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Thursday, February 16, 2017

Physical Demand For Gold Is Going To Increase This Year: Craig Hemke

Transcript : Craig McKee Craig has been a 0:28 security professional for nearly 20 0:30 years he's a creator and owner of teeth 0:33 metals report he has a podcast you can 0:35 find all this information on PS miles 0:36 report com and I like to welcome Craig 0:39 back to the exponential report spotlight 0:41 great welcome back to the spotlight my 0:43 gosh debut said 20 years and I started 0:45 thinking it's got to be like it sound 25 0:47 that's how old I am getting it only 0:50 seems like it's 55 actually uh oh my 0:53 gosh i actually gave I saw a picture of 0:55 myself 0:56 you're probably put it up here up with 0:57 this podcast page from like 5-7 years 0:59 ago whenever is taken and i look like 1:01 you know like bush and obama both look 1:03 like they age 25 years while they were 1:05 in office anything that's pretty much 1:07 what happened to me over the last five 1:09 six then convertible but anyway 1:12 hey thanks it's always good to visit 1:13 with you today hey thanks for being on 1:15 here at you know I just wanted to start 1:17 off with the economy and we have Charles 1:20 men are out there Harry dan cliff hi jim 1:22 rogers they're all saying that something 1:24 bad is going to happen 1:26 the latter part of this year and when 1:28 you look at the economy and you look 1:30 around and you see what's happening 1:31 what's your take on what's going on 1:33 right now 1:34 well it i would always caution against 1:36 us something bad is going to happen 1:37 later on this year you know the old the 1:40 old adage was back when i began as a 1:42 stockbroker back in the early nineties 1:44 was you never want to get date and price 1:47 in the same sentence you know to say 1:49 that Walmart's going to 40 sounds pretty 1:51 good but when you say Walmart's going to 1:53 40 by christmas is a whole other smart 1:55 cookie and so I you know if what if the 1:59 world doesn't end there in bad things 2:01 that happen by the end of this year you 2:02 know I'm sure Harry and in all the rest 2:05 come back with another forecast for 2018 2:07 but I am where be tho of what I 2:13 continually called the generally 2:15 accepted narrative and we're getting a 2:17 dose of it again here this morning with 2:19 mother felon in front of the Senate 2:22 Banking Committee with the 2:23 humphrey-hawkins testimony 2:25 and there's this narrative that's been 2:27 promoted heavily ever since the election 2:30 of Trump that this 2017 was an easily 2:34 predictable year is you know no problem 2:36 at all the dollars going to get stronger 2:38 and interest rates are going to go up 2:39 and the bond bubble is going to burst 2:40 and the stock market's going to go 2:41 higher as if it was all just a faded 2:44 completely and I maybe it will be I mean 2:46 a lot of smart people that think that I 2:48 tend to be a little more contrary in 2:50 nature and think that when everyone is 2:52 on the same side of the trade usually it 2:55 doesn't go that direction so far in 2017 2:59 is played out that way though 3:01 and now the dollar the dollar yen are 3:03 bouncing back up a little bit but you 3:04 know the dollar at one point was down 3:07 almost four percent year-to-date before 3:09 this little bounce began about a week or 3:12 so ago so we'll see we'll see if it's as 3:14 simple as everybody lead you to believe 3:16 you know all these rate hikes are 3:18 getting priced in we've been promised 3:20 rate hikes this is what 2009 3:23 yeah and so far we've gotten one each 3:26 over the last two years and you know I'm 3:28 gonna have to see it to believe it again 3:31 I just I just don't know if 2017 will 3:34 play out in the manner that you know 3:36 everybody seems expected well now Trump 3:39 as he came into office action when he 3:41 was campaigning he was talking about 3:42 getting a bringing back jobs 3:44 manufacturing other jobs keeping jobs 3:47 from going overseas and he talked to 3:49 carrier for GM and a lot of these 3:53 companies they're they're still taking 3:54 the jobs and moving them to Mexico they 3:56 haven't really changed anything 3:58 now as Trump is continuing out there 4:00 saying this 4:01 do you think with the current economy do 4:03 you think you can actually bring the 4:05 jobs back to the US will that even make 4:07 a difference 4:08 well it is you wonder about you know 4:10 frankly is in this may sound like really 4:13 way out there 4:14 whacked-out but I've always thought in a 4:16 sense some of the job exporting was 4:19 actually related in a way to the 4:22 petrodollar steam you know how is the 4:26 video Kissinger came up with that back 4:28 in the early seventies you know we 4:30 always