Latest / The Crest Report / $10,000 Gold, a 190-Day War, and Why Jeremy Would Choose Precious Metals Twice on Sunday

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$10,000 Gold, a 190-Day War, and Why Jeremy Would Choose Precious Metals Twice on Sunday · The Crest Report

• 0:12
  SPEAKER_00: From Golden Crest Metals, this is the Crest Report, where markets meet reality, your weekly briefing on the economy, gold, silver, and protecting what you've built.
• 0:22
  SPEAKER_00: And now, here's your host, Jeremy Harrell.
• 0:27
  SPEAKER_01: Well, well, well, well, well.
• 0:29
  SPEAKER_01: Good morning, good afternoon, good day.
• 0:32
  SPEAKER_01: Depending on where you're listening and watching from, this is the Crest Report.
• 0:39
  SPEAKER_01: How are you guys doing?
• 0:40
  SPEAKER_01: My name is Jeremy Harrell, here representing Golden Crest Metals, and I'm very excited to be with you today.
• 0:47
  SPEAKER_01: Look, we got a lot of news to talk about.
• 0:50
  SPEAKER_01: Gold took a punch this week and stood there and said, Is that all you got?
• 0:55
  SPEAKER_01: Gold and silver looking really good right now.
• 0:59
  SPEAKER_01: Considering everything that's going on out there, I want to I want to give a big shout out to all of those people out there who are able to, and if so, smart enough to diversify their portfolio with precious metals.
• 1:15
  SPEAKER_01: We're talking that sweet, beautiful gold, that lovely silver, that palladium, and yes, that platinum.
• 1:22
  SPEAKER_01: Maybe someday copper will be a precious metal, but for right now I think we've got enough.
• 1:26
  SPEAKER_01: Alright, at any time during this episode today, whether you're watching or listening, if you would like to get a hold of one of our team members here at Golden Crest Metals, very simple.
• 1:39
  SPEAKER_01: Just text the word report.
• 1:41
  SPEAKER_01: That is R-E-P-O-R-T.
• 1:44
  SPEAKER_01: Like reporting for duty, sir.
• 1:46
  SPEAKER_01: Text the word report to Metals, M-E-T-A-L-S.
• 1:50
  SPEAKER_01: That is M E T A L S.
• 1:52
  SPEAKER_01: Or you can text the word report to this number, 638257.
• 1:57
  SPEAKER_01: If you want to do it the old-fashioned way and you want to pick up that phone, you might have a cell phone, you might have one of those old cord phones.
• 2:05
  SPEAKER_01: Either way, it's 888-991-6222.
• 2:09
  SPEAKER_01: That's 888-991-6222.
• 2:14
  SPEAKER_01: And of course the website myfreegoldinfo.com.
• 2:18
  SPEAKER_01: That is myfregoldinfo.com.
• 2:22
  SPEAKER_01: You can get a free portfolio review.
• 2:24
  SPEAKER_01: You can get a free investor kit, and you can learn how you might be eligible for up to$25,000 of free silver with qualified purchases.
• 2:35
  SPEAKER_01: Today we are going to go through each one of our segments, each one of our groups here, and we're going to start with President Trump posting a$10,000 gold video on True Social.
• 2:49
  SPEAKER_01: What were the impacts?
• 2:50
  SPEAKER_01: What were the consequences?
• 2:54
  SPEAKER_01: We're going to be talking about that in the first group, in the first segment of our show today here on The Crest Report.
• 3:00
  SPEAKER_01: Then we're going to move into obviously the big one, the one that we touch on every week, where it is, why it is, where it is, and what we expect to happen, and that is the Iran conflict.
• 3:12
  SPEAKER_01: Up, down, on, off, go stop.
• 3:15
  SPEAKER_01: Where are we?
• 3:16
  SPEAKER_01: And are we, is there a way to come out of everything that we are uh that we've essentially put ourselves into?
• 3:26
  SPEAKER_01: Now, most of you watching or listening know that I also do a uh a news show every single day of the week on LFA TV.
• 3:37
  SPEAKER_01: And we spoke about the ROI of this conflict, our gas prices, and essentially our grocery prices.
• 3:49
  SPEAKER_01: Everything goes up when gas and energy goes up.
• 3:53
  SPEAKER_01: So we spoke about the ROI.
• 3:55
  SPEAKER_01: Is there a return on investment for what we're doing?
• 4:02
  SPEAKER_01: And if there is a return on that investment, meaning in the way of you know decades of low energy or you know prices going down at the pump here sooner or later, but maybe maybe they went high for a while and then they come crashing down or whatever it is.
• 4:21
  SPEAKER_01: Is there an ROI?
• 4:22
  SPEAKER_01: Uh we found that there was uh an ROI.
• 4:26
  SPEAKER_01: Now, whether people you know accept that or not, or see that or not, that's a different story.
• 4:32
  SPEAKER_01: It was my job to kind of show the ROI on that.
• 4:35
  SPEAKER_01: And then I uh I compared that with the return on investment that we saw when gas hit$5.01 nationally under the previous president.
• 4:46
  SPEAKER_01: And that was namely because of the Ukrainian-Russian conflict and the former president um Joe Biden basically canceling out a lot of the executive orders, crushing the pipelines, stopping the drilling offshore in Alaska.
• 5:02
  SPEAKER_01: All those had consequences.
• 5:04
  SPEAKER_01: And our ROI was really not much for high gas prices at that time.
• 5:10
  SPEAKER_01: We do actually have an ROI with what this president has been doing, and a lot of that came in the news this week of the 65 to 90 billion barrels of oil, a 25-year minimum, 100-year maximum deal with Venezuela.
• 5:29
  SPEAKER_01: Also, President Trump met with oil and gas executives, also met with refinery executives on Tuesday of this week to try to get a handle on the gas prices because the reason why we're paying what we're paying at the pump isn't a supply and demand problem.
• 5:48
  SPEAKER_01: It is a gouging problem, meaning that ExxonMobil and Chevron are reporting double and quadruple the earnings of Q2 of 25, double and quadruple the profits of Q2 of 25, and the refineries have followed suit.
• 6:07
  SPEAKER_01: So the executive at the refineries met with President Trump yesterday to let him know look, we're running at 97-98% capacity with no buffer.
• 6:18
  SPEAKER_01: That's not good.
• 6:20
  SPEAKER_01: But it also doesn't mean that you can price gouge people out of existence.
