Redirection on Steroids: Media avoids Reality | Andy Schectman

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I don't think so. Welcome to Business Game Changers and the Economic Review. I have Andy Sheckman back to discuss what's going on in global finance. And we're going to talk about how the world is really turning into a multipolar world, right? Where everything is diversifying. Everything we've been talking about for the last six years is accelerating. And one of the weird things is financial engineers behind the scenes, it was really kind of an elite topic, arbitrage. Arbitrage where you're buying things at a spread and making a ton of money. And it's become a common term that more and more people are using and discussing. And I find that as interesting. And I bring that up. But we are also talking about the fact that there was more gold, 15 times more gold that stood for delivery than they actually reported. That is crazy numbers. I can't express how crazy this is, the demand and how it's out of whack and the media is not covering it. I'm getting back to arbitrage. The fact that China is paying 12% extra premiums and enticing people to sell to them, to sell silver to them at 12% additional premiums and the media is not covering it. they're essentially taking our precious metal, our silver, which is a strategic metal now because we need it for industry, and they're just taking it and nobody's saying anything. They're not covering it. They're not saying anything. And it's being allowed to happen for over a year. Usually those windows close because people are greedy and they all jump in and prices reevaluate and it doesn't work like this but they're being allowed for extended lakes of time to buy our silver in mass what is going on and why isn't the media covering it we're gonna talk about all those things and more so hold on to your hats this is a really interesting economic review session that I have with Andy before we get into that I want to remind you there this is the best time to protect your assets I think think every time is the best time to protect your assets but it is just crazy out there if the demand is as high as we're telling you the most sophisticated buyers are buying in mass and they don't want you to know they're not covering it that is a huge indicator so go to Sarah Westall comm slash miles Franklin get a copy of the price list and so you can see it's published twice a week and these are better prices than that they display publicly go to the website Sarah Wessel comm slash miles Franklin fill out that form get a copy of the price list and you'll be able to see what you can get silver and gold for I recommend to I have people that are buying just constantly you know as much as they can on a constant basis that's what you should be doing I do that on a regular basis too you need to be everybody needs to be doing this or other assets make sure you have other assets in your portfolio as much as possible silver is good because it's not that expensive and so the average person can buy a little bit at a time anyway sirwesall.com slash miles Franklin okay let's get into our economic review with Andy Sheckman yeah I could all hi Andy welcome back to the program they're good to see you sorry for the um chaos around me i'm coming to you from the rule symposium and at the boca beach club the one conference every day that i wouldn't miss and um as fate would have it uh every time i come to this conference and i shake everyone's hands like that the last day i think i'm a deathly ill i was up all night with coughing so hopefully I don't have a coughing attack while I talk with you, but it's good to be back with you nonetheless. Thanks for having me. Oh, those coughing attacks are awful. I was on Kim Iverson's show. I don't hear you again. What the hell? Okay. Now I hear you. There you are. Can you hear me? Now, yes. Okay, I'll cut this part. God, this is maddening. No, that's okay. I was saying, I was on the Kim Iverson show, and I had a coughing attack, and she had to pause it and i'm just like i'm so sorry i just get it was it coughing attacks are the worst thing oh my gosh they are the worst thing in the world and uh but what happens when you know you're there with or in a group with 1100 people from around the world coming to uh you know to to one location together it's uh it's a cesspool but yeah well it's a conference that i wouldn't miss nonetheless us well okay so that's why you got your background and if you have a coughing attack we could stop it and restart it the best i can hopefully i don't okay well let's talk about what's going on with headlines around the world that are not talked about it's not just headlines it's like the true economic changes that are happening worldwide that are just not being discussed we've been talking about this for years it's it just keeps building and moving in these directions and the The amount, the momentum of what we've been discussing is accelerating from the bipolar world. We're really, the whole world is moving in two different directions from the de-dollarization and coming up with their own systems of currency. They want