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Is YOUR Bank at Risk of Failure? Here’s an EASY Way to Find Out · Man in America Podcast

• 0:02
  Seth Holehouse: Ladies and gentlemen, welcome to Man in America. I'm your host, Seth Holehouse. So obviously, you're seeing the news everywhere about the banking collapse and bank failures, and we're seeing this happen with the big banks. We're seeing the small banks get bought up by the big banks, and it's kind of frightening. But one of the questions that I've asked myself a lot is, well, what about my local bank?
• 0:23
  Like, me personally, I bank in two different small local banks, and I've thought, what's the risk of these banks? Okay? It's not the ones on the news that are had their stocks failing, etc. But are they safe? And so today's interview with Doctor.
• 0:36
  Kirk Elliott, we've actually got some really amazing tools that we're gonna be showing you that are free to use as a simple website, where you can literally go in, plug in the name of your bank and figure out exactly how likely that bank is to fail. You can look at total deposits, total income, I mean, it really breaks down everything for you, which I think is really important because look, there's a lot of different solutions to finances, but one of them just might be, hey, moving out of this local bank into this other local bank is way healthier. So anyway, this is gonna be a really, really helpful interview. I hope you enjoy. Also, just a quick reminder that the shows are also done as podcasts.
• 1:14
  So if you'd rather listen, just go to your favorite podcast app search for Man in America, look for the picture of the smiling bearded guy. That's me. And make sure you subscribe there and leave a five star review. Alright folks, let's get into this interview with Doctor. Kirk Elliott.
• 1:30
  So Kirk, it is great to have you back on as usual. How are you doing man?
• 1:36
  Speaker 2: I'm doing great. How are you, Seth?
• 1:39
  Seth Holehouse: Yeah, yeah, good. Just, just a lot going on. A lot going on. It says a lot to talk about too, but, you know, it's funny because as much it seems like it's just a complete clown world, I feel like that I've been focused a lot more on just stuff around the house and family, and it's been a really nice break from, you know, kind of constantly following the news and seeing what's happening and Right. You know, it's important to, I think, pull out every once in a while from that.
• 2:10
  Speaker 2: It is. I mean, clown world, really a good description. I mean, what we've seen, if you look at the debt ceiling talks, it it was political theater at its finest. Right? I mean, so for three weeks, you've got McCarthy telling telling Biden's like, hey.
• 2:27
  This is mortgaging our kid's future. It's it's mortgaging America. We're not gonna keep rewarding you for adding debt. Well, there's no way we're gonna do anything. And then Biden says, well, there's no way that we're we're not gonna negotiate.
• 2:40
  You know? And so so the stalemate. Right? So then Biden goes to Japan to the g seven meetings because he's got more important things to do than figure out the destiny of America. Right?
• 2:52
  So he goes to the g seven to talk about their globalist things. Then he comes back, you know, last week, and they So debt ceiling talks again. Now we better get it squared away. So what did they do? I mean, I'm not even joking.
• 3:09
  McCarthy might be the worst negotiator on the planet, or he was never negotiating at all. Because what we got I mean, this is why I say it's political theater. They wanted us to think that they were fighting about all this stuff, but in reality, he gave he gave Biden everything that he wanted. So and more. I mean, literally, gave him more than what he wanted because prior to going into this, the talks were okay.
• 3:36
  They're gonna raise the debt ceiling by $4,000,000,000,000, which would have been the largest ever, but what they did was worse. So they didn't raise the debt ceiling, they took the ceiling off, right? So unlimited spending until the election. So when you have the people in power that now have unlimited spending until the election, who does that benefit? It benefits the people in power.
• 4:01
  Right? So it's like you just gave Biden, like, the get out of jail free card. Right? It's like, in the world? Unlimited spending until the election, and then they're going to defer talking about that until after the election, which means a lame duck congress.
• 4:19
  People who may have been voted out are going to determine the spending future of America. This is insanity. But some of the things that they kept in there were the $78,000,000,000 to hire all the kajillions of of IRS, new agents that are gonna be armed. They kept that in there. They kept in there the potentially illegal paying off of student debts from 500,000,000,000 to a trillion dollars worth.
