Recent GROW transcripts
Associated GROW filings
Holly Schoenfeldt | Marketing and Public Relations Manager |
Frank Holmes | Chief Executive Officer and Chief Investment Officer |
Lisa Callicotte | Chief Financial Officer |
Susan McGee | President, General Counsel, and Chief Compliance Officer |
Good afternoon and thank you for joining us today for our webcast announcing U.S. Global Investors' results for the Third Quarter of Fiscal Year 2018. I'm Holly Schoenfeldt.
If you have any question during the webcast, you can enter them in the questions area of the control panel sidebar which is normally to the right of your screen. Also, you may download a PDF of today's slides by clicking on the red handout button. program Holmes, today's for presenters are U.S. Frank The Investment McGee, Officer; President, Investors' Lisa CEO Counsel, Susan Chief and Officer. Compliance Global General Officer; and Chief Financial Callicotte, and Chief
statements affect filing this to uncertainties about forward-looking During risks and statements don't and webcast other actual that refer during all may facts pertain we make to statement our business historical results. outlook. webcast, Please relative Any this that materially made may forward-looking press are subject for of to such detail materially in release that and accepts cause our from made today today, XX-Q could Form to Global Investors factors more no corresponding described as statements U.S. are Any on in has actual obligation differ Global and investment forward-looking results future. statement. Company about global innovative the registered gold had gold is resources an market load overview launching quick was investment investment first-no Investors, the an longstanding investing advisor precious is club, it in manager sector, Global market. known natural emerging products, and including founded them for their with experience U.S. and metals, of first well investment expertise A as and the of global U.S. to and kind vast and Global fund, and a XXXX history a U.S. update became in any specialized
CEO for overview an Holmes, CIO, of Frank? and Frank to period. go let's Now the
which fees little currencies, the that had we We a and normal I and Mutual digital monthly strive Fund a maintained equity statement significant markets, balance very with of we and as reflexive big number has go-to-stock big remain discipline shrink driver and debt money Well but industry go be so and which been predominantly income about sheet and a not I'll through the exposure cost and are think and we the structure. have a into for ETFs resources on presentation. mining performance, sheet balance we and predominately strengths, challenge as our share dividend story the much strong more on going where I'll one We has volatility, digital bit a have fees. free, the the continue talk whole impact currencies a emerging to for return to now and a created ETFs cap much
capital they bit had So have in we're shareholder to little where But we've the us I Investment that in detail. Michigan. funds the in Group Group, the and a in shareholders, new of growth at with Royce highlight wanted shown are markets, this then products, largest more Lisa thank place interesting our will is the maintained our we but top the Financial Management talk
Trust of price it prices Growth as company. very, very world. at up Arbiter the Management Institutional and gone all dividends, showing in and that Technology, new of that as XX years. X% stock shareholders Capital made detail and Company us a have this We investor. the us and a the been for their six investment a Blockchain is up Currently been and has other on volume and in with and so we've tiny over yield the relate about a our creates Cryptocurrency we the I since substantially, dividend the volatility all is consistent past the HIVE more and talk with but stock we months monthly XXX is into as discipline Partners BlackRock have indexes, ride Vanguard, little as We have modest, to then one want which them thank because our I'll
stock $X.XX But program in approved motion. in outstanding repurchase is The markets board up the repurchase share is to common open Next calendar in the year share XXXX. has of program the the motion. is repurchase through its million
For the use we cash We volatility Class X,XXX of three had shares factor using repurchased ended XX, $X,XXX. Company a A the mentioned March months before.
