31:42,800
Speaker 4: the client, one for yourself. I've had it all, and

635
00:31:42,840 --> 00:31:46,440
Speaker 4: I've lost my faith in humanity because of it.

636
00:31:46,520 --> 00:31:50,120
Speaker 2: So you know, it's a humanity will fade away, but

637
00:31:50,200 --> 00:31:52,640
Speaker 2: that fourteen carred gold chain will be there for thousands

638
00:31:52,680 --> 00:31:55,080
Speaker 2: of years. And this gets back to the gold is

639
00:31:55,080 --> 00:31:57,520
Speaker 2: permanently right back where we started. Yeah.

640
00:31:57,560 --> 00:32:00,720
Speaker 1: Wait, So one of the most annoying things I find

641
00:32:00,880 --> 00:32:03,480
Speaker 1: about shopping for jewelry, and I mean, I don't shop

642
00:32:03,520 --> 00:32:06,200
Speaker 1: for jewelry that often, but when I do, it's like

643
00:32:06,280 --> 00:32:11,080
Speaker 1: the pricing transparency. You look in the case, and half

644
00:32:11,080 --> 00:32:13,200
Speaker 1: the time you can't read what's written on the label

645
00:32:13,200 --> 00:32:16,360
Speaker 1: because they're often handwritten or they've stuck the label like

646
00:32:16,640 --> 00:32:18,840
Speaker 1: under the ring and so you can't see it.

647
00:32:18,960 --> 00:32:19,760
Speaker 4: That's the fun part.

648
00:32:20,120 --> 00:32:23,920
Speaker 1: Yeah, I get that it's good for you, But what

649
00:32:24,040 --> 00:32:27,560
Speaker 1: do you do? What do those prices actually A? How

650
00:32:27,560 --> 00:32:28,720
Speaker 1: do those prices come about?

651
00:32:29,000 --> 00:32:29,120
Speaker 3: Like?

652
00:32:29,160 --> 00:32:31,880
Speaker 1: What do they actually mean? I assume they're all negotiable.

653
00:32:32,000 --> 00:32:35,000
Speaker 1: They usually are. And then B how often are you

654
00:32:35,040 --> 00:32:37,800
Speaker 1: actually changing the labels? Like if the price of gold

655
00:32:37,920 --> 00:32:40,640
Speaker 1: goes up twenty percent, yeah, twenty percent, do you do

656
00:32:40,680 --> 00:32:42,600
Speaker 1: you have to like go and rewrite all the little

657
00:32:42,600 --> 00:32:43,080
Speaker 1: price tag?

658
00:32:43,440 --> 00:32:45,320
Speaker 4: Yeah, you might have to. That depends on what type

659
00:32:45,320 --> 00:32:47,800
Speaker 4: of store or what type of operation you're running. Or

660
00:32:47,840 --> 00:32:50,160
Speaker 4: sometimes you just do the math in your head. Or

661
00:32:50,200 --> 00:32:52,560
Speaker 4: sometimes you say, hey, listen, price of gold went up,

662
00:32:53,000 --> 00:32:55,160
Speaker 4: and next week I might change this tag by it now,

663
00:32:55,760 --> 00:32:58,000
Speaker 4: you know? So it's it is what it is. I mean,

664
00:32:58,000 --> 00:33:01,440
Speaker 4: the price is based on the raw materials plus labor,

665
00:33:01,880 --> 00:33:04,040
Speaker 4: you know, plus design, plus the fee that I want

666
00:33:04,040 --> 00:33:06,920
Speaker 4: to make. And like I said, it doesn't have a

667
00:33:06,920 --> 00:33:10,120
Speaker 4: bar code on it. It's not like buying a digital

668
00:33:10,160 --> 00:33:13,560
Speaker 4: camera right now, where it's four ninety five on Amazon

669
00:33:13,720 --> 00:33:17,760
Speaker 4: and for eighty eight at Walmart. You know, and you

670
00:33:17,920 --> 00:33:19,640
Speaker 4: just say, Okay, I don't want to save this or

671
00:33:19,640 --> 00:33:21,520
Speaker 4: I don't want to do that, or whatever it might be.

