Welcome to this week’s market wrap podcast, I’m Mike Gleason
Coming up don’t miss a wonderful interview with Frank Holmes, CEO of U.S. Global Investors and the Executive Chairman of Hive Blockchain Technologies. Frank has some interesting things to say about de-dollarization and the geopolitical shifts that have impacted global trade, and also shares why he is still quite bullish on gold despite the breather the yellow metal has taken over the last few months since it reached its $3,500 an ounce high.
Frank also breaks down what he’s seeing in terms of the supply and demand dynamics in the best performing commodity of the year, that being platinum.
So, be sure to stick around for a terrific interview between Mike Maharrey and Frank Holmes, coming up after this week’s market update.
As widely expected, the Federal Reserve maintained its wait-and-see position, taking no interest rate action during the recent July FOMC meeting.
However, there were some evident cracks in the committee as two members dissented from the majority decision. It was the first time multiple committee members opposed the majority since late 1993.
Until at least September, the federal funds rate will remain set between 4.25% and 4.5%.
The messaging coming out of the meeting was similar to the mantra last month. Inflation remains somewhat elevated. The economy is still strong. We don’t know the impact of tariffs. It’s a time to wait and see.
However, there was a subtle shift in https://www.federalreserve.gov/monetarypolicy/monetary20250730a.htm" target=”_blank” rel=”noopener”>the official FOMC statement that could be taken as more dovish. The committee said the “growth of economic activity moderated in the first half of the year.” The FOMC statement also said, “Uncertainty about the economic outlook remains elevated.”
During his post-meeting press conference, Powell said the committee decided to hold its policy rate where it’s been, which he characterized as “modestly restrictive.”
Many market observers read this as a hawkish signal that the central bank may not cut in September either. Stocks took a dip in the wake of Powell’s comments because markets seem to think that Powell pushed back on a September rate cut.
It’s clear that the majority of the FOMC remains worried about price inflation. Based on the CPI, https://www.moneymetals.com/news/2025/07/15/price-inflation-heating-up-based-on-june-cpi-004199">price inflation heated up in June. Powell said that tariffs have begun to impact the prices of some goods but claimed it is too early to determine their overall effect.
Meanwhile, President Donald Trump has been pushing hard for rate cuts, and he took to social media to make his displeasure known, calling Jerome Powell a total loser who’s harming the country.
Now for those of you scoring at home, a month ago Trump merely called Powell a stupid person – so many of you, like me, may recognize that the recent insult upgrade of the Fed Chairman now being called a “total loser” does represent a bit of a shift that we do need to take note of. We’ll be sure to keep you updated on new developments or additional jabs or barbs the President may sling in Powell’s direction in the coming weeks, so stay tuned.
Now, looking at history, the current interest rate level https://www.moneymetals.com/news/2025/07/03/are-interest-rates-too-high-004168">isn’t high at all.
So, why are so many people clamoring for rate cuts?
Because decades of artificially low rates and multiple rounds of quantitative easing since the 2008 financial crisis have addicted the economy to easy money. Fed policy incentivized a borrowing spree, and the economy is loaded up with debt. A debt-riddled economy can’t operate in an even modestly higher rate environment.
On the other side of the coin, you have inflation.
While the Federal Reserve tightened monetary policy enough to rein in rising prices, https://www.moneymetals.com/news/2024/02/15/the-fed-hasnt-done-enough-to-beat-price-inflation-002991">it never did enough to slay the inflation dragon.
When you break down the Fed’s messaging, it’s clear they’re torn between two worries. They know the economy is getting shaky, but they are also aware that inflation isn’t dead.
And what do we call high inflation coupled with low growth?
Stagflation. A word we keep coming back to.
It appears the plan is to stand pat and then address whichever side of the coin gets ugly first. If the CPI surges, rates will remain elevated, but if the economy begins to wobble, you can expect fast and aggressive cuts.
The Fed’s current inaction is exactly what you would expect given https://www.moneymetals.com/news/2025/01/12/trump-vs-powell-and-a-catch-22-003748">the Catch-22 it finds itself in. It simultaneously needs to cut rates to prop up the easy money-addicted economy and hold rates steady (or even raise them) to keep inflation at bay.
What is a central banker to do? Well, simply wait and see.
