1 00:00:03,960 --> 00:00:07,360 Speaker 1: On this episode of News World, we are experiencing the 2 00:00:07,480 --> 00:00:11,640 Speaker 1: highest inflation in forty years, and the Federal Reserve continues 3 00:00:11,680 --> 00:00:15,000 Speaker 1: to raise interest rates to help curb the rise of inflation, 4 00:00:15,560 --> 00:00:19,920 Speaker 1: which leads to uncertainty in the stock market. Americans household 5 00:00:19,920 --> 00:00:23,600 Speaker 1: budgets are feeling the impact. The food index alone has 6 00:00:23,680 --> 00:00:26,439 Speaker 1: risen over eleven point four percent over the last year, 7 00:00:26,960 --> 00:00:30,080 Speaker 1: which means we're all paying more for groceries to feed 8 00:00:30,120 --> 00:00:33,159 Speaker 1: our families. Almost everyone I talk with once to know 9 00:00:33,680 --> 00:00:37,320 Speaker 1: why we are facing such a challenging economic situation and 10 00:00:37,479 --> 00:00:41,080 Speaker 1: how they can protect their own finances and investments. It's 11 00:00:41,080 --> 00:00:44,680 Speaker 1: a very personal question in a very difficult time. So 12 00:00:44,720 --> 00:00:46,800 Speaker 1: I want to talk with somebody who has been advising 13 00:00:46,840 --> 00:00:50,640 Speaker 1: people in their personal finances and investments for over twenty 14 00:00:50,640 --> 00:00:53,920 Speaker 1: five years, which is why I'm really pleased to welcome 15 00:00:53,960 --> 00:01:07,679 Speaker 1: back my guest, Charles Thornbrun, the CEO of Legacy Precious Metals. Charles, 16 00:01:07,680 --> 00:01:10,679 Speaker 1: thank you for joining me again on Mutual Always my pleasure. 17 00:01:10,720 --> 00:01:13,080 Speaker 1: Thank you for having us back, Newton. We appreciate it. 18 00:01:13,200 --> 00:01:15,480 Speaker 1: You know. I thought we would start with something you 19 00:01:15,520 --> 00:01:18,400 Speaker 1: and I have chatted about earlier, and that is the 20 00:01:18,440 --> 00:01:22,120 Speaker 1: state of the current economy and maybe some parallels back 21 00:01:22,160 --> 00:01:25,280 Speaker 1: to the nineteen seventies. When I mentioned in my introduction 22 00:01:25,319 --> 00:01:28,800 Speaker 1: that the food index has risen eleven point four percent 23 00:01:28,880 --> 00:01:31,839 Speaker 1: over the past year according to the latest Consumer Price 24 00:01:31,959 --> 00:01:36,480 Speaker 1: Index figures, which is the largest twelvemonth jump since May 25 00:01:36,560 --> 00:01:39,640 Speaker 1: nineteen seventy nine. So there is some reason to talk 26 00:01:39,760 --> 00:01:43,080 Speaker 1: in terms of this forty year change. But the food 27 00:01:43,120 --> 00:01:46,080 Speaker 1: at home index, and this kind of surprise me, it's 28 00:01:46,080 --> 00:01:50,120 Speaker 1: actually gone up faster than restaurants. The food at Home Index, 29 00:01:50,120 --> 00:01:53,120 Speaker 1: a measure of price change at the grocery store, increased 30 00:01:53,160 --> 00:01:57,040 Speaker 1: thirteen point five percent, which is also a forty three 31 00:01:57,120 --> 00:01:59,640 Speaker 1: year high. I looked at some of the numbers, and 32 00:02:00,400 --> 00:02:03,960 Speaker 1: we're just actually shopping Sunday afternoon at the grocery store, 33 00:02:04,400 --> 00:02:06,600 Speaker 1: and some of these things just leap out of you. 34 00:02:06,960 --> 00:02:10,440 Speaker 1: Eggs are up thirty nine point eight percent, butter is 35 00:02:10,520 --> 00:02:13,560 Speaker 1: up twenty four point six percent, hot dogs are up 36 00:02:13,600 --> 00:02:18,080 Speaker 1: eighteen percent, luncheon meets are up eighteen percent. Frozen and 37 00:02:18,280 --> 00:02:22,160 Speaker 1: fresh chicken parts are up seventeen almost eighteen percent. Fresh 38 00:02:22,200 --> 00:02:25,079 Speaker 1: milk other than whole milk is up seventeen point seven 39 00:02:25,760 --> 00:02:30,080 Speaker 1: Flour prepared for flour mixes is up twenty three percent, 40 00:02:30,840 --> 00:02:34,520 Speaker 1: roast coffee is up almost nineteen percent, Cereal is up 41 00:02:34,560 --> 00:02:37,760 Speaker 1: over seventeen percent. We were looking at a box of cheerios, 42 00:02:37,800 --> 00:02:40,119 Speaker 1: which I think is almost seven dollars a box now 43 00:02:40,400 --> 00:02:43,320 Speaker 1: and the boxes are getting smaller. White bread was up 44 00:02:43,360 --> 00:02:48,639 Speaker 1: eighteen percent, Sugar and sugar substitute sixteen percent, rice pasta 45 00:02:48,720 --> 00:02:53,399 Speaker 1: cornmeal almost sixteen and peanut butter fifteen point two percent. Now, 46 00:02:54,280 --> 00:02:58,360 Speaker 1: that is in people's pocketbooks, that's in their personal lives, 47 00:02:58,360 --> 00:03:01,200 Speaker 1: that forces changes of behavior. You're you know you've been 48 00:03:01,240 --> 00:03:04,160 Speaker 1: studying this a long time. What is your take on 49 00:03:04,320 --> 00:03:07,560 Speaker 1: what's happening in terms of the consumer price index? Great question, 50 00:03:07,760 --> 00:03:09,720 Speaker 1: and you know, like you were saying that the list 51 00:03:09,880 --> 00:03:13,720 Speaker 1: is incredible because this is the stuff we do every day. 52 00:03:13,919 --> 00:03:16,600 Speaker 1: We eat every day, right, that's the ultimate goal is 53 00:03:16,760 --> 00:03:19,800 Speaker 1: eat three times to day. And this is where inflation 54 00:03:19,960 --> 00:03:23,680 Speaker 1: hurts us the worst. The list we just went through there, 55 00:03:23,880 --> 00:03:27,200 Speaker 1: this is the healthy food that people need to feed 56 00:03:27,240 --> 00:03:29,560 Speaker 1: their children so that they don't have to go through 57 00:03:29,639 --> 00:03:32,840 Speaker 1: fast food restaurants and feed them on the dollar menu. 58 00:03:33,600 --> 00:03:36,480 Speaker 1: When you're dealing with fresh foods, you help avoid the 59 00:03:36,480 --> 00:03:39,280 Speaker 1: problems with obesity that we have here in America as well. 60 00:03:39,760 --> 00:03:42,880 Speaker 1: So this is more than just a dollar issue. This 61 00:03:42,960 --> 00:03:45,800 Speaker 1: is also a health issue for America. And when we 62 00:03:45,840 --> 00:03:48,760 Speaker 1: look at it from the economic side, the importance of 63 00:03:48,800 --> 00:03:52,760 Speaker 1: this is, this is what we do every day. We 64 00:03:52,800 --> 00:03:56,480 Speaker 1: eat every day, we feed our families every day. This 65 00:03:56,560 --> 00:03:58,960 Speaker 1: has the biggest effect. The other thing that has the 66 00:03:58,960 --> 00:04:02,360 Speaker 1: effect after that is gasoline prices. And when we look 67 00:04:02,400 --> 00:04:05,320 Speaker 1: at inflation and we look at the CPI, you hear 68 00:04:05,440 --> 00:04:08,520 Speaker 1: numbers where they talk about this and they remove this 69 00:04:08,640 --> 00:04:13,200 Speaker 1: and gasoline, the two most important things that you need 70 00:04:13,240 --> 00:04:16,359 Speaker 1: to consider in your daily budget are removed from that 71 00:04:16,400 --> 00:04:19,760 Speaker 1: CPI number. So when we see that CPI number, know 72 00:04:19,920 --> 00:04:23,920 Speaker 1: that it looks horrible, but it's actually worse because it 73 00:04:23,960 --> 00:04:28,159 Speaker 1: excludes these two particular items that are important. So when 74 00:04:28,160 --> 00:04:32,080 Speaker 1: we say, here we have the CPI number just coming 75 00:04:32,160 --> 00:04:36,919 Speaker 1: in a little over eight point three percent, here's the 76 00:04:36,960 --> 00:04:41,200 Speaker 1: importance of that small percentage race. But more importantly, this 77 00:04:41,320 --> 00:04:47,279 Speaker 1: is after the extreme inflation fighting parameters that the FED 78 00:04:47,360 --> 00:04:51,240 Speaker 1: has tried to put on this economy. Right, we've had 79 00:04:51,680 --> 00:04:56,200 Speaker 1: a very extreme response to this inflation. Now I look 80 00:04:56,240 --> 00:04:58,279 Speaker 1: at it and I say, this is the Fed asleep 81 00:04:58,320 --> 00:05:01,599 Speaker 1: at the wheel. They didn't pay attention to the problem 82 00:05:01,640 --> 00:05:04,839 Speaker 1: that was coming, and they are slow to react. But 83 00:05:05,040 --> 00:05:09,279 Speaker 1: this kind of increase and a CPI number of eight 84 00:05:09,279 --> 00:05:16,560 Speaker 1: point three, it's horrendous. The more it cost us as consumers, theoretically, 85 00:05:16,600 --> 00:05:18,960 Speaker 1: the less we're going to go out and spend. But 86 00:05:19,120 --> 00:05:21,360 Speaker 1: it's costing us in the areas where we have no 87 00:05:21,440 --> 00:05:25,000 Speaker 1: choice but to spend. That's the difficulty, and that's why 88 00:05:25,040 --> 00:05:29,159 Speaker 1: this inflation is far worse than anything we've seen until 89 00:05:29,240 --> 00:05:32,600 Speaker 1: we go back and two the seventies. In that decade, 90 00:05:33,360 --> 00:05:36,000 Speaker 1: this is how that correlates. Then this is the scenario 91 00:05:36,040 --> 00:05:39,800 Speaker 1: that we find ourselves in. Unfortunately. You know, it's interesting 92 00:05:39,800 --> 00:05:43,520 Speaker 1: to me. Somebody pointed out yesterday that to put eight 93 00:05:43,600 --> 00:05:47,080 Speaker 1: percent inflation in context, that is the equivalent of losing 94 00:05:47,160 --> 00:05:50,520 Speaker 1: one month salary a year. Correct. Now, When you put 95 00:05:50,520 --> 00:05:52,200 Speaker 1: it that way and you say to people, so, how 96 00:05:52,720 --> 00:05:54,599 Speaker 1: bad off would you be if you lost one month 97 00:05:54,680 --> 00:05:57,440 Speaker 1: or year salary every year, they begin to realize this 98 00:05:57,520 --> 00:05:59,520 Speaker 1: thing is going to head home in a very real way. 99 00:06:00,040 --> 00:06:02,920 Speaker 1: And some of it is amazing. People don't realize. I 100 00:06:02,920 --> 00:06:05,599 Speaker 1: think that when natural gas goes up thirty three percent 101 00:06:05,640 --> 00:06:09,560 Speaker 1: over the last twelve months, that translates directly into electricity. 