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Speaker 1: Well, keep in mind that neither silver nor gold actually changes.

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It's our perception of the metal that changes. It's the

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price that changes. I sometimes joke that the goal of

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gold and silver is to cause maximum frustration, with silvia

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being far better at it than gold.

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Speaker 2: You're listening to Carrie Letz's Financial Survival Network, where you

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get valuable information you just can't find anywhere else to

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thrive in today's trying times. You need the Financial Survival

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Network now more than ever. Go to Financial Survivalnetwork dot

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com and get your free newsletter and gift. Financial Survival

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Network now more than ever.

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Speaker 3: And welcome you are listening to and watching the Financial

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Survival Network. I'm your host, Kerry Lutz, and today with

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us is Axel merk Axel been in this space a

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long time. You've been pretty much spot off about what

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was going to happen today. It's October twenty first, twenty

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twenty five. We're seeing a huge, huge raid. I would

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like some might call it a raid. Others would say

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it's profit taking. Gold is down two hundred and thirteen

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dollars the ounce, Silver down nearly three and a half

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dollars the ounce. What exactly is going on?

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Speaker 1: Here, hey, Kerry, and by the time your listeners are

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watching this, who knows where we're going to be. It's

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certainly a very exciting time to talk and to what's

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going on where we are. I think last time we talked,

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I may have said that there are different types of

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players in the precious metals market, and I grouped them

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into the diversifying investor, into the gold bug, or the

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person concerned about the purchasing power. You have the central banks,

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you have the speculator, and the speculator obviously has come

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in in recent months. They were somewhat absent pursuing meme stocks,

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cryptocurrency investments and others spack investments. Central banks have been

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more active. What's noteworthy about the trend we've had and

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I gather you have different guests give different answers, but

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we have not seen a retail frenzy on the way up.

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This is notably absent and also obviously as any but

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you will follow the market for well knows. When the

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price of gold shoots higher, often it's in the context

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of traditional equities plunging, and that also there have been

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some hiccups in the markets. Maybe that hasn't happened but

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when we talk to coin dealers, for example, they getting

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new inventory from retail selling their gold to them. When

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we talk to wholesalers, they're not selling anything because the

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coin dealers have enough inventory. So that's not a sign

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of a retail frenzy. But yes, the speculators are the

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what's happening today is we talk without getting too technical. Actually,

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let me get very technical.

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Speaker 3: Yeah, you get technical audience there.

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Speaker 1: And I know you love conspiracy theories, so let me

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give you one here. Maybe the deala gamma in the

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options market is ten times what it usually is, and

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so that sounds as fancy as it is. Basically, you

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have market makers in the options market that are trying

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to make a living and they have to. They're not

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they're not speculators that they're they're balancing their books. And

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there are situations when that's what it means when the

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dealer gamma is high, when anything that happens in the

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market is exacerbated by the dealers trying to to to

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hedge their book and so when the move goes up,

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they piling the upside. When the moves go down, they

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pilon a downside. And that's why that's a big reason

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why we've had these major moves now and up, down

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and up and currently down again. And when that happens,

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it is it is really the dealers in the in

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the derivatives markets just trying to keep their books in balance.

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And and so that is the the noise, the icing

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on the cake on top of it, so to speak.

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Obviously the other reasons why the price of goals has

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moved higher for quite some time. But in this this

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amazing volatility we're experiencing as we speak, it is the

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the dealers in the options market that are busy.

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Speaker 3: Okay, so we got a gamma squeeze I think they

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call it. And basically uh Wick rule we both know

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has said that the eventually these parties that are executing

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these very complicated edges in the silver market are going

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to have a religious experience and they are going to

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be annihilated. Are we getting to that point now or

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is it exagination?

