GOLD Is Smelling Panic In The Street (Uncut) 04-18-2025

GOLD Is Smelling Panic In The Street | Jared Dillian

What gold is sniffing out here is that the deficit problem is intractable and there’s nothing we can do about it. Like I said, I think it’s due for a bounce in the next week, but over the course of the next few years, I think it has a lot of downside. Hello and welcome back to Soar Financially.

My name is Kai Hoffman. I’m the AdJar Mining Guy over on X and of course, I’m your host of this channel and I’m looking forward to bringing back Jared Dillian. He’s the author of The Daily Dirt Nap and of course, an accomplished Spelling Bee champion.

We need to bring that up. I saw that on his website the other day and I was like, we got to talk about this. We got to bring this up.

You know, not everybody can claim that title. So it’s a big accomplishment. But all kidding aside, we do have to talk what is going on in the markets today.

We will start with gold today, usually our last topic in our conversations. But today, gold is ripping up 2.4% as we speak, $3,226 per ounce. That’s insane.

That’s probably the 24th, 25th, maybe even the 30th all time high of the year, just this year and it’s only mid-April. So lots going on and we need to dissect with him like, what’s gold trying to tell us here? What is happening? And I’ll switch over to my guest in a few short seconds. I’ll switch over once you hit that subscribe button.

It helps us out tremendously and it’s a free way to support us. So thank you so much for doing that. Jared, welcome back on the program.

It’s good to see you. Hey, thanks for having me. Yeah, absolutely.

Yeah, lots to dissect. It’s been a while already since we’ve had you on again. It felt like it was yesterday, Jared, but it’s been a while.

It’s been like four or five months. So lots to chew through, but we need to start with gold. Maybe that’s the opening question today.

What is gold trying to tell us? Up 2.3% as we speak, $3,326 an ounce. What’s going on? Well, I’m going to take kind of a contrarian view and say that it’s somewhat about the tariffs, but not really about the tariffs. As you know, gold is a lot of things.

It’s an inflation hedge. It’s a store of value. It’s many things.

But really what it is, is an option on debt monetization. Now, when Trump took office, we had Doge, and Doge is allegedly cutting government spending. I don’t know what the number is now, maybe $200 billion or something like that.

Doge is not succeeding in the way that we believed that it would succeed. What this means is, is that this $2 trillion deficit that the U.S. has is going to remain persistently large, especially when you consider that the revenue from the tariffs is probably not going to come out to $600 billion. Trump is contemplating $600 billion in tax cuts.

He’s actually contemplating tax hikes on upper incomes. I think there was sort of a honeymoon period after Trump was inaugurated that has passed. And I think what gold is sniffing out here is that the deficit problem is intractable, and there’s nothing we can do about it.

That makes a lot of sense. That’s what the bond market is trying to tell us, I think, as well. With the yields, what is it, a 10-year? Was that 4.3 earlier I checked? It’s calmed off a little bit.

Yeah, 4.3% as we speak here, Jared. What kind of signals are you getting from the bond market? Let’s bring that up here. Well, when I look at the bond market, there’s some people who are reading into the fact that bonds and the dollar are going down at the same time, which is what happened to Great Britain when Liz Truss was prime minister.

They look at it and they say, oh my gosh, we have capital flight. This is an emerging market country. I wouldn’t read too much into the bond market’s underperformance.

Really, what I think it is, is a function of, look, the EU has $1.5 trillion worth of Treasury bonds. China has $800 billion. Japan has $900 billion.

There’s foreign holders of government bonds all around the world, and what I think is happening is that there’s retaliation for the tariffs taking place in the Treasury market, and foreigners are selling US bonds, which I guess is the definition of capital flight. But really, I look at this as more of a political trade. I actually think the bond market is undervalued here.

I like the bond market. I would rather be wrong, but yeah. That’s an interesting take.

Bond market is undervalued, because a lot of commentators suggest bond yields should be going much, much higher, 6%, 7%, perhaps even 8%. Now we’re sitting at 4.3%. It was an interesting comment, because you’re one of the few that came out and actually said no. It might have been China, Japan, and maybe some of the other foreign holders dumping bonds, and that was right around April, was that April 5th, 6th or so, as retaliation.

