Transcript

Adam Taggart: Hello, and welcome to the Resilient Life podcast. Resilient Life is part of PeakProperity.com, and it is where we focus on practical and actionable knowledge for building a better future. I am your host, Adam Taggart, and today’s guest is Adam Trexler. Adam Trexler is the president of Valaurum, which is a very interesting company that Chris and I have come across.

One of the very common criticisms, I guess you could say, that we will oftentimes encounter with people when we talk about the wisdom of owning precious metals, particularly in physical form, is, Well, hey, if you are ever at a point where we are using precious metals to actually make real purchases in the world, you are not going to bring down your one-ounce gold coin to buy a loaf of bread. How practical actually is returning to some sort of metals-backed standard really going to be?

Well, this company, Valaurum, that Adam has helped found and is running, has built a product that could potentially be an excellent solution for that use-case. What Valaurum does is it has a proprietary technology that applies a certain amount of precious metals – I think right now their majority product is a gold-backed one or a gold-based one – and it injects that gold directly onto a surface; they can put it pretty much on any surface, but right now it is doing it in note form. So it is a product that looks very much, in terms of dimensions, like the dollar bills that you would put in your wallet, but it actually has a certain percentage of a gram of gold actually injected into the product. And it is enough gold that you can actually very clearly see that this product has gold on it or in it. So it is your opportunity and ability to basically transact or share fractional grams of gold with other people.

We will have some images of what Valaurum’s product, it is called the Aurum, looks like, that will accompany this podcast, so you see visually what we are talking about. But I wanted to talk with Adam about the product, about the mission behind the company, why he has decided to create this technology, what his vision for the future is. And how people that are interested in potentially owning some physical precious metal in this format, where they can go to learn more about it, and if they want to actually buy some for themselves, how they can do that as well.

So I would like to welcome Adam to the program. Adam, thank you so much for joining me today.

Adam Trexler: Thanks for having me, Adam.

Adam Taggart: You are very welcome. I know we are going to get a little confusing, I think, with the Adams here, but hopefully our audience can follow along.

Well, first, Adam, I want to give thanks to a mutual friend of ours, a Peak Prosperity reader, who brought Valaurum to our attention. I believe he might be on your board of advisors, and I am sure this person is listening and knows who he is. But I had not been familiar with your product until he made the recommendation. And since you and I have been talking and I have actually gotten the opportunity to hold some Aurums in my hot little hands, I have really become a big fan of the product. And then you and I met when you were out here in Northern California a few months ago, meeting with your production team. We got to talk a little bit more in detail about the company, and I have really found it very intriguing, so I wanted to bring this to the attention of the Peak Prosperity audience.

And I think probably the easiest way to start here is just at the beginning. What is the mission behind the company? Why was it created?

Adam Trexler: Well, Aurum was actually invented, I should say, by a husband-and-wife team, Paul and Laurie, and all credit to them for having the vision that you could have a gold instrument of this size, of a sub-gram size. I came across the technology and thought it was just the most fascinating thing that you could have $2, $4, $6 worth of gold embedded in a form that was far easier to use. And what I saw pretty quickly, when I began to think about this, was that this made gold investment available to all people, and also made gold easier to hold in the physical form than anything else on the market.

And I thought this was a product that people in the U.S. would want, people in the developed world would want, but also where the gold market has been going is in Asia in the developing markets. That is where we see the largest demand for gold. And as gold has gone up from $300 – there was a high there a couple years back, but still, at $1200, $1300 an ounce, people just cannot afford to own gold, and cannot afford to own gold in the increments that are available. And this product makes that possible.

So I believe in gold ownership. I believe in precious metals. I believe in physical assets and an investment relationship to the real world. And I saw that this was something that was truly novel and had the opportunity to be huge, and I wanted to serve that vision.

Adam Taggart: Great. So it really sounds like the democratization of the ownership of precious metals, particularly gold, was a driving force here. And we will get into the Aurum itself in just a moment, but the samples that I have held, one had a 10th of a gram of gold in it and one had a 20th of a gram of gold.

Adam Trexler: Right.

Adam Taggart: And I am not going to embarrass myself by doing the math on the fly here at current prices. But basically, to your point, it is a couple of dollars’ worth of gold that is applied there to the note. So you are taking an option that is probably not affordable for most people, if they are considering buying an ounce of gold, and you are giving them the ability with fractional grams to really take pocket change and actually convert that into precious metals, should they want to.

