Announcer: Wall Street Unplugged looks beyond the regular headlines heard on mainstream financial media to bring you unscripted interviews and breaking commentary, direct from Wall Street right to you on Main Street.

Frank Curzio: How’s it going out there? It’s September 4th. I’m Frank Curzio, host of the Wall Street Unplugged podcast, where I breakdown the headlines and tell you what’s really moving these markets. So, I almost had to postpone this podcast. You guys know that I like keeping my schedule for this podcast for many, many years. I always try to get you something every single week. But, I almost postponed because of Hurricane Dorian. It was expected to hit late Monday, landfall. I’m located in Northern Florida, so there was a lot of concerns. This was a category five storm. Winds up to 185 miles per hour, guys. Hey, put that in perspective, the last 30 years, we only had one hurricane that’s really comparable and that’s Hurricane Andrew. That was in 1992. That was also a category five but winds were 175 mile per hour, less storm surges that were expected. So, again, Dorian is 185 mile per hour.

So you’re looking at Andrew, over 60,000 homes destroyed. 125,000 damaged in South Florida off the Gulf Coast. That added to over 26 billion dollars in damages. Now, I know a lot of you who are not located in Florida, that are watching the Weather Channel and the media and saying, “Frank, these guys, you’re going to be okay.” I’ve gotten so many emails. Because they intentionally make you very, very worried. So, even some of the stories that I’ve seen, outside of Florida, just on local news places. The stories, they are hilarious. I just have to laugh, but Florida, we had mandatory evacuations, just about every town on the coast line area including us, because if this hurricane hit us as a category five, which was the forecast for many models as late as Sunday, it would have destroyed everything guys, everything in its path. It would have been a disaster.

So, we really got lucky. As of now, right, it could still shift, but I don’t think it is, it’s shifting to the north and we’re good. I’m doing this on Tuesday, because even though, it’s not supposed to hit us that hard, we’re outside the cone now, which we weren’t, we were inside that cone, it’s only 40 miles off that eye, which means we would have seen damage. It was pretty crazy. Now, it’s about 120 miles, even more, it’s supposed to be off of our coastline, but we did get lucky. And, we’re still going to have 35 mile per hour winds, probably 40 mile per hour winds, so we’re probably going to be without electricity for a day or two, which is normal here, which is why I want to do the podcast on Tuesday.

But, yeah. We got lucky as of now, so thanks for all the prayers and again, taping this on Tuesday, since we’re probably going to lose power, at least over the next 24 hours if I had to guess. But that’s much, much better than the 120 mile per hour plus winds. That’s what they were forecasting for in my area and again, just a few days ago.

So, when you look at the storm in general, guys, we got very lucky because the storm did something nobody predicted or the models predicted, and that’s slow to a crawl over Bermuda. I’ve never seen this before. I don’t think anyone seen this ever, in any hurricane. It was moving at one mile per hour, so you can walk faster than it and it moved at that pace for 36 hours. Now why was that such a big deal? Because we had a big front coming down from the northwest and that front was supposed to hit Tuesday, maybe Wednesday and we didn’t know if it was going to get down here quick enough because that front pushes it to the north. And the fact that it just stayed in Bermuda for so long, that front kept coming down and now pushed it to the north, so we got very, very lucky.

Bermuda didn’t get lucky because the hurricane just stayed there as a category five and just stayed in the same spot for pretty much over 24 hours, close to 36 hours and now it’s coming up the coast now. But thank God for the front and now it’s pushing out towards the Atlantic, pushing the winds towards the east which is really good, northeast.

So, really crazy because everybody’s making preparations. Everybody boarding up everything. We gassed up our cars, generators, cleaned all the loose things around the house. Again, make sure the generator is working, bought about, I want to say about $300, $400 in supplies. Fans, lights, extension cords for the generator. Fans and lights for when the electricity does go down, because during Matthew which is the last major storm that hit, it was a week we were down. It was a full week, we had no electricity.

Think about that. So if you don’t have a generator, the refrigerator, you don’t have air conditioners, it’s very hot in Florida, so you want to make sure you have fans. We happened to buy a generator. We needed a generator. So, it’s not hooked up to the house where the AC comes on and everything, but we could plug it into our refrigerator, to our TV, whatever, to weather the storm.

All the stores are really crowded, pretty crazy. It’s interesting because now it’s not going to hit as hard. I can see a lot of stuff getting returned. But, I’ve been here for 10 years now in Florida, so I understand hurricanes a lot, just like any Floridian, I’m not calling myself Floridian, I’m just saying. But this really did have disaster written all over. I know a lot of people outside saying, “Oh, you worried us, it wasn’t a big deal.” We would have saw hundreds of thousands of homes destroyed if this thing would have hit us head on as a category five. Probably north of 30 billion in damages, maybe more like 50 billion plus. So, thank God that this thing turned, which is really good.

So, I was just going to do an intro with no interview, since I really expect my power to be out most of the week. This hurricane was expected to hit Sunday night. Okay, I’m doing this Tuesday. It’s not hitting until tomorrow afternoon and it’s not going to be a hurricane, more like a tropical storm. Again, thank God for that, but I really put this thing together within a half an hour to get a great interview and to get a full podcast in because that’s what I do for you. Which is really cool and I have some amazing guests. One of those is my buddy, Marin Katusa, who is the founder and president of Katusa Research who I called on 15 minutes notice and he said, “Yup. I’ll come on right now,” which is awesome.

But if you don’t know Marin, he’s one of the smartest deal makers, financiers in the resource sector, one of the hottest sectors in the world right now. Can gold and silver really take off? And he’s also someone who tells it like it is, so be sure to listen to this interview until the end, because the last part is really, really cool when Marin discusses how important it is to follow people who have skin in the game, putting their own money in these deals, people who go out and do the boots on the ground. Listen to that part, because he’s going to tell it how it is and it is going to be entertaining and it’s going to be right. Especially when you hear it, it’s going to be really cool.

But, he always tells it like it is, no matter who he offends and that’s not all that we’re going to talk about, the boots on the ground, how important it is for the research process, but we’re going to talk about obviously gold, trading at a six year high. Is the down cycle officially over? If so, what are Marin’s thoughts on this? What are you going to do? And it’s going to be interesting, because he’s forecasting something to happen with gold that never ever happens in relation to this other… I don’t want to give too much away.

You’re going to hear something that you never heard before and I agree with him. I think he’s right on this. But, in order for gold to move higher, this has to happen and usually when this happens, gold moves lower. So, he’s forecasting something that never came true. Again, it’s going to be a fantastic interview.

