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 thank you I'm Charlotte McLeod with the investing News Network and here today with me is James Henry Anderson senior market Analyst at SD bullion thank you so much for joining me online today it's great to see you Charlotte it's great to see you uh it's always difficult because you know you stare at your face on screen but but I know where the camera is so I'm not looking right down the barrel so thanks for having me back on and while I'm looking forward to our conversation

really nice to be catching up with you again it has been a while since we last spoke and one of the reasons I wanted to have you on again right now is because we've got gold and silver prices at these elevated levels and I'm really curious to know what's going on with physical demand obviously at SD bullion you're right on the front lines seeing who's buying and how much they're buying so if we could start there and if you could tell me what you're seeing there right so last month March 20 2013 with

all the bank issues that were happening that was the highest volume sales for virtually any buoyant dealer that's doing an honest for right job in terms of high volume Bullion Sales okay so not not merely our company but any of the top five to ten retailers that you talk to uh would say similar and I'm not talking about just barely squeaking I'm talking doubling all-time record numbers it was absolutely crazy and uh the amount of orders that we had in terms of notional orders was ginormous so large

that you know in difficult thing in this industry to be ready for that because it comes out of out of nowhere all of a sudden it's like oh you got to double your staff tomorrow you know good luck so what you see right now in the industry is a whole bunch of temporary policies that are trying to restrict and slow down the notional amounts of orders that are happening because every order processing whether it be one ounce or five hundred ounces takes a certain amount of time because we're talking

about a whole new a whole new item that you got to put in the parcels and to you know do it correctly and make sure they're done safely and soundless so in order to do a Slowdown of our notional water bombs we had to implement a temporary policy and just a few weeks ago of a 500 on a minimum threshold this week we lowered that now to 250 an ounce or 250 dollars metal and they were selling below black and it's understandable there's a lot of people who can only afford a few ounces of

silver here or there and so on the internet I saw a lot of people complaining and feeling like we were disloyal and this and that it's a business decision they have to understand that yeah we knew we were gonna repeal a bunch of them and make them feel uh as if we weren't loyal to them but the bottom line is we had so many orders that we had to get out the door and do that we had to slow down order volumes and so that was a as in the same time you know hiring and training and giving me staff because you

know we're moving up to a new the new level and with moving bull market and so that's basically what's been going on this month I was just looking at the numbers they're still very very high and that's the weighted I mean we're two-thirds of the way through the month and the numbers are very good notionally in terms of order volume uh the amount of fiat currency running through the system not the orders though because of our of our temporary policy we you slim down on the order volumes and then we'll

basically be less than half of what last month was and that's helpful for us to get back to what's reasonable which is one to three business days after your fund's clear we get it out the door and you get the tracking information you know that's what our customers have come the ground to expect and we want to do that uh moving forward but sometimes we just get overwhelmed with the amount of demand and that's essentially what happened this last month uh for that you know in the industry industry-wide not

merely at our company but English a lot wow really interesting and that ties into another question that I wanted to ask you which was for buyers how hard is it to get their hands on physical gold and silver right now it sounds like it is getting a little bit tricky I wondered if you could also speak a little bit about the premium set people will see if they want to go out and buy physical gold and silver right now yeah so it's going to depend you know there's some people who only will shop locally

you know depending if you live in a big enough City may have a few local options and you know I've just been hearing rumor or our various comments saying they go into local stores and uh you know the bases would clear it out a lot of times the inventory is just not there and one inventory is there is price is you know uh pretty high pretty pretty uh not not too close to spot so that's a similar phenomenon that's happening in the in the bullion Market at the moment I mean it's not as tight as it once was

it got really ridiculous uh just about a year or two ago but uh it's getting there it's starting to Trend toward that level and you know you just get another terrible in terms of banking you know issues that come up if we have another few months like that he'll be right back to where we once were in terms of at a dislocation between spot and the inventory pricing of bullying products that are available and ready to be delivered and long since we have been on this SD Bowen Channel and I've managed

