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Speaker 1: Welcome to Financial Hairsey, where we discuss how money works

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Speaker 1: so that you can make more, keep more, and give more.

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Speaker 1: I'm your host, Joe Brown, and today we have Dave

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Speaker 1: mcilveney as a guest on the show. Dave is the

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Speaker 1: CEO of multiple companies mcilveney Wealth Management, Maclveny Precious Medals,

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Speaker 1: and my favorite of the bunch is vaulted. You've heard

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Speaker 1: me talk about vaulted before. Allows you to dollar cost

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Speaker 1: average into vaulted gold and when the amount of gold

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Speaker 1: you have in storage gets to a point where you

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Speaker 1: would like to request physical delivery, you can do so.

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Speaker 1: It is extremely low cost efficient, simple, my favorite. And

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Speaker 1: I've got CEO Dave mcilveney on the show today. He's

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Speaker 1: got years decades of experience between him and his companies

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Speaker 1: in precious metals, wealth of knowledge about the behind the

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Speaker 1: scenes working of the precious metals industry, why we are

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Speaker 1: seeing precious metals prices where they are right now, and

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Speaker 1: what we might expect in the future given the current

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Speaker 1: environment with central banks and UH and pricing and trends.

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Speaker 1: So I'm very excited to have Dave on the show

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Speaker 1: with us today. Well, Dave, thank you. So much for

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Speaker 1: joining me today. Really excited to talk to you, you know,

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Speaker 1: to go over us. You know, basically, here's some of

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Speaker 1: the inside stuff that's happening in the industry. Lots of

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Speaker 1: exciting stuff with precious metals. So thanks for joining me.

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Speaker 1: Great to be with you again. Just for an intro,

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Speaker 1: I know who you are, we're friends, I've talked to

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Speaker 1: you in the past. Just for anybody who's not familiar,

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Speaker 1: I'd like to hear a very brief story of you

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Speaker 1: know who you are, the companies and kind of how

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Speaker 1: you got started. And you know, because you've been you've

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Speaker 1: been doing this for a long time, and there's a

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Speaker 1: lot of credibility with the stuff you're going to talk about.

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Speaker 1: So I want people to people to know where this

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Speaker 1: where this is all coming from. Great um David mcilvaney,

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Speaker 1: pilosophy student in college, did not take my dad's advice

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Speaker 1: and study finance. He went that route and studied finance,

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Speaker 1: went to work on Wall Street. Saw some problems in

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Speaker 1: the sixties that he thought could only be resolved with

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Speaker 1: gold ownership, but it wasn't legal, so his only proxy

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Speaker 1: was gold mining shares, and he became an expert in

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Speaker 1: that in the nineteen sixties in early seventies, but he

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Speaker 1: started to want to change the system, and so he

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Speaker 1: and a couple other guys began the process of getting

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Speaker 1: gold legalized again and started our company, Macilveny Precious Medals

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Speaker 1: Ica is the name previously that Macilveny Precious Medals. Nineteen

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Speaker 1: seventy two found an exception an exemption and we got

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Speaker 1: into business a couple of years before it was legalized

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Speaker 1: in nineteen seventy five. Fast forward. You know, I finished

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Speaker 1: my degree and I did not take his advice the

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Speaker 1: first go round, but I did end up going back

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Speaker 1: to Wall Street, worked for Morgan Stanley for a number

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Speaker 1: of years, and then joined the family business in two

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Speaker 1: thousand and three. We have the medals brokerage business again

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Speaker 1: fifty one years old this year, and the asset management

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Speaker 1: company mackel Any Wealth Management, which we started in two

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Speaker 1: thousand and eight, very effectively managed money through the global

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Speaker 1: financial crisis through COVID through last year. And you know,

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Speaker 1: part of our success is understanding when to play offense

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Speaker 1: and when to play defense, having some defenses and strategies

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Speaker 1: and disciplines that we're willing to employ to mitigate risk.

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Speaker 1: And mitigate loss tough here for a lot of people

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Speaker 1: last year basically break even for us. On the wealth

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Speaker 1: management side, of course, of course, medals a different story altogether.

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Speaker 1: But Wonderful teams, I mean then they're very complementary. It's

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Speaker 1: kind of like a football team. We've got the offensive

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Speaker 1: coordinator putting points on the board with the asset management

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Speaker 1: group and the defensive coordinator making sure you don't lose

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Speaker 1: your shorts to inflation and a variety of other market disruptions.

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Speaker 1: On the metal side, Wonderful team, Great Products. Vaulted is

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Speaker 1: an extension of our Medals group, the online savings program

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Speaker 1: that we have with the Rowe Canadian Mint, and lots

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Speaker 1: of fun stuff going on with that these days. So

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Speaker 1: I find it fascinating. I mean, I think a lot

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Speaker 1: of people don't realize that as soon as the gold standard,

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Speaker 1: the gold exchange standard ended, when the gold window closed

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Speaker 1: in nineteen seventy one, that didn't just automatically mean people

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Speaker 1: could buy gold again. There were there were a bunch

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Speaker 1: of people who had to do some pretty extensive work

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Speaker 1: to get to the point where today you can you

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Speaker 1: can buy American eagles and bars. And it wasn't like

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Speaker 1: that immediately. Well, that's right, no, it was. It was

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Speaker 1: a legislative shift, and we worked with lobbyists and ultimately

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Speaker 1: the legislation was shifted. January first, nineteen seventy five was

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Speaker 1: the first date that it was legal for citizens to

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Speaker 1: own gold bullion since nineteen thirty three. So you know,

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Speaker 1: long stretch of time where land of the free, home

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Speaker 1: of the ray if you can't exactly do what you

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Speaker 1: want when you want in all cases. And a part

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Speaker 1: of that is because back to the thirties, the Federal

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Speaker 1: Reserve wanted to control the money supply. They had the

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Speaker 1: argument made the argument effectively that if they could control

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Speaker 1: liquidity in the banking and financial system that there would

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Speaker 1: be no crisis, and it was just a question of

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Speaker 1: making sure that there was adequate liquidity in the system,

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Speaker 1: in their view, not possible under the gold standard. There's

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Speaker 1: a limitation of money in terms of its supply, and

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Speaker 1: thus if you need more, you're stuck. You're in trouble.

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Speaker 1: So they blamed the Great Depression on gold, which is

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Speaker 1: kind of funny because you can look at a variety

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Speaker 1: of other causes and you know, anyways, that's that's one

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Speaker 1: of the reasons why it was made illegal as they

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Speaker 1: wanted control of the money supply. Now you mentioned that

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Speaker 1: that in O eight is when you started the wealth

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Speaker 1: management side. Is that on purpose in response to what

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Speaker 1: was going on with the financial system or was that

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Speaker 1: just you know, kind of coincidentally perfect timing. You know,

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Speaker 1: in Latin quid d end is what is next? And

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Speaker 1: in what the conversations were between my dad and I.

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Speaker 1: You know, we're sitting here in the middle of a

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Speaker 1: bull market and metals, and we're talking about the necessary

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Speaker 1: steps to help our clients navigate what is next? What

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Speaker 1: do you do at the end of a bull market

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Speaker 1: in gold and silver? If if gold and silver get

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Speaker 1: to a peak. He'd already seen this back in the seventies,

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Speaker 1: late seventies and early eighties. People keep buying and buying

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Speaker 1: and buying, probably three, four or five years after the

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Speaker 1: peak has already been put in because they think prices

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Speaker 1: are going even higher. They have no selling disciplines, they

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Speaker 1: have no willingness to shrink back a metals portfolio, and

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Speaker 1: no perspective on what to do with those dollars next.

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Speaker 1: And here we are working with tens of thousands of

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Speaker 1: clients today. We are in the metals business, and you know,

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Speaker 1: do we want them, you know, sort of marooned on

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Speaker 1: a golden island, unable to navigate to the next place

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Speaker 1: they should be. So we started the medals We started

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Speaker 1: the asset management company in two thousand and eight because

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Speaker 1: I was fairly well convinced that the bullmarket was on

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Speaker 1: the cusp of a parabolic move and we'd see significantly

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Speaker 1: higher prices, and sure enough we did by two eleven.

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Speaker 1: But but then there was the cyclical bear market interlude

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Speaker 1: between say two thousand and twelve and two thousand and fifteen,

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Speaker 1: which took us back to one thousand and fifty. Here

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Speaker 1: we are back at two thousand, same levels we had

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Speaker 1: circa two thousand eleven, and I think we are on

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Speaker 1: the cusp of a significant breakout in gold, and this

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Speaker 1: time we've got ten years of consolidation behind us, instead

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Speaker 1: of being at the end of a move. I think,

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Speaker 1: quite frankly, Joe, were very much in the early stages.

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Speaker 1: Maybe this is the last leg of a significant move

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Speaker 1: in the metals market, which which really began in the

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Speaker 1: year two thousand UM. But that two thousand and eight

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Speaker 1: period the reason why we focused on asset management at

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Speaker 1: that point is because we did not want our clients

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Speaker 1: wondering what next to do or to be forced to

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Speaker 1: go back to their Wall Street brokers who frankly had

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Speaker 1: gotten them into a big mess in the first place

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Speaker 1: and had left them underprepared in terms of mitigating risk

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Speaker 1: in their portfolios. Yeah. Yeah, absolutely. When you when you

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Speaker 1: talk about like right now, um, because looking at this

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Speaker 1: from you know, a defensive perspective, I mean there are

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Speaker 1: there have been bubbles before imprecious metals, because like you said,

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Speaker 1: people keep on buying past the point where you know, uh,

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Speaker 1: even even at that bubble has peaked. And when you

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Speaker 1: look at kind of the pattern, um, you know after

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Speaker 1: nineteen seventy one, there is uh, there was a there

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Speaker 1: was a big spike and then consolidation, and then a

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Speaker 1: really really large spike into nineteen eighty ish and then

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Speaker 1: really nothing for a few decades, and then there was

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Speaker 1: the bubble that formed into twenty eleven and then consolidation.

