Welcome to this week’s Market Wrap Podcast, I’m Mike Gleason.
Coming up we’ll hear from our good friend David Morgan of The Morgan Report. Be sure to stick around and hear the Silver Guru’s take on the current market conditions, why we should be skeptical of the inflation numbers the government is feeding us, a breakdown of the gold to silver ratio and what to expect in the metals during the second half of 2024.
So, don’t miss another wonderful conversation with the great David Morgan, coming up after this week’s market update.
As the Federal Reserve signals it is moving closer to cutting rates, the gold market is moving closer to hitting a new record.
On Thursday, the monetary metal catapulted back above the $2,400 level, trading about $25 shy of a new all-time high. As of this Friday recording, gold spot prices come in at $2,423 an ounce – up 0.9% for the week.
Turning to the white metals, silver is following its nice midweek gains by giving back a portion of that today. Silver now shows a weekly loss of 0.9% to trade at $31.13 an ounce. Platinum is dipping 2.8% to trade at $1,011. And finally, palladium is off 5.3% this week to trade at $1,008 per ounce.
We saw something of a bifurcation take place in metals markets yesterday as the platinum group metals, along with copper, fell. Meanwhile, the monetary metals, along with mining stocks, rose.
At the same time, equity investors dumped shares of high-flying market leaders including Nvidia. The tech-heavy Nasdaq lost 2% on the day.
Investors may be concerned that recent signs of a weakening job markets and softening manufacturing activity could point to trouble ahead for economically sensitive sectors. Of course, Wall Street perma-bulls will interpret bad news on the economic front as good news for markets because the Federal Reserve will be more inclined to cut interest rates.
Comments from Fed chairman Jay Powell and a host of other current and former central bank policymakers this week suggest a rate cut could come in September.
Central bankers feel encouraged by Thursday’s Consumer Price Index report. That particular measure of inflation eased in June, with the CPI coming in at an annual rate of 3%. That’s a significant improvement from the 3.3% reading in the previous month’s report.
It’s still a long way from the Fed’s stated target of 2%. But Chairman Powell reiterated this week that he doesn’t need to see the 2% target hit before cutting rates. All he needs is to see some progress toward the objective and then project that progress neatly and conveniently into the future.
Whether inflation as the government calculates it ever actually does go down to 2% on a sustained basis is another question. Powell doesn’t know the answer to it. But that won’t stop him from making arbitrary projections about inflation continuing to come down even after he starts cutting rates.
Maybe he’ll be right this time. But the Fed does have a history of getting things wrong when it comes to things like forecasting what the economy will do.
Central planners imagine that they know more than what the market knows at any given time. They imagine that their interventions can produce better outcomes for the economy than if it was left to its own devices.
The truth is that not even a group of the most brilliant economists in the world could devise a formula for determining what the inflation rate will be a year from now or when the next recession or financial crisis will hit. No one knows what the optimal interest rate is at any given time.
In assuming the role of setting short-term rates for the entire economy, the Federal Reserve has prevented market forces from balancing all the factors the Fed supposedly weighs – along with others that central planners may be overlooking. Instead, market resources have been misdirected from responding to real factors in the economy to responding to decrees from central bankers.
Trying to predict the Fed’s next policy move or properly interpret the latest Fedspeak verbiage has become the biggest game on Wall Street.
Investors who hold gold and silver do so in part because they distrust the Fed. They don’t think central bankers have the ability to see the future or the willingness to genuinely pursue their mandate of price stability.
Precious metals investors also tend to be humble enough to admit that they are uncertain about the future. That’s why they hold core positions in bullion regardless of prevailing market conditions.
Though often derided as “doom and gloomers” by Wall Street cheerleaders, most hard money holders own financial assets as well. They just don’t like the idea of having 100% exposure to the risks inherent in the financial system.
Some people who own gold and silver are also bullish on the stock market. But they know that a bullish trend can be upended at any time by black swan events that no one saw coming.
Investors who want to be financially resilient in uncertain times should be well diversified into a mix of asset classes, including physical precious metals held outside the banking system.
Well now, without further delay, here’s Money Metals’ Mike Maharrey’s interview with our good friend and the man they call the Silver Guru, David Morgan.
Mike Maharrey: Greetings. I'm Mike Maharrey. I'm an analyst and reporter here at Money Metals, and I'm here today with David Morgan. David is a precious metals analyst and the founder of the Morgan Report, which we'll talk about a little bit later in the show.
Hey, David, I really appreciate you coming on. How you doing today?