the YouTube channel and every week I do a weekly update for bullying interested viewers not constantly pouted the table that ultimately before this thing's all said and done there's going to come a time where bullion will just essentially don't disappear and the only options you're going to be left with in terms of uh you know getting some type of allocation or some type of exposure to the spot prices uh you're gonna have to go to other performing derivatives unsecured derivatives things that will

not perform as well as Boolean and things that are not as safe as bullying but you know Community good luck with risty mining shares and I'm security TS and see how they perform in that in that scenario but I know bullying at some point is going to be priced worse and higher versus spot than it's ever been before on a percentage that's ultimately where I think big Bellas so with all of that in mind I think we have people who are already invested in gold and silver who want to pick up more

with prices very high we tend to start seeing interest from more generalist investors as well who think that now is maybe the time they should get in I think that this may cause people to maybe make mistakes when they're buying they just want to get their hands on anything they can so what common mistakes when do you see and what would you want people to avoid during times like this when they they want to be buying right so first and foremost going slowly don't don't take like if I had 20

percent of my high enough of my net worth right and I was looking to allocate it to bullying as Chad GMT recently uh suggested people on this back-tested uh fiat currency era data kind of explains it having an exposure to Gold bullying especially has been pretty pretty shrewd in terms of the last 53 years of performance well if I was simply going to take a fifth of my liquid net worth and moving and bullying I wouldn't do it all in one move I do it in multiple tranches right and I would take my time I'd probably do it in five

tranches say over a half year's time roughly that would be something that you'd be probably prudent because you know nothing goes straight up a wall and there's there's price dips Etc so ultimately you want to be able to account ease your way into it but also not buying such small volumes like you're paying huge YouTuber of premiums right so you need to kind of weigh all those those varying things as well the different product choices that you have at the moment but you know versus where

the preems are they're bringing products versus where spot is okay so there are very very good products that are still reasonably priced closer to spot than say American Gold Eagles or American silver eagles right I I or 90 silver for instance I mean 90 of silver and American silver eagles are literally trading like Collectibles out I mean it's it's gotten so crazy in terms of their their dislocation to spot and just the way the market has been treating them in terms of price Discovery and bit and ask

spreads so if I were someone looking to have a silvery or a Gold Eagle sure buy one or two but I wouldn't go ahead holiday into either of those at this moment right if I were going to be getting an allocation in The Bullying I'd be looking at other like kind bullying products that are almost as good in terms of working recognition and in terms of bid ask spreads that'd be a lot Slimmer so I would look at some of the better silver Sovereign coins out there like uh silver Krugerrand coins

for instance or you know the royal men makes it you know some really nice ones the Britannia silver coins uh the into a lot of very good products and their their premiums are much more reasonable in terms of the siren coin Market uh on the bullion you know bar side I was looking at Hallmarks that are that are respected that are well known that are hopefully Albion May approved because it just adds a little bit of Nosh to the uh to the Hallmark and your your ability when you go to sell it to demand a

higher premium that in southern Hallmark that just nobody knows uh so you got to kind of think in terms of not only am I buying this but maybe someday I or my kids will sell it and I would like to have something that demands respect when I go to sell it and that's essentially what you get the fade through in terms of um of course some people may think I'm going to buy this and die with it great but your kids are going to probably end up selling it at some point so you better think that beer for now

okay I think that's really helpful and talking a bit more about prices so we are seeing these high levels of buying right now with gold pretty close to its all-time high of course we do I think have other people who are waiting thinking maybe it's going to go back down and that will be a better opportunity to buy so I'm curious to know what you think is coming for the gold price as we move forward in 2023. so right now gold spot has been hovering closing a lot above 2000 uh in terms of

the Fiat US dollar price the bet that is only the Fiat US dollar price right and you need to look in terms of gold there's a it's not a simple you know the U.S economy I mean think of the population 120th roughly of the entire world the GDP I don't know he'd have to do the numbers but it's it's not even 23 trillion versus the global GDP I mean we're talking like 20 of the world right so if you break out in terms of what's going on in the world in terms of their Fiat their Fiat uh currency gold prices

versus the Fiat US dollar gold price can you break it out versus one another in a GDP Breakout Gold's already broken out above long-term resistance and now that breakout is going to become support and so essentially it's a saying it's going to happen for the Fiat US dollar I mean yeah his dollar has been strong in the last I mean last seven eight years it's been relatively strong versus other Fiat currencies But ultimately we're going to head into a secular bear market for the