102 00:06:09,920 --> 00:06:13,320 Speaker 1: Electricity with up sixteen percent, and there is now something 103 00:06:13,360 --> 00:06:16,680 Speaker 1: like twenty million families that are behind on paying for 104 00:06:16,720 --> 00:06:19,960 Speaker 1: their electric bill. But in addition, I think this has 105 00:06:19,960 --> 00:06:23,160 Speaker 1: a long term erosion of your savings, and I think 106 00:06:23,160 --> 00:06:25,320 Speaker 1: it particularly hits two groups I want to get your 107 00:06:25,360 --> 00:06:28,240 Speaker 1: take on this. One is soon to be senior citizens 108 00:06:28,520 --> 00:06:31,119 Speaker 1: who've been saving their whole life. They had a path, 109 00:06:31,160 --> 00:06:34,040 Speaker 1: they thought they had enough money. Now they're suddenly washing 110 00:06:34,080 --> 00:06:36,800 Speaker 1: that a road every single day. And the other is 111 00:06:36,839 --> 00:06:40,400 Speaker 1: the very poor who are particularly hit by gasoline and food. 112 00:06:40,920 --> 00:06:43,760 Speaker 1: And those two groups that seems to me are really 113 00:06:43,800 --> 00:06:48,000 Speaker 1: being hammered by this current cycle with inflation. But I mean, 114 00:06:48,040 --> 00:06:49,880 Speaker 1: what's share taking. You talk to people out here, and 115 00:06:49,920 --> 00:06:52,080 Speaker 1: I know you do this all the time. If they're 116 00:06:52,120 --> 00:06:54,159 Speaker 1: really heavy into their four oh one k in a 117 00:06:54,200 --> 00:06:58,200 Speaker 1: traditional way, they're taking a real bath right now. Absolutely. 118 00:06:58,279 --> 00:07:01,080 Speaker 1: And you know, the big dilemma is that you've worked 119 00:07:01,080 --> 00:07:04,839 Speaker 1: your entire life, you're ready to retire, and now you can't. 120 00:07:06,080 --> 00:07:09,240 Speaker 1: Not only do we have massive inflation, but you've also 121 00:07:09,360 --> 00:07:14,080 Speaker 1: seen a decrease in your actual retirement account. It is 122 00:07:14,120 --> 00:07:17,280 Speaker 1: the double whammy, and it's very reminiscent of what happened 123 00:07:17,320 --> 00:07:20,119 Speaker 1: in two thousand and eight. You know, in two thousand 124 00:07:20,200 --> 00:07:22,720 Speaker 1: and eight when we had a similar scenario, those are 125 00:07:22,720 --> 00:07:25,560 Speaker 1: the people who had it the worst, those looking to retire, 126 00:07:26,320 --> 00:07:28,960 Speaker 1: And it was very difficult conversations that we had at 127 00:07:28,960 --> 00:07:32,000 Speaker 1: the time to say, I understand that you've worked your 128 00:07:32,120 --> 00:07:34,880 Speaker 1: entire life and you put off instant gratification to fund 129 00:07:34,880 --> 00:07:38,520 Speaker 1: that retirement account so that you could have the retirement 130 00:07:38,520 --> 00:07:41,480 Speaker 1: life that you wanted, and that's been taken away, and 131 00:07:41,520 --> 00:07:45,280 Speaker 1: we're looking at that same scenario now and unfortunately this 132 00:07:45,360 --> 00:07:48,920 Speaker 1: is just the beginning. We're going to see further decline. 133 00:07:49,360 --> 00:07:51,920 Speaker 1: But the good news is if you're in that retirement 134 00:07:51,960 --> 00:07:55,000 Speaker 1: bracket and you're getting ready to retire, there are steps 135 00:07:55,000 --> 00:07:58,440 Speaker 1: you can take you get diversified and get protection now 136 00:07:58,520 --> 00:08:02,080 Speaker 1: before we see continued evaluation of not just the dollar, 137 00:08:02,280 --> 00:08:05,280 Speaker 1: but of that retirement account that you have, there are 138 00:08:05,360 --> 00:08:07,400 Speaker 1: means to protect it. And that's the important thing to 139 00:08:07,480 --> 00:08:10,280 Speaker 1: know as we go through this. A lot of people 140 00:08:10,560 --> 00:08:14,120 Speaker 1: don't necessarily like to talk about finances. It can be 141 00:08:14,400 --> 00:08:18,119 Speaker 1: a little fearful, right, not knowing the future. The great 142 00:08:18,160 --> 00:08:21,160 Speaker 1: thing is that we have a plan. We can show 143 00:08:21,160 --> 00:08:23,080 Speaker 1: you how to protect yourself, so we can remove the 144 00:08:23,160 --> 00:08:26,240 Speaker 1: fear and get you ready so that you can have 145 00:08:26,280 --> 00:08:28,640 Speaker 1: that retirement that you want. So as we go through 146 00:08:28,680 --> 00:08:30,600 Speaker 1: these numbers, if you find yourself saying I don't even 147 00:08:30,640 --> 00:08:33,280 Speaker 1: want to hear this, the good news is there's hope, 148 00:08:33,280 --> 00:08:35,640 Speaker 1: there's an answer. That's the great news, okay, So it's 149 00:08:35,640 --> 00:08:40,440 Speaker 1: worth hearing and being prepared. As for the poor sector, 150 00:08:40,679 --> 00:08:43,719 Speaker 1: to me, this is a very troubling thing. We as 151 00:08:43,760 --> 00:08:47,640 Speaker 1: a nation, we are very generous. Most people like to 152 00:08:47,679 --> 00:08:50,760 Speaker 1: help their neighbors. Most people are considered of those who 153 00:08:50,800 --> 00:08:54,600 Speaker 1: are less fortunate. We find ourselves in a situation where 154 00:08:54,640 --> 00:09:00,360 Speaker 1: we have an economic situation that's going to create more 155 00:09:00,440 --> 00:09:03,040 Speaker 1: hardship on those who are having a tough time now. 156 00:09:03,720 --> 00:09:07,520 Speaker 1: And the past few years have not been pleasant, right. 157 00:09:07,800 --> 00:09:12,160 Speaker 1: We've had a pandemic, we've had massive debt for a nation. 158 00:09:12,800 --> 00:09:15,560 Speaker 1: And to me, the troublesome thing is we have an 159 00:09:15,559 --> 00:09:20,640 Speaker 1: administration that's say they care about those who are less fortunate, 160 00:09:21,320 --> 00:09:25,439 Speaker 1: yet every action they take harms them even more, puts 161 00:09:25,480 --> 00:09:29,280 Speaker 1: them in more harm's way than where they were just 162 00:09:29,320 --> 00:09:32,280 Speaker 1: a few years ago. And to me, I see that 163 00:09:32,440 --> 00:09:36,200 Speaker 1: glaring inequity and say, how do they keep promoting themselves 164 00:09:36,200 --> 00:09:38,839 Speaker 1: to be the party of the people when I know 165 00:09:38,960 --> 00:09:41,360 Speaker 1: that me and my fellow people are out there helping 166 00:09:41,360 --> 00:09:44,480 Speaker 1: as much as we can. I guess that's the political 167 00:09:44,480 --> 00:09:46,360 Speaker 1: spin in the world out there today. That's more of 168 00:09:46,400 --> 00:09:48,320 Speaker 1: your field new you know that more than I do, 169 00:09:48,559 --> 00:09:52,000 Speaker 1: but I do know the economics of it is more trouble, right, 170 00:09:52,080 --> 00:09:55,839 Speaker 1: But it also more dependency now on the government to 171 00:09:55,880 --> 00:10:00,079 Speaker 1: help them through this financial tornado that we're going to 172 00:10:00,120 --> 00:10:03,160 Speaker 1: be going through, which is the opposite of building a 173 00:10:03,160 --> 00:10:06,360 Speaker 1: strong America. It's building dependence and that's not what we want. 174 00:10:06,800 --> 00:10:09,600 Speaker 1: People want strength, They want to be able to provide 175 00:10:09,640 --> 00:10:13,440 Speaker 1: for themselves. People look for opportunities, not handouts the majority 176 00:10:13,440 --> 00:10:15,960 Speaker 1: of the time. So that puts us in that unique 177 00:10:16,000 --> 00:10:18,760 Speaker 1: scenario where we see more and more people who will 178 00:10:18,840 --> 00:10:21,800 Speaker 1: need to rely on the government, which is dangerous. You know, 179 00:10:22,000 --> 00:10:25,120 Speaker 1: President regunus to say that a job was the best 180 00:10:25,160 --> 00:10:30,840 Speaker 1: social program because it had both financial and psychological implications 181 00:10:30,880 --> 00:10:34,839 Speaker 1: that were really important to getting people back to being independent, 182 00:10:35,200 --> 00:10:37,800 Speaker 1: to having a chance that their future would be better, 183 00:10:37,840 --> 00:10:41,360 Speaker 1: to teaching them the skills necessary to be successful in 184 00:10:41,440 --> 00:10:44,480 Speaker 1: a work economy. I think when you look at what 185 00:10:44,520 --> 00:10:47,959 Speaker 1: the federal reserve, their entire strategy is going to be 186 00:10:48,000 --> 00:10:52,600 Speaker 1: a demand side strategy of trying to crush the economy 187 00:10:52,960 --> 00:10:57,200 Speaker 1: so that inflation stops because there's no demand. This is 188 00:10:57,240 --> 00:10:59,079 Speaker 1: exactly the fight I was in the middle of. It 189 00:10:59,360 --> 00:11:03,320 Speaker 1: was a very junior congressman in nineteen seventy eight, seventy nine, 190 00:11:03,880 --> 00:11:06,240 Speaker 1: eighty and I worked with President Reagan. I work with 191 00:11:06,320 --> 00:11:10,319 Speaker 1: Jack Kemp and with Art Laugher and developing supply side economics. 