to use their own currency. They want to get away from the dollar. And countries are slowly moving everything back to their own manufacturing back, or at least in their friendly zones. Everything's moving back to local and doing things in their own currency and getting away. Yeah, multipolar. I think I said bipolar because I'm thinking of an illness. But yeah, multipolar. People just are wanting their independence. That's what's happening. and it's showing in the economics. It's been building there for, what, eight years now that we've been talking about it, but it's accelerating. Yeah, it is, and rightfully so. I mean, the fiscal irresponsibility of the United States, the sanctioning of treasuries, the sanctioning of SWIFT, the heavy hand that the West has used is, I think, worn thin on much of the world. And so you are indeed seeing a very much of a multipolar world that's beginning to happen through payment rails like the SIPs, the Cross Interbank Payment System, or Ambridge, through groups such as the BRICS that is continuing to grow or the Belt Road Initiative. all of these channels, all of these rails are being integrated into a new system in the global south. And the imbalances are being settled in gold. And nowhere do you see that more, I think, stark than as of just a couple of days ago that the settlement exchange opened up in Hong Kong. Well, it's very important to understand that when gold leaves China, it has to come out of Hong Kong. So they wanted to challenge the West and be able to deliver gold through China out of Hong Kong. But this new exchange is instant settlement, price discovery. The first time we're really seeing a sovereign entity challenge the West for price discovery, not London and the United States like it's always been. We're seeing instant settlement, price settlement and discovery in Hong Kong all of a sudden. And you're seeing something very similar in Dubai, just opened up, immediate delivery of gold and silver. Same thing in Singapore. And so you're seeing all of these countries that are challenging the Western system for storage, for price settlement, for immediate delivery. In essence, what you're seeing is a shift from the Western paper promises eastward to immediate settlement that is reflective of true price discovery. This is a problem for the futures exchanges here in the United States when that gets fully mature. Yeah, and that's what I want to ask because we have in this, in the Western world, they've fixed the prices for decades, right? It's been artificially suppressed for a long time. Now, if they start exchanging, will we see the prices actually go up to what the real market is? I mean, they have an incentive to keep, for example, silver. I don know about gold but they have an example or an incentive to keep silver low too because of their tech world Right Well you know yes Yeah And the answer the short answer is yes You would see arbitrage up the yin otherwise and the traders would buy here and deliver there and make a huge, huge spread. You're already kind of seeing that. China's been implementing that strategy against the West for almost a year now, putting between a 10% and 15% premium on silver over the Western price so that they will entice the traders, at J.P. Morgan to deliver to Hong Kong. There is a Brinks contract that's been around for a long time in Hong Kong. It's an exchange for physical work. They will exchange the physical, deliver the silver to Brinks Hong Kong, where it's picked up by a truck and driven to the Shanghai Metals Exchange at, let's call it, an $11 premium right now. So J.P. Morgan trader sends 10 million ounces of silver. China makes $110 million. And that's the arbitrage that is very difficult for the Western traders to ignore. Yeah. And, you know, what someone is willing to pay for the price is the price. If they set up an exchange that is a settlement exchange and that is the price, yeah, absolutely, it would have to affect the Western price and drag it along with it. Well, it seems like there's going to be a time where silver isn't going to be able to be capped anymore. It's just going to explode. Or are the powers that be, will they be able to hold that control? Because it's so obvious to me that the supply demand with silver is not working. The entire industrial use of silver hasn't been factored into its price. I mean, it's the weirdest product on planet, really, in my opinion. It's so out of whack. It's more important than we are being led to believe. And you can see that by their absolute desire to maintain prices that are not reflective of crude price discovery. It has more uses than the price would let us believe. Well, it's not factored in at all, as far as I'm concerned. It's still using the ratios to gold and all these things. It's just the money ratios, which is off that way as well. It hasn't priced in at all the industrial uses. So it's the weirdest product, period. It hasn't priced in the six years worth of a structural deficit between supply and demand. So this is what happens when you have the proverbial tail that in the futures exchange wagging the dog, which is the physical market. What China