1 00:00:00,520 --> 00:00:03,280 Speaker 1: Already and this is this is the Daily OS. 2 00:00:03,400 --> 00:00:06,840 Speaker 2: This is the Daily ohs oh, now it makes sense. 3 00:00:14,520 --> 00:00:16,880 Speaker 1: Good morning, and welcome to the Daily OS. It's Tuesday, 4 00:00:16,880 --> 00:00:19,160 Speaker 1: the fifteenth of July. I'm Sam Kazowski. 5 00:00:19,360 --> 00:00:21,000 Speaker 2: I'm Billy fit Simon's. 6 00:00:20,920 --> 00:00:24,200 Speaker 1: Gold is one of the world's oldest investments. In twenty 7 00:00:24,200 --> 00:00:26,800 Speaker 1: twenty five, it came into the spotlight as a haven 8 00:00:26,880 --> 00:00:31,080 Speaker 1: for investors concerned about the volatility of our economic markets. 9 00:00:31,520 --> 00:00:34,280 Speaker 1: Almost two months ago, it reached its highest price ever 10 00:00:34,640 --> 00:00:38,360 Speaker 1: around three eight hundred US dollars announce. Now that's a 11 00:00:38,400 --> 00:00:41,000 Speaker 1: pretty big deal when you consider that just five years 12 00:00:41,000 --> 00:00:44,080 Speaker 1: ago an ounce of gold was worth about half that amount. 13 00:00:44,560 --> 00:00:47,800 Speaker 1: When gold saws like this, it can impact everything from 14 00:00:47,840 --> 00:00:51,200 Speaker 1: the jewelry that you might buy to the broader Australian economy. 15 00:00:51,479 --> 00:00:53,800 Speaker 1: So on today's podcast, we're going to look at what 16 00:00:53,920 --> 00:00:56,720 Speaker 1: has driven this spike in the price of gold and 17 00:00:56,760 --> 00:00:59,160 Speaker 1: the mechanics of actually buying the shiny stuff. 18 00:01:03,360 --> 00:01:06,920 Speaker 2: Sam, before we get into this and why exactly the 19 00:01:07,000 --> 00:01:09,399 Speaker 2: price of gold has gone up by so much. My 20 00:01:09,600 --> 00:01:12,839 Speaker 2: understanding of when this kind of thing happens with gold 21 00:01:12,880 --> 00:01:16,240 Speaker 2: specifically is during uncertain times. And so I guess my 22 00:01:16,360 --> 00:01:20,119 Speaker 2: first question is what is it about right now that 23 00:01:20,600 --> 00:01:22,679 Speaker 2: I guess is so uncertain Which might sound like a 24 00:01:22,680 --> 00:01:26,560 Speaker 2: silly question because you know no such thing, but and 25 00:01:26,640 --> 00:01:29,039 Speaker 2: I know what's going on I guess in the world. 26 00:01:29,160 --> 00:01:33,759 Speaker 2: But how uncertain is today compared to other periods of time? 27 00:01:33,959 --> 00:01:36,880 Speaker 1: Well, in that question, there's a lot of really interesting stuff. 28 00:01:36,920 --> 00:01:40,760 Speaker 1: I mean, I think what's making this moment special for 29 00:01:40,800 --> 00:01:43,399 Speaker 1: the price of gold is the number of different factors 30 00:01:43,440 --> 00:01:46,680 Speaker 1: all coming together at once. And if you think about it, 31 00:01:46,720 --> 00:01:49,240 Speaker 1: there's you know, the uncertainty around the conflicts in the 32 00:01:49,240 --> 00:01:53,120 Speaker 1: Middle East. There's the ongoing US China trade tensions, the 33 00:01:53,240 --> 00:01:57,840 Speaker 1: rollout of various tariffs by the Trump administration, and all 34 00:01:57,880 --> 00:02:00,880 Speaker 1: of that together has led to an air of uncertainty. 35 00:02:00,920 --> 00:02:04,520 Speaker 1: And there's one thing that investors pay particular attention to, 36 00:02:04,720 --> 00:02:06,960 Speaker 1: not just for gold, but for any stocks, and that's 37 00:02:07,280 --> 00:02:10,240 Speaker 1: where are the central banks putting their money? And where 38 00:02:10,280 --> 00:02:13,120 Speaker 1: are central banks investing? And some central banks over the 39 00:02:13,200 --> 00:02:16,920 Speaker 1: last couple of months, including China and Russia, having buying 40 00:02:17,120 --> 00:02:19,680 Speaker 1: masses of gold, and that make sure that they're not 41 00:02:19,880 --> 00:02:22,760 Speaker 1: to reliant on the US dollar or US government bonds. 