Gold Market Dislocations Spark High Drama in Asia, Europe, and U.S.

Mike Maharrey: Greetings. I'm Mike Maharrey, a reporter and analyst here at Money Metals, and I'm joined once again today by Greg Weldon. Greg has a very long resume that includes stints as a floor trader, a hedge fund manager, commodity trading advisor, institutional broker portfolio manager, currently an analyst producing global macro market research and just an all around great guy who just discovered has really good taste in music. How you doing, Greg?

Greg Weldon: And I take the garbage out at night too, man. It's all around.

Mike Maharrey: We do it all. You're a man of many talents. Yes. Well, it's great to have you back and it's a lot of interesting things going on. I want to start with gold because we've seen several new record highs in the spot price over the last couple of weeks. We eclipsed $2,900 an ounce just I guess last night or within the last 36 hours or so. If you kind of listen to the mainstream, the general consensus seems to be a lot of this is being driven by safe haven hedging due to the tariffs, which that seems plausible to me. But I was curious about what your take on that. Do you think it's just tariffs or is there something else going on under the surface that maybe the folks over at CNBC aren't picking up on?

Greg Weldon: I would say yes and yes. So yeah, for sure the tariffs are an issue, but I don't think the tariffs are an issue affecting gold in the way that people probably perceive it to be. And in that vein, it is bigger picture because what's happening, because of the threat of tariffs extends and extrapolates that bigger picture, which is this whole want to move away from the dollar for global trade. And if Trump comes in and says, we're going to punish you if you don't keep the dollar and then throws tariffs up there, it only incentivizes all these countries to push forward with a bricks unit. Which again, not to hype on it. And certainly the process has slowed, the momentum has slowed, there's no doubt. But the fact of the matter is this is going to happen eventually because it's blockchain, it's nuanced with the countries and how much trade they do with each other and what they're trading. And man, you could really knock this down to such great detail that benefits each of the two countries doing this backed by gold. It has to be partially of course, because if you wanted to back any of these currencies, gold would be $50,000 an ounce, right?

Or higher. So, I think that yes it is, but if you look at the last 18 months in gold, this rally has not been a speculative push. It hasn't been a rotation of investment money push. This has been central bank buying and this has been central bank buying because not only do we want the goal, some of them are selling bonds in some of these countries. If they want to participate eventually a year, two, three years from now in the bricks, they're going to have to dump treasuries, buy gold, take the dollars from the treasuries and buy gold and then have it shipped domestically so they can hold it there. And this is part of the whole backing of the currency that makes it potentially theoretically work. So in that context, you have seen a drain in London, bullion bank, vaults of gold, physical gold. Everyone wants their physical gold. And it's funny how they ascribed this all to the us, but it's just not the us Certainly it is. And it's funny, I read an article on Bloomberg that was talking to these guys that work at JFK Airport, right in New York and how they were unloading all these crates. There were so many of these wooden crates and several flights were coming in literally for several days in a row. And so of course they were curious, they wanted to know what was in these crates and they opened it up and it was golden silver bars.

So, it's interesting to see that context and all of a sudden lease rates in gold jumped to 12%,

Mike Maharrey: Right? I saw that. Well,

Greg Weldon: There's like a short squeeze on gold. Why? And then that gets back to the other biggest big picture that everyone's been talking about for three decades, debating about for 30 years, which is the big banks manipulation in the gold silver market. And boom, here you are. This is what you, all the people that always are screaming about this, this is what you wanted. People are taking the gold. They don't have it enough to give it to everyone that wants it, and this could cause an issue and lease rates skyrocketed and all of a sudden gold's pushing 2,900 and so on and so forth. Then you tie in the bigger picture here on a more immediate basis from a macroeconomic perspective as it applies to all the markets. And then it really gets interesting. But at the end of the day, but Gold's performance has been phenomenal because the dollar has gone up during this entire time.