price energy and dollars always 4:33 be demand for dollars and those dollars 4:34 that we print here we have incubated and 4:36 recycled and all that kind of 4:38 and i think the tax structure of the US 4:41 was also set up in a similar manner so 4:45 that if we continue to offload 4:46 manufacturing and get good to be 4:49 manufactured in other you know parts 4:53 around the world and other places around 4:54 the world where they can be manufactured 4:56 less expensively and then shipped here 4:58 that that is also a way to kind of 5:03 incubate dollar ship dollars overseas 5:05 when we buy these other countries goods 5:07 and again get them all incubated I you 5:11 look I'm no tenured economist so I 5:14 haven't written papers on this kind of 5:15 thing but that's always been my idea and 5:17 so I wonder if one if he'd be successful 5:21 in remaking the US economy than any 5:24 president actually do that and if it 5:26 isn't too far gone and if that system 5:28 isn't already so entrenched that there's 5:30 not much you can do a lowering the 5:32 corporate taxes and trying to I guess 5:36 they call it repatriate these funds that 5:38 are held overseas by the US corporations 5:41 and have those dollars come back so that 5:44 the government can tax them 5:45 I wonder about that from almost from an 5:49 inflationary standpoint I don't know it 5:52 could be significant enough that it 5:53 would it cause much inflation but a lot 5:56 of these things that he's talking about 5:58 our it's really difficult to predict how 6:01 it might all play out should have come 6:03 to pass that which I guess kinda gets 6:05 back to what we talked about in the 6:07 first question you know is it really 6:08 that predictable and straightforward as 6:10 to as to how a trump administration is 6:12 going to play out if we listening to 6:14 what Mario draggy christine lagarde and 6:17 fitch just currently they said oh yeah 6:19 you know Trump's economic policies 6:22 what were their forecasting is that the 6:25 economy might you know suffer under this 6:28 and if the economy not just here in the 6:31 United States but globally start to 6:33 deteriorate it's because of trumps 6:35 policies and Mary drag he said this 6:38 christine lagarde said this bitch said 6:40 this and to me it sounds like they're 6:42 kind of setting him up to take the fall 6:45 for the economy deteriorating as we move 6:48 forward 6:49 yeah you know and end on it on that test 6:52 similar note Dave you know he's got 6:54 Trump has its chief trade advisor i 6:57 think is the guys title a gentleman by 7:00 the name of Peter Navarro and this guy 7:03 set his sights on in a couple places 7:05 already you know the truck has talked 7:07 about Mexico and a border taxes and 7:10 tariffs and things like that and then 7:12 Navarro himself without talking about 7:15 the ECB and the euro and and how the 7:18 euro is undervalued versus the dollar 7:21 and that kind of rocked the currency 7:23 markets one day a couple weeks ago with 7:25 cat Navarro besides be another I guess 7:29 it's a harvard economist he's an author 7:30 and two of his gets more popular books 7:35 one is called the China wars and then 7:40 the second one is called death by China 7:42 as I woke hey how long before this guy 7:46 turns his sights on China and you know 7:50 whether you want to call the biggest 7:52 currency manipulator i don't i would see 7:53 the Japanese are probably the biggest 7:55 currency manipulator but with the way 7:57 the PBOC pegs that you want to the 7:59 dollar 8:01 I think it's probably just a matter of 8:03 time before that gets shoved to the 8:05 forefront and Trump's trade policies 8:08 because of the china and the tariffs and 8:11 things like that he discussed during the 8:13 campaign you just don't know how some of 8:16 the stuff is going to play out how it's 8:18 going to be received not only in the 8:19 markets but interpreted by the computers 8:22 that run all the market 8:24 I it we just have to wait and see you 8:26 have any one more thing to date you know 8:28 that there is one thing that really 8:30 moved everything one day last week was 8:32 when Trump mentioned something about you 8:35 know is a huge tax cuts that were not 8:37 coming and we're going to be spectacular 8:38 and we have something in two or three 8:40 weeks and that sent the dollar you know 8:43 screaming higher and that kind of thing 8:45 and that's it like as if he's just gonna 8:49 wave a magic wand in two or three weeks 8:50 and these things are going to happen in 8:52 the effects on the economy are going to 8:53 be instantaneous you know he might have 8:55 a plan and you might have a couple of 8:57 ideas you can support 8:58 that's just going to go through Congress 9:00 and then it all has to then eventually 9:02 take a