Greg Weldon: Why Gold Could Reach $8,500

Welcome to this week’s Market Wrap podcast. I’m Stefan Gleason.
Coming up, veteran market analyst Greg Weldon joins our own Mike Maharrey to explain why he sees growing danger in the bond market — and why he isn’t betting against gold, even as his trading models flash sell signals. Greg also lays out his case for gold reaching $8,500 to $10,000 over the next one to three years, and why he believes the Fed will ultimately tolerate more inflation to keep our debt-laden economy afloat. You won’t want to miss this conversation.
Before we get started, please like this episode and subscribe to the Money Metals channel on YouTube. And share it with someone who would appreciate an independent perspective on the markets and their money.
Well, gold and silver are finding their footing again. And while the markets have been rattled lately, the financial problems driving investors toward precious metals haven’t gone away.
Gold has recovered more than 1% today, climbing to around $4,200 an ounce. Silver is showing even more strength, jumping almost 3% to trade near $61.50.
The dollar’s rally has stalled, and Treasury yields have declined for two consecutive sessions. That’s giving both metals some breathing room after a difficult stretch.
Recently, rising interest rates and a stronger dollar delivered a one-two punch to precious metals. Higher yields made interest-bearing investments more attractive, while a stronger dollar made gold more expensive for buyers overseas.
Now those headwinds have eased. But can this rebound gather momentum, or will the next round of headlines knock it back?
That brings us to the Federal Reserve — and the increasingly uncomfortable position our central bankers find themselves in.
The latest Fed minutes leave another rate hike on the table. Next week’s consumer and producer inflation reports could give officials more ammunition to keep policy tight, potentially putting renewed pressure on gold and silver.
But there’s a problem with treating every uptick in interest rates as bad news for gold.
You have to ask WHY those rates are rising.
Gold Newsletter editor Brien Lundin made that point in a commentary published by Money Metals this week. If investors are demanding higher yields because they’re worried about government debt, stubborn inflation, and depreciating currencies, those concerns also give them reasons to own gold.
A higher interest payment doesn’t necessarily make a government IOU safer. It may mean investors need more compensation for taking the risk.
Lundin also notes that Western investors, leveraged traders, and automated trading systems are playing a larger role alongside central-bank buyers. That can mean bigger rallies — and sharper corrections.
Washington would like us to believe the right interest-rate decision can somehow make up for years of reckless spending. But a Fed announcement can’t make Congress balance its books. And another reassuring press conference can’t return the purchasing power Americans have already lost.
That’s why savers need to look beyond the next meeting and consider what this system is doing to their money.
And speaking of misplaced confidence in government institutions, another gold story this week is almost hard to believe.
Money Metals reporter Ken Silva covered new developments in the case of former CIA officer David Rush, who pleaded guilty to one count of wire fraud after creating a fake spy program to siphon government funds.
Authorities found roughly $40 million worth of gold bars at his home.
We’re talking about approximately 303 bars, each weighing about a kilogram. That’s quite a stash for someone supposedly carrying out government business.
The report also describes how Rush directed about $145 million to a holding company and used the funds to acquire four luxury properties in Florida.
But the revelations go beyond stolen money.
New plea documents describe his disclosure to a foreign government official of information about a clandestine human source. Prosecutors warned that the disclosure could endanger the source and the American officers working with that person.
Rush faces up to 20 years in prison on the wire-fraud count. According to anonymous sources cited in Silva’s report, the government struck the plea agreement to avoid exposing CIA secrets in open court.
Apparently, taxpayers can fund the operation, absorb the losses, and still be left wondering how much of the story they’ll ever hear.
Secrecy has a legitimate role in intelligence work. It also makes accountability especially important. A government credential should never be treated as a substitute for honesty — or effective oversight.
There’s a practical reminder here for anyone who owns valuable physical assets: take security seriously, maintain careful records, and be discreet about your holdings.
Owning gold is one part of protecting your wealth. Safeguarding it is another.
