Understanding the Bullion Business with Andrew Schectman

For those buying physical metal, it is important to understand how the industry works. FutureMoneyTrends.com recently sat down with Andy Schectman of Miles Franklin (MilesFranklin.com) to ask him about the state of the gold markets as well as how does a transaction work when someone wants to own the physical metal.

To watch this interview, click here.

Below are some quotes from our interview.

1:10: “Confiscation is probably the one question I’ve been asked more than any other…It [Gold] was confiscated in 1933…I don’t really think that’ll happen anymore, it’s unlikely at best”

When asked why he thinks it is unlikely he responds: “What I think they’ll do instead is go after the ETF’s”

2:53: He continues: "The people that own physical Gold are the pimple on the Elephant. So few people own it…it doesn’t make sense to go door to door…and say give me your gold"

On storing Gold:

10:12: “I’ve always felt it’s best to take physical possession…If you’re going to store in the United States, Dakota depository is as good as it gets…the Montréal facility [However] trumps all else if you’re going to have storage, but to me none of it trumps having it under your floorboard [etc.]”

Gold as Money:

12:25: “When I talk about Gold and Silver I never use the word investment. I always say it’s wealth…it has been wealth for 6,000 years…I look at it as money”

On Silver or Gold Shortage:

13:16: “2008 as the price was dropping from $21 to $9 on Silver and $1,000 to $700 on Gold, every major mint in the world was shutdown or 16 weeks back ordered, every one. I would lay in bed at night with my wife and say ‘What the hell am I going to do tomorrow’”

14:18: “The market will be defined not only by rising prices, but more so by lack of availability”

Click Here to Watch!

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