Jon Dowling Andy Schectman The Great Wealth Transfer Financial Reset Updates July 2025

➡ Andy Schectman, CEO of Miles Franklin, discusses the current financial climate, including the potential for a global currency reset. He suggests that President Trump’s actions may be leading towards this reset, possibly through a system backed by gold. Schectman also discusses the challenges of maintaining the US dollar as the world reserve currency, and the potential benefits of reshoring manufacturing to grow out of the current economic issues.
➡ The article discusses the potential changes in the US economy, including the possibility of returning to the gold standard and the appointment of Judy Shelton, a hard money advocate, to run the Federal Reserve. It also mentions the increasing value of silver and the stress in the silver market due to high demand and low supply. The article suggests that these changes could lead to a shift away from the US Dollar as the world’s reserve currency.
➡ Countries like India, China, and Russia are buying large amounts of gold and silver, indicating a potential global financial shift. This trend, coupled with the fact that silver is currently undervalued, suggests that investing in silver could be a smart move. Additionally, some U.S. states are making gold and silver legal tender, further emphasizing the importance of these precious metals. This trend could potentially lead to the removal of capital gains taxes on precious metals used in commerce at a federal level.
➡ The article discusses the declining value of the dollar and the potential benefits of investing in gold and other precious metals. It highlights the use of digital programs like Glint, which allow you to hold gold in a vault and make purchases directly from it. The article also mentions the possibility of using gold and silver coins to pay for goods and services, including taxes. It ends by warning about the dangers of investing too heavily in an overvalued equity market, suggesting that precious metals could be a safer alternative.
➡ The text discusses the potential of returning to a gold standard and the implications of this on the economy. It suggests that gold is being subtly integrated into a new monetary system, which could help reduce debt. The text also discusses the trading of silver for gold due to gold’s stability and steady rise over time. However, it warns against this, arguing that silver is starting to catch up and may soon outperform gold.
➡ The discussion revolves around the current economic situation, highlighting the shift away from the Keynesian system and the potential downfall of the US dollar. It suggests that the world is moving towards a currency reset and an asset-backed monetary system, with countries preferring to trade in their own currencies and settle imbalances in gold. The conversation also touches on the impact of geopolitical conflicts and the role of new payment systems in accelerating de-dollarization. Lastly, it emphasizes the importance of investing in precious metals as a safeguard against economic instability.
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Foreign welcome to the monthly podcast. Normally it’s been bi monthly recently because our brother here, Andy Schectman’s been a little bit encumbered with a new studio and the ever rising popularity of his expertise and of course Miles Franklin’s legendary service. But he has graciously joined us back and not a moment too soon because we are at a very interesting climax point financially as you all know with regards to the reset of metals currencies and many other movements including crypto. We’re going to be getting all of his insights as always. Accordingly, if you are new to the podcast please do like subscribe and share.

Helps the channel grow and others to gain in the knowledge you’ve been afforded. As you know Andy, Miles Franklin is one of our our premier sponsors for precious metals. He is the CEO of said company, 35 years in business with nary complaint. Very, very difficult to say that these days, but they are able to boast of that with the utmost humility and also a family run business. I broke in bread with him and his shauna, so gotten to know them a little over a year ago and it’s been a privilege to have him and so we have him back again.

Andy, how are you doing today? Good, sir. John I’m doing good, my man. Good to see you. Sorry I’ve been hard to track down between bringing my youngest daughter to college in Pennsylvania, speaking at a week long conference at the rule symposium, building this new studio and our office building, it’s just been one thing after another. So sometimes time management is the bane of my existence. I appreciate your patience. It’s good to be back. Thanks for remembering us. We appreciate it. We’ve been eagerly anticipating this meeting as you know, and no shortage of questions to ask you as there’s no shortage of things going on in the world.

So Tom, let’s do it. So okay, first question, Andy with It’s an interesting sort of movement going as you know we have the Dixie going down. It was down to last week to 96.47 on the 52 week moving average. We have gold and silver, particularly silver, massively up. But crude oil has been holding steadily around 65, 66. Can we finally admit once and for all that we are now in the midst of the Fed being optically destroyed by President Trump and in the process harkening in the global currency reset with bonds, cryptos, foreign currencies powered by precious metals.

Well, I think it’s concerning for sure when you realize that most of the currencies that are measured against the dollar, John, have been lowering rates. And since the US has not lowered rates, the currency in a normal situation should be rising, not falling. As we’ve seen now, this is an ominous sign because if rates remain high, even though they’re historically low right now, the government’s expenditures for interest will continue to skyrocket and could cause this massive crash that everyone thinks is coming to happen. But if rates are lowered, it will massively increase and ramp up inflation, I believe, far faster than anyone is anticipating.

So, yeah, I do think, and, you know, I think for the people who are expecting things to change, any form of a reset, whatever that looks like, I think the hard part is realizing that these things don’t happen in a nanosecond, that they take time. And to your point about Trump, I wonder myself all the time, is he purposely trying to undermine the economy and the dollar with deficits, massive increase in spending, where Doge says, Here’s 2 trillion in savings, and yet Congress can only agree on 800 billion or 80 billion, excuse me, that’s 38 hours of trading or spending by the US government.

But with deficits, with debt, with inflation, and we’re driving away our friends with unreasonable demands and tariff threats. Just try and understand Triffin’s Dilemma for a moment, read about it, and you’ll understand that we will always have trade imbalances, always. That’s part of being the world reserve currency, Griffin’s Dilemma. And so when you realize that it is the world reserve status that’s enabled us through the world, taking our dollars for their goods that we create out of thin air, and worse yet, putting their reserves into Treasuries, it is that privilege that has kept goods that we buy at Walmart and target cheap.