Is that what you’re seeing? China owns, what is it, $760 billion worth of US Treasuries. I’d say they’re the most likeliest suitor for that scenario, don’t you think? Yeah. During the tariff crisis that we had, where the stock market was gapping lower, bonds were gapping lower, the long bond was down about 3% a day for three days in a row.

There’s this thing in the bond market, they call it the rule of sevens. I don’t know why they call it that, but basically anytime yields get to a big round number, there tends to be support. You got out to about 5% in bonds, and 5% looks pretty good to a lot of people on an absolute basis, like getting 5% yields.

I think there’s some support around the big round number. I think there’s support in 10s around 460. So yeah, I’m actually, like I said, I’m pretty constructive on bonds here.

Do you think we’ve seen any yield curve control already kick in? No. One thing I wanted to bring up during the bond conversation here with you, Jared, is we’ve seen bond auctions last week. Do you have any insights there? Like, how did it go? Any insights? Yeah, we had a 30-year auction last week, and it went great.

It went fantastic. It was actually one of the best auctions we’ve had in the last couple years. And as soon as the auction was over, the bond markets continued to get killed again, which tells me.

And also, I would also add that the economic data has been constructive for bonds too. CPI was very soft. PPI was very soft.

The ISMs were soft. Like, with this economic data and with the auctions going well, you would expect the bond market to rally. And this just tells me that this is just foreign selling.

It’s China selling. It’s retaliation for the tariffs. And that’s pretty much it.

No, that makes a lot of sense. And we’ll see how that plays out. Since you brought up tariffs, that’s a great segue to talk inflation in the U.S. and inflation expectations.

Over the weekend, a couple of FED members came out and said, well, we’re expecting 4% inflation coming our way. What do you make of that? Maybe we’ll start with your interpretation of the tariff impact, because we haven’t talked about that yet on the program together, Jared. Well, it’s my belief that the tariffs are actually deflationary or disinflationary.

I don’t think the tariffs cause inflation. I think they cause the opposite. I think they cause deflation.

So I’ll just walk you through an example. You have a new car that costs $50,000, and with the tariffs, it costs $60,000. So you go in to buy a car, and it’s $60,000, and you say, I’m not going to buy a $60,000 car.

So you just don’t buy the car. It’s demand destruction. It’s demand destruction on a scale we haven’t seen before.

People are going to step back from higher prices. This slows economic activity, right? So the tariffs are a deflationary force. The funny thing is that nobody’s looking at this, but everybody is comparing the tariffs today with the 1930 Smoot-Hawley Act.

And what was going on in 1930? We were having massive deflation. Those tariffs didn’t cause inflation. So the Fed is making its forecasts on the basis that the tariffs are going to cause all this inflation.

They’re totally wrong, and they’re actually keeping monetary policy too tight for the wrong reasons. Like the Fed, the Fed should be cutting right now. They should absolutely be cutting.

The last time we had this kind of downside in the stock market was in 2020, and the Fed cut rates to zero and started QE. This time, no cuts at all. A lot of that is politics.

The Fed doesn’t like Trump. That’s for sure. But the Fed has it all wrong.

The tariffs are not inflationary, and monetary policy is wrong right now. Yeah, it’s like they’re debating economic growth, stagnant, inflation higher. That sounds like stagflation to me, a buzzword they don’t really want to use yet, it seems like.

But I don’t think, or I think, Jared, we can agree that economic growth is going to slow down. Yeah. Would you agree with that? Yeah.

So how do you combat that? Like, how do you come back from that? What does the Fed have in its toolkit to maybe fight weak economic growth? Is it really just QE? Is that simple? Well, I mean, we’re not going to start QE with Fed funds at four percent. I mean, we’ll start it with Fed funds at zero percent. So I don’t think QE is really in our future, at least not in the near future.

No, I mean, really, Fed funds should probably be right now about three percent. They should probably be about one percent lower. OK.

It’s an interesting topic about that, because looking at the Fed watch tool, last week, 10 days ago, the market would have agreed with you that the Fed needs to cut. Now we’re back to a no-cut scenario here in about two, three weeks. What’s the implication of three percent? Run us through a little bit.

Why should it be three percent? And what would be the economic impact of such a lower or of a one percent lower Fed funds rate? Well, I’ll tell you what, it would make gold go up even more. That’s for sure. Even more than it has already.

No, I mean, look, if you look at the inflation numbers, the last CPI and PPI we got were like incredibly deflationary. They were just a horror show. It was weird because, you know, I do have to call somebody out here.

