Supply Stress in Shanghai, London, Mumbai Sends Silver Skyward

Mike Maharrey: Greetings, I’m Mike Maharrey, and as you all know, I’m an analyst and reporter here at Money Metals, and I’m really excited to be joined by two of my colleagues today, Stephen Gleason. He’s the CEO at Money Metals. And then I’ve got Jp Cortez, who is the director of the Sound Money Defense League. And really excited to talk to these two gentlemen and just kind of get a little retrospective of what has been a pretty amazing year in gold and silver. So, I want to start with you, Stephan. Everybody knows that we’ve seen this incredible bull market. We’ve seen record after record fall for both silver and gold. But I’m curious to how that looks like from your perspective as a dealer and how has it kind of impacted business? Because I think people would just assume, “Oh, global price of gold’s up, so there must be selling a lot of gold over there at Money Metals.” I have a feeling it’s probably not as simple as that.

So what’s it look like from your perspective?

Stefan Gleason: It’s an incredibly dynamic market globally in gold and silver right now. I mean, we have seen so many things happen in this market. Dislocations, tariffs, obviously war. A few years ago, bank runs. We have change in the administration, assassination attempts. So much turmoil, so much volatility in just geopolitics and the markets. In the gold and silver, honestly, until very recently, it was a tale of two cities really. You had buying in Asia, you had buying by central banks. That’s what took gold from $2,000 to $4,000 over the last two years. It was not the West. It was not US customers. It wasn’t even Europeans for the most part. It was Asia, it was central banks. And we were seeing up until a few months ago, an extraordinary amount of selling back to us compared to what we’d seen in the past. So this is people, folks that had been wise and prudent in picking up gold and silver over the last few years and seeing the gains, particularly on the gold side up until the summer, gold was the one that was really moving.

And people were selling a lot of their gold. And yeah, we were seeing some buying, of course, and at Money Metals, more people buying from us than selling to us on the retail side. That’s always been the case, not the case for local coin shops. And the local coin shops have been just choking on inventory, choking on metal, people bringing it in, unloading it way more than they can handle. They’re having to flip it, they’re having to discount it. They bear the brunt of the selling. Money metal is much more balanced as far as that goes. And maybe that’s because some people like to drop metal off locally and get paid that day and walk out. Even if they get less, sometimes they prefer that. It’s actually more convenient than you think to sell to an online dealer. But anyway, putting that aside, really it was about the summer that things changed late summer.

We’ve really started to see a lot of new demand come into the market. So yeah, we still have the sellers. We still have people that are taking some of their gains and these gains are big. I mean, here now in silver, well over 100% for the year, 60% in gold, at least we’ll see where we end up at the end of the year. But now we’re starting to see in a pretty significant way in the last two months, new people coming in. So I think something has happened. Something has happened in the US public’s mind that they see what’s going on. They see this serial devaluation, they see gold and silver going up and they’re realizing we’re not on board with this. I mean, it was only just two, three months ago that the CIO of Morgan Stanley came out and 20 years too late from our standpoint, but from the standpoint of Wall Street, he’s on the cutting edge.

When he said, “Hey, the 60 / 40 portfolio doesn’t work anymore. This 40% allocation to bonds is way too much. There’s lots of risk, debasement risk, sovereign risk and so forth.” And he recommended that people switch 20% of their bond holding to gold. That was huge. And I think, but again, we’re like one or 2% of US investors have any gold at all and certainly don’t have 10, 20% in gold or silver or mining stocks or any of these assets. So, there is a long way to go, but we’re starting to see that. We’re starting to see people come in. A lot of the calls, a lot of the customers are coming in first time asking questions, the basic questions. And frankly, that’s something we’re really good at at Money Metals and helping hold hands and educate people without high pressure sales tactics that you get with the TV dealers, with the celebrity spokespeople.

So, it’s been a very exciting year, but it’s been changing. And as I said, I think the last three months we’ve seen a big shift. And I think the game is on now. The game is on for the US investor tuning in and getting on board with the gold and silver market.

Mike Maharrey: Yeah, absolutely. I’m glad you mentioned the CIO of Morgan Stanley bringing that portfolio up because I think that’s huge. And it’s interesting because after he did that, you started seeing that percolating up in the financial media. He said it and then you started to see some articles. So this is definitely something I think that has grabbed people’s attention. And I think you’re right. I mean, at some point, the financial media is really not very good at reporting on gold or silver. That’s why you should follow moneymetals.com/news. They tend to downplay everything that’s going on in the gold market. And from our perspective, it’s like, well, how can you ignore this? They’re talking about Bitcoin still, but it’s definitely shifting. So that’s pretty exciting. I’m curious from… go ahead.