192 00:11:10,320 --> 00:11:13,640 Speaker 1: And our argument was, you want to increase the total 193 00:11:13,760 --> 00:11:17,240 Speaker 1: volume of goods and services, and they'll mop up the money, 194 00:11:18,000 --> 00:11:19,960 Speaker 1: but you want to do it by putting more people 195 00:11:20,000 --> 00:11:23,480 Speaker 1: to work creating more goods and services, not by raising 196 00:11:23,520 --> 00:11:27,000 Speaker 1: interest rates to crush the economy. And I think we're 197 00:11:27,000 --> 00:11:29,559 Speaker 1: going to see people out here who have a double 198 00:11:29,640 --> 00:11:33,280 Speaker 1: whammy in that their savings are declining and their job 199 00:11:33,320 --> 00:11:36,080 Speaker 1: may be declining, and so they've got to be thinking 200 00:11:36,120 --> 00:11:40,120 Speaker 1: about protecting themselves on both fronts. How can they acquire 201 00:11:40,240 --> 00:11:44,480 Speaker 1: enough resources that are resistant to inflation that they're in 202 00:11:44,480 --> 00:11:48,640 Speaker 1: a position to not have their lives ruined by really 203 00:11:48,679 --> 00:11:51,000 Speaker 1: bad government policies. And I think that's something I know 204 00:11:51,120 --> 00:11:54,840 Speaker 1: you spent years studying and thinking about very deeply, so 205 00:11:55,080 --> 00:11:57,160 Speaker 1: very true and The interesting thing I was reading a 206 00:11:57,280 --> 00:12:01,240 Speaker 1: report just a couple days ago. During the pandemic and 207 00:12:01,360 --> 00:12:05,240 Speaker 1: leading up to the pandemic, Americans had acquired on average, 208 00:12:05,600 --> 00:12:09,280 Speaker 1: eighteen percent of their yearly income was in their savings. 209 00:12:09,880 --> 00:12:13,160 Speaker 1: They had savings built up. The recent number is now 210 00:12:13,160 --> 00:12:16,360 Speaker 1: we're down to about five percent. That is the effects. 211 00:12:16,440 --> 00:12:20,560 Speaker 1: I'm not just this administration, granted, but a pandemic as well. 212 00:12:21,160 --> 00:12:24,120 Speaker 1: But these are the numbers that the FED likes to see. 213 00:12:24,160 --> 00:12:27,480 Speaker 1: They like to see money out there in circulation so 214 00:12:27,520 --> 00:12:30,000 Speaker 1: that their controls work, so they can try to stem 215 00:12:30,120 --> 00:12:34,240 Speaker 1: things on a demand side by playing with the interest rate, 216 00:12:34,920 --> 00:12:39,760 Speaker 1: which is the worst possible scenario. You create so much 217 00:12:39,800 --> 00:12:42,319 Speaker 1: havoc when you play with the interest rate too much. 218 00:12:42,360 --> 00:12:45,080 Speaker 1: And supply side, we know it works, We've seen it. 219 00:12:45,200 --> 00:12:47,400 Speaker 1: Thank you for that new It was something that really 220 00:12:47,400 --> 00:12:50,719 Speaker 1: made America truly strong again. You know, it helped us 221 00:12:50,720 --> 00:12:53,520 Speaker 1: fight a Cold War. That kind of a strength. There's 222 00:12:53,559 --> 00:12:59,280 Speaker 1: such a strength and a protection in being economically stable 223 00:13:00,440 --> 00:13:03,920 Speaker 1: that most people don't see, and we're not seeing it now. 224 00:13:04,280 --> 00:13:08,920 Speaker 1: We see now the Fed saying increased interest rates, we're 225 00:13:08,920 --> 00:13:10,959 Speaker 1: going to go up again. The general thought was three 226 00:13:11,040 --> 00:13:14,400 Speaker 1: quarters of a point. But if you read and you 227 00:13:14,400 --> 00:13:17,080 Speaker 1: see Wall Street saying, hey, let's do one full point. 228 00:13:18,080 --> 00:13:23,400 Speaker 1: That's astronomical. That is no way to run any kind 229 00:13:23,440 --> 00:13:28,120 Speaker 1: of an economy. You have to have forethought. You don't 230 00:13:28,120 --> 00:13:31,600 Speaker 1: want big shocks, you want slow, gradual control. But we 231 00:13:31,679 --> 00:13:34,400 Speaker 1: don't have that, and that's going to do an amazing thing. 232 00:13:35,160 --> 00:13:39,960 Speaker 1: We talk about the unemployment. The whole goal is at 233 00:13:40,000 --> 00:13:43,319 Speaker 1: some point to create unemployment. That's how you're going to 234 00:13:43,440 --> 00:13:47,680 Speaker 1: stop demand, which is the exact opposite of supply. Like 235 00:13:47,800 --> 00:13:52,920 Speaker 1: you said, make the supply controllable. People have jobs. People 236 00:13:53,160 --> 00:13:56,440 Speaker 1: control demand, and it takes care of itself. The demand side. 237 00:13:56,480 --> 00:13:58,160 Speaker 1: You have to put people out of work so they 238 00:13:58,160 --> 00:14:01,280 Speaker 1: don't spend, so you control the economy. And when you 239 00:14:01,320 --> 00:14:03,520 Speaker 1: think about it from that point of view, it's just 240 00:14:03,720 --> 00:14:07,520 Speaker 1: ridiculous to take away something as important as a job 241 00:14:07,600 --> 00:14:11,240 Speaker 1: from somebody, you know, like you said, not just the economics, 242 00:14:11,280 --> 00:14:15,120 Speaker 1: but the mental well being, the sense of purpose. And 243 00:14:15,240 --> 00:14:17,960 Speaker 1: we're going to see that. We're going to see unemployment rise. 244 00:14:18,360 --> 00:14:21,120 Speaker 1: I know we have companies out there talking about layoffs 245 00:14:21,120 --> 00:14:24,640 Speaker 1: already and it hasn't happened yet, but it's yet to come. 246 00:14:25,520 --> 00:14:28,760 Speaker 1: And that's the scary thing because you get to a 247 00:14:28,840 --> 00:14:33,040 Speaker 1: point where you got to start saying, Okay, German Powis said, 248 00:14:33,160 --> 00:14:38,600 Speaker 1: expect long term inflation. Now there's another word for that. 249 00:14:38,600 --> 00:14:42,440 Speaker 1: That's called recession. And if it gets out of control, 250 00:14:43,680 --> 00:14:47,480 Speaker 1: it's called stagflation, which is even worse. You know, the 251 00:14:47,600 --> 00:14:51,320 Speaker 1: terms to meet stagflation are not that significant from recession. 252 00:14:51,920 --> 00:14:54,400 Speaker 1: All we need to do to step into the world 253 00:14:54,400 --> 00:14:57,640 Speaker 1: of stagflation right now is we have to have an 254 00:14:57,640 --> 00:15:00,480 Speaker 1: employment go up to about five percent. We're not that 255 00:15:00,560 --> 00:15:03,000 Speaker 1: far off. We're at three point seven right now. The 256 00:15:03,080 --> 00:15:07,320 Speaker 1: consumer price index, if it's above five, that's a ripe 257 00:15:07,320 --> 00:15:11,440 Speaker 1: scenario for stagflation. And then we have to have a 258 00:15:11,640 --> 00:15:16,280 Speaker 1: decreasing GDP, which we have. We have a full recession already. 259 00:15:16,960 --> 00:15:20,000 Speaker 1: As soon as that unemployment goes up, we slip into stagflation, 260 00:15:20,000 --> 00:15:33,960 Speaker 1: which is much harder to fight than a recession. If 261 00:15:33,960 --> 00:15:36,240 Speaker 1: you've been keeping up with the news lately, you know 262 00:15:36,280 --> 00:15:40,160 Speaker 1: that we're living in challenging economic times. Americans are suffering 263 00:15:40,360 --> 00:15:44,360 Speaker 1: from supply chain problems, soaring grocery prices, and high inflation. 264 00:15:44,880 --> 00:15:49,280 Speaker 1: All this economic turmoil means increased volatility in the stock market, 265 00:15:49,560 --> 00:15:54,200 Speaker 1: which can impact your retterment investments. Legacy Precious Metals is 266 00:15:54,240 --> 00:15:57,560 Speaker 1: the company I use when investing in gold and gold 267 00:15:57,600 --> 00:16:01,560 Speaker 1: iras a gold IRA has the same tax advantage of 268 00:16:01,600 --> 00:16:05,960 Speaker 1: a traditional IRA. Or giving you protection by owning physical goal, 269 00:16:06,640 --> 00:16:10,840 Speaker 1: Legacy Precious Metals believes that your financial security should never 270 00:16:10,880 --> 00:16:13,720 Speaker 1: be left to chance. Learn how to protect your wealth 271 00:16:13,720 --> 00:16:17,280 Speaker 1: and secure your financial future with gold. Whether it becomes 272 00:16:17,320 --> 00:16:20,160 Speaker 1: part of your retirement account or the physical medals or 273 00:16:20,160 --> 00:16:23,120 Speaker 1: shipped to you, Legacy can advise you on how to invest. 