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Let's Have a Conversation About The Gold Price · The Bullion Advantage | Wealth Protection, Politics and Finance Insights From The #1 UK Gold Dealer

• 0:00
  SPEAKER_00: This week, we're doing things differently.
• 0:03
  SPEAKER_00: We're just having an honest conversation about what's happening with the gold price right now.
• 0:08
  SPEAKER_00: Gold has had an incredible run over the last few years, and recently the price has pulled back.
• 0:14
  SPEAKER_00: So what's actually happened?
• 0:16
  SPEAKER_00: Why has the price come down?
• 0:18
  SPEAKER_00: Is this normal action after such a strong run or has something changed in the market?
• 0:23
  SPEAKER_00: More importantly, what does this all mean for you?
• 0:27
  SPEAKER_00: We'll talk about what's been driving the price, what's changed over the last few months, and what the big institutions are saying.
• 0:33
  SPEAKER_00: And by the end of this episode, you'll have a better understanding of what's really happening with gold, why the market has pulled back, and whether the reasons for owning gold have actually changed.
• 0:44
  SPEAKER_00: Before we start, please do remember to like and subscribe if you're listening on YouTube, and if you're listening on Spotify or Apple Podcasts, please do follow the show so you never miss an update.
• 0:54
  SPEAKER_00: Right, let's get into it.
• 0:56
  SPEAKER_00: Gary and Harry are here to have a chat with me today.
• 0:58
  SPEAKER_02: So, firstly, Jake, I'd like to just say, um, keeping things in perspective, gold's had an incredible run over the last few years.
• 1:05
  SPEAKER_02: So a pullback isn't unusual, it's natural.
• 1:09
  SPEAKER_02: The markets don't just move in straight lines.
• 1:11
  SPEAKER_02: The biggest reason is that, or I guess fear that's come to the market is geopolitical tensions all across the globe.
• 1:18
  SPEAKER_02: So people are pulling money out of all assets into cash just until the market eases and some of those fears are alleviated.
• 1:28
  SPEAKER_02: One of the other factors is interest rates.
• 1:30
  SPEAKER_02: Gold doesn't provide an income, dividend, or interest.
• 1:35
  SPEAKER_02: So when cash and government bonds offer a better yield or a higher yield, investors can you know temporarily move their money there instead.
• 1:44
  SPEAKER_02: Gold's a little bit like uh the British weather forecast.
• 1:47
  SPEAKER_02: One sunny day doesn't mean that the summer's here, and a bad week or bad month doesn't mean winter's here forever.
• 1:53
  SPEAKER_02: It's a good place to position yourself in this market.
• 1:56
  SPEAKER_01: I think that's a big thing that Gary's saying there, right?
• 1:59
  SPEAKER_01: You've you've got push and pull factors to any market.
• 2:01
  SPEAKER_01: Now, Gary's just touched on the points that are pushing people away from it, but the big pull is I mean, it's easy to forget how good a run gold had last year, right, Gal?
• 2:10
  SPEAKER_01: I mean it it was fantastic.
• 2:12
  SPEAKER_01: Yes, we're 22% down from its high in March, but we're still 22% up from what it was trading at last year.
• 2:19
  SPEAKER_01: Name a market that can tap that sort of beat-in and still be that positive.
• 2:23
  SPEAKER_02: Do you know anything, Gal?
• 2:24
  SPEAKER_02: No, no, nothing, especially when you add in the fact of the risk element with gold.
• 2:28
  SPEAKER_02: It's not like you're buying crypto, it's not like you're buying speculative uh stocks and shares or gold shares, uh gold mining shares, it's a physical asset that generally over a long period of time provides a good, decent yield.
• 2:43
  SPEAKER_02: This is not a get-rich quick scheme, it's for people looking to park some capital for the medium to long term.
• 2:49
  SPEAKER_02: Is the price gonna go down as well as up?
• 2:52
  SPEAKER_02: Yes, but that's any market.
• 2:54
  SPEAKER_02: Any market that just goes up in a straight line forever is a scam.
• 2:58
  SPEAKER_01: I I think it's any market worth being in, right?
• 3:00
  SPEAKER_01: I mean it's these typical bank accounts that just sit in there uh offering the same sort of interest without any r relation to inflation.
• 3:09
  SPEAKER_01: You need to be in a moving market.
