It’s just hard to see it and notice it here in the United States, where the public really has not participated as much as one would think in the rally. In fact, you could argue that it is, it is as off the radar screen now as it’s been in the last three, four years. Well, hello there, my friends. Chris Marcus here with you for Arcadia Economics. Hope you’re doing well out there. And I excited to be back here with you this week, as always, where I am joined by Andy Schechman of Miles Franklin, who is with us each Tuesday.

And actually, it looks like we’ll finally be doing that call in person, perhaps next Tuesday, maybe slightly delayed from our normal 01:00 p.m. broadcast time. But Andy, we’re going to be at the Sprott show together next Tuesday, so we’ll look forward to seeing you there and perhaps who knows who else will be popping up there. But good to see you back here today. And how is everything going? Good to be back, Chris? Yeah, it’ll be awesome to spend a little time with you there, I’ll tell you. There are two shows that I go to each year.

Specifically, I go to the Vancouver resource investment conference. Jay Martin and I go to Rick’s show. Luckily, Rick’s show is almost in our backyard here in Boca, whereas Jay’s is in Vancouver. Probably the longest flight I could possibly ever take from here to Vancouver. Last year, my flight to Seattle got canceled, and I was speaking the next morning. This was at night, so I had to rent a car and drive from Seattle to Vancouver. But that’s another story for another time. But, yeah, I would encourage anyone who has the ability to go to these shows, and if you can’t, you can log on and do the virtual to do it because they are really good.

They have really great speakers, great information that, that, you know, independent of mining shares and whatnot. There’s a lot of great info there. And, and I. It’s the one show that I would never miss. So look forward to seeing you there. And it’s always good to be back with you, buddy. Yeah. And I called it the Sprott show, formerly the Sprott show, now the rules symposium, but will be nice to see you there. And I will be there at least on Tuesday. So if anyone in the audience is there, look forward to saying hello and perhaps a couple more days.

Still figuring out our schedule here, although another quick bit of news before we dive into gold and silver. Andy, I got a breaking alert last week that we have a new city champion in the Florida Golf League. And perhaps you can tell us about who’s this handsome gentleman here who’s holding a trophy. I got it right here. Hold up. I got it. You know the country club wants it back man. But I got it and I’m not giving this damn thing back. But I got to go give it to the country club. It’s a league that I’ve been in now for about twelve weeks and that’s, that’s five of my teammates and there’s another five guys that, that, that play once in a while that, that aren’t on it.

But it was a lot of fun. It was a blast and yeah man, we’re champs. So. First time in eleven years at my country club has won this, this league and was fun to be part of it. I actually run the dang thing. There was a guy that I met here the first one of the first few days that I moved here three years ago. He said listen, I want you to be on this team with me but I’m moving so you have to take it. And I’m like okay. Last two years were pretty much torturous doing it because no one wanted to play on it.

Now I got so many guys that want to play. It’s crazy. This year was amazing and uh, it was a lot of fun, man. It’s, it’s amazing how competitive golf can be. I’ve always been into sports my whole life and competitive sports. You wouldn’t think golf would be competitive but when you’re playing in a, in a, in a tournament, a playoff series for three weeks in a row where every shot counts and you’re going to piss off your team if you do bad. It’s, it’s a lot of fun. It was very intense and thanks for bringing it up, man.

It was, it was, it was, it’s a good honor. We walked into the clubhouse into our country club and literally people stood up and started clapping. It’s a very big deal I guess, here and happy to say that I was part of it. Well congratulations. And we actually had another friend from our Acadia community, Colin Gooch, who was in a 24 hours golf marathon that took place on Saturday part of a fundraiser. So first of all, congratulations to Colin. And who knows, maybe he can book you as a celebrity guest since you’re ahead, you know, bit famous on the YouTube circuit these days and perhaps next year I donated to Colin.

That was a very worthy deal. It’s for, it’s. I think it’s for children’s cancer and he plays for 24 hours. And I love golf, but I don’t know, man. I’ve played rounds that were 4 hours. It felt like 24 hours. But congrats to Colin as well, and very, very. I know he was a golf pro at one point. Like a club pro, he’s a hell of a stick, but my congratulations and admiration to him. So thanks for sending me the link to donate for that. And I know you did, too. So it’s something that, it’s pretty cool that he did that.