42 00:02:22,960 --> 00:02:26,000 Speaker 1: And when you get these large orders of gold coming 43 00:02:26,040 --> 00:02:28,040 Speaker 1: through that can often put the price up. 44 00:02:28,240 --> 00:02:32,240 Speaker 2: And when you say central banks, yeah, that's country's main 45 00:02:32,360 --> 00:02:33,320 Speaker 2: banks exactly. 46 00:02:33,400 --> 00:02:36,640 Speaker 1: So if you think about the Gringotts vaults of countries, 47 00:02:37,160 --> 00:02:39,640 Speaker 1: they want more gold in those vaults rather than say 48 00:02:39,919 --> 00:02:44,160 Speaker 1: shares and tech companies or US dollars or euros. They're 49 00:02:44,200 --> 00:02:46,160 Speaker 1: looking at gold right now because they think that is 50 00:02:46,200 --> 00:02:49,919 Speaker 1: the safest thing to have amidst all the uncertainty. 51 00:02:50,360 --> 00:02:55,000 Speaker 2: And so what makes gold so appealing to investors during 52 00:02:55,120 --> 00:02:56,080 Speaker 2: uncertain times? 53 00:02:56,320 --> 00:02:58,400 Speaker 1: Well, I guess it's all to do with this idea 54 00:02:58,440 --> 00:03:02,440 Speaker 1: of gold being what investors a safe haven, and it's 55 00:03:02,919 --> 00:03:05,400 Speaker 1: the name given to a property that you can buy 56 00:03:05,560 --> 00:03:08,280 Speaker 1: in times of crisis or uncertainty because it tends to 57 00:03:08,320 --> 00:03:10,880 Speaker 1: hold its value, or at least if it does go 58 00:03:11,000 --> 00:03:12,359 Speaker 1: up and down, it tends to go up and down 59 00:03:12,440 --> 00:03:15,320 Speaker 1: a little slower and more predictably. So I want you 60 00:03:15,400 --> 00:03:18,079 Speaker 1: to imagine that you're running an investment company and your 61 00:03:18,160 --> 00:03:20,679 Speaker 1: job is to take other people's money and make more 62 00:03:20,720 --> 00:03:23,240 Speaker 1: money from it. And then news breaks of a virus, 63 00:03:23,720 --> 00:03:27,240 Speaker 1: you know it might be hypothetically in about March twenty twenty, 64 00:03:27,960 --> 00:03:30,240 Speaker 1: and all of a sudden, those companies that you're invested 65 00:03:30,280 --> 00:03:32,040 Speaker 1: in might not be able to run in the way 66 00:03:32,080 --> 00:03:34,800 Speaker 1: that they did before the virus arrived. You're going to 67 00:03:34,800 --> 00:03:37,640 Speaker 1: look for stuff to invest in that won't be as 68 00:03:37,680 --> 00:03:42,760 Speaker 1: affected by border closures or by people getting sick. You 69 00:03:42,800 --> 00:03:46,080 Speaker 1: can almost apply that same rationale to the last six 70 00:03:46,120 --> 00:03:49,240 Speaker 1: months or so in terms of war or tariffs, and 71 00:03:49,600 --> 00:03:52,440 Speaker 1: when you're looking for something that's not affected by economic 72 00:03:52,600 --> 00:03:56,160 Speaker 1: or global chaos, it tends to always come back to gold. 73 00:03:56,240 --> 00:03:58,440 Speaker 1: That hasn't exactly answered your question in terms of what 74 00:03:58,560 --> 00:04:01,360 Speaker 1: is it about the gold that makes it so immune, 75 00:04:01,480 --> 00:04:03,880 Speaker 1: And I'd say that there's a few key factors there. 76 00:04:04,200 --> 00:04:06,840 Speaker 1: One is that gold doesn't have the same risk that 77 00:04:06,920 --> 00:04:09,160 Speaker 1: a company has in terms of a company can go under, 78 00:04:09,200 --> 00:04:11,320 Speaker 1: it can owe you money, it can make your shares 79 00:04:11,360 --> 00:04:13,960 Speaker 1: be worth zero the next day. Gold doesn't rely on 80 00:04:14,000 --> 00:04:16,480 Speaker 1: anyone else to pay you back. You've either got gold 81 00:04:16,520 --> 00:04:17,080 Speaker 1: or you don't. 82 00:04:16,880 --> 00:04:18,719 Speaker 2: Have gold, because it's a physical thing. 