The Financial Kill Switch Has Been Flipped (Uncut) 04-08-2025

The Financial Kill Switch Has Been Flipped – No More ‘Buy the Dip’ | E.B. Tucker

Welcome back to Kitco News. I’m Jeremy Safran. President Donald Trump is now threatening sweeping new 50% tariffs on China unless Beijing lifts its retaliatory duties by tomorrow.

And the White House is coloring reports of a 90-day pause, quote, fake news, while Commerce Secretary Howard Lutnick says the tariffs are here to stay for now. Markets are reacting fast here. U.S. equities opened sharply lower for a third straight session.

Asia, well, it sold off overnight. And Europe is bracing to retaliate. And billionaire Trump supporter Bill Ackman is warning of a, quote, economic nuclear winter.

Meanwhile, Elon Musk is publicly clashing with Trump’s top trade advisor, Peter Navarro. And just moments ago, BlackRock CEO Larry Fink said on stage at the Economic Club of New York that based on conversations with top CEOs that he’s having, he believes the U.S. is already in a recession. But this isn’t just about tariffs.

The warning signs have been building for months. And we’ve been tracking it right here at Kitco News. From cracks in sovereign debt to collapsing liquidity, nearly $10 trillion in global market value has now been wiped out.

Gold briefly dipped below that $3,000 mark. And Treasury markets are flashing distress. The VIX spiked above 60 overnight.

And now speculation is swirling that the Fed may be forced to act before its next meeting. So far, though, radio silence. Now, we have a lot to get into on our show.

And our next guest has been ahead of the story since the beginning. E.B. Tucker is the author of Why Gold? Why Now? And Not For Sale. He’s also the editor of The Tucker Letter.

He’s been warning the financial system is wired with a kill switch. We’ll get into it. E.B., welcome back to Kitco News.

Great to see you here. Thanks for having me. All right.

We’ve got lots to get into here. Let’s start with this moment. I mean, obviously, volatility is extreme.

Markets have lost nearly $10 trillion in value. The S&P swung 7% intraday, first time since 2022. And I mentioned the VIX.

Well, it spiked past 60. It’s a level that we’ve only seen during the 2008 crash and the 2020 pandemic. E.B., is this the moment that you’ve warned about, as you call it, the financial kill switch being triggered? Well, I think what’s shocking to me is that for several years now, everybody you talk to, average people are like, the market, it’s got to crash.

You can’t go up like this all the time. The country is going to go bankrupt. All this different stuff.

They talk about this all the time. And one of the key things that you learn if you do what I do for a living is there’s two things. There’s what people say, and then there’s what they do.

And a lot of times they say something, and then they do the opposite. And that’s what happens. So they were talking about how the government should get smaller, and all these things should happen.

But they were fully exposed to stock and options and private placements and all this super, super risky stuff, which depends on the government spending more money and the Fed’s balance sheet getting bigger and all these things. So I don’t understand. I’ve been sleeping fine because the readers of the Tucker letter know that the best time to make a plan is all the time.

And so we’ve been making a plan for months. And the plan has been, what do we own? Let’s take an inventory of what we own. Let’s see what percentage is in stocks, what percentage is in gold, what percentage is in Bitcoin.

Instead of just thinking about every headline that comes across social media or something, and then reacting to every headline, we’ve been proactive. So what you’re seeing happen right now, this little correction that we’ve had is nothing. I mean, the stock market got to $66 trillion in value.

Now, that’s like four times what it was in 2010 when Bernanke told everybody, he wrote in the Washington Post, that he was going to make the markets levitate. Your house value and your 401k value would control your mood. I’m going to say that one more time.

Your house value and your 401k value will control your mood. You’ll be well-behaved if you feel rich, and we’re going to make you feel rich. And at the time, everybody said, impossible.

You can’t invest in stocks and real estate because the great financial crisis is going to happen again any day now. But it didn’t. We had 15 years of levitating where we told people, buy the dip, just buy the dip, and you’re just going to get richer and richer.

