Transcription
January of this year, 2026, when the silver price was in meltup phase, increasing in price exponentially, and I decided as a consequence of that to sell mine. The amount of hate that I received let me know immediately I was doing the right thing, first of all. But it's interesting that all the people, they were falling all over themselves to buy silver at 85 and 95 and 100, calling me a for selling it. Uh, and they don't seem to want to buy it anymore. Why is that? These are the types of people, Dunigan, who if they were in a store that announced a store-wide sale, would leave the store without buying any goods. Truly perplexing behavior.
With regards to repatriation, that's common sense. Regardless of how you feel about Russia's action in the Ukraine, there is no disputing the fact that the United States government stole $300 billion worth of Russian assets in the face of US treasuries. If the United States government has decided that they will steal your assets if they don't agree with your policies, why would anybody either buy US treasuries or store gold and silver in the US? That makes absolutely no sense. If you dial this thing back seven or eight years when the Germans asked to repatriate their gold and the United States said yes over time. What? Yes over time.
Welcome back to Liberty and Finance. It's with delight that I welcome this returning guest who casts a long shadow. Rick Rule, formerly the CEO of Sprat Asset Management, now the CEO of Rule Investment Media, joins us this Monday, June 29th, 2026. Rick, thank you for coming back on Liberty and Finance.
>> Thank you. I've enjoyed these conversations all these years. So, thank you for having me back.
>> It's been a good sport. You've been over the years, fielding many, many questions that have been submitted by our viewers ahead of your arrival. Right now, we're going to take this opportunity as we head into the close of second quarter 2026 to get a midyear check-in from you on what has by any measure been a volatile and eventful year in uh natural resources, not to mention oil and monetary precious metals, gold, silver, all of which have been on a wild roller coaster ride. You could throw copper and uranium into that mix as well. Could you take us through uh as as you see fit a update from you on your midyear view as we go through 2026 and where you see the biggest impacts have come both in the physical materials that we've been talking about as well as the related companies that produce them.
I think the micro news, if you can call it micro news, has been that uh with the administration having lost control of interest rates and interest rates rising, at least long-term interest rates rising, the US dollar has strengthened, which has weakened the quotes in anything denominated in US dollars, including gold. Uh I welcome that as an opportunity. uh I believe that the circumstances in place for the circumst the conditions precedent for a gold bull market are very much in place. What's changed uh is that as a consequence of higher uh nominal interest rates the gold quote and gold stocks have fallen. Given that I continue uh Dunigan to believe that the next 10 years will be very difficult years in terms of the purchasing power of the US dollar. I'm looking to acquire more gold. So the circumstance that confronts us now is a gift from God.
It's interesting that so many people who express uh appreciation for gold must not want to buy it because they object to lower prices. Um I happen to exist in the alternative camp. Uh I I remember not too long ago now uh January of this year 2026 when the silver price was in meltup phase really truly meltup phase uh increasing in price exponentially uh and I decided as a consequence of that to sell mine. The amount of hate that I received let me know immediately I was doing the right thing first of all. Uh but it's interesting that all the people they were falling all of themselves to buy silver at 85 and 95 and 100 calling me a for selling it. Uh and they don't seem to want to buy it anymore. Why is that? Uh these are the types of people Dunigan who if they were in a store that announced a store-wide sale would leave the store without buying any goods. Uh truly perplexing behavior.
Uh I'm delighted that this price weakness across the board is helping is happening concurrently with my conference next week. It would be very difficult for me to stand on the podium in a meltup situation where I was selling saying to my audience, you've come to the right place to get information. But the circumstance with regards to high quality junior stocks is in 6 months many of them are off 40%. Uh I'm absolutely delighted by this set of circumstances. I believe that as I've said on your show many times, uh we are perhaps a year, perhaps a year and a half out from a very broadly based uh bull market in uh the stuff of humankind, which is to say energy and base metals. And I think that we're in for a 10-year uh bare market in the purchasing power of the US dollar, which is to say a bull market for gold. I'm delighted that these market conditions, permissive market conditions for buyers, uh exist at a time that coincides with the the principal week of the year that we look uh at indepth strategies for deployment of capital and natural resources and precious metals.
>> Before we circle back to a close-up view of gold and silver, could you talk to us about copper and oil perhaps? Let's do oil first. And so it's something that's basically on everybody's mind all the time.
