July 23, 2020
The Miles Franklin Newsletter
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From The Desk Of David Schectman
Gold prices gearing up to take all-time highs, silver could reach $30 — Citi
 
Real-World Money
We’ve been exploring how this counterfeit money makes counterfeit public policy… and ultimately destroys an economy, a society, and a political system.

In a nutshell, when you think you can just tap a few keys of a computer to create real money, you’re ready to believe anything.

As we saw  yesterday , you may think that it is okay to shut down your whole economy. Why not? You can cover the losses with “money from the government.”

But the “money” from the government is counterfeit.

Real money is part of the real world. It is limited. Like time. You can’t create more of it just because it would be convenient to have an extra hour’s sleep.

And if the feds want to fund one project… with real money… they have to take the money from something else.

That’s why gold is so useful as money. Gold is limited, like time itself. Each ounce of it has to be discovered, dug out of the ground, processed, and stored…

It takes time, investment, skill, and resources to produce gold, in other words – just as it does to create any other kind of wealth. – Bill Bonner
 
The white metal ended up closing up about $1.30 on July 21, and it eclipsed the $21 per ounce level. But keep in mind that silver was close to $50 in 2011.

That is the next stop. Believe it or not, that’s where the real resistance is and that’s where we’re going.”

But Peter said it won’t stop there. Once silver breaks through $50, he said it will go “much, much higher.”

Silver actually has a double-top around $50. It first got to that level in 1980 and then again in 2011.

Fifty-dollars looms very large. But there’s an old saying about these double-tops. I think they’re made to be broken, and silver is going to break this double-top. And the fact that it’s been there for so long means that when it does break — look out!” – Peter Schiff
 
So, what is the rally in silver telling us? It’s a prelude to the dollar collapse Peter has been predicting for a long time. And he said we don’t have a lot of time.

The bottom is going to drop out of the dollar any day. Gold could go through the roof any day. And so, this is really a race – a race to beat the clock and get people out of the dollar.” – Peter Schiff
 
As silver has exploded higher, the gold/silver ratio has dropped back to near 80-1.

Premiums have turned and moved higher each day for about a week. While we do have inventory, there are again some wait times on delivery. Nothing like 6-8 weeks in some instances back in April but wait times nonetheless. If you have pondered making purchase and held off, now would be a good time to pull the trigger as metal is available. We went from a Thursday to a Monday back in late March where dealer inventory was essentially wiped clean. As Jim says, the time to purchase metal is when you have the cash available. I would add, the time to purchase metal is when the metal is available. Whether it is caused by an event or just a plain stampede, I have maintained and still do that metal will go in to hiding. Do not try to time your purchase as the train is pulling away from the station and picking up steam with gold and silver on it. Do not be left behind because you believed you could time the move. Being left behind this time will be a lifelong error! – Bill Holter
 
You'd have to be blind, deaf, and dumb not to notice that inflation is likely to go higher - much higher.
 
The economy is not going to recover anytime soon. You can't just flick a switch, after all. So, you're going to have to print up more counterfeit money just to keep the jig up.  - Bill Bonner
 
The COVID Lockdown is an example. Our estimate is that the total cost – lost output, Federal Reserve money-printing, federal deficits – will come to at least $10 trillion over a three-year period.

(The deficit for this year alone is supposed to be $4 trillion… with more rescue measures coming this week! And that doesn’t begin to compute the damage caused by the previous rescue measures… or the catastrophic inflation that follows.)

Now, suppose we had to pay for it with real money. That is, suppose the feds couldn’t just create “money out of thin air.” Where would they get the funds? What would we do? – Bill Bonner
David's Commentary (In Blue):

Without a doubt, the last four days have been the most exciting time I have experienced in the business in my 37 years selling gold and silver. The power and speed of the move up has been simply breathtaking. I have been conditioned for disappointment for so long that it seems unreal to watch the prices rise unabated. Not for just a day, but for the last four days in a row.
 
Since the close on Thursday, gold has shot up from $1,800 to a high on Wednesday of $1,876 before backing off a bit to its current price of $1,867. 
Today I want to talk about silver. Two years ago, the gold to silver ratio (the number of ounces of silver it takes to buy one ounce of gold) had moved into the mid-80s, which was a clear signal that silver was undervalued compared to gold. A ratio in the 50s or 60s or lower is more in line with the ratio going all the way back till the end of WW2. The last time the ratio was in the 80s was way back in 1991 but that aberration only lasted for a year, before dropping off. 
 
