{"version":"1.0.0","segments":[{"speaker":"Average Joe Finances","startTime":0.62,"endTime":2.959,"body":"Hey, Welcome back"},{"speaker":"Average Joe Finances","startTime":0.62,"endTime":2.959,"body":"to the Average Joe Finances podcast."},{"speaker":"Average Joe Finances","startTime":2.959,"endTime":7.1,"body":"I'm your host, Mike Cavaggioni, and"},{"speaker":"Average Joe Finances","startTime":2.959,"endTime":7.1,"body":"today's guest is Patrick Yip, with"},{"speaker":"Average Joe Finances","startTime":7.13,"endTime":10.713,"body":"APMEX so Patrick, super excited to"},{"speaker":"Average Joe Finances","startTime":7.13,"endTime":10.713,"body":"have you on especially with some of the"},{"speaker":"Average Joe Finances","startTime":10.718,"endTime":13.858,"body":"stuff we're gonna talk about today with"},{"speaker":"Average Joe Finances","startTime":10.718,"endTime":13.858,"body":"precious metals and things like that."},{"speaker":"Average Joe Finances","startTime":13.922,"endTime":17.372,"body":"Stuff that you don't really hear too much"},{"speaker":"Average Joe Finances","startTime":13.922,"endTime":17.372,"body":"about on this podcast that I think might"},{"speaker":"Average Joe Finances","startTime":17.372,"endTime":19.472,"body":"be interesting to some of our listeners."},{"speaker":"Average Joe Finances","startTime":19.472,"endTime":20.882,"body":"So thank you so much for joining me."},{"speaker":"Patrick Yip","startTime":21.572,"endTime":22.802,"body":"Hey, thanks"},{"speaker":"Patrick Yip","startTime":21.572,"endTime":22.802,"body":"for having me on, Mike."},{"speaker":"Average Joe Finances","startTime":23.162,"endTime":23.915,"body":"Yeah, absolutely."},{"speaker":"Average Joe Finances","startTime":23.915,"endTime":27.602,"body":"Hey, I wanna start things off the"},{"speaker":"Average Joe Finances","startTime":23.915,"endTime":27.602,"body":"same way I start every podcast episode"},{"speaker":"Average Joe Finances","startTime":28.142,"endTime":29.492,"body":"and we wanna know more about you."},{"speaker":"Average Joe Finances","startTime":29.492,"endTime":32.042,"body":"So if you could share a little bit"},{"speaker":"Average Joe Finances","startTime":29.492,"endTime":32.042,"body":"about yourself, share your story."},{"speaker":"Average Joe Finances","startTime":32.432,"endTime":33.452,"body":"Who is Patrick?"},{"speaker":"Average Joe Finances","startTime":33.452,"endTime":33.752,"body":"Yip."},{"speaker":"Patrick Yip","startTime":34.532,"endTime":35.462,"body":"Yeah, great question."},{"speaker":"Patrick Yip","startTime":35.462,"endTime":38.822,"body":"So I am the Director of Business"},{"speaker":"Patrick Yip","startTime":35.462,"endTime":38.822,"body":"Development at APMEX in One Gold."},{"speaker":"Patrick Yip","startTime":39.152,"endTime":42.662,"body":"And APMEX, for those of you who don't"},{"speaker":"Patrick Yip","startTime":39.152,"endTime":42.662,"body":"know, is one of the largest online"},{"speaker":"Patrick Yip","startTime":43.012,"endTime":44.613,"body":"precious metals retailers in the us."},{"speaker":"Patrick Yip","startTime":44.618,"endTime":47.853,"body":"So we sell gold, silver, platinum,"},{"speaker":"Patrick Yip","startTime":44.618,"endTime":47.853,"body":"and palladium bars, rounds of coins."},{"speaker":"Patrick Yip","startTime":47.907,"endTime":49.977,"body":"The business has existed"},{"speaker":"Patrick Yip","startTime":47.907,"endTime":49.977,"body":"for over 20 years."},{"speaker":"Patrick Yip","startTime":49.977,"endTime":54.31,"body":"It's done about 15 billion in lifetime"},{"speaker":"Patrick Yip","startTime":49.977,"endTime":54.31,"body":"sales, so pretty big dealer over here."},{"speaker":"Patrick Yip","startTime":54.31,"endTime":56.29,"body":"I've been with the"},{"speaker":"Patrick Yip","startTime":54.31,"endTime":56.29,"body":"company for over 11 years."},{"speaker":"Patrick Yip","startTime":56.32,"endTime":59.96,"body":"I've held various roles in merchandising,"},{"speaker":"Patrick Yip","startTime":56.32,"endTime":59.96,"body":"product management marketplaces,"},{"speaker":"Patrick Yip","startTime":59.96,"endTime":61.19,"body":"and now business development."},{"speaker":"Patrick Yip","startTime":61.263,"endTime":65.334,"body":"Most recently I became, I began running"},{"speaker":"Patrick Yip","startTime":61.263,"endTime":65.334,"body":"running one Gold, which is an online"},{"speaker":"Patrick Yip","startTime":65.334,"endTime":69.204,"body":"investment platform owned by apmex,"},{"speaker":"Patrick Yip","startTime":65.334,"endTime":69.204,"body":"which allows customers to own vaulted"},{"speaker":"Patrick Yip","startTime":69.644,"endTime":70.914,"body":"positions of gold, silver, and platinum."},{"speaker":"Patrick Yip","startTime":71.274,"endTime":74.874,"body":"And One Gold has done about 750"},{"speaker":"Patrick Yip","startTime":71.274,"endTime":74.874,"body":"million in transactions in its"},{"speaker":"Patrick Yip","startTime":74.874,"endTime":76.324,"body":"first three years of business."},{"speaker":"Patrick Yip","startTime":76.504,"endTime":79.644,"body":"And then another thing, I was"},{"speaker":"Patrick Yip","startTime":76.504,"endTime":79.644,"body":"involved is launching the first ever"},{"speaker":"Patrick Yip","startTime":80.034,"endTime":81.637,"body":"precious metals rewards credit card."},{"speaker":"Patrick Yip","startTime":81.666,"endTime":82.986,"body":"It's actually called the bullying card."},{"speaker":"Patrick Yip","startTime":82.986,"endTime":84.036,"body":"I have one over here too."},{"speaker":"Patrick Yip","startTime":84.036,"endTime":85.836,"body":"It's a pretty neat concept."},{"speaker":"Patrick Yip","startTime":85.88,"endTime":87.41,"body":"The first in, in its kind."},{"speaker":"Patrick Yip","startTime":87.41,"endTime":89.823,"body":"I've actually partnered with a"},{"speaker":"Patrick Yip","startTime":87.41,"endTime":89.823,"body":"bank called UMB Bank and partnered"},{"speaker":"Patrick Yip","startTime":89.823,"endTime":90.933,"body":"with Visa to get that live."},{"speaker":"Average Joe Finances","startTime":91.456,"endTime":92.366,"body":"That's pretty awesome."},{"speaker":"Average Joe Finances","startTime":92.395,"endTime":95.373,"body":"Actually I'm not sure if I've"},{"speaker":"Average Joe Finances","startTime":92.395,"endTime":95.373,"body":"actually heard of that card before."},{"speaker":"Average Joe Finances","startTime":95.953,"endTime":98.562,"body":"But the fact that it's it's"},{"speaker":"Average Joe Finances","startTime":95.953,"endTime":98.562,"body":"tied to actual precious metals."},{"speaker":"Patrick Yip","startTime":99.102,"endTime":99.432,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":99.462,"endTime":101.617,"body":"Is that part of the"},{"speaker":"Average Joe Finances","startTime":99.462,"endTime":101.617,"body":"rewards, like instead of cash back, you"},{"speaker":"Average Joe Finances","startTime":101.617,"endTime":103.36,"body":"get gold percentage of silver back gold."},{"speaker":"Patrick Yip","startTime":103.63,"endTime":103.96,"body":"Yeah."},{"speaker":"Patrick Yip","startTime":104.02,"endTime":104.29,"body":"Yep."},{"speaker":"Patrick Yip","startTime":104.29,"endTime":105.55,"body":"That's exactly how that works."},{"speaker":"Average Joe Finances","startTime":105.91,"endTime":106.262,"body":"Wow."},{"speaker":"Average Joe Finances","startTime":106.262,"endTime":106.987,"body":"That's pretty interesting."},{"speaker":"Average Joe Finances","startTime":107.317,"endTime":107.527,"body":"All right."},{"speaker":"Average Joe Finances","startTime":107.527,"endTime":110.526,"body":"So I wanted to ask you cause as you were,"},{"speaker":"Average Joe Finances","startTime":107.527,"endTime":110.526,"body":"giving your background and I appreciate"},{"speaker":"Average Joe Finances","startTime":110.531,"endTime":114.307,"body":"it, like the it's descriptive and a"},{"speaker":"Average Joe Finances","startTime":110.531,"endTime":114.307,"body":"lot to talk about coming outta there."},{"speaker":"Average Joe Finances","startTime":114.307,"endTime":116.848,"body":"Can you tell me what the"},{"speaker":"Average Joe Finances","startTime":114.307,"endTime":116.848,"body":"difference is between somebody."},{"speaker":"Average Joe Finances","startTime":117.613,"endTime":121.791,"body":"Just goes and buys like a gold"},{"speaker":"Average Joe Finances","startTime":117.613,"endTime":121.791,"body":"ETF versus a vaulted position."},{"speaker":"Average Joe Finances","startTime":121.791,"endTime":123.443,"body":"What's the difference"},{"speaker":"Average Joe Finances","startTime":121.791,"endTime":123.443,"body":"between the two of those."},{"speaker":"Patrick Yip","startTime":124.233,"endTime":125.972,"body":"Yeah, so there's"},{"speaker":"Patrick Yip","startTime":124.233,"endTime":125.972,"body":"several ways to own gold."},{"speaker":"Patrick Yip","startTime":126.182,"endTime":128.852,"body":"There's one way is the"},{"speaker":"Patrick Yip","startTime":126.182,"endTime":128.852,"body":"buying the physical product."},{"speaker":"Patrick Yip","startTime":128.882,"endTime":131.762,"body":"And when you do that, I would"},{"speaker":"Patrick Yip","startTime":128.882,"endTime":131.762,"body":"recommend you find a reputable,"},{"speaker":"Patrick Yip","startTime":131.767,"endTime":133.512,"body":"incredible dealer, such as at APMEX."},{"speaker":"Patrick Yip","startTime":133.532,"endTime":136.232,"body":"But the way that works is"},{"speaker":"Patrick Yip","startTime":133.532,"endTime":136.232,"body":"it's like an e-commerce site."},{"speaker":"Patrick Yip","startTime":136.253,"endTime":138.203,"body":"You go online, you find"},{"speaker":"Patrick Yip","startTime":136.253,"endTime":138.203,"body":"the product you want."},{"speaker":"Patrick Yip","startTime":138.333,"endTime":141.513,"body":"You add it to your cart, you buy it and"},{"speaker":"Patrick Yip","startTime":138.333,"endTime":141.513,"body":"it gets shipped to your house, and then"},{"speaker":"Patrick Yip","startTime":141.513,"endTime":143.043,"body":"you can, you decide where to store it."},{"speaker":"Patrick Yip","startTime":143.043,"endTime":146.112,"body":"So you can store it in a safe, safety"},{"speaker":"Patrick Yip","startTime":143.043,"endTime":146.112,"body":"deposit box, hide it under your"},{"speaker":"Patrick Yip","startTime":146.112,"endTime":147.432,"body":"mattress, whatever you wanna do with it."},{"speaker":"Patrick Yip","startTime":147.432,"endTime":150.372,"body":"That's one option is basically"},{"speaker":"Patrick Yip","startTime":147.432,"endTime":150.372,"body":"the physical precious metals."},{"speaker":"Patrick Yip","startTime":150.792,"endTime":153.961,"body":"Another option is what I call like"},{"speaker":"Patrick Yip","startTime":150.792,"endTime":153.961,"body":"a vaulted solution through one gold."},{"speaker":"Patrick Yip","startTime":153.961,"endTime":155.341,"body":"And we could get into one gold layer too."},{"speaker":"Patrick Yip","startTime":155.341,"endTime":158.248,"body":"But on a high level, what it is"},{"speaker":"Patrick Yip","startTime":155.341,"endTime":158.248,"body":"I almost call it like a Robinhood"},{"speaker":"Patrick Yip","startTime":158.248,"endTime":159.958,"body":"or Coinbase, four precious metals."},{"speaker":"Patrick Yip","startTime":160.288,"endTime":164.272,"body":"It's a way to basically own precious"},{"speaker":"Patrick Yip","startTime":160.288,"endTime":164.272,"body":"metals super intuitive flow."},{"speaker":"Patrick Yip","startTime":164.272,"endTime":165.622,"body":"You basically create an account."},{"speaker":"Patrick Yip","startTime":166.197,"endTime":168.675,"body":"Decide whether you want gold,"},{"speaker":"Patrick Yip","startTime":166.197,"endTime":168.675,"body":"silver, or platinum fund that."},{"speaker":"Patrick Yip","startTime":169.425,"endTime":173.025,"body":"Buy your metal and then it's stored in a"},{"speaker":"Patrick Yip","startTime":169.425,"endTime":173.025,"body":"vault, so either Brinks or Loomis Vault"},{"speaker":"Patrick Yip","startTime":173.034,"endTime":176.964,"body":"fully audited, fully insured, but it's"},{"speaker":"Patrick Yip","startTime":173.034,"endTime":176.964,"body":"for the customers that don't necessarily"},{"speaker":"Patrick Yip","startTime":176.969,"endTime":179.034,"body":"want to take possession of that gold."},{"speaker":"Patrick Yip","startTime":179.064,"endTime":180.494,"body":"I know I get a lot of customers ask."},{"speaker":"Patrick Yip","startTime":180.494,"endTime":181.844,"body":"They're like, okay, so I get a gold coin."},{"speaker":"Patrick Yip","startTime":181.844,"endTime":182.444,"body":"What do I do with it?"},{"speaker":"Patrick Yip","startTime":182.444,"endTime":182.654,"body":"Now?"},{"speaker":"Patrick Yip","startTime":182.684,"endTime":183.384,"body":"I just hide it."},{"speaker":"Patrick Yip","startTime":183.384,"endTime":186.477,"body":"Just some people are, don't feel"},{"speaker":"Patrick Yip","startTime":183.384,"endTime":186.477,"body":"comfortable doing that, and definitely"},{"speaker":"Patrick Yip","startTime":186.477,"endTime":189.417,"body":"I would not recommend that if you have"},{"speaker":"Patrick Yip","startTime":186.477,"endTime":189.417,"body":"a large amount of money, let's say you"},{"speaker":"Patrick Yip","startTime":189.417,"endTime":193.157,"body":"have a six figure or seven figure sum of"},{"speaker":"Patrick Yip","startTime":189.417,"endTime":193.157,"body":"money you want to put into gold, not the"},{"speaker":"Patrick Yip","startTime":193.162,"endTime":194.777,"body":"best idea to keep that in your house."},{"speaker":"Patrick Yip","startTime":194.852,"endTime":197.734,"body":"And then the third way to buy gold is"},{"speaker":"Patrick Yip","startTime":194.852,"endTime":197.734,"body":"through an ETF, like you mentioned."},{"speaker":"Patrick Yip","startTime":197.769,"endTime":200.859,"body":"Some of the most popular"},{"speaker":"Patrick Yip","startTime":197.769,"endTime":200.859,"body":"ones are the GLD and SLV."},{"speaker":"Patrick Yip","startTime":200.877,"endTime":202.599,"body":"Couple things I would be aware of."},{"speaker":"Patrick Yip","startTime":202.599,"endTime":204.339,"body":"If you do get into"},{"speaker":"Patrick Yip","startTime":202.599,"endTime":204.339,"body":"those, and I personally."},{"speaker":"Patrick Yip","startTime":204.559,"endTime":208.275,"body":"Touch them and there's several reasons,"},{"speaker":"Patrick Yip","startTime":204.559,"endTime":208.275,"body":"but one of them is they say the metal is"},{"speaker":"Patrick Yip","startTime":208.645,"endTime":210.688,"body":"actually not insured in the GLD and SLV."},{"speaker":"Patrick Yip","startTime":210.708,"endTime":213.468,"body":"So the worst thing that could happen"},{"speaker":"Patrick Yip","startTime":210.708,"endTime":213.468,"body":"on one of these is you get invested"},{"speaker":"Patrick Yip","startTime":213.468,"endTime":217.315,"body":"in the GLD, gold go up, you made the"},{"speaker":"Patrick Yip","startTime":213.468,"endTime":217.315,"body":"right investment, and then someday"},{"speaker":"Patrick Yip","startTime":217.405,"endTime":222.163,"body":"the vault you stored it at got hacked,"},{"speaker":"Patrick Yip","startTime":217.405,"endTime":222.163,"body":"audited, whatever, or hacked, someone"},{"speaker":"Patrick Yip","startTime":222.163,"endTime":225.763,"body":"broke into it, stole the metal, and"},{"speaker":"Patrick Yip","startTime":222.163,"endTime":225.763,"body":"basically all your metal's gone."},{"speaker":"Patrick Yip","startTime":225.798,"endTime":228.659,"body":"So that, that's, those are three high"},{"speaker":"Patrick Yip","startTime":225.798,"endTime":228.659,"body":"level ways to own precious metals."},{"speaker":"Average Joe Finances","startTime":229.096,"endTime":229.486,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":229.516,"endTime":232.126,"body":"Yeah, so that, that's interesting"},{"speaker":"Average Joe Finances","startTime":229.516,"endTime":232.126,"body":"cause I always thought like the"},{"speaker":"Average Joe Finances","startTime":232.126,"endTime":236.764,"body":"ETFs were like, basically you just"},{"speaker":"Average Joe Finances","startTime":232.126,"endTime":236.764,"body":"own like a certificate saying that,"},{"speaker":"Average Joe Finances","startTime":236.767,"endTime":238.447,"body":"you have this portion of gold."