He’s also going to talk about a recent trip he took to South Africa. Going to be a little vague on it because he’s writing to his subscribers about it, but it is an amazing trip, something I was supposed to go on and I just couldn’t for personal reasons, I couldn’t get there. I like to take a lot of trips, we do a lot of field visits. I do a lot of field trips with Marin. So, this is going to be great because he’s going to break it down, tell you a lot about the project, what he’s doing, how is he investing in it but again, he’s not going to give away too much be that’s for his paid subscribers, but really, really great interview coming up, and you know what, let’s get to it right now.

Marin Katusa, thanks so much for coming back on the podcast.

Marin Katusa: It’s my pleasure, buddy.

Frank Curzio: Let’s give a little background here because there is a hurricane supposed to hit us and now it’s veering off a little more, so we’re probably going to lose electricity for the next couple days, but I was going to do a simple podcast just saying hey guys, I’ll be back next week and just doing a little update of the markets, and then when the hurricane started pushing away, I said let me see if I can get one in on Tuesday which we’re doing this now, and how long ago did I call you?

Marin Katusa: 15 minutes ago.

Frank Curzio: Marin’s like, “Sure, I’m in.”

Marin Katusa: On the busiest day of my month.

Frank Curzio: They say if you want to get something done, you always go to the busiest person, that’s what they say. So, that’s why I called you. In all honesty-

Marin Katusa: Or am I a BTN? Or am I your BTN? Better than nothing.

Frank Curzio: No, you are actually my first call.

Marin Katusa: Put me in my coach.

Frank Curzio: First.

Marin Katusa: I’m your number one string back up.

Frank Curzio: It’s like the guy you invite, you have one more ticket left and you call 80 people and there’s one guy you’re like, “All right, let’s just call him, he’ll definitely go.”

Marin Katusa: Now, I know where I stand with you Frank. Thanks buddy.

Frank Curzio: Aww listen, in all seriousness guys, Marin did come on in this thing in about less than a half an hour and he was my first call because I know he always has my back and stuff, so I wanted to get good interview out and there’s a reason why I asked Marin to be on this call today. Few things, gold is surging, which we’ll get to. Also, he took a really cool trip that I really wanted to go on and I couldn’t because of a couple personal things I’m dealing with right. So, so much to talk about.

Now, let’s start with this, because you post on Twitter a lot and you actually had a poll where you asked your audience and the people who follow you, you said, “Is the gold bull market underway?” And you had about 300 votes, and yes, you’re a resource guy, most people follow you for resources, but 80% of the people out of those 300 said yes. Does this worry you? Could this be sustained? Where is gold going from here?

Marin Katusa: So, let’s bring it back a bit, right. So, the polls, you got to take that with a grain of salt because it’s like going to the Vatican with a bunch of Catholics and saying do you believe in the Pope. Well of course they do, you’re talking about select polling. So, do I take it with a grain of salt? After 17 years in this business, you get beat up enough, I’ve seen everything and yet, I expect the unexpected.

So, I’ll tell you where I’m at personally, and I’ve been saying the same thing for few years now. I think I was one of the first guys to say two years ago, we’re going to enter a market where both US dollar and gold are going to rise. I remember Rick Rule and Doug going, “Well, that’s metaphysically impossible.” And Doug going, “Well, how can that be?” It’s like, well let me walk you through where the world’s going. With NIRP, this is as important, Negative Interest Rate Policy, is the defining thing of our careers when it comes to the macro-global play, Frank. And I don’t think the markets understand this enough because they’re feeding it through the mass population saying, “Well, your mortgage is going to be less. Your interest rates are going to be less. You’re going to have more money.”

But, that’s actually not true. By definition, negative interest rates, there’s two things you can guarantee from, things are going to be worse in the future and number two, it’s deflationary. Because if you actually just work through the numbers, if you give me a million dollars and in 10 years, I’m going to give 950 grand back, there’s less money in the system. And when there’s less money chasing the same number of goods, that’s deflationary. Okay.

Deflationary is very bad for a lot of things like base metals. If you look at copper, and it’s telling that the global and lay that over with trade war, or you can define it as the currency wars, what’s going on with China. So, could the peg go from over seven to one to eight, nine? Why not? Because, this is a tool that the Chinese can use. This has happened in the past. I’m a little bit of resource and gold and currency nerd, this is what I enjoy, it’s my passion. This is not the first time this has happened globally.

So, when you look at everything in the global currency standpoint is a relative game. Right? So, you look at the Canadian dollar, well it’s relative to the US dollar. In the Canadian economy, you know me Frank, you’ve known me for a long time, I’m the absolutely contrarian core guy, Canada has become such a politically correct green haven, that they forgot to remember what built the strength of this nation. It was resources and hard work, immigrants and hard work. That’s what Canada was based on. Immigrants who were willing to work hard and exploit in a proper way, the resources of the nation, the riches of the land.

Well, the Greens are going to realize in the next few years, how bad it’s going to get because I think oil is going to be under pressure. The oil patch in Canada hasn’t been able to build their pipeline, so they’re trading at a big discount to the US and international oil markets, and you’re going to look at base metals are going to have a tough go. And that revenue, if you look at the resources in Canada, it’s a resource nation, and our currency is now going to be worth much less, relative to the US dollar.

Our debts are getting to all-time highs. There’s been no prudence or fiscal management and then you start seeing that this pattern isn’t just Canada. You can say the same thing for Australia. You can look at many of these places. Look what’s going on in South Africa. I was just there a couple of days ago. Just see the riots going on. When your currency starts getting devalued, when you’re importing things, that becomes a big, big problem when you’re not producing anything of value.

So, that’s where I see negative interest rates are the ultimate FTD. Now, Frank you started laughing when I talked to you about my FTD theory a few months ago, but it’s the ultimate financially transmitted disease, an FTD. And I coined that phrase, I created it to really bring it in a fun way to people to explain what happens with an FTD. Negative interest rates are going to go viral and they are going to stay around for a long, long time and there’s no antibody or vaccine for it. And what’s going to happen is negative interest rates are going to go a lot lower than most people expect and they’re going to stick around, unfortunately like an STD for much longer than people want in their portfolio.

So, how do you position yourself to this? Well, a few things. US dollar is going to stay strong relative to the other currencies because the rest of the world is in a shortage of US dollars. And I know that sounds crazy, especially for all the gold bugs who are having a hard, hard time. But, I always use the example, when I walked Doug Casey through this example, I first shared it with him about a year ago, I said, “Doug, I manage your money. We’ve done really well. Just stick with me on this.” But I’m going in areas where we’ve gone from linear mathematics to quantum mechanics.