Stefan Gleason: Let me jump in there on that because it’s interesting on that very point. I was sort of teasing one of my friends/financial advisors. He’s in my orbit anyway. We have a relationship, a business relationship. And I was like, “Hey, he’s been asking about, he’s giving mainstream advice, wealth management and so forth, clients, both retail and high net worth.” And I was sort of teasing him like, “Hey, do you notice Morgan Stanley did this? What are you guys doing?” And this guy is kind of a risk adverse guy. He’s always been very conservative. And I kind of said to him, “I’m surprised that as focus as you always are on protecting against risk, that you have not been recommending gold.” And he said to me, he said back in a text, he said, “I know I suffer from the same bias that most institutional investors have against precious metals. I’m working through it. I hate to buy after such a strong run, but it just keeps going up.” And so I think that people are missing the boat in the mainstream financial world and now they’re starting to hear from their clients in a way that they just can’t ignore. They’re hearing a few people like the CIO at Morgan Stanley and it’s starting to dawn on them that number one, they haven’t really been serving their clients very well. That’s the first thing. The second is they’re going to lose their customers and their folks are going to lose a lot of money because I think people are starting to get what’s happening.

Mike Maharrey: Yeah. I think it’s funny, he almost frames it like it’s a mental illness. He’s like on the couch. They’re shaking his head. “You got to figure out it’s okay. Precious metals are good. “So JP, you’re more on the policy side. So first off, I don’t want to assume that everybody knows what the Sound Money Defense League does. So I would like first off just to let folks know what you do. But then I’m curious as to how this bull market environment has impacted your work in terms of pushing for sound money policy, both at the state and national level.

Jp Cortez: Well, I think, Mike, 2025 completely changed the game. We were shattering records all over in 2025, not just in the sense of gold and silver prices, but also in this nationwide push to restore constitutional money all over the country. That’s what the Sound Money Defense League does. Started as a project of money metals exchange. And in 2014, since then, we’ve been fighting to remonetize gold and silver. We find that the most effective way to do that is to remove all of the disincentives that affect precious metals investors. This is taxes on buying precious metals, taxes when you sell precious metals, other taxes that the state might apply, taxes or regulations that impose onerous restrictions and privacy invasion on dealers and investors, states establishing their own gold reserves, so on and so forth. All of these things to come further into realignment with the constitutional mandate in Article one, Section 10 that says that gold and silver are in fact money.

So, the Sound Money Defense League has been a leader in questions of legislation and activism and education on this topic.

We’ve seen this massive price increase. In the case of gold, you’re talking about more than 70% year to date. In the case of silver, I think it’s up more than 140%. And all of this, of course, a lot of it, like Stephan laid out, you have a lot of Asian markets buying. You don’t really have this Western retail demand, but we do have, unlike in other times, we have massive geopolitical tensions that seem to be bubbling hotter. We have expected financial or expected Fed cuts, more financial manipulation from central bankers. You have central banks, like Stephan was saying, buying at net breaking paces, breaking records that we haven’t seen in decades. And of course, this safe haven demand, there’s perpetual dollar devaluation happening here in the United States by Congress and central bankers that run the American monetary system, and individuals, states themselves and nations are waking up to this reality and pivoting towards a inflation proof and a politically neutral asset.

And that, of course, is gold and silver. So on the legislative side, we’ve had more success than this past year brought more success than ever before. More than 65 pieces of legislation were introduced in more than 31 states here across the country. That tells me more than 70% of the United States is actively considering policies to help or at least to remove the friction around gold and silver being used as money or as savings and for people to readopt their own gold standards should they choose to. That’s things like in Kentucky where we ended the sales tax on precious metals in Idaho where they passed their state’s largest sales or income tax cut in history, which included the elimination of the capital gains tax on precious metals. In Wyoming, we worked to establish a $10 million gold reserve, physical gold stored within the state, held on the state’s balance sheet.

