Market Pain as Economy Crashes (Uncut) 03-21-2025

Market Pain as Economy Crashes with Michael Oliver

There’s not much to smile about. There’s only one thing, his retirement account or his investment account. Last year, it was up 20%.

Oh boy, we’re about to wipe that out in weeks. And suddenly that one smile point goes away and there’s nothing but darkness. And when you have no hope, no place you can look and smile, that’s when emotion comes into play and fear and volatility and uncertainty.

And that will help the monetary metals. And also it will impact the day-to-day life of average American, just like the 2008-09 collapse did finally late in that bull trend, that bear trend, excuse me. We had industry type of pain, personal pain, not just stock market.

And I think that’s coming. On this episode of What The Finance Podcast, I have the pleasure of welcoming back Michael Oliver. He’s a regular guest and very well-liked and well-respected.

And he’s also the founder of Momentum Structural Analysis. So Michael, thanks so much for coming back on the podcast. Good to be back, Anthony.

Yeah, looking forward to the conversation. Things have been pretty hairy the past few weeks, especially since Trump’s inauguration. It’s actually quite interesting.

But yeah, I’d be interested to hear what your thoughts are on the economy and markets in general. Well, there’s one factor we were waiting on to help provoke more aggressive movement in all markets. And that is the breakage of the U.S. stock market bubble.

There’s also a couple others around the globe. Japan is a bubble by our definition, and so is India since X index. So it’s not just the U.S., but the bubble has broken our initial trigger levels.

Did it early actually in January for the S&P, but the NASDAQ 100 held off. It just wouldn’t break our key level. It broke a couple of weeks ago, well above where we are now.

And that breaking that level told us that the bubble is going to start to unwind, meaning we’re going to start a bear market. This is not a correction. Not that it has to crash.

In fact, bear markets rarely commence with crashes. You go back through history. I think 29 is about the only one that started with a crash and sometimes it didn’t even have a crash.

2000 to 2002 in the S&P went down 50% and never had what qualified as a crash, just bloody downside, layer by layer. So anyway, we think it’s begun. Now, why is it important? It’s important because it’s causes movement of money.

Investor money, especially late investor money, which is a lot of it, a lot of foreign capital as well, to flee that market and go elsewhere. And if you go back through history and we’ve done studies on it and produced reports showing the evidence, gold is always the place to be, period. Now, 29 to 32 when we had the collapse then, you couldn’t buy gold in the U.S. Roosevelt, it was illegal, like a drug, okay, whatever.

But you could buy home state mining, the biggest gold miner then, and it went up like a thousand percent during that time. And then since like the seventies, you know, when you had the bull market peak of the stock market, which I finally ended in a crash in late 74, gold went up during that time. In fact, during that crash period in the stock market, gold exploded.

So it went up to 200 bucks. 2000 to 2002 during the dot-com bubble break, which was hardly a bubble compared to what we have now. I’d call it, you know, one 10th the size of this bubble.

Gold went up. In fact, gold went up from 2000 to 2011. It didn’t just go up during those couple of years.

And, you know, again, 2007 to 2011, 2009, excuse me, the stock market went down and gold went up during that time. Yeah, there was an interruption in gold’s upside that occurred simultaneous with a crash event that occurred in the stock market, which was a full year off of its high before the stock market ever had a break that you could cause a, call a panic crash. And gold participated in that for like one month and immediately turned around and resumed his bull trip.

So what we’ve got now is the beginning of that breakage and the movement of the money. And another factor is going on that we technically identify. And that is the dollar, the foreign exchange markets.

If you look at the major Forex markets, like the dollar index, which is upside down version of the Euro and the Yen, basically 70% of it, it’s the dollar index. It’s been in a dull, 7% basically range for over two years where it’s been the quiet one. In other words, there’s a major asset category over there that isn’t doing anything, not provoking movement in any other market.