• 6:24
  SPEAKER_01: So there's a lot going on right now.
• 6:27
  SPEAKER_01: When we get into that segment, obviously we're gonna talk a little bit more about that.
• 6:31
  SPEAKER_01: Group or segment three will be diving deep into gold.
• 6:36
  SPEAKER_01: What Bloomberg says, the real surge is and hasn't even come close to starting yet.
• 6:45
  SPEAKER_01: We're gonna be quoting people like JP Morgan CEO Jamie Diamond and um what these bank targets are now, have they changed from what we've said for the last couple months?
• 6:59
  SPEAKER_01: As we get into segment four, we can't continue talking about gold and silver without continuing to talk about the CCP, the PRC, or just frankly, for those who don't do abbreviations, China, okay, China.
• 7:19
  SPEAKER_01: What's China doing?
• 7:21
  SPEAKER_01: What is China doing with AI?
• 7:23
  SPEAKER_01: What is China doing with data centers?
• 7:26
  SPEAKER_01: What is China doing with gold?
• 7:28
  SPEAKER_01: What is China doing with silver?
• 7:31
  SPEAKER_01: What is their plan?
• 7:32
  SPEAKER_01: Look at their actions, not their words.
• 7:35
  SPEAKER_01: For that, we're going to be quoting our Treasury Secretary Scott Besson.
• 7:41
  SPEAKER_01: And we're really going to look into what their plan and uh overall strategy is with precious metals.
• 7:50
  SPEAKER_01: Then we will move into the next stage of the conversation, which will be silver.
• 7:56
  SPEAKER_01: Now, silver did reach$71.
• 8:00
  SPEAKER_01: Now, when you're talking$120, where it reached earlier this year, it doesn't sound so good.
• 8:06
  SPEAKER_01: But when you're looking at it year over year and you're looking at what happened to silver during our, I guess I would say our most risky and trying times with this Iran conflict, it didn't go down to what people expected it to.
• 8:24
  SPEAKER_01: A lot of people, including, and I'll say quote experts, said that the floor of silver was unknown.
• 8:32
  SPEAKER_01: I think we very much understand where the floor of silver is now.
• 8:39
  SPEAKER_01: Especially when you look at the year-over-year numbers.
• 8:43
  SPEAKER_01: Okay?
• 8:44
  SPEAKER_01: Now, obviously, when we talk about this, we can't talk about this without talking about the Fed and Kevin Walsh.
• 8:51
  SPEAKER_01: Now, last week we left off that saying by the time that that show aired, Kevin Warsh would have already, you know, made a statement, spoke about something, made a decision on where we're gonna go.
• 9:04
  SPEAKER_01: So we obviously want to bring you up to speed on that.
• 9:09
  SPEAKER_01: And I started this show out today, about 10 minutes ago, telling you gold took a punch this week and stood there and said, Is that all you got?
• 9:18
  SPEAKER_01: So we're gonna finish off talking about that.
• 9:21
  SPEAKER_01: So get your coffees ready, have your phone ready, just in case at any time you want to reach out to anyone here at Golden Crest Medals, and talk to one of the uh the team members here, Rich Jacoby, and his team are standing by right now as you are listening to this to hear your phone calls, talk to you, answer your questions, inform you, help you decide what the best route is for you to go.
• 9:52
  SPEAKER_01: I can tell you this, folks, as somebody who's invested in digital currency, as somebody who's invested in real estate, as somebody who's invested in precious metals, as somebody who's invested in the stock market, I can tell you that if I had to choose one to invest in and hold until I decided to sell, liquidate, whatever, it would be precious metals.
• 10:20
  SPEAKER_01: Real estate costs you money to own.
• 10:23
  SPEAKER_01: Digital currency is too up and down, and still too new for me to really go, I'm all in.
• 10:31
  SPEAKER_01: Stock market is the same way.
• 10:33
  SPEAKER_01: Too fluid, too based on people's emotions.
• 10:38
  SPEAKER_01: So I'm not saying those are not good investments.
• 10:41
  SPEAKER_01: I'm saying if I had only one to choose, it would be precious metals.
• 10:48
  SPEAKER_01: And twice on Sunday.
• 10:52
  SPEAKER_01: So having said that, let's get to it again.
• 10:55
  SPEAKER_01: Text the word report to metals.
• 10:57
  SPEAKER_01: Text the word report to 638-257.
• 11:00
  SPEAKER_01: At any time during this phone uh during this podcast, pick up your phone and dial 888-991-6222.
• 11:08
  SPEAKER_01: Or go to my fregoldinfo.com for your free portfolio review, free investor kit, and up to$25,000 of free silver.
• 11:17
  SPEAKER_01: They say nothing's free.
• 11:18
  SPEAKER_01: I beg to differ.
• 11:20
  SPEAKER_01: Qualified purchases will get you$25,000 of free silver.
• 11:24
  SPEAKER_01: Boy, I'll tell you what, if somebody gave me$25,000 of free silver right now, for the next 20 years, I'd be going, wow, I wonder what it's worth now.
• 11:34
  SPEAKER_01: Well, I wouldn't wonder because I keep an eye on it, but I'll tell you what, it'd be worth a heck of a lot more than it is today.
• 11:40
  SPEAKER_01: All right, let's get into segment one.
• 11:42
  SPEAKER_01: Are you ready?
• 11:42
  SPEAKER_01: I'm ready.
• 11:43
  SPEAKER_01: The world is ready.
• 11:45
  SPEAKER_01: Let's get to business.
• 11:46
  SPEAKER_01: Trump posted a$10,000 gold video on True Social.
• 11:52
  SPEAKER_01: And then the Fed spoke.
• 11:54
  SPEAKER_01: And gold pulled back a bit.
• 11:56
  SPEAKER_01: Not much, but it did pull back a bit.
• 11:58
  SPEAKER_01: Why?
• 12:00
  SPEAKER_01: For this, we're going to be pulling from multiple sources, including ourselves, mining.com, CNBC, Kitco, and True Social, Yahoo Finance as well.
• 12:11
  SPEAKER_01: President Trump reposted precious metal expert Jim Rickards on his True Social platform and chant page.
• 12:20
  SPEAKER_01: In the video, Jim Rickards says, and I quote, it would not surprise me, not even a little bit, to see$10,000 gold before the end of 2026.
• 12:33
  SPEAKER_01: I think we will.
• 12:35
  SPEAKER_01: The president amplified that message to millions of followers worldwide.
