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 in the middle of the up move silver begins to move it moves faster than and much further than gold did I think that the biggest enemy of the US dollar is not in Beijing or Moscow it's in Washington [Music] hi this is Mike Maloney and I've got Rick rule with me once again and this will be the Golden Rule so Rick how are you doing I'm fine Mike the better for being on with you thank you for having me back okay um you know we've got a lot going uh with interest rates and real estate and

China uh so it's on the U.S side it's on the on the Chinese side I was wondering what your take is on uh interest rate real estate and anything else that is uh interest rate sensitive boy we don't have enough time for that I'm I have to say Mike I'm impressed with thus far at least the resilience of the US economy in the face of a higher cost of capital um I unlike many of your viewers but perhaps like you I remember the decade of the 70s so I have seen what the prologue might look like and I

remember in the first half of the decade of the 70s although I was quite young then uh so there was a lot of consternation uh over the fact that real interest rates had risen and the economy didn't react uh people had been schooled I believe to think that good times would always last as a consequence of the 50s and 60s and the behaviors didn't change much in the first part of the decade of the 70s they changed with a Vengeance of course four years in and I wonder if the economic strength that we're seeing and

the confidence that we're seeing uh in the banking sector and in other sectors uh is really part of the same function in other words I I wonder if we're gonna if we're going to reel in a delayed fashion from the punch that is uh higher interest rates uh I have to say I'm delighted with the relative strength of the US economy well I've always been nervous I I've joked on your show before that between Doug Casey and I we've correctly forecasted 17 of the last three declines

I hope that our our our forecast is uh is wrong Mike um I've got to say that uh when you forecast 17 of the last three declines the uh scale of the declines and what you can make as a crisis investor completely make up for the times that you're wrong I think that's actually that's very right I I think there's a lot of lessons there Buffett's lesson is invest in very high quality companies and very high quality businesses understand that every now a circumstance that comes

along that cuts the price in half but it doesn't change the value at all if you if you invest correctly uh a different lesson is of course liquidity liquidity gives you the ability to take advantage of illiquid situations rather than being taken advantage of those are all important lessons and the point that you make about crisis investing is probably the best uh you make money uh buying in circumstances where assets are cheap and then hanging on for dear life [Music] the strategy that you described

uh puts time on your side as opposed to making time your enemy and at 70 I've learned that's critically important yeah well you know uh I made the mistake I usually stay heavily invested and I'm very light on cash and I just had to make a video telling my insiders that for the very first time I actually had to sell some silver because I was some of my investments are very illiquid I've got a bunch of uh silver explorers and uh gold uh and they're all private placements so I actually have the stock

certificates I mean it would take weeks to mail them into my brokerage house and get them on my platform so that I could actually trade them and then uh I've got a bunch of Tesla roadsters The Originals which I believe are 10 Baggers uh and uh and that's not very liquid uh I'm going to Phoenix to register a bunch of cars because I might sell one of them uh but for the very first time since I've been accumulating gold and silver I actually had to liquidate some because I was in a

cash crunch uh my book Amazon crushed the sales of my book by it's almost like Shadow Banning me they made it so it's unsearchable you can't it it starts to show up now but uh on the third day of the launch they changed my listing to a video game and then that took two and a half months to fix and uh it lost all of its browse nodes which are the different departments it's listed in so you can find it in a search by saying investing in gold and it pops up well it didn't and so they crushed the sales and so

right now I'm running a uh special on it it's it's half price because uh on the 15th they're either going to liquidate my inventory or send it back because it's not selling well enough because they crushed the sales that's the reason it's just been an awful experience but getting back to uh like uh liquidity what you said was very profound and I found I found that running things a little bit close and being too heavily invested and not enough cash position for the very first time in 20 years I

got in a bind uh so but I do think I'm hoping that uh uh gold and silver don't break into new highs right now that they do a little further pullback so I can reaccumulate my position at a lower cost Mike you said so many important things there uh the first is that liquidity almost irrespective of who you are is important because if you get cash short you are forced to do things that you otherwise wouldn't want to do right the second point that you made perhaps without realizing it is that if you

regard your gold and silver as mediums in exchange that are simultaneously stores of value you can consider them you can consider them liquidity if you are willing to sell them if a better opportunity comes up too many people Mike that are are in our community uh refuse to sell their gold and silver when the price is down when the price of other things is down more I have many bad habits uh I won't enumerate them but one bad habit that I don't have is an unwillingness to sell uh if there are