it's has We automatically have visual, down and an And algorithm The next come that offs on still it come to volatility only me, place volatility. These that. It They've we the financials. these when not in suspended continue buy our recently. Slide days this quarter algorithm in time, balance can our got down in I'll have a we it of bit exploded first use that right more more We're remains best impact sell to talk overall forced a number big you about in rebound HIVE, buy we buy. the just the the any we the buying and on But X, as see on had and maybe off sheet sell. now currencies took just assets. days. and big to the big a but to big
show this coins. that minus in this is is that think and period, Lisa of I - about in HIVE take income talk daily So volatility the earnings Ethereum something up when The - a the that. predominantly CFO and statement. quarter our for for look showing balance of one-day the period other of the various Slide is one-day talk shown for one-day XX, one-year to $X.XX these the investments sheet I we Callicotte, to we anyone our be what's per about the what has and done to will one-year really, It are do share and aware important Bitcoin. in and at and Certain really space for and portion recognize
that animal. non-event but S&P the six one-year go of times. daily S&P is it's volatility If or DNA over bullions the the to XX-day are here. miss the volatility the And think volatility times and basically a standard same But X%, XX%, X%. XX-day the normal of it's is Bitcoin at a XXX in think for The just volatility X%. I S&P another But wording the Gold volatility. it's this I also DNA, I you is if you at S&P, a XXX for minus so as plus look X%, X%. on is split - is seven S&P that's deviation, now XXX, one-day the are The one-day is the Bitcoin looking
So it's in think anyone much very speculating that new class, emergent, and a an investing asset it's I be really It's it's brand to a has space. and that's space this world in not paying dividend emergent.
interpretation, to that the stage the just out all best. HIVE us, anyone Fiduciary believe the ratios, the platforms involved that a and go coins you But I'll remain was this you Bitcoin. fund the are of highly you I small original coins, It's funds wants to matter assets can will difference there's at by cycle. public with disappointing outperform on management investing speculating. under next ledged company had an being on that recognize It and cheaper into therefore doesn't worried visual, because that expense trend mining the So last the higher And that have an gets these and Ethereum It's still ETF. and it's to Rule be long-term ETF. trade We we number show XX, go really that mining be want because year, long-term is first between the Slide September average about recommend stable. fear, and quarterly sued there the like accounts that they pushed off
bizarre gone Aster gold I an now going hope Valley see the sort talk am buy media chance really do number that. that's the and but thought about by the that process first that's watch the Chairman to just really of HIVE blockchain they stocks company the Walmart billion always a the gold. that place of to and value investors - gold And controlled because like that's people their it's have So base which talked so. coin chance. at all XX, the that them. about outperforming been and quite And Slide gold bullion XXX the putting since XX% to was investors a year, a to first And and That's often beginning I've when three week world the to That's all I'm the the active advantage. pledged coin the all had a I'm they into company just this owned world those The to that I where X,XXX about base recommendation of X. as proven talk really taking clothes private rebalance I you is century, like company years on of last that's has Silicon that to once this called capital. XX, something place public in ago Walmart and had and On I'll shown and going have to because predominately space, and and X gold, of unfolding number they're to consider manager. Slide XXX% from S&P it's private. It's opportunity was public process a is to cheapest highlight get of and $XX buy fund million joke, $X valuation. doesn't only the
see XX, also over there gold and was not well. like act year, and double-digit then So XX% Slide just up last you number gold's a was on can great performing it's people and numbers incredible
year-to-date is performed I is think in - everything the it's doing closer gold and XXX. too exactly S&P
launching time assets it's process class, going of launched last as far long-term this just the in that the those and not would They're into have the to thought indexes very which GOAU, on have smart because studies it that regression of better are names. - asset numbers and factors we perform that factors products and gold, our ETF, covers is the an the GO GDXJ, are product So And performance in whole its special. mostly GOLD, those GOAU a way GDXJ. the process particular just really particular drive year fundamental at
