Speaker 1: But it's doing it for the reasons that I warned about.
It is a loss of confidence in the US and
it means the dollars days as the reserve currency are
numbered and that number is not that big anymore. And
that is a game changer for the US because we
rely on the dollar like a crutch. The only reason
our economy works is because of the dollar status. That's
what allows us to have this debt fueled, consumer based economy.
But once the dollar collapses, you know, everything that we
built on top of that comes crashing down.
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Speaker 3: Welcome you are listening to and watching the Financial Survival Network.
Speaker 4: I'm your host, Carrie Lutts.
Speaker 3: Well, Peter Schiff is with us at Schiffgold dot com. Peter,
We've been having this conversation now for over a decade.
You know, I've been doing the show now for fifteen years.
You were one of the people who inspired me, whether
you know it or not, to actually start doing this.
You were so active in YouTube and podcasting. I said,
how hard can it be? Turned out to be I
could do it. Anybody could do it.
Speaker 4: It turned out to be.
Speaker 3: A little harder than I expected, but eventually worked out.
But here we are fifteen years later. So your warnings
were prescient. Your warnings were accurate, right on the money,
if you will, But they just took a lot longer
than you or anyone out there expected.
Speaker 1: Yeah, I mean, you know, I was, you know, telling
my clients, you know, to get ready for a crisis.
Speaker 5: Twenty years ago. I was telling them buy gold.
Speaker 1: It was under three hundred dollars when I first started
putting my clients in gold. It's now over forty two hundred.
So it's not like they lost money buying gold. They
actually did better than the stock market and silver. When
I started buying silver, it was like four dollars four
and a half dollars. Today it's fifty three dollars. So
but we haven't had the crisis yet. But I actually
think that we could have the crisis next year. And
I'm not talking about the financial crisis, right. I we
had that in No. Eight and I totally predicted that crisis.
I wrote about it in my book Crash Proof. But
what I was worried about was not that crisis, but
the next one that hasn't come yet, because we've kicked
the can down the road, you know, for all these years.
But all that cankicking allowed all the problems to get
much worse. And so now you know, when I was
talking about five thousand dollars gold back then, I mean
five thousand dollars gold could be this year.
Speaker 5: I mean very easily, but I mean at a minimum.
Speaker 1: Now probably we're looking at twenty thousand dollars gold because
of all of the money that has been printed and
all the money that's going to be printed, uh, you know,
which is why you know, people have to you know,
you know, look at what's happening and protect themselves. A
lot of people I think are going to get wiped
out in this dollar crisis, which I think gold is
signaling a dollar crisis, just like you know, when subprime
blew up, and you know, if I was short at
that market, but when subprime blew up in seven, that
signal the financial crisis was coming in eight yet the
mainstream media, the Federal Reserve were oblivious to it. I
remember those days when they still had me on you know,
CNBC and Bloomberg and CNN.
Speaker 5: And Fox, and you know, I was warning about it.
Speaker 1: People were laughing it off, you know, and even though
there was a clear sign that it was coming.
Speaker 5: Well, what's happening now in gold?
Speaker 1: In fact, Scott Bessett I was listening to him interviewed
a couple hours ago and he was asked if he's
concerned about the price of gold going up, but he
said absolutely not. It means nothing. Who cares everything was great?
Speaker 5: It does. It doesn't mean nothing. It means everything.
Speaker 4: It is.
Speaker 1: It is the most important commodity in economics, in money,
Gold is money, and the fact that central banks around
the world have been selling their dollars and buying gold
means something.
Speaker 4: Right.
Speaker 1: Even Alan Greenspan, you know, Bessett talked about, you know
how great Alan Greenspan was, and you know which, you know,
I didn't think he did a good job. He caused
the financial crisis. But one thing that Greenspan got right
is he said that he uses gold as a barometer
of whether or not his monetary policy is too easy
or too tight. He said, if gold gets close to
four hundred, that means I'm too loose, and if it
goes near three hundred, I'm too tight. Of course, at
the time he said that it was around three fifty.
But you know what is what is four thousand dollars gold?
Tell you're forty two hundred. The Fed is too loose
yet it's about to cut rates. So goals going through
the roof here, that means the dollars going through the floor,
We're gonna have a bond crisis.
Speaker 5: I think, you know, people, the people at most at risk.
Speaker 1: If you're holding a lot of cash, you're gonna get
killed because especially if it's US dollars.
Speaker 5: I don't care.
Speaker 1: If you've invested in in you know, money market fund
and you're earning four percent, you know, so what you're
gonna get four percent more of dollars that are going
to buy very little.
Speaker 5: So it's not going to do you.
Speaker 1: If you're just hanging out in these overpriced tech stocks, uh,
you could be in for a lot of trouble. The
cryptocurrency market, as far as I'm gonna sert, it looks
like it's about to completely implode. You know, bitcoin is
it a major bear market now, It's down more than
twenty five percent priced in gold since it's August high.
