Peter Schiff On Why Gold, Silver, Metals Will KEEP GOING UP

26:42You know, I love you, but that's not true. Let me explain. It is true. Okay. I'm going to give you a real example. You're using academic theory. I live in the real world of facts. Here's the first one. When we put the tariffs on the washer machine manufacturers, when they were internationally producing these and shipping them to the United States, you know what they did? they came to the United States and they took over existing facilities that were no longer being used and they began manufacturing very quickly within 12 months. Second of all is U.S. steel. When we put the tariffs in 2018, what people didn't realize was we have steel manufacturers here in the United States.

27:15They were only operating at about 40 to 50 % capacity. When we put the tariffs on the international producers of steel, all of a sudden the U.S. manufacturers went to over 80 % capacity. Yeah. If we have unused capacity, we can ramp it up. But for a lot of - But hold on. Hold on. For a lot of the goods, we have zero capacity. We don't have excess capacity. We have no capacity. Hold on. So that was two of the three things that we tariffed in 2018 was a direct example where that didn't happen. Yes. And it made prices go up, didn't it? No, no, no. Actually, steel went down. Steel went down, washing machines went down, and solar panels went down the three things that we tariffed in 2018.

27:54Now, here's the other thing that people forget is that let's take defense equipment as an example. If you actually look at where we are getting savings and we're seeing manufacturing and production, this is one of the hardest things to do in the United States, build ships, build missiles, build all of this equipment. We are funding that via the private sector through venture capital, Anduril, Saronic, all of these companies, they are actually not being built with public dollars. They are being built by being funded by venture capitalists, people who are taking the risk to fund this stuff. And so I don't believe we need any sort of economic downturn.

28:30Instead, what we're seeing, it is a pro-growth approach where people are saying, I am willing to risk dollars to get an economic return as long as we can step in and solve this. The problem is, you know, the president's policies, by and large, are not pro-growth. They are Keynesian style, a demand-focused stimulus, cutting taxes, you know, no tax on tips, no tax on overtime, no tax on Social Security. These are all inflationary policies. They don't grow the economy. They grow the taxes. Then why is the economy growing? Then forget for a second who's doing it, whether Biden did it or Trump did it.

29:07I don't care who the person is. If what you're saying is right, then why is the economy cranking and inflation is falling? It's not cranking and inflation is not falling. That's my answer. You know, we we have blown more air into the bubble by, you know, running up the deficits even bigger. We gave out some tax cuts. We increased government spending. But also we have a massive investment, CapEx investment in AI, which is driving like 80 or 90 percent of the GDP growth is all this spending on on on AI and these data centers by these hyperscalers. And so we'll see, you know, if this spending is justified or if they've they've they've overspent.

29:51But there's there's been a lot of misallocations. I think, look, a lot of money has been spent on all this crypto nonsense. That's all all a big waste. But, you know, it's goose to GDP. And I do think that the deflator is is too small. I think that there's actually more inflation than is being assumed by the government when it adjusts nominal GDP gains to real. So, and I also think there's a good chance. You can't say GDP is growing, but it's AI. It's like, I would have been 6 '3", but I'm only six foot. No, I'm just saying where it's coming from so you know whether it's sustainable. Because, you know, they can pull back on the AI spending.

30:34But also, I think a lot of the numbers may end up being revised lower in the future. And so just because the government comes out and says, hey, look at the GDP growth, it may not be the case. If you remember, you know, when we had the Great Recession in 2008, the government had to backdate the recession for a year. And they went back and they took a year's worth of positive GDP numbers and revised them to negative numbers. So, you know, they can come back a year later and say, oh, the number was completely wrong. In fact, not only wasn't it, you know, it was wrong, it was actually negative, not positive.

31:11So I wouldn't put a lot of stock in it. I would take I would put more stock in the fact that gold prices and silver prices are soaring, that the dollar is tanking, that the yields on long term treasuries are rising despite the Fed rate cuts. These are all signs of weakness and inflation. Do you use artificial intelligence on a daily basis? Like, how do you use? Yeah. Well, yeah. I mean, I use it, you know, you know, yeah. I mean, I'd say every day I use chat, GPG, Grok for for something. I mean, you know, I don't know, you know, how much money it saves me. But and we use it in the business for certain things.