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Speaker 1: And we are seeing, uh, you know, from a technical

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Speaker 1: analysis perspective, we're seeing it retest that high of about

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Speaker 1: you know, let's say twenty one hundred, um, uh, you know,

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Speaker 1: multiple times. Now we're just a little bit above that

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Speaker 1: twenty eleven peak of the bubble, and um, this is

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Speaker 1: you know, from a from a charting perspective, it's like, okay,

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Speaker 1: this this looks like, you know, it's about ready to

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Speaker 1: go on a run. But from a fundamental perspective, Um,

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Speaker 1: there's a lot of buyers right now that that are

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Speaker 1: you know, big money and haven't been buying in a

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Speaker 1: long time the way that they are right now. So

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Speaker 1: this is, this is not just driven by retail investors

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Speaker 1: participating in a bubble at least right now. Um, this

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Speaker 1: is this is bigger than that, right yeah, I mean,

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Speaker 1: so back to the charts real quick. You've got your daily,

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Speaker 1: your weekly, and your monthly charts. And on a daily basis,

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Speaker 1: the medals are they're they're a little overcooked, they're they're

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Speaker 1: due for a very short term correction. The weekly charts

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Speaker 1: look pretty constructive for both gold and silver, and you've

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Speaker 1: got room to move higher on both of those. And frankly,

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Speaker 1: where you have to go take a cold shower is

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Speaker 1: after looking at the monthly charts. That's it's pretty easy

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Speaker 1: to get hot and bothered looking at those monthly charts,

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Speaker 1: because we really are on that basis at the beginning

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Speaker 1: of another major move for both gold and silver. So

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Speaker 1: you know the buyers that are coming into the market

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Speaker 1: right now in the first quarter of twenty twenty three,

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Speaker 1: it's been folks that look at the banking situation and say,

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Speaker 1: maybe the FDIC is not where I should put my faith.

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Speaker 1: Maybe one hundred and twenty eight point two billion dollars

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Speaker 1: covering seventeen trillion dollars in deposits, with basically nine of

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Speaker 1: that completely uninsured, nine trillion uninsured. Maybe the notion that

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Speaker 1: one point three seven cents for every dollar of deposits

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Speaker 1: there is not really is not really comforting. Honestly, I

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Speaker 1: think there's a lot of folks that look at their

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Speaker 1: bank balances and go, well, I let it grow to

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Speaker 1: three hundred thousand, five hundred thousand, seven hundred fifty thousand,

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Speaker 1: and that's too much cash to be in the banking system.

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Speaker 1: It's too much cash. I don't know if that makes

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Speaker 1: sense anymore. So, what we have not seen, Joe, we

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Speaker 1: have not seen a huge increase in influx into your

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Speaker 1: exchange traded products. And so what we did see from

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Speaker 1: two thousand and eight to two thousand eleven was hundreds

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Speaker 1: of tons being put into GLD and SLV and the

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Speaker 1: aggressive nature of sort of the average investors saying, yeah,

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Speaker 1: I got to get some of that. And you know,

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Speaker 1: we even had, you know, the articles coming out in

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Speaker 1: Barren's magazine there in two thousand and eleven that the

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Speaker 1: performing asset class for the last decade was gold, and

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Speaker 1: Barns does a really good job of basically calling tops

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Speaker 1: and bottoms. When they're bullish on gold, it's time to sell.

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Speaker 1: When they're barish on gold, it's time to buy. They

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Speaker 1: are like the contra indicator for the gold market. And

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Speaker 1: we all should have read the piece in two thousand

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Speaker 1: and eleven and said, all right, gold's going on ice

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Speaker 1: for a decade or something like that. It wasn't quite

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Speaker 1: a decade, but yeah, there's there's room on the basis

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Speaker 1: of the charts to see significant moves. We've seen starting

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Speaker 1: in two thousand and nine, the central banks changed their tune.

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Speaker 1: They went from net sellers to net buyers in two

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Speaker 1: thousand and nine, and they've been net buyers since two

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Speaker 1: thousand and nine. Every year. Last year was an incredible

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Speaker 1: year of central bank purchases and that's continuing at a

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Speaker 1: very aggressive pace into twenty twenty three. So if you've

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Speaker 1: got a big buyer in the central banks, there's no

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Speaker 1: supply coming from them. If you've got a growing, well,

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Speaker 1: a pretty steady audience of folks that sort of buy

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Speaker 1: the quote unquote love trade, you know, you've got the

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Speaker 1: ending wedding season, You've got Ramedan, you've got these religious

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Speaker 1: and cultural festivals, Chinese New Year, where demand for gold

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Speaker 1: jewelry is very consistent and predictable seasonally, the swing vote

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Speaker 1: in the gold market. As the investor, and yes, we're

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Speaker 1: seeing it at the edges, I can tell you our

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Speaker 1: volumes are up considerably in the first couple of months

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Speaker 1: of this year, March being a record breaker for the year,

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Speaker 1: not for our company overall in terms of our whole history,

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Speaker 1: but a very healthy month. But we haven't seen the

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Speaker 1: ETF purchases yet. The man in the street, the average

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Speaker 1: investor who generally is unaware of the value of gold.

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Speaker 1: Maybe this is the more common you know, thinking with

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Speaker 1: the masses that person will gold. They did in two

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Speaker 1: thousand and nine, ten and eleven, but they've not come

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Speaker 1: back to the market yet. M hmm. That's a couple

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Speaker 1: a couple of points there that that I think are

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Speaker 1: really important for everybody to understand. Number one, the mass

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Speaker 1: is the retail investor that is uneducated at least as

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Speaker 1: far as gold goes. UM there are this is this

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Speaker 1: is you know, in the past, it's been called the

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Speaker 1: dentist test or the uber driver test. Like when your

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Speaker 1: dentist was talking to you about the UH the initial

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Speaker 1: coin offerings in twenty sixteen and twenty seventeen and talking

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Speaker 1: about how Richie was getting, that was the that was

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Speaker 1: the time to sell bitcoin. Or when I when your

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Speaker 1: uber driver was talking about NFTs, that was the time

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Speaker 1: to to start selling UM. And so when the when

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Speaker 1: the uneducated investor UM starts piling into something, you know

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Speaker 1: that it's it's been the big money has gotten in

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Speaker 1: so much before that, and enough of a move has

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Speaker 1: happened to where it's become the consensus um. It's it's

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Speaker 1: almost it's almost at the end. That's a good rule

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Speaker 1: of thumb for a bubble test. And we all know

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Speaker 1: people like this. I mean, everybody can look in their

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Speaker 1: lives and we can we can think back, like if

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Speaker 1: you're an educated gold investor, you can look back and

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Speaker 1: you can say, okay, you know in June July and

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Speaker 1: August of twenty twenty one. These friends of mine or

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Speaker 1: these family members of mine, we're asking me how to

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Speaker 1: buy gold. It's like, that's probably a good rule of

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Speaker 1: thumb for we might be at a little bit of

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Speaker 1: a local top and uh. And so I think that's

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Speaker 1: that's important, that that's really not happening yet. And a

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Speaker 1: big piece of evidence for that is the the ETFs,

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Speaker 1: which are the easiest access for the retail investor. Yeah.

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Speaker 1: I mean, you've got the retail investor today who's still

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Speaker 1: got that fear of missing out in terms of the

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Speaker 1: next stock market move, and in the level of speculation

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Speaker 1: with zero days to expiration options where where folks are

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Speaker 1: just throwing money at highly speculative bets. We're not at

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Speaker 1: a place where the stock markets has in any way

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Speaker 1: given you the psychological indicators of being at a bottom. Yeah,

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Speaker 1: we had a good correction last year, but psychology is

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Speaker 1: fully intact, and the fear that's in the market is

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Speaker 1: not of loss, but of missing out. And so you know,

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Speaker 1: I think one of the other things that brings the

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Speaker 1: general public into the gold market is number one, seeing

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Speaker 1: a price move and getting above two seventy twenty one hundred,

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Speaker 1: let's call it for a round number. Getting above that number,

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Speaker 1: it is a breakout and that'll start to garner some

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Speaker 1: greed oriented attention. But what really drives the gold market

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Speaker 1: is the fear by where somebody is looking at losses

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Speaker 1: in their equity portfolio or their options portfolio, they pull

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Speaker 1: the plug and they want to move to cash. They

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Speaker 1: think that gold might be a safe haven. Two. So

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Speaker 1: some short term treasuries and gold end up being the

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Speaker 1: positioning as they freak out. Nobody's freaking out yet, nobody's

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Speaker 1: freaking out yet. That that greed play in the stock

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Speaker 1: market and in the options market is what you have

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Speaker 1: on full display. Now. The other thing that you mentioned

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Speaker 1: that was that I think is important is that these

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Speaker 1: markets are the typical American behavior is not typical of

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Speaker 1: the majority of the world. You mentioned Ramadan, you mentioned India,

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Speaker 1: you mentioned China. It's like there are there are quite

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Speaker 1: a few billion people on planet Earth that love gold,

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Speaker 1: use gold store their wealth, and gold they have throughout

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Speaker 1: generations and generations of their family and they'll continue to

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Speaker 1: pass wealth down that way. And just because it's not

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Speaker 1: typical of the three hundred million American citizens, doesn't mean

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Speaker 1: that the rest of the world doesn't operate that way. Well,

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Speaker 1: it's so in fairness, if you're looking at ETF purchases,

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Speaker 1: we did have some good activity in the European market.

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Speaker 1: So last year there was a different dimension of purchasing

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Speaker 1: in Europe. And you know, part of that is is

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Speaker 1: that you've got real concerns given the conflict between Russia

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Speaker 1: and Ukraine. You know, people people say this is not good,

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Speaker 1: this is this is not healthy. This introduces a lot

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Speaker 1: of uncertainty into the equation. And when you have uncertainty

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Speaker 1: in the marketplace, whatever whatever source it comes from, whether

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Speaker 1: it's a geopolitical uncertainty or an economic or a financial

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Speaker 1: market uncertainty or right, what we've had in the last

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Speaker 1: few months, that this sort of bank specific uncertainty that

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Speaker 1: drives people towards gold as a safe haven. We did

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Speaker 1: see that last year in Europe. But you're right, Joe,

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Speaker 1: not here in the US. So we kind of see

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Speaker 1: things differently. Sometimes we carve ourselves out as extra special.