• 12:41
  SPEAKER_01: Look, he's a polarizing guy.
• 12:43
  SPEAKER_01: Like him or not, when he speaks, people listen, markets move.
• 12:45
  SPEAKER_01: It's just the way it is.
• 12:48
  SPEAKER_01: So who is Jim Rickards?
• 12:51
  SPEAKER_01: Well, Jim Rickards is the author of Currency Wars.
• 12:56
  SPEAKER_01: Former advisor to the CIA and to the Pentagon, one of the most cited voices in global monetary economics, when Trump chose to reposte him specifically on gold, it is not random.
• 13:14
  SPEAKER_01: I gotta tell you, after covering this president for the last 10 years, after being on the campaign trail, covering him with LFA TV, after covering White House events, this man is a calculated individual.
• 13:29
  SPEAKER_01: He may not speak the way he should speak sometimes.
• 13:33
  SPEAKER_01: He may not understand how to get a point across without being too brash, too to the point, too harsh.
• 13:39
  SPEAKER_01: But hey, he's a New York guy.
• 13:42
  SPEAKER_01: I'm walking here.
• 13:44
  SPEAKER_01: I'm walking here.
• 13:46
  SPEAKER_01: You know how those New York guys are.
• 13:48
  SPEAKER_01: As a matter of fact, anybody who knows me, anybody watches me knows that I'm not a morbidly obese man, but I'm not a skinny mini either.
• 13:58
  SPEAKER_01: I got a little weight on me.
• 13:59
  SPEAKER_01: I'm a little stocky.
• 14:00
  SPEAKER_01: I grew up, people said you're built like a brick, you know what house.
• 14:05
  SPEAKER_01: First time I met the guy, very first time I met the guy.
• 14:09
  SPEAKER_01: He pointed at my stomach talking to somebody else about cookies and said, Oh, I gotta stay away from cookies.
• 14:16
  SPEAKER_01: I love cookies, like this guy right here.
• 14:18
  SPEAKER_01: Pokes me in the stomach like he expected me to laugh like the Pillsbury Doughboy.
• 14:22
  SPEAKER_01: I said, What?
• 14:24
  SPEAKER_01: That's what you say to me the first time we meet, but I digress.
• 14:28
  SPEAKER_01: It ended up being a pretty decent conversation after that.
• 14:30
  SPEAKER_01: But my point is, he may not be polished around the edges, and he may be a little rough, but he doesn't say or do anything without a reason behind it.
• 14:43
  SPEAKER_01: And nine times out of ten, it gets the media in a frenzy, like him or not.
• 14:49
  SPEAKER_01: And then everybody has an opinion, which is usually opposite of what he said, because, you know, he's a polarizing guy.
• 14:57
  SPEAKER_01: And then he comes out a month, two months, three months later, and what he said actually comes to fruition.
• 15:03
  SPEAKER_01: It's not because he's a, you know, Miss Cleo, called me now for your free tarot card reading.
• 15:09
  SPEAKER_01: No, it's because he's a calculated, strategic individual.
• 15:15
  SPEAKER_01: Maybe a little bit narcissistic, I don't know.
• 15:18
  SPEAKER_01: Some people would say that, but, you know, uh he he definitely, I'll say this, he definitely doesn't lose an opportunity to tell you how good his idea was, if anything, right?
• 15:30
  SPEAKER_01: Okay, so why$10,000?
• 15:33
  SPEAKER_01: What is this Jim Rickards guy talking about?
• 15:36
  SPEAKER_01: Clearly, you and I are seeing the same numbers.
• 15:38
  SPEAKER_01: We're seeing gold hover in between 42 and 4,600.
• 15:42
  SPEAKER_01: How on God's green earth would it ever get to$10,000 in less than four months?
• 15:49
  SPEAKER_01: Seems a little bit far-fetchy.
• 15:52
  SPEAKER_01: But hey, he's the gold expert.
• 15:56
  SPEAKER_01: The United States still carries its gold reserves on the books at$42.22 per ounce.
• 16:07
  SPEAKER_01: That price was set when we went off the gold standard.
• 16:13
  SPEAKER_01: 1973.
• 16:16
  SPEAKER_01: Or six years before yours truly was born.
• 16:21
  SPEAKER_01: At$10,000, a reevaluation would generate roughly$800 billion in paper gains for the Treasury.
• 16:33
  SPEAKER_01: Most analysts think that that's a number a revaluation would target.
• 16:41
  SPEAKER_01: Then Kevin Wars spoke at Jackson Hole.
• 16:46
  SPEAKER_01: This is something that we were waiting for.
• 16:48
  SPEAKER_01: But before I move on from that, let's let's kind of let that sink in of what I just said.
• 16:56
  SPEAKER_01: The U.S.
• 16:57
  SPEAKER_01: still carries its gold reserves on the books at 4222 an ounce, and it's worth 4,600 now or 45 something, whatever it is right now.
• 17:11
  SPEAKER_01: That's kind of crazy to me.
• 17:13
  SPEAKER_01: Does the United States have a plan to do this?
• 17:17
  SPEAKER_01: Moving on back to Fed chair Kevin Warsh said the Fed has, quote, work to do, unquote, on inflation.
• 17:29
  SPEAKER_01: Gold dropped 3.14% on the day.
• 17:33
  SPEAKER_01: Silver dropped 4.24%.
• 17:37
  SPEAKER_01: September rate hikes.
• 17:39
  SPEAKER_01: Odds jumped from 35.9% to 57.5%.
• 17:47
  SPEAKER_01: The dollar sh uh strengthened.
• 17:50
  SPEAKER_01: And that's the short version of what happened.
• 17:53
  SPEAKER_01: Really, not that much, to be honest with you.
• 17:56
  SPEAKER_01: Because Kevin Warsh, the new Fed chair, committed to nothing.
• 18:02
  SPEAKER_01: He didn't promise a September hike.
• 18:06
  SPEAKER_01: He said the Fed has work to do if, and I'm capitalizing the IF, inflation doesn't improve.
• 18:14
  SPEAKER_01: Well, here's the thing inflation is actually at a pretty good point right now.
• 18:19
  SPEAKER_01: It's not the inflation rate that's really the problem.
• 18:23
  SPEAKER_01: It's the debt.
• 18:25
  SPEAKER_01: And until we have a plan to tackle our nation's debt, a viable plan that we actually apply and not just talk about, I think you're always going to see an upside-down relationship between inflation and the debt and the value of the dollar.