Things were not looking good for gold and really grim for silver. It made no sense. The Pandemic was wreaking havoc with the economy and the Fed was starting to open the flood gates and the stock market was falling – it made very little sense. And silver was the biggest looser of all with the ratio at a nose-bleed 122 to 1. Had I been wrong? 
 
How could I have been wrong? Fast forward to July 22 and the ratio is now 82.38 to 1. It had spent a short time hovering around 100 to 1 and then like a bolt of lightning, silver came alive and now the ratio is 33% below the peak just reached just four months ago. And silver is on a tear. I expect the ratio to drop into the 70s and lower very quickly. In fact, the next “support” on the silver chart is around $26.50. If we project silver to hit that level, I would also expect gold to hit at least $1,900, or maybe even take out its all-time high of $1,922 around the same time. That would bring the ratio down to 72 to 1. That’s more like it. No one is complaining anymore.
Why do I bring this up? Because there is a lesson to take from this. People smarter than I have taught me that the secret to investing is to take a position that you are certain is the right one and sit tight. Things don’t always happen immediately, but if your investment is correct, you will win in the long run. 
 
Gold and silver have been highly manipulated since 2008 when JPMorgan took over the massive silver short position from the bankrupt Bear Stearns. Ted Butler has postulated that the government gave JPMorgan free reign to do whatever they had to, to unwind the short position that they inherited from Bear Stearns. Along the way, JPM managed to bring silver down from $50 an ounce to a low of $11.94. 
 
So, what changed? Why the sudden reversal (as seen in the recent fall in the gold/silver ratio and the unexpected price increase) in silver’s performance. Let’s start from the beginning.
 
Our friend and associate, Chris Marcus ( Arcadia Economics ) interviewed Bart Chilton just before he passed away on April 27, 2019. Here is that YouTube interview. Watch it if you want to understand what changed in the silver market.
Chris Marcus
 
Bart Chilton was Commissioner at the Commodity Futures Trading Commission from 2007 to 2014.  Bart will forever be known (especially by those in the silver community) as one of the former commissioners of the CFTC. And in particular, the one CFTC commissioner who often spoke out about how he did feel there was illegal trading activity going on in the silver market. 
 
His tenure with the CFTC coincided with several of the investigations into the silver market manipulation. And in addition to acknowledging that he felt the market was being manipulated, he was also the only commissioner who took the time to respond to the many market participants who wrote in expressing their concern.
 
Of which I was one, as I actually did contact the CFTC commissioners back in 2011 with my own concerns of what I’d been seeing. And indeed, Bart was the only one to respond.
 
He referenced some of the interviews he had done where he acknowledged that he thought there was illegal trading going on, and that he was doing everything he could. Yet also mentioned that it took three out of the five commissioner votes to pass any action.

With my own personal interpretation being that he was saying as politically eloquently as possible what he really believed, while also explaining the challenging dynamics of the situation.
 
Some of the particularly relevant comments that Bart mentioned include:
 
“Well, there’s some stuff that’s out there in the public that I’m not sure everybody put together. Most people did. And I would never for example, and I won’t now, say that there was a bank and name it that held close to 40% of the silver market at one point. 

But the news reports…I mean…people surmise it’s JP Morgan Chase. And the news reports and the public record showed that when Bear Stearns collapsed, that their silver positions got transferred over to J.P. Morgan. And we, the CFTC, had to approve those positions, because the Bear Stearns positions, when they came over, combined with J.P’s positions were so large that they violated the position limits one trader could hold. So, the CFTC had to approve that J.P. could take on the Bear silver positions.

So, if people want to do the math, they can do the math on who had the largest silver (position). 

But there was an exception that we made, and that’s in the public record…that we made that allowance for a certain time…and that allowance was for them to be able to get out of those positions….and after this time was coming to an end, the runway which we had given for them to get out of the positions in excess of position limits, they were nowhere close to getting out of them.

Matter of fact, at one point they bought even more. Which was in direct conflict of what we had in mind. 

So, they were granted a little bit more time, a couple of months as I recall, and they did ultimately get down to the position (limit). But it was at that time that they were so large, that I made the comment about how large a particular bank was in the market. 

