One of the things that I’ve reported on, we’ve heard from several bullion dealers or wholesalers that there’s been a lot of selling, especially on the silver side. I would have thought it would have been more people who had been holding silver, you know, that they bought, you know, back in like 2012, and they’re like, man, my wife’s going to kill it if I don’t get the shit out of here soon, you know, and it’s finally over 30 they’ve been selling, although most of the dealers I’ve talked to said it’s more people who need cash or inherited the silver rather than the the other case.

So anything that you guys have been seeing, it’d be great to hear that. Well, hello there, my friends. Chris Marcus here with you for Arcadia Economics. As we are into another week of trading here. A little bit different world than what we went to sleep to on Friday night. And interesting. The reaction on Monday was a bit muted in the pricing, although fortunately, to discuss that as well as a whole lot more in the precious metals world and things that will be shaping the precious metals world going forward, I am joined by Jerry Correa and Jeremy Wiseman of Guildhall wealth, which is a bullion dealer up in Canada.

So for all of you Canadians, if you’re watching this and thinking, gee, this looks a little rocky, these are the guys who can help with that as well as discuss a lot of the things that are going on in a rather chaotic time. So, gentlemen, it’s great to have you here. And Jerry, I’ll give this one to you first. How are you, my friend? Great to be here, Chris. Doing well. Thanks for having us. Great to be on with Arcadia finally. Well, it’s a pleasure. And Jeremy, nice to meet you today. I’ve been talking with Jerry for a while, but this is the first time we got to meet.

And pleasure to have you here. And how are you, my friend? I’m doing great and huge fan, so I’m glad to be here. Well, I’m glad to have you guys here and also I will say glad to have everyone who is watching at home. Hope you’re having a great day out there, too. And we could start here with the fact that at Monday, a little bit after noon Eastern time, we see the gold futures back up over $3,400 an ounce. Interesting reaction. You have strikes in Iran. They say they’re going to close the streets of Hormuze.

The gold, silver and oil were all down Sunday night into Monday morning. A little bit of Reversal here in gold up to 3407 and Monday we see silver climbing back up over $36. And Jerry, we can start with you perhaps even before any of the recent news. Just this is a stunning rally we’ve seen now a year and a half. I mean this began gold January of last year. Silver was a, took, it took a month to get going but in February and perhaps we could start there and just any, anything that you’ve seen or noticed that you’d like to share of what we’ve seen that past year and a half here, you know, it’s definitely the silver performance up on the year.

Gold’s up about 29% and silver’s up about 27% on the year in US dollar terms. And we were just ne connect just last, last week you noted the, the CFTC COP report that came out Friday. I want to pick your brain on that to see if we hit the all time highs. But we were just neck and neck and having the silver to gold ratio which we follow a lot and we have to just to know which which side we should be leaning more towards. And we, we stunted down towards 90 to 1 roughly and today we’re hitting about 93 to 1 silver to gold ratio.

So this gives us some solace to know that you know, you haven’t missed the boat because the silver to gold hasn’t, you know, gone down towards below 80 which is when we start to see the rallies in precious metals. So certainly exciting times. In uncertain times you need those certain assets especially today, especially with anything fiat and when you have like central banks, especially the European Central bank noting last month that you know, gold can be, can fracture the financial system. How fragile of a system could that be? Well, anything built on a fractional reserve or high rehypost authenticated system and a zero fraction reserve system is definitely fragile.

But you know, the demand is definitely on for resources. The positioning is up and you know what, you know, despite all the uncertainties, if you’re hedged and if you’re positioned in precious metals, you have not only that protection that you need, but you’re also positioned for tremendous top side potential. But yeah, the, the COT report, what happened with that on Friday? Did you see the numbers that came out? I think we’re like hovering like 500 off of all time highs, Jerry. Unfortunately, to disappoint you, I did not see the numbers that came out because they didn’t come out because last week and I was thinking about it, it’s kind of ironic, I think The Juneteenth holiday was Thursday so they took Thursday off and there was, couldn’t catch up, get it out all day Friday.

