Welcome to this week’s Market Wrap Podcast, I’m Mike Gleason.
Coming up we’ll hear from Frank Holmes – CEO and Chief Investment Officer at U.S. Global Investors. Join Mike Maharrey and Frank for a wonderful conversation on gold, Bitcoin and how the recent market turmoil has caused weak hands to give up the yellow metal and crypto and surrender them to strong hands, and what that is likely to mean moving forward for metals and crypto markets. Frank also weighs in the idea of recession and soft landing.
So, be sure to stick around for another great Money Metals exclusive interview, this time with our good friend and a well-known and highly respected market insider Frank Holmes, coming up after this week’s market update.
As the political battle over inflation and the state of the U.S. economy heats up, gold prices continue to simmer near record highs.
The monetary metal teased breaking above the $2,500 level early in the week before succumbing to some mild selling pressure on Wednesday. As of this Friday morning recording though, gold has popped back up and fetches $2,506 an ounce on the heels of a 2.2% weekly advance and currently sits at an all-time high.
Turning to the white metals, silver is gaining 4.6% this week to bring spot prices to $28.92 an ounce. Platinum is rebounding 3.1% to trade at $965. And finally, palladium is popping 4.3% on the week to come in at $983 per ounce.
Metals markets are likely to continue gaining if the U.S. dollar extends its recent slide versus a basket of foreign currencies. The U.S. Dollar Index has dropped in recent weeks on expectations of Federal Reserve rate cuts.
The central bank remains on course to lower interest rates next month, though Fed watchers are split between whether it will be by 25 basis points or a heftier 50 basis points.
Democrats and mainstream media commentators are trying to push the Fed to go big. They say inflation has come down enough already.
On Wednesday, the Labor Department reported that its Consumer Price Index rose by 2.9% in the past 12 months through July. That’s the first time the CPI has come in below 3% since March 2021.
CNN went so far as to proclaim that "the war on inflation has been won."
But inflation hawks say it’s premature to declare victory over price inflation while official measures continue to run well above the Fed’s own 2% target. They also warn it’s dangerous and naïve to assume rates of consumer price increases will keep decelerating after the Fed starts easing.
Vice President Kamala Harris has this far offered little in the way of policy specifics when it comes to tackling inflation and other key issues. She is reportedly going to call for a federal ban on so-called price gouging by grocery stores.
If Kamala Harris passed Economics 101 in college, then she should know that price controls lead to shortages. They may not affect giant chains such as Walmart that already price items below what their smaller competitors charge. But price controls could surely put local grocery and convenience stores out of business.
In any event, such misguided measures target the symptoms of inflation rather than the root causes. Massive deficit spending by the federal government artificially inflates aggregate demand without a corresponding increase in productivity. It also makes the scale of the Federal Reserve’s implicit promise to prevent the government from defaulting much bigger.
The government cannot pay down its $35 trillion debt and has no intention of ever doing so. At this point it cannot even keep up with the interest payments it owes on the debt without incurring more borrowing. In other words, it is trapped in a cycle of needing an ever-expanding currency supply in order to avert insolvency.
We have so far heard virtually nothing on the campaign trail about how the next President of the United States will deal with these root causes of inflation. Most journalists won’t ask the tough questions. And even if they did, they’d likely get word salads and empty platitudes in response.
Politicians may try to avoid facing reality, but the extent to which their policies cause the currency to depreciate will ultimately be reflected in the real world. That includes prices for groceries and the price of real money itself – that being, of course, gold.
In other news, Money Metals Depository is excited to announce the opening of its very own Fort Knox, only substantially larger.
After three years of planning and construction, Money Metals has opened its state-of-the-art 37,000-square-foot vaulting and fulfillment facility in Eagle, Idaho.
Nestled into the base of the Boise Foothills, Money Metals’ high-security gold and silver storage compound cost nearly $28 million to construct and has the capacity to hold upwards of $100 billion in gold and silver.
The new depository offers an extremely secure location for individuals, businesses, family offices, governments, and financial institutions across the globe to store high-value precious metals assets.
Embedded into the facility are advanced security measures, around-the-clock monitoring, secure access controls, and a security team composed of armed former law enforcement and military personnel.
It is the largest Class 3 vault in North America, with more than twice the capacity as the United States Bullion Depository at Fort Knox.
