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“The bear market is now starting underneath the surface,” says Bert Dohmen, founder of Dohmen Capital Research. In today’s interview with Daniela Cambone, Dohmen points out that despite certain optimistic claims, underlying economic indicators such as high consumer debt (e.g., credit card debt with soaring interest rates) are unsustainable and signal financial strain. He also emphasizes that the carry trade remains an important factor to watch in the context of market risks, noting that it is not over yet despite the associated risks. “The big smart money is going for gold as the ultimate safe haven,” he concludes.

CHAPTERS:

00:00 Rate cuts
5:28 What should investors do now
8:06 Market massive sell
11:40 Gold price
14:08 Biggest concerns for the economy
16:39 Market volatility
19:05 Bull market for gold
22:59 U.S. economy post election
25:13 Housing market
26:47 Final thoughts

TRANSCRIPT FROM VIDEO:

00:00
Gold prices are on fire, breaking through the $2,500 mark. For those of you waiting for a pullback on gold prices to buy or to start accumulating gold as part of your wealth preservation strategy, well, I’m here to tell you, you might not get that pullback. There’s no time better than now to start your game plan and strategies surrounding gold and silver investing. That’s why it’s critical.

00:26
that you make an appointment with us at ITM Trading. You can easily do so. There’s a link below in the video description where you can book a Calendly with one of my colleagues and they will do all the work for you. They’re going to talk you through and walk you through a wealth preservation strategy centered around owning physical gold and silver. Do not waste any more time. Gold’s just going to keep skyrocketing here. On that note, let’s get to today’s video.

01:01
Hi, it’s Daniela Cambone. Welcome back to the Daniela Cambone show here on ITM Trading. Joined today by someone who I hope will help us make sense of everything happening in the markets right now. I know I’m confused and need answers. So please welcome back to the show, Bert Dohmen. He’s the founder of Dohmen Capital Research and his newsletter, Love by So Many.

01:28
because he’s known for giving his often contrarian, but accurate forecast on the markets, the economy and the Federal Reserve policy. Bert, always good to be with you. Welcome back. Thank you very much, Danielle. It’s always so much of a pleasure to see your beautiful face. Thank you, Bert. Very happy to see you as well. And I really hope you can help guide us here. Let’s start with the Fed.

01:58
Um, you know, I read with great interest your recent, um, penning where you say. That rate cuts, right? It’s all the talk with Jackson hole happening as we speak now. And Powell was apparently going to give us a roadmap of what we should be expecting from cuts. But you say suddenly the talk in the media has shifted from discussions of whether the fed will cut rates in September to whether we’ll, we’ll see that cut of point 50 points, how fast things change, you say.

02:28
Tell us what you’re expecting from the Fed and how pivotal is it? It’s overblown. Rate cuts traditionally has been assigned for the market to really accelerate the downturn. So I think that would be an official acknowledgement that we have been in a recession. Wright claims we’re not in a recession, I’ve been saying for the last year.

02:57
We are in a recession. The leading economic indicators came out this week. They were down now for 24 months. They’ve been going down every month. Every month, the leading economic indicators are down. And now the charts tell us that all of the stimulus, which is from seven to maybe $9 billion, is used up. People got that money.

03:27
Many people said, oh, I don’t have to work anymore. I got all the stimulus money from Washington and suddenly they have spent it all. So then the next phase for people is to go to their credit card, take out their credit card loans. So now we have an all time new high, over a trillion dollars, 1.14 trillion of credit card debt, money that people have borrowed against their credit card.

03:57
and they’re paying maybe 25% interest rate. When you pay 25% interest, it’s a prescription for bankruptcy. There’s just no way you can pay 25% interest and stay alive, you know? So this is the next phase. And people have run out of money. So now, but they still didn’t wanna work. The employment numbers really tell me that.

04:25
And I don’t use the official numbers published by the LAS, BLS, I call it the Bureau of Labor’s denying statistics, because they lie with their statistics. And I don’t listen to those at all. I go to their website. On their website, they have to be more honest. So the headline number that you see on TV is always false. You know? They publish the false numbers. Inflation.

04:54
important metrics. Don’t pay attention to the headline numbers. Look behind the numbers, and you can really get the accurate information if you spend about 15 minutes on the BLS website. That is important. People should take 15 minutes of their life to look at what their future looks like, but people don’t want to do that. They’d rather go to a baseball game or a football game or whatever. You know?