And lastly, before we get to this week’s interview let’s take a look at the weekly market action. Gold is rebounding here today after suffering a bit earlier in the week. A soft U.S. jobs report today buoyed gold and it’s now anticipated that it increases the possibility of a September rate cut. The yellow metal is now up about $5 or 0.15% on the week to trade at $3,355 an ounce as of this Friday late morning recording.
Turning the white metals, silver is having a bit of a rough week having experienced a big mid-week drop but it has since stabilized a bit, off now by $1.30 an ounce this week to check in at $37.06 an ounce and a 3.4% weekly decline.
Platinum is off more than $100 this week and checks in at $1,318 an ounce, off 7.2% since last Friday’s close. Palladium is down 3.9% and sits at $1,228.
And finally, there were some major fireworks in the copper market this week. The industrial metal, which was pushing up towards $6 a pound a week ago, is down 25% this week and currently trades at just $4.42. The news surrounding tariffs has greatly affected Dr Copper, which fell 20% in a single day earlier this week.
Well now, without further delay, and for much more on the markets and the economy, let’s get right to this week’s exclusive interview.
Mike Maharrey: Greetings. I’m Mike Maharrey, a reporter and analyst here at Money Metals, and I’m thrilled to be joined today by Frank Holmes. Frank is the CEO and Chief Investment Officer at US Global Investors and the executive chairman of Hive Blockchain Technologies. How are you doing today?
Frank Holmes: Outstanding, my friend.
Mike Maharrey: Well, I really appreciate you taking a little time. I knew you’re a busy, busy man and appreciate the opportunity to pick your brain a little bit and get some of your insights on things. Let’s start off with gold. It feels like we’re in a bit of a consolidation period after we hit that record high back in April. Kind of been trading sideways for the last couple of months. In your view, we kind of gathering momentum for the next leg up or do you think as some people seem to think that the yellow metals run off gas?
Frank Holmes: No, I think you’re going to have the metaphor of a sailor out on the ocean and it’s a sunny day, but it’s a windy day, so you just have to be tactful and tack with that sailboat as you navigate through the winds. Excuse me one second, Michael.
And I think that that’s what we’re dealing with. It’s we’ve seen rates all of a sudden picked back up, they fell below their 50 day moving average and now the 10 years come back up to touch it. Oil is slightly above it. So those factors sort of kick that lull, but I don’t think it’s going away and it’s probably like the Bitcoin ecosystem say by the dip and hold on for dear life stock those gold coins, stock those silver coins and I think it’s not just they say Bitcoin, but I tell people silver coins and gold coins stock.
Mike Maharrey: Yeah, I agree completely. You mentioned interest rates and that’s kind of something that’s, it’s interesting to watch as we’re speaking today. This will after the meeting is over, but as we’re talking, the Fed has just kicked off as July meeting, most people seem to think that they’re going to hold rates steady and maybe signal some rate cuts in the future. I’m curious of how you kind of see the interest rate trajectory playing out because I kind of feel like that even if the Fed cuts, they may not have as much control as they might think they do, especially on the higher end of the curve. Do you see real interest rates going negative again or are we kind of on a trajectory of a higher rate environment?
Frank Holmes: I don’t, they could easily go negative. I think they are actually negative right now.
Right now, the CPI number is fud. That’s something, the word I picked up from the Bitcoin ecosystem where governments are making false and doubting statements and the CPI basket is old, it’s always old and it’s readjusted so that it doesn’t really capture what you and I find you just flew back from California and those tickets are a hundred percent higher than pre COVID. So, that means over five years that inflation’s grown at 15% CAGR the rule of 72. And when we look at eggs and now Amazon just raised the prices for a lot of the smaller items by 30 to a hundred percent. When they say inflation’s running at four to 5%, that’s just not true. And gold shrewd investors know that the better way is looking at purchasing power is declining at roughly a 12% CAGR. That’s the real rate. So I think that we’re living right now, inflation is running at 12%.
It’s not running at four five, but according to how the capital markets are functioning, the CPI number is fud in many countries. So we have to just deal with it. And that’s another reason why the stock market make an all-time highs. Gold makes all-time highs. It takes a breather. Bitcoin makes a new all-time high. It takes a breather. A stock market takes an all-time high. Why is that? Because the real assets, and when you look at the overall balance sheets of public companies, there’s a lot less debt than there was prior to 2008. All that debt’s gone. And so these are much more stable looking businesses, real assets and I think that that’s why another reason why the stock market is doing what it’s doing because people actually want to own real assets.
