Why Silver May Be the Next Palladium

➡ Bank of America predicts a significant increase in silver prices. A new weight loss peptide, retatrutide, is gaining popularity due to its fat-burning properties. Sarah Westall discusses economic issues and the potential impact of blocked trade routes on the global economy. She also emphasizes the importance of investing in physical assets like gold and silver during volatile times.
➡ The text discusses the historical and current value of gold and silver, suggesting that these precious metals have always been seen as a reliable form of wealth. It also explores the decline of trust in global institutions and the potential for a shift in global power. The text suggests that the U.S. may be entering a period of decline, similar to the fall of the Roman Empire, due to financial instability and loss of trust. Finally, it mentions a change in financial advice, with analysts now recommending investment in precious metals.
➡ The article discusses the irregularities in the silver market, where more silver is being taken out than is being delivered. This unusual activity suggests that a large entity, possibly the government, is acquiring large amounts of silver. The article also mentions potential manipulation of the market by large financial institutions, which could be buying low and selling high. Lastly, it raises concerns about the legality of these actions and the potential for government intervention if silver is deemed critical for national security.
➡ The text discusses the potential of silver becoming more valuable due to its increasing use in high-tech industries. It compares silver to palladium and platinum, which have seen price increases due to their use in the auto industry. The text suggests that silver’s value could rise significantly if the market recognizes its new high-tech uses and if physical demand overwhelms the paper market. The text also emphasizes the importance of treating precious metal buyers with respect and integrity.

But now you have bank of America making one of the boldest silver calls I’ve ever seen. And this is from Michael Widmer, he is their head of metals research and he says silver could reach anywhere between 135 and 309 by the end of this year. And he talks about it relating to the gold to silver ratio etc. Whatever it means, whatever story he is using, to me it’s most importantly a stress in the system. Just a short break from the program to share with you an amazing peptide to help you lose weight. It’s stronger than Ozempic and why? Because it not only reduces your appetite but it also burns fat.

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This will work whether you have this or not and I am telling you it’s amazing. If you are interested in getting this I have the link below or you can go to sarah wessel.com under shop you can use the coupon code Sarah to save 10%. If you have questions about your own use you should either consult your doctor or you can join Dr. Diane’s tribe. And I have a link below to that. It is only a dollar for the first week. You can ask her any question you want and get all your answers to this. How to take an injectable and there shouldn’t be any fear in doing that.

It is easy and straightforward. Go to sarahwestall.com under shop or use the link below and remember to use coupon code Sarah welcome to business Game changers. I’m Sarah Westdall. I’m Andy Schectman back for our Friday night economic review and I’ Boy there is a tongue going on and I’m not going to take much time doing a monologue. I just want to get into our interview. But if you are interested in preserving and protecting your wealth of course go to sarahwestall.com Miles Franklin buy from a place that you can trust and know that you’re not going to get taken advantage of.

They’re going to give you the same price as they would somebody that understands how to buy precious metals, not a dumb retail buyer. You will have the respect and you can trust them. So go to sarahwestall.com Miles Franklin, fill out that form. Be sure to protect your assets, especially in this volatile time. You will be thankful that you at least have some of your assets protected in silver and gold. Okay, let’s get into our Friday night review with my friend Andy Schectman. Hi Andy, welcome back. Nice to see you, Sarah. Thanks for having me again. Well, the world’s in a bit of a.

Have you guys? Yeah, I mean it’s been escalating for a while. We know that the, the news has been that war is going to start because the money has been moving in that way. They’ve been funding specific agenda Germany’s. That’s the scary point part is that Germany’s funding of defense has skyrocketed in the last year. That means that they’re prepping to get something as well. And we’re watching the money flow towards that end. And that’s why people can predict, like Armstrong and others can predict when wars are going to flash up because the governments are shifting money into those areas.

What do we. But we’re also seeing, you know, the Strait of Harmuth and we’re seeing the Panama Canal. The ships aren’t being able to get through their waiting times. That the Middle Eastern straight, that one has been shut down. Vessels have been hit. What happens to the global economy when trade routes are blocked and stunted and people are scared? Well, everything doesn’t matter what product that you produce if you can’t ship it because it’s blocked. You know, that’s how you see all sorts of problems. Look at what happened during COVID Silver went to negative $40 a barrel.