05:24
And that’s really worth while doing it. So two points, you bring up two points. One, let’s play out the scenario that, let’s even play out the scenario that there’s a 50 basis point cut in September and more cuts leading up to the end of the year. Should we be doing anything differently given that information as an investor? Yes, I think right now, you know, I wrote that.

05:52
last month is that the bear market is now starting underneath the surface. Okay. Bear markets always start ahead of the actual visible numbers, you know? So we wrote in July, there’s going to be a big downturn in the market in the second half of July, which then we got with the yen carry trade. We didn’t know it was going to be at a carry trade, but it happened.

06:20
And then it’s gonna be that last torah rally in August. And the last torahs where they suck in all of the reluctant bulls into the market, everybody gets very euphorious, I use that word. It’s interesting, he is a very good analyst that I respect for many, many years. He used that same word recently, I think a few, two days ago, euphoria.

06:49
So we are really reaching out the euphoria stage. And I predict that this is how this whole thing is going to add euphoria. Everybody’s going to get very bullish and it would probably be a good trigger to see in the video earnings when they come out this week. And so then you have to really have a good strategy to make money in the bear market. We have make money for our.

07:16
valued subscribers in every bear market in 48 years of existence of my firm. So that is important. It is much easier to make money in the down market, the stocks and, uh, these investors go down much faster than they go up. Have you ever noticed that? Yes, I have. And in fact, it makes a lot of sense that, like you said, they suck you in, they get you bullish again, and then are going to hit you again. Right? Yes, that’s exactly how it’s. It’s a game.

07:45
So you mentioned the yen carry trade, right? And a lot of folks emailed me saying, this is the new buzzword in media. Everyone was talking about it. It was a brutal force crushing markets. And the question is, is it going to come back and unwind even more? I guess your answer is yes. Yes, I think that was a Monday, August 5th. That was the…

08:14
the first massive selling. And I said, this is a maximum selling that we’re gonna see for a little while, but it won’t be the final thing. There’s going to be a rerun of that. Let me just explain the Yen Carry Trade, which I also did in our Wellington letter in our trading service. We also have trading services for shorter term oriented people. Yen Carry Trade was so attractive for…

08:42
all of the big hedge funds and the big players in the markets. Because they would borrow yen, and they had a 0% interest rates in Japan, which is by the wisdom of their central bank, you know? The central bank, the bankers, the head guys always change, they always get thrown out when something goes wrong, then they get a new one who, again, makes the same mistakes, you know? I mean, when you consider Japan, the government owns via ETFs,

09:11
over 70% of all the stocks listed in Japan are owned by the government via ETFs. It’s ridiculous what they’re doing over there with monetary policy. And they’ve been doing that since 1980 when their markets crashed. So that’s a long time to do all this manipulation. But anyway, the hedge funds would borrow yen at 0% and convert them to US dollars.

09:39
then they would make a positive carry. Then they would invest it in US treasuries and on T bonds, they might make 4.5% interest. So they pay zero interest, they make 4.5%. That’s an infinite positive carry as it’s called. So it’s the easiest way to make money. You have to be an idiot not to make money in that trade. Bert, let me ask you, because obviously- What happens, Danielle, excuse me for interrupting.

10:07
I’m sorry, I didn’t finish that thought. But then when the yen interest rates started rising because it’s the central bank, Interpan made the decision to let interest rates rise. Then of course the cost of the money on that trade, which was done maybe with 100 or 200 or 300 to one leverage, huge leverage, you know? So they let interest rates rise and suddenly, wow, your cost of money is getting higher and so on. And pretty soon,

10:35
the losses on your positions are higher than the equity you have in it. And pretty soon, with that kind of leverage, you’re going broke. You know, and that is that is a danger with the carry trade. You’re going to go broke. You’re going to lose everything you have in there and much more. Then you’re going to get margin calls that you cannot meet. If you’re an individual, they go after your house. Most people don’t even know that if they have a margin account, they can lose their house. If they get a margin call, they can’t meet.

11:05
I had a discussion at lunch that was 1987, a few days after the 87 crash, when the Dow went down 22% one day. And he came to the city where we had our office and we had lunch and he said, oh, I’m going around the country foreclosing on houses. And I said, foreclosing on houses? I didn’t even know you were in real estate. He said, well, we’re not, but.

