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 30th. I’m Frank Curzio, host of the Wall Street Unplugged podcast where I break down the headlines and tell you what’s really moving these markets. What a complete shit show. Sorry to start it off like this, but I’m sure almost all of you watched the presidential debate last night. And all I could think of while watching that, after 30 minutes passed, an hour passed, 90 minutes, these two people, they’re really the best we got? I mean, these are the two we chose from both parties, supposed to be the best of the best. The leader of the free world, the most powerful person on the planet. Someone the entire world looks up to, respects, admires, that Americans should be proud of.

Frank Curzio: And what do we get? Trump interrupting Biden every single time he was supposed to speak while Biden used words like clown twice, in other words, to describe the president. And they were fighting like two school children on the grandest stage. They fought like two school children on the grandest stage, when the purpose of this debate is to focus on the people who are on the fence, right? These are the people in the middle that have not made their decision on who to vote on. That’s what this debate is about. You’re not going to change anybody on the left. You’re not going to change them on the conservative right. No. You’re not going to change those people. There’s people in the middle that you need to convince. That was your job going in here, both of them. That was your job. You think you did it? You think you achieved that?

Frank Curzio: I mean, after this, that group is probably not even going to show up to vote. And the funny thing is, I tuned in to the two major channels post-debate. And I actually tweeted about this. I said, if you’re a Democrat, tune into Fox News, and if you’re a Republican, tune into CNN right now. I’ve never seen so much hate in my life. I mean, we all watched the debate. We all know what happened, right? We all saw it. We all have our biases, of course. But it was like, they’re watching two different shows with different people debating. And they were just trying so hard to convince their audience that Trump was an asshole or Biden was the asshole. I mean, so hard. And I was thinking, our presidential candidates, our media outlets, I mean, they’re so out of tune on how Americans really think and feel about each other.

Frank Curzio: Looking at most Republicans, Democrats, we don’t hate each other. Most of us are not racist. We all have similar goals, which include working hard to provide for our families, retire comfortably, being great parents, trying to provide a better life for our kids, being nice to our neighbors. That’s most Americans, whether you’re Democrat or Republican. That’s most of us there. Yet, watching these channels, it’s like civil war. There’s no middle ground. If you support Trump, you’re a racist. If you support Biden, then you believe in violence and anarchy. It was a complete embarrassment, which was broadcasted to over 100 million people. The official numbers aren’t in yet, but that’s what’s projected. 100 million people.

Frank Curzio: To put that in perspective, just under 100 million people tuned in to watch last year’s Super Bowl, and it’s going to beat the Trump Hillary debate, which 84 million people, that was a record, watched. And you know what was second? Which again, look this up. This is pretty interesting. I didn’t know this. 80 million people watched the debate between Jimmy Carter and Reagan. 80 million people. Wow. It’s pretty incredible. I’m surprised by that number. But you’re looking at 100 million people, or 100 million plus, watching these guys. And after this shit show, I wouldn’t be surprised if they don’t debate again, because the only way to manage these debates is if the moderator can mute the microphone while the other is speaking. It’s the only way you could do it, because you couldn’t even hear them the whole entire time. It was just angry yelling at each other. And I’m telling you, both candidates, especially Trump, they’re not going to agree to that. But who would moderate this? Who would want to?

Frank Curzio: And Chris Wallace is pretty fair. He asked tough questions on both sides. But man, he couldn’t even talk. He couldn’t even say anything. He couldn’t shut anybody up. Again, a lot has to do with Trump just kept talking and talking and talking. But nobody wants to see a debate like this again. I mean, it’s useless to us, which by the way, isn’t this the reason why you’re having a debate, to tell us, Americans, about your policies, how you plan to make America better? Yes, you’re going to attack each other’s policies, but not to the point like you’re just two children in a school yard yelling at each other, yelling over each other. Now, I’m going to try to analyze this, even though the debate was more about pointing fingers and name calling and less about what they would actually do to make this country better. But many of these topics are important to all of us, especially how you plan to invest your money over the next four years or even longer.

Frank Curzio: They separate into several topics. The first one was the Supreme Court. I favored Trump on this. I mean, he’s right. He’s the president, Republicans control the Senate, and his duty is to pick a Supreme Court justice right now, just like every single president before him would do, whether Republican or Democrat, and is supposed to do. That’s their job if the same scenario existed. That’s what they’re supposed to do. Biden is just, there’s nothing really he could say. Oh, we should wait until the… We should wait until the election. He is the elected president, though. He is now. That’s his right. That’s what he has to do. I mean, if he doesn’t do that, he’ll lose his whole conservative base, just like a Democrat will lose their part of their base if they didn’t do this. This is their job responsibility. I don’t think it was a game changer, but Trump won that one.

Frank Curzio: Healthcare, I thought Biden won. I mean, Trump has talked revamping Obamacare for five years. Yes, he campaigned on it before he got elected. Been in office close to four years, and nothing has changed. He still doesn’t have a plan. And nobody does, and nobody can have a plan because our healthcare system is just so effed up. It can never be fixed. There’s just too many bureaucrats, people getting paid under the table. And these costs, no matter who is president, are going to continue to skyrocket for decades to come. Right now, there’s no… You have to revamp the entire thing from scratch. And he said, “Well, picking apart pieces of Obama’s plan, making it better…” No, you really didn’t. I mean, for me, my costs keep going up and up and up. I mean, the costs I have, and they’re not even… I want to give my employees the best healthcare possible, but it’s… The costs are outrageous. And it goes higher and higher and higher every year. The costs are outrageous.

Frank Curzio: I don’t see it stopping. I wish there was a change. I wish we could do something about it. I think we all agree, we want everyone in America to have healthcare, but not at the expense of small businesses like myself where we have to pay for people who aren’t working or don’t have jobs and their insurance. I mean, that doesn’t make sense. There’s got to be a different way to do it. Because of healthcare, yeah, Biden’s out there and supporting at least trying to say he supports a lot of Bernie Sanders’ policies, because they need that. They need that group. And that was the one thing about Biden, which is difficult, because you need that group, and I’ll get to that in a minute. That crazy left, you want them to vote for you, but you don’t want to say, “Hey, I’m in bed with these guys.” So it was kind of like a back and forth where I felt like he was contradicting himself, but when it came to healthcare, I thought Biden won that.

Frank Curzio: The economy, Trump did a great job here, I mean, really great job considering Biden did say he would shut down the economy again. And he didn’t deny that. He said, “Well, based on the science…” There’s no science that tells you right now that you should close the economy. Zero. Zero. There’s not one stat out there telling you, you should close the economy. Absolutely none, none. Zero. Believe me. I looked at every stat, I’ve read hundreds of papers. I’ve been on this since February. Right now, nothing. If that changes, if the death rate goes higher, if there’s a different strain, if we don’t get a vaccine, whatever. You’re seeing more infections because we’re opening up the economies, but the death rate is coming down tremendously. We have the stats. We know the stats, which if you’re under 69 years old, the chance of you dying from COVID is .5%. You do not close the entire American economy for that. Zero chance of doing it. And if you’re listening to somebody, you’re listening to the wrong people. And that is pretty scary.

Frank Curzio: Again, there’s numerous studies out there now showing how depression, divorce, drug use, crime, abuse are up tremendously during the lockdown. And I think common sense, most of us could identify with that because we’ve all been home for a period of time, unfortunately some longer than others. Having kids in the house all day, parents forced to be working from home, no social interaction. These are bad things. And now we can see examples of, look, the whole hockey season. At least when they started up, it was played. People were safe. Congrats to the Tampa Bay Lighting. Great comeback after they got swept as a number one seed last year, first round? I think they had one of the best records ever. Great job. Congrats. Basketball, fine, going into the finals. We’re okay, right? COVID’s out there. They’re able to play. We didn’t have to close it.