• 3:11
  SPEAKER_02: I challenge our customers to go to their bank accounts where they just have a savings account and check the level of interest that you get.
• 3:19
  SPEAKER_02: Not the headline rate where it says how good it is that for the first six months, the actual rate, that's not the teaser rate that you get after six months and after your first year.
• 3:31
  SPEAKER_02: Most people will be surprised by that rate because accounts can say three and a half, but that's not the actual rate.
• 3:38
  SPEAKER_02: After six months, that drops down to 0.5, and if you then average that out over the year, you're lucky to be at 1.8, 1.9, and then you're losing to inflation, so you're hemorrhaging money every year, and that's not an opinion, it's an absolute fact.
• 3:55
  SPEAKER_00: Has the war in Iran had anything to do with the price coming down as well?
• 4:00
  SPEAKER_01: Yeah, definitely.
• 4:01
  SPEAKER_01: I I think this is where people get a little bit confused.
• 4:03
  SPEAKER_01: Gold does well in times of uncertainty.
• 4:06
  SPEAKER_01: Ironically, though, this sort of Middle East premium has slightly faded.
• 4:10
  SPEAKER_01: We we saw a huge increase when the war first started, hitting its$5,000,$5,500.
• 4:15
  SPEAKER_01: And as time's gone on and it's become clear it's not really escalating outside the Middle East.
• 4:20
  SPEAKER_01: Well, a lot of these hedge fund managers, because the guys selling, I know we're gonna go onto this in a bit, Jake, but the guys selling to the quick profit takers, the ETFs, the hedge fund managers.
• 4:28
  SPEAKER_01: That's where we've seen the price come down.
• 4:30
  SPEAKER_01: This whole impact in the Middle East, it isn't really anymore.
• 4:34
  SPEAKER_01: It's a lot of stuff on Twitter, it's the straight of them as being closed, and that premium, that that worry that the whole world was gonna go to war.
• 4:40
  SPEAKER_01: I don't I don't think it's really there, Gal, do you?
• 4:42
  SPEAKER_01: Like it's it's slowed down.
• 4:43
  SPEAKER_01: Not anymore.
• 4:44
  SPEAKER_02: Yeah.
• 4:45
  SPEAKER_02: At first, when it first gets announced, most people panic and take money out of all areas, really, sit in cash, and then get ready to redeploy it.
• 4:53
  SPEAKER_02: We're seeing central banks buy more than ever, we're seeing that happen.
• 4:58
  SPEAKER_02: People, you know, there's countries that have increased their purchasing more now than there was even in the bull market, yeah.
• 5:04
  SPEAKER_02: And these guys generally don't like to be wrong, they're the market movers, they're market leaders.
• 5:09
  SPEAKER_02: So if they're buying, what does that show?
• 5:12
  SPEAKER_02: What kind of level of confidence does that show?
• 5:14
  SPEAKER_01: It it's so cliche, isn't it, mate?
• 5:16
  SPEAKER_01: But they they don't trade on today's news, they trade on tomorrow's expectations.
• 5:20
  SPEAKER_01: The expectations are the same at the moment, so yeah.
• 5:23
  SPEAKER_02: I mean, uh, even down to uh our business model, when the markets are rallying, you would expect us to be more busy, which is generally the truth, right?
• 5:34
  SPEAKER_02: Because m people they buy when the markets are rallying because they have fear of missing out.
• 5:38
  SPEAKER_02: It's a good strategy because it's done well, but it's not an optimum strategy because sometimes when the markets have plummeted, as you all our our clientele and our listeners will know, is you buy low, sell high.
• 5:52
  SPEAKER_02: So we do far bigger trades, the purchases now are a lot bigger, so our value of order is probably gone up massively, although the amount of orders may have come down, but that's because you're conditioned to believe that you should buy when the markets are going up, when we know the gold market's not going nowhere, it's outlasted every fiat currency in history.
• 6:13
  SPEAKER_02: It doesn't seem to be going nowhere now, so we only see this as a buying opportunity.
• 6:18
  SPEAKER_01: This is the toughest thing to get into people's heads, isn't it?
• 6:20
  SPEAKER_01: Is it's the problem.
• 6:21
  SPEAKER_01: So you stop following the route that seems easiest, start making decisions.
