Why Banks Hate Gold Owners: ITM Exclusive

Hi everyone, Daniella Camboni here for the Daniella Camboni Show on the road here at the Rick Rule Symposium and this has to be one of the most special segments I've filmed in my career because I am joined by the director of the International Trading Division for ITM Trading, Matthew Taub. Not only is he the director of the division but also I am the proud wife of Matthew. So welcome to the show. This is so fun. 11 years in the making and now I'm blushing. Yeah, well I wanted to have you on. It's going to be hard for me not to call you sweetie, Matt. I've been called worse. Okay, no, I want to have you on because I've been talking so much about how ITM has gone global and I am so thankful that we have and grateful because obviously a lot of my following is in Canada, is in Europe but also many Americans were looking for storage solutions which we previously did not have but now really thanks to you spearheading this we have a solution now. So I want to talk about this and obviously get your thoughts on the market. I know you have a lot of good insights not only because you're married to yours truly but you do have your own opinions but talk to us about this new storage program. Yeah, it's a great program. Two-way liquidity buying from clients, selling to clients amongst a network of vaults serving people globally. So no matter where you live we have a solution for you now. It's really a great great program. So what were you finding that people wanted and why do they want this solution? So I think that ultimately geographical diversification is a good thing. We talk a lot about owning metals and having some at home which is something that we do highly recommend but there's only so much that you can have that right. I mean whether it's a safety issue, whether it's an insurance issue, there's a lot of reasons where there is a number for everybody. It's different depending upon where you live and what your setup is like at home but a third-party storage solution is a great fit for a lot of folks especially high net worth individuals. And I think there's a lot of misconception that I'd like you to clear up because some people say why don't I just keep it at the bank which is a huge no-no. Why don't you want to do that? Yeah, so I mean just think back to COVID right if you're at the bank right there was you know times where you couldn't even have access to it. Forgetting about possible bail-ins and some of these other things just pure access alone right depending upon you know what bank you're with and where you are you don't really want to have that risk on your hands. It's just a layer of risk that you don't really need. And they also don't want you really owning gold. I mean can we share I mean sometimes some of your clients have issues with their banks because they don't want to do the wire or whatnot. Yeah that's something we encounter every day between myself and my colleagues. There are more than one let's say on any given day but look the bank's business is to keep your money right once you give it to them it's no longer yours it's theirs right so they don't want to part ways with it. It's a hard pill to swallow that it's no longer yours it's theirs. It's like what do you mean? Yeah but it is the reality. It is the reality. Look you've been in this business for as long as I've been in it maybe I beat you by a year or something not being competitive but I always say gold has brought me the greatest things in life. I met you and now we obviously have our beautiful twin boys but you've been dealing with affluent you know wealthy individuals for the course of your career and people always ask me I want to do what they're doing. Do you feel there's a common denominator that the wealthy are doing or what do they know about owning gold? Yeah that's a great question. I think that there's no real common denominator but there's a lot of reasons for you know people you know being interested in owning gold. For some people it's just sort of the basic you know portfolio thing where okay you know four percent allocation ten percent whatever that number is right so it's a non-correlating asset class it's a diversifier right bring down the volatility of a portfolio you know goosing returns potentially. At ITM our focus is a little bit different right so we tend to focus on the dollar and fiat money and currency life cycles and fiat money failures and the reset right if you will. So gold is really the only protector against an event like that so it varies. Some people just have too much money in the banks and they get uncomfortable and you know they don't believe there's a safe place to to have it outside of gold and some again it's an allocation of portfolio and some it's wealth preservation protection right inflation right things like that. So it could be the reset driving it or like you said not having faith in the system or wanting to build that generational wealth. Yeah could all of the above. Am I wrong to say that I think another misconception is on the flip side I know you can deal with a lot of high-end clients wealthy clients but people also think you have to be rich to own that. Yeah that's what they want you to believe right so it keeps people away from gold ownership but no there is gold in all shapes forms and sizes and again you know it's it's all relative right so you know an ounce of gold that spot 40 150 or wherever we are today you know there are fractional right even if that's not where you are there's never a bad time to own there's never too little to own so I you know everybody should have some it is the only protector and so if they they call they get you on the phone um so what do you do you walk them through a strategy you help them because a lot of people call and they just they're scared to ask questions or you know they don't want to sound stupid but you you really help them build a strategy right yeah so our focus is on you know personalized strategy um you know some people call in their their beginners they don't know anything so we'll teach them about gold and about markets right um some people are just looking to diversify uh bullion dealers right or precious metals dealers or providers it's good to have multiple relationships sometimes um so it really you know again there's not you know one pot for everybody or one cover for every pot as they say um you know again we're happy to take people you know first timers all the way through the season experienced investors um whatever the case may be you know we'll certainly help you with whatever you need help with and um obviously you know in our family we we love gold i've said it on multiple occasions we've never sold our gold yeah um people have been frustrated somewhat with this price actually i mean it's four thousand dollar gold i mean we need to get things in perspective here what's your message to uh you know gold investors out there yeah there there's never a wrong time to buy gold um you know people are saying oh and gold is down this and that the gold's still up but 25 percent in the last year uh certainly not a bad thing remember that's not the primary reason to invest in gold or to buy gold right or to own gold right it's not for gains right it's for protection against losses um and you know i would say that look if you look back over the last year to three right 1600 to 5500 on the high to 4100 and change wherever we are uh today i say the things that got us let's call it 4150 from 1600 to 4150 have any of them gotten better had any of those things improved and the answer is no right 39 trillion dollars in debt interest expenses and payments that we can't meet you know i can give you 15 reasons off the top of my head and you know if none of those seem to be getting better you don't see those getting better in the future then now is the time right now is the time we don't really want to get hung up on today's price right i guess it's just people flock to like the nvidia right which is bright and shiny and it's like why wouldn't i want to be i want those gains right so it's hard to wrap your mind around you're protecting your purchasing power yeah it's it's a perception right you know you know fomo right if you're missing out on big gains so and that's something that we also help right people get past is framing gold ownership the right way right um is really important then you don't get caught up in the you know sort of daily price action right you're not buying gold to get wealthy tomorrow you're buying gold for protection right for your life i just you know i tell my my my girlfriends especially this you know who call me and you know that i mean i have the conversations and they're afraid to start but i say just start even if it's just a small amount that will force you to get knowledge on what you're investing and all of a sudden you might get hooked on it and that happened to one of my you know best friends like she just started buying a little bit of silver and then she just got hooked on the market and that's how you learn right you got to dip your toes and i say it's better than just sitting back and doing nothing at least you feel you're getting you're taking some control back now i'm getting passionate i know all right all right so hold on uh but yeah you know that again it's just you know once you because once you add gold and you start to understand gold there's so much to learn about it i mean it's a it's a global financial asset right it's money global doesn't matter where you live it doesn't matter what your local currency is gold is priced in your local currency so there you go once you start right you'll you'll continue down the path of further education and uh we're 20 years in 20 years your children and your grandchildren and those next grandchildren great-grandchildren they'll all thank you yeah for taking that step that's right well thank you uh matt for joining us 11 years in the making and here we are well 11 years married a little longer in the making right on the program thank you so much i like i said i've been talking and just so excited that it's gone global and uh you're a huge part of the reason why it has so thank you yeah my pleasure and thank you for having me what's the best show to watch when it comes to the daniela camboni show on itm trading we'll have more great content coming your way stay tuned