Jason Hartman is joined by David Morgan, publisher of The Morgan Report and author of The Silver Manifesto and Second Chance: How to Make and Keep Big Money from the Coming Gold and Silver Shock-Wave. The two talk about the current state of metals as it relates to stocks, real estate, and our economy. They also compare silver and gold. Then end with a discussion on the current state of platinum and palladium.
Announcer 0:02
Welcome to the creating wealth show with Jason Hartman. You’re about to learn a new slant on investing some exciting techniques and fresh new approaches to the world’s most historically proven asset class that will enable you to create more wealth and freedom than you ever thought possible. Jason is a genuine self made multimillionaire who’s actually been there and done it. He’s a successful investor, lender, developer and entrepreneur who’s owned properties in 11, states had hundreds of tenants and been involved in 1000s of real estate transactions. This program will help you follow in Jason’s footsteps on the road to your financial independence day, you really can do it. And now here’s your host, Jason Hartman with the complete solution for real estate investors.
Jason Hartman 0:52
Welcome to Episode 1682 1682, and greetings from charming Sarasota, Florida. And I am at a conference here this week gave a talk yesterday, that applies very much to our episode today. And my talk yesterday was entitled, what is your measuring stick. And as we have our guest today, David Morgan, talk about metals and prices and the economy and so forth, I want you to consider this 21 years ago, it cost you if you measure the price of the median house in gold, it would have cost you three times as much gold to buy the median price house 21 years ago. Today, you could buy the median price house for 1/3. The amount of gold that it took 21 years ago. So is it fair to measure the price of a house in dollars? or gold? or rice? or orange juice? Or soybeans? or whatever else? Right? The question is, well, I don’t know. What do you think the answer is? Dear listeners, I will tell you the answer. The right answer is to compare it to a lot of things. So you get some sort of baseline so you get some sort of good comparison. So you answer the question, compared to what and that is how to value real estate. And for that matter, everything else in the world. Everything else in our lives needs to be valued by comparison, not just one thing like the dollar, because that causes a lot of distortion. And that is not the way to value things. So just a little thought on that from my talk yesterday. And now let’s get to our guest and let’s talk to David Morgan.
It’s my pleasure to welcome David Morgan. He is publisher of The Morgan Report and best selling author of Second Chance how to make and keep big money from the coming gold and silver Shockwave. He’s coming to us from Spokane, Washington. David, welcome. How are you?
David Morgan 3:27
Jason? I’m doing well. Thanks for having me.
Jason Hartman 3:29
It’s good to have you on. So metals, precious metals have been a measuring stick for the value of everything for just forever. What is going on in the metals market? And what does it tell us about the economy, and stocks and real estate and everything else?
David Morgan 3:49
Well, as you said, Jason, the metals actually are a good indicator of what the true value is because there’s value in gold and silver in and of itself. However, if you go off of a metal standard, like we did in 1971, August 15, with Nixon, what happens is,
Jason Hartman 4:06
this is the 50 year anniversary of that. There we go. I want to just remind everybody, David, that Nixon said he was going to temporarily do that, suspend the Convert ability of the dollar to gold. And here we are half a century later on this temporary thing. And you know,
David Morgan 4:27
I know it will have asked Secretary Connolly to temporarily closable Yeah, thank you tricky. Yeah. So what happened is temporarily Yeah, what happens is there’s a printing press frenzy a free for all, basically. And it usually starts rather slowly, and it morphs into what’s happened during all great inflation’s we have something that’s three words all Fiat fails. Let me repeat all Fiat fails. There’s never been one instance in all recorded monetary history. Well, when you were taken away from a graph In gold and or silver, by metallics better than just gold, but don’t have time to go into it, and you get to a basically a runaway inflation, then the currency is destroyed. So this is the path Ron, if you look at 19 $13 100 cents, go to the Federal Reserve board’s own website and check out what the 19 $13 is worth, they’ll tell you, it’s worth about two and a half cents. So if you’re lost about 97 and a half percent of the value of the US dollar within a little over 100 years. So gold would actually maintain, say a policeman on the currency’s value, but it doesn’t at certain times in history, like we’re experiencing. If you want to know what the paper price of gold is, it’s a very simple thing. All you have to do is go to the US debt clock and look at what m one is. And then you go to the Treasury and find out there’s 265 million ounces of gold, purportedly in Fort Knox. So you take the amount of printed money divided by 265 million, you’ve got the numerator dollars. On the top, you’ve got the