},{"speaker":"Average Joe Finances","startTime":238.447,"endTime":241.057,"body":"Like you don't actually own the"},{"speaker":"Average Joe Finances","startTime":238.447,"endTime":241.057,"body":"physical gold itself, like in a vault."},{"speaker":"Patrick Yip","startTime":241.128,"endTime":241.798,"body":"That is correct."},{"speaker":"Average Joe Finances","startTime":241.798,"endTime":242.144,"body":"That's interesting."},{"speaker":"Patrick Yip","startTime":242.144,"endTime":244.493,"body":"If you look at the"},{"speaker":"Patrick Yip","startTime":242.144,"endTime":244.493,"body":"prospectus in detail, so it actually,"},{"speaker":"Patrick Yip","startTime":244.493,"endTime":248.393,"body":"when you buy a share of GLD,"},{"speaker":"Patrick Yip","startTime":244.493,"endTime":248.393,"body":"you're buying a share into a trust."},{"speaker":"Patrick Yip","startTime":248.783,"endTime":249.683,"body":"And the trust, right?"},{"speaker":"Patrick Yip","startTime":249.688,"endTime":250.163,"body":"Essentially own is."},{"speaker":"Average Joe Finances","startTime":250.523,"endTime":251.003,"body":"Stacked by gold."},{"speaker":"Average Joe Finances","startTime":251.183,"endTime":251.363,"body":"Yeah."},{"speaker":"Patrick Yip","startTime":251.379,"endTime":252.467,"body":"That's exactly correct."},{"speaker":"Patrick Yip","startTime":252.797,"endTime":255.687,"body":"And then a couple another issue too"},{"speaker":"Patrick Yip","startTime":252.797,"endTime":255.687,"body":"is your, okay, where's this gold held?"},{"speaker":"Patrick Yip","startTime":255.687,"endTime":259.607,"body":"They said it could be held at a custodian,"},{"speaker":"Patrick Yip","startTime":255.687,"endTime":259.607,"body":"could h be held at a sub custodian?"},{"speaker":"Patrick Yip","startTime":260.062,"endTime":263.347,"body":"or a sub custodian of a sub"},{"speaker":"Patrick Yip","startTime":260.062,"endTime":263.347,"body":"custodian, which means I was"},{"speaker":"Patrick Yip","startTime":263.347,"endTime":264.157,"body":"like, that's a little weird."},{"speaker":"Patrick Yip","startTime":264.157,"endTime":266.611,"body":"So it's Mike, if I said,"},{"speaker":"Patrick Yip","startTime":264.157,"endTime":266.611,"body":"here, hold my gold coin, and"},{"speaker":"Patrick Yip","startTime":266.611,"endTime":267.301,"body":"you're like, oh, don't worry."},{"speaker":"Patrick Yip","startTime":267.306,"endTime":269.289,"body":"I gave it to my friend and"},{"speaker":"Patrick Yip","startTime":267.306,"endTime":269.289,"body":"your friend's oh, don't worry."},{"speaker":"Patrick Yip","startTime":269.289,"endTime":270.309,"body":"I gave it to my friend's friend."},{"speaker":"Patrick Yip","startTime":270.309,"endTime":271.762,"body":"It's what, Mike, do"},{"speaker":"Patrick Yip","startTime":270.309,"endTime":271.762,"body":"you still hold my gold?"},{"speaker":"Patrick Yip","startTime":271.783,"endTime":272.925,"body":"Or did you lose it somewhere?"},{"speaker":"Patrick Yip","startTime":273.255,"endTime":277.063,"body":"So there's a lot of risk with"},{"speaker":"Patrick Yip","startTime":273.255,"endTime":277.063,"body":"ETFs especially the GLD and SLV."},{"speaker":"Average Joe Finances","startTime":277.083,"endTime":277.233,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":277.233,"endTime":278.253,"body":"Where's that chain of custody?"},{"speaker":"Average Joe Finances","startTime":278.253,"endTime":279.925,"body":"That's scary actually"},{"speaker":"Average Joe Finances","startTime":278.253,"endTime":279.925,"body":"when you think about it."},{"speaker":"Average Joe Finances","startTime":279.925,"endTime":282.324,"body":"Okay, so I'm pretty interested"},{"speaker":"Average Joe Finances","startTime":279.925,"endTime":282.324,"body":"though so those vaulted positions"},{"speaker":"Average Joe Finances","startTime":282.324,"endTime":285.314,"body":"where you actually, you own that"},{"speaker":"Average Joe Finances","startTime":282.324,"endTime":285.314,"body":"gold and it's actually stored in"},{"speaker":"Average Joe Finances","startTime":285.314,"endTime":287.388,"body":"a vault and it's insured, right?"},{"speaker":"Average Joe Finances","startTime":287.388,"endTime":291.261,"body":"So if something was to happen, you"},{"speaker":"Average Joe Finances","startTime":287.388,"endTime":291.261,"body":"would still maybe get your money"},{"speaker":"Average Joe Finances","startTime":291.261,"endTime":293.955,"body":"back or how does that work if"},{"speaker":"Average Joe Finances","startTime":291.261,"endTime":293.955,"body":"something was to happen to that vault?"},{"speaker":"Average Joe Finances","startTime":293.999,"endTime":300.274,"body":"The one that you are in and it's insured"},{"speaker":"Average Joe Finances","startTime":293.999,"endTime":300.274,"body":"and you're like, okay, I have maybe 50k"},{"speaker":"Average Joe Finances","startTime":300.294,"endTime":302.763,"body":"in gold and silver stored at this vault."},{"speaker":"Average Joe Finances","startTime":303.093,"endTime":305.724,"body":"What happens if that place"},{"speaker":"Average Joe Finances","startTime":303.093,"endTime":305.724,"body":"gets taken out or something."},{"speaker":"Patrick Yip","startTime":305.817,"endTime":306.207,"body":"Yeah."},{"speaker":"Patrick Yip","startTime":306.477,"endTime":309.117,"body":"Let me start by giving a little"},{"speaker":"Patrick Yip","startTime":306.477,"endTime":309.117,"body":"more detailed overview about."},{"speaker":"Patrick Yip","startTime":309.162,"endTime":309.942,"body":"About one gold."},{"speaker":"Patrick Yip","startTime":309.942,"endTime":311.992,"body":"So back in 2018 at APMEX."},{"speaker":"Patrick Yip","startTime":312.012,"endTime":314.832,"body":"So our parent company partnered"},{"speaker":"Patrick Yip","startTime":312.012,"endTime":314.832,"body":"with Sprout Asset Management."},{"speaker":"Patrick Yip","startTime":314.832,"endTime":317.742,"body":"And what Sprout Asset Management"},{"speaker":"Patrick Yip","startTime":314.832,"endTime":317.742,"body":"is, it's a large alternative"},{"speaker":"Patrick Yip","startTime":317.892,"endTime":321.462,"body":"asset manager out of Canada with"},{"speaker":"Patrick Yip","startTime":317.892,"endTime":321.462,"body":"about 22 billion under management."},{"speaker":"Patrick Yip","startTime":321.852,"endTime":324.961,"body":"And the reason we partnered together was"},{"speaker":"Patrick Yip","startTime":321.852,"endTime":324.961,"body":"to come up with one goal, basically a"},{"speaker":"Patrick Yip","startTime":324.966,"endTime":326.861,"body":"modern way to purchase precious metals."},{"speaker":"Patrick Yip","startTime":326.912,"endTime":330.062,"body":"So as I mentioned, one goal's, an"},{"speaker":"Patrick Yip","startTime":326.912,"endTime":330.062,"body":"online investment platform that allows"},{"speaker":"Patrick Yip","startTime":330.062,"endTime":333.242,"body":"you to buy, own and trade vaulted"},{"speaker":"Patrick Yip","startTime":330.062,"endTime":333.242,"body":"positions of gold, silver, and platinum."},{"speaker":"Patrick Yip","startTime":333.286,"endTime":334.816,"body":"You get to choose which vault you want."},{"speaker":"Patrick Yip","startTime":334.816,"endTime":336.026,"body":"So it is either in the."},{"speaker":"Patrick Yip","startTime":336.371,"endTime":338.831,"body":"Either in Canada, Switzerland, or the UK."},{"speaker":"Patrick Yip","startTime":339.281,"endTime":343.091,"body":"And what One Gold First does is it has"},{"speaker":"Patrick Yip","startTime":339.281,"endTime":343.091,"body":"agreements with vaulting companies."},{"speaker":"Patrick Yip","startTime":343.091,"endTime":346.421,"body":"So like a Brinks, a Loomis,"},{"speaker":"Patrick Yip","startTime":343.091,"endTime":346.421,"body":"credible, well-known vaulting names."},{"speaker":"Patrick Yip","startTime":346.485,"endTime":349.377,"body":"It then buys large commercial"},{"speaker":"Patrick Yip","startTime":346.485,"endTime":349.377,"body":"bars of gold and silver."},{"speaker":"Patrick Yip","startTime":349.377,"endTime":352.917,"body":"So you imagine these bars that you see in"},{"speaker":"Patrick Yip","startTime":349.377,"endTime":352.917,"body":"big movie scenes where if someone robs a"},{"speaker":"Patrick Yip","startTime":352.917,"endTime":355.032,"body":"bank and you get these big 400 ASCO bars."},{"speaker":"Average Joe Finances","startTime":355.057,"endTime":356.097,"body":"Down the Fort Knots."},{"speaker":"Patrick Yip","startTime":356.637,"endTime":356.817,"body":"Yeah."},{"speaker":"Patrick Yip","startTime":356.817,"endTime":360.054,"body":"So it's that stuff that One Gold"},{"speaker":"Patrick Yip","startTime":356.817,"endTime":360.054,"body":"actually buys it sort, it stores"},{"speaker":"Patrick Yip","startTime":360.054,"endTime":362.674,"body":"it at Brinks and Loomis and then"},{"speaker":"Patrick Yip","startTime":360.054,"endTime":362.674,"body":"it lists the metal for sale."},{"speaker":"Patrick Yip","startTime":362.704,"endTime":363.694,"body":"And then let's say, Mike, you."},{"speaker":"Patrick Yip","startTime":364.209,"endTime":366.429,"body":"You buy gold in the US"},{"speaker":"Patrick Yip","startTime":364.209,"endTime":366.429,"body":"you buy some US gold."},{"speaker":"Patrick Yip","startTime":366.453,"endTime":368.054,"body":"That metal is actually owned by you."},{"speaker":"Patrick Yip","startTime":368.054,"endTime":369.254,"body":"You have title to it."},{"speaker":"Patrick Yip","startTime":369.464,"endTime":371.624,"body":"It doesn't appear up on"},{"speaker":"Patrick Yip","startTime":369.464,"endTime":371.624,"body":"one gold's balance sheet."},{"speaker":"Patrick Yip","startTime":371.804,"endTime":374.8,"body":"And let's say for whatever reason,"},{"speaker":"Patrick Yip","startTime":371.804,"endTime":374.8,"body":"you're a big whale and you wanna purchase"},{"speaker":"Patrick Yip","startTime":374.86,"endTime":376.42,"body":"tens of millions of dollars of gold."},{"speaker":"Patrick Yip","startTime":376.42,"endTime":379.253,"body":"It's more gold than we currently"},{"speaker":"Patrick Yip","startTime":376.42,"endTime":379.253,"body":"have available for purchase."},{"speaker":"Patrick Yip","startTime":379.258,"endTime":382.073,"body":"We actually won't sell you that gold"},{"speaker":"Patrick Yip","startTime":379.258,"endTime":382.073,"body":"until we're able to source more."},{"speaker":"Patrick Yip","startTime":382.073,"endTime":384.323,"body":"So we're not gonna sell"},{"speaker":"Patrick Yip","startTime":382.073,"endTime":384.323,"body":"you on Unbacked promise."},{"speaker":"Patrick Yip","startTime":384.369,"endTime":385.669,"body":"The metal is all insured."},{"speaker":"Patrick Yip","startTime":385.692,"endTime":387.71,"body":"So it's insured by like Lloyds of London."},{"speaker":"Patrick Yip","startTime":387.965,"endTime":389.165,"body":"Or the rural Canadian mint."},{"speaker":"Patrick Yip","startTime":389.165,"endTime":392.996,"body":"If you're in Canada, it's regularly"},{"speaker":"Patrick Yip","startTime":389.165,"endTime":392.996,"body":"audited by a top five accounting firm."},{"speaker":"Patrick Yip","startTime":392.996,"endTime":395.767,"body":"So they go twice a year to look"},{"speaker":"Patrick Yip","startTime":392.996,"endTime":395.767,"body":"at that, count the inventory."},{"speaker":"Patrick Yip","startTime":395.767,"endTime":399.517,"body":"We also post regular monthly inventory"},{"speaker":"Patrick Yip","startTime":395.767,"endTime":399.517,"body":"reports on our website showing"},{"speaker":"Patrick Yip","startTime":399.517,"endTime":401.137,"body":"the list of bars, the purities."},{"speaker":"Patrick Yip","startTime":401.219,"endTime":402.828,"body":"So you exactly know what's in there."},{"speaker":"Patrick Yip","startTime":403.038,"endTime":405.378,"body":"And let's say you said, Hey, I"},{"speaker":"Patrick Yip","startTime":403.038,"endTime":405.378,"body":"like this vaulted solution, but."},{"speaker":"Patrick Yip","startTime":405.783,"endTime":407.596,"body":"one day you're like, I"},{"speaker":"Patrick Yip","startTime":405.783,"endTime":407.596,"body":"really want the physical."},{"speaker":"Patrick Yip","startTime":407.596,"endTime":409.269,"body":"I don't want this"},{"speaker":"Patrick Yip","startTime":407.596,"endTime":409.269,"body":"vaulted solution anymore."},{"speaker":"Patrick Yip","startTime":409.509,"endTime":412.749,"body":"You could actually go through our"},{"speaker":"Patrick Yip","startTime":409.509,"endTime":412.749,"body":"redemption option and easily swap"},{"speaker":"Patrick Yip","startTime":412.749,"endTime":414.399,"body":"that out for a physical product."},{"speaker":"Patrick Yip","startTime":414.399,"endTime":416.769,"body":"And obviously there's a small"},{"speaker":"Patrick Yip","startTime":414.399,"endTime":416.769,"body":"premium depending on what product"},{"speaker":"Patrick Yip","startTime":416.769,"endTime":418.215,"body":"you pay or what product you buy."},{"speaker":"Patrick Yip","startTime":418.22,"endTime":421.472,"body":"So if you want a small coin, it's gonna"},{"speaker":"Patrick Yip","startTime":418.22,"endTime":421.472,"body":"cost more than if you got a larger bar."},{"speaker":"Average Joe Finances","startTime":422.402,"endTime":422.702,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":422.702,"endTime":422.912,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":422.942,"endTime":425.642,"body":"Actually, that was gonna be one of my next"},{"speaker":"Average Joe Finances","startTime":422.942,"endTime":425.642,"body":"questions too, was like, Hey, what if you"},{"speaker":"Average Joe Finances","startTime":425.642,"endTime":430.037,"body":"wanted to like, Switch from that vault"},{"speaker":"Average Joe Finances","startTime":425.642,"endTime":430.037,"body":"to position to get that physical gold."},{"speaker":"Average Joe Finances","startTime":430.057,"endTime":431.232,"body":"So that makes perfect sense."},{"speaker":"Average Joe Finances","startTime":431.238,"endTime":432.768,"body":"Yeah, so I definitely appreciate that."},{"speaker":"Average Joe Finances","startTime":432.796,"endTime":435.381,"body":"I think it's something"},{"speaker":"Average Joe Finances","startTime":432.796,"endTime":435.381,"body":"that, you know don't know."},{"speaker":"Average Joe Finances","startTime":435.411,"endTime":438.613,"body":"I was asking that because I always"},{"speaker":"Average Joe Finances","startTime":435.411,"endTime":438.613,"body":"pictured in my mind the people that"},{"speaker":"Average Joe Finances","startTime":438.613,"endTime":441.283,"body":"have a lot of precious metals and"},{"speaker":"Average Joe Finances","startTime":438.613,"endTime":441.283,"body":"stuff, and they have it like piled"},{"speaker":"Average Joe Finances","startTime":441.283,"endTime":444.441,"body":"up and then somebody just comes"},{"speaker":"Average Joe Finances","startTime":441.283,"endTime":444.441,"body":"in and I'm here to rob the bank."},{"speaker":"Average Joe Finances","startTime":444.497,"endTime":446.8,"body":"Like all the stuff like in the"},{"speaker":"Average Joe Finances","startTime":444.497,"endTime":446.8,"body":"old cartoons back in the day."},{"speaker":"Average Joe Finances","startTime":446.845,"endTime":446.891,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":446.92,"endTime":448.164,"body":"So that flashes through my head."},{"speaker":"Average Joe Finances","startTime":448.164,"endTime":450.787,"body":"The way that you described, the way"},{"speaker":"Average Joe Finances","startTime":448.164,"endTime":450.787,"body":"that everything's set up and how"},{"speaker":"Average Joe Finances","startTime":450.787,"endTime":454.551,"body":"often it gets audited and everything"},{"speaker":"Average Joe Finances","startTime":450.787,"endTime":454.551,"body":"it seems like a very safe place"},{"speaker":"Average Joe Finances","startTime":454.599,"endTime":456.031,"body":"to keep your investment right."