The Future of Money Is Gold

Hi everybody. This is Peter Schiff and welcome to the Schiff Gold Friday Market Wrap. You know, this Friday is Halloween and a lot of gold and silver investors got scared out of their positions over the past week or so, especially people investing in gold and silver mining stocks. Those stocks really got hit very hard. I think we've seen a very abrupt change of sentiment because a few weeks ago, or even a week ago, for the first time in my career, there were a lot of other people who were bullish on gold. And you may have thought, was that a cause for concern? Was that a contrarian indicator? Was that a sell signal? Because now, you know, mainstream investors are buying. And I didn't think so because this is just the beginning of mainstream investors' entrance into the gold market. It's not the middle and it's certainly not the end, but I think a lot of people did have to get burned who came in because bull markets never like to rise with a lot of company. They like to shake out the, you know, the extra baggage, the weak players, the leveraged players. So probably there was a little bit of too much short-term optimism. There wasn't nearly enough long-term optimism as far as I'm concerned, but in the short run, when gold was above 4,000 and almost hit 4,400, everybody was talking about it on, you know, financial television. And I think for the first time in a while, people started to get interest. Some institutions started to get interest, individuals who had ignored gold, uh, for years, if not decades, uh, finally, uh, you know, maybe got into the market and now with an abrupt decline, not only have some of those short-term people been spooked out of the market, but I think they've left the market. And in fact, I've listened to a lot of coverage. In fact, I was watching on CNBC. Uh, there was a lot of bullishness on this show, fast money for gold. Uh, leading up to that big run up to near 4,400. And I watched the show the other day and everybody agreed gold was going a lot lower at a minimum. They think gold is going to 3,600, uh, which is 10% below where it is now because gold still closed the week above 4,000. I mean, barely, maybe by a couple of bucks, but that doesn't look like a market that's about to implode to me. They're scared because we had a sharp drop, but look at where we dropped from. We were almost at 4,400. We've had this big correction. Gold is now 8.7% below it's record high from a week ago or so. We've had this 8.7% correction yet. We're still at 4,000. Most people would have expected the correction to start below 4,000. Instead we corrected to 4,000 and I still think 4,000 is the support, even though we've traded below it. And I said that if 4,000 is support, that doesn't mean you can't trade 3,900. You could get under support. You just can't get below it by that much or stay there that long. Or then you really can't call it support. But when I say 4,000 support, it's an approximation. Obviously you can't draw a line in the sand and say, there's no way the market's going to go below 4,000. Because if you think that, of course it's going to happen because people will get long and they'll put a sell stop at 3,999 thinking, you know, they can't get hit. And so the market would go and take those, those stops out. So when I talked about 4,000 support, it was a range near 4,000. And in fact, in some of the violent sell-offs that we've had, I don't think I've seen the market below 3,900. I think we got close to 3,900, but then we got back above 4,000. And so to me, this is the support zone. This is exactly what happened when goal was at 3,000. And if you recall, when I said 3,000 was the new 2,000 and I was telling people that 3,000 was support. Yes, we traded below 3,000 on several occasions while I said it was the support, but then at some point it took off and never traded below 3,000 again. I think the same thing is going to happen with 4,000. Yes, you're going to have some opportunities to buy below 4,000, but at some point we're going to run out of those opportunities, the price is going to go well above 4,000 and never return beneath it, same thing happened to 2,000, except we spent a lot more time around 2,000 than we did at 3,000. But I was saying the same thing, the last time we hit 2,000, which was in early, I think 2024, and I was telling people that this was the floor, everybody thought that 2,000 was the ceiling. That's why you had all these companies downgrading Newmont and Barrick because they said gold has topped. It can't go up. And I said, well, that's a great indicator that it's bottomed and can't go down. Right. When the mainstream is downgrading these stocks. And so it happened in 2000. It happened in 3000. It's happening at 4,000, but the fact that so many people have gotten so bearish so quickly, that's a positive indicator to me. I wasn't that worried that a few people finally noticed gold and wanted to buy it. But I'm certainly happy that those that did are already getting rid of it because they've been scared out of the market. Now, of course, I'm not scared out of the market. I've been long this market since gold was under 300, but maybe people that bought for the first time at 4,300, maybe they got spooked