Mike Broomhead talks with Eric Sepanek, President, Scottsdale Bullion and Coin about the economy, inflation and what you can do to protect yourself. Learn more at sbcgold.com.
Category
🛠️
LifestyleTranscript
00:00 (upbeat music)
00:02 - Anytime we have questions about your options
00:10 when it comes to investing in finance,
00:12 we talk to Eric from SPC.
00:13 Thanks for doing this.
00:14 - Well, thanks for having me once again.
00:15 - There is a term that more and more people
00:18 are becoming familiar with, and it's the petrodollar
00:20 because of what China's doing in other countries.
00:22 Can you explain what this is and what's going on?
00:25 - Okay, so to kind of summarize it,
00:28 the petrodollar was what we used to replace
00:32 the gold standard when we went off of the gold standard
00:35 in '71.
00:36 By '73, we shook hands with Saudi Arabia
00:39 and the petronations to make sure that they would use
00:42 only US dollars in trade internationally
00:44 for that of petro.
00:46 So this gave us a stronghold all over the world
00:49 when it came to our currency dominance
00:51 because they would have to go through us to get to them.
00:54 - And that was honestly, that was a handshake deal.
00:57 You're not being facetious.
00:59 It really was just a handshake.
01:01 - Absolutely.
01:01 Not only was it a handshake, but it was something
01:04 that has given us dominance since the '70s.
01:08 And here we are in 2023, and for the first time ever,
01:12 that's being jeopardized because China right now
01:17 sees an opportunity.
01:18 The current administration's very anti-petro, if you would.
01:22 And then we saw China go to Saudi Arabia
01:25 and then do a diplomatic approach
01:27 when they brought Iran and Saudi Arabia
01:30 to the table together in peace negotiations.
01:34 And then also immediately following that,
01:36 we saw for the first time the yuan being exchanged
01:40 for petro out of Saudi Arabia.
01:43 So I mean, this is a huge game changer,
01:46 and it's something that everybody
01:48 is going to feel eventually.
01:50 - Isn't India a little involved in this in a way too
01:53 with the petro dollar?
01:54 Aren't they trying to advance in that area?
01:55 - Not only India, but I mean, there are many nations
01:58 around the Middle East.
02:01 The more you look into this, the more you're gonna find
02:04 that it is a rabbit hole that you're gonna tumble down,
02:07 and the likely outcome here is that we are no longer
02:10 going to reserve our currency as the petro standard,
02:13 and that is going to possibly jeopardize,
02:16 not possibly, but it will jeopardize our currency
02:19 as the reserve currency of the world.
02:22 And the big problem with that is we've got so much debt,
02:25 what keeps us afloat is the fact that we're number one.
02:28 But what if we weren't number one?
02:30 I mean, Mike, I'm sure you probably
02:32 would have concerns about that.
02:33 - Right, yeah, and so if that's happening,
02:35 if the dollar is weakening around the world,
02:37 which it appears like it is, how is gold,
02:40 or what do you recommend, what is a way to protect yourself?
02:43 - Well, the reason why gold, in uncertain times,
02:47 the only certain thing is gold.
02:49 And the reason why is because you go back
02:51 as far as you want, gold has always been
02:53 a standard of money worldwide, not just in our country,
02:58 but there's no way that we're gonna find
03:01 in our lifetimes or the next gold
03:04 not being a standard of money.
03:05 And therefore, if you retreat and put money
03:08 into something like gold, you know it's gonna be there
03:11 no matter what happens to the currency
03:13 that your country provides to your citizens.
03:17 - Well, I know that you talk about just,
03:19 when you say gold, but I know that there are
03:22 a lot of different options and a lot of different things
03:24 that you can buy, whether it's physical gold
03:26 or whatever it is, if people wanna learn more
03:28 on what the right thing to buy is,
03:30 not just gold, but how to buy it, how do you do that?
03:33 - Well, the best thing to do is just give us a call,
03:35 you can text us, you can call us,
03:37 you can go to sbcgold.com.
03:39 But more interesting than that right now
03:41 is more that they can learn about the petrodollar as well.
03:44 If they go to our website right now,
03:47 they can go ahead and they can request a copy
03:50 of the petrodollar, and then on there,
03:52 once they get the link to that,
03:53 they can even go ahead and sign up
03:55 to have all the upcoming events that we've been sourcing
03:59 and showing people that'll pop up in their email feed
04:03 and that they can watch this in real time.
04:05 - Well, the advantage also, I think, for people
04:07 is even though you are nationally known,
04:09 this is a local company, you're Scottsdale Bullion & Coins,
04:12 so they can actually go into an office,
04:13 talk to somebody face-to-face,
04:15 you're proud to serve the local market.
04:17 - Well, absolutely.
04:18 I was born in Arcadia,
04:19 and I love servicing the community here.
04:21 I mean, yes, we do business all over the country,
04:24 but we love it when people come in.
04:26 - You know, the idea of getting information is one thing,
04:28 but getting reliable information is another thing.
04:30 Expert advice, here's local expert advice at SBC.
04:33 Get down and see Eric and his team,
04:35 make the phone call, go to the website.
04:36 Thanks for coming down.
04:37 - Thank you so much, Mike.
04:39 - Thank you to Scottsdale Bullion & Coin
04:43 for sponsoring this segment.
04:44 Want more information?
04:45 Head over to azdailymix.com.
04:47 (upbeat music)
04:50 (upbeat music)
04:53 [BLANK_AUDIO]