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In this critical episode of the Ask Andrew podcast, Kellen Ainey is joined by Andrew Sleigh to dive into the accelerating crisis in precious metals.
Gold and silver investors continue to face a difficult question: buy physical precious metals now or wait for a deeper pullback? In a recent Ask Andrew podcast discussion, Andrew Sleigh examined gold prices, silver volatility, central bank demand, currency risk, and the potential consequences of trying to time the precious metals market. His central argument was that long-term investors may be better served by gradually accumulating physical gold and silver than waiting indefinitely for the perfect entry point. With gold trading back above 4,400 at the time of the discussion, Sleigh pointed to approximately 4,500 as an important resistance area. A rejection could potentially send gold toward 4,000 or 3,900, although he emphasized that this was not a prediction. “You can't time the exact bottom.” Instead, he suggested investors consider gradually buying during weakness rather than making their entire strategy dependent on hitting one precise price.
Live Gold & Silver Price Charts
Stay updated with the latest movements in the precious metals market by exploring Sprott Money's live gold and silver price charts. Access real-time spot prices, historical chart data, and market trends to make informed investment decisions.
Is It Too Late to Buy Gold?
For investors who missed gold near the 3,900–4,000 range discussed in the podcast, Sleigh argued that another buying opportunity could emerge if resistance around 4,500 holds. However, he also warned about the opposite scenario: if gold breaks through resistance and continues higher, investors waiting for substantially lower prices could be left behind. His preferred approach was therefore incremental accumulation—or “nibbling”—rather than attempting to predict an exact bottom. “Long term, medium term view, I would be a buyer today.” Sleigh explained that short-term charts can make relatively small price movements look significant, while longer-term charts can provide a different perspective. He described having a similar experience with silver, where focusing on daily price action made him hesitate before looking at a three- or six-month chart and deciding that the potential savings from waiting were not important enough to justify remaining uninvested.
Central Bank Gold Buying Sends a Long-Term Signal
One of the strongest themes in the discussion was the contrast between institutional behavior and retail investor psychology. The hosts cited central banks purchasing 289 tonnes of gold in Q2 despite a substantial quarterly decline in the metal. Sleigh interpreted continued institutional accumulation during weakness as an important signal for long-term precious metals investors. “Every time there's a pullback, the general investor disappears. The big money continues to be in the game nibbling every month.” In his view, retail investors often become more enthusiastic after gold and silver prices rise and more hesitant after prices decline—the opposite of the behavior required to accumulate assets at lower prices. Rather than trying to identify the absolute bottom, he argued that investors with available capital should consider purchasing consistently, particularly during pullbacks.
Silver Volatility: A Risk Investors Need to Understand
Silver can experience substantially larger percentage swings than gold, making volatility one of the defining characteristics of physical silver investing. Sleigh described silver as both a “blessing and a curse” because its sharp movements can create opportunities while also testing investors emotionally. He argued that anyone considering silver should focus less on daily price fluctuations and more on the long-term reasons they chose to own the metal. “You need to live with the volatility.” He also pointed to historical Canadian and American silver coinage as an illustration of how the purchasing value associated with silver can change dramatically across decades. His broader message was not that silver prices move in a straight line—they clearly do not—but that short-term volatility should be viewed differently by investors whose objective is long-term physical ownership rather than short-term trading.
Invest in Physical Gold and Silver
Physical ownership remains one of the most effective ways to diversify your portfolio while helping protect purchasing power during periods of inflation, currency devaluation, and economic uncertainty. Explore our bullion collections:
Should Long-Term Precious Metals Investors Watch Interest Rates?