is trying to do, I believe, by removing, as of July 24th, all of their citizens are no longer allowed to have futures contracts. And they're moving to a cash and carry system for their people, whereby real price discovery is at hand. I want to buy it. Thank you very much. Here's the price. Off you go. So, you know, I think you can only hold the price down. Look, for years, the COMEX operated under an assumption that nobody wanted physical silver. They would buy the contracts to hedge exposure to mining or to inventory like mine. They would cash settle or they would roll forward to the next delivery month or they would exit. Less than 1% stood for delivery. When you see massive deliveries coming into the system, when you see deliveries that are leaving COMEX, where like in February, 26 million ounces were delivered to COMEX, but 39 million ounces left COMEX on trucks. That's 2.9 million pounds, $3, $4 billion. Where did it go? Who has the ability to run logistics for that? Who's buying it? Money. Where is it going? Excuse me. So yeah, what overwhelms the paper suppression, in my mind, is physical demand that never happened until now. And it's not just on COMEX. It's all around the world. When the price got kneecapped, Sarah, during the first three months of this year, China imported more silver in the first three months than at any time in the history of their country. So big money that understands price is just a tool of misdirection is using it to their distinct advantage right now. Well, I think the fight in the Middle East, the Hormuz, the Strait of Hormuz is not to hurt us. It's to hurt China and maybe the Western European countries. I think there's way more going on here than we realize. What we're seeing in the media is this traditional war. That's not what's happening. That straight-of-harm work, I think, is shut down on purpose to hurt China and to put pressure on China from a monetary standpoint. I'm throwing that out there. I have a new show coming in on Tuesday with the colonel. And I think this is what's going on. So you could add Venezuela into that too, as China received cheap oil from both entities. This is one of the reasons that you're seeing parallel systems being built, like even not just payment rails, but also things like transportation rails. There's something called the North-South Corridor that the BRICS have built, and it is a sea, land, and rail passageway from Iran to India. and it allows oil to be delivered not as efficiently as through the state of Hormuth, but it bypasses it. So, yeah, you're right. These are the games that are being played, and these are the reasons that I think you're seeing countries do the best they can to find other systems, because if you end up on the wrong side of the U.S., US, whether it be financially or in this case, even as a derivative of this military action, you have to wonder what is the ultimate goal. Certainly, stopping the oil flow from Venezuela and from the Middle East has definitely hurt China, but they're still buying Russia's oil and they're finding ways to get oil through other through other passenger ways like the north south corridor but indeed it it's too coincidental to not for people not to say yeah this is in many ways and also at China not just stopping Iran from doing what they're doing yeah I don't even run thing I think the nuclear whatever that's there there has to be a media front and then the true situation is almost always resources and We're dealing with a global economic shift, and that's what they're fighting about. And if anybody thinks it's more than that, then I think they're delusional. Yeah, there's secondary agendas and everything else, fine. But the main agenda is this economic reset. And the countries are realizing they can't depend on the United States, so they're all pulling back. They're looking at the regional suppliers. They're trying to use their own currencies. and all we're doing, I believe, is strengthening Russia and China in this process. Yeah, I mean, I could argue that it's not a bad thing to see these countries, maybe it's not a great thing for the United States, but it's not a bad thing for these countries to support and build their own monetary ecosystem, to be less reliant on the U.S. dollar and the U.S. Treasury. I don't see a problem with that from a big picture standpoint globally. If we're going to be the world reserve currency, we should be good stewards of the currency. We shouldn't pretend to be judge, jury, and executioner for those countries that decide to, for whatever reason, defend their own sovereignty. That's not for the United States to decide, and it is for world opinion. Because I wonder what the world opinion is on the United States invasion of Iraq 23 years ago under false pretenses, and we're still there occupying their country. So, you know, these types of decisions, I think, should be for world opinion, not for the issuance of the World Reserve currency. These are all reasons why you're seeing these kinds of things happening right now. And I think it will only accelerate as the United States seems to have lost their ability to apply diplomacy. This seems to