It’s kept our asset prices high, it’s kept interest rates low. And I think what he’s doing is pushing back against this system, which even Vice President Vance has written on White House letterhead about Griffin’s Dilemma, saying maybe being at this point of the game, the world reserve currency isn’t such a privilege. Are they trying to do this to your point? Certainly he’s not doing things the way that I would, albeit I would still vote for him. Again, I think he is incentivizing, if you would, what appears to be some sort of a currency reset for sure.

Now, does that mean to reset the whole system? That I don’t know. With all of the gold that is imported back into the United States recently, I’m wondering if his intention is what Judy Shelton talks about. And that is to sacrifice the dollar because our inflation is out of control, our spending is out of control. They tell us it’s 3% inflation. John Williams of Shadow Stats will say it’s 11 based upon the way it used to be measured. But if we continue to lower rates, what he wants, then inflation will really get out of control. But we owe 28 trillion dollars, John, in three years in treasuries that come due, we take in 15 trillion in revenue from taxes.

He wants to lower taxes without lowering spending. That’s a big problem. So how do we pay off just the Treasuries that come due in three years? We’re halfway there. That doesn’t take into account the three plus trillion a year in deficit spending. We’re 25% of the way there. And that doesn’t take into account any discretionary spending like military. This is a situation where the only way that they’ll keep the ball up in the air, in my opinion, is to back the US treasury with gold. Like Judy Shelton talks about her 50 year treasury idea, what she told me flat out on this show, that you will issue them on July 4, 2026.

It’s the only way that you could replace the high interest rates that would be needed to attract demand in an asset that’s losing demand in a country that’s inflating its currency. But that blows up the system with high interest rates. If you do that, you blow up the banks, we’re under capitalized and over leveraged. The insurance companies that are loaded with Treasuries and the bond market, the real estate market and the stock market, they all reset. But if you peg gold to it and have it deliverable upon maturity, as Judy says, well then you have zero coupon bond, low borrowing costs because that is what would compensate for the inflation or the interest rate gold delivery.

And you look at gold, it’s doubled. The 10 year treasury over the last 25 years. It was up 45, almost 40% last year, the 10 year Treasury 4.5%. And this year alone, the 10 year treasury halfway through the year is up 2.5% or less, two and a quarter. But the dollar’s down 10 or 11, gold’s up 38. That’s a 55% swing difference. So I think if you peg a Treasury with a very low, if not a zero coupon bond that is deliverable upon maturity, you have low borrowing costs. You can continue to borrow at a low rate which might enable you to bring back your manufacturing and over time grow our way out of this problem.

Because as it is right now, remember, Triffin’s Dilemma says, because your dollar must be strong because you’re exporting dollars, there’s not enough dollars for the world just through trade. Countries sell dollar or their currency to buy dollars. Their currency goes down, the dollar goes up. Their manufacturing is very cheap. So we send our manufacturing over there, which hollows out our manufacturing, but makes the goods we buy at Walmart cheap. And so the privilege of being the world reserve currency are cheap goods, high asset prices and low interest rates. But that doesn’t work when you are as indebted as we are.

When you’ve squandered this opportunity, this massive privilege of being the world reserve currency, it doesn’t work. And so I would say to you, yes, we are very close to some form of a change. The actions that President Trump is doing make it seem as though he’s trying to incentivize some sort of a reset. The question is, is it a full reset or is it a soft reset? Soft reset, in my mind would be to sacrifice the dollar and have its use just go out with a whimper rather than a bang in an effort to, in some regards, save the system by pegging it gold to the treasury to lower interest rates to allow us over time to grow out of this problem by reshoring manufacturing.

I know that’s a lot to chew on, but it’s somewhere in there that I see reality. And I don’t know if I went a lot further than you were buying, counting on, but I can’t get this out of my mind, that it just feels that it’s somewhere in between here that reality is, is finding a home in what’s going to happen. Right. Well, thank you as always, and I appreciate your articulation. So I had on about a week and a half ago, fellow Miles Franklin affiliate we know, love Mr. Bill Holter. And I asked him a similar question because I can get a different flavor from both of you.

And it’s his belief that President Trump is definitely killing the dollar, but specifically the Federal Reserve dollar, not the US Note going, you know, going back to the gold standard, which I have a question on that we’re going to table for a second. And I agree. And it’s all going into bricks for a level playing field. You see what he just did with Vietnam, what he just did with Indonesia, getting at the copper. We’ve talk that as a backstop to silver, its viability, particularly the wiring component. I’m just doing this as a reprise for the audience.

Remember, Indonesia has the Largest nickel deposit in the world as well. Yeah, good point. And it’s interesting. Vietnam and Indonesia, if you look it up, they comprise almost 60% of the world’s cinnamon supply. So what that tells me is we’re going back to assets in the ground, not just relegated to precious metals, but whatever that country produces. You take a country like Colombia, who has fertile crops, they’ve made scores of money on, on their coffee supply. Why couldn’t that back their curr? It absolutely could, but I don’t think the US Dollar will be the reserve currency of the world anymore because brics with Operation Sandman will remove what you’ve talked about correctly with the hegemony.

It still allows us to get access to resources without having to use this cabal central banking system on the backs of their necks. It still frees them up. At the same time. There’s a place for both to win there. I tend to think you’re probably right on the soft reset or just phasing the one part out to bring it in to make the collateral damage as little as possible. He’s also going to drill quite a bit, which will counteract the hyperinflation that is typically associated as you know, when a central bank system dies, which we’re already 54 years, we’re already several years overdue for that, as we’ve agreed and known.