So, Imagine what the performance is going to be when the dollar goes down, which it will. And then when you say, look, investors in the US liquidated their ETFs. ETF flows were 3.2 billion last year to the negative and it started in 2023.

We see an open interest only just now is open interest even rising in the gold futures. So there's no speculative froth here. You're at 2,900, the dollar's up, there's no speculative froth and investors in the us, in the Wall Street money guys have no real participation in this market. So from that perspective, that's where you start to think, wow, this really could be as big as everyone wanted it to be. And I'll tell you, the macro picture in the US as it has to do with what I just wrote about in my outlook for 2025 is kind of sobering. So that would benefit gold theoretically, unless you did have kind of an asset price meltdown of some kind.

Mike Maharrey: Yeah. Well, let's talk a little bit about that. Let's get a little bit into the kind of macro big picture. I know one thing that I picked up on your feed over on X is just the issue of debt and the fact that it now takes more than a dollar of debt to produce $1 of GDP. So that's obviously one aspect, but what are some of the things that you're seeing bubbling under the surface that investors should be aware of as we move into this? I guess it's not really the new year anymore, but new enough, right?

Greg Weldon: Yeah. Well, it's good because good question at the top down and then the bottom up because it kind of meets in the middle. And what you have in the biggest secular sense is kind of a consumer that's in this kind of nowhere zone middle zone where we know already that labor market. I mean the report this weekend wasn't great. The report a month ago wasn't great. I mean these labor numbers are bad. And the wages, there was actually eight out of 18 industry sectors showed a deflation in average weekly earnings. No one really talked about this because hourly earnings were up and the rate of change rose, but hours were down by more. So people took home less at the end of the week and it's celebrating average earnings. So this is one of those holes, Swiss cheese kind of dynamic around some of the data points. Retail sales, if you take the actual dollar value and you adjust for inflation, retail sales are negative and they happen for months, year over. There's no growth there. The consumer savings now is down to 980 billion. The monthly seasonally adjusted annualized rate that the commerce department gives us or no, the BEA gives us. And against that, you have 1.4 trillion in consumer credit card debt, 1.4 trillion consumer credit card debt savings of 900 or 800 something billion. That's a major disconnect. And then you talk about household debt or even just regular consumer credit at 5 trillion household debt at 18 trillion and of course government debt at 36 trillion. What you have is a consumer that is kind of being pulled in two different directions by binary black holes and they're debt black holes. And I coined this phrase in my book in 2006 that you would have a debt black hole and at some point you would cross the event horizon. In this case, it's the macro event horizon. And in scientific terms, that means you've entered the black hole, the gravitational pull has grabbed you, you don't know it yet. You're not feeling the physical effects yet. You're not being ripped apart by the black hole yet, but you can't generate enough propulsion to get out of it to escape the gravitational pole that's pulling you in. This is a debt black hole. We have so much debt now that the only way to keep servicing that debt is to make sure we have growth. And the only way to get growth is to create more debt.

That's the cycle. That's the catch 22. So the propulsion would be new dollars. So you're burning all this money to try and fire the rockets to get out, and that's what they'll do. And I wrote this on the book in 2006 too, because all this is happening now and to the degree that you say, well, what's the out? Well, the out is that you just keep going where you're going since 2008 when you had basically public debt crossed over GDP, and now you're talking about a simple debt to GDP ratio, but it's now if you add on household debt, you're talking about 186%, which means a dollar 86 in new debt just to create a of new GDP growth. And if you don't have that growth, you have a debt deflation and central banks steering into a debt deflation abyss will choose to reflate every single time no matter what it takes, including at some point it will mean, and we're kind of going there anyway. Gradually when you have the Fed chief and the treasury guy in the bunker, it's ready to do the nukes or they're turning the key simultaneously and printing enough money to buy every bond ever sold. And then a loaf of bread costs 50 bucks.