be more along the lines of aggression and repercussions, sanctions, tariffs, et cetera. instead of the carrot that seems to be the stick continuously. And I think it's having some profound impacts on these countries looking to find other alternatives. Well, now I think the Western countries, the European Western countries with the street being closed, they didn't have a military. They needed to go in and put in pressure to open it up because they're being much more affected than we are. And they're sitting ducks. They're in a recession. Most of the world's in a major slowdown. Every country's in it. We're not feeling it, even though we think we are. We're not feeling it like the rest of the world. The rest of the world's in a very serious slowdown. And they're realizing that they can't depend on the United States for military actions. We're like, go defend the heart straight. Go open it up, European countries. It affects you more than us. And so they're plowing a ton of resources into building up their defense. I don't know if that's good for the world from a defense standpoint. It might be good for the United States not to have the whole world depend on our military to defend everybody. Yeah, well, I mean, it shouldn't. And it still benefits the military industrial complexes. These weapons are largely bought by the United States. Maybe that's what the deal is. But, you know, when we look at a strong economy, you know, I wonder, you know, playing devil's advocate, is it strong or is the stock market completely detached from Main Street? Stock markets had a nice run, sure. But is it is is. Is the labor market really that strong? You know, we saw 50,000 jobs created on the last labor report. Well, under what we thought was going to be. Wow. There are constant revisions, but that's issued by, that's not the household survey. That's really low, Andy, 50,000 jobs. The household survey showed almost 500,000 people left the labor market. That's when the people in each house, rather than the labor report, which sees how many jobs have been created, payroll numbers have been created, payroll report. But the household survey asked you, Sarah, how many people in your house are working? And over 500,000 people fell off the list on the last measurement because they're no longer considered unemployed. They've been unemployed for too long, so they just fall off. these numbers are exaggerated in many ways, just like inflation. The Bureau of Labor Statistics lies about inflation and employment. And so I wonder, you know, is it more of a K-shaped economy where the wealthy are getting wealthier because of their exposure to equities and the poor who don't have the ability to ride the stock market wave are getting poorer in the face of higher inflation, cost of putting food on the table, driving to work, insurance, tuition, all of these things that seem to be going higher and higher and higher. So maybe we don't notice that big slowdown yet, but it seems when you look at credit card defaults, when you look at indebtedness, when you look at the labor reports, I would maybe slightly challenge that it almost seems to me that people living on credit and struggling, whereas the wealthy seems to be doing much better in the face of equity markets to suppress interest rates and inflation that's creating a K-shaped economy where the rich get richer and the poor get poorer. I don't know. I would question that one, Sarah. So you think we're in a recession like the rest of the world and it's just a big illusion that... I do. I'm thinking maybe so because the rest of the world is just being honest and ours is just this big illusion Right now I completely understand So the information that comes out of the Bureau of Labor Statistics, the information that the president is espousing isn't always really true. In fact, it's slanted. And so yes, I do. And not only that, even more dangerously, you have the public loaded into the stock market at the highest clip that they've ever seen, ma pa, ever. And they also have the highest exposure to margin debt, which is about $1.6 trillion. So you have the public all in on stocks, all in on margin, which is speculating or leverage, and then all in on options exposure. So you're all in on speculation, on leverage, and all in altogether. But these are the people who have stocks. These are the ones that maybe aren't feeling it as much as everyone else. But what is the percentage of the public that owns stocks through 401k or IRA or whatnot? It's infinitesimally smaller than the actual number of households. So you have some people that seem to be feeling that they're doing well. But at the same time, you have all these people investing into 10 stocks. What could possibly go wrong? That is called BREP, B-R-E-D-P-H, where it's inverted. That market BREP is inverted to a point where you see any type of instability in the stock market. You think it's challenging now. watch what happens when panic ensues, when, you know, the investing public all in with no diversity on 10 stocks has a religious experience. That's when things get very crazy. But no, I would challenge that we are closer to a recession