Which sort of shocked people. And it shocked me, quite frankly, that it was so large.” 

“The bottom line is we found a lot of things that indicated things were not okay.” 

Perhaps what I found most interesting was how Bart mentioned that he felt the CFTC had a solid case. Yet was told otherwise. Which led to the definition of manipulation being changed. 

To which Bart expressed that had the new standard been in place during the time of the original investigation, that the case would have resulted in a conviction.
 
“I can tell you that things were suspect, and the investigation that we did uncovered a lot of evidence that would lead to a manipulation case, or an attempted manipulation case. 

But the standard of evidence…was a very high bar. And while we did have direct evidence, voicemail evidence, text evidence, trading evidence, and at some point we had price movement evidence. But we never had all of the things that you needed together in one place that were enough for us to go after…there were just holes….and it was frustrating. 

At one point we even thought we had enough to go forward with the case and we asked for some forensic economist outside of the CFTC to examine it. And they came back and they said, “no, we don’t think so”. 

By the way, I’ve never talked about this. That was after about four years. And I said, “whoa, whoa, wait a minute”. We thought we had enough evidence, and we hire somebody outside and they say, we don’t have enough evidence. Let’s go to somebody else. 

So, people don’t know this part. But I essentially extended the investigation yet another year because I didn’t believe it. And so, we went to yet another forensic economist and had them look at it and they came back with the (same) opinion as the first folks. That we just didn’t have the traders, and we didn’t have the market participants dead to rights. But we had lots of stuff. And we had real stuff that would have played really well in court.

Not just numbers, but the rhetoric, the banter between traders that we had. And I’m not saying there was lots of it, but there was enough of it that it was damning. 

But the damning part had to be backed up by other requirements of evidence under the law. And we didn’t get all of that. 

It troubled me so much by the way, that I did seek a change in the law. And we ultimately got it. And there’s a newer lower standard for manipulation that’s been in place since that time…(it was not retroactive)…which was similar to the SEC’s standard for manipulation.”

“Would the same evidence back then result in a charge and a potential conviction (under the new rules) on manipulation? 

I think so.”
“The stuff we had was pretty damning. But just not enough (at that time).”

In the interview I also asked Bart about my own interpretation of how the mechanics of the manipulation are operated. Which is primarily that when the price of silver is slightly above “the handle” (the round number), such as when silver is trading $15.05 (with $15 being the handle), that selling pressure is applied, stops are triggered, and the high frequency algorithms kick in as well. So, in essence, the price gets nudged a bit, which then triggers the avalanche.

With the same traders who were the initial sellers continuously showing up on the Commitment of Traders report as the buyers at the lower price (as  silver manipulation expert Ted Butler  has detailed quite extensively in the past few years).

To which Bart responded, “it’s a good portrayal…it’s actually…it’s a very good portrayal”.
So, there you have it, from the horse’s mouth. JPMorgan was given a free pass to manipulate the COMEX silver (and gold) market. It’s been rigged for over a decade and the price has never been allowed to be set by the physical market. It is always set on the COMEX, and it was rigged. When people like Bill Murphy and Chris Powell and Ted Butler and Miles Franklin brough that up, we were ignored or worse, called “conspiracy nuts.” 
 
So, what changed so abruptly in the last three months? Here is what Ted Butler thinks, and it makes perfect sense. According to Ted Butler, “ It is part of what I now believe is a negotiated settlement with the Justice Department and CFTC, first hinted at some weeks back.” 
 
Feb 5, 2020 -   U.S. authorities that   accused   six   JPMorgan   Chase & Co. employees of ... part of a wide-ranging federal clampdown on market   manipulation , ...
Butler believes that JPMorgan has been supplying physical metal to SLV and other silver ETFs under a negotiated agreement with the regulators.
 
They have been told they must stop shorting gold and silver and sell off a large portion of their nearly one-billion-ounce silver holding (physicals) or face prosecution. They also managed to accumulate 25 million ounces of gold too. Rather than bring to light the decade-long malfeasance of the premiere bank in America, they told JPMorgan to stop the manipulation and sell off a large portion of their (illegally acquired) silver hoard, the largest by far in the world. You can see the unwinding of JPMorgan’s position as an incredible 225 million ounces of silver has been delivered into the silver ETFs. No entity in the world, other than JPMorgan could come up with that much physical silver. Ted postulates that the big concentrated silver shorts (other bullion banks who participated in the scheme and profited from it) were the buyers of all that silver, which will allow them to unwind their short positions and end the manipulation. As Ted says, “ By allowing the big shorts to be the buyers of the roughly 250 million oz sold by JPMorgan to the silver ETFs and in recent COMEX deliveries, the concentrated short position is neutralized.”  
 
