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Articles by Schiff Gold

Thirty-Nine States Don’t Have Enough Money to Pay Their Bills

3 days ago

It’s not just the federal government running massive deficits and piling up enormous levels of debt. Thirty-nine US states don’t have enough money to pay all of their bills.That was the grim conclusion of Truth in Accounting’s annual Financial State of the States report.The report summarizes a comprehensive analysis surveying the fiscal health of the 50 states prior to the coronavirus pandemic.Total debt for all states combined totaled $1.4 trillion at the end of fiscal 2019. This does not include debt related to capital assets.Most of the states were ill-prepared for any crisis, much less one as serious as what we are currently facing.”Ironically, 49 states require balanced budgets by law. As the report explains, “This means that to balance the budget … elected officials have not

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Was Monday’s Big Selloff a Plea for More Stimulus?

4 days ago

Monday (Sept. 21) looked a lot like March with everything selling off as the dollar rallied. There was a sudden burst of risk-off sentiment due to worries that a spike in coronavirus cases could lead to new economic lockdowns coupled with significant political uncertainty after the death of Supreme Court Justice Ruth Bader Ginsburg. Peter Schiff talked about the big selloff in his podcast, and he thinks there a deeper underlying reason for the sudden volatility. Markets are worried that the Fed and the US government aren’t stimulating enough.The Dow was down over 940 points at its interday low. It rallied into the close bust still closed down 509 points. The S&P 500 closed down just over 1%. The NASDAQ was the strongest of the indexes, but still closed off 14 points. The Russell 2000

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Peter Schiff: The Price of Everything Is Going Up

5 days ago

As the Federal Reserve meeting wrapped up last week, Peter Schiff appeared on . The interview covered a number of topics, including gold, oil prices, the Fed and the Snowflake IPO.The discussion started with the rising prices of gold and silver. Peter said central bank policy is creating a very bullish environment for precious metals prices to continue to rise. Unfortunately, a lot of other prices will rise as well.Well, certainly the prospects for the precious metals are very bright. But you know, the prospects for a lot of prices to move up, unfortunately, are not good. The Federal Reserve is creating a tremendous amount of inflation. It claims that its goal is for the cost of living to rise at a more rapid pace than it has in the past. Jerome Powell claims that we need to make up for

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Peter Schiff: The Fed Is the Biggest Enemy of Legitimate Economic Growth

5 days ago

Last week, the Federal Reserve held its September FOMC meeting. Peter Schiff appeared on the Claman Countdown after the meeting ended, along with Natalie Securities Global Fixed Income Chief Andy Brenner. During the interview, they discussed inflation, the impact of Fed policy, the bubble economy and they even touched on modern monetary theory. Peter said ultimately the Fed isn’t helping. In fact, it’s the biggest enemy of economic growth.[embedded content]Peter said eventually the Fed will have to let interest rates rise unless it wants the dollar to become worthless. He said one of the most amusing comments Federal Reserve Chair Jerome Powell made during his post-meeting news conference was saying the Fed had to fight low inflation because it could lead to interest rates being too

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It’s Never Enough: Schiffgold Friday Gold Wrap Sept. 18, 2020

8 days ago

The Federal Reserve wrapped up another FOMC meeting this week. The central bank delivered pretty much what was expected. The easy money will continue to flow unabated. But it looks like what is expected is no longer enough. The addict wants even more of the monetary drug. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey talks about the Fed meeting and the market reaction.The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on iTunes, Stitcher and Google Play.Tune in to the Friday Gold Wrap each week for a recap of the week’s economic and political news as it relates to gold and silver, along with some insightful commentary.LISTEN[embedded content]You

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Peter Schiff: The World Is Going to Reject the Dollar Standard

9 days ago

Peter Schiff recently did a presentation at the Endeavour Silver Town Hall Webinar. He talked about the state of the economy, the US dollar, and gold and silver. Peter said he thinks we’re about to see a gold bull market rivaling the 1970s because the world is going to reject the dollar standard and go back to a gold standard.Peter said we had a peak in gold and silver prices in 2011 because the Federal Reserve managed to convince the world that it could “do the impossible.”That it could actually normalize interest rates after having kept them at zero for many many years, and it could shrink its balance sheet back down to normal after blowing it up to four-and-a-half trillion.”[embedded content]The Fed made an effort to normalize monetary policy, but it had to reverse course in the fall

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Lockdowns May Have Permanently Scarred the Labor Market

