Gold's Painful Pullback: Pento Sees a Fed Surprise as Congress Takes Action -

Welcome to this week’s market wrap podcast, I’m Mike Gleason
Coming up in a moment, we have an exclusive interview with Michael Pento of Pento Portfolio Strategies and author of the book The Coming Bond Market Collapse. Michael tells us why he believes the current market expectation of Fed rate hikes is not only wrong, but why he believes we will actually see the Fed cut rates in future months to combat a slowing economy. Mr. Pento also weighs in on the recent market action in the metals and suggests there is good value in the space now after the pullback of the last few months.
So, be sure to stick around for that and a whole lot more and catch our terrific interview between Mike Maharrey and the wonderful Michael Pento, coming up after this week’s market update. And as a reminder please download, like, rate and subscribe to this podcast wherever you consume this content.
Well, gold's recent selloff has certainly tested investors' nerves. On Wednesday, the yellow metal briefly fell below the $4,000-an-ounce mark, leaving prices roughly 28% below the all-time highs reached back in January. That's a painful correction by any measure, but history suggests it's far from unprecedented.
Long-term gold investors have seen this movie before. During the great bull market of the 1970s, gold suffered a correction of roughly 45% before ultimately surging to new record highs by 1980. More recently, during the financial crisis, gold endured a decline of around 30% before embarking on another powerful advance.
The important question isn't how far prices have fallen over the past few months. It's whether the reasons for owning gold have fundamentally changed.
According to Solomon Global's Paul Williams, the answer is no. He points out that the same long-term forces that fueled gold's rally remain firmly in place. Central banks continue to accumulate bullion at historically elevated levels, geopolitical tensions remain high, and governments around the world continue to pile up unsustainable debt.
Meanwhile, short-term price swings are often driven by factors like profit-taking, shifting interest rate expectations, and a stronger dollar rather than any lasting change in the investment case for precious metals.
The global move away from dependence on the U.S. dollar has become a structural trend rather than a temporary one. As more nations seek alternatives to holding dollar reserves and U.S. Treasuries, gold continues to benefit as a trusted neutral reserve asset.
Even though central bank purchases slowed somewhat in 2025, they still totaled more than 860 metric tons – well above the average annual buying seen over the previous decade. In fact, gold has now overtaken U.S. Treasuries as the world's leading reserve asset by market value held by central banks.
For investors, that suggests the current correction may represent more of an opportunity than a warning sign. Volatility is likely to remain elevated in the months ahead, but if history is any guide, successful precious metals investors focus on long-term fundamentals – not temporary swings in market sentiment.
As always, time will tell whether this pullback marks another healthy pause in an ongoing secular bull market. But the forces that have driven investors and central banks toward gold over the past several years appear to be very much alive.
In other news this week, a bipartisan group of U.S. Senators sponsoring a bill titled System Integrity through Licensed Vault Expansion and Resilience, dubbed the SILVER Act, filed the legislation as an amendment to the National Defense Authorization Act (NDAA) for Fiscal Year 2027. The move further elevates the issue of geographic concentration within the United States’ precious metals settlement infrastructure as a matter of urgent national security.
Supported by a <a href="https://www.moneymetals.com/news/2026/06/11/us-precious-metals-industry-coalition-urges-congress-to-advance-silver-act-to-address-critical-infrastructure-concentration-national-security-risks-004983">broad industry coalition</a> that includes mints, refineries, depositories, dealers, miners, banks, logistics companies, risk managers, and industry trade groups, the bipartisan and bicameral SILVER Act would enhance financial and national security resilience by ending the extraordinary concentration of exchange-approved depositories for gold, silver, platinum, and palladium in and around New York City.
The geographic concentration of America’s publicly traded precious metals is viewed not only as anticompetitive but also highly dangerous since it creates a single point of failure for a market that plays a critical role in price discovery, physical settlement, and the functioning of U.S. and global markets.
The SILVER Act targets archaic policies that date back to the 1970s and that leave financial markets and defense supply chains severely vulnerable to disruptions such as natural disasters, infrastructure failures, cyberattacks, terrorist attacks, and other public emergency situations.
Even before Senators Jim Risch (R-ID) and Catherine Cortez Masto (D-NV) introduced their bipartisan legislation last month, concerns about the extreme concentration of exchange-approved precious metals depositories in only the New York area had already drawn scrutiny from federal regulators.