Adam Trexler: That is right. And one thing that really hooked me when I was first researching this project was, I was traveling in Costa Rica looking at some artisanal gold mines. I got very interested in where gold comes from. And I talked to a gentleman who had had a gold production facility. He made rings, and he had a wonderful business, where all men in Costa Rica had to have gold rings. And it was a way for them to hold tradable, physical wealth.

And what happened is, the rings just became too expensive. Nobody could afford them anymore, and they moved to a more consumerist model of holding wealth. People wanted cheap cars, and suddenly nobody had gold anymore. And there was a transfer away from that, which I think is really significant. And this idea of democratizing gold ownership as gold goes up, as the world recognizes that we need these kinds of hard assets, to me seems really important, a critical issue for our time.

Adam Taggart: Yeah, and one of the things I love about what the technology enables – and I do not know if this is the vision of the company, so do not make me ascribe a motive here to you – but as I have reflected on the product, now that I have actually held samples of it, is, were we ever to move back to a precious metal backing to a currency or our currency, you can have what we had back in the early 1900s, where you have a paper note that is a claim on a certain amount of precious metal, and that you can take your paper note down to the central bank and exchange it for some amount of actual, physical metal. What I love about Valaurum’s technology is, you remove a step there. You actually inject the metal in the note itself, so the note does not need to be brought anywhere to be exchanged. It actually is the amount of precious metals that it says it is. It is one of the things I love about with the promise of the technology here. I do not know if your plans are as grandiose as to have it be used for a national currency somewhere, but I suppose the technology or one like it could do that. Is that correct?

Adam Trexler: That is correct. And it is worth saying that we have anti-counterfeiting features built into it. If a government was ever to adopt it as tender, that would be very interesting. My interest in the technology is that it really puts the gold into the hands of people, and there is not that counterparty risk. So when you see gold held in a vault, promises of gold, these kinds of things, that is wonderful. And it makes a lot of sense for certain kinds of transactions. But I think that people should also seriously consider that they might want to actually, physically hold their metal, and this is a means to do that.

Adam Taggart: And as Peak Prosperity listeners know, Chris and I have been longtime advocates of the precious metals. We have also been longtime advocates of holding a material portion of that, at least, physically. This is just yet another way to do that.

So let us use this to segue into a description of what exactly an Aurum is. And again, just not to lose people here, we have talked about the company itself, which is called Valaurum, and the product they have, which is the note with precious metal actually injected into it, that is called an Aurum. On your website, Adam, for the product, you list a couple of benefits here. I am just going to quickly read them, and then I am going to give you floor to talk about the product in any way you think is meaningful for listeners to know about it.

Adam Trexler: Sure.

Adam Taggart: You describe these precious-metal-injected notes as safe, easier to verify, and harder to counterfeit than conventional gold coins, bars, or foil. They are convenient. They are thin, lightweight. They easily fit in a wallet or purse, so you do not need to change your behavior at all in terms of how you carry this around.

Adam Trexler: Right.

Adam Taggart: They are divisible. They can be in much smaller quantity than traditional coins or bars – and that is very true; we have been talking about fractional grams here versus ounces. They are durable, protected between layers of strong and transparent polyester film. I will let you talk more about that when you talk about the creation process. You have here “beautiful.” That is a design element here, where just like coins can be works of art, the Valaurum notes have designs on them. And to be honest, I think the design options are probably – you have a substantially greater number of options with Valaurum, because basically if you can design it, you can apply that to the surface here, just like you could with any note.

Adam Trexler: That is right.

Adam Taggart: And you experiment with colors and all sort of different things, and I will let you talk about that. I will also give a little preview that we will be previewing what some of these Valaurum look like in the post along with this podcast.

And lastly, they are affordable. We have talked a bit about this, but you can have them in all sorts of increments. But in particular, very small increments, at least relative to other types of precious metals, so you could literally be holding a couple of dollars of gold in your hand, which is actually pretty hard to do with coins and bars.

So those are the benefits that the company itself has been touting. Let me hand the mic over, here, to you, and tell people, what is an Aurum?