So appreciate that, Jeff. All righty. Well, I know there’s people saying already at this point, enough with the golf talk and how your weekend was all that stuff. Let’s dig into silver and gold, where we see Monday afternoon silver at 29.75, been floating around that $29 to $30 range for better part of a week or so has popped up, gotten briefly above that. Similarly, we see gold has. We’ve really had a period now where the prices have stabilized a bit for over two months following that horrid rally we saw earlier this year. Andy, I did want to dig into the election, too, but any thoughts on anything we’ve seen the past week in terms of the pricing on gold and silver before we get your election thought or the debate? I mean, look, the $29 range to me is more or less support from the previous highs back in April and, you know, pretty dang close to the 50 day moving average or so as well.

Bill Holter and I were talking about this recently and he penned a piece that he just sent out talking about this, where he thinks the next leg could go $34 to $37 in that it’s been sitting for the last roughly three weeks in this 29 to 31 zone and not being overbought nor oversold and at any point. So it’s getting to the point now where you’re seeing the MACD, the moving average, convergence, divergence, I believe it’s called, is starting to turn upwards and getting near crossing over where at which point we could see it resume another rally up.

But this is typical. This is where it’s supposed to be, where it bounces off support and the 50 day and the fact that it came back up and it’s holding above 29, closer to 30. I think it’s actually quite, quite bullish from a technical standpoint, but I guess we’ll have to see. But I think it’s encouraging that it did indeed hold that support of 29. And I would hope that bill’s right and that we see it start to move up again in its next leg but this is one of those deals where if you haven’t learned patience yet in this industry, you never will.

And it teaches you to try and find optimism wherever you can. But indeed, I think, look, the global demand for silver is not stopping. It’s just hard to see it and notice it here in the United States where the public really has not participated as much as one would think in the rally. In fact, you could argue that it is as off the radar screen now as it’s been in the last three, four years to the public. At the same time, the central banks like India are massively accumulating it. The common theme with all of the accumulation we see by these central banks is repatriation.

Now, I know more of that is applicable in gold, where India bought one and a half times the amount of gold they did all of last year in the first four months and brought it all home at the same time. Brought home 100 metric tons they’ve held at the bank of England since 1991. I want to say, but I think the same thing is true with silver. It’s just assumed when you look at all the silver that India has bought, well over 600 millionoz in the last couple of years and now the increase in the amount of silver, I wrote this down, that the amount of silver that they’ve been buying from United Bear Emirates is up 654 times in the past year that they bought $2.2 million worth between January and April of 2020.

Yet over the same time period here in 2024, 1.44 billion, a 654 fold increase. So you’re seeing a drive by these very large, sophisticated money centers in the central banks to accumulate commodities like silver, like gold, to repatriate them, to do it in ways that really aren’t being reported too much in the western media. And I think it’s interesting, I look at it again as a very big contrarian indicator that the big sophisticated money is accumulating and at the same time the public here isn’t. And again, we’re seeing large deliveries off the Shanghai Gold exchange and off the LBMA and off the Comex.

So I guess we’ll have to see. But yeah, I think the trend of higher silver just based upon the central bank interest in purchasing, one would think ultimately goes much higher regardless of what short term fundamentals look like, regardless of the pullback that weve seen. As far as Im concerned, nothings changed in a world that seems to be getting crazier by the day. Yes, and for the folks watching at home, the agreement with the UAE is part of a lower customs duty that they get underneath a comprehensive economic partnership agreement. So that’s the main reason why we’ve seen the increase in imports from the UAE.

And one more thing did want to take a look at and then I do want to get your thoughts on last week’s debate. But since you were mentioning some of the dynamics in silver, here’s the latest cot report where you can see some reduction of the short position, although net getting 3000 contracts more short in silver by the banks. And again you can see this green line down here shows us that they are now just about 41,300 contracts short. And as you can see by looking back in the screen line, this is the three year chart by quite a fair amount, the most short the banks have been.