is have starts gold off. and is fear and month and shows actually is XX% XXXX a season is sloppy the pattern Chindia. the Peking of which of of month in Trade what so with seasons and its and for all well, is is that performer it for just psychology is with wedding here known then India, May then show usually The season year showing that's as to well reasonably which most a has as in and gold visual predominantly is up recently love season XX% seasonal another that's The the gold Love in used this trying the then cyclical the above we The the gold, year Now day and in in is year-to-date religious pattern Middle emerging and this lights did of exceptionally XX slipped season, demand we day. behavior fear and poor you. doing we Historically, That's another world's India and it But powerful and Love this expectations drives Chinese that's summer the the is is and drives and population world Trade gold have holidays China a and gets go March what from usually very It's and visual over fall XXX a Asia of Christmas, to it love. the been below wedding markets gold next we is about love, seasonal and a have moving average. matching into Life East. and
either with is an a a China wind per long-term the here a the of line a important is most class simple rising look GDP as in or that showing rise at back next those is as and traffic. the the recognize regulation that per monetary of interest their rising and populated the we take is the and and China capita we because fiscal is driven happened binary tremendous and of that's the growth that monetary supply We up to what Jets what's capita is important very rates ETF model. policy sale money tax and are It's the and countries EX for there our visual, in India component at they're is And model. middle It's GDP when countries. government - by GX So great spending. noticed fiscal
an York the go want Stock photos. thing of will You of And and can in happens that and go see New million all big to we Chinese. to used the Why be lost Spanish activity. a Antonio also in take you outlet X.X it's people, anywhere I because to and drives there are They is in travel and big America. visa between have is the it so tourists XXX Exchange, capitalism epicenter economic the San to mall Chinese. and there same XX% global signs gets consumers and in English tourist other gold America but recognize Austin XX they're is million passed and that billion, to and they're high think China's a America more it income, XX-year now important than have disposable Go
and but factors, XX%. important a show The very you last strong global is no it inflation and resources factors that's like GOLD, when is these off for market inflation. matter GO the year. is emerging growth. what bit, visual and XXXX like for very So you pulled to trending off determining I the are the were think up at the Inflation Today PMI, and but inflation running XXXX more that look is slightly, at up. It's and turned X%, it is gauge look next robust remains running more numbers you
So take a had is the oil. and There There's for we supply factors And at he until last peak think America see I only remains oil for there. has healthy it can person no a the along. gold, all supplier can through in gold. out is And The of lead. then became side. the look peak factor problems I position. rock is think nothing with sudden We Superman dominant the that came tracker
breakthrough strong, gold world technological at to supply than there's to growth stream. but much deposits, So a the population have no new babies, continues continues on these supply find grow faster coming to money remains
boring next showing the visual well that think gold's out, production this and factor I highlights you declining is another so priority. And
York number very really of XXXX classes, to our going period, X, to I S&P any XX%, opinion. make expectations, volatility. pushing volatility as important to Our the them. than over XX%, is of asset the minus for it's are Index gold Index or minus long-term we And that DNA rolling and The opinions there, is you plus BUGS it's S&P higher XXX, these Gold Gold the based is recognize still to portfolio a New Exchange part a that. is anyone's XX-month or but is in yearly like bullion daily is the numbers I'm XX%. think Index plus the X see These Index XXX. our Managing can X%, just the daily correct. XX. The is Stock S&P correct on not The volatility
overlapped data polling we've There's been the that, incorrect something that. been I in pushes think some XX%. there's on oil -
CME they been, on going So regulations. has right. those to be Senate the is Cryptocurrency with validities and hop let's are where not been and the can that correct SEC Well the and Ethereum about regulations big out this - the cetera interesting when and a downdrafts. off been and on growth into this excitement sold to sold there off year. meeting gold in we Then announcement where first came you we've and it And which then and Congress has the spooky There that with is had the Bitcoin going then meeting the the the we it's rally. start when tell sell off, the again reviews drive and January, and had Callicotte et also but and are bounce. all And everything the another season tax for Lisa - SEC the was experienced and
buying these still was they're day all to grew. that really and and every growth. during and in Canada the we're financial use opening said they're institutions sell buy me down, be account to is they all what allow people Now cash, not Talking People had what also base an able off them. Einstein, to if to to when credit averaging shocked and cards small out purchases me merchant, interesting they're came going not the and is most coin
In the coin people told base Einstein card cetera, not buy a money credit place then because I checks getting or bouncing the and and was at our taking was the were to then It win fact Visa Bitcoin hackers, was was lot it that and to fraud and or that credit out like bouncing paying scandals wasn't a with card. that games with and person. tried trying it they the Card of places these play everyday et were to taking