>> You know, if you dial our conversations back eight or nine months, uh Dunigan, uh I I was pretty forthright uh on your show in say September, October of last year of saying the last hated commodity on the planet was oil. Uh and hence I liked it and natural gas. Uh I was not smart enough to forecast a war by the way but I knew what happened when there was a threat of a shortage. Uh to me the the shortage was a consequence of deferred sustaining capital investment and that shortage is very much in the cards. That shortage will take place as we said in 2029 or 2030. What happened is that we had a different shortage uh a war inspired shortage and we have seen although on a global basis we never ran out of oil uh we were uh threatened uh with having to ration oil by price and that enough that was enough to cause the oil quote to go from $60 to $115 and the sp price of spot cargos to go as high as $150.
I believe Dunigan that we will have a real shortage of oil uh and I think that we'll have it uh in say 2029 or 2030 not a shortage that can be ended with an armistice but rather a shortage as a consequence of 5 years of underinvestment and sustaining capital investments. In the near term I think the oil price goes lower before it goes higher. I think that is so because 901 $110 oil destroyed demands in some countries, poor countries, not so much in the west, but in places like Sri Lanka and Bangladesh and Bolivia. Uh and we'll have to work through that demand destruction in the face of renewed supplies. Uh this will be feasting time. Make no mistake, feasting time.
The global industry, primarily state actors, have underinvested in sustaining capital investments. now to the tune of between a billion and two billion dollars a day for some years and they continue that the need for sustaining capital has been exacerbated. Nobody was making sustaining capital investments in the Gulf for the last four months and in fact much of the existing capital was destroyed by war. So that needs to be replaced. All of this suggests that people who can get through the current malaise in energy markets for people who look two years forward, three years forward can make a lot of money. the kind of money that the people who listened to our advice in October of last year made. That's the way resources work.
Uh copper different story in the near term. Uh I think that the period of high oil prices that we went through uh we'll have the consequence of acting like a tax and all taxes are bad. Diversions of cash from the broad economy into the energy sector certainly helped the energy sector, but they didn't do the broad economy any favors at all. So it wouldn't surprise me to see the balance of 2026 uh as being uh depressed times uh in terms of the global economy which is to say that copper demand will probably be muted for the balance of the year. Also higher interest rates uh make maintaining inventories of copper particularly for speculators in place like China more expensive. So I think you'll see some disording of copper and I think you'll see weaker than normal demand which suggests to me that the copper quote may go down looking longer term. Have no fear. The copper price doesn't go higher. It goes much higher. We have underinvested in copper for 30 years. And this isn't anything that you can undo in two years or three years or four years. Absent a major synchronized global recession or depression. the copper price five years from now is much higher than it is today. Yes, AI has something to do with it. Yes, uh electric vehicles has something to do with it. But simple demographics uh and also the lifting from dire poverty of the poorest of the poor that billion people on earth who have no access to a primary electricity will be a real driver too.
>> Two observations on what you just shared. First of all, regarding oil, coming from the preparedness background that were the roots of our channel when you first interviewed with us for the first decade or so, talking about the importance if it's one thing to have awareness, it's another thing to have a plan on paper. It's another thing entirely to do a stress test or an actual test run of a plan. What what is your view on whether this what we just went through regarding the Iran conflict and the uh related impact on oil might not uh give us a foretaste of the benefit of a test run what would happen if there was a serious disruption in imbalance in oil supply and demand.
>> I think that's a great point Digan. Uh I'm glad you made it. I will steal it as though it were my own and I will use it on other channels. uh where I remember of course I will give you credit. Uh at 73 the times I remember it may be a short list but anyway thank you for that.
>> I'm not a I'm not a plagiarist. I just have a shot of memory. Go ahead.
>> You know we didn't with a couple of exceptions experienced a shortage of oil. Uh the price of oil went from $60 to 115 in anticipation of a shortage of oil. uh there were countries like the United States and Japan and China that had adequate supplies uh and got through. There were other countries that couldn't support uh strategic reserves, didn't have the money, places like Sri Lanka and Pakistan that experienced actual shortages. But the fact that we had a doubling of the oil price as a consequence of the threatening of uh shortages is telling. If we continue uh for the next 3 years, if we have for the last four years in underinvesting and sustaining capital in the oil and gas business, we won't have a shortage that will be ended by armistice.