To summarize: JPMorgan was forced to sell the silver to the ETFs under orders from the US Government. And the results are rather spectacular. Without the shorting, silver and gold are finally starting to react the way that they should have all along, in a free supply/demand market. And boom! Silver rises $4 in three days. Believe me, if this analysis is correct, and it appears that it is, then there is no limit to how high silver will go in the coming months. $30? $50? Triple digits? I have heard analysist mention all of these numbers. When silver starts to move, it moves fast, and far. As Ted says, “ To be sure, I am as convinced as ever that the silver manipulation is very close to coming to an end and that termination will send prices sharply higher.”
 
The 8 big shorts are still in the hole by more than $10 billion but now they have a get out of jail free card. It is actually a win-win for all involved. JPMorgan avoids criminal prosecution, where people would actually go to jail; the rest of the Big 8 bullion banks are given access to enough physical silver to enable them to close out their massive losing positions; and we, the public, will finally be able to enjoy a rapidly rising silver price. I know, the bums should be behind bars, but since when to the bankers or politicians ever go to jail. Who said life if fair? It is what it is, but at least it looks like the roadblocks to rising gold and silver have been removed. Like Hank Williams Jr sings, “Are you ready for a party.”
 
Get ready for shortages. And rising premiums.
 
It happened in March. No product, long delays, huge premiums. Then things slowly moved back toward “normal,” though the premiums on many items are still high. Now it is about to happen again. And this time things may not move back to normal. Our largest supplier told me today to get ready for shortages. They are having a hard time sourcing any of the precious metals from the wholesale market. Many of our competitors show “OUT OF STOCK” on their websites for a large number of products. And that is before the recent up-ramp in price of gold, silver, platinum and palladium. 
 
Now, as we are heading into a likely Covid-19 shutdown 2, if any of the mints close down again, there will be long delays and crazy pricing. And even if they don’t one of my contentions is that we are on the verge of a new wave of buyers of gold and silver that will change the game. So far, the hedge funds have ignored gold and silver. They have been busy making a fortune in the stock market. But with all the recent publicity, even on the MSM, they are starting to take notice. And so are the uber-rich, the multi-millionaires and billionaires. It won’t take more than a few of these buyers to jump to the front of the line and snatch up all the production coming out of the mints. Really, I expect this to happen. When? My guess is around the time that gold hits $1,900 or when gold makes a new all-time high, around $1,920 in the futures market. And that can happen in a matter of days or a few weeks. Silver is leading the way, both in performance and in garnering headlines. All it will take is for the rich to decide it’s prudent to have 5% or so in gold and silver - and gold and silver will disappear. None available.
 
Plus, there is a new player in the game. Check out this Zero Hedge article about the young, inexperienced day traders who are chasing everything in sight that is moving up. They are getting wind of gold and silver now and are moving into this area as well. Demand is demand, and it makes little difference if it comes from the top or the bottom.
Record Gold and Silver Prices Catching Robinhooder Attention—That’s a Big Deal
I have suggested that the gold/silver ratio would start to rapidly fall. And so, it has (finally). I also have suggested that the dollar will fall. And it is moving down. Yes, it’s a basket case but it’s the least soiled shirt in the laundry basket. The Fed is doing its best to destroy it in the name of keeping the economy from entering into a Depression. But they will fail. You can’t save the economy by propping up the stock market. Main Street is in very bad shape and the question is – can the economy survive another shut-down? I say no. I say we are already in a depression. If you don’t believe it, just ask any of the 40 + million people who are unemployed with little chance of finding a decent job, or any job. What lies ahead is a long-lasting depression, a collapsing dollar and gold and silver to the moon. That’s what my crystal ball tells me. Pray I am wrong.
 
Listen to Alasdair Macleod discuss the total collapse of the dollar by year’s end and the collapse of COMEX. 
Greg Hunter (USAWatchdog.com)
 
 
...the   gold market is “extremely dangerous as far as the bullion banks, swaps and trading desks”   that, at some point soon, are going to have to   deliver physical gold they do not have...
 