So it seems that you and Bill are sort of aligned with that. Which goes to my next question, because you brought it up and you know I love this woman. You’ve interviewed her. I’ve desperately tried to meet with her, but I know her, her schedule is quite constricted. Yours. But you notice Scott Bessen is already talking about removing Powell. Trump’s talking about removing Powell. They probably already done it and it just hasn’t been announced yet. The next Fed meeting is on the 30th to decide rates. What a coincidence. August 1st, the tariff discussion, which they probably worked out already, I think, behind the scenes.

So you see pictures with percent on one side, Judy Shelton on the other. I also talked to Bill Holter about this. So this is a two part question, Andy, bear with me. The first is, is that Bill said, and I agree with him, that during 2020, during COVID President Trump baked the Fed into the Treasury. So technically, does Powell even have a job? Number two, if that’s the case, which we believe it is, then couldn’t Judy Shelton come in and run the Fed and then run it out by auditing Fort Knox, showing they have the gold, then auditing the Fed and just basically kind of putting Besant into another role.

Did you see her as the new chairperson to supplant po? Well, I would like her to be. There was an article I read the other day where she wasn’t even mentioned in the and it was on X. And someone immediately said how can you put this list up without putting Judy Shelton in the running? Yeah, I’d love it for it to be her. She is an Austrian economist, she’s a hard money advocate. She’s one of the smartest people I’ve ever met. I would love it if she were running the Fed. And her and Besant together I think would be a formidable duo in perhaps righting the ship.

They all both understand sound money. Besant is a self proclaimed gold bug. Besant said he would like to preside over a new monetary reshuffling, a new Bretton Woods. The crumbs that we see seem to point to something along those lines. Even culminating with Trump on Easter Sunday saying the golden are negotiating. He who has the gold makes the rules. Not sure exactly what that means. You look at even what his son said, Donald Jr. That my father’s going to revalue gold. There are so many crumbs that we can see all over the place. Yes, I would love it if Judy ran it because she understands, she understands gold, she understands sound money.

And I’ll tell you, she really truly does believe that gold will back the treasury system. I could think of no one I’d rather have because in that scenario over time gold would run to a level that people couldn’t even believe and it wouldn’t come back down because it would stand as the backing of whether it be in her eyes, the treasury or something more grandiose over time. But that would be the greatest news that anyone who owns gold could ever hear. I agree with you and I also think that is wildly Andy. What we see is a likely as a team likely happening is that she comes in, brings back the gold standard, undoes the mess of Nixon, Kissinger and her and percent create a one, two punch because we don’t see all there is to see yet behind the curtain as it was proverbially speaking.

So I think you’re onto something with that. Speaking of precious metals, how could we avoid the elephant in the room there? Silver’s getting awfully close to $40. It’s pretty much taken out some of the historical resistance that hasn’t been seen since 2011. I recently hear Momentum analyst Michael Oliver say that he thought that silver would blow through $50 and now the price is above 38. I think earlier this week it was above 39. Do you anticipate it rising much more in price in the short term? And if so, how high do you think its potentiality can be? I mean I’m not really sure how high it can go.

I think it’ll go higher than people think possible. But when you hear, you know the head of TD Securities, I think his name is Daniel Galley or something along those lines, come out and say that he estimates the London Bullion Metals association silver free float, that would be the stock of silver backing the Treasuries stands at its lowest levels in recorded history only to about 150 million ounces or so. That’s less than a single day’s worth of trading volume for spot silver in London. When you see the lease rates in London soaring as high as 8 or 9%.

I mean I’ve never seen that before. Those are the, that’s the rate that it would cost to borrow silver to cover a contract, let’s say, or to short it. When you see that look, Silver’s up almost 35% this year as it is. When you see the commercial banks come in and they last week were short almost 80,000 contracts over 400 million ounces. And they built that position at 3750. So anything above 3750 they’re bleeding at over $400 million per ounce, per dollar they would be losing over 400 million. So what is silver today? Let’s see, silver today is roughly 38, 30.

So they’re down about 80 cents. You know, they’re down $350 million on that, on that trade. When you see the fact that Yesterday there were 0 shares of SLV to borrow to sell short, I’ve never seen that before ever. Telling you that the market is getting very, very tight. When you see the exchange for physical fee surged by almost 250% in just two days. That’s the cost to swap silver from a futures contract to physical or physical to futures. Either way that indicates massive stress in the silver market. All of these things are pointing to silver.

You know, including breaking right there. It’s right at the breakout point of a 45 year cup and handle, it’s broken through a falling wedge. Everything technical, everything in terms of the lbma, the supply, the delay. The London Metals association is a T +1 market where T is the trade day plus one to settle on the third day the bar should be moving. They’ve been as delayed as Eight weeks, citing a shortage of manpower and trucks. But as we heard, they have 155 million ounce free float. David Jensen does an amazing job pointing to the LBMA statistics and he says they trade as much as 1.9 billion ounces, ounces a day.

On paper, 1.9 billion with 155 million backing it. 1.9 billion ounces would be three and a half times the annual global mine supply and in this case over 12 times the float. And then they get all these deliveries and sorry, we can’t move it in one day because the bank of England doesn’t have enough in the way of trucks or manpower. We’re eight weeks delayed. That almost is that break, that default. I think the commercial banks realize this is an existential threat. I think this is a game that has been exposed by the big players around the globe.