10 days ago

Every week, analysts and pundits pour over the latest weekly jobs report looking for signs of life. Every month, we dive into the monthly unemployment numbers hoping they signal economic recovery. But these unemployment numbers don’t tell the whole story.The government economic shutdowns in response to the coronavirus pandemic have deeply wounded the economy in ways that won’t immediately show up in the numbers. In fact, they could leave scars on the economy that don’t fade for years.Many people still believe the US economy will quickly recover once scientists develop an effective coronavirus vaccine or the pandemic simply runs its course. But there are plenty of data points that undercut that narrative.  Businesses are shutting down and bankruptcies are at a 10-year high. Americans owe

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Peter Schiff: When Exactly Are They Going to Deal With the Debt?

10 days ago

Even as the fiscal 2020 budget deficit surged past $3 trillion, more than double the previous record deficit, US Treasury Secretary Steve Mnuchin called for more federal spending, saying   “now is not the time to worry about shrinking the deficit.” Of course, he wasn’t worried about shrinking the deficit before the pandemic either. Peter Schiff talked about the looming debt crisis during his podcast.[embedded content]Mnuchin isn’t alone in saying the deficit doesn’t matter – at least right now. Former Treasury Secretary Jack Lew appeared on CNBC and also said the federal government needs to spend more stimulus money and we can’t afford to worry about the ballooning deficit. Lew co-wrote an op-ed published by the with former Treasury Secretary Robin Rubin. The duo said the stimulus

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Federal Deficit Blows Past $3 Trillion

11 days ago

The federal government added another $200 billion-plus to the budget deficit in August, pushing the fiscal 2020 budget shortfall to over $3 trillion with one month still left in the fiscal year.Uncle Sam continues to rack up enormous monthly budget deficits. The August shortfall came in at $200.1 billion, according to the Treasury Department’s Monthly Treasury Statement, pushing the fiscal 2020 budget shortfall to $3.01 trillion. That’s more than double the previous record deficit of 1.413 trillion set in FY 2009 at the height of the financial crisis.As of Sept. 10, the national debt stood at $26.71 trillion. That equates to $214,844 for every American taxpayer.The debt-to-GDP ratio stands at 136.73%. Despite the lack of concern in the mainstream, debt has consequences. Studies have

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Peter Schiff: The Fed Set the Fiercest Wildfire

13 days ago

Wildfires are raging out of control in western states doing millions of dollars in damage and disrupting countless lives. In a recent podcast, Peter Schiff said the Federal Reserve has set an even fiercer wildfire – inflation. And we are in danger of it burning out of control through the entire US economy.Stock markets closed last week mixed, with the Dow and the S&P 500 up a bit, and the NASDAQ and the Russell 2000 down. Some analysts say the problems that seemed to be brewing, particularly in the NASDAQ, have passed since there really wasn’t any significant follow-through after the NASDAQ dipped into correction territory last Tuesday. But Peter says he doesn’t think the bulls are out of the woods yet.I still think the charts look like there is a lot of potential that we can see a

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Is the Fed Setting Us Up for a Return to the Inflation of the 1970s?

13 days ago

Last month, the Federal Reserve moved its inflation goalposts. Is it setting us up for a return to the inflation of the 1970s?During a speech at Jackson Hole, Federal Reserve Chairman Jerome Powell announced new policy guidance for how it addresses price inflation. In the past, the central bank has targeted a 2% inflation rate as measured by CPI. Now it will shift to “average inflation targeting.” In practice, the Fed will allow the CPI to run “moderately” over 2% “for some time” to balance out periods where it runs under that level. In effect, the central bank now has an excuse to let inflation run hot.As Peter Schiff said in a podcast, the Fed instituted this policy shift not because of some grand new economic insight, but out of necessity.The bottom line is what no one seems to

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Fun on Friday: Cool Gold

15 days ago

How would you like to eat some cool gold?Read closely. I didn’t say buy gold. That’s probably would you would expect on the SchiffGold webpage.But I said eat gold. Because, you know, that is a thing.I’ve written about eating gold here before. I’ve told you about gold-covered steaks, gold-encrusted chicken wings, and even gold coffee. So, how about dessert? Specifically, gold ice cream.A shop in Cincinnati, Ohio, is selling an ice cream cone topped with 23-karat gold. This brings a whole new meaning to making gold “cool.”Andy and Kait Grear, along with Rhett and Jenny Harkins opened The Bold Face Dairy Bar Company in 2018. They sell “whippy dip” style ice cream out of a walkup window. It’s not exactly the place you would expect to buy gold. But the Bold Face Cone comes garnished with