274 00:16:23,600 --> 00:16:26,640 Speaker 1: Give their experts a call today at eight six six 275 00:16:27,080 --> 00:16:31,400 Speaker 1: four eight four four O four three. That's eight six 276 00:16:31,480 --> 00:16:35,600 Speaker 1: six four eight four four O four three, or download 277 00:16:35,640 --> 00:16:40,800 Speaker 1: their comprehensive Gold guide at by Legacygold dot com. Visit 278 00:16:40,920 --> 00:16:49,880 Speaker 1: by Legacygold dot com. When Reagan was running, they took 279 00:16:49,960 --> 00:16:55,280 Speaker 1: the inflation rate and the unemployment rate and they added 280 00:16:55,280 --> 00:16:59,320 Speaker 1: them together and called them the misery Index. Reagan, you 281 00:16:59,400 --> 00:17:02,720 Speaker 1: served us, He would say, you know, when your brother 282 00:17:02,840 --> 00:17:07,639 Speaker 1: loses his job, it's called a recession. When you lose 283 00:17:07,720 --> 00:17:11,840 Speaker 1: your job, it's called a depression. When Jimmy Carter loses 284 00:17:11,960 --> 00:17:18,440 Speaker 1: his job, it's called a recovery. I love that quote 285 00:17:18,880 --> 00:17:21,560 Speaker 1: as well. He was very good at getting his point 286 00:17:21,560 --> 00:17:24,800 Speaker 1: across with humor rather than anger. But the point I 287 00:17:24,840 --> 00:17:28,800 Speaker 1: want to make is we're seeing the early indicators. You know, 288 00:17:28,920 --> 00:17:32,200 Speaker 1: Warner Brothers Discovery laid off one hundred employees the other day, 289 00:17:32,560 --> 00:17:36,240 Speaker 1: and they've pledged in their merger between Discovery and Warner 290 00:17:36,320 --> 00:17:40,960 Speaker 1: Media to cut three billion dollars in savings. Snapped, the 291 00:17:41,160 --> 00:17:44,120 Speaker 1: owner of Snapchat, said they're going to lay off twenty 292 00:17:44,160 --> 00:17:47,679 Speaker 1: percent of their employees. That's about thirteen hundred people. Ford 293 00:17:47,720 --> 00:17:50,520 Speaker 1: announced in late August that it plans to lay off 294 00:17:50,560 --> 00:17:55,000 Speaker 1: two thousand salaried workers and a thousand contract workers, the 295 00:17:55,080 --> 00:17:58,920 Speaker 1: largest percentage coming from Michigan. Seven eleven laid off eight 296 00:17:59,000 --> 00:18:02,360 Speaker 1: hundred and eighty employee in Ohio and Texas and Peloton 297 00:18:02,760 --> 00:18:05,639 Speaker 1: laid off forty one hundred and fifty people from Taiwan, 298 00:18:06,080 --> 00:18:09,359 Speaker 1: Texas and Arizona and totally close down both the Plano, 299 00:18:09,440 --> 00:18:13,040 Speaker 1: Texas and Tempe, Arizona officers. So you're beginning to see 300 00:18:13,080 --> 00:18:17,800 Speaker 1: these steps towards people hunkering down. As you point out, 301 00:18:18,160 --> 00:18:21,520 Speaker 1: when the FED raises interest rates, you know, the largest 302 00:18:21,720 --> 00:18:24,639 Speaker 1: single source of savings with the middle classes their homes. 303 00:18:25,160 --> 00:18:28,400 Speaker 1: When the FED starts going up by a full percentage point, 304 00:18:29,040 --> 00:18:32,720 Speaker 1: that changes the cost of mortgages so dramatically that it 305 00:18:32,800 --> 00:18:35,720 Speaker 1: drives down the price of homes because the two sort 306 00:18:35,760 --> 00:18:38,879 Speaker 1: of have a countervailing factor. When mortgages are cheap, homes 307 00:18:38,880 --> 00:18:42,480 Speaker 1: get more expensive, and when mortgages are expensive, homes get cheaper. 308 00:18:42,680 --> 00:18:45,280 Speaker 1: And I know you know all that, but doesn't that 309 00:18:45,400 --> 00:18:49,360 Speaker 1: also raise the issue the people need to have saving 310 00:18:49,440 --> 00:18:53,840 Speaker 1: instruments beyond their home. Absolutely, you know. That is the 311 00:18:53,920 --> 00:18:57,520 Speaker 1: modern wonder to me is how someone's home has become 312 00:18:57,520 --> 00:19:01,359 Speaker 1: their retirement plan. My home is my house. That's where 313 00:19:01,960 --> 00:19:04,600 Speaker 1: my wife and I sleep, That's where we have dinner together, 314 00:19:04,640 --> 00:19:07,480 Speaker 1: and my children come to visit us there. That's my home. 315 00:19:07,880 --> 00:19:09,960 Speaker 1: It was never meant to be my retirement plan. That 316 00:19:10,080 --> 00:19:14,920 Speaker 1: was to be my place of solitude. Unfortunately, as homes 317 00:19:15,040 --> 00:19:18,240 Speaker 1: have become more expensive, they've had to turn into people's 318 00:19:18,280 --> 00:19:21,960 Speaker 1: retirement plan. The ability to pay for mortgages and save 319 00:19:22,080 --> 00:19:25,320 Speaker 1: sufficiently enough for some people became difficult, so that's where 320 00:19:25,320 --> 00:19:30,200 Speaker 1: their home fell into that retirement plan. I think the 321 00:19:30,280 --> 00:19:34,679 Speaker 1: big dilemma there is that you don't have control of 322 00:19:34,720 --> 00:19:38,840 Speaker 1: your retirement if it's your home. You need to be 323 00:19:38,880 --> 00:19:41,240 Speaker 1: able to say, hey, I'm going to retire now, but 324 00:19:41,320 --> 00:19:45,080 Speaker 1: I don't necessarily want to leave my home. I shouldn't 325 00:19:45,119 --> 00:19:47,680 Speaker 1: have to go to an apartment in my golden years 326 00:19:47,720 --> 00:19:50,920 Speaker 1: because my retirement plan didn't work out. This is why 327 00:19:51,359 --> 00:19:54,800 Speaker 1: retirement plans in one of themselves are important. But also 328 00:19:55,760 --> 00:19:57,920 Speaker 1: for those who have that home and they want to downsize, 329 00:19:57,920 --> 00:20:00,919 Speaker 1: they'd like to get value out of it. There was 330 00:20:00,920 --> 00:20:06,520 Speaker 1: a time where owning a home was the key to 331 00:20:06,640 --> 00:20:10,320 Speaker 1: a long term growth scenario for wealth. For you, you 332 00:20:10,440 --> 00:20:13,200 Speaker 1: bought a home, you held it, you paid your mortgage, 333 00:20:13,800 --> 00:20:16,600 Speaker 1: you know, thirty years, you became free of it. It 334 00:20:16,640 --> 00:20:19,400 Speaker 1: continued to go up and there was value. But we've 335 00:20:19,440 --> 00:20:23,800 Speaker 1: seen that change. We've seen some housing bubbles where housings 336 00:20:23,840 --> 00:20:27,000 Speaker 1: have come down twenty five thirty percent, and that's a 337 00:20:27,080 --> 00:20:32,040 Speaker 1: difficulty that it's hard to be prepared for, especially if 338 00:20:32,080 --> 00:20:35,480 Speaker 1: you're using your home in a way to create equity. 339 00:20:35,880 --> 00:20:38,000 Speaker 1: You know, whether you have a loan on that house, 340 00:20:38,400 --> 00:20:40,920 Speaker 1: whether you're using a reverse mortgage, if you're in those 341 00:20:41,000 --> 00:20:44,720 Speaker 1: retirement years, these are all things that you know, really 342 00:20:44,720 --> 00:20:47,480 Speaker 1: get thrown into whack when you have a scenario where 343 00:20:47,520 --> 00:20:50,600 Speaker 1: interest rates are you know, six point three percent now 344 00:20:50,680 --> 00:20:54,240 Speaker 1: for a home mortgage. It really changes the dynamic because, 345 00:20:54,280 --> 00:20:57,000 Speaker 1: like you said, that drives down the value of that house, 346 00:20:57,600 --> 00:21:01,400 Speaker 1: and now you suddenly have lost value you for something 347 00:21:01,440 --> 00:21:04,600 Speaker 1: that you shouldn't have lost value for. That home didn't change. 348 00:21:04,800 --> 00:21:07,639 Speaker 1: The desire for our house hasn't changed. There's still a 349 00:21:07,640 --> 00:21:10,920 Speaker 1: housing shortage. Correct me if I'm wrong, But my sense 350 00:21:11,080 --> 00:21:14,200 Speaker 1: is when you get those kind of increases in mortgage 351 00:21:14,280 --> 00:21:19,040 Speaker 1: interest rates, you actually shrink the potential market of buyers 352 00:21:19,080 --> 00:21:22,040 Speaker 1: because a whole range of people suddenly find out they 353 00:21:22,040 --> 00:21:25,280 Speaker 1: can't afford to carry a fifteen or thirty year mortgage 354 00:21:25,280 --> 00:21:27,439 Speaker 1: at that kind of an interest rate. So there are 355 00:21:27,440 --> 00:21:30,720 Speaker 1: a fewer people looking for homes, which is another downward 356 00:21:30,760 --> 00:21:34,360 Speaker 1: pricing pressure. Correct, and that's exactly what we're seeing. New 357 00:21:34,400 --> 00:21:37,119 Speaker 1: housing starts show you that as well. The majority of 358 00:21:37,119 --> 00:21:40,560 Speaker 1: new housing starts right now are for multifamily, so it's 359 00:21:40,600 --> 00:21:43,520 Speaker 1: rental units, it's apartments. That's what's being built right now. 360 00:21:44,000 --> 00:21:46,720 Speaker 1: Builders know what's going on in the economy, and when 361 00:21:46,720 --> 00:21:49,480 Speaker 1: you see something like that happening Toliberty, they know that 362 00:21:49,920 --> 00:21:52,320 Speaker 1: there's an inventory that they won't be able to get 363 00:21:52,400 --> 00:21:54,480 Speaker 1: rid of. And you'll see some of the ads where 364 00:21:54,840 --> 00:21:57,480 Speaker 1: some of these builders are saying, I'm going to offset 365 00:21:57,560 --> 00:21:59,960 Speaker 1: that interest rate for you, I'm going to lock you 366 00:22:00,080 --> 00:22:02,679 Speaker 1: in at five percent rather than six point three percent. 