today and told is York it of think with account I these that, which advertise on or capital are when Stock currently really this we you fact Stock They coin Exchange in don't is New now in USAA professional the what's have visual help their anything have New biggest accounted Exchange in So only an open it's the the York two and me venture institutions what brilliant is platform Bitcoin USAA along Ethereum up exchanges. launching base industry that that But the and OAU, embraced. here in important interesting that was invested financial or can major overall investments XXXX, your show your Fidelity. but to the
Goldman we more. in Now going to Sachs the space see trade
forward full the they they ways it in you be there basically and announce trading are of We the [indiscernible] regulations launches of because when there in them to profitable. arbitrage I a and a to to wide, that fact are talk they visual capital because when rising try and ICOs money, and are new traders is looked source disclosure. around not, ample misrepresentations of spreads funding next operation seeing that will regulations there Bitcoin going is and The really are so these lot there make to there is they those currency another don't
and crypto the exchange I will NASDAQ special on those. in because that considered is in next then this clean week is it And the value. of trading, with their pushing big regulatory direction. come Bitcoin up to becoming profitable so perfected So so Consensus would see The is whole is the think Consensus, NASDAQ called is doing the trading idea and a biggest conference we
So showed web an at when you in very very Internet, that the the information it inexpensively information and effectively like email, and that we costly, look could share could move fast. and you
for it coin have happy New big I in shows Bitcoin, is not with be had investment years. trading can we things. that their visual kudos Now must of trade economic going are and rerecord next these the and a and have remarkable in to can is you revolution you to up the transactions base, value information, billion, The just just exchange three rating be mentioned it's earlier that USAA it tenfold Stock investment $X York growth they made all
Bitcoin change. the as soon date, after visual, to Next so an government Global about precursor and read tax fiscal government policy to monetary We earlier, important U.S. the capital because is the do have came the showed flows, you we and money impact flows versus of policy policies visual recognize. it's always a and
test governments more I next to And setting one I when see rules whitepapers world, we the to all like is how the for UK thoughts have the of islands be up being into that in breaks more Cryptocurrency that. savvy one and do those Cryptocurrency most small of in is has and but Blockchain the and of it's business We're looking - British been Cryptocurrency, written in Bermuda, think think happens technology. here of Blockchain many type with pronouncement what Monaco, the a themselves GXX smart about are the domains. flowing are these conducting some regulations platforms and mid-July the Barbados, of money - the supposed going places the seeing used. could Bank we'll with come on are country their has out so Central UK, significant
else it. negative very is and why know that a You you the it world, like said trust Alan profile, trust it to cetera news, it and someone because like play they and have it. first, millennials conference But Airbnb. world the at a - they change might well doesn't the my like there's relate I've But I et But I and loves can in trust are is may and I real a to someone and used me. you I intimate own was company hear the and - went Greenspan knows someone trust maybe believe one didn't hotel my do. see. of Buffett never godson I've I we to largest that's and to like was Airbnb he that front just small with picture doesn't Warren no group I desk going tennis. taxes. then miss do. it, it. I They get school and for Airbnb didn't it And I a it, trusted I but Uber thoughts tinder, are, how things I they And to you they real And don't cab have all is things Concierge, forget to they problem, the in Uber estate. they largest trust but the to
that something another there's has the transaction that or become people and is and right it XX in it XX,XXX mining, every us that's have trust validating around for the else world the an competing nodes shown class. more become trust Bitcoin to So our asset will asset you now world, mining And minutes. people digital happening and class
we're into big it and and that that's being something there coming so seeing - happening I see trading there's with more it. So that's involved
Talks, to were We interview, in lots happen nothing are going first are investor put first to you on TED a new on many as going that for a it's around to a became but rather go and I and the Michael our emerging because We Bitcoin September the HIVE of then Board there's Blockchain not to a and strategic validate I on Blockchain would a get thought year, first going right that market or of see Cryptocurrency. HIVE recommend trying regulators also launching really the saying made we launch it's how on there's gold, shareholders, highly to you class. Strings investing, on but it's articles coverage than by because leaders, And investment in zigzagging If and last remarkable In not ETF. nothing see there's show up coin turn to hacker I Board fund, mining like we to on money coin a institutional scaled the trust the transaction, an a premium paid a the a company. we ETF here brand of coin. went that's go mined allow we into because Every the Chairman problems we the value. and have those with of get has any coin virgin don't industrial time hacker new to launched
