In this episode of the Trading Justice Podcast, we welcome Pete Thomas back to discuss markets, metals and recent volatility.

Pete is a Sr. Vice President at Zaner Precious Metals, has been trading and investing in markets for decades and is one of the leading experts in the marketplace on metals. Listen in as Coach Matt interviews Pete and discusses topics ranging from gold, palladium, the Coronavirus outbreak, and Fed policy.

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Video Transcription

Matt: What back to train, just the podcast episode 362 and I, it’s an honor to have a friend of the pod, Pete Thomas from Xander’s precious metals. Uh, Pete, you’ve been on the pod few a few times and you’ve given us some absolutely amazing, uh, recommendations, calls, you know, I remember last time we were on the podcast, uh, is about a year ago now and you were recommending Cole ball and you’re recommending a rhodium and you recommending palladium and all three of those had just absolutely skyrocketed. Pete, Pete, how you doing today?

Pete: I’m doing good. Uh, welcome back to, uh, everyone to the financial district in downtown Chicago. Right now you’re on the physical desk of, uh, Zaner financial, which is Zayna precious metals. We represent miners, refiners, recyclers, and also bullion dealers. And it’s just, it’s good to have you back. I don’t get a chance to talk to you enough and it’s nice to be here.

Matt: We, we need, we definitely need to talk more and we need to have you on the podcast more because your calls have just been absolutely excellent over the course of the last few years we’ve had you on the podcast. Pete, I want to kind of start with, you know, kind of the coronavirus. I mean that’s kind of in the social conscious and it’s obviously, you know, wall street so far in the financial world, especially in the United States, it’s kind of written off a little bit. I mean, we were just all time highs just three days ago. Just didn’t believe that this, this pandemic or epidemic was going to spread as much as we have. And now we’re starting to see the damage from an economic perspective come in a little concerning. What’s your take on the Corona virus specifically the spread of it? Do you believe the data that we’re seeing coming out of China, and I know you have a background where you been on some of the world health organizations, conference calls and whatnot on the chronic fire speed.

Pete: Well, uh, let’s put it this way. First off, uh, let’s do some numbers. Uh, the number released this morning was the 77,000, uh, people affected by the contagion, uh, roughly twice. The exact number from who 35 minutes ago was 2,600, 18 dead. Uh, that’s how to China. Now. Uh, this was interesting, the DNA structure of this particular disease, all the, and remember I’m in the gold business, so boy did we get rumors right? And all this was a manmade virus and the CIA made it and got it. Yada, yada. 

Matt: The tinfoil hatters were all over this one. Aw, they’re deep wipe out the population. Oh yeah, yeah

Pete: Let’s kill the old people. Oh yeah. But here’s the thing. Uh, a very, very competent virologist. Someone who actually knows what they’re talking about so that this disease was definitely not manmade, naturally occurring disease. And, and um, these are the numbers he gave us that, that I thought it was very significant. Two weeks is the general life span of this disease. Number one, we weren’t real sure they were saying 10 days when you were affected. 14, 21. Right now, they’re right now the who is saying, uh, roughly two weeks. Uh,

Matt: Thats the incubation period, right? That 14 days at two weeks.

Pete: Well now that could go from, uh, from exposure, incubation to end of life cycle. Uh, so just so generally speaking, if you’re exposed to it today, you know, a couple of weeks, you can pretty much, you’ll feel a little tired and you’ll be achy will, but it’ll be pretty much they had a name. So, um, kill ratio is two to 4%, which is actually below the average flu. So this isn’t as deadly as a lot of people. But here’s the important thing. You know, all of your viewers should know w uh, viruses do one thing in order to survive they mutate. A mutated disease is twice as deadly as a standard disease or when a disease, 75% of everything in nature exists as a right handed right handed object. When it becomes ice, America is left handed. That’s when all kinds of bad things happen. They said this disease has continued on this path and has not mutated. So a lot of good news from people that know today. So looking at them saying, okay, a cov ID 19 is in effect, looks like it’s slowing down in China. The, uh, the massive attack that they have made on this, uh, really are admirable. Um, Friday afternoon,

Matt: What are they doing to combat the spread of the disease?

Pete: They’re burning all their money. Honest to God, all the money they’re bringing all the Cashin and they’re burning it. I mean, if I was a stock guy, I’ve tried to find out who, who manufactured ain’t there because they’re not only think about how much money they’re going to have to influence, they’re going to print more than they burn.