fact in most of it wouldn't take 9:04 effect immediately if it even did get 9:06 past and we talking late this year next 9:08 year and by the time any of that 9:10 trickle-down the actual economy it's 9:12 another couple of quarters but yet these 9:15 markets these days again these are all 9:16 run by computers and all these computer 9:18 scan the headlines again i guess i'll 9:20 just draw back again to where we began 9:21 you know I I think we have to be kind of 9:23 cautious with all of this stuff because 9:26 we just don't know one what Trump will 9:29 suggest how and then how that will 9:30 affect all the different global markets 9:34 now that's true i wanted to move on to 9:36 gold right now and let's come your arm 9:38 we talked about Germany repatriating 9:40 their gold they want to 300 comes and 9:42 looks like that has been completed it 9:44 looks like they got all their gold back 9:46 but i don't know if you saw this but 9:48 something was very interesting about the 9:49 gold bars they received they had 9:51 different labels on the bars then yeah 9:54 what they had before and that is kind of 9:57 strange does that tell you something 10:00 does that mean that maybe the Fed really 10:03 didn't have the gold right what does 10:05 that say to you that was kinda thought 10:07 at the time 10:08 yeah yeah that's always been part of it 10:11 and then if i recall right the in the 10:14 first six or seven metric tons of things 10:16 that they pulled out in 2013 there they 10:21 immediately had them recast and that how 10:23 that initially worked i mean they ship 10:25 them some to some refinery in Germany or 10:27 Switzerland and recast and all and 10:30 people thought you know it was the US 10:32 just kind of fending off some of their 10:33 old coin melt bars from the nineteen 10:35 thirties you know that where 90% purity 10:37 if if there were I just have always been 10:40 all these questions surrounding that 10:42 German repatriation schedule and you 10:45 know as you talk about in Europe and 10:48 Germany I and that's certainly an 10:51 interesting item I but you know as we 10:53 look forward into this year I think you 10:56 can press even more compelling will be 10:59 the demand for physical from just 11:02 everyday Europeans because one of the 11:06 things that hasn't changed is obviously 11:09 breakfast it is moving forward now we're 11:11 going to have a 11:11 boat what we have to vote in the House 11:13 of Commons last week and now the house 11:16 of lords will be back 11:17 I think it's a week from Friday and 11:19 they'll begin whatever they do they 11:21 eventually get prime minister maybe 11:23 approval to go ahead with the article 15 11:26 production and then we've got now we've 11:28 got everything is going on in Greece 11:29 rearing its ugly head again we've got 11:31 the continuing problems in Italy and we 11:34 got marine lepen kind arriving at 11:36 writing the same way the Trump road 11:37 there is there are real threat to the 11:41 European Union and the single European 11:44 currency and so if you're a a regular 11:47 European you know wherever you live 11:50 Luxembourg Belgium or whatever and 11:53 you're faced with a kind of a double 11:55 whammy of negative or zero interest 11:59 rates on your savings and euros but then 12:02 a to valuing euro because i mean it may 12:05 be going away the dodo bird 12:07 you look at that you think will I've got 12:09 to have an alternative for how I'm gonna 12:11 hold my savings and i think that could 12:13 be a real significant grassroot demand 12:17 for physical gold in the months ahead 12:21 and that's that's another story for 2017 12:23 that people need to really keep an eye 12:25 on yet you mentioned the brexit in the 12:28 EU and a lot of the other countries most 12:30 likely they'll have some type of 12:31 referendum saying we don't want to be 12:33 part of the EU we see it's heading that 12:35 towards that direction and Germany like 12:38 we just mentioned was asking for all 12:39 their gold back 12:40 why do you think they think accelerated 12:43 the process of getting the gold back to 12:46 their country to do they know something 12:48 yeah that makes you wonder doesn't it 12:50 because again started it 12:53 we're speculating here there could be 12:54 any one of a number of reasons but is 12:56 that certainly in the ballpark of 12:59 rationale isn't it that they would nigga 13:01 yeah they're going to play ball and in 13:03 you know and wait there seven years to 13:05 get there 300 tons and then they could 13:07 see these dominoes falling into each 13:09 other and they said who 13:10 he's taking hold on just a minute you 13:12 better give us a gold now because 13:15 there's all this turbulence on the 13:17 horizon 13:17 yeah I mean no doubt about it I mean we 13:20 