It’s going to be a virtuous circle. And it worked. But now we have a new regime in there.

And everybody seems to be like, well, isn’t it going to be like one more buy the dip? And it’s like, in 2010, you thought there was going to be one more financial crisis. There wasn’t. And now you think there’s going to be another buy the dip.

There’s not going to be. And so what I’m encouraging, I don’t want to tell everything I’m writing this week. Tucker letter comes out every other Thursday.

I don’t want to say everything that I’m saying there. But the thing, if you want to survive and thrive in a financial system that’s trying to control you, you have got to recognize when the wind has changed, and the wind has changed. And you should have done what Bernanke told you to do in 2010.

And you should do what the current regime is telling you today. They might not be as crazy as you think. And I say that because I spend my time reading about prior administrations.

I’m reading a book about the Dulles brothers right now. It’s called The Devil’s Chessboard. I don’t know if you’ve ever flown into Dulles Airport, but it’s unbelievable that they named an airport after a guy as maniacal as Alan Dulles’s brother.

And so anyway, what you see is that nothing is new. Okay, there are influential forces that are taking control of the US government all the time. And every now and then, people get tired of it.

And they elect some new people to go in there. And there’s people behind them. And it’s nothing new.

And it’s nothing to be conspiratorial about either. The thing to do is to shut off the media sources that are on your wrist, that are on your Google Glasses, that are on your desktop, on your phone, on your car. People are watching YouTube in the car, driving around.

If you’re watching this video in the car right now, come on, do something else. Okay, so you shut all that stuff off. And you look around, and you have a plan to benefit from what is, instead of just one more buy the dip.

And I know that’s a lot for people to understand. But we’ve been at this for a while now, and we’ve been doing okay. And by the way, there were some stocks last week that did not do so poorly.

And there’s going to be some stocks that do okay during this period of transition. So it’s just something to think about. And it won’t be the ones that led the last bull market.

It’s never like that. It’s like, remember, John Chambers, you’re too young for this. John Chambers ran Cisco, all right? Cisco is the hottest big blue chip stock of the 2000 tech bubble that popped, okay? 98, 99, 2000, it was the hottest day.

Cisco barely recovered its 2000 peak price, like, you know, in the last year. You waited 20 years, 20 years. Now, that doesn’t mean Cisco’s a bad company.

It’s a big company. They make important technological components. But as you wait for that stock to come back, the world changes.

Things change. And so the leaders that got overheated of the last run, sometimes you have to let go of them. And you can’t do that if you don’t have a process that you follow to keep your head clear.

If you turn on social media every day and talk to all these panicked people, and the first thing you do when you wake up is panic and look at one stock that you have or some… I get these emails from people that are subscribers that are like, we need option trades. And it’s like, do you even read the newsletter? I mean, you know, it’s crazy. You’re not an options trader.

Like, I know how to trade options. Like, you have no idea what you’re doing. You’re just going to donate your money to someone that’s much smarter, better informed than you.

All right. So I know it’s a lot, but people need to understand it’s not mandatory that you sit around freaking out about everything that you read because you probably don’t even understand what… I mean, once you’ve been in media, turns out you have no media in your house anymore because you understand that there’s no reason to poison your home with that type of propaganda. And it’s not like it’s a bad thing.

It’s just the way it is. I mean, you turn all that stuff off. You don’t need that.

And you need data. You need to know what’s going on. You need facts, but you already know the outcome.

And we know right now there’s things in the Tucker letter that we’re doing. They’re not magical things. They’re not crazy things.

They’re not like obscure things. But some of these tariffs are benefiting certain businesses in the country greatly. And once you say to yourself, well, what if we just say, forget about all the politics? We’re not a political newsletter.

I just want to be clear about something. I haven’t been registered to vote for a very long time. I mean, a really, really, really long time.

And there’s a reason why. And people send me these crazy emails about how I should be voting and all this. It’s very funny to read these things.