So that’s been the case for you can see going back to the beginning of April. I think it leaves things somewhat unresolved in silver. Certainly the banks have been taking a loss on the rally. And is it possible that we see silver sell off as is often the case when we see them get that short? Certainly. Andy, any thoughts on that? Yeah, I mean, I guess it’s ominous. God bless Ted Butler. He would comment on this, but yeah, I mean Ted would say that the price discovery will never really happen until, until the bank stopped doing this, getting so massively short, which makes no sense whatsoever in this environment.

But yeah, typically that’s what happens when the commercial banks get short. The price falls over. They have deep enough pockets to continue to shorten until the pressure is so extreme that you see capitulation by the managed money and then the whole cycle repeats. The question being, is one of these days maybe what a lot of people, or at least I shouldn’t say a lot of people. What I’ve been thinking in private conversations with Bill and others is that maybe, and again, no evidence to support this, but maybe they realize that the ability to rinse, wash and repeat as they’ve done for so long as getting old and long in the tooth.

And one of these days they’re going to put so much pressure on the managed money that they too capitulate, go short, sell their longs, and then when the commercial banks have all of those positions in hand, their long positions covered, the majority of their shorts, they won’t short the rising market. There will no be rinse, wash and repeat and it will run to the upside. One would think in an environment as crazy as this is globally, geopolitically, that it would be very dangerous to have these naked short positions the way that they do. But yes, to your point, typically seeing a position where the commercial banks are that short is usually not a good sign for what silver is going to do in the near term.

Well, I hear you. And real quick, you mentioned Ted Butler in there. You were traveling the week, I guess about a week and a half ago when he passed away. And just in case you’d like to share any thoughts on Ted or any of the influence he had on you or anything, obviously the unfortunate news of his recent passing, I will miss him like I miss in many respects as I miss Richard Russell. These are the elder statement of the, of the industry. And there really isn’t anyone quite like Ted who understood the workings of the Comex of the futures market and the way that it impacted price discovery.

He had a lot of courage and it’s sad to see him pass away at this stage. My father is best friends with Jim Cook, investment rarities who he worked with. So I had an inside ear on what was happening happened very quickly, very sad how fast it happened. But it’s awful that to not see his life’s work materialize. Certainly, I guess you could say the torch has somewhat been passed to Ed Steer and you and David Morgan and guys out there that have, who’ve been doing, who’ve been talking about silver and mentioning Ted’s work forever. But he’ll be missed.

Because the truth of it is, is that it’s very complex understanding the inner workings of the futures market and in particular how it plays a role in price discovery with silver and precious metals. And there was no one quite like them. So I will miss him. I used his information a lot. I read his report every week and it’s just sad to see one of the good guys go. So rest in peace, Ted. You’ll be missed. Yeah. And again, sending prayers and warm wishes to Ted’s family. And been a tough year for gold and silver, obviously.

Jim Forsyth, path Forsyth passing away earlier this year. And so David Smith back in 2022 and Jim Sinclair. So anyway, good review. My good guys, I knew all of them and all great guys in their own right. David Smith, one of the nicest men I’ve ever met in, in this industry. And you know Jim Sinclair, a buddy, didn’t know Jim super well, but met him on a few occasions and had the good fortune of talking to him several times. I think I might have met him first through you, maybe even on one of your 24 hours silver marathons.

But you know, it’s sad to see all these people go who have contributed and tried to do the right thing, get the information out there, help people and have them go before they got to witness things move in the direction they always thought it would. So I called David Morgan right after it happened, and I said, you are now the elder statesman, my friend. And so there are only a few of us left who, and I shouldn’t say, count myself in that I’m not the silver guru, you are the he is. And there are just a couple of you left to carry the torch.

Ed Steer, and maybe in terms of understanding the workings of the Comex, Craig Hemke, a mutual friend and great guy, and, you know, he’ll be missed and it’ll be much harder to discern what’s going on without him. So hopefully there are others that pick up the torch and carry his legacy. Yes, certainly. And in terms of things that perhaps could be keeping silver and gold in the news, obviously, as I guess for the last 15 minutes, I’ve been promising we’d get some of your thoughts on the debate. And I’ll phrase it like this, obviously. I mean, if there’s particulars about what Trump or Biden said, feel free to dig into that.