when it got down near 3,900. Even more so in silver. Silver's correction has been even bigger than gold's. Although silver didn't drop this week. Gold was off about two and a half percent on the week. Not quite a hundred dollars, right? Cause it had a higher close last week, but silver was basically flat on the week. Silver close. It might've been up a little bit. I don't know exactly. It could have been up a dime or so, uh, but silver closed at around $48 and 60 something cents an ounce. But silver has had a bigger drop from its peak. Then then gold right now, silver is about 10.7% below the high that it hit, which was about 54 40 ish is where silver got. What's most significant about silver is that it broke through 50 and it got well above it. Now we've had our first correction. Yes. We've gone back below 50. It's not aligned in the sand, just like 4,000 gold wasn't aligned in the sand, but we're not that far below 50 48 and a half. And I saw it. The lowest I saw silver this week was around 46 and a quarter. So that was an even bigger decline, but these are upper forties. You know, silver was at 30 earlier in the year. And I was telling people you got to buy $30 silver because I thought that was the floor. And the next thing you know, we're above 50 now. Yes. I think eventually you'll never see sub $50 silver again. I think at some point we're going to work through some of the resistance here, shake out some of the new speculators that may have just entered the market, and then I think we'll take out 50 we'll take out that 54 40 high. We'll take out 55 and then we'll probably never trade below $50 again. Just like 50 was a massive double top. Uh, it's now going to be a massive bottom and you're not going to have the opportunity to buy it. So in the meantime, these are good pullbacks. We haven't had a decent pullback in gold or silver in a while. You know, we had a lot of shift gold customers that didn't want to buy. They were reluctant to buy because they didn't want to buy the highs. Well, now you've got a chance to buy, you know, a 10% correction from the highs instead of being scared by the correction and thinking, oh no, the bull market is over. Yes. That's what the correction is designed to do. Shake your confidence, right? In bull markets, all the biggest moves are to the downside and gold has had much bigger drops. Silver has definitely had much bigger drops than it had a rallies. And that's a clear sign. These big drops are designed to scare you to shake people out. And one of the reasons that the drops are so big is people are panicking to get out. And you get a wave of selling and that's what's happened. The smart money that is riding this bull for the long run takes advantage of the decline. And in fact, the shakeout has been bigger in the mining stocks. If you look at the GDX based on where it closed this week, it's down 15.3% from its high a week or two ago. And the GDX J is down 16.7% from its high. And of course, a lot of stocks are down more, just about every silver stock is down more than 20% from its high, which means even though silver is at $48 and 50 cents, the silver stocks are in bear markets. Why should that be? Why should silver stocks be in a bear market at 48 and a half dollars silver. And of course, the craziest thing about the sell-off in the stock market or the gold stocks and silver stocks is even though gold and silver prices have fallen. There's still a lot higher than any of the analysts believe that they would be when they did their earnings estimates for these companies. So even though the prices have come down, the stocks are still very cheap and gold and silver, they're not going to stay down. These aren't permanent declines, but even if they were gold and silver mining stocks would still be very cheap at the prices they were before they dropped, they're even cheaper now, but of course, gold and silver. Aren't going to stay down. They're going to keep going up, but there's so much fear. There's so much nervousness and uncertainty and doubt right in the market that is very healthy, right? The only market where you see just absolute conviction, nothing can go wrong. You can't lose. I'm not scared of any decline. I'm just going to hold that's in crypto, right? You have extreme conviction, no fear at all, nothing but greed and certainty. An absolute fact. I can't lose. If I own Bitcoin, Bitcoin can only go to the moon, right? It can't even go halfway to the moon. It's the fact that it's going to pass the moon and leave the solar system. That's how much conviction there is in, in crypto. Now, of course, when you get something like that, when everybody thinks they can't lose, they all probably will lose. Well in gold, there are a lot of people who are afraid of losing. That's why they got out so quickly. And now you've got a lot of people saying, stay away from the gold market. You know, it can really drop. It can go a lot lower, right? It's not going to go a lot lower. It hasn't been doing that ever since we really broke out above 2000. We have had some corrections along the way, and all they've done is shaken out the weaker players. So take advantage of this pullback, uh, to buy some gold and silver. Now what happened this week, the Fed