• 6:25
  SPEAKER_01: I mean, we spoke about inflation, we did the figures this morning.
• 6:28
  SPEAKER_01: If you put 10 grand in a 4% bank account, which brief of you I don't haven't seen that.
• 6:34
  SPEAKER_01: Yeah, exactly.
• 6:34
  SPEAKER_01: So if you put it in a 4% bank account, over the next five years, that 10 grand taking into account inflation at 2.6%, which it currently is, would become out of 10,700.
• 6:45
  SPEAKER_01: 700 quid.
• 6:47
  SPEAKER_02: And that's their inflation, that's the pickflation as they as there's a worse.
• 6:52
  SPEAKER_01: 700 pound.
• 6:53
  SPEAKER_01: I mean, for for five years of graft in a bank account.
• 6:56
  SPEAKER_01: I mean, to put the equivalent, and this isn't over-exaggerating, this is taking the last five-year average of gold, so the same sort of period backwards as forwards, would be 20,700.
• 7:07
  SPEAKER_01: One gets you probably your Christmas presents, the other one is getting you your Christmas presents, a holiday, and probably a few big bills paid for.
• 7:14
  SPEAKER_01: I know what I'd rather be in, right?
• 7:16
  SPEAKER_02: Yeah, it doesn't matter who you are, that's you know what level of money you got, that's a big yield.
• 7:21
  SPEAKER_02: And for me, I love the fact that it's the risk-off element.
• 7:26
  SPEAKER_02: You're not gonna wake up and you know, like crypto, although it's been fantastic over the years, it is now worth 75% less than a single trading afternoon.
• 7:35
  SPEAKER_02: It's just not gonna happen.
• 7:37
  SPEAKER_02: I think that the the double digit growth that can be achieved with the risk that it comes with it is is a perfect strategy for me.
• 7:45
  SPEAKER_00: Where do you guys think the price will go then?
• 7:48
  SPEAKER_02: Well, if we know the answer to that question, we probably wouldn't be sat in this podcast studio talking to you on that you guys wouldn't be talking to me.
• 7:56
  SPEAKER_02: Yeah, I'll be on the yacht carrier, I can't lie.
• 7:59
  SPEAKER_02: Nobody, listen, no one can predict the next uh month, year, no matter what.
• 8:03
  SPEAKER_02: But we have to look at the long-term drivers.
• 8:06
  SPEAKER_02: Are they still there?
• 8:08
  SPEAKER_02: Have they changed?
• 8:09
  SPEAKER_02: And for me, they haven't disappeared.
• 8:12
  SPEAKER_02: Governments around the world continue to run large deficits, debt keeps rising all over the globe.
• 8:18
  SPEAKER_02: Central banks still own gold and are buying gold, and geopolitical tensions have not and will never magically disappear.
• 8:27
  SPEAKER_02: It's not the world we live in, and those indicators generally support the performance of gold to be positive and bullish over the medium to long term.
• 8:38
  SPEAKER_02: There'll always be ups and downs, but most serious clients don't buy gold because they think it will double by Tuesday, they buy it for uh financial insurance.
• 8:48
  SPEAKER_02: So, to answer your question, nobody knows where the price is going to go.
• 8:53
  SPEAKER_02: But an educated guess, and from all these long-term factors that we just mentioned, big institutions have not changed their forecast on gold.
• 9:02
  SPEAKER_01: So yeah, I've I've got some good um good points on that.
• 9:05
  SPEAKER_01: I think Gary's given great evidence, but just to give you the headlines, what they're saying JP Morgan, 4,500 by the end of this year, Goldman Sachs, 4,900, Deutsche Bank, 4,800, UBS, 4,600.
• 9:20
  SPEAKER_01: These are these aren't little hedge funds, these aren't little banks, these are giant conglomerates.
• 9:26
  SPEAKER_01: I mean, they are huge institutions, these guys win.
• 9:30
  SPEAKER_01: Regardless of what they do to manipulate markets, these guys win.
• 9:33
  SPEAKER_01: So the same banks telling you to open up their ice are at 4%, and the same banks who are now stockpiling gold heavy and giving very strong predictions and forecasts by the end of the year.
• 9:44
  SPEAKER_02: Yeah, do you know what?
• 9:44
  SPEAKER_02: Speaking about that, a bit off topic here, but we had a uh a customer who banks with HSPC, it wasn't one of my customers, so this is uh I'm telling the story through someone else's eyes here, but went to buy some gold coins through us, just a standard transaction.