Mike Maharrey: That’s a really good point I’ve pointed out often anytime I talk about the CP, I mentioned the fact that even looking back at the formula that they used in the seventies, they revised that in the nineties. And if you run the numbers through the seventies formula, you’ll find that price inflation is about double of what they’re reporting. So, I think that’s a really, really good point that is lost on a lot of people. Let’s talk a little bit about platinum. You wrote an article recently and pointed out the fact that platinum was actually the best performing commodity in H one. It was up, I think 49-plus percent, almost 50% even outperforming gold. Is this something that you think is kind of a trend that is growing or was it just some type of anomaly? What’s driving this runup in platinum right now?
Frank Holmes: I think the industrial use has grown and I think the supply has not been expanding unless you’re recycling platinum. And if you look at economies in Asia in particular, when they buy diamonds, they prefer silver color and platinum doesn’t tarnish like silver. So they have a lot of their jewelry is reflection off of diamonds on a platinum ring, on a platinum bracelet, on a platinum. So that relates to the GDP per capita and the rising GDP per capita in China and Japan and South Korea in particular, China, Vietnam, Malaysia, it’s been stronger than the us the GDP per capita and the correlation for that love trade is very high to rising GDP per capita.
Mike Maharrey: That’s interesting. My wife’s a big fan of platinum jewelry, so I totally get that. Do you think that the supply can catch up? I mean we’ve seen a significant run up in prices. A lot of times you’ll see supply and demand respond to that. Is that something that could happen with platinum?
Frank Holmes: No, I don’t see that because the platinum mines are in existence are deep and there’s been a slowdown in exploration and development. We have seen South Africa as a nation go, so what is it? Hysteria over anti-mining regulations. So the country as a whole has not been attracting the capital necessary for exploration development of resources. And then we look at palladium, which is sort of connected to platinum. It predominantly comes out of Russia. And as we all know, the problems in Russia, it creates sort of a dysfunctional part of finding more reserves.
Mike Maharrey: And I think people forget too, it takes a while. I mean even if when prices go up, we’re seeing this with the gold supply as well. Prices can go up, but it takes a long time to ramp up a mining operation to find new reserves and to increase research and all of those things that are necessary. So it’s kind of an inelastic relationship in terms of price.
Frank Holmes: It’s so true, Mike, and I’ll give you a real simple data point. When I first started in this business, I’m 70 years old and I joined in Toronto, a brokerage firm as a research analyst in 1978. And I, Pierre Lassonde a couple years later wrote a book and it became well known as the Lassonde Cycle, the lifecycle of a mine. And there are three major stages and you have the big runup on the exploration discovery, you have a correction and then you have a sideways movement development and then you have going into production. Well that cycle used to be seven years, it’s now 30. Wow. So Pierre Lassonde was commenting about this at the Denver Gold Show that in many nations all these regulations and rules have extended it except countries like China, they can find, explore, develop something much more readily. And they’ve also become very dominant in Latin America and Africa and fast tracking.
So, they go and get a fast tracking permit if they’re going to develop the mine because they’re going to build the railway to the port and they have this policy called One Road, one Belt, and it was supposed to be the Marco Polo Belt, but really underneath the hood it’s a communist belt. And slowly you start to see that there’s a favoritism of the countries that they’ve worked with are monarchs or they’re dictators. It’s anything to undermine democracy as you see around the world is what this sort of policy has been under Xi Jin Pen who’s a communist and hardcore, very smart Machiavellian. And so we see these sort of shifts in the commodities where they’re trying to get control of all the commodities, so like they’ve wrestled and been able to get control of strategic minerals, buying a big buyer of gold while they’re buyer of gold because their currency doesn’t have the legitimacy.
So, they continue to say that we have more gold backing our currencies, therefore you should take our gold and replace the US dollar. They attack it with de-dollarization and they’ve now accelerated that with the bricks nations and more countries are going underneath the umbrella of the BRICS nations to only trade. All this stuff is interesting to me. It’s really hurt on trade Europe because if Saudi Arabia sells them oil and they take Wong, they immediately convert to US dollars. And so in fact, US dollar trade has gone up, but this attack and trying to de dollarize, it’s going to continue to grow with Russia and China being the big sort of catalyst for that.