672
00:33:21,840 --> 00:33:23,920
Speaker 4: This is a it still has a little bit of

673
00:33:23,960 --> 00:33:27,120
Speaker 4: more of a romance to it to make the purchase

674
00:33:27,280 --> 00:33:31,280
Speaker 4: and learn the raw materials. And you know, if I

675
00:33:31,440 --> 00:33:34,080
Speaker 4: was to tell somebody out there, if you're shopping for something,

676
00:33:34,240 --> 00:33:37,280
Speaker 4: you're the client, and what should you do? Is the

677
00:33:37,360 --> 00:33:40,880
Speaker 4: real question. Okay, what should Tracy do? All right, Tracy

678
00:33:40,920 --> 00:33:43,120
Speaker 4: should walk into any jewelry store in the Diamond District,

679
00:33:43,160 --> 00:33:45,120
Speaker 4: look at whatever she likes, say how many carrots, how

680
00:33:45,160 --> 00:33:47,080
Speaker 4: many grams, what's the price, and then walk out the

681
00:33:47,080 --> 00:33:50,120
Speaker 4: door and buy nothing. Okay, go to the next door,

682
00:33:50,160 --> 00:33:51,400
Speaker 4: in the next door, in the next door, and then

683
00:33:51,400 --> 00:33:53,040
Speaker 4: come back and say, I saw this over here, but

684
00:33:53,080 --> 00:33:55,600
Speaker 4: can you do this for me over here eighteen fifty

685
00:33:55,640 --> 00:33:57,280
Speaker 4: I come right back. If they give you a look

686
00:33:57,360 --> 00:33:59,440
Speaker 4: or they do this, don't shop there. That's it. Don't

687
00:33:59,480 --> 00:34:01,840
Speaker 4: let the pressure you to buy, and don't let them

688
00:34:01,880 --> 00:34:05,760
Speaker 4: pressure you with a story and whatever it is, because

689
00:34:06,280 --> 00:34:09,080
Speaker 4: that's kind of the venus fly trap that people use.

690
00:34:09,480 --> 00:34:11,839
Speaker 4: They come in, they befriend you, and they use all

691
00:34:11,840 --> 00:34:15,719
Speaker 4: of these crazy social tactics to you know, get you

692
00:34:15,760 --> 00:34:17,319
Speaker 4: to get something to buy it. And if you really

693
00:34:17,360 --> 00:34:19,799
Speaker 4: want to be sharp, you know, when I go to

694
00:34:19,840 --> 00:34:23,080
Speaker 4: the diamond district and I have to buy sapphires right now,

695
00:34:23,160 --> 00:34:25,000
Speaker 4: I have to buy a lot of sapphires for to

696
00:34:25,239 --> 00:34:30,239
Speaker 4: manufacture chains. One person's telling me this quality for one

697
00:34:30,320 --> 00:34:32,480
Speaker 4: hundred and fifty dollars a carrot. The other one's telling

698
00:34:32,520 --> 00:34:35,320
Speaker 4: me this quality for one to twenty and other qualities

699
00:34:35,400 --> 00:34:38,000
Speaker 4: sixty dollars a carat for something. Somebody might have had

700
00:34:38,040 --> 00:34:39,919
Speaker 4: something in there safe for forty five and they're willing

701
00:34:39,960 --> 00:34:42,080
Speaker 4: to let it go for twenty five. And you can

702
00:34:42,120 --> 00:34:45,759
Speaker 4: manipulate that system if you shop around and turn the

703
00:34:45,800 --> 00:34:48,040
Speaker 4: tables on them. So that's what your responsibility is.

704
00:34:48,200 --> 00:34:51,560
Speaker 2: Actually, this raison is an question that I've sort of

705
00:34:51,600 --> 00:34:54,480
Speaker 2: wondered about. People talk about this, what's the advantage for

706
00:34:54,560 --> 00:34:56,960
Speaker 2: you of being in the district, because it sounds great

707
00:34:57,000 --> 00:34:59,480
Speaker 2: for the customer. You walk down five different stories, especially

708
00:34:59,480 --> 00:35:02,200
Speaker 2: if you're getting fairly generic like a ring or whatever.

709
00:35:02,520 --> 00:35:05,080
Speaker 2: But you know, this is this phenomenon that happens in

710
00:35:05,080 --> 00:35:08,520
Speaker 2: the economy of companies sort of agglomerating in one place.

711
00:35:08,840 --> 00:35:11,920
Speaker 2: What is the reason for why does it advantage you

712
00:35:12,000 --> 00:35:14,359
Speaker 2: to be in the diamond district versus somewhere else where

713
00:35:14,360 --> 00:35:15,080
Speaker 2: there isn't a neighbor.