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Speaker 1: We're kind of late to the party if anything. On

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Speaker 1: this one. Sure. Yeah, speaking of that global uncertainty that

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Speaker 1: you're talking about, that's also a large driver in terms

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Speaker 1: of central banks for gold purchasing, At least it seems

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Speaker 1: that way to me. So I'd like to hear your

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Speaker 1: opinion on that, because you have countries around the world

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Speaker 1: that might be looking at their reserves and saying, hey,

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Speaker 1: if something happens and we do get cut off from

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Speaker 1: the dollar, you know, gold is the only asset that

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Speaker 1: we have a central bank can buy that is not

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Speaker 1: somebody else's liability. And so do you think that the sanctions,

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Speaker 1: a geopolitical uncertainty, the potentially changing allegiancies around the world

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Speaker 1: could be influencing central bank gold buying behavior. Certainly at

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Speaker 1: the margins it was if you're looking at the smaller

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Speaker 1: purchasers of gold. That is very true for twenty twenty two.

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Speaker 1: You know the witness of the US taking over Russian

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Speaker 1: assets and you know, we were sitting on Russian central

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Speaker 1: bank reserves and we just said nope, not yours anymore.

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Speaker 1: And that move those sanctions did a lot to inspire

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Speaker 1: your smaller central banks to say, Wow, what is it

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Speaker 1: like to be cut off from your own resources? Better

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Speaker 1: have some of that closer to home where it's private, portable,

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Speaker 1: you know, all the things that you have the benefits.

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Speaker 1: Maybe sometimes of the drawbacks of gold, but they said basically,

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Speaker 1: we want and need more control of our destiny and

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Speaker 1: more direct control of our assets, and so yeah, that's

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Speaker 1: definitely factoring in. But a part of that is is

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Speaker 1: sort of a bigger picture story about sort of this

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Speaker 1: migration away from the US dollar and there being some

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Speaker 1: underlying resentment for the strings that are attached to the

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Speaker 1: system of hegemony that we have. Yeah, yeah, that makes sense. Well,

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Speaker 1: given what's going on, then I'm curious from a you know,

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Speaker 1: kind of an insider's perspective, what you see going on

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Speaker 1: with supply. I mean, I know, in the last couple

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Speaker 1: of years there have been a few isolated incidences, I

359
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Speaker 1: think January of twenty twenty two, like January first or

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Speaker 1: twentieth twenty twenty two, there was like a very short

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Speaker 1: term silver squeeze where there was just it was hard

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Speaker 1: to locate supply. Obviously supply was found and so that

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Speaker 1: wasn't you know a lot of people are looking forward

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Speaker 1: to some big epic final squeeze where supply completely runs out,

365
00:21:26,720 --> 00:21:29,919
Speaker 1: paper markets break, what do the what do the supply

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Speaker 1: chains look for metal right now and vaults and sourcing

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00:21:35,600 --> 00:21:41,040
Speaker 1: bars and coins. Yeah, well, I mean, the pricing does

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Speaker 1: tell you a lot. And when you're looking at you know,

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Speaker 1: the what it takes to buy ann ounce of gold

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Speaker 1: or announce of silver, and what you get when you

371
00:21:49,320 --> 00:21:51,760
Speaker 1: sell it, you know, that tells us a lot, even

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Speaker 1: the wholesale on the wholesale market, the difference between the bid,

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Speaker 1: which is the liquidation value, and the ask what we

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Speaker 1: have to buy, what we have to pay before we

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00:22:00,600 --> 00:22:04,040
Speaker 1: positioned it for a client. That the gap there tells

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Speaker 1: you a lot about the wholesale market's appetite for taking

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Speaker 1: on more inventory. How much do they have, how much

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00:22:09,760 --> 00:22:14,080
Speaker 1: do they need? And and so we've we've seen prices

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00:22:14,320 --> 00:22:17,639
Speaker 1: last year in the fourth quarter, we saw prices just

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Speaker 1: go absolutely crazy. And you know, anything underneath one hundred

381
00:22:21,200 --> 00:22:26,160
Speaker 1: ounce silver bar, anything underneath the one ounce coin, even

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00:22:26,280 --> 00:22:28,840
Speaker 1: premiums on ten ounce gold bars that we haven't seen

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Speaker 1: in a long time, even kilos. They picked up a

384
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Speaker 1: little bit of premium two, which is kind of abnormal.

385
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Speaker 1: It just suggests that we have had more traffic and

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Speaker 1: not enough supplies. I figured that the premiums on the

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Speaker 1: silver product would abate as we got into the first

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Speaker 1: quarter of this year, because you've got the mints who

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00:22:50,080 --> 00:22:51,880
Speaker 1: run out of product at the end of the year,

390
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Speaker 1: which is one of the reasons why premiums tend to

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Speaker 1: pop in the in the fourth quarter. That happens almost

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Speaker 1: every year, just not to the extreme we had last year,

393
00:22:59,720 --> 00:23:02,320
Speaker 1: but those premium subside and you're back to playing close

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Speaker 1: to spot in the first quarter, except that hasn't really

395
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Speaker 1: been the case here. I think some of that is

396
00:23:07,760 --> 00:23:11,639
Speaker 1: the wholesale markets being opportunistic and really just kind of

397
00:23:11,680 --> 00:23:14,720
Speaker 1: gigging people. You know, don't appreciate it, but they set

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Speaker 1: the price and if you want it, you got to

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00:23:16,440 --> 00:23:18,960
Speaker 1: pay it. They can't get away with it in the

400
00:23:19,040 --> 00:23:24,520
Speaker 1: large products, So your your thousand o silver bars pretty inexpensive,

401
00:23:24,640 --> 00:23:28,320
Speaker 1: Kilo bars pretty inexpensive. But if you're talking about the

402
00:23:28,359 --> 00:23:30,359
Speaker 1: stuff that you might pick up at a coin store,

403
00:23:30,800 --> 00:23:33,159
Speaker 1: you know, a pawn shop, things like that, it's just

404
00:23:33,760 --> 00:23:37,520
Speaker 1: stupid money these days for small product. And so part

405
00:23:37,520 --> 00:23:40,400
Speaker 1: of it is opportunism, but a part of it really

406
00:23:40,480 --> 00:23:45,520
Speaker 1: does reflect that the demand side being being higher. And

407
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Speaker 1: I know the difference because you know, if I go

408
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Speaker 1: to sell product into the wholesale market, how how strong

409
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Speaker 1: is the bid, how high is the bid? If the

410
00:23:57,280 --> 00:23:59,840
Speaker 1: bid is spot but the ask is thirty percent over,

411
00:24:00,080 --> 00:24:02,040
Speaker 1: nobody wants to buy it from me. Does that make

412
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Speaker 1: any sense? Yeah? But if but if, but if the

413
00:24:05,040 --> 00:24:06,680
Speaker 1: bid is high, if the if the if the ask

414
00:24:06,720 --> 00:24:09,480
Speaker 1: price is high and the bid is high too, they

415
00:24:09,560 --> 00:24:12,480
Speaker 1: will pay a high price to bring in inventory because

416
00:24:12,480 --> 00:24:14,120
Speaker 1: they know they're going to move it in two seconds.

417
00:24:14,640 --> 00:24:17,000
Speaker 1: So it's where the bid gets really soft, and the

418
00:24:17,040 --> 00:24:20,240
Speaker 1: difference between bid and ask is really wide that you know,

419
00:24:20,840 --> 00:24:25,200
Speaker 1: the the the ask is artificial and will not hold UM.

420
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Speaker 1: So I don't know that may be too too granular,

421
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Speaker 1: but I think I think we're in a new era

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Speaker 1: of demand outstripping supply. We haven't had any major gold

423
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Speaker 1: and silver fines. You know, we're talking about global supplies here,

424
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Speaker 1: and so there are some limits as to you know,

425
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Speaker 1: how much demand we can we can actually take on.

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Speaker 1: I talked to a friend of mine, m who's who's

427
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Speaker 1: in the Silver Users Association and and does a lot

428
00:24:55,440 --> 00:24:58,399
Speaker 1: of metal storage. We do a lot with them. UM

429
00:24:58,600 --> 00:25:02,119
Speaker 1: year to date, you know, sixty million ounces, seventy million

430
00:25:02,160 --> 00:25:08,840
Speaker 1: ounces in demand, just what he's seen personally, pretty strong demand. Now,

431
00:25:08,880 --> 00:25:10,920
Speaker 1: another way of looking at that is these are folks

432
00:25:10,920 --> 00:25:13,920
Speaker 1: who are buying and storing medals who someday will sell.

433
00:25:14,080 --> 00:25:16,480
Speaker 1: So it's not as if there's not a lot of product.

434
00:25:16,880 --> 00:25:19,400
Speaker 1: The question is at what price is that product going

435
00:25:19,440 --> 00:25:21,760
Speaker 1: to be available to you? If you don't argue own,

436
00:25:22,200 --> 00:25:24,240
Speaker 1: you know, and I would say at one hundred and

437
00:25:24,320 --> 00:25:26,600
Speaker 1: fifty dollars, you can own all my silver, one hundred

438
00:25:26,600 --> 00:25:29,199
Speaker 1: percent of it. Right, all of my silver is going

439
00:25:29,240 --> 00:25:32,000
Speaker 1: to be on the market. There comes a point where

440
00:25:32,080 --> 00:25:34,520
Speaker 1: you need to have a clear idea what is your

441
00:25:34,520 --> 00:25:37,520
Speaker 1: exit strategy, and you should not pick the perfect price

442
00:25:37,680 --> 00:25:41,119
Speaker 1: because the perfect price may never come. We on the

443
00:25:41,119 --> 00:25:43,960
Speaker 1: asset management side of our business look at doing things

444
00:25:44,040 --> 00:25:47,360
Speaker 1: on a very incremental basis. You build a position slowly,

445
00:25:47,440 --> 00:25:50,280
Speaker 1: twenty five basis points at a time. You liquidate a

446
00:25:50,320 --> 00:25:53,560
Speaker 1: position slowly. You're easing in and you're easing out. Don't

447
00:25:53,800 --> 00:25:56,159
Speaker 1: make any hero calls. You don't know the future, and

448
00:25:56,160 --> 00:25:57,640
Speaker 1: you don't know what the price is going to be

449
00:25:58,040 --> 00:26:01,040
Speaker 1: its best price until history has been written. You know,

450
00:26:01,080 --> 00:26:03,800
Speaker 1: we're all geniuses in hindsight. Don't try to be that

451
00:26:03,840 --> 00:26:07,040
Speaker 1: genius ahead ahead of time. So use some disciplines as