Individuals who are wary of storing large amounts of bullion in personal home safes, bank safe deposit boxes, or smaller, less secure storage facilities may wish to turn to Money Metals Depository instead. We offer low-cost storage options for bullion coins, rounds, and bars with comprehensive protection against theft, loss, and damage backed by Lloyd's of London.
For more information just visit Moneymetals.com, or give one of our no pressure and non-commissioned specialists a call at 1-800-800-1865.
Well now, without further delay, let’s get right to our exclusive interview with Frank Holmes.
Mike Maharrey: Greetings. I'm Mike Meharry, a reporter and analyst here at Money Metals, and I'm here today with Frank Holmes. He's the CEO and Chief Investment Officer at US Global Investors. He's also the Executive Chairman of Hive Blockchain Technologies. And he has much wisdom that he's going to share with us today. How are you doing, Frank?
Frank Holmes: Outstanding, Michael.
Mike Maharrey: I really appreciate you taking time out of your busy day to chat. I think it's an interesting time, a lot of crazy stuff going on. And last week we had a hiccup in the market as it turns out. I think some people at the time thought it might be the beginning of the big meltdown.
But what did you make out of the events of Monday and the recovery? Was that an overreaction to some isolated events? Or was it a tremor of maybe things to come?
Frank Holmes: I think it's a combination, but we have to recognize this happened many times before. And that's the Godzilla trade, the Japanese yen, cheap money trade. If we go back to 1997, I was in Hong Kong at the time, when the Japanese wanted their money back. And the money had been gone into construction in 80-story buildings in Thailand, in Kuala Lumpur, Malaysia, South Korea, Philippines. And so that people just realized they can't send back skyscrapers to Japan.
So they defaulted by having their currency be devalued. We saw that countries like Indonesia, the currency falls 70%. I think the Philippines fell 25%. It was all on different levels, but Japan took back at that time from what they call the Japanese carry trade, about $250 billion. Well, that $250 billion was leveraged to $250 billion. So it became, $250 million became, sorry, 250 billion became quite significant in the capital market realm because it's always leveraged for speculators. It happened 18 months ago in a different variation in America where Silicon Valley Bank went bankrupt because they took depositors monies, paying them only 1%, and then reaching out to get long-term bonds getting 3% and rates went up to 4% and their whole portfolio was out of whack and they're insolvent.
So we are seeing that there's always this carry trade phenomena, and it got up to about I think I was reading a trillion dollars in assets. That spike, so what happened for your listeners is not Friday, but the previous Friday rates went up in Japan. That all of a sudden made money more attractive for Japanese institutions, and they said, "We want our money back to invest in Japan."
That created this domino impact, especially for speculators in the world of gold, in the world of Bitcoin. There were a lot of speculators were buying more on cheap Japanese money and investing in alternative assets, and they had to unwind that trade. So what does that really say? As it impacts emerging markets, but I believe I'm seeing gold and Bitcoin go from weak hands, finger traders to strong hands, and I think that that's what happens in these cycles. We haven't seen the full compliance margin call that happens days and weeks after that tsunami event, but the world started to adjust and adapt to it.
I think that it's different than when it happened in '97 because it was the early start of rates rising in the world. Here, America's been slow in dropping the rates where the rest of the world has been dropping rates. So I don't think the effect is going to be as severe. When America does drop its rates, which is a 90% probability in September, then we'll get this sort of in the global money arena. So it is a Japanese carry trade. It does have short-term extreme volatility and assets like gold and Bitcoin go to stronger hands.
Mike Maharrey: Yeah, it's interesting to me that Japan came out pretty quick and said, "Hey, hey, we're not going to keep raising rates if it's going to make the markets freak out." So they've already kind of, I guess, thrown up the white flag, right?
Frank Holmes: Yes. I think that we have so many young traders that have no appreciation for history. I mean, it just shocks me, but I was reading that in the past 25 years, unions for teachers in the US and Canada and the UK have a voice at the table for the curriculum, and the curriculum has changed what they understand or grew up with history. So the Democratic Party has swung more to the left over time because of change in the curriculum. And this is not just politics, it's really about even financial economics of appreciation of the cycle that takes place with a carry trade. It happened in '97, it happened in 2007, '08. In 2008, it also was a big catalyst for the unwinding in the economy that led to Lehman brothers. So it's important that people that trade stocks in gold understand this phenomenon called the carry trade.