},{"speaker":"Average Joe Finances","startTime":456.031,"endTime":457.535,"body":"To actually hold your precious metal."},{"speaker":"Average Joe Finances","startTime":457.543,"endTime":459.878,"body":"I just wanted to point that out"},{"speaker":"Average Joe Finances","startTime":457.543,"endTime":459.878,"body":"there, so I appreciate that."},{"speaker":"Average Joe Finances","startTime":460.178,"endTime":462.737,"body":"Now why should investors consider."},{"speaker":"Average Joe Finances","startTime":463.312,"endTime":464.9,"body":"Maybe, owning some precious metals."},{"speaker":"Patrick Yip","startTime":465.68,"endTime":467.12,"body":"Yeah, that's"},{"speaker":"Patrick Yip","startTime":465.68,"endTime":467.12,"body":"a great question too."},{"speaker":"Patrick Yip","startTime":467.42,"endTime":469.76,"body":"So I think if you look at the"},{"speaker":"Patrick Yip","startTime":467.42,"endTime":469.76,"body":"news, you turn on the news the"},{"speaker":"Patrick Yip","startTime":469.76,"endTime":471.14,"body":"hot topic right now is inflation."},{"speaker":"Patrick Yip","startTime":471.5,"endTime":475.16,"body":"So you're seeing inflation as running"},{"speaker":"Patrick Yip","startTime":471.5,"endTime":475.16,"body":"at 8.2% year over year, basically"},{"speaker":"Patrick Yip","startTime":475.16,"endTime":477.08,"body":"the highest level in 40 plus years."},{"speaker":"Patrick Yip","startTime":477.157,"endTime":478.837,"body":"Does every, everyone's"},{"speaker":"Patrick Yip","startTime":477.157,"endTime":478.837,"body":"aware of those facts."},{"speaker":"Patrick Yip","startTime":478.842,"endTime":481.097,"body":"You see it over and every"},{"speaker":"Patrick Yip","startTime":478.842,"endTime":481.097,"body":"time you turn on the tv."},{"speaker":"Patrick Yip","startTime":481.577,"endTime":483.639,"body":"So I like to see what could history teach?"},{"speaker":"Patrick Yip","startTime":483.954,"endTime":486.384,"body":"About precious metals and"},{"speaker":"Patrick Yip","startTime":483.954,"endTime":486.384,"body":"various asset classes."},{"speaker":"Patrick Yip","startTime":486.384,"endTime":488.994,"body":"So as I mentioned, inflation's"},{"speaker":"Patrick Yip","startTime":486.384,"endTime":488.994,"body":"at a 40 plus year high."},{"speaker":"Patrick Yip","startTime":488.994,"endTime":492.864,"body":"Unfortunately, we have to go back prior"},{"speaker":"Patrick Yip","startTime":488.994,"endTime":492.864,"body":"to 1980 to look at data because inflation"},{"speaker":"Patrick Yip","startTime":492.864,"endTime":494.723,"body":"hasn't been high since, 40 some years."},{"speaker":"Patrick Yip","startTime":495.173,"endTime":499.214,"body":"So if you look first of all the"},{"speaker":"Patrick Yip","startTime":495.173,"endTime":499.214,"body":"1960s, you had an inflationary cycle"},{"speaker":"Patrick Yip","startTime":499.219,"endTime":502.244,"body":"and it took the fed nine years to"},{"speaker":"Patrick Yip","startTime":499.219,"endTime":502.244,"body":"resolve that inflationary cycle."},{"speaker":"Patrick Yip","startTime":502.274,"endTime":503.414,"body":"So certainly a lot longer."},{"speaker":"Patrick Yip","startTime":503.804,"endTime":504.524,"body":"They expected."},{"speaker":"Patrick Yip","startTime":504.944,"endTime":507.884,"body":"And then you fast forward a little"},{"speaker":"Patrick Yip","startTime":504.944,"endTime":507.884,"body":"bit later in the 1970s, you had"},{"speaker":"Patrick Yip","startTime":507.884,"endTime":511.274,"body":"another inflationary cycle and it took"},{"speaker":"Patrick Yip","startTime":507.884,"endTime":511.274,"body":"the Fed five years to resolve that."},{"speaker":"Patrick Yip","startTime":511.754,"endTime":512.744,"body":"So where are we today?"},{"speaker":"Patrick Yip","startTime":512.744,"endTime":516.614,"body":"Inflation, just last year in"},{"speaker":"Patrick Yip","startTime":512.744,"endTime":516.614,"body":"January, 2021 was only 1.4%."},{"speaker":"Patrick Yip","startTime":516.854,"endTime":519.284,"body":"So we're almost two years into the cycle."},{"speaker":"Patrick Yip","startTime":519.734,"endTime":522.096,"body":"So let's look at how different"},{"speaker":"Patrick Yip","startTime":519.734,"endTime":522.096,"body":"asset classes perform."},{"speaker":"Patrick Yip","startTime":522.156,"endTime":525.156,"body":"So obviously one of the worst things"},{"speaker":"Patrick Yip","startTime":522.156,"endTime":525.156,"body":"you could do during inflation is cash."},{"speaker":"Patrick Yip","startTime":525.156,"endTime":526.296,"body":"But let's see what cash did."},{"speaker":"Patrick Yip","startTime":526.296,"endTime":529.896,"body":"So let's say you helped cash"},{"speaker":"Patrick Yip","startTime":526.296,"endTime":529.896,"body":"five years of 8.2% inflation."},{"speaker":"Patrick Yip","startTime":529.956,"endTime":534.516,"body":"That's gonna erode about 35% of the cash"},{"speaker":"Patrick Yip","startTime":529.956,"endTime":534.516,"body":"is purchasing power, obviously not ideal."},{"speaker":"Patrick Yip","startTime":534.636,"endTime":536.106,"body":"Let's say inflation lasts nine years."},{"speaker":"Patrick Yip","startTime":536.346,"endTime":540.156,"body":"That 8.2% inflation compounded"},{"speaker":"Patrick Yip","startTime":536.346,"endTime":540.156,"body":"over nine years is gonna override"},{"speaker":"Patrick Yip","startTime":540.156,"endTime":542.016,"body":"55% of your purchasing power."},{"speaker":"Patrick Yip","startTime":542.196,"endTime":543.656,"body":"So clearly not a great solution."},{"speaker":"Patrick Yip","startTime":543.656,"endTime":545.55,"body":"Don't hold cash during"},{"speaker":"Patrick Yip","startTime":543.656,"endTime":545.55,"body":"an inflationary period."},{"speaker":"Patrick Yip","startTime":546.09,"endTime":546.75,"body":"Let's look at it."},{"speaker":"Patrick Yip","startTime":546.84,"endTime":549.81,"body":"Stocks, for example, and by"},{"speaker":"Patrick Yip","startTime":546.84,"endTime":549.81,"body":"stocks, I'm looking at the S\u0026P 500."},{"speaker":"Patrick Yip","startTime":550.6,"endTime":555.79,"body":"So in the 1960s, you look at what happened"},{"speaker":"Patrick Yip","startTime":550.6,"endTime":555.79,"body":"to the S\u0026P, it actually lost over 20%."},{"speaker":"Patrick Yip","startTime":555.88,"endTime":559.51,"body":"And keep in mind, inflation hit"},{"speaker":"Patrick Yip","startTime":555.88,"endTime":559.51,"body":"as high as about 12% in the 1960s."},{"speaker":"Patrick Yip","startTime":559.51,"endTime":562.66,"body":"So you got hit nominally by"},{"speaker":"Patrick Yip","startTime":559.51,"endTime":562.66,"body":"your stocks going down, plus"},{"speaker":"Patrick Yip","startTime":562.66,"endTime":563.92,"body":"you got hit with inflation."},{"speaker":"Patrick Yip","startTime":563.92,"endTime":566.62,"body":"So stocks didn't really"},{"speaker":"Patrick Yip","startTime":563.92,"endTime":566.62,"body":"do so well in the 1960s."},{"speaker":"Patrick Yip","startTime":567.01,"endTime":569.2,"body":"You look at the 1970s,"},{"speaker":"Patrick Yip","startTime":567.01,"endTime":569.2,"body":"little bit different."},{"speaker":"Patrick Yip","startTime":569.2,"endTime":571.66,"body":"So stocks didn't lose"},{"speaker":"Patrick Yip","startTime":569.2,"endTime":571.66,"body":"value, but they were up 4%."},{"speaker":"Patrick Yip","startTime":571.66,"endTime":572.761,"body":"So little bit better."},{"speaker":"Patrick Yip","startTime":572.781,"endTime":577.551,"body":"However, inflation hit almost 15% in"},{"speaker":"Patrick Yip","startTime":572.781,"endTime":577.551,"body":"the 1970s, so not the greatest outcome."},{"speaker":"Patrick Yip","startTime":577.971,"endTime":579.381,"body":"And then lastly, you look at gold."},{"speaker":"Patrick Yip","startTime":579.381,"endTime":582.976,"body":"So what did gold do in the 1960s"},{"speaker":"Patrick Yip","startTime":579.381,"endTime":582.976,"body":"during that inflationary period?"},{"speaker":"Patrick Yip","startTime":582.981,"endTime":586.786,"body":"It went up from 35 to"},{"speaker":"Patrick Yip","startTime":582.981,"endTime":586.786,"body":"$200, so a five x move."},{"speaker":"Patrick Yip","startTime":587.176,"endTime":589.966,"body":"And then you look at the 1970s"},{"speaker":"Patrick Yip","startTime":587.176,"endTime":589.966,"body":"and gold had a similar move"},{"speaker":"Patrick Yip","startTime":590.206,"endTime":592.256,"body":"up, eight x from 100 up to 850."},{"speaker":"Patrick Yip","startTime":592.966,"endTime":595.156,"body":"So if history repeats,"},{"speaker":"Patrick Yip","startTime":592.966,"endTime":595.156,"body":"obviously no one knows."},{"speaker":"Patrick Yip","startTime":595.156,"endTime":598.05,"body":"Time will tell if history repeats"},{"speaker":"Patrick Yip","startTime":595.156,"endTime":598.05,"body":"or rhymes or doesn't repeat."},{"speaker":"Patrick Yip","startTime":598.38,"endTime":600.765,"body":"But if history does repeat,"},{"speaker":"Patrick Yip","startTime":598.38,"endTime":600.765,"body":"goals are likely to do well."},{"speaker":"Average Joe Finances","startTime":600.792,"endTime":602.227,"body":"So patrick,"},{"speaker":"Average Joe Finances","startTime":600.792,"endTime":602.227,"body":"you don't have your little crystal"},{"speaker":"Average Joe Finances","startTime":602.227,"endTime":604.848,"body":"ball going to try to figure out"},{"speaker":"Average Joe Finances","startTime":602.227,"endTime":604.848,"body":"where this is gonna go or what"},{"speaker":"Patrick Yip","startTime":605.568,"endTime":608.628,"body":"So I wish I did, but"},{"speaker":"Patrick Yip","startTime":605.568,"endTime":608.628,"body":"I could say I'm heavier than I'm"},{"speaker":"Patrick Yip","startTime":608.688,"endTime":611.658,"body":"typically in gold and I'm feeling"},{"speaker":"Patrick Yip","startTime":608.688,"endTime":611.658,"body":"comfortable with it right now."},{"speaker":"Average Joe Finances","startTime":612.228,"endTime":612.558,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":612.648,"endTime":612.828,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":612.833,"endTime":613.008,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":613.012,"endTime":613.465,"body":"That's awesome."},{"speaker":"Average Joe Finances","startTime":613.465,"endTime":613.964,"body":"Great point."},{"speaker":"Average Joe Finances","startTime":613.964,"endTime":617.146,"body":"And I like how you're talking about"},{"speaker":"Average Joe Finances","startTime":613.964,"endTime":617.146,"body":"how it's these inflationary periods"},{"speaker":"Average Joe Finances","startTime":617.151,"endTime":618.643,"body":"not, we have inflation every year."},{"speaker":"Average Joe Finances","startTime":618.958,"endTime":621.641,"body":"But the way you're describing it is"},{"speaker":"Average Joe Finances","startTime":618.958,"endTime":621.641,"body":"like these periods of this higher"},{"speaker":"Average Joe Finances","startTime":621.641,"endTime":624.55,"body":"inflation, which we're starting"},{"speaker":"Average Joe Finances","startTime":621.641,"endTime":624.55,"body":"to feel the effects of that now."},{"speaker":"Average Joe Finances","startTime":624.569,"endTime":628.949,"body":"So I think we're gonna find 2022 was"},{"speaker":"Average Joe Finances","startTime":624.569,"endTime":628.949,"body":"a pretty bad year for inflation by"},{"speaker":"Average Joe Finances","startTime":628.949,"endTime":630.119,"body":"the time the end of the year hits."},{"speaker":"Average Joe Finances","startTime":630.184,"endTime":634.413,"body":"And I don't see the road looking too"},{"speaker":"Average Joe Finances","startTime":630.184,"endTime":634.413,"body":"great for the start of 2023 either."},{"speaker":"Average Joe Finances","startTime":634.48,"endTime":636.56,"body":"Who knows how long this is"},{"speaker":"Average Joe Finances","startTime":634.48,"endTime":636.56,"body":"gonna go, like you said."},{"speaker":"Average Joe Finances","startTime":636.56,"endTime":637.618,"body":"But at the same time."},{"speaker":"Average Joe Finances","startTime":637.648,"endTime":640.043,"body":"Let's talk about some of the"},{"speaker":"Average Joe Finances","startTime":637.648,"endTime":640.043,"body":"trends of of gold right now."},{"speaker":"Average Joe Finances","startTime":640.081,"endTime":641.431,"body":"Where has gold been?"},{"speaker":"Average Joe Finances","startTime":641.431,"endTime":644.171,"body":"Like the past, let's"},{"speaker":"Average Joe Finances","startTime":641.431,"endTime":644.171,"body":"say five years, right?"},{"speaker":"Average Joe Finances","startTime":644.171,"endTime":647.149,"body":"What does the value look like"},{"speaker":"Average Joe Finances","startTime":644.171,"endTime":647.149,"body":"today versus five years ago?"},{"speaker":"Patrick Yip","startTime":648.369,"endTime":648.519,"body":"Yeah."},{"speaker":"Patrick Yip","startTime":648.519,"endTime":651.484,"body":"So a lot of times people look at"},{"speaker":"Patrick Yip","startTime":648.519,"endTime":651.484,"body":"the short-term price movements,"},{"speaker":"Patrick Yip","startTime":651.874,"endTime":654.604,"body":"and I would say, let's look at the"},{"speaker":"Patrick Yip","startTime":651.874,"endTime":654.604,"body":"bigger picture, because gold, I"},{"speaker":"Patrick Yip","startTime":654.604,"endTime":656.014,"body":"look at it as a longer term hold."},{"speaker":"Patrick Yip","startTime":656.014,"endTime":657.906,"body":"It's just like a stock, just like a bond."},{"speaker":"Patrick Yip","startTime":658.116,"endTime":661.218,"body":"You don't want get into stock and"},{"speaker":"Patrick Yip","startTime":658.116,"endTime":661.218,"body":"flip it a month later that no, no"},{"speaker":"Patrick Yip","startTime":661.223,"endTime":663.798,"body":"one knows where anything's gonna go"},{"speaker":"Patrick Yip","startTime":661.223,"endTime":663.798,"body":"short-term, but you want to get into"},{"speaker":"Patrick Yip","startTime":663.798,"endTime":667.068,"body":"something and in invest in it for"},{"speaker":"Patrick Yip","startTime":663.798,"endTime":667.068,"body":"hopefully at least a couple years."},{"speaker":"Patrick Yip","startTime":667.161,"endTime":668.795,"body":"So I look at it too, and you look."},{"speaker":"Patrick Yip","startTime":669.575,"endTime":671.525,"body":"At Gold in 2022."},{"speaker":"Patrick Yip","startTime":671.555,"endTime":675.575,"body":"And if you took the average daily"},{"speaker":"Patrick Yip","startTime":671.555,"endTime":675.575,"body":"price, there has never been a time in"},{"speaker":"Patrick Yip","startTime":675.575,"endTime":677.075,"body":"history where gold has been this high."},{"speaker":"Patrick Yip","startTime":677.075,"endTime":681.095,"body":"So it's basically at an all time high by"},{"speaker":"Patrick Yip","startTime":677.075,"endTime":681.095,"body":"averaging taking the average annual price."},{"speaker":"Patrick Yip","startTime":681.162,"endTime":682.659,"body":"You could, some people"},{"speaker":"Patrick Yip","startTime":681.162,"endTime":682.659,"body":"would say yeah, it's down."},{"speaker":"Patrick Yip","startTime":682.68,"endTime":683.37,"body":"Yeah, it was."},{"speaker":"Patrick Yip","startTime":683.4,"endTime":685.38,"body":"It was 18, 1900 earlier in this year."},{"speaker":"Patrick Yip","startTime":685.385,"endTime":686.7,"body":"Now it's 1625."},{"speaker":"Patrick Yip","startTime":686.731,"endTime":689.193,"body":"Yeah, it is down, that's looking"},{"speaker":"Patrick Yip","startTime":686.731,"endTime":689.193,"body":"at a couple month horizon."},{"speaker":"Patrick Yip","startTime":689.193,"endTime":689.523,"body":"I would."},{"speaker":"Patrick Yip","startTime":689.903,"endTime":691.583,"body":"Expand your horizon past that."},{"speaker":"Patrick Yip","startTime":691.823,"endTime":693.572,"body":"It's just like you look"},{"speaker":"Patrick Yip","startTime":691.823,"endTime":693.572,"body":"at stocks, for example."