periods of time when I need my gold and silver is liquidity that's why I own them for me in particular gold isn't a speculation for me gold is insurance and frankly wealth uh if there are other things that I can use the liquidity represented by gold uh to increase my overall wealth I'm willing to do it uh the same thing frankly with silver I regard silver personally as a speculation I I regard it differently than I regret that I regard my gold and I am imminently willing personally to use my silver for liquidity if on a

temporary basis a more attractive opportunity comes along yeah and it's highly liquid I mean uh I converted it into Cash almost immediately and uh was able to alleviate the crunch that I was in uh but you know I see them I almost I believe that gold and silver have in in the long term are guaranteed by the world's central banks they're guaranteed to go up why because we have a guarantee that they will always create more currency and the currencies will go down in relationship to gold and silver

but when I look at uh Investments I look at ratio charts all the time because uh it it isn't what what is the dollar price of gold what is the price of real estate measured in Gold what is the price of uh stocks or uh you know anything else measured in gold and uh and silver and uh I I do believe that um there's I do you feel that there is another leg to this financial crisis at least one I mean the uh the 2008 financial crisis came in like four different waves and the first ones were really spaced out and then it got closer

and closer for the the next few waves uh the final one being like the Lehman meltdown and everything I mean almost complete Global uh Financial meltdown and uh so uh this one we've only had one wave Silicon Valley which uh you know also signature and uh and uh Credit Suisse that that all happened in March basically and so what do you feel I believe that the crisis represented by Silicon Valley Bank uh by the banking Community is Magic is manageable because there's so much confidence in the system

banking is all about confidence the confidence evaporates that well that's that's a that's a very very very rare question if we have a circumstance like 2008 where a so-called Black Swan uh gets in the way crisis can evaporate very quickly and in that sense the assets of the Federal Deposit Insurance Corporation are nowhere near sufficient to handle the mark to Market losses in the banking system but let's set that aside just for a second uh we have a circumstance where I think that the system itself is over leveraged

uh at every level uh I think obviously in the United States at least that the federal government is over leveraged many state governments are over leveraged many municipalities are over leveraged and many of your listeners uh are over leveraged and what that means is that if you have uh a sort of an asymptomatic event uh even if some people have foreseen it the damage that that can do uh to the broad economy but also to confidence is something that individual investors have to insure against and I do think

that the banking system X Federal support is really challenged you and I talked Mike a couple months ago about the fact that uh humankind in the period 1982 to 2022 lived through 40 Years of the most benign economic climate experienced ever and the consequence of that is I think that people became overly complacent they became overly confident uh and they didn't prepare as well as they should to take care of themselves in circumstances where liquidity was required uh and I think that sets the stage

for uh the sort of difficulties that you describe by the way I'm not a gloomster I think 10 years from now we'll be better off than we are today I'm just afraid that we have a reckoning to go through to get from there but let's look at some things that scare me I'll tell you the thing that scares me the most if I was looking for you know black swans in the United States the thing that scares me absolutely the most is the proliferation of high yield exchange-traded funds ETFs that invest in junk securities

there's several trillion dollars worth of this stuff and they're highly liquid and they're owned in small amounts by a bunch of people that I don't think have done enough work to understand the underlying security these people in the rude parlance of Wall Street are yield uh and what scares me is that although the ETFs are highly liquid the underlying Securities that they own are highly illiquid and if we have a concern about credit that reaches the common man if you will and if they begin to redeem those ETFs

the managers are forced to sell the underlying assets and of course the best assets are the most liquid they get sold the first what really scares me is you have a circumstance where there's broad spread redemption in the junk ETFs and the underlying bonds don't have sufficient liquidity to fund the redemptions that uh circumstance uh in my younger years or that asset class these junk bonds become described as owl bonds we call them owl bonds because when the portfolio manager calls the broker to

sell the bond the broker says then a a circumstance where you have a run on the bank that's represented by it by uh an ETF uh I mean if you want my single biggest fear that's it I hope it doesn't materialize but I sort of feel like privately placed high-yield corporate debt uh is the mortgage-backed security of this decade and Michael honest to God I hope I'm wrong yeah we can call them gtz bonds going to zero so yeah I noticed too you know right now as long as we're you know making people

depressed uh I was in uh Midtown Manhattan not too long ago in a building that you know fairly well uh and that building it's a Class B building but a nice building and a wonderful part of New York City it's 80 percent vacant yes globally uh more than half of the office space is vacant right now and so it's it's just something it's a disaster that I see right especially with Rising raids uh with Rising rates when a a big uh entity has to refinance a building the building's value isn't based on the