Fiat US dollar and that's going to last for a decade plus and that will be when gold goes math you know ultimate because the US dollar as much people want to disrespect the US dollar it's still the dominant currency in the world and it still pretty much runs the way pricing goes right so I when I looked at the Fiat uzola price of 2000 and we keep trading and settling above it well that tells me that 2000 used to be the resistance Zone 2000 is going to become the support so long term so ultimately you know I'm talking five

ten years from now two thousand dollar announce gold is going to be looked at as 250 amounts goal it's going to be looked at as real value not a bad play but you have to have a long-term view you don't buy two thousand it goes down to 19 1800 for some reason and you all of a sudden think you made the rock trade no you make this trade in physical form in bullying form with a five to ten year program distance in the future is to how long that trade is going to last and when you may reallocate some of that

trade elsewhere so you know as you've been outlining there are so many different factors that are influencing gold right now we've got the dollar we've also got the FED interest rates inflation banking crisis going on what do you think is the most important driver for gold right now uh in the short term it's it's definitely the banks in the city banking the brittle the brittle breaking system that's the one that overwhelms sins uh and the other thing that as well in the short median term it's what's the Fiat

fact being the deal in terms of interest rate the one stock what's the what's the Fiat Financial media going to tell you we'll beat you over the head with in terms of uh you know what's going to hurt gold prices what's going to help gold prices you know they'll tell you this stuff all day to the blue in the face not some of it's not true um but they don't care and the bottom line the longer term the longer term thing in terms of gold is that we're going into a new structure a new system

we have to this system's bridging it's failing uh it's obvious we look at all the trends it's not happening tomorrow it's not happening next year but it's going to happen in a decade that plays out I mean I've talked when we're 2023 now you get me out to 2033 and it's going to be a different world I mean you think that the changes from the global financial crisis 2008 to say when and the internet went crazy when we were able to do Zoom calls and stuff a decade

later right if you had told people that was going to be the case then probably wouldn't have think thought it was true and and the way it's changed lives the way that people can live somewhere else and still work for a company and not have to build the office all those things are major changes that most people didn't see coming but they came and they've done a lot of difference in terms of the world in terms of Arbitrage with what people can do with their lives similar stuff is going to be changing in

terms of the system you're moving from a US dollar dominated system that had that more or less got that handed to it after the World War II were in the woods agreement we've been living on the Petro dollar fuel you know fuel for a while but that's starting to change as well we're moving toward a more multi-collar world where different economies such as China and other major fast-moving economies in Southeast Asia want to have a say they want half the Dominion and uh some opinion over what goes on in terms of

trade and you have the bis consistently out there working on a new system the cbdc system there's over 100 countries working on their own cbdcs and the bis is the back end of that and they've been working on various systems for the settlement of uh of sovereign trading between countries and between major commercial facts essentially they will be able to then trade in the future when this system goes online without having US dollar in India as being the intermediary not having the US dollar dominated banking

system we currently are using still that's very brittle uh they don't they're not going to be using that in the future so that's really bearish long-term US dollar demand you'll have you know already I think the mcbdc system that you looked up um what's it called a project that I'm going to forget the name of it but anyways I did a two two or three weeks ago I did a video and showed a four minute clip on what they did you're talking about five major central banks in the Asian economy

who worked on this program and this test and you could tell obviously the BS bis is ready to scale this thing up and and you're talking about 50 to 100 of the largest gdps in the world are probably going to be on a system that can within the next five to ten years and so what's that going to do that's miniature sexually bearish for US dollar to land long term and so that's that's the point this is just starting the idea that gold at 2000 is like some high crazy price the people

are nuts you know if you think that's high you don't know your goal of literacy you don't understand what game we're playing yeah I think you're highlighting a lot of really important topics right now and I want to go a little bit deeper into cbdc's and dedolarization you have an interesting video up on your YouTube channel as well about dedolarization kind of looking at why are we hearing about it so much more right now I think that definitely on our Channel people hear about these Concepts and maybe they

