In this episode of the Trading Justice Podcast, we welcome Chris Blasi to discuss investing in gold, silver, platinum, and palladium. Chris is the President of Neptune Global and a veteran investor in the metal’s markets. He’s worked in financial services as a broker-dealer, roles in wealth management and has extensive experience in the technology industry, specifically related to the financial services industry. We talk to Chris about the current run in metals, what he expects in the future, the problem with media coverage and traditional view on the metals markets and more, including his take on cryptocurrencies. You’re going to love this value-packed interview.

Video Transcription

Tim: And welcome now to the Trading Justice podcast interview series where we’ve got a very interesting guest some a man that I just recently met here today. We’ve been talking here in preproduction about what the interview is going to go like. I’m excited we’re going to get right down to it. Chris Blasi is the president of Neptune Global. He’s an expert in the metals markets and investment generally and finance in general I saw that you worked at Merrill Lynch in the 1990s. You’ve been in this business for 20 30 years now. Chris welcome to our podcast.

Chris: Well thanks Tim it’s great to be on.

Tim: Yeah and you know there’s many things I want to talk about here today but really the crux of it is the metals in the cryptocurrency market. We’re gonna start with the metals market. You know when I think of the current modern monetary theory you’ve got a Federal Reserve who’s lowering interest rates you’ve got international weakness you’ve got international federal systems where they’ve gone to zero interest if not lower in some systems. What is your vision for where gold silver and metals are heading in the current monetary environment.

Chris: Sure. So we’re going to just have to step back and precious metals and we’ll. Well first we’ll talk gold because the metals will for move on different drivers. Now there’s a genuine there is a overall trend they may follow together but we’ll just talk gold because now we’re talking about monetary policy and currencies and such. Gold entered and this is something that we’ve stated and I’ve stated for years now a secular bull market in 2002. And that was going to play out over twenty five years approximately which is typical of a major secular bull market. And there’s three legs. There’s three parts to a secular bull. The first leg is up and that really ran from 2002 to 2011 the second leg is a pullback and consolidation multi year which is basically a 50 percent retracement in the gains made. And then there’s the third leg which is the most dynamic and offers the greatest returns. Now. 2002 2011 like one 2011 till December of 2015. Like two. And we resumed and we entered the third leg in my opinion in January or December January 2016. It is slowly picking up speed and what we’ve been witnessing over the last month or so is that acceleration in gold. Now one thing people who are used to following equities markets you know they look at gold in the same way they follow stocks and it’s not the same thing. Gold is a big picture item and what gold is telling us is when we talk about reducing interest rates and the Fed policy in the ECB these are symptoms of a system that’s basically dysfunctional and let’s keep in layman’s terms it’s coming apart. The saturation of debt trying to stimulate economies with more and more debt that’s just not just not getting traction. And what you’re seeing in gold is exactly what happened in 2008 a couple years prior to 2008. At least I’ll speak for here in the United States. Everyone thought we were in a new economy housing economy right everything. Everyone was just going to buy homes and refinance them and they were giving out ninja mortgages if people remember what that meant no income no verification or even up to a was over 100 percent.

Tim: Chris I was a young man at the time I got one of those mortgages.

Chris: Did you? My video just saw the ill effects.

Tim: No I mean I could pay the payments so I had a different situation but I had an 80 20 loan the 80 percent loan was standard mortgage the 20 was subprime mortgage at like 11 percent and a variable rate. Looking back on it you know 15 years ago it was crazy you know that I took that loan but that was the market at the time right.