And these are just a couple of the legislative projects this year that made it to the finish line. Fortunately, outside of just the policy, we record all of this. We also produce a lot of materials and we just released the 2026 Sound Money Index. This is a ranking, a scorecard that we put out every single year where we take all 50 states and we measure them by their pro or anti-sound money policies. There are states that have done very well and have acted proactively towards reducing the impediments to people readopting their own gold standard. The flip side of that is that there are states that are horrible on this issue, states that don’t understand that gold are money, states that see these assets and they see them as potential tax revenue centers instead of an asset that individuals and the state themselves should be holding to protect from dollar devaluation and counterparty risk.

So the index, I encourage everyone to check this out. This is on the Money Metals website. You can find it there and you can find where your state ranks. There have been massive increases. It’s really interesting to see how over the last 10 years, some of these states that started at the very bottom have worked slowly but incrementally and ended up now being some of the top leaders in the nation on this issue. There are also instances that you can see that states have gone backwards. For example, in Washington and Maryland that have chosen to reimpose a sales tax on the purchase of precious metals, these states have taken precipitous falls in the rankings, now ranking 47th and 50th on the index respectively. So the impact that the policies have makes a great impact on a state’s ranking, and the index itself serves as a crucial piece of information.

This is an index that is regularly cited in hearings all across the country on House and Senate floors. So the index is itself, it’s a great resource for legislators and anyone else who’s interested in these topics and want to know where their state stands and further how they can get involved. On the federal level, there’s even more action. This summer, you may have heard listeners to the Money Metals podcast may have heard about Representative Thomas Massey who introduced in June of this year, the Gold Reserve Transparency Act. This was a bill to audit America’s gold. As listeners of this podcast know and readers of Money Medals know, America’s gold has not been comprehensively or even sufficiently audited in several decades. Instead, they are auditing supply or auditing the schedule of the seals. They’re auditing the box and the lock that is on the box rather than opening the box and ensuring that what is purported to be inside it actually is.

This would not pass muster in a private depository. Certainly Stefan could speak to how Money Metal’s depository has redundant practices and dual controls and all of these things, and of course, actual audits, all of these things that you would want in your depository. But unfortunately, here in the United States, it is taking a literal act of Congress to get the people at Fort Knox and other depositories to tell the truth about their purported gold holdings. America holds allegedly 261, I believe, million ounces of gold. So the questions are, is the gold physically there? And Thomas Massey, Representative Massie’s bill addresses that. Is the gold there? We should audit it, we should assay it, and it includes a full inventory. All of the transactions involving America’s gold, this bill would uncover that. It would uncover any leases, any encumbrances, any financial encumbrances that would be placed on the medal, this bill would reveal.

Just recently, fortunately, Senator Mike Lee from Utah introduced an identical bill to Thomas Massie’s bill that includes all of those same things. It audits the gold, but it importantly adds one more feature, which is the refinement of America’s gold.

The majority of America’s gold does not currently meet global market standards. They are unpure bars. They were melt bars, 90% bars during the FDR confiscation of 1933. He took American’s gold, and then that was melted down into 90% impure bars. That does not meet liquidity standards around the world today. So of course, ideally, the United States would not divest itself of its reserve asset, but in the case of ever having to, it should be able to do so quickly and with agility, and it’s unable to do that as it stands today. So Senator Lee’s bill would also call for refinement of America’s gold, moving the reserve asset from what is today essentially a glorified paperweight that isn’t good on markets to an actual bonafide global asset. So on the federal level, we’re seeing this increase and this understanding of gold and silver. Like you said earlier, the price of gold and silver, we’ve seen a massive influx in the policies or the legislative projects that surround or involve this industry.

In some cases, that’s been a really great thing and we’ve seen great legislation pass. In other cases, unfortunately, we’ve seen that this increase in the price of metals and so more attention to the metals themselves as assets on top of the great legislative success that we’ve had over the last 10 years. Unfortunately, we’ve seen now the introduction and even the passage in a couple of places of legislation that presents itself as a pro gold and silver or pro sound money bill. But unfortunately, what this does is introduce a whole host of anti-privacy regulations. It empowers state governments to create surveillance systems, and it essentially creates, in many cases, a central bank or a central state digital currency. And you can talk about, they say it’s gold and gold is in the name and it is heralded as a gold project. But of course, we know that one of gold’s greatest assets among gold’s greatest assets is its privacy and its counterparty risk-free nature.