But I don’t do politics because I don’t care if you elect a German shepherd to run the place. My job is not to be involved in that. My job is to be involved in what’s happening with the money, which way the wind’s blowing.

And if I’m worried about some zoning change, the local level and some opinion piece I read in the Wall Street Journal this week, and we just got to get this person elected, I’m totally distracted. And you see that from some of the billionaires that you mentioned. They have various interests.

They’re involved politically. And now you have this guy who they paint a picture of this guy being rogue, but maybe he’s not that crazy. I mean, it’s like you don’t get the full picture.

I mean, you read the Florida news and the guy’s winning a PGA Senior Tournament in Jupiter last weekend. You don’t read that anyway. You just read that he’s like insane or something.

Maybe he is. Who cares? The reality is that let’s see if they do what they say they’re going to do the way Bernanke did what he said he was going to do. If you listen to him, you quadrupled your money or more.

If you said, no, that’s crazy, there’s going to be another financial crisis just like the one that happened two years ago. I just got used to that. There’s going to be another one.

Surely history repeats. You missed out on a huge, huge wealth creation event. And that’s what people do, Jeremy.

What they do is they get used to what just happened and they think, surely it’s going to happen again because I’ve just gotten comfortable with that. And I just think that’s what’s got to happen because I’m comfortable and it’s not the way things work. And you’re just going to give up a lot of your money and then you’re going to spend years trying to make it back.

And the whole thing is totally unnecessary. Well, let’s rewind a little bit there because I mean, I want to point out two things. A, we’ve been tracking this build up for months here at Kitco and we’ve been watching these signals.

So if you’re watching our show, you got to continue. We don’t talk about what the usual mainstream does. And I want to get into that bigger structure.

You just talked about Bernanke, you know, the so-called virtuous circle. Back in 2010, he outlined this strategy where rising asset prices would boost confidence and spinning. But that reflexive loop held for 15 years.

You say it’s breaking down, but what are the signs of this cycle? The foundation of modern markets is truly over. Well, let’s just say that it’s like a regime change. I mean, that was a certain way of managing the society.

And now you have a regime that says, no, no, we’re not going to do that. What we’re going to do is we’re going to advocate for this American business person and, you know, this like traditional values that people talk about all the time. And all these people pay lip service.

Let me just tell you, I like to go to obscure events. You’ll find me at some sort of historical thing and then you’ll find me mingling around a protest. I like to live at the bookends of life because that’s where all the passion is.

Right. And and I love when I hear these like people that are that are marching to to fight government cuts. And if you watch like, you know, they’ll interview these people and they’ll say, tell us what you’re upset about.

Well, you know, then the 401k value went down, too. So it’s like, OK, let me get this straight. So you want your 401k value to go up and the government to get smaller and spending to go down in taxes to go up.

Let me just make sure I understand everything it is that you want. Basically, you’re delusional. So most people are like this.

Most people are completely clueless. And what they do is they they talk about themselves as this rugged individual that it prides themselves in being able to think clearly and make their own mind up. And then they basically do whatever you tell them to do.

And so this regime is saying that it’s going to support companies that make real things, all this different stuff. And what I think is, why don’t we just listen to them and try buying that instead of the old regime? Because let me be honest with you, the last guy that was president and then the guy that was president with Bernanke, it’s the same cabal. OK, that’s the deal.

You have like, you know, same baseball team, different player. So don’t even get started with like, you know, there’s presidents really even that involved. It’s usually it’s there’s there’s backing of interest behind whoever’s in the big house.

OK, there’s like go back in history and read like when you read about the Dulles brothers and how like like maniacal they were. They ran Sullivan and Cromwell before that huge law firm in New York. They they really took good care of their loyal clients.

OK, my point is, is that those clients had their ear once they were in government. That was kind of like the force behind. It’s always like that.

So so don’t even think that it’s like one person is making. That’s why when somebody talks about somebody being senile or crazy or whatever, don’t even get involved in that. That’s there’s a lot of propaganda going trade.