Matt: Oh, absolutely. There you go. Exactly right. Not inflationary though. Oh no, man, I’m not going to have an impact on inflation. Don’t worry about this Canary environment where inflation is not a concern in any capacity, except we see gold skyrocketed. Right? Right.

Pete: Exactly right. I mean, bottom line is if they’re going to come and confiscate your money, what do you want to own gold. That’s, that’s pretty much it. So, uh, that’s, that’s what’s been going on. And, and not in small numbers either was like you were saying, we were seeing just massive flooding into it. And obviously that’s been one of the things, I use something, uh, which I, which is a funny little indicator been using, which been amazingly accurate. The number one shoe, the gym shoe, it’s warm by the people in Chinese. Adidas, I have something I call the Adidas meter, right. I follow, I see how many of data’s shoes are selling over the number two is Puma. Right. And if there’s a lot of Adidas being sold, that means people, the economy’s good eggs are going well, people are replacing, your shoes are wearing, it’s a funny little way to look at. Sales of Adidas are down 85 to 90% today.

Matt: That is amazing. That isn’t counting number. And that’s that we’re still only two months into this entire situation with the, with the spread really only being kind of mid January on, we’re seeing reduction in sales out of almost every industry coming out of China. That is an astounding number. The 5% I mean, yes.

Pete: You’re not replacing them Bay. Yeah. I mean, that’s just, that just shows you the, it’s a, it’s a, it’s a great riff, uh, Earth’s level reflection on the economy and, and it doesn’t look like it’s going to be getting any better. Now this morning, uh, the Chinese party said that they were going to open six provinces. They felt that the, I don’t know if you’ve seen the giant trucks, they’re using the spray bleach into the air.

Matt: Oh, it’s, it’s an amazing scene.

Pete: Yeah. Right. It really is. And so I, I believe that we’re starting to see, I mean, an increase of 1000 cases in a day to me shows that we’re losing the velocity as a trader. Right?

Matt: We’re still expanding. Right. But it’s, we’re slowing the momentum down.

Pete: Right. That’s a very good way to put it. So, you know, realistically we’re, we’re going to open provinces. The question is, now here’s the real bump into road. Now that we’re talking about the Z’s, let’s talk about some of the side effects of the iron people. People that produce rebar, our good friends in Australia who have suffered horribly with these fires and losing all their animals being killed and, and Oh by the way, the vast majority of their business is done in China. So not only do their country burn and the grounding, I know infrastructure to support, right? I mean they have suffered horribly. They’re talking about they got nowhere to stack their rebar now because it’s not moving. So when they close the port, so using that as an example, you’ve got concrete, my field, copper, copper wire, copper, Salvador, silver, gold for plating, not so much in, in big volume. Cement is a huge item, which is, where do you put it? What’s happening is they’re declaring force measure, which means that they’re in a, in a panic situation where they can no longer pay for these products because, Oh by the way, they closed all the branch offices for banking. There’s nowhere to go. You know, you, you, you want to go in and write a contract for a deliverable, where are you going to go?

Matt: Well, and that’s kind of where I wanted to get your take on something very quickly. Economically, we’re starting to see slowly slowing growth out of many of these countries in Asia. You know, it’s obviously we, it just last week Japan came out with the, just a terrible GDP number, year over year down 6.8% we’re seeing European ex PMI numbers come in and recessionary territory and we’ve been seeing them for years and now we’re seeing, you know, the news coming out of China, although you know, still disasters and you know, your heart goes out to the human condition. Oh absolutely. And spreads in Japan, we’re seeing spreads and it’ll LIBOR sand spreads in uh, South Korea. And comically this is going to have, it’s going to take a while. Even if they control, even if the control where the levels are right now, comically, the consumer base is going to have it, it’s going to take time for the consumer base to come back in with confidence.

