Andy Schectman

Owner of Miles Franklin

[Andy Schectman @ASchectman]

@QTRResearch A straightforward, honest, honorable, and incredibly articulate dude, that’s who you are. The people who talk shit about you couldn’t hold your intellectual jockstrap.
.

[Andy Schectman @ASchectman]

@PeterGrandich @DanielaCambone PS. Ben is a great guy, we have worked together for a few years. He has my respect and support.

[Andy Schectman @ASchectman]

@PeterGrandich @DanielaCambone I would try and make that too!

[Tom Luongo @TFL1728]

London Is Losing Control. Why Gold Could Be the Big Winner | Tom Luongo https://t.co/5nM1AJBc9l via @ASchectman

[Rob Kientz | The Freedom Report @freedom_rpt]

If you are a company in the precious metals space, and you want to help grow the sound money economy, come join the only industry Trade Association that is focused on doing just that.

👇

[Andy Schectman @ASchectman]

Please let me add a tad bit of perspective as that environment you speak of did damage to the industry but it was a perfect storm and an outlier. In 36 years I have never seen it or anything like it before. Here is what happened........That was a perfect storm. The public was selling into the rally at the exact same time margin requirements tripled. I think, largely, the people who wanted to sell did and those sellers are now out.
Here’s how dramatic the margin hikes were.
One COMEX silver contract represents 5,000 ounces. In late December, you needed about $25,000 in cash to control that contract.
Then CME kept raising the requirement.
At $100 silver, those 5,000 ounces were worth $500,000. When CME eventually required 15% margin, that meant $75,000 in cash to hold the position.
So in a matter of weeks, you went from $25,000 to $75,000—three times the cash.
Now put that into the real world. A company like mine can routinely hold 2 million ounces of silver. At a 15% margin requirement and $100 silver, that alone would require $30 million in margin collateral—before even considering the gold, platinum and palladium we hold.
And if you were leveraged and couldn’t meet those margin calls, you were forced to sell.
But that wasn’t happening in isolation.
At the same time, in the first two weeks of January, commodity-backed ETFs were rebalancing according to their fund mandates, creating additional selling as they brought their portfolios back within their guidelines.
At the same time, primary mint distributors—who had been buying huge amounts of metal from the public on the way up, had to purchase their 2026 allocations from the sovereign mints they’re contracted with.
So you had public selling, ETF rebalancing, new mint allocations and soaring margin requirements all hitting at once.
For companies like ours that hedge inventory, the cost of maintaining those hedges became ridiculous. For dealers that didn’t hedge, the alternative wasn’t much better: unless they bid way below spot, the price of silver could move against them before the customer’s check even cleared.
Refiners faced the same problem. Many hedge the silver they’re holding, refining and minting by maintaining short positions. As silver moved and margins soared, they were hit with constant margin calls. That severely disrupted refining capacity and removed a major source of liquidity for dealers that don’t hedge.
The result was a liquidity crunch across smaller and midsized dealers and local coin shops.
In 36 years in this business, I’ve never seen anything like it. It was an outlier.
And that’s why I think the next spike could look very different. Much of the pent-up selling has already happened. If the next move brings more buyers into the market without that same disproportionate wave of selling, we may not see anything resembling the perfect storm we just went through.

[Luke Gromen @LukeGromen]

Raising rates will make this worse, & will lead to the election of more extremists in the US.

Cutting rates will also make this worse, & will lead to the election of more extremists.

Recognize where we are & buckle up - the true cost of all those bailouts are coming due.

Via @Peter_Atwater

[Andy Schectman @ASchectman]

Like you Mario, Jordan was a good dude, I knew him fairly well & had met him in person a few times at speaking engagements. For quite some time he & I would have long phone conversations & he would often mention his friendship and fondness with you.

Gone way to soon, RIP Jordan!

[Andy Schectman @ASchectman]

@DThickley @MilesFranklinCo Believe it or not, Dick, I appreciate your comments. I try my best, I truly do. The Fed, interest rates, and the cause and effect of monetary policy have arguably never been more important.

But…The Fed is still trapped. They have choices, they just don’t have any painless ones

[Andy Schectman @ASchectman]

@PeterGrandich Appreciate you very much Peter!

[Andy Schectman @ASchectman]

@SantiagoAuFund @crushthemarket @hidflect Likewise Brent the feelings are mutual. I will reach out next week and let’s set it up.

[Andy Schectman @ASchectman]

@la88052748 @JrMiningGuy @MilesFranklinCo Thanks Jesper! Appreciate that bro!

[Andy Schectman @ASchectman]

@SRSroccoReport @JorgeCo12209496 @Orwell_Mullins This just proves to me you are a punk. Its a highlight genius! FROM AI.“Judy Shelton” by full name is mentioned 5 times. If you include the shortened references to “Judy”she is referenced 8 times total in the transcript.

[Andy Schectman @ASchectman]

@SRSroccoReport @Orwell_Mullins You truly are classless and that is being kind. You can spin doctor all you want. I have mentioned Judy so many times over the last year it's funny. But a man of such moral character and research like you would know that. Grow up dude, your banter is unbecoming.

[Andy Schectman @ASchectman]

@SRSroccoReport @Orwell_Mullins You are freaking priceless Steve. I have now explained that twice. You should not be talking about class to anyone dude. Keep it up!

[Andy Schectman @ASchectman]

@SRSroccoReport @silver207141 It has never been this way. You are analyzing a point in time that is unlike anything ever seen. Why not broaden your time horizon. It was never that way when metals did nothing. It was the opposite during the pandemic. It’s a one sided argument.

[Andy Schectman @ASchectman]

@SRSroccoReport @silver207141 What would the stock market look like what would any market look like in that situation. That is different than the perfect storm that all collided in January. The maasive selling and the 2026 new mint allocations running headlong into 300% margin increases and ETF rebalancing.

[Andy Schectman @ASchectman]

@SRSroccoReport @silver207141 I meant that after reading Judy's book & interviewing her twice, I was aware that I said publicly that I believed in her idea, and that it had a 50/50 shot. The point was that I had the guts to say out loud what I believed, when most people wouldn’t. That’s it, Steve. Both ways?

[Andy Schectman @ASchectman]

@QTRResearch Great idea my man!

[Andy Schectman @ASchectman]

@LeslieLim852314 @MilesFranklinCo @MichelleMakori Appreciate that very much Leslie, thank you!