I mean oil, excuse me, went to negative $40 a barrel. How the hell does that happen? Because it was issues with delivery, with delivery protocol where they were all lined up in the Gulf of Mexico that they couldn’t get into the facilities. And so that’s a weird way of looking at the distortions that can be created. Look at the brics. What did the brics focus on in building their unity and the Belt Road initiative that China has used. What they focus on are two things. One, countries that are natural resource rich, rich and underdeveloped, but too that possess strategic trade routes either on land or by sea.

And in particular by sea the trade routes are very, very important. The US Navy is the entity that has forever patrolled these trade routes to create safety for all nations using these trade routes. But a lot of the routes that are being created now, the US Navy really won’t have access to in particular those like the North, I think it’s called the north south corridor in the brics, which goes between Russia all the way up to Iran. And anyways, the bottom line is trade routes are very, very significant. And not only when you shut down Straits of Hormuz and bomb the largest oil refinery in the world at Saudi Aramco, you’re strangling free movement of the majority of the oil movement, at least for a good portion of the world.

And it will create higher inflation, it will create higher prices, it will create delays, it will have reverberations around the globe. Certainly. Well, my understand we haven’t even figured out yet what will look like. Absolutely. And my understanding is the strategy of the of Iran because they don’t. And that Pakistan and some of these other ones that are grouping against the United States and Israel because they don’t have, I mean, let’s face it, they don’t have the military might that we have. Their goal is to turn the sentiment of the world against Israel and the United States by disrupting the flow of trade.

That’s what they’re going to go after because they know they can’t beat them on military alone. So they’re going to go after disrupting the trade routes and messing up the global economy. That’s their goal. That’s my understanding. Well, it makes sense. And certainly also when you impact the global price of oil, you are definitely messing with the global economy. There will be some consequences that are unintended in this that we have yet to even begin to understand. But I think it’s an interesting strategy, one that they have. You know, I don’t think any of us were expecting what they did to start bombing all of these other countries in their area, but that’s exactly what they’ve done.

And it will create some, I think some consequences that we have yet to even begin to think in our minds that that’s possible. Everything that’s happened over the last several years seems to come out this way where, you know, there are these consequences. And I think that’s one of the reasons that you are seeing such an overt action by big money around the world to accumulate physical things. You know, gold cannot be printed, silver cannot be printed, copper cannot be printed, energy cannot be printed. And I think once people fully understand that, you know, Hard assets matter so much.

In an age like this where for decades markets have been dominated by paper, by leverage, by derivatives, by financial engineering, by narratives, by interventions, by price management, all at the hand of the West. I think we’re moving back towards a world where physical supply and demand and trade routes matter a lot more than paper positioning. And when that happens, which it seems to be happening right now, something very important changes, and that is prices begin to, let’s say, reconnect with value. And that’s a very big deal, Sarah, because paper markets can suppress price for a long time, but it cannot suppress value forever.

And I guess I would just simply say that what is the value of a promise that cannot be kept? And this is why you are seeing things change the way that they are. And there’s no better way to disrupt the apple cart than to mess with the global movement of the free flowing movement of oil and goods and commodities around the globe. And that will have definitely have impacts on economies, on the value of currency, just the natural order of things. So yeah, this is as the Chinese curse says, may you live in interesting times. These are very, very, very interesting times, to say the least.

It is for my God. Back in the day before the fiat currency, it was just a comp. And we lose these ideas unless you read old books. People used to save in gold and silver, really silver, because they didn’t have that much money. But in gold and silver it was just known and understood before the creation in 1913 of the Central bank and before people started being instilled that you save in dollars and paper money, they just knew as common sense that you saved in gold and silver. And then people went away from that. But there are groups, countries, and there are also the elites that have not stopped doing that.

Am I correct? 100% you are. I mean, look, you go back across ancient civilizations, gold has never just been a commodity, it’s been treated as something transcendent. You go back to ancient Egyptians, it was associated with the divine and the flesh of the gods. And the Inca saw it as the sweat of the sun. In the Hindu and the Buddhist traditions it’s all through it. And you know, it meant enlightenment and prosperity and permanence. Go back in the Greek, you know, into Greek history and you’ll see it belonged in the realm of immortals and gods. And so, you know, maybe it’s because it has qualities unlike almost anything else.

It doesn’t corrode, it doesn’t rust, it doesn’t tarnish, it doesn’t decay, it endures And I think that is exactly why physical possession matters. And the biggest money in the world has quietly been accumulating it, not just for those qualities, but because we are, I think, all global reserve currencies have a life. And it just seems that not only does our currency have a life, but so, too does, you know, this hegemony that we have carried for a very long time. And we have. I think, in many respects, it appears to be entering the final stages of this global dominance, this empire that has expanded itself.