452
00:26:07,080 --> 00:26:10,520
Speaker 1: your building positions. Now, use some disciplines as you're letting

453
00:26:10,520 --> 00:26:12,159
Speaker 1: the market own a little bit more of that product

454
00:26:12,240 --> 00:26:14,359
Speaker 1: later on. I think that's some of the value that

455
00:26:14,400 --> 00:26:16,399
Speaker 1: after fifty one years of being in business that we

456
00:26:16,440 --> 00:26:19,399
Speaker 1: can we can bring to the equation in terms of strategy,

457
00:26:19,680 --> 00:26:23,400
Speaker 1: not just price and a product purchase, but really strategy

458
00:26:23,400 --> 00:26:26,760
Speaker 1: and how to navigate positioning well. Now having the ability

459
00:26:26,800 --> 00:26:29,719
Speaker 1: to grow your ounces, you know, going between the metals,

460
00:26:30,600 --> 00:26:34,120
Speaker 1: but also having something of a reduction strategy, right, that's

461
00:26:34,320 --> 00:26:39,159
Speaker 1: that in the future. That is UM. It's when you

462
00:26:39,240 --> 00:26:44,040
Speaker 1: notice when you notice similar themes pop up in UH

463
00:26:44,440 --> 00:26:48,679
Speaker 1: in different areas. That is kind of a heuristic that

464
00:26:48,840 --> 00:26:52,960
Speaker 1: I have used in just in life to kind of

465
00:26:53,280 --> 00:26:59,959
Speaker 1: recognize wisdom and one of the like For traders. Stock traders,

466
00:27:00,359 --> 00:27:03,840
Speaker 1: a common strategy is UH. It's referred to as a

467
00:27:03,840 --> 00:27:07,520
Speaker 1: core and explore model, where basically you've got your let's say,

468
00:27:07,560 --> 00:27:12,960
Speaker 1: your ten core positions, and as the prices rise of

469
00:27:13,000 --> 00:27:16,640
Speaker 1: your core positions, you sell a little bit of them. UM.

470
00:27:17,240 --> 00:27:19,520
Speaker 1: You take maybe ten or twenty percent of your portfolio

471
00:27:19,640 --> 00:27:22,640
Speaker 1: to UH to trade around your core and so as

472
00:27:22,640 --> 00:27:24,960
Speaker 1: a prices go up, you're going to sell and and

473
00:27:25,160 --> 00:27:27,040
Speaker 1: pair off part of that, and as a prices fall,

474
00:27:27,080 --> 00:27:29,520
Speaker 1: you're going to add to them and so you've got

475
00:27:29,560 --> 00:27:31,840
Speaker 1: that course that, like you said, don't make a hero call.

476
00:27:31,880 --> 00:27:35,040
Speaker 1: If you're wrong and the price explodes, then you're going

477
00:27:35,080 --> 00:27:37,280
Speaker 1: to be pretty pissed that you thought it was done

478
00:27:37,760 --> 00:27:41,280
Speaker 1: and so be taking advantage. But not, you know, not

479
00:27:41,359 --> 00:27:45,520
Speaker 1: with your entire h your entire portfolio. We watched a

480
00:27:45,600 --> 00:27:48,320
Speaker 1: firm in the eighties make one of those hero calls

481
00:27:48,520 --> 00:27:51,200
Speaker 1: and and it was they were They were factually correct.

482
00:27:51,640 --> 00:27:54,040
Speaker 1: Your gold got to four hundred dollars announced, this is

483
00:27:54,080 --> 00:27:57,320
Speaker 1: off of thirty five dollars as a starting point, and

484
00:27:57,359 --> 00:28:01,119
Speaker 1: they said, economically, this is what makes you know, we

485
00:28:01,160 --> 00:28:05,879
Speaker 1: shouldn't see gold get much past its inflation adjusted price. Well,

486
00:28:05,920 --> 00:28:09,760
Speaker 1: in fact, gold doubled from there, and they had gotten

487
00:28:09,800 --> 00:28:11,720
Speaker 1: all their clients out of gold at four hundred on

488
00:28:11,760 --> 00:28:14,719
Speaker 1: its way to eight seventy five intra day, and they

489
00:28:14,760 --> 00:28:16,720
Speaker 1: had a lot of egg on face because they didn't

490
00:28:16,760 --> 00:28:19,080
Speaker 1: have the kind of strategy that you're talking about, Joe.

491
00:28:19,640 --> 00:28:23,280
Speaker 1: You know, what we see today is an inflation adjusted

492
00:28:23,320 --> 00:28:25,840
Speaker 1: price for gold at around twenty six hundred. You were

493
00:28:25,840 --> 00:28:28,720
Speaker 1: still trading underneath that. I think it's a value under

494
00:28:29,400 --> 00:28:33,080
Speaker 1: under two thousand announce And yes, it's more expensive than

495
00:28:33,080 --> 00:28:35,720
Speaker 1: it was a year ago or three years ago, but

496
00:28:35,840 --> 00:28:38,920
Speaker 1: you're still paying less than its inflation adjusted price. And

497
00:28:39,000 --> 00:28:41,920
Speaker 1: even if you go back to the two thousand eight

498
00:28:41,960 --> 00:28:44,680
Speaker 1: time frame when oil was on its run twe hundred

499
00:28:44,680 --> 00:28:47,880
Speaker 1: and forty dollars a barrel, one of the last great

500
00:28:47,920 --> 00:28:52,040
Speaker 1: bull markets and commodities, you know, where did it stop.

501
00:28:52,160 --> 00:28:55,120
Speaker 1: It stopped at about twice its inflation adjusted price. And

502
00:28:55,200 --> 00:28:56,800
Speaker 1: I think if you wanted to just sort of, you know,

503
00:28:56,880 --> 00:28:59,520
Speaker 1: assuming some sort of a stable value for the US dollar,

504
00:28:59,680 --> 00:29:04,240
Speaker 1: what's gold's max trajectory? Getting above two thousand? Where do

505
00:29:04,280 --> 00:29:07,880
Speaker 1: we go from here? You could see twice it's inflation

506
00:29:07,920 --> 00:29:11,080
Speaker 1: adjusted price. Is that five thousand? Announced? Yeah, probably something

507
00:29:11,080 --> 00:29:14,880
Speaker 1: like that. And if you assume a destabilized dollar, erradically

508
00:29:14,920 --> 00:29:17,400
Speaker 1: destabilized dollar, I mean you can just start adding commas.

509
00:29:17,480 --> 00:29:20,240
Speaker 1: You know, it just doesn't even matter anymore because like

510
00:29:20,520 --> 00:29:23,920
Speaker 1: asking an Argentine, you know, what's the value of your

511
00:29:23,920 --> 00:29:26,720
Speaker 1: ounce of gold? Well, I mean it could be you know,

512
00:29:26,760 --> 00:29:30,280
Speaker 1: a thousand, ten thousand, five million. You know, once you

513
00:29:30,280 --> 00:29:35,440
Speaker 1: get into super hyperinflation, you lose perspective, you know, on price.

514
00:29:35,720 --> 00:29:39,600
Speaker 1: But I think assuming stable, a stable dollar, twice the

515
00:29:39,640 --> 00:29:41,920
Speaker 1: inflation just a price that's that's that's a good bet.

516
00:29:42,360 --> 00:29:46,000
Speaker 1: Can you explain how that number is calculated the inflation

517
00:29:46,040 --> 00:29:50,480
Speaker 1: adjusted price of gold? Yeah, well you've got to pick

518
00:29:50,480 --> 00:29:52,800
Speaker 1: a base here. You've got to pick a base here,

519
00:29:52,840 --> 00:29:59,080
Speaker 1: and then start factoring in how that asset is revalued

520
00:29:59,160 --> 00:30:02,160
Speaker 1: in light of the d valued currency. Right, So, if

521
00:30:02,200 --> 00:30:05,200
Speaker 1: you just pick a one percent two percent inflation rate

522
00:30:05,240 --> 00:30:09,040
Speaker 1: per year, where should that asset be priced to reflect

523
00:30:09,520 --> 00:30:12,840
Speaker 1: not really a change in well it will be a

524
00:30:12,880 --> 00:30:17,080
Speaker 1: nominal change in value, but really no change in terms

525
00:30:17,120 --> 00:30:21,200
Speaker 1: of of a real or inflation adjusted value. And and

526
00:30:21,440 --> 00:30:24,320
Speaker 1: and if you just use the CPI, if you just

527
00:30:24,480 --> 00:30:28,000
Speaker 1: use the CPI, which some would say understates inflation, I

528
00:30:28,120 --> 00:30:31,440
Speaker 1: grant you it probably does. But let's just use the CPI.

529
00:30:31,520 --> 00:30:33,800
Speaker 1: That's where we end up with this range of say

530
00:30:33,840 --> 00:30:38,480
Speaker 1: twenty six twenty eight hundred and ounce, and our base

531
00:30:38,560 --> 00:30:41,560
Speaker 1: year goes back to to the seventies. So you know

532
00:30:41,960 --> 00:30:47,240
Speaker 1: we're we're assuming that. And so I mean, if you

533
00:30:47,320 --> 00:30:49,600
Speaker 1: wanted to, you could. I just don't like to tease

534
00:30:49,640 --> 00:30:51,959
Speaker 1: out these numbers because I don't know, you know, how

535
00:30:52,520 --> 00:30:54,600
Speaker 1: do you figure inflation if it's not on the basis

536
00:30:54,640 --> 00:30:57,480
Speaker 1: of CPI. Right. If John Williams would say, well, inflation

537
00:30:57,560 --> 00:31:00,880
Speaker 1: right now is twenty five percent. Maybe as maybe he's right.