Uh it is really really important to know that we may not have physical shortages in North America depending on how we spend. If you uh combine the economies and the production of the United States, Mexico, and Canada, we are uh self-sufficient. But we're all uh oil exporters, which means that to some extent the prices that we pay uh are predicated on world markets. So we won't escape the economic uh impact of this. It's important to note that even in the United States uh where we are enjoying the benefit of worldclass infrastructure and worldclass basins where we are enjoying relative abundance as a as a consequence of our shale production. It's important to note that at 60 or $65 a barrel with current levels of interest rate and current levels of taxation that that oil is only marginally economic. It's important to note too that as much as 85% of our tier one locations figured at 60 or $65 oil have already been drilled. Canada has more undrilled inventory. So we either need advances in technology or we need higher prices which skate more locations into the grade A locations or we are going to begin to uh experience some shortages.
It's important, Donigan, that your audience understands that these shale wells have very high rates of decline. They produce as much as 80% of their net present value in the first two years of production and as a consequence uh deferral of sustaining capital investments becomes increasingly important in shale basins where if you don't drill makeup wells and you don't recomplete existing wells that your decline rates are precipitous. People need to understand that what happens in oil markets in 30 days or 60 days has almost no relationship uh on what happens in oil markets in two or 3 years. Investing in companies with long lived reserves that have been maintaining their sustaining capital investments so that they can maintain production uh and hence their dividends as an example uh are from my point of view absolutely no-brainer investment choices when one is considering 2029 and 2030 which by the way as you know Dunigan will be here much sooner than you suspect.
the intellectual test that you proposed which is to stress test um our ability you know our government will never do that for us. Uh that was the that was the premise of your channel uh that society will never stress test things for you that society will never prep your family but you can do uh intellectual exercises. You could look at the history of the oil price and see what periods of declining uh sustaining capital investments has done to the price. If you take us back, Dunigan, to the point in time when you and I first got to know each other during the COVID days, the oil price fell from what $85 well briefly to zero before settling it out at about $20 a barrel. Uh that led to a period of massive underinvestment. And when the oil price recovered, it didn't recover to 60. it recovered to 100. That's the way these things work. So this stress test that you you talk about is not something that society will ever engage in, but it's something that at least from an intellectual perspective, you can engage in. Think about your own behavior. Think about what you would pay for a gallon of gasoline if you had to. Um, my suspicion is that even very recently, your subscribers, when the price of gasoline went from $2 a gallon to $5 a gallon or $6 a gallon, depending on the state they lived in, uh, swallowed twice, cussed two or three times, then filled the tank, and drove away. Would you pay 10? I bet you would. Given the fact that you would and given the fact that we are underinvesting a billion dollars a day, by 2029 or 2030, you'll have a chance to test that thesis whole. And a stress test, which involves benchmarking your own willingness to pay more uh in an environment where there isn't more to pay for, would be very useful.
Also on your point about copper, it sounds like your assessment of the underinvestment in the copper and other base metals uh is much longer even than the underinvestment in petroleum. I know petroleum had a real falling off of political incorrectness uh over the last couple administrations that maybe copper wasn't as as subject to. But you and I did an interview about 5 years ago with the CEO of First Majestic Silver, Keith Newire, and the title of that interview was massive metals shortage coming. He he laid out the case and and we talked about it of this the impact the consequences of this prolonged underinvestment in the face of new policies that were demanding things that can only be accomplished with resources that we don't don't currently have. Can you bring us up to date on your current view of that outlook and whether there's other characters other than copper you want to drag into that discussion? That's fine.
Well, this will be interesting for you as a bullion dealer because silver might be one. People look at the fact that the silver price has advanced from $18 or $20 to a high of 10 and something and now settled back off. But the truth is the silver price doesn't impact silver supply very much. uh new mines. So I mean f first of all the biggest sources of silver in the market are recycling uh and byproduct from as an example copper mining to the extent that copper lead and zinc production fall as a consequence of underinvestment byproduct silver production falls too uh it's important that people understand the second and third order impacts of that uh a different thing to focus on Dunagan and you and I have talked about this before is even copper deposits that we have discovered are having a difficult time going into production for various reasons. One example might be the resolution deposit in the state of Arizona in the United States, allegedly a politically secure destination. This deposit is by any stretch of the imagination a worldclass deposit. Well over a billion tons of ore grading 1 and a half% in a world where the average copper mine around the world produces at 4/10en of 1%. So three times the average grade worldwide. And it's got a spectacular location. Central Arizona flanked by copper mines. Good place to have a copper mine, right? a highway across it, rail across it, road, power, water, a town nearby it that copper miners live in. So you have labor and this damn deposit has been in permitting for 28 years. 28 years. Uh that's just one challenge.
