GOLD is the money of the KINGS, SILVER is the money of the GENTLEMEN, BARTER is the money of the PEASANTS, but DEBT is the money of the SLAVES!!!

Tuesday, August 5, 2014

Andy Schectman: Physical Supply Problems Coming

Jason Burack of Wall St for Main St interviewed President and Co-Founder of Miles Franklin, Andy Schectman. Miles Franklin has been in business selling precious metals since 1989 or about 25 years.

This podcast interview was done due to a listener request about interviewing a bullion/precious metals dealer that has been around during both the 1999-2000 technology bubble and the 2007-2009 housing bubbles and dealt with physical demand during the last 2 major US economic/financial crises (bubbles) fueled by the Federal Reserve, other global central banks and Wall St.

During this 30+ minute interview, Jason asks Andy what physical demand for gold and silver was like during the technology and housing bubbles.

Andy says there was little or no demand for physical precious metal after Y2K and when the technology bubble burst but that demand for physical precious metals exploded in 2007-2009.

Andy says Miles Franklin was selling metal for up to 100% premiums to spot prices and customers had to wait 14-16 weeks in some cases for delivery of their metal at the height of the 2008 crisis. This is while the paper price of silver was collapsing from $21 down to $9. Andy says the paper price had no real accurate indication of what real life demand for silver was at the time.

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