83 00:04:18,720 --> 00:04:23,560 Speaker 1: Exactly if you know, the shared deposit might be where 84 00:04:23,680 --> 00:04:26,320 Speaker 1: you're putting a bet on. Essentially, I'm a company doing well. 85 00:04:26,320 --> 00:04:28,839 Speaker 1: You are putting a bet on people wanting more gold 86 00:04:28,920 --> 00:04:31,040 Speaker 1: in the future than they are today. But even if 87 00:04:31,080 --> 00:04:34,880 Speaker 1: they don't, you still have the gold, and it's globally accepted. 88 00:04:35,120 --> 00:04:37,840 Speaker 1: I mean, this is something that is recognized around the world. 89 00:04:38,320 --> 00:04:41,760 Speaker 1: It's got this amazing historic context of you know, think 90 00:04:41,800 --> 00:04:44,840 Speaker 1: back to ancient civilizations and gold was the way that 91 00:04:44,880 --> 00:04:48,120 Speaker 1: you exhibited wealth and you exhibited status. And you can't 92 00:04:48,120 --> 00:04:50,320 Speaker 1: make more of it. You can't print more gold like 93 00:04:50,360 --> 00:04:52,520 Speaker 1: you can print more money. You can dig for it, 94 00:04:52,800 --> 00:04:55,279 Speaker 1: but digging for gold takes a lot of time and 95 00:04:55,320 --> 00:04:59,040 Speaker 1: resources itself. And then the last reason is that gold 96 00:04:59,160 --> 00:05:03,280 Speaker 1: just has this enduring quality. I mean, that's I guess 97 00:05:03,400 --> 00:05:06,760 Speaker 1: romantically why it's used for wedding bands is it's durable, 98 00:05:07,000 --> 00:05:11,120 Speaker 1: it's rare, it's easily split up into a number of 99 00:05:11,160 --> 00:05:14,360 Speaker 1: different pieces, and you can move it around. And all 100 00:05:14,400 --> 00:05:16,839 Speaker 1: of that means that you can get a large value 101 00:05:16,880 --> 00:05:19,360 Speaker 1: of this incredibly valuable stuff into a small amount of 102 00:05:19,400 --> 00:05:21,839 Speaker 1: space that people are going to want years and decades 103 00:05:21,839 --> 00:05:22,520 Speaker 1: into the future. 104 00:05:23,400 --> 00:05:27,960 Speaker 2: It's interesting because gold on its own doesn't actually produce anything, obviously, 105 00:05:28,520 --> 00:05:30,760 Speaker 2: and so it's not like investing in a company that 106 00:05:30,839 --> 00:05:31,880 Speaker 2: makes products. 107 00:05:31,520 --> 00:05:34,039 Speaker 1: For example, exactly. I mean, the weird thing about investing 108 00:05:34,040 --> 00:05:36,080 Speaker 1: in gold is that it just sits there. 109 00:05:36,440 --> 00:05:38,600 Speaker 2: But it does get used for things like jewelry. 110 00:05:38,680 --> 00:05:41,440 Speaker 1: It does definitely, and that's where often consumers can feel 111 00:05:41,440 --> 00:05:44,920 Speaker 1: the impact of rising gold prices. So jewelers will buy 112 00:05:44,960 --> 00:05:49,280 Speaker 1: their gold from organizations called bullion dealers. They might also 113 00:05:49,279 --> 00:05:51,920 Speaker 1: buy it from mining companies or other types of wholestalers, 114 00:05:51,920 --> 00:05:54,600 Speaker 1: but bullion dealers are the main ones, and billion dealers 115 00:05:54,600 --> 00:05:57,880 Speaker 1: literally have the gold bars sitting in a safe somewhere. 116 00:05:58,120 --> 00:06:01,160 Speaker 2: But so then, isn't it in that sense it is 117 00:06:01,240 --> 00:06:03,120 Speaker 2: like a normal company that sells products. 