As we head into next week, gold and silver have a rebound to build on, inflation reports are approaching, and the Fed remains a source of uncertainty.
Traders will react to every headline. Some will reverse course before the ink is dry.
Your savings strategy should have a longer attention span.
Build your position deliberately. Keep sufficient liquidity for everyday needs. And hold some financial insurance in physical gold and silver.
Because whatever the Fed decides next, your financial future deserves more than Washington’s promises.
To help put these risks in perspective, let’s turn to this week's exclusive interview with one of our favorite guests.
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Mike Maharrey: Greetings, I'm Mike Maharrey and I'm joined today by Greg Weldon, who so graciously at the last minute agreed to come on. I had a guest cancel and I really appreciate Greg. He's a great guy, a longtime analyst and the publisher of the Global Macro Strategy Report. He's filled a wide range of roles over the years from floor trader to institutional futures broker to hedge fund manager, and just a great bit of wisdom and knowledge we get to share with you today. So Greg, thanks for being here. How are you?
Greg Weldon: I'm great. I'm great. How are you? I would add that we are also a licensed registered trading advisor managing money because it's really important you have skin in the game and that people understand that I'm just here pontificating. I'm actually, this is part of my regiment to serve my own money management business is the work I do here that becomes the research.
Mike Maharrey: Yeah, absolutely.
Greg Weldon: So I think that's important for people to know. Yeah.
Mike Maharrey: Good point. Glad you brought that up. So, speaking of the Global Macro Strategy report, you're working on one even, well, not as we speak, but before we speak, you're about to publish that. It's like 70-some pages and the title of it is simply Chaos. And that really grabbed my attention. So I'm curious, give us an overview. I mean, I think most people hear that. They think, yeah, there's a lot of chaos, but what specifically are you focusing in on here?
Greg Weldon: I'm talking about, so we talked to one of the previous interviews about tipping points and how many tipping points there were. It started with the JGB market and it's extrapolated into a sequence of tipping points. We've talked about El Nino and the long-term changes on the planet physically, electrically, energy wise, and how that's going to affect the planet, crops, resources, the whole nine yards, and this is a bigger picture going forward. But when you start to talk about some of the things going on now that to me is kind of crystallizing around this midterm election, to me, this is a real potential defining point. I kind of hope it isn't in the way that it looks like it will be and that the silent majority can still rise up and defeat communism and socialism and all these other unamerican types of way. And so, it's whatever.
I'm not necessarily, we need immigration for the labor market. I mean, it's a must, it's always been. My parents are Irish immigrants, so my grandparents are. So I understand the importance. I understand that every group of immigrants has been pretty much chastised and put down and so on and so forth. So this is kind of the way it is. You got to work your way into society by providing something. And what we have is Somali warlords stealing taxpayer money. We have South American drug gangs roaming the streets. You have a communist mayor in Manhattan 25 years after nine eleven. I mean, holy mackerel, think about the families that lost people there and looking around like what has happened to this country in the last 25 years? So in this kind of dynamic, this election is bringing it to the fore and almost to a bubbling point at the same time where all these little conflicts are growing and kind of starting to coagulate together a little bit.
When you talk about Russia and Ukraine, well, this is certainly gone Mandelbaum, to use the old Seinfeld thing, taking it up a notch. And to the degree to which now, I don't know how many people understand this, but Latvia's targeted, Lithuania is targeted, the Baltic states. Why? Because in Latvia you have Rega, which is a major port city. Ukraine destroyed a good part of the St. Petersburg port that Russia has on the North Sea at Baltic Sea leading into the North Sea, at the Atlantic, a major shipping point. Rega is so much closer to the Atlantic, so much closer to all delivery points, especially for grains and stuff like that to Russia that would be very advantageous for Russia to have it strategically in terms of trade because this is a global resource war that started in 2018 and it's intensifying now and it has to do with geography and it's a big deal.