Earlier this year, Commodities Futures Trading Commission (CFTC) <a href="https://www.morningstar.com/news/accesswire/1158299msn/cftc-chairman-to-examine-national-security-risks-from-geographical-concentration-of-depositories-for-precious-metals?tblci=GiCB9a4pBBlehdsJSAXBSvtzY7kC2AKY69BgUiVdqNpQmSDKuWUo-sCAu_nVmNN8MK67Pg" target="_blank" rel="noopener">Chairman Michael Selig applauded the introduction of the SILVER Act</a> by House sponsors and offered to work with Congress on the bill.
Gold, silver, platinum, and palladium play an increasingly important role not only as financial assets but also as critical inputs for defense, aerospace, electronics, medical technology, and energy production.
The decision to advance the SILVER Act through the NDAA reflects a growing consensus that critical mineral supply chains, financial stability, and national security are deeply interconnected.
The Precious Metals Industry Coalition for Market Security & Access wrote in a <a href="https://www.moneymetals.com/uploads/content/SILVER-Act-Industry-Coalition-Letter-6-11-26.pdf">letter to Congress</a> this month that, “This problem extends beyond risk exposure. The lack of geographic diversity also undermines market liquidity, competition, and access. It also undermines the ability to build precious metals supply chain infrastructure in other regions of the country.”
The industry argues that passage of this simple bipartisan bill would modernize the nation’s precious metals infrastructure by promoting regional diversification, reducing costs, strengthening domestic supply chains, enabling new innovative digital products, and expanding market liquidity and access – while better aligning the system with the realities of a national marketplace.
Well, before we get to this week’s interview let’s take a look at the market action.
Gold has bounced nicely off the Wednesday lows and is now only down 1.3% on the week, up more than $100 an ounce from its midweek lows under $4,000. The yellow metal currently checks in at $4,103 but is still headed for a fourth straight weekly decline.
As for silver it was looking pretty bloody earlier this week and thankfully has also rebounded these last couple of days. Currently silver trades just barely back above $60 an ounce at $60.08 as of this Friday late morning recording, and is up about $3 from its lows from Wednesday. Despite that several dollar advance off of the lows, the white metal still is down over $5 on the week or 8.4%.
Turning to the PGMs, a little less volatility there this week. Platinum is off 1.5% and comes in at $1,645 an ounce. Palladium shows a 3.0% decline and currently trades at $1,227 with a few hours left in the trading week.
Well now, without further delay, and for much more on the markets and the economy, let’s get right to this week’s exclusive interview.
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Mike Maharrey: Greetings, I'm Mike Maharrey and I'm joined today by Michael Pento. Michael is the founder and president of Pento Portfolio Strategies and a regular guest here on the show with me. How you doing today, Michael?
Michael Pento: I'm doing fine. Great to talk to you, Michael.
Mike Maharrey: Absolutely. Well, it's a pleasure. I was looking back. The last time you were on the show was actually in November. So at that point we were in the second stage of the bull market. We'd eventually get to over $5,000 an ounce for gold. We had over a hundred dollar announced silver. This was in January. We had a correction and now we have the Iran conflict, which has really thrown the markets into a lot of turmoil. So I guess my first question is kind of a broad overview kind of question, but has the conflict in Iran fundamentally changed your outlook on the precious metals markets?
Michael Pento: So, let me answer it this way. So, let's go back to February, end of February of this year, which is when silver, precious metals, gold, the miners, everything, everything peaked. Back then we had penciled in two or three rate cuts from the Federal Reserve because Trump's man, whoever it was going to be, man or woman, was going to come into Federal Reserve and cut rates. And the funny thing happened at that time, like I said, all the precious metals complex completely peaked at that time. And the reason was is because energy prices because of the war shot from roughly $68 a barrel to $120 a barrel on West Texas. And it wasn't just energy oil, it was natural gas, it was fertilizers, it was phosphates, sulfur, everything. And the CRB index in itself skyrocketed. So what did that do? So when everybody was on one side of the boat, significant number of rate cuts later starting in June of this year, President Trump's man comes in and everybody was on one side of the boat.
Everybody was long precious metals. And that turned out to be a really, really bad move because gold fell 36%, the miners 36%, physical gold is down 25%, silver down 52%.