The crypto guys are just you know, oblivious, you know,
just waiting for this big rally that's never going to come.
And meanwhile they're missing out on what's going on in gold,
gold stocks, the farn stocks are killing it. We're having
our best year since I've been managing money, even our
basic strategies are diving and paying foreign stocks. Strategy is
almost up fifty percent on the year. We still have
a couple of months left. But of course, you know,
our biggest strategies are gold and mining stocks, and you
know there we've more than doubled bushing it. But you know,
the big news, the small ones, the junior miners, like
my goalfund has about a third in real small companies, juniors,
and they haven't even moved that much this year. I
think they're the story for twenty twenty six. But that's
a great opportunity for people to get into my goalfund,
which people can buy no load, any any discount broker
epg i X. Yeah, it's more than double this year,
but that's nothing compared to I think, what's going to
happen when these smaller stocks that have underperformed this year
when they kick in because there's so much leverage baked
into those stocks.
Speaker 4: Yeah for sure.
Speaker 3: So what if, Peter, this crisis is really here and
nobody's bothered to tell us about it. It's actually unfolding.
The reset is taking place, and the media just forgot
to cover it.
Speaker 1: Well, the media doesn't understand it. I mean, they're not
going to cover what they don't understand. You know, we've
been living in a bubble.
Speaker 4: You know.
Speaker 5: Look, the Trump administration has it backwards.
Speaker 1: They think that the trade deficits mean that the world's
been screwing us over. The reality is we've been screwing
over the world.
Speaker 4: You know.
Speaker 5: You hear Trump talk.
Speaker 1: About, Oh, China's economy is going to be wrecked from
this trade war. No, they're going to be liberated from
the trade war. Liberation day liberated the Chinese. It's the
American economy that's going to get wrecked. The best thing
that China can do is stop vendor financing the deadbeat
American customer, and Chinese economy is actually strengthening quite a bit.
As they're trading less with America and more with the
rest of the world. This decoupling is happening alongside the
d dollarization, and that means America's ride on the global
gravy train is coming to an end. We're not gonna
be able to live beyond our means anymore. We just
can't crank dollars off of printing press and then go
on a shopping spree around the world and buy all
kinds of stuff that we don't produce. We're not gonna
be able to get leveraged as consumers and borrow money
and buy stuff that we can't afford. Those days are
coming to an end. That's what gold is telling you.
But the mainstream media, the FED, they don't get it right,
just like they didn't understand the problems in the mortgage
market even though subprime blew up. They don't understand the
significance of what's happening in.
Speaker 5: Gold and what it means.
Speaker 1: Yes, the dollar relative to other Fiat currencies hasn't collapsed yet,
but it's about to. The bond market hasn't collapsed yet,
but it's about to. You know, because when subprime crashed
and everybody said, oh, don't worry about it. It's just subprime.
And I knew it was a tip of an iceberg.
This is the tip of an even bigger iceberg. When
you see this happening to the price of gold and
the price of silver, and you know, people are oblivious people.
You know, they look at gold and they think, oh,
it's a bubble. No, it's nobody's invested.
Speaker 4: You know.
Speaker 1: I got Shift Gold as my gold company, and business
has been slow for years.
Speaker 5: It's picked up a little.
Speaker 1: Bit in the last month or so, but it's nothing
to write home about. It's not like the phones are
ringing off the hook. I mean, it's not even near
what it was during COVID. That was the best year
I ever had in the gold business, was twenty twenty
because people were actually worried and they rushed out to
buy gold and silver.
Speaker 5: There is no real worry now.
Speaker 1: In fact, what we've found over the last year until
very recently is people were reluctant to buy gold and
silver because they thought the price was too high. And
in fact, what was keeping us going was people were
calling up to sell their gold and silver. They wanted
to cash out right. And now, of course I advise
not to do that. I've been telling people, no, the
last thing you want to do is sell your gold
and silver. I read this ridiculous article in the Financial
Times where they said that central banks should take advantage
of the gold bubble and sell their gold. I mean,
take they're the ones that are buying.
Speaker 5: Sell.
Speaker 4: That's madness.
Speaker 3: Who comes up with these things, Peter. Look, I mean
we're outside the box thinkers.
Speaker 4: You and I We.
Speaker 3: Don't like look at the world the way everybody else does.
But at some point it becomes so obvious the debt
becomes unsustainable, all these factors, the asset bubbles taking place
all over the world, and you have to wonder what
what are they thinking?
Speaker 1: Yeah, you know, I've always said if you don't know
you're in a bubble, you never see the pin. And
the pin this time is gold soaring?
Speaker 4: Right?