structure or the location it's based on the cash flow on the income who they have yeah it's in it's income and future potential income and uh there is no future potential income uh visible on the horizon right now no I that the class beat and even some of the some of the A and Triple A office space in some cities that appear to me to be unsustainable uh in their current configuration is certainly scary but you know on the other side Mike you have to look at the fact that we still live in a society that is

innovative enough uh and creative enough that you know six young adults can semi-adults can take over a garage in Sunnyvale California and out pops Google or out pops Apple my belief in the longer term is that our individual tenacity and creativity is so spectacular but we can overcome our Collective stupidity uh if Government gets out of the way and allows that to happen it has become so difficult to open up a business and get things started these days uh it's like at least 10 times harder than it was back in the

80s it's interesting you say that Mike you know I think that I'm involved in in retirement informing another bank and it's really been an interesting process uh my politics My Philosophy and yours are the same I've actually found at the lower levels uh with the big banking bureaucracies the OCC the fed the FDIC some remarkably smart hard-working people the problem is at the top in politics the problem is that there are there are so many conflicting priorities that are forced on these bureaucracies

ultimately by the voters but of course really by the political class right now that business formation is as you say very hard despite the fact that there are some very good intentions among the people who populate the regulator uh it's been a really interesting circumstance this is the seventh de novo Bank that I've been part of in my career it's obviously been the most interesting formation for me but I suspect it's taken uh uh at least a year longer than really prudent regulation uh

would have required wow yeah so um what do you think about the expansion of the bricks I I think a multi-polar world is a good thing uh and I think that there was no domestic impetus necessarily for the expansion of the bricks I think that the biggest enemy of the US dollar is not in Beijing or Moscow it's in Washington yes if you look at what we as Americans made them do uh you have to look first of all to the fact that the deepest and most liquid Securities Market in the world is the U.S treasury market

and we're doing our best to wreck it uh we're doing our best to wreck it because we're wrecking the credit quality of the issuer the US government at the same time that separate and apart from the CPI which I think is a fraudulent index yeah we're guaranteeing people negative rates of return uh when I construct a basket of the goods and services that I buy I include government in my index which the CPI doesn't include and if you measure your cost of living the way I measure mine the deterioration

of the purchasing power of the US dollar is much closer to seven percent than it is to three percent so with regards to the U.S treasury if you buy a treasury that's yielding you now five in a currency that's losing you two per the seven percent a year the real yield on your treasury is minus two that's not particularly attractive to the Koreans and the Chinese and the Saudis and if you put on top of that the weaponization of the US dollar the fact that if the if the U.S government doesn't approve of your

policies they can default they can cancel on the debt you hold and if you weaponize it like we did through the Swift banking system the extra territorial imposition of U.S values on the rest of the world guarantees the slow motion decline of the US dollar as the reserve's currency the brick currency I think is a misnomer uh it will not be a currency there isn't enough gold on the planet almost irrespective of the price you put on gold to backstop all of the domestic transactions in a group of countries

whose GDP is larger than the g7s the idea that they're going to have a common currency and politically suborn their individual national interests to the common good of the brics is a silly silly fantasy uh however uh a gold-backed settlement mechanism where the trade surplus that China enjoys is an example uh with Russia could be settled outside the U.S dollar system uh in gold uh I think is a very interesting concept I actually don't think it's going to occur because I think as little as the

Russians and the Chinese trust us they trust each other even less I could see a circumstance where XI went to Moscow and said you guys owe us the equivalent of 10 trillion dollars or pardon me 10 billion dollars in gold please settle up and I could see Mr Putin saying to them well here's a hundred thousand bricks and I don't mean gold bricks I mean settlement bricks yeah yeah it's the uh other than U.S bonds uh the which they want to get out of because of the weaponization of the dollar but other

than U.S bonds this is the only asset that they all hold uh you know that's the same it's it's completely fungible for them yeah I just don't see them trusting each other enough to make this mechanism work except for in a very very very limited fashion for a settlements mechanism yeah I don't think it's going to be redeemable for the consumer for instance right correct correct and ultimately uh given that only two of the brics members run consistent trade surpluses I don't

think it'll be uh viable among the bricks uh at some point in time U.S hegemony gets replaced by the threat of Chinese hegemony right you know I mean this is just the nature of politics right okay so uh you know what's happening with real with real estate in China right now I believe it's uh zhangdong uh group that is uh currently they've got audit the government has Auditors looking at it so it may require a government bailout of roughly 38 billion dollars uh uh U.S uh the um there's just so much going on and