Although even more interested just the degree to which now that, interesting how quickly the narrative, even the more liberal media talking about how Joe Biden might be replaced and the impact that uncertainty could potentially have on the country. But also, again, gold and silver and anything you see there and how it could impact the markets. Yeah, I guess what I take away from it is how pathetic the whole system is and the media is, the gaslighting, how, you know, it was so obvious to most people that this was a man who was past his, his prime, and that’s saying it nicely.

You know, you watch Fox News and they would constantly show these gaffes, these blunders, and, you know, to have people say that these videos that were out there just a few weeks ago were fake and AI and made up. And then we see his real side. His handlers knew exactly what he was all about. Jean Pierre, whatever her name is, she knew exactly, knows exactly what he’s all about in the gaslighting the media, who he’s so vibrant and so great and this and that, which is such crap, is lying to us. And now aghast at how he’s slipped and he should step down and this and that, it just, it lacks authentic, you know, anything authentic to the nth degree.

And it really, it really, to me, just speaks volumes about the, the way that the media can control a narrative. And it’s to me, I find it disgusting. I find it to be scary that they are able to gaslight the public the way that they are. And it’s. Yeah, you’re right to your point, how they turned on them so fast. But it was obviously planned. I mean, they knew exactly what would happen if they brought them out there and they’re going to roll in their, their, you know, their, their, whoever it is, their, their replacement on a white horse.

So, um, I find it to be as concerning as all of the nonsense that we’ve seen over the last several years in this country. Uh, the, the, the degradation of this country in so many ways. The border, the elections, the lawlessness in the cities, the breakaway from the nuclear family, don’t even say pledge of the allegiance anymore. And all of these things, these little things, these little pieces of America that made this country great and respect it around the world. This is not lost on everyone. And they understand exactly what has been done, not just the american public who gets it.

Everyone has known that he’s been, he should not be running the country based upon his mental acuity, based upon his. Where he is in life right now. And like someone said, if you were being wheeled into a, at any point over the last several years, you’re being wheeled into to have heart surgery, you meet Doctor Biden, you’re going to go through with it. You’re getting onto an airplane to cross the Atlantic and meet and, you know, pilot Biden, you can get on the plane. And now all of a sudden, they’re just amazed at how, you know, how he slipped or where the hell have they been for the past three, four years, three and a half years.

I find it to be putrid, to be honest with you, and an indictment of the media and an indictment of the mainstream, and just goes to show how naive and stupid that they try and make us all out to be. I don’t know. Other than that, it was great. It’s just, it bothers me, Chris. It bothers me because what’s happening in this country, to me, is in many respects worse than the mismanagement of the world reserve currency. And I think it all goes hand in hand. But what they are, what, what they’re saying here is like, oh, gosh, look what just happened.

I can’t believe how bad he is. Well, they’ve been, they’ve been talking about how wonderful he was this entire time, and they’ve been lying and I, and lying to the american public. And now we’re supposed to believe the sincerity of it. It’s a bunch of crap as far as I’m concerned. And more troubling than most of the things we talk about financially is the moral compass of this media and this administration, which is way the hell out of whack. And they try and do this and make us think we all should believe this. It to me just makes me angry, makes me itch.

I’m so angry by it. But it’s just more of the same stuff we’ve seen now for the last couple of years. And let’s hope that somehow, some way, we get a change. And this isn’t even about what side of the aisle you’re on. It’s just the fact that we can be gaslit and lied to to this degree and try and be expected to take it at face value. I find it to be awful, I guess. Well, deep breath over there. It’s going to be all right in a couple of months. Well, I guess I was going to say in a couple of months it’ll be all done, although that may or may not be the case.

And what do you think, Chris, I know that you’re asking me the question, but am I wrong? Do you find it to be concerning that the media would portray it this way, like they’re shocked and that this is how he is and instead of being truthful the whole time questioning is this really the guy that has what it takes to be the leader of the free world or not? And that’s the point. I mean, I think if anyone is being honest with themselves, they would have said this at any point over the last three and a half years.

Do you find it concerning that now at the 12th hour when they know they’re losing in the polls and they need to bring someone in who won’t be the puppet that he is, that they can roll that in and pull this over on the american public? Does it bother you? Bothers me. Can’t tell. Well, I certainly don’t think it’s ideal. Obviously, a lot of things in politics or finance are not ideal. And I think people watching the show where certainly, you know that I used to get myself a lot more riled up and I think there’s a lot to be said that what we’re focusing our energy on, you tend to get more of that.