By including an institution that gold owners and gold investors know instinctively not to trust, you’re actually running backwards. This is not moving the pro sound money ball forward. This is not moving the ball down the field. It is in fact empowering the same government that has created this lack of trust and saying, “Okay, you messed up the paper money. We’ll give you our gold again.” So, it’s ahistorical. These recent policy proposals don’t make sense from the sense of an investor. If I were precious metals, if I were wanting to spend my gold, and I don’t, by the way, that’s Gresham’s law, there’s bad money out there, so I would rather spend the paper money and forward the good money. But even in the case that I did for whatever reason want to spend my gold, I wouldn’t necessarily want to do it through a government-based system where they have full record and they can approve or disapprove transactions.

And I wouldn’t want to store my gold in a state-run depository. We have seen historically that the government stole Americans’ gold. There is no reason for the government or for individuals to trust that their gold is safe in a state-run depository. And precious metals owners instinctively know this. There are state-run depositories already in this country, and it’s not like people are sprinting or waiting in line to get their gold into that state-run depository. There are plenty of other private options available, many of which are larger and more popular and more secure than this state-run depository. So it’s important that we focus on the parts of this that actually empower precious metals owners and actually empower gold and silver as monetary assets, rather than empowering surveillance and more regulation on investors, on dealers, on depositories, and on any other even tangentially related industry close to gold and silver.

So, we’ve seen some of those and in places like Florida and Ohio, but more than that, we’ve seen positive projects. And we’ve also seen that in these states that some of this legislation is being considered, it’s not necessarily that state legislators are dying to regulate this new financial industry, it’s simply that they don’t know. They think they’re doing a good for gold and silver and they’re willing to introduce this legislation. And so they simply have to be told, “Hey, we’re a little off base. Why don’t we take this into something more impactful and something simpler, like removing taxes, establishing gold depositories, establishing gold reserves for the state and various other projects like that. ” So, that’s what we’ve been working on the legislative level. Like I said earlier, we also do a ton of education. And so in addition to the Sound Money Index, I’m happy to say we are also the leaders in the Sound Money Scholarships and Sound Money Fellowships teaming up with Money Metals Exchange.

We offer thousands of dollars, tens of thousands of dollars every year to enterprising and intrepid individuals, college students, high school students, graduate students, independent researchers who are willing to create content on this, to write essays, to write articles, and to further our understanding of gold and silver as money, to further our understanding of gold standards, and of course, to further our understanding of the failures of FIOP. And so the index, or excuse me, the fellowship and the scholarship is something we’re doing in coordination with Money Metals. And recently, I’m actually very proud to announce you can go on our website and see it right now. We are proud to announce the Sound Money Review. This is a journal, a scholarly publication that we’ve put out starting this year as a vehicle to which to present our fellows the work that they produce for us. But we’ve also taken this opportunity to include various articles and journal entries and thought pieces that are timeless, that help us understand gold and silver as money.

And there are countless of these articles and journal entries out there that have been archived or have been forgotten. And so this is our attempt to bring these back into the fold now that gold and silver has more attention. There are more eyes attuned to gold and silver and the problems of paper money than there have been in any time in recent history. And the Sound Money Review is our latest offering to the legislative and educational field of sound money.

Mike Maharrey: What an exciting project and you’re doing such important work. And I think it’s important for people to grasp that this legislative work, it’s both offense and defense, right? You want to move in and you want to get these policies changed, but then you have to be ever vigilant because there’s always somebody in the background that’s going to, “Ooh, look, we could get all these capital gains if we just tax this. ” And you do such a good job.

Jp Cortez: And that’s the problem. Thank you very much, Mike. And like I said, this is very much a team effort. The Sound Money Defense League would not be here without Money Metals Exchange. And so to anyone listening to this, if you have heard of one of these states, if you’re in one of these states that has removed sales tax, removed capital gains tax, reaffirmed status as money, established a gold reserve, there’s a very good chance that the reason that that happened was because of the support that we get from Money Metals. So they make all of this possible. So to anyone listening to this that supports the Sound Money Defense League and maybe was not aware of the connection to Money Metals, I encourage all of you to support the people that support us. We wouldn’t be able to do any of this work without the resources that come from Stephan and the team.

Mike Maharrey: Yeah, absolutely. So Stephan, JP teed you up perfectly for this on the discussion of depositories. He mentioned cryptically that there are alternatives out there to the state run depositories and Money Metals has one that’s brand new. So why don’t you tell folks about that because that’s really an exciting thing.