real estate does seem to be collapsing in China that would cause a Slowdown in demand for Commodities uh copper and cement and all of that stuff uh and derivatives tend to transmit uh crises around the world I showed a chart in one of my last videos of uh all of the different recessions for I think 26 different countries or maybe it was 32 countries globally and how they come in waves that are aligned and it used to be the U.S would have a recession and and our Imports would slow down we'd buy

less from other countries in six months to three years later the other countries would have a recession but you could see these stripes in the chart and they've become uh more they've gone from uh semi-synchronous to synchronous to Super synchronous to hypersynchronous and uh so what are your thoughts on China and what are your thoughts on you know Janet Yellen said we will never experience another crisis In Our Lifetime well we already had the financial crisis of uh of uh March of 2023 uh I believe that

that was just the first leg if some other crisis hits us does could it happen anywhere on Earth and then transmit to all other economies and what will be the speed of that crisis well the answer to could it happen is clearly yes I I'm not an economist I'm a credit analyst and from a credit analyst's point of view what keeps the economy ticking along today in the way that it has in the past with deteriorating credit quality and negative real interest rates is simply confidence uh talking specifically about China the

Chinese economy is so opaque uh and the Chinese debt Market is so opaque particularly relative to the American Market which despite its faults is the most liquid and transparent Market in the world that it's difficult to draw conclusions about the Chinese market we don't know anything about the credit quality enjoyed if that's the right phrase by the official banking sector in China and the official banking sector in China is at least allegedly in much better condition than the non-bank financials

in China uh one thing that you can say for a system uh like the United States is that there's reasonably good feedback mechanisms they can be uh of course ignored which I believe they're being but in China where you superimpose a 10 000 person Elite on 1.4 billion people there is no feedback mechanism you don't get to see until too late the stresses uh involved in credit uh or in uh provincial Investments or in real estate transparency translates into storing up a whole bunch of energy until everything

falls apart right I mean it it'll happen all of a sudden because the public nobody in the financial sector can see it coming the government keeps it hidden right well yeah that's right and the consequence of that is that what I choose to do despite the um statistical uh cheapness of Chinese equities is avoid them because I'm I I'm relatively confident now that I don't know enough about them you know just today there's an article on financial times that says U.S companies see China as uninvestable

uh and so and you just basically said that yourself it's uninvestable what happens when uh you know this starts becoming a global thing and everybody wants to stay away from China as an investment when it that's one of the things that has supported their entire stock markets and and structure for the past decade you make a very important point a lot of China's growth has had to do with Incredible amounts of foreign direct investment and to the extent that the Chinese themselves for political purposes

discourage for direct investment which they seem to be doing uh and to the extent that there are no longer surpluses generated in China to support uh the level of growth that they have seen uh there's a fairly ugly Reckoning it's important to note that the Chinese Society has been prodigious Savers some of that's been forced from above which is to say the savings have been socialized by state-controlled firms paying wages much below the world standard while selling products on global markets at World standard prices

with the Surplus the economic surplus being expropriated by the state rather than having been enjoyed by the workers uh there I think has also been a cultural tendency among Chinese people as individuals to be prodigious Savers if you look as an example at the fact that Japan is still nominally solvent despite Decades of negative growth uh right the tolerance of the Japanese citizenry for the excesses of their government and the fact that the Japanese economy has produced surpluses which the citizens

were willing to save uh has at least up till now kept the system solvent in yeah in China you have uh you have demographic Trends which is to say a rapidly aging population that makes you wonder uh how long this circumstance can continue even if confidence continues I'm not smart enough to tell you of course whether confidence will continue you know in the U.S when you uh take uh non-financial corporate debt uh sovereign debt and personal debt it adds up to three uh 300 a little over 300 percent of GDP so you're talking about

three years of the entire economic output of the country Japan is over six years and so uh you know you're you're talking about an inevitable train wreck that has to happen because of the Aging of their population the few people that have to carry everyone else on their shoulders and borrowing themselves uh past I mean they're past their eyeballs they're way underwater China uh has uh about uh three years of GDP uh as far as their their borrowings the U.S has a little bit more actually when you include uh

personal non-financials and uh and and Sovereign so um I don't know uh you know I see a train wreck happening if that train wreck happens I see uh markets crashing or the financial Industries possibly freezing up for a little while which brings me to the last uh topic silver what do you see in the short medium and long term uh if I mean things could go along well for another I believe that there's absolutely another leg to this crisis because of the rate the rate at rates Rising how fast rates the power