11:32
before cruising on margin calls. I could not believe it. That was incredible. Let me ask you this then, Bert. Obviously you’re seeing the all time highs happening in gold.

11:49
Do you find this telling, right? What can we read between the lines here of what it’s saying about gold and what it’s saying about the dollar?

12:01
Yeah, what now in my work, it shows that the big smart money is going for gold as the ultimate safe haven, okay? And that is really important because they already think ahead to say, okay, if everything is gonna start crumbling and so on, then the Federal Reserve will have to come to the rescue and they will create another maybe another 10 or 20 trillion dollars

12:30
in artificial money, you know? The Federal Reserve does that with a computer. They used to have to print the money. They don’t have to print money anymore. Now it’s all done with computers. Just a guy with a keyboard, and he can create $10 trillion very, very quickly. So that’s what they’re anticipating now. So, and we all know by history, Zimbabwe and Venezuela and Argentina, what happens when they increase?

12:58
the money supply by such huge amounts. The currency value goes down, but the United States has an advantage. And so the people that think that the US dollar is going to go to zero, I think they’re gonna be wrong because the US dollar is still the strongest currency in the world, except for the Swiss franc. But it’s the reserve currency of the world. It has been.

13:27
for at least 100 years. So that’s really important. Other currencies are going to go down faster. They’re all going to go down in purchasing power because all the central banks are in the same fix. But the US dollar is going to go down slower. And that is, I think, what so many analysts miss. They talk about the end of the US dollar and the BRIC countries.

13:54
going to have their own currency and so on. They’re going to try to have their own currency. But the Greek countries, they’re so bad in such bad shape. They cannot have any trustworthy currency. Bert, if the fear for you is not the sudden end of the dollar, if I had to ask you the biggest pockets of concern when it comes to the economy, what would you say they are for you?

14:24
But the economy is just, you cannot get loans. See, that’s one of the provinces right now. If you’re a developer, you cannot get a loan, okay? You can’t get the initial construction financing, and then because you cannot get the takeout financing. Takeout financing is given to my banks when the building is completed, you know? So…

14:47
They can’t get the construction to finance the construction. They can’t get the takeout financing. And if you have no credit expansion, then everything goes to hell, pardon the expression. That’s why what is ahead is going to be pretty bad for people who are not prepared. But bear markets can be so profitable. In 1978, for example.

15:17
There was a high inflation period. We said the U.S. Treasury bonds will lose between 40 to 50 percent of the value. Now, I had I was asked to have presentation at the board of directors of larger entities and so on. They were loaded up to the gil with U.S. Treasury bonds. And I said that they thought I came from Mars. Treasury bonds can never go down 40 to 50 percent. Well, they went down 44 percent. So I was right.

15:46
But then came the other side of the coin a few years later, and that was 1982. We gave an opportunity of a lifetime bicycle for bonds. We said, this is it, bonds are going to have huge rallies, and we even recommended zero bonds, which have the coupon clipped from it, and it’s like a leverage T-bond. And we wrote, it would go up about 10-fold, which, you know, it’s quite a bit.

16:16
Actually, over the next 40 years, they went up 40 fold. Can you imagine the gains on that? Simple trade, you buy it, you can go play golf every day. Don’t worry about it. You don’t have to watch your computer or financial TV. It was very simple. We’re gonna have an opportunity like that again someday, but it’s gonna be more volatile this time. Just to dig a little deeper on your point there, Bert, you know, when you say preparing for this bear market,

16:44
Do you feel it’s comparable to another bear market that you live through, or it’s going to be the mother of bear markets? I mean, where is it in terms of the volatility and how bad things could get? You know, we do a lot of cycle work, short-term cycles and long-term cycles. The biggest long-term cycle study we ever made, that was in 1980.

17:11
gold had hit a high of about $800 and we got a sell signal start going down, but it went through $694. We said, that’s it. We’re now in a gold bear market. And our cycle study went, which went back 200 years in the U.S. and another 200 years in gold trading in England. And we found this

17:41
bear market, 20 years. And we said, there’s gonna be a 20 year bear market and the gold will probably go down to $300. And it actually went lower. And so from 694 to 300, we’re selling short. We sold all of our call options on our mining stocks and started buying put options and so on. So it was very, very profitable, but nobody really wanted to believe that.