So, it was a wipe out. So, they're all on the wrong side in late February. Now we see today the exact opposite situation. Everybody now is worried about inflation
And they're now worried about rate hikes, right? They're worried about rate hikes. FOMC came out in their June meeting. Half of the FOMC wants to hike interest rates later this year because now they suddenly are worried about inflation. Well, here's a big problem with that. First of all, I personally believe that the Fed's next move is a cut, not a hike, a cut. And everybody's positioned for several rate hikes this year, two or maybe three hikes this year. Inflation is peaking now, Mike. It's peaking. The rate of change, the rate of change is falling. So we're going to have disinflation, not deflation. So in February of this year, inflation peaked at 4.2% on the headline CPI. And inflation's been above the Fed's target for five years
And not one member of the FOMC, not one, Mike, voted for a rate hike, not one. This is for the June meeting. So now we're to believe that heading into the midterm elections, Trump's man is going to start hiking interest rates when inflation is falling. Is that where we're to believe? I say that's completely off sides. So I have been for the first time in a long time buying miners, gold miners, and increasing my gold position. That's what I'm doing right now as we speak. Now gold is different than silver because I think that growth, both growth and inflation on a second derivative basis will be slowing in the third and fourth quarter of this year, borrowing some kind of crazy rebound in the war and Iran, because everything's dependent on if that Gulf of Strait of Hormuz is closed and there's problems in the Gulf, version Gulf, then it's a moot point.
So, inflation going to go down significantly. Growth is going to stall going from 3% current in the Q2, probably down back to down to one and a half, 2%, Q3. And that means you want to overweight gold. And because miners use a lot of the energy to produce gold from the ground, buy the miners, buy gold right here, you are on the other side of that very crowded boat. Everybody's on one side, rate hikes and a booming inflation and a booming economy, they're wrong. It's not happening.
Mike Maharrey: I'm inclined to agree with you on the rate cut. And a lot of people, when I say that, they look at me side-eyed. But I'm in agreement with you for the same reason that you just mentioned. And also I'm kind of curious about this. We have this massive level of sovereign government debt in the United States and around the world. We have massive levels of consumer debt. We have high levels of corporate debt and nobody seems to be factoring that into the Fed rate calculation. Why do you think that is?
Michael Pento: I don't know why. Maybe they don't listen to me and you very much.
Mike Maharrey: Apparently not.
Michael Pento: So, here's the point you're trying to make. We now have total business debt as a percentage of GDP is 70%. That's the same level today as it was heading into the global financial crisis. Global financial crisis, we had $10.4 trillion in business debt. That's corporate and non-corporate. Okay. So this includes the private equity crap and all that private credit stuff. It's $22 trillion today, but the federal debt was … So just to give you a context of where we are now, 30% of GDP in 1980, 2007 heading to the global financial crisis was 63%. Today it's 123%.
So, here's the point you're trying to make. We have now 123% debt to GDP, $2 trillion deficits in relative peace and in relative prosperity. When we have a recession … No, I didn't say if. When we have a recession, the annual deficits, because of the automatic stabilizers, so you think about SNAP, food programs, welfare, tax receipts, unemployment insurance, all those automatic stabilizers kick in. The deficit's going to go from two trillion to around $5 trillion. Mike, if the Fed doesn't monetize that debt … Now this is before we do any kind of universal basic income or tarp or any kind of economic stimulus package or helicopter money, none of that. I'm just saying $5 trillion annual deficits built in baked into the cake. If the Fed does nothing, interest rates are going to skyrocket.
And here's the thing, Mike, here's the thing. If the Fed monetizes trillions of dollars as they did again, as the government overextends their balance sheet, I think that's going to scare the long end anyway. In other words, I'm saying in the next recession, the odds are very, very high. No matter what the Fed does, interest rates are going to rise. I think they're going to go into, again, UBI, helicopter money, TARP, adding to the Fed's balance sheet by trillions upon trillions of dollars, destroys the dollar, destroys confidence in sovereign debt, and rates on the long end of the yield curve rise significantly no matter what the Federal Reserve does only because … Listen, Mike, again, if you're at 30% in 1980 federal debt to GDP and 123% is your starting point now, government's balance sheet, which has always been the place that bailed us out from every previous recession.
We used the federal government's balance sheet. In other words, taking on trillions of debt that was monetized by the Fed, they got away with it because we had the room to borrow and we had the room to print because the Fed balance sheet in global financial crisis was $800 billion. Now it's back to $7 trillion, Mike. So the Banana Republic is here and it's going to get a lot worse. So you better be on your toes this buy and hold passive, buy the index and let's see what happens. Target date portfolio management is not going to work. Ask the people in China, Shanghai Exchange is way down from where it was in 2007 still. Took 35 years for the Nickey Dow to come back to even. We had the same similar situation here in this country … I'm sorry, from 1929 to 1953. So we are going to have decades of no growth in the stock market and in real terms, you're going to get crushed.