So, I spend the first six pages breaking down the geography that maybe not everyone puts together all the little pieces of the puzzle because it fits in everywhere. When you're talking about Crimea and shipping down through Greece and so on and so forth, when you talk about this whole thing around bringing oil over the top and down the Atlantic and then through the Suez Canal, and then you're talking about the new both of these straits, you're talking about then the shipping where? To China, because that's what it's all about. You have the triangle over there, OPEC, Russia, China. And now Russia wants to take parts of Europe out and they are started like this hybrid war. Lithuania's put in militarized zones. Latvia's already done this. They've had incursions, they've had drone attacks, they've had cyber attacks, it's called hybrid war. They already have a name for it.
Germany and France have also been targeted. Poland's involved. And I think that this is a much bigger picture story if people understood Putin was brazen enough to march on Ukraine. You don't think he's going to stop Lafia? And now Lithuania, already Latvian troops have been trained by the US for a long time, but now Lithuania has bid to pay the US to have boots on the ground in the country permanently. So this is already coalescing into something that could just blow up in some unusual way. The bottom line is the risk is through roof. And then you're talking pneumonic plague in Russia, potentially weapons factory of sorts, a laboratory. I mean, that might be over hyped, but it's risk, man, and it's risk of many ways. Then you talk about the Middle East. This war's not over. And Mike, we have agreed on this and I've talked on your show now about this.
The war was over in April, the war was over in May, it was over June, it was over July, it was over in August, it was over… And it's like I told you the whole time, they don't care about winning or losing. The only thing, China, Xi, pulling the puppets and the mulas, extend this war to the midterms. That was the whole goal. The mulas have outplayed the art of the deal and it pains me to say that. I love the Trump vision. The execution's been horrific and it continues to be that he's paying himself in a corner. You can't get out without paying on yourself. It saddens me because it could have been really great, but he's kind of his own worst enemy. He's talking now about we have a shrinking trade deficit. No, no, no we don't. No, we don't. We just posted one of the largest trade deficits in history. You're talking about Dog was going to cut spending and this was going to help balance the budget.
This is going to be the third deepest budget deficit in the fiscal year just ended. It's going to be 1.97. And if you subtract customs receipts, which is taxes and tariffs from that, you're looking at the deficits closer to 2.4 trillion. Either way, it's still the third deepest deficit in US history. So that's a whole scam of the DOJ is going to do this and tariffs are going to pay for this. Tariffs rub somewhere between 360 and 410 billion on a rolling seasonally adjusted annualized rate. So let's call it, let's be generous and say it's 400 billion. That's a drop in the bucket when you're talking about a $2 trillion deficit. So from that perspective, it's very difficult to see how this is something you should be out there celebrating and champion. There's the customs receipts. This is what they call basically import duties and taxes, this is tariffs.
It reflects the tariffs. Obviously you can see the increase. And while that's a huge increase and you can say we have record income from this, it belies the fact that it's not what it was intended to be, which was to take down the deficit to some degree and it's going to help us reduce the deficit. It has not because the deficit excluding this as a positive, which it is, without this, just the tariffs. Okay, you have a 2.4 trillion deficit instead of a 1.97 trillion deficit. Either way, it's the third deepest deficit in US history. And the other two, of course, were 20 and 21 in the pandemic. So you can take a lot of these things, and I could even just keep going, talk about so many of them, all coalescing at the same time when other risks exist that people don't really think about because they've been put on the back burner, specifically Taiwan and REEs, REOs, rare earths.
So that's a whole ‘nother thing that no one talks about. Why? Because I said at the beginning of the year, you're going to have a situation where what kind of looks like happened at the end of this year was we made a deal with China, you take Taiwan, we take Venezuela. Boom. I mean, it's kind of happening that way. Not only the Kuomintang Party, the opposition party in Taiwan, blocked the arms deal and have made overtures to Xi to reunite the country. So that's an interesting point. So, there's all these things happening at the same time, coalescing and then really bubbling up to this election, which could be a turning point. El Sayed, he's well-spoken, he's good looking, he's sharp and he carries himself well, and he's a really good politician because he babbles on, he says absolutely nothing. So he's a risk to this extent.