Mike Maharrey: I'm so glad that you brought that up because I've been talking about this a lot in my writing over at MoneyMetals.com, the fact that you've got the Fed, they're kind of posturing, oh, we're going to keep interest rates higher for longer and we've got this inflation, and so they're paying lip service to it. But if you look at what they're actually doing, they've cut interest rates, a full percentage point. You look at the money supply growth, it's growing again, it was dropping for a while. So you see the fed in this same Catch-22, and I don't think many people are really aware of that, especially out there in the mainstream networks. They assume that everything's going to be fine and the fed's got inflation under control and we're going to have this soft landing and everything's rosy. I just don't see it that way. People accuse me of being a negative contrarian.

Greg Weldon: But well, I'll throw it to you this way. I did a piece recently and I basically called it the three card Monte and the three shell game. You remember I grew up in the streets of New York City in Manhattan, and you learned a lot of lessons at a very young age back in the seventies and eighties. And one of those games is what would now be considered like the three shell game, which you have the three shells, you got the P, you mix the shells up, which shell's to P under you can't win because the P's not under any of 'em. All right? No. So recently I said that, Hey Jerome Powell is now the greatest basically operator of this three shell game we've ever seen. Because on the one hand you have interest rate policy, which you could say is neutral, you could say I think it's a little still to the restrictive side of neutral, but if you're going to say you have a policy rate a four and a quarter and inflation is somewhere between 2 75 and three and a quarter, you're about a hundred to 125 basis points above inflation, which would be considered neutral, I think neutral in the US R star in 2018 said it was 50 basis points with all this new debt.

I think you got to call it at least a hundred basis points. So the point is shell number one seems neutral policy right now for rate policy. And this seems to be also we're remaining vigilant on inflation at the same time. And did we note the consumer expectations for inflation? The University of Michigan are for running. We'll talk about that in a second. Then the middle shell, okay, no P under there too, but there's still rolling the shell around, which is qt, which is still over 800 billion on a rolling 12 month basis. So that kind of has kept the curve steepening to some degree cut short rates, but they're still not redeeming bonds in the whole nine yards. They're cashing out, so to speak. So that's your tightening shell.

And then over here we got money supply, which has gone by over 200 billion on a rolling 12 month basis, which is extremely rare. This has been a very rapid rerun on money supply growth. And I think that that is shell number three, which is they're actually easy, very easy. So you could pick your policy and there's data to support all three. So you have this keep going back and forth and which is where is where, and it really almost doesn't matter because at the end of the day, the consumer is choking. That's the bottom line. Credit card debt largely maxed out high rates. We borrowed the most money ever at the highest rate ever to borrow. Oh my God, come on. Let alone the delinquency rates 90 days plus 11%.

Hello, that's 2008. Free crisis levels savings, 3.8, there's only three other times in history, it's been below four. So when you start to line this stuff up and then you look at the stats that we just got a week ago, personal consumption expenditures, I'm going to throw this last stat at you because when you're talking about real disposable personal income versus personal consumption of services, so income that is not in real estate or stocks, the income you're getting that you can spend on stuff, this is a good measure. Alright, so you take disposable income against spending. Alright, well when the gold went off gold standard, the differential you had income was 4 trillion a year and spending was less than three quarters of a trillion. So you had a five and a half to one ratio. I won't go down all these numbers, I'll just come to the flip because now you have flipped it where now you're talking about where the ratio, you're now spending 20.4 trillion a year while earning 17.7.

Mike Maharrey: Yikes.

