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Andy Schectman: Physical Supply Problems Coming

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Jason Burack of Wall St for Main St interviewed President and Co-Founder of Miles Franklin http://www.milesfranklin.com/, Andy Schectman. Miles Franklin has been in business selling precious metals since 1989 or about 25 years.

During this 30+ minute interview, Jason asks Andy what physical demand for gold and silver was like during the technology and housing bubbles. Andy says there was little or no demand for physical precious metal after Y2K and when the technology bubble burst but that demand for physical precious metals exploded in 2007-2009.

Andy says Miles Franklin was selling metal for up to 100% premiums to spot prices and customers had to wait 14-16 weeks in some cases for delivery of their metal at the height of the 2008 crisis. This is while the paper price of silver was collapsing from $21 down to $9. Andy says the paper price had no real accurate indication of what real life demand for silver was at the time.

He said it was nearly impossible to source metal back then and he expects a scenario like this to play out in the future in metals prices as long as the paper prices of gold and silver continue to be managed/manipulation/rigged.

Andy then goes into great detail about the manipulation of these markets, who he thinks is involved, why their are manipulating the market and he also thinks the Chinese government joined the manipulation as well after 2008 and he lays out an interesting theory why China is manipulating gold, silver and other commodities markets.

Jason and Andy talk about real supply/demand for gold and silver and how this paper price is not sustainable in the long term for any fundamental reason nor suitable for the profitability of bullion dealers and also miners of the commodity.

Andy talks about the problems with GLD, why Wall St portfolio managers will not buy physical metal and then Jason wraps up the interview by getting Andy’s opinion about the likelihood of the US government confiscating metal and forcing Americans back into paper currency like FDR in 1933 or a windfall profits tax on metal stored in the US.

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