• 18:42
  SPEAKER_01: Now I will give this administration credit for one thing.
• 18:45
  SPEAKER_01: They are tackling a lot of that.
• 18:47
  SPEAKER_01: They're reducing the size of the federal government, which reduces the dependency on the taxpayer dollar so much.
• 18:53
  SPEAKER_01: Salaries and health insurance and all that.
• 18:56
  SPEAKER_01: They've reduced the government size by about 30% in 18 months.
• 19:00
  SPEAKER_01: So you got to give them that.
• 19:02
  SPEAKER_01: They've cut the trade deficit down to its lowest point in 80 years, meaning what we'd lose in trade is now cut more than half.
• 19:13
  SPEAKER_01: So what happens is you start seeing these savings places, and then you start applying them to the national budget.
• 19:20
  SPEAKER_01: Hopefully spend a little less money and put that money towards the debt.
• 19:24
  SPEAKER_01: You know, like we do at home.
• 19:27
  SPEAKER_01: Shouldn't be as hard as the government makes it seem to be.
• 19:31
  SPEAKER_01: Kevin Warsh explicitly said, quote, we should not indulge a regime in which market participants are looking primarily to the Fed for the next trade, unquote.
• 19:45
  SPEAKER_01: He is deliberately not giving a roadmap.
• 19:49
  SPEAKER_01: Gotta ask yourself why.
• 19:53
  SPEAKER_01: Why is he deliberately not giving a roadmap?
• 19:56
  SPEAKER_01: What is the plan?
• 19:58
  SPEAKER_01: What do they know that we don't?
• 20:00
  SPEAKER_01: One thing I can guarantee you is it's a good thing he didn't hike up those rates already.
• 20:06
  SPEAKER_01: So that's a good sign.
• 20:09
  SPEAKER_01: In my mind.
• 20:11
  SPEAKER_01: Now, August still ended up for gold, up 11%.
• 20:17
  SPEAKER_01: Gold and silver combined added nearly$5 trillion in market value in August.
• 20:27
  SPEAKER_01: Even after Friday's drop.
• 20:30
  SPEAKER_01: Gold finished August up 11%.
• 20:36
  SPEAKER_01: That's its best month since January when gold and silver were seeing 55 and 120.
• 20:45
  SPEAKER_01: The worst sell-off was a single session inside a monster month.
• 20:51
  SPEAKER_01: Which is why I said, Yeah, gold took a punch, but it stood there and said, huh, is that all you got?
• 20:57
  SPEAKER_01: Which is so in so encouraging for me and people who invest in precious metals to know that it can stand up against what's going on right now and still look as good as it does.
• 21:12
  SPEAKER_01: Maybe these experts are expecting the turnaround in the economy that the administration says is about to happen for fall.
• 21:21
  SPEAKER_01: And maybe that's why they're still so bullish on their predictions of where gold and silver is going to be at the end of this year.
• 21:30
  SPEAKER_01: Just a thought.
• 21:33
  SPEAKER_01: Now, the August Jobs Report is next.
• 21:38
  SPEAKER_01: The August Jobs Report is the first major data point of September.
• 21:46
  SPEAKER_01: Can't believe we're here already.
• 21:47
  SPEAKER_01: Can't believe we're in September of 2026.
• 21:52
  SPEAKER_01: Now, if it comes in week like July's surprise, which was negative 23,000, rate hike odds collapse.
• 22:00
  SPEAKER_01: Gold bounces fast.
• 22:03
  SPEAKER_01: If strong, September hike pressure stays on, and that report is the real market driver this week.
• 22:10
  SPEAKER_01: Not what Warsh said or what he didn't say.
• 22:17
  SPEAKER_01: Okay.
• 22:19
  SPEAKER_01: Now let's move on to the next segment here.
• 22:22
  SPEAKER_01: Again, folks, I want to remind you as we go through this that at any time during this current podcast episode that you feel like there's somebody that you want to talk to here at Golden Crest Metals, then please do me a favor.
• 22:39
  SPEAKER_01: Pick up your phone right now.
• 22:40
  SPEAKER_01: Call 888-991-6222.
• 22:46
  SPEAKER_01: Do you know what's going to happen when you call?
• 22:49
  SPEAKER_01: Hello, Golden Crest Metals here.
• 22:52
  SPEAKER_01: Hi, this is so-and-so from so and so.
• 22:56
  SPEAKER_01: And then you're going to have a regular conversation.
• 23:01
  SPEAKER_01: Nobody here is going to be like, all right, we need to get you into this plan.
• 23:04
  SPEAKER_01: We need you to get you into that plan.
• 23:05
  SPEAKER_01: We need to make sure that you uh pay this up front and that up front.
• 23:08
  SPEAKER_01: And uh, by the way, let's go right in here, let's go right.
• 23:10
  SPEAKER_01: No, it's not gonna be like that.
• 23:11
  SPEAKER_01: It's not gonna be overwhelming.
• 23:14
  SPEAKER_01: They're actually gonna talk to you like a normal person, they're gonna find out why you're calling, what questions you have, what concerns you have, and they're gonna hit you with some info.
• 23:26
  SPEAKER_01: If after that conversation you decide, you know what, I think I might want to pull the trigger, I think I might want to move some of my, you know, black rock pillaged 401k, because they are, over to some precious metals.
• 23:42
  SPEAKER_01: Maybe that's what you want to do.
• 23:43
  SPEAKER_01: Maybe it's not.
• 23:44
  SPEAKER_01: Maybe you're not ready yet.
• 23:46
  SPEAKER_01: Maybe you want to do it later.
• 23:48
  SPEAKER_01: That is what this team is gonna help you through from step one to step whatever.
• 23:57
  SPEAKER_01: Myfreegoldinfo.com.
• 24:00
  SPEAKER_01: That's myfreegoldinfo.com.
• 24:05
  SPEAKER_01: Free portfolio review, free investor kit, up to$25,000 free silver with qualified purchase.
• 24:11
  SPEAKER_01: You can also text the word report to M-E-T-A-L-S.
• 24:16
  SPEAKER_01: That's the word report to 638257.
• 24:21
  SPEAKER_01: Okay?
• 24:23
  SPEAKER_01: Hope to hear from you.
• 24:24
  SPEAKER_01: Now, let's get into the Iran conversation here because there's a lot to talk about.
• 24:32
  SPEAKER_01: The war restarted over the weekend, and Dalio's three-year debt warning still remains the biggest story.