Chris: Sure. And as you know though a lot of unqualified buyers came in. You know everyone was then sold on the idea. And I remember chairman of the Federal Reserve of course the head of the National Association of Realtors saying housing will never go down. Right. It will maybe plateau but never go down. And but for those prior years before that collapse in 2008 gold was aggressively going up. Now with mortgages such a and housing and debt and the CMO is a CDO and everything else that was related to it as great as that was sold. So you know and as such an easy investment why would anyone be going into something as quote unquote barbaric as gold. That’s because big players knew it was not sustainable. So fast forward to today. Dovetails with the third leg. Gold is rising now because it’s foreshadowing that there is serious financial problems globally. There’s gonna be another dislocation worse than 2008. And gold is basically your signal. It’s telling you what’s coming. A high level it’s not so much the nuances of the individual daily. Day to day policy that’s just the symptoms of a system that’s flailing and trying to keep itself going

Tim: While looking at the prices over the last twenty five years like you’re talking about the potential of a 25 year markets really interesting from 0 2 when gold was at three hundred dollars an ounce all the way until 2011 when it hit eighteen hundred dollars an ounce plus then we had that correction back to eleven hundred fifty percent almost you’re talking about. Now we’re on the way back up. You know when it broke out of fourteen hundred here this year I thought personally as a technician that was significant. Now the fundamentals behind gold obviously there’s demand for it because people are looking for safety in this current trade war environment and everything that’s going on economically. So as we’re moving into this uptrend I mean for you then based on your twenty five year projection there’s a long bull run in front of us. I mean we’d be looking at 20 Twenty. That’s seven eight nine years in front of us. Is that what you’re expecting.

Chris: Well just to clarify secular bulls generally run 20 to 25 years. So we are in that and it depends on what that third leg ends and what they call the parabolic blow off. Right. And I’ll just back up. You know you talk about technical analysis that breakout at 13 50 which gold could not get through that for six years. Not only did it break through but just to show the true pent up demand it just sliced right through right past fourteen hundred stayed above fourteen hundred for a couple of days and here we are at fifteen hundred. I mean if if if the financial media had another asset that was doing that you know this is that’s all you’d hear. But of course gold is not something that’s something that they’re anxious to promote and raise awareness with the masses. But it is really very heartening for anyone who is a gold investor and people should not think that they’ve missed the bandwagon. OK. They just lost 100 somewhat points but I wouldn’t buy. I would recommend buying gold here unless I thought it would be substantially higher in several years down the road which I believe it will be.

Tim: You know that’s interesting you bring up the media you know when you do turn on the television which I don’t. I’ve been trading now 15 years and I rarely turn on CNBC during my trading day. But when you do they’re talking about stocks and stock picks in the bond market. Interest rates on that kind of stuff. Why do you think gold doesn’t get the fanfare within traditional media. Why doesn’t it get the exposure and the conversation at a minimum.

Chris: Sure. Gold is the antithesis. It’s the enemy of the central bank system. Right. Gold is real wealth real asset. What’s the other side. It’s all debt it’s conjured up money. So it is out of favor and we’ll always be out of favor from the central bank level all the way down. And of course you know Wall Street and the promoters and sellers of stocks and bonds you know their allegiance. And they just follow the Fed. What the Fed says they sit on their edges of this seat waiting every day for another you know another word uttered uttered from the Fed which when you think about it what kind of economy we become. Right. I mean when I came out of school in the 80s you would pick up the Wall Street Journal and most of the articles were about businesses and different things they were doing to to grow their markets and products. Now all they talk about is Fed interest rates. I mean it’s it’s really it’s really dysfunctional.

Tim: You think Modern Monetary Theory obviously is kind of a dystopian type world that we live in where there is no real asset backing the currency and the what they’re doing. And by the way it’s not a political thing it’s right and left. Everybody seems to want to print money these days but it’s not just the media. I mean it’s the Warren Buffett types. Warren Buffett famously comes out and says Well I don’t really buy gold it doesn’t pay me a dividend. You’ve been around Wall Street investors for a long time. Why do some of those high net worth individuals in the Wall Street types who maybe don’t have an agenda with the Federal Reserve but maybe they just pass on gold you know what do you say to those types of people.