367 00:22:03,040 --> 00:22:05,400 Speaker 1: It's done and how they carry the loan across and 368 00:22:05,440 --> 00:22:08,840 Speaker 1: how they price out the home. But even at five percent, 369 00:22:09,080 --> 00:22:12,000 Speaker 1: that is not cheap. We're coming out a period of 370 00:22:12,000 --> 00:22:14,200 Speaker 1: time where it was significantly cheaper and own a home. 371 00:22:14,800 --> 00:22:17,760 Speaker 1: So when you hear that, you know that there's problems 372 00:22:17,760 --> 00:22:21,480 Speaker 1: to come. And we've just started. That's the scary part. 373 00:22:22,280 --> 00:22:24,399 Speaker 1: We know that there will be at least one to 374 00:22:24,520 --> 00:22:28,359 Speaker 1: two more races this year, with several next year to follow. 375 00:22:28,440 --> 00:22:30,960 Speaker 1: We've already been told that by the Federal Reserve. The 376 00:22:31,080 --> 00:22:36,240 Speaker 1: chairman has said expect this, Expect longer interest rate raises, 377 00:22:36,760 --> 00:22:40,240 Speaker 1: So for a longer period of time. Those who would 378 00:22:40,240 --> 00:22:42,960 Speaker 1: try to finagle the system and get in with an 379 00:22:43,040 --> 00:22:46,200 Speaker 1: arm loan where they're adjusting regularly, it's not going to 380 00:22:46,280 --> 00:22:48,800 Speaker 1: benefit them. We're going to be high for a longer 381 00:22:48,800 --> 00:22:50,880 Speaker 1: period of time. This is going to make that home 382 00:22:50,920 --> 00:22:54,200 Speaker 1: ownership less of a reality for many many people. Well, 383 00:22:54,200 --> 00:22:57,960 Speaker 1: I know in some places like Australia, adjustable rate mortgages 384 00:22:58,000 --> 00:23:01,239 Speaker 1: became a nightmare because all of sudden the rates went 385 00:23:01,320 --> 00:23:04,120 Speaker 1: up dramatically. They usually have like a three or five 386 00:23:04,200 --> 00:23:09,080 Speaker 1: year recalculation, and suddenly all these people found that what 387 00:23:09,240 --> 00:23:12,720 Speaker 1: seemed like a reasonable rate yesterday morning was now an 388 00:23:12,800 --> 00:23:16,000 Speaker 1: unsustainable rate. And I think in Australia it became a 389 00:23:16,040 --> 00:23:19,040 Speaker 1: real crisis. That is true, and it happened here too 390 00:23:19,080 --> 00:23:21,280 Speaker 1: in the last housing crisis as well, not as bad 391 00:23:21,280 --> 00:23:24,200 Speaker 1: as it was in Australia, but there were many people 392 00:23:24,240 --> 00:23:27,440 Speaker 1: who were making their payments. Their life didn't change, it's 393 00:23:27,480 --> 00:23:29,600 Speaker 1: just the interest rate that changed, and now they suddenly 394 00:23:29,600 --> 00:23:31,359 Speaker 1: got priced out of their own home that they owned. 395 00:23:32,000 --> 00:23:34,639 Speaker 1: It's a nightmare, right, And that led to a glut 396 00:23:34,640 --> 00:23:38,040 Speaker 1: of houses that banks owned. So it's a shift for 397 00:23:38,080 --> 00:23:40,439 Speaker 1: a minute from housing, which is a big part of 398 00:23:40,440 --> 00:23:43,520 Speaker 1: the economy, bigger than people realize. There's also been a 399 00:23:43,600 --> 00:23:46,720 Speaker 1: startling reaction on the market. I remember the day they 400 00:23:46,760 --> 00:23:50,520 Speaker 1: came out and the inflation rate had gone higher than expected, 401 00:23:50,880 --> 00:23:53,280 Speaker 1: which is the day that Biden had the White House 402 00:23:53,280 --> 00:23:56,320 Speaker 1: celebration of lower inflation rates, which was a sign that 403 00:23:56,359 --> 00:23:58,639 Speaker 1: his chief of staff hadn't done his homework very well. 404 00:23:58,880 --> 00:24:01,679 Speaker 1: But I mean, the style market was just diving. It 405 00:24:01,760 --> 00:24:04,960 Speaker 1: was amazing how fast it was. Folly, what's your sense 406 00:24:05,720 --> 00:24:07,560 Speaker 1: looking out over the next two or three years. One 407 00:24:07,640 --> 00:24:11,160 Speaker 1: of the inflation rate, and two of what that will 408 00:24:11,200 --> 00:24:15,080 Speaker 1: then do to people whose primary investment is in stock. 409 00:24:16,560 --> 00:24:21,040 Speaker 1: Great question. You know, interest rates at these levels definitely 410 00:24:21,080 --> 00:24:25,040 Speaker 1: a problem, but uncontrolled inflation even worse because as we 411 00:24:25,080 --> 00:24:27,280 Speaker 1: fight it, we're going to keep raising interest rates. That's 412 00:24:27,280 --> 00:24:30,120 Speaker 1: what the FED knows to do. This is going to 413 00:24:30,160 --> 00:24:35,040 Speaker 1: cause a severe correction in the equities market. It's already 414 00:24:35,080 --> 00:24:37,800 Speaker 1: caused one. Now it's caused one in the bond market 415 00:24:37,840 --> 00:24:40,359 Speaker 1: as well. Most people don't talk about that, but there's 416 00:24:40,400 --> 00:24:43,359 Speaker 1: some severe issues there. What you're going to see in 417 00:24:43,400 --> 00:24:48,160 Speaker 1: equities is a strong downward move each time they come out, 418 00:24:48,160 --> 00:24:50,840 Speaker 1: and each time there's a disappointment in the numbers. And 419 00:24:51,000 --> 00:24:54,320 Speaker 1: here's what we do know. This Fed is in a 420 00:24:54,400 --> 00:24:57,720 Speaker 1: balancing act. They don't want to come out and give 421 00:24:57,800 --> 00:25:02,960 Speaker 1: us bad news. They rather surprise us with it. So 422 00:25:03,080 --> 00:25:05,320 Speaker 1: we have these shocks that happen, and they're going to 423 00:25:05,440 --> 00:25:09,359 Speaker 1: happen more frequently. We will see people, you know, it's 424 00:25:09,520 --> 00:25:15,880 Speaker 1: not uncommon here whispered around the circles of finance. Expect 425 00:25:15,880 --> 00:25:18,959 Speaker 1: to see thirty to thirty five percent further decline in 426 00:25:18,960 --> 00:25:22,679 Speaker 1: your equities accounts. And that's troubling. If you're right on 427 00:25:22,720 --> 00:25:25,520 Speaker 1: the edge of retirement and that happened to your four 428 00:25:25,560 --> 00:25:28,680 Speaker 1: oh one Kay, for example, they would totally change all 429 00:25:28,720 --> 00:25:32,159 Speaker 1: of your planning for your retirement. Absolutely, you'd have to 430 00:25:32,200 --> 00:25:36,000 Speaker 1: make decisions that you never were prepared to make. And 431 00:25:36,119 --> 00:25:39,440 Speaker 1: that's the problem. You can't plan for something like that 432 00:25:39,520 --> 00:25:44,120 Speaker 1: because in every forecast and any financial advisor who deals 433 00:25:44,119 --> 00:25:46,960 Speaker 1: with equities is going to paint you this picture and 434 00:25:46,960 --> 00:25:48,520 Speaker 1: they're gonna say this is what's going to happen. You 435 00:25:48,520 --> 00:25:50,680 Speaker 1: get to save over time, then you're going to buy 436 00:25:50,720 --> 00:25:54,359 Speaker 1: the sailboat, and you're gonna go and play golf every day, 437 00:25:54,480 --> 00:25:57,960 Speaker 1: and you're gonna go ride motorcycles in your retirement, all 438 00:25:58,000 --> 00:26:00,520 Speaker 1: of these things. And it's a pretty picture, but it's 439 00:26:00,560 --> 00:26:05,280 Speaker 1: not based on reality. There's a deficit to that calculation, 440 00:26:05,320 --> 00:26:08,680 Speaker 1: and that's the purchasing power of the dollar. And we 441 00:26:08,800 --> 00:26:13,960 Speaker 1: have an economy now that is devaluating the dollar and 442 00:26:14,040 --> 00:26:18,280 Speaker 1: its purchasing power. And also on top of that, this 443 00:26:19,200 --> 00:26:22,879 Speaker 1: current economic situation is going to affect the principle of 444 00:26:22,920 --> 00:26:26,080 Speaker 1: your retirement account as well. As those equities come down, 445 00:26:26,520 --> 00:26:28,320 Speaker 1: you're going to find it even harder. You're going to 446 00:26:28,400 --> 00:26:30,639 Speaker 1: have less money in that account, and it's going to 447 00:26:30,720 --> 00:26:33,960 Speaker 1: buy less. On top of it, it puts people in 448 00:26:34,040 --> 00:26:36,840 Speaker 1: a very bad position. It's going to change people's retirements plans. 