It is now breaking below our annual momentum trend structures. Now you look at price and you say, well, it’s not breaking anything. You know, it’s just sort of in the lower third of the last two year range, but for us it’s breaking a multi-decade uptrend on annual momentum of the dollar, which tells us we’re about to commence a significant downside in the quiet one.

This time it’s going to be noisy, but to the downside. So that’s another elemental factor. And it’s interesting that it’s occurring simultaneous this month with the breakage in the NASDAQ 100.

So it’s a double whammy and it’s a double impetus fuel for gold. So anyway, I think it’s going to be an interesting year, 2025. And I think it’s going to be far more volatile than what we’ve seen in the prior years.

And for the monetary metals, I think instead of this staircase arm wrestling process, which has been upside, you’re going to see an acceleration, a dramatic acceleration. Yeah. Okay.

So I looked on back there, but you mentioned at the start that, you know, a lot of markets are in a bubble or were in a bubble. How do you classify that? What are the metrics that you use? Let’s do this. You could always say, Oh, the stock market went up because of a good economy.

Okay. Well, how do I say that? Okay. Look at an M2 chart, money supply growth in the U S and over the last 15 years or so, it’s grown more than any prior 15 year period, but look at the federal funds rate chart, go to the St. Louis fed site and look for fed funds and go back 50, 60 years.

And you’ll see that at 2009, they took it down to like zero. Okay. Free money.

Okay, great. We’re on drugs. Let’s buy stuff.

Okay. And they kept it there for like a decade. And then they raised it, you know, prior to the COVID event, and then it quickly snapped it back down to zero again, fuel the fire once more.

And then they’ve raised it. But even the recent raise that we’ve seen, you know, we’re starting to drop now, but the rise we saw a year ago, even that is trivial. When you look historically at fed funds rates, you know, getting up to where we were like five plus percent, who cares? It’s like still in the very lower portion of history.

So we’ve had free money for 15 years. And when you look at the stock market, instead of like a 1923 to 29, six years of bull trend, a look at.com, you know, from we signaled it in 74. So it went up for about actually early 95.

So it went up for five years and it collapsed 50% of the S and P and 82% of the NASDAQ, which was the representative of the.com. But it was only five years. And the advance in the market back in 23 to 29 and mid nineties to 2000 top was only like, you know, doubles and triples. Okay.

And the span of time was like five years or so. And then go back and look at the the low in 2002, October was when that bear low occurred. And it took it five years to get up to 2007 to get back the S and P back to its old high.

Again, took it out by just enough to take it out. This is in October of 2007. So there’s a five year bull market exactly from October, 2002 October, 2007.

And the fed started cutting rates then, but it didn’t help market came down, but it was still, it was only a five year phenomenon and the S and P like only doubled. Okay. And yet when it went down, we deemed it a crisis.

It was mortgage crisis. This one is 15 years old for the S and P. It’s like a nine fold advance from the 2009 low to the recent high and an 18 fold advance over the 15 years for the NASDAQ 100. So there’s no time comparison and there’s no dimension comparison of this bubble to the prior ones.

And to the extent that it was caused highly likely by monetary policy of central banks, not just ours, that created effectively false concepts, false decision elements. One major element in anybody’s commitment to a business deal, to mortgage, a new mortgage, build a new house, add to a factory, build highways in the state. All these commitments are based on certain factors, but one particular one is the cost of money.

And if you’re deluded into thinking the cost of money is free or next to free, then you made a mistake and the error will be ripped open and exposed. And that process has begun and that money will go elsewhere. And when the central banks try to panic and respond to that crisis, which will be a crisis that the data points that the Fed likes to claim they’re looking at will suddenly go South quickly.

That’s the way it happens. They don’t go South before the market goes down, the market goes down, then they really go South. Then the Fed has an excuse, the ECB, the DOJ, to go crazy again.