And at least I’ve been actively working on that balance of there’s one hand, you want to be aware of things that are going on and stay in touch yet to the degree of where can you actually make an impact or change things. And so when I see, people that every day the news comes out. If the news is bad, they’re crushed and devastated. And I’m trying to be critical of anyone else I was in this pattern. But whether silver goes up or down a dollar in a day, realizing there’s some part of that of which you don’t have control, and certainly the politics.

Was it an ideal display the other night? No, I don’t think so. Again, also, hearing the both candidates talk about how inflation is under control, I don’t know that there’s a lot of what either guy is saying that is really even under their control at this point. And to some degree, you know, that’s what you’re getting when you turn on certain channels. And I agree, and I’ve seen that side of you, and I’ve been here with you long enough, through it all, to admire very much how balanced you are. And I tell you that a lot, and I admire it because I lack that balance sometimes.

But, and it’s less about what the politicians, either of them, had to say or even how they said it, and just more how the media reacted to it. It is the media that I find repulsive. And I’ve said all along on many of the shows that go on like yours, you’re more of a real journalist. And I’ve told you forever, you’re one of the best investigative journalists I’ve ever known. When you put your mind to it, like in the interview with Bart Chilton and all of the other things that you’ve done along the way is truly something that is lacking in today’s media.

And that’s part of the problem, is that so many people aren’t aware of the things that we talk about, even the reasons and necessity to own hard assets in your own possession. The media just does such a poor job of telling us what’s going on. And this reaction by them bothered me far more than the ineptitude of an old man who’s senile. And that’s the truth of it. The fact that neither of them really discuss the issues that are really, really important in fixing them. These kinds of things, yeah, that’s troublesome. But this is all directed at the media and their lack of sincerity more than anything.

But to your point, I admire how balanced you are, and it comes across well. That’s what someone should do in an unbiased position in presenting the facts and why I get a little more emotional. But you’re the one interviewing me, so I can do that. Well, can I add one last thought before we get this week, find out what this week’s special is and wrap up in that. Certainly to the degree that you have an uncertain environment that makes it harder for businesses to plan at a time when, despite claims that the economy is great, I don’t think it’s great for a lot of people.

And anything that’s making it harder for people to get jobs and things along those lines, obviously that’s disappointing to some degree. Is that new? So do we get flustered again? Hopefully not, but perhaps bigger than that is that I was thinking a little bit more about the BRICS and the unit where if you take a few steps down the road, and let’s clearly label this as a hypothetical, so it’s not, this is definitely what’s going to happen. But just if you think through that, if there is a degree to which you start having a large portion of the world, especially that has a lot of oil production, a lot of resource production, and they do go to this system, which they have not done this, it’s not been implemented.

Of course, there’s difference between thinking about it, doing it, then doing it and doing it successfully. So by all means, those are steps that still need to be demonstrated. But if you do end up in that outcome, and essentially now you’re left where when there’s resources for sale, you can get one unit of currency that’s backed by metal versus another unit of currency that I think the central bank gold purchasing is one sign of concern about doing it through the traditional treasury market. Have we seen a mass dumping of us treasuries? No, I don’t think that’s accurate yet.

Japan. Now here’s one other factor. If Japan does start selling treasuries to have dollars to buy yen, I mean, they’re the big pillar now. But in either case, if you’re heading towards a world where now you can get a currency that has some hard backing versus something that we’re seeing growing concerns regarding the treasury market, especially as a store of value of energy. What happens when those two are competing? Yeah, well, I mean, it’s a big deal. And if you realize the project Enbridge is, it will be the vehicle that the unit trades on. To see Saudi Arabia, the largest oil producer in the world, sign on as a full participant is a very big deal.