• 4:44
  That number is ambiguous. It's like, okay, that one might not even be lawful. Right? They kept in there all this horrible stuff and then took off the ceiling part of the debt ceiling. It's like, ugh.
• 4:55
  What? I mean, truly, you weren't even planning on having a debt ceiling negotiation talk. McCarthy, seriously, worst thing that I've seen financially for America in a long time, which means what? And more inflation is going to come, more more rate hikes are going to come. So again, avoid the political theater nonsense that they're talking about.
• 5:18
  Oh, we we can possibly, you know, halt the raising of interest rates for a while because we've got this debt under control. Look. This is like the era of of the in the Reagan years when you had these the the the contract with America that Newt Gingrich put together, and Democrats and Republicans were talking and cutting deals and negotiating. I mean, that's what they're trying to make this sound like. So except for the one big huge fact.
• 5:46
  There was no negotiating being done. They forgot about the biggest word in the negotiating part of it, and they forgot about the other biggest word in debt ceiling, and they took just took the word ceiling out. It's like, oh, I mean, this is really bad stuff, Seth. And yes, this is what we've got.
• 6:08
  Seth Holehouse: It is. It's like giving a 16 year old an Amex black card with no limit and saying, Ah, be responsible. Right? It's like before you know it's gonna be Ferraris and you know, gosh, you know, who knows what else? We won't get into that.
• 6:21
  So, but something I wanted to hone in with you on is that obviously we've been talking a lot about just where's the dollar at, de dollarization, but really especially the past couple of months, the state of the banking industry, right? Are we, is you know, is there a looming, you know, collapse the banking system? Should we be worried, you know, and I think that sometimes we cover these issues, it's this big picture, right? You know, big picture numbers and big picture, you know, perspective of what's happening, you know, with the overall economy, but for someone that say has a local credit union or a local bank they're banking with, they're thinking, you know, what about my bank? Right?
• 7:01
  Because maybe they're not banking with JP Morgan Chase or some of the other big, big guys, but they're thinking still, again, see this question all the time, you know, what about credit unions? What about small local banks? And I think that that's something that really matters to the average person so much, right? You know, you're the typical American, you know, especially the listeners of this program, I think they're trying to go with more local, but then the concern is what's the health of those banks. And so there's something that, you know, I think it's a really important topic and I discovered something this week, which I'm really excited to talk to you about, which is a third party company that helps analyze the health of the banking industry like at a bank by bank level, like where you can literally look at your exact bank and see how they've independently rated it.
• 7:49
  Now it's not like a Moody's or one of these big ratings companies are being bought off by the banks to say, Yeah, all those mortgages are great. You know, just repackage them and and sell them until the cows come home. You know, this is a really specific, you know, company. So I've got a quick video. So Glenn Beck interviewed, I think it was the COO, if I remember correctly, one of main chief officers at this company, and they're talking about this now, but before I play a video, I'm just gonna read a quick snippet about the company because this helps you understand where they're at and what they're talking about with the banking system.
• 8:22
  So let pull this article up. This is so it's called way WAIS or Weiss Ratings. So Weiss Ratings warns 4,243 US banks and credit unions are vulnerable to failure. So this is significant. Now, I want to read a little bit, but I want to highlight this this one point right here, which says since 02/2008, among the 539 banks that have failed, Weiss Ratings has provided advanced warning on 535 or 99.3%.
• 8:54
  So this company that rates these banks and says, hey, look, these are vulnerable, They've got a 99.3% track record of looking at all the assets and the positions of a bank and understanding are they close to failing? Are they vulnerable? I mean, that's almost a % track record. I'll read this to you real quickly. Says Weiss Ratings, the nation's only independent ratings agency that regularly evaluates the relative safety of US banks and credit unions, has warned that 400 and or sorry, 4,243 banks and credit unions could be vulnerable to failure.
• 9:31
  So among them, twelve ten institutions or 12.8 got a red warning flag signaling a risk of imminent failure, while over 3,000 received a yellow warning flag indicating a risk of failure in a financial crisis or recession, which we know we're entering into a recession, even the top the mainstream talking heads are talking about it. In sum, 45% of all banks and credit unions were deemed vulnerable. So Dallas Brown, who we're going to listen to a sip with him, their CCO says, The underlying financial weaknesses in The US banking industry are wide spread and the FDIC's newly expanded guarantee of all deposits does nothing to protect shareholders and bank holding companies who could still lose most or all of their money. Moreover, if the US Treasury cannot even pay its own bills, it could be hard pressed to cover the expanded liabilities of the FDIC. So, taking those words, now I'm gonna pull up this clip from Glenn Beck interviewing this guy, and then we can kind of dive in this together.