Gold and silver markets are heavily influenced by interest rates, currency movements, central bank policy, and expectations surrounding the U.S. Federal Reserve. However, Sleigh argued that investors accumulating physical metals over many years should not necessarily allow every short-term macroeconomic development to dictate their decisions. For systematic buyers, he suggested regularly deploying available capital instead of constantly attempting to anticipate the next Federal Reserve announcement or currency movement. Investors making larger purchases over shorter periods may have more reason to watch exchange rates and monetary policy because those developments can affect their immediate entry price. The distinction is important: macroeconomic events can matter significantly for precious metals prices, but investors with long horizons can become overly focused on short-term signals and consequently remain on the sidelines indefinitely.
Gold vs. Silver: What Would Andrew Sleigh Buy With $10,000?
When asked whether he would choose physical gold or silver if given $10,000 that had to remain invested for five years, Sleigh chose silver. “I would only buy silver.” His reasoning centered largely on divisibility and flexibility. A $10,000 allocation to silver could potentially provide many individual one-ounce coins, while the equivalent investment in gold would represent far fewer units. Sleigh argued that smaller denominations could offer greater flexibility if physical metals ever needed to be exchanged or sold incrementally. He therefore favored nationally recognized legal-tender bullion coins, specifically Canadian Silver Maple Leafs for Canadian buyers and American Silver Eagles for U.S. buyers. His preference reflected recognition and potential liquidity rather than simply obtaining the greatest possible number of ounces for a fixed amount of money.
Why Recognizable Sovereign Silver Coins Matter
Sleigh's preference for sovereign bullion coins was based on what he described as the “coin of the realm” principle. In Canada, that means widely recognized Silver Maple Leafs; in the United States, he favored Silver Eagles. He argued that familiar government-minted bullion could potentially be easier for people to recognize and accept than generic silver rounds, particularly during periods of financial stress. “I would try and stick with the legal tender, the coin of the realm, wherever you are.” He extended the same principle internationally, mentioning Britain's Britannia and Austria's Philharmonic. This does not mean generic bullion lacks value, but it highlights a practical consideration beyond spot price: investors purchasing physical precious metals may also want to consider recognition, premiums, liquidity, denomination, storage, and potential resale conditions.
Market Crash Concerns and the Risk of Waiting
The latter portion of the conversation focused heavily on Sleigh's concerns about broader financial markets. He described equity valuations as stretched and discussed the possibility of a significant correction around September or early October, while repeatedly acknowledging that he could not know whether or when such an event would occur. That distinction is important because forecasts of market crashes are inherently uncertain. His larger argument was that precious metals can sometimes decline alongside stocks during an initial liquidity event, but physical supply may simultaneously become harder to obtain if investor demand surges. He referenced the 2008 financial crisis as an example of why waiting for an ideal spot price does not necessarily guarantee that physical metal will be readily obtainable at that price. “You're far better off playing while things are quiet.”
Physical Gold and Silver as a Contrarian Investment
Sleigh ultimately framed physical precious metals as a contrarian allocation. His thesis is that mainstream investors remain heavily exposed to financial assets while only a relatively small share of capital is allocated to physical gold and silver. He believes that creates an opportunity for investors willing to accumulate metals before demand potentially accelerates. “Be where everyone else isn't.” At the same time, many of the strongest statements in the discussion—including predictions about currency instability, future silver prices, banking restrictions, hyperinflation, and an approaching stock-market crash—represent Sleigh's opinions and forecasts rather than guaranteed outcomes. Investors evaluating these arguments should therefore distinguish between observable trends, such as precious-metals volatility and institutional gold demand, and predictions about future financial crises. Diversification, liquidity needs, premiums, storage costs, investment horizon, and personal risk tolerance remain important considerations before committing substantial capital to physical gold or silver.
The Bottom Line for Gold and Silver Investors
The central takeaway from the Ask Andrew discussion is straightforward: attempting to purchase gold or silver at the exact bottom can become counterproductive. Sleigh favors consistent accumulation, particularly during pullbacks, because investors cannot know in advance whether today's weakness will become tomorrow's lower price or the beginning of another rally. For smaller physical precious-metals portfolios, he particularly favors recognizable silver bullion because of its divisibility and potential flexibility. “No one has a crystal ball.” That observation may be the most broadly applicable lesson from the entire conversation. Whether investors are bullish on gold, silver, or neither, decisions based on a long-term plan are generally easier to evaluate than decisions dependent on perfectly predicting the next market move.