Frank Curzio: There’s ways. We understand the risks. We know we have to wear masks. We understand if that you’re over 65, you have to be careful. And if you have underlying conditions, you have to be careful. You’re in a danger zone. We know this now. We know so much about this disease compared to one month ago, three months ago, six, seven months ago. I mean, there’s zero stats… I’ll cover in this in my education. There’s zero stats supporting that we need to lock down this economy again. Just being a little bit open to that is insane. We have schools that have been open. People aren’t dying from COVID all over the place. And even the states with the most stringent policies on COVID are easing their restrictions, like New York City and California, easing their restrictions. Now, indoor dining, it can be up to 20%, 25%. Give me a break.

Frank Curzio: I mean, we’re, like, 80% here in Florida. We were at 20% three months ago, and businesses are doing great and nobody’s dying. Open up already. Come on. Give me a break. Again, it’s okay to see these Coronavirus cases start spiking again. That’s normal. We’re opening back up. But closing the economy, I don’t know anyone who owns a business, works for a living to support their family, which is the majority of the population, that believes we’d be better off locking down our economy again. That’s a big point.

Frank Curzio: Mail-in voting, I thought Biden really didn’t have to do much. Trump just buried himself with this. I mean, it’s a hot topic. He’s going to… He believes that there’s going to be cheating. We’ve seen this in the past with mail-in voting. There’s a reason why we’re pushing against it so hard, yes. But I just wish he did a better job explaining it and not just losing your cool completely and how this is terrible, everybody’s going to cheat and Democrats are going to cheat and… Just explain it a little bit better, but not to the point where if you lose, you’re going to blame it on this and not peacefully leave the office. If you lose, it just, it doesn’t sound good to the American people. I mean, if you lose, it’s okay to lose. It’s okay to fail. It’s okay to make mistakes. We all do. It’s getting up.

Frank Curzio: That’s why I hated Hillary Clinton just continued to this day believing that that election got stolen from her. You lost. You didn’t campaign hard enough. It’s okay. Go out there and say, “You know what? Next time, I’m going to do it 10 times harder.” America loves that. We love that. I don’t care what side… You love that. We love fighting. We love that comeback story. We hate bullshit excuses and complaining and sore losers. And it sounds like Trump is being a sore loser there. He has points on mail-in voting. I think a lot of people could agree on that. Plenty of examples of fraud. But Biden didn’t really have to do anything. I think Trump just buried himself here.

Frank Curzio: Defund the police, big issue. I mean, I thought Biden had the line of the night, this is my opinion, when he said, “I am the Democratic Party.” Biden has to realize, though, all the elected Democrats are marching in the streets with Black Lives Matter, that whole movement, which is about defunding the police. I mean, Schumer, Pelosi, putting on cloth and… the wrong color by the way, right? It symbolized celebration. You’re celebrating the death of George Floyd, but you put on this cloth and you knelt and that whole… perfect. You got the cameras in perfect position, showing how you support this, again, all for votes. They don’t give a shit about anything.

Frank Curzio: But you have your whole party, your whole party out there, as part of this. And you’re like, well, I’m the Democratic Party. Well, it’s either you don’t know you’re the Democratic Party, you don’t know those people… But you can’t have it both ways. You can’t say, “I love the police,” and everything and your entire party promoting this. So, and I get it. I mean, you need these votes. So it’s a tough mix, and I understand that. But to come on stage and say, “Yeah, I love police. I don’t want to defund the police,” and Trump’s most powerful shot came with when he said… He asked Biden, “How many law enforcement units support you?” And he goes, “Name one.” Biden couldn’t name one. So for Biden to try to say he loves the police but police departments and unions, they obviously know it’s not true or they would have endorsed him. And not one has done so, or one that he can name.

Frank Curzio: But explain maybe that you want to re-think whatever statement that they’re using now, the Democrats, “Well, we want to re-think policing,” or whatever it is. Explain it a little bit. But it’s hard to separate yourself from it. You’re running on a platform, on a party, and your party really believes in this. It really does. I mean, and I’m not talking about every single Democrat, just like every single Republican supports Trump. I’m talking about the elected Democrats. They believe this. They’re supporting this. They’re out there. So when it comes to defunding police, I think Trump did a good job holding his ground.

Frank Curzio: Other topics that were mentioned is climate change. I thought Trump did a good job here. And he shouldn’t have really won this segment and I felt he did because yeah, okay, he’s against most climate change. He likes… Again, it’s such a hot topic, right, because it’s something that could possibly happen in the future, right? And we were told so many lies from people in the past of how we’d all be dead by now, right? So we want to get the facts in place. But Trump is not really in support of climate change. Yet, a lot of people believe that. That was an area where I thought Biden could really crush it. Instead, Trump did a great job turning to the Green Deal. And Biden kind of didn’t want to admit that he supports the Green Deal, the New Green Deal, because he’s going to lose tons of votes, including to Sanders and AOC supporters.

Frank Curzio: So he tried to be careful. Eventually, he could not answer Chris Wallace’s question on how much it would cost, which is everything, right? And it’s going to cost a little bit of money, the New Green Deal, considering they basically want to rebuild or upgrade every single building basically in every American city to make it more eco-friendly, every single building. Zero emission vehicles, good luck with that. Totally get rid of fossil fuels, something that could never happen unless you want to pay $50,000 a year to heat your home. Good luck using solar. You’re going to be cold. Remember, solar works when the sun is out. It’s called base load power. Power 24/7. You don’t have that with most alternative energies. And they’re still expensive, getting cheaper, but expensive. You’re not going to go 100% alternative energy. It’s not going to happen. It’s got to be a mix, but explain that.

Frank Curzio: Explain the costs of this, because if you’re looking at the most conservative estimates, and this is from non-biased economists out there… Again, you’re going to see crazy stuff from the Republicans and inflating this number like Trump did yesterday and say it’s $100 trillion. It’s not $100 trillion, but it’s not going to cost you, like, $3 or $4 trillion either. But the base is between $50, $60 trillion over the next 10 years. You know how much money that is? Every single building, every single building is going to… just crazy. It’s funny. I mean, it’s not an all or none situation. It’s, less work at this together to improve the environment, right? That’s what it’s about. It’s not like it’s 100% we’re all in on this $50 trillion or nothing at all. And that’s what it kind of is right now.

Frank Curzio: And I thought Biden could have did a better job saying, “Hey, you really don’t…” And he tried to, but Trump did a good job of just pointing to the Green Deal, which again, is a subject that… And this thing was built by AOC, who’s a child, who knows nothing about it. Yeah, she took a couple classes on the economy, but come on, man. I mean, just looking at these numbers and looking at this stuff, it doesn’t make sense from a cost point of view. And I think most of us believe, hey, you know what? We want to make sure that this planet is healthy for our children, for the next generation and the next generation. But every single building? No more planes? No more boats? Bye, bye Hawaii? Guess we can’t visit those people any more. I mean, come on. It’s kind of crazy when you think about it.

Frank Curzio: But overall, when I take all these subjects, and this is important, guys, seriously, to your portfolios. I’m bringing this all back. If I’m looking at a winner here, and cover one more topic here, which is COVID, because I thought Biden won this hands down. I mean, he did deny saying that Trump was a xenophobe for closing off borders to China. I know that he got ripped for that, and I think that was a great move, one of the great moves that Trump has done, because Democrats destroyed Trump when he did that, meaning that if Biden was president, he would have kept our borders open a lot longer to China, which we can all agree would have resulted in more infections, more deaths.