449 00:26:37,160 --> 00:26:39,240 Speaker 1: And that's a sad thing for me for those people 450 00:26:39,280 --> 00:26:43,040 Speaker 1: who have done what they should, They've saved, they created 451 00:26:43,080 --> 00:26:48,000 Speaker 1: a plan. Now they're ready to retire, they can't. That's devastating. 452 00:26:49,040 --> 00:26:52,840 Speaker 1: It also changes the market, right, if you don't have 453 00:26:52,880 --> 00:26:56,440 Speaker 1: people who can retire, the person who's waiting in line 454 00:26:56,440 --> 00:26:58,840 Speaker 1: to take that job, they don't get to move up. 455 00:26:59,280 --> 00:27:02,400 Speaker 1: It's an entire scale. It affects the economy. I think 456 00:27:02,440 --> 00:27:03,960 Speaker 1: that's right. And I was just going to comment. You 457 00:27:04,000 --> 00:27:06,960 Speaker 1: mentioned the long term shrinking of the dollar as a 458 00:27:07,000 --> 00:27:10,720 Speaker 1: purchasing power, which is really what inflation leads to. We 459 00:27:10,920 --> 00:27:13,600 Speaker 1: go to a really interesting restaurant that was founded in 460 00:27:13,720 --> 00:27:17,359 Speaker 1: nineteen fifty four and they have on the wall their 461 00:27:17,400 --> 00:27:21,959 Speaker 1: menu from nineteen fifty four, and in their lunch menu, 462 00:27:22,400 --> 00:27:29,679 Speaker 1: the tuna fish sandwich was fifteen cents. You look at 463 00:27:29,720 --> 00:27:31,720 Speaker 1: what that would cost you today, and you have a 464 00:27:31,720 --> 00:27:35,080 Speaker 1: pretty good sense of the devaluation of the dollar over 465 00:27:35,520 --> 00:27:38,600 Speaker 1: the last sixty or seventy years. And that continues. And 466 00:27:38,680 --> 00:27:43,600 Speaker 1: in that context, what's the comparative pattern of gold and 467 00:27:43,680 --> 00:27:47,639 Speaker 1: the stock market in a time of inflation. Great question. 468 00:27:48,080 --> 00:27:51,240 Speaker 1: Back to that tuna fish sandwich at fifteen cents. You 469 00:27:51,280 --> 00:27:54,520 Speaker 1: can't even get cheese on your cheeseburger for that fifteen cents, now, dude, 470 00:27:56,119 --> 00:27:59,920 Speaker 1: So a comparison. You know, when you look at gold, 471 00:28:00,680 --> 00:28:06,080 Speaker 1: gold is an investment that is almost counter to the dollar. 472 00:28:06,520 --> 00:28:08,840 Speaker 1: It is your hedge against the dollar. It's the hedge 473 00:28:08,840 --> 00:28:12,480 Speaker 1: against inflation. It's the hedge against the loss of purchasing power. 474 00:28:13,040 --> 00:28:17,040 Speaker 1: Because ultimately, what changes is not the value of your 475 00:28:17,080 --> 00:28:19,960 Speaker 1: gold or your silver. What changes is the amount of 476 00:28:20,000 --> 00:28:23,760 Speaker 1: dollars it takes to purchase it. Look at it like 477 00:28:23,880 --> 00:28:27,760 Speaker 1: that tuna fish sandwich. That tuna fice sandwich was fifteen cents. 478 00:28:29,200 --> 00:28:33,800 Speaker 1: Today you're probably, depending on the restaurant, twelve thirteen dollars 479 00:28:33,800 --> 00:28:38,040 Speaker 1: for that sandwich. Just like gold, it's the same thing. 480 00:28:38,280 --> 00:28:40,640 Speaker 1: What's change is not the value of that tuna. You 481 00:28:40,680 --> 00:28:43,200 Speaker 1: may realized we could create a tuna fish sandwich index. 482 00:28:43,520 --> 00:28:46,280 Speaker 1: We should. I think somebody did actually create a big 483 00:28:46,320 --> 00:28:49,680 Speaker 1: mac index. And they said one time in the Carter years, 484 00:28:49,960 --> 00:28:51,920 Speaker 1: I always knew the one I got to be a millionaire. 485 00:28:51,920 --> 00:28:56,880 Speaker 1: That would be the price of one big mac and 486 00:28:57,000 --> 00:29:09,160 Speaker 1: that describes it all. If you've been keeping up with 487 00:29:09,200 --> 00:29:11,840 Speaker 1: the news lately, you know that we're living in challenging 488 00:29:11,880 --> 00:29:16,480 Speaker 1: economic times. Americans are suffering from supply chain problems, soaring 489 00:29:16,520 --> 00:29:21,280 Speaker 1: grocery prices, and high inflation. All this economic turmoil means 490 00:29:21,360 --> 00:29:25,040 Speaker 1: increased volatility in the stock market, which can impact your 491 00:29:25,040 --> 00:29:29,600 Speaker 1: retirement investments. Legacy Precious Metals is the company I use 492 00:29:29,920 --> 00:29:33,760 Speaker 1: when investing in gold and gold iras a gold ira 493 00:29:34,000 --> 00:29:37,640 Speaker 1: has the same tax advantage of a traditional ira, or 494 00:29:37,680 --> 00:29:42,240 Speaker 1: giving you protection by owning physical gold, Legacy Precious Metals 495 00:29:42,440 --> 00:29:46,080 Speaker 1: believes that your financial security should never be left to chance. 496 00:29:46,680 --> 00:29:49,400 Speaker 1: Learn how to protect your wealth and secure your financial 497 00:29:49,440 --> 00:29:52,520 Speaker 1: future with gold, whether it becomes part of your retirement 498 00:29:52,560 --> 00:29:55,840 Speaker 1: account or the physical metals or shipped to you, Legacy 499 00:29:55,840 --> 00:29:58,800 Speaker 1: can advise you on how to invest. Give their experts 500 00:29:58,800 --> 00:30:02,200 Speaker 1: a call today at eight six six four eight four 501 00:30:02,720 --> 00:30:07,120 Speaker 1: four O four three. That's eight sixty six four eight 502 00:30:07,160 --> 00:30:11,280 Speaker 1: four four O four three, or download their comprehensive Gold 503 00:30:11,360 --> 00:30:22,120 Speaker 1: guide at by Legacygold dot com. Visit by Legacygold dot com. 504 00:30:22,240 --> 00:30:25,160 Speaker 1: But gold has actually had a pretty good run compared 505 00:30:25,200 --> 00:30:27,680 Speaker 1: to what's been happening in the stock market, hasn't it. 506 00:30:27,680 --> 00:30:31,160 Speaker 1: It's done well. But here's the thing. Even gold has 507 00:30:31,200 --> 00:30:33,920 Speaker 1: been suppressed. And if you've read the news, you know 508 00:30:34,000 --> 00:30:36,280 Speaker 1: there's been several big banks out there who have recently 509 00:30:36,400 --> 00:30:39,760 Speaker 1: had to settle against claims about manipulating the spot price 510 00:30:39,800 --> 00:30:43,880 Speaker 1: of metals. So we know that that happens, but we 511 00:30:43,920 --> 00:30:46,320 Speaker 1: also know this, it can only be suppressed for so long. 512 00:30:46,920 --> 00:30:49,200 Speaker 1: So where we're at now with us, you know, looking 513 00:30:49,240 --> 00:30:51,760 Speaker 1: at gold just to touch under seventeen hundred dollars an ounce, 514 00:30:52,560 --> 00:30:57,160 Speaker 1: we know we should see valuations based historically, based on 515 00:30:57,200 --> 00:31:01,440 Speaker 1: inflation in dollar valuations, we should be much closer to 516 00:31:01,480 --> 00:31:04,440 Speaker 1: the twenty five dollar announced. That would be a comfortable 517 00:31:04,440 --> 00:31:06,560 Speaker 1: place for us to be sitting, and we'll get there. 518 00:31:06,840 --> 00:31:09,560 Speaker 1: But when we get there, we'll still have driving factories 519 00:31:09,560 --> 00:31:12,440 Speaker 1: because we will have this long term recession going on, 520 00:31:12,720 --> 00:31:17,240 Speaker 1: this possible stag inflation event. So how that works really 521 00:31:17,440 --> 00:31:21,600 Speaker 1: is that that long term pressure and the Fed's desire 522 00:31:21,680 --> 00:31:25,400 Speaker 1: to always have some form of inflation creates value for 523 00:31:25,440 --> 00:31:27,920 Speaker 1: your metals. They're always going to go up in value. 524 00:31:28,440 --> 00:31:31,680 Speaker 1: And the great thing about metals, it's not like an equity. 525 00:31:31,680 --> 00:31:34,120 Speaker 1: You don't have to pick the right one. If you 526 00:31:34,200 --> 00:31:36,200 Speaker 1: have gold, it's going to go up in value. If 527 00:31:36,240 --> 00:31:38,360 Speaker 1: you have silver, it's going to go up in value. 