Speaker 1: Because this is showing a loss of confidence worldwide in
the US government in our ability UH to get our
fiscal house in order UH to pay our debts, UH,
to manage our currency.
Speaker 5: Uh.
Speaker 1: It's obvious right with you know, first, Biden made the
mistake of the sanctions against Russia. That was a huge
warning to get out of dollars But then when Trump
signed on to the Big Beautiful Bill, I mean that
was it that finalized it, because that extinguished any hope
of reigning in.
Speaker 5: Uh.
Speaker 1: The excess reckless deficits under Biden, they're now going to
be even worse under Trump. And then when he when
he bashed the Federal Reserve and called Powell a moron,
an idiot. Uh, and he started putting his cronies on
the FOMC. You just like Roosevelt packed the Supreme Court
in the thirties so he can get his unconstitutional New
Deal programs through the Supreme Court. Trump wants to do
the same thing with the Fed so he can create
massive inflation, because that's the Trump economic policy. He doesn't
want to six any of our problems. He doesn't really
want to make America great again. He just wants to
blow more air into the bubble, hoping it doesn't pop
while he's still in office. So he just wants to
crank up the presses to the max. But I think
Gold is telling you it ain't going to work this time.
It's not two thousand and eight, it's not twenty twenty.
There's a whole new world and it's all going to
backfire and when the Fed goes back to QE, which
they're probably going to do maybe by next year, because
these next few rate cuts are going to produce the
opposite effect of what they intend. Long term rates are
probably going to head up, Mortgage rates are going to
head up, and then the new FED chairman is going
to come in with massive quantitative easing being to buy
up bonds and mortgages, and it's gonna blow up because
the dollar is going to tank, and then we're going
to have a real currency crisis and a sovereign debt crisis.
And don't wait till then to get your gold. You
know you got you got to go to shift gold
right now, right If you're watching this on YouTube, pause it,
pause it, go to shift gold, buy your gold and silver,
and then come back and watch the rest of the interview.
That's how important it is. You can't even wait for
this interview to be over.
Speaker 5: You need to.
Speaker 1: Own some physical medals in advance of this crisis.
Speaker 4: Agreed.
Speaker 3: Agreed, And you know we've been on the same page
with that. You know, you can't predict history, how history
will unfold. Nobody can do it. Some people are better
than others. Guys like Martin Armstrong can call you know,
crashes to the day on occasion, but you know, most
of us can't do it. And even if we hear
somebody who knows what they're talking about, you don't believe it.
Speaker 4: So you've got to know nobody.
Speaker 1: Yeah, Like, obviously I've been you know, warning about this,
you know, since my hair wasn't gray, right, So remember,
I mean and.
Speaker 4: You had more of it too.
Speaker 1: When you understand, when you understand the problem, right, you
see it early. Uh, and often you see it so
early that you lose credibility. I they call you a
broken clock. I mean, I've been warning about the problem
budget deficit and the trade deficit and artifically low interest rates.
But for all the years I've been warning about it,
the stock market keeps hitting new highs. You know, the
economy key seems to be doing okay. And it's like
you see, shift is wrong, right, he's chicken little like this,
this guy's not falling. Well this you know it's going
to happen. And the thing is it's happening now, right,
I mean, when I go back to it, the subprime
I was warning about the housing bubble for three four years,
before it blew up, and the whole time I was
warning about it, people were like laughing at me because
at the housing prices kept going up.
Speaker 5: But when subprime blew up in seven, I knew.
Speaker 1: That what I was predicting was close because I had
been predicting the subprime blow up too. But I knew
that once that happened, then the rest would all fall apart.
But the people who didn't understand the problem that they
just shrugged off subprime because they didn't they didn't get
it well that I've been warning that this was going
to happen to gold, that it was going to start
to rise at this pace for a long time, and
it's now doing it. But it's doing it for the
reasons that I warned about. It is a loss of
confidence in the US, and it means the dollars days
as the reserve currency, are numbered and that number is
not that big anymore. And that is a game changer
for the US because we rely on the dollar like
a crutch. The only reason our economy works is because
of the dollar status. That's what allows us to have
this debt fueled, consumer based economy. But once the dollar collapses,
you know everything that we built on top of that
comes crashing down, and so yeah, I couldn't get the
timing right.
Speaker 5: I knew what was coming, but nobody.
Speaker 1: You know, you can't if you try to be cutsy
with it, if you try to be perfect, you're going
to be too late, right, So you can't rely on
I think I can time it.
Speaker 5: I'm a technician.
Speaker 1: I got some kind of model that's going to tell
me when to get out of the dollar, when to
get short, or when to get into gold stocks. No,
there is no way to do it where you know
you do it just right. You just got to know
how the game is going to end, and then position
yourself to win the game. You know when it's over.
And I've been properly positioned for a long long time.