538
00:31:01,120 --> 00:31:04,520
Speaker 1: I know it's certainly north of the official statistic. But

539
00:31:04,880 --> 00:31:08,200
Speaker 1: for the sake of our argument, twice the inflation adjusted

540
00:31:08,240 --> 00:31:12,240
Speaker 1: price is using the CPI and and applying that figure

541
00:31:12,600 --> 00:31:15,560
Speaker 1: to a base yere um. You know, let's let's say

542
00:31:15,560 --> 00:31:18,760
Speaker 1: thirty five dollar gold when when we're beginning the process

543
00:31:18,840 --> 00:31:21,520
Speaker 1: of of of it being freed to trade in the

544
00:31:21,560 --> 00:31:26,360
Speaker 1: open market. M okay, yeah, that makes sense. Um. I

545
00:31:26,360 --> 00:31:28,800
Speaker 1: would like to go back to something you were talking about,

546
00:31:29,080 --> 00:31:32,400
Speaker 1: um in terms of the price of metal when you

547
00:31:32,440 --> 00:31:36,560
Speaker 1: know it's expensive. You were talking about the uh, the spreads,

548
00:31:37,200 --> 00:31:41,000
Speaker 1: and uh, I want to I want to make sure

549
00:31:41,040 --> 00:31:43,600
Speaker 1: that this is this is correct. You said that when

550
00:31:43,960 --> 00:31:48,800
Speaker 1: a marker that the expensive premiums won't last is when

551
00:31:49,240 --> 00:31:51,640
Speaker 1: the bid and ask spread is really wide, but the

552
00:31:51,680 --> 00:31:57,280
Speaker 1: bid is close to spot. Um a sign that there's uh,

553
00:31:57,320 --> 00:32:01,400
Speaker 1: you know, ample demand to maintain that higher premium is

554
00:32:01,480 --> 00:32:04,280
Speaker 1: when the bid ask spread is not necessarily wide, but

555
00:32:04,360 --> 00:32:06,760
Speaker 1: when both the bid and the ask are well above

556
00:32:07,000 --> 00:32:11,040
Speaker 1: the spot price. That's exactly that's exactly right, because you

557
00:32:11,080 --> 00:32:15,520
Speaker 1: know what the wholesale market and we we operate this

558
00:32:15,560 --> 00:32:19,480
Speaker 1: way if people are dumping silver and gold onto us,

559
00:32:20,200 --> 00:32:24,080
Speaker 1: we have to make the decision, taking into inventory how

560
00:32:24,160 --> 00:32:28,240
Speaker 1: much do we want at this current price. And because

561
00:32:28,280 --> 00:32:32,520
Speaker 1: you can, you can hedge your market exposure, but you

562
00:32:32,600 --> 00:32:36,840
Speaker 1: cannot hedge the premium above just the gold or silver outs.

563
00:32:37,640 --> 00:32:39,760
Speaker 1: So if I if I, if I've got one hundred

564
00:32:39,720 --> 00:32:42,600
Speaker 1: dollars widget and it's trading for one hundred and twenty dollars,

565
00:32:42,640 --> 00:32:44,720
Speaker 1: i can hedge the widget at one hundred, and I'm

566
00:32:44,840 --> 00:32:47,680
Speaker 1: market neutral. I'm not taking a market risk. But what

567
00:32:47,720 --> 00:32:50,760
Speaker 1: do I do with that extra twenty bucks? Right? So

568
00:32:51,000 --> 00:32:54,800
Speaker 1: the premium, if I know there's somebody who wants that now,

569
00:32:55,440 --> 00:32:57,680
Speaker 1: I'll take it and resell it. But if I have

570
00:32:57,760 --> 00:32:59,400
Speaker 1: to sit on it for any time at all and

571
00:32:59,440 --> 00:33:02,720
Speaker 1: there's a risk of that twenty dollars disappearing, I'm just

572
00:33:02,720 --> 00:33:04,360
Speaker 1: going to say let's go ahead and price it at

573
00:33:04,360 --> 00:33:07,520
Speaker 1: a hundred. I'm not paying an extra twenty and taking

574
00:33:07,520 --> 00:33:09,440
Speaker 1: the risk that that's my twenty bucks on the line

575
00:33:09,680 --> 00:33:12,920
Speaker 1: that's unhedgeable, that I'm going to lose. So so it

576
00:33:12,960 --> 00:33:15,360
Speaker 1: really is a question. It's an indication of volume. It's

577
00:33:15,400 --> 00:33:18,880
Speaker 1: an indication on the demand side. Both the bid and

578
00:33:18,920 --> 00:33:22,400
Speaker 1: the ask remain high and there, and there's not a

579
00:33:22,440 --> 00:33:24,880
Speaker 1: big gap between them. That that's that's a that's an

580
00:33:24,920 --> 00:33:28,640
Speaker 1: incredibly strong market. But I'll tell you what, that's also

581
00:33:28,760 --> 00:33:31,560
Speaker 1: the market that you want to be selling into. You know, sure,

582
00:33:31,880 --> 00:33:34,680
Speaker 1: so you know, flip your hat from buyer to seller.

583
00:33:35,040 --> 00:33:38,480
Speaker 1: When everyone's buying and they're willing to pay premiums for

584
00:33:38,480 --> 00:33:40,960
Speaker 1: the asset, the price is high and the premiums high,

585
00:33:41,000 --> 00:33:43,320
Speaker 1: and the wholesale market is willing to pay you that premium,

586
00:33:44,360 --> 00:33:47,880
Speaker 1: let them on it, at least in part. Okay, and

587
00:33:48,000 --> 00:33:51,800
Speaker 1: this is where this is. I mean, it's gonna shamelessly

588
00:33:51,880 --> 00:33:56,560
Speaker 1: perfect plug for vaulted because when you talk about pricing um,

589
00:33:57,080 --> 00:33:59,520
Speaker 1: this is this is something that most people don't understand.

590
00:33:59,800 --> 00:34:02,720
Speaker 1: When they think expensive or cheap, they're just looking at

591
00:34:02,920 --> 00:34:05,360
Speaker 1: total price and so they do this. Most people do

592
00:34:05,400 --> 00:34:07,320
Speaker 1: the same thing with stocks. They say, Okay, well this

593
00:34:07,360 --> 00:34:09,520
Speaker 1: stock is a thousand dollars per share. This stock is

594
00:34:09,560 --> 00:34:12,720
Speaker 1: only fifty dollars per share, so that company is more expensive.

595
00:34:12,719 --> 00:34:14,720
Speaker 1: It's like that has nothing to do with the value

596
00:34:14,760 --> 00:34:17,280
Speaker 1: or what you're you know, what you're getting for your money.

597
00:34:17,560 --> 00:34:20,120
Speaker 1: And it's the same thing with precious metals, which is

598
00:34:20,120 --> 00:34:22,480
Speaker 1: why a lot of people, a lot of times with

599
00:34:22,560 --> 00:34:24,880
Speaker 1: lower amounts of money will choose silver because they look

600
00:34:24,920 --> 00:34:27,640
Speaker 1: at something, Okay, it's twenty five dollars announce is cheaper

601
00:34:27,640 --> 00:34:32,120
Speaker 1: than two thousand dollars announce. And when you look at

602
00:34:32,160 --> 00:34:35,360
Speaker 1: the premiums and you look at okay, assuming you're allocating

603
00:34:35,400 --> 00:34:39,879
Speaker 1: the exact same dollars dollar amount into a metal, how

604
00:34:40,000 --> 00:34:44,160
Speaker 1: much is going towards a commission or a premium, and

605
00:34:44,239 --> 00:34:47,919
Speaker 1: how much is going towards the actual metal. And so

606
00:34:47,960 --> 00:34:50,920
Speaker 1: you have people will pile into silver, they'll pile into

607
00:34:50,960 --> 00:34:55,239
Speaker 1: small coins, they'll pile into very very small bars like

608
00:34:55,320 --> 00:34:56,800
Speaker 1: with gold, like the you know the size of a

609
00:34:57,040 --> 00:35:00,600
Speaker 1: you know, an SD card or a SIM card, and um,

610
00:35:00,640 --> 00:35:05,920
Speaker 1: they're per ounce, they're paying sometimes double what it costs

611
00:35:05,960 --> 00:35:08,759
Speaker 1: if you were to do it. Um, you know, in

612
00:35:08,800 --> 00:35:11,160
Speaker 1: a little bit more of an intelligent way, which I

613
00:35:11,239 --> 00:35:14,760
Speaker 1: always talk about vaulted, because you can you can buy

614
00:35:15,120 --> 00:35:18,800
Speaker 1: a you know, small amounts dollar cost average in you're

615
00:35:19,040 --> 00:35:23,239
Speaker 1: buying a small portion of a bar that's allocated in

616
00:35:23,880 --> 00:35:26,160
Speaker 1: Royal Canadie meant and whenever it gets to the point

617
00:35:26,200 --> 00:35:29,920
Speaker 1: where it's a whole large bar, you can request physical

618
00:35:29,920 --> 00:35:32,080
Speaker 1: delivery at that point to me, it doesn't make sense.

619
00:35:32,080 --> 00:35:35,120
Speaker 1: You're not gonna you're you're not going to get wealthy

620
00:35:35,239 --> 00:35:39,000
Speaker 1: or or or you know, surviving and apocalypse. If you

621
00:35:39,080 --> 00:35:42,520
Speaker 1: have a you know, a thousand dollars worth of gold

622
00:35:42,600 --> 00:35:46,160
Speaker 1: of tiny little coins or bars in a safe at home,

623
00:35:46,520 --> 00:35:49,240
Speaker 1: it makes much more sense to store it up cheaply

624
00:35:49,280 --> 00:35:52,440
Speaker 1: and then once you have it in a large format

625
00:35:52,520 --> 00:35:54,719
Speaker 1: to be able to request delivery of that. So, I know,

626
00:35:54,760 --> 00:35:56,640
Speaker 1: I just you know that that's a lot. Can you

627
00:35:56,719 --> 00:35:59,200
Speaker 1: Can you talk about that in terms of pricing and

628
00:35:59,239 --> 00:36:03,040
Speaker 1: the cheapest way to accumulate medal? Yeah, I mean, I

629
00:36:03,080 --> 00:36:05,799
Speaker 1: love the vaulted program. It was meant to sort of

630
00:36:05,840 --> 00:36:09,120
Speaker 1: democratize the ownership of gold, where you know, instead of

631
00:36:09,160 --> 00:36:13,160
Speaker 1: buying a full ounce or five ounces ten ounces, larger

632
00:36:13,200 --> 00:36:17,520
Speaker 1: format definitely have a cheaper price per ounce, which means

633
00:36:17,560 --> 00:36:21,040
Speaker 1: that the wealthy have the cleanest and cheapest access to

634
00:36:21,080 --> 00:36:23,279
Speaker 1: the product. Right And if you can only afford a

635
00:36:23,280 --> 00:36:25,600
Speaker 1: tenth of an ounce of gold, you're going to pay

636
00:36:25,680 --> 00:36:28,320
Speaker 1: more on a per ounce basis. Part of that is

637
00:36:28,360 --> 00:36:32,839
Speaker 1: because the mints charge more and and I mean it's

638
00:36:32,840 --> 00:36:38,480
Speaker 1: just think of it as labor involved to create the products.