Frank Curzio: But Trump has not been transparent about this virus. He’s fired a lot of doctors, a lot of people who don’t really support his view 100%. He should not be guaranteeing a vaccine. I mean, God, giving a specific date when we’ll get one? I mean, he doesn’t know that. Nobody knows. The healthcare companies don’t even know, Moderna, J&J, Pfizer, they don’t know that. I think it’s going to be at the end of this month they’re going to get it. I think J&J… I believe it’s going to be Pfizer first to the market. But you can’t throw out a date, and especially right before the election. I mean, come on. But you’re looking at Trump, flip flopping back and forth. This isn’t a big deal, this is a big deal, it’s not a big deal for America, we’re fine. I mean, this is stuff that he’s saying as the leader of the free world, and a lot of it was wrong.

Frank Curzio: Just like every single that we… infectious doctor has been terribly wrong. They’ve flip flopped completely. We’ll never lock down, we need to lock down, don’t shake hands ever again. I mean, holy cow. It doesn’t get more crazier than that. And my argument was hey, let’s stop allowing people who are in a danger zone… I mean, the only people that are going up and creating these policies and giving us advice on this are people who are at risk, at serious risk of catching this and dying because they’re over 70 years old. Of course they’re going to have a bias towards it. I would too if I was 70. I would be like, everyone’s got to wear a mask. You’ve got to be careful. Close everything, because I don’t want to get infected because it impacts me. But it doesn’t impact people, especially under the age of 50, especially under the age of 30.

Frank Curzio: But if I had to declare a winner, which is like picking the winner of, like, the Cincinnati-Philly game last week, which ended in a tie and these teams are both horrible and useless, I’d give it to Biden. The expectations were low coming in. Republicans painted a picture that he’s incompetent and he doesn’t know what he’s saying, which you couldn’t prove because Trump never let him talk. I felt like he was fumbling a little bit with numbers and facts, and then Trump just immediately interrupted him before he could finish the point. But let him finish. I thought Biden was well-prepared. He didn’t do as bad as Trump, who sounded like a pissed off teenage bully. And I don’t think any of them did a great job. If I had to pick a winner, I’d say Biden. Biden was lesser of an asshole. That’s how I would pick it. That’s the best way I can say it.

Frank Curzio: But overall, the debate, it’s an F. That’s how I’d grade it, an F. It’s the worst, the worst debate I’ve ever seen in my life. The expectations were high, but it was horrible. It was terrible. There were so many great points both could have made. If you’re Trump, talk about Kamala Harris. Biden is a racist and sexually assaults women. She can’t deny that. She said it right on stage when they debated. Yet, she decided to join Biden’s ticket as vice president. I mean, what does that say about your character, for both of them? If I was Biden, I would have attacked the economy much more. This is Trump’s biggest selling point, and we still have many Americans out of work. Because you’re not going to have too much longer… I mean, the amount of money filtered into this and the fact that we are going to get a vaccine over the next couple months, I mean, the economy is going to explode.

Frank Curzio: There’s so much liquidity in the market right now, people don’t know what to do with it. That’s why you’re seeing the big technology names trading at 30 times forward earnings. That money is going to rotate into a lot of other names. I’ll cover that in my educational segment. But you’re not going to have long to talk about it. Even the next few weeks it’s getting better and better as more and more cities and states are opening up. But right now, you’ve got Disney laying of 28,000 people, which, again, I’ve got to get to my educational segment. Now the airlines just said that they were laying off tens of thousands of people unless we get this new stimulus plan passed, which our politicians don’t really want to get it passed, they just want to say, “Hey, we tried to get it passed, and the other side said…” They don’t give a shit. They don’t give a shit about anything.

Frank Curzio: I also would have continued to attack Trump on COVID, which he said it’s not a big deal. Americans will be okay. And most people can identify with that. They’ve watched Trump on a daily basis, right, at 5:00, 6:00 p.m. come on and talk about this. And they have all the sound bites and everything. He didn’t see it as a big deal. Then he was like, well, it is a big deal. Wow, New York’s doing terrible. Just, again, when you’re the leader, that’s your responsibility, but that’s an area that he could have attacked him on even more, and I just felt like he didn’t do it. And not only that, these guys need to hire better people to teach them how to debate. I don’t want to sound like I’m the ultimate debater here, but the most powerful tool you have at your disposal when you’re debating someone is your ears. You need to listen to what the other person is saying so you could destroy his thesis right after he just told everyone about it two seconds ago that’s fresh in their mind.

Frank Curzio: But neither of the candidates listened to each other. They just cut each other off, Trump more so than Biden before they could finish their points. They just assume from the first sentence, they assume hey, that’s what this person’s going to say, this is what they’re thinking, and jumped all over it before each one of them could finish a sentence. Let them talk. I want to hear Biden explain the Green Deal and how that’s not going to be expensive. I didn’t get a chance to hear that. I want to hear Trump explain how fast we can get this vaccine to people as soon as it’s approved. How are we going to open up the economies? How are we going to get things better? And I wanted to hear this, but we didn’t get a chance to hear anything, anything. But listening is the most important point in the debate. You’re throwing your thesis out there, showing how great it is. And by listening to him, you get to tear it apart.

Frank Curzio: And you know what they’re going to say, right? You know what they’re going to say pretty much about each policy. You should be prepped for that. But they’re saying it right there to the people, and now you have your chance to just beat the crap out of that thesis. Yet, you didn’t get a chance to. Anyway, really crazy. Disappointed. I know most of you are as well. And I hope you realize what I’ve been saying all along, all along, that these politicians, they don’t give a shit about you. They only care about themselves, their wallets, having power. It doesn’t mean you shouldn’t pay attention, which is why I’m doing this segment for, because their policies are going to have significant consequences on your portfolio, no matter what age group you’re in, which we’re going to break down in my educational segment.

Frank Curzio: But I will tell you this. No matter who gets elected, there’s one sector that’s going to continue to search. It’s as close to a guarantee as you will see, and that sector is gold. More money is going to be filtered into the system, the Central Bank is going to continue to do this to prop up their economies. You’re going to have that massive divide where yes, you’re going to see the markets move higher and higher and higher, but there’s still going to be a large part of the population that’s not benefiting, that lost their job if they own restaurants, they own gyms. I have friends in both, and it’s terrible. Restaurants haven’t been doing as bad, but gyms, forget it. And it’s sad. They’re in a lot of debt now. I mean, it’s not… It’s a coin flip of what industry you’re in whether you’re going to be profit or not.

Frank Curzio: I mean, Overstock looked like a dead company. I mean, the stock was $2, $3 because they were looking to sell their overstock to fund their tZERO platform. Then COVID happened and everybody started ordering stuff online, and that stock went to $100, $110, a hundred wherever it went. But it’s a coin flip, and if you’re on the opposite side of that coin, you’ve got to feel bad. And now, your loans have run out. You’re looking at, when is the stimulus going to pass? These politicians don’t care, right? It’s $2.5 trillion or nothing. You really can’t come up with $1.5 just to support those people who are in dire need of it right now? If that doesn’t show you that they don’t give a shit about us, come on, what does? But when you look at gold, no matter who gets elected, I mean, the fundamentals, the tail winds, are going to continue.

Frank Curzio: And that brings us to my guest, who’s one of the smartest people that you will find in the entire resource industry. First time guest. His name is David Garofalo. David was a chairman and CEO of Goldcorp, one of the largest mining companies in the world, from 2016 to 2019, just when it was sold to Newmont, which created the largest gold producing company in the world at the time. I think Barrick has that right now. He was a former CFO for another major company, Agnico Eagle, 1998 to 2010. He’s brought a dozen gold projects into production. For some perspective, if you do this once, you’re considered a rock star in this industry. He’s done it 12 times. Over 30 years of experience. Anyone that’s in this industry knows exactly who this person is. He’s one of the smartest people, hands down, in resources. And now, he’s the chairman and CEO of Gold Royalty Corp., a new subsidiary of GoldMining.