I’m not sure what else they were doing but we’re supposed to see that in a couple hours from now. I guess by the time people have seen this, this will go up on Tuesday. So yeah, we’ll have, we’ll have an answer by then. But yeah, it was only 510 contracts away I think. And you did have silver up 40 cents on the week. So we’ll see whether it breaks the record which if I had to bet an ounce of silver, I’d say it does. Whether it does or not, they’re quite short and adding on to everything else that’s going on.

And Jeremy, anything that you could touch on there about anything Jerry said or other thoughts about what we’ve been seeing here. I’ve, I’ve been really pointing out to a lot of clients and really just standing back and just enjoying the moment. That silver, when you look at I guess the large cup and handle from the 1980, 2011 and where we are today, just seeing silver at $35 an ounce, but there’s actually support, I mean there wasn’t even support there back in December when they got the price back or when the price got back down below $30.

Today the 200 day moving average is over $30 an ounce. So I’m just really pleased to see that the market is, has so much Support above the $30 and above $35 and yet it’s still so undervalued when you look at the, the gold to silver ratio. So it’s pretty exciting where silver is right now. Yeah. And something that I would love to get both of your opinions on is how are people responding? You’re talking to people who are buying or in some cases selling gold silver all day. One of the things that I’ve reported on, we’ve heard from several bullion dealers or wholesalers that there’s been a lot of selling, especially on the silver side.

I would have thought it would have been more people who had been holding silver, you know, that they bought, you know, back in like 2012 and like man, my wife’s gonna kill if I don’t get this out of here soon, you know. And it’s finally over 30 they’ve been selling. Although most of the dealers I’ve talked to said it’s more people who need cash or inherited the silver rather than the, the other case. So anything that you guys have been seeing up in Canada would be great to hear that. Yeah, well, yeah, definitely the people who were, who got into the market and only held silver back in, you know, 2015 or, or prior.

And I’m talking specifically about those in registered accounts. Yeah, they’re pretty happy to sell at these prices. And you know, we have a talk with them and say, you know, do you want to sell everything? And so, you know, those clients we, we try to keep in, the other clients, they’re all especially registered clients, they are trying to hold on with everything they can. And, and the retail market, there’s definitely been more selling than buying over the last couple years for sure. Jerry. Yeah, the selling, the selling has happened but you know, we’ve saw, we’ve seen and witnessed sort of a tapering off on the retail side.

The big question would be, you know, if you, if you are selling a large portion of your portfolio, do you have to? And of course if you have to, the whole point of precious metals is that, you know, they’re liquid and the central banks around the world, despite Canada having 0 ounces in resource, in these critical strategic resources, having nothing in reserve, they’re liquid. So if, you know, if push comes to shove, life happens. You know, if you have to sell, you have to sell. But if you’re just selling to reposition your portfolio and you have Goldman Sachs citing that the 6040 portfolio is literally dead and that the bonds are now being replaced by gold with gold, what are you really selling into? Right, you’re just going to go back into financials and something denominated in a currency, in a fiat currency that, that are, that is just continuously being depreciated, devalued and eroded.

And now that, you know, with geopolitical issues uprising, even though the market is sort of flat in response to the bombs over the weekend in Iran, the fact is that the US is, one might expect the printing press to start the helicopter money to start flowing and cuts to happen sooner than later which will just push gold and silver higher. They’re inversely correlated as the Fed is looking to definitely insulate their economy and stimulate the economy to get out of this on, you know, unscathed. So Jerry, am I, am I safe in assuming you’re not the guy who’s been emailing the treasury trying to find out when those hundred year bonds are coming out? You’re not, I’m interested.