And in linear math, you can’t take a negative square root. Well, you can if you introduce something called an imaginary variable. And that’s the I. It’s not interest, it an imaginary variable and you start doing quantum mechanics and that is where we are in the global macro perspective. And these imaginary variables, negative interest rates are changing everything. And, gold and silver are going to be a net beneficiary because of the negative carrying cost of gold are no longer there.

Now, why are people willing to take a negative interest rate, sounds crazy right? “Hey Frank, lend me a million bucks and in five years I’ll pay you negative 2%.” It goes against common sense, right? But that’s actually not how it really goes. If you’re a massive pension fund, you’re willing to take that fixed cost less because it’s a guaranteed stream of cash in a world, think of it as paying insurance on your cash, and you if you’re this big pension fund, you can’t just put that cash in a vault because that’s not how the balance sheets work.

So, the first thing I would say is why the hell would I sit there with a negative 2% yield or whatever is going to be happen? Well, because the bonds that they’re buying, they trade, and the price of the bond goes up as the yield goes negative. So, it’s finding that equilibrium, that’s number one. Number two, you’re looking at in a global way, what’s going on in Germany, what do you think is going to happen to the pound when they actually finally do Brexit? Well, first of all, they’re going to want to devalue their currency. But then what do you think the EU is going to do? They’re going to slap on tariffs. So, right now, everyone thinks that Canada… Oh sorry, the US and China are in this trade war, but there’s unintended consequences that’s a derivative effect or the domino effect of other countries slapping on tariffs on each other. And it just turns into a massive currency war, essentially.

So, where I’m at right now is, do I think this gold run is real? Yes. It’s the second largest holding in my portfolio, after US dollars and people go what the hell is he doing with US dollars?

Frank Curzio: You’ve had US dollars for a while Marin though, right? Explain that to, which is a good point, you’ve been saying that for a long time, at least for the last three, four years.

Marin Katusa: Yeah and it’s been a fantastic place to be and if I wasn’t able to have that cash as my gun powder, it’s my strength, because if I look at the Canadian dollar, when I first came out with this people thought I was nuts. I had bought out one of my partners in the fund because they were like gold is what I should go buy, not but we’re in this deflationary, there’s still downside risk on gold. End of 2014, when I went heavy US dollars, we almost had very little gold. And then I switched, as we’re seeing this now, and you use US dollars, stronger currency to buy these assets.

Now, I’m one of the largest financiers and investors in the junior gold, silver, and uranium. But without US dollar, you’re shit out of luck. You can’t buy them. And your Canadian dollar is going to be worth less and less because these costs, at the mine, you’ve been to mines with me, do you think that the trucks, and the steel and all that, they trade in US dollars, right? So, you want to be producing in areas like say Brazil. Producing gold right now in Brazil after you’ve built your mine, which are fixed US costs, now your operating expense, about two thirds are the local currency and then one third is still US dollars. You still always need tires and steel and all those costs.

But the Real is significantly undervalued to the US dollar, so gold right now is at an all-time high in the Brazilian currency. Same thing with the Canadian currency and the Australian currency, so, a year ago when I said $2000 gold here we come and I said, if you read it, we’re going to hit that in Australia in US dollars. We’re at over 2200, 2300 in Australian dollars now and unfortunately, the currencies are going to go lower because of the Negative Interest Rate Policy that is happening.

So, it’s this negative spiral, the IMF, Lagarde, she’s come out and said this is our policy and right now, the commentary in the market is this is the short-term fix. It’s going to be an injection of adrenaline for near-term catalysts, like a rush to the economy. I call bullshit on that and if you’re an Italian, what’s the difference between negative 0.4 or negative 0.6? It ain’t changing anything to the Italian economy. We’re going to see negative two, negative two and a half, negative three.

And people are calling me crazy for this, but currencies and interest rates, they move like the massive freighter. It’s not a speed boat. The mining stocks are a speed boat. They can turn around and accelerate quickly but currencies and these fawns, they’re massive freighters. They take a long time to work through the system. And I see over the next five years, getting to negative two, negative 3% yields.

Frank Curzio: Now, you said a lot of interesting things-

Marin Katusa: Very bullish for gold.

Frank Curzio: You said a lot of interesting things there because not a lot of gold bugs are out in full force and you’re talking about deflationary and then we have guys like Peter Schiffler, I don’t want to get into, but he’ll talk about inflationary forever, why that’s bullish for gold. But, I hear this from so many gold bugs, where you got to buy gold for negative real interest rates, you can buy gold for a safe haven, especially with everything going on in the world, where we’re seeing, what is it 17 trillion in negative yielding bonds right now, buy gold as an alternative currency, but when I see your reasoning behind this, when you say we’re going to have negative real interest rates, we did have record low interest rates from 2012 to 2016 where we saw gold prices fall 25%.

When the shit hits the fan in America or globally, people basically flock to the dollar as safe haven, right? Not gold, that’s a fact. When you’re looking at what trend is going to drive this higher, because you recently said Rick Rule, that case when you told him, “Hey. Gold and the dollar are moving higher in sync.” And they were saying… What word did you use, metaphysically impossible and it’s not going to happen. But one constant trend we have seen, because what you’re calling for is something we normally don’t see is the dollar and gold moving in the same direction.

Because if you notice, gold has been going up, surging, six year highs, as the dollar has been weakening. So, what make you think that that trend is going to change? And we’ve seen trends all the time but get a little bit more into that because that’s going right in the face of a trend that’s been around, pretty much before the credit crises that we’ve seen where it moves the opposite direction of the dollar, when it comes to gold prices.

Marin Katusa: So, in the gold markets, you’ve got different gold markets. So, you have, like I was saying, paper gold market, the VPFs in gold, that’s one aspect that makes it easy to own gold, but yet there’s costs to that. There’s a negative carry what they call because it doesn’t produce anything. So, Warren Buffet always said, “You can rub it and touch it and feel good about it, but it ain’t doing anything for you.” Because he never believed in the store value of it that gold is held, but if you’re in turkey or Venezuela or Argentina or Russia, or Kazakhstan, any of these places, Canada, that store of value is huge because let’s take in 2011 when the Canadian dollar or Australian was par with the US dollar, well, we’ve been depreciated between 35 and 40%, relative to the US dollar, but if you held it in gold, it’s a hedge.