ounces of gold at the bottom and you divide, and you find out it’s over $10,000 for an ounce of gold. And that’s just based money. That’s currency. That’s what’s in your pocket. That’s your checking account. And once you have in foldable money, or currency, I should say. So there’s that so that I highly suggest that less than 2000 Gold has a lot of room to the upside, but you don’t see the move in these metals. during some of these, say finance repressions, Jason, because the government’s very good at spoofing the market telling everybody that inflation is low, making metrics that don’t make any sense doing this hedonic indexing, do a lot of things that basically ignore the truth. And so people get used to it and, you know, numbers or numbers, they get the idea, well, I’m making more salary, you know, things can’t be too bad. Yeah, prices have gone up for, you know, my automobile and maybe buy health insurance. But you know, I could get a better car for the same money I did 10 years ago. And laptop is about half the price that I bought tech
Jason Hartman 7:10
technology hides a lot of the inflation, I get it totally agree with you. In fact, I’ve expressed it this way that there’s this war between bad monetary and fiscal policy and technology. And one is inflationary, the other is deflationary. And they’re bumping heads, right, which one will win the war? I don’t know. We see all this asset inflation all around us. You know, we see the cost of medical care college is complete rip off, everybody knows that by now at least people finally figured that one out. The price of housing is expensive. You know, all of these things. And it’s hard for people to make sense of it, isn’t it
David Morgan 7:47
very difficult, because you do get these cross currents. And so what happens is, as the currency depreciates more and more and more and more people wake up, and in one place, it’s really hard to hide his food. So people everybody has to eat, whether you’re rich or poor, doesn’t matter. So when you go to the grocery store, and you notice, you know, on a weekly basis, or a monthly basis, some goods that you buy, you know, almost every trip to the grocery store continuing to go up in noticeable amounts, meaning like 20%, or whatever people really catch on and anyone who has any savings basically starts to think about what’s happening to their purchasing power. And what they’ll do is move into buying another case of tuna fish as a, as a hedge, or, you know, more Siri or whatever. And the other thing about inflation is that through all inflation’s and especially in more modern times is a good trick this done off, and then you know, this, Jason is that box of cereal will cost the same price, but instead of being 20 ounces, it’s now 14 ounces.
Jason Hartman 8:48
I know, a lot of people don’t notice that. So there’s a lot of trickery going on. But why is it the price of gold doing anything significant? And you know, even silver? You know, for decades, I’ve heard the gold bugs, the silver bugs, talk about how we’re going to see, you know, just this big run up, and it just seems like the either the powers that be are so good at manipulating it, or the market just doesn’t recognize it. And you know, maybe all that attention has been directed to Bitcoin. I’m not sure but what what do you say? Well, thanks.
David Morgan 9:22
I think you gave a good precursor to it. I think it’s both. I think one there’s a lot of diversion. You know, crypto, this crypto that so a lot of money that probably go into the metals gone into the cryptocurrency I’d call it almost a mania at this point. Not the bitcoins not going to be worth a million I don’t know. But what I do know is that one is a diversion. And the other one is lack of knowledge. You know, the people don’t understand money, they don’t really understand the difference between something that government tells them is money which is currency that can be printed to infinity and an ounce of silver and out ounce of gold that’s traditionally over a long period of time, held its value against all commodities. So it’s an education process. But I think what’s going to happen is as the general markets deteriorate, we need the bond market and stock market, you’re going to see people seeking what Israel and since everything else is pretty much overpriced, you will see a run the gold like you’ve probably never seen before. But that’s my take. I mean, I’m old school. And you know, I went through the 1970s. And watch the whole thing happen and really look to me like in January 21 1981, gold peak, we were pretty near a currency crisis and gold was signaling that the US dollar is going to fail. And Volcker came in and said, I’m putting interest rates up to 20%. While at the time 20% was like mafia, I mean, I’ll be a loan shark on the street would demand you to pay 20%.
Jason Hartman 10:50
Right? So yes, man, inflationary collapse. And then Volcker broke the back of inflation with high interest rates,
David Morgan 10:57
right? Absolutely. Yes, the best thing you could have done is what one of my friends did, he sold all of his gold and bought the long bond. So for 30 or 40 years, he’s gotten, you know, a coupon of like, 1718 19%. And as interest rates go down, bond prices go up. So that was like the absolute best investment you could have made in latter part of the 90s or early than 90 days.