I've been sitting at this uh poker table watching other
people win hands, but knowing that eventually all our chips
are going to be in front of me. And I
think we're about to We're about to collect all the
chips on this on this power table.
Speaker 4: Honestly, I think it's happening now.
Speaker 3: You know, they knew long before the public became aware
of the housing crisis. I would venture to say eight
months to a year before the FED knew. They didn't
do anything, but they absolutely knew it. I'm certain of it.
Speaker 1: Yeah, they may have known it and then, but they're
afraid to admit it, you know. I mean, I remember
I watched an interview with Ben Bernaki years ago.
Speaker 5: I'm not This was on what you would call I'm
trying to the name of the show.
Speaker 1: A Motley fool and and so they were interviewing Ben
Bernaki and they played him some sound bites of him
saying how everything was great, you know before the crisis,
like so prime was contained, the economy is great, and
they said, well, you know, how do how does how
do you feel now listening to these sound bites of
what you say said now knowing how everything.
Speaker 5: Fell apart and how wrong you were right, So you know,
what do you got to say?
Speaker 3: Right?
Speaker 5: How do you feel?
Speaker 1: And what his response was was this, he said, well,
you know, to be honest, you know, I was a
member of the Bush administration, and you know, I really
couldn't speak my mind. I couldn't really be frank, So
you know that's not necessarily what I thought. So you
can't say, you know, you can't hold it against me,
And I couldn't.
Speaker 5: Believe he admitted that.
Speaker 1: Wow, because first of all, he wasn't a member of
the Bush administration. Here were the Fed. Yeah, he's supposed
to be independent, and so basically what he said, Look,
I knew there was a problem, but I didn't want
to admit it because it would have looked bad for Bush.
So I lied about it. That's basically what it's say,
worse and worse. Yeah, and nobody picked up on it
other than me. I've never heard anybody talk about that interview.
I've tried to find that interview online. I can't find it.
Speaker 3: You know, maybe memory hold and memory hold so much,
so many things I've seen on the web because putting
on tinfoil hats about nine to eleven. But there was
actually chatter on the web that there was stuff going
on at the trade center. We don't won't get into
it because they'll wind up wiping this off. But you
know it happens for sure. So really the die is cast.
There's nothing they can do to stop it.
Speaker 4: Will they attempt a war to Trump?
Speaker 1: We can't get up. We can't afford a war. That's
the problem where we can't even afford peace. But war
is even more expensive. But you know the problem is
the defense budget has exploded under Trump. I mean, why
can't they even cut that? I mean, Trump can't cut anything.
He's the biggest spender we've ever had. You know. Of course,
he was a big spender the first time he was president,
and now he's breaking his own records.
Speaker 3: Shouldn't be a surprise. Should not be a surprise. A
it's been a while since we talked. You have any
thoughts about AI and not so much what we're talking about,
but in general.
Speaker 1: Yeah, Look, look, I think artificial intelligence has incredible potential.
I mean, obviously I use it in a limited degree
every day because I use you know that GPT or
I use rock and it certainly helps with some of
the TACs I'm doing, you know, and if I have
to read a contract, you know, instead of having to
call my lawyer, I just just uploaded and it you know,
it reads it, It points out stuff. I mean that's
pretty good. You know, it does a lot of stuff
very quickly. And I really feel like when I'm talking,
I'm like I'm having a conversation. I mean, it doesn't
feel like I'm just searching. And I can see the
incredible potential to really you know, expand human productivity. I mean,
it's a phenomenal tool where you have you know, an
artificial intelligence, because before that it was just human intelligence.
And and so, uh, labor is a resource like like
you know, like like other resources.
Speaker 5: And it's it's scarce, especially skilled labor.
Speaker 1: Skilled labor is even more scarce than unskilled because you
have people have to get trained and they have to learn.
But if we can have millions or billions of you know,
highly you know educated, you know ais all over the world,
you know, we no longer have a shortage of intellectual capacity.
And to the extent that we could take that intelligence
and put it into a robot that we could mass produce,
then we have no shortage of physical labor, assuming we
just can get the raw materials necessary to build them.
So I think that this has the potential to be
one of the biggest, if not the biggest, ways to
improve the lives of.
Speaker 5: The people of you know, human human humans.
Speaker 1: We're going to live much better in the future than
we've ever lived in the past because of the productivity
boom that can result from AI. And who the hell knows,
you know what, all these geniuses, right working at the
same time, are going to invent or create that may
have taken us thousands of years. They can maybe they
can do it in a few years. I mean, so
the scale at which our technology can improve. And you know,
I mean I'm sixty two years old. I mean maybe
I'll live to be one hundred and sixty two, maybe
longer if I.
Speaker 5: Don't get into an accident. I mean, who knows.