I do follow. I mean I did follow the, the U.S. treasury, they had that, I think it was, if I’m not mistaken, I have it here somewhere. Yeah, the stable coin being researched by the US treasury last week. I mean this is all I think timing with the Treasuries being dumped in the U.S. knowing that 9 trillion of the U.S. debt has to be renewed this coming year, the U.S. rates have to lower but the stablecoin being researched but we know that the stablecorn market is not really, it’s backed up with US Treasury. It’s supposed to be one to one back to be stable but really is something backed by the US dollar stable.

So I do arg you like Judy Shelton. She did comment about, you know, when Besant said that they were interested in looking into the stablecoin market. But Judy Shelton did chime in and said yes, we want, we would love that idea with the backing of a convertible gold bond. So our eyes are, you know, it piques our interest. It’s definitely something that we have to follow because the market, you know, I think it’s a, there’s a reset. It’s not, it’s not going to happen overnight but it’s definitely a process. Yeah. I mean and go figure, as long as we get people to put money in and drive the bitcoin price in that goes higher, we could fund the treasury debt for, I don’t know, maybe a couple more years.

And that sounds like a great system. And Jeremy, maybe you can help explain this one to me where I’m a little confused because even before I heard Treasury Secretary Vincent’s latest comments which I’ve really grown to love now I’ll say the only issue I have is that whenever I hear him talk like screaming in my brain is or no matter how silly the idea of having a queen might be to us. But in his latest statement he was maybe bragging. I don’t know if he was bragging, although he seemed proud of the fact he’s saying stabilize the US Finances and put that on a good trajectory that will make sure that we have another great 250 years.

Excuse me. Because I know they’re fighting. Well, this is a savings or this is, the Democrats say this is more. But that’s just based to the previous set of forecasts and projections that also had no chance of ever occurring. And what I think gets missed here a lot is oh, we’re going to save this. But there’s still. Have you ever heard anyone talk about, well, here’s the plan to eventually pay this back. Seems to get lost. No, it does get lost. Let’s just first take a moment to say that Janet Yellen is no longer the Treasury Secretary.

I definitely appreciate having someone who is, you know, they can’t be 100% transparent with us, but at least they’re not outright lying and saying we’re going to do illegal things and somehow make it seem like it’s okay. You know, I think the, I think the economic team is trying to, they probably have a long term plan but I, it just feels like they’re getting, getting caught in the weeds a little bit and they’ve got other things that they need to get in place first. It feels like that to me. But you know, I’m willing to give him leash.

I’ll say that I’m willing to give Besant leash and I like that he’s had a lot of good positive gold comments. So even for that I’d give him a bit of leash. He said his buddies called him a gold bug. And Jeremy, I’d actually agree that there is a plan. In fact the chairman of the Council of Economic Advisors, Stephen Moran actually wrote it up for everyone. Users Guide to Restructuring the Global System and I haven’t done an official count. Maybe we could make side bets later on the over under but phrases persistent dollar overvaluation and overvalued dollar.

I don’t remember exactly how many times it appears in there but it’s a lot. And sweeping tariffs and a shift away from the strong dollar policy can have some of the broadest ramifications. And I might add this was written in November last year and then it was December where Trump named this, the guy who wrote this as the chairman of his council of Economic advisors. So yeah, I’d say that there is a plan and I’ve heard some interesting arguments that that of signs of that plan actually already being implemented. So yeah, I guess, I guess if Trump was successful with bringing in enough money on tariffs or tax on tariffs that he could then make a move on income tax, have enough new business coming into the country like just offsetting a lot of things that he could and also making more deals.

We’ve seen that sort of die down in terms of narrative. We don’t hear a lot about people coming at countries coming to the table and the deals being made. But I suppose that if you have enough good things in place you could start to say great, now we want to really start hammering the dollar lower because there’s no way this debt gets gets paid off in any other way. So yeah, perhaps it’s a timing and a puzzle piecing but yeah, again I’m willing to give them leash on that. Yeah but either way I mean look, the raising the debt ceiling, the debts have already been made.