Only this time, as was the case 2007 to 2011, or, you know, et cetera, et cetera. And all these cases where gold was the alternative, gold was fueled by that monetary reaction. So it’s a perfect setup.

Only this time it is much more, it’s much bigger. Much more dynamic and the consequences in the real world will be far noisier. That’s our prediction.

Yeah. And have you been surprised, I guess, how long it’s taking for the recession to come? Because I think it’s something that we’ve talked about maybe a few times, or maybe not recession, just the market crash and it’s sort of held up quite strongly. Yeah.

Well, it’s, you get, we’re getting down to an area. We think the first support level for the S&P and the NASDAQ 100 will be at an idiot price level. And I call it idiot because it’s back.

You go back to the 2021 high in NASDAQ and the 2022 high in the S&P, draw a line across, do that on your screen. And when we get down there, there’s certain momentum reasons that we think that could be a bounce level. Now that’s, you know, we’re talking 4,700, 4,800 S&P.

So that’s not crash dimensions. A crash is 30 to 35% in a couple of weeks, 29.com. No, it was never one of .com, excuse me. In October of 2008, for example.

And also the COVID, COVID event was a crash event. It was heading in a couple of weeks at a 30% drop. I don’t think you’re going to have that this time.

I think you’re going to have a layered double digit type painful decline, but not a crash event. And as we’ve already seen, those who are persistently holding to the false narrative that if the stock market does good, there goes a downside, big time, gold and silver go downside, baloney. History does not prove that.

There are a few rare examples where you can find an instance, but they’re instances. They’re not the major trends. And I think the downside in the stock market, and we’ve seen it for the last several weeks, quite serious.

And yet gold has gone up and silver has gone up sharply. And the gold miners have gone up even more on a percent basis over the last three weeks. So it’s, it’s a falsehood.

And that will help fuel gold and silver and the miners. And frankly, there are not many other alternatives out there that you can find that look like they’re moving opposite to the stock market. T bonds are temporarily.

I think they’ll continue to advance meaning yields will drop a bit on the long end, but I don’t think it will persist much beyond a quarter or so in terms of time. But anyway, it’s, it’s, we’ve unraveled a lot of things and once they get going, they cannot be reversed by Fed policy. We see at every bull market peak in the last couple of decades, they cut rates, they cut rates, they cut rates all the way down in the market yet implodes.

So I think that’s where we are, except we’re at a more historic point. Yeah. It’s amazing to think that we could be there.

And yeah, as you’re saying, it could be a little faster crash. Do you see this something being very quick and very or do you think it’ll be take a bit longer? I think it’ll be in sharp layers, but I think it will be in layers. And I do think that that level I provided the 47, 4,800 on the S and P and meaning back to the old 2020 too high.

And for Nasdaq like 17,000 as of 100, I was talking about. That’s a, that’s a point you could have a, an inflection or an inflection that people say, Oh, look, it’s holding, you know, it’s holding on the old highs. You buy those old highs, et cetera.

And it could be diluted for, you know, a month or two. You could have many rally M I N I rallies between now and getting there, but I don’t think there’ll be more than, you know, it’s several day phenomenon, but you get down there. I think you could get a pause that holds for a bit.

But at that point, you’ve already, you’ve already done huge damage to not just the market prices. You’ve wiped out last year. Uh, you know, you know, if every, what is the average investor smile about? Now there’s not much to smile about.

There’s only one thing, his retirement account or his investment account last year, it was up 20%. Oh boy. Uh, we’re about to wipe that out in weeks.

And suddenly that one smile point goes away and there’s nothing but darkness. And when you have no hope, no place you can look and smile, that’s when emotion comes into play and fear and volatility and uncertainty. And that will help the monetary metals.

And also it will impact the day-to-day life of average American, just like the 2008, nine collapse did finally late in that bull trend, that bear trend, excuse me. Uh, we had industry type of pain, personal pain, uh, not just stock market. And I think that’s coming.