528 00:31:38,840 --> 00:31:41,800 Speaker 1: It counters the dollar in that aspect. That's what makes 529 00:31:41,800 --> 00:31:43,920 Speaker 1: it so great for people who want to put their 530 00:31:43,920 --> 00:31:46,800 Speaker 1: money away and don't have the time to focus on 531 00:31:46,800 --> 00:31:50,760 Speaker 1: elaborage strategies to trade a market, or to determine if 532 00:31:50,760 --> 00:31:53,920 Speaker 1: it's the right CEO and charge of the company. You know, 533 00:31:53,960 --> 00:31:57,120 Speaker 1: I've often had conversation with clients. There was a little 534 00:31:57,120 --> 00:32:00,520 Speaker 1: company that dealt in energy, and energy never gone out 535 00:32:00,560 --> 00:32:02,480 Speaker 1: of business, and energy is a great way for a 536 00:32:02,480 --> 00:32:05,560 Speaker 1: company to be profitable. And this company was doing great 537 00:32:05,560 --> 00:32:07,880 Speaker 1: for a minute and then they went bankrupt. And how 538 00:32:07,920 --> 00:32:11,440 Speaker 1: does energy go bankrupts. The name of the company was Enron, 539 00:32:12,120 --> 00:32:14,640 Speaker 1: and they were on fire until the day they realized 540 00:32:14,680 --> 00:32:18,160 Speaker 1: the company was being run wrong. So Energy didn't go 541 00:32:18,200 --> 00:32:21,680 Speaker 1: out of business. Enron did. And that's the way I 542 00:32:21,720 --> 00:32:24,120 Speaker 1: look at gold. Gold's not going to go out of 543 00:32:24,160 --> 00:32:27,080 Speaker 1: business any stock and go out of business if it's 544 00:32:27,160 --> 00:32:31,000 Speaker 1: run bad, regardless of how good the principles behind it are. 545 00:32:31,560 --> 00:32:34,400 Speaker 1: So we avoid having to put ourselves in that position 546 00:32:34,440 --> 00:32:37,720 Speaker 1: of having to know everything about our investment. We can 547 00:32:37,760 --> 00:32:40,800 Speaker 1: say based on the parameters of history based on what 548 00:32:40,840 --> 00:32:43,560 Speaker 1: we know to be true, Inflation will be here, whether 549 00:32:43,640 --> 00:32:48,360 Speaker 1: it's large or small, and it will continuously erode my 550 00:32:48,480 --> 00:32:51,720 Speaker 1: purchasing power. My investment in the metals will be there 551 00:32:51,760 --> 00:32:55,320 Speaker 1: to buffet that. That's the great thing about it. Okay, 552 00:32:55,360 --> 00:32:58,000 Speaker 1: But now let's say you're brand new to all this 553 00:32:58,600 --> 00:33:02,760 Speaker 1: and you're sitting here and you're wavering between gold and silver? 554 00:33:02,880 --> 00:33:05,280 Speaker 1: How do you weigh the two? What's your advice in 555 00:33:05,440 --> 00:33:08,280 Speaker 1: thinking about the two metals? And that's a great question. 556 00:33:08,360 --> 00:33:10,920 Speaker 1: We get asked that a lot. We say golds, and 557 00:33:10,960 --> 00:33:13,680 Speaker 1: we kind of mean all the precious metals, but gold 558 00:33:13,680 --> 00:33:18,000 Speaker 1: and silver specifically, they are currencies. They've been currencies for 559 00:33:18,160 --> 00:33:23,440 Speaker 1: thousands of years. Now. Gold is the investment for larger 560 00:33:23,480 --> 00:33:27,239 Speaker 1: dollar amounts. It has a little bit more stability than 561 00:33:27,280 --> 00:33:31,680 Speaker 1: silver does. Silver has more volatility, but it also has 562 00:33:31,720 --> 00:33:35,920 Speaker 1: more uses. Silver It gets using a lot of mechanical applications, 563 00:33:35,960 --> 00:33:40,200 Speaker 1: so you tend to see bigger runs when it moves up, 564 00:33:41,040 --> 00:33:43,680 Speaker 1: and you'll see you bigger falls when it pulls back 565 00:33:43,680 --> 00:33:46,640 Speaker 1: a little bit, So there's more volatility in it. So 566 00:33:47,000 --> 00:33:49,520 Speaker 1: the way I look at it is if you're looking 567 00:33:49,560 --> 00:33:52,560 Speaker 1: to retire and your retirements more than five years out, 568 00:33:53,440 --> 00:33:55,480 Speaker 1: have a little of both. There's no need to pick 569 00:33:55,520 --> 00:33:58,120 Speaker 1: one over the other. That's the great news is we 570 00:33:58,160 --> 00:33:59,800 Speaker 1: can take your investment, we can look at it and 571 00:34:00,440 --> 00:34:02,719 Speaker 1: here's some great percentages for you to think about. And 572 00:34:02,760 --> 00:34:05,200 Speaker 1: here's why we like them. You know, we have some 573 00:34:05,320 --> 00:34:08,520 Speaker 1: volatility company. We know that. We know that silver is 574 00:34:08,560 --> 00:34:12,600 Speaker 1: important right now because everyone's pushing solar and things of 575 00:34:12,640 --> 00:34:15,200 Speaker 1: that nature, and a lot of silver gets used, so 576 00:34:15,320 --> 00:34:17,400 Speaker 1: it makes the case to have some of it in 577 00:34:17,440 --> 00:34:20,040 Speaker 1: your portfolio. So let's do a portion of gold and 578 00:34:20,080 --> 00:34:22,359 Speaker 1: a portion of silver. We have the ability to do that, 579 00:34:22,640 --> 00:34:27,520 Speaker 1: so you always recommend some kind of balanced investment between 580 00:34:27,520 --> 00:34:31,960 Speaker 1: the two, absolutely depending on the particular clients needs. Right 581 00:34:32,080 --> 00:34:35,240 Speaker 1: if someone's ready to retire and they're very risk adverse, 582 00:34:35,480 --> 00:34:37,920 Speaker 1: we're going to be heavier in gold. If someone's a 583 00:34:37,960 --> 00:34:41,440 Speaker 1: little younger and they're looking for maybe some increased returns, 584 00:34:41,480 --> 00:34:43,320 Speaker 1: we're probably going to go a little higher in silver. 585 00:34:43,760 --> 00:34:47,040 Speaker 1: But we're going to find that balance. That's what we do. 586 00:34:47,320 --> 00:34:49,440 Speaker 1: We spend the time talking with people so that we 587 00:34:49,520 --> 00:34:52,960 Speaker 1: know what they need. We have access to everything in 588 00:34:53,000 --> 00:34:55,640 Speaker 1: the market, so we have no particular need to push 589 00:34:55,680 --> 00:35:00,480 Speaker 1: something over another, because you're dealing with literally hard medals. 590 00:35:01,200 --> 00:35:05,319 Speaker 1: How do you balance between having it stored in your 591 00:35:05,560 --> 00:35:09,640 Speaker 1: IRA as a financial instrument or actually taking it in 592 00:35:09,760 --> 00:35:13,000 Speaker 1: currency and storing it, say in a safe at home. 593 00:35:13,880 --> 00:35:17,280 Speaker 1: Great question, and that really depends on each individual client. 594 00:35:17,719 --> 00:35:21,319 Speaker 1: Some clients do both. Some people want their protection in 595 00:35:21,320 --> 00:35:23,640 Speaker 1: their retirement account. They don't want to left to just 596 00:35:23,719 --> 00:35:26,400 Speaker 1: the options that their current broker gives them. They'd like 597 00:35:26,440 --> 00:35:29,800 Speaker 1: to diversify part of it. That makes sense. Some people 598 00:35:29,840 --> 00:35:32,440 Speaker 1: want it on hand, and that makes sense too. You know, 599 00:35:32,640 --> 00:35:36,120 Speaker 1: if you have funds in an IRA, it makes sense 600 00:35:36,120 --> 00:35:38,000 Speaker 1: to try to diversify some of it there to get 601 00:35:38,000 --> 00:35:41,680 Speaker 1: that protection. If you have cash liquid cash in an 602 00:35:41,680 --> 00:35:43,920 Speaker 1: account or in a trading account that you're not using, 603 00:35:44,440 --> 00:35:46,839 Speaker 1: you can use that to purchase medals too. You can 604 00:35:46,840 --> 00:35:48,759 Speaker 1: store it at home, you can store it at a 605 00:35:48,760 --> 00:35:51,400 Speaker 1: bank if you'd like, you know, safe debosit box. We 606 00:35:51,480 --> 00:35:55,120 Speaker 1: also offer storage. So there's many options available. We'll find 607 00:35:55,160 --> 00:35:57,279 Speaker 1: something that you're comfortable with. Some people don't want it 608 00:35:57,320 --> 00:35:59,279 Speaker 1: at home. It don't feel comfortable, and I get that. 609 00:36:00,080 --> 00:36:02,120 Speaker 1: Other people don't want it anywhere else but at home, 610 00:36:02,280 --> 00:36:05,000 Speaker 1: and I understand that as well. You've triggered something I'm 611 00:36:05,000 --> 00:36:07,600 Speaker 1: gonna go. And you talked about precious metals, and you 612 00:36:07,640 --> 00:36:09,400 Speaker 1: and I have never discussed them, so this may be 613 00:36:09,400 --> 00:36:13,360 Speaker 1: a little off the wall. But with the extraordinary increase 614 00:36:13,400 --> 00:36:16,799 Speaker 1: in the importance of lithium in electric cars and in 615 00:36:16,920 --> 00:36:19,400 Speaker 1: batteries in general, do you think there will ever be 616 00:36:19,480 --> 00:36:21,640 Speaker 1: sort of a lithium market the way that there's a 617 00:36:21,680 --> 00:36:24,759 Speaker 1: gold and silver market. There is a lithium market, but 618 00:36:24,800 --> 00:36:27,360 Speaker 1: it's not going to be the same thing. Lithium is 619 00:36:27,440 --> 00:36:31,400 Speaker 1: the metal of the moment, gold and silver occurrencies, whereas 620 00:36:31,480 --> 00:36:35,640 Speaker 1: lithium is just a manufacturing metal. At one point, copper 621 00:36:35,760 --> 00:36:38,680 Speaker 1: was a lithium of the world, right, and lithium is 622 00:36:38,680 --> 00:36:43,400 Speaker 1: important until the next battery comes that doesn't require lithium. 