Chris: I think when you’re at their level. And that the business that you’re doing and your relationships with the major banks and the brokerage houses because they all publicly traded issues whether it’s equity or fixed income. You’re part of that you’re part of that world. Anything else you’re either on board or you’re not. And if you’re on board and you’re part of it there’s a message and there’s a behavior that you were going to project and you were going to broadcast and that’s it. It’s as simple as that. They do not allow renegades to come in. And I love the other beautiful thing that’s happening of course first time in history. Negative interest rates which we know you know there’s a massive amount of debt internationally that is yielding negative. Now as we move into that world which a lot of the lot of people are projecting we’re going well there goes that argument against gold doesn’t pay a dividend which you know that whole even at whole argument gold doesn’t pay dividend well how many stocks pay it. That’s a good point. It’s such a fraud when a guy like Warren Buffett talks that the reason I wouldn’t own an asset is it doesn’t pay me a dividend. Well they’ve through the years there’s very few dividend paying stocks. They’ve calm the public into saying no no let the company keep the money to invest in itself and grow. Right. Which really was more enrich the executives. Right. So here we have people holding stock just trying to have a momentum play. So you know it is it is so it contradicts itself they themselves so often it’s really quite sad.

Tim: All my brother Matt always says Warren Buffett is not playing the same game everybody else is. You know absolute stock. He gets a discount. He gets all kinds of preferred rates. He can get special dividends that other people could never touch right.

Chris: So of course it’s not thinking as part of that team and it’s called talking your book. It’s as old as you know. So if you’re out there with with the you know all that debt and all that equity out there they’re there to talk your book and your world.

Tim: And I do want to keep talking gold but I want to talk the other metals as well obviously Silver has made a huge comeback I recently had a conversation with somebody who got pulled in in 2011 into putting a big portion of his retirement into silver when it was blasted out and taken off.

Chris: Held it the whole time started coming back a little bit here silver at 18 dollars has brought that gold silver ratio back down a little bit. I do want to get to that but let me just ask you about Silver is Silver a safe haven. First of all I mean like gold is do you think of it similarly. Well it’s not similar. I mean gold is a monetary metal. We all feel that that’s fairly well understood. You know Silver is that quote unquote quasi monetary industrial metal and you still have to look at the industrial side of it. You know mine output consumption by industry and yes Silvers played a part monetarily mostly in coinage and such. Just remember central banks don’t buy silver. OK. So when you hear about the Russian Central Bank the Chinese central bank Turkish whatever they buy gold they’re buying silver and they haven’t. So that needs to be kept in mind. Silver will benefit in gold’s bull run. It is lagging gold. It will continue to lag gold. It’s going to be more volatile than gold. It has and always will be and that and an investor in that needs to be prepared for that. So even if you look at Silver had a great run greater than gold right over the last month or so but now it’s pullback has been more dramatic than gold too. That’s the nature of that metal. So if a person is in it you have to buckle up and be prepared. You know there is ways to diversify across the metals to kind of mitigate that. You know we may talk about that. You know we’ll get into it. It will. Silver will benefit but its behavior is not going to change.

Tim: Let’s talk about it right now because you actually at Neptune global you created a patent it thing called a PMC ounce and one of the things that you you did that for is so that you could diversify the exposure in the metals. Right. And where you have a little bit of this and a little bit of that kind of explain what that is. Because I’m really this the first time I’ve heard about it you know as looking at the preparation for our interview here today and when we were talking it grabs my attention as something very interesting. What is it PMC ounce and what is the purpose of that.