I was on Twitter the other day and I was sort of sparring with this guy who is, I would call him a Bon Permabear. It’s Jim Bianco. And he said to me, he’s like, well, CPI is going up.

And I’m like, no, like, I’m probably not paraphrasing what he said very, very well. But I’m like, where are you seeing that? Like, CPI is going lower. If you look at the trueflation data, which is this real time economic data, like it’s trueflation is at like one point three percent.

Inflation has been trending lower for a long time, you know, so I don’t like I don’t really get all the fuss about inflation. Like, I really think everybody has it wrong. Now, it’s an interesting topic.

Let’s assume we’re at one point three percent. Let’s say that the trueflation number is actually the correct one. That’s below the Fed’s target rate of two percent.

Of course, we can agree or maybe we can argue that the two percent is more of an average, of course, and it’ll even out after a while. But that almost sounds like we need to stimulate the economy. So that’s what you’re suggesting with the lower funds rate.

Is that what you would see then, economic stimulation? Yeah, I mean, if inflation is at one and Fed funds are at four, it means we have a real rate of three percent right now, which is very restrictive. You know, like I mean, at least like neutral is two percent, you know, that gets you down to three percent Fed funds or, you know, three and change. So, yeah, yeah, the Fed, the Fed should absolutely be cutting.

Now, interestingly, I’m curious what Powell will do. I’m really curious because the jobs market seems to be stable. And if we were to assume that the tariff policies work and factors are being open in the US, the jobs market, the job market shouldn’t be an area of concern.

Would you agree? Um, I think the jobs market is an area of concern for a lot of reasons, I think partly because of private equity. I think you’re going to see private equity start to unwind in the next three to six months, which is going to lead to rapid job losses. But I will say that, you know, the labor market is still pretty bulletproof.

Like we haven’t we haven’t had a big outlier claims number like the nonfarm payrolls, the last number was pretty good. So, you know, people have been predicting the end of the labor market for a long time now, but hasn’t really happened. No, it hasn’t has ticked up.

Alarm bells were ringing, but it might have been misinterpreted, perhaps. Trying to come to maybe the recession discussion here with you, Jared, because it doesn’t sound like we’re in it. Although everybody and their dogs have been raising their recession expectations like 50-50, Jeff Gundlach was 60% recession expectations.

Now, I don’t think it might have been JP Morgan or so said 50-50 now up from 20% or 23% like Powell said in one of the last press conferences here. What do you make of that? You’re not seeing the cracks, obviously, correct? No, I mean, it’s I don’t really I don’t really see the point in predict like I think it’s very hard to predict recessions, right? Because things are fine one day and the next day they’re not, right? Let me give you an example. In the financial crisis, September 15th, when Lehman went bankrupt.

Now, back then we had we have true inflation today, but back then we had we had the Google Inflation Index and we had the Billion Prices Project from MIT, both real time measures of inflation. After the Lehman bankruptcy, prices started to drop within hours, right? Like it was clear that the Lehman bankruptcy was the catalyst for the recession, right? But you could not have predicted that ahead of time. So I think all these games around like the probability of recession 60%, 40%, whatever, like I think it’s kind of fun to talk about like on Twitter, but you really don’t know until it happens.

It’s true. It’s like it’s it seems like it’s counter counterproductive. It was always like lagging.

Recessions, we always know that we were in the you know, after after we’ve been through it pretty much. So it’s kind of tough and GDP expectations are also a difficult indicator here as well. But I will say this, I will say this about recessions.

So the yield curve is steepening a little bit. And everybody knows that when the yield curve inverts, it’s a recession indicator. But the recession actually happens when the yield curve steepens.

It steepens about it steepened about 20 basis points in the last week. If it continues to steepen, then I think that I think is your signal that we probably will have a recession. But really, it’s going to come in the front end of the yield curve, right? It means two year yields have to drop, which gets back to what I said before about the Fed, the Fed needs to cut in the Fed isn’t going to cut until we have some crisis that is an order of magnitude bigger than what we have had already, which is kind of hard to believe.

No, it’s a it’s an interesting discussion there, Jared. And you’re challenging me a lot because we’re moving fast through a lot of topics. And it’s fun, actually, I’m really enjoying this conversation.