31:49I mean, I think obviously people are starting to use it. I'm not saying that, you know, it's not good. I think there's a lot of potential, a lot of promise there. But it doesn't, again, it doesn't give the government and the Fed a license to create inflation just because they think, oh, well, we're going to get downward pressure on prices from AI. So that gives us carte blanche to create inflation. No, I want sound monetary and fiscal policies. I don't want the government creating inflation. I want sound money. That's what you should want, too. That's what Bitcoiners used to want back when they first started it.

32:28Right. They were they were on board. Right. But but now so many Bitcoiners just want to kiss Trump's ass because the only thing propping up Bitcoin is Donald Trump. So you have to basically, you know, pretend that everything this guy does is great because he could destroy your whole net worth with a single post on on Truth Social. So a couple of things. First is I actually think that the policies being implemented are coming from Stephen Myron. I think that a lot of what's happening here are things that people have been talking about for a long time. And again, I think that folks who don't want to debate the details of the economic policy try to make it political.

33:10That's like the person behind it. But actually, what we have seen is we saw Democrats for 20 years talk about the fact that the trade deficit was a huge problem. We now have the Republicans who are saying that. So regardless of Democrat, Republican, whatever, there are people in Washington, D.C. on both sides of the aisle that know that that's a major problem. The second thing is that Trump implemented a bunch of tariffs in his first term, which whether you liked it or not, he did it. We can now look at it as a case study in terms of what happened. Biden came in and Biden actually extended a number of those, including the tariff on China.

33:41So hold on. The trade deficits were larger when Trump finished his first term than when he began it. So the trade deficits got worse under Trump. And the trade deficits, they're a problem, but they're more of a symptom of an underlying problem that is causing the deficits. I'm not arguing. I'm not arguing. The point I'm trying to make is I don't think that it's a red or blue thing. I actually think that people in Washington, D.C. agree way more on what the problems are. They may disagree on how to solve it, but they understand the trade deficit. They understand the weak or strong dollar. They understand this stuff.

34:18I don't know if they understand it. Well, here's what they're trying to do is the current administration, I think they want to get to a high growth, low inflation environment. Here's what I want you to do. I have a challenge. It's the opposite of that. I have a challenge for you. I think you're the perfect person. We built a product. It's called CFO Sylvia. You should go on there and you attach all of your bank account, your crypto account, your stock account, all that kind of stuff. You put your credit cards. You can put your real estate, cars, all that stuff. And then you can talk to an AI model and you can start asking a question.

34:47You can ask it, you know, hey, how do I save money on my taxes? How do I analyze my portfolio to identify risk? Do all this stuff. I think that you will not only one be blown away by the power of this stuff when it has the context of your own financial life. But the second thing is my guess is that you will actually spend less money on advisors, you know, financial assistants, investment bankers, whatever. And to me, that isn't. It's giving out investment advice. No, it's no. So, for example, if you ask something like, how do I get my tax rate down? It will go and it'll go asset by asset in your portfolio and it will tell you a number of different options that you have.

35:27So it's trying to inform you. You got to go and make the decisions. Right. But it's trying to inform you. If you go and you say to it, you know, hey, take a look at, I don't know, Palantir stock. You know, is that something that I should buy? It will go and it'll look at fundamental analysis, sentiment analysis, technical analysis. But then it will present you. What happens if you ask it if you should buy Bitcoin? What's it going to say? The first thing it says is Peter Schiff has been wrong for 15 years. He should have bought Bitcoin and he would be way richer. Because if it tells me I can try, if it tells me to buy Bitcoin, I know it's a completely worthless program.

35:59All right. It's biased based on whoever wrote it. Speaking of Bitcoin, I want you to take your victory lap. For the last year or so, gold has done very, very well. It's up, you know, 80 plus percent. Bitcoin has not participated in this rally. I've seen you taking your victory lap online, but I figured that I would give you the floor to go ahead and explain why you think gold is taking off and Bitcoin isn't. Well, you know, gold, obviously, we're at a record high as we're speaking. It's just under$5 ,300 an ounce. And, you know, it really broke out two years ago because in January of 2024, it was just below$3 ,000.