India, China. India and China alone are buying so much gold and silver it’s ridiculous. And India’s bought about 900 million ounces in the last five years of silver. That’s more than the LBMA has total. And when you talk about, remember, most of the silver in the LBMA belongs to ETFs like SLV, who’s controlled by BlackRock and JP Morgan. There’s so much that you can look at that point to silver really being on the verge of exploding. And silver, I mean, China. I just confirmed this last week with both Keith Neumeyer and Sean Khun Khun Keith is first Majestic Silver CEO and Sean is the CEO of Dolly Varden.

And they both said that China is flying all around Mexico and Latin America, Peru, and buying dore and concentrate directly from the miners and have increased their buying from artisanal miners all around the world, from small miners. They’ll buy everything that they can sell because this disintermediates the marketplace. So they join in with the Western banks in shorting the price on Comex. And then they go all around the world and they buy right from the miners, Dore, which is a crudely refined bar. They buy concentrate, which is a byproduct that refining. And it’s like a sludge in a jar.

And they send it back to China and refine it themselves, or they buy it directly from Mexico, as Vince Lancy says, long before it’s even called silver. They’re just buying the Dore and they refine it themselves. They’re the second largest producer of silver in the world. They’re doing the same thing with gold. They’re the largest. They’re buying up everything they can get in commodities and silver is probably the most undervalued asset on the planet. And to see the length at which a country like China, who produces second most in the world, flying all over the place and buying Dorian concentrate, paying double what the west will to ship it back and refine it should tell you all you need to know.

But then you see the second largest delivery in the history of the Comex market on the May contract, huge amount in the June contract, huge amount in the March contract. Month over month over month, we’re seeing massive deliveries into the United States. Who’s buying it, who’s taking possession of it. It’s a lot deeper than tariffs, I can assure you that. Yeah, I think we’re really close to that moment, really close to that moment. But this is a high stakes game that will probably take longer than most people can deal with that nanosecond thing again, you know, you can’t look at it in terms of nanoseconds.

Play the long game like China is, who’s trying to go all around the world and accumulate commodities for their next growth spurt. Within the brics, they just bought the London Metals Exchange a few years ago. All the base metals, their belt road, all of the 155plus countries that are resource rich and underdeveloped. That’s the whole premise of the belt road. All of this stuff points to commodities being massively important. And I’ll tell you what, John, in my mind, silver is not industrial, it’s strategic. And by the actions of these countries, it’s proving that. Yeah, I think silver might be the best play, a date play of a generation.

And the word I think of when I think of silver is asymmetrical, very low downside, huge upside. So yes, it’s a place I would park my money right now for sure. No question about it. And I mean, you sort of answered your own question in a sense. BRICS is clearly buying it. Look at Russia, let’s not forget those guys. Second World. Yeah, Second World’s world’s second largest gold producer. I think this year they’re going to be putting the gold away from the US and putting it on the St. Petersburg exchange by the end of the year.

And then I was watching an article or a video I should say, with you and Robert Kiyosaki, correct me if I’m wrong, I think you guys are talking about there’s only about 155 million ounces left. So now it’s not just a price point issue, it’s a delivery issue. Right. If you can afford it, but you can’t get it, what difference does it make? That’s always been our contention as well. So you’re definitely. Let me do one quick thing that I think underscores that There’s a man named David Bateman. He’s a billionaire and on Twitter he wrote this and I’ll just read it verbatim.

Here are the reasons I invested close to a billion dollars in precious metals over the past six months, including the purchase of 1.5% of annual global silver mine supply. 12.69 million ounces. The global monetary system is about to collapse. The Great Reset or the Basel endgame. The biggest credit bubble in history will soon pop.300 trillion. There is no way the US can refinance its 28 trillion in maturing treasuries in the next four years without an obscene amount of printing. Trump tariffs are hastening the collapse and it’s by design. To your point, gold and silver are the only meaningful life raft.

Physical possession is everything. The whole world right now is sophisticated game of musical chairs. The chairs are precious metals. Now he writes this. I don’t. So all you crypto people, don’t get mad. Crypto is a psyop. Those who purchase will have no chair when the music stops. Real estate, crypto, stocks and bonds will all lose significantly compared to precious metals. The banking system has been meticulously designed to seize your assets to buoy up a collapsing banking system. See the great taking. You have zero counterparty risk with precious metals. I’m up 20% already on most of my purchases.

This is not a drill. Your grandkids someday will either muse or lament this day financial decision you are now faced with. Do not fail them. Well, that comes from a billionaire. And usually when you’re at that level, you are also very well connected to the information. So take that as what you will. David Bateman, he is on X. You can go to and check him out yourself. He put that on there a couple months ago, but I thought it was very relevant in terms of discussions. Any discussion on silver right now. Yeah, well, there’s no question he had me up until crypto.

I have to disagree with him respectfully on that. It’s not, not a high up, but I mean crypto isn’t for everybody. Just like certain currencies or whatever. Not for everybody. It’s, it’s, it’s a, it’s a very, you know, fluid, customizable thing. Everybody has to work with what’s comfortable for them. And, and I personally am in the belief, I think you are as well of diversification. That doesn’t mean that’s the ethos of everyone. So, you know, he’s certainly entitled to his belief. But it does underscore the point of of the reset. We talked about going into bricks, assets in the ground, you know, et cetera, et cetera, and the hugely integral role that gold and silver and eventually copper play with that.

Recently, Texas Governor Greg Abbott signed a House Bill 1056 in the law Andy making gold and silver legal tender for all transactions within Texas. The law set to take effect on May 1 of 27, which thereby gives state agencies time to implement systems that will ultimately allow precious metals to function seamlessly alongside traditional US Currencies Currency I know you keep track of the and proposed legislation for gold and silver being used as legal tender. Interesting side point before my question, and you probably know this, but I recently discovered that Tennessee and Texas have been trading partners since the early 1800s using gold and silver as legal tender.