Frank Curzio: It’s an exciting development. Definitely want to hear about it, because I know almost all of you own GoldMining, and you should be up a lot of money, especially if you’re a subscriber, Dollar Stock Club or Curzio Venture Opportunities, which recommended this before we have Amir on. Amir Adnani is chairman of GoldMining. Hopefully you’ve been listening to him, because that stock has been on fire, especially since they announced this Gold Royalty subsidy. David’s going to talk about this new venture, along with giving us his outlook on where gold is headed over the short- and long-term. This comes from someone who’s been in this industry his entire life. There’s no fluff. Throwing out some tough questions as well, having your thesis. Of course, when you’re in an industry, you’re going to be biased, you’re going to be bullish. But I told him, what would happen… What needs to happen for gold to go down? And he goes over everything. So it’s a fantastic interview. David is a superstar. Please listen up. And let’s get to that interview right now.

Frank Curzio: David, thanks so much for joining us on Wall Street Unplugged.

David Garofalo: Thanks, Frank. Thanks for having me on.

Frank Curzio: Well, I want to get everyone involved here, and I know when people ask this of me, I don’t like doing it, when they ask me to talk about myself. But I want you to give a little bit of a background, because you have an accredited background, one of the smartest people that I know within the entire industry. And that speaks with your track record, but just go over some of the things, sort of the places you’ve been, and let’s get everyone involved and it’ll be pretty cool, David. Tell us a little bit about yourself.

David Garofalo: Well, I’ve spent a little over 30 years in the mining business, and most recently running two of the bigger companies on the base and purchase side. I ran Goldcorp until last year when it merged with Newmont. Goldcorp at the time was one of the top three producers in the world, merged with Newmont to form the largest gold producer in the world with over six million ounces of production, market capitalization of about $60 billion with operations across the world. Before that, I was running Hudbay Minerals for about six years, tripled the size of that. There’s a base metal producer in Canada with operations across the Americas. And spent about 12 years before that with Agnico Eagle, the CFO where we grew the company from about a $100 million market cap company to a $10 billion market cap company, and from one to six mines with 5,000 employees. So I have been a mine builder by track record, having built over a dozen mines in my career across four companies that have operated in the 30 years I’ve been in the mining business.

Frank Curzio: Yeah, that’s incredible, I mean, just as somebody who’s able to bring one mine into production. But to do a dozen… And just with your experience, you have a background of over 30 years, Goldcorp, everything, I want to ask you about the overall market, because right now, we see gold at all-time highs. There’s a lot of tailwinds here that I think are mentioned all the time, which as an analyst myself for 30 years makes me a little worried because it seems that some of this may be priced in. But what are your thoughts from someone that looks at the fundamentals and looks at the macro picture of gold. How does this market compare to past markets you’ve been in over the past three decades?

David Garofalo: Well, I like to compare it and contrast it with where we were 10 years ago when gold achieved an all-time high of $1,900 an ounce, so at least in nominal terms. What’s different now is the amount of quantitative easing that’s occurring on a coordinated basis. And the credit crisis 10 years started to bring central banks together and started to coordinate their actions, but what we’re experiencing now is unprecedented. There’s a competitive debasement of paper currency that’s going on right now. And we’re seeing actual central banks not only buy sovereign debt, but they’re buying corporate credit instruments as well to keep the credit markets functioning. And they’re doing that by printing more via currency. So we have unprecedented levels of paper currency of their hard assets. Well, gold is the only currency that’s been a currency for millennia. Everything else is really quite new to the game. Even the U.S. dollar is quite new as a currency, where gold has been a currency for over 4,000 years.

David Garofalo: And what’s different about gold relative to other currencies is there’s a very finite quantity of it. If you look at all the gold that’s been produced since the beginning of time, it’s only about 200,000 metric tons. And just to give you a visual of what that entails, if you took all the gold and put it into Olympic size swimming pools, it would only fill four swimming pools. So you can imagine as this wall of paper comes into the market, and it’s chasing a very finite quantity in gold what that could do for the gold price. It could be quite explosive from here. And we’re not even at the real all-time high for gold. We’ve achieved nominal highs, just over $2,000 an ounce. But if you look at where the gold price hit back in 1981, it hit $850 an ounce in 1981 dollars. If you convert that into 2020 dollars, that’s over $3,000 an ounce. So we’re not anywhere close to where the real time high is.

David Garofalo: And back in 1981, I can assure you that the central banks weren’t printing to the level they are now. They certainly weren’t coordinating their actions. And so the fee and currency debasement that’s occurring now really is unprecedented.

Frank Curzio: And that’s what I see too. It is unprecedented. And what is the biggest catalyst in your opinion? Because you mentioned a bunch of things and central banks printing money, I think we all know they’re not going to stop anytime soon, and they’re going to keep interest rates low forever. Now you said you have negative real interest rates as another one, but then it would probably most likely, okay… This word has been thrown around so many times, inflation. But the last time we did something like this, which is never, but the closest thing to it was a credit crisis where it was around $500 billion, but we’re talking about $6.5 trillion so far. This money’s going directly to consumers. It’s not going through the banking system like last time. So I think a lot of us are expecting inflation. Tell us, what does inflation do for gold? Because we’ve heard that it’s such a big catalyst, but is it just bringing all these things together, creating a perfect storm, or are there certain factors that you’re looking at that outweigh others in terms of those catalysts that are going to push you to $3,000?

David Garofalo: Well, you’re right. I mean, gold is a barometer of impending inflation. And it starts to run ahead of headline inflation numbers. And the reality is with all this paper being introduced in the system, hard asset prices will go up. And you can see that as a leading indicator in the general equity markets. We’ve never seen multiples that we see today in the general equity markets. We’ve seen multiples stretched to unprecedented levels. And certainly the economic activity that underlies equity valuation just doesn’t justify where equity values have gone. And so we are seeing inflation. We’re seeing it in equity valuations, and inevitably that’ll lead to inflation in consumer goods and other important elements of our economy.

Frank Curzio: Definitely makes sense. Definitely makes sense. Now if we get into… Well, let’s get into Gold Royalty, because when I look at this company, and I’m friends with Amir Adnani and have followed GoldMining for such a long time, and this was something that was recently formed, that announcement came last month that you’re going to become chairman and CEO of Gold Royalty Corp. And I wanted to know when did you make this decision? Because you being a free agent I see as Lebron James being a free agent. I’m sure your phone was ringing off the hook with offers. So why Gold Royalty where I think you can go to so many different places? I mean, it just adds to the excitement for Gold Royalty I believe, but what made you choose that instead of other places?

David Garofalo: Well, I think the interesting thing that’s happening is even though we’ve seen a significant appreciation in gold prices over the last several years, and in particular the last year or so, major gold companies, the major producers, have been rightfully focused on profitability over the last eight or 10 years in the face of a spare market for gold and gold equities. They’ve been focused on containing their costs, returning capital to shareholders in the form of dividends, shared buybacks. And as an industry, they’ve done an exceptional job of leveraging, becoming profitable. But what they haven’t done and what they’ve sacrificed is exploration. And if you look at it, at the end of the day, producers are really just a collection of finite assets. So every day that they would produce an ounce of gold, they’re dying a little bit unless they’re reinvesting some of that profit back into exploration to replace depleting reserves.

