1 00:00:00,640 --> 00:00:02,839 Speaker 1: You know Warren Buffett, you know he has three hundred 2 00:00:02,839 --> 00:00:06,759 and forty seven billion dollars in cash. It's almost thirty 3 00:00:06,759 --> 00:00:10,119 percent of his portfolio. Prior to the selloff in two 4 00:00:10,960 --> 00:00:13,919 and two thousand and two he had about twenty percent. 5 00:00:14,400 --> 00:00:16,800 Before two thousand and seven and eight nine he had 6 00:00:16,839 --> 00:00:21,160 about twenty five percent. So his cash position is the 7 00:00:21,239 --> 00:00:23,960 highest it's ever been as a percent of his portfolio. 8 00:00:24,239 --> 00:00:28,160 Speaker 2: You're listening to Carrie Let's's Financial Survival Network where you 9 00:00:28,199 --> 00:00:32,119 get valuable information you just can't find anywhere else to 10 00:00:32,280 --> 00:00:36,320 thrive in today's trying times. You need the Financial Survival 11 00:00:36,359 --> 00:00:41,079 Network now more than ever. Go to Financial Survivalnetwork dot 12 00:00:41,119 --> 00:00:45,439 com and get your free newsletter and gift. Financial Survival 13 00:00:45,479 --> 00:00:48,159 Network now more than ever. 14 00:00:51,640 --> 00:00:55,600 Speaker 3: And welcome you are listening to and watching the Financial 15 00:00:55,640 --> 00:00:59,560 Survival Network. I'm your host, Carrie Letz and with us 16 00:00:59,600 --> 00:01:05,239 today is Jim Welsh macrotides dot com. And where you 17 00:01:05,400 --> 00:01:10,040 out there who are watching and listening. There's a link 18 00:01:10,200 --> 00:01:15,079 in the show notes that will give you Jim's latest 19 00:01:15,200 --> 00:01:18,000 to August missive and. 20 00:01:19,120 --> 00:01:21,560 Speaker 4: Will will and be enlightening. 21 00:01:22,319 --> 00:01:26,439 Speaker 3: You know, I've gone through it, and you know, like 22 00:01:27,560 --> 00:01:29,920 it's a weird thing like if you don't like the 23 00:01:30,040 --> 00:01:34,599 numbers that the system's putting out, rather than changing the system, 24 00:01:34,640 --> 00:01:38,959 you just fire the person who's responsible for the numbers. Now, look, 25 00:01:39,000 --> 00:01:43,480 those numbers are useless from month to month. They're kind 26 00:01:43,480 --> 00:01:46,840 of useless because they're always being revised up or down, 27 00:01:47,319 --> 00:01:51,599 and they're deceptive. Right, The employment numbers are completely deceptive 28 00:01:51,680 --> 00:01:56,000 because if they wanted to the government really wanted to 29 00:01:56,000 --> 00:01:59,799 give the true numbers, they've got the information in real 30 00:01:59,840 --> 00:02:04,840 time in terms of withholding taxes and taxes being paid 31 00:02:04,959 --> 00:02:09,840 from salaries, and then they could make adjustments for number 32 00:02:09,840 --> 00:02:13,879 of self employed people and number of people in the 33 00:02:13,919 --> 00:02:18,000 so called gig economy. Those people are supposed to be 34 00:02:18,000 --> 00:02:23,240 paying quarterly self employment tax. So they can revamp this 35 00:02:23,400 --> 00:02:26,400 system to make it much more accurate, and yet. 36 00:02:26,280 --> 00:02:27,240 Speaker 4: They choose not to. 37 00:02:28,000 --> 00:02:31,360 Speaker 1: What's your take on this, Well, you're touching in all 38 00:02:31,840 --> 00:02:37,039 key points. What they don't do. The BLS Bureau Labor statistics, 39 00:02:37,479 --> 00:02:40,360 they hadn't gotten to the twenty first century yet really, 40 00:02:40,719 --> 00:02:43,680 because the survey they sent out to businesses is done 41 00:02:43,719 --> 00:02:47,159 by mail, and so the net result carry is they're 42 00:02:47,199 --> 00:02:51,240 surveying about twenty five percent of all jobs. 43 00:02:51,280 --> 00:02:53,800 Speaker 4: If you're will that are right. 44 00:02:53,840 --> 00:02:56,719 Speaker 1: Back in time for any given month, so they're only 45 00:02:57,000 --> 00:03:00,159 getting about fifteen percent of the picture. So automatic you 46 00:03:00,199 --> 00:03:02,000 have a built in problem where you're going to invite 47 00:03:02,039 --> 00:03:07,080 revisions as opposed to using technology and getting the information 48 00:03:07,360 --> 00:03:12,560 all the information very quickly. In addition, the birth death 49 00:03:12,840 --> 00:03:18,520 model has been I think the biggest problem area. Back 50 00:03:18,560 --> 00:03:21,879 in two thousand, the BLS said, you know what, we 51 00:03:21,960 --> 00:03:24,560 can't keep track of all the companies that are starting 52 00:03:24,639 --> 00:03:27,240 up and a lot of small companies that are disappearing, 53 00:03:27,879 --> 00:03:30,120 and so we're going to come up with an estimate 54 00:03:30,240 --> 00:03:32,759 of how many new companies are being formed each month, 55 00:03:33,080 --> 00:03:37,639 how many are going away? And in recent years, in 56 00:03:37,680 --> 00:03:41,719 twenty fifteen, I believe the number is the birth death 57 00:03:41,919 --> 00:03:44,719 model created twenty eight percent. 58 00:03:44,919 --> 00:03:45,800 Speaker 4: Of all the jobs. 59 00:03:46,560 --> 00:03:50,319 Speaker 1: Last year it was forty nine percent. So you have 60 00:03:50,479 --> 00:03:53,879 this one input, Carrie that I think is kind of, 61 00:03:54,319 --> 00:03:58,400 you know, going crazy and creating a bunch of jobs 62 00:03:58,439 --> 00:04:03,080 that don't exist. As the BLS gets subsequent surveys back 63 00:04:03,120 --> 00:04:09,240 in and quarterly information, they then revise the numbers down marketly. 