talk about Greg sit and breakfast it and 13:23 practice it for France and it to leave 13:26 for Italy there are a lot of that mean 13:30 anyway it really if you just take 13:31 yourself back to her for years just the 13:33 structural problems you know of the the 13:36 northern euro-area basically paying for 13:39 and covering the deaths of the southern 13:41 euro-area you know we all these talks 13:43 about whether the euro which split apart 13:45 just based on those structural problems 13:47 and now you've got people country is 13:48 wanting to leave the euro 13:51 yeah i mean that that could be released 13:54 i'm holding out hope that it will be one 13:56 of the key drivers of physical gold 13:59 demand that finally finally breaks apart 14:03 this it's really a scheme of paper 14:06 derivative pricing scheme that has held 14:10 for the metals since you know the 14:12 mid-seventies that's what we're all 14:14 waiting for and something like that it 14:17 could be finally enough significant 14:19 demand people wanting it in their own 14:21 hands not wanting to play in the 14:22 unallocated system not wanting to shares 14:24 of some etf not wanting a pool to count 14:28 ubs but actually wanting the real thing 14:30 in their own safe because it's such a 14:32 time of monetary change that could be 14:36 enough to to really upset the apple cart 14:39 that the bullion banks have been pushing 14:41 along now for 40 some-odd years now you 14:45 mentioned the gold and that the precious 14:47 metals market and we saw that 14:49 manipulation was like Deutsche Bank and 14:51 other banks and they pay fines and 14:53 things like that but nothing really 14:54 happened it looks like the manipulation 14:56 is continuing like nothing's really 14:58 changed 14:59 uh you know gold moves up and down just 15:01 a little bit and every time it starts to 15:03 move up all of a sudden its push right 15:05 back down into this area really hasn't 15:07 gone anywhere for a very long time and 15:09 it that I'm sorry / interruption please 15:13 I was just going to what one thing I was 15:14 gonna say with cliff i was saying what 15:16 Ellis i have an interview with him that 15:18 silver is going to be a very close 15:21 relationship to gold later on and it's 15:24 going to be you know worth almost as 15:26 much as gold that you know it would be 15:29 interesting to see if it gets to that 15:31 point a you know when I look at the the 15:35 silver market and yeah if you could see 15:38 me right now I'm making like the little 15:40 quotation marks with my fingers like 15:42 people to what I say the word market 15:44 it's a great example of on economic 15:50 pricing because I mean hectic eighteen 15:54 dollars an ounce silver is basically the 15:55 same price that it was in the late 15:57 seventies 40 years ago everybody said 16:01 well you know silver is a great to hedge 16:04 against inflation and all this going to 16:05 commodity and commodities go up is 16:07 inflation all the really 40 years about 16:09 that 16:10 yeah uh-huh what else has not gone up 16:12 for 40 years 16:13 silver is about it and why is that it is 16:17 because the market that is used to price 16:22 come up with a price for silver has 16:25 nothing to do with the actual exchange 16:27 of physical silver the prices instead 16:29 set on these electronic derivative 16:32 exchanges and then people accept that 16:36 price that's discovered for these 16:38 derivatives is the price for the spot 16:40 physical it doesn't make any sense it 16:43 again in these derivatives markets like 16:46 right now the the comex in New York has 16:49 in a total open interest of silver 16:51 contracts of a hundred and ninety-five 16:53 thousand contracts each contract 16:56 represents five thousand ounces 16:59 we're talking 975 million virtual 17:04 digital ounces of silver that are 17:09 available on the comex there's no 17:12 there's not 17:12 975 million ounces of silver on the 17:15 comex I mean in the silver that they're 17:19 half of its controlled by JPMorgan but 17:21 that's a whole other story 17:22 what-what-what is there is 975 17:25 million virtual announces the heck Dave 17:28 the world only produces annual supply 17:30 about a hundred and eighty million 17:32 ounces so how is it that the exchange 17:35 where prices discovered could have a 17:39 hundred and ten percent of global supply 17:41 in open interest and at the end of the 17:44 day it's just unlimited creation is 17:47 infinite creation of these derivative 17:49 contracts that has led to a distortion 17:52 in what should be an economically viable 17:55 price for silver that the two symbols of 17:58 of that distortion are the ongoing 18:00 supply deficit you get those numbers now 18:03 I think it depends on who you talk to 18:05 Steve San Angelo