What is what is what’s happening right now? Don’t even think is it a good plan or not, because it doesn’t matter if it’s a good plan. Bernanke’s plan wasn’t really a good plan. You were going to basically create all these distortive effects in the market.

Think about it. You created Theranos. You know, you created that girl that just got convicted of defrauding JP Morgan for like, you know, over 100 million dollars by selling a company that had just completely fraudulent user data.

You created a lot of things during that 15 years that were totally bogus. And the way the way you did that is you had this program going on that you had levitating asset values just getting bigger and bigger to make everybody’s mood stable. And so now you have clearly a group of people that’s like, we’re not going to do that.

That’s not we’re not going to do this weekend. All over the news, the whole cabinet was saying, think of it like a patient having surgery, OK, like there’s 50 years of bad behavior and you can’t you have to do the surgery and then have a recovery. Now, don’t even for one second start alleging that I’m a fan of this type of thing or that type of thing.

What I’m trying to tell you is, is that I listen to I met the set a year ago. I listen to him talk to this small group. I listen to these people.

I go talk to these people, listen to them, learn about them. I think they’re interesting. It’s fun.

And then you start seeing how they go into the public sphere and what they do. And what I’m trying to say is don’t be persuaded by like manipulative journalism that’s got a ideology behind it that might not represent you very well. Instead, just say, but if they’re not that crazy, I mean, what if what they’re trying to do works? What do I care? What I want to do is survive and thrive in a system that wants to control me.

That’s what I want to do. I want to be you know, I want to get out of the campsite before the bear gets there. That’s what I’m trying to do.

Yeah. I mean, you talked a little bit about a regime change there. I mean, Larry Fink just said publicly that he believes the U.S. is already in a recession.

Meanwhile, I mentioned investor Leon Cooperman. He said that Trump might be engineering this downturn to force interest rates lower. I mean, a couple of things.

Are we in a recession? Is it possible that this is a deliberate policy? Look, I think the whole entire thing is centered on China. The whole thing is centered on China and everything else is just a bunch of noise. I think that there’s an interest in having a serious, you know, Cold War type relationship with China.

A lot of the tariffs that went in place were on strange countries. And when you do some investigation, you find that the Chinese were trying to ship things through there into the U.S. market. I wouldn’t even get into like thinking if this is a good idea or not.

I wouldn’t even like, you know, I wouldn’t even get started on opinions about any of this stuff. I would just say that’s probably mostly what’s going on. That’s the deal.

Now they expect to have bilateral deals with different countries and to make arrangements where if these countries do certain things, which maybe would be supporting the treasury market, who knows? You’ll cut certain deals. Okay, let them do that. Who cares? Like that’s what’s happening, right? Like Larry Fink, okay? Larry Fink would be loyal like to any person that occupied the White House.

Larry Fink is completely available. His loyalty is available to you if you have enough power, okay? So don’t even for a second think about Larry Fink as this like objective voice of reason that you should take advice from, all right? That guy, you want to watch, you want to learn about this guy, go back and watch the Adam Curtis documentary, Hyper Normalization, you know, like back into the 80s. I’ll let you do that.

This is some homework, some weekend homework. And look at, this is a regular guy, very easy to understand, that is very good at playing whatever hand he needs to play to protect his, you know, his empire, okay? That’s it. That’s the kind of guy that’d be like, he’s out there counting.

He’s not counting, you know, like inventory at Target and saying, boy, sales are going to be down. I’m going to inform the public of this to the favor. By the way, I have a kilo bar here, you know, just in case you decide you want to talk about gold.

Oh, we’re getting there, buddy. Should we flip to it now? Let’s flip to it now. Let’s turn over to gold.

You know what the thing is? It was getting heavy. And so I didn’t, I was kind of like, you know. Let’s flip over to gold because it’s been doing extremely well.

And I mean, today it broke below $3,000 on the spotlight, but it remains near record highs. I mean, you’ve described gold as the asset without a kill switch, that thing we were just talking about. What’s gold signaling right now? I think $3,000 is a good price.