• 10:38
  So here's a short clip I'm gonna play for everybody.
• 10:40
  Speaker 3: I tend to think that we are running a shell game with our banks and our Federal Reserve and our central banks and our treasury. And I think we've done such damage to our banks and they are just printing money to keep everything looking like it's okay. I saw your so that's my point of view, so you know where I'm coming from and I want you to correct me, you know, and and enlighten me if you have anything better to say. I have not heard of Weiss ratings before, but I know you guys have been around for about fifty years. And in the last bank crash, I think you guys were the ones leading the way saying, trouble.
• 11:27
  That isn't that correct?
• 11:28
  Speaker 4: Yeah. So we did. So I I can get to both your points really quick, but let me let me just jump in and tell you who Weiss is and what we've been doing. So this analysis we did isn't something that we just did one time. We rate banks and many assets, stocks, insurance companies, bonds and crypto daily.
• 11:53
  And so we see the movement that happens based on liquidity of banks, capitalization, stability. And so we're very vigilant. Our analysts are very vigilant about this. And so Weiss has been doing this. They started rating banks in 1971.
• 12:10
  Speaker 3: And
• 12:12
  Speaker 4: we so Martin Weiss is the founder. And his father, actually back in 1930, his name is Irving Weiss, he predicted the failure of the Bank of United States. And so that's where the catalyst of this came. And so in 1971, he got together with his son and they started rating banks for safety for consumers. And so we rate every bank.
• 12:38
  And so it's not just bank, it's also credit unions. And so in 02/2008, we named in advance warning all the major banks that failed during that financial crisis.
• 12:49
  Speaker 3: I mean, you you were the I think the only guys that said Bear Stearns and Lehman Brothers are going.
• 12:54
  Speaker 4: Yep. Yep. So it was it was like weeks before, Bear Stearns and it was like a hundred and some odd days before Lehman Brothers announced that they're they're gone. Like it's it's an endgame with them.
• 13:10
  Seth Holehouse: So that's I think this kind of helps frame this because now going back to just pulling the article now that you see this kind of a company, the fact that they are saying, I mean, I don't know how this isn't like headline news, right, because this is significant. The fact that they're saying that 45% of all banks and credit unions were deemed vulnerable, right, with 12.8% on the risk, risk of imminent failure, and then over 3,000 again, over 3,000 risk of failure in a financial crisis or recession which we're entering into. Mean, this just I mean, this just seems like a pretty, I'd say dire prognosis of the banking industry, but Kirk, I want to get your thoughts on it. Alright, folks, I've got a quick message for you. I have one simple question.
• 14:03
  If today you could no longer go purchase more food for your family, with the food stores that you have in your home, how long would you be able to feed your family? Would it be a week, three weeks, a month, two months, a year? This is a really important question folks that we have to be very realistic about because the elites are proactively trying to put us into a state of food crisis and a state of famine. I'm sure you've seen all of the different food processing plants and farms that are blowing up. You've got cattle dying by the tens of thousands.
• 14:36
  They're proactively trying to collapse our food system because they know if they can control our food, they can control us. And so one of the best ways to be outside of their control is to be able to have our own stores of food and to be able to produce our own food. So there's really two things I would recommend. One is having heirloom seeds that you can grow your own food with, making sure that they're non GMO heirloom seeds that that way you can harvest your seeds this year, use them next year. You can use these seeds for generations.
• 15:05
  Literally, it's how it will work. The other thing though is this high quality storable food. This is food that's sitting somewhere, it's hidden in your basement, buried in your backyard, whatever it ever it is. So that way if there is a crisis, if there is an emergency, you might have three months set aside to get through that time period. And so for this, I would highly recommend a company called Heaven's Harvest.