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Is Your Bubble Running Out of Steam? SchiffGold Friday Gold Wrap Sept. 11, 2020

15 days ago

There was a tremendous amount of volatility in the stock market this week with the NASDAQ entering correction territory and then rebounding. Is this just a blip on the radar? Or is the biggest bubble ever running out of steam? In this episode of the Friday Gold Wrap podcast, host Mike Maharrey talks about it. He also digs into what’s going on in the housing market and what it’s telling us about the broader economy.The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on iTunes, Stitcher and Google Play.Tune in to the Friday Gold Wrap each week for a recap of the week’s economic and political news as it relates to gold and silver, along with some insightful

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Gold Flows into ETFs for Ninth Straight Month

16 days ago

Globally, gold-holding in ETFs increased for the ninth straight month in August with the appetite for gold notably increasing in Asian markets.ETFs added a net 39 tons of gold last month, according to the latest data from the World Gold Council.Year-to-date net inflows of gold into ETFs total of 938 tons valued at $51.2 billion. Inflows this year have boosted collective gold ETF holdings to an all-time high of 3,824 tons with assets under management of $241 billion. Year-to-date, gold ETF inflows have already surpassed the largest annual gain of 646 tons seen in 2009 by nearly 50%.North American funds once again led the way in August, adding 41 tons of gold. All 16 funds listed in the North American region saw an increase in their gold holdings.Asian funds saw a significant 7-ton

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Trouble Brewing in the Subprime Mortgage Market

16 days ago

Last month, we reported that mortgage delinquencies charted their biggest quarterly rise ever. Digging more deeply into the numbers, we find even more trouble brewing in the subprime mortgage market.Of the 8 million active mortgages the FHA insures, 17% were delinquent in July. That ranks as the highest level in history. That translates to about 1.4 million delinquent FHA loans.It’s not just FHA loans going delinquent in the subprime market. Fannie Mae, Freddie Mac, the VA, and Ginnie Mae are also reporting a surge of delinquencies.The overall delinquency rate for mortgages on one-to-four-unit residential properties spiked by nearly 4% in Q2, reaching 8.22% as of June 30, according to the Mortgage Bankers Association’s National Delinquency Survey. The jump in the delinquency rate was

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Central Banks Still Buying Gold

17 days ago

Central banks bought over 27 tons of gold in July, but big sales by two banks dropped net global purchases to 8.8 tons, according to the latest data by the World Gold Council.Net purchases of 8.8 tons ranked as the smallest increase in global central bank reserves since December 2018.Through the first half of 2020, central bank net purchases of gold totaled about 233 tons. That was 39% lower year-on-year. The lower rate of purchases in 2020 was expected given the strength of central bank buying both in 2018 and 2019. The economic chaos caused by the coronavirus pandemic has also impacted the market.Central bank demand came in at 650.3 tons last year. That was the second-highest level of annual purchases for 50 years, just slightly below the 2018 net purchases of 656.2 tons. According to

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Peter Schiff: The Dollar and Bonds Are Bigger Bubbles Than Stocks

17 days ago

Peter Schiff recently called the stock market is the biggest bubble ever. But he says he should have qualified that by saying it’s the biggest bubble ever. There is an even bigger bubble floating out there – the dollar bubble. Peter talked about that in his podcast.Tuesday was another bad day for the US stock market. The worst carnage was in the NASDAQ. It fell 4% on the day and entered correction territory, meaning it’s dropped 10% off its high. And that happened in just three trading days. As Peter Schiff said in his podcast last Friday, the stock market bubble may have popped. He reiterated that point on Tuesday’s podcast.The air could easily be coming out of the stock market bubble. We’re down 10% on the NASDAQ in three days — three trading days. How do you know we won’t be down

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Ron Paul: The Fed’s Brilliant Plan? More Inflation and Higher Prices

18 days ago

Last month, the Federal Reserve moved the goalposts when it changed its inflation targeting policy. In the past, the central bank has targeted a 2% inflation rate as measured by CPI. Now it will shift to “average inflation targeting.” In effect, the Fed will allow the CPI to run “moderately” over 2% “for some time” to balance out periods where it runs under that level.We have argued that this isn’t some kind of technical policy shift due to new economic insights. It’s a necessary move because the Fed can’t stop printing money and price inflation is an inevitable side-effect.Ron Paul made a similar argument in a column at the Ron Paul Institute, saying, “Powell’s announcement is not a radical shift in policy. It is an acknowledgment that the Fed is unlikely to reverse course and stop

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Peter Schiff: Did the Biggest Bubble Ever Just Pop?