The promises are made. There’s no doubt that the dollar is overpriced. And if you’re going to print a whole bunch of money like the Federal Reserve has done, why wouldn’t there be distortions in the value of of that asset? So I think that, you know, it’s inevitable that the price or the value of the dollar continues to go down and the reaction of the of gold going up is going to be. It’s obvious that’s going to happen. Yeah. And I might add on to that that this isn’t just a couple gold and silver bugs here saying that because as we well maybe many people didn’t hear about this.

I happen to see this article didn’t hear anyone talk about it since then. But here’s Powell talking about Telegraph. Hey, John Hills in wrath. Nick Timoros, come over. We’re getting, we’re getting ready to he lays out either getting ready to tell you that 2% mandate. Well maybe yeah we could go a little higher And I might add both Volcker and Greenspan said this is not it wasn’t like this came down on the tablets for Mount Sinai that 2% is the way. And Jerry, I would love to get your comments on a few things he says here because first, where is the his.

Oh yeah, there we go. We may be entering, so he says the economy. He said again last week at the press conference that the economy was strong. He did not mention this part that we may be entering a period of more frequent and potentially more persistent supply shocks. Difficult challenge. I would think based on the way the tariffs have gone so far, that would be possible. And then the other thing that Jerry, perhaps you could explain to me we see here reflecting these concerns, we adopted a policy to make up for persistent shortfalls from the inflation target.

So I’m thinking shortfall. So is I’m assuming that means we go under 2%. That’s a shortfall. Although I seem to recall a large surplus that we were left with here. His article did not mention the surplus runoff of inflation that would theoretically be wise to balance the shortfall. But I mean you have Trump saying that inflation’s gone, he should cut rates. Every, every metric is still above the target. So Jerry, would you like to swing away at the inflation shortfall pinata for our favor? Yeah, that’s always been been something that has been a huge gaslight item for many individuals, many and especially here in Canada, knowing that the CPI and the inflation number here in Canada was rejigged back in 1980 to, to adjust lower to maintain that 2%.

We know the basket, you know, with the help of John Williams Shadow Stats, whom we had on the show a while ago. And you know he does some great work. But even Larry Summers had the article Harvard professor showing that the inflation number, since you don’t show mortgage payments and all these other juicy baskets in the, in the rate, we know it’s about close to double digit. So where they come up with the 2% we don’t know. But it’s obvious. Accounting gimmicks. But I think it’s clear that we’re heading into a stagflationary cycle or that we are currently already in it and it’s probably going to give him justification to move forward and to cut rates or to allow the US to cut interest rates.

So it just feeds into the whole weaker dollar narrative and even more, even more lambasting towards the Federal Reserve understanding that the central banks have a dual mandate. They have a job to maintain the employment market and to keep inflation down. And they’re clearly losing on both fronts. And we’re in need of, or the US is in need of. The Federal Reserve is on the hot seat. The target is over the Federal Reserve. And then this is why we have the bills that are tabled. The Gold Standard Restoration act is one. And then Jeremy even mentioned in the repeal of the of with HR25 is just getting rid of the income tax altogether.

So he could say what he wants to say. I think the truth is just coming out. You can’t really stop the truth and see that the expenses and the costs to even run a company profitably is being dwindled away. The cost to run a business profitably is very difficult because the cost of diesel is continuously higher. So to import anything in is just too expensive to remain profitable. So it’s more of the gas lighting the hot air from Jay Powell, the Jawbone Powell as I call him, he likes the jawbone a lot. But he’s definitely showing that the Federal Reserve is cornered.

So I just, I looked it up on Grock just now. A shortfall in inflation means he, they’re short of their, their 2% target. So, so basically is Trump, right? Like you should be dropping rates. If you’re not hitting your 2% target, go ahead and cut. Yeah, I think they should just bring Bernanke back myself. He would be perfect for Powell. You sell more helicopters. Yeah, you gotta sell those helicopters. I know, I know. We’ll, we’ll get his oh, he’s, he’s sitting right here. There he is. Come on, I want to use your credit. There you go, Ben.