714
00:35:15,120 --> 00:35:17,759
Speaker 4: I'll tell you right now. Well, you know, maybe after

715
00:35:17,840 --> 00:35:20,120
Speaker 4: work today I'm gonna go. I'm gonna stop by a

716
00:35:20,200 --> 00:35:24,279
Speaker 4: Korean casting manufacturer that he's got some new models in

717
00:35:24,360 --> 00:35:28,239
Speaker 4: of stretchy bands that have springs in them that are

718
00:35:28,520 --> 00:35:30,680
Speaker 4: you know, diamonds all around. And that's not something I

719
00:35:30,680 --> 00:35:34,200
Speaker 4: could have created or invented. They're not reaching the end consumer.

720
00:35:34,239 --> 00:35:36,520
Speaker 4: They're not setting their own diamonds. They're just selling casting.

721
00:35:36,600 --> 00:35:39,840
Speaker 4: So they have that someone else might have a sapphire

722
00:35:40,200 --> 00:35:44,319
Speaker 4: or emerald that I need, And there is someone else

723
00:35:44,400 --> 00:35:48,120
Speaker 4: might be an incredible diamond setter. There's a casting company

724
00:35:48,160 --> 00:35:50,399
Speaker 4: that is able to do big castings. If I want

725
00:35:50,400 --> 00:35:53,560
Speaker 4: to cast a really big piece, Okay, someone's an expert

726
00:35:53,600 --> 00:35:55,719
Speaker 4: in silver. I can't hire all these people. I can't

727
00:35:55,719 --> 00:35:57,759
Speaker 4: put them all under one roof. And if you want

728
00:35:57,760 --> 00:35:59,400
Speaker 4: to be you know, if yeah, if I want to,

729
00:35:59,760 --> 00:36:02,480
Speaker 4: if I manufacture all my jewelry and I know exactly

730
00:36:02,480 --> 00:36:04,320
Speaker 4: what I'm selling and I put it in a store,

731
00:36:04,440 --> 00:36:07,280
Speaker 4: I'll go to Madison Avenue or whatever. I'll go downtown.

732
00:36:07,640 --> 00:36:09,319
Speaker 4: But if I really want to be able to wheel

733
00:36:09,360 --> 00:36:12,680
Speaker 4: and deal and be competitive, I want to work with

734
00:36:12,840 --> 00:36:16,359
Speaker 4: all of my friends that I've been doing business with

735
00:36:16,800 --> 00:36:20,359
Speaker 4: for twenty years in the Diamond District and use all

736
00:36:20,400 --> 00:36:23,760
Speaker 4: of the resources and all the creative energy that's there.

737
00:36:24,080 --> 00:36:27,480
Speaker 4: When it comes to the gems, the gold, the castings,

738
00:36:27,560 --> 00:36:33,360
Speaker 4: the labor, the sizing, the engravings, the laser etchings, whatever

739
00:36:33,440 --> 00:36:36,360
Speaker 4: it might be. It's a fun place to do business.

740
00:36:36,880 --> 00:36:40,239
Speaker 1: Do you expect hire tariffs to impact you at all?

741
00:36:41,200 --> 00:36:43,040
Speaker 4: No, not really, I don't really know. I mean, I

742
00:36:43,080 --> 00:36:45,880
Speaker 4: hear so many stories about these tariffs. One person's this,

743
00:36:46,160 --> 00:36:50,720
Speaker 4: one person's that. Listen. You know, my experience getting people

744
00:36:50,760 --> 00:36:54,320
Speaker 4: to pay to play isn't the worst thing in the world.

745
00:36:54,520 --> 00:36:57,920
Speaker 4: So you know, it might be more difficult on one end,

746
00:36:57,920 --> 00:36:59,799
Speaker 4: and then someone's got more money on the other end,

747
00:36:59,840 --> 00:37:02,120
Speaker 4: and then this happens, and then that happens, and there's

748
00:37:02,120 --> 00:37:05,480
Speaker 4: a chain reaction to a variety of different effects. Try

749
00:37:05,520 --> 00:37:07,520
Speaker 4: try it at this point. You know, I'm tired of

750
00:37:07,560 --> 00:37:10,239
Speaker 4: looking at America declining ever since I got here in

751
00:37:10,320 --> 00:37:11,720
Speaker 4: nineteen ninety three. Try something.