• 24:43
  SPEAKER_01: For our sources on this, Bloomberg, GoldSilver.com and Forbes.
• 24:48
  SPEAKER_01: The U.S.
• 24:49
  SPEAKER_01: struck Iranian rocket launcher sites over the weekend.
• 24:52
  SPEAKER_01: The first strikes in several weeks, Iran responded.
• 24:57
  SPEAKER_01: The ceasefire that held through August is over.
• 25:00
  SPEAKER_01: We talked about that last week.
• 25:01
  SPEAKER_01: Oil prices jumped.
• 25:03
  SPEAKER_01: Gold got a hit from two directions simultaneously, which was Warsh's speech and renewed Iran tensions in the same 48-hour window.
• 25:15
  SPEAKER_01: This war that started on February 28th is approaching 190 days old.
• 25:21
  SPEAKER_01: No permanent deal, no resolve straight, no end in sight.
• 25:24
  SPEAKER_01: However, we did just find out that President Trump did say, I no longer need Iran to come to the table.
• 25:41
  SPEAKER_01: I no longer need some kind of a desperate deal.
• 25:47
  SPEAKER_01: Basically saying right now we're pushing almost 100% of the oil tankers through the Strait of Hormuz than we were pre-conflict.
• 25:57
  SPEAKER_01: We just secured a 65 to 90 billion barrel uh deal with Venezuela.
• 26:06
  SPEAKER_01: We are investing in building and upgrading refineries.
• 26:11
  SPEAKER_01: And right now, at least as of right now, today, the United States of America controls the Strait of Hormuz.
• 26:20
  SPEAKER_01: So when he comes out and says, I no longer need a deal, basically, we'll do this myself.
• 26:30
  SPEAKER_01: He's setting the United States up for decades and decades of energy dominance.
• 26:35
  SPEAKER_01: And in the meantime, you and I are on the hook for it for higher gas prices, which means higher everything else.
• 26:41
  SPEAKER_01: But that's the ROI that I was talking about in the beginning of the show.
• 26:44
  SPEAKER_01: Have faith, folks.
• 26:46
  SPEAKER_01: Have faith.
• 26:48
  SPEAKER_01: Dalio's warning did not expire, by the way.
• 26:51
  SPEAKER_01: Ray Dalio published his debt crisis warning the same week as the Jackson Hole event.
• 26:57
  SPEAKER_01: The$40 trillion national debt did not change.
• 27:01
  SPEAKER_01: The$2 trillion annual deficit did not change.
• 27:06
  SPEAKER_01: The$1 trillion annual interest payment exceeding our defense budget did not change.
• 27:13
  SPEAKER_01: One Fed speech and one night of strikes did not alter the U.S.
• 27:18
  SPEAKER_01: government finances or where we find ourselves in this economy.
• 27:25
  SPEAKER_01: Here's the math.
• 27:28
  SPEAKER_01: United States revenue,$5.5 trillion.
• 27:32
  SPEAKER_01: United States spending,$7.5 trillion.
• 27:35
  SPEAKER_01: Until we can get that spending down to$5.5 trillion, we're never, ever, ever going to get a tackle on this.
• 27:43
  SPEAKER_01: You've got to spend less and put that money towards the debt.
• 27:49
  SPEAKER_01: That's a$2 trillion shortfall.
• 27:51
  SPEAKER_01: How long do you think that you could spend more than you make before you had to completely fold it up and move on out?
• 28:02
  SPEAKER_01: The debt service alone is a trillion dollars.
• 28:04
  SPEAKER_01: Think about that.
• 28:08
  SPEAKER_01: A trillion dollars is kind of what we spend on our defense budget annually.
• 28:18
  SPEAKER_01: No country in the world, let me rephrase, most countries in the world combined don't add up to that.
• 28:27
  SPEAKER_01: And we're spending that on debt service alone.
• 28:32
  SPEAKER_01: If the U.S.
• 28:33
  SPEAKER_01: government were a private business, or if it was a household like yours and mine, its total debt obligations would be roughly$11 trillion.
• 28:43
  SPEAKER_01: About 200% of annual revenue.
• 28:46
  SPEAKER_01: How long do you think you could spend double of what you make and survive?
• 28:52
  SPEAKER_01: So his recommendation, Ray Dalio's.
• 28:56
  SPEAKER_01: 10 to 15% of your portfolio should be in gold.
• 29:00
  SPEAKER_01: That's not vague.
• 29:01
  SPEAKER_01: That's a specific number backed by specific debt analysis.
• 29:07
  SPEAKER_01: We talked about this last week.
• 29:09
  SPEAKER_01: Two investors.
• 29:11
  SPEAKER_01: Ray Dalio and vaulted CEO David McMakeny ran the math independently and both ended up at 15%.
• 29:20
  SPEAKER_01: So let's say your portfolio, let me get my trusty calculator out here because you know, uh I didn't do well in math in school as a kid.
• 29:31
  SPEAKER_01: But let's say your entire portfolio is, uh, I don't know.
• 29:34
  SPEAKER_01: Let's do an let's do five 500,000.
• 29:40
  SPEAKER_01: That means that you should have 75,000 in gold alone.
• 29:45
  SPEAKER_01: Let's say your portfolio is 100,000.
• 29:48
  SPEAKER_01: That means that's an easy number.
• 29:49
  SPEAKER_01: I don't need a calculator for that.
• 29:50
  SPEAKER_01: 15,000 of that should be in gold.
• 29:54
  SPEAKER_01: That's not even counting silver or palladium, platinum, real estate or anything else.
• 29:59
  SPEAKER_01: This is just gold.
• 30:01
  SPEAKER_01: Dalio says the debt crisis in three years, give or take two, will be felt by everyone.
• 30:08
  SPEAKER_01: Every major person who talks about Social Security, Medicare, Medicaid, or anything that has to do with that, they'll tell you that Social Security, by the numbers, will be insolvent by 2032.
• 30:18
  SPEAKER_01: Folks, that's literally, literally six years from right now.
• 30:22
  SPEAKER_01: How do we expect to live?
• 30:24
  SPEAKER_01: How do we expect the people that are retired to live?
• 30:27
  SPEAKER_01: They already don't get hardly anything.
• 30:29
  SPEAKER_01: And now you want to take more of hardly anything away?
• 30:33
  SPEAKER_01: It's not that we want to, it's just we don't have a choice.