64 00:04:09,639 --> 00:04:13,599 In addition to the muffing numbers that get revised, so 65 00:04:13,960 --> 00:04:16,439 you one hundred percent right, There are ways that the 66 00:04:16,439 --> 00:04:21,319 BLS can do this to make these data points more accurate, 67 00:04:21,480 --> 00:04:25,480 more timely, because the bottom line is when a number 68 00:04:25,480 --> 00:04:28,600 gets announced, well, you know, you created two hundred thousand 69 00:04:28,680 --> 00:04:32,480 jobs or lost two hundred thousand jobs, financial markets move 70 00:04:33,120 --> 00:04:37,199 on that data point. Sixty days later, six months later, 71 00:04:37,199 --> 00:04:39,519 they get revised. Oh no, it wasn't two hundred thousand 72 00:04:39,800 --> 00:04:43,279 plus or minus, it was only eighty four. So it's 73 00:04:43,319 --> 00:04:48,040 integral that they get this stuff tied up. And my 74 00:04:48,120 --> 00:04:50,560 guess is there will be an honest effort to do 75 00:04:50,600 --> 00:04:53,680 that in the next you know, year or two. 76 00:04:54,160 --> 00:04:54,360 Speaker 4: Yeah. 77 00:04:54,399 --> 00:04:57,000 Speaker 3: Well, it seems to me they're about as efficient as 78 00:04:57,040 --> 00:05:01,160 the FAA. You know, if you put the as in 79 00:05:01,279 --> 00:05:06,600 charge of air traffic, we would have estimated airplanes landing 80 00:05:08,120 --> 00:05:12,079 airports and we wouldn't know what the heck was going 81 00:05:12,160 --> 00:05:15,199 on there. So maybe we should be grateful that a 82 00:05:15,279 --> 00:05:17,000 person wasn't running the FAA. 83 00:05:17,160 --> 00:05:18,600 Speaker 1: They're only doing the labor market. 84 00:05:19,399 --> 00:05:22,199 Speaker 3: Yeah, they could do a lot less damage there than 85 00:05:23,000 --> 00:05:28,600 managing metal in the sky. But yes, seriously, this is 86 00:05:28,600 --> 00:05:34,639 a big problem because it's just like GDP. GDP includes debt, 87 00:05:34,759 --> 00:05:38,639 so it's not really measuring true economic growth, and then 88 00:05:38,839 --> 00:05:46,040 GDP is subject to error because the inflation rate really 89 00:05:46,199 --> 00:05:51,720 is impossible to actually calculate under our presence system. 90 00:05:52,240 --> 00:05:56,319 Speaker 1: Yeah, Now, basically you get nominal GDP, which is how 91 00:05:56,399 --> 00:06:01,480 much the economy grew minus the inflation rate to get 92 00:06:01,519 --> 00:06:04,680 the GDP number that they're reporting. So obviously, if you 93 00:06:04,800 --> 00:06:09,720 report that inflation is less, that's going to boost GDP growth. 94 00:06:09,879 --> 00:06:14,480 And conversely, if inflation's bigger, it subtracts from GDP growth. 95 00:06:15,439 --> 00:06:18,040 So the other issue, and a lot of people I 96 00:06:18,040 --> 00:06:20,040 don't think understand it, including a lot of people in 97 00:06:20,079 --> 00:06:25,560 the business, is that inventories and trade are huge swing 98 00:06:25,639 --> 00:06:29,439 factors within that report every month. So in the first 99 00:06:29,519 --> 00:06:31,680 part of this year, we saw an enormous amount of 100 00:06:31,759 --> 00:06:36,800 companies buy stuff ahead of the tariffs. Well, because that 101 00:06:36,879 --> 00:06:42,879 production came from overseas, the Census Bureau subtracted i think 102 00:06:42,920 --> 00:06:46,000 close to five percent or maybe it was four percent 103 00:06:46,399 --> 00:06:51,839 from GDP because it's gross domestic production, so they subtract imports. 104 00:06:52,959 --> 00:06:57,759 In the second quarter, imports dropped significantly and added more 105 00:06:57,800 --> 00:07:01,240 than two percent to GDP. And inventories are the same way. 106 00:07:01,519 --> 00:07:04,199 You know, a big boost inventories, oh, we're going to 107 00:07:04,240 --> 00:07:08,360 add that to GDP. And so you had this year 108 00:07:08,480 --> 00:07:13,160 especially Carrie. These swing factors are huge in terms of 109 00:07:13,199 --> 00:07:16,040 these numbers, and there's not much you can do about that. 110 00:07:16,079 --> 00:07:20,959 The methodology, to me is logical. We're measuring gross domestic product. 111 00:07:22,240 --> 00:07:24,600 At the same time, a lot of people don't fully 112 00:07:24,639 --> 00:07:27,480 comprehend that. I don't know that the media does a 113 00:07:27,519 --> 00:07:30,879 good job of educating people to be aware, especially in 114 00:07:30,920 --> 00:07:35,000 this environment that we've been in that to get the 115 00:07:35,000 --> 00:07:40,120 true measure of GDP or growth, look at final sales. 116 00:07:40,720 --> 00:07:42,680 To me, that's the number that gives you a better 117 00:07:44,040 --> 00:07:47,720 indication of what's happening as opposed to the GDP number. 118 00:07:48,839 --> 00:07:54,160 Speaker 3: Hey, well, I have an idea, And instead of celebrating 119 00:07:54,199 --> 00:07:59,399 the job's numbers and the GDP numbers when they're released, 120 00:08:00,120 --> 00:08:03,879 how about we don't even bother covering those numbers and 121 00:08:04,160 --> 00:08:05,800 we only cover the revisions. 122 00:08:08,680 --> 00:08:09,079 Speaker 4: Why not? 123 00:08:09,399 --> 00:08:12,439 Speaker 1: You know, no bottom line does have to have to 124 00:08:12,480 --> 00:08:18,319 be improved. Now, President Trump fired the BLSA BLS commissioner 125 00:08:18,800 --> 00:08:21,759 because of these revisions, and he said it was all political. 126 00:08:22,319 --> 00:08:26,319 But as I pointed out in my letter that in 127 00:08:26,360 --> 00:08:31,040 August of last year, the BLS announced a big negative revision. 128 00:08:31,079 --> 00:08:36,000 Over eight hundred thousand jobs disappeared, and that was about 129 00:08:36,039 --> 00:08:39,120 two months before the election. So if you're going to 130 00:08:39,159 --> 00:08:42,879 play fair, is fair. The reality is the BLS did 131 00:08:42,919 --> 00:08:46,600 something two months before the election that made Biden look 132 00:08:47,519 --> 00:08:50,639 his economy look a little less strong. So I think 133 00:08:50,679 --> 00:08:54,000 the charge that is totally driven by politics and so forth. 