So it’s interesting when Texas does something Tennessee and other states like it seem to follow. Interestingly enough. Do you have any information on developments in this regard that our listeners might not be aware of? The state of Florida just passed the same law you’re seeing. I think there’s 22 countries almost states, almost half the country is the they have this proposal either passed or in various stages of discovery through their legislatures. I spent an hour on the phone with some legislatures here in Florida trying to refine the bill that was just passed and the amendments just yesterday.

Any amendments have to be in by November. It’s a growing trend. It’s a growing trend where in fact I was told by some people I know that there’s a very good chance that we will see on a federal level the removal of capital gains taxes if used in commerce. So yeah, it is a way for these states to actually care about their constituents. If you save in dollars at the rate of inflation, at the rate of money creation, at the rate of indebtedness, which can only really be dealt with through devaluing the dollar through inflation or through monetization of the bond market, through destroying the value of the dollar, you save in dollars, you’re destined to go broke.

So. So I think these state legislatures realize that and I think what you will see is a refining of the bill to be something more along the lines of trading with Glint. I’m the US Contact for Glint. It’s a digital program where the gold that you hold is held in a vault at brinks in Switzerland and you get a MasterCard that allows you to purchase directly off of it. That would be the easiest way to monetize gold because you don’t have to worry about change coming back unless you get paid back, I suppose fiat. And you don’t have to walk around with gold and silver coins.

But the way the legislation reads right now, you could take your gold and silver coins into the county offices in Florida or in Texas, once these bills are fully mature in all of these states and pay your property taxes or your license plate tabs or for that matter, any, any shop where they take gold and silver. It’s for all debts, public and private. It’s a move into the direction that we are all hoping for, the acknowledgement and realization of sound money legislation. And so, yeah, it’s a big deal. And when you get over half the country waking up to what’s going on with the dollar and alternatives to it, it’s a step in the right direction because most people don’t have any clue.

They think you, your money in the bank is safe. Sure it’s safe, but it’s losing so much value so fast. I think it’s easier to understand when you look at a historical perspective. My father was saying to me the other day, my mother were married in 1963 and his first job out of college, he was earning just over 6,000 a year. And he said, your mom and I could live comfortably, Andy, on 6,000 a year. Now tell me how the hell that’s even possible. So that’s what’s happened to the value of the dollar. The first house I grew up in, they paid $70,000 for it in 1973 or 4.

How is that even possible? That house was sold for 7, 800,000 in the 2000s. So the point of it is that it’s not that asset prices have got that much higher, it’s that the dollar has fallen that much. And the best way to show that is what happened the day Nixon closed the gold window. In 71, gold was $35 an ounce and it just hit 3500amonth ago. Which means in relation to gold, the dollar lost 100% of its value. Now it’s a little under that now. About 99.5% of its value has been killed in relation to Gold since 1971.

And that is why saving in dollars is the worst possible thing you can do. You know, I’m going to concur 100,000% on that one. And then you look at also Andy Marjorie Taylor Greene recently floating. The idea of capital gains being roofed summarily for houses won’t just stop there. You and I both know that that has huge positive, hugely positive implications for cryptos and foreign currencies and investments because it falls under that vein as well. So that will give people peace of mind going forward. In addition to precious metals, I recently saw a video Andy of a coin show whereby some of the dealers were interviewed.

Many said that they had to sell silver under spot price. They blamed the lack of buying from their customers on fear of the past whereby the price of silver went up so rapidly like it did in 2011, 2012 and then the price of plummeted and it stayed down for many years. Does that make sense to you or have you seen this before? I’ve never seen it before but I bought $11 million worth of pre 65 silver coins at Under Spot, probably from one of those very large dealers who probably didn’t have it hedged and the price went up and there was profit involved and sold it to me.

If I bought it all at Under Spot, that’s a, that’s an anomaly. That’s why we’ve been specialing it for a while, selling it at Spot, that’s an anomaly. I’ve never ever done that before, but I am now. And the interesting thing about it is that the exchanges are being bled dry. The deliveries into Comex are the largest in the history ever of the exchange. These are the most sophisticated, well informed traders in the world. They’re not buying the coins and bars down here, they’re buying the COMEX stuff. That would be a precursor to the stuff down here disappearing.

Because they are always front running what’s happening. And it’s interesting when you talk about what could possibly go wrong, you have the retail investor, mom pot, the largest allocation to stocks ever in the history of the stock market. Even more than the dot com bubble, about 53% at the same time since the beginning of the year, every single week since the beginning of the year, the institutionals and insiders have been selling equities. Since June it’s averaged about 2 billion a month or a week in selling. A 6 to 1 insider selling to buying guys like Buffett, 500 billion in cash, Bezos, Zuckerberg, Jamie Dimon, the three or four largest shareholders and board members of Nvidia all dumping hundreds of millions of dollars.

They did. So the point of it is if the insiders are selling, the institutionals are selling and MA and PA is going the other direction, record investment, what could possibly go Wrong. And then at the other side, you have the biggest money in the world, the most well informed money in the world, the most sophisticated traders on the planet, draining the COMEX and the lbma, and the public having such low exposure that dealers like me are buying stuff below spot. What could possibly go wrong? So when you talk about the insiders who are typically always ahead of the curve and the retail investor always behind the eight ball, you don’t have to look too far to see which direction the smart money is going and which direction the public is going.

And if history repeats itself, well, you’re looking at it being not the best idea for the majority of the people in this country not watching you or I on a regular basis. Crisis. Agreed, brother. And it was another interesting side note. Andy even surprised me. I knew that the percentage of society was systemically low in terms of public consumption of precious metals, but didn’t even realize how low it was. When I talked to Bill, he was confirming that it’s 0.9 10 of 1% of society even owns precious metals in some shape or form. Which is still staggering to me how that’s even possible.