And to see that these guys are ahead in here in Texas, I mean, again, the polarization has gotten to the point where they already have a beachhead. They have the mayorship of the country's largest city and they've taken over Minnesota, they've taken over Michigan. So to the degree to which really the systemic risk, and it's almost like an existential risk to United States, has grown exponentially in this last phase of Trump's period when I think he has made a few key policy errors, just it's unfortunate, let alone the position the Fed's going to be in.
Mike Maharrey: Yeah. It's a curiosity to me. We've got this chaos and you outlined it perfectly. And yet the two things that are typically safe havens in the investing world are both struggling. You've got a bond market meltdown in effect, and then gold and silver are both. They're holding their ground, but they're not gaining it. What's going on here? Are people just ignoring the risk completely or are they going somewhere else? How are investors responding to this?
Greg Weldon: I think there's a really good question. That's the kind of question we try and one of the first questions we answer every day because we have all these questions, so we answer them every day and then refute or support our thesis. And in this case, it's the dollar. It's that simple. You see even to the degree that the yield curve may be steepening, which is suggesting to Fed, "Hey, look, Wars came out and talked the talk. He invoked the ghost of Volker, even mentioned the guy who raised interest rates 20%, like I'm going to be the next Paul Volker, he's my hero." That's the words he used. He's my hero. And when you kind of come out swinging like that, man, you better hit something or you're going to tie yourself out real fast. I don't know how to make the analogy here, but he softened this tone, all of a sudden it's going to be the left side of the decimal point.
Remember that? So in other words, not 2%, below 2% inflation. And if you look at where the policy rate is right now, it's not tight. It's barely neutral. You could say in some cases it's even stimulative, especially if inflation rises again, which I believe it will. And then you talk about, let's talk about the other thing. Or here's the other thing. Well, and this all boosts the dollar because US bonds are outperforming on the downside in price, upside in yield, most of the rest of the world. So the bond yield spreads are blowing out, particularly against Europe because Europe is more at risk now. Those stock markets look terrible, man. I'm telling you, the Euro stocks, CAC, the French, France is imploding. Germany just had a wild election. You want to talk about chaos. I mean, all these things are happening at the same time.
When Russia's looking to step in and test NATO, Germany has a political crisis, France has a fiscal crisis. Timing's kind of right there, man. And I'm not trying to promote that as something I would like to see happen. I'm saying that's the risk. And the stock market has not taken this risk into account yet, but you're starting to see it hit because it's undeniable. So in terms of gold and silver, they will rise when the dollar gets played because the dollar will always get played. You know that. That's going to be the end game. We'll be to try and reflate our way out of it. We're in the debt black hole. If we did have 40 trillion in public debt and another 20 trillion in household debt, we might organically grow out. It's never going to happen. We know this since 2008. We're in the black hole.
You have to try and get more propulsion to your spaceship to avoid the gravitational pull. It's ultimately going to crush you. But no matter how much propulsion you use, you're not going to get out of it. You might stay away from the crushing point, which is what we're doing. What's the propulsion? Lighting dollars on fire. That's our propulsion. So, that's the next big play. That's when gold soar, that will also be when you'll have a buying opportunity in stocks. It'll be a major buying opportunity, but passive investment in stocks will not keep pace with the debasement and the pursing power of the US currency. But right now that's not happening. So what you have is a yield curve and a dollar and the spreads and credit spreads are widening. And that's another one too right here. Credit spreads started widening all of a sudden and that really hadn't been happening through this.
That all says deflationary event, and that's not necessarily good for any assets. So I think that's where gold is kind of almost flashing signals to the Fed that it's kind of tough to be the Fed. I've said this at the beginning of the year, they'll be forced to acquiesce to higher general rates of inflation to bail out the consumer, and we are there now. And this is why he hasn't acted more aggressively. But what I meant to say before too, just to add, make a long answer longer, is that M2 is growing exponentially. The Fed's expanding their balance sheets by hundreds of billions of dollars. They're buying all T-bills when Bessent is rolling long-term debt into short-term debt in T bills. And they have 987, 978 billion that they plan to do this year. Take from the long end, put it in the short end.