Project Enbridge does not utilize dollars. Dollars do not work on Project Enbridge. And so what it does is it eliminates the ability, first and foremost, for the United States and the west to impose sanctions, number one. And if you read the unit information, they talk about it being redeemable in gold for these countries, it is backed by something substantial. And when you realize that gold has outperformed the treasury, the ten year treasury over the last 25 years, by almost double, with no counterparty liability, it incentivizes countries. Part of the petrodollar deal was to sell not only in dollars, but to take any of the excess reserves and put them into us treasuries, which has been the key to bolstering the bond market, keeping interest rates low, and supporting our dollar and our system.

If you all of a sudden have countries that not only arent using the dollar to settle in, because the whole concept of the unit and the Enbridge is that these countries can remain autonomous, have their own monetary policy, and trade in their local currencies, but settle in a common settlement currency that is backed by 40% gold, 60% in the currencies that are in the BrICS plus countries. So it incentivizes the stockpiling of gold, which weve seen the BIS as part of the project Enbridge, theyre the ones who reclassified gold. All of these things seem to be, seem to be coming together.

What it really does is for the first time in 50 years, gives a real competitor to the system and reason to not stockpile treasuries and reason to not stockpile dollars. In other words, the settlement or the transaction would be done in local currencies. The settlement is done in a common settlement currency. Both chip away at the hegemony of the dollar, and I think it remonetizes gold throughout the world in terms of its value, and puts a question mark on the treasury. So, yeah, it is ultimately something that would have a negative impact, one would think, ultimately on the dollar.

But again, when you see Saudi Arabia become a full participant in this program, I think it signals that the end of a system, a system that you could argue is past its expiration and the beginning of a new system, one that will be all about transparency, all about blockchain and commodities. I mean, this fits right into what Zoltan Pozar says. So again, people who expect instant gratification and immediate results will think, will dismiss this and look past it. And in fact, we’ve seen that. But to me, it’s just more and more and more of the little by little by little by little, chipping away.

And I would argue this alone in and of itself, ends the dollar hegemony, not the supremacy. We still represent 60% or more of all of the reserves, and the supremacy is still there. But yeah, you could argue the hegemony is over. And with each passing day and with each out of this meeting in Novigrad last week, they talked about 59 countries want to join and how big will this union be? And will all of them start trading on Enbridge? And will all of them start accepting and trading the unit? I guess we’ll see. There’s a special meeting in September to discuss the unit in China, and if it all goes well, they’ll roll it out in October.

These are all ifs, but you can see that we are hedging and moving and edging in this direction. So I think it’s a big deal, Chris, and one that will take time to your point, but you could argue its a very long fuse and its been lit. How long before it hits the firecracker? Dont know, but its not good for the dollar. Its not good at all for the dollar long term, because you now have legitimate alternatives. If this grows that have not been around for the better part of over 50 years, I think it will have great adoption as a result of it being free from the ability of the western sanctions.

And thats really, I think what the key is here, not only will it be faster settlement and less costly, instead of having these currencies all have to convert into dollars through commercial banks to the central banks and back into the other currencies, its costly, its time consuming, but more relevant. It also will greatly curtail the ability of these countries to sanction and weaponize the system the way that they have. So that in and of itself makes it compelling to a lot of countries and ultimately to the detriment, if you will, of the status quo. So I guess we’ll see.

Only time will tell, but not good for, not good for the status quo, not good for recency bias, and ultimately could be the first chapter of a new system. Yeah. And since you mentioned your stock line of little by little in there, just figured I’d have pass along. We won’t dig into this one now, but here was former New York fed President Bill Dudley, who mentions it’s impossible to know when investors will decide that such risks are too much to bear, as the bond vigilantes famously did in the 1990s. When it happens, it tends to be sudden and brutal.

So maybe you could mix that in little by little and then, bang, sudden and brutal. Yeah. Well, you know, there is, there is a theory out there that I like royalties on the I, you know what, and you’ve taught, you’ve, you’ve given me a lot, actually, of stuff that I use. So I will do that when it gets put onto a bumper sticker. But you know, there’s, there’s a theory out there that people should research. Mike Adams is a very smart man and he talks about something called Operation Sandman. Hundred plus countries that have agreed to at some point all dump that all at once moment I cant confirm it.