134 00:08:54,879 --> 00:08:57,480 You know, I don't buy it. The need to increase 135 00:08:57,519 --> 00:09:02,320 better data, that's a legitimate criticism and needs to be addressed. 136 00:09:03,240 --> 00:09:07,440 Speaker 3: Yeah, well, here's what the chat GPT said about that. 137 00:09:08,039 --> 00:09:11,600 Ignore the first print, watch the revisions, and the benchmark 138 00:09:12,000 --> 00:09:17,039 July seventy three k is within the statistical fog. Household 139 00:09:17,080 --> 00:09:22,120 employment fell, participation slipped, and the last big benchmark took 140 00:09:22,440 --> 00:09:26,320 eight hundred and eighteen thousand jobs off the books. The 141 00:09:26,399 --> 00:09:31,679 birthday death plug likely overestimated. At the turn netnet, the 142 00:09:31,720 --> 00:09:35,840 real job market is flat to slightly negative right now, 143 00:09:36,240 --> 00:09:42,279 stall speed, not expansion. And that brings us to something. 144 00:09:43,840 --> 00:09:46,360 I don't want to call it disturbing, because truth is 145 00:09:46,440 --> 00:09:50,440 truth and truth doesn't care whether you're disturbed or not. 146 00:09:51,279 --> 00:09:55,639 But you've got a secular bear market warning out there. 147 00:09:55,840 --> 00:10:00,879 You're convinced most investors are unprepared buying hold will be 148 00:10:01,039 --> 00:10:06,200 buy and lose. And in your special report, the theme 149 00:10:06,360 --> 00:10:08,480 is the coming secular bear market. 150 00:10:08,919 --> 00:10:11,480 Speaker 1: Yeah, basically, you know what I'm saying is, if you 151 00:10:11,519 --> 00:10:14,559 look at from the thirty thousand foot level, you can 152 00:10:14,600 --> 00:10:18,759 see sentiment is wildly bullish. You have rampant speculation. This 153 00:10:18,879 --> 00:10:22,399 is hard to believe, Kerrie, but sixty percent of all 154 00:10:22,480 --> 00:10:27,000 the options traded on individual stocks and indices are on 155 00:10:27,039 --> 00:10:30,480 the instruments that expire in twenty four hours. 156 00:10:31,000 --> 00:10:35,039 Speaker 3: That's nuts. Can only pros can make money that way, 157 00:10:35,080 --> 00:10:38,919 and only the people writing them are making money. 158 00:10:39,399 --> 00:10:41,240 Speaker 4: Why is it in the short term? 159 00:10:41,320 --> 00:10:44,679 Speaker 1: Obviously, right now, on the short term, that strategy has 160 00:10:44,679 --> 00:10:48,039 been working because if you're buying calls on Nvidia and 161 00:10:48,159 --> 00:10:52,360 other AI related type stocks and so forth, you know, 162 00:10:52,440 --> 00:10:56,120 the tailwind has been pretty strong. My point, though, is 163 00:10:56,399 --> 00:10:59,759 that when someone buys a call option ten to fifteen 164 00:10:59,759 --> 00:11:03,679 percent out of the money the dealer sells them that call. 165 00:11:03,840 --> 00:11:08,159 Now the dealer is theoretically short that that stock and 166 00:11:08,279 --> 00:11:11,720 have to take positions to hedge it. And so to 167 00:11:11,799 --> 00:11:15,120 a certain extent, what's happening with this? Sixty million shares 168 00:11:15,399 --> 00:11:19,320 or sixty million options have been trading a day, and 169 00:11:19,360 --> 00:11:23,000 sixty percent of them are for twenty four hours or less. 170 00:11:23,360 --> 00:11:25,399 So and it says you had the tail wagging the dog. 171 00:11:26,200 --> 00:11:30,440 But from the bigger picture standpoint, these are all symptoms 172 00:11:30,519 --> 00:11:35,000 of a lot of speculation. From the valuation standpoint. You know, 173 00:11:35,039 --> 00:11:37,440 Warren Buffett, you know he has three hundred and forty 174 00:11:37,480 --> 00:11:41,360 seven billion dollars in cash. It's almost thirty percent of 175 00:11:41,399 --> 00:11:45,159 his portfolio. Prior to the selloff in two thousand and 176 00:11:45,240 --> 00:11:48,840 two thousand and two, he had about twenty percent. Before 177 00:11:48,879 --> 00:11:50,960 two thousand and seven and eight and nine he had 178 00:11:50,960 --> 00:11:55,320 about twenty five percent. So his cash position is the 179 00:11:55,399 --> 00:11:58,120 highest it's ever been as a percent of his portfolio. 180 00:11:58,720 --> 00:12:01,600 And it's not a timing tool, but it's another one 181 00:12:01,639 --> 00:12:04,960 of these symptoms carried that, oh, is the market at 182 00:12:05,000 --> 00:12:08,840 a place where you want to be buy and holding 183 00:12:09,080 --> 00:12:12,919 long term? And so my point and that special report 184 00:12:13,000 --> 00:12:15,879 for those who request it, and the information will be 185 00:12:15,960 --> 00:12:21,159 on your website. You know, looks at prior secular bear 186 00:12:21,240 --> 00:12:24,759 markets like nineteen sixty six to nineteen eighty two, two 187 00:12:24,759 --> 00:12:28,080 thousand to two thousand and nine, where the SMP goes 188 00:12:28,120 --> 00:12:31,919 through corrections of thirty forty fifty percent and its stretched 189 00:12:31,960 --> 00:12:35,200 over a decade in the case of sixty six eighty two, 190 00:12:35,240 --> 00:12:39,480 sixteen years. So I think we're nearing that point where 191 00:12:39,480 --> 00:12:42,519 we're likely to see one of these extended bear markets, 192 00:12:43,039 --> 00:12:46,960 and most investors are oblivious to it. Understand, that's the 193 00:12:47,000 --> 00:12:50,799 way markets work. At tops, everyone knows all the good 194 00:12:50,840 --> 00:12:53,200 reasons why the market's in great shape and is just 195 00:12:53,240 --> 00:12:56,440 going to keep going on up forever. And that's when 196 00:12:56,480 --> 00:13:00,000 you need to pay more attention and be aware that 197 00:13:00,039 --> 00:13:02,639 at you know there's danger at your door. 198 00:13:02,679 --> 00:13:05,120 Speaker 4: If you think life is you know, the market's easy street. 