put up rates uh it's never been done like this in history where they just slam them up in such a short time period by such a percentage increase and uh uh so there may or may not be another crisis but I see spectacular things for silver in the future uh what do you see in the short medium and long term I I'm not one of those who thinks in the near term that a crisis will be good for silver in my experience in the liquidity crisis everything gets sold off because the sale decision isn't made by the investor

it's made by the margin clerk okay that covers the short term yeah yeah yeah I mean that's that's really truly problematic yes uh if we have the liquidity crisis that you expect I suspect that Capital markets will respond the same way they responded in 1987 and 2008 which is to say everything will sell off the policy response to that uh will likely be money printing on a scale that we've never seen before and assets that have traditionally how many times have have you said that since

uh 2007 money printing on the scale which I would say is currency printing you can't print a store that's a good point that's a good point that's a good point but you know we've also had uh putting it in context we've had GDP growth uh and we've had an amazing keep up with the currency uh we've had amazing we've had amazing margin uh which is to say economic margin generated in the United States at some point in time you push on the spring on the string and there's no push left

uh and so the nervous well not the nervousness I think if we do have a liquidity crisis irrespective of the source uh the policy response will be the same as the policy response before the difficulty is that the negative impacts of negative real interest rates and quantitative easing and debt and deficits are cumulative and compounding which is to say that we're pushing liquidity in the system or we would be pushing liquidity in the system the same way that we did in 1987 uh the same way that we did in 2008 but

the system has many more encumbrances many more imbalances than it had then so that the the response to the policy uh I think will be less dramatic on the good side and more dramatic on the bad side now let's return to Silver let's get away from macro and let's talk about silver uh my experience with silver and I'm not sure why is that silver is a late cycle mover which is to say in Precious Metals bull market the trend is established by gold yeah silver with it later in the middle of

the up move silver begins to move it moves faster than and much further than gold did I assume that's because of Silver's uh low unit price which is to say when the bull market democratizes and people with uh less means want to participate the easiest and best way for them to participate is in silver I'm making this up by the way Mike I don't know that I don't know why this is true I just that was my theory about what happened last time around is that you know gold had been 35 an ounce and then it broke 400

an ounce in late 79. and the average income back then was just below ten thousand dollars a year so a a guy that's you know uh in his 30s you know you've got the bigger investors that are toward the end of their lifetime but a guy in his 30s or 40s that sees that that gold has gone up so much rushes to the bank takes out his life savings which might have been 500 bucks then you know with an average income of ten thousand dollars who knows uh but Russia's uh into the coin shop and says

I want to buy gold too and they drop one coin in his hand at that point he goes oh is that all I can get how much is the silver oh well you can get 50 of those for every one of these and suddenly in just uh in in uh just a few months you could only get 14 uh ounces of silverfish so way way outperformed gold especially at the very end but it you know it was it did lag like you say and it is uh it's I I like to say that it's um it's it's psychological so it's a cycle logical these things run in waves and Cycles uh

and it's this is based on human psychology and interestingly Michael what you described is more pronounced in poorer countries uh particularly in South Asia where there's a cultural predisposition to Precious Metals I at one point in time in my career frequented the United Arab Emirates a lot and there were a lot of Indian and Pakistani guest workers there and you could go to the gold souk and what you would see is that South Asian people would save in precious metals and which precious

metals they chose was really a consequence of their economic circumstance uh many of the labor force wasn't able to save in Gold so they would save in silver and I think one of the things that you see in Precious Metals bull markets is that when the narrative is established not just in the United States but internationally that silver becomes the savings instrument for the poorest half of humanity and while their individual impact is of course less dramatic than the impact of the average American the sheer numbers

and the cultural predisposition in countries like India Pakistan Bangladesh Sri Lanka China Korea uh the centuries-long familiarity with precious metals often means that in circumstances where confidence is called into question that the unit value of silver makes it the preferred savings instrument yes one of the preferred investment instruments in China has been real estate when this crisis as this crisis unfolds you mentioned the savings of the the Chinese uh when they head toward a safe haven during a crisis

uh what happens when all of that Savings in China and their proclivity to buy gold right so what happens to the international gold price when it when I mean uh will it trigger the gold price to also be rising in dollars at the same time well I think the answer to that is yes but that's too easy you set me up too simply let's let's make a very different case for gold that doesn't require the collapse of humankind uh I like that in the first instance uh the situation doesn't need to collapse