• 30:37
  SPEAKER_01: Now I assume that Social Security will rob Peter to pay Paul somewhere along the lines, but that's not what we want.
• 30:43
  SPEAKER_01: We want fiscal responsibility.
• 30:46
  SPEAKER_01: CBO projects debt service doubling to$2 trillion in the next 10 years by 2036.
• 30:54
  SPEAKER_01: That means$2 trillion annually will be our basically our interest.
• 31:00
  SPEAKER_01: Now Kevin Warsh just confirmed that the Fed has no intention of monetizing the debt.
• 31:06
  SPEAKER_01: All of these timelines point at the same window.
• 31:09
  SPEAKER_01: The next three to seven years.
• 31:12
  SPEAKER_01: Most Americans have 0%.
• 31:15
  SPEAKER_01: Most Americans have 0% of their retirement in gold.
• 31:18
  SPEAKER_01: 0%.
• 31:20
  SPEAKER_01: While Dalio says 15%.
• 31:22
  SPEAKER_01: The gap between those two numbers is the conversation that uh the Golden Crest Medals has every day with everybody who calls.
• 31:30
  SPEAKER_01: These are the conversation pieces that you will have.
• 31:33
  SPEAKER_01: Now let's look at gold.
• 31:34
  SPEAKER_01: Let's get into that stage.
• 31:36
  SPEAKER_01: 4,500, give or take.
• 31:38
  SPEAKER_01: Bloomberg said the real surge hasn't even happened yet.
• 31:40
  SPEAKER_01: Hasn't even started yet.
• 31:42
  SPEAKER_01: Yahoo! Finance and Bloomberg.
• 31:44
  SPEAKER_01: That is where we're going for this source of this information right here, of course, mixed with our own analysis.
• 31:50
  SPEAKER_01: Gold right now hovering between 45, 4450, and 4,500.
• 31:54
  SPEAKER_01: Down from August's high, which got to 4,700.
• 31:58
  SPEAKER_01: Up 11% for August.
• 32:00
  SPEAKER_01: Best month since January.
• 32:02
  SPEAKER_01: And you ready for this?
• 32:03
  SPEAKER_01: Year over year.
• 32:04
  SPEAKER_01: Year over year up 28%.
• 32:07
  SPEAKER_01: That means September 2nd of 2025, you're seeing a 28% increase from then.
• 32:14
  SPEAKER_01: And we talked about this just a little bit ago.
• 32:16
  SPEAKER_01: Gold and silver combined, nearly$5 trillion in market value in August alone.
• 32:23
  SPEAKER_01: That's huge.
• 32:24
  SPEAKER_01: Huge.
• 32:25
  SPEAKER_01: Now a lot of people out there invest in precious metals on the stock market.
• 32:29
  SPEAKER_01: That's all well and fine.
• 32:30
  SPEAKER_01: I'm not saying you shouldn't, but wouldn't you rather have it physically?
• 32:33
  SPEAKER_01: Wouldn't you rather own it?
• 32:34
  SPEAKER_01: Wouldn't you rather touch it, look at it, feel it, know it intimately?
• 32:38
  SPEAKER_01: Maybe have a little bit of both, but I think the number one answer is yes, I would.
• 32:43
  SPEAKER_01: Yes, please.
• 32:45
  SPEAKER_01: Especially if there's$25,000 in free silver, let me get that.
• 32:49
  SPEAKER_01: Bloomberg's answer to did I miss it?
• 32:54
  SPEAKER_01: Bloomberg published this week, quote, gold's niche status means big upside if investors pile on, unquote.
• 33:04
  SPEAKER_01: The key point there.
• 33:05
  SPEAKER_01: Gold is still a tiny slice of Western investment portfolios.
• 33:10
  SPEAKER_01: Gold has made an enormous run while most of the investment money is still sitting somewhere else.
• 33:17
  SPEAKER_01: Even modest inflows from Western investors could push prices significantly higher.
• 33:22
  SPEAKER_01: The Buffett indicator is the 240%.
• 33:25
  SPEAKER_01: So the U.S.
• 33:26
  SPEAKER_01: market cap to GDP ratio.
• 33:28
  SPEAKER_01: GDP is gross domestic product.
• 33:30
  SPEAKER_01: Basically, what we bring in annually.
• 33:33
  SPEAKER_01: Warren Buffett's preferred valuation measure is at 240%.
• 33:38
  SPEAKER_01: Warren Buffett considers stock overvalued about 100%.
• 33:42
  SPEAKER_01: Bloomberg ran the headline, quote, it won't take much to burst the stock market bubble, unquote.
• 33:48
  SPEAKER_01: When that correction comes, where does the money go?
• 33:53
  SPEAKER_01: Now let's go to Jamie Diamond.
• 33:56
  SPEAKER_01: Jamie Diamond says, like I said earlier, 10K,$10,000 gold.
• 34:03
  SPEAKER_01: So let's go to the JP Morgan CEO.
• 34:06
  SPEAKER_01: He published, um, has publicly, excuse me, acknowledged gold could reach$10,000, combined with Trump reposting records saying the same number, and Wells Fargo targeting$8,000.
• 34:22
  SPEAKER_01: That to me, let me tell you something.
• 34:26
  SPEAKER_01: If gold goes to$8,000 or$10,000 in the future, in the reason, in the most even like if it's done in a year, I'll be happy, but they're saying four months?
• 34:42
  SPEAKER_01: Come on.
• 34:46
  SPEAKER_01: The range of serious institutional commentary is now six to ten thousand dollars.
• 34:54
  SPEAKER_01: From four thousand four hundred and fifty today, ish, it goes up and down pretty quickly, to six to ten thousand dollars in four months.
• 35:06
  SPEAKER_01: Every one of those targets is a significant gain that I want a piece of.
• 35:10
  SPEAKER_01: What say you?
• 35:13
  SPEAKER_01: JP Morgan, 6K by Q4.
• 35:16
  SPEAKER_01: Goldden Sachs,$5,400 by end of Q4.
• 35:19
  SPEAKER_01: Wells Fargo,$630 to$8K by the end of Q4.
• 35:23
  SPEAKER_01: Bank of America,$6,000 base case.
• 35:28
  SPEAKER_01: Which would mean ratio-wise, that would be$309 silver.
• 35:35
  SPEAKER_01: So from$44.50 today, JP Morgan's conservative Q4 target implies a 35% upside.
• 35:42
  SPEAKER_01: Yes, please.
• 35:46
  SPEAKER_01: Yes, please.