Pete: Oh, absolutely. Very well put. And the thing is too, not only is this disease putting pressure on everything, but it is there. It comes at a Riri unusual time. For example, uh, Japan and Korea are just, are in this horrible economic battle where they’re just at each other right now and, and so they’re not trading like they were before and, and subsequently they’re both GDPs are dropping and, and it brings into, uh, into a cow. Let’s, let’s look at this. Where do you think, uh, how are you going to make up for the fact that your economy’s dropped off and you have a lot of deliverables coming in from everything? Soybeans, corn, whatever it happens to be. You have a lot of people to feed in China. What are you going to do? Are you going to devalue? Boy, I, their market, the stock market in China to be succinct, has down 55%. Think about that. That’s a staggering number. Now you’re coming in, you’re going, well, we had to burn all the money. We’re going to have to print more. We’re going to, we have, we have two, three, four or five months of deliverables that are due today. We have to pay for, so what are you going to do? I mean, I think it’s 75, 25 that says a Chan is going to devalue and they have to. Yeah, I mean it’s a staggering,

Matt: well, and that’s kinda, that’s kind of my question with the last three or four years is we’ve been, you know, just put some down that an extra session down the road with them, whatever monetary policy. A lot of us have just been waiting for that next situation to occur. That really kind of impacted global girls from a, from a GDP perspective. And I remember last year when Apple, uh, revised their, their, you know, guidance in, in the first quarter of last year and they revised it down 10%. And then the entire argument, the entire argument all year long last year was that we’re going to buy, buy, buy, buy, buy, because this is going to be the worst of the situation and growth is going to come back in and 2020 and now coming into January of 2020 now we’re staring down the barrel of the, of the Corona virus and we’re seeing the second largest economy in the world contract in China. We’re seeing the third largest economy in Japan contract. You’re seeing the eighth and 12th largest economies in the world in, in Italy and South Korea. It starts to start to contract as well. And that’s not even talking about Germany already in, you know, just a break of a hair away from a recession. Is this something that in your opinion, can cause that next global global recession where we saw, you know, circa 2008 2009 or 2000 through 2002

Pete: two two things can happen. We can, we can have a gigantic, uh, let’s put it this way. Let’s, the bottom line is the dollar is so strong. It’s scary. All right.

Matt: It hit Paris just last week.

Pete: Exactly. And that’s the way people know that. So what? So as strong as it is, you come in with dollars. People are like, I don’t know. I don’t, I don’t think I want to give up this ratio. You know, it’s, it’s just, it’s going, it could either do one or two things. It can either make us a complete powerhouse where we had this tremendous buying power, or people are going to back away from us, say, you know, maybe I’m going to go to Argentina and buy this product. You know, I’ll go to, I’m going to take my beats, Regine Tita they’re having a lot of problems. I’m going to go into Brazil and, and, and, and go into that area and pick up my corn and beans and things like that. Even though they’ve signed agreements, they’ve had to back away from the agreements because of the disease. So, so the question becomes, and we’re right on the edge of how are we going to affect, is it going to be adverse or can it be, can it be positive? A lot of companies, I will tell you that I’ve been talking to are, are looking at, uh, saying, you know what, I think I’m gonna come in in the United States. Trump has set up where they’re giving us a moratorium on taxes if, if, if we could come in and, and, and uh, if so he’s saying, fine, you know, we’ll put you in at 5%, we’re fine to do that and you can come in and manufacturer will give you a zero tax base at that area. So, you know, how good is it going to be for America? Well,

Matt: you know, I go back to the arguments over the last three, four years, whenever the dollar did start to see, uh, you know, a rise that we’ve seen. We’ve seen the dollar at a hundred on the dollar index before. And I remember, you know, coming into 2015 and coming into 2018 when we had two pretty bad years. I mean 2015 we only the S and P 500 I think went up 1% in 20 years. 2018 we saw, you know, a lot of volatility, but the market actually went down only about four or 5% with that terrible December of 2018 and in both of those years when you track, you know, a guidance and revenues coming out of the S and P 500 most of those companies blamed the strong dollar on the fact that export and had had been impacted in that capacity. And now we’re seeing the dollars has up five 6% just in the three weeks

Pete: and let’s say, let’s say add this to it because remember what we were involved in actively in a lot of copper, a lot of copper mining, a lot of smelting, copper wire, things of that nature. Car sales are down 90% in China. Okay. All right.

Matt: That’s, that’s a staggering number. Oh, okay. How’s, how’s that going to impact things like Palladium?