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Speaker 1: Well, yes and no. The pushback I give is the

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precious metals investor always thinks they're special. This sort of

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stuff happens in any market where there's a derivative market. Now,

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clearly because there's a physical market, things get more interesting

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and and and say, we know that there was a

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flight of precious metals into the US in the springtime

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because there was a fear there might be tariffs. They've

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been stories, not the stories, but London gold was shipped

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to Switzerland being refined to the US. Huge silver shipments

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to the US. Keep in mind that that silver has

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like a fraction of the density of gold and in

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pre value here and and so when when you have

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the same dollar amount of silver ship these are the

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big logistical efforts. And so when you when you talk

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to the vault, they are they need to work for

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the money right now, shipping the stuff around right and

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and the gold and the silvera coming back into London

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right now, where where historically there's the hop of liquidity.

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And then yes, you have of course the rivatives on

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top of that that exacerbates some of these moves. But

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we are we are seeing some astounding things happening in

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the markets. But it mostly means that the market is

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working because it's a we. Yes, we may not like

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these derivative players, but the on integral part of the market,

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and there is an underlying physical that we sometimes tend

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to forget. When you see the price of gold coded,

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it's that of a London bar in London, and it

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is noteworthy if the price in the rest of the

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world is different, that shows logistical squeezes and temporary supplying

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demand imbalances. But in the environment in right now, we've

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obviously had had a tremendous move higher and currently volatility

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has shown to be not just on the upside but

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the downside.

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Speaker 3: All right, So the volatility, so are we imagining these

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rates happening? Is the price being manipulated by other players?

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What exactly is happening here?

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Speaker 1: Well, the reason you can look at these things from

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any prism you like. The reason I don't like the

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conspiracy angle in general, and I know you're in a

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different camp, but the reason I don't like that is

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because that assumes that if you only get rid of

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the bad apples, everything would be dandy. And I'm actually

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far more pessimistic. I am saying, is the dynamics of

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the system that drives into where we are or not.

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Whether you label these things conspiracies or not is in

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my view secondary to me. It's just no, because the

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conspiracy angle suggests that it plays into the thing that

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there's an end game, there's a reset, there is this

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or that, and my view is there's always a tomorrow,

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and say society adjusts, regulators adjust, and by the way,

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they don't play a fair game. They will change the

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rules of the game along the way if they don't

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like what they see and say, we have moved further

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and further away from a gold standard over the last

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hundred years. We'll just continue on that path. And it's

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going to be a charpy road. And yes, we are

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currently experiencing an interesting episode in that. But keep in

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mind that we've talked those about the debasement trade, right

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this is if this is the debasement trade, it's the

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very early innings of that, because we have not seen

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fundamental stress in many of these markets. Yes, other central

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banks are diversifying, but those things are happening on the margin.

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And gold is a disproportionate beneficiary because that market isn't

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so huge. But it is not as if confidence has

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been lost in the dot because if so, you would

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see very different directions in the treasury markets. But what

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we do see is that when you have and we've

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talked about that, when you have tariffs, you're not not

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just throwing a wrench into the flow of goods you're flowing,

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you're throwing a wrench into the flow of money of cash,

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and that makes the financing of deficits in the US

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more expensive. That creates more pressure on the Federal Reserve

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to keep rate slow. And so the sort of things

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we see is is kind of a preview of what

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we might be seeing if or when we see a

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more disorderly conduct. But for the time being as well,

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I tell those things are it's actually quite quite orderly.

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Speaker 3: And is there a shortage of SOB or is this

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imaginary wish for thinking? Uh, propaganda, manipulation, call it what

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you like. Is there real shortage?

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Speaker 1: There is this magic thing that every gold and silver

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investor should be away of. It's called the price. When

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there is no silver, the price is going to be

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higher when, as I mentioned earlier, right, the price you

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see quoded. Let me focus on on gold. Here is

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the price of gold of a London bar in London,

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and if there were no gold, the price would be

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infinitely higher if somebody wants to get a bar there.