},{"speaker":"Patrick Yip","startTime":693.572,"endTime":695.822,"body":"Stocks are down significantly in 2022."},{"speaker":"Patrick Yip","startTime":696.482,"endTime":699.662,"body":"I think they're probably gonna struggle"},{"speaker":"Patrick Yip","startTime":696.482,"endTime":699.662,"body":"in the next several years, but over time,"},{"speaker":"Patrick Yip","startTime":699.662,"endTime":704.502,"body":"let's say 10, 15, 20 years from now, I'd"},{"speaker":"Patrick Yip","startTime":699.662,"endTime":704.502,"body":"be surprised if stocks were not materially"},{"speaker":"Patrick Yip","startTime":704.507,"endTime":705.482,"body":"higher than where they are today."},{"speaker":"Patrick Yip","startTime":705.482,"endTime":707.222,"body":"So I would say expand your time horizon."},{"speaker":"Patrick Yip","startTime":707.582,"endTime":709.55,"body":"I would say gold's basically trending up."},{"speaker":"Patrick Yip","startTime":709.55,"endTime":711.2,"body":"I think it has a lot of room to run."},{"speaker":"Average Joe Finances","startTime":712.37,"endTime":712.67,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":712.73,"endTime":713.42,"body":"Yeah, no, great."},{"speaker":"Average Joe Finances","startTime":713.42,"endTime":714.11,"body":"I appreciate that."},{"speaker":"Average Joe Finances","startTime":714.11,"endTime":718.256,"body":"Now, So we touched on this a little"},{"speaker":"Average Joe Finances","startTime":714.11,"endTime":718.256,"body":"bit, but like the various different"},{"speaker":"Average Joe Finances","startTime":718.256,"endTime":719.456,"body":"ways to own precious metals."},{"speaker":"Average Joe Finances","startTime":719.551,"endTime":722.696,"body":"What are some of the pros"},{"speaker":"Average Joe Finances","startTime":719.551,"endTime":722.696,"body":"and cons of each of those?"},{"speaker":"Average Joe Finances","startTime":722.696,"endTime":726.384,"body":"Like I know you described for the"},{"speaker":"Average Joe Finances","startTime":722.696,"endTime":726.384,"body":"vault positions, at least I know with"},{"speaker":"Average Joe Finances","startTime":726.384,"endTime":729.984,"body":"one goal, the way you guys do it, how"},{"speaker":"Average Joe Finances","startTime":726.384,"endTime":729.984,"body":"it's insured and it's pretty safe."},{"speaker":"Average Joe Finances","startTime":730.003,"endTime":731.023,"body":"I'm not too worried about that."},{"speaker":"Average Joe Finances","startTime":731.023,"endTime":732.433,"body":"But what about some of"},{"speaker":"Average Joe Finances","startTime":731.023,"endTime":732.433,"body":"those other positions?"},{"speaker":"Average Joe Finances","startTime":732.452,"endTime":735.412,"body":"What are some of the pros and"},{"speaker":"Average Joe Finances","startTime":732.452,"endTime":735.412,"body":"cons of physically holding gold."},{"speaker":"Patrick Yip","startTime":735.982,"endTime":738.812,"body":"Yeah, so I would recommend"},{"speaker":"Patrick Yip","startTime":735.982,"endTime":738.812,"body":"that everyone starts with physical, too."},{"speaker":"Patrick Yip","startTime":738.842,"endTime":740.552,"body":"Physical is a great way to get started."},{"speaker":"Patrick Yip","startTime":740.552,"endTime":742.592,"body":"The nice part about it, it's tangible."},{"speaker":"Patrick Yip","startTime":742.652,"endTime":743.552,"body":"It's off the grid."},{"speaker":"Patrick Yip","startTime":743.762,"endTime":744.902,"body":"No one knows you have it."},{"speaker":"Patrick Yip","startTime":745.082,"endTime":746.712,"body":"No one could hack it away from you."},{"speaker":"Patrick Yip","startTime":746.719,"endTime":749.299,"body":"You could easily pass it from"},{"speaker":"Patrick Yip","startTime":746.719,"endTime":749.299,"body":"generation to generation."},{"speaker":"Patrick Yip","startTime":749.299,"endTime":750.889,"body":"If you have family members, you have kids."},{"speaker":"Patrick Yip","startTime":750.889,"endTime":753.199,"body":"No one needs to know you"},{"speaker":"Patrick Yip","startTime":750.889,"endTime":753.199,"body":"just pass a large amount."},{"speaker":"Patrick Yip","startTime":753.979,"endTime":757.984,"body":"Taxes are tough, self-reported lot of"},{"speaker":"Patrick Yip","startTime":753.979,"endTime":757.984,"body":"good benefits about holding physical gold."},{"speaker":"Patrick Yip","startTime":758.869,"endTime":763.194,"body":"Couple of the downsides too, is especially"},{"speaker":"Patrick Yip","startTime":758.869,"endTime":763.194,"body":"when it comes time to liquidate depending"},{"speaker":"Patrick Yip","startTime":763.194,"endTime":767.024,"body":"on where you are, it's a little more"},{"speaker":"Patrick Yip","startTime":763.194,"endTime":767.024,"body":"difficult to liquidate than a position"},{"speaker":"Patrick Yip","startTime":767.029,"endTime":769.824,"body":"like an ETF or a vaulted solution,"},{"speaker":"Patrick Yip","startTime":767.029,"endTime":769.824,"body":"like one gold where you just click a"},{"speaker":"Patrick Yip","startTime":769.824,"endTime":771.384,"body":"couple buttons and then it's liquidated."},{"speaker":"Patrick Yip","startTime":771.401,"endTime":774.311,"body":"With physical gold, you have to find,"},{"speaker":"Patrick Yip","startTime":771.401,"endTime":774.311,"body":"just like buying gold, you wanna"},{"speaker":"Patrick Yip","startTime":774.311,"endTime":775.961,"body":"find a reputable dealer to buy from."},{"speaker":"Patrick Yip","startTime":776.291,"endTime":778.181,"body":"When you're selling the"},{"speaker":"Patrick Yip","startTime":776.291,"endTime":778.181,"body":"gold, you also have to find a"},{"speaker":"Patrick Yip","startTime":778.181,"endTime":779.891,"body":"reputable dealer to sell to."},{"speaker":"Patrick Yip","startTime":779.992,"endTime":783.697,"body":"You wanna make sure that they're"},{"speaker":"Patrick Yip","startTime":779.992,"endTime":783.697,"body":"not gouging you on price, obviously"},{"speaker":"Patrick Yip","startTime":783.697,"endTime":784.767,"body":"APMEX is a reputable dealer."},{"speaker":"Patrick Yip","startTime":784.767,"endTime":786.027,"body":"We're based in Oklahoma City."},{"speaker":"Patrick Yip","startTime":786.237,"endTime":788.967,"body":"Not everyone's in Oklahoma City, so"},{"speaker":"Patrick Yip","startTime":786.237,"endTime":788.967,"body":"chances are you have to ship your"},{"speaker":"Patrick Yip","startTime":788.967,"endTime":790.347,"body":"gold over there, which has a cost."},{"speaker":"Patrick Yip","startTime":790.347,"endTime":793.23,"body":"So the transaction costs with"},{"speaker":"Patrick Yip","startTime":790.347,"endTime":793.23,"body":"physical is a little higher."},{"speaker":"Patrick Yip","startTime":794.1,"endTime":797.328,"body":"And one of the big things I say with"},{"speaker":"Patrick Yip","startTime":794.1,"endTime":797.328,"body":"physical too is everyone I've mentioned"},{"speaker":"Patrick Yip","startTime":797.333,"endTime":800.628,"body":"who got started in physical, they"},{"speaker":"Patrick Yip","startTime":797.333,"endTime":800.628,"body":"started with a couple thousand dollars."},{"speaker":"Patrick Yip","startTime":800.958,"endTime":803.165,"body":"The couple thousand dollars"},{"speaker":"Patrick Yip","startTime":800.958,"endTime":803.165,"body":"turned to tens of thousands."},{"speaker":"Patrick Yip","startTime":803.165,"endTime":806.225,"body":"And maybe if we're fortunate enough,"},{"speaker":"Patrick Yip","startTime":803.165,"endTime":806.225,"body":"it turns to six or 57 figure sub."},{"speaker":"Patrick Yip","startTime":806.765,"endTime":807.515,"body":"So the problem about."},{"speaker":"Patrick Yip","startTime":808.215,"endTime":811.648,"body":"With a six or seven figure sum of gold in"},{"speaker":"Patrick Yip","startTime":808.215,"endTime":811.648,"body":"your house is, where are you gonna put it?"},{"speaker":"Patrick Yip","startTime":811.648,"endTime":814.997,"body":"I You could have a nice safe, but all"},{"speaker":"Patrick Yip","startTime":811.648,"endTime":814.997,"body":"it takes is one guy breaking into your"},{"speaker":"house at 3","startTime":814.997,"endTime":818.807,"body":"00 AM with a knife or a"},{"speaker":"house at 3","startTime":814.997,"endTime":818.807,"body":"gun, and you know your family's there."},{"speaker":"house at 3","startTime":818.807,"endTime":820.667,"body":"You hope it never happens, but you know."},{"speaker":"house at 3","startTime":820.672,"endTime":824.401,"body":"It's just not the best solution to have"},{"speaker":"house at 3","startTime":820.672,"endTime":824.401,"body":"any large amount of value, whether in"},{"speaker":"house at 3","startTime":824.401,"endTime":828.391,"body":"gold or jewelry or anything else that"},{"speaker":"house at 3","startTime":824.401,"endTime":828.391,"body":"has a lot of tangible value, not the"},{"speaker":"house at 3","startTime":828.391,"endTime":830.221,"body":"best solution to keep it in your house."},{"speaker":"house at 3","startTime":830.275,"endTime":833.844,"body":"And that's where one gold comes"},{"speaker":"house at 3","startTime":830.275,"endTime":833.844,"body":"in, is we have customers and one"},{"speaker":"house at 3","startTime":833.844,"endTime":836.844,"body":"of our largest customers spent"},{"speaker":"house at 3","startTime":833.844,"endTime":836.844,"body":"north of 10 million on one gold."},{"speaker":"house at 3","startTime":836.891,"endTime":838.145,"body":"And he had the same concerns too."},{"speaker":"house at 3","startTime":838.145,"endTime":840.894,"body":"It's like where do you put"},{"speaker":"house at 3","startTime":838.145,"endTime":840.894,"body":"10 million of physical gold?"},{"speaker":"Average Joe Finances","startTime":842.739,"endTime":843.531,"body":"Yeah, that's fantastic."},{"speaker":"Average Joe Finances","startTime":843.531,"endTime":845.028,"body":"I When you think about"},{"speaker":"Average Joe Finances","startTime":843.531,"endTime":845.028,"body":"it, what are you gonna do?"},{"speaker":"Average Joe Finances","startTime":845.028,"endTime":847.863,"body":"Put it all on a treasure chest and"},{"speaker":"Average Joe Finances","startTime":845.028,"endTime":847.863,"body":"bury it in your backyard, put an X"},{"speaker":"Average Joe Finances","startTime":847.868,"endTime":850.809,"body":"over it or something, But actually I do"},{"speaker":"Average Joe Finances","startTime":847.868,"endTime":850.809,"body":"know I've heard of people doing that."},{"speaker":"Average Joe Finances","startTime":850.809,"endTime":853.481,"body":"Like they'll they like to bury"},{"speaker":"Average Joe Finances","startTime":850.809,"endTime":853.481,"body":"their precious metals like around"},{"speaker":"Average Joe Finances","startTime":853.486,"endTime":854.801,"body":"their yard in certain spots."},{"speaker":"Average Joe Finances","startTime":854.925,"endTime":857.584,"body":"But, if somebody knows that you're doing"},{"speaker":"Average Joe Finances","startTime":854.925,"endTime":857.584,"body":"that, you might wake up one morning and be"},{"speaker":"Average Joe Finances","startTime":857.584,"endTime":859.164,"body":"like, oh, look the lawn's getting redone."},{"speaker":"Average Joe Finances","startTime":859.183,"endTime":860.527,"body":"Yeah, no that's that's a great point."},{"speaker":"Average Joe Finances","startTime":860.527,"endTime":861.753,"body":"So actually let's talk about that then."},{"speaker":"Average Joe Finances","startTime":861.783,"endTime":867.003,"body":"So if somebody decided they wanted to"},{"speaker":"Average Joe Finances","startTime":861.783,"endTime":867.003,"body":"switch that physical into a vaulted"},{"speaker":"Average Joe Finances","startTime":867.003,"endTime":869.711,"body":"position now you said that there's"},{"speaker":"Average Joe Finances","startTime":867.003,"endTime":869.711,"body":"of course there's a cost, especially"},{"speaker":"Average Joe Finances","startTime":869.711,"endTime":870.971,"body":"if they got a ship to Oklahoma City."},{"speaker":"Average Joe Finances","startTime":871.151,"endTime":871.926,"body":"I live in Hawaii."},{"speaker":"Average Joe Finances","startTime":871.955,"endTime":872.735,"body":"That would be ridiculous."},{"speaker":"Average Joe Finances","startTime":872.735,"endTime":874.475,"body":"It would probably cost me more"},{"speaker":"Average Joe Finances","startTime":872.735,"endTime":874.475,"body":"to senate there than it would"},{"speaker":"Average Joe Finances","startTime":874.475,"endTime":875.795,"body":"cost to, to actually hold it."},{"speaker":"Average Joe Finances","startTime":875.933,"endTime":876.053,"body":"Yep."},{"speaker":"Average Joe Finances","startTime":876.548,"endTime":877.647,"body":"Because of the weight."},{"speaker":"Average Joe Finances","startTime":877.678,"endTime":878.816,"body":"I mean it's a metal, right?"},{"speaker":"Average Joe Finances","startTime":878.816,"endTime":881.456,"body":"It's not like it's this light"},{"speaker":"Average Joe Finances","startTime":878.816,"endTime":881.456,"body":"piece of wood or something."},{"speaker":"Average Joe Finances","startTime":881.525,"endTime":883.19,"body":"It is heavy metal, right?"},{"speaker":"Average Joe Finances","startTime":883.44,"endTime":888.245,"body":"If somebody decided they wanted to, turn"},{"speaker":"Average Joe Finances","startTime":883.44,"endTime":888.245,"body":"it in and shift it over are they looking"},{"speaker":"Average Joe Finances","startTime":888.25,"endTime":889.706,"body":"at some premiums with that as well?"},{"speaker":"Average Joe Finances","startTime":889.706,"endTime":890.576,"body":"Besides shipping it?"},{"speaker":"Average Joe Finances","startTime":890.576,"endTime":891.501,"body":"Or what does that look like?"},{"speaker":"Patrick Yip","startTime":892.491,"endTime":892.621,"body":"Yeah."},{"speaker":"Patrick Yip","startTime":892.621,"endTime":895.643,"body":"So if you have physical metal and"},{"speaker":"Patrick Yip","startTime":892.621,"endTime":895.643,"body":"you wanna get it into a vaulted"},{"speaker":"Patrick Yip","startTime":896.103,"endTime":899.678,"body":"solution, a lot of times the physical"},{"speaker":"Patrick Yip","startTime":896.103,"endTime":899.678,"body":"metal has a small premium over it."},{"speaker":"Patrick Yip","startTime":899.698,"endTime":902.976,"body":"And I almost say it's if you looked at"},{"speaker":"Patrick Yip","startTime":899.698,"endTime":902.976,"body":"coffee, for example, coffee's trading"},{"speaker":"Patrick Yip","startTime":902.981,"endTime":904.686,"body":"at $2 on the commodity exchange."},{"speaker":"Patrick Yip","startTime":904.836,"endTime":907.926,"body":"If you go to Starbucks, you're not paying"},{"speaker":"Patrick Yip","startTime":904.836,"endTime":907.926,"body":"$2 for a pound of Starbucks coffee."},{"speaker":"Patrick Yip","startTime":908.126,"endTime":911.072,"body":"There's a premium because true"},{"speaker":"Patrick Yip","startTime":908.126,"endTime":911.072,"body":"there there's a cost for Starbucks"},{"speaker":"Patrick Yip","startTime":911.072,"endTime":913.742,"body":"to make this package it and do all"},{"speaker":"Patrick Yip","startTime":911.072,"endTime":913.742,"body":"this other stuff that they need"},{"speaker":"Patrick Yip","startTime":913.742,"endTime":914.972,"body":"to do to distribute the coffee."},{"speaker":"Patrick Yip","startTime":915.392,"endTime":918.542,"body":"Just like gold for example, it could"},{"speaker":"Patrick Yip","startTime":915.392,"endTime":918.542,"body":"be trading at, let's say, 1600 and"},{"speaker":"Patrick Yip","startTime":918.542,"endTime":920.372,"body":"change on the c commodities exchange."},{"speaker":"Patrick Yip","startTime":920.642,"endTime":923.162,"body":"You may pay north of 1700 for a coin."},{"speaker":"Patrick Yip","startTime":923.342,"endTime":927.932,"body":"And the reason for that is it needs to"},{"speaker":"Patrick Yip","startTime":923.342,"endTime":927.932,"body":"be made into a smaller denomination."},{"speaker":"Patrick Yip","startTime":927.935,"endTime":931.753,"body":"The mints the refineries, wherever you"},{"speaker":"Patrick Yip","startTime":927.935,"endTime":931.753,"body":"buy the coin or bar has to stamp it out."