cut rates by 25 basis points as expected. We're now down at three and three quarters for the Fed also announced the end, the official end of their quantitative tightening program. Uh, that's going to end in December. All of this is bullish for gold, more inflation, more easy money. Yes. Uh, pal did tease that a December rate cut is not a sure thing. Uh, it's not according to pal, but I think that since the markets expect one, I expect the Fed to deliver, and I think we are going to get a cut. Now the cut's not appropriate. Neither was today's cut or this week's cut. The Fed should be hiking rates, uh, but they're not doing that. And so all of this is very bullish for gold and, and silver, but I want to spend the rest of this podcast. Oh, by the way, I, I spoke extensively on my last Peter Schiff podcast about, uh, the, the, the feds, the rate cut, the press conference, all that's on my most recent podcast, which I uploaded to this shift gold YouTube channel. So if you look at the playlist for the Peter Schiff podcast, the most recent one is there. So after you watch this podcast, you know, then you can go and get all the details. I don't want to repeat myself. Uh, when I just put everything up on Wednesday, right? Cause Wednesday is when the FOMC concluded their two day meeting. And so I did a podcast on Wednesday evening and it's all there. Um, now what I want to spend the rest of this podcast talking about is a new product that has been up on the shift gold website for some time. And some of you have actually used it, but I wanted to make sure that we got all the bugs out of it before I went out and promoted it and got more people, uh, enrolled, uh, than we could handle. And so I'm happy to report that the bugs are gone and we can handle, uh, a significant volume. And so if you go to the shift goal website and unfortunately I had a little issue with our hosting company for the web address T gold, but if you go to T gold.com T standing for trade, but if you go to T gold.com, it'll take you to the shift gold website. Eventually it will take you to a specific page on the shift goal website. So by the, you know, depending on when you watch this video, it may be working. But as of right now, as I'm recording it, if you go to T gold.com, it just takes you to shift gold.com. But if you look up on the, the, the top of the website, you'll see a bar and it says gold silver deals trade, right? You want to click on trade. That takes you to the T gold page. Now, eventually, hopefully in a, you know, in the, maybe in a few days, if you go to T gold.com, you will go directly to that page. So instead of going to the shift gold website homepage, you'll go to the shift gold website, the trade page. And what you could do there is open up an account by just clicking on the tab, open your trade account. And what you can do there is you can buy gold or silver. This is not for delivery, although you could ultimately take delivery, but this platform is not for the gold and silver that you intend to, uh, take delivery on, right? You can, if, if it turns out you want delivery, that's something you can do in the future. But if you know, you want delivery, just buy the normal gold and silver and take delivery. But if you want to buy some gold and silver and have it stored for you. Right. And we don't store it ourselves. We have, you know, credible third parties that we work with that, you know, we'll store the gold in vaults, but the, the gold and silver that you buy is in your name, right? You own it, right? Shift gold doesn't own it. It's not like my bank was where you have an account and you're a creditor. You own it. So you buy it, you own it. We just put it in a vault that you can control through this website. Ultimately there's going to be an app. We're working on that app. It'll be launched shortly. And so you won't have to go to a desktop. You could just use your, your, your, your phone and you could bring up the, the T gold app and you could buy gold and silver in any denomination. So you could just buy a hundred dollars worth, right? Don't limit yourself to a hundred. You could buy a thousand, you could buy 5,000, but you could buy a hundred worth if that's all you want to buy. If that's all the cash that you, that you can spare right now, but you can buy it. Now, right now, the functionality is still limited. So you can buy gold, you could buy silver, you could sell gold and silver. You can hold the proceeds in your account. So if you sold your gold and you got cash, you can leave the cash there. You don't have to take it. You can take it. If you need it, you can have it sent to you or you could leave it there and then you could buy the gold back. And you could trade in and out of your gold. Now I'm not trying to encourage people to use this, to do day trading. Uh, the main goal is for people to accumulate gold and silver, but you can do it very easily, uh, in small increments now, right now you can't use a credit card or debit card. That's coming, right? That will be there soon, but you can use ACH so you can, you know, kind of instantly fund your account. But when you, when you open up your account, you'll be introduced to all of the, the, uh, payment options to pay for your gold and