And I think that the political forces at work right now, uh, will have helped exacerbate that, not cause it. I know that the one side of the equation here is going to say, see when he became president, market went down. Uh, well, you know, it was going to go down anyway.

Our technical analysis said we didn’t care who won. Uh, she could have won. It wouldn’t have mattered.

You’re still topping out and you’re going down and that bubble’s going dark and she would have been blamed for it or now he gets blamed for it. Uh, so it’s, anyway, so it’s going to be an interesting year. And we argue that the best place to be, especially over the next year, maybe even beyond is going to be in the monetary metals, particularly the what people perceive as the underperforming aspect of that arena, that silver and the gold and silver miners, we think they’ll vastly outpace gold in terms of percent gain.

Yeah. And I guess they, they do have some, uh, sort of, uh, tailwinds as well. So there’s, you know, uh, oil coming down, a large input to a lot of the, uh, you know, the production, uh, gold and, you know, precious metals are still at a pretty, pretty good price.

Uh, another area to watch it will go up. And you mentioned oil, but oil is a laggard in that sector right now. And late 2020, after gold had already doubled from a low at 1,050 and going up to 2,070.

So it almost perfect double between late 2015 and mid 2020. During that same time, the Bloomberg commodity index went down to historic lows. Uh, it had been in the 237 in the year 2008, the Bloomberg dropped down under 60 in 2020, despite gold having doubled during that several year period, 2015 to 20 quantity still went down.

Then in October of 2020, we put out a report. We technically identified an upturn in commodities that would cause what we determined to be an explosion. And sure enough, commodities exploded, basically all commodities.

You can throw a dart. It wouldn’t matter which one. Oil led the way percent wise.

Grains went up, sugar went, you know, everything basically went up. This time after the pull, by the way, governments like to blame high energy prices on the Ukraine, Russia event. It started in February, 2022.

Surprising many when it started, by the way, a lot of people were up a month before and said, no, it’s not going to happen. The market oil had already gone from 10 bucks to 130, basically before that ever happened. Commodities peaked three weeks after that war began.

So when the war began, commodities were topping out and they went down through 2023, 2024 and into this year, where the Bloomberg commodity index after having gone to 140 after that low under 60. So it more than doubled, but still was cheap because the old high was 237. It was 140.

Okay. It pulled back under a hundred, but basically it’s gone dead for over two years. Now we’re trading at 105 as we do this interview.

No big deal. And you look at a price chart that doesn’t mean too much. Our momentum metrics say we’ve already broken out, but if you close over 105 at the end of a month, this month, we’re trading there now.

If you close the month out over there, there’s another leg coming in the commodity upside. In other words, they’re still cheap historically compared to their own prices. They’re cheap compared to the S&P.

They’re cheap compared to gold. And they will follow gold this time around. Unlike what happened between 2015 and 2020, they will follow.

Now, again, that’s an upset to Trump because, you know, he’s promised to keep prices down. Well, I’m sorry. You know, there are factors in play here that are cyclical and bigger caused by factors that have been in play for decades.

And partly because commodities are vastly underpriced as well. So when money moves from high risk, low reward into low risk, higher reward commodities replaced, they’ll look. And I think a lot of stocks that are related to commodities, such as oil-based stocks, base metal-based stocks, ag market related stocks, fertilizers and so forth will do quite well this year.

Oil is lagging right now. It’s one of the weaker components of the overall commodity complex. It’s laying near the multi-year lows in the sixties, mid-sixties.

But you get back up in the low seventies again, next quarter, it’s going to join in with the Bloomberg, in which case you’re going to see rising commodity prices again. And no doubt held fuel by money leaving the stock market, but also because the central banks are going to respond once again by printing, printing, printing, and that will go somewhere. And remember the late seventies when we had global recession or worse, even global stagflation, they call it.

Commodities exploded and the world was in a recession. Commodities followed gold at that time. So anyway, that’s another area to be looking at, but it won’t compare to the percent gain in the miners and in silver.