than people would think simply because for most people, it's very challenging to keep things going. And in this high cost inflationary environment, And we haven't arguably begun to see what inflation looks like. There's a lag time. And reigniting this inflationary war again, it's only going to make it worse and it's going to make it longer as energy prices continue to rise. and the cost of inflation in funding this war will bear itself over the next coming months, over the third and fourth quarter, that lag time is going to start to show itself in ways that I think will challenge the thesis of the president that the economy is so strong. I'm not really happy that the war is reignited in the next case. No, that's not good. Well, let me ask you, if we go into a very noticeable recession and people start panicking, I feel like we're entering into a very dangerous time. It feels pre-World War II to me and that people are going to be yearning for a savior to help them financially so they can eat, so they can survive. I feel like we're in really dangerous times if our system really starts to show cracks more than it. You know, like the cracks actually explode. Yeah, well, you know, when all else fails, take them to war. No question about it. There is no question that we seem to be pushing, you could argue, pushing Russia closer and closer into some formal conflict. and in general going around the world in a very aggressive manner the way that we are, we're not making many friends so yeah, I mean he's again, he's going starting to talk about Cuba and Greenland again, so it just seems that we've lost our ability to find diplomacy and instead we use aggression and I think that is going to have negative consequences for sure But you look at Europe and they're openly, it seems really trying to, to your point, push us in a direction of war with Russia. And is that really what we want to do? I don't think so. I know some people in Russia, right? I talk to people. I have contacts all over the world. And so I have people in Russia who I couldn't talk to. I had to wait because the drones were... Ukraine was going deep into Russia and bombing facilities all through Russia. That's unique. That is new developments that's escalating the war. And Ukraine's not doing it. They're getting their resources from the West. The resources and intel, which is, in my mind, the declaration of war. And their ability, the West's ability to do this and not expect there to be any type of blowback or repercussion. I mean, it's almost like you have to give Putin credit for restraint because it is. I mean, if it were the other way around and we were in a war with Mexico and Russia and China were providing, you know, military assistance, intel on where to drop the bombs, selling the weapons to them, would we have a problem with it? I mean, it's a declaration of war, but it's... Yeah, but he doesn't want half his people to get killed. I mean, that's where he knows that if he goes to war, it will get really bad. Well, you're right, but these are the challenging times that we are in, and I think this is the reason why being reliant on the United States to your monetary future and on the U.S. dollar is as silly as a mud wall. These are the reasons that you are seeing the accentuation of this multipolarity and the fast tracking of it. If people are saving in dollars right now, they are all but guaranteeing that they will lose purchasing power and over time go broke. I think the worst possible thing you can do in this environment of massive indebtedness, of inflation that is continuing. look, we are trapped between an inflationary rock and a deflationary implosion hard place. If they raise rates, everything implodes, not just the stock market. The bond market is bigger than any of the markets, but they are all tied to the housing market, to the banks that are loaded with presuries, to the pension funds, to the insurance companies. They're all backed by U.S. treasuries. The whole thing turns pear-shaped and falls upside down. So the Fed really can't do too much to help. And I think that we're going to see an environment where inflation will be the path that they choose, if not the whole system implodes. And if inflation is the path that they're choosing, why would anyone want to hold treasuries? Why would anyone want to hold our currency? This is why I think you own assets that are outside the dollar. It can't be inflated and in your own possession can't be taken from you. these are crazy times there are no question about it but I think if you understand what is happening and get in front of it and you know minimize your exposure to traditional assets like our traditional forms of investing and own physical assets in your own possession doesn't just have to be precious metals it could be farmland it could be agricultural ETFs it could be oil and gas assets will feed you, liabilities will eat you, U.S. dollars will not be the pathway to retirement. You can't hold a large portion of your wealth in U.S. dollars right now because I think the second half of the year we'll see massive inflation. I really do. They're going to do their best to try