Greg Weldon: Alright, so this is now a negative 1.2 to one, and I can go down. It's sequential from 71 to 1990 to 2008 to 2020 to now. And in the last four years it's gone from plus 1.1 in 2020, it was still positive right up until 2020 to minus 1.2. That's a complete flip flop. So that's the other chart where you have the lines now have crossed meaning a consumer, that's the second black hole of these binary black holes. The one is federal public debt against CDP, and the other one is consumer spending against income. And at the end of the day, without the consumer, the economy's in trouble and the fed will have to respond to that. And I'll give you a quick one on how to look at this and might be a trigger to tell you something happening because the XRT - the S&P retail sector index, ETF – it just broke down. It is breaking down. And relative to the S&P itself, it's into almost, I mean it's literally entering crisis territory. And when you look at this, you've only ever in the history of this retail sector outperformed the s and p when the fed's conducting QE. So if you want to save the consumer, the logic would tell you ultimately that means more QE, more debasement the dollar down, and by then gold could already be even higher than it's now before the real US move doesn't even start.

Mike Maharrey: Let me throw another factor in there and get your thoughts on how it fits in the corporate debt. I did an article a couple of weeks ago about the fact that corporate bankruptcies are actually at a higher level than they were during the 2020 pandemics when everything was shut down. Is that another part of this, maybe a third little black hole, or is that kind of fit into one of the two or how does that kind fit into the equation?

Greg Weldon: Yeah, I mean it absolutely does. I think that that also kind of gets back to mean the stock market actually. So I mean how do you keep this train rolling with ever-growing profits? And I mean it's almost to the degree that the credit spreads to me are kind of a mystery because their pricing and no risk, I mean the risk factor there and the credit spreads and when you talk about being able to borrow money still is so cheap, it really is on a relative basis unless you're trying to buy a house. So to that degree, I think that this is something that for whatever reason is being ignored. And you talk about still even still the commercial real estate dynamic with debt. I mean it's kind of been swept under the rug and to whatever extent banks have written it off and the banks don't seem to be paying a price for that in terms of their stock prices.

But that also leads me to believe that these are not going to be leaders. This all comes back to the stock market for me because when you talk about all this, it seems to be another disconnect from the stock market. Certainly the macroeconomic situation is a disconnect when you have all these bankers in Davos telling us that the consumer balance sheet is healthy and you're looking at the stats I just gave you, clearly it's not, that's crap. What you're doing is looking at how much people borrowing on credit cards and suggesting that that means they're feeling healthy. It isn't wrong.

So, to the extent that the disconnect from the stock market to the consumer and the underlying cocoon that's coming and the extent to which the credit markets and certainly credit spreads are disconnected from the stock market are disconnected also, I should say from the economic realities like the stock market is. And I think that that's kind of a dueling accident waiting to happen. But I think it comes as a catalyst from the stock market because what you have is no leadership ai. I mean if you look at the XLK, which is the infotech, I mean it's lost all its momentum. I mean you're almost down year over year. Anyone that wants to own it, own it, owns it. It's widely held. Everyone owns this stuff, man. To the degree that volume has dried up to where if you get a bunch of people want to take profits and start to, it becomes a liquidation where there's no buyers, it's a buyer's vacuum.

And I think there are accidents waiting to happen there. So, I don't think AI is going to be another leader from here to drive us the next 25 to 30% in stocks in the next 18 months. I don't think quantum computing has that same depth and ability to do what AI just did. I think the consumer obviously is not going to lead. I think China, I kind of like China here, but only relative to the US and that's a whole other story. But they're not going to be an engine of global economic growth, certainly not as it relates to the consumer. All these are things that need to be reconciled in the stock market, which is completely out of touch. The angle of ascent, the geometry around the Nasdaq is such that we've never seen before. And a simple correction wipes out a lot of wealth and what all that means in terms of these companies borrowing money to maybe even invest in AI to try and keep some sense of margin expansion. That's going to be interesting. And it's almost like maybe the best way to put it would be it's kind of a long distance race that you have to run at sprinting speed the entire time. I dunno.

Mike Maharrey: I used to run. I never could do that.

Greg Weldon: It's like who drops first?

Mike Maharrey: Right. Let's talk a little bit about silver. We've got a gold silver ratio still over 90 and it's been elevated from historical terms for quite a while now. Do you think that it's finally going to start closing up here in the relatively near future or is this kind of the new norm?