But as you said, that would be not just physical metals, that would be physical metals and metals related equities, mining shares. So it amounts to a rounding error. If you just saw it go back to its average or it’s the mean of the past 40 years, which would be roughly 4%, you’re talking a fourfold increase in the product would disappear, the premiums would go to the moon and, and that’s nothing. I mean most financial advisors will acquiesce to 5% and it should be much higher than that, but they don’t make money on it. So they say, okay, 5 or 10%.

Point of it is that it’s woefully, woefully. Actually the number I’ve used is 1/2 of 1%. Maybe Bill’s right. Bill’s one of the smartest guys I know and I love Bill and he spends a lot of time researching too. So we’ll say 1% even you’re so far under, I mean historically. And then look at other places around the globe and find out that that’s way under allocated. You look at China, they’ve been running a state sponsored gold accumulation program for their citizens for the last several years. They’re prodding their people to buy gold and take delivery off the Shanghai Metals Exchange.

And we’re doing the opposite. And it’s just something that I think will end badly for most people who are fully in on an equity market that is as overvalued by every metric as anything ever in history. And the insiders are quietly exiting stage left. The Irish goodbye and the Mom Pa are more invested in it than ever. I mean, like I said, what could possibly go wrong? Yeah, absolutely. I think 1% would be generous, as you would agree on the number. But I mean, it’s, it’s staggeringly low in comparison to what it ought to be. And all we can do ultimately is be like Paul Revere and, and sound the alarm.

And those who you use good discernment, you know, will do so accordingly. But both Bill and I are of the same persuasion in terms of if we have to go back to a gold standard because it’s just the natural order things, because if we were to bring back gold and silver, their true value would put in the six figures, which would put it out of reach for most people. They’re not going to do that. So a default just seems like the logical and easiest way to do that, AKA reset and just go back to the basics.

We just can’t afford to go the way we’ve been going. It’s unsustainable, as I know you would concur. Mike Maloney said if his numbers, if we backed the currency the way they did prior to 33, it was just M1, M1 is just the currency in circulation. When you look on your phone and see your bank balance at Wells Fargo, that’s M2, that’s credit that is owed to you. In currency, which is M1, M2 is largely credit and about 10% or 15% or currency. So anyways, if you just take M1, the way that it was measured before and divided into the gold that’s supposedly there that hasn’t been audited since 53, you’re looking at just under $10,000 an ounce gold.

And in that example, the treasury general account would get roughly $2.5 trillion free and clear from the Fed through Treasury certificates, which would allow them to start to pay down their debt. The only issue, the only exception I take to that, and why I think Judy’s plan is more likely to back the treasury, especially with long duration, is because Gresham’s Law, bad money chases out good. The president of France in the 70s, what was his name? De Gaulle, proved this theory that convertible currencies convert. And so if you have the ability to take your fiat currency and convert it for gold, most people would do that.

So the question becomes, can they back it without convertibility? Maybe that’s where blockchain comes in. But then you get into a trust situation, if it’s fully convertible. You have to wonder, after all of the mismanagement of the dollar and the lack of trust throughout the system for all of these years, would people not immediately rush to convert the majority of their cash into gold and, and pull it out of the system? That’s the only thing that I might take exception with. And that’s why Judy’s idea of pegging it to the treasury, which massively would, would drop down borrowing costs all the way almost to zero because it would replace the high level of interest or the inflation hedge and allow us to continue to work off our debt.

Now I guess we’ll see. Maybe it’s somewhere in between. But one way or the other, in my mind, gold is quietly and very obviously, if you look close enough, being integrated to some degree into some form of a new monetary system. So only time will tell. But I agree with Bill and you that it is increasing in its significance towards what is coming next. Yeah, absolutely. And I think that’s kind of part of the overall agenda for President Trump, Andy, is it’s a two tier approach. It’s bringing phasing in gold with the right leadership, like you said a minute ago, coupled with Doge moving the waste and fraud and abuse, cutting the fat.

The combination of the two, I think is his plan to kind of scale back the old and bring us into the new, which just makes a lot of sense and still while empowering other countries that he can, he can leverage the assets we discussed earlier. Another thing I saw that really perplexed me, Andy, was these dealers at the coin show that we were talking about earlier, they were stating that a lot of their customers are trading silver, silver and to buy gold. And it wasn’t an isolated incident. The stability and strength of the gold seemed to be the reason for why these customers were trading in their silver for gold.

The steady rise of gold over time you talked about was the main factor behind the trade. It seems like the completely wrong thing to do from our perspective, especially when the gold silver ratio is so attractive right now. Are you aware of any of this and what are your thoughts on that? I’ve had a few people ask me, I tell them it’s not time, don’t do it. You don’t do it until it’s 50 to 1 or below. I think it’s silly to do it otherwise. And I think it’s just because a lot of people have grown tired of silver’s lack of performance.

But then all of a sudden silver popped and has outperformed gold this year. So maybe that was probably from more than a week or so ago. I would think that that question would be asked less right now. And silver is very close to that breakout. That would very, very quickly decrease that ratio, which is still very much in favor of being in silver. You get south of 50 to 1, the argument would be to consider gold. It’s coming out of the ground at 7 to 1, so it’s not the time to do it. But I understand it based upon its performance in relation to silver, gold’s performance, relation to silver over the last couple of years.