• 10:00
  SPEAKER_02: Went down to HSPC.
• 10:01
  SPEAKER_02: His partner had already purchased and already received the gold, and they you know they had a a bit of rigmarole around the transaction, a bit of palava.
• 10:10
  SPEAKER_02: So naturally they brought their gold specialist down.
• 10:14
  SPEAKER_02: And you know what their gold specialist said that 24 karat gold does not exist.
• 10:21
  SPEAKER_02: HSBC's gold specialist said 24 karat gold doesn't exist.
• 10:26
  SPEAKER_02: Not only is that complete and utter nonsense, but HSBC buy, guess what carat gold they buy, Jake?
• 10:33
  SPEAKER_02: 24.
• 10:36
  SPEAKER_02: That's what they buy.
• 10:37
  SPEAKER_02: So these guys are actively pushing people away from, even if it's not buying physical gold for us, because look, that's not everyone's cup of tea.
• 10:45
  SPEAKER_02: Some people might want to just have it in their Hargreaves account and not have the palavra of storing it or having it stored with themselves and hiding it, and whatever it is that they want to do, and they want to buy it through ETFs, which is fine, you know, everyone to their own.
• 10:58
  SPEAKER_02: But they push people away from from that, but into savings accounts, and they're all under scrutiny themselves for pushing people into accounts that they don't need and paying for stuff that they wouldn't naturally need.
• 11:13
  SPEAKER_02: So I think they've got a bit of a cheek, really, that you know they say stuff about gold and these other purchases, this alternative finance, but they do things the way that they do.
• 11:23
  SPEAKER_00: Do you think what happens in the autumn budget this year will have any effect over the gold price?
• 11:28
  SPEAKER_01: 100%.
• 11:30
  SPEAKER_01: I I don't think it's only going to affect it.
• 11:32
  SPEAKER_01: That's when we tend to start being the busiest because they start laying out their plans.
• 11:36
  SPEAKER_01: Now, Andy Burnham's biggest criticism so far has been his spending spree.
• 11:41
  SPEAKER_01: There is a lot of money being spent on welfare, a lot of money being spent on these trivial's the wrong word, because there are people benefiting from it, right?
• 11:48
  SPEAKER_01: Yeah.
• 11:49
  SPEAKER_01: But not really facing the massive impact.
• 11:52
  SPEAKER_01: But not enough.
• 11:53
  SPEAKER_01: Exactly that.
• 11:54
  SPEAKER_01: I mean, the analysts already estimate the Treasury are gonna need 24 billion simply to maintain public services.
• 12:01
  SPEAKER_01: So if we're looking at inflation going up towards the end of the year, 24 billion is a fine for that.
• 12:07
  SPEAKER_01: The questions are already going thick and fast at Andy Burnham, where the money is gonna come from.
• 12:11
  SPEAKER_01: I and I think really the focus is on he's talking about getting rid of stamp duty, but then he's come out publicly and said no, okay, so they're not gonna get the tax from that.
• 12:19
  SPEAKER_01: Well, they've already said in their previous budget they're not touching VAT or CGT, so it's not gonna come from that.
• 12:24
  SPEAKER_01: They have openly said they're gonna start attacking pensions and and trying to withdraw money there.
• 12:30
  SPEAKER_01: So the the question is not are we gonna be impacted, it's how much is each individual going to be impacted?
• 12:37
  SPEAKER_01: Because the millionaires are leaving.
• 12:39
  SPEAKER_01: What was the figure guy?
• 12:40
  SPEAKER_01: I mean, they're record numbers, wasn't it?
• 12:41
  SPEAKER_02: They're leaving to places like Dubai, there's and not even just the millionaires.
• 12:46
  SPEAKER_02: We're seeing just high earners.
• 12:47
  SPEAKER_02: Yeah, you know, people who earn£150,000 a year.
• 12:50
  SPEAKER_02: It makes sense just to go and live in Dubai now.
• 12:52
  SPEAKER_02: You know, if you're an IT technician earning£200,000 a year, why lose half of that money and get taxed on every you get taxed on literally everything here when you could just move to Dubai, get all of your money, live a fantastic life.
• 13:08
  SPEAKER_02: You know, it it's really is a shame at what's happening to this country.