18:07
gold would go into a 20 year bear market because everybody’s looking for $3,000 gold. They said, no, the technical show us the opposite. Okay, so that’s where we were. Well, the most interesting part was the cycle study showed that bear market 20 years would be followed by a 30 year bull market. And I even wrote at that time, I said, I have no idea what would cause a 30 year bull market in gold. Well, now we know.

18:36
infinite money creation. You know, now we know. So for that 30 years, so two year 2000 was the exact row 20 years after 1980. And the cycles are usually not that accurate. You know, they will shift to the right or to the left, but this one was right on the button. So if the bull market now is also correct, this should go to 2030. So for you, we’re in a full fledged

19:04
bull market for gold? Yes, there’s a bull market and we’re in a full-fledged depressionary cycle. And I wrote that in the 2020s when COVID had started. And that was February, 2020. Everybody in our business gives the forecast for the decade at the beginning of a new decade. So I said, okay, fine. We’re gonna have…

19:33
a decade like the depression, just read up on the 19th, there is depression and you will probably be pretty close to what we’re going to have this decade. High volatility, market crashes, wars, turmoil, big droughts everywhere. It’s really interesting. The climate has the same type of cycles. And you say, what does the climate have to do with the economy? You know, well, they are related, you know, so there are many things that like a turmoil,

20:03
You know, they all happen every 90 years, you know? And so these are cycles that, you know, driven by human emotions. Everything in this world is driven by human emotions, the original source. And that is so important to realize. In the Wellington letter, you also warn of, or your fear of a, you know, a bird flu. Talk to me a little bit about- Oh yeah, well, that’s gonna be more-

20:31
organized by certain interests in our economic system. The healthcare industry is now no longer about helping people get well, it’s helping the big pharma make a lot of money. So that’s what, for example, the Kovacs made Pfizer and Moderna over $200 billion, billion. The CEOs became multi-billionaires, you know? And so…

21:00
And when it came out, they said, it’s based on mRNA. I said, the vaccine, a vaccine can never be based on mRNA because I knew mRNA for over 20 years. Medicine is kind of my hobby. And I said, no way, there’s no, nothing I’ve ever read would qualify this to be a vaccine. And it wasn’t, it didn’t fit the definition of a vaccine. So what did the FDA do? They changed the definition,

21:30
definition of a vaccine. They have to change the definition to be able to call it a vaccine. We warned people, said, don’t take that vaccine. It’s going to be totally ineffective. And it’s going to be very dangerous because nobody knows the long-term effects. Now we know the long-term effects. The top scientists, virologists in the world, they have now said this spike protein stays in your body forever and continues to destroy your organs.

22:00
for a long, long time. And now we see that they have turbo cancers, cancers developed and within three months they’ve grown faster than anything I’ve ever seen. And you cannot even try to cure it in that short of a time. Well, a good friend just died from brain tumor, glioblastoma. Glioblastoma, there’s a lot of good evidence is caused by that COVID vaccine. You know, I have another friend, he went blind. Blindness is also caused.

22:30
So these are all things, but you’re not allowed to talk about that because, oh, wow, you’re a conspiracist. Yeah. You know, when they use that word that was invented originally by CIA for the JFK assassination, oh, we got to make these people look like kooks. We’ll call them conspiracists. You know? So, but now it’s turned out that every conspiracy theory just about has been proven correct with time. So it’s kind of interesting.

22:58
Bert, let me ask you, do you anticipate any change in direction in the economy post-election? Will it matter who wins? You know, yes, I think it will matter in regard to the velocity of the change. If Trump wins, he’s a businessman. And I’ve always said, in top political positions, we should have a law, actually.

23:28
that says no professional politician can be president. For example, you gotta have some experience in the private sector. Like Biden, he was for 50 years, he was in Washington, dying at the trough of the taxpayer. We should not have a person like that being the leader of our country. And so I think having a businessman president is preferable, definitely. The other side, if they win,

23:58
Well, then it’s just going to hurry up that depressionary scenarios. Everything is going to go to, you know, we’re very, very fast. So, I mean, the policy, you cannot have price controls. You cannot even have a person who’s ever thought that price controls were good because that person doesn’t have a brain. You know, I mean, it’s just so ridiculous, you know, and I’m a person. I’m not political. I’ve never have been. I always said, forget politics. The markets are much bigger than politics.