Chris: Sure. So. We created some number of years ago we said look we believe we’re 100 percent believers in physical mental ownership not ETF. Not nothing with a derivative not a fund. But we said look we can modernize only precious metals a little bit right. Beyond just a bar and coin in my hand or or in a vault. And we also know that there is one done properly and not just to be slick diversification within an asset class is always helpful. So we created the PMC ounce and if you think about it this way each PMC ounce is like a pizza with four slices of gold slice silver slice of platinum and palladium slice and the PMC ounces weighted. It’s not the same weighting toward platinum palladium that you would gold or silver. So there’s a logic behind it and that weighting allows a person to buy or sell in real time and have allocated D allocated in their name at the depository level. This portfolio of gold silver platinum palladium that is designed and does deliver a superior risk adjusted return. And that means a superior risk adjusted return is basically we’ve mitigated a lot of the volatility that people experienced when they were adjusting gold or silver gold and silver. Now you can go to our Web site Neptune global dot com. That chart is there. PMC is not new. It’s came about in 2008. The pattern was actually in two thousand and thirteen and is only patented because of the process we have where the customer buys and sells a in real time and you know there’s a there’s a physical fully allocated inventory at a nonbank depository depositories recording ownership at their level. We’ve cut out the counterparty risk in between. Meaning we didn’t securitize it so that it’s really a storage account. You’re not buying a security you have purchased can you know us anything is that the return. It actually doesn’t not only produce a better risk adjusted return. But by chance it also is far outperform gold and silver and that’s all documented on our site.

Tim: Well that’s because palladium has had such a very very good run now for years and platinum I know it was down in the dumps there for a while but now it’s maybe making a comeback when it broke above that 900 zone that has been in the last couple of years I was very interested. We’ve got short term bullish on platinum from a future perspective. Platinum palladium those two having those as the four slices in the pizza like you talk about I find that fascinating. Why not copper. Why not other metals. You know I’ve heard other metals guys talk about why those two metals.

Chris: Sure a couple of things. Because platinum palladium are part of the precious metals universe copper and the others are industrial metals only. They’re more commodity metals. The thing is amazing at least my perspective is as I said it’s weighted in its weighted where gold is still the primary precious metal and silver is it is a key metal. The physical weighting is way much more for gold and silver so it’s not like we went out and really created something that put a lot of more little niche metals physically the synapse is only one point seventy five percent palladium and 1 percent platinum but that small amount of palladium because of palladium is tremendous run. Again helped offset those years when gold silver and platinum were going down. Now some people say right palladium looks like it’s kind of leveling off a little it’s had a tremendous run it has but now platinum is kind of stepping in and now being a contributor where before it wasn’t. So this goes back to any sort of investment you can’t market time. Right. You know going in and out of a physical position buying selling you know the frictional costs is too expensive. And we say look it’s very difficult to market time. It’s not impossible. We’ve created something where you don’t have to do it. It’s already proven itself of.

Tim: Let me ask you a question about this as well Chris because I’m thinking about this metals component in relation to everything else that we need to invest in. If somebody like a family friend you know comes down says Chris I don’t want investment advice I’m not going to hold you accountable to tell me what to do. I’ll do it on my own. But what percentage of my portfolio should I put into metals.

Chris: Sure so we don’t give investment advice. We’re not a wealth management firm. We’re not advisors. We’re precious metals dealers know our opinion you know like we are in a forum like this again it’s just our opinion. But. If someone says How much. In my portfolio should I allocate toward the precious metals knowing that we are not advisors. My opinion is just this. It needs to be. Enough of a position so that one it’s called upon to help you to help balance other assets. There’s enough there that that’s going to materially help. Yeah. So if a person has a trace amount a minuscule amount and the rest of your portfolio you know which is maybe in equities or fixed income or real estate or something that is going to be impaired in the next major dislocation. What is a very what’s a trace amount of gold or silver even the PMC aren’t going to do for you. It’s nice to have. So my point is that’s what that individual needs to do and that’s what really portfolio management is right 100 percent.

Tim: So like if somebody has like a five hundred thousand our home paid off they got three hundred thousand savings they got a million dollars stock portfolio high net worth the end of their life you know they’re they’re approaching retirement but they only got two thousand dollars in silver coins. I mean that might not represent any kind of safety there or a hedge right.

Chris: And so that would be a conversation I’m sure I would hardly consider that going to be particularly helpful at all.

Tim: I hear 10 percent all the time. By the way that’s a pretty standard answer you hear from the industry where what does that number come from.