752
00:37:11,880 --> 00:37:14,560
Speaker 2: If I opened the store I'm actually going back to

753
00:37:14,600 --> 00:37:18,000
Speaker 2: the diamond Sometimes. Tracy and I joke around about opening up,

754
00:37:18,080 --> 00:37:20,080
Speaker 2: you know, going into the businesses of the people we

755
00:37:20,160 --> 00:37:22,640
Speaker 2: speak to. Can someone new just arrive in the diamond

756
00:37:22,680 --> 00:37:25,439
Speaker 2: district or would they be looked at a skance like? How?

757
00:37:25,560 --> 00:37:25,640
Speaker 4: Like?

758
00:37:26,040 --> 00:37:28,319
Speaker 2: How deep are the roots of everyone who's there?

759
00:37:28,360 --> 00:37:32,120
Speaker 4: Pretty deep? I mean money talks. You could establish relationships

760
00:37:32,120 --> 00:37:35,160
Speaker 4: with money pretty quickly. I established minds with no money.

761
00:37:35,200 --> 00:37:37,759
Speaker 2: But yeah, how'd you get how'd you get your foothold there?

762
00:37:37,800 --> 00:37:40,840
Speaker 4: Well? I started photographing jewelry and putting it up on

763
00:37:40,880 --> 00:37:42,920
Speaker 4: eBay in two thousand and four when people laughed at

764
00:37:42,960 --> 00:37:46,719
Speaker 4: jewelry on the internet. So this is when Amazon was

765
00:37:46,719 --> 00:37:48,719
Speaker 4: pretty cheap to buy, and I think was selling books

766
00:37:48,800 --> 00:37:52,200
Speaker 4: or something at that time. So I was able to

767
00:37:52,560 --> 00:37:54,920
Speaker 4: start photographing jewelry and putting it up on the Internet.

768
00:37:54,960 --> 00:37:57,879
Speaker 4: So I would photograph it, put it up, sell it,

769
00:37:58,040 --> 00:38:01,200
Speaker 4: then buy it and ship it. And I was able

770
00:38:01,280 --> 00:38:04,960
Speaker 4: to feed different vendors money until they would take me serious,

771
00:38:05,440 --> 00:38:10,000
Speaker 4: and I learned the industry. But unless you have years

772
00:38:10,000 --> 00:38:12,680
Speaker 4: and years of experience, you don't really want to sit

773
00:38:12,719 --> 00:38:14,640
Speaker 4: here and go to the diamondustry and open up and

774
00:38:14,640 --> 00:38:18,319
Speaker 4: do anything right? All right, this is, you know, not

775
00:38:18,480 --> 00:38:20,520
Speaker 4: the type of thing that you just want. It's like

776
00:38:20,560 --> 00:38:23,839
Speaker 4: me saying tomorrow, well, I want to open up you know,

777
00:38:23,920 --> 00:38:26,880
Speaker 4: a dentistry something. You know what I'm saying, Like, I

778
00:38:26,880 --> 00:38:29,399
Speaker 4: don't know anything about that industry. I don't know anything

779
00:38:29,440 --> 00:38:32,520
Speaker 4: about carpets. I don't know anything about you know, manufacturing

780
00:38:32,719 --> 00:38:35,920
Speaker 4: or of you know, computers. It's not my field. I

781
00:38:35,960 --> 00:38:40,000
Speaker 4: dedicated myself to a field. So if anybody wants to

782
00:38:40,080 --> 00:38:43,040
Speaker 4: dive into that field, your grand kid might do it,

783
00:38:43,120 --> 00:38:46,279
Speaker 4: might do well, but you might have a hard time

784
00:38:46,320 --> 00:38:47,120
Speaker 4: with it. I don't know.

785
00:38:47,239 --> 00:38:49,480
Speaker 1: There's one other thing I wanted to ask you, which

786
00:38:49,560 --> 00:38:52,879
Speaker 1: is who is actually buying and whether you've noticed any

787
00:38:52,960 --> 00:38:56,239
Speaker 1: changes there because we hear stories. I mean obviously you

788
00:38:56,280 --> 00:38:59,120
Speaker 1: hear stories about like China's Central bank buying lots of

789
00:38:59,160 --> 00:39:02,480
Speaker 1: gold or maybe, but like, do you notice it in

790
00:39:02,560 --> 00:39:05,719
Speaker 1: terms of actual Like do Chinese people come in and

791
00:39:05,760 --> 00:39:07,120
Speaker 1: buy more gold lately?