They're going to do that and worse and these guys do together. If Worst is going to take rates to 6%, that would be suicide. So either somebody doesn't know what the hell they're doing or all these guys are in cahoots and you can kind of see that play out. So I think ultimately that is really good for gold and silver because we see already QE, it's stealth QE already to bail out directly from the rollback of US debt into the short term. It's happening. It's direct and people aren't talking about it at all. So you got a lot going on. And I think that that's a reason longer term gold and silver will perform. I mean 3450. We said this was an ABC correction, but you had a mini ABC in the meantime thinking, well, if the dollar did crack, that could be enough to send you to the next level.
But I also said it could be just A, and this rally that we just had was the B wave. And the C wave would bring you down to 3450, somewhere around 3,500 based on the whole long-term counts and still be structurally very much a long-term bull market. And I believe in the one to three year period, you're going to be 8,500 to 10,000.
Mike Maharrey: Yeah. To reiterate a couple of points that you made in regards to the looseness or tightness of monetary policy, folks can go check out the Chicago Fed's Financial Conditions Index. Just Google that and you will find that it is actually negative right now, which will tell you that we have a historically loose monetary policy right now. And in fact, it's been like that through the entirety of the tightening cycle, which a lot of people I don't think realized. Another good point you made was the money supply growth. I started calculating whenever they do the CPI, I've started doing my own little inflation report where I include the money supply growth. And it's running right about 5% right now, which I say is probably a more honest inflation rate than the 3.5. And accelerating. The near term rate's like seven and a half. So
I like to look at that was the three, six, 12-month, and you see it was accelerating or decelerating and it's accelerating pretty damn rapidly. They're pumping, man. And that's I think showing their fear of what the consumer's position is going to be in this next round of inflation. We could talk energy. I mean, here again, it's kind of this policy dynamic where the war ends in April, May, June, July, August, September, and when that happens, we're going to have gas below $2. Well, even if the war ended in April, gas would still not be below $2 because we have a gasoline shortage, we have a refinery issue, and we have a supply deficit in crude oil on a day-to-day basis, three to three and a half million barrels a day because we're through more than we produce, even though we produce record amounts. That's true.
The disconnect is still there and that's why you have gasoline problems with big deficits and this kind of thing. Gas could come down to 265 to 285, but gas could also continue higher on the creep because you have supplies below already where you would be at the end of November and the season will turn. This has been the case for weeks, well below the five-year average, extending that deficit dramatically, year-over-year deficit, two-year deficit, and the rebuild will be very interesting when you need diesel. So we will see what happens because this is a longer term problem because of the supply deficits that we have through this, not necessarily caused by this, but exacerbated by this for sure.
Mike Maharrey: Yeah. This is the kind of analysis that I love to get from you when we talk. And it just kind of occurred to me. I think what a lot of people tend to do is we tend to isolate various events. So you've got the Iran-US conflict, and then you've got Russia-Ukraine, and then you've got the situation in China, and then you've got… And think of all of these things in silos when really you need to look at it holistically because you've got this entire, almost like a cauldron of bubbling soup, right? Yeah.
Greg Weldon: It's a thousand piece puzzle and you don't have a picture of what it's supposed to look like. So this is what it's like almost every day, trying to put all the piece together. And I love to connect the dots. I love to find anomalies in the math. I love to dispute things that the general narrative is. Doing things like that to me is part of it. And I think Bruce Covner, if you remember the book Market Wizards by Jack Schwager, good friend of mine, used to work with him at Prudential. I was their bullion guide back then in the day, working with John Fallon too, legendary bullion broker in New York. But it's like… I forgot where I was going. I'm going down memory lane in my head right now and I forgot what the whole point was, but I think that it is. It's one of these things where it's an epiphany to people at some point in time.