• 13:12
  SPEAKER_02: And you know, down even down to to Burnham, the market and the the correlation back to gold on this is doesn't matter because it causes uncertainty.
• 13:21
  SPEAKER_02: Yeah, it you know, whether he's doing it for right or wrong, it causes the markets to be uncertain, which means that they take money out of speculative areas and place it in safe haven assets, doesn't have to be gold, can be other areas, can be bonds, treasury bonds, whatever it is.
• 13:37
  SPEAKER_02: But the market the money flows somewhere, and it you know, in our experience, we've seen it flow into gold in in these times.
• 13:45
  SPEAKER_01: I don't know if you've seen it, Gary, but a lot of my clients actually last year it was all about the pool of gold, like why it was so good.
• 13:51
  SPEAKER_01: Obviously, it was on a great rally, there was there was great results.
• 13:54
  SPEAKER_01: The conversations I'm having at the moment, and it'd be interesting to get your take on this, it's what else do people have as a choice?
• 13:59
  SPEAKER_01: Yeah, it's not even the the pool of gold, it's the push away from so many other classes, properties buggered.
• 14:07
  SPEAKER_01: I I mean, bank accounts we've gone through several times.
• 14:10
  SPEAKER_01: Where do you put your money?
• 14:12
  SPEAKER_02: No, you see, that's the problem, right?
• 14:13
  SPEAKER_02: So you either, you know, for an individual in the UK, let's just go with like a not an everyday man because you know, someone with a fairly decent portfolio, they have their stocks and shares, which is classed as their medium to high risk, they'll have their cryptocurrency, and now we're seeing most people have their gold as their safe haven.
• 14:35
  SPEAKER_02: That's their backup plan.
• 14:37
  SPEAKER_02: When it never used to be the case, the kind of client is changing.
• 14:39
  SPEAKER_02: Yeah, yeah.
• 14:40
  SPEAKER_02: It used to be that they would have bonds and just pound notes literally in the bank, ready for uh or ready to deploy if there was an opportunity or just to keep safe.
• 14:51
  SPEAKER_02: But the way the government is changing in this, they you know, the autonomous control they want is people don't want their money in the bank, they want to get it out of the bank into quote unquote safe hands, which is their own hands, because we've seen it with our own brand ambassador, Nigel Farage.
• 15:07
  SPEAKER_02: He got his own bank account shut for his own political views.
• 15:11
  SPEAKER_02: That is insane.
• 15:12
  SPEAKER_02: If it's not causing people harm, we have freedom of speech in this country.
• 15:16
  SPEAKER_02: How on earth is that happened?
• 15:17
  SPEAKER_02: And if they can do that to him, who's got millions of followers and they know we'll end up in mainstream media, what can they do to me?
• 15:26
  SPEAKER_02: What can happen to me?
• 15:27
  SPEAKER_02: So the the question was is where else can you put your money?
• 15:31
  SPEAKER_02: I I really don't see m much choice here.
• 15:33
  SPEAKER_02: I don't see you know, we could talk about silver, and yes, silver can be fantastic, it's a great earner, it can be a great earner, but it's also massively volatile and it can go up as quickly as down.
• 15:45
  SPEAKER_01: I think that's a big thing that you're saying there.
• 15:47
  SPEAKER_01: And and where you were saying about the type of clients changed, the education is so important.
• 15:52
  SPEAKER_01: This is why we encourage people to talk to us, call in, speak, and and have a conversation.
• 15:56
  SPEAKER_01: Yeah, because one of the big things that's changed is as Gary said mentioned, they were diverse, they were looking for something counter-cyclical, they were going for an asset outside the system.
• 16:05
  SPEAKER_01: Now it's Bill and Mary from up north who had an ICER, they've never even looked at investing or asset classes in their life, are going, Well, no, I don't want to do crypto, I don't even understand the first thing about crypto.
• 16:17
  SPEAKER_01: Where can I put my money?
• 16:18
  SPEAKER_01: I don't have 300 grand to buy a property.
• 16:20
  SPEAKER_01: Where can I put my money that I'm gonna get a modest return?
• 16:24
  SPEAKER_01: I know it's safe, but I don't have to be bogged down with day-to-day trading platforms or views, or I mean, don't get me wrong, we get sophisticated guys looking at the market and seeing it as a good opportunity, of course.