199 00:13:05,559 --> 00:13:06,559 We're not there yet. 200 00:13:07,080 --> 00:13:10,080 Speaker 1: Things like the Advanced Decline Line continue to make higher 201 00:13:10,159 --> 00:13:14,279 highs historically, that's a good guide post. In feber I 202 00:13:14,440 --> 00:13:17,399 noted that the AD line was not making higher highs 203 00:13:17,679 --> 00:13:19,679 relative to the high it had made in November of 204 00:13:19,759 --> 00:13:22,320 last year, which suggested we were set up for a 205 00:13:22,320 --> 00:13:25,559 pretty good correction. So I'm waiting for things like that 206 00:13:26,320 --> 00:13:29,600 to more pinpoint the timing of when I think we're 207 00:13:29,639 --> 00:13:33,919 going to see a much more significant correction and you 208 00:13:33,960 --> 00:13:37,320 know it lasting longer. We're not there yet, but it's 209 00:13:37,320 --> 00:13:40,080 always better to be prepared and be on the lookout. 210 00:13:40,120 --> 00:13:42,279 And that's all I'm trying to do is just say, folks, 211 00:13:42,519 --> 00:13:46,360 there are a lot of reasons why caution needs to 212 00:13:46,399 --> 00:13:49,600 be exercised at this stage of the game. 213 00:13:50,039 --> 00:13:54,639 Speaker 3: There's one indicator that I really like a lot. There's 214 00:13:54,720 --> 00:13:59,120 been numerous indicators that predict recessions at every corner, every turn. 215 00:14:01,159 --> 00:14:07,879 Occupancy rates in Las Vegas. Because Las Vegas, they should 216 00:14:07,960 --> 00:14:15,240 call it the discretionary income parting, right grabaganza, Yeah, the 217 00:14:15,840 --> 00:14:22,320 Lost Vegas right, yeah, yeah, yeah, you're you know, outside 218 00:14:22,320 --> 00:14:26,200 of compulsive gamblers, which are a big problem, let's face it, 219 00:14:26,279 --> 00:14:31,639 but Vegas isn't really built upon compulsive gamblers. I would 220 00:14:31,679 --> 00:14:37,759 say they're the profit and the casual visitors pay the bills. 221 00:14:38,159 --> 00:14:41,080 The problem is they're down double digits. 222 00:14:41,399 --> 00:14:41,519 Speaker 4: Now. 223 00:14:41,559 --> 00:14:44,320 Speaker 3: There are reasons for it, like it's become a ripoff, 224 00:14:45,120 --> 00:14:50,440 extracted enterprise that doesn't provide value for the money that 225 00:14:50,480 --> 00:14:54,440 you're paying, like thirty dollars bottles of water. And I 226 00:14:54,559 --> 00:14:57,080 love it there, but I like the people watching in 227 00:14:57,120 --> 00:15:00,639 the food I don't and the shows. But it's become 228 00:15:00,679 --> 00:15:04,360 prohibitive to the point where you know, like the fast 229 00:15:04,440 --> 00:15:10,039 food joints are mobbed and the really great restaurants are 230 00:15:10,080 --> 00:15:14,799 fairly empty. So the fact that it's declining is really 231 00:15:14,840 --> 00:15:16,159 an alarm bell, isn't it. 232 00:15:16,960 --> 00:15:19,639 Speaker 1: Well again, it's you know, if you look at the 233 00:15:19,919 --> 00:15:23,759 delinquencies on auto loans and credit cards, they're reaching like 234 00:15:23,799 --> 00:15:27,080 ten and fifteen year highs. So one of the things 235 00:15:27,120 --> 00:15:30,559 I've had is that the bifurcation in the economy. You 236 00:15:30,600 --> 00:15:33,279 have the bottom fifty percent of wage runners who have 237 00:15:33,279 --> 00:15:36,440 been getting squeezed by inflation. And some of those are 238 00:15:36,440 --> 00:15:38,879 the people you're talking about who would maybe in the 239 00:15:38,960 --> 00:15:41,639 past taking trip out to Vegas, but they look at 240 00:15:41,679 --> 00:15:44,759 the prices and they can't afford to do that. As 241 00:15:44,799 --> 00:15:48,399 a counterbalance though this, you know, over the fourth of 242 00:15:48,480 --> 00:15:51,080 July weekend, I think you had three million people going 243 00:15:51,080 --> 00:15:54,720 through TSA checkpoints. Something similar like that is going to 244 00:15:54,759 --> 00:16:00,080 happen this weekend, and so you have this bifurcation. And 245 00:16:00,360 --> 00:16:05,039 carry with those who have assets like stock portfolios on 246 00:16:05,120 --> 00:16:09,679 their own home, they're feeling a pretty significant wealth effect 247 00:16:09,799 --> 00:16:12,159 and have and that's one of the things that I 248 00:16:12,200 --> 00:16:17,159 think is continuing in helping them to continue to keep spending. 249 00:16:17,519 --> 00:16:19,519 But if you're a renter and your rent has gone 250 00:16:19,600 --> 00:16:23,440 up forty percent but your rages haven't, you're really under 251 00:16:23,480 --> 00:16:26,759 the gun. And so there's crack showing up. And what 252 00:16:26,799 --> 00:16:30,240 you're citing in terms of Vegas is one of those cracks. 253 00:16:31,200 --> 00:16:34,840 As I said, delinquencies on credit cards, auto loans, they're 254 00:16:34,919 --> 00:16:39,080 up ten to fifteen year highs. So underneath the surface 255 00:16:40,000 --> 00:16:44,759 there's weakness building. The number of corporate bankruptcies has moved 256 00:16:44,840 --> 00:16:48,519 up pretty aggressively this year, so the signs are there. 