24:27
Well, you can no longer say that. Bert, let me ask you, well, actually, what did you make of Trump’s comments that he feels the president should have some say in what the Fed does? Yes, because the president has to try to set economic policy. So if the Federal Reserve does something that totally destroys what the president is trying to do, that’s not good. Who gets to blame?

24:56
I agree with that 100%. I always thought this independent Fed is, by the way, it’s a fiction. Fed is not independent. You know? I mean, they have a meeting, what, several times a month in the White House. We’re talking about housing. What is one to do if they’re looking to buy a house? Is now the time or no way?

25:20
You know, if you need to borrow money, I would not do it. You know, and I’m just speaking for myself, okay? Everybody has different circumstances, but I would not borrow in order to buy, I would not. And then if you take a look at prices of homes right now, the high priced homes, the luxury homes, they’re still rising to new record highs, you know?

25:50
Part of the market that is going into the dumpster, down 12%, I think, was over the last year, is the less expensive homes, where people need to get a mortgage to buy the home. So that tells you, the demand is gonna be in the luxury home area, but that’s, you know, yeah, really have to wonder, this is really the first time that we’ve gone into a deep recession.

26:19
if indeed my forecast on that is correct, where there has been a shortage of houses. Supposedly there’s a shortage of about five million homes nationwide. Of course we have the corporate home speculators, like Inflation Homes and so on, they buy thousands of houses to rent them out. That’s gonna be a problem.

26:47
Bert, as we wrap here, always enjoy having you on and your thoughts. Just final thoughts for viewers watching here, Bert. Anything you’d like them to know. Thoughts is do not use options. People I talk to, they say, oh yeah, I got call options. There’s call, I always hear call options. And then if I say there’s gonna be a bear market, they’re already getting ready to buy put options. And I say, first of all,

27:15
wait until it starts, don’t anticipate it. Wait until it starts. If you’re a week or too late, that’s fine, because this bear market is going to last longer than a few months. It’s going to be some pretty big. And that yen carry trade, I don’t think it’s over yet, because what they did with the yen carry trade was also done with other currencies.

27:42
But the opportunities in a pair market are so great. You can just buy the US Treasury ETF. It’s called TLT. And so here you have a diversified portfolio. And this is the safest instrument. That and TLT differentiate between T bonds and T bills. T bills are short term, 30 days, 60 days, or 90 days usually, okay?

28:11
So they are the safest monetary instrument in the world. People put their money in money market funds that invest in CDs, maybe because they get 10% higher. No, don’t do that. CDs are not safe in a big financial situation event. So you don’t wanna do that. You can also, if you’re an experienced investor, you can sell short.

28:38
and make a lot of money. But don’t be greedy. I think that’s the message. Don’t be, we were saying that in July, the whole July, I said, we’re gonna have something negative happening second half of July, no leverage. Don’t use leverage, no call options, et cetera, and reduce exposure. So then we had the crash. Yeah, well, the Bulls didn’t follow that advice, apparently, you know,

29:06
people who did follow our advice, they were very happy afterwards. And we said, now we’re gonna have big rally, it’s gonna attract the last bulls. People basically taught to ignore the negatives, or the markets always come back, or really? Like the last one, the financial crisis in 2008, the Nassau thing went down about 80%. Well, when the sum goes down 80%, you want to hold it.

29:37
you know, it has to go up 500% for you just to break even. People don’t seem to make that calculation. You know, I mean, I was taught to do all the math in my head. You know, that’s how my schooling was, everything. And driving on vacation, you’re all day long sitting in a car. My father would always do mental math exercise. Okay, 15 divided by two times 1,020 and so on and so on.

30:05
And it’s so good for the brain to do all this stuff in your head. Absolutely. And there is nowadays. You know what? I love that you bring that up because I always look at my father, my mom, my aunt, whoever’s part of that generation, their calculation skills in their head and they’re always yelling at us like, you guys can’t add, you guys can’t do multiplication fast enough. And I really truly believe we need to get back to that skill, Bert.

30:33
Yes, throw the calculators away, you know? I mean, but when people pull out the calculator to add two or three additional numbers, you know? I said, what, you can’t do this in your head? No, they can’t. Or even if you’re at the register and they have to pull out a calculator if you gave them, you know, a certain change and they don’t know the change back. So it’s just, it’s just a sad state of affairs. It is, yeah. But you know, we have to work at it. You know, everything worthwhile in life takes work.