Stefan Gleason: Yeah. Well, Jp’s doing a great job with the Sound Money Project and it’s a reflection of our views and our mission really as a company. This is why we’re in precious metals because we believe in sound money, we believe in liberty, we believe in privacy. And while we’re helping people in a big way get on their own personal gold and silver standard, we’re also working to try to liberalize the laws that really need to be changed and we’re having some great success with that. Going to the Money Metals depository, we’ve been in the depository business since 2016, I believe, and we had our own smaller depository we built in 2017 at Money Metals in Idaho. However, the amount of demand that we see coming in for precious metals at that time, especially during COVID, but then just looking forward and also the amount of storage space that we see that was needed for this demand.

And of course, most people have a ship it to them, by the way. Virtually all customers want to have at least some, if not all of it, in their personal possession. But when you get into these larger amounts or you already have a lot and you want to secure some of it remotely or have the convenience of being able to sell it more easily, or you don’t like the jurisdiction you’re in, maybe you’re in a city that is not as safe or whatever and you want to get it out. Anyway, the depository business is a big, big need. And so we built a massive facility. It’s the largest depository west of New York. It’s twice the size of Fort Knox. It has 8,500 square feet in class three vault space, which is unheard of in North America other than the New York Fed. It’s a 40,000 square foot facility that we can expand to 70,000 square feet.

And we probably will be working on that over the next couple years, planning that out. But bottom line is Idaho is a great jurisdiction for precious metals. It’s a safe area. We’re situated right next to the county sheriff, the city police. We have our own police force, all retirement, retired police and military on our staff. Everybody is armed, super secure, dual controls, electronic security, lasers, all kinds of devices and secure barricades and so forth. Anyway, it takes a lot. It was a multi-year project getting it done. We moved into it last summer, a year ago. We’re already seeing that we kind of wish we built it bigger, especially with what’s been happening the last few months with the new demand. So I’m very excited about the future of Money Metals and its ability to service this growing and potentially even explosive need among the American public to diversify away from Federal Reserve notes and get some money into gold and silver.

And Money Metals Depository is part of our overall basically mix of services. Money Metals first and foremost is one of the largest online dealers in the US. We buy and we sell. We also provide some wholesale services for businesses in the industry, but we’re really focused on the retail side. So we buy, we sell, we store. If you have a business need, we can lend against your gold and silver. You could get a loan, which is something that’s really not available in the United States. It’s something they do in India and other parts of the world, but it’s just not really available in the US and certainly not at rates that are not pawn shop type rates, but rates well under 10% in the single digits, somewhat competitive with a home equity loan. That may be the best rate that you’ll get, but you can get pretty close to that with a gold back loan through Money Metals.

So, it’s a growing need. So, storage loans, we also have a monthly savings plan. We have thousands and thousands and thousands growing every year. I look at it, we make a report internally on the growth curve of our monthly savings plan, our monthly purchase plan. And this is another way of getting onto sort of an autopilot type thing. It’s a set it and forget it type of thing where you’re using … The default is that you’re investing in gold and silver every month instead of affirmatively having to go out and make a purchase. And so we have a huge number of customers sign up for that. It’s a monthly purchase. It’s on a scheduled particular day. Most people pay by ACH. We ship it out or we put it in your storage account. I mean, there’s just so many great little programs within Money Metals.

We want to be the one-stop shop for America’s Precious Metals buyers, and I think we’re doing a good job of that. We’re capturing market share again in the top three largest online dealers in the US. I think we’re also very, very aligned with our customers. We know what we’re selling. We’re not just selling gold widgets. Some of the other sellers are just selling gold. They sell product happens to be gold. It could be something else just happens to be gold. There’s no content, there’s no education, there’s no thought leadership, there’s no public policy project promoting the interests of our customers and of the country. They just sell gold widgets. We know what we’re selling. We are selling, first of all, sound money and we’re helping people make that transition and we are very aligned and that’s also why we are heavily involved in content and publishing activities and really have the number one news website in the industry.

So, we’re trying to basically cover all the needs that our customers have. And I think the market is responding well. And the amount of growth and excitement, not just in our business, but among our customers and the referral program where they bring their friends and families in, it’s very exciting. I think we’re onto something. I think we built a great platform to service our customers and ready for growth.

Mike Maharrey: Yeah, absolutely. I had the opportunity to come out there a few months back and visit the depository and meet a lot of the folks. And I was particularly impressed with the folks who are working the phones, how knowledgeable they are. And it’s like you said, But it’s not like they’re just selling this widget. They believe in what they’re doing and they believe in it beyond just as a quote unquote product. This is something that is kind of interwoven into this philosophy of liberty and freedom and the ability to flourish. So, I was really, really impressed with the whole team. And Stefan, I just wanted to compliment you publicly for the group you put together because it’s really amazing. And I would tell anybody absolutely this is a company you can trust because it is being built on an ethical and principled platform from the very top.