792
00:39:07,360 --> 00:39:10,480
Speaker 4: No, not here particularly, but they might be buying it

793
00:39:10,520 --> 00:39:15,080
Speaker 4: from someone else. I really love to ask my gold vendor,

794
00:39:15,880 --> 00:39:20,280
Speaker 4: kahan is his name or Isaac is his name? Kahana

795
00:39:20,360 --> 00:39:22,799
Speaker 4: is the company, and you know his father and his

796
00:39:22,920 --> 00:39:26,080
Speaker 4: uncle put that together, put a business together. They went

797
00:39:26,200 --> 00:39:28,920
Speaker 4: separate ways, and he just inherited his father just retired

798
00:39:28,920 --> 00:39:32,719
Speaker 4: when he was eighty. He has a safe full of

799
00:39:32,760 --> 00:39:36,120
Speaker 4: gold and silver, and he has lots and lots of customers.

800
00:39:36,120 --> 00:39:38,480
Speaker 4: Who they are, I'm not sure. They're a variety of

801
00:39:38,520 --> 00:39:41,520
Speaker 4: different people, but personally, people reach out to me once

802
00:39:41,560 --> 00:39:44,440
Speaker 4: in a while. A family member, you know, a mo

803
00:39:44,640 --> 00:39:47,000
Speaker 4: might want to run into some cash, or they just

804
00:39:47,040 --> 00:39:48,879
Speaker 4: sold their business and they want to spend a half

805
00:39:48,880 --> 00:39:51,840
Speaker 4: a million bucks on gold or something like that, or

806
00:39:53,080 --> 00:39:56,800
Speaker 4: a variety of different people. It's I haven't seen a pattern. Okay,

807
00:39:56,840 --> 00:39:59,200
Speaker 4: I haven't seen a pattern, and I really haven't seen

808
00:39:59,239 --> 00:40:02,520
Speaker 4: a rush of either. Right now. The game is crypto,

809
00:40:02,840 --> 00:40:06,839
Speaker 4: so it's you know, that's what they're thinking about, and

810
00:40:06,880 --> 00:40:09,000
Speaker 4: that's what it is. I'm not a big fan of

811
00:40:09,040 --> 00:40:13,080
Speaker 4: it at all because I've held gold my whole life.

812
00:40:13,640 --> 00:40:16,480
Speaker 4: I've passed it, i've gave it, i've hit it, i've

813
00:40:16,520 --> 00:40:19,160
Speaker 4: sold it, I bought it, I melted it. I've never

814
00:40:19,280 --> 00:40:22,319
Speaker 4: held a bitcoin. I've never seen one. I've heard of them,

815
00:40:22,640 --> 00:40:25,359
Speaker 4: and I know they're out there somewhere, but I don't

816
00:40:25,360 --> 00:40:27,840
Speaker 4: want to wake up in the morning and need my

817
00:40:27,880 --> 00:40:31,120
Speaker 4: Wi Fi password to get my money.

818
00:40:31,920 --> 00:40:35,479
Speaker 2: How secure is your safe passwords there? Just in your head?

819
00:40:35,560 --> 00:40:37,160
Speaker 2: I guess you could always bust it open if you

820
00:40:37,160 --> 00:40:37,520
Speaker 2: forget it.

821
00:40:37,560 --> 00:40:40,680
Speaker 4: Right, Yeah, I mean it's the security is about the

822
00:40:40,680 --> 00:40:42,640
Speaker 4: cameras that are pointing at it. And yeah, there is

823
00:40:42,680 --> 00:40:45,640
Speaker 4: a combination plus a key. But listen, you know I

824
00:40:45,640 --> 00:40:48,760
Speaker 4: don't take my trays in and out every day I am.

825
00:40:49,160 --> 00:40:50,680
Speaker 4: I don't do any of that. To be honest, I

826
00:40:50,719 --> 00:40:54,120
Speaker 4: have managers and managers that manage groups of people that

827
00:40:54,160 --> 00:40:56,600
Speaker 4: I trust. Some people are trustworthy, believe it or not,

828
00:40:56,680 --> 00:41:00,600
Speaker 4: in this world. Few And the example I give is

829
00:41:00,719 --> 00:41:04,319
Speaker 4: like this, right, there's a lot of iron in the

830
00:41:04,360 --> 00:41:08,040
Speaker 4: world and a lot of base metals and there's very little,

831
00:41:08,440 --> 00:41:12,480
Speaker 4: but there is gold. Same thing with people. There's a

832
00:41:12,520 --> 00:41:17,120
Speaker 4: lot of untrustworthy people. There's a lot of base base metals.