Mike Maharrey: Yeah, I actually wrote about that the other day, and I'll be honest, I was somewhat ignorant on it until I did a little bit of research.
Frank Holmes: Oh, I'm sorry. That was all. I have all these young analysts and I have to keep pushing them to appreciate these other big events. So every crisis like the Asian currency crisis, you'll see because it's politically incorrect to say, "The Japanese carry trade."
So they'll, "The yen carry trade," or, "The global currency trade." No, it's the Japanese yen and I call it the Godzilla trade and recognize it. Going back in World War II after that, a lot of it was the American trade. America's currency as a carry trade was quite significant, that when rates were rising in America, America demanded their money back. It had a big impact on Japan and Europe. It doesn't have the impact as today the Japanese carry trade.
Mike Maharrey: The other side of the coin was the worse and expected labor market report that we got on the Friday before that big sell off, and all of a sudden everybody went from, "Oh, we're going to have a soft landing," to, "Oh my gosh, we're going to crash." And it was amazing to me how quickly we went from the economy is great and all of a sudden we're going to have a recession. What is your gut on the recession? Are we kind of heading in that way or the soft landing people right, or hard to say?
Frank Holmes: I would say that we're in a recession going into a soft landing.
Mike Maharrey: Can you expound on that?
Frank Holmes: Yeah. I think when I look at our products and I look at especially our jets, ETF and the airlines have increased their prices dramatically. There's also been a psychological dilemma with people being locked down for long periods of time that they'll spend any amount of money to travel in the summer, where still this summer, all the airplanes are packed.
They trade at very low multiples, but the airlines were falling. And you say, "Well, they didn't meet their estimations." Say, "What were the estimations?" They were greatly exaggerated with the economy. They're making trading at six times earnings. They're not trading at 60 times earnings or 30 times earnings. They're trading at six and eight times earnings. So I would say that the psychology is very negative towards a $2 trillion global industry, the airlines, that they become so inexpensive a relative basis. Two, I was looking at cards and the credit card, how these things are all going to expand it. Friends of mine that own private restaurant chains were telling me six months ago that people were paying more with cash. And I asked, "Well, why are they paying more with cash?"
He said, "Because they've tapped up their credit cards, but they're still going to go out for Sunday night dinner with the kids."
I said, "Really? So they pay with cash?" That event of getting out of the house because of COVID drama in their back of their brain cells is triggering a different spending pattern that you would normally have. And I said, "Oh, so the cash component of spending for travel and tourism is pretty robust and strong." And I look at those data points and I also look at luxury goods because we have a luxury good fund. We're the only one with a luxury good mutual fund. And I got fascinated, Michael in luxury goods, just like I got fascinated by Bitcoin and launched the first crypto mining company ever to go public.
It's because of the world of gold and all it comes from gold. And if you look at the history of gold and why people buy gold, there's two components. In North America, it is predominantly what's called the fear trade. In the rest of the world, in Asia and China and India's, 40% of the world's population. And we throw in the Southeast Asia and all of a sudden we're at 60% of the world's population, they buy gold for love. Its predominantly gold is used as a last resort if there's a crisis like the boat people that get out of Vietnam, they use gold to get out. It's given this year is the year of the dragon. So if I've had a great year, I'll buy you a bigger dragon.
If you were born in the cycle of the dragon. Last year was a year of the rabbit, so you would see in Singapore and Hong Kong in the jewelry stores last year, big gold rabbits. This year you see gold dragons. So there's this cultural affinity. The gold demand for that luxury and a slowdown that would tell me that there's a slowdown in that spending and that tells me we're in a soft landing, going into a soft landing. It hasn't hit America yet. It also, I look at purchasing manufacturers index and I publish about this every month. The global PMI number is very important for looking at future commodity demand. It is an incredibly powerful leading indicator.
And when the one month is above the three months, then all of a sudden oil prices start going up, copper prices start rising, iron prices start rising, and we start to see other commodities move with it. The longer the one month is above the three months, so higher the mathematical probability of commodities rising. When it's below 50 and the last month is below the three months, it means there's big contraction taking place. So the global PMI is below 50 and it is negative. That means you're in a recession to soft landing. So that's why I say what I say, it's all data-driven.
Mike Maharrey: Right. So you mentioned gold and you've mentioned Bitcoin and you're kind of a man that's in two worlds. Can you compare and contrast gold and cryptocurrency? I think a lot of people see them as the same. And then there's some people that think that cryptocurrency is horrible and gold is great. What's, how can people look at this new asset cryptocurrency and how does it compare and contrast with gold?
