Where Is The Bottom For Gold & Silver? | Andy Schectman

**Adam Taggart** (0:01)
And we should be live. Welcome to Thoughtful Money. I'm Thoughtful Money founder and your host, Adam Taggart, and we're here for one of our regular check-ins on precious metals, all things gold and silver related, with the great precious metals expert, Andy Schectman, CEO of Miles Franklin, and the endorsed precious metals solution by Thoughtful Money. Andy, how are you, my friend?

**Andy Schectman** (0:22)
I'm hanging in there, Adam. How are you doing, brother?

**Adam Taggart** (0:25)
I'm good, although it sounds like you're running the gauntlet today, and that this is just one interview of many and a long string for you. So we will get you out of here a minute or two before the end of the hour. I appreciate you making time for our audience.

**Andy Schectman** (0:37)
Yeah, no, I'd rather stay here longer if you want to know the truth, but I got a little bit double booked today.

**Adam Taggart** (0:43)
You're always welcome, buddy.

**Andy Schectman** (0:44)
And it's, you know, the gold market is absurd these days. The reaction to supposedly the Fed not being able to lower interest rates, so that's what they maybe want us to believe is kind of absurd, but there's a lot betraying that narrative, but happy to be here and chat about it.

**Adam Taggart** (1:00)
Well, thanks. Yeah. And so I want to start there with you. I've got one update I want to slip in beforehand. But yeah, I've had this theory that we've talked about.
I talked about it with a number of people and it sort of felt like it was a pretty good theory, which was that with high oil prices, a lot of countries were forced to kind of sell the family silver, literally, to pay for those higher oil prices. But that once the boot came off the neck of the oil prices, the boot would come off the neck of the precious metals prices, which were being sold to afford that higher oil.
But kind of right as that started to happen, we had Kevin Warsh come in and basically deliver the Mario Draghi-like, I'm going to do whatever it takes to make sure that inflation gets down to our target. And somehow, that kept the boot on the neck of the precious metals and they've come down even further. And the day we're talking here, I'll put up a chart in just a moment, folks. But gold and silver futures continue to fall. Silver is now trading below $60, silver futures, at least. And gold futures briefly dropped below $4,000. I think they're maybe back up a little bit as at the time of this recording. Real quick, though, before we get into all that, I just want to check in because it took me way too long in our last recording, Andy, to get this up on the screen. You have been very generous in offering a junk silver offer to a Thoughtful Money audience. Last time, you were keeping it at the $2 below spot price, which you said is sort of unprecedented in your career. We've always been saying this will last as long as supplies last. Where are we on supplies and has anything changed with the pricing?

**Andy Schectman** (2:52)
Yes, it has. The supplies are still decent. I am going to, before the end of this, I am going to get you a current price. It is up a little bit, not a lot.
Give me a few minutes, I'll get you the current price on that for the rest of the week. But yes, it's been a good special. People have loaded up on it. It's becoming a little harder to get right now, but I'll be back to you before the end of the podcast here with the current price.

**Adam Taggart** (3:25)
Okay, great. Real quick, you'll get back to me with the current price. Will it still be at some discount to the spot?

**Andy Schectman** (3:31)
Yes, it will be.

**Adam Taggart** (3:33)
So folks, we'll get more details later on as we go into this discussion. But again, if you want to buy junk silver below spot from Miles Franklin, go to thoughtfulmoney.com/buygold, and we'll be able to tell you exactly how much below spot in just a little while.
All right, Andy, so you can start wherever you want, but I have to name these things before the live stream starts. And I think this is the question, I named it the question, I think, which is on everybody's mind, which is, hey, where is the bottom for gold and silver here? Now, I know you're in the industry and some people are going to say, look, Andy is just going to talk his book and he's always going to tell us that the price is always going to go up tomorrow. But what is your latest thinking on this price action? And if you think it's going to be transitory, this dip lower, what's giving you optimism that it will?