Greg Weldon: I would say first of all, it's kind of gone sideways. So it's had its periods where silver was really weak relative to gold recently, but it's kind of stabilized to come back. So if you look at the longer term chart, it kind of was up, down, up, down. And now it's almost side winding most recently, which I think is a good first sign. Yes. The problem here is that the buying, again, just like central banks don't buy ETFs and mining shares and that's why they haven't participated. Central banks don't buy silver. I mean, how's it going to do? Do you want to back your currency, the warehouses of silver, whatever. But it does play when you get a movement of other types of people into these metals, yes, it absolutely will play and there'll be a time for silver. And so I think this is why I, in when I feel like I look at silver like it's going to go and it's going to be one of those things that when it does, and I've said this before, it's not a question of if it gets to 40, it's a question of how fast does it happen?

So, I always want to make sure I'm involved when it shows strength. At the same time, if the stock market is at risk here and I think it is, and you have a situation like 2008, eight where you first wave is to liquidate everything, the good news is people don't hold a bunch of gold and silver ETFs. They own Bitcoin ETFs, which puts Bitcoin in that category. That gold was in 2008. So maybe gold and silver are immune this time and maybe you actually get flow. So that's one thing. But I also think that silver as an industrial has that still industrial kind of attachment to it. Not that it's warranted, but that would be potentially the risk. So I don't give it much rope on the downside. I'm willing to take a bunch of little losses here to avoid getting whacked. If the stock market gets whacked, that thing is going to happen. But at the same time, when it's above $32, $32.10, $32.50, you got to be long. Absolutely. And to the degree that you're starting to see some good price action in some of the silver stocks, Pan-American by the way, looks really good here. And Mag has really done well. Fortuna is kind of almost back in play. So you've had corrections in these equities again, which are not really widely owned, and I think that some of them set up well. And you see the silver mining shares acting well, that's a positive sign too.

Mike Maharrey: Yeah. But 32.50 seems to be kind of the resistance level right now. We get up against that and then it drops back off. We've had a pretty strong rally in copper over the last few weeks. Do you think that maybe is a canary and a coal mine for silver? Is there maybe some connection between those two or is that a disconnect in your Opinion?

Greg Weldon: I think there's just a lot of crosswinds on copper. So, it's tough because it's almost like which way's the wind blowing today. It could blow either way. So the way I do ultimately kind of come down on copper is more bullish than not. And again, buy strength. I mean, again, I'm not buying and holding copper for the next year, three years. I want to be involved in when it makes a big move. Alright. And I think that the momentum and the longer term picture is set up for it to potentially make a big move. Now the risk is the economic side, which is a huge risk. So take it with a grain of salt and understand you might have to be nimble on the exit, especially if you're wrong. But the degree to which it has great potential supply, demand driven, which again, inventories are starting to come down now, they went up a lot on a percentage basis and even nominally it was a decent rise in inventories, which knocked the price down.

And what it showed us was when you got the per ton price above 10,000, you had copper hitting the market, people were like, Hey, you sold, it was like trading places sold, sold because it's 11,000 on Elevate copper. So, I think we did unearth supply that's being held in the background that was willing to come to market at that price. Since then, though inventories have started to decline. A lot of the original inventory decline we had in Western warehouses was actually shipped to Shanghai. So it really wasn't an inventory decline. Now you're seeing an actual inventory decline in both places. So that to me is kind of interesting. And the degree to which the bearishness is so severe in the swaps market, it kind of blows my mind. It is actually perhaps the most bearish strip I've ever seen at Copper in the last 15 years at least. That's not by the underlying supply demand fundamentals, unless you think there's going to be a complete collapse in demand, which doesn't seem likely. So from that perspective, I like copper longer term, but it's tricky right here again, you have kind of the same thing. Copper has not outperformed the industrial sector of the stock market either, and that's always a red flag to me.