A different challenge is that building these copper mines is extremely capital intensive. At Metals Week in London the end of last year, there was a paper presented that said that the 10 largest copper producers in the world have to spend $250 billion in the next 10 years to maintain their current level of copper production. That's very telling for several reasons. The first is they don't have $250 billion. They have to go get it. Uh the second thing is that those costs the cost to build a new copper mine are inflating at between 8 and 10% compounded per year. So this 250 billion becomes 370 or 380 billion in 5 years. The third thing is that that $250 billion investment maintains copper production current levels. But copper's in a deficit. It doesn't overcome the deficit. And finally, it doesn't take into account that depending on who you listen to, copper demand is growing at between 1 and a half and 4 and a.5% a year. In fact, if current projections, conservative projections of copper demand stay intact, we will mine more copper between the period 2026 and 2050 than have been than have been produced during the recorded history of humankind. In other words, we will mine more or we will use more copper between 2026 and 2050 than we have used since the beginning of time up to 2026. And we don't have that much copper. We can find it, we can build it, but we needed to have started uh 20 years ago.
Uh if you could bring us up now with gold and silver. You've mentioned a couple times in passing the volatility uh how it takes intestinal fortitude to make moves despite the herd uh going following momentum only rather than following the fundamental value proposition which is what you've always advocated to us here. Uh could you look forward with us in both gold and silver? And maybe if you want to weigh in on this new phenomenon of repatriation and nationalization and uh declaring strategic materials of many jurisdictions. Uh cuz that seems to be a changing landscape rather than the assumption that all the world is a is a stage and all the copper and gold could be or excuse me silver and gold uh should be considered equally available no matter where they are. Uh so your view of the copper the gold and silver market moving forward?
>> Well, that's a big question. With regards to repatriation, that's common sense. Regardless of how you feel uh about Russia's action in the Ukraine, uh there is no disputing the fact that United States government stole $300 billion worth of Russian assets in the face of US treasuries. If the United States government has decided that they will steal your assets if they don't agree with your policies, why would anybody either buy US treasuries or store gold and silver in the US? That makes absolutely no sense. If you dial this thing back seven or eight years when the Germans asked to repatriate their gold and the United States said yes over time. What? Yes, over time. If I had to count with Miles Franklin with Dunigan Kaiser, I call him I'd like my gold. and you said yes over time I would not be a happy camper. Um so yes uh those sovereign assets are going to be repatriated and yes over time uh demand for US treasuries by non-American state actors is going to decline because the US government has given those actors no choice but to disintermediate out of US dollars and also uh to look for storage options where their wealth isn't under the control of the US legislature. They've left us. They've left the foreigners, by the way, no second chance.
The second question is bigger. Uh the second question is whether for reasons other than national sovereignty, you need to own gold and silver. And I think here the answer is yes, too. When you asked me a couple years ago, Donigan, what would cause me to sell my gold? uh I said to you that gold had served investors well during periods of time when they were concerned about the maintenance of their purchasing power in the US dollar and also concerned about real interest rates. So let's look at that. What would cause me to sell my gold today as an American citizen? Well, first of all, he need to balance the budget. Uh the budget is now current budget $2.5 trillion in deficit. uh and there would have to be some political accord around beginning to repay the debt which now stands at 39 trillion on its way to $4 trillion. The second test would be that there would need to be some way for me to understand how the $120 trillion in unfunded entitlement liabilities could be addressed. Uh people glaze over with a number that large. $120 trillion, Medicare, Medicaid, military pension, social security trust fund, those kinds of things. The net present value, not according to some cranky old libertarian, Rick Rule, but rather according to the Office of Management Budget, the net present value of unfunded liabilities depending on the discount rate that EU is $120 trillion. So that would need to be addressed before I might sell my gold.