833
00:41:17,160 --> 00:41:18,799
Speaker 4: There's a lot of base people, and then there's a

834
00:41:18,800 --> 00:41:23,080
Speaker 4: few amazing people that are special, just like the golden

835
00:41:23,080 --> 00:41:26,840
Speaker 4: medal is special and the universe creates them, just like

836
00:41:26,880 --> 00:41:30,160
Speaker 4: the universe creates gold. You look at the periodic chart,

837
00:41:30,200 --> 00:41:31,799
Speaker 4: you got to figure out where that came from. That's

838
00:41:31,840 --> 00:41:33,080
Speaker 4: up to you to decide. Wait.

839
00:41:33,120 --> 00:41:37,120
Speaker 2: Actually, one last question in uncut gems, and Adam Sandler

840
00:41:37,239 --> 00:41:40,279
Speaker 2: gave the stone to Kevin Garnett to like hold for

841
00:41:40,280 --> 00:41:43,040
Speaker 2: a while for good luck. Would jeweler ever do that?

842
00:41:44,160 --> 00:41:46,560
Speaker 4: Yeah, anything can happen. I mean, you know, you might

843
00:41:46,640 --> 00:41:50,200
Speaker 4: be doing a promotion and you might be putting diamonds

844
00:41:50,200 --> 00:41:50,840
Speaker 4: on someone.

845
00:41:51,280 --> 00:41:53,640
Speaker 2: And this stressed me out so much. The thought of like,

846
00:41:53,719 --> 00:41:54,680
Speaker 2: I'm just going a movie.

847
00:41:55,040 --> 00:41:58,000
Speaker 4: Yes, is me too? Living it for twenty years been

848
00:41:58,040 --> 00:42:01,480
Speaker 4: stressful as well. So yeah, definitely give your gold and

849
00:42:01,520 --> 00:42:03,640
Speaker 4: your jewelry and your watchers to different people, and you

850
00:42:03,680 --> 00:42:05,120
Speaker 4: hope you find them at the end of the night,

851
00:42:06,000 --> 00:42:09,479
Speaker 4: whether they're going to award shows. Yeah, sometimes you tell them, hey,

852
00:42:10,000 --> 00:42:11,840
Speaker 4: you know one of the lines I use to prevent

853
00:42:11,920 --> 00:42:14,359
Speaker 4: myself to be in that situation. My insurance company won't

854
00:42:14,400 --> 00:42:16,759
Speaker 4: allow it. That's smart, So you know, you get this

855
00:42:16,800 --> 00:42:20,839
Speaker 4: is the jewelry business. If you put yourself a word

856
00:42:20,920 --> 00:42:24,279
Speaker 4: game that people are not prepared for, you're prepared for it.

857
00:42:24,560 --> 00:42:27,160
Speaker 4: But they're not. My insurance company. If I'll avoid me

858
00:42:27,200 --> 00:42:28,600
Speaker 4: if I give out my stuff.

859
00:42:28,600 --> 00:42:30,400
Speaker 1: Have insurance premium has been going up?

860
00:42:30,440 --> 00:42:33,000
Speaker 4: They must be right, Yes they have. If you don't

861
00:42:33,000 --> 00:42:35,719
Speaker 4: make any claims, they kind of leave you alone. So

862
00:42:35,840 --> 00:42:39,919
Speaker 4: you know, the insurance is like almost a break even game, right,

863
00:42:40,040 --> 00:42:43,480
Speaker 4: you know, my insurance is expensive, and if you use it,

864
00:42:43,480 --> 00:42:45,400
Speaker 4: it goes up, and if you don't use it, you're

865
00:42:45,440 --> 00:42:47,280
Speaker 4: giving them the money and so on and so forth.

866
00:42:47,320 --> 00:42:49,719
Speaker 4: But better to have it and not use it.

867
00:42:49,719 --> 00:42:52,000
Speaker 1: Does it go up in tandem with like the price

868
00:42:52,000 --> 00:42:54,080
Speaker 1: of gold though? No? Huh?

869
00:42:54,320 --> 00:42:57,480
Speaker 2: Mark soud Aga, Johnny tracks n YC. Thank you so

870
00:42:57,560 --> 00:42:58,840
Speaker 2: much for coming on odline.

871
00:42:58,920 --> 00:43:02,160
Speaker 4: Hey, thank you you guys were thank you for giving

872
00:43:02,160 --> 00:43:03,400
Speaker 4: me this golden opportunity.

873
00:43:04,600 --> 00:43:05,960
Speaker 2: Glad you have given you your start.