Let me ask you, are we in the final stages or are we entering a new stage where we take. They’re trying to take over the world in a bigger way. I think we’re on, like, a edge where we’re either gonna lose it or we’re gonna be much more dominant. It seems like they’re pushing hard and they’re risking everything to take over the world. That’s what it seems like. Well, I don’t know, to be honest with you. I mean, do you know what I’m saying, though? Yes, I do. But part of me feels like they want to become more mercantile where they worry about here.

And that would explain Greenland. That would explain Venezuela. That would explain a lot of things about reshoring and focusing more on. But what about the Middle east, though? You know, that is something that. I think that’s why there’s a lot of people that are upset about this. Is that. Is this really. Is this a place that we should be? You know, the human story of it is sad and to see what’s happening, but is it our place to go in and continue to do this? And I think that’s what’s getting old for a lot of people.

You know, you look at Iraq, and we went there supposedly for humanitarian purposes, but those purposes were a lie. We went there looking for weapons that were not there. And we’re still there 23 years later. And look at Afghanistan. It was a nightmare. I mean, you go all the way back to Vietnam. I could argue maybe the only war. I mean, every war in my lifetime has been unjust or immoral or we shouldn’t have been a part of, other than World War II, which wasn’t my lifetime, you could argue. And when we got out of World War II, the people who fought that war, in my mind, were the greatest generation that ever walked the Earth.

I mean, in terms, at least here in the United States. But we came out of that with our soul intact and with a lot of pride. That’s right. And trampled that we’ve Tackled that. Yeah, we had pride. People looked to us and said, you did something good. And that fueled the country forward because we had a foundation of goodness. Right. Which is forgotten. Not only is it forgotten, we are a country that is completely divisive. We are a country that is not united. We are divided. And we’ve lost that moral high ground on many, many, many levels.

No one trusts our institutions. Very few trust our judicial system, our electoral system, our immigration system. All of these things that made this country great meritocracy. You outwork people rather than your lifestyle. All of this stuff that has been stepped on, trampled on, changed, has decayed, is a function of late stage empires. And so how do you rule the world when you are as indebted as we are? Where the Congressional Budget Office would tell you that, you know, by 2031, every single penny we take in, in which is nonpartisan, by the way, Congressional Budget Office, every penny we take in income tax will go just to pay the interest on the debt and those mandatory entitlements that are not even on the balance sheet.

How do you continue to police the world the way that we are with a trillion and a half dollar defense budget that has to be borrowed. It’s discretional. You have to borrow that money in order to rule the world. We are a country, financially, it’s a paper tiger. We don’t have really the ability to continue to do this financially. And that’s the same story you see throughout time. Look at the Roman Empire, same thing. And what did they do? Well, they started running out of money, so they started to clip the edges of the coins. That’s why there are ridges on coins.

And they started then to debase the metal in it, and which is just another form of inflation. And that’s exactly what we see here. We will see much, much higher inflation. But now we’re seeing a period of time where, you know, the world doesn’t look at us the same way. We’re not trusted all the way from our leadership to our institutions, our markets, everything. And a system built upon a foundation of trust. Once you lose that trust, things begin to react violently. And I think it’s easy to admit for most people that in many respects, look, we still may pride ourselves of being the greatest country on the planet, but we’ve lost an awful lot of trust and respect.

And I guess we’ll see where we go from here. But I would argue things like this don’t help the overall narrative even a little bit globally anyways. No. And you know, the analysts are changing. We had Goldman Sachs guy say that people should put 30% in precious metals. There used to be no one would talk about it. They wanted it all in the stock market. They wanted it all in paper. They wanted. But it was almost they didn’t want it in gold and silver because it wasn’t helping their markets grow. Now they’ve changed. And you’re hearing analysts say this you just talked about before we started about bank of America, their money analysts or their gold metal analysts coming up with different directives.

Can you talk about that? Yeah, I mean, so we talked about a few weeks ago how Morgan Stanley’s chief investment officer said the 60, 40 bond stock bond split that they’ve used for 50 years Wall street has is broken. Sell half your bonds and buy gold. So that would be 60, 20, 2060 stock, 20 bonds, 20 gold. Michael Hartnett, who is bank of America’s chief analyst before I tell you what their metals guy said, he came out right after that a month ago or so and said no, 25% should be in gold. You should have 25 stock, 25 bond, 25 short term, treasury, 25 gold and silver.