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Explore more insights on precious metals, gold investing, silver markets, inflation, currency trends, and wealth preservation in the Sprott Money Knowledge Centre:
Kellen Ainey (00:00.814)
Hi there, everyone, and welcome back to the Ask Andrew podcast. Once again, we're joined by Andrew Sleigh. Thank you once again, Andrew, for joining us.
Kellen Ainey (00:12.91)
there always is, right? First of all, we just wanted to thank all of our viewers for tuning in and continuing to engage with our Ask Andrew series. We really appreciate the comments, questions, and feedback.
Right, Andrew. So as of today, august thirteenth, gold had climbed back above forty four hundred after a significant correction earlier this year. For investors who are waiting for a bigger pullback, do you think they've missed their opportunity or would you still be comfortable buying gold at these levels?
Andrew Sleigh (00:46.692)
I wouldn't be uncomfortable buying gold at these levels, but there is a resistance level that we're supposed to be hitting right around now, it's around forty five hundred that you may see gold not punch through that and get rejected and then pull back a little bit. But for those that are waiting, you know, we were at thirty nine, four thousand and if you didn't buy, you're you might get a second chance.
But this time by for goodness sakes. So so, you know, I don't know what some of them are waiting for, the you know, like the thirty five hundred number, which we may or may never get to. But if we get rejected at forty five hundred approximately, we could work our way back down towards the four thousand mark, maybe thirty nine hundred. I'm not making a prediction, I'm just saying what the charts have sort of have shown that these are probabilities. And
nothing wrong over the next couple of weeks with nibbling. You can't time the exact bottom. And if you focus on that, if anything really major breaks in the system, which we never know, like the Japanese bond carry trade is getting you know very, very serious and it's it is every day. But you know, you'll be kicking yourself if all of a sudden there's a problem with banking or who knows what.
And you're waiting to try and save a couple hundred bucks an ounce and now you can't buy any for whatever reason. So there there is larger wealth. I had someone contact me today that wants to move in some specific amounts and you know they plan on doing purchases over the next few weeks, just buying on the way down. And they're not worried about they're more worried about getting their their money out of the system, out of the banks.
than they are whether gold is a hundred bucks cheaper this week than next week or whatever. So I would say wait for the next day or two to see if gold pierces through forty five hundred. If it does, you better buy because it could be going, you know, higher. If it gets rejected, then you got a couple days to see it drop a bit and start nibbling on the way down.
Kellen Ainey (03:06.574)
Okay. So you do see the opportunity coming arising, but at the same time you wouldn't really you wouldn't really take on the risk yourself.
Andrew Sleigh (03:17.795)
myself I'm I I well I don't buy much gold, but
Kellen Ainey (03:22.828)
When I mean when I say when I say risk, sorry, just to clarify, you wouldn't risk waiting at that point. So you wouldn't wait for a to land to thirty-nine, thirty-eight hundred. You would say even at forty-four hundred you would still be comfortable buying.
Andrew Sleigh (03:37.563)
yes, when you when you look at a a longer term trend and you know the large wealth of the world are buying now. so why aren't we? You know, from that perspective. So if like there are people that like to play the game of of trying to get the best bang for the buck possible and they I'm sure drive themselves crazy doing it. I've I play that every now and again and it's always a a game of consternation.
long term, medium term view, I would be a buyer today. If I was trying to get a little extra for my money, I would be paying very close attention to what's going on daily on the charts and also what's going on in the world news. Because this can turn very quickly and and if you're not paying attention if you just sort of you know buy something and you don't watch the financials, you know, for a week, I think you are playing a dangerous game there and you're better off trying to just get in the market rather than
snipe, you know, value out of the market. So I you know, I did this myself a few weeks a month ago. I was consternating over trying to snipe some lower silver pricing. And as soon as I flipped the chart to three month, six month graph, I'm like, why am I doing this? And because I was nearly at the bottom on the three and six month chart. It was very nondescript as to how much lower it would go. On a daily chart looked like I was six dollars above where it could go.