David Morgan: So far, couldn't be better. Thank you, Michael.
Mike Maharrey: It's good to hear. This morning, we got the CPI data for June, and pretty much everybody in the mainstream is doing victory lapse because pretty much all of the metrics came in cooler than expected. And as has been the case, anytime we've gotten good news on the inflation front, we've seen a nice rally in gold and silver.
Now, I'm curious as to how you see this playing out as we move forward. Do you think that we're going to continue to see a rally in the precious metals once the Fed actually starts cutting? Or is this more of a buy the rumor, sell the fact kind of scenario? How do you see this playing out?
David Morgan: The magic 3% and the Fed wants the 2%, 2.5. So they're joyful but I'm very skeptical, and for a reason. And that is the way they measure the CPI now has been diluted greatly from the way it used to be measured in 1980, and there's proof of that with my friend John Williams at shadowstats.com. You can look it up and verify the true inflation rate is at least double what purportedly we're at.
I've just had a conversation with someone our age, I think you're probably near my age. Back in Nixon's era, they put on wage and price controls at 4% inflation. They were so concerned of that high rate. And now, people... It's a very high rate from what we've experienced for decades. With the zero rate interest policy and all of the digital money that's been poured into the system and not seeing any inflation for decade after decade, people got very complacent. And then once it started up, it was an aberration. It was temporary, remember? It was just a temporary, I forget the exact word the Fed used, but... And then it wasn't. And then they had to admit that.
So, I'm being a bit long-winded but I don't trust their numbers. They're invalid. I don't trust that it's come down. I trust that probably, relative. People don't really think about it. I think it needs to be stated is this, that's 3% annualized inflation today, but all that inflation that was built in the system in the last two years still exists. So, you're looking at maybe a plus... I don't know, make up a number. Plus 10 over the last couple of years, and now you're adding a plus three on top of that. And this is the exponential function that most people don't understand. It's the old adage, would you rather be paid a million dollars or would you rather take a penny the first day? Two pennies the next day? Or a...
The ability to compound is often called the eighth winter of the world. This is a problem with inflation that gets away from us, and it has. They can do all the flag-waving, and all the arm-waving, and all the rhetoric, and all of the big smiles on TV, and pat themselves on the back all over the place. The truth is it needs to be eradicated, and it won't until a new system is installed. Or we could go into a Great Depression, which is possible, but I think we're going to have stagflation. We're going to have the worst of both. We're going to have higher and higher prices, especially on things we need, and you're going to have harder time finding a job or keeping a wage rate that's commensurate with the true inflation rate. And that's what Americans know.
I mean, I don't think too many people that are out there in the white collar, blue collar world sit there and pay much attention to what the TV guys say about what the inflation rate is. They're too busy earning a living and looking at their checkbook balance at the end of the month and saying, "Crap, this is even worse than last month."
Mike Maharrey: Yeah, exactly. I mean, no matter what the politicians and pundits say, people know the reality. I mean, they see their own bank balances, right?
I don't know if you saw, but not too long ago, a guy found an old Walmart order that he had done on Walmart online two years ago. So he just reordered the exact same thing, and it was like four times more expensive today than it was just two years ago. So, that kind of gives you an indication of what's going on here.
David Morgan: I want to comment on that. I actually caught that. I'm on the phone probably more than I should be, but it feeds me. As you know, the algorithms are pretty good. And so, I saw that one and I watched it all the way through because when he said to reorder, I go, "Oh, this will be good." 400%. I was asked to do an interview with Bloomberg Asia, Middle East rather, and I get on there every other month. They really seem to like to have my opinion. And I said that and she got all over me, "Well, that's a one data point."
And I said, "You're right, but it's one true data point." Then I quoted the CPI versus shadowstats.com, and she didn't have a response for that. Not that she's being defensive. I mean, as a news reporter, she pinned me down as she should have. But the point is, whether it was 400 or 300 or 200, it's so out of line. That reality is so out of line with what these talking heads are reporting. That's the point. It's not, is it 400 or not? It's, look, it's way beyond what they're telling us.
Mike Maharrey: And people aren't stupid, right? Like I said, they know what's going on, they see their bank balances diminishing, they see the price tags at the grocery store. So, they can only pull the wool over people's eyes for so long, gaslighting. It can be effective but not in the long term.
So, let's pivot and talk a little bit about silver. The gold-silver ratio has been in the '80s for quite a while, and that indicates that silver is historically underpriced compared to gold. But we've seen that narrow a bit and we're in the '70s now. And in fact, I saw a chart the other day that indicated that the gold-silver ratio has broken support. And this article was talking about how this could be a setup for a nice silver rally that would close that gap.