Then there’s the physical gold, which I tell people to be very careful about. Don’t show it off. Don’t store it at home. Make sure your very smart where you’re holding it, but there’s a cost to that also against the negativity carry. It doesn’t produce anything but if you have it at the bank, be careful. What happens if there is, in certain countries, when they shut down the bank, be very careful because if there’s a run on a bank in Turkey or Moscow or what happened to Cyprus banks and they just shut down, when they shut down the bank, they don’t let you into the bank vaults either. Your bank vaults get seized too. So, be careful where you’re storing your gold. So, that’s another additional issue.

There are interesting ways that you can have access to your gold at Brink facilitates. So make sure you do your due diligence and silver, if you’re holding the physical. But, the biggest bang for your buck Frank, is investing in these equities because it’s almost a return on gold in steroids and you’re looking at some of these guys. Look at what the performance, my first write up, when I published Katusa Research’s first ever report when I bought just under 10% of new market and I based it all off of Fosterville.

I said, look, first of all, they’re bringing in new technology in this proven asset. It’s built, I always felt it was mismanaged with the previous two management teams and you have the advantage of the currency factor. The mine’s built and that stock went from a buck to almost $60 in four years. And that’s not a penny stock. Well, it’s dollar, it’s a penny stock. No. This project’s had hundreds of millions of dollars invested in it and Eric Sprott made two million dollars from that bet in four years.

So, that’s the other way of playing the gold market. So now you’re looking at the bond market which is way bigger than the stock market. This is the problem. Most newsletters, most newspapers, it’s easier to explain stock market because it’s exciting. You got a guy like Elon Musk or Steve Jobs, Warren Buffet, they always talk about stocks. When was the last time you went to a house party and people are talking about, “Oh yeah man. I just bought these bonds.” Most people talk about stocks. Right? It’s a fact, right? But yet the bond market is multiple, multiple times larger than the whole stock market and that’s the big issue here Frank. Where is this money going to be going?

And you look at the dilemma of pensions funds, sovereign wealth and funds, the union funds, education, all these factors and people are going whoa, this is a new normal that we’re entering and you go through the CFA program, they don’t talk about these negative interests. This is happening in real time. This is an experiment that they’re applying. And even Janet Yellen, the former Fed chair, she’s not acknowledging this yield curve, she’s saying well there’s a reason for it, it’s structural and blah, blah, blah. And the market is saying, “We don’t really buy that.”

Yes, there’s the old saying, “Don’t fight the Fed,” but what do you really think is going to happen with the US when the rest of the world is dropping their interest rates? What choice does Powell have? Trump knows this. And I know people bash Trump for their political reasons, but he’s taken on this Fed because whether Powell wants to or not, he has to cut rates. Okay?. Because again, yields and currencies are a relative a game. And with the FTD, the financially transmitted disease of negative interest rates spreading virally around the world, China is going to do what’s best for China. Not what’s best for the Americans. And they’re going to keep dropping their currency. Okay.

Now what do you think Hong Kong is really about? Well, you’ve been to Vancouver. You’ve been to my house, you’ve been to my neighborhood. I’m the only Canadian in my neighborhood. It’s all foreign money from China because that capital’s been flowing out. Now, nobody wants to talk about it in Vancouver because it’s almost racist to talk about it, but what kind of neighborhood has no people living in their house and these are all 10, 20, 30 million dollar homes.

Well, the Chinese government isn’t stupid. They’re clamping it downs and that money was fleeing out of Hong Kong, from mainland to Hong Kong and they want that cash to stay. Believe it or not Frank, China has a shortage of US dollars. So many of these guys who are anti-US dollars, believe it or not, why then would the Chinese currency be devaluing and the US dollar appreciating relative to their currency. There’s a shortage of US dollars globally.

In my book, I talk about the petrodollar and what’s going to happen with the reversal of petrodollar as they produce more oil. We’re seeing a reversal of the petrodollar or the unwind of the petrodollar and that means there’s a shortage globally right now for multiple reasons of US dollars and that also flows to support the US dollar and also gold and silver in a minor way.

Because the silver market is so small, its action is going to be super viral on the upside, very, very explosive, but also in its time when this eventually all blows up, silver will go down much more than gold too. I always use the saying, gold is the currency of kings, silver is the currency of gentlemen, but these gentlemen are on steroids and they’re very emotional, let’s call it. Then I always say the uranium guys are silver bugs on steroids. So, they’re like crack heads with their emotion.

Frank Curzio: I know you for 10 years and you’re a pretty smart guy. That was great. I loved the way you put that. No, seriously. I didn’t realize how smart you are until right now. I was going to bust your chops.

Marin Katusa: That’s because you’re usually drunk around me.

Frank Curzio: You know what, it was great. I just let you talk and I love the reason behind it. By the way, I love your thesis. I just wanted to say that because people who are buying gold that believe that it’s a play where the dollar is going to go a lot lower, I just can’t see a dollar crash. You just brought up so many different reasons, but America is not doing great by any standards but complicated to almost every other developed emerging market, our economy is amazing right now, especially considering what you brought up.

We have an administration that’s going to do anything in its power to prop up the economy, he can call out the Fed and the Fed has to lower… I love how you put that, they have to. If you look at it where corporate bonds are, if you’re looking at where everyone else is devaluing their currency, they have to. It doesn’t matter, “Oh, if the economy…” if we are going to lower rates and they’re going to go a lot lower, which all reasons why the dollar should strengthen here, I could be wrong but anyone calling for the dollar to go a lot lower and gold to go a lot higher, I like the fact that you’re saying hey, both of them are going to go higher.

Now, here’s a question. What’s the best way to play this because in past bull markets, even when we saw a little one right, the end of 2015 into middle third quarter of 2016, the junior mine is out before, and that’s like that in every single industry guys. Whenever you see a whole industry move higher, it’s the most risky stocks that move much, much higher and they also go a lot lower and more crashes.

But, we’re not really seeing that this time where we’re seeing the producers do well, they’re going higher, obviously they’re going to benefit directly from the higher cost of gold, right, because they’re producing, the royalty companies are on fire right now, but how come we haven’t really seen much out of the junior miners and maybe it’s they diluted the hell out of them, remember we’re going through a market where since 2012, for the most part, outside that little period 2016, it’s been horrible, but how come we’re not seeing more of the junior miners really appreciate as gold is appreciating here?

