Are Gold & Silver Now "On Sale"? | Andy Schectman

**SPEAKER_1** (0:00)
So you're saying with Hilton Honors, I can use points for a free night stay anywhere?

**SPEAKER_2** (0:04)
Anywhere.

**SPEAKER_1** (0:06)
What about fancy places like the Canopy in Paris? Yeah, Hilton Honors, baby. Or relaxing sanctuaries like the Conrad and Tulum?

**Andy Schectman** (0:13)
Hilton Honors, baby.

**SPEAKER_1** (0:15)
What about the five-star Waldorf Astoria in the Maldives? Are you gonna do this for all 9,000 properties?

**SPEAKER_2** (0:22)
When you want points that can take you anywhere, anytime, it matters where you stay. Hilton, for the stay. Book your spring break now.

**Andy Schectman** (0:31)
I would simply say to you, there are very few things I've ever seen in my career that I can't at least try and explain. This is something that just makes zero, zero, zero sense to me, and I find it to be the best value I've ever seen in silver. And...

**Adam Taggart** (0:55)
Welcome to Thoughtful Money, I'm its founder and your host, Adam Taggart. Welcoming you here for a special recording with my very good friend, Andy Schectman, the co-founder and CEO of Miles Franklin, which is the endorsed precious metals solutions provider by Thoughtful Money. Andy, thanks so much for joining us today.

**Andy Schectman** (1:12)
Adam, good to be here, buddy. Sorry, I left you hanging there a little bit, but glad to be here.

**Adam Taggart** (1:18)
Thank you. I so appreciate you making time for us here.
I know you got a lot going on, and you're actually heading out for a good while after this recording. I also know that you're going to try to squeeze in a little bit of golf before you go, and I'm actually going to try to squeeze in maybe a last run on the ski slopes here.

**Andy Schectman** (1:36)
Oh, you're a lucky guy.

**Adam Taggart** (1:38)
Yeah.

**Andy Schectman** (1:38)
We're both lucky guys.

**Adam Taggart** (1:40)
But we're both back-ended here for fun reasons. Okay. So Andy, before you left, and we didn't have the chance to talk to you for a while, I wanted to get your latest update as to where things are with the precious metals. And I guess first and foremost, over the past couple of months, you have been saying that the physical flows, especially of metals that are getting removed from Comext or being taken for delivery, it had risen to unprecedented levels that you've never seen in your career. What is the status of that? Are you still seeing those same levels or are they starting to abate?

**Andy Schectman** (2:16)
Yeah, we are seeing those same levels as a matter of fact. Let me see if I have the March numbers. The, bear with me one second, but the answer, the short answer before I find the actual numbers is yes, we absolutely are seeing the exact same thing. The numbers are increasing unabated as a matter of fact. So let's see here. In first day notice for April deliveries showed that 10,138 gold contracts stood for delivery. That's 1,013,800 ounces of gold and 1,181 silver contracts. That's 5,905,000 ounces of silver. We're posted for delivery. And if we look back at the March numbers, Adam, we see there were 14,559 gold contracts delivered, which obviously a lot of gold, 1,455,900 ounces, and 9,212 silver contracts, 46,060,000 ounces.
This is the question that in my mind has been missed completely and totally by the mainstream. These are not trivial numbers. You're in the billions and billions and billions of dollars every single month. A lot of it leaving Comex. A week ago Friday, I believe we saw 2 million ounces leave the eligible category. Those aren't even for sale. Those aren't even bars that are posted. That would be like someone taking 2 million ounces out of our storage program in thousand ounce bars, which is an eligible category, Brinks JFK New York and taking physical possession of them. So, you know, what is, how much does 2 million ounces weigh? I mean, I'll ballpark it for you. You're looking at, jeez, ballpark about 168,000 pounds. So, you know, when you realize that in February, we talked about almost 39 million ounces leaving the Colmex, leaving, getting on trucks and going, that's over 2 million pounds. So, yeah, it's continuing unabated. You look at what happened for, not just here, too, because, you know, you look at what happened in February after the price of silver literally got its teeth knocked in. China recorded its largest single monthly inflow of silver ever in recorded history. January and February combined were off the charts. February was the biggest single month ever. Now, this is from the second largest producer of silver in the world who's been flying all around Latin America for the last couple of years, buying Dore and Concentrate from Mexico and Peru, number one and three. So the number two producer in the world buys Dore and Concentrate at double what the West will pay from one and three and then is importing more silver than ever in recorded history after the price got destroyed. Price is a tool of misdirection, is the moral of the story. The price will throw you off the trail. The price will throw the media and the talking heads off the trail. And the financial advisors, you're crazy, Mr. Jones. Why would you ever buy that stuff? Look at how poorly it's performed in this atmosphere. But then the money over there says, and they're scooping it up like this while everyone else is being misdirected by price. That is the kind of stuff that to me is all you really need to know. If you have the ability to separate reality from emotion and say, yeah, really? If price was that big of a hindrance, then why do we see entities across the globe doing what they're doing to accumulate it? And for going on 18 months here in the United States, billions every single month. Doesn't all leave COMEX, but a lot is. And to me, that's really all you need to know about where this is ultimately going.