},{"speaker":"Patrick Yip","startTime":931.753,"endTime":934.393,"body":"It's just gonna say, Hey,"},{"speaker":"Patrick Yip","startTime":931.753,"endTime":934.393,"body":"fine, gold 9, 9, 9, 9, fine."},{"speaker":"Patrick Yip","startTime":934.393,"endTime":935.822,"body":"It's, they have the mark on there."},{"speaker":"Patrick Yip","startTime":935.842,"endTime":937.033,"body":"So there's a premium to that."},{"speaker":"Patrick Yip","startTime":937.043,"endTime":940.523,"body":"As I mentioned, with one Gold, you're"},{"speaker":"Patrick Yip","startTime":937.043,"endTime":940.523,"body":"getting into large industrial bars"},{"speaker":"Patrick Yip","startTime":940.619,"endTime":941.795,"body":"basically like the stuff in movies."},{"speaker":"Patrick Yip","startTime":941.795,"endTime":944.857,"body":"So a lot of times let's say you had a"},{"speaker":"Patrick Yip","startTime":941.795,"endTime":944.857,"body":"gold coin and you wanted to sell this."},{"speaker":"Patrick Yip","startTime":945.302,"endTime":947.786,"body":"For our vaulted solution,"},{"speaker":"Patrick Yip","startTime":945.302,"endTime":947.786,"body":"you could sell to APMEX."},{"speaker":"Patrick Yip","startTime":947.802,"endTime":949.692,"body":"And we like to provide a two-way market."},{"speaker":"Patrick Yip","startTime":949.692,"endTime":951.102,"body":"So we buy and sell product."},{"speaker":"Patrick Yip","startTime":951.432,"endTime":952.164,"body":"You could sell it to us."},{"speaker":"Patrick Yip","startTime":952.164,"endTime":955.732,"body":"Chances are we're gonna pay you over"},{"speaker":"Patrick Yip","startTime":952.164,"endTime":955.732,"body":"the price of gold just because that coin"},{"speaker":"Patrick Yip","startTime":955.732,"endTime":957.532,"body":"has a premium over the gold content."},{"speaker":"Patrick Yip","startTime":957.712,"endTime":962.242,"body":"And you may be able to get, I dunno, 1.05"},{"speaker":"Patrick Yip","startTime":957.712,"endTime":962.242,"body":"ounces of gold and a vaulted solution."},{"speaker":"Patrick Yip","startTime":962.247,"endTime":964.767,"body":"So there is a premium"},{"speaker":"Patrick Yip","startTime":962.247,"endTime":964.767,"body":"and we do pay that too."},{"speaker":"Patrick Yip","startTime":964.796,"endTime":967.007,"body":"When you transact between"},{"speaker":"Patrick Yip","startTime":964.796,"endTime":967.007,"body":"vault and physical."},{"speaker":"Average Joe Finances","startTime":967.027,"endTime":967.297,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":967.312,"endTime":967.937,"body":"That's great to know."},{"speaker":"Average Joe Finances","startTime":967.942,"endTime":970.62,"body":"So it's also a premium that,"},{"speaker":"Average Joe Finances","startTime":967.942,"endTime":970.62,"body":"that the the precious metal"},{"speaker":"Average Joe Finances","startTime":970.62,"endTime":973.08,"body":"owner can benefit from as well."},{"speaker":"Average Joe Finances","startTime":973.11,"endTime":976.147,"body":"And I totally get that because, when"},{"speaker":"Average Joe Finances","startTime":973.11,"endTime":976.147,"body":"you look at the actual creation of"},{"speaker":"Average Joe Finances","startTime":976.147,"endTime":979.78,"body":"the coin or the bar, you've got people"},{"speaker":"Average Joe Finances","startTime":976.147,"endTime":979.78,"body":"that are actually melting it down,"},{"speaker":"Average Joe Finances","startTime":979.785,"endTime":982.72,"body":"turning it into that bar or coin, right?"},{"speaker":"Average Joe Finances","startTime":982.87,"endTime":983.806,"body":"That, you got to pay for that."},{"speaker":"Average Joe Finances","startTime":983.828,"endTime":984.695,"body":"That takes time."},{"speaker":"Average Joe Finances","startTime":984.724,"endTime":986.494,"body":"There, there's people"},{"speaker":"Average Joe Finances","startTime":984.724,"endTime":986.494,"body":"actually working to do that."},{"speaker":"Average Joe Finances","startTime":986.494,"endTime":987.283,"body":"They got to get paid."},{"speaker":"Average Joe Finances","startTime":987.354,"endTime":990.027,"body":"So that's where that premium's"},{"speaker":"Average Joe Finances","startTime":987.354,"endTime":990.027,"body":"coming from totally understandable."},{"speaker":"Average Joe Finances","startTime":990.447,"endTime":990.79,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":990.812,"endTime":994.382,"body":"Now what kind of trends are you"},{"speaker":"Average Joe Finances","startTime":990.812,"endTime":994.382,"body":"seeing right now, Patrick, in"},{"speaker":"Average Joe Finances","startTime":994.382,"endTime":995.702,"body":"the precious metals industry?"},{"speaker":"Patrick Yip","startTime":996.797,"endTime":999.423,"body":"Yeah, so I could say"},{"speaker":"Patrick Yip","startTime":996.797,"endTime":999.423,"body":"trends are, we're seeing a lot of"},{"speaker":"Patrick Yip","startTime":999.423,"endTime":1000.863,"body":"demand in the last couple years."},{"speaker":"Patrick Yip","startTime":1000.923,"endTime":1002.438,"body":"So let's go back a couple years too."},{"speaker":"Patrick Yip","startTime":1002.468,"endTime":1007.144,"body":"2019 before Covid was our last normal"},{"speaker":"Patrick Yip","startTime":1002.468,"endTime":1007.144,"body":"year of precious metals demand."},{"speaker":"Patrick Yip","startTime":1007.474,"endTime":1010.376,"body":"We sold about a billion dollars"},{"speaker":"Patrick Yip","startTime":1007.474,"endTime":1010.376,"body":"in retail sales to customers."},{"speaker":"Patrick Yip","startTime":1010.386,"endTime":1011.769,"body":"So this is metal on APMEX."},{"speaker":"Patrick Yip","startTime":1011.794,"endTime":1012.814,"body":"Or physical delivery."},{"speaker":"Patrick Yip","startTime":1012.846,"endTime":1014.088,"body":"2020 obviously came by."},{"speaker":"Patrick Yip","startTime":1014.088,"endTime":1014.808,"body":"We had covid."},{"speaker":"Patrick Yip","startTime":1014.808,"endTime":1017.197,"body":"We saw the march correction"},{"speaker":"Patrick Yip","startTime":1014.808,"endTime":1017.197,"body":"where everything took a"},{"speaker":"Patrick Yip","startTime":1017.197,"endTime":1018.407,"body":"plummet for a short term."},{"speaker":"Patrick Yip","startTime":1018.456,"endTime":1023.494,"body":"We saw our customers increase about 1.5"},{"speaker":"Patrick Yip","startTime":1018.456,"endTime":1023.494,"body":"X from 2019, and we doubled our sales."},{"speaker":"Patrick Yip","startTime":1023.494,"endTime":1027.394,"body":"So basically 2 million in precious metals"},{"speaker":"Patrick Yip","startTime":1023.494,"endTime":1027.394,"body":"went out from our facility, two retail"},{"speaker":"Patrick Yip","startTime":1027.394,"endTime":1029.764,"body":"customers, and then looking at 2021."},{"speaker":"Patrick Yip","startTime":1029.994,"endTime":1031.584,"body":"We thought 2020 was an oddball."},{"speaker":"Patrick Yip","startTime":1031.584,"endTime":1034.164,"body":"We're like, that's gonna be tough"},{"speaker":"Patrick Yip","startTime":1031.584,"endTime":1034.164,"body":"to beat if you just doubled and"},{"speaker":"Patrick Yip","startTime":1034.164,"endTime":1036.414,"body":"keep in mind doubling from a"},{"speaker":"Patrick Yip","startTime":1034.164,"endTime":1036.414,"body":"billion is not an easy thing."},{"speaker":"Patrick Yip","startTime":1036.414,"endTime":1038.154,"body":"It's not like I went from 10 to 20,000."},{"speaker":"Patrick Yip","startTime":1038.154,"endTime":1040.943,"body":"We went from one to 2 billion,"},{"speaker":"Patrick Yip","startTime":1038.154,"endTime":1040.943,"body":"which is, quite a bit of metal"},{"speaker":"Patrick Yip","startTime":1040.948,"endTime":1042.203,"body":"moving out of our facility."},{"speaker":"Patrick Yip","startTime":1042.533,"endTime":1044.033,"body":"So 2021 proved us wrong."},{"speaker":"Patrick Yip","startTime":1044.038,"endTime":1044.513,"body":"So we actually."},{"speaker":"Patrick Yip","startTime":1044.773,"endTime":1048.463,"body":"Saw a doubling of our customers"},{"speaker":"Patrick Yip","startTime":1044.773,"endTime":1048.463,"body":"from 2019, and we easily smashed"},{"speaker":"Patrick Yip","startTime":1048.463,"endTime":1049.87,"body":"through that 2 billion mark."},{"speaker":"Patrick Yip","startTime":1049.894,"endTime":1050.734,"body":"Just no problem."},{"speaker":"Patrick Yip","startTime":1051.184,"endTime":1053.784,"body":"And then 2022 has been"},{"speaker":"Patrick Yip","startTime":1051.184,"endTime":1053.784,"body":"a record year again."},{"speaker":"Patrick Yip","startTime":1053.789,"endTime":1056.975,"body":"So in March of 2022 we actually"},{"speaker":"Patrick Yip","startTime":1053.789,"endTime":1056.975,"body":"had our best month ever."},{"speaker":"Patrick Yip","startTime":1056.975,"endTime":1060.545,"body":"So we sold about 260 million in"},{"speaker":"Patrick Yip","startTime":1056.975,"endTime":1060.545,"body":"products to retail investors."},{"speaker":"Patrick Yip","startTime":1060.545,"endTime":1063.755,"body":"So a lot of people are seeing that"},{"speaker":"Patrick Yip","startTime":1060.545,"endTime":1063.755,"body":"precious metals are gonna be a good"},{"speaker":"Patrick Yip","startTime":1063.755,"endTime":1065.165,"body":"investment in the next couple years."},{"speaker":"Patrick Yip","startTime":1065.193,"endTime":1067.604,"body":"So they're running to it, and obviously"},{"speaker":"Patrick Yip","startTime":1065.193,"endTime":1067.604,"body":"that's reflected in our sales."},{"speaker":"Average Joe Finances","startTime":1068.744,"endTime":1069.164,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1069.264,"endTime":1071.995,"body":"That's insane though, like"},{"speaker":"Average Joe Finances","startTime":1069.264,"endTime":1071.995,"body":"with how much it's increased."},{"speaker":"Average Joe Finances","startTime":1071.995,"endTime":1075.812,"body":"Especially during the pandemic cause"},{"speaker":"Average Joe Finances","startTime":1071.995,"endTime":1075.812,"body":"you see there was a lot of the stock"},{"speaker":"Average Joe Finances","startTime":1075.812,"endTime":1077.522,"body":"market ebbed and fluid a lot right."},{"speaker":"Average Joe Finances","startTime":1077.522,"endTime":1078.782,"body":"Since the pandemic started."},{"speaker":"Average Joe Finances","startTime":1079.142,"endTime":1083.236,"body":"And I think that fear that a lot of people"},{"speaker":"Average Joe Finances","startTime":1079.142,"endTime":1083.236,"body":"had with some of their assets being tied"},{"speaker":"Average Joe Finances","startTime":1083.236,"endTime":1086.756,"body":"up in those paper assets, they wanted"},{"speaker":"Average Joe Finances","startTime":1083.236,"endTime":1086.756,"body":"something a little bit more tangible."},{"speaker":"Average Joe Finances","startTime":1086.763,"endTime":1089.438,"body":"Like real assets, like real"},{"speaker":"Average Joe Finances","startTime":1086.763,"endTime":1089.438,"body":"estate and precious metals."},{"speaker":"Average Joe Finances","startTime":1089.438,"endTime":1090.892,"body":"Now actually I wanted to"},{"speaker":"Average Joe Finances","startTime":1089.438,"endTime":1090.892,"body":"ask you about that too."},{"speaker":"Average Joe Finances","startTime":1090.918,"endTime":1095.541,"body":"If you were to compare precious metals"},{"speaker":"Average Joe Finances","startTime":1090.918,"endTime":1095.541,"body":"to, let's say, like real estate, what are"},{"speaker":"Average Joe Finances","startTime":1095.541,"endTime":1101.388,"body":"some of the benefits that make precious"},{"speaker":"Average Joe Finances","startTime":1095.541,"endTime":1101.388,"body":"metals a safer or better investment to"},{"speaker":"Average Joe Finances","startTime":1101.388,"endTime":1105.229,"body":"someone instead of like maybe purchasing"},{"speaker":"Average Joe Finances","startTime":1101.388,"endTime":1105.229,"body":"a single family home for renting?"},{"speaker":"Patrick Yip","startTime":1105.694,"endTime":1107.737,"body":"Yeah, I would say"},{"speaker":"Patrick Yip","startTime":1105.694,"endTime":1107.737,"body":"they both have their benefits."},{"speaker":"Patrick Yip","startTime":1107.807,"endTime":1109.007,"body":"I like real estate as well."},{"speaker":"Patrick Yip","startTime":1109.187,"endTime":1112.273,"body":"The nice part about it, just like"},{"speaker":"Patrick Yip","startTime":1109.187,"endTime":1112.273,"body":"precious metals, you can't hack it away."},{"speaker":"Patrick Yip","startTime":1112.289,"endTime":1115.733,"body":"No one can really easily steal it"},{"speaker":"Patrick Yip","startTime":1112.289,"endTime":1115.733,"body":"because it's, it exists, it's there."},{"speaker":"Patrick Yip","startTime":1115.738,"endTime":1116.843,"body":"You can't just take it away."},{"speaker":"Patrick Yip","startTime":1116.858,"endTime":1117.243,"body":"Just like."},{"speaker":"Average Joe Finances","startTime":1117.243,"endTime":1118.233,"body":"Maybe a mobile home."},{"speaker":"Patrick Yip","startTime":1118.743,"endTime":1119.093,"body":"Oh."},{"speaker":"Patrick Yip","startTime":1119.473,"endTime":1121.753,"body":"Yeah, hopefully that doesn't happen."},{"speaker":"Patrick Yip","startTime":1121.753,"endTime":1123.065,"body":"But I they both have their benefits."},{"speaker":"Patrick Yip","startTime":1123.065,"endTime":1125.645,"body":"But the nice thing about precious"},{"speaker":"Patrick Yip","startTime":1123.065,"endTime":1125.645,"body":"metals in many cases too, is"},{"speaker":"Patrick Yip","startTime":1125.645,"endTime":1128.528,"body":"it's not leveraged a lot of times"},{"speaker":"Patrick Yip","startTime":1125.645,"endTime":1128.528,"body":"with leverage, with real estate."},{"speaker":"Patrick Yip","startTime":1128.528,"endTime":1129.562,"body":"It could work both ways."},{"speaker":"Patrick Yip","startTime":1129.562,"endTime":1132.377,"body":"Obviously, if the house goes up,"},{"speaker":"Patrick Yip","startTime":1129.562,"endTime":1132.377,"body":"then hey you amplify your gains."},{"speaker":"Patrick Yip","startTime":1132.427,"endTime":1136.1,"body":"If for whatever reason your, let's say"},{"speaker":"Patrick Yip","startTime":1132.427,"endTime":1136.1,"body":"your tenant doesn't pay or you can't pay,"},{"speaker":"Patrick Yip","startTime":1136.1,"endTime":1137.81,"body":"then obviously leverage is not great."},{"speaker":"Patrick Yip","startTime":1138.435,"endTime":1139.954,"body":"Soon your house goes back to the bank."},{"speaker":"Patrick Yip","startTime":1139.983,"endTime":1143.429,"body":"But with precious metals, lot of it too"},{"speaker":"Patrick Yip","startTime":1139.983,"endTime":1143.429,"body":"is people don't use leverage for it."},{"speaker":"Patrick Yip","startTime":1143.429,"endTime":1144.419,"body":"They own it outright."},{"speaker":"Patrick Yip","startTime":1144.629,"endTime":1146.609,"body":"Like I said, it's"},{"speaker":"Patrick Yip","startTime":1144.629,"endTime":1146.609,"body":"tangible, like real estate."},{"speaker":"Patrick Yip","startTime":1146.609,"endTime":1147.699,"body":"You can't hack it away."},{"speaker":"Patrick Yip","startTime":1147.75,"endTime":1150.859,"body":"It's just, it's something nice,"},{"speaker":"Patrick Yip","startTime":1147.75,"endTime":1150.859,"body":"especially in times of uncertainty,"},{"speaker":"Patrick Yip","startTime":1150.859,"endTime":1154.219,"body":"especially when the government is"},{"speaker":"Patrick Yip","startTime":1150.859,"endTime":1154.219,"body":"printing so much money these days that"},{"speaker":"Patrick Yip","startTime":1154.219,"endTime":1157.919,"body":"you're like what is my dollar worth"},{"speaker":"Patrick Yip","startTime":1154.219,"endTime":1157.919,"body":"or my dollar's only worth what someone"},{"speaker":"Patrick Yip","startTime":1157.919,"endTime":1159.959,"body":"is willing to pay for and who knows?"