36:39So it's gone from$3 ,000 to over$5 ,000. in that period of time. Last year was the best year for gold since 1979. And this year is probably the best January for gold ever. And this may be an even better year than last year. And during that period of time, Bitcoin went down. Bitcoin was down last year. And I don't know, it's about flat this year. But it is not participating in an environment where people are looking for alternatives to the dollar. They're looking for an inflation hedge, a safe haven. It's de-dollarization. This is the exact environment in which Bitcoin was supposed to outshine gold.

37:25The whole selling point of Bitcoin was that it is better than gold. It's a digital version, like high-octane gold 2.0. And if gold goes up, well, Bitcoin will just go up even more. So buy Bitcoin instead of gold. It's going to serve the same purpose, only better. And that narrative was completely destroyed by Bitcoin's failure to rally. And in fact, look at the poster boy of Bitcoin buyers, Michael Saylor and strategy, where he spent over five years accumulating Bitcoin. And this is supposed to be the greatest thing you can do with your money, the greatest asset, the best returns. Just buy nothing but Bitcoin, leverage your life, mortgage your business and your house and throw it all into Bitcoin, according to Michael Saylor.

38:20Well, he's been doing this for over five years and the average cost on his Bitcoin is 76 ,000. And right now, Bitcoin is still below 90 ,000. Was it 89 ,000? Where is it right now? Where's Bitcoin? 90K. Yeah, so 90 ,000, right? He's barely, what is he up? 15%, 16%. That's all he's got to show for five years of nonstop Bitcoin buying. I mean, had he bought gold or silver, he would have way more money right now in micro strategy. They would have had a much better return on that investment. And they could get out of it if they wanted to. Michael Saylor, if he tried to unload that Bitcoin, the market would implode.

39:03he would have a huge loss. The only reason he has a gain is because he hasn't tried to sell. In fact, if he stops buying, I think he'll have a loss. That's why he keeps on buying more Bitcoin, even though a MicroStrategy stock is now trading at a discount to devalue the Bitcoin. What he really should be doing is selling Bitcoin and buying back his stock, but he can't do that. So he keeps doing the opposite to destroy more shareholder value. So the point is, if Bitcoin couldn't go up when it had everything going for it, it ain't going to go up. It's going down. And I have always said that the best thing that Bitcoin had going for it from a PR perspective was gold's failure to go up.

39:49Gold was stuck in a range for almost all of Bitcoin's existence. Gold, before Bitcoin came on the scene, gold went from under 300 to 1900, right? Huge one, Six tax gains. Bitcoin shows up during a period of time where 12, 13 years gold traded sideways in a range. And that was very frustrating for a lot of gold buyers that weren't getting the immediate, you know, you know, reward and the gratification of of seeing the gold that they own or silver go up. and Bitcoin was saying, or Bitcoin promoters, look, gold and silver are not going up because they're no longer the hedge because now we got Bitcoin.

40:32Bitcoin has replaced gold. It's the new gold. It's gold 2.0. And look, it's going up. Look at how much it's going up. People are getting rich in Bitcoin and you're just going, staying poor, owning gold and silver. And so that was great marketing for Bitcoin. But now that gold and silver are performing, and that they're going up almost every day, right? And Bitcoin is the one that's going sideways. It's hard to make the argument now that people should sell their gold and silver to buy Bitcoin, or that people should not buy gold and silver and they should buy Bitcoin instead when Bitcoin is the one that's going sideways and gold and silver are going up.

41:14In fact, if you go to the peak of the prior cycle, which was November 2021, Bitcoin is more than 50 % lower priced in gold than that peak. And that is a significant decline. That's despite all of the Bitcoin ETFs that were launched, despite the election of Donald Trump and the Bitcoin Strategic Reserve. And despite, you know, Michael Saylor's buying and all of the copycat, you know, you know, crypto companies that have come on the scene to buy crypto and all the other crazes that have come and El Salvador buying Bitcoin. All that hype, Super Bowl commercials, celebrity endorsements, all of that.

41:57And gold, you know, is or Bitcoin is down 50 percent relative to gold. So, I mean, that really shows that, you know, that this thing is over. You know, the money has already been made in Bitcoin. And now the key is, you know, who's going to get out and who's going to be stuck holding the bag? Do you own any Bitcoin? No. All right. I mean, I have a little teeny bit that was gifted to me for my strategic reserve. Oh, so you do have some Bitcoin. You finally capitulated. No, I didn't buy any. I got it for free. What is that? Doesn't count. Well, if you don't sell it, that's an active decision to hold it.