Jason Hartman 11:21
So give us if you know them. And I don’t know if you have these offhand. But you said a moment ago that gold and silver have held their value against, you know, real things. Can you share with us any examples of that, what an ounce of silver would have purchased before or a silver coin versus what it buys today, or gold or whatever, just any good examples like that.
David Morgan 11:42
So this chart was published in Forbes magazine, after Warren Buffett announced that he had bought 130 million ounces of physical silver,
Jason Hartman 11:50
what year is that
David Morgan 11:51
1999. So this is a very, very interesting chart, because it takes the inflation lie out of the price of silver. So what that means is that $400 back in 1344, is the same as $400 in 2004. So now we can get an inflation adjusted price for silver. And as I did a lecture on this, or actually a podcast recently, a few weeks back, and when I pointed out was in 1344, to 1540, for the average price of silver was well above $400 an ounce. So the problem was silver, if you want to call it a problem is when silver is equal to gold. So if silver is treated like gold, as a monetary asset, and it’s only money, it performs pretty well relative to gold. But when it’s treated as just a commodity, it doesn’t do that well. So if you go these 200 years Silver’s above 400. And by the way, the all time high inflation adjusted was $806 an ounce back in 1477. So we had that 200 years or so $400 silver, and then it dropped down in this range here. And it maintain about $200 an ounce from roughly 1584 to a called 1764. And then we had a drop again, now we around $70 an ounce, and oh called 1804 to 1904. So 400 years, Silver’s purchasing power real true price inflation adjusted was about $70. So during the crime of 1873 zeros demonetised the bankers went gold only standard and you couldn’t use silver in monetary transactions for about four years. And during that time, silver basically plummeted and never really came back for quite some time. And then what you had in the 1980s was the hunt brothers came in you got the spy, you saw silver around 50,000 studying
Jason Hartman 13:57
the hunt brothers lately. It’s it’s very interesting story.
David Morgan 14:01
Very, and so then you come back down after
Jason Hartman 14:04
the sell off. And by the way, I should mention for those who don’t know, the hunt brothers story is about them trying to corner the silver market.
David Morgan 14:11
So this gives you a pretty good picture of what silver does when it’s valued as money. And when it’s not. You can see it’s gets these very low valuations Buffett bought right here. I mean, not the exact day he was buying it over time, so it wouldn’t move the price. But he bought most of it under $5 the ounce,
Jason Hartman 14:28
which its trade in 1999 was good, then you’re saying right, that’s the best
David Morgan 14:33
you could ever do. He bought silver at the lowest price on an inflation adjusted basis. Never been in since the 1300s.
Jason Hartman 14:42
Got it. Okay, so what is the point of this chart though? What is the thesis? What are you telling us to do? Is there an action step here, bring it home for us?
David Morgan 14:50
Well, one Buffett’s a value investor. So he saw value, silver at that ridiculously low prices of value investment, okay. He knew
Jason Hartman 14:59
that was 20 Two years ago, absolutely. Where are we today? What does it mean? What do we do today?
David Morgan 15:04
Well, what we’ve already discussed, yes. And what it means is that as this inflation becomes more viable to the average person, they’ll start to seek ways to protect themselves. And the wealthier will look to gold and the less wealthy that have savings will move to silver. Only way it happens is you’ll make people suffer for lack of knowledge. Most people don’t know monetary history, they don’t really care about monetary history. And they really have no conception of gold. And silver is not anything that you hear on the wall street talking, it’s ever. I mean, very rarely, let me put it that way. So people have to wake up word of mouth. But what’s happening is we’re seeing that this is what gives me faith that the next leg up is going to be rather spectacular, because the Wall Street silver group has gone from a start up to a thickness 40 45,000 people in that group. And these people are mostly younger, and they’re educating each other about the merits of a honest financial system. And so they understand that silver cannot be inflated away, it’s always going to be an ounce of silver, and Varys is how much currency is printed against that out.
Jason Hartman 16:05
Right. So do you prefer silver over gold as a metal?
David Morgan 16:09
I do, because it’s like a stock buyback program. It I mean, in gold, you know, every ounce that’s ever been found, is still above ground. Practically speaking, there’s some lost, but most of it still exists in silver, you got a buyback program, where 50% of the stock is bought by industry every year. So half of the silver demand comes from industry,
Jason Hartman 16:30
right? And only lead over is really an industrial metal, gold hardly is at all right,
David Morgan 16:35
correct. I mean, I would say silver is a 5050 split. It’s 50% money and 50% industrial use.