I mean, I wrote in the newsletter that I thought $3,000 was probably a pretty good price. I mean, we did the math on it, right? And it’s like, you know, you get up to like $20 trillion with gold. Just for reference, there’s like $50 trillion worth of residential real estate or something in the country.

There was like $66 trillion worth of stock until recently. Now there’s like somewhere in the fifties. So you start thinking about $20 trillion worth of gold in the world.

It’s kind of like a lot of gold. I mean, so then you start doing the math and you say, well, would 5,000, I mean, would you really, you know, would 8,000, would gold be worth more than stock? Now, if it was, you know, it’s like, probably you should really think about that because there have been some times where gold was worth more than the stock market. You know, you could do the Dow to gold ratio.

And in those times you actually should have bought stock. I mean, that’s like, I don’t want to say that’s going to be the case again, but what I’m trying to say is that $20 trillion is a lot of money. It’s a lot of money and it could go higher, but it seems like at this moment, now then the price went to like 3,150 or something.

And then people were writing in telling me that I don’t know what I was talking about. Now it’s like under 3,000, but maybe it’ll come back around 3,000 for a little bit. If you look at the chart of gold, which we occasionally put in the newsletter, it’s a beautiful chart.

What you see is that it’s quite a boring asset. I mean, it’s not really something that you buy and you hope to make some huge amount of money. Now this is a kilo bar.

So this is a thousand grams of gold. And this is a nice thing to buy because it doesn’t take up much space. You know, you put it somewhere, you could stack them on top of each other.

But I think people need to understand that you don’t really buy this to like make a bunch of money. What you do is you buy this as a percentage of your assets to manage your wealth. I mean, you’re managing your own personal little empire.

And gold is a nice way to do it because it sits away from a lot of what’s going on right now. And it’s rare that you say like, oh, I’m trading gold bars and coins. I mean, it’s like you can do that, but I mean, you don’t really do that.

It’s not really something you buy as a trade. We talk about in the newsletter all the time that like, if you had hypothetically 5% of your money in gold, maybe, and you had like 2% of your money in Bitcoin or something, you can have like 40% of your money in stocks. I mean, you could start doing the math on this and you go back and you say that having 5% of your money in gold has been like a pretty good idea because what it is, is it creates a stable base for you to take other risks.

That’s my opinion. Everybody thinks that I’m like sitting over here trading gold. It’s not the case.

I mean, I just think that it’s interesting if you start thinking about yourself as an asset manager and not as a rampant speculator. We saw a little bit of that dip on the price when we saw the market start to sell off. It kind of came back.

We saw a little bit more. Do you think people are selling their gold to hit their margin calls here doing this? Maybe, but more likely people that have options and ETFs and all this different stuff. The dealers are telling me that the premiums have not really gone up that much yet.

There’s finally been some buying. I mean, there was nothing but selling for so many, for years, to be honest with you, until recently there was some buying. But I think the people that are in the options and the ETFs and the options on futures and the futures market, I think these people have more liquidity problems.

Now, I will tell you that last year I did hear about a lot of people selling coins. I would get calls from dealers saying, I have a guy in here with a hundred eagles. Do you want to buy some of them? Stuff like that.

And I thought that was strange because we’ve been living in this fake prosperity and you haven’t managed to make any money. I mean, what are you doing? So I don’t think gold, maybe they had too much gold. I mean, you can definitely have too much gold, by the way.

And that’s from the guy who wrote the most widely distributed book on gold there is. I’m telling you, you can have too much gold. I mean, it’s like you can have too much of anything.

I mean, life, a long life is about living with a balanced approach to existing. Most people have zero gold. Like if you look at, if you take a survey, if I walk around with like, you know, with the coin, it’s like nobody even knows what the coin is worth.

I mean, like if you’re watching this video, you’re in like the huge minority of people, you know, and even people watching this video are hoping that I’ll tell them to buy some sort of over the counter stock that can change their life. And I hate to tell you, but I’m not going to do that because I’m not involved in any of those stocks. And this is what’s held up better for me.