Chris: You know what that is that’s just a textbook way of just you know from a I guess a more legal perspective a compliance perspective to say look this is a safe amount where I’m not not encouraging you to go into a larger position. It’s interesting that no one gets penalized for saying hey you’re a young fellow you know 32 years old go ninety five percent equities right.

Tim: That’s what they tell you. You go in and you get a 41 K pack and they put you ninety five percent the stock market right. Yeah. Yeah I get that.

Chris: That’s part of the weight off. You know I think right we both would agree that the ridiculousness of the system that if someone was to say 30 percent gold right. That would be you know. Oh you should be subject to an investigation right. That’s right. Ninety nine percent equities. There’s nothing wrong with that.

Tim: Well the bottom line is if you’re out there listening and our listeners they’re educated you know investors who are active in the markets they run their own self directed accounts they’re not looking for investment advice you know they’re looking for knowledge right. And a lot of people there’s no question about it guys whether you end up putting in 10 20 30 50 or whatever it is you need to design a portfolio that fits your objectives your worldview your timeline things like that. I do think that 10 percent is kind of lazy analysis quite frankly it just I do and Yeah. Metals. I will keep talking about him but I gotta get your take on Bitcoin as well because when you were describing that parabolic run off and then the retracement I instantly thought about the crypto currency markets. I’ve been an investor since 2005. I remember hearing about bitcoin in 10 and 11 didn’t buy my first bitcoin till 13 but I did get in earlier than a lot of people. And then I watched the whole bubble and crashed like everybody else. I’m a huge believer in the future of crypto currency and I think from you know 20 30 50 year cycle we’re gonna be looking back at this period and it’s a moment for me you know but I might be wrong about that. I think there’s also a lot of confusion around cryptocurrency. What’s your approach to Bitcoin and crypto in general right now.

Chris: Sure. I I subscribe that I think cryptocurrency And it doesn’t necessarily mean Bitcoin right. A lot of first the markets especially when something is technologically driven become obsolete by better lighter offerings. And I think there will be crypto currencies in the future. I’m not sure who the issuers are going to be in. I think that as you said. You’re an educator. You do your homework. Your listeners are. They make the wrong conclusions. Right. And a lot of respects are still a lot of open questions and it’s even an example of where there isn’t a good knowledge base with a lot of people. There is this confusion of calling block chain cryptocurrency or conflating the two right. They’re not you know block chain is a technology on which a lot of the crypto currencies use in order in order to deliver what they’re delivering. But those are two completely different things. So if a person hears positive things about block chain that this is it doesn’t necessarily mean that’s good for cryptocurrency. So you know a person unless they’re at that point where they understand these are completely different things there’s still a lot of homework they need to do.

Tim: Is it pretty common when people are interested in gold they ask you about crypto as well. I mean the two seem to go hand in hand lately.

Chris: It was much more. That was much more the case a year or so ago when Bitcoin had its big pullback that a lot of that dialogue disappeared a lot quieter which may be a good sign right. Maybe that means this is a good time to take a position. I don’t know. I don’t know and I’m not endorsing it but I do think they have a position they will be around in the future. There’s still a lot of questions on a regulatory basis right. We know that know the IRS sent out letters recently to lots of people who were trading Bitcoin who may not have properly declared it on their income tax. There’s big institutional investors who are looking to get involved in crypto currencies but there is a they’re still not sure what the government’s position is on them from an S.E.C. perspective or a tax perspective. So in all honesty until a lot of that gets sorted out that will be a little bit of a hindrance to a wider acceptance and use of the cryptocurrency. So there’s still a lot of things in play that are working out. I agree it’s just going to take a number of years. I think you know it was a lot of enthusiasm at first. Now there is a little bit of a step back there and we’re sorting through things and I think it I’m sure it’s going to work itself out but I’m not. I wouldn’t know which crypto currencies will do real well in the future even if any of them are existing now they may not and they may I don’t know which

Tim: Is where like a basket of cryptos in an ETF form or something has been a popular idea and they can’t get it through regulation. Why do you think the Government’s pushing so hard against these firms who are trying to put something together for the public.