So, active management is the way to go.
Mike Maharrey: Yeah. Yeah, absolutely. What do you make of Kevin Warsh? He's been pretty vocal about wanting to shrink that balance sheet. He's kind of made that his strategy and yet if you look at the balance sheet, it's actually going up.
Michael Pento: And yet, and yet, and yet… So unfortunately for him and for us, there are some informed people out there like you and I who actually watch this. So, he comes in and he says, now this is a guy, this is a hard money Ayn Rand kind of Australian economist in his history. He understands that inflation comes from … It's a choice. He's avowed that. So it's a choice that the Federal Reserve makes and banks make. It's not like it comes out, "Ooh, we have some growth and unemployment is low." What happened? No, no. It's a choice. It comes from interest rate repression, which comes from printing too much money Fed's balance sheet, printing money, buying bank assets, Fed credit, it's M zero, a monetary base, high powered money. That's where it comes from and he knows better. So what has he done? So the first week in the office, first week, Mike, I assume you're sitting down.
Mike Maharrey: I am.
Michael Pento: So, the first week of hard money wash, he printed $14 billion. He followed up the second week of his tenure with an $11 billion increase in the balance sheet and he himself reinforced the idea of having ample reserves, not scarce reserves.
In other words, the repo market, there is no real need for a repo market anymore. Banks don't have to borrow money from each other to get reserves. They're flooded with reserves. So why not go back to scarce reserves where the interest on excess reserves and the discount window was the lower end and the higher end of the bracket for the Fed fund rate. Why not do that, Mike? The truth of the matter is, Mike, that since the end of December, that the Meglio Maniac money printer of them all, Jerome Powell and now with Kevin Warsch, we have expanded the Fed's balance sheet since that time, since the end of December to today by $200 billion, $200 billion, Mike, in just a handful of months. It's unbelievable. Mr. Warsh has been so far out of the gate. He stumbled out of the gate. This man knows better, Mike.
He doesn't need a committee or a focus group to understand, shrink the damn balance sheet , Michael.
You know better.
Mike Maharrey: Does this kind of go to a fundamental reality? Because Alan Greenspan recently passed away at 100 years old and he was a hard money guy, right? Gold standard and yet when he was- Well, in
Michael Pento: Yeah, he was in 60s. In 1987, he forgot about it.
Mike Maharrey: Yeah, exactly. When he actually was in a position to do something, he cranked up the money machine just like the other guys. So, kind of just the reality of being a Fed chair? I mean, your philosophy's not really as relevant as the situation, right.
Michael Pento: It is, Mike. I mean, let's be honest. I mean, Mike, the reality is that nobody wants to be blamed for being at the helm of the ship and steering it into a depression. And I don't say that. I said it with a D, not an R, because here's the truth of the matter. Once you stop increasing the balance sheet, once you start draining those reserves and you go back to a position of scarce reserves, then the repo market starts to dry up, liquidity starts to dry up in the money markets and then you're going to have borrowing costs surge, which is going to kill the housing market and the stock market, which wouldn't be a bad idea if we were just a little bit overvalued in the stock market and slightly overvalued in the real estate market and there was no credit bubble. But when there's a massive credit bubble, think about private equity and private credit and business debt and that sits on top of a destroyed federal government's balance sheet.
And then you have home price to income ratios at all-time record highs, even higher than the housing bubble and you have the market valuation, which is more than double where it should be. It's 230% of GDP instead of 90% of GDP. So when you have that, when you have an asset bubble contraction, they don't just go back to like five or 10% nice, mild, innocuous kind of correction, they crash. So what position would the country be in economically if investors lost half of their money in the stock market and 30% of the value in their real estate? What condition do you think banks would be in? What condition do you think the federal government would be in? So they understand that. I mean, we made the mistake. So it's either like keep printing until we have hyperinflation or hyper-stagflation, which is where we're eventually headed or voluntarily return to reality and cause a depression because that's where we would be.
So again, they're going to keep printing money until there's a catastrophe.
And the question is the goal is a $10 billion increase. That's the target. Federal Reserve has a vow to increase this balance sheet by $10 billion per month. Is that enough to keep this massive bubble inflated? And I think it isn't. I think they have to do even more. The question is if they do less, we have the implosion of asset prices because there's not enough money being flooded into the system. And if they do more, does inflation really continue to rise? It's been over 2% for five years, 4.2% at the last reading. And eventually I think the consumer has to give up because the saving rate has plunged from where it was post- COVID savings rate was double digits and now you know what the savings rate is now? It's 3%. Savings rates are plunging.