silver. Now, the reason I am doing this, it's not because I'm trying to sell gold and silver. I am really trying to help launch a movement, a movement that I've wanted to spearhead for many, many years. And I've kept having obstacles in my path. And, you know, I I've tried to partner up with other people and it never really worked out. I mean, and, and so now I'm just doing it, but the, the, the most recent attempt, right, I was already building this up, you know, my bank initially had these gold back debit cards. And then a couple of guys started a company called bit gold and bit gold. The initial mission of bit gold was exactly what I was trying to do. Right. And all of a sudden they started doing it. They had a publicly traded company in Canada and I got really interested in it. And they ended up buying a Jim Kirk's Turks company, gold money. And then they renamed the company gold money. And I really wanted to help them build out their platform because I wanted to help them make gold money. That was the goal, not just to sell gold and store it. I mean, there was nothing revolutionary or unique about that. I liked the concept of enabling people to use gold as a medium of exchange, not just a store value, but to use it as money, which is what it's supposed to be. And the name gold money basically said that, right, we're going to use gold as money. So I ended up selling shift gold to gold money and they owned it for quite some time. But along the way, they gave up on the entire thing. And, and so instead of being a payments company, like a PayPal of gold e-commerce, they gave up on all that because of all the regulatory costs. And, and they ended up just being a storage company. All you could do at gold money is you could buy gold. They'll store it. And then you can sell it, right? Which is what you could do right now at shift goal, except I'm not going to stop there. That is not the purpose of what I am doing. I have a big plan for what I'm going to do with this ecosystem that I'm going to build out. And I want everybody who follows me to help me build it out. Don't just buy some gold yourself through this program, but make sure you tell your friends to open up accounts. And again, for now, they don't have to open up a big account. They can put 50 bucks, a hundred bucks, $250. Doesn't really matter, right? I just want to start building this up. And then the next couple of things that are going to happen is the introduction of a debit and credit cards. We don't have them yet, but they're coming. This is what I'm working on. So a debit card would be MasterCard or Visa, where if you go into a merchant or you go into an ATM, you can use your card and pull out cash, or you could use it to buy things and we'll get the gold sold to cover your purchase. Just like if you've ever gone to Europe with your debit card or your credit card. And if you go to a restaurant and the bill is 200 euros and you pay it with your card, you don't have any euros in your account, you just have dollars. But behind the scenes, the dollars get sold and euros get bought. And then the card company pays the restaurant euros. Well, the same thing will happen if you use your shift gold debit card to buy something with dollars. We'll sell your gold to get the dollars to pay the merchant. So now you're basically walking around with all of your gold in your credit card or in your phone, because you won't actually need the credit card. You could use your phone to pay, right? But that's the first step, the debit card. Then I'm going to have credit cards where you could just borrow money with your gold as collateral. And then since the gold is collateral, the interest rates will be a lot lower than it would cost you if you were going to borrow money on a normal credit card, because they're the lenders taking a lot of risk. So they got to charge you a lot of interest, uh, because they have to cover all the people who don't pay. Well, if you're, uh, borrowing against your gold, there is no risk because I got your gold. Right now, obviously I'm not going to let you borrow a hundred percent of the value of the gold, but we'll see what, what percent, maybe 50%. Someone's got 10 grand worth of gold. All right. Maybe they could borrow up to $5,000 and it's not a very risky loan. I've loaned you 5,000. I got $10,000 worth of gold. Right now, of course, if the gold really drops a lot, you know, you, you know, you may have to put some more money in, or I'd have to sell some gold. So, you know, you don't want to leverage it up too much, but it's more for a short-term convenience. I would encourage people to borrow a lot, but you know, if you need some cash and you're short for a month, you know, instead of selling your gold and buying it back, you can borrow against it and then pay the money back next month. The other thing that I'm going to introduce is peer-to-peer transfers. So if you have an account at Shift Gold, a T-Gold account, and you want to send some of your gold to somebody else, you can transfer it, you know, instantaneously using the app on your phone. And of course you could also receive. Now, the whole idea is to create the ability to use gold as money. And I know a big problem, and this is something that gold money