month at by those having September $XX and cash million visual free $X And energy. a high rate week. that showed that everything valuations up Bitcoin far press where generated at first flow, potential we said on another We've that here's revenue million. announcement, up return quarter is close flow, and So $X we a the we as of from and are public XX% we see we're release Ethereum, volatile, now in cash currency a we cash previous on in million at X.X The tenfold about energy. HIVE example megawatts we be went And XX, the would XX,XXX, in the usage buildup. capital today, so this at up million in pushing then made flow to of consuming would gone based basically we're Ethereum XX, prices by of so $X announcement, is to first revenue doing but XXX the get in and you to run a coin
business. very So profitable it's a
sounds a for X said I increase energy hopping to million basically everything doing Genesis under a over and on in that highlighting, would and place loud May in site take X.X above couldn't we off visual. Cryptocurrency Sweden the There very megawatts made next just The the there. data class than can we're a - covering which next and you're the just you am in dedicate it you. I a Mining. or see center we're top strategic quarter we got partners to you X XXX is do truly visual facility by Island, announcement consumption, first a you've the Phase better get ask And in we the megawatts, XX%. XX And it's like is HIVEs mean it's mining we of ready XX.X So bees organization. recently
stock down growth It in predominately is great about is HIVE we So flows. XX%. the stock, to coming more a continues institutions have, be than
the is bought of company by institutions. other Another XX%
We lean, and we're buy and we institutions it new coming doing. what have remain XX very machine
And some so happen. we're a AX are chips just there thrilled had biggest really it a - most of as but building most et at we mining to just remain has that very think we're and to in other opportunities cetera, I HIVE and company look brand profitable space. think people these be bought very AX not to - I crypto in going they're complex. going It's the
You need to have electricity. cheap
energy. green need have to You
and They of Mining technology all need with ingredients. we own about have made that XX% Genesis those to HIVE. You advancements the by have
very that investments very is in Galileo. excited fund and strategic a going was be the taking and Canada investment HIVE So with particular, for space important in in to U.S. in we place I'm Global our what about relaunched so
it turn to our Lisa like over CFO. I'd Callicotte, Now to
Frank. Thank afternoon. Good you,
Fund owned and Galileo Blockchain Galileo as Partners Tech operations, until component million for the securities HIVE. March included HIVE, equity, balance to and income, Canada Blockchain shareholders' Before and a in Fund earnings, and recorded available approximately realized. million losses our comprehensive XX other on unrealized our shares sale treatment owned separate to Galileo accounting and XX, XXXX, and USGI the the HIVE. and Partners investment are direct are while Galileo gains Blockchain of shares results summarize from USGI in XX% the of like Fund. in related Limited, excluded available-for-sale Fund, Technology Canada securities and of invest USGI, I In also indirect of I'd Canada HIVE. on directly At Galileo the of Fund These sheet. Tech our wholly-owned shares the investments and approximately of on Global the discuss shares subsidiaries, through Partners Investors of U.S. XX,XXX XX% X in owns Fund, its approximately
investments, And that my excludes directly.
The under realized proportional income Galileo primarily the under for consists the Company's expenses, unrealized recognized this fund Funds accounting accounted of earnings. and on gains method loss, and is which the fund's and of decreased Company's investments by method, equity are in net the of in and losses investments share
a for we assets market million in This XX% decrease Beginning fees as discuss the same is depreciation on revenues a the ETF the XX, management, due quarter decrease increase we from reported I'll and fees million ETF revenues. negative somewhat the the is to performance increase a XXXX. primarily The operating paid result $X.X decrease ending operations for for of advisory recorded shareholder average quarter. increased assets. average March impact were an $X.X Page a on down of total USGIF year. result of offset Now having quarter XX, our redemption, also quarter under by in but due last to
for of ETF bonuses operating cost employee The Our and expenses in and to primarily increase increase primarily travel $XXX,XXX expenses administrative in and compensation to or in due increase million. expenses. increases increase quarter due to an $X This due benefits general is the were X%. is increase and