257 00:16:48,519 --> 00:16:50,679 So to me, this plays into what we just talked 258 00:16:50,679 --> 00:16:54,799 about in terms of a secular bear market, where what's 259 00:16:54,840 --> 00:16:59,200 feeding the beast is asset values. Well, if we see 260 00:16:59,240 --> 00:17:03,679 a significant client in the equity market that lasts more 261 00:17:03,720 --> 00:17:06,920 than two months, home prices coming down. I got to 262 00:17:06,960 --> 00:17:09,519 report a couple months ago laying the groundwork of why 263 00:17:10,039 --> 00:17:12,599 I think home prices are going to drop fifteen to 264 00:17:12,640 --> 00:17:15,880 thirty percent over the next five years. So if you 265 00:17:15,960 --> 00:17:20,480 see those hits to wealth, then those who have been 266 00:17:20,519 --> 00:17:24,400 spending will become much more cautious. And so again, these 267 00:17:24,400 --> 00:17:27,240 are the storm clouds out there in the future. In 268 00:17:27,279 --> 00:17:32,200 the near term, you know, the market's technically in decent shape. 269 00:17:32,279 --> 00:17:34,720 So I'm not saying, oh my god, this guy's about 270 00:17:34,720 --> 00:17:37,880 to fall. I'm just saying that right now things are okay, 271 00:17:38,400 --> 00:17:41,839 but there are some storm clouds out there that are 272 00:17:41,880 --> 00:17:45,359 suggesting that the underpinnings of the economy may not be 273 00:17:45,440 --> 00:17:47,640 quite as strong and rosy as a lot of people 274 00:17:47,960 --> 00:17:48,440 like to think. 275 00:17:48,960 --> 00:17:54,240 Speaker 3: Yeah, and you know, visitor volume in Vegas, just getting 276 00:17:54,240 --> 00:17:57,759 back to that theme, is down the eleven percent year 277 00:17:57,799 --> 00:18:02,480 over year in June and a year to date in 278 00:18:02,680 --> 00:18:05,880 the I think as of July was down seven point 279 00:18:06,000 --> 00:18:11,279 three percent, So you know, that's definitely an issue. Air traffic. 280 00:18:12,240 --> 00:18:14,880 The only good thing to come in the air traffic 281 00:18:14,960 --> 00:18:16,960 segment now is that you no longer have to take 282 00:18:17,000 --> 00:18:19,079 your shoes off when you're going through TSA. 283 00:18:20,000 --> 00:18:22,920 Speaker 4: I mean that's a big that's a mile, So that 284 00:18:22,960 --> 00:18:23,480 act is. 285 00:18:23,559 --> 00:18:26,000 Speaker 1: Right versus twenty five years ago, where you know, it 286 00:18:26,039 --> 00:18:29,480 was very very much different. So, yeah, not having to 287 00:18:29,480 --> 00:18:32,640 take your shoes off, thank you very much. Yeah, especially 288 00:18:32,799 --> 00:18:34,359 you have high shoes and you're going to try to 289 00:18:34,359 --> 00:18:35,920 make a plane pretty soon. 290 00:18:35,960 --> 00:18:41,000 Speaker 3: They won't be confiscating your toothpaste and suntan lotion and 291 00:18:41,119 --> 00:18:44,440 my contact lens solution which costs twenty bucks a. 292 00:18:44,440 --> 00:18:46,920 Speaker 4: Bottle for two bottles. 293 00:18:47,279 --> 00:18:51,480 Speaker 3: And denver Tsa thought that this was a threat, a 294 00:18:51,559 --> 00:18:57,440 global threat to air transport, certainly in America, but perhaps 295 00:18:58,160 --> 00:19:01,319 around the world. Because it's liquid, man, I could I 296 00:19:01,359 --> 00:19:04,319 could be mixing it into all sorts of dastardly things. 297 00:19:04,400 --> 00:19:06,480 Speaker 1: Right, Well, they took one look at you and they said, 298 00:19:06,480 --> 00:19:08,359 we better check his bag really carefully. 299 00:19:08,559 --> 00:19:15,240 Speaker 3: So you know, oh, man like why this is crazy systems, 300 00:19:15,559 --> 00:19:22,079 But it's just indicative of a dysfunctional government that no 301 00:19:22,119 --> 00:19:28,079 longer can accomplish its basic functions or has great difficulty 302 00:19:28,119 --> 00:19:31,200 and expense in even attempting. 303 00:19:31,160 --> 00:19:32,640 Speaker 4: To do that. 304 00:19:33,079 --> 00:19:41,359 Speaker 3: So looking at what we talked about here, you know, buffets, cash, hoard, inflation, 305 00:19:41,519 --> 00:19:46,200 and the fed secular bear market, a gold look at 306 00:19:46,200 --> 00:19:50,279 gold and silver. Now's we got to talk about silver, copper, 307 00:19:50,559 --> 00:19:54,440 potash just added or will be added shortly to the 308 00:19:54,519 --> 00:20:01,000 government's official critical mineral list. This means a boom in 309 00:20:01,039 --> 00:20:05,079 my opinion for the mining sector because because it's an 310 00:20:05,119 --> 00:20:08,720 emergency and it's critical now, a lot of the environmental 311 00:20:08,759 --> 00:20:12,119 reviews and the legal reviews that would take place ordinarily 312 00:20:12,640 --> 00:20:15,119 are going to be basically cost. 313 00:20:15,279 --> 00:20:20,039 Speaker 1: Right or expedited, you know, significantly faster than what they 314 00:20:20,039 --> 00:20:22,680 have been in the past or whatever have been obviously 315 00:20:22,680 --> 00:20:25,519 in the last administration. A couple of things that will 316 00:20:25,599 --> 00:20:28,920 point out the chart pattern of gold. For instance, my 317 00:20:29,039 --> 00:20:31,720 take has been since we hit that high in April, 318 00:20:32,480 --> 00:20:34,599 you know, the markets correct. 319 00:20:34,519 --> 00:20:35,240 Speaker 4: Either two ways. 320 00:20:35,279 --> 00:20:38,119 Speaker 1: Either you get a decent size decline and a lot 321 00:20:38,119 --> 00:20:41,400 of people are bush, or you get a sideways chop 322 00:20:41,599 --> 00:20:44,440 where you just wear people out. And gold has been 323 00:20:44,480 --> 00:20:48,319 doing the sideways chop. I think getting above thirty four 324 00:20:48,359 --> 00:20:51,920 to oh three, which it did today, is the signal 325 00:20:52,559 --> 00:20:55,319 that gold is on its way to a new all 326 00:20:55,400 --> 00:20:58,440 time high. So my take has been the last few months, hey, 327 00:20:58,599 --> 00:21:01,599 we're going through this correction. When it's over, we're going 328 00:21:01,640 --> 00:21:05,160 about thirty four ninety six, My guess is thirty six 329 00:21:05,240 --> 00:21:08,920 hundred and thirty seven hundred, And there's a lot of 330 00:21:08,920 --> 00:21:12,559 things coming into it, Carrie, you know, perception about the 331 00:21:12,599 --> 00:21:15,680 FED and all likely the hood the FED will cut 332 00:21:16,039 --> 00:21:19,519 the fund rate at the September meeting. But you know, 333 00:21:20,359 --> 00:21:23,440 inflation is at about three percent, so that. 334 00:21:23,400 --> 00:21:24,319 Speaker 4: Data is not good. 335 00:21:24,400 --> 00:21:29,400 Speaker 1: Look stated you know, President Trump, I'm sorry dated inflation. 