had is people were buying gold and they didn't want to use it as money. They didn't want to spend their gold. Why should they spend their gold? I mean, I'll spend my dollars. They're losing value. Why should I spend my gold? Exactly. You don't want to spend your gold. Not now you want to save your gold, but eventually if you convert all of your money into gold, which I think people will do, if you get your paycheck and it's direct deposited into your Shift Gold account so that every month, every week, whatever, everything you earn is gold. Well then that's all you've got to spend. And whatever you don't spend is what you've saved. I want to try to help people put themselves on a gold standard. The government doesn't have to do it. We can do it ourselves. We have the power. We don't need the banking system. We don't need checks. Uh, we don't need any of that. We, we could do it all ourselves with gold. I mean, theory, you don't even need copper anymore or nickel or even silver because people used to use those other metals to make small purchases. But now with technology and the internet, you can use, uh, you know, you can make small purchases with gold because you could break gold up, uh, you know, into tiny increments for the purpose of transacting, but the way this system is going to really get around Gresham's law, Gresham's law is that people who have gold and dollars, they don't want to spend their dollars. They want to spend their gold. And I agree, get rid of your dollars first, get rid of the bad money, keep the good money. But I think what's really going to be driving the adoption of gold as a payment is going to be the sellers. If you are a merchant and you are providing a service or selling a Wouldn't you prefer to be paid in gold? Don't you want to get real value for the value that you provide? Don't you want to earn money that doesn't depreciate in value? And I think as inflation accelerates and it will accelerate, it's only going up from here and it's going to be a bigger and bigger problem. I think more and more merchants are going to have to deal with a problem where they sell their products and then the cash they get loses so much value that when they have to restock their inventory, they might end up losing money because it may cost them more to buy back what they just sold. But if you never go back to cash, if I sell something and I get gold, and then when I have to stock up, I have the gold to pay for it. Well now, you know, the prices might be lower instead of higher. So I want to build a network where merchants have accounts at shift gold. Where they don't just want somebody to come in with a debit card and have their gold converted to dollars where the merchant wants the gold directly. Doesn't want you to use MasterCard or Visa, wants the gold that you've got in your shift gold account. And you could directly transfer gold from your account to their account to pay for the goods and services they're selling. In fact, if you are a fan of mine and you have a business, it's ideal. For you to set up your business and to give your customers the ability to pay in gold. Now, why would they want to pay in gold? Well, maybe you'll make it worth their while. Give them a discount, right? Give them 1%, give them 2% off. After all, you're not paying a credit card company, right? And you're getting real money. So I think ultimately you're going to see a lot of people that are going to want to do this. Now, the last piece of the puzzle that I'm planning on, I mentioned earlier that you could take physical delivery of your gold, which you can't now, obviously, you know, you only have a little bit would make any sense. But if you accumulate, you know, several ounces of gold and you want to take delivery, well, go ahead. Right. Uh, but you know, I think there's always some goal that you should have in your possession, but the goal that you're going to keep at the, in the T gold account is the goal that you want to use, right? This is for a medium of exchange. It's trading gold. It's not just storing gold. Although between the time you acquire it and the time you spend it, it should gain in value, especially if you have a longer period of time between, uh, you know, saving the gold and then using it to buy something. Um, one of the things I'm, or the last thing I'm going to do on top of just allowing you to transfer your ownership of your gold or silver directly to other people is to withdraw in the form of a token, right? A, a gold back token. And that's the other T goal for it stands for tokenized gold. But you know, Bitcoin tries to pretend it's digital gold, but it's not digital gold because there's no gold there, right? Yes. When you look at Bitcoin, the way they depict it, they draw a gold coin and they put a B on it, but you know, that's like drawing a picture of a hamburger and claiming it's digital food. It's not digital food. You can't eat it, right? It looks like a hamburger, but that's where the, you know, the similarity stops, but what I want to create is actual digital gold. It's digitized gold. It's real physical gold in a digital form. When you own that digital gold, you have the ability to redeem it in real gold. It is backed by real gold. The difference