Pete: Tell you what, this is a very good question. First off, let’s, let’s look at it this way. Your average car when it’s manufactured, has 20 to 50 pounds of copper used in the wiring and things like that. So your consumption of your refined product, your twisted wiring, your straight stair and wire gone, just gone. Um, Singapore came in, um, last Friday, Singapore, which has been kind of on the fence with going green. So we’re going to a zero carbon footprint. We’re going to take all of the cars off the road and make them all electric by 20, 25 Tesla, right shoots to the moon. And in the meantime, Oh, by the way, their plants close to China. So I mean, how is it going to affect the raw materials? It’s not, there’s 120 pounds of copper and it’s in that vehicle. It’s not being manufactured now. All right. That’s just, uh, just, that’s just an example of what’s going on. And it goes to what you’re saying. The re the, the refined products, copper, palladium, uh, spun strands, silver wire, uh, all of the, all of the catalytic converge industrial metals were exactly right. And, and the industrial metals. I don’t know if you remember when I started telling your viewers that that rhodium looked good at 3000 and it went to 12,000 right? That demand now is gonna start to wane because, uh, they passed the green bill in China, which said, we no longer want to be able to see the air we’re breathing. We’re thinking maybe we want it to clear up just a little bit. So in effect, what happened was they said, we’re going to, every car is now going to have to have catalytic converter on it, which was a whole new concept to them. And now that demand is vanish. And here’s something very interesting. This morning they came out with a number and said that the registered air quality in China is 40% better today. And so that shows you how little movement is going on and it gutches no cars, no trucks, no buses, no, no, no nothing. Right. Exactly.

Matt: Let me repeat if, if you’re, if you’re a Chinese citizen in mainland China, you’re not leaving your home.

Pete: No, you’re not. And if you legally can. Right.

Matt: Well, that’s kind of my concern from an economic perspective is we’re hearing all this data about, or all this news coming out of China that, you know, they’re going to send the workers back to work. They’re going to open up businesses. I just don’t think the confidence of the consumer base is gonna is going to match that. Not until, not until we see some, not just slowing momentum thrown a virus, but we start seeing the contracting. Yeah. Well, I mean

Pete: that can happen pretty quickly. You know, we could see that if we don’t tip 100,000, I think we’re going to be good. Um, you know, it, you’ll notice the two countries that we really don’t deal with, which is Iran and North Korea, uh, both of which have had outbreaks because China is their primary dealer. All right. And I kind of expected to see it there and, and we have, but there they have learned from other people and they’re starting to get aggressive than the same manners that they did in China. But to get to your core question, how heavy is the impact gonna be? I think it’s, I concur with you on this. I think it’s going to be much larger than we think. I think we’re going to start to see some earnings that are rather abysmal and, and, Oh, China’s answer by the way today was, Oh, by the way, for earnings. How, how has it impacted your, your government? We’re not going to allow companies to release earnings.

Matt: It’s just a house of cards is let’s say, let’s say, let’s say we don’t see the worst economically here. Let’s say we see stagnation, right? Whether we see stagnation or whether we see some recessionary, uh, indications. What is the central banks around the world going to do to stave off a contraction in corporate earnings in a contraction in the market?

Pete: Well, I mean, they’re going to keep, they’re going to, they’re going to have to get to a saturation point to where you could only print so much. You can only pump so much, and then you get into deflationary effect, which is really not where they want to be because they’ve just been beaten up globally, uh, by the dollars. So, uh, how do you balance this out? I don’t see how you’re going to balance it out because if the U S keeps steamrolling right along and even though, and every member it’s sorta like gold, gold has a relative value to what? To the dollar, to the pound, to the Euro today. That’s its real value is what is what you counter it next to. That’s its real value. The gold today made 77 record new highs against different

Matt: currencies. That’s amazing. Yeah, and we’re not there from the dollar yet, right? I mean, no, exactly not. It’s still underneath on the dollar, but almost every other major currency. Gold has just been doing Dominic against some of those and I was talking to my brother, my older brother Mark before I came onto the interview. Mark is a infamous bottom feeder in commodities. Like he hates chasing the dragon prices going up.

Pete: When I put him on cobalt at like $9 he was drooling and he was like, what I watch,

Matt: I said go a lot of fear. But even he today was like, do I add to the position in gold at these, at these elevated price thresholds? My, my take on gold, I want to get yours as well here. You’re the expert. Like regardless, regardless of an economic situation, whether they get it handled, whether it was session, I just believe that the central banks are going to try to throw money at the problem as they’ve been trying to throw money at the problem, which could see markets go up, but it could also see gold go up as well. What’s your take on gold specifically from a price perspective? Where’s the top selling here on gold? If we, if we continue to see what we’ve been seeing over the last few months in gold?