Jason Hartman 16:42
Okay. Talk to us about the gold to silver ratio, it’s been pretty out of whack for quite a long time, hasn’t it?
David Morgan 16:49
Yeah, depends. You know, there’s a lot of arguments, both sides, I can take you the argument, my argument is on the pro side, meaning that silver has been money longer, more places than gold ever has more transactions have taken place in silver than gold, historically. And it’s the merchant class, it’s the people, it’s those shopkeepers, and it’s the people and that’s silver. As far as gold goes, it’s usually big transactions, nation state to nation state, you know, my warships for your gold, or that type of thing that actually carries over into the modern world. I mean, if you look at the UK, which was you know, the sun never sets on the British Empire, they had all the gold and all the means production. That’s true capital means of production. And then when it shifted after the war to the Americans, then it all the gold basically moved to America, and also the means of production. So we’re providing the world with all not all, but a great percentage of the produced goods. Now, we’ve seen this China has really scarfed up a great deal of gold, probably more than they say publicly, they’re the means of production. They’re the people that country is the one that makes most goods, not all but a great percentage of them. So this cycle, you know the old adage, follow the money like you do with what you do, Jason, I mean, it’s pretty easy to just be objective and say, Well, where’s the money going? Well, in this case, we’re talking about real money, gold, gold went from the UK to United States to China. So it’s pretty easy to get a big picture on what’s happening. On the silver side, since no one in the banking system considers it to be money, even though a lot of investors do or at least consider it to be a hedge against the monetary crisis, we have a lower price. For example, if any bank decided to take on silver as a monetary asset, I don’t think he could put the price on silver because it would have to represent you know, pretty good percentage. And so everyone’s just sort of leaves it alone because they’re scared. They don’t. They’re scared. They know what would happen. So Silver’s just given kind of the short shrift. People are taught, you know, those silver guys, they you know, it is volatile, very volatile. But what happened in 1980, when silver in 1979, went from $6 to $50 in one year. So that’s the kind of moves that silver can make usually see a great percentage of the gain come in the last part of the bull market. That’s where you are right now. We hit a $12 intraday low in 2020. March, and now 2021. We’re at like 26. So so it’s more than doubled. But that’s just the warm up. I really do think we’ll see at least $100 silver, probably over the next two to three years.
Jason Hartman 19:30
That’s pretty significant gains. So you believe inflation is coming as do I? How bad do you think it’ll get
David Morgan 19:38
bad enough for people to protect themselves with precious metals? buy into the hyperinflation. Really I don’t think we’re doing some Bob way. I think we’re going to have enough inflation, the advanced capital markets and there’s even more advanced than the dollar right here. if interest rates are forced higher The market because the Fed wants to control interest rates, they’re very Matter of fact about it now. But if they’re unable to, and there’s a case to be made that they would be unable to, then as interest rates are forced higher, then bond prices deteriorate. So if you had, let’s say, a spike, and these days when you have to be, you know, nearly what Volcker did, say 10%. Now, it probably crushed the market. We’re not probably it would crush the market, what would be the outcome? Nobody knows. Could we survive it? Probably. But bond values would be deflationary. Because you would lose a great deal, percentage wise of what the bonds would sell for. You’d also have to pay more interest to savers that just put, you know, the money in the bank so to speak. And so that’s deflationary. And so you could have these countervailing forces and talked about earlier, where technology things are less and you know, foods more and you know, how do you strike a balance and figure out what’s really going on? And the answer is as the signal unravels further and further, the market will let us know but to predict the chance of a debt liquidating or a depression, like the 30s is just about zero. And here’s why a friend of mine did a study on every grade inflation and what he discovered was, anytime it’s been an unpacked currency, you’ve had a inflationary bailout. If you had a gold currency, you could have a deflation like in the 30s. Remember in the 30s, it was a gold backed currency. Now, you know, the executive order that everyone has confiscated the gold well, gold was paid for, at a low price, and then it was revalued at a higher price. No one got the gold stolen for Well,
Jason Hartman 21:43
yeah. It was like $21 and then they revalued it at $33 I think right? But 35 Yes, that’s right.