don't know exactly how it will affect them as individuals so is there anything that you can say about that how can how is this going to affect people in their daily lives I will answer that question in one second Charles but I did came to me the name of that video is Project Enbridge it's a four minute video on bis's YouTube channel anyone could look that up and that's the back end that's the settlement underneath of the retail cpdc to which we're going to get into right here I'm probably going to

highlight this video coming up it's called projects Icebreaker it's about bis retail cbdc project and that's you know the other side of the mirror in terms of what's coming the bis retail CBC project Icebreaker something you'd look up as well on YouTube it's a three to four minute video and it kind of explains how retail cbdc's are going to allow people to function in the future in terms of trade and settlement and um and even an international retail settlement so for instance say I bought

uh something on eBay in Mexico and it was shipped to me and I wanted to pay the seller you could theoretically use the uh coming cbdc system to just pay this person directly and have no intermediary which you know is kind of nice because you cut intermediators out you're going to cut a lot of fees out which is always good wow but the problem with this system is well who are you trusting to be the intermediator right and the ultimately uh I I'm not sitting here banging the desk cheering for it it's not something

I'm like oh this is exciting I'm looking forward to this to cbdc future I just telling you what it is you know I'm basically planning on what's coming and just preparing people because you don't really have to say in the map okay these people and who are in charge of central banks they're still in charge and I don't care how much people think that they're cryptocurrencies and all this other stuff is going to interlope things it's not these people still in charge

they still have a monopoly on violence they still have like a fifth of the entire round of gold in the world they still have the Monopoly on laws they still have the Monopoly on the announcements sitting here and made free financial press they still have the Monopoly on on various on and off ramps I mean they're still in charge no matter what anyone thinks they interloped and taken a lot of the uh cryptocurrency infrastructure in order to build this cupping system so yeah what do you think this is going to happen when this comes

on they're going to squeeze the high hell out of crypto and try and make it look terrible so people can turn to them and say well I press the central banks more than I trust this exactly who's over here have been running frauds for who knows how long so yeah I mean that's what's coming I'm not cheering for it but ultimately if you're a retail person it will come and likely get introduced under a crisis scenario and it'll likely be handed out in some form of a monthly

stipend for people who are losing their jobs because the you know technology oncoming is going to be taking a lot of their jobs a lot of the remedial work that people have done for decades and decades which has been awful terrible office jobs for the most part uh is going away and that's not the worst thing I mean basically if you get a stipend for mod what you should do then is retrain re-educate yourself get hip to what's happening in the world and try and get ahead of it try and not be

caught dead in terms of being caught in the crossfire what's coming because it's not going to be enough to live a quality of life that's high but it might be enough for you to have time and flexibility with the shavings hopefully you have some savings to retrain and repurpose your life and and I think that's ultimately where we're headed and that this is not happening all but it's it would not surprise me if we see retail cbdc's flourishing within two to three years okay that's really helpful because it is

hard to get answers on what this scenario would actually look like so thank you for that and as we're heading toward this you probably want to own gold and also silver so let's make sure we talk about silver as well we've seen it get over I think as we speak right now it's above 25 we saw it over 26 dollars per ounce last week but I know a lot of people are still looking for that thirty dollar level so Silver's path forward in 2020 2023 as well what are you seeing there so I know my prediction

as to what it's going to do you know that's hard for me to even it to put yeah I could I could give you a ring I think last this this week we had the world silver survey come out and you know the world silver survey is published by the silver Institute but who actually writes there for it it's Metal's focus and who actually writes reports people who live right as the city of London so you have to keep that in mind as what they're interested the city of London is being drained to

Silver their unsecured ETFs are a real problem they have a real problem coming in coming decades so when you read that report keep in mind the people who are writing that report are going to afford cold water on what they think Silva will do or at least they want to make the impression for anybody who's on the periphery who might join the silver bind that's going on in terms of record volumes they want to make sure those people stay like stay out so what they suggested was uh yeah the Fiat fed is

going to continue with the red ice all the way through the end of the year there'll be no rate cuts and somehow silver spot's going to go back to where it averaged last year 21. they could bottom at 18 some point the second half of the Year possible I mean did you get enough bank failures maybe the spot goes to 18 but you can bet bullying is going to be in the 30s so yeah I would suggest that perhaps that might happen but you have to think in terms of why right why would that happen um the other thing is you know if if the