Speaker 1: So I think there's incredible potential in AI, and I'm
very optimistic on our ability to harness this and use
it in a way that makes everybody's lives better. And
of course, the people who have the most to gain
are the poor in the middle class, right, the rich people,
you know, they already pretty much have whatever they want.
But I think the middle class, because of AI, if
we get massive abundance, if we really know, the cost
of production goes down dramatically. That means people can have
a lot of things that they can't now afford. I
mean that that that the reason things are expensive is
because we don't have enough of them. There's a scarcity,
and things are scarce, they're more expensive.
Speaker 3: Uh.
Speaker 1: And so the people who benefit the most from capitalism
are not the people who get the richest. It's the
middle class and the poor whose lives are improved the most, uh,
you know, by by what is you know, the result
of capitals and the invention, the productivity that the consumer goods,
the leisure that we have. But that said, I still
think there is a massive bubble going on in investments
that are tied to AI. You know, just like you know,
when the the locomotive was invented and there were all
these railroad stocks, and yes, railroads changed America for the better.
They were a big improvement, uh you know over a
horse and buggy. But a lot of railroad stocks, most
of them went bankrupt. And speaking of horses and bubbies buggies,
there was I don't know one hundred, I don't know
how many auto companies there were that went bankrupt before
we ended up with like three.
Speaker 4: Of them, and you know, and they can't and they're
going bankrupt too. Yeah, well now we have four, we
have four now.
Speaker 1: I mean Henry Ford revolutionized transportation with the assembly line,
and you know, there was a bubble in auto stocks.
That didn't mean that people who looked at the automobile
and said, yes, this is a game changer right, everybody's
lives are going to be different because of the automobile.
That didn't stop people from losing everything in auto stocks
that went busted. So I think what's happening right now is,
you know a lot of overpriced stuff that's being hyped
up by people who are just trying to jump on
a band wagon and get rich quick.
Speaker 5: And I think the epitome of that is crypto.
Speaker 1: And I think the crypto industry has kind of hitched
their wagonto AI, claiming that AI and crypto go hand
in hand. When that is complete bs, I believe in AI.
I don't believe in any of this crypto nonsense. So
almost all these tokens are probably I mean almost all
these tokens are going to zero, and that would include bitcoin,
although you know it may take a while for a
bitcoin to go that far down because you've got these
you know, hardcore h religious fanatics now you know that
will never sell their bitcoin no matter what, and not.
Speaker 4: Oddlers.
Speaker 1: I think it's there's going to be a market for bitcoin, uh,
but that market's going to be a fraction of what
it is today, you know. So yeah, so if bitcoin
goes down to a few hundred dollars a coin. Yes,
it's not zero, but for all practical purpose, if you're
holding bitcoin now at one hundred and ten thousand and
it goes to one thousand, you've lost all your money. Yes,
I mean ninety nine percent is pretty much one hundred percent.
Speaker 3: Well, I have a zero point four or five six
bitcoin floating around the ether because I upgraded my phone
lost my uh nass word. That was when bitcoin was
at six hundred, So my my fractional coin was worth
two hundred and forty dollars then.
Speaker 1: Now surprised, Well, why didn't you have more back then
than if you were going to buy it?
Speaker 5: I mean you might as well gone for a whole somebody.
Speaker 3: I wasn't a big believer then. I'm more of a
believer now for other reasons. But you know, somebody paid
me in it for something I didn't particularly want it.
Speaker 4: Yeah, I LOLd it.
Speaker 1: I took campaign donations in twenty ten and bitcoin. I
have no idea what the hell happened to those because
we never sold any I I you know, I what
that was it worth back then?
Speaker 4: In twenty ten? It's like five bucks oh less? Yeah?
Yeah it. Well, if you put a dollar.
Speaker 3: Into bitcoin in twenty ten, it'd be worth one point
one million dollars.
Speaker 1: Look, I look, I sat in front of a computer
screen as my some guy that worked in my campaign
was trying to get me to buy bitcoin, and I
thought about throwing ten grand in her. And I never did.
But you know, say, I don't know where I would
have cashed out. I'm sure, I mean, I'm sure I
would have kept something, been a lot i'd have been selling.
But you know, I have a tendency to hold on
of things. I mean, I still have a lot of
stocks that I bought twenty years ago. So I hold
a lot of stuff. You know, I got, I got.
You know, I have socks from twenty years ago. You know, hey,
why do you throw those out?
Speaker 3: You know?