• 16:34
  SPEAKER_01: But I would say, and again, your view on this, Gary, majority of people who are hardworking, they pay their taxes, they just want their bloody money to work a bit harder.
• 16:44
  SPEAKER_02: Yeah, because the the really elite and I said again, quote unquote, rich individuals and family offices, they already have complex accountants and financial strategies that means they pay little to no tax.
• 16:56
  SPEAKER_02: They're already offshore, they've got that money.
• 16:59
  SPEAKER_02: The same way with people moving to Dubai, the multi-millionaires are already there.
• 17:04
  SPEAKER_02: The the people that struggle are the people that probably would benefit from it the most, which is 50 to 150 grand because they haven't got the money to just up sticks and leave.
• 17:14
  SPEAKER_01: How ironic, a country that doesn't have many taxes is it now attracting everyone who earns the good money.
• 17:19
  SPEAKER_02: Yeah, and it and for for anyone who's been there, it's uh it's beautiful, it's safe.
• 17:25
  SPEAKER_02: I mean, we're paying uh some people up to 45% in this country, and then you start losing allowances, and even worse things can happen to you in in terms of tax.
• 17:35
  SPEAKER_02: And you don't have to earn that much money in order for that to happen.
• 17:38
  SPEAKER_02: I mean, to live in London and to earn 50,000 and start getting taxed higher than that.
• 17:44
  SPEAKER_02: Like, let's say if you earn 75 and you're getting clobbered the way you are, you you no longer can have a household where just the man goes to work anymore.
• 17:52
  SPEAKER_02: You both have to work.
• 17:53
  SPEAKER_01: Yeah, that definitely.
• 17:53
  SPEAKER_01: I I've I've touched on this with Jake in in the previous podcast, but it it's even just the the logic and slightly going back to that budget with this new tax they're thinking about property.
• 18:02
  SPEAKER_01: I I mean, then they're not penalising people over the age of 65, yet in the same breath, it's that generation that bought their houses for£4,000, they're now sitting on half a million pounds plus estates, not taxing them, we're not taxing people at the bottom of the ladder because we've got a safety net, and you you obviously know my views on that anyway.
• 18:20
  SPEAKER_01: So, who are the people who get screwed?
• 18:22
  SPEAKER_01: The the guys who get up day to day, 98% of the country, that that middle section having to prop up the economy are going to be the ones who get taxed who are then bringing the breadline down.
• 18:33
  SPEAKER_01: I I mean, we're not economists, but it just seems so obvious that you can't keep taking from the same pool and expect them not to change.
• 18:41
  SPEAKER_02: Yeah, no, it's insane.
• 18:43
  SPEAKER_02: It really is, and they have you know, the middle class have been getting hit from conservatives, Labour, they they really do bear the brunt of every budget, of every policy, every fiscal change seems to affect the working class man and woman, yeah, and something has to change, it it really does, and that's again the type of client is changing.
• 19:08
  SPEAKER_02: Our business model has stayed the same, but our our client range is changing.
• 19:13
  SPEAKER_02: It's not only people that want to buy six, seven, eight figures worth of gold anymore.
• 19:19
  SPEAKER_02: We see people that have just built up a little part, have had it in an ISAR, no longer want risk on, so they have to move it into something that they seem as secure.
• 19:29
  SPEAKER_02: And interest rates are not that bad right now.
• 19:32
  SPEAKER_02: There was times where there was talks of negative interest rates, so they're actually fairly attractive, and people still do not want to keep their money in the bank, which just shows you one thing people are losing trust in this government and they want a bit more control over themselves.
• 19:47
  SPEAKER_02: I think that this is just my personal opinion, but I see the COVID situation.
• 19:51
  SPEAKER_02: I think the not that they woke people up, but that changed a lot of people's perspectives.
• 19:56
  SPEAKER_02: We saw you know government agencies having parties in in in the House of Parliament, yeah, and we wasn't allowed to say bye to our family members who was dying.
• 20:07
  SPEAKER_02: You know, they was having wine and cheese parties, and you know, we had to hug our families through tents, and people have had enough.
• 20:14
  SPEAKER_02: And the that generation that was all trusting of the government are now uh moving on from this world.
• 20:20
  SPEAKER_01: I think even with divisions, yeah, whatever side of the political spectrum you sit, it's you're still coming to the same conclusion.