639
00:36:38,600 --> 00:36:41,360
Speaker 1: There's a lot more labor involved in the creation of

640
00:36:41,400 --> 00:36:43,520
Speaker 1: the small product than there is the large or maybe

641
00:36:43,520 --> 00:36:45,520
Speaker 1: you could look at it this way. The labor is

642
00:36:45,560 --> 00:36:49,520
Speaker 1: spread out over a thirty two ounce bar instead of

643
00:36:49,760 --> 00:36:53,279
Speaker 1: concentrated in a tenth ounce coin, and so it's more

644
00:36:53,320 --> 00:36:56,759
Speaker 1: expensive because of the labor concentration to create it. That's

645
00:36:56,760 --> 00:36:59,160
Speaker 1: one way of looking at it. But you know, the

646
00:36:59,480 --> 00:37:03,040
Speaker 1: crazy market dynamics we had last year showed up in

647
00:37:03,080 --> 00:37:06,160
Speaker 1: both gold and silver, most dramatically in silver, where your

648
00:37:06,160 --> 00:37:09,200
Speaker 1: one ounce products were trading at fifty to seventy percent

649
00:37:09,280 --> 00:37:13,879
Speaker 1: premiums over the silver price. You know, if you just said, well,

650
00:37:13,920 --> 00:37:18,600
Speaker 1: a ten coin is selling for fifteen dollars, that doesn't

651
00:37:18,600 --> 00:37:21,880
Speaker 1: that's not appealing to me. I would rather have someone

652
00:37:21,920 --> 00:37:25,040
Speaker 1: have access to ten dollars worth of the product at

653
00:37:25,080 --> 00:37:27,880
Speaker 1: ten dollars in just a few cents, right, and be

654
00:37:27,920 --> 00:37:31,560
Speaker 1: able to maximize their purchase versus wasting that extra five

655
00:37:31,600 --> 00:37:33,759
Speaker 1: bucks for nothing because you still only had the ten

656
00:37:33,800 --> 00:37:37,800
Speaker 1: dollars with the product. In that sense, the market dynamics

657
00:37:37,840 --> 00:37:41,400
Speaker 1: can abuse the little guy. What we like about vaulted

658
00:37:41,560 --> 00:37:44,480
Speaker 1: is you always have the economy of scale of the

659
00:37:44,560 --> 00:37:47,040
Speaker 1: kilo bar and it doesn't matter if you're buying ten

660
00:37:47,080 --> 00:37:49,399
Speaker 1: dollars worth of that kilo bar, or ten of those

661
00:37:49,480 --> 00:37:53,160
Speaker 1: kilo bars. You're getting the economy of scale there with

662
00:37:53,200 --> 00:37:56,680
Speaker 1: the larger bar. And to your point, if you get

663
00:37:56,719 --> 00:37:59,040
Speaker 1: to owning the full bar, you can have it shipped

664
00:37:59,040 --> 00:38:00,640
Speaker 1: to you, you can liquid date it and have it

665
00:38:00,880 --> 00:38:03,680
Speaker 1: the money transferred back to your bank, or you can

666
00:38:03,719 --> 00:38:07,240
Speaker 1: even do what we call a deallocation, where you convert

667
00:38:07,360 --> 00:38:11,520
Speaker 1: from a bar to other coins when the premium is dropped.

668
00:38:11,800 --> 00:38:14,439
Speaker 1: So consider that as an option. You know today it's

669
00:38:15,040 --> 00:38:18,520
Speaker 1: the market is all ridiculously priced, Go ahead and position

670
00:38:18,560 --> 00:38:22,160
Speaker 1: in your ounces. Know that you can deallocate and take

671
00:38:22,239 --> 00:38:26,759
Speaker 1: delivery of a different product when those premiums have dissipated

672
00:38:26,800 --> 00:38:30,239
Speaker 1: and gone away. That way, you're not missing a market move,

673
00:38:30,480 --> 00:38:34,440
Speaker 1: but you're not overpaying for product that is simply mispriced

674
00:38:34,920 --> 00:38:37,919
Speaker 1: or overpriced. So we've done that with gold, we've done

675
00:38:37,920 --> 00:38:40,040
Speaker 1: that for for a bunch of years. When the vaulted

676
00:38:40,080 --> 00:38:43,880
Speaker 1: program with gold, June of this year we introduce silver

677
00:38:44,200 --> 00:38:47,800
Speaker 1: into the program and it's in the form of thousand

678
00:38:47,840 --> 00:38:51,360
Speaker 1: ounced bars. Really excited about that doesn't happen until the

679
00:38:51,480 --> 00:38:55,359
Speaker 1: end of June. Unless you know follow follow the link

680
00:38:55,360 --> 00:38:58,040
Speaker 1: that Joe provides and you can have early access to

681
00:38:58,080 --> 00:39:00,400
Speaker 1: it middle of June instead of the end of June.

682
00:39:00,800 --> 00:39:05,000
Speaker 1: And uh, you know, we cover your your storage for

683
00:39:05,040 --> 00:39:07,799
Speaker 1: the for the first you know, the remainder of the year,

684
00:39:08,239 --> 00:39:11,160
Speaker 1: for the remainder of twenty twenty three. Um, if you

685
00:39:11,280 --> 00:39:14,080
Speaker 1: if you follow Joe's link. So silver is not there yet,

686
00:39:14,160 --> 00:39:17,120
Speaker 1: it will be. But same principle, same principle. Why would

687
00:39:17,120 --> 00:39:20,600
Speaker 1: you buy a one ounce silver coin today? Um, you know,

688
00:39:20,680 --> 00:39:22,719
Speaker 1: let's say the price of silver is twenty bucks. Why

689
00:39:22,760 --> 00:39:24,640
Speaker 1: would you pay thirty five dollars for it when the

690
00:39:24,640 --> 00:39:27,560
Speaker 1: price of silver is twenty Well in that market environment,

691
00:39:27,640 --> 00:39:31,319
Speaker 1: better to position in vaulted silver, get the benefit of

692
00:39:31,360 --> 00:39:35,239
Speaker 1: the economy of scale in a thousand ounced bar deallocate

693
00:39:35,440 --> 00:39:38,960
Speaker 1: when those premiums have gone away, When when the feverish

694
00:39:39,480 --> 00:39:42,080
Speaker 1: nature of the one ounce product is is there? Just

695
00:39:42,160 --> 00:39:43,920
Speaker 1: avoid it? What it doesn't mean you have to avoid

696
00:39:43,960 --> 00:39:46,120
Speaker 1: the market. And I think that's the problem. As people

697
00:39:46,160 --> 00:39:48,160
Speaker 1: have said, Yeah, but I want physical metal, Okay, you

698
00:39:48,160 --> 00:39:50,399
Speaker 1: can have it. I want it allocated, Okay, you can

699
00:39:50,400 --> 00:39:53,480
Speaker 1: have it. I want it deliverable, Okay, you can have it.

700
00:39:53,960 --> 00:39:56,160
Speaker 1: You know we're not going to deliver thousands that's for sure.

701
00:39:56,239 --> 00:39:57,840
Speaker 1: You don't want us to do that. You know the

702
00:39:57,880 --> 00:40:02,359
Speaker 1: size of a concrete sack eighty pounds roughly, and you

703
00:40:02,360 --> 00:40:04,399
Speaker 1: know you don't want to you don't want to do that.

704
00:40:04,520 --> 00:40:07,800
Speaker 1: But you can deallocate from those and and take delivery

705
00:40:07,840 --> 00:40:11,439
Speaker 1: once once the premiums are gone. This is something that

706
00:40:12,160 --> 00:40:15,040
Speaker 1: I think really that the point needs to be hammered

707
00:40:15,080 --> 00:40:20,120
Speaker 1: home um about about pricing. So we're talking about we're

708
00:40:20,160 --> 00:40:23,799
Speaker 1: talking about bulk versus small retail. So if you go

709
00:40:23,880 --> 00:40:27,359
Speaker 1: buy a giant bag of chips from Costco, you're going

710
00:40:27,400 --> 00:40:29,600
Speaker 1: to pay less per chip. Then if you go to

711
00:40:29,600 --> 00:40:32,320
Speaker 1: the gas station and get a little small pack of chips.

712
00:40:32,640 --> 00:40:35,080
Speaker 1: That's that's what we're that. That's all this is. If

713
00:40:35,080 --> 00:40:37,320
Speaker 1: you get a large bar per ounce, it's going to

714
00:40:37,360 --> 00:40:40,040
Speaker 1: be cheaper than buying a bunch of really small things

715
00:40:40,080 --> 00:40:42,279
Speaker 1: because it costs more to make those small things, in

716
00:40:42,320 --> 00:40:44,000
Speaker 1: store them, and package them and send them out and

717
00:40:44,040 --> 00:40:48,160
Speaker 1: staffing and all that and uh and so it's it's

718
00:40:48,160 --> 00:40:50,799
Speaker 1: bulk versus retail bag of chips, is the way that

719
00:40:50,840 --> 00:40:55,360
Speaker 1: I think about it. But jar's all, well, it shocked

720
00:40:55,400 --> 00:40:57,800
Speaker 1: me the other day. It was traveling with my family

721
00:40:57,800 --> 00:40:59,719
Speaker 1: and they were in the mood for a snack, so

722
00:41:00,280 --> 00:41:05,560
Speaker 1: to the airport shop some almonds, and I bought the

723
00:41:05,600 --> 00:41:09,000
Speaker 1: almonds because you know, whatever it's you know, but but

724
00:41:09,000 --> 00:41:11,160
Speaker 1: but I did the math real quick, and I said,

725
00:41:11,200 --> 00:41:13,000
Speaker 1: just so you know, as I poured like a handful

726
00:41:13,040 --> 00:41:15,200
Speaker 1: of almonds into my son's hannah. So that's fifty cents

727
00:41:15,200 --> 00:41:18,479
Speaker 1: worth of almonds. That's six point six cents per almond. Now,

728
00:41:18,560 --> 00:41:21,280
Speaker 1: if we were at the gas station, we'd be paying

729
00:41:21,360 --> 00:41:23,719
Speaker 1: three cents in almond, and if we were at Costco,

730
00:41:24,000 --> 00:41:26,400
Speaker 1: we'd be at less than a penny in almond. Right,

731
00:41:26,600 --> 00:41:29,160
Speaker 1: this is not the best way to spend your money.