I’m trying to think where to take it next. And I’m leaning towards the housing market because I’m just trying to poke hole into you like the what you call the Goldilocks theory, like the Goldilocks moment situation we’re in is like, would you agree? Actually, are we in a Goldilocks situation here in the economy? I mean, I think we were six months ago. But you know, when when Trump took office, the economy was already kind of rolling over.

And what Trump and Scott Besson are trying to do is to front load the pain in the beginning of Trump’s term so that by the time we get to the midterms or 2028, the economy will have recovered and will be exiting recession. What they did not want to happen was to take office and then have a recession right before the midterms. That would that would have been the worst case scenario.

So I actually believe it’s very Machiavellian. They’re trying to engineer a recession now. So they’re coming out of it in two years.

It makes a lot of sense. And one topic that popped into my head, we’ll get to the housing market here in a second, is inflation versus oil. And one of the targets or one of the things that Besson and Trump have been talking about is lower oil prices, of course.

And I see that as a counterbalance to the inflation debate. Yes, even if the inflation expectations are higher, oil could sort of be that anchor to keep keep it somewhat in an equilibrium. Where do you see oil fitting into the whole economic narrative here? Well, that’s that’s another thing, like you have all these people running around at the Fed telling us we’re going to have inflation and then oil trades down to like fifty seven dollars a barrel.

Like, how can you on one hand say we’re going to have all this inflation in oil crashes like 10 or 20 percent? Like, it doesn’t make any sense. So oil has recovered a little bit. Not a lot.

I I’m I’m not an energy analyst at all. Like, I really don’t know what I am talking about. I think the timing on OPEC or Saudi Arabia increasing production was a little suspicious, you know, coinciding perfectly with the tariffs.

But I’ll just leave it at that. That makes sense. You know, how high does inflation have to be? A real inflation have to be if the oil prices are that counterbalance, if that makes sense.

Inflation needs to be like six, seven percent if oil were to be that, what you call it, that equalizing factor here. Yeah. Or to bring it down.

Let’s talk housing, because we talked about it last time as well. And you said we’ll keep strong prices, but transaction volume is going to remain low. That’s roughly, you know, the cliffhanger version of our discussion on housing last time.

Where do you stand on housing these days, Jared? I’m actually starting to get a little bearish for a bunch of reasons. I actually, we got the NAHB Homebuilder Sentiment Survey today. I actually forgot to look at it before I got on with you.

I think the last reading was like 38. It’s pretty low. You know, if you look at a chart of the NAHB survey, it basically crashed in 2022.

When interest rates went up, it stayed low. If you look at charts of housing inventory, they continue to grow. You know, prices still have not really come down.

There haven’t been a catalyst for them to come down, but transaction volume is still low. I’m a little bit concerned about housing here. I’ve had a few real estate experts on here, Jared, recently, and they’re all very concerned about housing right now, especially in certain markets.

There will always be, you know, the exception to the rule, like certain areas that will always be hot. Overall, they’re quite concerned, especially Airbnb properties or short-term rental properties hitting the market as well. It seems like there’s a structural change happening in the U.S. in terms of property style, maybe coming from homeowners to renters.

The structure seems to be changing. Is that a trend you’re watching at all when you look at housing? Because affordability is a big issue, right? Yeah, I haven’t looked at that. The one thing I will say is that I pulled up a chart of D.R. Horton today, which is one of the biggest homebuilders, and it’s down 40 percent from the highs.

It’s in a bear market, and I was surprised to see that. Yeah, especially new builds, I think, are struggling. I think the transaction volume of new builds is struggling while existing housing market seems to be okay still, but it’s the new builds that are struggling.

It reminds me a bit of the big short scene where they drive through Florida and the whole neighborhood is empty, and even though one guy puts out the for sale sign, the second they drive by and they just see that it’s in a bubble. I wouldn’t say housing is in a bubble, but it seems like something’s broken here. Would you agree? Yeah, I would agree.

I was going to talk about capital flows a little bit and what is happening, what is happening with the tariffs. We were talking capital flows, meaning money flowing into the U.S., meaning out of the U.S., because they’re selling the bonds back to the U.S., meaning the U.S. dollars are coming out, but also we’re seeing capital flight out of the indices to a degree. We’re seeing competition being built in Europe, Germany spending a trillion dollars, stock market doing okay.