Chris: Sure. I think some of it is it’s just as simple as they’re usually behind the curve. Right the firms that people that develop these sorts of products you know very you know very aggressive you know product sizing things and then the regulators have kind of signed off on it are not moving at the same pace. So I you know I think they’re learning it. There’s who knows behind the scenes what what interests are either for it or against it and battling each other. We just have to assume this is such a big this market is so enormous potentially and could be it will be such a disruptor that there are a lot of interests who are stepping in and making their case and either trying to block it or promote it which I don’t believe. I know I’m not privy to. And I think a lot of us aren’t privy to.

Tim: So you know I looked at your your bio Chris. Like most people do. I looked at it LinkedIn page in your history you know being from Wall Street in many regards I mean you were in those industries for a long time. What are the things they make the biggest mistakes on. What are the biggest fallacies about Wall Street and traditional investing in your opinion.

Chris: Sure. I mean at the end of the day we know that there’s a big marketing machine behind Wall Street and we know we know the Plunge Protection Team and such. There is manipulation the manipulation in my opinion skews to support stock prices and depress precious metals prices. And I think with I think when several years ago people used to say that about the metals and people would be labeled a conspiracies conspiracy theorists now that you see actual indictments and prosecutions of precious metals traders at major firms for price interference I guess we know who was correct.

Tim: But so there’s I don’t ever what firm it was. But even from like 2011 12 and 13 during the big run up there now. And that’s how slow the government is. It took him five six years seven years to the point where those are actually becoming public but it was admitted you know price fixing and manipulation right.

Chris: Sure absolutely. And don’t forget. And and the people that used to say hang on folks don’t worry the markets will overcome the manipulators and precious metals will rise and a lot of people said they were again you know conspiracy theories. There is no way there’s manipulation. So you know the reality is you see the trend. Of which people are usually proven right which are are proven wrong. But you know Wall Street is a marketing machine. My one take away is there also a little miss. Miss belief in the precious metals world that all investors and precious metals think differently than those that buy stocks to sell really so you know they they. There’s a lot of momentum chasing the day. People will buy at the high and sell to low. You know the metals are just coming into their own. You know there is we know that I talked to other dealers and the wholesalers and the bullion banks. You know there are people that bought precious metals only like two years ago a year ago who thought it was you know there’s gonna be this huge price spike in a short period of time. And that didn’t happen. So now that the prices went up a little or just before they went up they only waited six months a year. Now they bailed out and now prices are moving classic buying ie selling low. But the point is if you’re going to go in the metals you have to understand this is something for at least the intermediate for long term. You know I don’t really believe buying physical precious metals hoping for major short term moves is appropriate.

Tim: You know and we’re about to wrap up here we’ve got a couple more minutes I got two more questions for you and then we’ll also picture your Web site again and make sure people understand what that PMC ounces. First of all I’ve enjoyed the conversation quite a bit. I love talking investing in general but metals there’s something about it that’s just so unique to me because it really ties in economics economic theory. You know the history of where metals have brought us up to this point as well as where we’re going in the future what is the number one thing you think that could derail your projection. OK. Gold bullish metals bullish. What could make gold and metals come back down and actually have that thing fail.