Which is a massive departure from anything any Wall street person said. But now you have bank of America making one of the boldest silver calls I’ve ever seen. And this is from Michael Widmer, he is their head of metals research. And he says silver could reach anywhere between 135 and 309 by the end of this year. And he talks about it relating to the gold to silver ratio, etc. Whatever it means, whatever story he is using. To me it’s most importantly a stress in the system story story because what he had talked about was that one of the things that would lead silver to do this would be things that we are seeing right now, which is kind of crazy.

He’s talking about silver rises not just because gold rises, but that silver rises because of perhaps an environment where there are more delivery requests than there are than there is silver available. Well, that’s what we saw this entire month. Just to give you an example, the month of February, which, you know, they work down the open interest for the March contrast in a very disorderly way. Because I don’t care what anyone says. You know, I read something on. Before I finish my thought there, I read something on X where this was just a normal drawdown in open interest, orderly the way they always do it.

My asset was right there a week before, four days before the March contract went off the board, before I finished February, there was 300 million ounces in open contracts. That late in the delivery cycle is crazy. With only 88 million ounces of silver backing it. Almost 4 to 1, 3.5 to 1 disparity. More contracts than borrowers available that late in the system. Well, they worked it down by raising margins and cash selling. Whatever the hell they did, they found a way to do it. But this is continually happening where there’s all these deliveries and leading up to the very end of the delivery cycle, something has to happen.

So what did they do? For the fourth time in two months, there was a glitch, ironically. Right. The first glitch happened the day after Thanksgiving. Right, the day after Thanksgiving when silver and gold were taking off and just about to explode. The night of Thanksgiving, at 11 o’ clock at night, supposedly all this action going on, most of us were trying to keep awake to watch the end of the football game because of all the turkey we ate. The market or the servers that run the metals portion of the CME group happened to overheat, so it was shut down.

Just those, right? There’s 1,000 commodities traded on COMEX, but just those overheated from 11 to 11. The next day was shut down. When it opened, it collapsed, went up. Silver went up 120% over the next 60 days. Well, that was number one. Number two and three was a couple weeks ago when silver got creamed, right? Fell by 30 plus percent or whatever the number was, just got absolutely creamed. Markets don’t work that way. But what happen? Oh, two glitches in a row, two days in a row where the circuit breakers didn’t work when the price was falling.

Should have stopped the market. Sorry, it wasn’t work. It didn’t work. And it just happened again last week, right, as silver was taking off. A glitch and the thing they suspended trading in precious metals and natural gas. I think they threw in natural gas just because to make it less obvious what happened, they smacked the price down again. So it’s not working, it’s losing confidence. But anyways, he goes on to say a delivery squeeze would happen. A liquidity event, a rush into physical metal, a failure of the paper market to contain real demand. This is how you get the type of move that takes silver into the $300 conversation.

But let’s look at February for one moment because. So at the end of February, anything that’s left open in February has to be delivered. Also at the end of February, the March contract goes into delivery and that’s what they did For March, but in February there was somewhere in the neighborhood of roughly. Well, let me see if I can give you the exact number. Well, it won’t be exact, but these numbers will be very close to what it was because I didn’t see the exact closing numbers. But. So here’s what’s crazy. For February, there was roughly 30 million ounces delivered into COMEX.

Right? 30 million ounces. Actually, it was 23 million 195. A few days before the end of the delivery. I didn’t see the last day. So for the February contract, they had 4,639 contracts that stood for delivery. And it’s a non delivery month. So February is just a month where you could stand for delivery, not a primary delivery month. January, March, May, their primary delivery month. So anyways, for February, non delivery month, 23,000,195. With two or three days left, the number probably is 25, 26,000,000 ounces. Those 4,639 contracts at 5,000 an ounce says 23,195,000 ounces stood for delivery.

We want the medal for February. Okay, non delivery month. So you’re talking times 80, 90 bucks. You’re talking a couple billion dollars. Right. However, the actual February withdrawals, so that’s delivered into comex, but leaving COMEX, 38,082,934 ounces left COMEX. That’s 164% of the February delivery demand. That means more metal is being pulled out than delivery alone can export. Blaine. Highly unusual. And look at it this not just unusual, it’s never happened. Well, if a 500 ounce mint box weighs 42 pounds, who in God’s green earth is taking possession of 38,092,000 ounces of silver? You’re talking an armada of semi trucks that would be filled to the.