42:32No, because I told the people that if they put Bitcoin into my reserve, I would not sell it because I'm not going to ask people to give me money and then use it. But I said, look, I'm going to set up this strategic reserve just as an example. And if you want to fund it, then go ahead. I'm not going to use it. I'm not going to take advantage of the fact that you gave me some Bitcoin and sell it and go out to dinner or something. So I made a commitment. If somebody gives me Bitcoin, I'm going down with the ship. I'm just going to hold it till it's worthless. But if I was you, you know what I'd be saying?

43:07Do you know what the five-year return of Bitcoin is and the five-year return of gold? Well, it could be pretty good right now because Bitcoin went from 69 ,000 down to 15 ,000, right? Had a big drop. And so if you're going to measure it from below point. No, no, no, no. I'm going to help you. I'm going to help you. Bitcoin's return over the last five years as of today is 160%. What is it over four years? What is it over four years? Hold on. Gold's five-year return as of today is 186%. So gold is outperforming Bitcoin over the last five years. But what about four years though? It's probably even greater and three years and two years in one year.

43:44I'm just on Google finance. So, you know, yeah, I mean, but five years, because what happened to Bitcoin is Bitcoin had a big drop and then a big rally. So if you start measuring it kind of at the low point, it yields a big return. But, you know, if you measure it before that big drop, you know, so the timeframes can influence it. But what's I think more relevant is what did Bitcoin do last year? What did it do? How are returns the most recent time period that you have? And Bitcoin has been lousy. I agree. And in fact, for most people, for most people, right? Bitcoin has not been a good investment.

44:27For the people who got in very early, it's the best investment they've ever made. No question about it. I mean, I know people, I know many of them who have, high net worths, half a billion to a couple of billion. I know a bunch of these guys and they own their net worths to Bitcoin, Ethereum, stuff like that. Because they got in really, really early. Okay, great, fantastic. They hit the lottery with crypto. But the majority of people who made that wealth possible by bidding up the price of Bitcoin, who got into the Bitcoin in the last three, four, five years, they haven't made a lot of money. A lot of them have lost money.

45:10So it really hasn't been a good investment for the majority of people. For some people, it's been an investment of a lifetime, right? But for the vast majority, that's not the case. And a lot of people still don't realize how much money they've lost in Bitcoin because they haven't sold it yet. And they're just looking at the current value and they think they have money that they've gained, but they haven't really gained anything because by the time they go to sell it, it's going to be a fraction of its current price. What are you excited about in this year? And how are you positioning in your portfolio?

45:45Now that I beat you up about the economy and ran circles around you, now tell us what you're doing in your portfolio. Well, I'm not really doing much to my portfolio. It's the same portfolio I had a year or two ago. It's just a lot bigger, as far as the number on the statement. But what I have been doing personally is I haven't been buying much in miners right now because I'm so heavily weighted. There was a recent correction a few months ago where I actually added. I mean, you know, every time I've been able to add to my miners, I'm kind of surprised because I didn't expect the pullback that I got.

46:23And so I bought some more. But based on what's happened recently, I've been focusing on emerging markets. I really increased my energy exposure because I'm trying to diversify more away from the gold and silver mining stocks that are so dominant in my portfolio. And that I expect to continue to outperform everything else that I own. But I'm obviously I'm cautious by nature. And so I want to have some other assets in my portfolio. But, you know, if someone were to come to me today from scratch is, hey, I don't even have any stocks at all. I've just got, you know, I just got cash or I got crypto.

47:06Right. Well, what should I do? The first stocks I would probably buy them. I say we've got to get these mining stocks, you know, because there's so much potential and they're so cheap. You know that that that's the thing. Yeah. The price has gone up a lot. But the value of the underlying business has gone up more than the price of the business, which is like the opposite of what happens during a bubble where the price far exceeds the value of the business. And you have these rising PEs, right? People are paying more and more money to buy a dollar of earnings. But today you could buy a dollar of earnings from a gold stock a lot cheaper than you could buy it a year ago.

47:45And that's, again, because the markets don't believe what's happening. And not only don't they believe it, they don't understand it. I understand exactly what's happening because I've been waiting for it. I've known about this for years. And what's happening is exactly what I said was going to happen for the exact reasons that I knew it was going to happen. I hope that your portfolio continues to go up. I think that if you become a billionaire, which I know you're getting closer to, I'd be really happy for you. You know, you've been completely wrong about Bitcoin, but gold has done well as well.