Mike Maharrey: Yeah, you're one of the few analysts that I talked to that really focuses in on these kind of macroeconomic fundamentals and you almost never hear talk about that kind of thing on your financial news networks. Why do you think, to me, I've always thought kind of the opposite of the mainstream. I've always been more focused on the underlying fundamental big picture stuff. Why do you think that is? I mean, is it just myopia? Is it what sells on TV to hype this? Why do you think that is that people kind of ignore that or they just not understand the economics?

Greg Weldon: I think it's almost like if you remember back when the internet was born in the 1990s, and I just remember thinking that the biggest thing that's going to come from this was the biggest thing that came from it, price discovery, open price discovery.

So, I think that you're in this thing where you have to understand the level of data discovery because people, they read X or they read social media, they watch a couple minutes of TV and they hear the buzzwords, they catch the story, they might look at the headlines on Bloomberg, but they're not really researching what's happening. Nobody really looks at the math as deep. And when you do that, what you're doing is digging underground. And what we need is for as things to be above ground so people can see 'em because the org is going to react until people see it.

And what I have found during my career, this has always amazed me. I have this conversation often with people that ask me about what I do and stuff. And it's always funny. People come up to me in the gym all the time and always asking me questions, but it's like, look, you have, it's once I will see it and I'll be talking about it. And frankly, there's not just me. I mean there's other people that are kind of talking about it. You're digging deep and it gets closer to the ground and maybe there's a little more people that are talking about it and then all of a sudden one day out of the blue, three weeks to maybe as much as two months later a story hits, that's an epiphany to everyone in the world as if this is new news that hasn't been happening and evolving for weeks or months and things pop and things adjust.

And so, this is why the markets are more herkie-jerky. And so I think a good example of that, frankly in my mind, and people will say, well, that's coincidence. And no, it's not. I've been doing this a long time enough to know a lot of these things are not coincidences. Some might be sure, but most of 'em aren't. And for me, this one wasn't because when you saw the whole thing around AI and Nvidia, I mean just from a geometric standpoint, it was not only straight up in terms of the price move, it was straight up against the NASDAQ itself. It totally led the market. This whole dynamic was so obtuse in terms of that type of thing. And then the degree to which the valuations and how much money you're expecting to be poured in, how much they are pouring in, everyone's rushing in, and yet you really don't, other than selling for more AI development, you don't have a product.

You're really selling the consumer yet. You don't have companies set up. They're going to be, I mean this just reminds me of, and then you get back to how this kind of crypto too, and not all crypto, but a lot, most crypto gets back to 2000 tech bubble. There's a lot of similarities across the spectrum there. So when I think about stuff like that, it seems to me like I just saw this coming in terms of something will take the kind of prick, this whole thing about this insane valuation that AI has, that maybe someday it can have, I'm not dissing the technology at all.

I'm dissing the amount of money that went into it that drove these things to a certain price that can't be realized unless everything is beyond as good as could possibly be. And you just know. So this deep sheikh thing to me was like an epiphany, and yet, gosh, if you were really paying attention, you would've understood that this thing was vulnerable to something like that. There will be a story that hits just like this that does exactly this. And there always is.

Mike Maharrey: Yeah. And when you were first saying that, I was thinking back to 2008, you did 2006, 2007, and there were a few people that were saying maybe the real estate market's a little overvalued, maybe there's some issues in subprime. And everybody's like, no, everything's fine. And then all of a sudden one day it wasn't. And those people that were kind of seeing that, and again, that was kind one of those underlying fundamental things that

Greg Weldon: I think that movie, the Big Short, so captured that. I don't know if you've, I'm assuming you've seen that movie, but, I mean, that movie really caught that where just how incredulous they were, that this is actually what's happening. When they went out in the field and looked, what'd they do? They dug beneath the surface. They didn't believe what they were being told. Because of course, and this is the problem with, and I don't knock all financial television, but when you see the guests and you see the kind of the way that they couch the whole dynamic and the whole conversation, the whole narrative, it's a vested interest in a perpetual bull market in stocks because that's all the people they have coming on are saying. The people that are in the stock market and selling stocks and want you to come and invest your money with them. And so it's become somewhat cannibalized. It's kind of sad because people that come on there and want to be Debbie Downers or want to be gloom and doomers get labeled that and then they don't really want to hear it.