David Garofalo: As an industry, reserves have declined about 50% over the last eight or 10 years. And so they haven’t really done that. They haven’t focused on exploration. So they’re going to have to focus on those development stage companies like GoldMining that collectively within their 14 projects have 25 million ounces of gold. And 25 million ounces is quite meaningful. There are some established senior producers that don’t have that many ounces in the ground in terms of reserves and resources. So the producers are going to have to pay attention to companies like GoldMining. And while we de-risk those projects within GoldMining, Amir and I came up with the idea of underwriting royalties in each of those 14 projects and delineating value for GoldMining shareholders by creating a Gold Royalty vehicle with royalties in each of those 14 projects. And so we’re going to be spinning that out into a separate public vehicle and create significant value for GoldMining shareholders.

David Garofalo: And the reason I’m focused on those is because again, I think capital and attention will have to be focused on the development stage assets by the established producers, and also the royalty companies have provided a meaningful source of capital for the producers to reinvest back in the development stage assets. So really, I’m focused on the development stage part of the life cycle of mines, because that’s where I think the capital will have to be engaged over the next couple of years to replace depleting reserves.

Frank Curzio: David, that makes sense, because I follow a lot of the royalty companies, Franco-Nevada, Gold Royalty, Silver Wheaton, Sandstorm, WorldGold, and I noticed that when the industry was highly leveraged in 2010, ’11, and the market came crashing down, a lot of the majors were just beginning to leveraging, and that’s where the exploration came where they weren’t really focused on that and more focused about cutting costs. And then these royalty companies were able to take stakes in some of these big projects because these majors needed money. But now what I hear from COOs of other companies is that it’s very difficult to find… I mean, you just saying you’re focused on development stage assets. I would think that that’s where everyone’s going to be focusing on in the royalty business, right? Because isn’t it very hard to get royalties right now, especially with gold prices up? Does anybody really want to sell a piece of their major project?

Frank Curzio: So I guess, yeah, talk about that development where I guess it’s important to understand that you have to go further out in the timeline even for royalty companies for the development stage assets, because a lot of the other assets, I don’t know if these companies are going to sell off a piece to royalty companies. Does that make sense, or am I, yeah, just babbling here?

David Garofalo: No, not at all. Really, it comes down to cost of capital. Where’s the cheapest source of capital for the developers and the producers to put new mines into development and ultimately into production? And royalty companies today are trading at significant premiums to the established producers. So it’s really an arbitrage game. The royalty companies can access capital from general equity markets, debt providers much more cheaply than the producers can. And they, in turn, can then lend that capital to the mine developers to help them develop and replace reserves within their existing portfolio. The other source of meaningful royalties, gold royalties and streams, is not only from the established gold producers from base metals companies as well that have gold as a byproduct.

David Garofalo: And base metal companies trade at a significant discount to both the gold producers and the gold royalty companies. And so again, the arbitrage opportunity is significant there because royalty companies can access capital much more cheaply given their premium multiples and then use that capital, lend it to base metal producers that happen to have a small precious metal component as part of their base metal mines, and that will allow them to be much more cost effective when you go to base metal projects.

Frank Curzio: Definitely makes sense. And how does Gold Royalty, I guess for investors out there that want to invest in this, GoldMining, or when this spins off the IPO, do you plan to develop these 14 projects? Do you have partners coming in? Is Gold Royalty going to just… Are you going to look for outside projects as well and more development stage assets that you can take royalties in? What’s some of the future things that you’re looking at with the company?

David Garofalo: Well, that’s a great question. So I’m not only running as chairman and COO of the Gold Royalty vehicle and hope to bring it to the public markets in the next few months, but I also have joined the advising board of GoldMining, because our fortunes are inextricably linked. We want those projects to be advanced within GoldMining in order to advance the progress in our royalty portfolio and de-risk that and underlying value. And so by joining the board, the advisory board of GoldMining, I’m helping that company pivot towards de-risking the projects. So the focus of the last 10 years is GoldMining was horrible. It was really inventory ounces in anticipation of a turn in the gold cycle that we’re experiencing now, because it provides tremendous leverage to the gold price. Because these projects were suboptimal economically at 1,200 gold. But at today’s gold prices, they’re quite attractive economically.

David Garofalo: But it’s not to say that GoldMining’s going to become a mine developer. There’s a lot of inherent risk in that. But what we will do is start to stage gate these projects, bring them through feasibility studies, and attract outside capital and outside validation from established producers either through earnings or joint ventures. So we put the money into the ground in these projects to advance and ultimately to development within operators. And to that end, what we’ve done is we’ve hired a head of project development, corporate development, for GoldMining, Alastair Still. And Alistair worked for me at Gold Corp, and Alastair is an accomplished mine builder, mine operator, and spent the last several years running the corporate development function for Goldcorp’s Canadian business. And so he brings a great pedigree and great resume in terms of building up mines, de-risking them. And his job is to de-risk these, bring them through the stage gain process, bring them through the study days to track outside capital from the established producers who are quite starved for pipeline projects like the ones that we have within GoldMining.

Frank Curzio: And I think Ian Telfer also is on the advisory board too now, right? I mean, you’ve got an All-Star team over there at GoldMining and-

David Garofalo: Yeah, exactly. He joined actually the advisory board. He’s chairman of the advisory board of Gold Royalty. And the reason I brought him on, we worked obviously very well together at Goldcorp where he was the chairman of the board. But also, he is the father of gold streaming. He created Wheaton Precious Metals about 15 years ago. That was the first streaming vehicle. At the time, nobody had ever heard of gold streaming, and now Wheaton Precious Metals is bigger than Goldcorp ever was by market cap. It’s become an incredible significant growing concern in the royalty side. And he really helped create that model that everybody else has been gaining already and in the space of late.

Frank Curzio: Yeah, and it’s funny, because when I… Anyone tells you after they’re going to buy a gold company, especially a junior miner, you want to look at the management team first. Of course, that’s always important. But when it comes to you and I looked at your background, where your CFO, you always had that financing background. How important is that when it comes to royalties? Because accessing capital, structuring deals, a lot of people… I tell people to avoid… If the CEO is a geologist, watch out. But how important is it to have that financing background for 30 years where you’ve raised capital, you understand that market. But this is what royalty companies are all about, right?

David Garofalo: That’s exactly right, because royalty companies are not mining companies. They’re really banks. They’re providing capital much more cheaply to the established producers in both the base and precious side, and they can access themselves in the markets. And so we just take top line risk. In other words, we take a percentage of the revenue or a percentage of the gold production if it’s a streaming contract, and we take no operating cost risks. We don’t take capital cost risks. So we don’t take the risk that’s inherent in operating a mine typically. And so what that provides investors is with optimum leverage to the gold price and optimum leverage to geologic success. So you’re getting a percentage of the revenue, and so as the gold price goes up, then the royalty will go up. And also, we maintain full optionality on the exploration side. So if the deposit, the underlying deposit, grows geologically to exploration success via the producer, and we participate fully in that as well. And so we provide optimum leverage to the gold price and the exploration success without taking all of the inherent operating capital cost risks that money producers have to take.

Frank Curzio: Now, I know that you have this, because when I speak to people across all kinds of industries, right? Resource isn’t the only industry I cover, they always look at the positives and the negatives. What could derail this process? Because gold seems like you have so many catalysts, those tailwinds are behind you, so many different ones. I don’t think I’ve ever seen it this great in the last 20 years in terms of watching gold prices go higher. You also have Gold Royalty where you have these 14 projects. It seems like everything’s aligned perfect, but I know guys like you, you always look at what could go wrong. So what are some of the things that maybe keep you up at night now that this company is going to IPO not too long from now?