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And so it's a and you can look at stress

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into the system if you see it differential pricing in

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different locations right. You can see those sort of things,

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or you can see shortages if you don't need to

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call up your volt manager, if you don't have a

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personal volt manager, but you can look at the spreads

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in the physical ETFs. The market makers are hedging themselves,

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and if they're unable to hedge themselves, that means there

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is stress in the market. Even one of the things

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that happened in the springtime when there was the flight

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of gold from London to the US, the big volume banks,

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they had some of their gold stored with a Bank

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of England, and the Bank of England is a government

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bureaucracy with an antiquated storage system. Vaulting gold is actually

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more complicated than you might imagine. A modern vault has

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all of the client's vault on a palette or a

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series of palets. What the Bank of England historically does

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is they have a bunch of gold and if gold

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is sold from party A to party B, they enter

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it in their computer, which means but they don't move

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the gold, which means your gold could be spread across

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tons of different palets, and so when you need to

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get gold out in volume quickly, they're just not capable

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of doing it, and so the vaults in London were

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concerned that yes they have the gold, but they might

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not be able to get it in time. Now was

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some stress, but the stress never translated into increased spreads

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in the market. You would have seen it that buying

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and selling gold costs a very different amount if that

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stress were to have been realized. And so while it

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is a real market, and then you remember the negative

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costs in the price of oil when the storage costs

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work were high. Right, So this fine print does matter.

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But yes, there is always at the right price, there

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is always the metal available, and if and doubt requests delivery, right,

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and so if you don't think there is the pressures

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medal available, then I have it sent to your home

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and you'll see whether you get it. Type of thing, right,

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But that's the sort of thing that kind of caused

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exacerbate price links.

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Speaker 3: So interestingly enough, you know silver broke that magical fifty

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dollars resistance point almost fifty years forty five years in

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the making to break that, and if you wanted to

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get technical, you could say it was a cup with

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a handle fifty year pattern. So it was coiled up

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like a spring. Why was the price of silver. Why

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did it make a new high when every other commodity

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known to man during our forty five year timespan was

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making new highs. Silver was the only one axle in

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forty five years never made a new high. Is that

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conspiracy talk? Or is that is that natural market behavior?

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When sugar, when you know, you name it, everything, wheat, soybean,

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everything made do highs. But silver?

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Speaker 1: Yeah, Well, keep in mind that neither silver nor gold

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actually changes. It's our perception of the metal that changes.

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Is the price that changes. I sometimes joke that the

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goal of gold and silver is to cause maximum frustration,

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with silver being far better at it than gold. Even

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and clear, we've had some amazing moves in the early eighties, right,

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and it's taken till now to get to it. The

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key difference between gold and silver is, of course, that

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silver has significant industrial use. Indeed, you probably have stories

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that the solar panels, the cost of silver is now

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one of the biggest components, and so you can have

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real shortages when when everybody is trying to to to

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make solar panels and whatnot, it's say, why we haven't

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reached a new high before. It's always fun to play

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kind of general in hindsight and and give arguments to

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these things. Clearly, we we had a short squeeze in

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the early eighties that was quite phenomenal. Right. And and

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because these markets are not as liquid as it appears

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to be, because they can push things, buy things with

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a push off a button, you can have outsized moves.

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That is that is part of the markets.

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Speaker 3: Right You.

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Speaker 1: You don't see that in the financial market much Also,

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increasing quality of grain, the quantity of grain is in

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many ways much easier than increasing the quantity of silver.

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The I'm not going to say there was no conspiracy.

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I'm not going to say there was conspiracy. Clearly that

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the Hunt brothers had as a goal to corner the market.

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So they're the conspiracy if you want to have one, right,

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But I think we're giving both policy makers and the

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big banks too much credit. If if one asserts that

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their goal in live is to manipulate prices, they they

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run a hedgebook. They are not in the they're not

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in the business of of managing price A or B.