Chris: Sure. So one thing I have to say and I agree with you what’s fascinating. The metals are fascinating and I’ll tell you once you amongst a lot of them like in a vault or something there’s a unique feeling. But when you think about it there are no companies from the days of the Roman Empire. You know better still around. There’s no more bonds from the days of the Greek empire there around the only thing that’s been around in the world of the monetary world is gold. And that’s what’s amazing. It’s been around since the beginning of recorded time. Now what could derail it. I don’t think it’s a derailing. I think maybe you can stall its continued rise a little bit longer and it all just comes down to this. The currencies of the world are all faith based right. Fiat and as long as they can keep people believing that it’s got a little more time that’s all that’s holding it up. So that’s why there’s that’s that’s why every day all you see on financial TV is what’s the Fed what it’s all just talking jawboning. It’s non-stop. And that’s that’s the only thing keeping the whole thing up. And I don’t think they’re going to. I don’t see gold going down to go up eleven hundred dollars again. I know there’s a couple of people that see it going way lower in a deflationary environment. And I will disagree. Gold actually does very well not deflationary environment on a on a purchasing power basis. I don’t see it collapsing. Honestly I just see. Possible. As for stalling maybe dragging it out a little bit longer. But I think that secular bull market even the technicals I know are just showing the path. But even with manipulation even with all the jawboning even with the with everything the central banks of the world is doing. If you look at that long term chart it is a picture ideal picture perfect of a secular bull market.

Tim: Yeah. And then one last one. You know we we have a lot of beginners in different areas of the market. Some people who invest in stocks ETF commodities in different ways paper versions of the asset. What do you tell somebody who’s never bought even a single silver coin. You know that they’re interested. They’re showing you engagement that you know that they want to do something. How does somebody get started into the market. If they’re brand new and they’ve never done it before.

Chris: Sure. So that’s a great question there’s a certain amount of education and I’d encourage them to speak with a bullion specialist or someone who is going to be helpful an example because the mainstream isn’t a supporter really of the precious metals. You’re never going to get good workable investable information coming out of your mainstream shop. And of course there’s a lot of firms that I call I consider bait and switch people understate cards to come to the understanding that they need bullion and they call somebody and they switch them to semi numismatic coins and numismatic coins and collector coins with stories about you know Roosevelt calling in the gold which is not precious metals investing right. Rare coins are nice if you enjoy them but if you’re if your purpose was to go into gold where silver because of what’s going on in the world and monetary policy you know that is not gold investing. Right. So you know don’t get led down the wrong path. So you need to do some homework and watch you know when you’re talking to someone who is telling you that they can assist you as an expert or a guide you know make sure that they’re talking about real bullion products. That means bars coins or other certain types of investment accounts. But I think that’s the most important thing these many people when they’re brand new to this get taken down a path that is not true bullion investing well

Tim: and then I got to ask you one last one because I’m geeking out over here on one thing. You mentioned how it felt to be around the physical gold involved real wealth real wealth. Like if you could get around like stacks of gold bars and you’ve actually gone into the vault and you’ve been there.

Chris: Sure yeah. As a dealer we we’ve been around since 2002 17 years and we’ve had the inventories and in storage and in multiple depositories to conduct our business. So we’ve been there and you know the first time you go in and write everything that you know having worked at a major broker dealer traditional Wall Street everything is just digital right thing nothing ever tangible there. And to actually go in and be amongst all this tangible wealth it’s a unique feeling and to hold it. And it’s it’s very substantial and most people that I know have had that same experience of all at the same takeaway.

Tim: Yeah that’s what I got do. I have to I have to I want to smell it. I want to feel it. I want to know what the temperature is in the room does it get colder. I can just imagine it. This has always been a dream of mine to actually hit one of these vaults and whatnot. Chris thanks for being on our podcast. It was an incredible interview. People can find you on your side.

Chris: neptuneglobal.com and you can learn where regular precious metals dealer and dealing all the services for delivery and storage bars and coins. But we also are differentiated by the PMC ounce and the gold and silver vault accounts and we obviously deal directly with the public by actually we are even now we have other dealers who are making a market and buying and selling the PMC apps along with institutional clients by the way.

Tim: If you’re out there and listen to the podcast as well. Just a reminder we’re reading aftermath as our book of the month and we’re big records fans here Chris. We’ve read all of his works and obviously we’re just you know just huge fans of the way that he writes and what he sees. So I appreciate you coming on and having a conversation about the current state of the metals markets and where we’re heading. And guys we’ll be right back after this break from trading justice.

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