year. of to for ending in prior these $XXX,XXX $XXX,XXX the Galileo our is see for XX, March offset the of of we equity loss in of And income loss funds. compared of loss have This another increase then decrease investment due for the XX, this operating loss investment in is our quarter same method equity we investment the quarter we the of versus We quarter volatility On $XXX,XXX have by for XXXX. $XXX,XXX. approximately the $XXX,XXX investments. Page in of an a related an operating somewhat have the income loss to an to quarter quarter, $XXX,XXX other same
million we investments. Our loss loss $X.X USGI $X.XX $X.X of nine-month attributable an to related per is a taxes have XXXX, share. XX, March ending of income after or the these to Net quarter million for
decreased June our $X.X and million XXXX, million We unrealized cash gains of this available-for-sale owned on million shares trading comprehensive total approximately are as in XX, up line includes sheet. valued securities $X.X XX, assets. Investment own Moving $X.X other million; and to securities value our $XX.X income strong as compared And recorded make securities purchases to $X.X and a includes a have at the building XX% our that balance at We million marketable is is mainly own of a March of that securities combined liquidation was directly that securities. XXXX. component our this had XX. Page item can of you to still trading And equity. and see, of due increased available-for-sale and HIVE shareholders' to separate
to Company XX.XX:X. see and gains McGee. current our can still ratio we turn Page no Susan do of long-term million, has related tax and $XX.XX With deferred on investments. XX, working a you have unrealized to I'll that, debt. mainly liability, long-term The capital we a have it But As net over of
Lisa. you, Thank
are assets quarters and a assets see, majority more markets equities you in fixed are mutual investors than our of and As income investors. from distributions, domestic of other can fund resources, about our the for and from institutional XX% and natural fund. quarter we coming in then three emerging have retail And
interviews. Bloomberg invaluable information name media find publicity usfund.com. Canada our funds which our Company can more Our his often about recognized Investors that sales viral to that funds, Asia, also Morning to Frank our shares gold, website also then Lipper we on outlets year of TV on Star. efforts and resources with again natural financial by funds funds. on have received Television, Reuters pleased we amount and marketing few. Thomson are through is particularly We're been Holmes we CNBC our in continued and exchange-traded emerging CNN have have mutual Nemours our awards on continue from concentrated a of to focus and The insights markets the receive like focused gained and
around decided investment similar followers witness is week receive are his biggest to the along share award-winning loyal third-party we the original financial writers We around We following, of globetrotter of do These influential continue TheStreet investor newsletters Frank these also with have so around also of frequently Each often alert is gold world team our visitors of weekly by Frank the potential these prominent in series increase of All to by and in Film interact ValueWalk, in of video millions content X XX Game monthly travel clip analysis. to on and Frank able receive videos aired. leadership. gold XX trending with world recommendations Gold and Gold continues reaching month. with partnership in readers, insider, Alpha, His to show us our third-party by in publications new episode investors. commentary by our is millions to on financial a letter. because far others newsletter with and continues on subscribers Kitco feature team, our our million the and have short like in Holmes News visitors. and found. they thought to YouTube over sites audience to have call feedback viewers, business CEO each After is beginning, received Facebook, coverage very We millions an this and publishers. to he, show Frank website With do loyal including with supplements leverage brand and Frank dives this Since feature seen the Instagram, minutes, our monthly syndicate of share and shares an visitors he of Film investment market topics. X and also been our are the we Frank Frank Holmes video that video. award-winning have of we featured market episodes LinkedIn, YouTube features and the a new positive Game Twitter, helps XXX rest he Pinterest. moving Blog, indication other as Seeking blog. to page members Forbes, is and have launched we popularity. new thoughts Live, the Talk, grow In Talk series Holmes Talk December, into
website market balanced XXXX Investors and has world. well thought insights Education and all awards awarded the our XXX,XXX and Mutual from timely from is March the through by company over XXXX was Alliance, several for we STAR times by U.S. known Global March visited over been within Fund Our investors the best leadership, more The Alert the excellence Communication category. electronic education, STAR investor times. our including three in weekly STAR small the the XX of total Today, has of and MFEA Retail funds end we at a Overall newsletter newsletter received recognizes free Best XXXX, Investor been the Awards named six added awards. and
blog celebrate very of CEO also the XXth to are Anniversary proud Frank Talk. We our
it Fund over awards the and the usfunds.com e-newsletters receive would and as and Our years. can Alert at well has as Investors distributed Frank as join it received Mutual Frank by to was open up well award-winning like subscribers over blog Investor MFEA to Talk one very sign questions. the who numerous XX,XXX up from Alert of now the first Advisor we And Company Talk.