623 00:36:43,600 --> 00:36:46,600 Speaker 1: That's the great thing about technology, It's always evolving, and 624 00:36:46,640 --> 00:36:48,960 Speaker 1: that's the great thing about gold and silver. There have 625 00:36:49,080 --> 00:36:53,440 Speaker 1: always been considered currency. While they have mechanical applications, that 626 00:36:53,600 --> 00:36:58,480 Speaker 1: is their side job. Their main job is being a currency. Okay, 627 00:36:58,800 --> 00:37:01,200 Speaker 1: that's very hopeful to me. It just hit me because 628 00:37:01,200 --> 00:37:03,880 Speaker 1: I've been reading a lot about lithium and the Chinese 629 00:37:03,920 --> 00:37:07,440 Speaker 1: and worldwide mining. But the other point you're making in 630 00:37:07,600 --> 00:37:11,240 Speaker 1: places like India, for example, gold actually is often stored 631 00:37:11,320 --> 00:37:15,959 Speaker 1: as jewelry and literally sort of wearable savings, if you will. 632 00:37:16,320 --> 00:37:18,960 Speaker 1: I think copper a one time in some societies was 633 00:37:19,000 --> 00:37:21,640 Speaker 1: actually worn. But I think your key point here is 634 00:37:21,680 --> 00:37:24,400 Speaker 1: a gold and silver, and I guess to some extent 635 00:37:24,560 --> 00:37:29,160 Speaker 1: platinum have all been precious metals, with of course gold 636 00:37:29,200 --> 00:37:32,319 Speaker 1: being the dominant literally going back I think as far 637 00:37:32,440 --> 00:37:37,200 Speaker 1: as we know into thousands of years before, in prehistory, 638 00:37:37,360 --> 00:37:41,840 Speaker 1: somehow gold has always kind of attracted human beings. That's true. 639 00:37:41,920 --> 00:37:43,800 Speaker 1: You can go anywhere in the world and show somebody 640 00:37:43,800 --> 00:37:45,960 Speaker 1: a piece of gold, even if you don't speak the 641 00:37:45,960 --> 00:37:48,959 Speaker 1: same language, everyone knows what that is. It is known. 642 00:37:49,440 --> 00:37:52,319 Speaker 1: Everyone knows that's gold in that cellar. It's been a 643 00:37:52,400 --> 00:37:55,600 Speaker 1: currency for that long. Where your advice, because you've looked 644 00:37:55,600 --> 00:37:58,200 Speaker 1: at this for so many years, You've advised so many people. 645 00:37:58,880 --> 00:38:00,719 Speaker 1: You know, if you're a young person right now and 646 00:38:00,760 --> 00:38:03,000 Speaker 1: you're trying to pay for gasoline and you're trying to 647 00:38:03,000 --> 00:38:05,760 Speaker 1: pay for groceries, you kind of feel like you don't 648 00:38:05,840 --> 00:38:10,080 Speaker 1: have a whole lot of spare money. What's your advice 649 00:38:10,160 --> 00:38:14,680 Speaker 1: to them about how early they should start investing towards 650 00:38:14,760 --> 00:38:18,280 Speaker 1: their retirement and towards just sort of long term savings. 651 00:38:19,000 --> 00:38:21,359 Speaker 1: Great question, and my answer is going to be you're 652 00:38:21,400 --> 00:38:24,880 Speaker 1: already late. You should have started already. The key to 653 00:38:24,960 --> 00:38:29,360 Speaker 1: investing is time, and it doesn't have to be this 654 00:38:29,480 --> 00:38:32,359 Speaker 1: substantial about of money every time you do it. The 655 00:38:32,400 --> 00:38:34,760 Speaker 1: best thing to do is to get yourself in a routine. 656 00:38:35,000 --> 00:38:37,279 Speaker 1: If you don't have a lot of money, buy some 657 00:38:37,360 --> 00:38:41,319 Speaker 1: silver it's affordable. Avoid of Starbucks every now and then 658 00:38:41,360 --> 00:38:45,080 Speaker 1: you're almost got enough for some silver. Okay, But the 659 00:38:45,200 --> 00:38:48,680 Speaker 1: key thing is to start. That's the thing, right, the 660 00:38:48,840 --> 00:38:51,840 Speaker 1: thing to creating wealth that most people fail to realize. 661 00:38:52,320 --> 00:38:57,080 Speaker 1: It's not instantaneous. It comes with sacrifice and sometimes you 662 00:38:57,160 --> 00:38:59,360 Speaker 1: got to lose the Starbucks so you can become wealthy. 663 00:38:59,520 --> 00:39:03,960 Speaker 1: It's worth trust me, you remind me. There's a wonderful 664 00:39:04,000 --> 00:39:07,880 Speaker 1: book by Ogilvie, who was the great advertising genius of 665 00:39:07,880 --> 00:39:11,799 Speaker 1: the nineteen fifties, called Confessions of an Advertising Man. And 666 00:39:11,840 --> 00:39:14,080 Speaker 1: when he was very young, he took a cruise to 667 00:39:14,120 --> 00:39:17,160 Speaker 1: Alaska and was standing next to this much older guy 668 00:39:17,200 --> 00:39:20,000 Speaker 1: who said, son, if you can follow my advice, you'll 669 00:39:20,040 --> 00:39:23,480 Speaker 1: be a millionaire before fifty And he said really, he 670 00:39:23,480 --> 00:39:27,600 Speaker 1: said yes, He said, spend ten percent less than you 671 00:39:27,680 --> 00:39:32,920 Speaker 1: earn and invest it, and it is almost impossible to 672 00:39:32,960 --> 00:39:38,560 Speaker 1: avoid becoming a millionaire. But it's very boring, and he thought, 673 00:39:38,920 --> 00:39:42,000 Speaker 1: he said in later years, the advice was absolutely right, 674 00:39:42,360 --> 00:39:45,280 Speaker 1: but you had to have the discipline to live slightly 675 00:39:45,320 --> 00:39:48,560 Speaker 1: below your income, not slightly above it. And that that's 676 00:39:48,560 --> 00:39:51,200 Speaker 1: what a lot of people found difficult. I've never forgotten that, 677 00:39:51,239 --> 00:39:53,399 Speaker 1: And you're sort of making the same point that as 678 00:39:53,440 --> 00:39:56,360 Speaker 1: you put it, you know, one less Starbucks a week 679 00:39:56,480 --> 00:39:59,040 Speaker 1: could in fact be the beginning of a real savings account. 680 00:39:59,200 --> 00:40:02,399 Speaker 1: It's true. That's great. Listen. I want to thank you 681 00:40:03,000 --> 00:40:05,160 Speaker 1: for joining me and for helping me, and I hope 682 00:40:05,160 --> 00:40:08,680 Speaker 1: our listeners make some sense of the current economic environment 683 00:40:09,080 --> 00:40:11,879 Speaker 1: and how we can say for our own futures while 684 00:40:11,920 --> 00:40:14,880 Speaker 1: dealing with inflation at forty year highs in a federal reserve, 685 00:40:14,920 --> 00:40:18,399 Speaker 1: which is going to punish us into obedience if it can. 686 00:40:18,840 --> 00:40:21,440 Speaker 1: And I want our listeners to know if they want 687 00:40:21,520 --> 00:40:26,479 Speaker 1: more information, they can go directly to buy Legacygold dot 688 00:40:26,520 --> 00:40:31,759 Speaker 1: com slash newt. That's buy Legacygold dot com slash newt 689 00:40:31,800 --> 00:40:34,640 Speaker 1: and find out more and get a free investment guide. 690 00:40:34,920 --> 00:40:38,360 Speaker 1: And as usual, you've been fascinating in the depth of 691 00:40:38,400 --> 00:40:41,040 Speaker 1: your knowledge is remarkable. I just want to thank you 692 00:40:41,520 --> 00:40:43,520 Speaker 1: on behalf of all of our listeners for taking the 693 00:40:43,560 --> 00:40:46,080 Speaker 1: time to walk us through this, and I look forward 694 00:40:46,120 --> 00:40:49,759 Speaker 1: as the economy evolves to continuing to have these kind 695 00:40:49,800 --> 00:40:52,759 Speaker 1: of conversations. Oh it's absolutely my pleasure. Thank you for 696 00:40:52,840 --> 00:40:55,640 Speaker 1: having us on. I think what we do is important. 697 00:40:55,719 --> 00:40:58,320 Speaker 1: You know, if we can help a handful of people, 698 00:40:58,320 --> 00:40:59,880 Speaker 1: we've done our job, but we do more than that. 699 00:41:00,320 --> 00:41:02,719 Speaker 1: Your listeners have always really taken to heart what we 700 00:41:02,800 --> 00:41:04,440 Speaker 1: say and what we talk about, and we see that 701 00:41:04,840 --> 00:41:06,879 Speaker 1: it's always worth the time, and thank you for letting 702 00:41:06,960 --> 00:41:10,120 Speaker 1: us do our part helping our recovery for America. It matters. 703 00:41:10,120 --> 00:41:14,520 Speaker 1: Thank you, new Thank you to my guests, Charles thorn Gren. 704 00:41:14,960 --> 00:41:18,399 Speaker 1: You can learn more about Legacy Precious Medals at buy 705 00:41:18,640 --> 00:41:23,440 Speaker 1: legacygold dot com. Slash newt Newts World is produced by 706 00:41:23,480 --> 00:41:28,560 Speaker 1: Gingwistreet sixty and iHeartMedia. Our executive producer is Gornsey Sloan, 707 00:41:29,080 --> 00:41:33,719 Speaker 1: our producer is Rebecca Howell, and our researcher is Rachel Peterson. 708 00:41:34,280 --> 00:41:37,440 Speaker 1: The our work for the show was created by Steve Penley. 709 00:41:38,040 --> 00:41:41,200 Speaker 1: Special thanks to the team at Ginwich three sixty. If 710 00:41:41,239 --> 00:41:44,000 Speaker 1: you've been enjoying Newtsworld, I hope you'll go to Apple 711 00:41:44,080 --> 00:41:47,680 Speaker 1: Podcast and both rate us with five stars and give 712 00:41:47,760 --> 00:41:50,760 Speaker 1: us a review so others can learn what it's all about. 713 00:41:51,680 --> 00:41:54,319 Speaker 1: Right now, listeners of newts World can sign up from 714 00:41:54,360 --> 00:41:58,879 Speaker 1: my three free weekly columns at Gingwich three sixty dot 715 00:41:58,880 --> 00:42:04,720 Speaker 1: com slash newsletter. I'm new Gingrich. This is newt World. 716 00:42:04,719 --> 00:42:08,240 Speaker 1: This episode of Newtorld was brought to you by Legacy 717 00:42:08,320 --> 00:42:09,200 Speaker 1: Precious Metals