Numbskull. He’s a numbskull. Yeah. Jeremy, perhaps you can see if I’m missing someone here, but I’ll, I’ll throw this slab of steak to my dog in Canada. Here’s the review, just telegraphing what’s coming. We plan to cons to complete. Consider is consideration, excuse me, of specific changes to the consensus statement in coming months. So they’re going to give us their update, paying particular attention to the 2020 changes, but blah, blah, blah, and the way they’re interpreted by the public. So much effort into like the language and how it’s interpreted rather than like what it actually does does in a business sense or the intervention in the markets.

But here’s the key part. In our discussion so far, participants have indicated that they thought it would be appropriate to reconsider the language around shortfalls. And at our meeting last week, we had a similar take on average inflation targeting. Ladies and gentlemen, there is the document. Don’t need to take my word for it literally. Reserve site. And Jeremy, what say you? I wonder if this is something Jerry and I often discuss. You know, when you manipulate the data so much, maybe they’ve manipulated the data so much that they’re starting to get the wrong answers of what they wanted.

By manipulating, like to say that they’re getting shortfalls in inflation means they’re not hitting their targets. Now, I guess it could be doublespeak because they’re looking for a reason to raise the targets. So they’re saying, oh, hey, look, we’re not, we’re not meeting the targets while everyone who is, you know, I guess except for eggs, everything is getting more expensive, you know, and especially if the straight of Hormuz closes, you’ll, you’ll be right there. Back again with inflation. So either they’re jawboning their way to a reason to raise the target, or their numbers are so skewed they’re starting to not get what they want.

What do you think? I think Trump wants lower rates. I think the Fed wants lower rates. Maybe they’re going to do it slower than Trump wants, but in the end, that’s what they’re talking about. Now we shall see how that goes. And perhaps the last question I have here as we start to wrap up is that certainly, we’ll, we’ll see. I’m guessing they’ll get plenty of inflation over the next month with this. I, I would be surprised if we continue to see those inflation metrics come down. Although for anyone who’s watching this and chooses to look towards gold and silver like you and I do, I would love to just mention that here you guys are a, especially for our listeners in Canada, Guildhall wealth.

And perhaps you just let folks know if they have questions about anything that we talked about today or want to talk shop or looking at buying or selling metals. If you could just let people know a little bit about what you guys have been doing. Go ahead, Jerry. Yeah, so since 2002, we’ve been doing this for quite a long time, helping individuals all over the world get into the physical precious metal space. Because of dollar devaluation, valuing your wealth in ounces is key today. So whether you for in Canada, if you hold an RSP or a TFSA or a registered plan of any sort, this is the best way.

We, we were the pioneers of putting the RSPs together back in 2015. We were the first ones to do it. So we hear, we understand what you’re looking for. We can assist you to roll out of your existing RSP and transfer over to the RSP with us. For you to own unencumbered physical precious metals allocated, entitled to your name, all held entirely outside of a digital banking system. This is the safest thing to do for your money, especially with the uncertainties. You want to have certain assets for, for your future. And we look forward to assisting you to do that.

So you want to give us a call. Our number is 1-8778-silver or you can contact through Chris Marcus. You have a link, Chris, that people can click on and get in touch. We can give you our investor kit to learn more about precious metals and how the world is looking to shore up their reserves, their assets on the balance sheet. And you should do with this as well. So get in touch. We look forward to assisting you. Thanks so much, Chris. Jeremy, anything you’d like to add there? It still surprises me that we can hold physical allocated in the accounts.