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If you talk to far folks at the Federal Reserve,

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they don't understand gold very very different from a hundred

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years ago. If you talk to to CEOs of banks,

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they don't, they don't some of them don't know how

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much gold their own bank calls. Right, and and the

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the I once talked to the head of global commodities

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of a major international bank. He and this was fifteen

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twenty years and fifteen years ago or so went, yeah,

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twenty years ago. May no, fifteen years ago. He was

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not aware that they could not deal in physical gold, right,

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the head of global commodities at a major bank. I'm

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not going to name them, but it's that tells you

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how how little they know. This guy knew the derivative market, right,

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but he wasn't aware that their own bank cannot facilitate

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physical gold anything, and and and so, and then you

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talk to the folks on the physical side, and they

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are they're really they they have the physical business. And

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then of course there's there's a lot that they provide

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in services as well, where they are constrained by by

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what the bank as if they engage in some other

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activities with some of the gold. But again they're not

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in the speculation business. And and the big banks they

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they have as a business a hedging function and so, yes,

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that might impact the price of gold or silver. Absolutely,

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that can happen. But it is not because they they

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are conspiracy theories. It's just because they're running their business

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based on based on their their their client demand.

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Speaker 3: Okay, so, but these humongous short positions that never seem

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to go down and then coincidental markets get slammed right

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before options expiration. Isn't that indicative of a little game

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playing there?

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Speaker 1: Well, of course it's game plan. But to me, that's

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not the same as conspiracy theory. So I think we

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might be just using different words. But yeah, there are

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plenty of speculators there, and as we see, right, and

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that's why I expanded earlier on the on the options market,

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on the on the on the dealer, Gama the dealer,

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they are trying to make a living, right and and

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say they are incentivized to hedge their book. And yes,

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it's a quote unquote game. And if you don't know

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how to play that game, if you are an innocent

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retail investor that plays that and I discourage anybody to

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play these volatile markets, in the rods markets in particular,

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they'll they'll get wiped out. If they use leverage, they'll

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lose money. And so in that sense, absolutely it's a game,

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but it is not a government orchestrated conspiracy where they're

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trying to kind of mess with you. It's it's just

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that these derivers markets attract speculators, they attract hedges, they

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attract folks doing arbitrage and whatnot. And if you are

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somebody who just wants to join own a coin of

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gold or silver, you look at it and scratch your head,

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what the heck are these guys doing?

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Speaker 3: Right?

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Speaker 1: I mean, as a just as a business, we own

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physical gold, right, we don't do any derivatives, we don't

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do any lending and so forth. But I do think

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it's helpful to understand what's happening in these markets to

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to to also try to keep a cool head when

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the volatility does increase. One of the advantages of a

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physical coin is that you are not tempted to trade

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it because you can't just push a button to buy

315
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and sell. That that provides the sort of restraint that

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I think for most investors is helpful. Obviously, if you're

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a day trader who thinks you can make money on

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this stuff, be my guest and then go for it.

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Speaker 3: That's your own risk. But we've seen JP Morgan, We've

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seen numerous players in silver get snagged by the regulators,

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pay huge fines and promise to never never beat their

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wives again.

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Speaker 1: Right, and they they will never do that again, now

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if they, I mean, if there's money to be made,

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you'll have some bad apples, of course. I mean, that's

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say the I picked up I picked up a copy

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of Moneyball, Mike Lewis's. Yes, well you know what the

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subtitle is. I don't have it here in front of

329
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me right now, but it says something like how to

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win the Unfair Game, right and and and so it's

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it's ay, these there are players in the market that

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are trying to game the system. And and yes, if

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they are in the position of power, then then clearly

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they might have a leg up of others. What I'm

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the only reason I'm pushing back against the conspiracy theory

336
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is that it's part of life. Get on with it, right,

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You've got to figure out what you want to do

338
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with your investments. And if the market doesn't go your way,

339
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blaming others for it is not going to help you, right,

340
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And that's what there is. That's that's really part of

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the reason why why I do the pushback. I'm not

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arguing that they are bat layers, and they are not

343
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arguing that some people don't want to do something. But

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especially the precious metals market, there's a lot of constituents

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that are not for big government. So don't expect government

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to help you with any of this stuff. That's really

347
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my message to that. That's on your own and figure

348
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out how you want to survive these markets. Right, You're

349
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in a survival network, so don't count on the government

350
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building you out. You've got to figure out yourself how

351
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you're going to deal in the Streacher's world. That's really

352
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my message in all of this.