18 days ago

In a podcast early last week, Peter Schiff called the surging stock market “the biggest bubble ever” and talked about some of the absurdities in the market, particularly in the Nasdaq. Then on Thursday, that bubble may have popped. Peter talked about it in his podcast Friday.The day after Peter called the market the biggest bubble ever, the Nasdaq broke 12,000 for the first time ever and the Dow Jones pushed back above 29,000. That prompted Donald Trump to tweet about how lucky we are that he’s president. Peter said President Trump has nothing to do with it.It isn’t so much that we’re lucky to have Trump as president. We’re unlucky to have Powell as Fed chairman because it’s the Fed that is the reason that the Dow and the Nasdaq and the S&P were so high on Wednesday. It’s not because of

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Peter Schiff: If You Understand What Gold Is, You Should Always Have Some

18 days ago

Peter Schiff recently appeared on with Ben Swann to talk about safe-haven assets in the age of COVID-19. Peter made the case for gold, saying if you understand its role as money, you know you should always have some. He also debated Swann on the long-term value of bitcoin.[embedded content]The World Gold Council recently released a report saying gold still has some room to run higher given all of the dynamics in the market. So, where does Peter think gold will go from here? He said he thinks the World Gold Council is underestimating just how high gold will climb.Because I think they’re also underestimating just how much inflation global central banks are going to create – in particular the Federal Reserve – and how much value the US dollar is going to lose against other fiat

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It’s Not About the Rona: SchiffGold Friday Gold Wrap Sept. 4, 2020

22 days ago

After rising early in the week on the Fed’s promise of more inflation, gold and silver dipped a bit late in the week with some positive economic data bolstering hopes of a quick economic recovery. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey reiterates that what’s going on isn’t fundamentally about the coronavirus. He takes a deep dive into the Fed’s new inflation policy and makes the case that this was all in play long before the pandemic.The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on iTunes, Stitcher and Google Play.Tune in to the Friday Gold Wrap each week for a recap of the week’s economic and political news as it relates to gold and

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Silver Used to Make Safer Bone Implants and Other Silver News

24 days ago

Researchers have developed a titanium bone implant incorporating silver nanoparticles that will help lower infection rates.This is one of many new technological innovations and developments using silver reported in the most recent issue of the Silver Institute’s Silver News.Researchers from the Delft University of Technology designed and 3D-printed the porous titanium bone implant. It incorporates strontium, a soft silver-white metallic element that is highly chemically reactive, along with silver nanoparticles. Researches say the combination kills the antibiotic-resistant Staphylococcus aureus (S. aureus) bacteria.Although silver ions are a common choice to kill the bacteria – and implants are often imbedded with silver for that reason – the researchers suggest that synergistic

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The Fed Is Targeting More Inflation Out of Necessity

24 days ago

Last week, the Federal Reserve announced a change in the way it will target inflation going forward. In other words, the central bank moved the inflation goalposts. In effect, the new policy will allow the Fed to let inflation run hotter.As Peter Schiff explained in his podcast, the move was expected and necessary.What the Fed has done with all of its prior monetary stimulus is to create a situation where the Fed can never actually fight the inflation that it creates. That’s why the Fed is now saying we’re going to let inflation run hotter – because they have no choice. It’s not because this is good for the economy. It’s not. It is necessary to keep the bubble from deflating.”Economist Philipp Bagus reiterated Peter’s point, explaining that the Fed had to change its policy to legitimize

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Adrian Day: The Fed Is Out of Control and That’s Bullish for Gold

24 days ago

Adrian Day did an interview with Kitco News and said gold will finish the year over $2,000 an ounce and investors shouldn’t worry about short-term profit-taking and consolidation. Why? Because the Federal Reserve is out of control.Day is the CEO of Adrian Day Asset Management and also works with Peter Schiff as the portfolio manager of EuroPacific’s gold fund.I definitely think we can see new highs before the end of the year, absolutely. And stay over $2,000. “[embedded content]Day said the key is the Federal Reserve  – it’s actions not its words. They will often talk about rolling things back and normalizing policy. But the reality of the pull-back is always very minor.They simply cannot pull back for one reason or another. Sometimes it’s just because the market gets a hissy-fit.