What do you make of capital flows right now? Do you think that money is leaving the U.S.? Will it ever come back? And what is the impact going to be mid to long term here? Well, if you think about basic trade theory, the trade account and the capital account should balance. If we’ve been running this monster trade deficit for all these years, we’ve been running a surplus in the capital account. If you think that we are embarking on this quest to lower the trade deficit, it means we’re also going to be lowering the capital surplus and money is going to be leaving the country.

What I’m surprised about is how fast it’s happening. And I know, Kai, I know you don’t like to go into politics on this podcast and stuff, but I think Trump’s view of trade is pretty primitive. And I think he’s sort of grounded in the late 1800s when U.S. government really did finance itself through tariffs.

But that’s really not realistic today. The government is much, much, much larger and it can’t possibly be financed through tariffs. If you say you don’t like the income tax, you still have to replace it with something else.

And something tells me that 2025 is different from 1885. I think things have changed since then. A little bit, a little bit, absolutely.

And the role of the U.S. dollar, I think, has changed the world itself in general. I think we need to talk about the dollar because we haven’t done that yet, Jared. How do you see the role of the U.S. dollar changing right now in the world? Is it still that reserve currency that everybody believes it to be? And just curious what your thoughts are.

Well, I’ve been bearish and short the dollar for a while. I’m currently not. I’m currently flat.

But I was bearish around the election. It was my belief going into the election that the tariffs would actually be bearish for the U.S. dollar. And if you remember kind of what was happening in the markets, anytime Trump would announce a tariff, the dollar would go up a percent.

And this happened for quite a few weeks until the opposite started to happen. And then when tariffs were being announced, the dollar would go down. I actually think the dollar is pretty oversold.

And I think in a week or two, it’s going to be due for a bounce. But I think that we have entered a weak dollar regime that is going to last for many, many years, which means that if you’re a U.S. investor, you have to be thinking about investing internationally. You need to get money out of the U.S. and into Europe, into Asia.

Like the thing about U.S. investors is that the home country bias is so strong that people’s allocation to international stocks is pretty close to zero at this point. And that’s a mistake. It’s an interesting topic because the U.S. dollar plays an important role, of course, in global trade and everything.

But it also brings up the question whether this whole scheme is deliberate, weakening the U.S. dollar, making the U.S. more competitive. What do you call it? Not competitive. I was looking for the other word.

Competitive, not competitive. Probably the same thing, actually, these days. On a global basis, bringing potentially orders back.

I’m looking at traveling to the U.S. here in a few weeks, and I’m actually quite excited because for me, going shopping in the U.S. is cheaper again, coming from the Eurozone. So is that a deliberate move by the government, actually devaluing its dollars versus other currencies? That’s the one thing they’ve been telling China not to do, for example. Well, you know, Scott Besson hasn’t really commented a lot on the valuation of the dollar.

He said at the beginning of Trump’s term that he wanted a strong dollar. But I thought that was crap. I don’t believe that they want a strong dollar because, you know, the tariffs make us less competitive, so they need a weaker dollar in order to offset that, in order to make us more competitive.

The dollar has, like I said, I think it’s due for a bounce in the next week. But over the course of the next few years, I think it has a lot of downside. Yeah, Steve Mirren, if you want to take one positive thing away from his tariff paper, the Mar-a-Lago Accord, I think it’s the realization that the U.S. dollar is the reserve currency and hence will always be overvalued.

Is that something you would agree with? I mean, it wasn’t overvalued in the mid-2000s. I mean, the dollar was very weak, you know. Maybe not overvalued, it will always be stronger than it might should be in comparison to others because it is that world reserve currency.

OK, I would agree with that. Yeah, I would agree with that. There’s that premium, that world reserve currency premium.

Maybe overvalued is the wrong word. Let’s call it the world reserve currency premium on it. And maybe one other comment from my end, I’m curious what you’re thinking about it.

But I think they’re confusing brand with value for the U.S. dollar. Is that something you would agree with? Or how do you see that, the brand of the dollar versus the actual value of the dollar? Well, I mean, look, like when people talk about the dollar as a reserve currency, the dollar is used in so many transactions internationally, it is ubiquitous. And until that stops happening, until people start using euros or yuan or something else, then the dollar will remain the world’s reserve currency.

By the way, M0, which is currency, is $2 trillion, right? So there is $2 trillion of paper currency in the world. A lot of that is actually held overseas, places like Argentina, where Argentinians have been using dollars as a store of value for years, Latin America, Europe. There are dollars all over the world and people use them as a store of value.