But silver is starting to catch up, it’s starting to slingshot. And from a technical standpoint it looks actually better than gold. So I wouldn’t be doing that yet. Ultimately it’s on the playbook, but we’re not there yet. We’re still on the 30 yard line. You got 30 yards to go for a touchdown. It would be premature to try to do it now. I tend to agree with you on that. I think it’s a timing issue, but it is interesting. It is sort of an interesting development of what’s to come. I guess that that creates a sub question.

Just out of curiosity, Andy, do you think they’ll ever be. Let’s. Let’s presuppose that we do go back to the gold standard and bring sound money, become a constitutional republic and all that entails with that From a tax standpoint, do you ever see a situation with silver’s importance, the fact that it is so much more scarce compared to gold, which is more awash in the world. Do you ever see a situation where they might go one to one? It was one to one. I don’t know, maybe back in biblical times, a long time ago. It’s coming out of the ground at 7 to 1.

It’s depleting in nature. Its uses typically do not command recycling because it’s used called inelastic. It’s used such tiny little amounts that it doesn’t make sense to recycle it. A fifth of an ounce out of an iPhone or you know, anything in the motherboard of anything basically that conducts electricity. It’s so small, if it were gold it would. But silver, no. So it’s decreasing and depleting in use, in industry and in nature. In fact, the BRANCH of the U.S. government, it’s the Geological Survey branch of the U.S. government says it could be the first element. They just said this recently.

The first element struck from the Periodic table of elements. It used to be 16 to 1 geologic ratio, now it’s 7 to 1. It’s because like your skin is epidermis. Silver is found in nature in a form called epithermal, very near the surface. Big deposits were found forever ago. Roughly only 20 to 25% of the silver that’s come to market the last few years has come from silver companies. Majority of it, some through recycling, some, but the majority of it is through byproduct mining of other material, where they stumble across some silver and bring to it it to market.

But the major silver producers only account for just over 20% of the silver supply because it’s disappearing in nature. So, yeah, I think it’s one of these deals where it’s way, way undervalued due to the fact that there are eight western banks that have suppressed the crap out of it to the degree of it being the largest concentrated short position in the history of the COMEX or the lbma. That’s changing. It’s changing because for the first time the countries of the Global south are coordinated, sophisticated, motivated and know what we’re doing. And they’re standing for delivery too, including shorting it on comex to drive the price down and then buying it all around the world in avenues that don’t affect the price immediately.

The price is set and is affected on comex in London. And if you buy, you short it on comex and then buy it all around the world, you, you’re buying it at subsidized prices where the price isn’t reflective of those purchases. And especially buying it directly from the miners, you’re completely disintermediating the marketplace. So, yeah, I think its potential is greater than anyone can imagine and I think the insiders know that. That’s why you’re seeing the largest deliveries in the history of the COMEX happen every single month, it seems, since November. That’s why you’re seeing massive deliveries off of the lbma.

That’s why you’re seeing the countries of the Global south front run this. So, yeah, I think if you have strong enough fingertips and can hang on, even knowing that markets can stay stupid and irrational longer than you can stay sane or solvent, that happens. Hang on, it will be the best choice I think you’ve ever made, actually. And I do mean that you can only manipulate a market for an extended period of time, John, by pushing it in the direction it’s going and they’ve created a massive distortion whereby you’re talking the existential threat of Some of the biggest banks in the world who are stupid enough to have these short positions and are getting bled dry.

And now you have challengers that are sovereign in size that understand what we’re doing and never would have thought of challenging the West. That’s changing. And so, yeah, I think you could see a ratio lower than anyone thinks and a price higher than anyone thinks before the music stops. I totally agree with you. And you look at nations and brics again, like China, Russia, who are just doing workarounds, working with minors, as you said, more and more the frequency and uptick of people trying to get minor relationships as a, as a reach around to your point, you’re seeing that, you know, more and more and more.

So it’s going to be, it also seems to suggest to, you know, as an under related point, the fact that we’re moving away from the Keynesian system and we’re, we’re getting away from that. It’s not, again, it’s not workable, it’s not sustainable and it was never in the best interest of we the people. That’s an experiment that’s coming to a painful end. I agree, man, I totally agree. Well, it’s like you said, you know, if you’re in the dollar, you’re in a loser’s game. And the problem, the challenge that I see is we have a, an older population who was taught to save, invest, do the paper market.

You got to think, right, Andy, if, if you know this all too well, golden silver, paper certificates, you’re not holding the physical metals when you do that. Similarly with the 401k, it’s just credit debt. And if companies are laying off, you think they’re going to still pay the pension at the same rate they did? Absolutely not. It’s a ticking time bomb. And so it’s a disparate situation where we need to try to get these people, you know, out of that, that stronghold, if you will, because otherwise it’s going to be, as you said, very painful. Yeah, I think it will be.

No matter what. In, in that situation, excuse me, John. I think he or she who loses least wins. I think it’ll be painful for all of us, even those of us that are prepared. Yeah, yeah. To a larger degree, I think you’re right. It’s just kind of absorbing as much as you can. I mean, just like in the Great Depression, you still had 1% of society who flourished. Our, you know, our goal is to get people in that 1% and try to increase that market share. You know what the Best performing stock was in the Great Depression.

What’s that? It was homestake mining. And if you invest in homestake mining, you made a lot of money. It was the number one performing stock in the entire stock market when the stock market collapsed in 1990. Interesting, interesting. I’m going to write that down. Very, very good. Thank you. Thank you. And that was a very invaluable piece of information. Last question I have for you today. And it’s in a different direction, but it kind of correlates to brics just to kind of give you sort of a creative prose on it. As you know, we recently had the conflict where we had Israel bomb Iran’s nuclear power plants 300ft below the surface and decimating it.