Speaker 1: But so I probably would still have some bigcoin. But
you know, the thing that kept me out of it
was the fact that it was open sourced and anybody
could copy it, and it wasn't going to be the
only cryptocurrency. If it had been, if I'd have known
that it would only be bitcoin and not etherorium and
all this other stuff, I might have taken a shot
at it. But it was ultimately because I didn't think
It was truly scary. But who would have known that
there'd be so many of them and they all would
go up? I had I never It never occurred to
me back then, because I was trying to convince people
on Wall Street to buy gold, and they had no
interest in gold, so I thaid, well, why the hell
do they want to buy digital gold. I was actually
looking at it as digital gold back then, because I
thought they're they're they're mimicking gold, They're mimicking the properties
of gold. They made it look like gold bitcoin it
was gold, right, So I was looking at it that
way before they reinvented it that way when they realized
it didn't work as a currency. But one of the
things that I liked about it back then was that
you could use it, you know, on the black market
to buy illegal stuff. And I thought it was I
thought the government couldn't tell, you know, who was using it.
Speaker 5: Little did I know they actually can.
Speaker 1: It's not It's actually not as good as I thought
it was back then, because.
Speaker 5: The least you know, you can you could go beneath the.
Speaker 1: Radar of the AML laws and the KYC and all that.
Speaker 5: All that stuff.
Speaker 1: But but now it's all Look, it's all speculators in
there now. Uh, bitcoin is a tech stock without any
earnings and without the prospect of ever having earnings.
Speaker 5: And I think what's happening now.
Speaker 1: You know, Bitcoin is down more than twenty five percent
priced in gold over the since August. I think bit
I think gold has pricked the bitcoin bubble. I think
the whole digital gold narrative is falling apart right now.
And I think what's going to be happening over the
next few months is not the hardcore true believers. I mean,
you know, these guys are are are are in right,
They're they're they're they're stuck. But a lot of money,
a lot of hot spec money came in too crypto,
especially after Trump won and became the first bitcoin president
with a strategic reserve and.
Speaker 5: All this stuff.
Speaker 1: So I think a lot of investor money, you know who,
you know, they just want to make money. They're not hardcore,
you know, they just want to buy bitcoin and sell
it at a profit. And a lot of the money
that came into these bitcoin ETFs and these treasury companies,
a lot of it came out of gold stocks and
gold ETFs. And I think as gold really starts to
perform and bitcoin goes down.
Speaker 5: I think a lot of the money that left gold for.
Speaker 1: Bitcoin is going to go back to gold and gold
stocks and try to get out of bitcoin.
Speaker 5: And I think the bottom is going to drop out
of this market.
Speaker 1: What happened on Friday in bitcoin, that little flash crash
where bitcoin went down to one hundred and four thousand
and snapped back up.
Speaker 5: That that's just a glimpse of what's gonna come.
Speaker 1: But the next big drop it's not gonna be because
Trump puts something out on a truth social It's gonna
be the real bottom falling out of that market. It's
gonna be the mass liquidation from the ETFs. And you know, ultimately,
you know, Michael Sailor, you know that company, Micro Strategy
going bankrupt and all that bitcoin it's.
Speaker 4: Going to be sold.
Speaker 1: The creditors are going to get a hold of that
bitcoin and they're gonna have to sell it to get
what ever cash they can get back out of their
you know, their preferreds or whatever secured notes they have
against micro Strategy, And the only our strategy and the
only asset they have is bitcoin, because I don't think
the software company is worth much.
Speaker 3: Yeah, Well, it's going to be interesting to see, that's
for sure. So we find in you over at europack
dot com. Best place to check your workout.
Speaker 1: Yeah, well, your pack dot com is the website for
my asset management company, and I would invite your uh,
you know, followers to go to your Pacific Asset Management.
You can get information on my five mutual funds, which
are killing it this year, and I think you're going
to continue to crush it for the rest of the decade.
I think this sell America trade is just getting started.
We have the most overvalued markets in the world, and
we have a currency that's about to collapse. So you
want to get out of overpriced US stocks and get into.
Speaker 5: Stock around the world.
Speaker 1: Emerging markets stocks I think are going to really shine
next year. This year they've done okay, not as well
as the developed markets. But I think next year, you know,
when we really start to see a week dollar, you're
going to really see the benefit that that's going to
have for the emerging markets. You know, Brick Nations, We've
got a lot of strategies that give you exposure. We
do separately managed accounts that you could set up with us,
or you can buy my mutual funds. We have rap programs,
or you can buy my funds no load at any
any discount broker. You know. The goalfund is EPG I X,
the one I mentioned. The strategy, the Foreign Dividend Pair
strategy is ep d i X. That's up almost fifty
percent this year, you know, since the January first, twenty
twenty five. That just gives you an idea of what's
happening outside the United States as money is flowing back
into these foreign markets coming out of US. You know,
don't get fooled by, oh that all the headlines are
about the Dow is hitting new highs. The Dow is
crashing this year in terms of gold. In fact, in
nineteen ninety nine, the Dow was worth forty five ounces
of goal. Now it's worth eleven. That's a seventy five
percent decline in twenty six years priced in real money.