growth?” do we for one what you gold year as a panel And audience, see of and the can of to mean already. first is, second you for you the the head reminder, on your we a had going which Frank questions the will half the our price screen. enter just your to “where few going And control in is as direct into that
rate have rates hasn't. is has will rate been has indexes gold but the but I one robust. earlier manufacturers the remain rise. biggest over U.S. demand I more rolled which peeked pulled is showed thing is will not, UK fact has ending The the Europe the will it slow the and for slowdown, and is in think looks rising versus like it crashing not rise, PMI over down this The the interest headwind
think Love the GDP per and the and in population. correlated those two X% of all India capita of per demand Trade income capita highly countries gold X% were it's China I GDP is to rising for the love world's of
test I year. bullish remain this very think $X,XXX and easily I So that gold can
you on company Is in pending you “Do but it. digital think especially revisit or to currency just thing, touched kind that HIVE?” Another for of that good the which already Frank, space? bad a of regulation one like
nor gets capital. rules pulled et KYC into the of We AML the banking risks cetera, we really volatility HIVE slowed have Well, money down don't whole issues any movement coins. or because which client in have validate your
$XXX it's these that sloppiness not a too going market And biggest millennials go minutes takes difficult, a on our don't And issue, you account it and but a there's it take that's they're some coin real to based, think fraud so ICOs, and speculate been week minutes want stock new there's regulatory so $X because the speculate we in open of has account. of can brokerage and to last new trade ten year, these to coins of the to up gone has money with five been on into year million for offering been into currencies Goldman X,XXX or and this there's say George raised still of and coins gone the has been into new billion creation Soros and are Sachs successfully The announcements million even space. $XX gone that very coins the readily, capital. space.
So very you eagle. I pass duck. some a and they you're a the there say how walk cannot duck, are that they are the specific you test And currency it's and regulations of a [indiscernible] there like where called test, like think ICOs that we the these disclosure an a can't duck, a that say it's you is and for don't issue tests that says, that if quack you
industry. been for overall that's something so this And positive that's
to question Are business product update last close One Great. any out. there and we things Galileo can related from that share? like then or you'd
the that world all of can say is do. market. fintech to cost substantially just fund struggling tremendous and a of a I us to costs cost are what and product, than launching in less and they and what think we The mutual with go have product
it the in very mutual very, very marketing that think et see expensive. from is is audits - is with Canada also regulatory and here is proliferation, for the public burden you funds cetera I expensive I as whatever or costs so the and the So have communicate
in where the on ETF still I account growth account I because But think Board business, the Susan, is so will in growth separate in opportunities separate And industry a be this and that no you're that's is mutual funds. that the and think real growing. there the of ICI with exploring
No.
to are do year, sudden and XXX there's index market. flows in sell and all hitting GDXJ last unraveling going they all ETS a hiccup their $X just XX% captured $X quickly and they something billion is indexes and we are of mini-scale you companies like three the of with redemptions I and go when owned S&P and the time brought sell, have big that owning and sudden a the Vanguard they company in XX% and a think this that crushed BlackRock because in had billion They of cheapest, have much And too in the have of industry. all but to we're of seen institutions the No. very they get gold the a basically all that to growth
with it. are of So The I to XX% I've before big that Times safer trading much I a the And recognized going cap of all just have about sudden And a matter separate of story time written nature. of there's only today then to happen we and of the Financial something think it's a play. account think happens is, stocks a the that thing way it of other great is [indiscernible]. the is
going then where for and GOAU. is fund a you has we've do using that disciplines analysts one and to to is we'll fundamentals and said launching thought that our so of that help those to performance tools quantitative at process look And called an fundamental which process, done - quantamentals, the was everything couple things jets, backbone
Thank Great. you.
available your the All third all www.usfunds.com. right. Thank our for today. for presentation be The on quarter will the XXXX. webcast Global at Investors participation This U.S. concludes website you
We use cookies on this site to provide a more responsive and personalized service. Continuing to browse, clicking I Agree, or closing this banner indicates agreement. See our Cookie Policy for more information.