No matter what the legacy media says, it’s been proven out and it’s had them reposition themselves. Ultimately this is a destruction of the corruption around the world. We’ve been talking about that for the lion’s share of the podcast. So it goes in that similar vein. And Iran has certainly hamstrung corruption throughout the Middle east, particularly their little brother Iraq as it relates to the dinar. Does what’s happening with the Middle east in your mind hasten a return for a currency reset as well as a asset backed monetary system? It’s a fair question. I haven’t thought of it in that vein.

I think what hastens it is more so actually is the new Renimbi cross border pavement system or M bridge, which has already been connected to five Middle Eastern countries along with 11 countries in Southeast Asia. It is Enbridge, which settles in seven seconds instead of the three to five days that that Swift does with a 98% reduction in fees. And the whole plan is to trade central bank digital currencies over this system and settle in balances in gold. The Shanghai Metals Exchange is building a series of multi jurisdictional vaults. The first one is either completed or almost done in Hong Kong.

So you can deliver, you can trade in yuan like for oil with Saudi Arabia and then take delivery of gold in Hong Kong off the Shanghai Exchange and the next vault that is being built is in Saudi Arabia. The idea is to do it all through Africa and Asia and the Middle East. I think that certainly will hasten it in terms of the US and Israel getting into a spat with Iran. I don’t know if that hastens it or not. I think what it really does is perhaps, if anything, I think it hastens maybe the demise of the US dollar, if that’s what you mean by an increase in speeding up the reset? Yeah, sure.

I mean it’s the never ending war cycle and I think the world is tired of it and wants a change, I really do. So I don’t know if anything hastens the inevitability of this reset. It’s a very high stakes. But I do think that whatever a reset looks like one is needed. And I think people might have different ideas of what a reset is but to me what a reset is maybe not a complete and total destruction of the US dollar but let’s just say over time it becoming irrelevant where the rest of the world would rather trade with one another in their own currency over a system that is not controlled by Swift and to settle imbalances in gold rather than holding US Treasuries which are able to be sanctioned and frozen and manipulated and defaulted upon.

And so yeah, I think a reset is coming. Whether or not the conflict in Iran has anything materially to do with its speed or its increase. I’ll leave that up for others to decide who maybe pay more attention to that. But what I would say is that that this new payment system that has already been integrated into five Middle Eastern countries and 11 in Southeast Asia is operational and is the beginning, I think of a trend that will greatly increase de dollarization. And when you throw in Sergei Lavrov’s comments saying that we are going to open it up to non BRICS members, you’re talking all of these countries, you’re talking to all of the countries in the Belt Road, you’re talking to the countries in the Middle Middle east, you’re talking to the countries in Southeast Asia, you’re talking to all of these countries who are aligned with the BRICS and China but aren’t part of it.

And it will indeed inevitably I think start to not only decrease the settlement status of the dollar with everyone trading in their own currencies, but over time the accumulation of gold and other commodities instead of Treasuries which have outperformed Treasuries which remove counterparty risk will greatly undermine the reserve status of the dollar. So in terms of inevitability, yes, it’s coming. Do we all have the patience to wait? Tighten the grip on your fingertips and hang on because it will change everyone’s life when it does happen. What it looks like, only time will tell. Indeed. Yeah. What I hear you saying ultimately Andy, is that it’s all this momentum is just pulling to the middle of an inevitability.

It’s so these different storm fronts converging and ultimately what you just Said a level playing field with the currency reset and as our friend Bill says, something real for something real. These countries want to trade in real stuff, not speculative or debt. They want something actual. So it’s going to force the US to either get in the game or just be removed summarily to your point, I think they realize that for the first time this is administration understands it and they do. Let’s hope so anyway. I, I think they do. Yeah, I think you’re right. So as we conclude Andy, as always as you are, our primary and most important focus on the metal side for the channel as people would want to purchase precious metals or convert 401k IRAs or do some type of overall summarily abandoned consulting.

As to their best options, can you kindly walk through how they would do that please? Yeah, the best way is to send an email@infoilesfranklin.com say they heard us on this show. My promise to them all is that we will do our very best to give you the best price in America. Make sure you tell us that you heard about us on this show. Request our price list. Have any questions, let us know. We’ll answer them with no obligation. If you see better prices elsewhere, let us know. We’ll do the best we can to beat the them.

Our price list is updated twice a week. We do it this way for a reason and it doesn’t update all the time. So if you see something better, let us know. But we’ve done 12 billion in sales in almost 36 years without a customer complaint and that’s most important. We are in the state of Minnesota. Our corporate office. I’m in Florida but Minnesota has re established. They took a six month hiatus while they were doing some refining to the laws. But we are in Minnesota, the only state in America that requires licensing, bonding and background checks.

Almost every company in America won’t do business in Minnesota. It means it’s the safest transaction in a non regulated industry with the best reputation with white glove service and hopefully the best prices across the whole continent of North America. And that’s what we strive to do. So info infoilesfranklin.com you saw us on this show and send me an email. We’ll set up a date for next month. John and I look forward to coming back and chatting with you again and see what the world has in store for us. By then I think it might be a little bit more in focus.

Let’s hope so. Anyway, you’re 100% right. And yeah folks do please mention that you heard. You refer us as the channel, the podcast, because it helps our core concentration and from a marketing standpoint, to kind of know what kind of outreach is going on. And as always, we appreciate you. Andy Schectman, CEO of Miles Franklin. Thanks for being here for this deep dive once again. Good to have you back, and we’ll see you again in the not too distant future. See you soon, John. Stay well, brother. You too, man. Thank you.
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