Frank Holmes: A lot of people get stunned in the Bitcoin enthusiasm with these other cryptocurrencies and movies have made about people losing a fortune on these. Which the crypto Bitcoin fanatics, I call them, like gold bugs, they call them shit coins. And I think it's in the world of gold, if you start speculating on Rhodium, it's not as liquid. It will move higher in a rising gold market. It will fall much further in a falling gold market. It's to recognize the collateral difference. So gold is really the key driver behind silver and platinum palladium. You have to see that based on historical data, a 10% move up in gold is usually a 20% move up in silver. A 10% correction in gold as a 20% down draft in silver. So silver is like the warrant on gold.
And it's recognizing even though the demand for gold is different than silver, the industrial footprint of silver for solar panels is substantially greater than gold, but they follow each other. Bitcoin is like gold in respect, it has over 18,000 what they call nodes around the world. There's only 195 countries in central banks, but there's 18,000 validators of that currency. It relates more to not my vintage, it's generations X, Y, and Z and millennials that grew up. I grew up and you grew up that the only digital money we ever experienced was our airlines points and they were tradable. I could give them to you, Michael, to upgrade the fly to, "Let's meet in Dallas. I can give you my points and buy you a ticket."
So it became this sort of digital currency. Like paper money, the airlines used that to quickly devalue because what it used to take the upgrade to go to Europe was 20,000 points. It's now 200,000. So it's lost 90% of its valuation in 20 years. And that's the concern in the world of gold about fiat currency being devalued. What we have to recognize, we live in the greatest nation in the world America. And yes, there's been devaluation, but nothing like Venezuela, Lebanon, Turkey, other countries around the world.
So it is a slow devaluation in paper money. And there's a rational reason for it. It's an imbalance between a country's monitoring fiscal policy and the greater the imbalance, the greater the devaluation. We just have a much more critical freedom of speech mechanism that keeps it tighter between the imbalance of monitoring fiscal policy compared to many other countries in the world. And so now we come back to the difference in demographics. It's really important. You and I grew up with mileage points. Our kids and grandchildren grew up in gaming, video gaming, and if they're really good, they would get digital money to upgrade and not have to spend money for it. So their appreciation for digital money is so different than mine. I don't do video gaming and I don't compete with video gaming. And so they are the new generation, but they recognized early that governments will basically devalue country's currency over time.
The same Bitcoin writers looking at history use the same thesis that gold investors look at. So I look at Bitcoin and gold as being classic alternative assets and it's important to diversify into art. So you can see behind me, I was mentioning that my beautiful red dragon or T-Rex, well that T-Rex cost me 25 years ago. The box is worth more than what I paid for the T-Rex. And because it was only 1,000 made that T-Rex has gone up 15 fold in valuation. More people have adopted, what does the T-Rex mean? It was basically a political statement that China wants to eat the world, but as a Chinese artist couldn't say that, he'd be thrown in prison, his storytelling, not a meme that young kids use, was sculptures and pieces of art. And so I would collect as an alternative asset class art like this. I collect a Picasso print, a collector's item that has gone up as more people adopt Andy Warhol or these pieces of art.
Bitcoin has caught the imagination of the youth and has now come over to generation, our generation. And I think that that's quite remarkable how it's adopted, that there's no CEO, there's no board of directors, there's no marketing campaign and it's a trillion-dollar industry. Well, why? Because the people built it for the people you start to realize. So Hive launches as the first crypto mining company and we get institutions like Fidelity give us funding and we start building data centers to mine Bitcoin and Ethereum at the time.
We start to recognize that there's something bigger happening around the world. And I would attend gold conferences and the number of people that were attending consensus in New York in 2017, I mean it blew me away. 3,000 people, a thousand dollars a ticket. You were getting at a gold conference, 3,000 people spending a thousand dollars a ticket. And I had to ask myself, "What is happening here?" And the keynote speaker is the owner and CEO of Fidelity that doesn't speak at a tech investment conferences that has big gold funds. They don't speak at these, but they speak at a crypto event. So something big was happening that said, I wasn't able to launch a Bitcoin ETF in 2017. The regulators just wouldn't do it.