David Morgan 21:50
So that’s the story. I think we’re approaching a significant point. It’s really about again, I’m repeating but it’s about awareness. I think when people are aware of what’s really going on and know something about what asset classes, and really a lot of it has to do with the modern systems, you know, with the internet, all of a sudden, if silver just takes off, people never even know how to spell the word silver will start seeing it in different programs. They’ll see it in the chat room, they’ll see it. They’ll a video made from someone that does
Jason Hartman 22:22
that. That’s kind of what’s happening with cryptocurrency and real estate stocks now. Yeah.
David Morgan 22:29
Yeah. It’s a small market. That’s the other part, the amount of silver and gold is available. The reason they’re called precious metals, is they are precious. I mean, every ounce of gold ever mined for the last 5000 years would fit into three Olympic sized swimming pools.
Jason Hartman 22:44
The gold supply increases at about two and a half percent per year, I believe, right?
David Morgan 22:49
Yeah. berries, one and a half to two. Yeah.
Jason Hartman 22:52
And what about silver? Is it the same kind of ratio?
David Morgan 22:55
Well, Silver’s enough. So even get periods where there’s a surplus, and then there’s a deficit, we had a deficit from 1990 to 2006, where we took the above ground stockpile of silver from 2 billion ounces, and ate up 1.5 billion of those ounces, it got down to 500 million ounces. And with the China boom, there was a lot of industrial demand for all commodities, especially metals and other things concrete, you name it. And so that caused a lot of increase in mining. And that took the silver production much higher, which brought the price down over time. So you got more or less imbalance. I mean, most economic systems strive for balance. There’s a shortage of housing in a certain area and a big workforce moving into the area, you know, there’s a demand for housing and some contractor contractors are going to build more houses or more apartments.
Jason Hartman 23:49
I just wish the precious metals produced income like rental properties do and had tax benefits like rental properties Do you know, then I would be all in on other asset classes like that. But you talked about the two major precious metals, but what about the other two? What about platinum and palladium? Do you have any thoughts on that before we go?
David Morgan 24:09
Yeah, I’m glad you brought that up. I think what’s really a good study is palladium, because palladium has gone up.
Jason Hartman 24:15
I mean, I made money on my palladium. Yeah, I had a little bit of it not. I mean, listen, I’m not a metals investor, per se. I’ve got a little bit for insurance, like I do and other things, but I couldn’t believe palladium what it did, it was really incredible.
David Morgan 24:29
Well, that’s a proof to me. I think anyone else who studies the markets, adjacent. I mean, you had palladium that the few $100 an ounce, and now it’s almost 3000. Now
Jason Hartman 24:40
it exceeded platinum, by far. Yeah.
David Morgan 24:43
So what’s happened is it’s a supply demand truth. Unlike the golden silver price, which is basically a price of the contract, it’s a derivatives price. Whereas in palladium, it’s hardcore, you know, cash on the barrelhead, as I say, palladium or no palladium. I don’t want any, you know paper. And so palladium is a very good indicator that the physical market can control the price. And because it’s demanded in catalytic converters to such an extent, that the price even though it’s been as high as like, go 20 to 2300, it’s already crept up to like 2800. Because there is a demand to physically have it. When that happens in the silver market, it will take off because there’s the inability to satisfy people with a piece of paper that says silver on it, they’re going to demand the real thing. And when that happens, it will spill over into gold or vice versa. Gold complete silver. I’m not sure which way it’ll go. platinum, I am bullish on Platinum because the Platinum guild said that they are going to be replacing some of the Palladium and catalytic converters this year moving on. And that’s a truth. Most people are taught that palladium is for ice engine, internal combustion gasoline engines. And Platinum is only for diesels. But it’s not true, you can use either one of the pgms in a calot converter, it really doesn’t matter, you’d have to take down the line, you know, the tooling, and after the tool, but you know, when you got 2800 for one metal, and you got 1100 for the other metal, it’s
Jason Hartman 26:16
worth that, you know, you
David Morgan 26:17
move it across hundreds of 1000s of units. You know, it’s probably worth retooling. Right.
Jason Hartman 26:24
Absolutely. Very interesting. sum it all up with any thoughts? give out your website. And let’s wrap it up.
David Morgan 26:30
Well, first of all, I compliment you, I followed you on your mailing list. And what you do in real estate, I think is top notch. So let me shout that out to you. Thank you. Second, yeah, you find real value. I really like people that find value, it’s easy to get hung up in the meme of you know, this or that crypto or this or that housing development or this or that you take a very methodical hope of sound like a common you take a very objective view. Now this this property got valued, does it not? And I really appreciate that.