Mike Maharrey: I’m glad you mentioned de-dollarization because that’s something that I wanted to touch on as we talked. Another article that you put out not too long ago talked about the dollar becoming more, I think you called it unattractive. And what do you mean by that? I mean what are we seeing in practical terms with the dollar right now?
Frank Holmes: Well, the dollar becomes unattractive with a huge deficit spending on that relative basis. And the offset of that is the huge spend on defense and to protect against the predatory practices of Russia, China, we know that North Korea has soldiers fighting for Russia and Ukraine. Why? Because if Ukraine falls then North Korea to invade South Korea, China to invade Taiwan, we see this sort of domino effect and I think that that’s the concern. On one hand, the dollar has all this money printing and has this huge deficit, so that doesn’t make it so attractive. But on the other hand, the dollar is attractive because it has the strongest military behind it. It is the most fungible paper currency in the world. And I think what America’s done last week is what’s called the Genius Act. And the Genius Act is going to usher in stable coins, which really are like money market funds that don’t pay a yield, but they’re US dollars for foreigners to own US dollars outside of their banking system and their countries because countries like Argentina confiscated all the US bank accounts.
So, then we’ve seen the stable coin of tether grow to be the highest revenue producing company in the world, 175 people, that’s all Michael, and they made $13 billion. And because they keep the yield on the treasuries they’re buying, they have more US treasuries than Germany does that Tether has 300 million customers wallets that people want to have US dollars on average 4,000 US dollars in cyberspace to protect themselves. That’s psychology. So we know the world wants US dollars and now it’s going to be able to come in cash or it’s going to become in a digital format. That’s part of the strategy of battling the D Dollarization by the bricks nations that this is my opinion, looking at global strategies. I think that the biggest thing when we say the dollar is not attractive, it’s because of this deficit spending, but now we’re starting to see in the past week big numbers coming up with China with their M1, how it’s exploding 4% and it’s growing and the sheer size of it and the money printing taking place in other nations.
So, I think it’s like a race to devalue the currency and the US dollar will probably be devaluing the least because the rest will all catch up. This tariff spot and tariff war was an incredible strategy on April the second to declare war on everyone, tariff war, but really the war was on China. So rather than single out China, it was okay, Canada, you get 36 months, each country is renegotiating. So now we had the EU this week is settled at 15%. No terrorists for America goods going there. It wasn’t 30%. China still is, the sentiment has improved, but the exact terms have not been finalized. So that’s helped rebound the dollar. The dollar is now rebounded back to the 50 day moving average. So we’re witnessing a lot of sentiment besides the negative real interest rates scenario. And I think that all this is like Ray Dalio said this week that you should have 15% in gold and Bitcoin now as a way to diversify against all this money printing globally.
Mike Maharrey: Yeah, that absolutely makes sense. Do you see any off ramp with the deficits and the debt? I mean I don’t see much intention to really address the spending problems. Do you have any optimism that they can work that out somehow?
Frank Holmes: No, I don’t see it. It’s not going to happen. And they’re going to today make the big push on military spending. When we look at Chinese military spending, only 10% of their budget is really for the soldiers in America, 50% is for healthcare and soldiers. And so when we look at the exponential growth, they now have more ships and destroyers than America does on the ocean. We’re much more advanced when it comes to military aircraft and we’re more advanced with aircraft carriers, but they have more military ships. And so we’re witness what Trump did, it shocked everyone in Canada, but with the positive part is he had the Canadians all of a sudden wake up with an identity and they’re all wrapped themselves in the flag. That brought in a new pre prime minister who was the head of Central Bank and who was with Goldman Sachs and was the chairman of Brookfield is much more business orientated and they’ve taken their military budget from what, 25 billion to 150 billion Germany is going to put 5% of their GDP.
Well, how big is Germany? Well, it’s the fifth biggest economy in the world. That is a big number. $250 billion is going to go into military spending. And you see all the military stocks in Germany double in three months double. And so we’re seeing job creation by governments going into cybersecurity protection, borders protection. We’re seeing this sort of a complete 180 from President Biden of open borders, same thing as the concept with Canada and Europe. Open borders. Well, no, even the Catholic church locks down the churches at nighttime. You have to lock down your border and protect. And so I think that paradigm shift is happening as we see it, and we’re going to see more money going into AI and data centers for military security, not for invading, but to protect democracies. So you’re really witnessing the democratic nations of the world are going to spend much more money on national security.