and hide it. You already see that Chairman Worsing. He wants to go to a different metric of inflation that cuts off the outliers high and low and puts inflation right now at 2.3%. I mean, come on. Really? I mean, come on. But what gold does, it snips out real interest rates. That would be a nominal rate, 2.3. Real interest rates would be that 2.3 that they pretended to be real factored into inflation as well, would push it much, much higher. So gold will sniff that out. Having your money in gold and silver right now, independent of anything that I know as a company who's done this for 36 years, the biggest money in the world is showing you that this is the path that they're taking. We've seen deliveries. I mean, $14 billion in gold was delivered in June. Who the hell is doing that? That's right. It's been crazy. 18 straight months. China buying gold and silver as the price is getting destroyed. India doing the same thing as the price is getting destroyed. All of the countries, Poland, bought more gold than anyone in the world, but more than anyone in the world for the last few years. So these central banks, who, by the way, the first quarter of this year bought more gold than in any time in the history ever in the first quarter. But the World Gold Council just came out and said, you know those numbers that you quoted of 16 tons? Well, you misreported, underreported by 15 times. We see 244 tons. You're kidding me. 15 times underreported of how much gold was actually ordered? That is the World Gold Council that just came out and said that. They said, no, we see by the import-export numbers, the central bank's about 244 tons. not the 16 tons they claim, which puts it at the highest number of, the highest amount of gold ever imported in the first quarter ever. And this is as the price was getting destroyed. So the moral of this story, whether it be equities, whether it be equities to the upside or metals to the downside, price is a tool in this direction. So as the equity market goes up here, this shiny object that everyone's chasing, jammed into 10 stocks, you have the most well-informed money on the planet, whether it be the central banks in mass, whether it be China, whether it be whoever's standing for delivery here, buying more than they ever have in history in the first quarter. As the price is getting destroyed. The reason I keep saying wow is because it's so obnoxious. It's so in your face. It's so, I mean, I'm just, I want people to understand from an economic standpoint how incredible this is. It's in our face, but most people don't know it. I know. That's why I want people to understand this. That's why with the silver, it just is so incredible what we're watching. It's something that I never tell people to own to become wealthy. It is wealth that has outlived two world wars and German hyperinflation and the Great Depression and all the pandemics, et cetera. But you see it flowing to the biggest money in the world, who is prioritizing owning it, physical possession, in an inelastic manner, meaning they don't care what the crisis, they don't care what the CPI is, they don't care what anything is. They just keep accumulating it and repatriating it, removing counterparty risk. And at that level, when you're seeing billions of dollars worth move every month for 19 straight months, it's all you need to know. They are siphoning as much as they can out using the Western system to their advantage. And now you have systems that are being built as of Monday in the global south to challenge price setting, where real price will be set not by futures, but by cash and carry. Arbitrage will destroy the West's ability to suppress the price. And it's an existential threat at that point. They've never had anyone to challenge the price setting. It's always been done here in the U.S. and London. Not anymore. It's going to move to Dubai, Hong Kong, Shanghai, and other parts of the global south that value gold and silver and all, not just precious metals, base metals. Remember, China bought the London Metals Exchange. That's the base metal part of the exchange system in London. They bought it. And they are warehousing most of the metals that are traded in London in warehouses in China They understand They play the long game It be base metals It will be rare earths They already do most of the refining and manufacturing They setting themselves up to challenge the West, but not to replace it. And over time, maybe that happens, but no question about it. The West will find, I think, a growing challenger to price setting and to the wisdom of owning treasuries. And I think they have all settled on gold as a substitute for treasuries, which has performed better than the treasuries and can't be sanctioned away from you or better yet frozen the way they have with, in essence, default. But the treasuries on Iran and Russia can't happen if it's gold in your own possession. So we're seeing this slow transition. And the part that's hard for people to grasp is the length of time that it takes and the lack of attention by the mainstream makes it easy to dismiss. But, you know, even with the pullbacks there that we've seen