is now I can send it around the world at the speed of light. And I don't have to send my actual gold. See, if you're not a jeweler, if you're not, you know, making consumer electronics or aerospace, or you're a dentist, if you don't actually need the gold, you just want to use it as a store of value and immediate exchange. It doesn't have to physically be in your possession. You can transfer ownership of your gold and that's what you can do with my platform and what you can do with tokenized gold, right? You could transfer the tokens to anyone you want and the tokens are divisible into, you know, tiny amounts so that you can buy a cup of coffee and pay for it in gold, or more specifically, if you own a coffee shop and you're selling coffee, you could be paid gold for your coffee. You know, the Bitcoin community used to always tease me and say, Hey, how are you going to pay for coffee with your gold? Are you going to scrape off a little bit of gold? No, I don't have to do that. I leave my gold in storage and I don't transfer the gold itself. I transfer ownership of the gold. Which can be done instantly and a lot faster and for a lot less expense than trying to do that in Bitcoin. So I can buy coffee with gold. You can't do it with Bitcoin. So that is coming and you'll have, you know, different ways to do it. You can do direct transfers of your gold, or you can take ownership of a token and you can transfer that. And ultimately I want to get the token listed on various exchanges. So, you know, you can trade it, uh, after you, after you take delivery. So you could take physical gold or you could take the token, which ultimately is just an IOU for physical gold. Now, I know a lot of people in the Bitcoin community, they say, well, you know, that's no good because, you know, you have to trust a third party to store your gold. Well, that's exactly what everybody does when they own a stable coin, right? That is the biggest thing now in the crypto industry is building out stable coins. What's the stable coin? A stable coin is when a third party holds your dollars and you get a token and you trust that third party has those dollars and you have their token. Okay. Well, that's the same thing with gold. The big difference is stable coins that are tied to the dollar. They're not stable because the dollar's not stable. The dollar is losing value. So you're, you know, you're hitching your wagon, right? To something that's sinking, right? So you don't have stability. You just have whatever the dollar has. So you're going to lose the same purchasing power in a U S dollar stable coin as if you had U S dollars themselves. But if you have tokenized gold, if you have a coin linked to gold, then you have true stability, not in the sense of price, because obviously the price of gold changes day to day, the price of dollars relative to dollars always stays the same, but of course the dollar has an exchange rate and of course it also has an exchange rate with gold and the gold price of dollars goes down almost every day, I mean, not withstanding the last week, but if you have a token tied to and backed by gold, now you have real stability in that gold is a stable long term store of value, something that the U S dollar is not, but once upon a time, you know, before we were on a dollar standard, the world was on a gold standard, the world was able to transact in gold. Everybody got paid and was paid in gold. The fact of the matter is now it's easier than ever before with the modern technology, it's easier to be on a gold standard now than it ever was. And we don't need the government to do it. We don't need the government to issue paper that's backed by gold because we now could circumvent the government, right? This is better than Uber, uh, disrupting the, uh, the, the taxi industry or FedEx disrupting the post office, right? Why did people start using Uber? Because the government created monopolies, taxi monopolies, uh, were ripping people off. And so the private sector found a way to offer the public something better. Well, the money or the money substitutes that the U S government and other governments are creating are not good. They don't work right. They're flawed by design. Even the Fed will admit, we want the dollar to lose value every year. Gold is better. Gold is better money than the Fiat alternatives that the government has had a monopoly on, right? Well, now you can get away from that. You can use something better. You can put yourself on a gold standard. You can save in gold, but now you can transact in gold. You can earn gold. You can send gold. You can receive gold. You can pay with gold. You could do all of this and without having to take the risk of putting your money into an insolvent financial institution, when you have your money in a bank, you are a creditor of that bank. But when you have gold in a vault, that's your gold, you own it. The vault company doesn't own it. I don't own it. You own it. It's yours. All I'm doing is helping you access it in an efficient way. So you could use it as a medium of exchange, debank yourself, get off of the Fiat standard and put yourself back on a gold standard. So anyway, I want to encourage everybody, uh, before you go out trick or