732
00:41:29,440 --> 00:41:33,200
Speaker 1: You're hungry, yet it enjoy the almonds, just I mean,

733
00:41:33,239 --> 00:41:35,480
Speaker 1: this is the nature of of of of of life.

734
00:41:35,800 --> 00:41:40,120
Speaker 1: Find where you've got really good value and let that

735
00:41:40,160 --> 00:41:43,640
Speaker 1: be a focal point. I think the coolest part about

736
00:41:43,680 --> 00:41:46,440
Speaker 1: that is with metals, you can take advantage of that

737
00:41:46,560 --> 00:41:49,040
Speaker 1: arbitrage because there's always going to be difference in pricing,

738
00:41:49,080 --> 00:41:51,960
Speaker 1: whether it's the difference in pricing between h you know,

739
00:41:52,200 --> 00:41:56,000
Speaker 1: coins and bars small and large, or you know, I

740
00:41:56,080 --> 00:41:58,520
Speaker 1: would like to get into the difference in pricing between

741
00:41:58,520 --> 00:42:00,719
Speaker 1: gold and silver as well. But you can take advantage

742
00:42:00,760 --> 00:42:05,600
Speaker 1: of that pricing difference, and you can accumulate more over

743
00:42:05,680 --> 00:42:09,359
Speaker 1: time if you're if you're if you have let's say

744
00:42:09,360 --> 00:42:13,800
Speaker 1: American Eagles, and premiums go up on American Eagles versus bars,

745
00:42:14,040 --> 00:42:17,480
Speaker 1: and you exchange your American Eagles for bars, you're going

746
00:42:17,520 --> 00:42:21,120
Speaker 1: to end up with a slightly larger number of ounces

747
00:42:21,320 --> 00:42:23,879
Speaker 1: if you do that, and then later when premiums come

748
00:42:23,880 --> 00:42:27,680
Speaker 1: back down, you can exchange your bars back for something

749
00:42:27,680 --> 00:42:30,359
Speaker 1: like American eagles, and you can do that back and

750
00:42:30,400 --> 00:42:33,920
Speaker 1: forth and accumulate more metal over time just by playing

751
00:42:33,920 --> 00:42:36,760
Speaker 1: the arbitrage. You can do that with gold and silver

752
00:42:36,840 --> 00:42:39,719
Speaker 1: as well, which I want to be very direct, this

753
00:42:39,800 --> 00:42:42,080
Speaker 1: is not available yet, but I just can't wait any

754
00:42:42,120 --> 00:42:44,719
Speaker 1: longer because this is one of the most exciting features

755
00:42:44,800 --> 00:42:48,320
Speaker 1: I've I've heard about I've I've never heard of anybody

756
00:42:48,320 --> 00:42:50,600
Speaker 1: else doing this. You have to before this, you'd have

757
00:42:50,640 --> 00:42:54,160
Speaker 1: to do this manually. You're going to soon be able

758
00:42:54,200 --> 00:42:57,480
Speaker 1: to take advantage of the difference in gold and silver

759
00:42:57,560 --> 00:43:02,120
Speaker 1: pricing and how that ratio is volatile over time, switch

760
00:43:02,160 --> 00:43:04,800
Speaker 1: back and forth between those metals and grow your metal overtime.

761
00:43:06,040 --> 00:43:09,719
Speaker 1: That's right our algorithm, and again this comes live in

762
00:43:09,920 --> 00:43:13,240
Speaker 1: June when that the silver part of the Vaulted program

763
00:43:13,320 --> 00:43:15,600
Speaker 1: is in place, So you know, it's worth opening an

764
00:43:15,600 --> 00:43:19,320
Speaker 1: account and getting used to the functionality of the product,

765
00:43:19,400 --> 00:43:22,359
Speaker 1: you know, getting a little gold in there now, but

766
00:43:23,080 --> 00:43:25,960
Speaker 1: the gold is now the silvers in June, and once

767
00:43:26,000 --> 00:43:29,920
Speaker 1: the silvers in place, we have an algorithm that trades

768
00:43:29,960 --> 00:43:32,920
Speaker 1: the gold silver ratio and you can opt into that

769
00:43:33,000 --> 00:43:36,040
Speaker 1: with some percentage of your portfolio if you want ten

770
00:43:36,120 --> 00:43:39,759
Speaker 1: percent of your metals in the Vaulted program traded on

771
00:43:39,760 --> 00:43:43,759
Speaker 1: an automatic basis to optimize the gold silver ratio and

772
00:43:44,040 --> 00:43:46,120
Speaker 1: to be on the right side of the trade, so

773
00:43:46,200 --> 00:43:49,640
Speaker 1: to say, you know, always buying value and selling premium.

774
00:43:50,280 --> 00:43:52,600
Speaker 1: That's a great way to do it. And this is

775
00:43:52,640 --> 00:43:55,280
Speaker 1: one of those things where you don't have to labor

776
00:43:55,360 --> 00:43:58,719
Speaker 1: over it. It's already been done fifty one years experience

777
00:43:59,280 --> 00:44:02,759
Speaker 1: and some great computer programming to to to make it

778
00:44:03,200 --> 00:44:07,800
Speaker 1: automatic for you. That is that is incredible. Like I said,

779
00:44:07,920 --> 00:44:11,040
Speaker 1: I mean, I've been I've been watching this for you know,

780
00:44:11,160 --> 00:44:14,240
Speaker 1: just a few a few years, you know, definitely nowhere

781
00:44:14,280 --> 00:44:16,960
Speaker 1: near fifty one years. And this is something that a

782
00:44:17,000 --> 00:44:18,879
Speaker 1: lot of people have talked about in terms of like, hey,

783
00:44:18,920 --> 00:44:21,680
Speaker 1: this is is smart to do when when that gold

784
00:44:21,680 --> 00:44:25,200
Speaker 1: to silver ratio gets to a crazy amount, UM, you know,

785
00:44:25,480 --> 00:44:30,040
Speaker 1: move some of your metal because over time that spread

786
00:44:30,080 --> 00:44:33,759
Speaker 1: will get wider and then it'll it'll contract. And as

787
00:44:33,800 --> 00:44:37,400
Speaker 1: you switch back and forth, you're you're increasing the number

788
00:44:37,400 --> 00:44:39,000
Speaker 1: of amounts as you have, You're increasing the metal you

789
00:44:39,080 --> 00:44:41,920
Speaker 1: have just by switching back and forth between the metals.

790
00:44:41,960 --> 00:44:44,719
Speaker 1: So that that is really exciting. That's going to be

791
00:44:44,760 --> 00:44:49,080
Speaker 1: available UM as a you know, an automated feature. UM.

792
00:44:49,120 --> 00:44:52,919
Speaker 1: And then uh, for for anybody who's listening, I want

793
00:44:52,960 --> 00:44:55,719
Speaker 1: to make sure that we're where this is not available yet,

794
00:44:55,760 --> 00:44:59,040
Speaker 1: but if you sign up on the waitlist with the

795
00:44:59,080 --> 00:45:03,000
Speaker 1: link that I'll provide in the show notes, UM, then

796
00:45:03,480 --> 00:45:06,520
Speaker 1: then you'll be able to get early access to that

797
00:45:06,560 --> 00:45:12,040
Speaker 1: when it is available. UM. Can you just before for

798
00:45:12,080 --> 00:45:16,239
Speaker 1: the last a couple of minutes here before we wrap up,

799
00:45:16,880 --> 00:45:20,960
Speaker 1: can you give a little bit of a rundown on

800
00:45:21,880 --> 00:45:26,640
Speaker 1: the difference the difference an approach that your wealth management

801
00:45:26,640 --> 00:45:31,239
Speaker 1: company takes, because um, you know, personally and a lot

802
00:45:31,239 --> 00:45:32,759
Speaker 1: of a lot of my audience and a lot of

803
00:45:32,760 --> 00:45:35,880
Speaker 1: people they have been burned in the past by asset

804
00:45:36,000 --> 00:45:39,160
Speaker 1: managers that just stick to a sixty forty approach, They

805
00:45:39,200 --> 00:45:40,840
Speaker 1: put them in the stock market, they put them in

806
00:45:40,880 --> 00:45:43,760
Speaker 1: some bond funds, and then you know, the market crashes

807
00:45:43,760 --> 00:45:46,520
Speaker 1: and they say, hey, well everybody lost their money. And

808
00:45:47,080 --> 00:45:50,200
Speaker 1: because we were going along with the crowd. What you know,

809
00:45:50,320 --> 00:45:54,520
Speaker 1: modern portfolio theory says, to do um, we're you know,

810
00:45:54,600 --> 00:45:58,640
Speaker 1: we're not liable. Um. And you know you're you're basically

811
00:45:58,680 --> 00:46:01,120
Speaker 1: paying somebody to invest in something that you could have

812
00:46:01,160 --> 00:46:04,080
Speaker 1: done yourself for free and lost your money for yourself

813
00:46:04,080 --> 00:46:06,759
Speaker 1: for free. So what is the approach that your wealth

814
00:46:06,760 --> 00:46:10,200
Speaker 1: management company takes that is kind of different than the

815
00:46:10,200 --> 00:46:13,719
Speaker 1: standard cookie cutter approach. Yeah, I think there's a couple

816
00:46:13,719 --> 00:46:18,040
Speaker 1: of dimensions that make what we do unique, starting with

817
00:46:18,480 --> 00:46:21,600
Speaker 1: sort of our limited scope, limited scope of interest. You know,

818
00:46:21,680 --> 00:46:24,440
Speaker 1: there's so many things that you can own in the

819
00:46:24,520 --> 00:46:28,120
Speaker 1: current environment, and I project this forward, say five to

820
00:46:28,200 --> 00:46:34,040
Speaker 1: seven years. We've got desperate monetary policies, fiscal policies that

821
00:46:34,120 --> 00:46:36,520
Speaker 1: are fairly dysfunctional. I mean, if you looked at the

822
00:46:36,560 --> 00:46:38,959
Speaker 1: most recent budget, it's not like we had the extra

823
00:46:39,000 --> 00:46:41,799
Speaker 1: money to spend, but there's trillions more being added to

824
00:46:41,800 --> 00:46:45,120
Speaker 1: the national debt. Congressional Budget Office now pencils out that

825
00:46:45,160 --> 00:46:47,680
Speaker 1: by twenty thirty two will be north of fifty trillion,

826
00:46:48,040 --> 00:46:52,080
Speaker 1: and in that year, consuming assuming a conservative estimate for

827
00:46:53,600 --> 00:46:57,399
Speaker 1: interest on the national debt, our annual interest payment will

828
00:46:57,440 --> 00:47:00,480
Speaker 1: be one point two trillion dollars. So you look at

829
00:47:00,480 --> 00:47:02,680
Speaker 1: this environment and you look at the runway between here

830
00:47:02,880 --> 00:47:06,120
Speaker 1: in twenty thirty two, and it's a little bit of craziness.