Marin Katusa: So, you get my stuff and you see it. Here’s the answer, they have. We’ve had one of our stocks triple, these are junior non-producing gold stocks, another one’s over a double, the problem with junior mining is so many of these management teams expect to experience the gains that the good guys or the quality management teams because they have gold or they’re looking for gold and they’re in the sector. Think of funds as flowing water at the top of the multiple fountains. The top is look what happened with new market in Kirkland Lake when they merged, it went from two buck to 60 bucks. Well, Fosterville was a monster.

You look at B2 Gold which we wrote up and it’s almost double but it’s a big cap. You could have bought it all day long at $2, now at $480, everybody’s talking about it. Equinox, another story. I’m one of the larger shareholders of that. Everyone was like, “Aha Marin, your stock’s not moving.” Well, look what’s going on now. They’re producing two mines. They’re going to put a third mine in. Now it’s kicking ass. You got some of the best management team.

They are doing well, but this is just starting. We’re in the early days and I think the rules have changed where I don’t need… okay, so for example. What you want to avoid, if I’m right on my thesis which I’m betting very big, you know the size of my fund and my personal net worth and I’m betting big here that I’m right on this Negative Interest Rate Policy, you don’t want to be borrowing in US dollars when your income is in a devaluing currency because your debt just got way, way, way more expensive and that is the crux of this situation.

So, you got to be super selective now. Now if you think the US dollar is going to go down, you’re going to take the opposite trade of me, meaning that the US dollar is going to devalue and the Australian dollar and the South African Rand and the Turkish Lira and the Russian Ruble, that they’re going to strengthen. Well, then load up on that in the US dollars because you’re going to pay it in your local currency loan. That’s not working. We see it. So there’s a shortage of US dollars. It’s crippling these environments.

So, that’s what you want to avoid. That’s what I’m avoiding and I’m looking at producing assets. So, now you look at your costs… Let’s use these example of Equinox, right? They’re getting all-time highs in their revenue because of the price of gold in their cost base is decreasing right, because relative to the US dollar. That’s what you want to be doing. The Canadian assets that are producing.

But, if you’re going to have to build that now, it’s a catch 22. It’s going to get super expensive to build things because they’re in US dollars, and the time delays to permit and whole NGOs and the environmental movement, it’s getting harder than ever, than ever to build something. I’ll tell you stories about where just five or six years would take three months to amend the permit, are now three, four five years and it’s crippling the production of these companies.

So, I think the big funds, because of this passive fund movement, I guess the answer to your question essentially, never before has so much money been managed by passive funds meaning the opposite of guys like me. They’re algorithms, they’re just management teams. They want liquidity. The passive management is continuing to grow because the millennials and you just look across the board, people just don’t want to do the hard work. People listening to your podcast Frank, are the 1% society who are willing to put in their hours. They’re the guys willing to educate themselves and prepare and do the hard work. Most people aren’t. They just want to know what Kim Kardashian is doing and what’s going on with football and blah, blah, blah.

They’ll rather let someone else manage it and the passive funds would rather play the big liquid majors and that’s why we seen the majors outperform most of the juniors. But if you bet right on the right juniors, they are out performing the big caps right now and we are in a bull market. Just not across the board, but if you know what you’re doing, you’re pulling off doubles and triples right now.

Frank Curzio: So, let’s turn the page here, because another section that you follow Marin, is uranium. And we saw Section 232, that was a memorandum that could have mandated, I believe it was up to 25% of uranium in America be produced by US based uranium companies. That was shot down and you saw the US based producers come down a lot. Much more than I thought that they would come down. To be honest with you, I gave this maybe a 25% chance of passing, I guess it was much higher than that, but that was just me because again, a lot of the legalities behind it and showing that it’s a threat to our national security, it was a little difficult to prove right now, plus it’s a big step when we have a presidential election next year, which you don’t want to rock the boat on any crazy issues here.

But, what do you think about uranium now where we’re seeing prices wherever, $25, $26, which is insane. Yes they did break below $20, a little bit higher, but we’re talking well over 100 pre Fukushima, probably 55, 60 to produce and a lot of the global guys did good when Section 232 came out, the ruling came out.

What are your thoughts here? Is this an opportunity to purchase some of the American producers? Do you see uranium prices doing higher here? They still can’t make money, right? Some of these guys.

Marin Katusa: Again, I get more slack or negative feedback from the talking heads or I call them online trolls because of uranium than every other sector combined, because they’re being very localized. So let’s think about it and my tune has not changed for three years, and it’s why I’m the founder and largest investor in Uranium Royalty Corp which you yourself are. My whole thesis, back three years ago was guys, we the north American public markets aren’t understanding or appreciating the position that the Kazaks and Russians are in. I have a whole chapter in my book about it. I don’t know how much clearer I could write about it.

And the irony of all this was I have this, I call it the cut to kill strategy of the former Soviet Union block, let’s take what we just talked about, gold, they’re doing the exact same thing but you see Little Kazakhstan. When I first went there, I don’t know 16, 17 years ago, it was all about what they’re going to do. I think they were producing a million pounds at the time. No more than a million and a half pounds and they brought in foreign capital from Japan, Korea, Canada, the US, everywhere, France through Areva, and they used other people’s money to build up these assets, incredible assets but it is what it is, they used other people’s money. They pushed the permit, they didn’t have the delays that you would have in Canada or Australia or anywhere else in the world and they went from within 15 years, from a million to pounds to over 60 millions pounds of production.

We’re talking over 50-fold. Name me another commodity that one country has gone 50-fold within two decades, Frank. Name me one, right?

Frank Curzio: Yeah.

Marin Katusa: Number two, number two. They used other people’s debt, so this cut to kill strategy is fundamentally this, “Frank, I’m coming to the Bronx and we’re going to do this project and I’m going to bring my money to your neighborhood, so you got the asset. You got the neighborhood. You got your crew there and I’m going to bring my money and after a while, I’m getting my money back.” And you’re like, “Hey Marin, you know what man? Things are changing in the Bronx. I got to cover this guy and I got to do this, so I know you were 60% and Frank Curzio was 40%, we’re now going to go 50/50.” I go, “Fuck. Well, I’m not there, these are all Frank’s crew, he’s operating.” I don’t really have a choice, do I?

So, we go for another year or two and guess what? Frank now comes back to MK and he goes, “Hey Marin. You’ve got a decent return relatively speaking to the other market. My costs are going up, so, your ownership is going to be 40% now and I need 60%.” Well, what choice do I have Frank. Now, this is a cut to kill strategy. That’s exactly what’s going on in Kazakhstan.