treating, although some of you might not see this until after Halloween, but go over to tgold.com, go to the trade page and open up an account. Just get started again. Right now, all you've got is the ability to accumulate gold, which is great. I don't want anyone to spend their gold yet anyway, but I want to build up a big community. I want hundreds of thousands, millions of people on this platform, because when we do that, we're also going to attract a lot of merchants who are going to see, Hey, there's a lot of customers here who've got a lot of gold, right? Who are willing to spend that gold, right? And so I can sign up more merchants to have accounts because they've got all these customers who got a lot of gold that they, that they can spend. And of course that gold, I think is going to get more and more valuable. So I think people that are on this platform are going to be much better customers in the future because they're not going to be going broke. They're not going to see their purchasing power destroyed. Their purchasing power is protected because they are storing it in gold. So this is going to work better. The more people that get involved. And I think we could do it at a low enough cost that I can make this thing work. Uh, whereas I saw other companies that haven't made it work. And, you know, a lot of people say, Hey, well, you know, there's gold tokens out there, you know, why aren't they popular? They're not popular because they're not get rich quick schemes right now. All the demand for tokens is to get rich. Everybody wants to buy the next Bitcoin goal is not for getting rich. It's for staying rich. It's for not getting poor. I want people to use gold as money, not as a get rich quick scheme, not as a lottery ticket. And the irony of it is the whole pretense of Bitcoin is that one day it will do what gold could do right now. And, you know, Bitcoin has never functioned as money. People want to gamble that maybe in the future, Bitcoin will be money, even though it hasn't succeeded as money in the past, and it's not used as money in the present. Well, gold has been used as money for thousands of years. We don't have to worry about whether or not gold can work as money. Gold has proven itself. It worked as money in America. It worked a lot better than what we got now. But the reality is with today's modern technology, gold is better positioned to be the center of the monetary system. It's better and easier and more convenient. The monetary properties of gold have been improved by the Internet. They have been improved by blockchain. So rather than being the end of gold, like the Bitcoin guys thought, hey, this is the death of gold blockchain. It's going to give it new life, right? Bitcoin will die on its own and gold will live on. Ironically, gold is probably the best asset to have on a blockchain, the best asset to tokenize. And of course, you don't even have to have it on a blockchain to make it work because, you know, it's that versatile and we have the technology. So I think this is going to be the platform that's really going to take off. I think I've got the voice to to promote it and to let people know. But I can't do it by myself. I need your help. So I don't need you just to get an account. But once you get an account, you got to sign up more people. And of course, you know, if there are people that you want to be able to pay gold, you know, hey, you got a babysitter, have your babysitter open up an account. Now you could pay her in gold directly. You could just transfer some gold from your account to her account. All the people, you know, that in your orbit, your kids, you want to give them some presents, you want to give them some money on their birthday. Don't give them fake money. Give them real money, right? Transfer some gold from your account to theirs. So there's a lot of reasons to try to encourage as many people as possible to open up these accounts. And again, in the future, when we get the app launched, it'll be a lot more convenient. You won't have to go to a desktop. You just do it on your phone. All this stuff is coming. But I didn't want to wait until we had everything ready to start. I want to start the process now. I want to get people opening up accounts, get people buying gold and silver and having them ready. And as we layer on more functionality, we'll already have an installed user base to take advantage of it. Anyway, that's it for now. And I'll be back again, uh, I guess next week I'm going to new Orleans, the new Orleans gold conference on, on Sunday. Uh, maybe I'll see some of you there, but I should, I will be back in time, uh, to do another update either on this channel or on my main channel. I'm not really sure. Cause I don't think I'm going to do anything while I'm in new Orleans. I got a lot on my plate while I'm down there should be an interesting gold conference, given how much the price of gold has gone up since I was at the new Orleans investment conference, uh, last year, again, if you haven't subscribed to this channel, uh, make sure and subscribe to it. And again, watch the, uh, the podcast that I recorded on Wednesday also on this channel, uh, to get all the details on the, uh, the feds, uh, rate cut. Take care, everybody.