Until that ends, the dollar is the reserve currency. Yeah, I was reminded actually, again today, just scrolling through Instagram reels and somebody was paying for a ferry ride in Bali with U.S. dollars. Why would you use the Indonesian rupee, for example? That just is the exact perfect example for it.

As long as we see that happening, everybody accepts the U.S. dollar. Yep. Right? So it’s an interesting topic.

Jared, last couple of minutes, I want to come back to commodities. Maybe we’ll start with gold. Is gold only higher because the U.S. dollar is lower or is there more weighing on it? No, I think that’s a big part of it.

I think gold is going to probably have a correction once the dollar bounces, like I said, the next week or so. Actually, in my newsletter I put out yesterday or today, I put out an interesting chart that I found on Twitter. Gold as a percentage of ETF holdings is very, very low.

GLD as a percentage of ETF holdings is like one or two percent. GDX is like a half a percent. If you go back to 2011, when we really had a gold bubble, those holdings were much higher.

They were up around eight or nine percent. Retail participation in this market has barely even begun. I talked to a precious metals dealer the other day.

He said it is quiet. Nobody is calling. Nobody wants to chase the rally.

Even with gold at $3,300, we are still in very early stages of this. Yeah, I had John Reid of the World Gold Council on last week, and he confirmed exactly what he said. Bar and bullion demand, coin demand is still down.

It’s still in the dumps. It’s no retail participation. Even the ETF volume, yes, it’s ticking up, but it’s still nothing to write home about.

There’s no frenzy in sight just yet. The GDX shares outstanding is where it was in 2018. The mining stock market itself absolutely puzzles me, by the way.

We can go talk about that, but we barely broke above 2021 levels now, despite gold being almost twice as high, if you think about it. It’s absolutely mind-blowing that the generalists or anybody actually hasn’t caught on to the free cash flow yield or anything of the miners. Are you playing that space right now at all? Do you have any positions? I mean, I haven’t for 20 years.

I have large positions in GLD and GDX. I have a little bit of physical, and I haven’t touched it in years. I’m not going to touch it.

Why would you? Don’t do it. Don’t do it. I have to ask Copper, the last one, because we talked about it last time as well, Jared.

What’s your view on Copper? Extremely volatile, the last couple of weeks here. What do you make of it? I am marginally bullish on Copper. I don’t have a position at the moment.

I mean, look like it got destroyed during the tariff crisis. It’s bounced back significantly since then. I think there’s some resistance around 470 in Copper, but I’m not really a Copper expert.

All I know is just from reading the chart. Fair enough, and that chart was vicious. 520 to 4 within a couple of days.

Yeah. That was a crazy, crazy move. Jared, I think we covered all the topics.

We rushed through them. It was a great conversation as always, because I know you’re feeling a little under the Where can we send to our audience? Where can we find more of your fabulous writing and zero spelling mistakes? Go to jareddillianmoney.com, jareddillianmoney.com. And yes, I have been in 13 spelling bees in my life, and I have won nine of them, which is pretty good. That is impressive.

Absolutely. Congratulations there. I’m actually really impressed by that, because all I know about spelling bees is from comedy movies, okay? So, or when Peter Griffin has to go to the spelling bee and use it in a sentence.

That’s all I know about that. So it’s absolutely hilarious. Jared, appreciate it.

Thank you so much for coming on. As always, it’s a great pleasure to have you. We have to meet in person one of these days and catch up maybe over a beer out in Charleston or so.

I need to come out there again. I absolutely love that area. So yeah, absolutely appreciate it.

Thank you so much, Jared. Everybody else. Thank you so much for tuning in here to Soar Financially.

If you enjoyed this conversation as much as I have, leave a comment, leave a like. Of course, subscribe to the channel. It’s a free way to support us.

We tremendously appreciate it. Go check out the Daily Dirt Nap. Go follow Jared over on X. Go to Amazon.

Go check out his books. They’re actually quite interesting. The Night Moves is one of them.

It’s a collection of short stories. Let me bring you back on for a second. It’s a collection of short stories, correct? Yes, I actually have a copy right here.

This came out in September. It’s a beautiful collection of short stories. Very engrossing.

Pure pleasure reading. You’re going to love it. Fantastic.

Jared, thank you so much and everybody else. Thank you so much for tuning in. Take care.