So if I maybe take a step back, it sounds like with, do you see the dollar then coming down as well? Cause I think normally they, that’s sort of the relationship that we, we normally say. It’s below our breakage point right now. So if you close the month out where the dollar index is now, which is in the one oh threes, our breakage point is below one oh four 28, I think is the number.

So we’re trading below it and close the month below it. I think we’ve begun a major downside process. The public won’t get upset about the dollar breaking until you get under a hundred.

Because if you look at a price chart for the last couple of years, we’ve made repeated lows in the dollar index around a hundred, an idiot number, big round number. They defended, defended, defended. We got up to 110, suddenly down to one oh threes.

You get back to a hundred again, they gonna blow the bottom out of it. That’s when the public will notice. We’re arguing that under that one oh four trigger level, it’s begun.

So momentum usually speaks first and then price gets the message later. But yeah, that will become a factor again. And put it this way.

If you’re a foreign investor in the U S market, you bought stocks here in dollar terms. Okay. So not, it’s not just a factor.

Did your stock go down? But is the dollar going down too? So you’re, you’re whammy on those sides. So that could become a factor. And foreign investment in the U S market is really at max levels historically.

So that could, that could help exacerbate the stock market decline. Yeah. Okay.

That’s a, so it sounds like economically you think it could be, you know, at least if that were the case, it could be quite a bad six to 12 months for the U S. Couple of years, their markets go back 29 to 32 is a two and a half years, 2000, 2002, two years, 2007 to nine was like two and a half years. Most of them get pretty much done in a couple of years. The issue isn’t that it’s the dimension of the drop, you know, how much percent drop and you know, again, in the.com era, and as it went down to 82% where the S and V went down 50.

But the other issue is this, once you enter the gates of hell and you go down, even when you make a low, it takes a decade or more to get back to the high. If you look at NASDAQ 100, for example, made its peak in early 2000, it took until 2016 to even get back to the nominal price high of 2000. So you wasted 16 years just to get, so if you didn’t get out in 2000 and you wrote it out, it took 16 years to get back to it.

And that’s nominal because during that 16 years, the decay in the money unit was like 50 to 60% value lost due to the increased supply. S and P took 13 years, making a high in the mid 1500s and 2000 again in 2007 made a high in the mid 1500s. It took until 2013 to finally get back through the 2000 and 2007 highs.

So that was a wasteland for 13 years in price up, down, up, down, up, down. If you didn’t get out at the right place. And even in nominal terms, you might be back to break even at the old 1500 level in 2013.

But in reality, in real terms, you went back to break even until probably the 2022 high, you know, in terms of dollar, real dollar value of that asset. So that’s the issue. It’s not just the issue of the drop, the duration, but it’s the real world consequences that get exposed by the stock market breaking, factory closures, a collapse in government debt, which is now an issue on the table, not just here, but elsewhere.

So suddenly we’ve got a debt issue that is not a mortgage issue. This time we’ve got the global government debt issues. And so that, that could play in a huge way, especially to favor gold.

Yeah. So if we, if we go to gold now, I know we’ve touched on it quite a few times. You know, the last year or even two has been extremely beneficial for the actual asset, but then the miners have sort of really, really lagged.

And there’s been this sort of theory that that’s because, you know, foreign central banks have been, and foreign individuals in China and India and other countries have actually been buying up precious metals. And then while the West has sort of sold them as well as selling the equities as well, do you buy into that? Or do you think there’s been another reason? We don’t pay attention to those news stories that are, you know, whether they’re true or not, there’s a bigger picture here and it’s the ongoing monetary decay and a crisis now in fiat currencies and debt of governments that is far bigger than any of who’s doing what now and when, you know gold was going to go up with a, China got it behind it or not. And, you know, they’re now printing money like crazy to help support their market.