831
00:47:06,239 --> 00:47:10,840
Speaker 1: And I frankly, when you have inflation and rising interest rates,

832
00:47:11,200 --> 00:47:15,399
Speaker 1: what we're tailwinds to the financial markets become headwinds. All

833
00:47:15,440 --> 00:47:18,520
Speaker 1: of that sort of baked into our assumptions. We want

834
00:47:18,520 --> 00:47:20,680
Speaker 1: to own hard assets, we want to own real things.

835
00:47:21,320 --> 00:47:27,720
Speaker 1: So we broadly define hard assets as infrastructure, global natural resources,

836
00:47:27,719 --> 00:47:32,480
Speaker 1: precious metals, mining companies, and specialty real estate. There's some

837
00:47:32,760 --> 00:47:35,520
Speaker 1: interest rate exposure to real estate, which would explain why

838
00:47:35,560 --> 00:47:38,440
Speaker 1: we've got a very small allocation in that segment today.

839
00:47:38,800 --> 00:47:40,920
Speaker 1: But opportunistically, I think we'll be able to put some

840
00:47:40,960 --> 00:47:44,160
Speaker 1: money to work in that area as well for cash

841
00:47:44,160 --> 00:47:47,200
Speaker 1: flow purposes, you know, generating income for our clients as

842
00:47:47,200 --> 00:47:50,839
Speaker 1: well as owning really quality assets. You know. But that's

843
00:47:50,880 --> 00:47:53,719
Speaker 1: the nature of active management. As we look at that

844
00:47:53,760 --> 00:47:55,600
Speaker 1: and we say, yeah, we could have up to twenty

845
00:47:55,600 --> 00:47:59,120
Speaker 1: five percent allocations in these areas, especially real estate, global,

846
00:47:59,160 --> 00:48:04,600
Speaker 1: natural resources, precious metals, miners, and infrastructure. And if it

847
00:48:04,640 --> 00:48:07,880
Speaker 1: appears that there's pressure in those areas, we'll just strength

848
00:48:07,920 --> 00:48:09,880
Speaker 1: them back like an accordion. We don't have to be

849
00:48:09,920 --> 00:48:12,800
Speaker 1: twenty five percent invested across each of those four segments.

850
00:48:13,840 --> 00:48:16,680
Speaker 1: We're going to mitigate the risk along the way. So

851
00:48:16,840 --> 00:48:21,040
Speaker 1: you know, last year for us unimpressive break even, right,

852
00:48:21,719 --> 00:48:24,120
Speaker 1: But we weren't the DOW losing eight percent, or the

853
00:48:24,200 --> 00:48:29,200
Speaker 1: SMP losing nineteen or you know, the NASDAC losing thirty three.

854
00:48:29,239 --> 00:48:31,800
Speaker 1: If you're a NASDAC investor, you don't have to gain

855
00:48:32,000 --> 00:48:35,279
Speaker 1: fifty percent to get back to break even. We're not

856
00:48:35,320 --> 00:48:37,520
Speaker 1: digging at ourselves out of a hole this year, and

857
00:48:37,680 --> 00:48:41,960
Speaker 1: I attribute that to the health of our team dynamic,

858
00:48:42,360 --> 00:48:45,200
Speaker 1: the process of risk mitigation that we go through, the

859
00:48:45,320 --> 00:48:47,400
Speaker 1: scoring for each of those companies and each of the

860
00:48:47,440 --> 00:48:50,359
Speaker 1: segments that we look at twice weekly, throwing them under

861
00:48:50,400 --> 00:48:54,320
Speaker 1: the microscope as a team, five of us grilling every company,

862
00:48:54,360 --> 00:48:57,200
Speaker 1: looking at both performance and fundamentals and shifts that have

863
00:48:57,239 --> 00:48:59,560
Speaker 1: taken place in either of those categories. For all of

864
00:48:59,560 --> 00:49:02,560
Speaker 1: our company. It's a roll up your sleeves. It's a

865
00:49:02,640 --> 00:49:04,919
Speaker 1: roll up your sleeves deal for us. Yeah, and so

866
00:49:05,360 --> 00:49:08,080
Speaker 1: in some sense, you know, we never rest because there's

867
00:49:08,080 --> 00:49:09,960
Speaker 1: events that happen all over the world, even through the

868
00:49:09,960 --> 00:49:12,359
Speaker 1: weekend that we have to be cognizant of before we

869
00:49:12,400 --> 00:49:15,600
Speaker 1: open up on Monday. But it's it's an involved process.

870
00:49:15,880 --> 00:49:19,680
Speaker 1: We've got our disciplines for mitigating risk and you know,

871
00:49:19,719 --> 00:49:22,640
Speaker 1: but again it's within a narrow scope. We like things

872
00:49:22,640 --> 00:49:24,560
Speaker 1: that you can stub your toiel on. If you can

873
00:49:24,560 --> 00:49:26,200
Speaker 1: stub your toie on it, I think you can wrap

874
00:49:26,200 --> 00:49:27,799
Speaker 1: your mind around it, and it's a lot easier to

875
00:49:27,840 --> 00:49:30,520
Speaker 1: make sense of it. In this kind of market environment.

876
00:49:30,960 --> 00:49:33,640
Speaker 1: A lot of those assets are are healthy in terms

877
00:49:33,680 --> 00:49:37,160
Speaker 1: of their their dividend distributions, so we are getting paid

878
00:49:37,160 --> 00:49:40,879
Speaker 1: while we wait. And frankly, if we increase cash allocations,

879
00:49:40,880 --> 00:49:42,720
Speaker 1: which we did get up to as much as sixty

880
00:49:42,719 --> 00:49:46,319
Speaker 1: five percent last year, we're not anywhere close to that now,

881
00:49:46,360 --> 00:49:49,719
Speaker 1: but you know we're getting paid for it now. You know,

882
00:49:49,760 --> 00:49:52,759
Speaker 1: you're making four almost five percent on your cash deposits

883
00:49:52,880 --> 00:49:56,720
Speaker 1: at this point, so that's you know, that's in a nutsheow.

884
00:49:56,800 --> 00:49:58,879
Speaker 1: What we're doing on the on the asset management side

885
00:49:58,920 --> 00:50:01,480
Speaker 1: makes it unique. We can work with about one hundred

886
00:50:01,520 --> 00:50:05,359
Speaker 1: thousand dollars. Our minim stated minimums are more than that,

887
00:50:05,400 --> 00:50:07,960
Speaker 1: but we can we can effectively manage a portfolio of

888
00:50:08,000 --> 00:50:12,239
Speaker 1: forty fifty companies with about one hundred grand. And you know,

889
00:50:12,360 --> 00:50:14,520
Speaker 1: we are looking over the next year or two of

890
00:50:14,840 --> 00:50:17,160
Speaker 1: having a product that mirrors that, either in the form

891
00:50:17,200 --> 00:50:19,839
Speaker 1: of an ETF or mutual fund, so that anybody can play.

892
00:50:20,280 --> 00:50:23,040
Speaker 1: I like that idea. UM, that's what we've done with Vaulted.

893
00:50:23,239 --> 00:50:26,760
Speaker 1: Anybody can play. We've we've democratized the access to great

894
00:50:26,800 --> 00:50:29,360
Speaker 1: product at a wonderful price. We want to do the

895
00:50:29,400 --> 00:50:31,480
Speaker 1: same thing with what we're doing on the asset management side.

896
00:50:31,480 --> 00:50:34,279
Speaker 1: We're a little bit constrained, you know, because of some

897
00:50:34,360 --> 00:50:35,719
Speaker 1: of the shares we own. You know, they can be

898
00:50:35,760 --> 00:50:38,160
Speaker 1: six seven hundred dollars a share. It's tough to micromanage

899
00:50:38,200 --> 00:50:42,600
Speaker 1: that in a real small portfolio. But um, they'll they'll

900
00:50:42,600 --> 00:50:44,840
Speaker 1: be there'll be some options for that at some point

901
00:50:44,920 --> 00:50:48,480
Speaker 1: that are that are really easy to access. I think

902
00:50:48,520 --> 00:50:52,879
Speaker 1: that can be summed up with with the proverb look

903
00:50:52,920 --> 00:50:55,600
Speaker 1: well into your investments. I think that's the main difference

904
00:50:55,680 --> 00:51:00,839
Speaker 1: between passive and active investing, is that active investors UM

905
00:51:01,520 --> 00:51:04,719
Speaker 1: and that that approach, you're you're you're doing the due

906
00:51:04,760 --> 00:51:07,800
Speaker 1: diligence instead of just throwing money out. A list, a

907
00:51:07,920 --> 00:51:10,680
Speaker 1: pre pre made list of companies, so really like that.

908
00:51:10,960 --> 00:51:14,640
Speaker 1: Anybody who wants more notes link is in the show

909
00:51:14,680 --> 00:51:18,960
Speaker 1: notes below the episode there and thank you so much

910
00:51:19,040 --> 00:51:23,080
Speaker 1: Dave for joining us. Really excited to see see the

911
00:51:23,600 --> 00:51:27,480
Speaker 1: products coming down the pipeline and what what unfolds in

912
00:51:27,520 --> 00:51:30,000
Speaker 1: the precious metals world over the next couple months and

913
00:51:30,000 --> 00:51:32,919
Speaker 1: a couple of quarters. Thank you, Thank you, Joe. Great

914
00:51:32,920 --> 00:51:33,720
Speaker 1: to be back with you.