So it makes you say, well, I want to get a better value. But then you look at a six month chart and it's like, well, I'm very near the very bottom. So why am I playing around and get it out of my head and I just bought? And I'm glad I did. I mean, I it kind of went up and up and up and up from there. And maybe it returns back to the mid fifty range. But if it does, I don't care. It doesn't matter. I'm I've got my money out of the bank, which is more concerning to me than anything else. And and there is an awful lot of talk.
on gold and silver have put in their bases and are getting ready to move in some pretty significant ways. Now lots of people saying that. The charts are law of probabilities. I s I think from a chart perspective, we are going to have a meandering down over the next few weeks to where we were and people should be nibbling on all that stuff on the way down and then on the way back up and and getting their capital deployed.
Andrew Sleigh (06:04.702)
No one has a crystal ball. So so big money's pouring in. I would be nibbling as well.
Kellen Ainey (06:13.258)
All right. Speaking of gold, gold has been under pressure from interest rate expectations, but central banks bought 289 tons in Q2, even while gold went through its steepest quarterly decline in a decade. Andrew, when you see central banks buying that aggressively during a pullback, what does that tell you about how they view gold long-term and should retail investors be taking note?
Andrew Sleigh (06:37.446)
one hundred percent. I mean this is a common theme you and I've talked about for years, where every time there's a pullback, the general investor disappears. The big money continues to be in the game nibbling every month. And that's that's the fault of the general investor. When things are quiet and we have pullbacks, everyone waits to see where the bottom is. And that's the problem. We we don't know where the bottom is. They should just be purchasing
you know, on a regular basis if they have capital to get rid of. And and when the bigger money is flowing in, that's what we should be doing all the time. And, you know, the you didn't see Standard Chartered or or JP Morgan Chase Bank buying silver and gold at the peak of January pricing. But the public were.
Kellen Ainey (07:32.014)
Yeah, and it's funny because they've i you could see you just kinda hit the nail on the head there where it's as the gold and silver prices continue to rise, sales was almost matching it. And then as it continues to fall, sales I wouldn't say is almost matching it because we do still have some savvy investors as our clients, but it's certainly the volume levels are just night and day.
Andrew Sleigh (07:55.22)
Mm-hmm. And it's it's the psychology of the general public.
Kellen Ainey (08:02.668)
Well, yeah, I can a hundred percent see that. So speaking of silver, silver has had an incredible amount of volatility this year. When you see swings this large, does it change the way you accumulate silver, or is volatility simply something physical silver investors must learn to live with? And I think you've already answered this one, but why don't you reiterate it for our viewers?
Andrew Sleigh (08:23.692)
So, you know, the old saying goes, Silver is a blessing and a curse. And and so you need to live with the volatility and just, you know, stop watching it if it drives you crazy. But it's going to be an absolutely critical commodity to own as physical in your possession and and in storage because you know, this is gonna be the playbook of the century, I think, in the coming, you know, next few years.
So yes, it's volatile, but when you look at long term trend charts, silver and gold have almost matched each other in performance. You know, like but you do you have to get away from the day to day, you know, silver goes three to one ratios to gold, more or less. It works out very very common that way. So in January gold pulled back ten percent, silver pulled back thirty. You know, but when silver when gold goes up ten percent, silver goes up thirty percent.