118 00:06:03,200 --> 00:06:05,880 Speaker 1: Well, those are companies, yeah, those are. So you can 119 00:06:05,920 --> 00:06:10,520 Speaker 1: invest in companies that trade in gold, like you can 120 00:06:10,560 --> 00:06:14,160 Speaker 1: invest in companies that trade in technology. But what we're 121 00:06:14,160 --> 00:06:17,120 Speaker 1: talking about here is actually investing in the gold. So 122 00:06:17,160 --> 00:06:19,200 Speaker 1: if you jumped on the Australian stock market, you can 123 00:06:19,200 --> 00:06:22,960 Speaker 1: buy stocks in gold distribution companies and gold dealers and 124 00:06:23,000 --> 00:06:27,400 Speaker 1: gold miners. That's different to buying the actual gold itself 125 00:06:27,440 --> 00:06:31,679 Speaker 1: and buying, you know, essentially a loaned amount of gold 126 00:06:31,680 --> 00:06:33,760 Speaker 1: that somebody else will hold on your behalf. I mean, 127 00:06:33,760 --> 00:06:36,000 Speaker 1: you can hold your own gold, but that comes with 128 00:06:36,040 --> 00:06:38,560 Speaker 1: a whole lot of security and logistics risks that most 129 00:06:38,560 --> 00:06:39,800 Speaker 1: of us don't really want to take. 130 00:06:40,080 --> 00:06:43,160 Speaker 2: Okay, so let's say that I do want to invest 131 00:06:43,279 --> 00:06:46,960 Speaker 2: in gold cool love sold you. How would one actually 132 00:06:47,000 --> 00:06:51,000 Speaker 2: do that, either through the ASX or through buying a 133 00:06:51,040 --> 00:06:52,440 Speaker 2: physical gold. 134 00:06:52,320 --> 00:06:55,360 Speaker 1: Bar exactly, so you can buy the physical gold. There 135 00:06:55,400 --> 00:06:57,960 Speaker 1: are ways to do that. I think, how do you 136 00:06:58,000 --> 00:07:00,520 Speaker 1: do that? I've never bought a gold bar before, But 137 00:07:00,760 --> 00:07:06,040 Speaker 1: there are trading platforms and retailers essentially where you can 138 00:07:06,200 --> 00:07:09,400 Speaker 1: go into probably the middle of your closest CBD and 139 00:07:09,440 --> 00:07:12,320 Speaker 1: actually trade in gold. And I mean, if you think 140 00:07:12,360 --> 00:07:15,240 Speaker 1: about it really tangibly right now, if you were to 141 00:07:15,240 --> 00:07:17,880 Speaker 1: buy an ounce of gold, you would pay about thirty 142 00:07:17,880 --> 00:07:20,200 Speaker 1: three hundred US dollars, So you'd go into a shop, 143 00:07:20,320 --> 00:07:22,920 Speaker 1: pay thirty three hundred, walk out with your gold. If 144 00:07:22,920 --> 00:07:25,040 Speaker 1: gold went up, you could walk back into that shop 145 00:07:25,120 --> 00:07:27,240 Speaker 1: in six months time and they would pay you thirty 146 00:07:27,280 --> 00:07:30,400 Speaker 1: six hundred dollars for that ounce, so you've made that profit. 147 00:07:30,600 --> 00:07:32,760 Speaker 1: That's the really tangible way to do it. Now. Of course, 148 00:07:33,120 --> 00:07:35,240 Speaker 1: most of us, if we wanted to trade in gold, 149 00:07:35,320 --> 00:07:39,160 Speaker 1: we wouldn't have that ability. So you can buy stocks 150 00:07:39,320 --> 00:07:42,320 Speaker 1: in gold, and that's different again to buying stocks of 151 00:07:42,440 --> 00:07:45,520 Speaker 1: companies that play around with gold. You can actually buy 152 00:07:45,760 --> 00:07:49,360 Speaker 1: you know, ETFs for example, exchange traded funds that are 153 00:07:49,680 --> 00:07:52,120 Speaker 1: driven by the price of gold, So it's a little 154 00:07:52,120 --> 00:07:54,080 Speaker 1: bit abstract when you get to the kind of non 155 00:07:54,120 --> 00:07:56,960 Speaker 1: tangible part of gold. You know, there are also gold 156 00:07:56,960 --> 00:08:01,360 Speaker 1: mining companies. As I said, it's all centralize though, on 157 00:08:01,720 --> 00:08:04,520 Speaker 1: the value of the price of gold, because if more 158 00:08:04,520 --> 00:08:06,240 Speaker 1: people want to pay more for gold, than the mining 159 00:08:06,240 --> 00:08:07,720 Speaker 1: companies will be worth more as well. 160 00:08:08,000 --> 00:08:12,320 Speaker 2: For anyone listening who doesn't necessarily invest, how does something 161 00:08:12,720 --> 00:08:14,760 Speaker 2: like this, like the price of gold going up by 162 00:08:14,760 --> 00:08:17,440 