And this is the way that things, because of the short-term nature of people's attention spans, because of social media where people, especially younger people will read something. We let machines make decisions for us. We let machines tell us what the reality is and to describe anything you want to know about. And then when you get that two minutes worth of learning, you think you know everything about it and cannot be disputed. So this is kind of problematic from a more secular view. But yeah, man, I'll tell you what, this is the times you need to do something to take protection in terms of the preservation of the purchasing power of your wealth. This is what you guys do, and you do it really well when you're talking about the physical metals. I mean, it's not like you can just bring a whole bunch of gold into your house either.
So, you want to have various investments. To me, I want paper gold, I want money shares, I want coins, and that's what I have. And so I recommend the people that are listening to this, if they're not clients of yours, they should be because I use the service and you guys are great. And I've dealt with everyone in the past. Monax used to be a big one. It was one of the first ones I started when I was at Lehman Brothers and they were legendary back then. So I've seen them come, I've seen them go, and you guys have stuck around and done a great job. I think people need to take advantage of this because the basement and the purchasing power of the dollar with 60 trillion in public and household debt is going to come. It's going to come sooner rather than later.
And the Fed has already given us tells that shift, that acquiescing to higher inflation to protect the economy, because you can't have a debt deflation, which you will have if you don't have enough growth to pay down the debt, to service the debt. You know how it is with the budget deficit. Are you kidding me? I mean, there were three months in this fiscal year where they spent more than twice as much as they took in. I mean, that's ludicrous. And a lot of IT fraud. And again, they were supposed to be fixing this and the rubber hasn't hit the road on that yet, really. At least visibly.
Mike Maharrey: Well, and I've said this for a long time. The problem is, as with many things, the incentives are just working against ever fixing that problem because politicians are incentivized to the short term. They want to get reelected. And fixing this debt issue is a long term problem. It's going to cause a lot of pain. Nobody wants to cause the pain because they want to get reelected. So, I'm not confident that they'll ever get it under control.
Greg Weldon: It means a lower standard of living unless you can have your money in somewhere that will keep pace with the purchasing power, the basement of the paper currency. And that's where I think it's a time to be more active for individual investors.
Mike Maharrey: I've got a question. I'll get you out on this. And you're talking about things that kind of don't add up, right? This doesn't add up to me because right now we're in a situation, a lot of people are selling gold in this environment that we've just described. And I know this from watching the ticker, and I also know this anecdotally talking to folks over at Money Metals. There's a lot of selling going on right now. And the conventional wisdom, of course, is higher interest rate environment, gold non-yielding, therefore not a good time for gold. How would you address somebody who has that mindset? Make the case for gold in this higher interest rate environment.
Greg Weldon: I can see an all-out collapse in a bond market before I ever see it in the gold market right here. End of story. I mean, that's a simple case. Look at the JGBs, look at the past, look at Europe. I mean, how much does Europe look like 2011? You kind of lead into another good point, which is all of these things have tenants of something in the past. And I've seen this entire movie, man, since 82 really essentially, and to the degree to which it's not like it's all similar to one of them. It's pieces of this are similar to every one of them. And when you look at some of the data or you look at the performance of the consumer shares, particularly against the broader market, but particularly data in the labor market, in inflation, certainly in interest rates, we're seeing it now.
Greg Weldon: I mean, you're talking data points that are at levels that we've only seen in 2020 and 2007 and 2008 and maybe 2000. So to me, this is the level of risk that you're looking at. So I think that the degree to which you think bonds are going to be a safe haven, bonds could be the catalyst for the next thing. We've seen that in Japan. The debtor dynamic here is much worse. And I think that's, again, the tell coming from the Fed right now with their stealth QE and looseness means they understand this. And if BESA means he's going to control the bond market, then that means then they should be raising rates, but they're not. So this is all very interesting, man. And here you go again with the puzzles that you got to put the pieces in. But I think that I've seen the bond crisis and that can be vicious.