},{"speaker":"Patrick Yip","startTime":1160.674,"endTime":1163.494,"body":"I could imagine in the next several"},{"speaker":"Patrick Yip","startTime":1160.674,"endTime":1163.494,"body":"years there's gonna be a lot more"},{"speaker":"Patrick Yip","startTime":1163.494,"endTime":1167.454,"body":"dollars printed, a lot more crazy"},{"speaker":"Patrick Yip","startTime":1163.494,"endTime":1167.454,"body":"policies that, that are, is gonna"},{"speaker":"Patrick Yip","startTime":1167.454,"endTime":1168.744,"body":"basically devalue the dollar."},{"speaker":"Patrick Yip","startTime":1168.744,"endTime":1172.164,"body":"And by then you want to have something"},{"speaker":"Patrick Yip","startTime":1168.744,"endTime":1172.164,"body":"that is, is hard, that can't be printed"},{"speaker":"Patrick Yip","startTime":1172.344,"endTime":1174.049,"body":"such as gold, such as real estate."},{"speaker":"Patrick Yip","startTime":1174.073,"endTime":1176.233,"body":"You can't just click a"},{"speaker":"Patrick Yip","startTime":1174.073,"endTime":1176.233,"body":"button and houses appear."},{"speaker":"Patrick Yip","startTime":1176.258,"endTime":1177.65,"body":"I wish that were the case, you can't."},{"speaker":"Patrick Yip","startTime":1177.672,"endTime":1179.349,"body":"They require effort to build a house."},{"speaker":"Patrick Yip","startTime":1179.349,"endTime":1180.819,"body":"It requires effort to mine gold."},{"speaker":"Average Joe Finances","startTime":1181.884,"endTime":1182.214,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1182.244,"endTime":1182.574,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":1182.622,"endTime":1183.372,"body":"Very good points."},{"speaker":"Average Joe Finances","startTime":1183.372,"endTime":1185.203,"body":"Definitely some good"},{"speaker":"Average Joe Finances","startTime":1183.372,"endTime":1185.203,"body":"pros and cons of each."},{"speaker":"Average Joe Finances","startTime":1185.25,"endTime":1188.007,"body":"I do like what you pointed out"},{"speaker":"Average Joe Finances","startTime":1185.25,"endTime":1188.007,"body":"though the how with real estate,"},{"speaker":"Average Joe Finances","startTime":1188.007,"endTime":1189.027,"body":"usually it's leverage, right?"},{"speaker":"Average Joe Finances","startTime":1189.027,"endTime":1190.587,"body":"You have a loan, you have"},{"speaker":"Average Joe Finances","startTime":1189.027,"endTime":1190.587,"body":"a mortgage out on it."},{"speaker":"Average Joe Finances","startTime":1190.587,"endTime":1190.677,"body":"Yep."},{"speaker":"Average Joe Finances","startTime":1190.703,"endTime":1193.759,"body":"And people buying precious metals are"},{"speaker":"Average Joe Finances","startTime":1190.703,"endTime":1193.759,"body":"actually, physically purchasing that."},{"speaker":"Average Joe Finances","startTime":1193.759,"endTime":1195.952,"body":"And it's not like there's"},{"speaker":"Average Joe Finances","startTime":1193.759,"endTime":1195.952,"body":"a loan on it or anything."},{"speaker":"Average Joe Finances","startTime":1195.98,"endTime":1196.614,"body":"It's yours."},{"speaker":"Average Joe Finances","startTime":1196.666,"endTime":1199.001,"body":"Once you buy it, it's"},{"speaker":"Average Joe Finances","startTime":1196.666,"endTime":1199.001,"body":"yours, a hundred percent."},{"speaker":"Average Joe Finances","startTime":1199.067,"endTime":1199.37,"body":"So yeah."},{"speaker":"Average Joe Finances","startTime":1199.37,"endTime":1200.002,"body":"That's fantastic."},{"speaker":"Average Joe Finances","startTime":1200.002,"endTime":1201.623,"body":"A lot of stuff to think about here."},{"speaker":"Average Joe Finances","startTime":1201.647,"endTime":1204.986,"body":"Especially with the way that the"},{"speaker":"Average Joe Finances","startTime":1201.647,"endTime":1204.986,"body":"economy's been going with, they won't"},{"speaker":"Average Joe Finances","startTime":1204.991,"endTime":1208.16,"body":"say it, we're in a pretty bad spot,"},{"speaker":"Average Joe Finances","startTime":1204.991,"endTime":1208.16,"body":"but nobody's gonna come out and say it."},{"speaker":"Average Joe Finances","startTime":1208.16,"endTime":1209.937,"body":"But, just keep an eye on what's going on."},{"speaker":"Average Joe Finances","startTime":1209.999,"endTime":1212.857,"body":"Inflation being, over eight, 9%."},{"speaker":"Average Joe Finances","startTime":1212.887,"endTime":1216.389,"body":"The, these past couple months"},{"speaker":"Average Joe Finances","startTime":1212.887,"endTime":1216.389,"body":"has been pretty eye-opening,"},{"speaker":"Average Joe Finances","startTime":1216.389,"endTime":1217.499,"body":"I think, for a lot of people."},{"speaker":"Average Joe Finances","startTime":1217.859,"endTime":1221.713,"body":"And at the same time, it's also been I"},{"speaker":"Average Joe Finances","startTime":1217.859,"endTime":1221.713,"body":"guess eye-opening is the best word, but"},{"speaker":"Average Joe Finances","startTime":1222.013,"endTime":1226.603,"body":"I think it's helping people realize that"},{"speaker":"Average Joe Finances","startTime":1222.013,"endTime":1226.603,"body":"cash in the bank is doing them no good."},{"speaker":"Average Joe Finances","startTime":1226.663,"endTime":1227.533,"body":"It's no justice."},{"speaker":"Average Joe Finances","startTime":1227.533,"endTime":1231.973,"body":"So if you are still working on paying"},{"speaker":"Average Joe Finances","startTime":1227.533,"endTime":1231.973,"body":"off all of your debt and you're trying to"},{"speaker":"Average Joe Finances","startTime":1231.978,"endTime":1234.851,"body":"figure out, once you've got it paid off,"},{"speaker":"Average Joe Finances","startTime":1231.978,"endTime":1234.851,"body":"what are you gonna do with your money?"},{"speaker":"Average Joe Finances","startTime":1234.856,"endTime":1236.479,"body":"Here's something else for you to consider."},{"speaker":"Average Joe Finances","startTime":1236.479,"endTime":1239.17,"body":"Maybe take a look at precious metals,"},{"speaker":"Average Joe Finances","startTime":1236.479,"endTime":1239.17,"body":"if that's something, if you wanna"},{"speaker":"Average Joe Finances","startTime":1239.17,"endTime":1242.515,"body":"be more conservative and state with"},{"speaker":"Average Joe Finances","startTime":1239.17,"endTime":1242.515,"body":"something that's very safe, This seems"},{"speaker":"Average Joe Finances","startTime":1242.535,"endTime":1244.797,"body":"like a very safe commodity to own."},{"speaker":"Average Joe Finances","startTime":1244.947,"endTime":1246.885,"body":"And actually can you talk about"},{"speaker":"Average Joe Finances","startTime":1244.947,"endTime":1246.885,"body":"that a little bit, Patrick?"},{"speaker":"Average Joe Finances","startTime":1246.885,"endTime":1250.466,"body":"Like why would be like, buying"},{"speaker":"Average Joe Finances","startTime":1246.885,"endTime":1250.466,"body":"precious metals, be safer than"},{"speaker":"Average Joe Finances","startTime":1250.536,"endTime":1252.756,"body":"say buying individual stocks?"},{"speaker":"Patrick Yip","startTime":1253.566,"endTime":1256.186,"body":"Yeah, so I'd like to, I'm"},{"speaker":"Patrick Yip","startTime":1253.566,"endTime":1256.186,"body":"a data guy, as you could probably tell."},{"speaker":"Patrick Yip","startTime":1256.216,"endTime":1257.686,"body":"I'm quoting a lot of stats here and there."},{"speaker":"Average Joe Finances","startTime":1257.686,"endTime":1258.236,"body":"I know, I love it."},{"speaker":"Patrick Yip","startTime":1258.286,"endTime":1261.18,"body":"To me it's It's better"},{"speaker":"Patrick Yip","startTime":1258.286,"endTime":1261.18,"body":"to actually look at history than"},{"speaker":"Patrick Yip","startTime":1261.18,"endTime":1263.55,"body":"for me to make an assumption and"},{"speaker":"Patrick Yip","startTime":1261.18,"endTime":1263.55,"body":"say, Hey, this is my opinion."},{"speaker":"Patrick Yip","startTime":1263.55,"endTime":1267.81,"body":"So I actually did an analysis"},{"speaker":"Patrick Yip","startTime":1263.55,"endTime":1267.81,"body":"looking at the past 50 years of data."},{"speaker":"Patrick Yip","startTime":1267.81,"endTime":1270.27,"body":"So this is from 1970 up until today."},{"speaker":"Patrick Yip","startTime":1270.298,"endTime":1272.755,"body":"And I said what's the"},{"speaker":"Patrick Yip","startTime":1270.298,"endTime":1272.755,"body":"best portfolio return?"},{"speaker":"Patrick Yip","startTime":1272.797,"endTime":1275.577,"body":"Or what's the best, easy to do"},{"speaker":"Patrick Yip","startTime":1272.797,"endTime":1275.577,"body":"portfolio return without getting into"},{"speaker":"Patrick Yip","startTime":1275.577,"endTime":1277.31,"body":"individual stocks and so on like that."},{"speaker":"Patrick Yip","startTime":1277.338,"endTime":1279.648,"body":"A lot of times investors or"},{"speaker":"Patrick Yip","startTime":1277.338,"endTime":1279.648,"body":"financial planners would say, Hey,"},{"speaker":"Patrick Yip","startTime":1279.648,"endTime":1280.878,"body":"you should do stocks and bonds."},{"speaker":"Patrick Yip","startTime":1280.878,"endTime":1283.705,"body":"And the thought there is you do stocks"},{"speaker":"Patrick Yip","startTime":1280.878,"endTime":1283.705,"body":"if you wanna be aggressive and you're"},{"speaker":"Patrick Yip","startTime":1283.705,"endTime":1286.375,"body":"okay with little volatility, you do"},{"speaker":"Patrick Yip","startTime":1283.705,"endTime":1286.375,"body":"bonds if you wanna be a little more"},{"speaker":"Patrick Yip","startTime":1286.38,"endTime":1288.145,"body":"conservative, little less volatility."},{"speaker":"Patrick Yip","startTime":1288.715,"endTime":1291.055,"body":"So I looked at the past 50"},{"speaker":"Patrick Yip","startTime":1288.715,"endTime":1291.055,"body":"years, as I mentioned, looking"},{"speaker":"Patrick Yip","startTime":1291.055,"endTime":1292.345,"body":"at 10 year average return."},{"speaker":"Patrick Yip","startTime":1292.345,"endTime":1295.525,"body":"So I don't want to penalize"},{"speaker":"Patrick Yip","startTime":1292.345,"endTime":1295.525,"body":"stocks in 2008, nor do I want"},{"speaker":"Patrick Yip","startTime":1295.525,"endTime":1297.505,"body":"to pen like reward gold in 2011."},{"speaker":"Patrick Yip","startTime":1297.505,"endTime":1298.825,"body":"It's just one time spikes."},{"speaker":"Patrick Yip","startTime":1299.155,"endTime":1300.115,"body":"I wanna normalize that."},{"speaker":"Patrick Yip","startTime":1300.115,"endTime":1302.365,"body":"So I'm looking at a 10"},{"speaker":"Patrick Yip","startTime":1300.115,"endTime":1302.365,"body":"year holding period."},{"speaker":"Patrick Yip","startTime":1302.665,"endTime":1303.835,"body":"It's actually possible to."},{"speaker":"Patrick Yip","startTime":1304.32,"endTime":1308.22,"body":"The return of almost a hundred"},{"speaker":"Patrick Yip","startTime":1304.32,"endTime":1308.22,"body":"percent stock portfolio with less"},{"speaker":"Patrick Yip","startTime":1308.22,"endTime":1311.82,"body":"volatility than a bond portfolio by"},{"speaker":"Patrick Yip","startTime":1308.22,"endTime":1311.82,"body":"having an asset allocation to gold."},{"speaker":"Patrick Yip","startTime":1312.33,"endTime":1313.98,"body":"And the numbers are"},{"speaker":"Patrick Yip","startTime":1312.33,"endTime":1313.98,"body":"actually as the following."},{"speaker":"Patrick Yip","startTime":1313.98,"endTime":1319.11,"body":"So it's 80% S\u0026P, 20% gold, and the"},{"speaker":"Patrick Yip","startTime":1313.98,"endTime":1319.11,"body":"numbers, and these are real returns too."},{"speaker":"Patrick Yip","startTime":1319.11,"endTime":1321.72,"body":"So the stock portfolio, a"},{"speaker":"Patrick Yip","startTime":1319.11,"endTime":1321.72,"body":"hundred percent stock portfolio"},{"speaker":"Patrick Yip","startTime":1321.9,"endTime":1323.97,"body":"would return 7% real returns."},{"speaker":"Patrick Yip","startTime":1323.97,"endTime":1325.11,"body":"So this is after inflation."},{"speaker":"Patrick Yip","startTime":1325.35,"endTime":1326.82,"body":"5% standard deviation."},{"speaker":"Patrick Yip","startTime":1326.82,"endTime":1329.528,"body":"So the standard deviation is what I"},{"speaker":"Patrick Yip","startTime":1326.82,"endTime":1329.528,"body":"call how well you could sleep at night."},{"speaker":"Patrick Yip","startTime":1329.528,"endTime":1332.588,"body":"Obviously you don't want a portfolio"},{"speaker":"Patrick Yip","startTime":1329.528,"endTime":1332.588,"body":"that's gonna be going up 50% in the"},{"speaker":"Patrick Yip","startTime":1332.588,"endTime":1335.328,"body":"next day, going down 50%, and you're"},{"speaker":"Patrick Yip","startTime":1332.588,"endTime":1335.328,"body":"gonna stress yourself out, right?"},{"speaker":"Patrick Yip","startTime":1335.377,"endTime":1336.637,"body":"So that's the stock portfolio."},{"speaker":"Patrick Yip","startTime":1336.637,"endTime":1341.767,"body":"The hundred percent bond portfolio is a 5%"},{"speaker":"Patrick Yip","startTime":1336.637,"endTime":1341.767,"body":"annual return, so 2% lower than the stock"},{"speaker":"Patrick Yip","startTime":1341.767,"endTime":1344.167,"body":"portfolio and a 3% standard deviation."},{"speaker":"Patrick Yip","startTime":1344.167,"endTime":1346.477,"body":"So also 2% lower in the"},{"speaker":"Patrick Yip","startTime":1344.167,"endTime":1346.477,"body":"standard deviation side."},{"speaker":"Patrick Yip","startTime":1346.867,"endTime":1350.527,"body":"If you go to that 80% S\u0026P"},{"speaker":"Patrick Yip","startTime":1346.867,"endTime":1350.527,"body":"portfolio, 20% gold portfolio."},{"speaker":"Patrick Yip","startTime":1350.872,"endTime":1355.552,"body":"The annual return is 6.7%, so 0.3%,"},{"speaker":"Patrick Yip","startTime":1350.872,"endTime":1355.552,"body":"30 basis points less in the stock"},{"speaker":"Patrick Yip","startTime":1355.552,"endTime":1360.532,"body":"portfolio, but your standard deviation"},{"speaker":"Patrick Yip","startTime":1355.552,"endTime":1360.532,"body":"is now 2.7%, so much lower than that,"},{"speaker":"Patrick Yip","startTime":1360.802,"endTime":1362.122,"body":"a hundred percent bond portfolio."},{"speaker":"Patrick Yip","startTime":1362.127,"endTime":1365.761,"body":"So if you want, if you're an investor,"},{"speaker":"Patrick Yip","startTime":1362.127,"endTime":1365.761,"body":"you have an asset allocation."},{"speaker":"Patrick Yip","startTime":1365.796,"endTime":1368.466,"body":"I would suggest maybe you, you"},{"speaker":"Patrick Yip","startTime":1365.796,"endTime":1368.466,"body":"look at replacing some of your"},{"speaker":"Patrick Yip","startTime":1368.466,"endTime":1370.116,"body":"bond allocation is too gold."},{"speaker":"Patrick Yip","startTime":1370.176,"endTime":1372.997,"body":"Obviously everyone's portfolio is"},{"speaker":"Patrick Yip","startTime":1370.176,"endTime":1372.997,"body":"gonna be different if you're 30"},{"speaker":"Patrick Yip","startTime":1372.997,"endTime":1376.207,"body":"years old or you're 80 years old,"},{"speaker":"Patrick Yip","startTime":1372.997,"endTime":1376.207,"body":"obviously do what's right for you."},{"speaker":"Patrick Yip","startTime":1376.207,"endTime":1378.127,"body":"So that's just what data's showing."},{"speaker":"Average Joe Finances","startTime":1379.097,"endTime":1381.266,"body":"Yeah, no"},{"speaker":"Average Joe Finances","startTime":1379.097,"endTime":1381.266,"body":"I appreciate the numbers, right?"},{"speaker":"Average Joe Finances","startTime":1381.266,"endTime":1383.2,"body":"Because it helps everybody"},{"speaker":"Average Joe Finances","startTime":1381.266,"endTime":1383.2,"body":"make sense of it all right?"},{"speaker":"Average Joe Finances","startTime":1383.2,"endTime":1384.203,"body":"When you sit down and think about it."},{"speaker":"Average Joe Finances","startTime":1384.203,"endTime":1385.697,"body":"So I'm sitting I'm writing"},{"speaker":"Average Joe Finances","startTime":1384.203,"endTime":1385.697,"body":"this down as you're going."},{"speaker":"Average Joe Finances","startTime":1385.723,"endTime":1390.531,"body":"That's pretty significant when you look at"},{"speaker":"Average Joe Finances","startTime":1385.723,"endTime":1390.531,"body":"the bonds versus precious metals, right?"