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Speaker 3: I couldn't agree with you more. And conspiracies kind is irrelevant,

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I think, is what you're saying, because it is the

355
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way it is. That's the market we're participating in. You're

356
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participating in everyone is, And whether there's manipulation or not

357
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is besides the point, right, because.

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Speaker 1: It's there.

359
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Speaker 3: It's the backshop manipulation in every market. It's just interesting

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that this market is so emotional and that people are

361
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so they get really emotional about metals, Like.

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Speaker 1: Is that is that because gold is so simple? Right?

363
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Yet we have I mean, I think part of it

364
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is that gold doesn't have counterparty risk, and so oh

365
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those reasons, many love it, except you introduce counterparty risk

366
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the moment you touch it, right, because you risk losing

367
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it or whatever it might be. And so that creates

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as internal tension, and I think is at the core

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of a lot of the emotion that comes with it.

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Speaker 3: Yeah. No, I mean it's like to cry about conspiracy

371
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theories is like crying about the income tax. You know,

372
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it's pointless, it gets you nothing. You can observe it,

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and all of us, in our own minds discount what

374
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those bad players are doing. By the way, the name

375
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of the book was Moneyball, The Art of Winning an

376
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Unfair Game. You could call it silver silver investing, you

377
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could call it gold investing. You could just say investing

378
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the art of winning an unfair game. Because everything is

379
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rigged here. So I think it's more important to know

380
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that the riggings happening, but don't blame it for your

381
00:23:23,200 --> 00:23:27,720
eventual gain or loss. Use it to your advantage. Right,

382
00:23:27,839 --> 00:23:32,680
It's like right, institutions on Wall Street, they're all about

383
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quarterly earnings. They're all about day to day trades, you know,

384
00:23:37,319 --> 00:23:40,799
trading short term game. But if you're a long term

385
00:23:40,839 --> 00:23:44,519
investor in the right stocks, you kill them every time

386
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because you're not playing their game. How do you do

387
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that with medals?

388
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Speaker 1: Now, you've got to if you use the word game right,

389
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you've got to figure out what your own game is.

390
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And I'm my speech is regulated, so I can't give

391
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investment advice. My advice is you don't need to have

392
00:24:01,920 --> 00:24:04,480
a great plan, but have a plan. You got to

393
00:24:04,480 --> 00:24:08,640
have and you've got to have some system, and buy

394
00:24:08,720 --> 00:24:12,039
and hold is as good a plan as many the

395
00:24:13,000 --> 00:24:16,319
one other item, though, I just like to mention that

396
00:24:16,400 --> 00:24:20,759
the context of the current volatility is most investors have

397
00:24:20,839 --> 00:24:26,240
a certain risk profile, and you can't easily quantify that

398
00:24:26,279 --> 00:24:28,720
standard deviation and all that stuff. It doesn't really make

399
00:24:28,720 --> 00:24:34,079
any sense. But one yardstick, especially for the retail investor,

400
00:24:34,119 --> 00:24:36,519
I think, is that if you get nervous about the

401
00:24:36,559 --> 00:24:39,039
holdings you have, if you can't sleep well at night

402
00:24:39,319 --> 00:24:42,440
because of the investors you have, you might be over invested.

403
00:24:43,039 --> 00:24:45,359
And the volatility that we see is of course quite

404
00:24:45,359 --> 00:24:48,440
elevated right now. I've been cautioning on the way up

405
00:24:48,480 --> 00:24:51,559
that yes, this volatility can also happen on the way down,

406
00:24:51,640 --> 00:24:57,319
right when something appreciates and now we appreciate it. But

407
00:24:57,440 --> 00:24:59,960
let's keep in mind that that portion of the PORTFOLI

408
00:25:00,319 --> 00:25:04,559
if it outperforms other portions, is taking on a bigger shale, right,

409
00:25:04,680 --> 00:25:07,720
And then if that is that end, if that portion

410
00:25:07,880 --> 00:25:09,519
is more volatile than the rest of the portfolio, it

411
00:25:09,559 --> 00:25:12,519
means your overall portfolio is more volatile. I think people

412
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need to be cognizant of that. And and say and

413
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and if if that's more volatility that or more risks

414
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that people are comfortable with, it's all right to take

415
00:25:21,160 --> 00:25:25,559
some chips off the table, even if you think that's that.