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Peter Schiff: It’s the Biggest Bubble Ever

24 days ago

The S&P 500 charted its best August since 1986. Both the Nasdaq and the S&P 500 made new highs last month. Peter talked about the surging stock market in his podcast, saying that it is the biggest bubble ever. And despite what people seem to think, there will be consequences.September is historically the weakest month for US stocks, but Peter said he thinks this year might be an exception to the rule.It seems at this point there’s no reason to believe that this inflation-driven rally is going to peter out any time soon. Now, I wouldn’t be surprised if it did, but I’m just not willing to be that it will.”[embedded content]Peter noted two stocks in particular that exemplify the surging stock market – Apple and Tesla. Apple is the most valuable company in the world based on market cap.

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Even the Mainstream Is Getting Bearish on the Dollar

25 days ago

Peter Schiff has been warning about a dollar collapse for years. Now we’re starting to see some mainstream bearishness on the greenback.The dollar hit a more than 2-year low on Monday and closed out August with its fourth straight monthly loss. It was the worst August in five years for the dollar and the longest run of monthly losses since the summer of 2017. The dollar is down about 11% from its 2020 peak.In response to the economic shutdowns imposed by governments to deal with the coronavirus pandemic, the Federal Reserve is printing money to infinity and beyond.  On top of that, it has shifted its inflation targeting to allow inflation to run hot meaning there is no end in sight to the currency debasement. The announced change in inflation targeting last week pushed the dollar still

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Silver Charts 18% Gain in August

25 days ago

Silver wrapped up a strong August pushing above the key resistance level of $28 an ounce on Monday.While gold charted a slight dip of about 0.4% last month, silver was up just over 18%. On Tuesday morning (Sept. 1) the white metal was knocking on the door of $29 an ounce.The falling dollar has given both gold and silver a boost. The dollar index dropped to a 2-year low on Monday and charted its fourth straight monthly decline. A technical analyst for FXEmpire said he doesn’t see any significant pullback in the silver price on the horizon unless the dollar reverses course, and that seems unlikely given the level of money printing by the Federal Reserve.It is not until the US dollar changes this trajectory overall that we will see any significant pullback in silver. With the Federal

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Which Countries Own the Most Gold?

26 days ago

Which countries have the biggest gold reserves?Central banks globally have been increasing gold holdings over the last few years. Central bank demand came in at 650.3 tons last year. That was the second-highest level of annual purchases for 50 years, just slightly below the 2018 net purchases of 656.2 tons. According to the World Gold Council, 2018 marked the highest level of annual net central bank gold purchases since the suspension of dollar convertibility into gold in 1971, and the second-highest annual total on record.The pace of central bank gold buying has slowed a bit this year, but continues at a healthy pace. Turkey has been the biggest purchaser of gold in 2020. India has also aggressively increased its reserves. In fact, the Reserve Bank of India is reportedly considering an

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Peter Schiff: The Fed Moves the Inflation Goalposts

26 days ago

The Fed has moved the inflation goalposts.The central bank will no longer focus on keeping a lid on inflation. In his podcast, Peter Schiff said this policy will simply speed up the destruction of the dollar and the economy.Jerome Powell announced the new policy during his speech in Jackson Hole last Thursday. In the past, the central bank has targeted a 2% inflation rate as measured by CPI. Now it will shift to “average inflation targeting.” In effect, the Fed will allow the CPI to run “moderately” over 2% “for some time” to balance out periods where it runs under that level. “Many find it counterintuitive that the Fed would want to push up inflation. However, inflation that is persistently too low can pose serious risks to the economy,” Powell said during prepared remarks at the

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How in the World Did We Get Here? SchiffGold Friday Gold Wrap Aug. 28, 2020

29 days ago

Peter Schiff has been saying that the economic problems we face weren’t caused by the coronavirus pandemic — at least not directly. We were already in deep trouble long before COVID-19 arrived on the scene. In this special episode of the Friday Gold Wrap podcast, host Mike Maharrey takes us on a journey back through time and lays out exactly how the Federal Reserve and government policies got us here and how the “cure” for the economic meltdown caused by government lockdowns is really just more of what made the economy sick in the first place.The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on iTunes, Stitcher and Google Play.Tune in to the Friday Gold Wrap each week

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