I can simply tell you that if you google it, its out there where at some point when the critical mass has been reached in every area that they do dump dollars, at that one moment they do dump treasuries and were probably a long ways away from it. But this is the beginning of a new system, at least the challenge to the, to the old system. So I guess we will see. But this is what I’ve been talking about for three years and almost four and with you. And you know I’m not a soothsayer, but I do believe that this is exactly what I have been talking about, that we have kind of messed up the privilege of being the world reserve currency in many ways.

And this is, I think, pushed back to it. It’s one thing to have monetary mismanagement and fiscal irresponsibility, it’s another thing to steal assets from a sovereign country, to buy weapons to fund the country they’re in a war with. That is a line that it is tough to come back from because all of these other countries, well they may be in good standing with the US now, but what about tomorrow? And I think they’re all making plans, and this being one of them, to protect themselves and their own self interests. And the truth of it is, at some point one would have to ask themselves, why do countries have to have intermediary currency to conduct business with when they can just do it with their own local currencies? If indeed that is the plan, I think this is the beginning of that path.

And the common settlement, currency or unit rather, is a way for them to do that while at the same time having their own autonomy within their own borders and their own monetary policy. It’s a very interesting, somewhat complex architecture, but interesting thought experiment, and I’m not surprised to see it, quite frankly. And I do think there will be a moment where, like he says, sudden and brutal and we’re not there yet. But when it happens, it won’t have caught me by surprise. And I hope none of the people who listen to me on your show, I hope it doesn’t catch them by surprise.

I’ve certainly been overly redundant about it, and knowingly so, I know that I continue to say the same thing, but at least I can fall back on the fact that a lot of the stuff that I’ve been talking to you about, even since 2020, has, in one way or another, materialized. Not exactly, like I said, but shockingly scary. Scaring me to the bone enough. It has. And I think this is just progression away from a system that should not be allowed to impose these sanctions. As the world reserve currency, we should be neutral, and we have crossed that line.

So this is the natural pushback to it, and I expect it to look, this is the umbridge is just the very, very beginning of the umbridge. This is the basic utility. And the whole thing about it is its ability to integrate other systems. So this is just the very beginning. And I think you’ll see more and more things and more and more countries and more and more entities join this Enbridge unit, the settlement side of it. The unit is something that I guess we’ll see. But if indeed it gains enough traction to be announced in October.

Yeah, then it starts to get more real by the day. So time will tell. We’ll see. But as the chinese curse says, may you live in interesting times, Chris. These are very, very interesting. Well, there you go. And perhaps in wrapping up anything on special that you can pass by our audience this week. Yeah, we’re going to do a July 4 special, all us stuff. We’re going to do the, what are we doing here? The 2024 silver eagle at $5.95 over spot, any quantity, and the 2024 110 ounce gold eagle, $39 over melt, any quantity. And just in respect for the July 4 holiday, and I figured we go with all Americans.

So if you’ve been looking to buy silver eagles, look, they’ve come down a little bit even at least for this special they have, and there’s no quantity limit on those. So that’s what we’re doing. And rumor has it we may also have some $10 liberties that we’re going to be offering. I haven’t got the info on that yet, but I do believe, in fact, maybe I do. Give me 10 seconds, because I love the $10 liberties. I think we do their AU grade at dollar 59 over spot as well, pre 1907 and earlier, $10 liberties, AU grade at 59 over melt, and the 110 ounce eagle and the Silver Eagle 2024.

So all american stuff for July 4. All right, well, I appreciate that. And if you’re watching at home, you can find out more. Or if you want to place an order, you can do that at arcadia@milesfranklin.com. and I Andy, we will wrap up for today, but again, I’ll remind people that you will be at the rule symposium show all five days next week. I’ll be there Tuesday, maybe a little longer, we’ll see, but we’ll catch up and do this in person, perhaps live next Tuesday if we can find a good spot. But I will make sure.

I’ve been wanting to do this forever, so that will be amazing. I’ll buy you dinner after and I look forward to it. So I hope we get to see lots of people there. Come on down and appreciate it. Chris and you’re the best in the business, man. And with the passing of a guy like Ted, you know, your relevance becomes that much more important. So thanks for having me on and let me be a little part of what you’re doing and look forward to seeing you in person in a couple days. Well, we will see you there, and if anybody is interested in finding out more attending as well, link is in the description field below.

So hope you’re all having a great day out there and we will see you again soon.
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