So that’s great. I want to close out real quick. We’ve run out of time, but I want to give you guys one opportunity very quickly. I want you to give the audience one thing that you think that they should think about looking forward into 2026.

Stefan Gleason: Well, I mean, I guess one thing I would say is that it’s time to reorient your thinking. And of course, most of the people listening probably already have, but I think most Americans are viewing everything through the wrong lens and they’re looking at every asset, everything they do financially, they’re looking at through the dollar. That’s the old model. It’s a corrupt political unit that’s being changed and devalued and diminished by the day, by policy. And you can’t measure things in that anymore. You need to start, I believe, reorienting your thinking to look at what things are valued in terms of gold or silver. And just break that mindset because the idea that you’re getting ahead, it’s deceptive. When you find out that you got five or 10% valuation of that currency unit going on every year and the Fed is only willing to admit to 3% or whatever, and that’s their policy essentially, which is bad enough, but it’s actually way worse.

That whole thing is broken. You need to change your thinking. And once you realize what game is going on, which is to devalue the currency unit, you can start making better decisions with what you do with your money. And so I guess that’s the main thing. Going into 2026, I don’t know what’s going to happen with gold and silver prices. Obviously, there’s been a huge run. There’s reason to believe that silver is moving an entirely new realm of prices after it’d been contained by that $50 level for 45 years. It was an underperforming asset, frankly, for most of that time. It was one of the worst performing commodities for a lot of that time. And now it’s sort of woken up and it’s rerating. And maybe that continues in a substantial way. I certainly am not selling my silver and most of our customers aren’t either, unless they want to take a little money off the table and there’s nothing wrong with that.

But anyway, I think we’re going to be in for an exciting year in the precious metals market, but that’s what I would leave people with.

Mike Maharrey: Yeah, that was perfect. Jp.

Jp Cortez: I think I would reiterate that inflation and these policies that negatively affect the finances of many Americans are not accidents. These are all the result of intentional policy choices. These are not acts of God. These are not natural disasters. These are central bankers and bureaucrats and politicians who are intentionally choosing this policy. And so what I will leave people with in 2026 is asking people to recapture the idea that they have power politically because they do. At least at the state level when we’re fighting these fights to state, the most important tool that we have, the greatest reason for our success for the last 10 years has been the grassroots efforts. It’s been the individuals, the people in the state saying, “I would like to participate in this legislative battle. I will make the phone calls. I will send the emails.” And that is by far and away the most influential and most effective tool that we have to pass this legislation.

So, I’ll leave you with the famous, was it Senator Everett, I believe, who famously said that politicians-

Stefan Gleason: Everett Dirksen.

Jp Cortez: Yeah. Everett Dirksen, that’s right, who that politicians first need to feel the heap before they can see the light. It’s important that we not fall asleep here. Our politicians are our central bankers. They are at the wheel and they are steering this ship towards a disaster, and we cannot let that happen without our participation. So I would encourage anyone listening to this to realize that you still do have power, at least at the state level. I understand why political efficacy is at an all-time low. I understand feeling powerless and hopeless to the fact that your dollar’s being devalued and there’s nothing you can do about it, but there is because there is an alternative. So not to get sucked into these black holes of despair, to realize that there is an alternative and these policy choices can be undone.

So, pick up an arm. And in that case, I mean, participate in these battles that we are a part of. I encourage everyone to go to the Sound Money Defensively website where you can sign up for our list and you can get these alerts that will make you aware to when these battles are happening, who the key legislators are, what the votes we need are. We make it very easy to participate. So I encourage everyone to actually participate because you can make a difference.

Mike Maharrey: Yeah. And that’s soundmoneydefense.org, correct?

Jp Cortez: Yes, sir. Soundmoneydefense.org.

Mike Maharrey: Yeah. And of course folks can visit moneymetals.com and pick up your precious metals and also follow our news over at moneymetals.com/news. And it’s been a real pleasure talking to you gentlemen and always a pleasure to work with you. I’m so happy to be part of this team and glad we got to have this little discussion. I hope you both have a very, very happy new year and we’re excited about what’s coming up in 2026.

Stefan Gleason: Great. Thanks, Mike. Thanks, Mike.