David Garofalo: Well, it’s maintaining access to the capital markets. And obviously with valuations stretched to the degree that they have been, you worry about the state of the general equity markets, and is baby being thrown out with the bathwater if there’s a significant correction. When the COVID crisis just started to come into focus over the last… Earlier this year, we saw a severe correction in the global equity markets for a short period of time. And the gold equities went down with the rest of the general equities. But the interesting thing since that point, the gold equities started to recover and recover much more significantly than general equity markets because ultimately, while the market might throw the baby out with the bathwater initially, then fundamentals will start to come into focus and the market, where the central banks are going to have to continue to introduce more liquidity, gold equities and gold prices underlining that are going to have to do well.

David Garofalo: And so as people start to deploy capital post-correction, it’s the gold equities and the royalty companies that are going to significantly outperform the general equity market because of those strong underlying fundamentals.

Frank Curzio: So you touched on this a little while ago when I just talked about the 14 projects. Now say if you’re IPO in a couple months from now, what do investors have to be excited about? Because now you’re IPO, now you have these 14 projects, but it is… I know when it comes to mining companies as well, especially juniors, I always tell them that if you could… If there’s news flow, it’s fine. If there’s no news flow, it gets investors really bored and they might go someplace else. So just shortly, maybe in the short-term, what are some of the plans after the IPO that’s going to get investors really excited?

David Garofalo: Well, as I was alluding to earlier on, what we’ve also done in addition to staffing out the gold royalty vehicles, we’ve actually put in some significant bench strength within gold mining. Because our 14 royalties are written on all of those development stage assets in gold mining. So we’ve hired a group underneath Alastair Still, the head of corporate development at GoldMining, to de-risk those projects, to bring them forward to economic assessments, pre-feasibility studies, feasibility studies, in order to demonstrate that these are economic projects. So you’re likely to see significant news flow from each of those 14 development stage assets that demonstrates the significant economic potential they have at these gold prices. And that will attract not only attention from the equity markets, but also from the established producers that are quite starved for development stage projects.

David Garofalo: Because as I said earlier on, there’s been collectively a 50% decline in reserves across the gold sector. And so it’s an existential imperative for these gold mining companies to actually start to deploy capital on these development stage assets, and we have 14 of them in the portfolio. We’re quite diversified. We have big projects, we have medium-size projects, we have small projects. So they’ll appeal to a broad array of producers, big, small, and medium that need to replace the reserves they’re depleting and stabilize their production profiles.

Frank Curzio: That sounds great. That sounds great. I know investors are going to get excited about that. So David, I want to thank you for coming on. Last thing here, because I always really dig in deep to everyone that I’m going to interview, and I came across something where I think I read it somewhere that you are a director of the Vancouver Symphony Orchestra. Is that correct?

David Garofalo: That’s right, yeah.

Frank Curzio: That’s got to be a lot of fun, right? I mean, lots of concerts to go see.

David Garofalo: I’ve got to tell you, in this COVID environment, it’s tough. We had to put our offerings online. And so we’ve had to adapt to the COVID crisis significantly. We can’t obviously fill out our theater anymore and have live performances, so we’ve gone to an online platform. So it’s a completely different environment. So it’s not only affecting business, it’s affecting cultural institutions as well. We all have to adapt to the current realities.

Frank Curzio: Yeah, and hopefully either the vaccine comes or we just… It’s such a good thing just to see people get together, especially for the Vancouver Symphony Orchestra. That’s got to be great, so hopefully that gets back to normal real soon. But I just thought that was really cool and I wanted to bring it up. But David, thanks so much for coming on the podcast. I know how busy you are. Congratulations on going to Gold Royalty. I think it’s going to be fantastic. Even with your advisory board, you covered everything. But thanks so much for coming on. I really, really appreciate it.

David Garofalo: Thank you for your time.

Frank Curzio: Okay guys, great stuff from David. They said they even have the intel for another rock star super star, just loaded with super stars at this company. And I love the royalty idea with GoldMining. I mean, they did a great job building up these assets and this was, I say this all the time, this was the first company I recommended in my Curzio Venture Opportunities newsletter. It was a big deal, because that’s how we launched my company, and we did very well with that promotion and it turned out that was just before Trump got elected, and I was really excited. I thought the stock would take off, and gold just got crushed. And we hit our stop on that name, but I re-recommended it and said, “Listen, this company is amazingly positioned. They have tons of assets. If gold prices continue to go higher, this is going to be one of the biggest beneficiaries.

Frank Curzio: And coming up with the Gold Royalty structure, it shows how valid it is when you get a guy like David the intel to really get on board, to have these properties, these 14 properties, and have royalties through them. It’s going to be amazing how this develops and most of you I know are investors in GoldMining, and you should be doing very well. And if you look at that new division, it’s going to be spun off. I don’t know if it’s going to be three months from now, six months from now, whatever it is. But that division adds a ton of value to this stock, and that’s why it’s listed as the best pick, best junior, at several sell side firms. So I’m glad you guys are in it. I know almost all of you should be in it, because you heard it from me. But if you’re a subscriber, you’re in it even earlier, and you’re probably doing very, very well. You should be doing very, very well with that decision.

Frank Curzio: And at the end of the day, that’s what I care about. I want to make you guys money, okay? That’s what you pay me for, that’s what you listen to me for. Yes, we have to over politics, yes, we have to go over different things. But at the end of the day, this is essential. And people are telling me, “Frank, stay in your lane when it comes to COVID.” If I didn’t figure out COVID, if I didn’t understand it, if I wasn’t studying it, if I didn’t have great contacts out there in China, in Europe, in Italy, interviewing people on lockdowns, we would have stopped out of every position in my newsletter when the market crashed. Instead, we got out at huge profits for a lot of these things and watched the market crash.

Frank Curzio: So it’s important. You have to understand the outside factors. It’s not just about fundamentals. It’s about the macro conditions, what’s going on in the world, what’s going on with politics, it impacts everything. And that’s going to lead us to our educational segment, which is about the recent COVID statistics. Because if you’re looking at them, it’s factual that the American economy has to reopen. An di think even if Biden gets elected, he’s going to reopen. I don’t think he’ll lock down the economy. Just, there’s no support, there’s zero stats out there to support it. Now, Trump’s firing people, hiring people, Dr. Fauci, whatever. I mean, a lot of these guys want to speak their mind, and I think Trump kind of wants to control them and say, “Only say this,” which is wrong, right? I mean, we want to be honest and open about it. Even if we disagree with it, we want to be honest and open.

Frank Curzio: So he just hired a guy, his name is Dr. Scott Atlas. Atlas has a 25 year career at top elite medical centers, doctor patient care. He has a 15 year career in public policy working on healthcare policies. I mean, just resume is unbelievable, unbelievable. And he is getting torn apart basically because he’s associated with Trump now, right? So anyone associated with Trump automatically gets destroyed. So he’s getting torn apart by the CDC director, which is amazing, which his name is Robert Redfield, saying that everything Atlas is saying, quoting him, everything he says is false. And again, as people who want to get back to work, who want to send their kids to school, this isn’t about politics, This is about factual… This is about science. We say it’s about science, it’s about science, it’s about science. If it really is about science, open up the economy.

Frank Curzio: Because according to the CDC, who is actually insulting Scott Atlas, who want to open up the economy but doesn’t believe in lockdowns. This is according to the CDC. The infection fatality rate for COVID, if you’re between 0 and 19 years old, 99.997%, so basically zero, the infection fatality rate if you’re under 20. It’s almost zero. 20 years old to 49, 99.98. Again, 0.2%. So if you’re looking at this, where the survival rate, the fatality rate, it’s .5% for 50 to 69. I mean, it’s next to nothing if you’re under 49. And if you’re over 70, it’s 94.6. 94.6. Even based on those numbers, we should open up the economy. But if you’re under 69, are you really going to… I mean, based on this data, right?