416
00:25:25,720 --> 00:25:28,960
Ultimately those prices will go higher, because if you have

417
00:25:29,079 --> 00:25:32,400
more risks that you can stomach, then you will be

418
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selling at the wrong spot at the wrong time.

419
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Speaker 3: And it's a ay.

420
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Speaker 1: And I may have mentioned as.

421
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Speaker 3: A story Investing Life Axel.

422
00:25:42,799 --> 00:25:45,079
Speaker 1: Yes, yes, yes, I mean I think I mentioned your program.

423
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And let's spring of two thousand and nine, people said, oh,

424
00:25:47,039 --> 00:25:50,119
you got to double down on stocks, and people say

425
00:25:50,119 --> 00:25:53,440
that just about every day. But if you have lost,

426
00:25:53,680 --> 00:25:56,400
if you didn't rebalance on the way up, lost half

427
00:25:56,400 --> 00:25:58,960
of your net worth and the financial crisis, going even

428
00:25:59,039 --> 00:26:03,599
more into stocks, it's just an unprudent exposure. You've got

429
00:26:03,599 --> 00:26:05,599
to take the prudent steps on the right kind. Now,

430
00:26:06,000 --> 00:26:10,039
if you're somebody who who has plenty of other income

431
00:26:10,079 --> 00:26:12,880
and whatnot, and and and happen to like pressures metals,

432
00:26:12,920 --> 00:26:15,880
by all means, stay with it.

433
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Speaker 3: Right.

434
00:26:16,200 --> 00:26:18,119
Speaker 1: I'm not telling people that they have to sell out

435
00:26:18,160 --> 00:26:20,720
as the as the price is going up, but people

436
00:26:20,759 --> 00:26:22,960
do need to do a gut check in the health

437
00:26:23,039 --> 00:26:25,880
check that they're okay with the volatility that we have.

438
00:26:26,079 --> 00:26:30,519
And by the way, when retail sales at in when

439
00:26:30,559 --> 00:26:34,400
the market goes down, it's called retail's panicking. When professional

440
00:26:34,440 --> 00:26:38,279
investors do exactly the same thing, they do risk management

441
00:26:38,680 --> 00:26:45,680
and and and say it's say it's they They they

442
00:26:45,720 --> 00:26:47,920
want to sound smart because they get paid for what

443
00:26:47,960 --> 00:26:50,880
they do, but then they are just as emotional animals

444
00:26:50,880 --> 00:26:51,680
as anybody else.

445
00:26:52,279 --> 00:26:56,920
Speaker 3: Yeah, that's why the best traders are unemotional. Right, Maybe

446
00:26:56,920 --> 00:27:00,680
that's why algorithms are so good because they're unemotional. Yes,

447
00:27:01,240 --> 00:27:04,799
so all right, so one piece of file advice. Uh,

448
00:27:05,400 --> 00:27:09,200
as far as what's happening to metals prices right now,

449
00:27:10,160 --> 00:27:14,440
what do you tell people just in general, no investment advice,

450
00:27:14,799 --> 00:27:17,119
but psychologically, how you weather the storm.

451
00:27:18,000 --> 00:27:22,039
Speaker 1: Well, I mean, we're still substantially higher than than just

452
00:27:22,079 --> 00:27:26,799
a few weeks ago, even days ago. I suppose the

453
00:27:27,119 --> 00:27:30,839
added volatility is insignificant, part due to the fact that

454
00:27:30,920 --> 00:27:34,839
speculators are back. And if you're old enough, and many

455
00:27:34,880 --> 00:27:38,799
gold investors are, remember the speculators. They were absent for

456
00:27:38,880 --> 00:27:43,200
several years because there were SPACs, meme stocks and other things.