So you have logistics, insurance, storage. The only place that it makes sense to me is the exchange stabilization Fund. Taking it on behalf of the Treasury. Why? Oh, that’s right. They called it a critical mineral. Maybe that’s why we’ve seen 16 straight months of deliveries like this. And if it is for national security, the exchange Stabilization fund not only doesn’t need congressional approval, they don’t need to tell anyone. Well, isn’t it. Oh, that’s right. Strategic mineral for national security. To me, this is either some very big corporation like Tesla or more likely, because it’s been every single month.

The government. It’s the government. I want to be very clear on something. Not all the metal that’s delivered always Leaves Comex. Right. Some of it stays in the eligible category where they think it’s safe. Maybe that’s a Tesla. Well, we’ll get it when we need it. But to see 164% or 15 million ounces more leave than were delivered, well, that’s something that is beyond unusual. That is 4ft of snow in Death Valley in July. Okay, well, okay. Could they confiscate silver? If it’s that important for national security, governments can do whatever they want. Desperate government. But are people talking about that? Well, they’ve always talked about it, but how about creating a fund? Let’s call it slv, who is.

Which is the largest stockpile of silver in the world, which is held by. Let’s call it JP Morgan, and let’s just pretend. Oh, that’s right. There’s no pretend. They paid the largest fine that the Justice Department ever handed out for manipulating the metals market. A $920 million fine. They and their buddies, BlackRock, are the custodians of the world’s largest silver trust and one of the largest stockpiles of gold in the world. Gld. In the prospectus it says we cannot take possession of the metal. We can’t. But they can. The primary or the authorized participants can. So you have the fox guarding the henhouse and give you an example of how they mess with things.

In February of 2021, in the middle of silver squeeze, when all this money is flowing into silver, blackrock, on a Saturday night, made an amendment to the. On a Saturday night, made an amendment to the prospectus. And they said something to the extent that shares are only created when an authorized participant deposits metal into the trust. Right. So if you buy SLV and there’s this period of all of these shares being issued, we will acknowledge receipt and confirm the trade. But you may not get your confirmation of the share. In essence, there could be a lag time before the metal goes in.

So give them a grace period. Yes, you’re in, you’re locked in, but the metal comes in. Then you get your actual share information. More or less, is what they’re saying. So let’s talk about what happened two weeks ago. I may have mentioned this already on your show, but, you know, you had silver at $115 before they smashed the hell out of it, down to $65. They sell tremendous amounts of SLV at the top. When it gets down to 65 bucks, two things happen. Number one, their primary custodian, JP Morgan, first, for their own interest, covered 800 contracts at 5,000 ounces apiece at the very bottom.

And what else happened? 38 million ounces of silver magically went into the trust at the very bottom. So in other words, they were manipulating prices to buy. No, no. They. Yeah, they sold 38 million up here and then they deposited down here. So they bought it down here and put it in down here. That’s what I’m saying. At a 35, 40% discount. And then you realize that that metal is now in the vaulting system of the can’t be legal. Well, now the metal is controlled by these folks who can do what’s called share redemption. And they can.

They can redeem their own shares and pull the metal out in a much more opaque manner so no one really sees what’s happening. Is it really legal? I mean, come on. That’s not okay. When you realize that Bart Chilton was told to back down even after he went to Hank Paulson’s office, the Treasury Secretary, and said, they’re in violation of our agreement and antitrust law. And he said, back down, Bart. It’s a political decision. He says that publicly and then dies a few days later. Now that dying, maybe it was more than coincidental, but maybe he was a man who knew he was close to dying and wanted to clear his conscience on could have been okay on Marcus and Andrew Maguire show.

I don’t know. But I will tell you this. That if they were told to back down the head of the CFTC for prosecuting antitrust violations, which should have been prosecuted. Yeah. Is it illegal? I don’t know. Is JP Morgan the agent of the government? I don’t know how to explain it other than to say it’s very dirty. For sure. Okay, let me ask you before we end this palladium is. Is really expensive, right? It’s one of the highest priced metals there are. Is there more, a lot less palladium than there is silver? Oh, yeah, I’m sure way, way less.

And it’s not even that. I mean, palladium and platinum have. Do have monetary. Little bit of monetary, a little bit of, you know. But let me ask you, is there a reason why silver couldn’t. With how good it is for electronics and how good it is for all these other uses. And now that it’s a, you know, a critical. Yeah, critical. Could it start to be priced at 1. At Platinum or palladium or something like. I mean, because. Why. You know, I’m starting to think market not wise. Not what it’s been for his history, because this is new in History.