• 15:27
  This is an amazing Christian owned patriot company and what they're doing is they're making high quality storable food. Again, a lot of food companies, they say these food buckets, they're all about maximizing calories per dollar. They're filling the buckets with a bunch of filler and junk like sweet beverages, etcetera. But Heaven's Harvest, they focus on very high quality food that will last up to twenty five years on the shelf. They also sell heirloom seeds.
• 15:53
  You can buy all of your seed, you can buy all of your restorable food. And look folks, personally, I would recommend having at least three months per person in your household, if not six months or even a year. Again, depends on your budget, but I'll definitely make sure you have some seeds because that seed, those seeds could be worth their weight in gold, if not more in the future. So to go ahead and do this right now, go put up a new tab and go to heavensharvest.com. And if you use the promo code Seth, that's s e t h, promo code Seth, you'll save 15% off of your entire order.
• 16:27
  So again, folks, the time is running out and you'd rather be three months or one year early than one day late. Again, heavensharvest.com and use promo code Seth to save 15% today.
• 16:41
  Speaker 2: Well, is dire. And and Martin Weiss is brilliant. I mean, they they take I mean, literally, imagine the time it takes to analyze every single bank. Right? Number of assets, number of liabilities, how much derivatives do they have?
• 16:54
  What are their percentage of non performing loans? Right? How much do they have in mortgages? How much do they have in stocks? Right?
• 17:01
  All of that. I mean, I've been using them and their services since the early 2000s. I mean, they've been around for a long time. Mean, they're really, really great research oriented company. Now, how appropriate for today that you found that research article because, A, they're very good at what they do, but, B, back when we were using them, you know, banks have always been a little bit precarious, but not like they are today, right?
• 17:28
  Because ever since the Fed changed the reserve requirement to zero, banks don't have to have any money on hand. So therefore, the the financial stability of the banks is of utmost important. If you think that you your cash is safe, your checking accounts are safe, you might wanna guess again. Right? Because those numbers, what was it?
• 17:51
  I didn't write them down. 4200 and how many banks are basically at at, like, terminal velocity? I mean, seriously? I mean, this is not a good foreshadowing or or leading indicator for what's coming with the banks, especially when they have zero liquidity by the Federal Reserve's own, basically rules and regulations. So here's where when we go back, we start connecting some dots here.
• 18:24
  It makes it even more important. The video that you and I watched on this show of the FDIC meeting that was captured on video where they're saying, well, there's unintended consequences. The public cannot know about this. Right? What can't the public know about?
• 18:41
  What was the gist of that conversation back in December of last year? Well, was multipronged is what we found out. Number one, that banks have no capital on hand. They didn't want to have a run on the banks. Why didn't they wanna have a run on the banks?
• 19:00
  Because they have no capital. But B, if there is a run on the banks, the FDIC is so under insured. As of today, when we first did that, it was about 1.38% of all assets were actually insured. 1.38%. Forget about the $250,000 threshold.
• 19:20
  Well, today it's worse because people have been pulling money out of stocks and bonds, putting it into their safe haven cash accounts while the m two money supply is deteriorating. It's diminishing because the government's pulling money out of the system. People are putting money into banks thinking that's the safe haven investment. No, it's not. Banks invest in the same thing that you and I do, stocks, bonds, companies, real estate, right?
• 19:46
  Same thing that you got out of, they're actually investing in. But today, it's about $17,000,000,000,000 covered by not 125,000,000,000 anymore because they had to use a lot of that to get out of Silicon Valley Bank, Signature Bank, Silvergate, some of those things. So it's less than 125,000,000,000 that they actually have on hand. But let's just say it's 125,000,000,000. Let's give them the benefit of the doubt.
• 20:10
  To cover 17 and a half trillion of deposits, checking savings accounts in America, that's 0.7 of a percent of all assets in America are actually covered by FDIC. So you've got two horrible HYDRA arms coming out of this creature, right? Number one is banks are completely undercapitalized and underfunded. Number two, so is the FDIC, your insurance on it. So this is why Weiss Research had said, okay, we've got 4,200 and whatever that number is of banks in the critical stage kind of ready for a bank failure.
• 20:52
  And you know what? Their research showed what was gonna happen with Bear Stearns as well. This group knows what they're talking about, and this is why you and I have been shouting this from the rooftop for months now. There are more bank failures coming. They're undercapitalized.