in silver, it's about double from what it was a year. So, you know, I think silver continue to move higher because the deliveries as the price got destroyed betrays the price. And when you see China say, we don't care what the prices will buy more silver than any time in the history of the country over the first three months, or someone here on COMEX physically take possession of 39 million ounces in February, billions of dollars worth, pulling it off the exchange, but we'll never come back. what are these people seeing that we're not? And that's really what I continually try to lead people with, that price is just misdirecting and tugging on your emotions. The public is jammed into equities at the highest degree of leverage, at the lowest level of price-to-earnings ratios. It's incredible. And the big money is saying, you know what, we're going to stand for delivery on metals instead. There is a dichotomy here that people should look at, that price is not reflecting. The most powerful people are holding the price down so that they can stand for delivery. You know what's sad? They're pumping the price of the market up, which earns them a ton of money, pushing the price down to metals so they can buy it at a low price. That's really what's kind of a sad thing. But one thing that you said is arbitrage. And, you know, arbitrage is something that the elite financial engineers used to talk about behind closed doors. and more and more people are talking about it normally and understanding it. And I think that's a pretty interesting development as well because arbitrage is kind of how the elite financial engineers orchestrated things for decades. Yeah, well, people are motivated by two things, greed and fear. And that greed is hard for the traders to ignore. That $85 spread between Western gold and Chinese gold in 10, 11, 12, 13% non-silver. Make 10, 11, $12 extra per ounce. On 10 million ounces that you deliver, that's a $120 million problem. And normally that type of arbitrage ends instantly as everyone flocks there. It's been going on for over a year as they're continually trying to siphon the metal away from the West. These are the things that are ignored by the mainstream that people can't understand because it's not in their face. The fact that they're ignoring it is almost a crime as far as I'm concerned because it's the siphoning off a critical mineral or metal from our country and they're just ignoring it. It's almost a crime for the media not to cover it as far as I'm concerned. That's exactly right. 100% agree with you. Well, okay. Let's talk a little bit about buying silver and gold and being a commodity. So many people in this industry are charging 6%, 8% premiums as just a way of doing business. We're not talking the scammers who are charging 180% premiums or 78% premiums. I mean, just crazy. If anybody tells you they're going to give you free metal, come on, people. At this point, anybody who listens to my program knows that's a red flag for a scam that you're walking into. even 6 or 8% is crazy. That's three to four times what we make. Three to four times what sophisticated buyers buy metal for. Right. And, you know, I mean, premium is different than commission. The U.S. Mint charges, let's say, 3.4% over the price of gold to buy one-ounce Gold Eagles. So the dealers like myself who buy 2026 Gold Eagles at 3.4% over spot, that's zero. So if we mark it up 1.6%, let's say, you pay 5% over spot. But that is not commission. Most of that is the cost of production, distribution, turning a blank piece of gold into a coin and putting it in tubes and boxes and sending it out to the distributors. The mint has costs as well. So you're right, though. The companies that are making 70%, 80%, 90%, 100%, they're too prevalent. We just saw another company fail. Again, Rosalind Tappell, who, you know, they got their fancy public spokesman, what, William Dufain, CBS News, the bastion of journalistic integrity, comes out with a glowing report on them one week after they fired their entire staff. And now they're basically going bankrupt with about, I don't know, $70 or $80 million in liabilities against assets of zero. The only assets they had is their client base for marketing purposes. People scammed everybody. And these are the same companies and they sell the same stuff that I've been talking with your audience about for a long time. And they were so reputable on Fox News and so reputable with William Dufay saying, I'd buy it from these guys. They're full of crap. And they're going to go to jail. And they just stole money, a massive amount from the public. It's the same thing that we've seen over and over again. They're not the only company. They're not. And not only that, there is one IRA custodian. Really would love to mention their name, but I won't. But they put them as a preferred vendor. These IRA custodians should not put any metals companies as recommended preferred vendors. I do a lot of business with New Direction. New Direction once built me a landing page for our website. They called me back a year or two later and said, we've got to take that down. We have to be impartial. Please take it