Finance and economic expert Alasdair Macleod says,  the gold market is “extremely dangerous as far as the bullion banks, swaps and trading desks” that, at some point soon, are going to have to deliver physical gold they do not have.   
 
Macleod explains,
The city of Phoenix takes steps to address its housing shortage
“I find it difficult to see how they can close it...  The possibility of a default and the possibility of a ‘force majeure’ is increasing all the time in this current situation . This is a difficult thing to predict, but unless someone can show me there is a way out of this . . .  I can’t see how these banks can be rescued.

So, the only way the banks can be saved is if they can deliver tons of physical gold they likely don’t have? Macleod says, “Which they don’t have, not likely have, they don’t have.”
Macleod thinks failure to deliver gold is coming soon where the contract will be settled in cash and not physical metal.  How many times can the gold market do this? Macleod says,
 
“I think  it will be the end of the futures market because nobody would trust it as a means of delivering gold . I mean it would have demonstrably failed. So, why would you play with it again? Of course, the failure of COMEX contracts is a very, very serious issue.”
 
What happens to the price of gold? Macleod says, “The price is already on its way to infinity or, put more accurately, the dollar is on its way to zero..." 
 
"The question I think you really want to know the answer to is how long will that take? In my view, not very long.  Probably by the end of the year because we’ve got another thing happening in the background, and that is we have a banking crisis developing.   This is the natural consequence of the contraction of bank credit. There is the effect of tariffs on top of that that turn a normal cycle of bank credit contraction into a 1929 to 1932 horror show.

. . . If you have a banking collapse, then those assets values will just go down in the pan. The next thing, of course, bond yields start rising because of the inflationary implications of a financial collapse.   At that stage, government financing becomes impossible because governments are in effect bankrupt .”

Macleod says stocks, the dollar and bonds all go down together and explains,

“That is the lesson of history.   Everything just goes away. If you destroy the currency, you destroy all the financial assets that are priced in it. That just happens. It just goes.”

In closing, Macleod says, “I think the problems with the currency are going to happen by the end of this year..." 
 
"I think the problems of the COMEX are going to happen considerably before that. I think they are going to be tied into a wider banking crisis. A banking crisis is certain. I cannot see how it can be avoided. . . .  If our end point is the purchasing power of the dollar goes to zero, then you can see $1,800 for the price of gold and $19 for the price of silver is chicken crap compared to where it’s going to go.   So, this is a major, major move that is happening, not because they are buying gold and silver so much, but because people are beginning to realize what is happening to the purchasing power of the dollar, pound, euro and so on and so forth. That is the thing to keep in mind. . . .  I think the dollar will be destroyed by year end, and the price of gold and silver is infinity . . . . I think the banking crisis could start in a month. Look what’s happening to their balance sheets. . . .  I think the collapse is likely to be so rapid that in the absence of any other information, the best thing to do is to hold on to gold and silver as an insurance policy just in case I am right .

ZEROHEDGE DIRE CTLY TO YOUR INBOX

"I think the problems of the COMEX are going to happen considerably before that. I think they are going to be tied into a wider banking crisis. A banking crisis is certain. I cannot see how it can be avoided. . . .  If our end point is the purchasing power of the dollar goes to zero, then you can see $1,800 for the price of gold and $19 for the price of silver is chicken crap compared to where it’s going to go.   So, this is a major, major move that is happening, not because they are buying gold and silver so much, but because people are beginning to realize what is happening to the purchasing power of the dollar, pound, euro and so on and so forth. That is the thing to keep in mind. . . .  I think the dollar will be destroyed by year end, and the price of gold and silver is infinity . . . . I think the banking crisis could start in a month. Look what’s happening to their balance sheets. . . .  I think the collapse is likely to be so rapid that in the absence of any other information, the best thing to do is to hold on to gold and silver as an insurance policy just in case I am right .”
Egon Von Greyerz:
 
The 'Humpty-Dumpty' System Is Irreparable
 
What does it take to break the global financial system? Well, we obviously know what it takes since the system is already broken. Broken by debts, broken by deficits, broken by a fractured financial system, and broken by false markets as well as fake money. 
So just like Humpty Dumpty, the system has already had a big fall. But the world still believes that this is all a fairytale with a happy ending. No one wants to recognize that Humpty is totally broken and irreparable. 
NO ONE CAN PUT HUMPTY TOGETHER AGAIN

All the king’s men, in the shape of the Fed and other central banks plus governments, are desperately trying to put Humpty back together again. The problem is that the glue just won’t stick. Already back in 2007-9 and thereafter, massive amounts of glue were applied in the form of unlimited money printing and credit creation. The problem was that a remedy in big quantities serves no purpose if the quality is poor. 