874
00:43:07,400 --> 00:43:09,680
Speaker 1: We had to have at least one pun. Yeah, in

875
00:43:09,719 --> 00:43:10,440
Speaker 1: the conversation.

876
00:43:10,680 --> 00:43:12,560
Speaker 2: That was fantastic. Thank you so much. That was a

877
00:43:12,600 --> 00:43:13,040
Speaker 2: lot of fun.

878
00:43:13,440 --> 00:43:13,680
Speaker 4: Glad.

879
00:43:28,120 --> 00:43:28,640
Speaker 2: That was fun.

880
00:43:28,719 --> 00:43:35,760
Speaker 1: Tracy, It's always fun talking gold jewelry with Max. And yeah,

881
00:43:35,840 --> 00:43:39,440
Speaker 1: I mean, I guess the investment thesis has borne out

882
00:43:39,520 --> 00:43:39,879
Speaker 1: so far.

883
00:43:40,000 --> 00:43:42,440
Speaker 2: Old done, golds done great. But I know it was

884
00:43:42,480 --> 00:43:44,160
Speaker 2: a kind of a joke, but I really do take

885
00:43:44,200 --> 00:43:46,880
Speaker 2: this seriously that at any time, no matter what the

886
00:43:46,920 --> 00:43:50,000
Speaker 2: price of gold is, one hundred dollars worth of gold

887
00:43:50,080 --> 00:43:52,440
Speaker 2: is always one hundred dollars. And so if you know

888
00:43:52,480 --> 00:43:54,560
Speaker 2: for real, because if you're thinking like I have x

889
00:43:54,600 --> 00:43:56,960
Speaker 2: amount of dollar value that I want to store in

890
00:43:57,080 --> 00:44:00,440
Speaker 2: some other non fiat forum.

891
00:44:00,560 --> 00:44:03,080
Speaker 1: This is true, right, Well, I'll tell you what was

892
00:44:03,080 --> 00:44:05,920
Speaker 1: interesting was the idea of like competition with the crypto.

893
00:44:06,120 --> 00:44:07,759
Speaker 2: Yah. That was really interesting because.

894
00:44:07,440 --> 00:44:10,279
Speaker 1: It did sound I mean, as he was saying, it

895
00:44:10,320 --> 00:44:13,120
Speaker 1: does sound like people are kind of you know, it's

896
00:44:13,160 --> 00:44:14,080
Speaker 1: sort of an either or.

897
00:44:14,280 --> 00:44:17,320
Speaker 2: Yeah two, especially for like the people who want to

898
00:44:17,360 --> 00:44:20,319
Speaker 2: like speculate on price. Right to the other things that

899
00:44:20,400 --> 00:44:23,400
Speaker 2: I thought were really interesting from that conversation. One is

900
00:44:23,719 --> 00:44:27,680
Speaker 2: his description of what specifically lab grown diamonds did to

901
00:44:27,719 --> 00:44:31,120
Speaker 2: the diamond industry, about sort of chopping out the low

902
00:44:31,239 --> 00:44:33,600
Speaker 2: end of the diamond market. Yeah, because it's, yeah, it

903
00:44:33,640 --> 00:44:36,959
Speaker 2: makes sense, why buy a cheap diamond or a low

904
00:44:37,040 --> 00:44:40,759
Speaker 2: grade diamond when you could get a high grown lab Like,

905
00:44:40,840 --> 00:44:43,160
Speaker 2: once you've already established that you're going to get something cheap,

906
00:44:43,400 --> 00:44:45,719
Speaker 2: why not get the lab grown version? And then the

907
00:44:45,840 --> 00:44:48,399
Speaker 2: way that that filters through to the price overall. And

908
00:44:48,560 --> 00:44:50,759
Speaker 2: I was just really interested in like his comments on

909
00:44:50,840 --> 00:44:53,799
Speaker 2: hiring and how difficult that is, Like I said, I

910
00:44:53,800 --> 00:44:56,040
Speaker 2: had heard the my barber said the same thing, Like

911
00:44:56,120 --> 00:44:59,719
Speaker 2: just this core aspect of like hiring people who are

912
00:44:59,719 --> 00:45:02,319
Speaker 2: sort of like with it, not seeking to get high

913
00:45:02,440 --> 00:45:05,600
Speaker 2: per se. Interesting interesting comments there.

914
00:45:05,680 --> 00:45:08,480
Speaker 1: I'm sorry speaking of being a bad worker. I'm very

915
00:45:08,480 --> 00:45:12,160
Speaker 1: distracted by I looked up the diamond encrusted Ferbie.