Mike Maharrey: Yeah. It's at lowest levels we've seen
Michael Pento: In a long time. Yep.
Mike Maharrey: Yeah. So kind of looking back and you actually mentioned this in an interview that I ran across that you did not too long ago, kind of looking back at the 2008 financial crisis and you argued that with the bubbles that we have now, we could see a bus that is actually worse than 2008. And I'm curious if you would agree with this assessment. We never really reckoned with the monetary malfeasance of the Great Recession because COVID kind of gave them an excuse to double down and kind of allowed them to kick the can down the road. So we're really sitting on top of almost two business cycle bubbles. Is that a fair assessment in your view?
Michael Pento: Well, three. There's three. It's the real estate bubble. I mean, I'm very clear about this. It's the real estate bubble, the equity bubble, and the credit bubble. There's three and the biggest bubble of them all, in my opinion, is the credit bubble. I mean, you have a tremendous amount of debt. The credit bubble was already humongous, but now you have hundreds of billions of dollars being thrown at AI and you're going to tell me that all of this money, there's no mal investment there at all. It's going to be a disaster. All the growth in the economy, the growth in employment, the growth in earnings has been AI related. At some point you run out of investor's appetite, you run out of money to throw out this bubble and that's where we're headed.
So, the system's going to collapse and this is the function of it. It's going to be a credit bubble collapse, which leads to a collapse in the stock market and the housing bubble. And then the question is, what does Kevin Warsch do? How many trillions is he going to print? And does that, this is the most salient question. Does that massive amount of money printing and debt that has to be monetized, does the long end of the yield curve remain quiescent? As every other time that's happened before the bond yields drop, which is part of the amelioration process of the economy and asset bubbles, getting them higher because rates dropped and the system is flooded with money. If rates don't drop, then it doesn't take five years for the market to come back like it did post GFC. It takes decades instead.
Mike Maharrey: So, what do you think it's going to take for this kind of, I would call it a short term bear marketing gold? What's it going to take for that to turn around?
Michael Pento: Well, I think it's happening now. I mean, it's all the scaredy cats that ran out of … Listen, I went through this in the beginning of the interview. It's very clear to me. I might be wrong. I'm certainly not God, but it's very clear to me. I'm not even close. I'm not even a super genius or even a genius. Well, smart guy, but I'm not a genius. Listen, everybody's on the wrong side of this boat now. Everybody now believes that the Federal Reserve under Kevin Warsh is going to be a hawk. And I just don't see it happening. I don't see Mr. Walsh hiking rates aggressively into the midterms against the man that put him in office, especially in light of the fact that he did nothing. In this FOMC meeting, nobody dissented, not one voting member of the FOMC dissented. And the inflation data coming out for June, so the June inflation data, which is going to be reported in July, is going to be very much in the quiescent camp.
So, what would make him start to hike then? I mean, don't forget, he said he's having a committee for this, a committee for that, committee for the balance sheet, committee for this, committee for that, a focus group, whatever the heck he's calling it. Those groups are supposed to convene at the end of this year and into next year, gives him plenty of room. He's going to be sitting on his hands in my opinion at best and perhaps lowering rates if the slowdown and growth and inflation is going to be as pronounced as I think it is going to be.
Mike Maharrey: Yeah. Yeah. I agree with you completely. And I think that the economy isn't nearly as sanguine as many people want to make it out to be. You've already mentioned the fact that if you look deeper into the employment and data, even that is reflecting some things that maybe aren't as positive.
Michael Pento: Well, Mike, it's reflecting a lot of hiring for retail food and services companies. It's very much related to the World Cup. If you look at most of the jobs that created in the last non-farm payroll report, almost every one of them was hiring for food and service workers for the World Cup and state and local government jobs That's it. That was your employment.
Mike Maharrey: Yeah. It's frustrating how the big headline, the number gets reported and nobody actually ever bothers to dig into it and say, "Well, what does this really mean?"
Michael Pento: Oh, I do.
Mike Maharrey: Well, I know you do. And there are a few other people out there who do, but so many people just kind of roll with it. So, let me get you out on this one. This is just kind of a fun question I've been asking folks. I don't think I've asked you this question if I have, I could be wrong, but I'm curious, is there a particular gold coin or round that you'd like just for any reason whatsoever? It could be practical, you just like the way it looks or- No, you don't care.