336 00:21:30,039 --> 00:21:35,200 Yeah well yeah, So I think those are the things 337 00:21:35,200 --> 00:21:40,240 that psychologically feed into you know, and is a tailwind 338 00:21:40,359 --> 00:21:44,799 for gold and silver, and so I think in the 339 00:21:44,880 --> 00:21:48,240 near term to me, my analysis of the gold chart 340 00:21:48,359 --> 00:21:52,279 suggests it's about to pop to the upside. We're going 341 00:21:52,359 --> 00:21:56,160 to see silver obviously follow and probably as it has 342 00:21:56,200 --> 00:21:58,640 been doing the last couple of months or so. I'll 343 00:21:58,680 --> 00:22:02,960 perform gold to the upside. So near term, I think 344 00:22:03,039 --> 00:22:07,480 finally we're getting indications that gold is ready finally to 345 00:22:07,559 --> 00:22:10,039 make a move to the upside, and to it, you know, 346 00:22:10,079 --> 00:22:11,240 a new all time high. 347 00:22:11,680 --> 00:22:15,000 Speaker 3: Forty dollars silver right now as we speak, looking at 348 00:22:15,160 --> 00:22:18,599 kit Goes ticker, which I don't really appreciate. But for 349 00:22:18,720 --> 00:22:22,119 spot thirty nine two, we just broke thirty nine. That 350 00:22:22,319 --> 00:22:26,640 is a huge technical spot. It's bounced back and forth 351 00:22:26,720 --> 00:22:31,519 over it. But once we hit forty forty is like 352 00:22:32,440 --> 00:22:36,319 the better circle the wagons, because those short positions there 353 00:22:37,160 --> 00:22:40,119 are in real jeopardy and you can't just. 354 00:22:40,279 --> 00:22:43,880 Speaker 4: At some point, you can't just up up your. 355 00:22:45,359 --> 00:22:48,119 Speaker 3: Your price limit, you know, you just can't keep getting 356 00:22:48,200 --> 00:22:53,119 run over, like resetting your options prices. 357 00:22:53,200 --> 00:22:56,240 Speaker 1: I'm old enough to remember the spring of nineteen eighty 358 00:22:56,400 --> 00:23:00,680 when the Hunt Brothers attempted to corner silver. It traded 359 00:23:00,759 --> 00:23:03,279 up fifty maybe fifty one. 360 00:23:02,720 --> 00:23:07,359 Speaker 3: Fifty might have tra it traded over fifty for a day, 361 00:23:07,880 --> 00:23:10,119 but I think it closed fifty. 362 00:23:10,160 --> 00:23:12,480 Speaker 1: Yeah, and then it dropped the ten bucks very quickly. 363 00:23:12,680 --> 00:23:14,839 I mean, they basically screwed the Hunt Brothers as a 364 00:23:14,839 --> 00:23:17,119 story there. We don't need to bother to cover it. 365 00:23:17,440 --> 00:23:20,279 But my point is, you know, you get above something 366 00:23:20,359 --> 00:23:23,319 like a forty, you have to start beginning to look 367 00:23:23,400 --> 00:23:27,759 at well, that fifty from forty plus years ago is 368 00:23:27,799 --> 00:23:31,000 out there and is a test of that coming. And 369 00:23:31,039 --> 00:23:33,279 I would say there's a good shot that is going 370 00:23:33,279 --> 00:23:36,519 to make a run at that fifty dollars mark at 371 00:23:36,519 --> 00:23:40,119 some point in time, and maybe it could happen very 372 00:23:40,160 --> 00:23:44,720 quickly given the setup that we have. There's another inflation 373 00:23:44,880 --> 00:23:48,079 report that comes out tomorrow. I think the PCE it's 374 00:23:48,160 --> 00:23:53,079 not going to be good news the next CPI. The 375 00:23:53,079 --> 00:23:56,839 PPI report that came out for July was ugly, So 376 00:23:56,880 --> 00:23:59,319 again my point is, you have a backdrop that inflation 377 00:23:59,640 --> 00:24:02,799 is all already at three percent and the tariffs are 378 00:24:02,880 --> 00:24:06,519 going to bleed through and cause more inflation on the 379 00:24:06,559 --> 00:24:10,279 good side. The thing that I find interesting is that 380 00:24:10,319 --> 00:24:14,559 in his Jackson Whole speech, Chair Paul acknowledged the good 381 00:24:14,680 --> 00:24:19,359 side inflation but didn't reference services and both the ISM 382 00:24:19,559 --> 00:24:24,400 service indicator was up to sixty nine percent. Historically, there's 383 00:24:24,440 --> 00:24:29,559 a nice correlation between moves in that index and the CPI. 384 00:24:30,319 --> 00:24:33,640 So my point, Carrie is that the inflation news is 385 00:24:33,680 --> 00:24:38,599 going to get worse in the near term, and I 386 00:24:38,680 --> 00:24:41,400 can't imagine that that won't be a tailwind for the metals. 387 00:24:41,759 --> 00:24:45,119 Speaker 3: Okay, and I am in complete agreement with you. There 388 00:24:45,960 --> 00:24:49,079 one interesting note going back to the eighties. 389 00:24:49,440 --> 00:24:50,160 Speaker 4: You know, the. 390 00:24:50,160 --> 00:24:55,359 Speaker 3: Last time silver hit fifty, it's the only commodity to 391 00:24:55,519 --> 00:25:01,079 have not established a new high in over forty years. Yeah, 392 00:25:01,119 --> 00:25:06,200 and that that alone makes you think. And then you 393 00:25:06,240 --> 00:25:09,440 look at the price action. It's a coiled spring, it's 394 00:25:09,440 --> 00:25:13,240 a jack in the box, and when it pops, especially now, 395 00:25:13,599 --> 00:25:17,079 the fact that Uncle Sam has said it's a vital 396 00:25:17,640 --> 00:25:22,440 critical mineral or metal, if you will, could. 