Uh a different challenge I think is negative real interest rates. Uh remembering that the thesis is that you own gold when you're concerned about the maintenance of purchasing power. Well, if I buy a US 10-year Treasury today, uh I get paid about 4.5%. In a currency where I believe my purchasing power is declining by 8 or 9%. So, I'm not making 4.5, I'm losing four. and I'm losing 4% a year compounded for 10 years. I I mean, this makes the lottery look like a good deal. Uh so I would need to see personally before I sold my gold, I'd need to see positive real interest rates. I'd need to see the interest on the US 10-year Treasury maybe 150 or 200 basis points higher than the rate of deterioration of the purchasing power. Imagine what a 12% US tenure would look like to the economy. Imagine first mortgage rates at 14. Uh imagine the prime rate at 12 or 12. uh the probability that that's going to occur in the next 5 years that we're going to have a balanced budget that we are going to solve the entitlements problem uh which would eliminate the need for quantitative easing and that we're going to have a positive interest rate uh above the rate of inflation. The probability of that is nil.
the insurance company, the insurance product, pardon me, that's worked for centuries with regards to that is gold. The fact that the gold price, the only insurance product known to man that ensures you against the depreciation, deterioration in purchasing power of fat instruments, has fallen in price from $5,500 to 45 or 4,400. Seems to me to be a gift from God. Uh and yet its very proponents, the gold bugs, mourn the fact that a product that they need to buy is selling for less money. Truly an odd set of circumstances.
>> Uh also, you've been on a mission to educate people. That's one of the remaining I guess premier passions that I see uh that you've described as a mission in your life is to educate as many people as possible on how to do better than uh they would otherwise do if just following the herd or following the mainstream financial press or the government recommendations and all of this so that they can actually live a prosperous future if people want to take advantage of because I understand the upcoming rule conference inperson attendance has completely sold out, but that there is a basically unlimited amount of live streaming and remote attendance available and uh could help us understand what with only one week to go here, people should seriously consider they'll be missing out on if they don't look in the description of this video and click on the link and register for the remote attendance to your conference.
Well, I should start with a disclaimer, Donigan. If you're the type of uh student or investor that buys the Sunday paper for the crossword p puzzles and the funnies, if you're a tourist, don't show up cuz we're going to work you really hard. We're going to give you 46 hours of really intensive live programming in 4 days. Uh if you come to be amused, stay away. uh come if you're prepared to work and work really hard.
We've done a couple things to make your life easier. Uh no other conference that I know of does this. I've interviewed every single exhibitor who will be at the conference and many of the speakers before the conference and you can go to the Rule Investment Media YouTube channel or the conference site and you can see those interviews. That allows you to allocate your time at the conference more efficiently. And it tells you too that the conference sponsors care about you. A 4-day conference for us is a 12-month affair, which nobody else does. The second thing is that you'll have access to the recordings for 6 months after the conference, and you'll need them because we're going to give you more information in four days than you can absorb. Simple fact. As an example, we run four breakout sessions simultaneously. How can you be four places at once? With the recordings, you can do that. other things.
Great big picture macro presenters, not the kind that you hear on Fox or CNBC or the CBC. Uh you hear Nomi Prince talk about the corrupt nature of Wall Street. How might she know because she wasn't a journalist. She was a player. She was a partner in Goldman Sachs. She isn't talking about Goldman Sachs from the lofty purch, you know, perch of the New York Times. She was in the belly of the beast. We have Nomi uh Daniela D. Martino Booth talking about the practices of the Fed. How would she know? It wasn't as a Wall Street Journal reporter. It was as a member of the receipt of the Dallas Fed. It's important that you understand uh macro for what it is and that you understand it from players uh not reviewers. We follow that up by portfolio managers and researchers who have been in the resource business for 30 or 40 years, not 18 months in a bull market to establish their track record.
Every single exhibitor of our conference Dunigan is vetted, which is to say there is no public company exhibitor permitted on our floor that isn't owned in the accounts of the conference sponsors. That's real vetting. We vetted it with real money. And there's no service provider, no bullion dealer on the floor of the conference who we have experienced any customer complaints about whatsoever. The list of bullion dealers with no customer complaints is vanishingly small. Uh unlike any other conference on the planet, uh we have vetted all of ours. This allows us to make uh a guarantee to our attendees which I think is unprecedented. Uh if you pay for our conference and attend live or live stream and you think for any reason whatsoever and you are the judge that you didn't receive your money's worth, I'll give you your money back. It's a riskless transaction. In 30 years of money back guarantees in investor education products, I've had to refund less than onetenth of 1% uh of the tuitions charged. But that guarantee, which as far as I know, nobody else makes, is your guarantee that we have enough investment in our content that we know it can make you money.