48:21And I think that it's important that although we may disagree on the exact details, there is an element to me of Bitcoin and gold, they're brothers in arms in the sound money fight. but i do think that right now um you know you may be missing a little bit in terms of what's happening in the economy i don't give a shit who's sitting in uh in the white house all i care about is if we can get a high growth low inflation economy we can grow our way out of some of these problems that would be yeah but we're not going to get that we're going to get a low growth high inflation economy that that's where that's what we're going to have that's that that's what i think that the difference of our viewpoint is and so look the beauty of this is we're going to keep doing this for the next couple of years.

49:02And then at some point in the future, we'll have a definitive answer. But so far, the data that we're getting suggests I'm right and you're not. Let me ask you a question. If you're so optimistic on the economy, if we're going to have all this growth, there's going to be no inflation, why buy Bitcoin? This is a great question. I actually think this is one of the biggest risks to Bitcoin in the short term that a lot of the Bitcoiners don't talk about is if we do not have high inflation, then a very big portion of the argument for Bitcoin would not be there. Now, there's still reasons why you would want to buy Bitcoin in terms of it will still store value over a long period of time.

49:40There's censorship. But why do you need to store value if there's not going to be any inflation? I mean, why not, you know, why not earn interest and own treasuries, for example? Well, I think that there's a lot of people. That's what they are doing right now. The Bitcoiners, but I think just people in general are saying, wait a second, that there's not going to be this inflation. Now, I think that over the long run is very different than over the short run. And as you mentioned earlier, there's obviously a very rapid changing economic policy given who's in the White House in terms of what their approach is.

50:09And I have no doubt that when this administration leaves, the next administration is going to come in, they're going to roll back some of this stuff, there's going to be changes, et cetera. So I don't think - Yeah, if everything is as good as you think, right? If everything is great, the next president should be like J.D. Vance, who's going to continue these policies that you think are so good, right? Because the reason that we might have a different administration is because the economy is so weak and inflation is so high that the Republicans get kicked out and the voters go for a Democrat, right?

50:38Because it's about change, right? So if the next election is about continuing the policies that have been so productive, then we get more Trump. We get more, you know, we get a continuation of what we're doing. The only reason that we would have a switch is if what we're doing now doesn't work. If the economy is not good, if inflation is not low. Right. So I agree. Yeah. And so if you're saying, well, I want to buy Bitcoin, Bitcoin would be, well, because I want to own Bitcoin in case I'm wrong. And it turns out that we have a lot of inflation and a weak economy. But if you're right. I think there's also an element of – there's other reasons why somebody who holds Bitcoin today may not sell it and go do something else, right?

51:30So, for example, I still am a believer that Bitcoin is going to do well because I think that for the same reason that central banks are buying gold, I don't think central banks are buying gold because of inflation. I think that central banks are buying gold because they see the view of de-dollarization and de-fiat currency process. Right, but they're not buying Bitcoin. What makes you think they're going to buy Bitcoin in the future? Well, some of them are. and I believe that that will continue. Which central banks are buying Bitcoin? Well, if you look at, let's take a second, El Salvador, they don't have a true central bank.

51:59El Salvador doesn't count. I mean, I'm actually going to El Salvador tomorrow. Have you been there? Are you? Yeah, I'm going tomorrow. I'm talking at the Tether conference. Well, I'm doing a debate with Seifedean, gold versus Bitcoin. Oh, that's interesting. Yeah, have you been there? Should I come to the conference? Yeah, why not? Why not come? and we go back, we come back to Puerto Rico on Sunday. I got another seat in my plane. Hop on board. I won't charge you. All right. Well, yeah, I mean, you can come here to Puerto Rico. Gold's up so much. Gold's up so much. Now listen, gold's up so much.

52:34I mean, you should just be giving out free flights to anyone who wants to use the plane. No, I don't, I only have, look, I don't, I don't have, I don't have that big a plane. You know, I'm not, you know, not yet. The gold's up. Oh, you only got a helicopter. Only a couple, you only got four seats in there. All right. I appreciate it very much. Listen, I got it. Where can we send people to see your stuff? Where do you want people to go? Well, you know, I do my podcast. I'm doing a podcast. You know, we got the Fed decision later today and the press conference. So I'm doing a podcast tonight to discuss that at shiftradio.com and on my YouTube channel.