Michael Pento: I don't really do numismatics. I just like gold bars. That's my thing. I don't know anything about your business, Mike. I don't get paid to endorse your business. I don't know anything about your business.
I just prefer, I'm just saying I like physical gold. And by the way, here's something I want to say. If you buy gold, if you want to own physical, everybody should have 5% of their net worth in physical gold that you control. That means not in a bank safety deposit box. That means not in a gold IRA. It means in your possession. You don't trust the government, you don't trust the currency, you don't trust the financial institutions. So why would you store your gold in some vault somewhere? It doesn't make any sense. I want to know I have it. Now that's the physical gold. Then there's the investment gold, which I toggle between zero and 20%, 25%. 5% you own no matter what, this is your legacy. This is what you're giving your children and your grandchildren. But you add to that when what? When nominal rates are falling and real interest rates are falling, guess what the next step is? Nominal interest rates are going to fall.
And that's when the economy is slowing and when everybody's piled in, everybody owns a handful of stocks related to the AI trade and chip stocks. Take the other side, Mike, get some healthcare. I don't know if you did ask me about my portfolio, but get yourself some healthcare, get yourself some utilities, get yourself the equal weight S&P 500. When I'm not talking about dividends, I'm talking about dividends. I'm not talking about a recession yet. My model does, I have this model that I created, the inflation, deflation, the economic cycle model looks at the second derivative of inflation and growth. We're not talking about deflation and recession/depression yet. That's when everything goes to a correlation in one and you only want to own cash and short the market. I'm talking about start buying things that have high dividends and low volatility, the things I just mentioned.
Michael Pento: That's my advice. I could be wrong, but hey, listen, I've been wrong before.
Mike Maharrey: We all have, and that's a good thing. It kind of humbles us a little bit and makes us a little bit more circumspect, I guess, is the word as we look at things.
Michael Pento: Good word. Good word.
Mike Maharrey: So, where can folks follow you and avail themselves more deeply of the information that you produce?
Michael Pento: So the website is pentoport.com. On it, you'll see the midweek reality check check check, midweek reality check if I can talk. Believe it or not, it's the podcast that gives me the high level view of what's going on, salient economic data of the week and my take on it. And if you are a domestic investor, US investor with $100,000 to invest and you want to avail yourself of a long, short portfolio that seeks to ride bubbles higher in the right sectors, the right stocks, the right bonds, the right currencies, the right commodities. But most importantly, here's the most important part. During recessions and depressions and deflations or very sharp disinflations, when the bad stuff happens, that's when the market drops 50 to 80%. You want to be out and short when that happens, especially now when, like I said, the market's not going to drop by 10 or 20% and stop there.
Michael Pento: It's going to fall quickly and fast. You have to know when the insiders start to sell, when they know that the game is over and that's what my model follows. It follows their footprints in the markets. So if you want to avail yourself of that, like I said, it's $100,000 minimum to invest. I'll manage your money personally in the IDEC strategy.
Mike Maharrey: Outstanding. Well, folks, go check that out. Michael, thank you so much for taking a little bit of time out of your day. I really do appreciate it. I know you're a busy man and I always appreciate getting your insights and it's always nice talking to somebody who understands monetary policy to the depth that you do. So thank you so much for coming on. I'm sure we'll talk to you again in the next few months as things continue to unfold.
Michael Pento: Thank you, Mike. Look forward to it. Take care.
Mike Maharrey: Thank you.
Michael Pento: Bye-bye.
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Good stuff there once again from Michael Pento and it was great to have him back on, especially since it’s been a little while since we’ve heard from him.
We will continue to do our best in bringing you top guests in the financial and metals industries, so please continue to check back with us on a regular basis as we look to give you top-notch analysis and breakdowns of the market action.
Well, that will do it for this week. Be sure to check back next Friday for our next Weekly Market Wrap Podcast. And remember to tune in as well to the Money Metals Midweek Memo. And to check out any of our audio programs just visit <a href="https://www.moneymetals.com/podcasts">MoneyMetals.com/podcasts</a> or find them on Spotify, Apple Podcasts, Google Podcasts, or wherever you listen to your favorite podcasts. And as a big help to us we would ask you to please like, subscribe, download and rate our podcasts. Doing so helps us extend the reach of this material.
Until next time, this has been Mike Gleason with <a href="https://www.moneymetals.com/">Money Metals Exchange</a>, thanks for listening and have a wonderful weekend everybody.

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