916
00:45:12,480 --> 00:45:14,000
Speaker 2: Oh yeah, so how much is that going for?

917
00:45:14,320 --> 00:45:17,439
Speaker 1: Well, so it got auctioned off by A twenty four

918
00:45:17,520 --> 00:45:20,600
Speaker 1: the production company, and I'm trying to find how much

919
00:45:20,600 --> 00:45:22,800
Speaker 1: it went for, but I can't find it at the moment.

920
00:45:22,880 --> 00:45:27,839
Speaker 1: But I'm just staring at all these like animated videos. Yeah,

921
00:45:27,880 --> 00:45:28,680
Speaker 1: the diamond.

922
00:45:28,440 --> 00:45:31,200
Speaker 2: For I have watched that movie again, do you want to?

923
00:45:31,360 --> 00:45:33,560
Speaker 1: I found it so stressful the first time. I don't

924
00:45:33,560 --> 00:45:34,120
Speaker 1: think I could.

925
00:45:34,480 --> 00:45:36,239
Speaker 2: It was really stressful. But you know, I know how

926
00:45:36,280 --> 00:45:38,480
Speaker 2: it ends now, so maybe maybe that'll make it a

927
00:45:38,520 --> 00:45:41,560
Speaker 2: little bit. Maybe that'll make it easier.

928
00:45:41,680 --> 00:45:45,879
Speaker 1: There's some people are making imitation gold ferbies. I gotta

929
00:45:45,920 --> 00:45:46,480
Speaker 1: got one of those.

930
00:45:46,560 --> 00:45:47,560
Speaker 2: Yeah, just get one of those.

931
00:45:47,760 --> 00:45:48,040
Speaker 4: Okay.

932
00:45:48,880 --> 00:45:51,279
Speaker 1: Shall we leave it there before I just start like

933
00:45:51,400 --> 00:45:53,400
Speaker 1: narrating my online shopping.

934
00:45:53,120 --> 00:45:54,120
Speaker 2: Yes, let's leave it there.

935
00:45:54,200 --> 00:45:57,560
Speaker 1: Okay. This has been another episode of the All Thoughts podcast.

936
00:45:57,719 --> 00:46:00,200
Speaker 1: I'm Tracy Alloway. You can follow me at Tracey.

937
00:46:00,200 --> 00:46:02,839
Speaker 2: Away, and I'm joll Wisenthal. You can follow me at

938
00:46:02,880 --> 00:46:05,960
Speaker 2: the Stalwart, follow uh Max sud Aga Johnny check out

939
00:46:05,960 --> 00:46:10,799
Speaker 2: his Instagram It's tracks NYC. Follow our producers Kerman Rodriguez

940
00:46:10,800 --> 00:46:14,040
Speaker 2: at Kerman Arman, dash Ol Bennett at Dashbot and Kilbrooks

941
00:46:14,040 --> 00:46:17,040
Speaker 2: at Kilbrooks. Thank you to our producer Moses Adam. For

942
00:46:17,160 --> 00:46:20,160
Speaker 2: more odd Laws content, go to Bloomberg dot com slash Odlots.

943
00:46:20,160 --> 00:46:22,680
Speaker 2: We have transcripts, a blog, and a newsletter and you

944
00:46:22,719 --> 00:46:25,560
Speaker 2: can chat about all of these topics twenty four to

945
00:46:25,560 --> 00:46:29,360
Speaker 2: seven in our discord Discord dot gg slash hotlines.

946
00:46:29,560 --> 00:46:32,520
Speaker 1: And if you enjoy Odlots, if you like it when

947
00:46:32,640 --> 00:46:35,080
Speaker 1: Joe says he's going to be nice to the gold Bugs,

948
00:46:35,360 --> 00:46:38,160
Speaker 1: then please leave us a positive review on your favorite

949
00:46:38,160 --> 00:46:41,880
Speaker 1: podcast platform. And remember, if you are a Bloomberg subscriber,

950
00:46:41,960 --> 00:46:45,320
Speaker 1: you can listen to all of our episodes absolutely ad free.

951
00:46:45,480 --> 00:46:48,360
Speaker 1: All you need to do is find the Bloomberg channel

952
00:46:48,400 --> 00:46:51,840
Speaker 1: on Apple Podcasts and follow the instructions there. Thanks for

953
00:46:51,920 --> 00:47:02,920
Speaker 1: listening in