Mike Maharrey: Yeah, it’s really interesting the way the geopolitical dynamics seem to have shifted very quickly in the last year or so, and it’ll be interesting to see how that continues to play out when we talk about dollar. And let’s just assume that it continues in that on a d dollarization trajectory, what would be the ramifications of that?
Frank Holmes: Well, it would have a big impact on inflation, but it would also on trade. The dollar facilitates a freer mechanism for trading, but the real backlash happened when the State Department went after all the Russian oligarchs and Putin and froze $300 billion. So that really escalated. These other nations said, we’ve got to protect our money from America’s aggressive state department, but it was a response to Ukraine being invaded. And so we’ve seen now the KGB type of mindset of Putin was polluting through NGOs, everyone in Europe to shut down nuclear energy. Why? Because he want them all to buy Russian gas. It was a natural. And so therefore the protests and Germany shut down all their nuclear reactors and then the invasion and then all of a sudden their gas is gone and now they’re burning coal greater than they were five years ago. So we’re just witnessing this a swing of policies of being testing new open border type of concepts and only green.
And then now we’re coming back to saying, no, we have to be moderate. We have to be in the middle. We saw this in Spain two months ago with huge blackouts. Why? Because the leadership was so caught up with we can only be green wind and solar. Well, the problem with wind and solar only is that it really functions during the day. At nighttime it doesn’t. The winds change, the sun is gone. You need big battery storage and you need energy to move the energy along the power lines. So when you have hydroelectricity, the water’s always flowing. Then you always have electricity, we have nuclear. The energy’s always flowing, so they shut down the ability to flow the energy and the ramifications were these big blackouts. And so I think there’s also a backlash of these NGOs. I call ’em not good organizations, and they have impacted Canada. I know that growing up there and seeing the difference and a much more significant impact on policies in Europe, and I think it’s going to change now.
Mike Maharrey:
Yeah, it’s interesting. I know that I have some family that was involved with some of the US NGOs that were funded through USAID, and it’s amazing how quickly that whole environment has shifted with the new and the budget cutting and whatnot. And I think that will definitely have some ramifications as we roll downhill from that. But I was surprised how quickly that shift happened.
Frank Holmes: And I was really surprised when I friend went by was acquaintance was saying that, “Oh yeah, he got cut for 15 million a year.” I said, “What do you mean? You’re in Canada and you have an NGO and the US government’s funding it?” I said, “That’s my tax dollars. And what are you paying your CEO $500,000 a year? That’s big money.” And so I’m happy to see that holding these NGOs accountable for different level. The sad part is just some really truly good NGOs and there’s some really good compassion to help people in these other poor nations and all of a sudden they get hurt too with this whole accountability policy.
Mike Maharrey: Yeah, that’s the problem with government stuff in general. I think it tends to operate with a very large blunt instrument and the good and the bad, sometimes it’s hard to untangle all of that given the way that government incentives work, which you’re right, it definitely has impacted a lot of decent organizations as well. Lemme get you out on this one. I was looking at gold demand and especially as we were looking through the big rally with gold through the first quarter of this year, and you see a lot of really strong, especially in physical investment in Asia, China, India, a lot of US investors haven’t gotten on the bandwagon. And I know from talking to folks that are on the business side here at Money Metals, we’ve actually seen a lot of selling of both gold and silver. Why do you think there’s that kind of dichotomy between east and west right now? Do you think the western investors are going to finally start jumping on the gold and silver bandwagon?
Frank Holmes: It’s a great question because we’ve seen that with gold stocks. If you look at GDX and GDXJ, billions of dollars have been redeemed as gold stocks have made all-time highs and billions made. And if we look at gold stocks today, Newmont, the analyst covering Newmont, not one was close to how a blew away earnings. So they’re so negative. So I’ve signed that with my airlines, my Jet, CTF, the world of flying and tourism business has changed dramatically what’s called digital nomads. There’s almost 50 million people that do their coding or do their strategy and the research in different climates. They go north, south predominantly, and they occupy all these planes if they’re doing Forex or flights a year. Well, the planes haven’t increased that enough. The airports haven’t increased to deal with this other demand and people don’t want to be stuck at home. But the analysts on Wall Street keep always saying always negative.