53:10So check that out. For people who want to get in on gold and silver, especially silver, because I think we're going to be running out of silver. I've already seen some of the smaller dealers run it out of inventory. It's getting harder to get the physical silver. So I think the premiums are really going to start to go up. So not just the silver is going to be more expensive, but to actually get one of the coins or bars, it's going to be more expensive. So we got them now. So you go to shiftgold.com and get some gold and silver. And, you know, for the people who like crypto and, you know, I did that debate with CZ and I talked about tokenized gold and T-gold.

53:48we're going to be rolling out a gold gold-backed token, which is the best stablecoin there is. Forget about tokenized dollars. What good is that? Tokenized gold, that's the real deal. That does everything that Bitcoin promised to do but can't. So if you want to get yourself some gold and silver that you could ultimately withdraw on a token and hold it in your wallet right next to your Bitcoin, then you can go to tgold.com and sign up for an account. And if you want to get in on the gold and silver mining stocks, which I think is your best speculative play right now, I think the risk reward in the mining stocks is so much greater than it is with Bitcoin.

54:29I mean, even if Bitcoin is going to go up, it isn't going to go up as much as these mining stocks. And I think the downside risk is much greater in Bitcoin than in a portfolio of mining stocks. So if you're really, you know, if you're looking to go to the moon, I think you're going to get there in the mining stocks. My gold fund, which has a lot of juniors in it, which I think are going to really outperform this year, the no-load symbol is EPGIX. And you can buy that at any discount broker, EPGIX. You can get information on all my funds at your Pacific Asset Management, yourpac.com website. In fact, my dividend payer fund was the best performing fund tracked by Morningstar last year out of 350 funds or so.

55:11It was up about 62 % last year. It's already up 12 % this year. And, you know, it's still January, you know, so it's running circles around the S &P 500. And this is, you know, this is not even a gold fund. This is dividend paying foreign stocks. This is about getting out of U.S. assets and into foreign assets. So, you know, and we have separately managed accounts as well. So if you're a larger investor and you don't want to be in one of my mutual funds, you have an account directly with my asset management company and we'll manage a portfolio for you in these foreign dividend paying stocks. Or if you want a portfolio of gold and silver mining stocks, you know, we're doing that too.

55:51So you can get information there on europac.com. And again, remember, follow me on social media. I just moved up to just over 1.3 million followers. I'm still not up in your numbers there, Anthony, but I got, I got hopefully this, uh, um, interview I just did with, uh, Tucker Carlson will help. He just, he, my Tucker interviewed the first part of it anyway, hopefully, you know, there's cause he, he aired about half the interview, but, uh, the first part is up on Tucker's, uh, uh, X channel. Uh, and he's got about 17 million followers. So hopefully some of those followers start following me, but you should follow me on, uh, on social media and And also check out my free newsletter at shiftsovereign.com.

56:32We're putting out a lot of excellent content there as well. Peter, this is like, I said, where are you going to send people? You just sent out to like the whole internet. You're just like, go to google.com. Jesus. Oh my God. All right. Thank you for doing this. I appreciate it. As much as I think - There's a lot there, you know. Yeah. Well, listen, you're a smart guy, you know, very successful, very rich. Been right about gold last year or so. So listen, I think that we should keep doing this. We'll find time maybe every - So are you going to - Are you coming? to El Salvador? Let me think about it.

57:01I'll message you after. You got to hurry up. The conference starts on Friday. So I'm coming down on Thursday. Peter, I know that in the gold world, you guys are real slow to like horse and buggy stuff. In the Bitcoin world, we make decisions and we move, man. It just happens. Yeah, but you can't transport yourself down there on a blockchain. You actually have to physically get in a plane, fly down there. Well, now that I got your supersonic jet at my disposal, then I'll be there in a jiffy. All right, bye. All right, take care. I promised you we were going to get into a heated debate. I promised you that we're still friends.

57:33I got a love for this man. He's wrong about Bitcoin, but he's been right about gold. So he's one for one. Say and have I. That means that him and I, we are simpatico. I appreciate you guys watching. Please make sure that you subscribe to the channel on YouTube and I'll see you guys live tomorrow from the desk of Anthony Pompliano.