So and it works out very common that way, and that's just the nature of the metal. but on every pullback, that's where you should be buying if you want to be successful in in capitalizing on silver in a in however you know, w as long as you have capital inflow to yourself that you can keep buying, you just keep on buying every pullback, and when this whole system finally does break down in the future.
then you'll be glad that you did that all along because holding dollars, no matter what country you're in, will have no future value at all. And that's what I keep reminding myself is I'm like, well why would I am I going to hold dollars more than the the little bit I carry and and keep for the transition. I'd rather have a volatile silver and have it go down and I'll buy and and long term I will be successful.
And you know, to prove that point, you can go back to the the old money of Canada, the silver dollar coins and the old quarters and dimes. You know, those are roughly around fifty six dollars per one dollar coin. So if people are worried about the volatility, go back and look at the junk silver of the old Canadian money and the old American money that you could have had that stuff stuck in a drawer and today pull it out and it's f it's fifty five bucks to buy it.
Andrew Sleigh (10:46.622)
It does not not hold your value. It's gone up fifty-five times in in sixty years. So who would not want to be part of that? And so think think of those things because the market, the mainstream market, business news would have you think silver and gold are you know volatile, dangerous assets to hold by design. Meanwhile, the real money of the world is buying it and they want you and I
in the stock market so that we're holding the bag when the wealth gets out of the market, which they've been doing.
Kellen Ainey (11:24.856)
So moving on here, we're ripping through these questions today. Gold and silver investors spend a lot of time watching the Federal Reserve interest rates and the US dollar. For someone buying physical metals for the next 10 or 20 years, how much attention should they pay to these short-term macro events?
Andrew Sleigh (11:45.898)
Well, that's a very interesting question. My first instinct of an answer on that is I don't think people will be able to buy gold and silver ten and twenty years from now. So so but
From a
But trying to answer it that context, which is difficult, then they shouldn't be worrying about what the day to day of the dollar and interest rates are. They should just be purchasing all the time. Whenever they have capital to get rid of, they buy. So if it's happens to be the fifteenth of every month, or the first or the tenth, or whatever date is, they just buy consecutively all the time until they can't. They don't even have to pay attention to what's going on in any of these things. if you're
accumulating as much as you can short term, then I would pay attention to some of that stuff because you're buying on a regular basis, you know, maybe weekly or monthly, but anytime there's a the the Canadian dollar suffers greatly sorry if the Canadian dollar is strong against the American dollar and interest rates are threatening to go down, that would be very positive for gold to go up.
So you do you'd want to be purchasing before those events happen. If that hopefully makes some sense. I could
Kellen Ainey (13:02.56)
Okay. No, it it it answers the question very well. All right, so now speaking for someone who would be investing on a budget, if someone gave you ten thousand dollars today and said you could only buy physical gold or silver and couldn't touch it for five years, which would you choose and why? And I'd like you to expand pretty greatly on the why, as this is our last question and we have more than enough time left.
Andrew Sleigh (13:29.588)
All right, I'll see if I can fill in that length of time. ten grand, I would buy silver it depending on the country you're in. But if in Canada I would buy silver maple coins only. If I was in US I'd buy Eagles only.
Kellen Ainey (13:49.216)
Now, can I ask you to expand on even that specifically why? So, why would it change as you go from country to country, the coin that you'd buy?
Andrew Sleigh (13:57.942)
So I would try and stick with the legal tender, the coin of the realm, wherever you are, because that's going to be the most acceptable coin, the strongest acceptance bartability and all that. So meaning in Canada, you know, the maple's been around and been minted for whatever, fifty, sixty years. There's hundreds of millions of them that have been put out there and the public generally will recognize the coin easily and accept it accept it as a as a barter on day one.
of a of a currency crisis. In the US, it's the same reason. The Eagle is legal tender as well in the United States. And for the extra bonus that there's no federal paperwork reporting if you were to sell an eagle to raise capital, some cash. Whereas all the other coins, you go into a street store or wherever, you sell whatever, a grand worth of coins, they have to report that to the IRS. So
You'll pay a little more for the Eagles, but y you know, when you're talking ten grand, the difference is only going to be a couple ounces overall. And so I would just buy Eagles, have the best coin you can for the amount of money you have, which is ten grand, and you'll have all the options that are available. And the for the same reason for Canada, that it'll be the strongest coin out of the start gate. And yes, you could buy rounds.