And if you have an all-out deflation, which could be caused by higher yields, there'll be an amazing buying opportunity for gold because that's going to be the term when they cut rates. Bonds will rally, not even close, stocks will rally more than bonds in that environment.
Mike Maharrey: Yeah. Yeah. Very, very good points. All right. So, folks are listening. Hopefully they've seen the width and breadth of your analysis. Where can they go to avail themselves of it if they haven't already? Where can they find Greg Weldon?
Greg Weldon: Sure. Thanks, Mike. I would just say shoot me an email at Greg, G-R-E-G, Weldon, W-E-L-D-O-N at weldononline, one word, weldononline.com, and I'll send you Chaos. I mean, I think this is a good piece. I mean, there's so much more going on macroeconomically that's not in this piece, and I have a really good economic piece from a week ago, and including the one we did two weeks ago, warning on gold with a second breakdown. But yeah, what's interesting about that, I'll just segue into one more answer, because in terms of the selling of gold, I mean, it's kind of interesting to look at how this technically is a major sell signal in gold. So I mean, my technical models and even the quantitative side is kind of screaming sell. I'm not taking that trade. There's no way, because when it turns, it's going to be vicious, and we know how it is.
Okay, the downside risk is limited here to me, and even if it gets out of hand, it's still limited relative to everything else, and relative to where you might get back in when the thing reverses. So that's another, what's that percentage? It's going to come down and you got out up here. Is it here when you buy it back? Is it here? Is it here? It's not going to be down here. So I think that for long-term investors, this is no reason to sell, even though the technicals and the quantitative and some of the psychology around it is to sell. I don't buy selling right here, if you get what I'm saying.
Mike Maharrey: I do. I like that. I don't buy selling. I just shared the screen and just kind of wanted to pop up and throw the GMSR report just so people can see just the detail that you have.
Greg Weldon: Yeah, bring up these charts. Look at the other side of the world. There's all the shipping rates and all the countries involved. I mean, come on, China's made moves on Taiwan, on the Philippines. Why? Fishing. Vietnam, why? Oil and gas rights, shipping rates with Taiwan, Korea, Japan. I mean, look at the pivot points. The three straight there are key to global trade. They're in the Middle East where it's totally out of control. Egypt was almost drawn in. I mean, come on, man. When you talk about chaos, you've got chaos on multiple fronts right now, and we're not even talking about El Nino and weather and potential natural disasters and the technic shifts we see in the planet and how this is some point only going to intensify and will cause more disruptions in supply chains that we can't even envision. So again, it's not like, oh, it's a gloom and doom thing.
Greg Weldon: No, that's a risk assessment, man, because that's the science.
Mike Maharrey: Yep. It's a realistic evaluation. This is not hype.
Greg Weldon: That's our job, risk and protection and try and grow the money using the opportunities in the inflation itself. I mean, don't be afraid of inflation. You got to use it to stay ahead of the game. It's always about being ahead of the curve. And the next round is going to be playing the things that are causing inflation.
Mike Maharrey: Because you're never going to beat it. I tell people this all the time, inflation is the plan. It is. It's the only way. That's what they want to do. That's what they have to do. Yeah, that's what they have to do. Because
Greg Weldon: Otherwise, that deflation would be way more painful, no doubt.
Mike Maharrey: Absolutely. Well, Greg, I really appreciate you taking time out. I know that you've been dealing with some health issues, and I really appreciate your energy that you have. You have far more than I would having just dealt with what you've dealt with. So thank you so much for spending a little time with me. And folks, do go check out Greg's work and avail yourself to what he's doing. He's a fantastic resource and appreciate you, man. Thanks a lot.
Greg Weldon: Let's point out not serious health issues though. I got hit by a bicycle and I had a wound and I got infected and wow, what an ordeal. But I'm 100% and yeah, not major health problems.
Mike Maharrey: Yeah, then that's good to know. That's good. Thank you. All right, my friend. Well, we'll talk again soon. Thank you so much.
Greg Weldon: Take care, man. Thank you.
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