Adam Trexler: Well, it is a funny thing, Adam. It is the sort of thing, and I think you can vouch for this, that the Aurum makes much more sense when you see it in a hand. It is something that does not describe well, but as soon as you see it, you get it. It looks just like a dollar bill or a note from another country. It is plastic on the outside, which is what gives it its strength. There is a polyester layer, and laminated within it is 24-karat pure gold. We are able to print on the polyester layer, in quite high-resolution with color, which means that we can put anything we want on it; there is a customizable element. And in fact, we have begun designing a Peak Prosperity Aurum that has some of your stuff on it. We really like Peak Prosperity.

And basically, you can carry it, hold it, just like you would a dollar bill. You can carry it in your wallet. It is really quite durable, and you can do the same sorts of things with it. It moves well. It travels well. For five hundred years, we have had bars and coins, and not much has changed in that; certainly for several thousand years we have had gold coins. The need for the Aurum really emerges when you start to see gold at $1300 an ounce for long periods of time, $1200 an ounce, certainly over $1000 an ounce.

I actually have a one-gram bar. It is almost impossible to hold on to. The only way they sell it is laminated into a credit card. When you start talking about a 10th of gram, a 20th of a gram, it is very, very difficult, almost impossible to keep track of that sort of thing. Similarly, as I am sure many of your readers do, I have one-ounce silver rounds. They are just not very friendly in the pocket. It is not a handy thing to carry around. You can carry the same worth of gold in your wallet quite easily with an Aurum, and I think that’s the convenience – and, frankly, the beauty. We have had some great designers work on them. We hope to continue in that vein, and we are still learning more about the artistic capacities of this. We actually had Aurum in an art show at one of MoMA’s galleries in New York City. We can print in very high resolution, and because of the way that the gold is layered, it actually creates a unique image on the back which is kind of a negative image. It looks almost like the gold is engraved. And that creates quite a striking effect, as well.

Adam Taggart: I will agree with that. And you mentioned a few minutes ago that we have actually created an Aurum for Peak Prosperity. I really like how it looks. And we will have a picture of that, as I mentioned earlier, on the post accompanying this podcast, so people can see it for themselves.

One of the things that is striking about the Aurum is that it makes me think when you go and visit some of these churches and domed structures around the world where they have gold leaf on the dome, and you find out that it takes actually a surprisingly small amount of gold to be hammered into that incredibly thin gold leaf that then gets applied to these structures. But even in that incredibly thin leafing, it is still very bright and very obvious that it is gold. Even though we have a fractional gram on these Aurum notes here, it is certainly enough to coat the entire surface of the bill here such that the whole thing looks like it is made out of gold. So it is very bright; it is very striking to the eye. And I have shown it to a number of people, and I have shown it to a number of people in the gold and silver space. I mean, a lot of the people who, I think a lot of folks listening to this podcast actually read their work or purchase bullion from their dealerships. I have had the pleasure of being the first person to hand them an Aurum and see their eyes light up and them hold it up to the light and have a delighted reaction to it.

So anyways, like you said earlier, it is much better seeing the product than actually hearing someone explain it. And like I said, we will have some pictures on the site, so in this case, I am sure the pictures will be worth thousands of our words here.

Adam Trexler: I would like to pick up, Adam, on something you said comparing it to gold leaf. One of the fascinating things about gold is that it is one of the most malleable materials that we have. It can be drawn into very, very long wire, and it can be hammered into gold leaf. And when people see this, one common thing for people to think is, Oh, well, what is so different about this? There has been gold leaf for, again, thousands of years.

Well, the way that gold leaf is made is that basically people – largely in India, often families, it is kind of a cottage industry – will take a piece of gold, and with a leather mallet, hammer it repeatedly until it gets thinner and thinner and thinner. And there are two problems with that. The first, for our purposes, it works wonderful for art, but it is very delicate, for obvious reasons. And more importantly, at an atomic level, it is not regular at all. It is really wavy, as you would expect if you just hammered something. It is thin but not precise.

And what one of the main benefits of the Aurum and the technology underpinning the Aurum – and really the genius of the inventor; I cannot take any credit for it at all – is that we can get within one percent and never below this precise amount of gold and this small increment of gold. So, using an electron microscope, when you look at an Aurum, the atoms are completely flat, whereas it would look like mountains and valleys with gold leaf. And that precision is what makes this a value instrument that is unprecedented for these increments in precious metals.

Adam Taggart: Right; meaning, you can have confidence that it has exactly what it says it has in there, because the control is so fine.