457
00:27:43,559 --> 00:27:46,119
But in recent weeks crypto hasn't done so well. Meme

458
00:27:46,160 --> 00:27:48,480
starks are I'm doing so great the max evens I'm

459
00:27:48,480 --> 00:27:52,240
not double aing every week. But gold has been going higher.

460
00:27:52,279 --> 00:27:56,480
And this, this cohort of not so loyal investors has

461
00:27:56,759 --> 00:27:59,599
come back into the precious metalist market, and so I

462
00:27:59,640 --> 00:28:03,519
would expect volatility to stick around for a while and

463
00:28:03,759 --> 00:28:07,240
just run has to be cognizant of that, right, And

464
00:28:08,319 --> 00:28:12,319
this is gold on silver investing is not a one

465
00:28:12,319 --> 00:28:14,599
way street. You've got to have a good stomach for it.

466
00:28:14,640 --> 00:28:17,000
And of course it feels much better when it goes

467
00:28:17,079 --> 00:28:19,680
up in a straight line. But that's as we can

468
00:28:19,720 --> 00:28:21,839
see as we talk. It's not happening every day.

469
00:28:21,880 --> 00:28:24,880
Speaker 3: As Benjamin Graham once said, the tree does not grow

470
00:28:24,960 --> 00:28:28,799
to the sky. And when you do see parabolic moves,

471
00:28:29,359 --> 00:28:32,720
then inevitably you're going to see a parabolic move downward

472
00:28:32,960 --> 00:28:36,160
when it goes up, and vice versa. Axel, Where do

473
00:28:36,200 --> 00:28:38,319
we find you? How do we connect with you on

474
00:28:38,359 --> 00:28:38,759
the web?

475
00:28:39,279 --> 00:28:43,559
Speaker 1: Best place Marcinvestments dot com is the website we have

476
00:28:43,640 --> 00:28:47,319
exchange treaded products in physical gold. We do have a

477
00:28:47,559 --> 00:28:50,200
closed and fund in the gold mining space. We haven't

478
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touched on that. I can't talk about the products here,

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but come to our website. We manage over three billion

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00:28:56,960 --> 00:28:59,839
in golden gold mining. We have a free newsletter on

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that website, and then you can find me on social

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media at Axel Mark is my Twitter handled and I

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can't talk specific stocks, but I will give plenty of

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opinions about what's happening in the market.

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Speaker 3: All right, Well you know what they say about opinions.

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00:29:16,079 --> 00:29:19,519
Axel appreciate you coming on. Any questions comments, shoot me

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00:29:19,519 --> 00:29:23,640
an email KL at Carrie LUTs dot com and make

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00:29:23,680 --> 00:29:27,440
sure you visit the site Carrie LUTs dot com. That's

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00:29:27,480 --> 00:29:30,640
the easiest place. Financial Survival Network dot com. It'll all

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00:29:30,640 --> 00:29:33,839
take in my substock. That's the new home of the FSN.

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00:29:34,240 --> 00:29:36,720
A lot of you, thousands of you have found us there.

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00:29:37,039 --> 00:29:40,480
Please keep visiting Axel. We'll talk to you against Sue.

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00:29:40,480 --> 00:29:42,640
We won't let as much time go by again. I

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00:29:42,720 --> 00:29:43,960
promise be well.

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Speaker 1: My pleasure.

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00:29:44,880 --> 00:29:49,000
Speaker 2: Thanks for listening to Carrie Letz's Financial Survival Network, your

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00:29:49,079 --> 00:29:52,880
solution to today's trying times. For the latest, go to

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00:29:53,039 --> 00:29:58,960
Financial Survivalnetwork dot com. Financial Survival Network now more than

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00:29:59,039 --> 00:29:59,319
ever

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Speaker 1: CRUs