Look at for example Cameco, which is the second largest producer, or third largest producer of Uranium in the world now because they’re actually more of a trading house than they are a producer, but anyways Areva is the second largest, they have a great, great asset in Kazakhstan called Enkei. It was 40% Kazatomprom, 60% chemical. Well today, it’s transitioned to 40% Cameco, 60% Kazatomprom. Now do you think the trend is your friend or do you think the Canadians who come once every four, five months, trolley up into Astana which is the capital, do you think it’s going to continue or do you think they’re going to, “Hey, you Canadians are having a tough time producing uranium. We’ll give you 10% more.” Which way do you think it’s going to be?

Frank Curzio: Yeah.

Marin Katusa: Secondly, that’s across the board. Now, you’re playing their background with their rules. Thirdly, they have this tenge, the currency that is devalued so, they’re making the same margins today at $40 uranium as they are $26 uranium, so it’s irrelevant.

More importantly. If I was the Kazaks, and first of all, I want to make something very clear here. These guys are smarter and better and know what’s going on in the market, the Russians and Kazaks from their production standpoint, than anybody in the US market on the production.

One of my best friends, you know how close I am with Amir, the guy was at my wedding, my wedding anniversary, it’s him sitting with me and his wife and my wife, I will go to war for that guy. He’s an incredible guy, as you would. But here’s a fact, the Kazaks produce over 40% of the world’s primary uranium production. That’s like taking all of OPEC and Russia under one management team. Now, you tell me, if one company produced 40% of oil in the world, that would be like Rockefeller, going back in the Standard Oil days. You don’t think he would know more what’s going on with global oil market than some little small company looking for uranium in Africa. Of course they do.

These are smart, educated, well financed and well situated individuals. I’ve Saturday with the management teams. These guys are sharp. Do not underestimate them because they’re in Astana and not in New York, okay? That’s the other thing. So, you have what I see happening now and what I expect them to do in this cut to kill strategy, is they’re going to keep leading the market and they’re going to go to Cameco and say, “Hey, Cameco, you’re buying uranium off of us and then just fulfilling your contracts, using your long-term prices, why are you doing that when I can do that. You’re eating my lunch.”

So, there’s going to be compression on the western front on this trading because the Kazaks are taking market share, and they’re going to start doing horse trading, going well, maybe we want to own part of MacLaine Lake or Cigar Lake or we want to have a bigger ownership on Enkei, the joint venture that I mentioned earlier.

So, these are the type of factors that we’re still flushing out in the global uranium sector. And guess what, if you study the oil markets, when I wrote this book, I became obsessed with understanding all these factors, it is no different than what happened in the oil markets in the late ‘1800s and the early ‘1900s. So this cut to kill strategy, I believe is what’s happening and I think the best way to play it is streams and royalties.

And I just sat with the president and CEO of one of the world’s largest streaming companies and he just said, “Marin. Wow, do you make a compelling argument,” and he’s investing in this. So, what I’m trying to get at here, you want to buy royalties and streams when there’s no competition, when nobody wants it. That’s what Franco Nevada and Silver Wheaton did 15 years ago. Their best streams, their biggest cash flowing generators weren’t when gold was 1500, it was when it was 400. That’s where we are in uranium.

And then of course, the Kazaks, once they consolidate the sector and they get exactly what they wanted these are smart, smart, smart people, then watch the price of uranium run. But, like I said for the last few years, in ain’t going to be for a couple more years. So, play the uranium sector through Uranium Royalty Corp. That’s how I’m doing it.

Frank Curzio: And when can I play that right? I don’t know if you’re allowed to discuss that or not, but it’s a private company right now, it’s planning on an IPO pretty soon right I guess, so for individuals to actually buy that?

Marin Katusa: Correct. Yeah.

Frank Curzio: Okay.

Marin Katusa: I believe that it’s going to be before year end now. Look, things can always change but that’s what I expect then my subscribers got in at the same time at same prices as myself. So, that’s another benefit service that I do in our newsletter. So, that’s how I’m playing it and I think it’s the best way to play it.

Frank Curzio: All right. Speaking of your newsletter, you just took a trip and I’ve taken a lot of these trips with you. Again, I had a couple personal things I’m dealing with so, I couldn’t really commit to it, I wish I did. You are writing about this in your newsletter right, so it’s going to get published on Wednesdays, probably get published after your newsletter, this podcast. I don’t know want you to give too much away because those are the people that pay for your research, but it was a pretty amazing trip, right?

You talk about South Africa. Go into as much details as you can and of course, I don’t want you to give away stuff that you’re giving away to your paid subscribers, but, I’m even hearing back from people from your Katusa Club that are saying, “It was unbelievable, it was great, wish I could have been there, sorry about it.” But, talk a little bit about that because I haven’t talked to you yet about that either, so everything that you’re saying, I’m learning for the first time too, but you did briefly tell me really quick, you said it was an amazing trip.

Marin Katusa: The beauty of our markets is everybody is excited. Gold is going up so everybody is feeling good. How you make money in this market is buying an incredible hotel after the 4th owner because they built it, they cleaned up the kinks of it, the operations and mining is no different. Mining is a tough, tough, tough thing and it changes because of the deposit. It’s a very complicated, complicated industry and so many variables. Something that happens in China in the trade wars can affect the price of gold or copper or whatever. So, it’s a very dynamic industry and I’ve been doing this long enough that my style, just like what I did in Altera or Northern Dynasty, I love going to assets that are advanced and have other people’s money at much, much higher prices advance it and de-risk it for myself.

This game is all about de-risking. Still has a lot of risk, Frank. Mining across the board. You can have a great operation looking like a big mean canyon and then boom, they have a wall collapse and the mine is not operating for almost a year. So, so many things can happen in mining but it’s all about de-risking it so your odds of making money are higher.

This specific investment opportunity is a very contrarian bet. It’s probably one of the best. I’ve been to hundreds and hundreds of operations. Probably the best run facility I’ve seen and you got to spend the time and walk through and talk to the management, talk to the guys, talk to truck drivers, the shuttle operators in the lunchroom, you don’t just hang out with the executives because you’re always going to get a rosy view from the executives. Go into the lunch room and be one of the guys who drive the trucks and talk with them and talk their language. This is a big problem with a lot of suit’s and analyst, you got to have that street savviness, the Frank Curzio Bronx style of doing due diligence at the site, right.