We knew back in 2015 that the market was changing and that people wanted this physical allocated way of holding metals. And it’s great. We have people go to the vault personally audit their holdings and they’re sitting there holding their, their gold and silver saying, so this is in my retirement account and it doesn’t belong to anybody else but me. And we say, yep, absolutely. So it’s a tremendous opportunity. Yeah, too bad we don’t have Fort Knox stored with you guys. I’d feel a little bit more comfortable with how that one’s looking. And yeah, just one one final thought is that, you know, it’s interesting where now that the prices are higher and people, I’ve heard some people say, maybe not overwhelmingly, but okay, well is it too late or do I buy gold and silver now? Obviously the first thing I would suggest and imagining you guys have this conversation a lot, everyone’s situation is going to be different.

So there’s no right answer yet. I guess the way I’ve been thinking about it in the last couple months is that when you look at what’s happening with the world and especially leave aside cost of production, especially on the silver side and also on the gold side, continues to go up for a long term portfolio, I still think it makes a lot of sense that whether it’s 10, 20 or whatever number makes sense for someone that if you even had today’s gold or silver price, if you buy that, that 10 or 20 years, if that’s the right sized allocation to the other things that you’re doing and have planned.

Again, I’m not allowed to give legal financial advice, but I think there it’s almost, it seems hard to see a situation in which that, I mean if nothing else, just for the diversification effect, let alone everything else we’ve been discussing here, it seems like it would be hard for that to be a really bad idea. But any final comments on that one, Jerry? Well, we are definitely seeing higher allocations into precious metals beyond that 10 to 15% as once noted by the Ibbetson Associates way back just, just after QE1. So that old model was very old.

This is before the money. The money printing and the printing press going out of whack and US hitting 40 year high inflation. You know, I liken it to Egon Von Greyer’s out of Switzerland who recommended back, I think it was 2011, his clients to get into 50% overall and recommended at least 10% in silver. Now the story is much different. It’s very clear that we are being gaslit that the currency is being printed. Especially now a lot of Canadians, Americans are thinking well I’m buying for the first time, am I buying at all time highs? Well, rest assured the silver to gold ratio is still pointing that we have a lot of room ahead in this market move.

And plus just to debunk a bit the Citigroup and Citibank’s call for 2050, this is on the back of upcoming interest rate cuts. And it’s very clear that during interest rate cut cycles, because gold and silver are inversely correlated to the US Dollar that when you start cutting interest rates, you weaken your curr. And gold and silver have its heyday. When the interest rate gets hot, even a hint of cuts, gold and silver move higher. So knowing that the US has to cut, they’re sitting at 4.5%. You have a lot of room on the downside, a lot of room back towards zero, potentially negative, who knows? But this is all spelling the case for tremendous topside, potentially, especially in the silver market.

So to allocate a little bit more into precious metals, to me, it’s a wise thing to do. Yeah. Not only could you say that the US has to cut, but I think it’s safe to say at this point, Trump’s gonna bring in someone who is going to cut whether they have to or not. So, Jeremy, could you just as we close up here, I know you guys put together a nice special for our audience and just let people know what we have here and nice little gift that you have. Yeah, absolutely. So anyone purchasing 100 ounces of silver, either direct or within a registered account, we’re going to give one ounce of silver to match along with any purchase of 100 ounces.

So I think that’s. It’s been a successful promotion in the past, and I think people love having that extra ounce that they can either keep for themselves or give to others their gifts at Christmas time or to give to young ones to teach them how to what money is really, you know, there’s nothing like flipping a coin, hearing that ping. Right. Grandkids don’t want treasuries. And you guys can get orders to the US as well? Yes. Yeah, we can. We can deliver into the States. Absolutely. All righty. Well, fellas, I sure appreciate it. And the link to all that from Guide hall wealth is in the description field below.

And we’ll call the show for today. But I sure appreciate you guys joining me and laying things out pretty clearly and putting in good perspective. And thank you to everyone at home for being here and watching. Hope you’re having a great day out there. And gentlemen, thanks again and we’ll look forward to seeing you again soon. Thank you. Thanks, Chris. Sam,
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