},{"speaker":"Average Joe Finances","startTime":1390.531,"endTime":1392.6,"body":"If you're trying to be well"},{"speaker":"Average Joe Finances","startTime":1390.531,"endTime":1392.6,"body":"diversified, a lot of people always"},{"speaker":"Average Joe Finances","startTime":1392.6,"endTime":1393.95,"body":"tell you do stocks and bonds."},{"speaker":"Average Joe Finances","startTime":1393.95,"endTime":1398.003,"body":"Not just, being the stock market and index"},{"speaker":"Average Joe Finances","startTime":1393.95,"endTime":1398.003,"body":"funds and everything else really diversify"},{"speaker":"Average Joe Finances","startTime":1398.053,"endTime":1399.407,"body":"and put your money in different areas."},{"speaker":"Average Joe Finances","startTime":1399.827,"endTime":1404.75,"body":"Now, by doing the 80 20, A 0.3%"},{"speaker":"Average Joe Finances","startTime":1399.827,"endTime":1404.75,"body":"change in that deviation may not"},{"speaker":"Average Joe Finances","startTime":1404.75,"endTime":1408.5,"body":"seem like much, but over a 10 year"},{"speaker":"Average Joe Finances","startTime":1404.75,"endTime":1408.5,"body":"period, like you said, that's huge."},{"speaker":"Average Joe Finances","startTime":1408.53,"endTime":1409.22,"body":"That's a lot of money."},{"speaker":"Average Joe Finances","startTime":1409.67,"endTime":1412.552,"body":"So I think, It's something that"},{"speaker":"Average Joe Finances","startTime":1409.67,"endTime":1412.552,"body":"people should consider for sure."},{"speaker":"Average Joe Finances","startTime":1412.581,"endTime":1415.791,"body":"Alright, Patrick, I want to"},{"speaker":"Average Joe Finances","startTime":1412.581,"endTime":1415.791,"body":"transition this into something"},{"speaker":"Average Joe Finances","startTime":1415.791,"endTime":1417.321,"body":"that I call the final round."},{"speaker":"Average Joe Finances","startTime":1417.681,"endTime":1420.531,"body":"It's where I'm gonna ask you the same"},{"speaker":"Average Joe Finances","startTime":1417.681,"endTime":1420.531,"body":"four questions that I ask everybody"},{"speaker":"Average Joe Finances","startTime":1420.531,"endTime":1424.551,"body":"that comes on this show, and it's gonna"},{"speaker":"Average Joe Finances","startTime":1420.531,"endTime":1424.551,"body":"help us get a good idea of how you are"},{"speaker":"Average Joe Finances","startTime":1424.551,"endTime":1427.826,"body":"when you have to deal with being under"},{"speaker":"Average Joe Finances","startTime":1424.551,"endTime":1427.826,"body":"pressure or put in a tough situation."},{"speaker":"Average Joe Finances","startTime":1428.126,"endTime":1430.676,"body":"So if you're ready to go, we"},{"speaker":"Average Joe Finances","startTime":1428.126,"endTime":1430.676,"body":"will get that party started."},{"speaker":"Patrick Yip","startTime":1431.006,"endTime":1431.636,"body":"Let's do it."},{"speaker":"Average Joe Finances","startTime":1431.906,"endTime":1433.076,"body":"All"},{"speaker":"Average Joe Finances","startTime":1431.906,"endTime":1433.076,"body":"right, Patrick, awesome man."},{"speaker":"Average Joe Finances","startTime":1433.105,"endTime":1434.155,"body":"This has been really fun."},{"speaker":"Average Joe Finances","startTime":1434.16,"endTime":1434.845,"body":"Thank you so much."},{"speaker":"Average Joe Finances","startTime":1435.175,"endTime":1437.185,"body":"All right, so first"},{"speaker":"Average Joe Finances","startTime":1435.175,"endTime":1437.185,"body":"question I have for you."},{"speaker":"Average Joe Finances","startTime":1438.145,"endTime":1441.755,"body":"What's the biggest mistake"},{"speaker":"Average Joe Finances","startTime":1438.145,"endTime":1441.755,"body":"you've ever made in investing?"},{"speaker":"Patrick Yip","startTime":1442.178,"endTime":1444.458,"body":"Yeah, so the biggest"},{"speaker":"Patrick Yip","startTime":1442.178,"endTime":1444.458,"body":"mistake I've made was not taking"},{"speaker":"Patrick Yip","startTime":1444.458,"endTime":1446.198,"body":"control of my own financial future."},{"speaker":"Patrick Yip","startTime":1446.234,"endTime":1450.087,"body":"Little story back in 2008, I had a"},{"speaker":"Patrick Yip","startTime":1446.234,"endTime":1450.087,"body":"portfolio, typical portfolio stocks"},{"speaker":"Patrick Yip","startTime":1450.087,"endTime":1452.157,"body":"and bonds, 60% stocks, 40% bonds."},{"speaker":"Patrick Yip","startTime":1452.157,"endTime":1453.516,"body":"I was like, okay I'm good like this."},{"speaker":"Patrick Yip","startTime":1453.516,"endTime":1455.046,"body":"This is what all the"},{"speaker":"Patrick Yip","startTime":1453.516,"endTime":1455.046,"body":"financial planners said."},{"speaker":"Patrick Yip","startTime":1455.081,"endTime":1458.561,"body":"So what, 2008 the financial crisis"},{"speaker":"Patrick Yip","startTime":1455.081,"endTime":1458.561,"body":"hit, and I saw what my portfolio got."},{"speaker":"Patrick Yip","startTime":1458.871,"endTime":1461.916,"body":"Get chopped in half, now I look"},{"speaker":"Patrick Yip","startTime":1458.871,"endTime":1461.916,"body":"back and said, it was a good lesson."},{"speaker":"Patrick Yip","startTime":1461.948,"endTime":1465.684,"body":"I joke now that the 401k became with"},{"speaker":"Patrick Yip","startTime":1461.948,"endTime":1465.684,"body":"201k, wasn't funny back then, . I"},{"speaker":"Patrick Yip","startTime":1465.684,"endTime":1468.452,"body":"could tell you're certainly losing"},{"speaker":"Patrick Yip","startTime":1465.684,"endTime":1468.452,"body":"50%, but it's not a fun thing."},{"speaker":"Patrick Yip","startTime":1468.902,"endTime":1472.772,"body":"And it's actually interesting to note"},{"speaker":"Patrick Yip","startTime":1468.902,"endTime":1472.772,"body":"that you look today and 2022, both"},{"speaker":"Patrick Yip","startTime":1472.777,"endTime":1477.392,"body":"stocks and bonds are down so that"},{"speaker":"Patrick Yip","startTime":1472.777,"endTime":1477.392,"body":"diversification is not working this year."},{"speaker":"Patrick Yip","startTime":1477.484,"endTime":1480.094,"body":"Fast forward to today,"},{"speaker":"Patrick Yip","startTime":1477.484,"endTime":1480.094,"body":"I'm managing my own money."},{"speaker":"Patrick Yip","startTime":1480.784,"endTime":1483.394,"body":"With the current investment"},{"speaker":"Patrick Yip","startTime":1480.784,"endTime":1483.394,"body":"climate, I'm actually more excited"},{"speaker":"Patrick Yip","startTime":1483.394,"endTime":1486.364,"body":"about the upcoming years than I"},{"speaker":"Patrick Yip","startTime":1483.394,"endTime":1486.364,"body":"have in the past couple years."},{"speaker":"Patrick Yip","startTime":1486.694,"endTime":1489.552,"body":"And there's a saying that says,"},{"speaker":"Patrick Yip","startTime":1486.694,"endTime":1489.552,"body":"fortunes are made during recessions,"},{"speaker":"Patrick Yip","startTime":1489.552,"endTime":1492.432,"body":"or there's more millionaires made"},{"speaker":"Patrick Yip","startTime":1489.552,"endTime":1492.432,"body":"during recessions than any other time."},{"speaker":"Patrick Yip","startTime":1492.432,"endTime":1495.462,"body":"So I've positioned myself in what"},{"speaker":"Patrick Yip","startTime":1492.432,"endTime":1495.462,"body":"I believe is gonna be the right"},{"speaker":"Patrick Yip","startTime":1495.462,"endTime":1497.982,"body":"way to position myself in the next"},{"speaker":"Patrick Yip","startTime":1495.462,"endTime":1497.982,"body":"couple years, and I'm excited."},{"speaker":"Average Joe Finances","startTime":1498.762,"endTime":1499.122,"body":"All right."},{"speaker":"Average Joe Finances","startTime":1499.212,"endTime":1499.932,"body":"Fantastic."},{"speaker":"Average Joe Finances","startTime":1499.932,"endTime":1502.422,"body":"Yeah, I appreciate that and I"},{"speaker":"Average Joe Finances","startTime":1499.932,"endTime":1502.422,"body":"appreciate the transparency too."},{"speaker":"Average Joe Finances","startTime":1502.448,"endTime":1504.438,"body":"2008 was a hard time for a lot of people."},{"speaker":"Average Joe Finances","startTime":1504.438,"endTime":1507.207,"body":"But to have your actual portfolio"},{"speaker":"Average Joe Finances","startTime":1504.438,"endTime":1507.207,"body":"get cut in half, that's."},{"speaker":"Average Joe Finances","startTime":1508.052,"endTime":1508.412,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1508.506,"endTime":1511.63,"body":"I'm glad you're, that you that you're"},{"speaker":"Average Joe Finances","startTime":1508.506,"endTime":1511.63,"body":"you stuck it out and did something else"},{"speaker":"Average Joe Finances","startTime":1511.69,"endTime":1514.573,"body":"and made it work, man, because a lot"},{"speaker":"Average Joe Finances","startTime":1511.69,"endTime":1514.573,"body":"of people that lost their shirt there,"},{"speaker":"Average Joe Finances","startTime":1514.609,"endTime":1518.311,"body":"they're still to this day struggling"},{"speaker":"Average Joe Finances","startTime":1514.609,"endTime":1518.311,"body":"to, to bounce back from that, yep."},{"speaker":"Average Joe Finances","startTime":1518.364,"endTime":1520.328,"body":"Because they decided to"},{"speaker":"Average Joe Finances","startTime":1518.364,"endTime":1520.328,"body":"sell and not hold on."},{"speaker":"Average Joe Finances","startTime":1520.328,"endTime":1520.523,"body":"Alright."},{"speaker":"Average Joe Finances","startTime":1520.528,"endTime":1520.808,"body":"Cool."},{"speaker":"Average Joe Finances","startTime":1520.845,"endTime":1523.875,"body":"Next question I have for you, Patrick,"},{"speaker":"Average Joe Finances","startTime":1520.845,"endTime":1523.875,"body":"and this kind of ties into that last"},{"speaker":"Average Joe Finances","startTime":1523.875,"endTime":1526.962,"body":"question, but what is something that"},{"speaker":"Average Joe Finances","startTime":1523.875,"endTime":1526.962,"body":"you've learned that you wish you"},{"speaker":"Average Joe Finances","startTime":1526.962,"endTime":1528.492,"body":"knew when you first got started?"},{"speaker":"Patrick Yip","startTime":1529.437,"endTime":1531.867,"body":"Yeah, I wish I learned"},{"speaker":"Patrick Yip","startTime":1529.437,"endTime":1531.867,"body":"to pursue my passion sooner."},{"speaker":"Patrick Yip","startTime":1531.911,"endTime":1535.527,"body":"It's one of those things like my passion,"},{"speaker":"Patrick Yip","startTime":1531.911,"endTime":1535.527,"body":"as you could tell from this interview."},{"speaker":"Patrick Yip","startTime":1535.571,"endTime":1538.426,"body":"I like numbers, I like investments,"},{"speaker":"Patrick Yip","startTime":1535.571,"endTime":1538.426,"body":"I like precious medals."},{"speaker":"Patrick Yip","startTime":1538.456,"endTime":1539.776,"body":"Hopefully that comes out in the interview."},{"speaker":"Patrick Yip","startTime":1539.781,"endTime":1542.584,"body":"You could probably tell, but I"},{"speaker":"Patrick Yip","startTime":1539.781,"endTime":1542.584,"body":"enjoy reading about investments."},{"speaker":"Patrick Yip","startTime":1542.584,"endTime":1546.688,"body":"I enjoy listening to investment podcasts"},{"speaker":"Patrick Yip","startTime":1542.584,"endTime":1546.688,"body":"during my evenings, during my free time."},{"speaker":"Patrick Yip","startTime":1546.744,"endTime":1549.564,"body":"And I've been with apmex as I"},{"speaker":"Patrick Yip","startTime":1546.744,"endTime":1549.564,"body":"mentioned earlier, for 11 years."},{"speaker":"Patrick Yip","startTime":1549.834,"endTime":1551.934,"body":"And I could say it's probably"},{"speaker":"Patrick Yip","startTime":1549.834,"endTime":1551.934,"body":"the first company that I worked"},{"speaker":"Patrick Yip","startTime":1551.934,"endTime":1553.584,"body":"for that I really enjoy being at."},{"speaker":"Average Joe Finances","startTime":1554.724,"endTime":1554.964,"body":"All right."},{"speaker":"Average Joe Finances","startTime":1554.964,"endTime":1555.444,"body":"Fantastic."},{"speaker":"Average Joe Finances","startTime":1555.522,"endTime":1559.238,"body":"If you are working in a career field"},{"speaker":"Average Joe Finances","startTime":1555.522,"endTime":1559.238,"body":"or at a job that, that you really"},{"speaker":"Average Joe Finances","startTime":1559.238,"endTime":1561.94,"body":"enjoy, that's one of those things it's"},{"speaker":"Average Joe Finances","startTime":1559.238,"endTime":1561.94,"body":"like, can you really call it work?"},{"speaker":"Average Joe Finances","startTime":1561.941,"endTime":1562.001,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1562.042,"endTime":1564.288,"body":"If you're really enjoying what"},{"speaker":"Average Joe Finances","startTime":1562.042,"endTime":1564.288,"body":"you're doing most people when they"},{"speaker":"Average Joe Finances","startTime":1564.288,"endTime":1566.713,"body":"talk about work, it's oh, I got to"},{"speaker":"Average Joe Finances","startTime":1564.288,"endTime":1566.713,"body":"go to work, and they're miserable."},{"speaker":"Average Joe Finances","startTime":1566.783,"endTime":1567.223,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1567.228,"endTime":1569.214,"body":"But you get fired up when you're"},{"speaker":"Average Joe Finances","startTime":1567.228,"endTime":1569.214,"body":"talking about what you do,"},{"speaker":"Average Joe Finances","startTime":1569.214,"endTime":1570.325,"body":"man, and I think it's awesome."},{"speaker":"Average Joe Finances","startTime":1570.399,"endTime":1573.003,"body":"You have a real passion for what"},{"speaker":"Average Joe Finances","startTime":1570.399,"endTime":1573.003,"body":"you do with APMEX and One Gold."},{"speaker":"Average Joe Finances","startTime":1573.003,"endTime":1573.802,"body":"So that's awesome, man."},{"speaker":"Average Joe Finances","startTime":1574.312,"endTime":1577.93,"body":"Okay, next question again, Patrick"},{"speaker":"Average Joe Finances","startTime":1574.312,"endTime":1577.93,"body":"ties into the last couple, but do"},{"speaker":"Average Joe Finances","startTime":1577.93,"endTime":1581.47,"body":"you have any tips, tricks that you"},{"speaker":"Average Joe Finances","startTime":1577.93,"endTime":1581.47,"body":"would recommend to someone that"},{"speaker":"Average Joe Finances","startTime":1581.47,"endTime":1582.85,"body":"is just getting started today?"},{"speaker":"Average Joe Finances","startTime":1582.85,"endTime":1586.63,"body":"So let's say it's somebody that just"},{"speaker":"Average Joe Finances","startTime":1582.85,"endTime":1586.63,"body":"paid off their consumer debt, right?"},{"speaker":"Average Joe Finances","startTime":1586.63,"endTime":1588.303,"body":"And they wanna start"},{"speaker":"Average Joe Finances","startTime":1586.63,"endTime":1588.303,"body":"investing their money."},{"speaker":"Average Joe Finances","startTime":1588.633,"endTime":1590.352,"body":"What would you tell that person today?"},{"speaker":"Patrick Yip","startTime":1591.312,"endTime":1591.462,"body":"Yeah."},{"speaker":"Patrick Yip","startTime":1591.573,"endTime":1594.603,"body":"To go off my last answer too, I"},{"speaker":"Patrick Yip","startTime":1591.573,"endTime":1594.603,"body":"would say find your passion and"},{"speaker":"Patrick Yip","startTime":1594.603,"endTime":1596.403,"body":"pursue something in that passion."},{"speaker":"Patrick Yip","startTime":1596.733,"endTime":1600.613,"body":"So I think that'll allow you to have that"},{"speaker":"Patrick Yip","startTime":1596.733,"endTime":1600.613,"body":"competitive advantage over your peers."},{"speaker":"Patrick Yip","startTime":1600.74,"endTime":1602.375,"body":"So we talked about real estate earlier."},{"speaker":"Patrick Yip","startTime":1602.375,"endTime":1606.035,"body":"So let's say you like real estate and"},{"speaker":"Patrick Yip","startTime":1602.375,"endTime":1606.035,"body":"you look at real estate in your evenings"},{"speaker":"Patrick Yip","startTime":1606.065,"endTime":1609.065,"body":"and in your weekends and every week"},{"speaker":"Patrick Yip","startTime":1606.065,"endTime":1609.065,"body":"you're spending north of a hundred hours"},{"speaker":"Patrick Yip","startTime":1609.065,"endTime":1611.765,"body":"just on your free time looking into"},{"speaker":"Patrick Yip","startTime":1609.065,"endTime":1611.765,"body":"real estate just because you love it."