Fortunately for the king’s men, nobody realized that they worked with inferior material. Equity markets only care about quantity and there certainly was enough glue or printed money. So, it has been all about quantity or printing a lot of worthless money. Why else would it be called QE or quantitative easing? 

HOCUS POCUS ACTIONS

QE is one of these Hocus Pocus words, invented by TPTB (the powers that be), which sounds important and mysterious. But for us normal mortals it should be called MP or money printing. That’s all it is, but since money printing sounds quite crude, the Fed and Co think they can get away with a posh word which nobody understands. All QE stands for is printing money in great quantities. 

But let’s just understand that the glue or printed money which is supposed to fix the financial system is fake. There is no chance that all the king’s horses and all the king’s men can put the system together again. 

A world which has got used to a rising living standards based on debt and fake money is under the illusion that this is all that is required to create wealth. A fake world and an illusory financial system cannot survive without creating real values based on hard work with the production of goods and services. Sustainable wealth can never be achieved by financial wizardry and hocus pocus money. 
 
A DUMBFOUNDED SYSTEM HAS DUG ITS OWN GRAVE

A few of us have understood that the end game would consist of unlimited creation of debt and fake money. Not because anyone believes that the biggest debt bubble in the world will disappear by issuing more debt. But this is the only remedy left to a totally dumbfounded system which has for years dug its own grave. 
 
It is into this grave that Humpty has fallen. The king’s men believe that they can pull him out like they have for decades but this time it won’t work.

WORLD ECONOMIC FORUM PLANNING THE GREAT RESET

TPTB are desperately working on solutions. For example, the WEF (World Economic Forum) in Davos are calling the next Forum in early 2021 “The Great Reset”.

They have created a Strategic Intelligence Platform which will help the members to control the world. Strategic Partners of the WEF will be members of a number of platforms from which they intend to orchestrate the Great Reset. These platforms include “Shaping the future of: Technology, Blockchain, New Economy & Society, Future Consumption, Digital Economy, Financial and Monetary Systems, Trade, Cities & Infrastructure, Energy, Media & Culture etc. 

Well, it sounds like they plan to control everything. 

Central bankers, bankers, industrialists incl. Bill Gates, IMF MD, ECB President Lagarde, Mark Carney former Bank of England governor etc. are all members. 

The WEF has developed the Fourth Industrial Revolution (4IR) which “will leave no aspect of global society unchanged”. 

ORWELL’S 1984 IS HERE

All this sounds quite frightening but that is clearly the intention too. George Orwell’s 1984 is not just approaching at great speed but also becoming more realistic by the day. 

There is only one major problem. Whatever wizardry and however much glue TPTB apply, there is just no way that a system that is totally broken can be repaired. The world has reached the end of the road and will need a reset. 

But even if TPTB attempt an orderly reset with debt moratoria and a new artificial reserve currency like a crypto dollar, it can at best only fool the world for a very brief period. 

A DISORDERLY RESET

The real reset, which will be disorderly, will inevitably happen thereafter. This will involve an implosion of the financial system including debt, stock and property markets. Sadly, Humpty will be totally buried in the rubble of this collapse.

As I have pointed out many times, the world can only attain real growth in a system which has eliminated a mega debt which can never be serviced or repaid. What must also implode are fake bubble markets and false money. 
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About Miles Franklin

Miles Franklin was founded in January, 1990 by David MILES Schectman. David's son, Andy Schectman, our CEO, joined Miles Franklin in 1991. Miles Franklin's primary focus from 1990 through 1998 was the Swiss Annuity and we were one of the two top firms in the industry. In November, 2000, we decided to de-emphasize our focus on off-shore investing and moved primarily into gold and silver, which we felt were about to enter into a long-term bull market cycle. Our timing and our new direction proved to be the right thing to do.

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