• 21:10
  It's just math at this point, right? It's simply just math. And so what we do for all of our clients, right, we take information like this and we start to strategize a solution to get out of harm's way. General rule of thumb, if something's coming down, get out of it as soon as you can. If something's going up, get into it as soon as you can, right?
• 21:33
  That's how you protect and preserve. Now, times in history, the things that you should get out of change and the things that you should get into change, right? Like during the Trump years and Reagan years, well, good grief, with lowering interest rates, lowering taxes, creating jobs, and people's wages going up, it made sense to be in the stock market as one of the safest investments you could have had, but not now. Today, it's completely opposite. It's like, I wouldn't touch the stock market with a thousand foot pole because it's toxic, because people's wages are coming down, and everything that you and I talk about week after week after week is actually happening.
• 22:08
  We're not talking about it like it's some kind of a theory moving forward. We're talking about it, and it's happening right now. So bank failures, and I don't I'm not in the game of of making predictions, but yet I'm gonna make a prediction. We're gonna see a lot more of them, a lot more. And and Weiss would say there's over 4,200 banks that are primed for failure, right?
• 22:36
  And I don't know how many we get. All I know is that we're gonna have more. And the next one, is it gonna be a big one? Is it gonna be a top 10 bank? We got really, really close with First Republic.
• 22:47
  That was top 14 bank in the country. So the people that think, oh, too big to fail, JPMorgan Chase, it's gonna be all right because they're buying up all the medium banks. They're buying all the medium banks with tons of debt, right? That's what they're buying. And here's the thing as a smart business person, you're one, I'm one, right?
• 23:08
  I would never pay a penny for somebody else's debt. I would pay a penny for somebody else's assets, right? You should never as a business person buy people's debt. You should only buy their assets, right? So when you look at what UBS did and you pull back the sheets on this nasty thing, they bought Credit Suisse, people thought, wow, they saved the contagion from spreading to Europe.
• 23:36
  But if I were a UBS shareholder, I'd be so upset because they paid $3,900,000,000 for what?
• 23:42
  Seth Holehouse: A bunch of debt.
• 23:44
  Speaker 2: Well, they have like 37, no, what do they have? They have $3,700,000,000,000 in assets, in checking and savings accounts. That's a lot for a bank, but they also have over $37,000,000,000,000 worth of debt, tenfold what they have, you know, 10 times as much as what they have in deposits they have in debt. So what UBS just did, they paid $3,900,000,000 for $37,000,000,000,000 worth of debt. In what world does that make sense?
• 24:18
  Seth Holehouse: In a clown world, right?
• 24:21
  Speaker 2: In clown world where McCarthy and Biden just passed this deal that said, hey, only in political America does it make sense to add more debt to get rid of debt. In that world, maybe it makes sense, but that's not a real world.
• 24:35
  Seth Holehouse: Exactly.
• 24:36
  Speaker 2: That's a world where everything's about to collapse.
• 24:38
  Seth Holehouse: Exactly. Well, so focus for folks that are watching or listening and are thinking like, okay, what about my local bank? I sort of walked through how the Weiss ratings works. It's actually really interesting how they've done this. So the website is weissratings.com is w e I s s ratings.
• 24:56
  And so what you can do, so in the top right here, click on this yellow bar here, this is showing the nearly 2,000 banks that are in a C rating, which I think represents that 45, part of that 45% that are very vulnerable. You can come in, so say your bank is the first community bank in Sherrod, Illinois. So you go on, you can click on click on your bank, and it will tell you the leverage ratio, the return on assets, total assets, capital, total deposits and net income. So this bank, their net income is $132,000, you know, what with $67,000,000 in assets and the return on assets is less than 1%, it's a C plus Now, I can't make sense of those numbers in the way that you could but let's just go back to that homepage again, let's click on the the E which is showing these are the, these are the ones that are like red red. So here's one Rockhold Bank in Bainbridge, Ohio, not sure that's at, which is their their return on assets is point 31%.
• 25:58
  And so it actually gives you these details and see, you know, and see. So I think for people that are watching, you know, know, weissratings.com, And this is a really easy way. I've already gone in there and looked up all different banks, I use a couple different banks that I've used and thankfully, like one was like a B plus one was a B-, but it's already, I mean, I've already been taking, you know, moves against this and pulling things out and putting them into other things. But anyways, thought this is interesting because this is a very practical way for folks to understand, you know, because I see questions all the time. They say, Are credit unions better than banks?