Adam Trexler: Exactly. And developing that control was no small engineering feat, I can tell you. The other thing I would say, and you mentioned this earlier about verifiability, is that the Aurum has a real benefit in terms of, the gold atoms are spread out very thin. So whereas, with bars, we have heard about scandals with tungsten in the middle of them. With coins, of course, people have been counterfeiting this for centuries by gold-plating other metals. It is much more difficult to do this with an Aurum; the fact that the gold is on such a small surface, the fact that the equipment to make it is far more expensive and very difficult to develop. Anti-counterfeiting features, we have it built in. And for the thinner Aurum, you can actually see through the gold with a strong light. And gold, unlike most other metals, has a precise turquoise/aqua/blue-green color when you look through it. Even most gold experts do not know this, but if you look through a 1/20th gram Aurum, you will see this blue-green color, and it is actually the color of gold as the light passes through it. And that is another anti-counterfeiting feature.

Adam Taggart: Great, and so, to say this in other words, one of the ways in which you can assay or at least quickly check to see if an Aurum, indeed, is gold or not, is, you can shine a light through it.

Adam Trexler: Correct. With the 1/20th. The 1/10th starts to get thick enough that it is difficult to do that, and we have other anti-counterfeiting features. But that word “assay” is very important to us. We assay every batch.

The gold is actually quite easy to recover from an Aurum. If you melt off the plastic and pull out the impurities related from the plastic, you get a very small gold pellet. And we assay every single batch to make sure – we have other checks, but – to make sure that every Aurum that is sent out is a precise amount of gold for our customers. We live and die on that.

Adam Taggart: Great, and that is where I wanted to go next, which is, I think, one of the first questions that arises when somebody has this is in their hand is, How do I know this is real gold? And if I ever want to recover the gold, how is that done? So speak just a little bit more about the process of, let’s just say somebody is holding on to a bunch of Aurums, whether it is an individual, but maybe let us think about the gold dealer. Let’s just say you have decided to actually start accepting Aurums, and at some point, you have got a big stack of them. And you want to recover the gold itself. How would you go about doing that?

Adam Trexler: Well, it is a very simple process. We use a fire assay in our lab, really for every batch. And what we do is we put it into a crucible; we use some borax to pull out the material from the plastic that is residual, and then you have a weighable pellet. It is very common in the gold industry to recover gold from substrates of various kinds; we can provide a list of that.

But there is something else to emphasize, which is that people say, Can I melt this down? Yes, you absolutely can. The gold is absolutely recoverable. It is not lost in any way. We have to do this ourselves. We have to recover the gold because we have overspray when we manufacture these, so we do this quite regularly. But what is important to emphasize as well is that gold in this form is more valuable than a lump of gold. And this is the same as coins and bars. A U.S. tenth of an ounce coin is much more valuable per increment than a kilo bar would be. So you actually lose money by melting them down. And there is a clear economic argument for that. Gold in this form is more useable, it is more precise, it is more easily tradable than gold in a huge lump. So we think there is real value in maintaining the Aurum in this form, and we would want to encourage dealers and individuals to trade for it on that basis.

Adam Taggart: Great, so let us talk about that, then. I had never heard about the Aurum before we were introduced, and of course, I think it is really innovative and interesting. And it or a product like it should be in the solution set of ways to hold physical gold. What type of traction are you seeing right now among the important opinion leaders, participants that are going to help determine whether or not this product – or, again, a product like it – will potentially go mainstream? Are you seeing bullion dealers react positively to it? Are consumers able to find it and start buying? Just where are we in the adoption cycle here?

Adam Trexler: Sure. It is a very exciting time for Valaurum. We are really starting to get huge traction with bullion dealers throughout North America. We are talking to one currently about having the U.S. exclusive distribution rights for a year or two. I cannot announce that as of today yet, but that is looking very exciting. We are setting up Canadian dealers, and it is just a very exciting time.

Sorry, Adam; there was another piece to your question. I want to make sure I answer it.

Adam Taggart: I really just wanted to know what type of reception are you getting so far in introducing it into the ecosystem. Are you getting positive reactions? Sounds like you are, from some of the initial dealers that you have talked to. And what do you see as the key milestones for getting this from something we are telling people about for the first time to something that is hopefully a little bit more mainstream?