• 35:47
  SPEAKER_01: Hello, Golden Crest Medals?
• 35:49
  SPEAKER_01: Hi.
• 35:49
  SPEAKER_01: Yes.
• 35:50
  SPEAKER_01: This is Jeremy Harrell.
• 35:52
  SPEAKER_01: Yes, yes, I'm inquiring about buying some more.
• 35:55
  SPEAKER_01: Here's what I'm looking at.
• 35:56
  SPEAKER_01: What should we do?
• 35:58
  SPEAKER_01: Now, they don't claim to be financial experts or advisors when you call them here at Golden Crest Medals, those who are standing by.
• 36:09
  SPEAKER_01: They are experts in this field, and they can tell you what you need to know about the precious metal market.
• 36:18
  SPEAKER_01: Again, that is 888-991-6222.
• 36:22
  SPEAKER_01: 888-991-6222.
• 36:25
  SPEAKER_01: Okay?
• 36:28
  SPEAKER_01: The New York Times reported the U.S.
• 36:30
  SPEAKER_01: Treasury vowed to target Iran's gold reserves as part of the economic D-Day sanctions.
• 36:38
  SPEAKER_01: When the government wants to hurt an adversary financially, they target gold.
• 36:44
  SPEAKER_01: Because gold is real money.
• 36:48
  SPEAKER_01: Gold survives everything.
• 36:49
  SPEAKER_01: It's like a cockroach.
• 36:51
  SPEAKER_01: Radiation can't even kill it.
• 36:55
  SPEAKER_01: Gaza is using gold as a financial refuge.
• 37:01
  SPEAKER_01: In Gaza, gold has become the primary financial refuge as war erodes savings.
• 37:07
  SPEAKER_01: When banks close, the currency collapses.
• 37:10
  SPEAKER_01: When ATMs go dark, people turn to physical gold.
• 37:13
  SPEAKER_01: Not stocks, not bonds, not digital accounts.
• 37:17
  SPEAKER_01: We're talking 5,000 years of human financial history repeating right now.
• 37:25
  SPEAKER_01: So let's go talk about China.
• 37:28
  SPEAKER_01: China has quietly acquired far more gold than reported.
• 37:33
  SPEAKER_01: And the U.S.
• 37:33
  SPEAKER_01: reevaluation may be coming.
• 37:36
  SPEAKER_01: Who are our sources for this?
• 37:38
  SPEAKER_01: Discover Alert, Seeking Alpha, Yahoo! Finance, and Fox News.
• 37:44
  SPEAKER_01: When Scott Bessent, who is our Treasury Secretary, what he said in 2023 before he was the secretary, predicted that China was heading towards a gold-backed plan.
• 37:59
  SPEAKER_01: That prediction is now being validated.
• 38:02
  SPEAKER_01: Yahoo! Finance confirmed this week China has quietly acquired far more gold than it officially reports.
• 38:08
  SPEAKER_01: See, that is why I said if you're going to focus on anything that China does, focus on what they do, not what they say, because they lie.
• 38:18
  SPEAKER_01: They are the king of lies, manipulated currency and so forth.
• 38:26
  SPEAKER_01: The BMO analysts said that China's real gold stockpile could surpass U.S.
• 38:32
  SPEAKER_01: holdings within five years.
• 38:36
  SPEAKER_01: Remember, China is constantly trying to beat us.
• 38:40
  SPEAKER_01: So why shouldn't we be constantly be trying to beat them?
• 38:44
  SPEAKER_01: Their assessment, achieving the U.S.
• 38:46
  SPEAKER_01: level of gold holdings is, quote, an absolute minimum target for China, given its expanse its economic expansion goals.
• 38:58
  SPEAKER_01: China has declared a gold uh gold, a quote, strategic mineral critical to national security.
• 39:05
  SPEAKER_01: I agree.
• 39:06
  SPEAKER_01: I agree there.
• 39:08
  SPEAKER_01: China's developing a global network of gold vaults and accelerating central bank purchases as part of its efforts to strengthen the yen's role in international trade.
• 39:18
  SPEAKER_01: This is not like just merely investment speculation.
• 39:22
  SPEAKER_01: This is their sovereign strategy.
• 39:25
  SPEAKER_01: And at the minimum, get as much as we have.
• 39:29
  SPEAKER_01: The U.S.
• 39:30
  SPEAKER_01: Treasury still carries its gold reserves on the books at$42.22 per ounce.
• 39:34
  SPEAKER_01: A statutory price set in 1973, folks, over 50 years ago.
• 39:41
  SPEAKER_01: At today's market price above$4,400.
• 39:44
  SPEAKER_01: The U.S.
• 39:45
  SPEAKER_01: government is sitting on gold worth roughly a hundred times what it shows on the balance sheets.
• 39:50
  SPEAKER_01: Why are we doing this?
• 39:54
  SPEAKER_01: Well, I think it has something to do with the dollar and the strength of it and what they want it to be.
• 40:00
  SPEAKER_01: I really wish we'd go back to gold-backed currency.
• 40:03
  SPEAKER_01: That would be nice.
• 40:04
  SPEAKER_01: What would that do to the world?
• 40:07
  SPEAKER_01: And again, Trump has posted the AI image of gold.
• 40:10
  SPEAKER_01: He called for an audit of Fort Knox.
• 40:12
  SPEAKER_01: The reevaluation conversion is gaining momentum.
• 40:16
  SPEAKER_01: At$10,000 gold, a reevaluation would generate roughly$800 billion in paper gains for the Treasury, folks.
• 40:24
  SPEAKER_01: Fox ran a piece this week, quote, a quiet rush for gold is sweeping the globe, end quote.
• 40:31
  SPEAKER_01: Countries are stockpiling.
• 40:33
  SPEAKER_01: Wealthy individuals are lining up for vault space.
• 40:38
  SPEAKER_01: Golden Crest Medals can give you free vault space as well in Delaware.
• 40:44
  SPEAKER_01: Definitely want to ask about that.
• 40:48
  SPEAKER_01: Bank of America reported gold fund inflows at their highest since October of 2025.
• 40:54
  SPEAKER_01: That was the week before Warsh spoke.
• 40:59
  SPEAKER_01: The 401k mistake hiding in plain sight.
• 41:04
  SPEAKER_01: 247 Wall Street published two pieces.
• 41:07
  SPEAKER_01: One on the 750,000 401k mistake that cost beneficiaries$120,000 in excess taxes.