Silver was never categorized like this. There was never categories. A big tech, high tech industry. So palladium is about rome right around 1800 bucks an ounce right now. I was just looking. I remember most of my career, platinum is 2,300. It used to be more than gold for a while. These palladium was higher than anything for a while. Higher than platinum and gold. I remember most of my career it was 2 or $300. One of the things that made it go way higher was right around, I guess it would have been right around 2000. I think it could have been going way back.

I was in the industry in 1989. I remember Ford Motor Company. See, Platinum and palladium have similar properties. So you know where I’m going with this. Yeah. So Ford Motor Company retooled. They started the trend. And all the auto companies retooled their assembly lines to use palladium instead of platinum for catalytic converters. And as it is now, palladium is the primary catalytic converting catalyst for push the price way up. Yes. And platinum for diesel. But silver has characteristics that these, they can’t match. Well, that’s the point. When you say, so why wouldn’t it perform like palladium? You know, why wouldn’t it do that? Because silver is the tool of the military industrial complex.

Well, other than suppression, other than artificial means, if the market was there to operate like a market would, I mean, I’m saying all of history is not relevant when suddenly it has a high tech use that it never had before. And that’s what you see happening right now. I think this is why there is such a. Not only a drive to stand for physical delivery and to pull it off the exchanges. That’s the big money telling you we don’t trust the exchanges because of what we are saying here. Now that’s an inconvenient truth that they don’t want to admit.

And palladium, which didn’t have the same strategic properties for military uses the way that silver did, that reacted to the auto industry buying it up massively to replace platinum as a catalyst. And I would say to you that all manipulations end badly. And when there is a realization that not only are the exchanges not trusted any longer, but that the amount of availability of the actual metal itself pales in comparison to the number of contractual claims. You’re talking something where, you know, this suppression begins to fail, then decades long suppression begins to fail. And to me, this is a philosophical question, a moral question.

I just think the market’s gonna Catch up to what the reality is. Everybody uses what it’s been historically. Gold versus silver ratio and all this crap that’s out the window when we have a whole new market. This isn’t the same thing. And what you explained with what happened with palladium is, is what I’m talking about. Well, and you know, I think things are being forced back to reality that, you know, silver and gold, these things are tangible, they’re scarce, they’re incorruptible. They can’t be wished into existence by policymakers. They can’t be, you know, rehypothecated in the way you can.

Paper and silver is not just an industrial metal. It is not just a speculative metal. It sits at the crossroads of money, industry, scarcity and trust right now. And if bank of America is even remotely right, physical demand overwhelms the paper market. The move in silver from here could be far greater than most people are prepared for. That’s right. I do mean that. And there will be tons of volatility along the way and there’ll be tons of smashdowns, but the paper market to, I think to continue to hold confidence is. It’s breaking right here and right now.

And so, yeah, it’s. It’s crazy, I know. Yeah, we are. Okay. And people need to go to sarawestall.com Miles Franklin, fill out that form, get your price list, because you don’t. Here’s the thing that I’ve been telling everybody is that silver and gold, they are a commodity, right. And that they shouldn’t be paying higher premiums than they should. And when they talk to you, you’re going to be treated with respect, like a metals, someone who understands how to buy precious metals. They’re not going to say, oh, this is a retail buyer. We’re gonna screw them over.

You’re gonna give them respect and give them the kind of markup that you would do to somebody that knows what they’re doing. I’ve never had a customer complaint in 36 years, and God help me if one of yours is the first, I’ll make sure of it. And I want to leave people with one thing. And I thank you, Sarah, for your trust. And you’ve always been someone I admired. I always tell you that. But I mean it. Because of our business dealings off the camera, where you are a person of great integrity. And I tell that to anyone who will listen.

But I want to leave people with one thing. We’re getting to the point where the paper promises the unlimited cash is coming into focus against metals that are finality and are limited. And when price finally meets value, which in this case rarely happens, it rarely happens politely. And I think we are getting to that point where the big money understands that price and value are disconnected completely and totally. And whatever the price is, its valuation, its real value in the real world is far higher than we are being told at the western paper price. That’s right.

Markets should adjust to what the reality is. Unless it’s an illusion being held down. Okay, people need to go to sarah westall.com Miles Franklin, fill out that form. And they need to talk to you. They need. They need to get something into their portfolio, especially with all this turmoil going on. We will treat them as friends. Thank you, Sarah. I will see you in two weeks. I know you’ll treat them as friends. You’ll treat them with respect. You’ll treat them. You won’t take advantage of them. And we’ve seen a lot of that. So thank you. We will not.

Yes, ma’. Am. Thank you so much, Andy.
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