That’s not always been the case, but that’s not always been the case, by the way. There have been other market times where it was good to have high risk stocks, but this has not been one of them. Do you notice this? Like this has not been a time to take risks.

This has been a time to have cash, gold, Bitcoin. I don’t care that Bitcoin is like a hundred thousand and now it’s like 75. It doesn’t matter.

Like it actually has done fairly well, to be honest with you. I mean, if you think about it, you know, from a year ago now, it’s like, it’s done fine. The thing is, is that this has been a time to have these types of core assets and it’s not been a time to own risky assets.

Yeah. As we continue to watch people flocking for safety too. Hey EB, I got to ask you this.

I mean, for people watching this right now, and I know that you’re going to put out a letter on Thursday, but we’re towards the end of the video here. What’s your advice? I mean, where can they move capital today that’s outside this system of tethered risk? All right. So we are big at Tucker Letter on making like a pie chart of where your assets are exposed.

There is, I think, a good argument to be made for having stocks right now. I think there are certain types of stocks that are going to benefit under the current regime. Some of them were flat last week.

One or two of them were up. You don’t even want to be up. You just want to be not down that much.

And when we look into that, which we’re going to go into detail on, we’ve owned these stocks for like several months. It’s been things that we’ve been trying to get involved in as the market allowed. And they were quite boring.

And I think they’re going to do very well. And a lot of them are things that distribute products that benefit from tariffs. Remember, if something is distributed and there’s a tariff, the price goes up, the revenue goes up, and demand for certain things in your house.

Look, let me just ask you, if you’re an American, are you going to buy a Mercedes? No, you’re going to buy a Chevy, okay? Because it’s going to be like 30% cheaper. And then when the Chevy needs something done to it, let’s say it’s out of warranty, you’re going to fix that car. Whereas in this previous era, you would tow the car back to the dealer and just get another one.

Not going to do that anymore. You’re going to fix it. So my point is that there are things that benefit.

And what you’re seeing in the market is those things are doing better than the leaders of the last cycle. So while your stock portion might be smaller than it is in a ripping bull market, I think there’s a really good argument for owning certain types of stocks. And I think we’re going to be really, really happy that we own them.

So that’s what we’re doing. And then you got your other pieces going on too, right? Like your gold position really doesn’t change. Let’s say you’re 5% gold, because it goes to 3,000, maybe you make a minor adjustment.

It doesn’t really change that much. And the Bitcoin, like smaller, Bitcoin has got a very interesting profile over the coming years. Everybody’s worried about the next six hours.

But what we’re worried about is managing for the long term. We’re trying to be here for another 35 years, all right? I don’t want to put an end date on it, okay? A timestamp. But I’m just telling you that we got about another 35 years left in us and we’re trying to survive and thrive the whole time.

I like it. I like it. Okay.

Well, we got to ask you, I mean, the final question, if we talk again in six months from now, I mean, what do you think will be the story dominating the headlines? I mean, what will the world look like at the end of this year? Smaller. I think some of these things are going to be much smaller and it’s going to shock people. I think a lot of these billionaire hedge fund guys are squawking, are upset because they’re fully risk exposed for 15 years.

They trade. People watching this, you have no idea how all this works. These people don’t own stocks.

They own nothing but derivatives, highly levered. It’s not derivatives like financial crisis. What it is, is they’ve got synthetic positions and all these different interest rate moves.

So it’s very complicated. And I think that these people are having to degross, means lower fees. It means cutting back.

It means deflating the pile of assets that’s out there. It also means that there’s going to be a core base component of the U.S. economy that’s going to do better. And these types of things that make real stuff are going to do better.

Some of these people have nothing to do with the stock market and they’re thrilled. And so you want to have money and stuff like that. And we can do it.

I mean, there are stocks that got very little attention during the go-go era of cheap money, levitating asset prices in the Bernanke virtuous circle. And some of those are going to do quite well because you’re going to figure out that trading at a modest mid-teen P.E. and paying a dividend and having a family that has most of the voting shares, not that bad. I mean, you can hang with that.