• 20:26
  SPEAKER_01: Yeah, of course.
• 20:27
  SPEAKER_01: Regardless, I mean that's it.
• 20:29
  SPEAKER_02: We've got Nigel Farage, our brand ambassador.
• 20:31
  SPEAKER_02: Let me tell you guys one thing that does not stop Labour supporters buying off us.
• 20:35
  SPEAKER_01: Yeah, quite.
• 20:36
  SPEAKER_02: We we are we are busier than ever, we have got a diverse client range, and we will continue to service them.
• 20:44
  SPEAKER_00: So is the is the bull market over for gold?
• 20:47
  SPEAKER_01: Uh probably not.
• 20:48
  SPEAKER_01: Uh and this is a consensus among major institutions.
• 20:51
  SPEAKER_01: What's happened is the market has repriced, the war premium has faded, interest rates have stayed higher for longer, and investors have taken profit.
• 20:59
  SPEAKER_01: But the long-term drivers, record government debt, the 300 trillion we spoke about, persistent geopolitical uncertainty, central banks buy-in, and the prospects of the future rate cuts still remain in place.
• 21:12
  SPEAKER_01: So I think the question now isn't whether gold has had a correction, it has.
• 21:17
  SPEAKER_01: The bigger question is whether this correction becomes the foundation for the next move higher.
• 21:22
  SPEAKER_01: And the bottom line is most major investment banks believe that possibility is still very much alive.
• 21:28
  SPEAKER_01: That's shown in the evidence Gary's given, that's shown in the facts of what they're reporting, and everything else we've discussed.
• 21:34
  SPEAKER_01: So don't take our word for it, don't do your own, oh I have a gut feeling.
• 21:39
  SPEAKER_01: Look at the guys who win day in, day out, and follow what they're doing.
• 21:43
  SPEAKER_02: Success leaves clues.
• 21:48
  SPEAKER_00: So, has gold's bull market come to an end?
• 21:51
  SPEAKER_00: Well, nobody actually knows.
• 21:54
  SPEAKER_00: And no one knows where the price is gonna go next.
• 21:57
  SPEAKER_00: And that's really the point.
• 21:59
  SPEAKER_00: The war premium has faded and interest rates haven't really changed.
• 22:03
  SPEAKER_00: Plenty of people have taken profits as well.
• 22:05
  SPEAKER_00: But when you step back and look at the bigger picture, the long-term drivers have not disappeared.
• 22:11
  SPEAKER_00: Government debt is still rising, geopolitical uncertainty isn't going away, and central banks are still buying gold in vast amounts.
• 22:19
  SPEAKER_00: The question of where people should hold and protect their wealth is becoming increasingly important.
• 22:24
  SPEAKER_00: Gold is precisely where it needs to be, and when the next record high ultimately comes, people will be very glad they bought when gold was more affordable.
• 22:34
  SPEAKER_00: As always, don't just take our word for it.
• 22:36
  SPEAKER_00: Look at the evidence, look at what the major institutions are doing, and make your own decision.
• 22:42
  SPEAKER_00: Please do remember to like and subscribe if you're listening on YouTube, and if you're listening on Spotify or at podcasts, please do follow the show so you never miss an episode.
• 22:53
  SPEAKER_00: Also, head over to guide.directbullion.com to download our guide to Tax Free Gold.
• 22:58
  SPEAKER_00: It's packed with information you won't get anywhere else.
• 23:02
  SPEAKER_00: As always, please do leave your questions in the comments below, and we'll answer them in the next podcast.
• 23:08
  SPEAKER_00: Thanks so much for listening to the Bullion Advantage.
• 23:11
  SPEAKER_00: Stay informed, stay prepared, and most importantly, stay golden.
• 23:15
  SPEAKER_00: The purchase of gold does not constitute an investment or offer financial returns.
• 23:20
  SPEAKER_00: Gold is considered a store of value and not an investment product.
• 23:24
  SPEAKER_00: Past performance of gold is not indicative of future performance.
• 23:28
  SPEAKER_00: Prices and values of precious metals can fluctuate and are influenced by various market factors.
• 23:33
  SPEAKER_00: Direct bullion does not provide investment or tax advice and recommends that you conduct your own independent research before making any purchasing decisions.