Pete: Well, here’s the thing. If, if you’re in China and you’re holding one your home or your, you’re off shore, you’re trading, remember you or whatever it happens to be and you’re saying you’re so what’s it going to be worth? And you and I sitting here could see it for quite plainly Eve as well as they’re trying to disguise it. Uh, it’s, it’s leaking out everywhere. So the question becomes do you want to take your one and, and, and by goal, I think th I think it’s yes, the answer’s a resounding yes. Yeah. So on any currency, not named dollar right now. So the syringe that pumps gold into mainland China is Hong Kong. All right. And, and so we’re going to see a tremendous amount of gold going into a Hong Kong through Africa and you know, through the middle East areas I get where they were. They try to buy a where they can cover the flow a little easier, where it’s harder to record. They, they, they, and that’s how they, they do their goal. Then the question becomes how much higher, if the demand stays as high as it has been, it’s going higher. It isn’t even a matter of riff. You know, the question becomes now is how much are they going to devalue and, and how many other currencies are going to feel that pressure? Everybody that manufacturers who, who looked at their every COO who looked at their bottom line of what, I’m paying $15 an hour for this guy and or I could go to China and pay two 50, you know, what am I going to do? So everybody moved to China. Now the question is, Oh, by the way, China is shut down. How is it going to impact on my business? Am I going to be able to start my furnaces again? Start my manufacturing? The answer’s no. So they’re going to have to do something with where do you want your money? I mean, gold seems to be the obvious answer right now.

Matt: Well, and to me, gold it the, the factors of why gold right now are pretty strong. Number one, you’ve got a slow and global global economy for Corona and in a slowing global economy, gold as a safe Haven asset, if not the safe Haven asset, art against economic risk. It’s a guard against market risk, but it’s also, uh, an inflationary asset as well. And you have all these factors that are kind of coming in line together and making this kind of a, a perfect scenario for gold appreciation, in my opinion.

Pete: Oh. And who’s the best gold trader in the world? Putint nobody trades gold, better then Putin. I mean, Putin knew, had and has had a standing order for 29 months for two, for 20 tons of gold delivered every month to the central bank regardless of price. Wow. All right. In the meantime, he shoving rhodium platinum, palladium, beryllium as fast as he can into his centralized volts. It’s not by accident, it’s the guy’s just a brilliant trader. Yeah. He, I mean, he, I mean, whatever it was he was preparing for, he did it right. Yeah. And so now, so now they’ve, now they’ve picked up three, four, $500 on there and total central bank holdings, which is a staggering amount of money. And, and, uh, so, uh, that and the people’s Republic, China’s central bank has been buying anywhere from 12 to 33 tons a month. So, uh, the two main powers offshore have been accumulating and accumulating big for a very long time. So when I start to see them selling products, I’ll let you know because, but right now, nothing’s coming on. I’m not getting by by, I’m not getting any calls. Hey, I got a couple tons here. You know, what are you paying me?

Matt: Well, who’s going to buy him? Everybody. It’s pretty much like selling, selling a house in a hot market.

Pete: Yeah, exactly right. Yeah. You know, there’s six guys standing on line. Exactly

Matt: right. Right. Okay. I want to move on to silver very quickly. Silver, the GS ratio right now is pegged at about 89 to 90, which is historically on a very, very high end. And when that happens, a lot of times you’ll have, you’ll have money come into the silver market to contract that GS ratio. You know, we’ve seen silver to gold ratio be at those elevated levels for a few years now. We’ve seen it up to a hundred. Absolutely. To me. Number one is, is the GS ratio, is it to a certain extent, is that type of analysis dead since we’ve seen it just elevated at such a high level? And I think both of us share the opinion that gold over silver right now. Correct?

Pete: Oh I, yeah. I mean, here’s the thing. Remember Silver’s kind of a schizophrenia metal, I mean, do you put money in it because it has an intrinsic value, it’s like gold. It’s going to hold value or do you put money in it because it has so many industrial uses, computer keyboards, telephones, cars, anything that you’re manufacturing in the past. Right, exactly right. So you say to yourself, if I, if I own this here and I have it right now and I’m paying, let’s see, when I, when I was signing to shows, I was touting in 12 and 13 were at 18, 19. Now, uh, you know, so are we getting close to a top where you have to say to yourself if, if our scenario is right and we do see pressure come into market, silver is not going to rally because its industrial usage is not going to be as great for its demand as it as

Matt: kind of what we were talking about with cars and in that earlier conversation.