And their concern was AML and KYC. So I launched the first crypto mining company that was a great, great success in going out and being my stake. Now this year, we do see the launch of Bitcoin ETFs and they've been phenomenal attracting and adopting capital for it. And I think it's quite remarkable that I do believe that it will trade higher because it's capped at 21 million coins. And that's what makes a difference. I think that gold still has a supply. And what I've been a big champion advocate is what a Hive does is it tries to hold on for dear life. It tries to hold onto as much Bitcoin as it can. It does have to pay salaries and electricity. But what we have found is that the gold mining companies in the '90s used to hold on for dear life, and that's a crypto, young kids expression HODL, H-O-D-L.
They basically say, "Buy the dip, stock your Bitcoins, even if you only buy 100th of a Bitcoin, buy it every month and stock it and hold on for dear life the volatility." You don't hear that with gold investors. You don't hear that enthusiasm and you don't hear from the CEOs of gold mining companies that have free cash flow. What I have seen in this past four years is a lot of the CEOs and boards of directors are running their company, the gold stocks much more efficiently and effectively. And it shows up by them having what's called free cash flow. And when a gold mining company has free cash flow, it can pay down debt, it can pay dividends, increased dividends, and it can buy back its stock. Three things, and they call that the total shareholder yield. Well, in the '90s, many of them were doing that. Gold Corp under Rob McKeown was a leader and IM Gold did it.
What you saw is that they traded at higher multiples based on book value, that the retail investor wanted to own a gold stock that also invested because they kept saying, Rob kept saying, "It's too cheap to sell." He was right at 2, 60 an ounce. It was too cheap to sell and he had the richest gold mine in the world. And he was so smart because it appreciated a full for him what they kept, but they ended up selling it after their mergers, their goal, made a big score in it. And I think that's this important discipline that some of these gold mining companies, and I found that they went up to about 80% had free cash flow, they fell down to around 60% right now have a free cash flow yield. Then they should be totaling their gold.
I'll give you my last point of understanding this. I wear a sweatshirt to Spurs basketball games and it says, "Go gold." No one notices anything. I wear my hat. No one says anything. I wore last year, "HODL gold." And I got young people high-fiving me. They never saw the word gold. They saw HODL.
So the more that we educate people that buy the dip and hold on, because these alternative asset classes do something significant to an overall portfolio. And if you want to have something physical, then for your kids and grandchildren, give them silver coins. I give silver coins as gifts for employees all the time. When it was under $5, I bought thousands of silver coins and stacked them. I have my own vault. Every Christmas I give them out and I give it for how many years you've worked here. So it creates that. And I've noticed for my nieces and nephews that when you give them a silver coin, they kept it for eight years. But if I gave them, when it was $20, not 30. At $20, they didn't sell it. But if I gave them a gift certificate to get a game, then they forgot that I bought them a game eight years ago. But they never forgot the silver coin I gave them. And that's been my journey.
Mike Maharrey: It's interesting because, and I never really put this together, but you talk about the video gaming and that devaluation that they learn through that video game money. And as you were saying that, I was thinking that kind of makes sense even in the terms of gold because you're seeing millennials as the largest demographic in gold investing right now. And intuitively I would've thought it would be the boomers and the Xers, but it's the millennials and even the Y generation are very interested in gold. So they do seem to intuitively get that there's something wrong with the whole fiat money system.
Frank Holmes: Well, and it is also cultural. I'll give you something. There was a data point that came out with Costco and basically it was dominated by Asian women in their forties that were professional working in Silicon Valley or anywhere else, but they were in the medical profession, et cetera. And there was a cultural affinity and gold was easy to buy. They didn't have to drive to the corner of the interstate where we have I-10 and 410 here in San Antonio to find a gold dealer. They were at Costco, they that easiness and that cultural affinity and immediately they're the ones that were the biggest buyers. And I believe I read that, or that was shown up in a Costco report. So the concept, it was dominated by women, it was dominated by Asian women and Indian women that were professionals in the tech realm that we're diversifying into our world, the world of gold.
Mike Maharrey: Very interesting. So I'm going to get out of here on, actually I'm going to get you out on two more. One related to our discussion and one that's completely off the wall a little bit. But what is something that you think that a lot of people are missing in the investment world right now? If you could pick one thing that you see that a lot of people just are kind of clueless about, what would it be?