So you've got to keep that in, you know, in
consideration when you're looking at these inflated numbers. So go
to europe Civic Asset Management at your Impact dot com.
I mentioned Shift Gold Shift gold dot com. You can
buy physical gold and silver. We got a great new
shopping cart. You can just go on the website, load
up your cart, check out, pay. You don't have to
talk to anybody. But I've got a great staff of professionals.
If you want to do it old school, you don't
want to do it all online. They got an eight
hunter number. They're happy to talk to you, you know,
so a lot of times they're working twenty four to seven.
You know, I've been telling people on my podcast I do.
I'm on for Shift Gold. I've been doing this Friday
market wrap and every Friday I tell people, don't wait
for Monday, buy your gold on Saturday at Shift Gold
because every day the market goes way up, and you know,
it's just like you know, I mean, we just hit
four thousand a week ago, a week ago, and now
we're at forty two hundred above forty two hundred, So
the market is moving, the trend is going to accelerate.
As far as other places, they can follow me. You know,
I do my podcast, the Peter Shift Show. You can
listen to it on Shift radio dot com. On my
YouTube channel, so subscribe to my YouTube channel also the
Shift Gold YouTube channel. Follow me on x I just
went through a one point two million followers on x
but I'm still small combared to some of these crypto
gurus you know, who have you know, two or three
times the followers that I do. But I think, I
think in a couple of years, I'll have more followers
than they do. I think a lot of their followers
are gonna end up losing too much money. But but
you're going to see a lot more people are going
to discover the gold trade, you know, and they're going
to start participating, and they're going to discover me. But meanwhile,
don't think, don't think it's expensive. You know, if you're
don't think, oh I missed it. I can't buy gold
at forty two hundred dollars, I can't buy silver at
at fifty three dollars. These are still low prices compared
to where they're going. Yes, they're a lot higher than
they were a year ago, six months ago, two years ago.
I tried to get people to buy it back then,
and if you didn't listen, it's not my fault.
Speaker 5: But it's still cheap.
Speaker 4: You know.
Speaker 1: Where I feel the worst. We had a lot of
clients at my company that cashed out last year because
of Trump, and early this year we had record outflows
from my gold funds and look at what's happened. Right,
So people throw in the towel at the worst possible time.
After holding these stocks for years, they decided I'm giving up.
I'm gonna you know, and and but I tell these people, yes,
it was a mistake to cash out of my strategy
in twenty twenty four and earlier this year, but.
Speaker 5: It's a bigger mistake not to get back in.
Speaker 1: You got to recognize the mistake that you made and
correct it before it becomes catastrophic.
Speaker 5: Yes, you left a lot on the.
Speaker 1: Table, but there's a lot more that is going to
be left if you don't get back in, right, So
you got to you have to acknowledge that you made
a mistake and then fix it before it becomes a
much bigger mistake.
Speaker 4: Agreed. Couldn't agree with you more. Hey, one final question.
Speaker 3: We're talking gold, but what about silver. Isn't this outside
there so much greater?
Speaker 5: Yeah? It is.
Speaker 1: Look, first of all, this is a precious metals bull market, right,
so look at platinum, look at palladium. You know when
platinum was last below one thousand and gold top three
thousand on my podcast, which is another reason why you
should listen to it. I went on my podcast and
I said, look, you got to go to Shift Gold
right now and buy platinum. I said, because you can
buy three ounces of platinum for one ounce of gold.
That is ridiculous. I've never seen this, just completely absurd.
Speaker 4: It was insane.
Speaker 1: You got to buy it right now. Platinum is like
sixteen hundred sec, but it's still cheap with gold at
forty three hundred. I mean, I remember, for most of
my life, platinum was more expensive than gold.
Speaker 4: So all of my life up until fifteen years ago,
there was only three or four times I got six
zebras on you. There's only three.
Speaker 3: Or four times where gold ever became more valuable and
then to be double or triple or quadruple.
Speaker 4: Yeah, well it was insane.
Speaker 5: So yeah, that's why.
Speaker 1: That's why the platinum, the platinum American Express card is
more prestigious than the gold card. Right, it's a platin
is supposed to be more expensive, right the gold. So
but yeah, it's a precious mouth. But I love silver.
I've been pounded the table. When I first got into
the Shift Gold, I was telling people two thirds gold silver,
right because I was more into gold. But just Over
the last year, I've been telling people, know by silver
at least half silver, or in some cases only silver.
I was telling my clients, look, if you got a
bunch of gold, don't buy anymore, buy silver instead. I mean,
they're giving this stuff away. And I still think silver sheep.
I think silver could easily be one hundred dollars next year.
Do I think gold is going to be eight thousand
next year? I mean, probably not. It could be, It
could be, But I think if gold is eight thousand
next year, silver will be more than one hundred.