Frank Curzio: Again, the infection fatality rate for COVID, taking all the numbers, not even… I mean, we’re including the numbers of New York, who decided to put infected people in nursing homes, which is… You should have just lit them on fire. It would have been quicker killing all these people. So it’s terrible. I know it was a mistake. I just hate the fact that no one can just stand up and say, “Hey, we didn’t know better.” It’s okay. Nobody knew. This was something that’s new. But everyone denies it. It’s everybody’s fault depending on what side you’re on. The fact is it happened, and we took those statistics and that’s the reason why numbers exploded and everybody was shitting their pants with COVID coming to the U.S. Got boats that were on the coastlines for hospitals that we never even used. We didn’t understand anything about it. And because of that decision, it inflated everything.

Frank Curzio: Hospitalization rate, looking at New York, California. We’re overcrowded. Death rates were 7, 8%. But now look at them. Now we have more statistics. We know more about this disease. And based on this data, Atlas is saying that we should open up the economies. They say that children do not frequently spread the virus to adults, citing numerous global studies. How many kids do you know have spread the virus to adults? I don’t know any. I probably now know, not personally know, but heard, I know probably half… about 100 people or even more than that that have had the virus. I think two or three said that they still have lingering effects after a few months later, very, very few, right?

Frank Curzio: People are worried about what are the long terms effects? We haven’t studied them. Well, look at the people who had it. We all know people who had COVID by now. Are they out there working? I mean, Chris Cuomo was on TV. He had it, and he had it pretty bad, yet he was able to do his entire show, which I thought was really cool on CNN. And I watched him, talking about how he has the Coronavirus, how bad it is, just in his house with his family separated from him. I think he was doing it from his basement. His parents were… He was doing a show while he was infected. He wasn’t dying. But we know a lot more about this. Atlas, based on the study, suggesting that schools open up. He suggested that hey, if kids get infected along with healthier Americans, it might not be the worst idea since their immunity would protect others. That sparked forget it.

Frank Curzio: Kids getting infected… Well, we know that kids get infected. That’s a bold statement, and I could see that bothering certain people. But if we’re looking at the stats where kids, they’re getting infected, it’s barely a cold for them, barely. It’s not the flu. It’s not even close to being the flu for kids when they get infected. He also said we have to make sure we protect people in a danger zone. But the most important thing he was adamant about is saying, “We need to end the lockdowns in all states.” We need to. We still have lockdowns of 75% in New York City and California not even close to being fully open in areas of California. In fact, you have Disney just come out and say they’re laying off 28,000. Not furloughing, laying them off, and they blame California.

Frank Curzio: They blame California due to their restrictions being exaggerated. But in California, for their unwillingness to allow Disney to open. That’s a quote. They said, “We need to cut 28,000 jobs.” What’s going on there in California? You have the highest tax rates on the nation, wildfires everywhere, electricity being shut off and not working, defund the police, Pelosi. I mean, man, L.A., San Fran, it’s… And I have subscribers there. I’m not telling you… I have great people there that I know. I like California. I used to love visiting. But man, it’s like, are you not looking at stats? Are you not looking at the people? You’re not listening to the people. Because I talked to my friends in New York City, and they think we’re crazy to be putting our kids back to school because they’re just conditioned by everything that they’re watching and reading from New York that’s local talking about the negatives. When you take everything as a whole, there’s much, much more positives.

Frank Curzio: The San Francisco Bay, letting them breathe is letting restaurants open up at 25% capacity and bars? Thank you. Nice job. Little late now. A lot of these restaurant owners are out of business. But again, we’ve been opened up since May in Florida and Georgia. We’re okay. We saw rates spike. Hospitalization rates stayed low. Very low fatality rate for people that got the infection. And now our numbers are pretty good, and they’re going to go up a little higher as more and more economies start opening up. That’s normal. Again, things change. That death rate goes high. We have to look at… It’s all about the data. And that’s what we want to look at here. That’s what I want to look at. I try to bring this to you being non-biased, but getting back to Scott Atlas here, so many doctors have been ripping this guy. Stanford University Medical School’s top faculty says that Atlas is undermining public health authorities and the credible science that guides effective public health policy. Really? What, that came from Stanford? What a surprise.

Frank Curzio: Chicago Tribute posted an article, meet Scott Atlas, Trump’s new doctor in the Coronavirus task force who has no expertise in public health or infectious diseases. I have no expertise in that, but I’ve felt like I’ve been pretty right so far in this, at least helping you from an investment perspective of how our economy was going to get murdered from this thing. I tell you guys to sell… I needed to be a doctor… Because I could tell you, most of the infectious doctors if you listen to them have been 100% wrong. And they’re still wrong today. They’re just, they’re flip flopping too late. It’s like telling you to sell Amazon three years ago and telling you to buy it now.

Frank Curzio: I mean, you should have been doing the opposite. If you do the opposite of what these guys said and took it serious when they said not to, and then not so serious now that they’re taking… You’d be perfectly fine if you did the opposite. So give me a break. Yet, Atlas offered over 100 peer reviewed scientific papers. These are in top medical journals, served 14 years at Stanford’s Hoover Institution. He’s a Stanford guy, and they’re coming out against him. But it’s a disgrace. It’s a disgrace when politics and power trumps the well-being of our children, of our life, all because you don’t like Trump and this guy’s associated with Trump. But the agenda is hey, you know what? Let’s scare the shit out of everyone to the point where businesses remain closed, kids are forced to stay home, and people are losing their jobs. It’s crazy. I mean, it’s crazy.

Frank Curzio: You want to know how crazy? Mark my words. When we look back at COVID and our response, right, America with COVID, we’re going to look at it as we looked at McCarthyism. Blacklisting people in the U.S., saying they were communists, belonged to the communist party with zero facts. This was in the ’50s. We’re going to talk about how we locked down the entire nation for a disease that kills fewer people than the flu. Fewer people than the flu, and there’s still no vaccine for COVID. Those numbers are going to go down once you have a vaccine. But why am I ranting on this? Because if you’re on the left, you probably stopped listening to me a while ago and think that we’re going to die from COVID. Listen, it’s about you. It’s about investments. It’s about looking at the facts. If they change, I’ll be the first to tell you. If I recommend a stock and the thesis changed, I’m going to let you know immediately, even though some people get attached to stocks and they get pissed off.

Frank Curzio: I’ve hired editors that didn’t work out and promoted my products on them and said, “Hey, this guy’s great and he’s awesome,” and he was, and then some of them did a bad job. It’s my responsibility to get that guy out of there and put someone in his seat or their seat that’s going to make you money. And that’s a tough decision. But every time I’ve done that, it’s been for the better for my company. It’s been for the better for my clients. It’s been for the better for you. That’s what this is about, you. Because I can tell you, COVID, all this shit’s going to go away after the election. We’re going to get a vaccine very soon, likely from J&J or Pfizer. If I had to guess, it’s going to be by the end of this month. They’re very, very close. Very, very close. There’s going to be no need for the media and our politicians to lie about COVID any more since the election’s going to be over. And you know what that means? It’s going to be pedal to the metal for our economy, for the stock market.