• 41:15
  SPEAKER_01: Another on how a 401k balance over a million dollars quietly pushes 85% of a couple's Social Security into a taxable zone.
• 41:26
  SPEAKER_01: A self-directed IRA holding physical gold operates under different rules.
• 41:33
  SPEAKER_01: That conversation starts with a phone call right now to Golden Crest Metals.
• 41:39
  SPEAKER_01: 888-991-6222.
• 41:42
  SPEAKER_01: Come talk to us.
• 41:44
  SPEAKER_01: Myfreegoldinfo.com or just pick up your tell your cell phone.
• 41:50
  SPEAKER_01: You text a lot, right?
• 41:51
  SPEAKER_01: You message a lot, you look at your cell phone a lot.
• 41:54
  SPEAKER_01: Open it up, text the word, report to 638257.
• 41:59
  SPEAKER_01: That's the number.
• 42:00
  SPEAKER_01: It also spells out conveniently metals.
• 42:04
  SPEAKER_01: 638257.
• 42:06
  SPEAKER_01: Call today.
• 42:08
  SPEAKER_01: That's what it starts with.
• 42:09
  SPEAKER_01: A simple call.
• 42:10
  SPEAKER_01: Now let's end the today with talking about my favorite silver.
• 42:16
  SPEAKER_01: Fell from$71 down to 66.
• 42:20
  SPEAKER_01: That's five bucks.
• 42:21
  SPEAKER_01: However, year over year, tell me you've seen anything else outperform.
• 42:26
  SPEAKER_01: 73%.
• 42:29
  SPEAKER_01: That means last year, September 2nd, 2025, silver's up 73%.
• 42:38
  SPEAKER_01: And AI and data centers are now adding industrial demand.
• 42:42
  SPEAKER_01: Remember, you cannot build these massive data centers that people either want or don't want without silver.
• 42:52
  SPEAKER_01: Silver dropped 4.24% versus gold's 3.14% on the day of Warsha speech.
• 42:58
  SPEAKER_01: Why?
• 42:58
  SPEAKER_01: Double whammy, industrial and economical.
• 43:01
  SPEAKER_01: That's why.
• 43:04
  SPEAKER_01: Silver touched$71 before Warsha's speech.
• 43:07
  SPEAKER_01: Its highest jump since January.
• 43:09
  SPEAKER_01: It pulled back to 66.
• 43:13
  SPEAKER_01: $70 breakout is still ahead, not behind.
• 43:17
  SPEAKER_01: And you think about that.
• 43:24
  SPEAKER_01: Unbelievable.
• 43:24
  SPEAKER_01: I'd love to see that.
• 43:25
  SPEAKER_01: I don't know about you, but I would absolutely love to see that.
• 43:28
  SPEAKER_01: $309.
• 43:29
  SPEAKER_01: That's Bank of America.
• 43:31
  SPEAKER_01: And that's what that's their that is their very real prediction.
• 43:35
  SPEAKER_01: Now, here's the issue.
• 43:36
  SPEAKER_01: We are still in our sixth consecutive supply deficit, year over year issue.
• 43:43
  SPEAKER_01: More consumed than mine.
• 43:44
  SPEAKER_01: 46 million ounce shortfall in 2026.
• 43:48
  SPEAKER_01: But I think the biggest number here is when you're looking at silver, is you've got to look at these data centers.
• 43:54
  SPEAKER_01: You got to look at the data centers.
• 43:55
  SPEAKER_01: The data centers are, whether you like it or not, they are popping up.
• 44:00
  SPEAKER_01: Everywhere.
• 44:01
  SPEAKER_01: The data centers are popping up everywhere.
• 44:04
  SPEAKER_01: Communities are accepting them in with open arms.
• 44:09
  SPEAKER_01: Some are rejecting them.
• 44:10
  SPEAKER_01: But the fact of the matter is they're going in.
• 44:13
  SPEAKER_01: And you're going to need so much silver.
• 44:16
  SPEAKER_01: So if I was a financial expert, which I'm I'm I'm not, but if I was, and if I if I'm telling you what I'm doing, it's silver all the live long day.
• 44:29
  SPEAKER_01: Silver all the live long day, gold after that for anybody who can get into gold.
• 44:35
  SPEAKER_01: Now we talked about that 401k trap.
• 44:38
  SPEAKER_01: It might be smart for people to decide, well, you know what, maybe I don't need so much in the 401k.
• 44:43
  SPEAKER_01: Remember what I reported to you last week?
• 44:46
  SPEAKER_01: I reported for you last week that BlackRock, BlackRock has a big uh has a big hand in your 401k.
• 45:02
  SPEAKER_01: That means they can go in and they can work with your company, whether it be Fidelity or whoever runs your 401k, and they can have access to your 401ks.
• 45:13
  SPEAKER_01: I don't think anybody wants BlackRock, Vanguard, or any of these other people with access to our 401ks to enrich themselves.
• 45:20
  SPEAKER_01: They're probably just going to buy gold with it anyway, you know.
• 45:24
  SPEAKER_01: So, anyway, folks, that is the 5,000-foot overview of what's going on in the world of precious metals.
• 45:33
  SPEAKER_01: And we're so happy that you joined in today to listen to the information that we have available to you absolutely free of charge.
• 45:42
  SPEAKER_01: Again, I want you to call 888-991-6222.
• 45:47
  SPEAKER_01: That's 888-991-6222.
• 45:52
  SPEAKER_01: Text the word report to METALS.
• 45:56
  SPEAKER_01: Again, that's the word report to METALS, which is 638-257.
• 46:04
  SPEAKER_01: Go to myfregoldinfo.com today.
• 46:08
  SPEAKER_01: The offer there is a free portfolio review, plus a free investor kit, plus up to$25,000 in free silver with qualified purchases.
• 46:18
  SPEAKER_01: 888-9916222.
• 46:21
  SPEAKER_01: Now, yours truly will not answer that phone if you call today, but I can guarantee you somebody with a lot nicer and more welcoming voice than mine will answer.
• 46:31
  SPEAKER_01: Okay?
• 46:32
  SPEAKER_01: And then you can have your conversations about where you want to go and what's best for you in your future financial decisions.
• 46:42
  SPEAKER_01: Thank you all for being here today.
• 46:44
  SPEAKER_01: It's been an honor.
• 46:46
  SPEAKER_01: I will see you next week, or you will hear me next week, depending on where you're listening or watching, right here on the Crest Report.
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