And you'll get one or two extra, but you may not be able to use them as easily in the early days of of people bartering for s for silver. And then, you know, if you're Europe, it would be, you know, like in England it'd be B the Britannia, in Austria, that's the Austrian Philharmonic. I'm not sure about all the other countries if they have their own silver coin, but you get the drift. you know, you have whatever ten grand buys, roughly let's call it a hundred coins.
in Canada and and around sixty coins in the US, give or take. that's a hundred transactions you have for ten grand. If you were to buy gold to fit into ten grand, you'd have one ounce, maybe a quarter ounce, and whatever else, and that's two transactions or three. And then nobody can make change.
Andrew Sleigh (16:18.026)
So you go to the farmer's market with an ounce of gold or a quarter ounce gold or whatever, and it's worth thousands and thousands of dollars and nobody can give you change. So now who are you looking for? Somebody that can give you silver for the exchange of the d of the gold. so that's why I suggest and to me it's a it's a no brainer that for a small amount of money like that, silver is the play all day long. And you know, one ounce of silver in the future will buy
three weeks, four weeks worth of groceries as we you know get into the hyperinflation events that are coming. Just like Venezuela, that's been going on for ten years. Silver still buys the same thing for last ten years, regardless of what it's labeled at for dollar value. So
I think that's I think that even though that was only a four minute w answer, sorry.
Kellen Ainey (17:13.678)
No, that's okay. It's so what I will ask you then, do you find that there's say with an entry point of ten thousand dollars, do you find there any reason to invest in gold? Or would you only stick with the silver? I mean, just at that ten thousand dollar standpoint. Okay.
Andrew Sleigh (17:27.104)
I would only buy silver. Like there's to me, in my opinion, there's no good reason to buy gold if all you have is ten grand. You know, that's it. And you know, if somebody really wants an ounce of gold and it's on their bucket list and they're not really buying into the collapse of currency and all that, then that's a different argument. And I would say, sure. You've got you know, you got
Kellen Ainey (17:38.648)
Okay.
Andrew Sleigh (17:52.522)
Half a million dollars and other assets that are in all these other fiat based investments, which are is going to be a real problem and he'll likely lose, he or she will lose. and if you just want to buy ten grand worth of gold to have so that you can scratch off your bucket list, then there's no discussion beyond that for the client anyway, because they don't buy into hedging the currency with gold to start with. They're just buying a piece of gold because they want a piece of gold.
Kellen Ainey (18:18.656)
Okay. Yes. It's more so even a collectible standpoint as opposed to an investment standpoint.
Andrew Sleigh (18:23.712)
That's yeah, well said, yeah.
Kellen Ainey (18:26.498)
So, as we are out of questions, do you have anything you want to speak to our viewers about? Anything that you've recently read that you found very interesting?
Andrew Sleigh (18:36.028)
so I just saw something breaking this morning before we came on. there was a Capital Cosm was interviewing Eric Young, who's out of Hong Kong, and he was talking about the level of gold that China has now is excuse me, is at a record high. And they've acknowledged I haven't been able to have time to watch it all, but they've acknowledged
China meaning that they're gonna need to procure more gold because they plan to back the Remindi, I believe is what they're referring to, to back it with gold in the future. So again, go and watch it. I haven't watched only a few minutes of it, so I'm just trying to throw the general gist of the interview out there. But the the consensus so far is the position that China's taking is gonna have a
major impact on gold and silver going forward. When that starts is is unknown. I could it could have a a many weeks, a month, two month to impact what's going on price wise. We have no idea. I haven't watched the whole interview. But Eric Young, his last name is spelled Y E U N G, I believe. he's very well worth searching excuse me.