By the way, their market is not a bubble. The Shanghai composite is only double the price it was in 2009. You know, we got the nine fold and 18 fold.

So now they’re back to print money, but to hold their market up and they will go down economically. I’m sure if we suffer a global downturn and our metrics say that the Nikkei and the Sensex have now broken as well. So we’ve got major countries around the world that have signaled the onset of bear markets.

And with that will come economic downturns very rapidly. So everybody’s probably going down economically. But the question this time is we do this over the decades and it seems like boom bust, bigger boom, bigger bust, bigger boom.

This time it’s going to be, I think, total cleansing where many institutions, many economic government assumptions, investment assumptions are going asunder where people will say, Jesus, different this time. I don’t just mean how much the stock market drops, but the other realities that will be exposed out there. And a lot of people aren’t talking about it.

Like right now, even just looking at the market, people are looking primarily, well, what’s Nvidia doing? What’s the big seven doing? They need to be looking at the financials, the banks again. And we’re looking at them and we’re also watching commercial real estate, not residential home builder stuff, but commercial real estate because those arenas look very vulnerable to us to creating a sudden headline type crisis off to the side that nobody’s talking about. You know how those can pop up.

All of a sudden it’s not a regional bank. It’s oh gosh, one of the biggies, he’s has a problem or something, or a major asset management firm is suddenly in deep trouble. Now another arena that I think is moving with the market and with the NASDAQ 100 in particular is the Bitcoin situation, the crypto market.

We think it’s topped. We think it is a major bubble. We think it could break savagely already if you just look at what’s happened.

We’ve gone from 110,000 Bitcoin down to 76,000. Whoa, in a matter of a couple of months, that in alone is a collapse. We rebounded up to 90 right now we’re trading about 80,000.

I’m arguing you get back down to that low. We just made 76,000 area again. They’re going to pull the plug.

That was, you’re going to see even more serious drop. The problem is that is a heavily retail invested market. It’s not an institutional invested so much.

Now there’s some institutions that have produced products like ETFs in that arena. So they’ve got commitment that way, but it’s a heavy speculative retail, highly leveraged market. And so that could cause a lot of financial pain, which could because it’s moving in sync.

If you’ll look at like month to month on a Bitcoin and NASDAQ 100 and they look like brother sister except recently that far more severe drop in Bitcoin, but that’s another factor. It’s outside the stock market. It is now in sync with it.

And quite often these things cascade and it’s the thing off to the side that you’re not looking at that suddenly smacks you in the head and he’s, Oh gosh, I didn’t, didn’t think about that. Uh, expect it. Yeah, it’s definitely, as you said, it’s a world effect.

And I think that’s a, it’s a, you know, Bitcoin’s down 30%. A lot of the other cryptos are down, you know, 50, 60%. Uh, yeah.

People, people are struggling in that market, but, but, but gold. Yeah. So you think, uh, you see it doing well and as well as the gold miners.

The thing I put out many times in interviews is that, uh, if gold went to 8,000, it’s no big deal. Why that number? It’s not a projected target or anything of the sort. All I’ve done is go back to when gold was legalized in 1975.

Uh, you know, you had a couple of bull markets that were eight folds, you know, from the mid 1976 low to the 1980 high was a thousand and three dollars up to 850. Okay. Uh, three and a half years.

Then over a span of a decade, you went from early 2000s up to 2011. It went from a $260 to 1920. Okay.

Another eight fold move. Now we have fundamental and technical dynamics that are in play. They’re far bigger than those periods of time.

So the excuse that gold had to do that, you got the same excuse now times 10. Okay. But if gold barely went to 8,000, that’s merely replicating an eight fold movie you had two times before in the last 50 years.

So if you go to a ratio or a log scale chart of gold monthly, go back 50 years, put it up on your screen and look at what we’re doing now, it looks tepid compared to those bull markets. You went to 8,000, at least you’d say, Oh, I’m doing it again. So we throw out the 8,000 number, uh, not as a target, just saying, you know, if it went there, it’s no big deal.