Frank Curzio: Another stimulus package is going to be announced to the tune of $1.5 to $2 trillion. When did we ever think that sending people or businesses $1.5 trillion on passing that stimulus would not be enough? $1.5 trillion is not enough. It’s not enough. We’re going to $2, $3 trillion, we’ve got to get more, $2.5… Are you kidding me? We saved our entire financial system with $500 billion. We just already provided $6.5 trillion to backstop how many different businesses? Bonds, CLOs, markets, airlines, keep going, travel industry. Another $1.5 trillion is coming, and people think that’s not enough. The Feds said that we’re going to keep short term rates at zero for another three years, basically yield curve control. People are starting to travel again. We’re seeing that right now. Look at the statistics. Look at the airlines. I cover all this stuff. I get information sent to me directly on all these stats on a daily basis. They’re starting to go to casinos again.

Frank Curzio: You look at the gaming in Vegas, it was only down 22% from last year. That’s not that bad, considering a lot of these places are just starting… They opened up already. But we’re looking at 99%. 99% decline because everything was closed. 22%. Obviously, we’re getting better and better. People feel more comfortable, and it’s starting to open up. They’re going to start staying in hotels, spending more money. You’re seeing people book trips for next year like crazy. Just go to any hotel, go to any cruise line, and listen to their last conference call. They’re all going to tell you how everyone’s booking like crazy because you’re able to get some discounts now. They need that business. And people are booking because they know this is going to go away. They feel more confident.

Frank Curzio: That’s why I push my Curzio Venture Opportunities newsletter, which focused on small caps. That offer ended Friday, and we had a lot of people sign up. I mean, it was a 6% discount, and I’m glad you signed up, because you’re going to get tons of cool ideas over the next few months. And just four recommendations in the last, what, 40 days? But I’m seeing dozens of small caps trading at market multiples that are similar, again, just to overall market, yet they’re growing 2X to 4X faster than the overall market. And many of these are still down 20 to 30% from their highs, but their quarters, if you listen to them and how good business was, the numbers weren’t that good. It was under the radar.

Frank Curzio: Everyone wants to focus on technology. But man, there’s going to be a lot of companies that benefit tremendously after the election no matter who wins, because you have all this money filtering into the market. There’s so much money people don’t know what to do with, right, so much liquidity. It’s being forced into the large caps and technology stocks at 30 times forward earnings. That money’s going to flow to other places once… It’s got to flow somewhere. But once we see these COVID stats get better, once we see more people… Now you’re talking about cyclical sectors rebounding. You’re going to see large caps benefit as well. I mean, e-commerce is still, it’s going to be amazing business, especially… It’s still difficult for people over 70 to go out. They’re going to be doing a lot of their shopping at home still. Software companies, tech. Again, you’re going to see cyclical businesses that were growing pre-COVID, they’re going to come back into favor, like infrastructure names.

Frank Curzio: Even banks, believe it or not, as bad as it’s been. Again, the thesis with banks wasn’t that business was booming, and I’m talking about the larger. I’m not talking about Goldman Sachs and Morgan Stanley, which those earnings are going to skyrocket. Those companies are based on liquidity, volatility. We’re going to have that. We’ve had that for a very, very long time. Those companies are going to do fantastic. But the banks are buying back their stock, which is on hold, and they were raising their dividends, which is on hold. And that’s going to change. And they’re extremely cheap. I wouldn’t go with Citigroup. I mean, that was the whole thesis of Citigroup, but we got out of that at a nice profit in our newsletter, did very well on Citigroup. But the thesis, again, like I mentioned before guys, I’m willing to change on a dime. The thesis was that buying 60% of their stock back over a three, four year period, increasing their dividends.

Frank Curzio: So it doesn’t matter how bad the banking division is, because earnings are going to soar because you’re buying back so much of it. You have all this cash that’s forced to be on your balance sheet. Do or die, Frank, which I guess we’re looking at COVID, and it was a good thing. But now it doesn’t exist, those catalysts. But banks will come into favor. Not now. And you can buy some of these things down 30, 40% from their highs. So position yourself accordingly. This stuff matters, and the fact they’re tearing apart people who just have a positive view on COVID simply because they think he’s Trumps guy and doesn’t support their agenda, look at the facts. Challenge yourself all the time. If I could tell… just challenge… For me, I always want to hear the other side. I always want to hear the other side. Why do you like Biden? Why do you like Trump?

Frank Curzio: Don’t be so closed minded. Believe me, you want to hear that opinion. It’s going to make you smarter. It’s going to make you invest better. The more information you have, the better it is. You want to research everything to death. And when I look at a stock, when I look at… I always look at the negatives first. How can I stop out of this position? What’s going to happen? That’s what I look at first, because I’ll address that in my write ups or my videos for my newsletters and say, “If this happens, we’ll stop out, but the chance of this, not that great. The risk reward in our favor.” That’s how you should feel. If you think differently about COVID, do your own research. Send me your research. Believe me, I get it from the top people, non-biased, all over. But send me something. I have tons of people sending me research, which is great. Maybe you have a new study that I haven’t seen that… Again, this isn’t an agenda. This isn’t me pushing. This is about benefiting you, benefiting us, and making the right decisions because our politicians, the politics, they don’t give a shit about us. You have to realize that, no matter what side you’re on.

Frank Curzio: Anyway, I’m going to start sharing lots of stock ideas that’s going to benefit from a Biden win and from a Trump win with my subscribers and also names that will benefit or get crushed if the election takes months to be decided, which is a possibility considering the amount of lawyers these guys are hiring right now for this very risk. So you need to pay attention to this. Last thing here before I go, some really good news. Our CEO token, Curzio Equity Owners token, it’s going to be free trading very soon, looking at about 10 to 14 days, getting that date in place now. It’s one of the most exciting times in our company’s history, something we worked very, very hard to do.

Frank Curzio: I’m going to be reaching out to every one of you with all the details, how to purchase our token, fundamentals, everything you need to know, educating you about the security token industry, which I think is going to be a trillion dollar industry. It is a new stock market. You’re seeing that. tZERO’s platform is doing very, very well. We’ll listen in on an exchange called MERJ, they’re doing very, very well. You’re seeing more and more money being raised through security tokens. This industry is for real. A little nervous there with COVID, but now just, the infrastructure’s in place. There’s transparency now, lots of ideas. And the fact that we’re one of the first to the party here, going to become the first security token in the world to trade on a global exchange that’s available to retail investors.

Frank Curzio: A lot of companies are coming to us now that are private, that want to know how to do this. And that’s going to open up the door for many of you to get into these ideas. And they’re very early stages. Frontier has a billion and whatever valuation, Snowflake has $30, $40 billion valuation, and a $70 billion valuation before we could even buy it. No. You have the shot to get in on the ground floor of these guys. And that’s an opportunity you’re not going to find almost anywhere. I don’t know anywhere that you could find that opportunity. So I’m really excited. I just want to thank all of you for all your support which allowed this to happen.

Frank Curzio: And now you get a chance to invest alongside me, Curzio Research, get an equity stake in our business while also receiving a dividend. We pay it our first dividend to our shareholders. We plan on paying it, I have to say we plan. Because the first time, especially with this industry, that something like this has ever been done. And in about 10 to 14 days, it’s going to be official and we’re going to launch. So I just wanted to thank all of you for all your support and allowing us to make this happen. So if you want to find out more about Curzio Research, you could go on our Twitter page. Go to @FrankCurzio, or go to our YouTube page, which shooting a lot more videos these days, lots of fun, really cool. Getting lots of subscribers at both of those platforms. Again, those are two places you could find us. And any questions, comments, I’m here for you, frank@curzioresearch.com. Thanks so much for listening. I’ll say it again, I really appreciate all support, and I’ll see you guys in seven days. Take care.

Announcer: The information presented on Wall Street Unplugged is the opinion of its hosts and guests. You should not base your investment decisions solely on this broadcast. Remember, it’s your money and your responsibility. Wall Street Unplugged, produced by the Choose Yourself Podcast Network, the leader in podcasts produced to help you choose yourself.