Speaker 2: so much, how does this affect them, if at all? 163 00:08:17,640 --> 00:08:20,400 Speaker 1: Well, I think the most tangible way would be the 164 00:08:20,440 --> 00:08:24,840 Speaker 1: price of jewelry, and what happens when gold prices spike 165 00:08:25,040 --> 00:08:28,040 Speaker 1: like they have recently. Jewelers have to pay more for 166 00:08:28,120 --> 00:08:31,960 Speaker 1: their raw materials that they then melt down and make 167 00:08:32,040 --> 00:08:34,640 Speaker 1: into the jewelry that you and I buy. Now, they've 168 00:08:34,640 --> 00:08:36,240 Speaker 1: got a choice in front of them. They can either 169 00:08:36,280 --> 00:08:40,560 Speaker 1: pass that cost onto consumers, or they can absorb that 170 00:08:40,640 --> 00:08:43,679 Speaker 1: cost themselves and make less on their margin. But if 171 00:08:43,720 --> 00:08:45,600 Speaker 1: you are planning to buy an engagement ring or a 172 00:08:45,600 --> 00:08:48,760 Speaker 1: wedding band, you are looking across the board generally at 173 00:08:48,840 --> 00:08:51,880 Speaker 1: higher prices than you would have, say, a year ago. 174 00:08:52,640 --> 00:08:55,360 Speaker 1: But it's not just those big ticket items. It's smaller 175 00:08:55,360 --> 00:08:58,319 Speaker 1: things like earrings or chains, all of that can become 176 00:08:58,360 --> 00:09:02,200 Speaker 1: more costly as gold is worth more, and I think 177 00:09:02,240 --> 00:09:05,079 Speaker 1: that that's probably the most tangible way that people can 178 00:09:05,160 --> 00:09:07,160 Speaker 1: sense it. But it also has knock on effects in 179 00:09:07,240 --> 00:09:09,719 Speaker 1: terms of inflation in an economy, because if the cost 180 00:09:09,800 --> 00:09:12,240 Speaker 1: of something like metals goes up, then it tends to 181 00:09:12,280 --> 00:09:14,000 Speaker 1: have a knock on effect to everything else that we 182 00:09:14,040 --> 00:09:15,160 Speaker 1: buy in an economy. 183 00:09:15,360 --> 00:09:18,600 Speaker 2: And so it's basically supply and demand. There is a 184 00:09:18,640 --> 00:09:21,560 Speaker 2: lot more demand at the moment for gold, and therefore 185 00:09:21,640 --> 00:09:24,680 Speaker 2: the supply is harder and therefore more expensive exactly. 186 00:09:24,760 --> 00:09:27,000 Speaker 1: And where the safe haven thing comes back in is 187 00:09:27,480 --> 00:09:30,800 Speaker 1: there's more demand. And it's pretty reasonable to say that 188 00:09:30,800 --> 00:09:32,720 Speaker 1: that demand is not going to fall off a cliff 189 00:09:33,000 --> 00:09:35,600 Speaker 1: in the next five to ten fifty one hundred years. 190 00:09:36,240 --> 00:09:38,680 Speaker 1: It's hard to imagine a world where we don't love 191 00:09:38,720 --> 00:09:42,480 Speaker 1: gold anymore. And I'm not giving financial advice, and that's 192 00:09:42,559 --> 00:09:46,199 Speaker 1: very dangerous. But it's a long history, way back to 193 00:09:46,240 --> 00:09:46,880 Speaker 1: the Pharaohs. 194 00:09:47,160 --> 00:09:50,120 Speaker 2: Well, I was going to say, many moons ago, I 195 00:09:50,200 --> 00:09:53,280 Speaker 2: read Barefoot Investor, which is written by Scott Pape, and 196 00:09:53,320 --> 00:09:56,560 Speaker 2: I remember he had a section on investing in gold, 197 00:09:57,000 --> 00:10:00,880 Speaker 2: and he actually wasn't exactly for that. It had something 198 00:10:00,920 --> 00:10:04,480 Speaker 2: to do with dividends and not providing dividends like other 199 00:10:04,600 --> 00:10:08,000 Speaker 2: shares do. Do you know that line of thinking, I 200 00:10:08,000 --> 00:10:08,800 Speaker 2: guess totally. 