397 00:25:22,319 --> 00:25:23,759 Speaker 4: Just give it the impetus. 398 00:25:24,359 --> 00:25:28,559 Speaker 3: And I don't think the government's going to nationalize silver mines, 399 00:25:28,839 --> 00:25:33,480 but I think they will do exclusive supply contracts with 400 00:25:33,920 --> 00:25:36,079 the big producers. There's only a few of them that 401 00:25:36,079 --> 00:25:39,400 they have to bother with, and the US and Canada 402 00:25:39,880 --> 00:25:44,799 and those companies can't exactly say no, but what they 403 00:25:44,839 --> 00:25:49,880 can do is buy some futures to protect their margins 404 00:25:50,279 --> 00:25:53,519 because the price of silver will once that gets out gent, 405 00:25:53,759 --> 00:25:55,039 it's going to explode. 406 00:25:55,480 --> 00:25:55,839 Speaker 4: Yeah. 407 00:25:55,880 --> 00:25:57,599 Speaker 1: Well, and the other thing the point you made is 408 00:25:57,640 --> 00:26:01,400 that silver hasn't made a new high where probably every 409 00:26:01,400 --> 00:26:04,559 other commodity on the planet has in the last forty years. 410 00:26:05,759 --> 00:26:08,119 You know, start to attract money. You know, you look 411 00:26:08,160 --> 00:26:10,440 at gold, you say, wow, this made a big move already, 412 00:26:10,759 --> 00:26:13,000 and I look at silver has kind of and now 413 00:26:13,000 --> 00:26:15,000 it looks like it's coming to life. So that alone 414 00:26:15,079 --> 00:26:18,599 starts to attract some money for the catch up trade. 415 00:26:19,200 --> 00:26:21,079 Now I'm not talking to ketchup that you put on 416 00:26:21,119 --> 00:26:21,680 your hot dog. 417 00:26:22,400 --> 00:26:25,400 Speaker 3: Yeah, the catch up trade, well, we have wars over ketchup, 418 00:26:25,559 --> 00:26:28,960 so I not have trades over it, you know, just 419 00:26:29,079 --> 00:26:32,319 looking at it. The buffet warning, I mean that kind 420 00:26:32,319 --> 00:26:35,279 of says it all. I'm surprised, but I'm not surprised 421 00:26:35,319 --> 00:26:39,319 that Buffett isn't buying silver. The last time he tried 422 00:26:39,359 --> 00:26:46,079 that little trick, Martin Armstrong exposed him and exposed the system, 423 00:26:46,680 --> 00:26:50,400 and you know it took ten years to get over that, 424 00:26:51,119 --> 00:26:57,279 even though nobody remembers it now. So so metals, you 425 00:26:57,359 --> 00:27:00,799 got any feelings about bitcoin crypto? I mean I saw 426 00:27:00,799 --> 00:27:03,160 it hit one hundred and nine thousand the other day, 427 00:27:03,720 --> 00:27:07,400 back up to one eighteen now, which tells me another 428 00:27:07,480 --> 00:27:14,359 coiled spring, another another potential short squeeze. Position because they're 429 00:27:14,359 --> 00:27:20,440 gobbling up a bitcoin like they can't get enough these institutions. 430 00:27:20,160 --> 00:27:22,720 Speaker 1: And you know, the allocation has been you know, very 431 00:27:22,839 --> 00:27:29,160 very small. The Trump administration has kind of ordained bitcoin 432 00:27:29,279 --> 00:27:32,680 or legitimize it, and so that is helping as well. 433 00:27:34,119 --> 00:27:38,880 What I have observed, though, Carrie, is between the dollar, Bitcoin, 434 00:27:38,960 --> 00:27:42,200 and gold, what has often happened is one of the 435 00:27:42,240 --> 00:27:44,920 three will be running while the other two are either 436 00:27:45,119 --> 00:27:48,240 going sideways or down. And if we're right that in 437 00:27:48,279 --> 00:27:50,400 the near term, the metals are about to have the 438 00:27:50,480 --> 00:27:55,119 light shine on them. Maybe Bitcoin, you know, it's head 439 00:27:55,160 --> 00:27:58,119 heck of a move, Maybe it goes into a sideways 440 00:27:58,160 --> 00:28:00,880 chop for a period of time. In terms of the dollar, 441 00:28:02,000 --> 00:28:05,039 I think the dollar is nearing a very important low, 442 00:28:05,799 --> 00:28:08,079 but near term it looks like it's going to go 443 00:28:08,119 --> 00:28:10,880 down again and take out the low from a couple 444 00:28:10,960 --> 00:28:14,119 months ago. So that will be another tailwind for gold. 445 00:28:14,759 --> 00:28:17,720 But if I'm right, because positioning on the dollar is 446 00:28:17,920 --> 00:28:23,119 very negative, a lot of shorts sentiments very negative. I've 447 00:28:23,160 --> 00:28:25,319 seen more articles in the last couple of months. Well, 448 00:28:25,359 --> 00:28:28,200 maybe the dollar status as a reserve currency will get 449 00:28:28,279 --> 00:28:31,519 challenged and so forth goes to me, are all symptoms 450 00:28:31,920 --> 00:28:35,960 from a contrary opinion perspective that all right, it's a 451 00:28:35,960 --> 00:28:38,599 little late to be really negative the dollar. It's already 452 00:28:38,599 --> 00:28:43,720 down eleven percent this year. From a price pattern standpoint, 453 00:28:43,720 --> 00:28:47,039 I think the dollar will be completing the correction that 454 00:28:47,200 --> 00:28:50,440 started after a peaked in October of twenty twenty two 455 00:28:50,480 --> 00:28:53,640 at one hundred and fourteen to seventy five. So my 456 00:28:53,799 --> 00:28:56,440 point is, I think there's a window for the medals 457 00:28:56,519 --> 00:28:59,559 to have a pretty good run here the dollar goes 458 00:28:59,599 --> 00:29:02,240 to a low or low. But if I'm right and 459 00:29:02,400 --> 00:29:06,920 the dollar makes an fairly significant low, then the metals 460 00:29:06,920 --> 00:29:09,759 will probably have a fairly good sized correction. And the 461 00:29:09,880 --> 00:29:12,880 rally in gold that I'm talking about, I've been saying 462 00:29:13,440 --> 00:29:16,200 we've got a wave five rally coming here to new highs. 