You can really hang with that. And there’s going to be some attention brought to those because they had no attention. Did you notice, Klarna, that by the way, in the U.S. you can make payments on takeout food.

I don’t know if you know this, but you can make monthly payments on takeout food. So the company that does that is going public. They pulled the IPO.

And it’s like, obviously, I mean, it’s just ridiculous. They waited too long. You know why they waited too long, by the way, is there was infighting with the founders.

And that’s what happens. I’ve been on boards. I don’t own any boards, as you know.

I’m not involved in any companies, haven’t been for years. I’ve been on some of the greediest people you’ll ever meet in your life. And what happens is, which is shocking, is that because I don’t get involved in that, I watch them so fixated on the concept of getting more that they forget that there’s a market cycle.

And what they do is, is they they’re so greedy, they run right through the opportunity to go public and never comes back. And so then they just have a giant pile of paper and they’re all alone. And it’s crazy.

And it happens in every industry. It’s not specific to the gold industry or to the monthly payments on takeout food. It’s everything.

And so some of these things, they waited too long and they really should have gone ahead and done the public offering because it doesn’t get better normally. It usually gets worse. Or you control it just like Zuckerberg, where you just you got all the control.

You’re not worried about the board getting rid of you. Yeah, I mean, look, unfortunately, Zuckerberg’s deal, which, by the way, as you know, there was like three or four other people involved that he really did kind of like, you know, wrestle everybody out of that. But photographs of people with geo locating pens turned out to be far more valuable to the powers that be than payments on takeout food.

Yeah. Karma. I can’t believe it.

Just saying. I mean, I mean, I mean, just saying like, like, if you think about what was Facebook, really, it was a guy saying, would you be interested in knowing where people are at all times, what they’re doing, who they’re with? And, you know, like they’ll just voluntarily post the stuff. You know, sure, you can market to them.

We can make lots of money, but they’ll just load all these photos into a giant database. You could sort it all you want. You don’t even need spies anymore.

People just self-report from all over the world. And we didn’t even get on to the topic of AI here. Next time we will.

And I’m going to hold you to it before we let you go. I know you’re waiting on people to sign up, but you got to give us one defensive stock in this in this era that you’re looking at right now. Maybe you’re not.

You’re not going to. You’re not going to replace your car. You’re going to fix it.

And when you rally, I wrote about it in the newsletter. I shook hands with this guy. The guy looked me dead in the eyes and said, our philosophy is hard times make good habits.

That’s what he told me. And he’s from Texas. He’s very intense.

And I’m telling you what, I’ve rarely seen a company that’s run like that with that kind of efficiency. And if you don’t believe me, go to one of the stores and just get them to like change the car battery for you or the wipers or the filter or something and watch how they treat you. It’s unbelievable.

And I think that as you cannot go and replace your car because Mercedes is too expensive, BMW is too expensive, Toyota’s too expensive because of the tariffs, you’re going to fix that car. And that’s what everybody’s going to do. And I think that that O’Reilly is extremely interesting and boring and well-managed.

And I’ve met the executives. I’ve met the board members. I’ve been to the distribution facilities.

And you can read all about it at ebtucker.com. Just search in the search bar for that topic and you can read the back issues and you can read more Thursday at 9 a.m. And you can read as much as you want for as long as you want. When you get tired of reading, you can just unsubscribe and leave. And you can come back later if you want to.

I like it, my friend, E.B. Tucker, always sharp. Thanks for this E.B. O’Reilly. Okay.

I’m going to check it out. I appreciate your time. Yeah.

Thanks, my friend. All right. We’ve been tracking these market cracks from the start and we’ll keep asking the tough questions.

If you found this interview valuable, hit subscribe, drop us a comment and share the video for more market coverage, expert insight and real-time analysis. Stay with us right here at Kitco News. I’m Jeremy Salvin for all of us here.

Thanks for watching.