Can you put this into some historical perspective? And maybe, offer some insight in how you see the dynamics of the silver market right now and into the near and midterm.
David Morgan: Certainly. First of all, when I started on the Web 25 years ago with what I do now, I thought at that time, 80 was an all-time high. I really believed that we would never get above 80 ever again in my lifetime. And I was wrong. I mean, during the illness, it got to like 125. And as you just said, we've been above 80. So, my rule of thumb is we need to be about 70 or lower to confirm a bull market. I adhere to what Jim Dines wrote, the pretty famous newsletter writer years ago, about confirmation of the metal is just like confirmation of Dow Jones. He wants silver to confirm gold, and gold to confirm silver. And it's just a number, but they're both moving. It's moving in the right direction. Silver is lowering the ratio, and the ratio is often talked about as meaningless. It's not valid.
Of course, it's valid. It tells you how many ounces of silver you need to find an ounce of gold. Both are more valid than that. But when it was money, the ratio never got above 20 for thousands of years. 13th, 14th, 15th, 16th, 17th, 18th, and most of the 18th century. So with that context, we have to admit that silver is more than money, or money and something than it is. It's money and an industrial essential commodity but it's priced at the cost of production, not at the value in the marketplace. And this is where it's both good and bad because when it's only an industrial metal and there's not enough investment interest, it could trade at that level and there's enough above ground and being mined to support that. But once the public catches on, that it's called the poor man's gold or it's historic wealth or it's truly undervalued and it has a monetary aspect, that's when such a small market be overwhelmed by new buyers.
And the new buyers have shown up and they're from China, and I think they're just getting started. So I think we really have a bullish case for the silver market going forward. Oh, and by the way, the industrial demand continues to increase over the next 10 years. Projected could have changed certainly, but even on a mild case projection, there's a substantial increase in photovoltaics over the next few years and everything else that silver is essential for. There is no substitute. You can't use aluminum. All right, there is a substitute, platinum or palladium, but they cost more, so does gold. So really, there is no substitute for silver in almost all cases.
Mike Maharrey: I'm also very bullish on silver. I was smart enough or, I guess some people might say lucky enough, to buy quite a bit of silver when it hit that dip during the pandemic. And you mentioned that the gold-silver ratio dropped to 123 to 1, or something like that. And I'm very pleased with that decision. So yeah, definitely bullish on silver.
You mentioned platinum. Let's talk about that a little bit. I actually wrote an article this week about platinum and the platinum market. And of course, it's a precious metal. It's not a monetary metal in the same sense that gold and silver is, but I think there's reasons to be optimistic about platinum. How do you see investing in platinum compared to investing in gold or maybe even silver?
David Morgan: We had the market report for our paid service. We've been writing about it for some time and I've got a pretty big platinum position. It really hasn't done much. I'm looking at a few years out. I thought it was the safest place to be because there's so much platinum that's mined that's more costly than the cost of buying it in the open market. So you're buying a commodity under the cost of production, you're pretty safe. But it really has done... But I really like it. The reason I like it is it's such a small market, it's overlooked. And the fact is that 70% of it comes from South Africa. And they're having energy problems, they're having political problems. They're not a mess but they've got issues. And it wouldn't take much for something to go awry in geopolitics, particularly around South Africa where all of a sudden, that small supply would drain to a much smaller one or stop production or whatever for a while.
So, I'm not betting on that. That's just the worst-case scenario for production but a best case for an investor. I'm going to hold the position. Usually, it does nothing like silver and then it will rock it up. There's controversy around how much is above ground. But the one thing that's misstated often in those articles is that Russia will just intervene and clear the market with all the platinum that they hoard. They don't really have that much platinum. They mostly have palladium, and platinum palladium are like 15 times rarer than gold. So I'm thinking as a long-term play, I'm buying gold at half of price.
Mike Maharrey: Yeah. And it's interesting too how the supply and demand dynamics are shifting in favor of platinum with a rotation out of electric vehicles and back toward hybrids, which of course, have an internal combustion engine and require a catalytic converter. So, you've got that in its favor. And then like you said, there's always the potential for supply shops just because so much of that platinum supply comes out of one single area in South Africa. So when you put it all together, there are a lot of reasons to be pretty bullish on platinum right now and as we move forward.