It’s done it twice before in terms of metrics. Uh, the issue is for us, not that, cause I don’t know where gold’s going to a 20,000. I don’t know.

Uh, I’ve got some good friends who are thoughtful economist type and, uh, they think it easily go into that zone. The issue is the ratio of silver to gold and the ratio of the gold miners to gold. And we think that is breaking out to the upside, favoring them because the last several years they’ve underperformed gold.

Actually since the 2015 low, you mentioned the gold miners a while ago. You measure from the 2015 low to the present gold miners are actually beating gold, even though they’re not above their 2020 price high and gold is above its 2020 price high by a significant amount, but from the bear low, for instance, in the XAU index in December, 2015 low monthly close to its current price. You go back and look at it on your charts, do the math.

How much up is XAU? It’s actually up more than gold is measured from. It’s low monthly close at 1060 back in December, 2015 to the present. Yes.

They’ve lagged over the last several years where gold has launched and they stayed below the 2020 high in the miners. That is they’re about to blow through that. And I think the ratio, the spread relation between the miners and gold is about to go vertical where they outperform gold in this phase and silver does the same.

And I, so I personally, and we state this in our reports, what positions we have, my emphasis is in silver and the gold and silver miners and in silver miners. Yes, gold is the mama. It will lead the way, but it won’t lead percent wise at this point going forward.

We think it will lag the other components. Do you see this being sort of, I guess, a super cycle for these assets or? Yeah, I think it will be compressed into a shorter time period. In other words, it’s already been, you know, almost 10 years for gold upside.

Well, in 2000, 2011 was 11 years and I’m not counting here. I don’t believe in the annual cycles because one of them from 76 to 80 was three and a half. Okay.

When April, I’m just saying that it’s likely we’re entering the phase that’s reflective and go back and look at price charts from let’s say mid seventies to 1980 on gold and silver. And you’ll see that most of the acceleration of the upside was compressed in about two quarters in 1979. So in the last six months of that move, it went off the page.

Similarly in between 2000, 2010, you had an advance and then late 2010 silver went vertical into April 2011 and gold went vertical more so than any prior point during that age bull trend. I think we’re at that point now where the bull trend will now accelerate and you will not see this arm wrestling staircase full of doubt type advance. You’ll have a vertical type action.

Yeah. Interesting to see. So Michael, thanks again for your time today.

Really appreciate you coming on. I think it’s sort of like five, six, seven times probably now. So we’ve, uh, what about this is the dramatic time.

I bet next time I’m on, we’ll, you know, we’ll see dramatically higher prices. Yeah. Yeah.

We’ll have to wait and see. But, uh, thanks. So yeah, if anyone wanted, uh, sorry, what, what is one message you want people to take away from that conversation? Well, go to our site and visit our, we explain our methodology, which is unorthodox.

Uh, we’ve been doing it for since 1992 for institutional subscribers and, uh, retail subscribers. When we look at all four major asset categories, especially this day and age, it’s important because, you know, like the dollar has been the dull asset, but all of a sudden, if it starts to get weak, uh, it, it comes into play with gold. So you have to look at all four categories to sort of stay in tune with what’s really going on.

Anyway, look at, look at the onsite and request some sample reports. Be happy to send them. Great.

I’ll put that in the description below. Yep. I’ll put that down there.

Don’t worry about it. Thanks again for your time. Hey everyone.

Thank you for listening. I really appreciate the support. Uh, if you got value out of this, I’d, I’d really appreciate it.

If you could like subscribe or comment, you know, good or bad feedback, I’m always open to that, but it really helps to the channel. Uh, as I said before, only about 14% of people actually subscribe to this channel. So if you were to that, it would really help.

It could mean we could continue to grow. Um, if not, thanks for watching and see on next show. And you also might like, uh, this video right here.

All right. Thanks again.