• 26:33
  Well, go check out the rating of your local credit union. But I think it's also important to understand that the broader picture of this, which is that they're they're saying that 45% of banks and credit unions are if we enter into a recession, which we know that's where things are headed, are at a high risk of failure. And that's that's concerning to me because to me, it's kind of like, even if ten percent were a high risk of failure, that would be enough, I would think to cause massive damage in the banking industry, but nearly, if nearly one in two banks are at risk of failure over the next year, I just feel like that we're just seeing the beginning of this.
• 27:16
  Speaker 2: I think that we are and so I'm putting together a strategy for my team to help everybody analyze these numbers if they were to go to Weiss Research and find their bank, because we know what to look for. I mean, this is what I do. I've got a PhD in this kind of stuff As to what causes banks to fail. I mean, generally speaking, just dumb it down as much as I can, when their investments stink and their withdrawals are greater than their deposits. I mean, that's what causes a bank to fail, right?
• 27:49
  So you start to dig into the number. What is their number of non performing loans? What is the number of their assets? What about the liabilities? What about the leverage debt that they have and and their securities mix?
• 28:00
  Do they have securities? Do they have bonds? Do they have real estate, or do they invest in companies? What does the bank or credit union invest in? Right?
• 28:09
  So this is the kind of thing that I'm I'm putting together for our team to actually help all of the viewers navigate through the madness because our goal as wise and prudent investors is to be in the right place at the right time, navigate through a crisis with a smile on your face, knowing that there is a solution. And you and I have talked about this before because of the faith that we have, that we all share, and what's in our hearts, right? And this is what makes me sad about America right now, is we're consumed and gripped with fear, focused on the storm rather than on the solution, Right? So for for example, I mean, this this is just a horrible example, but I I have a feeling there's thousands of people all over the country get going doing the same thing. So what we focus on at our firm is buy low, sell high, maximize the number of ounces of silver you can get, right?
• 29:06
  You only can do that with bullion, right? Because key to wealth, A, be in the right place at the right time. Second key to wealth, don't overpay for your stuff, right? I mean, it's as simple as that. But I talked to, in the last two weeks, five clients, they sent me their invoices from other firms that they have done with in the past or they were a couple weeks out from being able to talk to me, and they just said, thought the world was gonna end on June 1, right?
• 29:36
  And so I went with another company. Okay, here's an example. Actual real numbers, million dollar investment, paid $71.15 an ounce for silver and paid $3,700 an ounce for gold. It's like, Are you joking? I mean, silver's 23 something dollars an ounce.
• 29:59
  Seth Holehouse: They they paid a million dollars for maybe $300,000 in precious metals. I mean, that's Their
• 30:07
  Speaker 2: portfolio shrunk by almost 70% overnight because and here's the thing, I've been doing this for almost thirty years. I've never seen a client ever recover from those semi numismatic, semi rare collectible type coins. If you're a collector, fine. But most like 99.999 percent of the people that I talk to, they're not collectors. They're not buying something just to hang it on the wall, like your grandma's thimble collection or plate right?
• 30:37
  Stamps. Or stamps. This is an investment. You're going to sell it at some point and you never recover from those excessive premiums. Client number two that we helped get out of this madness, They had gone with a company that they heard on another show, and they thought it was reputable, but they paid $123 an ounce for silver.
• 31:01
  123, this was last week, right? And it's like, I don't even care when it was. I wouldn't even care if it was in 2011 when silver went through their big, explosion and went from 12 to $48 an ounce in one hundred and twenty days. Not even then should somebody have paid $123 an ounce because silver was 48. But the reality is right now, silver's less than $24 an ounce, which means you should be able to get a one ounce round for less than $30 an ounce.