David Morgan: We were long in the report, I was long platinum and short palladium, and we made a small fortune on that trade. I had that trade on for more than a year. And platinum didn't do much. It went sideways. But when you do a spread like that, you only have to be half right to make a lot of money. And what happened was I analyzed the market and I said that with palladium costing so much more than platinum, it is a substitute for both ICE and diesel regardless of what you read.
This is the, excuse me, patting myself on the back. And it's not me, it's others in my arena of expertise. But you don't want to get all of your news from the mainstream. They don't know what they're talking about half of the time, maybe even more than that. And so the pundits will tell you, "Oh, it's one or the other." No, it's not. They both substitute for each other. And because of that fact, I knew that some of these auto lines would start taking palladium out, too expensive, and substitute platinum. And that's what happened. And so, I knew the demand for platinum would go up and the demand for palladium would go down.
So, I made that spread trade. It worked out very well. I took it off a couple of months back, took the substantial gains. I just wanted to throw that in there. I do show my trades to everybody that's a premium member, but please, people, I do not trade very often. In fact, that was the only futures trade I had for probably the last... Probably, for the last year. I mean, I've done a couple and I don't talk about with options and stuff just as gambling.
But anyway, back to you Michael, but I just wanted to get that in there that... And the other thing about a spread trade is the margins are so low. When you do one against the other, the margins are pretty cheap. But in all futures trading, the highly risk, you're betting against the pros, you better dang know what you do. And you better be able to admit you're wrong real quick and get out because the losses can mount substantially. But when that thing just kept eking along, a pretty good smile going for a long time.
Mike Maharrey: No doubt. And I don't think a lot of people realize because we do have such short memories these days, that it wasn't that long ago that platinum was actually more expensive than gold. I think what, like 2015. So, there's certainly room for some upside here.
David Morgan: Right.
Mike Maharrey: Let's talk a little bit about gold and gold stocks, because gold stocks have really been lagging the physical metal market. I'm curious as to what you think it's going to take to give the miners a boost and get them back on track where they're more commiserate with the physical market.
David Morgan: I think it's Rick Rule. It might've been Jim Dines. I mean, the cure for low prices is low prices. I know that sounds corny, but it's true. So, what will happen is these screens that the... In fact, you can do a screen, I've got some software. And you can screen by many variables. I mean, these computers are so powerful now that you have in your home. And you can do a screen for earnings, you can do a screen to book value, do a screen.... You do any of those screens that are from the old-school value investing, and the mining shares pop up because they are the value plays right now. So, the earnings on these gold stocks is pretty phenomenal in some cases, and they're highly leveraged to gold. So, it's very unloved.
So, there's two things going. One, I think when Wall Street does their screen and starts looking at the miners, and some of the bigger, well-known, very well-heeled hedge fund types have bought early. But it goes in, it's a one-sentence headline for four minutes on Bloomberg, and then everybody forgets about it. But I think it'll be that. But I think there's a more important component is this, as gold continues to go up and up and up, a lot of people will be attracted to gold but they'll go, "Oh, gold's 3,500. Oh, I could call up Money Metals and buy an ounce." You know what? I wonder what the gold stocks are looking like. So, it'll be this natural gravitation in the gold companies with people that are not sophisticated that will look for gold stocks that are cheap. And that will be a cue to me and others that the gold market not only is getting legs, it's going to get into that blow-off phase. And that's one thing I'm looking for.
And there'll also be algorithms that will compare and they're out there already. In fact, [inaudible 00:16:41] has put a couple on this LinkedIn feed where you see what's more valuable of an investment, buying in the gold or buying in a gold mine. I like them both. I've always advocated buying the real metal first. But I often say, and it's true, do you want to buy the goose that lays a golden egg or you just want to buy an egg? You want an egg for safety, but you really would like to buy the golden goose. Problem is, most people don't know a golden goose from something else laying on the ground in the middle of a moose in the country. You got to know the difference when you're going to get burned.
Mike Maharrey: Yeah, for sure. Did you happen to watch the presidential - I hesitate to even call it a debate, a couple of weeks ago?
David Morgan: I didn't watch it at the time in total but I've seen so many clips. I think I've actually pieced together, not in sequential order, the whole debate. And it was sad. I mean, I'm a pretty compassionate, empathetic man. Like all humans, I made mistakes. I don't think I wish I hadn't. I learned from them. But it's just such a heartbreaker that that man is standing up there doing whatever he can and it's embarrassing for him, it's embarrassing for the country, it's embarrassing for a lot of people. And it's not his fault. The man has issues. And let's be honest, the only way to solve a problem is to be truthful, admit the problem, and move on. And yet, we seem to be... As in the political class, they obfuscate everything. They blur it, they twist it, they spin it, they throw out the ad hominems, they go on and on to produce an ideology.