201 00:10:08,840 --> 00:10:12,120 Speaker 1: It's one of the key kind of warnings against investing 202 00:10:12,160 --> 00:10:15,360 Speaker 1: in gold as an investment strategy, and it basically is 203 00:10:15,559 --> 00:10:17,720 Speaker 1: about this idea of if it's not paying a dividend, 204 00:10:17,840 --> 00:10:19,839 Speaker 1: and if you're only going to get back your money 205 00:10:19,840 --> 00:10:22,240 Speaker 1: from your investment when you sell gold, hopefully at a 206 00:10:22,280 --> 00:10:24,960 Speaker 1: higher price, there's no kind of points along the way 207 00:10:25,000 --> 00:10:26,840 Speaker 1: to take a bit of money off the table. And 208 00:10:26,880 --> 00:10:30,320 Speaker 1: all that's to do with risk. But the other thing 209 00:10:30,559 --> 00:10:34,640 Speaker 1: to be careful of, according to financial advisors, is about 210 00:10:34,679 --> 00:10:37,400 Speaker 1: buzz and hype. And so if you're buying something just 211 00:10:37,440 --> 00:10:39,480 Speaker 1: because you think that other people are going to want 212 00:10:39,480 --> 00:10:42,480 Speaker 1: it more than you want it right now, then what 213 00:10:42,640 --> 00:10:45,800 Speaker 1: comes up may come down, and it can be just 214 00:10:45,840 --> 00:10:47,520 Speaker 1: as volatile as other investments. 215 00:10:47,840 --> 00:10:49,600 Speaker 2: So it's not a perfect solution. 216 00:10:49,720 --> 00:10:52,800 Speaker 1: No, And it does trade on fear, right. It trades 217 00:10:53,000 --> 00:10:55,200 Speaker 1: on this idea that when it seems like the world 218 00:10:55,240 --> 00:10:58,400 Speaker 1: is falling apart, that gold will go up. And that 219 00:10:58,480 --> 00:11:01,240 Speaker 1: also means then that when things calm down and get better. 220 00:11:01,640 --> 00:11:04,360 Speaker 1: Gold prices can drop pretty quickly and people put their 221 00:11:04,400 --> 00:11:09,200 Speaker 1: money back into high risk tech plays or different countries 222 00:11:09,720 --> 00:11:12,920 Speaker 1: or different currencies. So there's no silver bullet or in 223 00:11:12,920 --> 00:11:15,600 Speaker 1: this case, a gold bullet that can protect you. Thank 224 00:11:15,600 --> 00:11:18,200 Speaker 1: you that that can protect you from everything that's happening 225 00:11:18,280 --> 00:11:20,640 Speaker 1: in the economy. But hopefully I think after that we 226 00:11:20,720 --> 00:11:22,559 Speaker 1: have a bit of a better sense of what buying 227 00:11:22,600 --> 00:11:23,560 Speaker 1: gold actually means. 228 00:11:23,679 --> 00:11:25,720 Speaker 2: Yeah, I definitely have a better sense now because I've 229 00:11:25,760 --> 00:11:27,880 Speaker 2: been seeing all of these headlines. But I think that 230 00:11:27,960 --> 00:11:30,400 Speaker 2: sums it up really well with my sam And if 231 00:11:30,440 --> 00:11:33,920 Speaker 2: you want more financial explainers from the Daily Ohs, we 232 00:11:34,080 --> 00:11:38,360 Speaker 2: actually have a weekly newsletter dedicated to just that, so 233 00:11:38,400 --> 00:11:40,920 Speaker 2: we will put a link to that in today's description. 234 00:11:41,200 --> 00:11:43,520 Speaker 2: Thank you so much for listening to this episode of 235 00:11:43,559 --> 00:11:45,920 Speaker 2: The Daily OS. We'll be back this afternoon with your 236 00:11:45,960 --> 00:11:51,880 Speaker 2: evening headlines, but until then, have a great day. 237 00:11:53,000 --> 00:11:55,280 Speaker 1: My name is Lily Maddon and I'm a proud Aarunda 238 00:11:55,520 --> 00:11:58,080 Speaker 1: Bungelung Calcuttin woman from Gadigal Country. 239 00:11:58,920 --> 00:12:02,000 Speaker 2: The Daily Os ignore ledges that this podcast is recorded 240 00:12:02,000 --> 00:12:04,480 Speaker 2: on the lands of the Gadigal people and pays respect 241 00:12:04,520 --> 00:12:07,760 Speaker 2: to all Aboriginal and torrest rate, island and nations. We 242 00:12:07,800 --> 00:12:10,560 Speaker 2: pay our respects to the first peoples of these countries, 243 00:12:10,679 --> 00:12:11,880 Speaker 2: both past and present.