Adam Trexler: Sure. I think that it will become mainstream, and it is just a process. The dealers that we see are very, very excited about this. They see that it makes gold available. I have shown it to a dozen industry gold leaders – people who comment on gold, people that your readers would be very familiar with – and I would say that two-thirds of them see it, and their jaw drops, and they say, Oh, my gosh, this makes gold usable in a way that it just has not been. And they are thrilled about it. The other third – and I am willing to admit this – the other third doesn’t get it, and the reason they do not get it is because they say, Hey, what is the problem? All my readers can buy kilo bars. I say to them, I believe that this is the personal computer of gold. There was a time when people thought, Oh, nobody will really need a computer. We have mainframe. Big businesses will need them, but why would you need a computer in the home? I think this is very similar. This makes gold available to all people. And we will see a widespread push to own gold in this form, and we will also see, at some point, a push in terms of the demand for gold as a result as well. That is my real vision for this company.

Adam Taggart: Okay, great. And let us flash forward five, ten years. Hopefully you have hit your strategic objectives for this product. If one of our listeners were to go buy an Aurum in the future, is your hope that this would be something that, they would walk into their typical coin dealer and it would just be there amongst the options right next to the coins and the bars?

Adam Trexler: I think that is right, and one of the reasons we’ve wanted to grow a dealer network is precisely so there is a buy-and-sell market, and that is the first objective. But I think in the longer term, if the Aurum is accessible enough, you will start to see it in other spaces. I would love to see it in financial exchanges. So when you go to the airport, and you are going to England, and you would say, I would like some British pounds or euros, that you would also be able to change that into gold. And I think that could happen at banks as well.

So in the longer term, I think that this will become a means by which you can buy and sell gold just as easily as you buy and sell the paper currency of other countries.

Adam Taggart: Interesting, great. Well, it would be interesting to see if India lets you in, in that scenario. They still have their gold controls in place; hopefully they won’t. So it is also worth noting as with gold coins and bars, that, as you said earlier, the smaller the increment, the higher its economic value, because it is more tradable, etc., but there is also more work involved to breaking a kilo bar up into a bunch of 1/10th of an ounce gold coins. So the premiums per smaller unit are higher in the precious metal space. And I am assuming, too, the technology is still relatively new. And the scale is not where you will be, hopefully, in five or ten years, at least given your goals. So we should probably be very clear about – if people are buying an Aurum – that there is a premium involved in it, and it is going to be a higher premium than you would have if you bought a one-ounce coin, and that is because it is a much smaller fragment.

Do you want to just elaborate a little bit on the percentage of the premium in the current product, where you think that is going to go, just so people have an eyes-wide-open understanding of, when they are buying a Valaurum, what the economics are?

Adam Trexler: Sure. This is a little bit tricky to answer because we generally do not sell direct to the public, so it’s really up to dealers to price this product. And we do not have a set RRP; we let dealers make their decision about what they think the market will bear. Typically what we are seeing is roughly in the double spot area. If you draw an economic curve of what gold should cost as different increments, this seems roughly in line with the curve that you see from kilo bars down to ounce coins, down to sub-ounce coins, and then down to the Aurum. It is very simple – and our readers and your readers, I am sure, are familiar with this – it is not special to precious metals. It is the same reason you can go to Costco and buy a case of detergent much cheaper than if you go to 7- Eleven and buy a one-use set of tabs. My argument would be that you might want the convenience of the Aurum in addition to holding the majority of your gold in ounces or bars.

Adam Taggart: Right, right. Yeah, and I think right now, because you are so early in the adoption curve, most uses I have seen of the Aurum have been almost more sort of, it is more of a collectible, it is more of a fun way for a company to brand itself and whatnot. But as a consumer who actually is looking at this and saying, I am actually willing to pay a premium to have precious metals in this format at this point in time, just for the insurance factor if we ever got to a point where I needed to give somebody a little slice of gold to do something for me, this is a fantastic medium for that. And as you said, there is an economic curve at which the smaller you go, the higher the premium will go anyways. And as I mentioned earlier – if you can comment on this, it would be great – I am sure you have got a cost of production right now that is also going into that premium that will decrease over time if your business grows and you get greater economies of scale. Is that true?

Adam Trexler: That is absolutely true. This is a high-tech nanotechnology, and doing a couple thousand for Peak Prosperity is not the cheap way to manufacture this. But as we grow, we have clear projections and a pretty clear schedule that shows that the price goes radically down.