They want to look for something that’s negative. There’s not one analyst that called United Airlines to go up 30% last year, and it only went up 130%. There’s not one that’s talked about Newmont earnings are going to blow it out. The free cashflow is going to explode, and that’s what they announced this week. And so you’re seeing a negative narrative on cyclical assets like gold, like airlines, industry by analysts betting that it’s just going to be a contraction and not realizing the supply of gold is morphed. There’s not a big supply of gold and the adoption of gold will grow, but who’s buying it are family offices and hedge funds. And so we do see that they’re the ones coming in to buy the asset class. But it is, I know for our gold ETF, we’ve not experienced all these redemptions. Maybe because we’re a smart Beta 2.0 and we have the royalty companies, we have a quant approach and we’ve outperformed.
But I think that it’s just something you realize that the markets against cyclical asset classes really are going to come in late in the game. So, I think that when I look at ratios of gold and gold stocks for the S&P 500, I look at everyone likes the gold silver one, but you can also look at copper. The mining cycle is definitely going to, has much more opportunity on the upside than the downside. And the risk is not to be long. I mean, how does Investors Business Daily have a quant approach? Can slim model of picking growth stocks? It predominantly gets all the growth stocks early. They got Nvidia early, this is what they look for, price momentum with revenue and earnings momentum. Well, last quarter, 12 of the 50 stocks were gold, gold miners and the ETF out there are getting redemptions doesn’t make sense. And so I think by the time they wake up to that paradigm, then you’ll get that big piling coming.
Mike Maharrey: It was really interesting when I was reading your article about platinum, you have a really neat chart that shows commodities that are listed in almost like a periodic table. And the top ones for this year so far are all in the precious metals. You had platinum, gold, silver, then I think it went down to pa, palladium and copper. So you see all of these copper’s, not really a precious metal so much, but it’s really interesting looking at that. Folks should check that out because I think it kind of emphasizes
Frank Holmes: Copper has this conductivity and that’s what’s really important. It has a bigger industrial base than silver. And what we’re seeing with particular the copper is what President Trump pushing for developing the copper mines in America. That’s great. But he’s got to fast track the EPAs process for developing those resources for the copper mines. And I think that Robert Freeland was brilliant 10 years ago. He started buying all these copper gold tracks of land in America that people basically ignored. And he was paying a penny for something that’s trading at worth $8 a pound. He’s paying a penny. And he kept stacking these assets and now we’re getting into that cycle because China would love to be able to shut off copper coming from Chile and Peru and from the Congo that it only goes to China. It doesn’t come to America like they’ve tried to do with strategic minerals. And that war for metals and commodities is not going away. It’s just a part of a big cycle we’re living through.
Mike Maharrey: Very, very interesting. Well, where can folks go to follow your work? I mentioned a couple of articles. Where can folks find the stuff that you’re doing and delve into the knowledge that you provide?
Frank Holmes: Well, USFunds.com, sign up for Frank Talk and Investor Alert. But Frank Talk, my investment team, we publish every week. I wrote a piece on my global travels or something unique I see out there. And I think it’s just helpful because I have a hundred thousand readers in 80 countries. We do a SWOT analysis that is three sentences, three strengths and weaknesses that impacted say gold last week and what economic data is coming out next week, which could be an opportunity or threat for gold. So we like to keep it professional game sports, how’d you play last week? Who are you going to play next week? And we fine tune that and that’s why people like it to sort of in particular to look at what’s coming up next week. And so USFunds.com.
Mike Maharrey: Excellent. Well go visit that ladies and gentlemen, and I think you’ll find some great information. Frank, you’re fantastic. Always appreciate your analysis. You always state things I don’t exactly expect, which is cool. So I really appreciate you taking the time out of your day and joining us, and we would certainly love to have you back on the show sometime in the relatively near future.
Frank Holmes: Great. Well stay bullish, stay healthy.
Mike Maharrey: Absolutely. You do the same. Thank you.
Frank Holmes: Cheers.
Well, I hope you enjoyed that interview, and that will do it for this week. Be sure to check back next Friday for our next Weekly Market Wrap Podcast. Check out the Money Metals Midweek Memo podcast as well. To listen to any of our audio programs just go to https://www.moneymetals.com/podcasts">MoneyMetals.com/podcasts or find them on places like Apple Podcast, Spotify or other podcast platforms. And as a reminder and as a big help to us we would ask you to please like, subscribe, download and rate our podcasts. Doing so helps us extend the reach of this material.
Until next time, this has been Mike Gleason with https://www.moneymetals.com/">Money Metals Exchange, thanks for listening and have a wonderful weekend everybody.