would tell you we've 18:07 been in a silver supply deficit now for 18:09 the last 15 years even more I guess 18:13 we'll call a conservative outlets like 18:14 Thompson Reuters a GF ms would say at 18:17 least the last five years we've been in 18:19 a supply deficit for silver and on a 18:21 nother level is that pricing structure 18:24 that explains the gold silver ratio of 18:27 72 one or whatever the hell it is at 18:29 this point I mean for time immemorial 18:31 it's been what 12 the one sixty-two one 18:34 and now suddenly it's 72 one why is it 18:37 71 because again the price that you're 18:39 using in that ratio is not determined by 18:42 the physical exchange of silver own sure 18:45 there's silver exchange at that price 18:47 but the price that's used is determined 18:50 by the supply and demand of the 18:51 derivative i mean it's it's just it's a 18:54 convoluted scheme that is rife with 18:58 corruption as you mentioned with insider 19:01 trading and manipulation and fraud and 19:04 unfortunately it's the system we have 19:07 until it finally breaks now what you 19:09 mentioned though is the right thing to 19:10 do is the right thing to do is to 19:11 understand that this price is inaccurate 19:16 an economic whatever you want to call it 19:19 and then use that to your advantage and 19:21 then just wait until the system finally 19:23 collapses under the weight of the i 19:26 guess the deceit and the frog now it's 19:30 true and then I mean right now it's so 19:33 cheap that you should be hoarding it you 19:36 should not be buying as much as you pass 19:38 we can because you know eventually it 19:41 the system will break 19:42 I mean we i mean if you just look around 19:44 and you can see all the economic data 19:46 might talk about the stock market i'm 19:48 talking about the real economic data 19:49 with retail contracting gdp manipulated 19:52 unemployment manipulated me never really 19:55 were living in an economic illusion 19:57 right now listen and the truth is 20:00 actually going to crush away the 20:02 illusion and things are going to change 20:04 dramatically when is that gonna happen 20:06 don't exactly know but it seems like as 20:09 we move you know month to month to month 20:11 it seems like you know you can tell that 20:14 things aren't going as planned because 20:17 you know they blame you know retail on 20:19 the weather but retail continually 20:21 contracts gdp now never got over three 20:24 percent of things but on average like 20:25 120 percent throughout the whole year 20:27 net the manipulated number 20:29 yeah and unemployment I mean that 20:32 there's companies still laying on me 20:34 just saw credits which can be laying off 20:35 another 6,500 people today write it in a 20:38 day will give you a number that can't be 20:40 fudged or against it may be more 20:42 difficult to judge because it's not just 20:43 a statistical guess work late I guess it 20:46 was friday Treasury budget came out and 20:49 they noted that the tax receipts or 20:51 december you have I think it was just it 20:55 was either December general i believe it 20:57 was december and you know there was 21:00 headlines are some stories that actually 21:02 even monday the setup us tax returns to 21:05 the record and all that kind of stuff go 21:07 with the way you have to look at it 21:08 though is year-over-year and 21:11 year-over-year catch receipts have 21:13 fallen and that right there is really 21:17 tax rates haven't changed and so if you 21:19 want a real measure of economic activity 21:21 and employment and all that kind of 21:24 stuff 21:24 federal US federal government tax 21:27 receipts is a great way to look at it 21:28 you're a hedge notice on friday they put 21:31 up a chart showing that the last five 21:33 occasions when tax receipts 21:37 year-over-year have moved into negative 21:39 it is that always been a precursor of 21:42 recession so you know the BLS and all 21:47 the other government agencies can sit 21:48 there and crank out their statistical 21:50 guesswork 21:51 and how many jobs were added you know 21:53 and all that kind of jazz and and mother 21:56 yelling can talk all about you know the 21:58 robust economy at full employment when 22:00 we have 95 million people not in the 22:02 labor force and all that kind of stuff 22:03 but I want to get down to brass cat can 22:06 you actually see hard data that really 22:09 can't be fudged those tax receipts you 22:11 realize you know maybe the US economy is 22:13 really humming along as much as they 22:15 would lead you to believe that's 22:17 absolutely true 22:18 I just wanted to get quickly for the 22:20 last part here i want to talk about 22:22 geopolitical things happening around the 22:24 world i mean right now we see Trump is 22:27 telling you know China you