down. Okay, fine. This other company, who seems to be tied to every one of these scam companies, promotes them as a preferred vendor. And I've had long yelling matches with this. I mean, what are you guys doing? Well, this preferred vendor is now out of business and screwed everyone. And, you know, other companies, Dale Whitaker's company was on that website. Dale Whitaker's company who, you know, the whistleblower for Augusta Precious Metals, the attorney that works with Dale called me and asked me to testify against this so-called company because they should be wrapped up in a class action lawsuit. The point of it is that any of these companies with the paid-for spokespeople typically are the ones that you've really got to be careful of. When you see someone who owns the company like myself put their own ass on the line, well, you can realize that they're probably not going to be saying things that are not true because, well, there's a lot of record of me being out there saying things and I'm not going to hang myself by saying things that aren't true. Where are the CEOs of Augusta? Where are the CEOs of Roslyn? Where are the CEOs of all of these companies that are ripping people off? I want people to realize the number one red flag is if you're getting free silver or free gold, they're doing a lot of silver, then run from them Because those are the companies. Well, you know, you spend $100,000, you get $10,000 in free silver. So that's 10%. What are they making? I make under two. So what are they? And now they've got the free silver that they give you is at the Fugazi prices, where their price double, triple what they should otherwise do, because they call it special coins, right? One and a half, one and a quarter. Oh, yeah. So you're really only getting $3,000 worth or something. But still, it's a big scam. And it's because it's a federally non-regulated industry. And that's why our licensing and bonding and accreditation and never having a customer complaint matters. You know, I mean, I know we talk about this a lot, but it still never ceases to amaze me. More and more people getting wrapped up in these scam companies and losing everything. That's right. They are losing, going from a million dollar IRA down to a $400,000 IRA. That is real. We've seen it. A lot of the stuff Rosalind did, they didn't even deliver metal. Oh, God. They never delivered it. And so, you know, you have people that will have lost everything and very little, if any, recourse because they have no assets against monstrous amounts of liabilities. You got to get out before these guys go bankrupt. You got to take care of yourself. You got to look at your portfolios. Okay. So people go to sarahwestall.com slash Myles Franklin. They fill out that form. They'll get access to the private price list, which you update twice a week. It's not public. It's not public. And they'll get taken care of. That's correct. That is correct. And we love for people. And people can call us and, you know, if they think they may have got tangled up with one of these companies, let us know. No obligation. We will always strive to take an excellent pair of your clients and make sure none of them end up being the first customer complaint we've ever had in 36 years. You've had hundreds of people now that I've sent you who you've helped or contacted about their IRA scams or their buying. It's just the tip of the iceberg. And anybody that helps people get out of it, I always say this, you've shown me through your integrity of helping people out of these messes. You wouldn't do that if you weren't trustworthy. when we help people by the way we do not say as a condition of us helping you have to take the proceeds and buy with us we say you know if you want to get back in we'll make it a good experience and we'll give you the best prices we've even had some people and shame on them who we've helped ended up going back to the company to buy again after they figured out how to scam them again and that's when we just say we're done we can't help you anymore but we have helped a lot of people and we'll be very transparent about it and i try to do it the right way like not even mentioning the name of that custodian that i'd really like you or the names of the companies i mean you'd really like to we'd really like to i mentioned i mentioned um you know rosalyn because it's public but those that probably are not too far away i'd like to mention but if you bought fractional gold coins, largely from the Royal Canadian Mint or from the Royal Mint in the UK that have animal likenesses on them, and they're always in quarter ounce coins or fractional in any form from three quarter, one and a quarter, one and a half to two ounce silver coins from the same mints. And you can't find these designs on anyone's website. Reach out to us. You probably want to know what we have to say about that, we can help you. I think you'll end up realizing that maybe you probably paid a little bit too much money, but there are ways for us to open your eyes and help you best we can. Okay. Well, thank you, Andy. Have a great rest of your time at the conference. And thank you so much. you