Speaker 5: Silver might be one hundred and fifth.
Speaker 3: Though, give me an idea, give me your guest at
it on what the gold to silver ratio is going
to compact or compress too well.
Speaker 1: At its peak it was over one hundred to one,
so you were andrew yet more than one hundred ounces
of silver or one ounce of gold. Now it's about
eighty to one, and that's still cheap silver. I think
my minimum target minimum would be about fifty to one.
That would be a minimum, But I think there's a
good shot that we could go to twenty to one,
you know, maybe even a little lower.
Speaker 4: Maybe fifteen fifteen. Week like it's hit it before.
Speaker 1: At the at the at the whenever the peak of
this bull market is, and I think we're still many
many years away from a peak. But wherever the peak is,
that's when silver is going to be at its most
expensive relative to gold, right, So it's going to happen.
Speaker 5: You know, it's just a question to win.
Speaker 1: And I think the main reason, and I've been saying this
that gold has been going up and not silver, is
because this rally has been driven by central banks. They
don't buy silver, they don't have any place to store it.
They buy gold. Retail investor wasn't buying. That's just starting now,
just now Wall Street is now for the first time
in my career. I've been in the financial business for
over thirty five years.
Speaker 4: Yet your whole life, this is.
Speaker 1: The first year that firms like Morgan Stanley are saying
you should have gold in your portfolio.
Speaker 4: Yeah. I don't remember them ever saying it before. I
don't remember.
Speaker 1: Look, I forget who is it. Somebody just came out
today and said for the first I think it was
Jamie Diamond. He said, for the first time in his career,
it's not completely idiotic to have some gold. That was
like as close as he can come to like by.
Speaker 4: It's like bitter pill. That's a bitter pill.
Speaker 1: But but when Morgan Stanley said maybe the sixty to
forty portfolio should be sixty twenty twenty, where you sell
half your bonds and buy gold.
Speaker 5: Look, this is going to become mainstream.
Speaker 1: I think right now Wall Street has maybe two percent
in gold, and that's because a lot of people have
no gold. So Wall Street is as underinvested in gold
as they've ever been.
Speaker 4: And that it's central banks global.
Speaker 1: Spite despite all their buying carry central banks still don't
have enough goal and so they have the central banks
have a lot more goal to buy the public institutions.
Retail has a lot of goal to buy. The problem
is there's not a lot of gold to sell. I mean,
I'm not selling any of my gold. I mean people
are they in fun of me? Hey, if you like
gold so much, you know why you selling gold to
shift gold. I'm not selling my gold. I'm just I'm
just host selling it and then retailling it buy it
from a host saler.
Speaker 5: I don't sell any of my own gold. I'm not
that dumb.
Speaker 1: In fact, whatever profits I make, I use it to
buy more.
Speaker 5: In fact, I haven't been buying gold.
Speaker 1: I've been buying the gold stocks because I thought that
that was the cheapest way to buy gold, was to
buy the stocks, because I was buying the gold that's
still in the ground, which they've given away, because these
gold stocks had never been this cheap. Now obviously not
as cheap as they were. In fact, I put out
a special report and you can still read that report
on your pack dot com, The Best way to buy Gold.
It was April of this year, and that was before
gold stocks doubled, because the first quarter they didn't really
go anywhere. They were down, and I said, don't even
buy gold, even though I got Shift Gold, don't call
Shift gold, you know, buy gold stocks because they were
so yeah, I mean, and and so they're not as
cheap as they were when I wrote that report the
best way to buy Gold. But they're still cheap. They're
just less cheap, so they still have to be bought.
I mean, I you know, I haven't sold any of
my gold stocks, or is my silver stocks. The only
reason I'm not buying more is because I have so much,
and so I'm buying non gold stocks to try to
bring down my allocation because it's now so high. I'm
so I mean, I'm so overweighted gold stocks. But if
you're not overweight gold stocks, then you got to buy
them because you should be overweight.
Speaker 3: Yeah, all right, well, hey, so Europac dot com and
obviously shiftgold dot com by some there some silver because
we all know where it's heading. There's not even a
question about it. Nobody should be questioning this now at all.
Speaker 4: No.
Speaker 3: No.
Speaker 1: And the thing is, you know, like they're still not
covering it, like CNBC covered gold for a couple of
days when it was at four thousand. I guess they're
can to ignore it till it's at five thousand, and
then they'll just talk about it again for a few
days and then go silent. I mean, they're still fixated
on bitcoin exactly.
Speaker 4: All right, Peter, it's been a pleasure. Thank you, I'll
see you.
Speaker 2: Thanks for listening to Carrie Letz's Financial Survival Network, your
solution to today's trying times. For the latest, go to
Financial Survivalnetwork dot com. Financial Survival Network now more than
ever