In an interview with Liberty and Finance, Andy Schectman, CEO of Miles Franklin Precious Metals, raised serious concerns about the stability of the global financial system, particularly focusing on potential defaults within major exchanges like the London Bullion Market Association (LBMA). Schectman also advocated for individuals to take control of their financial security by "becoming their central bank," a theme that resonated strongly with the interview's viewers.
Schectman's remarks, delivered with a sense of urgency, suggest that the financial world is on the cusp of significant upheaval. "Things are going to get nuts, man," he warned, adding, "Don't be surprised to be surprised. Something's coming, don't know what, but it'll be fun to talk with you about it as they unfold."
LBMA Under Scrutiny: Signs of Strain
A key focus of the interview was the LBMA, where Schectman pointed to several indicators of potential stress. He highlighted the widening divergence between paper and physical gold prices, delayed deliveries, and skyrocketing gold lease rates as red flags. "All of these things have happened," Schectman stated, "The last one that hasn't happened would be what Tom Longo is saying, trying to blow up the LBMA and the member banks."
He further detailed the discrepancy between the amount of gold stored at the Bank of England on behalf of the LBMA and the outstanding contracts. "They're about 90% short on their ability to deliver," he asserted, questioning whether the reported delays were simply due to "trucks and men" shortages, as claimed by the Bank of England.
Schectman also discussed the implications of a potential LBMA default, speculating that it could be part of a larger strategy to expose the fractional reserve system in London. "Could it be that that is what the idea was to... blow up the LBMA and the member banks?" he pondered.
Becoming Your Own Central Bank: A Call for Financial Sovereignty
In light of these concerns, Schectman advocated for individuals to take control of their finances and "become their central bank." He suggested several strategies, including diversifying assets into physical precious metals, utilizing services like Glint to hold and spend gold, and storing metals in secure depositories like Brinks.
"How do you become your own... annuity? How do you become your own bank?" Schectman asked, answering, "You do it by accumulating assets like gold and silver, which can then be monetized if you need to."
He emphasized the importance of keeping assets outside of the traditional banking system, which he described as "wickedly overleveraged and undercapitalized." "Keeping it in an account in Zurich rather than in a bank account here in the States is not a bad idea," he advised.
Schectman also addressed the issue of liquidity, suggesting that keeping a portion of one's assets in a segregated depository allows for quick access to funds. "In essence, they are their own bank," he explained, referring to clients who utilize Brinks depositories.
Schectman acknowledged that his views often diverge from mainstream financial advice, but he urged viewers to trust their instincts. "Trust your gut," he advised, "And if your gut tells you to get the hell out of the system, then do it."
He criticized mainstream financial advisors who prioritize "money under management" over the best interests of their clients, praising those who recommend precious metals as a form of diversification. "That is a real advisor," he stated, "And a real advisor who cares about his client base."
Schectman's unconventional approach to finance has served him well, and he believes it can benefit others as well. "Everything I've done since I was a young man I've done alone," he shared, "Because the advisor would say, 'A, you're nuts, and B, I don't want to work with you.'"
He concluded by reiterating his belief that "it is normal to be your own bank and to be your own retirement account and to rely on no one but yourself."
Schectman's interview serves as a stark reminder of the potential vulnerabilities within the global financial system. His warnings about a possible exchange default and his advocacy for self-banking highlight the importance of taking proactive steps to protect one's financial security. As he aptly put it, "Don't be surprised to be surprised."
Watch the full interview:
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