Thoughtful Money · Nov 5, 2026 · 1h 15m · 69m saved
With Andy Schectman, President of Miles Franklin Precious Metals
Photo via milesfranklin.com
Gold hit a new 2026 low just before Halloween, then bounced sharply after election night back above $4,000. Most of the discussion since has been about whether the bounce holds. Andy Schectman, president of Miles Franklin Precious Metals, told Adam Taggart on Thoughtful Money that the price swings are the wrong thing to watch.
"I haven't been right all year. I mean, in price, I haven't. You're right. I'm fine admitting that price-wise, I haven't been, but it doesn't matter." — Andy Schectman
Andy, who runs a firm that has handled physical gold and silver sales for clients for decades, pointed instead to roughly $82 billion in gold and nearly $20 billion in silver delivered against COMEX contracts this year, and to central-bank buying at a pace he called nearly unrivaled.
The full interview is covered here so you can skip it. 1 hour 15 minutes of audio, 6 minutes of reading.
Here are the 7 calls that matter.
Key Takeaways
Andy says price doesn't matter: $82 billion in gold has been delivered against COMEX contracts this year
He calls $4,000 the long-standing resistance level and hopes it now holds as a floor
Gold was added to the US critical-minerals list, and Hong Kong launched 24-hour digital gold settlement
Andy's theory: the West may be quietly accumulating gold through commercial-bank proxies
China's gold imports hit the highest pace in at least 11 years, the 23rd straight month of buying
A tax-loss swap lets investors book a capital loss without the wash-sale rule applying
Andy ties the election's "blue wave" to more future deficit spending, which he says gold is pricing in
Junk silver is trading below melt value, something Andy has seen roughly 1% of the time in 37 years
1. Is The Bottom In?
Adam Taggart opened by asking whether gold's new 2026 low, followed by its sharp post-election bounce, means the bottom is finally in.
Andy admits he's been wrong on price direction all year, but says that's not the point
"I haven't been right all year. I mean, in price, I haven't. You're right. I'm fine admitting that price-wise, I haven't been, but it doesn't matter." — Andy Schectman
He said the numbers underneath the price tell a different story: record central-bank buying, record Chinese import volumes, and unprecedented physical delivery.
Roughly $82 billion in gold has been delivered against COMEX contracts this year
"We've had over 81, almost 82 billion dollars in gold delivered to COMEX... We've seen the central banks buy at levels that are... pretty nearly unrivaled in the past." — Andy Schectman
He called $4,000 the long-standing resistance level and said he'd like to think it now holds as a floor, while admitting it could still be a "dead cat" bounce.