Mike Maharrey: Yeah, it's the old self licking ice cream cone.

Greg Weldon: No comment.

Mike Maharrey: Well, I'm going to let you out on that one, but before we go, I definitely want you to let people know where they can follow your work and if they're interested, maybe even get more involved in your analysis.

Greg Weldon: Sure. Thanks Mike. I appreciate that. I would be happy to send any of your people the 2025 outlook I just produced and one of the gold specials, which has, I have 12 Canadian and Aussie stocks that I think would be really hot in 2025. I sound like I'm selling a sports betting picks here. I don't like to be sales media at all, but I got 12, 12, 12. But seriously, I'm happy to give them to you,

Greg Weldon: And within that context, you will see the charts. I think people need the visual, you saw the charts. You can follow me on Twitter at Weldon Live, but you saw the charts, man, when you see the charts, the public debt versus GDP, when you see the charts of disposable income versus spending, you understand, I mean, it just strikes you as really guttural and you're like, yeah, this is not sustainable. So in that context, I'll send any of those reports and all the charts included, if you email me at Greg Weldon, G-R-E-G-W-E-L-D-O-N, at Weldon online, one word “weldononline.” And then yeah, we do the research and we have clients, the biggest hedge fund in the world that just moved in. Miami just south of me, is one of my biggest clients to an 80-year-old retiree two miles up the road that does it himself.

So, we give specific recommendations, global stock indexes, all the currency markets, all the bond markets, precious industrial metals, energy, and big time agricultural commodities. You want to keep pace with inflation. You're looking to buy one of these mining share ETFs and throw another one out there for your people, the DBA, just because you have food commodities in there, cattle price, the record highs, that's a component of the DBA, you get exposure coffee. We've caught coffee this year. We caught cocoa last year, we caught it orange juice. So being in the commodities, being in the currencies, in addition to the people that just want to load up on precious metals, I think that's a brilliant idea. At the same time, I think having flexibility and having the ability to be long and short, everything including the currencies, gives you an edge in keeping pace with the debasement of the purchasing power of the paper money. So to that degree, we are registered series three CTA, and we are accepting new money right now from accredited investors. And so information on that can be gained also by just emailing me at GregWeldon@weldononline. Follow me on Twitter, at Twitter live. I mean, excuse me, at Weldon Live. And we're doing the podcast too. We're in the third season now, which is similar to the discussion we're having right now. That is Money Markets and New Age Investing, which is found on Twitter at Money Podcast.

Mike Maharrey: Awesome. Well, I always enjoy having you on. You're one of my favorite guests because you just have so much insight, and I appreciate the fact again that you're digging into these underlying trends that I think a lot of folks are missing. So everybody go check out what Greg's doing and take advantage of the wisdom and the experience that's there. So I really appreciate you coming on. I appreciate you taking a little time out of your day, and I'll let you go and enjoy the beautiful Florida sunshine.

Greg Weldon: Yeah, my pleasure. You do a great job too. So I'm happy to contribute and to share with the people out there. To me now, I've been doing this so long and it's become more of a kind of almost a mission statement to try and help people because what's coming, there's going to be great opportunities. I'm very optimistic on life and spirituality and a lot of great things happening, but when it comes to finances and the markets and all these black holes and gravitational pulls that we're getting hit with, yeah, I want to try and help people as much as I can.

Mike Maharrey: Well, and that's, that sets you apart from a lot of folks, so I appreciate that. Well, you have a great afternoon, and we'll get back with you again here in the near future.

Greg Weldon: Take care, man.