Frank Holmes: I think we have to be really aware of freedom, your freedom to speak and your freedom to protest your freedom as long as it's done civil. But when you have Antifa wearing masks and bullying and destroying property in downtown Chicago or whatever city they're in, it's all organized. Their formations are exactly the same as were in Hong Kong and Bogota. They were in Toronto. It's a very structured, actually anarchy. They say they're anti-anarchy but they really are, they cause anarchy. And now we're seeing this through England. The response by the government is to take away and blame social media, blame podcasts, and trying to get non-elected people to define what the word is. "Harm," is very subjective, both breadth and depth of the word. What is harm and harmful? What is harmful is someone not identifying and wearing a mask and beating up someone else that's on video.
And then the government is saying you can't put that on social media. I think that we have to be very cognizant because we even see in America, we saw it in Canada in particular. Robert Kennedy junior running for president, he commented that he was unaware and he's realizing, family and relatives, what happened with the trucker's strike, that they froze your bank account, that they froze, if you set money that for your brother that was on strike, then they froze your account too. They used AI for facial recognition. Those truckers didn't wear masks. It was pretty transparent. But the backlash that comes out of the government and if it's happening in UK and that's the system and you go and put something, Michael, on Facebook that you're outraged by this stuff, they could come after you because you've been on Facebook. And so the same thing happens with talking about financials.
I'm so regulated under the securities act of what I can and can't say, and more and more rules keep coming and coming. And it's to recognize that there has to be a balance. The bigger the imbalance always lends itself to too much centralized control by non-elected people that bring in some form of a dictator. It doesn't matter if it's the far left or the far right, but it seems to usher in. And we have to be sensitive that we have our rights to be able to do what we can on platforms like we're talking today.
Mike Maharrey: I agree with you completely. I'm something of a free speech absolutist, so I really appreciate that. So not related to work or I guess it could be, what are you reading right now? And again, it could be work related or something completely just that you're reading for your own edification.
Frank Holmes: I have a 9-year-old. I was blessed. When I turned 60 that my wife said we were going to have a little girl and the doctor said I couldn't have any kids, any more kids. And it was the best miracle ever. And so we have read, she has read all seven Harry Potter books this summer to watch all eight movies and last night we finalized the last movie. Last year she read all Percy Jackson. So she reads to me, I ended up reading those, staying youthful and young. But my new book is called Midas. It's a Midas discussion on looking for the entrepreneurial CEO, how do you invest in CEOs? So that's the latest book I started reading last night.
Mike Maharrey: Fantastic. So where can folks follow your work and get involved if they're interested in your company? Where can folks follow you?
Frank Holmes: Well, Usfunds.com is really easy, Usfunds.com. And published weekly the investor alert. I put out special stories on Frank Talk. I talk about my geopolitical views and travels. I try to do explicit and tacit knowledge and every Friday night we do a SWOT analysis. We look at the strengths and weaknesses of the past week and then next week we say, "This economic data point is coming out and it could be an opportunity to threat. And this is our views." And it's always comprehensive but succinct. So I think Usfunds.com and HIVE, you can look at the ticker H-I-V-E on NASDAQ. And it has a rich data set of education on YouTube. Hive Digital Technology, it's called. It's the full name. And so we're very much in education just like US Global is at Usfunds.com. That's the easiest. I have about a hundred thousand viewers in 80 countries around the world.
Mike Maharrey: All right, well, folks need to follow you and learn from your wisdom. I really do appreciate you taking time. I know you're busy and I appreciate you taking the time to chat and sharing a little bit with us. We'd love to have you back at some point as we move into-
Frank Holmes: Thank you.
Just stay positive. The most important part it is, research has shown that at MIT, that if you have a positive mindset, a growth mindset, that comes out of Stanford University, that you actually can see opportunities. You would've seen Bitcoin earlier, rather than being dismissing. You would see a new technology that's going to help us to live to be a hundred and healthy.
Mike Maharrey: Yeah, outlook is everything, right? Well, I appreciate it and thank you again and have a great afternoon.
Frank Holmes: Thank you.
Another great interview there from Mike Maharrey and good stuff from Frank Holmes, I hope you enjoyed that.
Well, that will do it for this week. Be sure to check back next Friday for our next Weekly Market Wrap Podcast. And remember to tune in as well to Money Metals Midweek Memo podcast, hosted by Mike Maharrey. To find any of our audio programs just go to MoneyMetals.com/podcasts or find that 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.