Fiat fed starts cutting rates by the end of this year that means you're in you know recession you're going to have goal start running away and I don't expect the the gold silver ratio to just stay at 79 in that in that case I would expect a gold silver ratio to fall back from the 60s and so you'll have spot K to be on 30 if that's the taste if you had 40 Cuts before the end of the year that means we're in recession and then there's some real problems so you know you have one of two ways things can go

and maybe it's probably going to be somewhere in the middle you know that's usually how things Rock um so I mean this is this is it like I said a five and ten year play a five to ten year thing and and it could be longer because you're moving into a world where everything's digitized it always is nice to have some form of wealth that's private that's completely outside the system that gives you well optionality and ultimately bullying gives you a lot of optionality and and

that's why well I I'm irresponsibly long in bullying but for average people who are lined my deep into this industry it's proven I mean you know bullying in terms of recruiting allocation to someone's net worth uh roughly about 20 of your of your liquid net worth in bullying has been mathematically proven to be a pretty Sound Decision especially when you are suffering Under full fiat currency regimes yeah you know I think it's really key to keep that time Horizon in mind and last

time we spoke was a couple of years ago during kind of the height of the silver squeeze and it felt like at the time people were disappointed and maybe surprised that that didn't have an immediate huge uplifting effect on the price so maybe we can talk a little bit more about that what is what is the status of the silver squeeze right now so the silver squeeze is larger than any one person and some Echo a movement that I feel Echoes almost the history of the late 19th century when with the free

silver move came about more or less pushed by the uh little Democrats at the time because uh in silver had been demonetized in the 1870s and anyone who moved out west was a lot of times silver heavy in terms of how they're making their we had a lot of miners Etc and various folks out there who had a lot of debt in gold and you do monetize silver and then all of a sudden how you're gonna pay the back that goal you know it it basically was a consolidation of the west by the big banking system big

Bankers in the East and you had a huge situation in the United States where he basically had his battle at the end of my team as going into the 20th century about whether or not silver was going to be remonetized or not it wasn't and they failed at that attempt but I see a similar see I see a similar kind of uh feeling of people who are buying silver or doing the silver squeeze it's it's a a combination of I see it as a you know a great store of value that's why I'm buying silver bullion uh in

terms of value on the long term scale and then B I see it as a way to option out of this entire system in some form some fashion and to have something that's private that I can hold I mean there's a whole Litany of other reasons what I'm not going to go into them all but the silver squeeze movement is something larger than anything in terms of it's not Reddit control it's not any of that it's basically a movement of people who have been doing this for decades and other people who are new to

this kind of came about from the early or q1 2021 uh Reddit Bush But ultimately this thing goes until it gets squeezed and that I think the silver squeeze ultimately greets the gold squeeze where you're going to see a run to gold bullion as well and there just won't be any in terms of you know uh reasonable prices reasonable delivery times etc etc so the two kind of more can in hand Silver's been Elite golden nine and in that regard yeah right as we usually hear that it does before we stop talking about silver

I want to go back just briefly to those silver Institute numbers that you're talking about so we got the latest World silver survey earlier this week and you were mentioning that maybe you should take some of what they say with a grain of salt right but how do you feel about the demand number so they are pointing to record demand for last year deficit above of about I think 240 million ounces do those feel correct to you do you have any other commentary that you would share yeah I think that they're

pretty accurate in terms of those two numbers when they started 2022 in the first month or so I think they had a report and uh our founder or company founder Tyler law was mentioning this kind of interview he went back and looked at all in early 2022 they planned yeah the deficit will be negative 20 million ounces this year and then you know cut to 11 months later uh 12 false debt numbers right so you know they their guesses are you know it's like this which way is a wind blowing uh you know it's whirly it's swirly it's swirly