Adam Taggart: Great, well, hopefully those dealership relationships that you mentioned you have been getting traction with, as those begin to grown and order volumes begin to increase, you begin to hit those economies of scale. So let us transition quickly to talking about the Peak Prosperity Aurum, because we do have one designed. I think it is very pretty; of course, I am an incredibly biased source. But we will have an image of it here, and people can take a look for themselves.

If you are listening to this and looking at the Peak Prosperity Aurum and thinking that might be a fun thing to own, we are going to have a link there, Adam, that is going to plug into Valaurum’s commerce system, and people will actually be able to buy these. Is that correct?

Adam Trexler: That is correct, yes. And you can go ahead and order them from our site, and we will deliver.

Adam Taggart: All right. Well, fantastic. And I assume over time, if Valaurum gains the traction that it hopes it will, and I hope you guys do, they will start seeing other designs with other providers out there in the world as more people decide that having an Aurum of their own makes strategic sense for them – or is just good art and pleasing to the eye.

Adam Trexler: That is right, and I think it is both those things. I think that your readers will hopefully think, Oh, I would like to see one of those and just see what this is about. And then may think, as I do, that If I am going to hold several ounces of gold, I might want to have an ounce worth in an Aurum, or two ounces worth or some percentage of their precious metal ownership.

Adam Taggart: Yep, that is definitely the approach I am taking. So let us see here, Adam, as we begin to wrap up here, you just happen to live and breathe the precious metal space, given this product, so I would be remiss not to ask you if you are seeing any trends or if you have any market intelligence that our readers who are reading other precious metal sites right now may not have already gotten exposure to in terms of your insider viewpoint, your perspective, or whatnot. Basically this is the Where do you see precious metals going from here? question.

Adam Trexler: Sure. I think that the underlying drivers of precious metals are only going up. I think that there will continue to be global risk. I think there will continue to be global debt problems, and we have seen why people want to own that. But I think the larger trends is the growth of wealth in Asia and other developing countries, where people have historically, for hundreds and hundreds of years, owned gold as a way to hedge their wealth. And the demand trends are very clear. The demand for physical gold has continued to grow even as the price has gone down.

And one thing that I look at that most other commentators may not is I look very, very carefully at the demands numbers for jewelry because there is a sector that is buying coins and bars, and you see that quite often in the United States – people who want to invest, invest in coins and bars. In other countries – I mentioned that ring manufacturer. The way that people invest in other countries is they buy jewelry. And it is typically a lower-increment investment, and that is the overlap with the Aurum. And what you see is that as the price of gold has fallen, that number has surged, both in the U.S. and abroad. And what it says to me is that as gold becomes more affordable, more people jump in and want it. And what I think that represents is a huge pent-up demand for gold, and people not being able to afford the increments that have been on the market.

So I think that the future of gold is very bright. I think that we have an increasing population, a limited supply of gold in the entire world. I don’t see that going anywhere except up over the medium term. And I think as more people have access to gold, have access to incremental wealth that lets them want to stick a bit of money away in this form, it can only go up.

Adam Taggart: All right. Well, I cannot say any of that disagrees with my perspective or that of Chris, so I think we do see the world very similarly to you. And as we see and embrace that trend of more people wanting to own gold more widely, which means having it be available to people at price-entry points that they can afford, it is really wonderful to see innovation and new products like the Aurum on the marketplace. So we wish you all the best.

And, Adam, I know I am going to get a ton of questions after this podcast about the actual process for manufacturing and Aurum and the technology that is involved. And I had intended to get into that, but we just did not have the time for it. I know we have a short video clip that you created that I’ll post along with this write up on the site. But I can definitely see myself inviting you back in the not-too-distant future to talk maybe a little bit more nuts-and-bolts about how the product is actually made.

Adam Trexler: Oh, that would be great, Adam. I have really enjoyed my time, and thanks for having me on.

Adam Taggart: Oh, really, my pleasure. Well, great talking with you, Adam, and best of luck with all your goals for world dominance with the Aurum here.

Adam Trexler: Well, it is really about dominance of the world and recognizing that the physical wealth that we can all have a part in, we should all have access to, and the Aurum is just a piece of that.

Adam Taggart: Very well said. All right, look forward to talking to you again soon, Adam.

Adam Trexler: Thank you.