463 00:29:16,680 --> 00:29:19,480 So my point is, if all these pieces fall into 464 00:29:19,559 --> 00:29:22,880 place near term, the metals have a great run. The 465 00:29:23,000 --> 00:29:25,559 dollar makes a low over the next one to three months, 466 00:29:26,200 --> 00:29:29,400 and if that unfolds, then that'll bring the backdrop of 467 00:29:29,759 --> 00:29:33,160 why there'll be maybe six months to nine months from 468 00:29:33,160 --> 00:29:36,680 now the beginnings of a significant correction in the metals, 469 00:29:37,200 --> 00:29:40,079 So you know, near terms, some of these things are coming. 470 00:29:40,079 --> 00:29:41,960 In the other thing, I'm going to point out is 471 00:29:42,000 --> 00:29:45,400 treasure yields. I believe the long term trend in treasure 472 00:29:45,480 --> 00:29:48,680 yields is up, and so we near trim, we might 473 00:29:48,720 --> 00:29:51,119 see a little bit more relief. The tenure might get 474 00:29:51,160 --> 00:29:55,000 down to about four oh seven, but after that, I 475 00:29:55,039 --> 00:29:59,920 think it's going above five. A lot of supply continues 476 00:30:00,079 --> 00:30:03,200 to come. President Trump has not really narrowed the deficit, 477 00:30:04,359 --> 00:30:08,039 and if we see the economy slowing meaningfully at any 478 00:30:08,079 --> 00:30:11,039 point in time in the next couple of years, the 479 00:30:11,079 --> 00:30:13,880 deficit is going to jump to three trillion, that's a 480 00:30:13,880 --> 00:30:17,000 lot of paper. At the same time, the Japanese thirty 481 00:30:17,079 --> 00:30:20,200 year yield has made a new all time high. Germany 482 00:30:20,359 --> 00:30:22,839 Great Britain yields are going up. So we're in an 483 00:30:22,920 --> 00:30:27,920 environment carry where these other governments in Europe especially, they're 484 00:30:27,960 --> 00:30:32,119 increasing defense spending from under two to five percent, so 485 00:30:32,200 --> 00:30:37,039 that the world is going to be competing for investment 486 00:30:37,119 --> 00:30:41,359 dollars as governments sell bonds, using out and tipically, if 487 00:30:41,400 --> 00:30:44,720 you don't have enough demand, you got to raise rates, 488 00:30:44,839 --> 00:30:48,480 rates go up to attract buyers. And I think that's 489 00:30:48,519 --> 00:30:51,960 the world we're going to be in over the next 490 00:30:51,960 --> 00:30:53,039 handful of years. 491 00:30:53,799 --> 00:30:54,160 Speaker 4: And so. 492 00:30:55,599 --> 00:30:58,960 Speaker 1: You know, that's another reason why I think the equity 493 00:30:59,039 --> 00:31:03,920 market is going to experience a secular bear market. I 494 00:31:04,039 --> 00:31:07,599 believe a secular bear market has already begun in the 495 00:31:07,640 --> 00:31:10,359 bond market. Now, when I say secular in the bond market, 496 00:31:10,359 --> 00:31:13,599 we're talking thirty five plus years. So this isn't something 497 00:31:13,640 --> 00:31:16,559 oh yeah, four years now, it's going to be over now. 498 00:31:16,640 --> 00:31:19,400 Three years from now will be where it becomes more obvious. 499 00:31:19,759 --> 00:31:22,480 And on the tenure, I think the tenure goes to 500 00:31:22,559 --> 00:31:23,640 seven and a half percent. 501 00:31:23,799 --> 00:31:24,839 Speaker 4: All right, reason. 502 00:31:24,559 --> 00:31:28,240 Speaker 1: Why it got over fifteen and a half in eighty 503 00:31:28,279 --> 00:31:31,799 one down to fifty five basis points in twenty twenty. 504 00:31:32,160 --> 00:31:35,279 The fifty percent retlacement of that move is about seven 505 00:31:35,279 --> 00:31:38,359 and a half. So I'm not even talking about, oh 506 00:31:38,359 --> 00:31:40,240 my god, treasure yields are going to take out there 507 00:31:40,359 --> 00:31:42,640 nineteen eighty one highs. I'm just saying they're going to 508 00:31:42,720 --> 00:31:45,079 retrace fifty percent. And as you noted, with all the 509 00:31:45,160 --> 00:31:48,759 debt that we have out there, anything meaning for move 510 00:31:48,880 --> 00:31:52,799 like that in treasure yields is going to be really 511 00:31:54,440 --> 00:31:57,039 challenging for both the government and the economy. 512 00:31:57,400 --> 00:32:02,079 Speaker 3: All right, Jim, that was exhaustive and I really appreciate it. 513 00:32:02,839 --> 00:32:07,880 Anybody interested macrotides dot com. The link is in the 514 00:32:07,880 --> 00:32:11,759 show notes so you can download the latest edition where 515 00:32:11,960 --> 00:32:14,920 all of this is discussed and a lot more. If 516 00:32:14,920 --> 00:32:18,400 you got a question for Jim myself, shoot me an email, 517 00:32:18,799 --> 00:32:22,920 klatcarriets dot com. What do you think are we headed 518 00:32:22,960 --> 00:32:26,920 for a secular bear market? Our interest rates going higher? 519 00:32:27,000 --> 00:32:29,559 Are precious metals prices going higher? 520 00:32:30,160 --> 00:32:31,200 Speaker 4: Why don't you put it in the. 521 00:32:32,839 --> 00:32:36,440 Speaker 3: Q and a section on YouTube if you're watching it there, 522 00:32:36,880 --> 00:32:39,319 or shoot me an email let me know your thoughts. 523 00:32:40,599 --> 00:32:45,680 Obviously it's perception, but there's also reality behind that perception. 524 00:32:46,200 --> 00:32:48,920 That's what you need to be thinking about. Jim always 525 00:32:48,920 --> 00:32:50,640 a pleasure. Thanks for coming on. 526 00:32:51,119 --> 00:32:54,279 Speaker 1: My pleasure as well. Carrie take West, stay well. 527 00:32:54,319 --> 00:32:58,480 Speaker 2: Thanks for listening to Carrie Letz's Financial Survival Network, your 528 00:32:58,559 --> 00:33:02,359 solution to today's trying times. For the latest, go to 529 00:33:02,519 --> 00:33:08,440 Financial Survivalnetwork dot com. Financial Survival Network now more than 530 00:33:08,519 --> 00:33:08,759 ever