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Market. If you go back to the great depression and the stimulus done then and adjust for inflation and you see the stimulus now is multiples of that. It is unmistakably great for liquidity and markets to see governments around the world recognizing the size of the shock we are going through. This could be a rally to lighten up in things you did not get a chance to do. They are never, ever going to be able to pay back the debt. This has to be the most bullish for gold. This crisis is not over.

What has Larry been doing with it this month? He had anticipating a market decline for a long time. A couple of the holdings, e.g. Gold, and Oil, and pipelines got hit so he is considering selling these into strength. Go to www.zzzporfolios.com as it lists the up-to-date holdings in this ETF.

Risk that does not exist in the underlying holdings, e.g. in XFR-T (floating rate bonds). You don’t get your money back when bonds mature. They are always reinvesting for you. Look at the bid/ask spread and put a limit in the mid point. If there is enough liquidity then you can get your ask, but if at market, you will only get the bid. He sold some floating rate notes today on the rally.

He is not a buyer of much at this point. There is another major leg down for markets. Buy into weakness and look into recent lows. Look at how bear markets have unfolded.

The difference between the miners and the bullion. Some mines are shuttered in for weeks or months. It will take supply out of the market. There is a great opportunity for some operators to make significant money. He sees gold going much higher. There is a dislocation between futures and spot markets right now.

Floating rate notes are not much better for a rising rate environment. You want short term inflation indexed notes. With all this money printing going on we will get a secondary inflation hit the year after next.

Fixed dividend. It has a huge exposure to corporate bonds, preferred shares and a lot of the banks and insurance companies. There will be some dividend impairment for 6 months or a year. He would stick with it. If dividends get cut by the companies in it, then the ETF's dividend will probably be cut.

He is good with utilities. They have now corrected with everything else. They are regulated and generally don’t have a huge growth profile. He would be nibbling if you like the safe, stable dividend.

He prefers the diversification methods with ETFs. We are all going back to work so industrial REITs should recover. Buy them on weakness, not strength.

He has not been happy with it for a year. They created ZPAY-T which he moved to. It is a similar ETF.

He has not been happy with it for a year. They created ZPAY-T which he moved to. It is a similar ETF.

XIC-T is the broad TSX and the XIU-T is the TSX-60. These are two excellent ETFs to get exposure to the broad TSX. Wait for the next major sell off to buy them.

He has held this as his exposure to US energy where he is not bullish for the long term. US Pipelines will be pumping at capacity for a long, long time. We might see an anti-pipeline movement in Canada. It's risky but he is not selling at this point.