You also got to go through the balance sheet and all these things, but Mike Tyson said it the best, “Everyone has a plan until they get punched in the head.” And I say everyone loves the concept and the thought of being a contrarian, but very, very few people can be a contrarian. Because you don’t just buy your stock in one day and it goes up. I use a tranche system. I finance these companies, just like I did with Altera or Northern Dynasty, copper mount and all these different deals, equinox. If you’re looking for a stock that is day-trading, I am not your guy. There’s other newsletters that promise 1000% gains in two days or whatever bullshit they’re selling. I’m a guy that becomes a major shareholder in a company. You can buy in at the same time and the same price as me. You get to sell before I do and then everything I do is anywhere between a 12 to 60 month play.

Altera was almost four years but that was a huge score. Remember when we went to Northern Dynasty, everybody was mocking us and I said, “Guys this is big,” and initially, you were even hesitant until you went to the site and you saw with David Lowell, a legend, the whole point free model, he really discovered it. The text book is his. And when you start doing the due diligence, you’re like you know what, the share price is just a voting machine on the popularity at that time and then within 12 months, not even, that stock was a 10 banger.

That’s what I like doing. Going when no one is talking about it. No analyst. And then when it’s popular and all the investment bankers and big savvy Goldman Sachs and all the big funds out of New York are coming, that’s when I get out from my subscribers. I’m a true contrarian. I’ve been doing this for seven years. I’m usually the first person to ever recommend one of these stocks and I stick with it for a couple of years. Not everything works out because anyone who says that all their stock picks are great is completely full of shit. I’ve had lots of things that didn’t work out but you look at my track record, look at the people that I work with, that speaks for itself.

Frank Curzio: Well, let’s end with this like we always do. Are there names that have hit your radar? We’ve seen a lot of gold companies have moved up and junior miners have moved up, they’re seeing 35, 40% gains and like you said, if you really select it with the right management teams that have done the right job during this down cycle, those are up double and you said you have a triple, are there any names that you’re currently looking at, even across uranium and anything? People love this right? They love ideas. You have given us ideas so far, different things but I was just wondering is there anything on your radar that you’re looking at that’s pretty attractive right here?

Marin Katusa: The fundamental thing I’m writing about in my newsletter is will show mathematical proof now with what’s going on with the global funds that you don’t need to necessarily find a new gold stock. We’re going to be in a market where things are still going to be very volatile, but any pullback in the price of gold or silver, we call it in our office, pullbacks are buyable. Whereas before it was like, “Oh shit. Is this trend breaking down?” Are you going to be on the sidelines. I think that the stocks that we’ve had incredible runs… We’re up over 60% on Pan American Silver. It’s the second largest primary service producer in the world.

Would I tell you to buy it today? Well, no because you’re not in as the same price as me and we’re up 60% but it will pull back because every stock has it’s natural ebb and flow. Nothing moves in a straight line up, but they buybacks are buyable. One that I will give right now that I think is a screaming buy because it had a huge run to nine bucks and it’s pulled back now to eight and change is Equinox Gold. I think that is a no-brainer. It’s one of my largest gold bets in the market. I’m a top 10 shareholder in the deal.

Hell, the company started in my office in Vancouver. I’m the one that introduced the story to Ross Beaty and now it’s his deal. I’m very intimately involved in the deal. I’ve put personally millions and millions of dollar into the deal and I think that specific stock proves my thesis that pullbacks are buyable.

So, that’s my answer to your question.

Frank Curzio: All right bud. So listen, we covered gold, uranium, nice pick to Equinox Gold, but really great stuff as always Marin. And I want to say I really appreciate you coming on. I love doing the road trips with you, I always learn so much from you but-

Marin Katusa: And we established I’m your number one back up podcast guest.

Frank Curzio: Which is a great thing by the way, which is a great thing. But, I love the fact Marin, if anyone can take anything from this interview, it’s going to the sites, going to see the projects, it’s talking to the people and doing the homework, boots on the ground, whatever you want to call it, you’re not sitting behind your desk, just go over that one more time.

Because, I think a lot of people just sit back and they read things and they believe everything they read. You bought up a good point with Northern Dynasty. When I went there, I thought it was stock that I was going to short and then I realized, after talking to management, that will all the environmental concerns these guys are more environmental friendly than the environmentalists. It was amazing-

Marin Katusa: More knowledgeable with science.

Frank Curzio: … just go over that one more time, how important that is because sometimes when you do your own homework, it’s amazing what you come up with and that does lead to amazing, amazing returns sometimes.

Marin Katusa: That’s obviously part of it but be aware… Frank, it drives me nuts the newsletter industry how it’s written and you have some tool that isn’t writing his thing. He’s standing there with a picture and yes that’s part of it, but when you got skin in the game, I can assure you, when you’ve put 5 or 10% of your portfolio into the stock after three years, your due diligence on this is going to hell of a lot be better than what I called journalist investing.

Now, what do I call journalist or entertainment investment or newsletter. It’s some dude that is marketed by a big company. He’s not allowed to own the stock but he’s going to find the best stock for you for his 100 or 200 grand salary a year. And he’s going to take a picture and it’s going to be written in the incredible copy that convinces you that this is the next biggest gold rush story, ever.

Be aware of that, because why the hell would you ever buy a stock from someone that doesn’t have any skin in the game. And I always explain to people, that’s my biggest pet peeve in this industry, so you got to go to the site and know what you’re doing and following people that know what they’re doing but also follow the guys who are putting their own, not just their reputation, but their own portfolio and find out at what price and when are they investing. Just because a guy is investing in the stock and he’s taken a picture and he does his due diligence but if he’s in at 10 cents and he’s telling you to buy the stock at 50 cents or $1, that’s bullshit. Avoid people like that. You’re going to lose money.

Now, when the guy comes and says hey, “I’m doing a private placement in this stock. I’m going to be the lead order and it’s $1, and you get in at the same price and here’s my due diligence and if you want it, great. If not, fine. And when it’s time to sell, you get three business days first.” That’s someone you want to pay attention to. Now, it doesn’t mean that everything I do is going to work out to be a Northern Dynasty or an Altera or a big success like Ryan Gold where my subscribers made 15 times the money in a year, but the odds, you de-risk it and the skin in the game, you look at Equinox, Ross Beaty who’s the largest investor in the deal, his cost base is the exact same as my subscribers.

So, our interests are aligned. We all invested at the same time. Now, when it ran to nine bucks and our subscribers are seeing the gains, you can trim some off the table, whatever, that’s your choice, but a guy like Ross Beaty is not doing this for a 20 or a 40 or a 50 or 100% gain. This is his last major deal and he’s doing to for a five to 10 bagger and he’s going to pull it off. Because there’s something true about Pareto’s Law, is it just coincidence that he’s done with Pan American and he’s doing it with the Lumina Group of companies and he’s done it with Altera?