Jason Hartman 26:58
Yeah, yeah, thank you. And I gotta say, I’m really worried that the crypto world is like the tulip mania. You know, that’s just crazy. But But go ahead, please. Yeah,
David Morgan 27:09
so the best place to go is my main website is The Morgan Report, comm sign up for our free newsletter, go to the blog. Also, if you go to the about tab, you can see a biography of me big deal. But further down that page is a movie called The Four Horsemen film, that’s an hour and a half movie for free, everybody should watch that. Because that is showing you how the monetary cycle repeats and repeats and repeats, we are at the end of the age of empire, there’s nothing that can stop it. And knowledge is something that you can use to have a right attitude. I love the expression, chance favors the prepared mind. Yeah, if you watch that movie, you’ll have a prepared mind. It’s not going to undo a lot of what’s coming our way. But at least you can be mentally prepared for it. And it’s not the end of the world. But it’s a huge shift. And generally speaking, most people are going to have a lower standard of living, not a higher standard of living. So that’s it.
Jason Hartman 28:05
Yeah, I agree. And probably the only thing that can rescue us from that is some great technology, some great technological innovation that saves us from having that lower standard of living. But at the same time, David, you know, it’s really uneven, isn’t it? And it’s very unfair, because, you know, the wealth gap is just getting insane. I mean, it’s just incredible. You know, I look at old movies and old TV shows and what used to be considered rich and wealthy people like you, they depict those in shows and so forth. And it’s nothing compared to today. I mean, these are like, plutocrats. It’s just unbelievable. But I gotta ask you one more thing before you go. You said the age of empire is over? Do you mean that to say that the US bingle you know, the big leader of the world is over or all empires are over? I’m just want to ferret that out a little bit, because I think it’s an important statement.
David Morgan 29:05
It is the end of the age of empire basically means United States, but it also means everyone else. Why? Because the dollar is the reserve currency of everybody on the planet. And of course, the BRICS nations have tried to mitigate what’s going to happen when the dollar is no longer acceptable. And the bankers want to do a deal central bank digital currency, and they want to get that in there before this dollar goes to in theory, absolute zero, it won’t. They will put in a new monetary system before that happens. But it’s not going to be for the benefit of you and me Jason is going to be the benefit of the bankers. And if I just might add ox I respect your thinking ability so much. There’s a movie a documentary called I Am and in that movie, they talked about the wealthy and in the 30s people thought people that were that extremely wealthy had a mental illness, that you have to have something wrong with You, too want to have that much for yourself, right? So this is how society changes. Now it’s like, who could be a billionaire and have all this pile of stuff and be at the top of the mountain waving their flag saying, Look at me, look at me, I’ve got all this stuff. Look at how many billion are looking at how many crypto are looking at how many whatever. And we need a rebalancing in nature loves balance. And I think we’re going to get a monetary rebalancing here, whether we want it or not, study the educated don’t fret, take appropriate action 10% of the metals is probably more than enough for most people. Don’t worry about the interest rate, I did have to say one thing if you go to the URL, ag dot load dot one, it’s ag dot ello d dot o ne, you can contribute silver or gold if you so choose and get gold or silver, as a local allowed to say interest. But as a as as tokenize, you actually earn rewards that are convertible to real metal. So there is a place you can do it
Jason Hartman 30:58
sort of entering into the kind of the crypto sphere a little bit, right? Is that what you’re right?
David Morgan 31:02
Yes, it’s a crypto sphere with utility. That’s real money. And you’d have to read the whole website, there’s some pretty good videos on there, I don’t want to push it too much. I am an ambassador, I have contributed my own silver to the project. And for me, my goal is really to get the truth out. And to get as many people tuned in to what’s taking place with their purchasing power of the next few years. If they can do to protect themselves. I look at totally as an adjunct to metal in your hand, right? Like you show the Zimbabwe currency, you know, you want real silver real gold that you can hold on to. But if you had X amount, you could take 1/10 of x and put it in a digital format and see how it goes. Sure. And so far, the program’s doing quite well and it’s going to be tied to a debit card. They already have a virtual debit card, which I’ve tested a few times it works fine. So there’s a lot to be said about a crypto coupled with honest money. It’s happening. They’re not the only one.
Jason Hartman 31:55
David, thank you so much for joining us really appreciate it and happy investing and let’s let’s hope people get a clue about inflation and monetary policy and really start paying attention to this stuff. It’s vital.
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