oh wait a second there's a 20 mile an hour 30 mile an hour 40 50. that's a record gust and that's basically what they they dealt with that so what are they saying that now they're saying I think 140 million I'll deficit this year I think they'll be closer it won't be 12x off um but you know really how it's going to play out in terms of the deficit this here will be questionable what happens with spot what happens with the macro economy what happens with India who's

been all but non-existent to begin this year because you know they bought record volumes last year over 300 million ounces which is first off 300 million ounces for any as a record a 240 million deficit is an all-time record we've never seen numbers like that okay so India's swamp was still over right now they're selling at a discount but what occurs you know if all of a sudden spot dips to 18 like Metals Focus clients at night you know what's going to happen India's gonna buy a lot more and then

they're going to come flying in because they see massive value if it goes up what are you going to get you're going to get a formal trade you're going to get a massive fear of missing out trade from the West which is a huge amount of silver bullion buyers I mean the United States is one of the largest in terms of silver investment bullion buyers in the world India's right there Naka neck independent any uses it more for jewelry Western is these are more of a store value so you know what's going to happen it's

hard to say they'll be closer though this time they won't be 12 12x off I don't think okay okay I appreciate that commentary for sure so as we are wrapping up here I want to ask if you are seeing anything in the gold and silver markets that people are missing and you know you watch closely all the time so I'm sure there are things that come to mind yeah um I probably could sit here and talk about some of that for hours um I want to see off the top of my head what are they missing

uh well you know you got to go back to like the for the attitude of people in 2021 when this you know kind of ramped up and got higher in terms of achieve one 2021 um silver squeeze kickoff more or less uh you gotta remember the mentality of people then was bubble mentality it was Fiat financialized bubble mentality and they were thinking oh yeah I could just make this trade double on money tomorrow yada yada and it's not the way it works in a break Market no you're buying into a rigs you know Fiat financialized

Market that has real value but it's going to take some time to play out to see that value run up a wall and see the truths of what you know silver gold should be worth in terms of their actual real value and the economy that Slants more toward how hard it is to produce things how hard energy it is to make how hard you know you can't digitize everything well you can but you're going to need silver and gold to go inside of it right I mean so these are all things that are going to come to play but it's

going to take some time so this mentality of like yeah this is a little this is a trade I'm going to double my money in like a year no problem like it's just like people came in a little bit too stupid because they were used to the the cryptocurrency clown Market that we went through and the tech bubble Market that we saw um you know you're saying you're going to see secular bear markets in many things you're going to see secular bear markets in the US dollar in stock market

in the bond market after they cut rates is going to be affordable circular bear market and bond market because I mean the bond market just ran through four Decades of a bull market uh what do you think happens after four Decades of a bull market and you go into bear Market it's going to last for decades so you're talking about major major asset classes the real estate market we're not even going to go into that it's the clown show in terms of the real estate market we've not even rectified or come to any

type of truths of what's happening there yet so there's a whole Confluence of things and bullying is one of those things so you can just I am coming out put a little out of here so it doesn't have much counterparty risk and you could hold it for for you know a long-term store wealth and I think ultimately 5 10 15 years from now it's not only going to store wealth well but it's going to it's going to do something that's only happens once in a while where all of a sudden the valuation of the two

silver and gold just runs up a wall in relative comparence to good Services other asset classes that's where we're headed and so you know that that's basically the take and anyone who thinks this is like oh yeah next year it'll be 50. yeah I hold your horse uh you know this is going to take a little bit longer than that you're talking about the change of the entire Global secular monetary system I mean the entire structure has to change we have to go through a lot of not not only

interventions in the market that we're gonna have to go through but we're gonna have to go through a lot of political differences a lot of change in terms of technology and how that's going to change our world ultimately silver gold will do well through them all but it's going to be volatile or crazy so you know Buckle in yeah okay I appreciate that realistic take you know we're gonna get there but probably it doesn't happen instantaneously which is hard for people to understand but it's very true I think

so thank you so much for coming on to go over what's going on in gold and silver with me this was really good Charlotte it was a pleasure always always good you always have great questions and thanks for having me on of course and once again I'm Charlotte McLeod with the investing News Network and this is James Henry Anderson with SD boyet thank you foreign