If you're serious uh about natural resource investing, serious about energy, serious about industrial materials, serious about precious metals, there's no reason why you wouldn't attend. This is a conference that has delivered for people like you for 30 years. The fact that we've had to return onetenth of 1% of the tuitions that we've charged over 30 years tells you that the conference has and should test stand the test of time. Further, the fact that we're willing to extend you that offer tells you everything that you need to know about our confidence in our content.
>> Also, we just uh had Frank Troder on our channel talking about his view of the impact of stable coins on the banking system and on people's lives. Very eye opening. We included in that interview a des a link to Battlebank for people who want to get on uh the waiting list, but he gave us the good news. The waiting list is basically caught up and you should be able to get onboarded within two weeks, which is a big deal because some of our viewers and subscribers have been waiting uh longer than that and are delighted to be hearing now that the waiting list has caught up. Any further uh words of wisdom from you on those interested in Battlebank?
>> Well, Dennigan, I apologize for the time it's taken some people. We uh you have one chance to make a good first impression, you know, and we didn't want to onboard people onboard people with the bank faster than we could service them. So when we began life uh after almost 5 years in application, we limited invitations to the waiting list to 250 people a day. Uh as we began to feel comfortable with our abilities, we increased that to 500 people a day. Now that we've been in business 10 weeks, uh, we have addressed most of the backlog at the same time that we've been able to staff up and at the same time that we've been able to stress test our systems. So, I'm delighted to say that hopefully by the conference, perhaps a day or two after the conference that people who make inquiry to Battle Bank won't have to subject themselves to the wait list, but rather they can go directly into the bank. I'm also delighted to say in, you know, maybe 10 or so weeks of existence that the deposit totals at the bank now exceed $110 million and the precious metals deposits at the bank exceed $70 million. So, it's been a very gratifying startup. Uh, and we look forward now to being able to handle new customers without the weight that they would have experienced uh over the last 3 months.
Well, that's good news for everyone who uh like me has been following the progress of this and cheering along uh all the way. So, folks, you'll find links in the description of this video to find out more about BattleBank. You'll find a link in the description of this video for the rule conference on natural resource investing, how you can get on the remote attendance list. And uh as always, Rick, we're grateful for your presence here on Liberty and Finance. One final question always asking if you are still grading people's natural resource investment portfolios if they submit them to you for your review.
Donigan, the answer of course is affirmative. I've been grading port portfolios for free for almost 35 years now. I've graded almost a 100,000 of them. Uh I do it partially as a public service but partially because I learn as much as I teach. Uh, anybody who's interested in my views around natural resources but wants to personalize it should go to my website ruleinvestmentmedia.com. List your natural resource stocks, those that you own, not those that you aspire to own. Those that you own, and I will rank them 1 to 10, one being best, 10 being worst. Please, no crypto. Please, no tech stocks. Please, no pot stocks. Natural resources only. Uh, I will rank them and I will return them by returning email. Note that uh responses next week uh will be pretty scarce because I'll be working very hard next week. So if you submit a portfolio in the next two weeks, expect some delay in getting it back. And a reminder folks that I will be interviewing various CEOs of companies represented at the conference uh while they are there and bringing those to you uh so that you get extra glimpses. you've already had a number of them visiting our studio here before the conference. You'll want to hear what they have to say that they're hearing at the conference as it progresses. And as always, Rick, we thank you for all of our viewers and subscribers benefit and mine uh every time we learn from you here on Liberty and Finance.
>> Thank you, Dunigan. Uh please convey uh my best wishes to the entire Kaiser family. I'm delighted with the conversations that we have had over time and I look forward to having more of them in the future.
>> This is Kaiser Johnson with Liberty and Finance and these are the Miles Franklin weekly specials for June 29th through July 6th, 2026, celebrating the 4th of July and America's 250th anniversary of independence. First this week, 1oz silver American Eagles are $5.99 over spot per ounce. Half ounce gold American Eagles are just $99 over melt per coin. Half ounce platinum eagles are also just $99 over melt per coin. Quarter ounce platinum eagles are $89 over melt per coin. And onetenth ounce platinum eagles are $110 over melt per coin. All of our specials this week are Americanminted coins and are IRA eligible. If you'd like to learn more about a precious metals IRA, call us and we'll be happy to help you with that process. Our number for all orders is 188881 Liberty. That's 1888815-4237. We're available after hours and on weekends. And we look forward to speaking with you. From all of us at Liberty and Finance, happy Independence Day.