He's very well worth searching on YouTube because he's boots on the ground in Hong Kong. He's a professional commodities trader for twenty some plus years or longer. And he's got his finger on the pulse over there, what's going on. So he's a very good source of information. so anyway, things are going on in China, whatever they exactly are, and the timeline of how that impacts, but he's very bullish that these things are gonna have a huge effect on silver and gold when it starts to become
implemented whenever these things start to roll in China. the other stuff that I'm keeping an eye on is the level of concern from endless from A to Z across the YouTube s space, I've never seen so many people concerned about the market being ready to roll over. Like it's
Andrew Sleigh (20:59.036)
It is all over the pl it's everywhere except for the mainstream business channels, of course. They're not saying a word. But we are so close to an eight, you know, t style of an event that I'm so far, and this is always in development as to what I'm seeing. I really think that we're gonna have a problem in in September or early, early October, whenever the traditional dates are in that area where we have these typical crashes of the market. The trend seems to be
certainly lining up for September or the first week of October. Don't know a date. If that plays out to be true and that occurs, people who are sort of sitting on the sidelines waiting to purchase, I would start doing this. You know, because you're you're risking a lot of things. Metal could go down during a stock market collapse, but it's down very s very, very briefly, and the big money pours in, and sometimes it's hard to get metal.
at those events. And the example is proven in 08, where, you know, the market went down fifty percent, silver and gold went down, you know, whatever, twenty-five percent odd, but the big money came in and bought all the silver there was available in North America for fifteen weeks. So if you and I were sitting on the sideline waiting for the nibble chance of a lifetime, trying to save ourselves an extra ten, fifteen dollars an ounce, and we have this correction occur or crash.
And now we're calling up whoever to buy, you know, everyone is going to be sold out. And then by the time 15 weeks is over, it's recovered and well above, you know, wherever it was. So we can't play that game. You're far better off playing while things are quiet. You can get money out of the banks because we're seeing more restrictions on that these days. Right? We had that client in the US that
Their credit union wouldn't send four hundred grand.
Kellen Ainey (22:59.806)
And in the grand scheme of things, when it comes to purchasing precious metals, that's a smaller transaction, even too, right?
Andrew Sleigh (22:59.862)
And they
Andrew Sleigh (23:06.208)
Yep. I mean that's not a big amount of money and you know, they were saying whatever story they wanted to, but in the end, the client couldn't pull the money out of the bank to do a purchase that they wanted to do to hedge against the currency because in the end the credit union didn't have it. They can they can say whatever they want for a story, but if they're not going to send it, it's because they don't have it. And
Kellen Ainey (23:28.842)
Yeah, and we have seen that time and time again. I've noticed it s tends to happen with the smaller branches and credit unions as well. but i it's even yes, exactly. That four hundred K wasn't the first time my I've experienced it. I've even experienced it something as small as thirty grand, Andrew. I've seen transactions in the range of thirty grand being stopped by the banks. So it can be very and they will throw the book at you, they will give you every reason under the sun. It's i it it
Andrew Sleigh (23:52.413)
Yeah.
Kellen Ainey (23:59.01)
it's it's quite alarming to say the least.