Remember that helicopter ride when I organized a site visit up the Buttes when I became the second largest shareholder of Altera? Now, a guy like Ross, his daughter was getting married the next day. Do you remember that?

Frank Curzio: Yes I do. Absolutely.

Marin Katusa: The only thing that could fit in our schedule was that Friday. We got the helicopter, we booted over and when we were chatting with him on the helicopter, he looked at us and said, “Guys, when you find something that is a game-changer…” What was the one line he said? “Own as much of the own deal that you’re going to run and make it work.” And it was just the way he said it and we both just looked at each other and we’re like this is it, this is what he’s the largest shareholder in every one of these deals. If you believe in what you’re doing that big, that’s the same thing Amir Dayan does, he’s the largest investor in his deals. Those are the guys you want to back.

Now, I’m not the smartest guy in the industry, but I’m one of the more experiences and more successful in the game and I know all the big players, but you avoid… You said, “Well how come all the juniors aren’t doing it?” Because most of them suck and they shouldn’t be in. If the public stock market didn’t exist, I don’t know if some of these management teams to even work at a car dealership, not as a salesman, but as the guy who washes the car. They’re useless. Avoid those guys.

Stick to the really select few, find out what their cost base is and then see okay, well what’s the balance sheet like. It’s not rocket science, but you got to control your emotions and your windows. And, the problem with the investment world is across the board, everyone going to get excited when it’s $2000 gold or $3000 gold, that’s when you want to sell, when everyone excited.

You want to start picking out the best royalties in uranium today when nobody’s talking about it. That’s when you want to do it. When executives running the uranium companies are depressed and they’re getting divorced because the finances at home are so difficult and they’re companies aren’t going bankrupt and they’re changing into whatever the flavor of the day is, like a marijuana company, that’s when you want to be in the sector. When there’s true blood on the streets.

It’s a hard thing to do because in our world, that’s not what sells newsletters and unfortunate the retails crowd gets sucked into this very promotional and well-written copy, but stick with the real players.

And another thing I’d add is go to these conferences. My conference in San Francisco. Go to the conference in Vancouver. The company that we run the conference through is called Cambridge House, that is the best thing. It’s free. I’m there for two days bringing the best guys. I bring Luke Slendeen, Ross Beaty, Rick Rule, Sean Rosen, Amir, Ivan Bebek, Nolan Watson, Marcel Degroot, all these guys, Greg Smith, when we brought David Lowell, these legends, even Richard Dines, such a smart, smart man. Come to the conference, all you got to do is show up. 90% of it is show up and you can see whose authentic.

I’m a nice guy but I’ll grill these guys hard on the board and when they start bullshitting… There’s this one uranium panel I did when I asked one of the individuals who runs an exploration company in Athabasca whose deposit is under water and he starts bullshitting about the situation and I just cut him off. Like fuck off, answer my question. Don’t disrespect me and the people in the audience with your bullshit, because I’ve been doing this too long and I know it too well for you to give me fluff. And you can see the authenticity. The comments online were “Marin’s such an asshole, he doesn’t let them talk.” Why am I going to let them talk if they’re spewing bullshit. Not in my backyard, right?

So, that’s how you can get yourself better. Listening to a podcast like what you’re doing and really just doing a little bit of homework will help your portfolio immensely.

Frank Curzio: Well said. We’re going to leave it at that. I want to say thank you very much for coming on such short notice. Again, first call I made and Marin said yes right away and Marin said yes after coming back from that trip not too long ago, less than a week ago and also he’s got publishing date-

Marin Katusa: Two days ago.

Frank Curzio: Two days ago.

Marin Katusa: Two days ago.

Frank Curzio: … and a publishing date ahead that I know that you still have some more writing to do. So, thank you very much Marin and of course, we’ll definitely chat soon.

Marin Katusa: All right buddy, take care.

Frank Curzio: Great stuff from Marin. A lot of those predictions there, whether you agree with it or whether you don’t agree with it, he has the research to back it up. Again, could be wrong, could be right, whatever it is but I love when people give predictions. You’re not really hearing too many people say well the dollar and gold are both going to move higher. That’s a scary prediction.

As you know, I’ve covered this with gold people say negative interest rates, that’s a driver. It really wasn’t the driver from 2012, 2016. I’m cherry-picking but it’s when our interest rates were the lowest in history during that time period. So, if that’s such a driver, I was just curious how come gold went down 25% during that time because it should have been a lot higher.

So, you’re seeing more and more bonds, right? Negative yielding bonds, negative interest rates right now. Well, they can be yielding but what’s going to push gold higher? And for me, the negative was usually when we see the dollar in relationship to the gold, it’s inversely related, the dollar has been coming down a lot and gold prices have been surging. Six year highs. I think the dollar is going to go higher. There’s a lot of evidence to support that, maybe it doesn’t.

But even if it does, Marin thinks that even if the dollar goes higher, gold is going to move high along with it. Let’s see. That hasn’t happened in the past, let’s see if it happens going forward in the future and right now, it’s actually happening. Dollar is coming back a little bit and gold continues to move higher in this market.

So, I always say this podcast is about you, not about me. So, let me know what you thought of that interview. Frank@curzioresearch.com. That’s Frank@curzioresearch.com. And guys next week, we’re going to go back to our regular schedule which includes not only an interview but also an educational segment. Again, just had to tear a little differently. There’s a lot going on with the hurricane. I definitely wanted to get something out to you at least this week. So, I can basically still say that I never missed a podcast for Wall Street Unplugged. I can still say that, at least for now.

How much I’m traveling, how sick I am, what’s going on in my personal life, and now I can say I even got podcast out to you with a category five hurricane coming at my house, which again, thank God it didn’t hit. So, I’m glad I am able to keep the schedule and get a great podcast out to you guys with a great interview.

So, that’s it for me. Thank you so much for listening. Thank you for your concerns, emails past week in regards to Hurricane Dorian and by the way, I want to thank two people here. One is Marin and the other is Garrett who is taping this right now because I had no intentions of even… He’s at the studio. Garret helps me tape this and does all the sound, the quality and everything and I was just prepared to do something and send it to him, but just on short notice guys, these guys did me a big favor which essentially did you guys a big favor toady.

So, within a half an hour, we basically said “Hey we can tape this.” Marin came on and we got this whole entire podcast all ready to go but I can’t take full credit for it. I got to thank Garrett and also Marin. So, I really appreciate it and I’ll see you guys in seven days. Take care.

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