},{"speaker":"Patrick Yip","startTime":1612.215,"endTime":1615.515,"body":"And then your peer, on the other hand,"},{"speaker":"Patrick Yip","startTime":1612.215,"endTime":1615.515,"body":"is just into real estate just for a job."},{"speaker":"Patrick Yip","startTime":1615.545,"endTime":1619.423,"body":"So he or she spends 30, 40 hours in"},{"speaker":"Patrick Yip","startTime":1615.545,"endTime":1619.423,"body":"real estate, just does it, doesn't"},{"speaker":"Patrick Yip","startTime":1619.423,"endTime":1620.453,"body":"really have a passion for it."},{"speaker":"Patrick Yip","startTime":1620.453,"endTime":1622.008,"body":"Fast forward a couple years later."},{"speaker":"Patrick Yip","startTime":1622.098,"endTime":1626.268,"body":"You're gonna have spent so much more"},{"speaker":"Patrick Yip","startTime":1622.098,"endTime":1626.268,"body":"time in real estate than your peer that"},{"speaker":"Patrick Yip","startTime":1626.268,"endTime":1629.388,"body":"your peer can't even see you, can't even"},{"speaker":"Patrick Yip","startTime":1626.268,"endTime":1629.388,"body":"keep up, can't even compete with you."},{"speaker":"Patrick Yip","startTime":1629.388,"endTime":1632.406,"body":"So I would say find your passion and do"},{"speaker":"Patrick Yip","startTime":1629.388,"endTime":1632.406,"body":"what you love and you're gonna have a"},{"speaker":"Patrick Yip","startTime":1632.406,"endTime":1633.996,"body":"competitive advantage over other people."},{"speaker":"Average Joe Finances","startTime":1634.476,"endTime":1635.556,"body":"I love that, Patrick."},{"speaker":"Average Joe Finances","startTime":1635.556,"endTime":1636.366,"body":"Do what you love."},{"speaker":"Average Joe Finances","startTime":1636.426,"endTime":1637.176,"body":"Do what you love."},{"speaker":"Average Joe Finances","startTime":1637.206,"endTime":1637.866,"body":"All right, cool."},{"speaker":"Average Joe Finances","startTime":1638.286,"endTime":1638.646,"body":"All right."},{"speaker":"Average Joe Finances","startTime":1638.796,"endTime":1642.445,"body":"And the next question is not"},{"speaker":"Average Joe Finances","startTime":1638.796,"endTime":1642.445,"body":"tied to any of those other ones."},{"speaker":"Average Joe Finances","startTime":1642.445,"endTime":1646.225,"body":"This is just more of an opinion-based"},{"speaker":"Average Joe Finances","startTime":1642.445,"endTime":1646.225,"body":"question, but do you have a favorite"},{"speaker":"Average Joe Finances","startTime":1646.705,"endTime":1650.645,"body":"business investing or real estate"},{"speaker":"Average Joe Finances","startTime":1646.705,"endTime":1650.645,"body":"related book or podcast, or, both?"},{"speaker":"Patrick Yip","startTime":1650.911,"endTime":1653.661,"body":"Yeah, so for podcasts,"},{"speaker":"Patrick Yip","startTime":1650.911,"endTime":1653.661,"body":"I enjoy listening to Rick Rule."},{"speaker":"Patrick Yip","startTime":1653.661,"endTime":1656.95,"body":"So Rick Rule is actually, if you don't"},{"speaker":"Patrick Yip","startTime":1653.661,"endTime":1656.95,"body":"know of him, he's one of the most well"},{"speaker":"Patrick Yip","startTime":1656.95,"endTime":1659.655,"body":"known and legendary resource investors."},{"speaker":"Patrick Yip","startTime":1659.66,"endTime":1662.062,"body":"So he invests in a lot of"},{"speaker":"Patrick Yip","startTime":1659.66,"endTime":1662.062,"body":"mining stocks and so on that."},{"speaker":"Patrick Yip","startTime":1662.422,"endTime":1665.692,"body":"He doesn't have a channel on his"},{"speaker":"Patrick Yip","startTime":1662.422,"endTime":1665.692,"body":"own, but he regularly does appear"},{"speaker":"Patrick Yip","startTime":1665.692,"endTime":1666.772,"body":"on several YouTube channels."},{"speaker":"Patrick Yip","startTime":1666.777,"endTime":1667.942,"body":"So I like following him."},{"speaker":"Patrick Yip","startTime":1668.737,"endTime":1671.647,"body":"One of the most impactful books, I"},{"speaker":"Patrick Yip","startTime":1668.737,"endTime":1671.647,"body":"think is actually called The Secret."},{"speaker":"Patrick Yip","startTime":1671.667,"endTime":1673.871,"body":"When I first read it too, I"},{"speaker":"Patrick Yip","startTime":1671.667,"endTime":1673.871,"body":"thought there was no way that"},{"speaker":"Patrick Yip","startTime":1673.871,"endTime":1675.071,"body":"law of attraction could work."},{"speaker":"Patrick Yip","startTime":1675.087,"endTime":1678.453,"body":"And it's basically, ways you could"},{"speaker":"Patrick Yip","startTime":1675.087,"endTime":1678.453,"body":"basically envision your way to get rich."},{"speaker":"Patrick Yip","startTime":1678.453,"endTime":1681.963,"body":"But however, the more I live my life,"},{"speaker":"Patrick Yip","startTime":1678.453,"endTime":1681.963,"body":"the more I've realized that positive"},{"speaker":"Patrick Yip","startTime":1681.968,"endTime":1685.413,"body":"energy, positive thinking could basically"},{"speaker":"Patrick Yip","startTime":1681.968,"endTime":1685.413,"body":"make me achieve anything I want."},{"speaker":"Average Joe Finances","startTime":1686.313,"endTime":1687.033,"body":"Oh, I love that."},{"speaker":"Average Joe Finances","startTime":1687.044,"endTime":1689.024,"body":"So the book, you said it"},{"speaker":"Average Joe Finances","startTime":1687.044,"endTime":1689.024,"body":"was called The Secret?"},{"speaker":"Average Joe Finances","startTime":1689.234,"endTime":1689.444,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1689.444,"endTime":1690.694,"body":"It's a Secret by Rhonda Byrne."},{"speaker":"Average Joe Finances","startTime":1691.104,"endTime":1691.494,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":1691.634,"endTime":1692.054,"body":"Awesome."},{"speaker":"Average Joe Finances","startTime":1692.354,"endTime":1693.524,"body":"I'm gonna add that one to the list."},{"speaker":"Average Joe Finances","startTime":1693.524,"endTime":1694.334,"body":"That's fantastic."},{"speaker":"Average Joe Finances","startTime":1694.604,"endTime":1697.664,"body":"And I'm gonna look out for Rick Rule and"},{"speaker":"Average Joe Finances","startTime":1694.604,"endTime":1697.664,"body":"see if I can find him on any podcasts."},{"speaker":"Average Joe Finances","startTime":1697.697,"endTime":1699.574,"body":"It sounds very interesting"},{"speaker":"Average Joe Finances","startTime":1697.697,"endTime":1699.574,"body":"definitely appreciate that."},{"speaker":"Average Joe Finances","startTime":1699.604,"endTime":1703.114,"body":"Okay, so that is it for"},{"speaker":"Average Joe Finances","startTime":1699.604,"endTime":1703.114,"body":"the final round, Patrick."},{"speaker":"Average Joe Finances","startTime":1703.21,"endTime":1706.09,"body":"However, I do have one"},{"speaker":"Average Joe Finances","startTime":1703.21,"endTime":1706.09,"body":"more question for you."},{"speaker":"Average Joe Finances","startTime":1706.095,"endTime":1708.723,"body":"And this question is the most important"},{"speaker":"Average Joe Finances","startTime":1706.095,"endTime":1708.723,"body":"question of all because people"},{"speaker":"Average Joe Finances","startTime":1708.723,"endTime":1710.823,"body":"are sitting here listening to this"},{"speaker":"Average Joe Finances","startTime":1708.723,"endTime":1710.823,"body":"interview and saying, man, I really"},{"speaker":"Average Joe Finances","startTime":1710.823,"endTime":1712.123,"body":"like what Patrick's talking about."},{"speaker":"Average Joe Finances","startTime":1712.135,"endTime":1715.165,"body":"I haven't really considered precious"},{"speaker":"Average Joe Finances","startTime":1712.135,"endTime":1715.165,"body":"metals before, but maybe this is something"},{"speaker":"Average Joe Finances","startTime":1715.208,"endTime":1717.008,"body":"I should consider adding to my portfolio."},{"speaker":"Average Joe Finances","startTime":1717.308,"endTime":1718.688,"body":"So we wanna know more."},{"speaker":"Average Joe Finances","startTime":1718.688,"endTime":1721.238,"body":"So where can people find"},{"speaker":"Average Joe Finances","startTime":1718.688,"endTime":1721.238,"body":"more information about you?"},{"speaker":"Average Joe Finances","startTime":1721.238,"endTime":1722.438,"body":"APMEX, One Gold."},{"speaker":"Average Joe Finances","startTime":1722.441,"endTime":1723.805,"body":"Do you have a website"},{"speaker":"Average Joe Finances","startTime":1722.441,"endTime":1723.805,"body":"you could share with us?"},{"speaker":"Average Joe Finances","startTime":1723.805,"endTime":1726.645,"body":"Any social media profiles anybody"},{"speaker":"Average Joe Finances","startTime":1723.805,"endTime":1726.645,"body":"can follow or anything like that?"},{"speaker":"Patrick Yip","startTime":1727.495,"endTime":1729.43,"body":"Yeah, so I would"},{"speaker":"Patrick Yip","startTime":1727.495,"endTime":1729.43,"body":"first definitely recommend that"},{"speaker":"Patrick Yip","startTime":1729.43,"endTime":1730.96,"body":"everyone check out precious metals."},{"speaker":"Patrick Yip","startTime":1730.96,"endTime":1733.45,"body":"Definitely put a portion of your"},{"speaker":"Patrick Yip","startTime":1730.96,"endTime":1733.45,"body":"assets to a precious metals."},{"speaker":"Patrick Yip","startTime":1733.84,"endTime":1738.84,"body":"If you like the physical side,"},{"speaker":"Patrick Yip","startTime":1733.84,"endTime":1738.84,"body":"check apmex.com that's APMEX.com."},{"speaker":"Patrick Yip","startTime":1738.865,"endTime":1740.746,"body":"That's where you could buy"},{"speaker":"Patrick Yip","startTime":1738.865,"endTime":1740.746,"body":"any of the physical metals"},{"speaker":"Patrick Yip","startTime":1740.746,"endTime":1742.066,"body":"for delivery to your house."},{"speaker":"Patrick Yip","startTime":1742.146,"endTime":1744.666,"body":"If you like the vaulted"},{"speaker":"Patrick Yip","startTime":1742.146,"endTime":1744.666,"body":"solution, check out one gold.com."},{"speaker":"Patrick Yip","startTime":1744.666,"endTime":1746.936,"body":"That's ONEGOLD.com."},{"speaker":"Patrick Yip","startTime":1746.975,"endTime":1750.975,"body":"Actually as a special offer for listeners,"},{"speaker":"Patrick Yip","startTime":1746.975,"endTime":1750.975,"body":"I do have two coupon codes on One Gold."},{"speaker":"Patrick Yip","startTime":1750.995,"endTime":1752.225,"body":"That'll give you a little discount."},{"speaker":"Patrick Yip","startTime":1752.225,"endTime":1757.175,"body":"So the first one is Gold50OFF,,"},{"speaker":"Patrick Yip","startTime":1752.225,"endTime":1757.175,"body":"that's G O L D five zero O F F."},{"speaker":"Patrick Yip","startTime":1757.18,"endTime":1760.325,"body":"That's 50% off the premiums"},{"speaker":"Patrick Yip","startTime":1757.18,"endTime":1760.325,"body":"or the markup on US Gold."},{"speaker":"Patrick Yip","startTime":1760.655,"endTime":1763.015,"body":"And then the second coupon is Silver50OFF."},{"speaker":"Patrick Yip","startTime":1763.035,"endTime":1765.255,"body":"50% off the premiums for us silver."},{"speaker":"Patrick Yip","startTime":1765.645,"endTime":1767.595,"body":"And if you have any questions"},{"speaker":"Patrick Yip","startTime":1765.645,"endTime":1767.595,"body":"or wanna reach out to me"},{"speaker":"Patrick Yip","startTime":1768.035,"endTime":1769.015,"body":"directly, feel free to email me."},{"speaker":"Patrick Yip","startTime":1769.015,"endTime":1771.606,"body":"I'm at patrick.yip@apmex.com."},{"speaker":"Patrick Yip","startTime":1771.626,"endTime":1777.786,"body":"That's patrick.yip@apmex.com."},{"speaker":"Average Joe Finances","startTime":1778.481,"endTime":1778.721,"body":"All right."},{"speaker":"Average Joe Finances","startTime":1778.721,"endTime":1779.321,"body":"Fantastic."},{"speaker":"Average Joe Finances","startTime":1779.321,"endTime":1780.371,"body":"Patrick, thank you so much."},{"speaker":"Average Joe Finances","startTime":1780.371,"endTime":1782.934,"body":"I'm gonna make sure I have those"},{"speaker":"Average Joe Finances","startTime":1780.371,"endTime":1782.934,"body":"links in the show notes to make"},{"speaker":"Average Joe Finances","startTime":1782.939,"endTime":1785.904,"body":"it easy for everybody to go and"},{"speaker":"Average Joe Finances","startTime":1782.939,"endTime":1785.904,"body":"copy and paste or click away."},{"speaker":"Average Joe Finances","startTime":1785.904,"endTime":1787.104,"body":"Just don't do it while you're driving."},{"speaker":"Average Joe Finances","startTime":1787.374,"endTime":1790.684,"body":"And also those coupon codes, thank you so"},{"speaker":"Average Joe Finances","startTime":1787.374,"endTime":1790.684,"body":"much for sharing that with our listeners."},{"speaker":"Average Joe Finances","startTime":1790.684,"endTime":1791.678,"body":"That's fantastic, man."},{"speaker":"Average Joe Finances","startTime":1791.731,"endTime":1793.337,"body":"This has been really a treat."},{"speaker":"Average Joe Finances","startTime":1793.39,"endTime":1796.609,"body":"It's always great to learn a bit, a"},{"speaker":"Average Joe Finances","startTime":1793.39,"endTime":1796.609,"body":"little bit more about precious metals."},{"speaker":"Average Joe Finances","startTime":1796.68,"endTime":1799.56,"body":"I've had a couple people on, we talked"},{"speaker":"Average Joe Finances","startTime":1796.68,"endTime":1799.56,"body":"about this before we recorded, I've"},{"speaker":"Average Joe Finances","startTime":1799.56,"endTime":1802.961,"body":"had a couple people on that mine,"},{"speaker":"Average Joe Finances","startTime":1799.56,"endTime":1802.961,"body":"precious metals but never really had"},{"speaker":"Average Joe Finances","startTime":1802.966,"endTime":1806.117,"body":"too many people that, that talk about"},{"speaker":"Average Joe Finances","startTime":1802.966,"endTime":1806.117,"body":"like actually dealing and and working"},{"speaker":"Average Joe Finances","startTime":1806.117,"endTime":1807.407,"body":"with precious metals in that aspect."},{"speaker":"Average Joe Finances","startTime":1807.407,"endTime":1808.439,"body":"So this was a real treat."},{"speaker":"Average Joe Finances","startTime":1808.494,"endTime":1811.144,"body":"And I feel like I wanna go buy"},{"speaker":"Average Joe Finances","startTime":1808.494,"endTime":1811.144,"body":"some coins now after having"},{"speaker":"Average Joe Finances","startTime":1811.144,"endTime":1812.054,"body":"this conversation with you."},{"speaker":"Average Joe Finances","startTime":1812.104,"endTime":1813.454,"body":"But hey, thanks so much man."},{"speaker":"Average Joe Finances","startTime":1813.454,"endTime":1814.414,"body":"I really appreciate you coming."},{"speaker":"Patrick Yip","startTime":1815.079,"endTime":1815.439,"body":"Great."},{"speaker":"Patrick Yip","startTime":1815.499,"endTime":1816.489,"body":"Thanks for having me on Mike."},{"speaker":"Average Joe Finances","startTime":1816.729,"endTime":1817.359,"body":"Absolutely."},{"speaker":"Average Joe Finances","startTime":1817.359,"endTime":1820.449,"body":"And hey, to my listeners, thank"},{"speaker":"Average Joe Finances","startTime":1817.359,"endTime":1820.449,"body":"you so much for joining me and"},{"speaker":"Average Joe Finances","startTime":1820.449,"endTime":1824.049,"body":"our special guest, Patrick Yip on"},{"speaker":"Average Joe Finances","startTime":1820.449,"endTime":1824.049,"body":"the Average Joe Finances Podcast."},{"speaker":"Average Joe Finances","startTime":1824.379,"endTime":1826.749,"body":"Go leave us a five star review"},{"speaker":"Average Joe Finances","startTime":1824.379,"endTime":1826.749,"body":"and tell us what you liked about"},{"speaker":"Average Joe Finances","startTime":1826.754,"endTime":1828.609,"body":"today's episode with Patrick."},{"speaker":"Average Joe Finances","startTime":1828.999,"endTime":1831.579,"body":"Aloha from Hawaii and have"},{"speaker":"Average Joe Finances","startTime":1828.999,"endTime":1831.579,"body":"a .Great rest of your day."}]}