Really, what we need? We need the truth. We need a leader or leaders that will speak the truth regardless of the consequences. Because when you're this far in a hole and you can never pay back the national debt, and that's on the shoulders of the American working class and it's based on the taxpayer's ability to pay back that debt and it can never be paid back. That we've got to do something but we've got to admit it.
And I'm off on a tangent, but you asked. Honest to goodness, that debate to me could be a turning point where something is done. And a new political creature coming out from wherever I don't think is going to solve the problem. It might mitigate it, and pretend and extend. As the late Jim Sinclair used to say, "Pretend that we could fix it and extend the problem further." But we need to stop it and we need to stop it now, and I don't think anyone has the political will to do that. So regardless of what happens in November election, no election or whatever, I think our base case is pretty sad.
Mike Maharrey: Yeah. I've often said that the issues in DC, it's the system itself that's broken and you're not going to fix it by... It's like a broken down car. You're not going to fix the car by changing out the driver, you've got to actually fix the car before it's going to move.
David Morgan: Good analogy.
Mike Maharrey: Regardless, we're going to see somebody in the White House in January, but somebody will win this election in November. I guess right now, if you're a betting man, you probably would put your money on Trump. But how are you factoring the election into your view of what's going on in the precious metals markets? And if we do have a Trump victory, would you call that bearish or bullish for gold and silver? Or hard to tell? Or what's your thinking about how this might play out?
David Morgan: Most of us know the best teacher is experience. And the experience that we had with my report was good times during illness and then when that Trump came in, everybody said, "Big Daddy's here. He's going to fix all our problems." So, we lost a lot of business. So I think the attitude was that, "Oh, I don't have to worry about the markets. I don't really need a hedge or whatever." And that's on aggregate but I know what the business looked like, so I think that that had part to do with it. But this time around, I think people have learned their lessons. There's always going to be a contingency that's... Excuse my word, but I really believe it, brainwashed that they can put their problems on somebody else.
And I just mentioned, but I called it the Big Daddy syndrome, "I can't fix myself. My dad's going to have to take care of it. He's going to have to bail me out of jail or pay my credit card off or buy that car that I wrecked," or all of this kind of stuff. Which is of course, childish thinking, but still a lot of adults have it because they're taught to believe that. But coming back on point, I think this time, it will be different. I think regardless of who gets in, this 3% inflation but groceries are up 400% in that most, a couple of three years, that real...
And I said it. Going back... I'm jumping around a lot today. But I said about for up until January, going back a year, so year and a half now, that this summer would be the time when almost everyone in the United States would know this inflation thing is for real and there's no way out. And I think we have hit that point. And because of that, I don't think the political class will make a difference. I think it will temporarily. I would think maybe if the T guy gets in there, that you might see the markets go up, gold shoot off. A lot of rhetoric about, "Things are going to be great and look at how the market responded, and I got this super-duper plan. It's going to do this and fix that." And it's all hot air.
And then the reality sets in after the first quarter. And looking into April of 2025, the markets, especially the metals markets, start to really grab because the reality is real estate, all of these other markets are still overvalued. The economy is not as robust, AI is starting to get a bit of a foothold, people are losing their good-paying jobs, and on and on it goes. I hate to be a doomer. I really consider myself a realist, but it sounds doomy. But the reality is doomy, gloomy, but there's always two sides of the coin. That's what people don't get. It's like, "Oh my, the population problem. Oh, it's another mouth to feed." Yes, two hands to help and one mouth to feed. That's how I look at it.
I'm pretty optimistic, believe it or not, but I also don't want to bury myself that my dad's going to fix it for me or that we don't have a real problem that can't be solved mathematically. And that's why I hedge. If I was 100% that this is guaranteed to happen, I'd probably take it on a different lifestyle or just be depressed or whatever. I'm not. I think that there's a lot to come out of this, and I look at it as one of these 12-step programs or whatever. You have to hit a bottom before you could come back up. And unfortunately, I don't think we've hit a bottom yet. I think we will and I think it's, I would say imminent, but I think it's soon. And that's a good thing in a way because that's where we have to say, "Okay, this is it."