Andrew Sleigh (24:02.006)
So it's it's you know, absolutely. It's not only the looking for the market where you where you wanna buy, like people that are trying to go, I think it's gonna go lower, I'm gonna wait. So you have that situation, but that's not the only thing to focus on and the general public don't see what's going on like like we see and and other dealers is that the resistance by the institutions to send money is growing. At some point, I don't
I don't doubt it for the second that when the public start to do this in any meaningful way, the capital controls will come down the pipe. And the you know, the people that want to get a hundred grand out, fifty grand out, a million out, those gates will all be closed and locked. And you wanna be way ahead of all of that. You don't want to any part of that get out while you can, because while it's quiet it can be done. If
If there's anything that happens in the next couple of weeks that the public start to get really encouraged to buy in a in a meaningful way and the volume goes right up through the roof again, then A, that money is flowing from somewhere else. And that means it's coming from the bank, it's coming from other investment companies. And I do think, just like the private equity, that eventually
When we have money flowing over the mutual fund companies like crazy, because everyone's lost faith in the system, which is slowly getting there, that, you know, and remember the old saying, it's always inch by inch and then all at once. Right? The stock market collapse has been working on for 18 years. Right? And and so it's been worked on inch by inch. And then all of a sudden, and s and whatever the date is.
coming up if it occurs in September, October. You know, let's just say September fifteenth for sake of a number. September fifteenth, all of a sudden the market's down fifty, sixty, whatever percent, and everyone says, where's that come from? And it's unbelievable how many people do that. So so and so the you know these things keep occurring. Pardon me, they'll stop in a second.
Andrew Sleigh (26:25.91)
These things work their way through and then the situation gets to a point where all of a sudden the market goes down and everyone's like, Where where did that crash come from? And they they ignore all the warning signs years in advance of what's coming. And it's like where we are right now where the mainstream business channels promote the you know, it's the stock market like crazy and FOMO and all that stuff. And that's why people were
And history dictates this. Even during the Great Depression, the people were caught up in the stock market going higher, higher, higher, get in before it's too late, and then it crashes ninety percent over two years and and destroys everyone's wealth. And the public keep doing that all the time. So be where everyone else isn't. The public are all in the stock market. Be the contrarian investor and you do it ahead of time and
Nobody's in the in the metal market right now. It's half a percent of the population.
Kellen Ainey (27:27.966)
Yeah.
Andrew Sleigh (27:29.12)
That w that figure alone should tell people that's where they should be. But it's a not an easy discipline to do. So
Andrew Sleigh (27:40.214)
This market is getting very precarious. The the price earning ratios are stratospheric. Look at the stock market and there's red everywhere all the time. And there's no place there to be that's safe. And the safe harbor right now is going to be commodities, particularly physical, silver and gold to preserve your wealth, wait for the calamity to occur and and you lose very little. And then
And then you start, you know, deploying your capital if it's safe to do so afterwards. Whatever that looks like on the other side, which you know this could be a a few year process. You're not being married to it for life. So so if if we have a major event of of of market capital decline, you're gonna see interest rates be put to zero very quickly. And and that's gonna make gold and silver explode.
whenever that occurs. And you don't want to be trying to buy metal at that moment. And that's what the masses do. And the the smarter money is buying at these quiet times when the market is pulled back and they're not trying to to get the exact bottom. They're trying to deploy capital because that's what's important. Because it you know, two years from now silver is five hundred bucks. You're not worrying about whether you paid
in US spot price, you know, like sixty-eight dollars an ounce or fifty eight dollars an ounce. You could care less. You you won't even know. You won't even care. So that's the important thing there is to to get your ducks in a row before anything bad happens. So that's my that's my take on what I'm seeing right now. And people need to take take heed.
Kellen Ainey (29:30.434)
Well, once again, Andrew, thank you for sharing your expertise with us and thank you for joining us on the Ask Andrew podcast. How can our viewers and clients reach you directly?
Andrew Sleigh (29:42.412)
They can call the toll free number one triple eight eight six one zero seven seven five. My extension is two hundred thirty. And if you don't get me on the phone, just leave a quick message and I'll call you back as soon as I can. And the the email address would be death of the dollar at sprottmoney.com.
Kellen Ainey (30:00.419)
Perfect. Well, once again, Andrew, thank you.
Andrew Sleigh (30:01.514)
Right. Thanks very much. See you again.
Kellen Ainey (30:05.347)
You have yourself a good one now. Cheers.
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