so much as deteriorate which I think it will I point out uh every time I have the opportunity that the market share that gold and silver enjoys as a percentage of total savings and investment assets in the biggest investment Market in the world which is the United States is only one half of one percent which is to say one half of one percent of the total value of savings and investment Assets in the United States and what was it back in 1980 wasn't it like eight percent or something like that I'll get to that but we don't need

to be dramatic I mean other than other than selling newsletters dramas not not worth much the four decade mean market share for precious metals in the United States was two percent so if debt and deficits and all of the difficulties that you describe begin to play on the American psyche not to the point in time that they cause panic but rather to the point that we simply revert to mean demand for precious metals related Investments increases four-fold and that's my base case now you make a separate point and that point is a very

different point and it is dramatic please don't make it show up in the headline for this interview but although there were no reliable statistics at the time JP Morgan Chase believes that the market share of precious metals and precious metals related assets relative to other savings and investment assets the United States in 1981 was between six and eight percent uh uh 12 to 16 times higher than what it is now yeah right but you know in order to I was just considering gold the gold price to the growth of the uh M2

currency Supply right and uh if it uh goes to where it was in the the balance that it was at in January 1980 when gold peaked uh that requires a ten thousand dollar announced gold price right right and you said I think there's there's two important things there the first is that the case for owning physical gold and silver or if you're an investor or Speculator gold and or silver stocks is Ironclad uh it doesn't need to require the collapse of the institutions of humankind it only requires reversion to

mean the second point that you made is I think maybe more profound for the listeners so many people who listen to these interviews Mike are long gold and silver for the wrong duration which is to say the short term and for the wrong purposes and many of them slavishly look at the near-term movements in the gold price the gold goes from 1935 to 1955. uh and these people feel Vindicated if it moves from 1975 down to 1925 they fall into despair you own gold because you think in the wrong not the right in the wrong set of

circumstances gold isn't going to go up by a hundred dollars it isn't going to go up by two hundred dollars it's going to go up by thousands of dollars you own it frankly hoping perhaps if you're Christian praying that you're wrong but you aren't owning it for 100 moves you're owning it four thousand or two thousand dollar moves if you look back or or to stay the same well everything else Falls correct if you look back uh only Now 23 years in the year 2000 when gold frankly was a

four-letter word that nobody could spell uh the price of gold was at what 253 an ounce yes Ten Years Later which is not not a phenomenal amount of time the gold price had increased to eighteen hundred and fifty dollars an ounce so people who are looking at the stuff with regards to a hundred dollar move are missing the point yes exactly right it's it's a long-term strategy for protecting yourself and exposing yourself to the benefits of currency creation uh with that I think we need to wrap this up uh we're getting

a little long so I want to thank you so much this has been phenomenal uh so uh I hope to see you back very soon uh I I hope in the waning moments of this interview you'll let me invite your listeners to rule investmentmedia.com where I personally will out of no obligations basis rank your natural resource stocks go to the site list your stocks I'll rank them one to ten one being worst one being best I'm sorry ten being worse I'll comment on individual issues where if I think my comments have any value

and finally uh if you like to save in gold and silver but you're interested in having some liquidity our new bank battle Bank proposes to do exactly that if you are uncomfortable for any reason with your incumbent Bank please check out battle Bank either go to battlebank.com or at the rural investment media website under questions and comments ask for information about battle Bank where among other things you can use your gold and silver liquid for liquidity without having to sell them yes so you're talking about loans

against the gold and silver as collateral correct okay I just want to uh caution everybody if you're going to do that don't go right out to the end of your margin if it falls you're going to get basically that's correct as a margin call but it is a great strategy for being able to uh use uh that liquidity short term without having to sell your position correct okay thank you very much Rick uh we'll see you next time Michael thank you we need to turn the mics around I need to interview you so

that we can sabotage uh Amazon's plans around your book I don't know if it was plans you know my uh mind goes there because of the genre that I'm in the the you know commenting on uh finance and and politics and the government uh I I I'm a very suspicious person at this point so are they doing this on purpose am I Shadow band their giant bureaucracy that is just a mess that's what's causing it hopefully their algorithm will respond to incentives uh and if we could generate

some demand for the book it might slap them across the chops and wake them up yeah they treat their customer their their sellers like the enemy though if you're buying something on Amazon it's a great experience if you're trying to sell something on Amazon uh it's like dealing with the IRS every day of your life I want to thank everybody for watching thank you Rick we'll see you next time so thank you so much Mike I enjoyed it thank you