31:03
You know, and at my age, I won’t tell you what my age is. It used to be 39, but I think I got a little older. And so, you know, I just still work 10, 12 hours a day, but I don’t consider it work. It is a pleasure, it’s a challenge. It’s a daily challenge to figure out what’s gonna happen next. So, so.

31:26
It’s really interesting, you know, figuring out the vaccine, we got that right on the button. I said, this is not gonna be effective. And so, and we even told people what to do instead. What are the natural supplements, very inexpensive that you should be taking? That was before COVID, but it was even called COVID. We said, take Kersetin, take vitamin D3, take it with zinc, you gotta take. It was a cocktail of about five different inexpensive supplements.

31:52
and they’re still recommended by knowledgeable doctors. If you’re not a doctor, doesn’t know what these things are, better find a new doctor. They’re hard to find. Knowledgeable doctors are hard to find.

32:05
And getting sun, right? Isn’t that a good form of vitamin B? Oh, I’m so glad you brought that up. At that time, I said, you know, in Europe at the time, I know that because I was born in Germany, and I had an uncle, he had tuberculosis. And a lot of people had tuberculosis at the time. It was basically like a death sentence. There was no cure. There was no antibiotic on the market at that time.

32:32
So the only thing you could do is go to a sanitarium in Switzerland on the top of a mountain and they would lie out there on the veranda with a blanket on them and soak up the sun for about five hours a day. And that was a cure. And he got cured with sunlight, UV, UV. So when these idiot politicians start saying, even in Hawaii, you’re not allowed to go to the beach. And they closed the beaches.

33:02
I said, also California, incredible. They’re close to me. I said, my God, it’s satellite. You need the beach, even ocean air with the iodine in it. You need that. I have to share this personal story with you. Because as you know, I was vacationing in Italy with my kids, my husband. And maybe we’ve been brainwashed a bit too much by North American culture in the sense, we’re at the seaside.

33:30
and all these Italian kids running around, no t-shirt, right? Beautiful, dark, they’re tan, completely no sun hat. And here are my sons, I have them in their, you know, wide brim, waterproof hat, their rash guard, their blue lizard sunscreen. And I looked to my husband, I said, you know, maybe we just have it wrong in North America, because I’m looking at the, you know, the lifespan in Italy, one of the, you know, the longest living,

33:59
population in the world, one of the healthiest populations. So I thought that was just an interesting, and I turned to him and said, maybe we need to tone it down a bit. Quite a bit. We should stop listening to all these medical experts. Just because they went to medical schools doesn’t mean that they have a brain. So I’m very outspoken about my disrespect.

34:28
for many people in the medical profession. So now you have a good test. All you have to do, ask the doctor, did you recommend the COVID vaccine to your patients? Did you recommend that they should take it? If he says yes, then walk out to this, say, I have a nice day, I’m leaving. And then you go find another one, you know, until you find someone who said, no, I never believed in getting that vaccine. Then you have a smart.

34:57
doctor who actually reads. Most doctors, I had a tennis partner who was a doctor, Cedar Sinai in Los Angeles and so on, and a professor at UCLA, and he did not believe in that stuff. It’s just incredible how he wanted the vaccine. Oh yeah, you got to get the vaccine, et cetera. And now to be at the vaccine, they’re getting very ill.

35:25
Bert, I feel my Canadian audience watching wants to tell you, Bert, we can’t even find one doctor. So we’re lucky if we even have one family doctor. That’s true. That’s why you have to do it yourself. There is a great health newsletters. I’ve been reading the Blalock letter, Russell Blalock. He’s a neurosurgeon, he’s retired, and he’s been writing this thing for, I don’t know, probably 30 or 40 years.

35:54
I’ve been reading it, subscribing to it for about 30 years. He is so intelligent. He’s a brain surgeon who finally discovered how natural supplements can do much more than prescriptions. And he writes about it every month. Get it. Play that news letter. It’s on Newsmax. Well, people should also get the Wellington letter. How’s that? How’s the matter? That’s a good idea. Danielle, that is a good idea because we give you so much more. Not sponsored by the way.

36:24
This is from my heart, not sponsored. Thank you. That’s right. So Bert, thank you always Bert Dohmen and we’ll see you soon and we’ll see all of you soon keep watching the Daniela Cambone show here on ITM Trading and sign up the danielacambone.com to stay on top of it all. See you soon. All right. Thank you very much for the opportunity. All right. Thank you.