• 31:30
  Don't pay a hundred and 20. That's a gyp. It's the gyp of a lifetime that you will never ever ever recover from. Right? And so
• 31:39
  Seth Holehouse: And I was surprised
• 31:40
  Todd Callender: I was saying hard
• 31:41
  Seth Holehouse: because I don't wanna name names, but you told me which companies that these were the two companies that you're talking about that you saw the actual receipts from. I was surprised they weren't some small little company that I've never heard of. These were both probably two of the bigger companies that I see a lot of conservative shows promoting and I, I mean, I, my jaw hit the floor. I mean, I agree with you. It's like, they're, you know, if silver is $24 an ounce, they're paying 123, they're paying almost $100 premium per ounce, which I mean, it's it's it's it's robbery.
• 32:17
  I mean, that's insane.
• 32:18
  Speaker 2: It's robbery. And I don't know how they sleep well at night. And it's not just two companies. I've got I've got five right now in front of me that I'm looking at their their invoices and trade records from the trade. It's like, what?
• 32:33
  I mean, I'm just I'm just floored, and I don't know how people can sleep at night. Right? I mean, is this is that bad, and there's always some kind of a song and dance. Oh, these are older and rare, and you're gonna get a double play on your investment as silver runs out and you can't get these older rare things anymore, and it's gonna multiply. It's like, no.
• 32:53
  You know, back in the day prior to the year February, maybe that was the case because people, if they wanted leverage on their account, they would buy some of these things or there's very few of them. The world has changed. Since then, nobody cared. If somebody wants leverage, they're going with cryptocurrency now. The old rare coins, the things that have stories, never ever, ever, I don't think ever again.
• 33:18
  I mean, just one guy's opinion, but I've got twenty nine years of experience in this industry. Right? But I don't ever see that, which is why we only will allocate into safety and low cost bullion because I don't care. The only person that really cares about the story is the first person who buys it. When you sell it again, it's like, well, that was important to you, but not to me.
• 33:41
  I just want ounces of silver. Right? So here's the thing. Don't believe the song or dance. Don't believe that collectability and scarcity and rarity, and that comes with a higher premium, and it also comes with a higher commission.
• 33:55
  Right? And if that defines what you want, if you want a collectible to pass on to heirs for the next generation, then that's great. You should go with one of those companies. Right? Because I don't sell that garbage.
• 34:10
  I I won't. And I shouldn't say it's garbage if that's what you want for a collection. It's like, fine. But but for an investor, which is what I'm concerned about, I'm concerned about protecting and preserving people's portfolios to navigate through this crisis that we're in economically, politically, geopolitically, be in the right place at the right time and don't overpay for your stuff. I mean, those kind of stories absolutely break my heart because these are people.
• 34:36
  They're real people with real stories with a lifetime of blood, sweat, and tears working, saving up for their retirement, and they were just robbed. They were stolen from. Right? And and that disgusts me to to the core of who I am.
• 34:50
  Seth Holehouse: I mean, you and I both. You and I both. So, Kirk, I know that we've got to kind of wrap up here and you've got something. I've got something as well. So I just want to thank you so much for coming on.
• 35:01
  I really always enjoy this. I want to encourage folks to go to do a little investigation on your bank, but also reach out to Kirk and his team. Look, I'm not gonna throw out this invitation on your behalf, I'd say look, if you just made a big purchase like that with a different company and you're concerned, I would say give Kirk's team a call. You know, not that you're gonna try to look over everything and try to vet everything, but you know, that's that's a lot of money that I mean, in my opinion, the person that spent a million dollars on that, someone just stole $700,000 from them and stole $700,000 from their future from that person's grandkids. I mean, I mean, for me, I could not sleep at night.
• 35:37
  So anyway, folks, if you want to check out, talk to Kirk, talk to his team, best website to do it goldwithseth.com 7 2 0 6 0 5 3 9 0 0 if you want to call them. Again, golwalseth.com fill out the little form there or (720) 605-3900. And again, honestly, look, this is why I work with you. Because I know how you structure this. I used to be in the jewelry and this I used to be in the in the precious metals business.
• 36:05
  I know what kind of shenanigans happen. This is why I'm so confident when someone says, even with my mom, so who do you recommend? It's like Kirk, like I trust Kirk. You've got a good heart, you've got good values. So anyway, Kirk, thanks again.
• 36:18
  It's always great having you on. I look forward to being you being back on again next week.
• 36:22
  Speaker 2: It's my pleasure. Thanks, Seth. We'll talk to you soon.
• 36:25
  Seth Holehouse: Alright.