Pete: Exactly right. The 90% reduction in production as well as a lot of people in heart economies, they aren’t replacing phones and their computers [inaudible] so I, I think, uh, your question too, being how wide is this going to stay and will continue to be this wide? I think it will, I, I,

Matt: I think we go above a hundred on the GS ratio.

Pete: Yup. I, the possibility is certainly there and, uh, you know, I’m, I’m, I’m selling, uh, silver, we’re seeing silver going out the door. We’re seeing it go in at a pretty good clip, but, but the gold demand is still, is still King.

Matt: Still strong. Yeah. Another, another, if it’s a, if it’s not King get is queen. Yeah. Right, right. Palladium has been on a meteoric rise, just broke out of 2,400, kissed off about 24, 2,800. Just earlier this week. We are seeing a little profit taking right now. That was one of your best calls that you’ve had on this podcast is the biome palladium, but there’s like 800 or some like that somewhere in that range. What’s your recommendation to your clients regarding palladium at this point

Pete: about, um, last week on our, we do a weekly podcast on Friday, which is a market wrap up and on that market ramp up, uh, the, uh, I was talking to Pete grant, who runs our, uh, Denver office. Pete never chat and he says he, he goes, he, he’s a very good technician. He says, you know what, palladium to me looks like it’s tot he goes, this is a classic technical bludge what we call a blow off top. And, and that blow off Tom. Uh, and then I looked at demand and, and right now we are still in deficit, which we, we have to be aware of. There’s no, there’s a greater demand than there is production right now. What has been, what has been filling the demand or the gap has been recycling and the recyclers are building a tremendous job of getting this product as quickly as they can to the market for usage. That being said, without the green demand coming in from China, which is just gobbling up all the catalytic converters that are be or that are coming off of vehicles, it’s going to continue to put big pressure on palladium. So to answer what you’re saying, I think we saw our short term time and we will continue to see pressure in there.

Matt: So that blowout top, I mean I remember watching it late last week and it was just really two days, right? Yeah. Massive price appreciation. Then you know, two days coming right back down. It’s going to be interesting to see from a technical perspective how that 24, uh, 2,400 level old resistance, how that acts as the new level. I think we should keep an eye on that as well. Um, Peter, it’s so awesome to have you on the podcast as always. Pete, uh, if people want to get in touch with you, purchase precious metals from you guys. Uh, how, how did they get in touch with you?

Pete: Best way to get ahold of us is through the direct line. You could call three, one, two, two, seven, seven zero one four, zero. Drop me an email at PThomas@Zaner.com. Uh, we’ll get back to you as soon as we can. We’ll be happy to send you our links for our various, uh, uh, onsite purchasing. Uh, we just got a lot of silver and we’re good. If you want to buy some silver coins, gold bars and, and ingots are available. So, uh, we’ve been, we’ve managed to keep product in platinum and palladium. Unfortunately, it’s almost been impossible to keep on a shelf. I’m sorry, but we’ve orders I’d have to rest a little bit. Yeah, I mean, they and guys would just come in and say how many it got. It isn’t a matter of how much.

Matt: Awesome. Awesome. Well, Pete, uh, last thoughts.

Pete: Uh, last thoughts are this, uh, keep track of us every Friday on our podcast.

Matt: Where do people get access to that? Pete, is it on your YouTube channel?

Pete: It’s on our YouTube channel and designer metals. Uh, it’s there every Friday. Uh, we try to, from our standpoint as handlers of the physical, we try to give you an overview of what’s going on in the world as far as demand goes. Generally speaking, as we’ve been talking about, we’re usually a little bit ahead of what’s going on because we’re seeing boatloads of product leaving and being used and consumed. So it might be a helpful indicator for you in the future.

Matt: Yeah, I definitely get over there and subscribe to a Zaner’s a YouTube channel. They release that every Friday night and you know, peak. I just love it because it’s just a 15, 20 minute quick guide on what’s going on in the market that weekend in the precious metals market. The c’mon. So definitely go on subscribed to a, to a Xander’s YouTube channel. And with that, we’ll be right back.

Pete: Thanks so much.

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