know be 22:29 careful we're gonna you know sailor 22:31 ships in the South China Sea we see Iran 22:34 things are heating up there 22:36 ukraine we see war is heating up there 22:39 Kim Jong Un's brother Kim Jong ma'am he 22:44 was a he was fascinated murdered 22:47 something he died he was 45 and someone 22:50 saying that there was two women they 22:52 stuck him with this needle or something 22:53 and then they they left the area so to 22:57 me it seems like there are other powers 23:00 forces at work here trying to push us 23:03 maybe in to award you do you see any of 23:06 that 23:07 yeah I only follow that really closely 23:09 at TF metals report and I sauna the 23:12 thing on Kim jong-un's brother I think I 23:14 mean I hate to make light of the guy 23:15 could be dead but he got a pretty good 23:18 deal yet to figure is time was you know 23:20 numbered any sunrise he saw i had to 23:24 figure I didn't expect to wake up today 23:25 and eventually at the figures brother 23:28 was going to come get it to get stuck 23:29 with poison and just drop dead is a much 23:31 better fate than uncle general June who 23:33 I think they strapped to a slab of 23:35 concrete mortared right remember that 23:37 yep to cut least he was nice enough to 23:41 his brother to just hit him with some 23:42 poison anyway 23:44 yeah I don't know how how that's going 23:47 to play out you know they're shooting 23:49 off missiles and the Iranians are doing 23:51 their thing I i still buy most grave 23:54 concern and we've chronicled it yet KITT 23:56 metals report now for three years is a 23:58 situation in Ukraine and the the war 24:02 party as we call it of the 24:04 West that is doing everything they can 24:07 to machines to provoke some type of 24:11 conflict with Russia and now you know 24:13 three years on war seems to be heating 24:16 up again in the southeast of Ukraine 24:18 where did the Kiev government with help 24:24 from NATO and us advisers is up against 24:28 in these kind of a column separatists 24:30 but you know I mean they're just 24:31 regional southeast Ukrainians that don't 24:34 want any part of the Kiev government and 24:36 now we've got you know both sides logger 24:38 heads down there i think that's a very 24:41 dangerous situation in the time since 24:43 that was originally kind of beginning to 24:46 draw headlines three years ago now 24:48 nato-led us have positioned troops into 24:53 the Baltics in the Estonia and Latvia 24:56 and Lithuania was so basically directly 24:59 on Russia's western border that is the 25:03 first time since june of 1941 that 25:08 hostile potentially hostile troops have 25:11 been directly upon Russia's western 25:14 border that's why they had the Iron 25:16 Curtain right day they push their 25:17 borders out to Poland and East Germany 25:20 and all the rest to keep troops off the 25:22 board 25:22 why is know it you're a Russian that 25:26 with any knowledge of history at the 25:28 last time there were foreign hostile 25:31 troops right on your border 75 years ago 25:33 that didn't turn out so well that led to 25:35 26.3 million dead Russians and so you 25:39 kind of remember that stuff and believe 25:41 me the Russians remember that stuff and 25:43 so is putting troops there now because 25:45 we're going to stop that rascally Putin 25:47 that's just isn't let's look at a 25:50 totally different light than what the 25:51 American media portrays it as here and 25:54 so I think that says again we'll just 25:56 put that in the wild-card category for 25:59 to 2017 and if anything is we did that 26:03 we need to be hopeful and pray about is 26:06 that that doesn't flare up into that 26:09 what could conceivably be the worst 26:12 conflict worse global scarce into Cuban 26:14 Missile 26:15 this notation that that 2017 you know 26:19 it's gonna be great man the stock 26:21 market's going to $25,000 going to King 26:23 dollar and the entry i mean as if again 26:26 it's all just faded complete and I would 26:28 just suggest that maybe things a little 26:31 more complicated than that and that 26:32 people need to be a little more contrary 26:35 into the generally accepted narrative of 26:37 of what lies ahead 26:38 Craig I really appreciate you coming on 26:40 the excellent report spotlight once 26:42 again how can people see your work 26:44 t.s metals we all recognize 26:48 that this debt based financial system is 26:51 is it is a mathematical certainty that 26:53 eventually it's going to run out run out 26:55 of gas and we're all kind of preparing 26:57 for that end and so I encourage 26:59 everybody to check it out again at TF 27:01 metals report com Craig once again thank 27:03 you very much for being on the spotlight 27:05 gave my pleasure it's always fun

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