In fact, I digress a bit further. I asked Artur Pawloski, that... He's a Polish minister in Canada. He's the guy that you may remember during the illness that came and arrested him several times. And he said, "Get out of my church." And very feisty, very standup guy. And I asked him what it was it like in his homeland country before people actually turned it around. And I thought it was an ideology and a rally, and people got solidarity and they band together. He says, "No. The only reason they turned it around is it got so bad, the bottom was so low that there was no place else to go." And that was a lesson I needed to learn and hear. I didn't want to hear it that way, but that's what he told me and that's why I've changed my opinion since I did that interview with him.
Mike Maharrey: And I think talking about optimism, anytime there's pain, there's also opportunity buried in there. It's just a matter of positioning yourself to take advantage of it. And I think where a lot of people, I hate to say make a mistake, but I guess that's the best way to put it. There's this sense that everything's going to be okay because everything's been okay, right? I mean, we've had debt for years and it hasn't really hurt anything. And the Fed, sure, it messes with interest rates and that creates problems, but we always manage to get out of. And it's like kicking the can down the road. Eventually, you do run out of road. And I think there's a little bit of a... What's the word I'm looking for? Optimism bias with a lot of people in the markets. They just think it's all going to pan out, and I'm not so convinced of that either. I think there's some underlying fundamentals that are going to have to be reset that's going to create pain. But then again, we'll have opportunity out of that pain.
David Morgan: Very well-said. I agree. I think it's going to be a pretty bright future, but again, I don't think we've bottomed yet. Maybe we have, but I doubt it.
Mike Maharrey: I'm pretty pessimistic as far as the next. I still think we have to clean out all of the mess that was created with the COVID, that influx of money that came into the system, $5 trillion just in quantitative easing and more than a decade of artificially low interest rates. That's going to have to be cleared out at some point. It's just a matter of time in my view, but I don't know how to time that. They may be able to kick the can down the road for a while longer, so I guess we'll see how all of that plays out.
What people will want to do is they're going to want to have a good source of information, and the Morgan Report is an excellent source of information. Let people know a little bit about the Morgan Report and how they could subscribe and start following your work more closely.
David Morgan: Thank you, Michael. Yeah, the best place to go to the main page is themorganreport.com. There's a free service as well as a paid service. You can get to the Subscribe button and find out what is available. And then I want to plug my documentary, it's coming along fine. I think we'll have all the interviews done by the end of the summer, and that is at silversunrise.tv. It looks at the big, big picture surrounding the monetary money masters in the control, and it's to relieve the stress and control of money, kind of get rid of the fear. We have a lot of interesting points of view from many notables, not only on the monetary side but other areas of expertise, to blend together what I consider a holistic picture of looking at the money problem. And it's done in specifics and on boots on the ground, as they say.
So, it's very grounded in some ways but it's also spiritual in some ways. And I've brought that into the money picture that you don't see usually in a documentary on money. It's all hardcore facts, and I'm a fact guy. But there's also this aspect that we judge our wellbeing based on how much money we have or our marriages that don't go well because I'm not making the amount of money she wants me to make. Or all of these things that are really inconsequential to our essence, our true beings, our value as human beings, I bring that into the film as well. So, I'm pretty excited about it. I don't know how it's going to be received. I'm not addicted to the outcome. I just know the efforts are there, and it's going to go the way it's going to go.
Mike Maharrey: You've definitely piqued my interest. I'll have to check that out without question. Well, folks should follow you. And I know you're a busy man. I very much appreciate you taking a little bit of time out of your day to chat with me, and love to get you back on here in the not too distant future so that we can see how things are playing out and keep people as informed as we can.
David Morgan: Great. Thank you, Michael. I appreciate it.
Mike Maharrey: All right, thank you.
Always enjoy hearing from David Morgan and it was great to have him back.
Well, that will do it for this week. Be sure to check back next Friday for our next Weekly Market Wrap Podcast. Don’t forget to tune in as well to the Money Metals Midweek Memo, hosted by Mike Maharrey and released each Wednesday. To catch any of our weekly audio programs just go to MoneyMetals.com/podcasts or find those on whatever podcast platform you prefer.
Until next time, this has been Mike Gleason with Money Metals Exchange, thanks for listening and have a wonderful weekend everybody.
About the Author
Mike Gleason is a Director with Money Metals Exchange, a precious metals dealer recently named "Best in the USA" by an independent global ratings group. Gleason is a hard money advocate and a strong proponent of personal liberty, limited government and the Austrian School of Economics. A graduate of the University of Florida, Gleason has extensive experience in management, sales and logistics as well as precious metals investing. He also puts his longtime broadcasting background to good use, hosting a weekly precious metals podcast since 2011, a program listened to by tens of thousands each week.
