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Speaker 1: But it's doing it for the reasons that I warned about.

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It is a loss of confidence in the US and

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it means the dollars days as the reserve currency are

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numbered and that number is not that big anymore. And

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that is a game changer for the US because we

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rely on the dollar like a crutch. The only reason

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our economy works is because of the dollar status. That's

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what allows us to have this debt fueled, consumer based economy.

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But once the dollar collapses, you know, everything that we

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built on top of that comes crashing down.

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Speaker 2: You're listening to Carrie. Let'sa's Financial Survival Network where you

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get valuable information you just can't find anywhere else to

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thrive in today's trying times. You need the Financial Survival

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Network now more than ever. Go to Financial Survivalnetwork dot

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com and get your free newsletter and gift. Financial Survival

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Network now more than ever.

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Speaker 3: Welcome you are listening to and watching the Financial Survival Network.

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Speaker 4: I'm your host, Carrie Lutts.

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Speaker 3: Well, Peter Schiff is with us at Schiffgold dot com. Peter,

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We've been having this conversation now for over a decade.

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You know, I've been doing the show now for fifteen years.

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You were one of the people who inspired me, whether

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you know it or not, to actually start doing this.

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You were so active in YouTube and podcasting. I said,

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how hard can it be? Turned out to be I

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could do it. Anybody could do it.

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Speaker 4: It turned out to be.

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Speaker 3: A little harder than I expected, but eventually worked out.

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But here we are fifteen years later. So your warnings

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were prescient. Your warnings were accurate, right on the money,

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if you will, But they just took a lot longer

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than you or anyone out there expected.

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Speaker 1: Yeah, I mean, you know, I was, you know, telling

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my clients, you know, to get ready for a crisis.

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Speaker 5: Twenty years ago. I was telling them buy gold.

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Speaker 1: It was under three hundred dollars when I first started

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putting my clients in gold. It's now over forty two hundred.

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So it's not like they lost money buying gold. They

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actually did better than the stock market and silver. When

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I started buying silver, it was like four dollars four

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and a half dollars. Today it's fifty three dollars. So

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but we haven't had the crisis yet. But I actually

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think that we could have the crisis next year. And

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I'm not talking about the financial crisis, right. I we

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had that in No. Eight and I totally predicted that crisis.

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I wrote about it in my book Crash Proof. But

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what I was worried about was not that crisis, but

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the next one that hasn't come yet, because we've kicked

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the can down the road, you know, for all these years.

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But all that cankicking allowed all the problems to get

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much worse. And so now you know, when I was

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talking about five thousand dollars gold back then, I mean

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five thousand dollars gold could be this year.

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Speaker 5: I mean very easily, but I mean at a minimum.

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Speaker 1: Now probably we're looking at twenty thousand dollars gold because

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of all of the money that has been printed and

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all the money that's going to be printed, uh, you know,

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which is why you know, people have to you know,

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you know, look at what's happening and protect themselves. A

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lot of people I think are going to get wiped

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out in this dollar crisis, which I think gold is

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signaling a dollar crisis, just like you know, when subprime

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blew up, and you know, if I was short at

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that market, but when subprime blew up in seven, that

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signal the financial crisis was coming in eight yet the

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mainstream media, the Federal Reserve were oblivious to it. I

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remember those days when they still had me on you know,

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CNBC and Bloomberg and CNN.

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Speaker 5: And Fox, and you know, I was warning about it.

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Speaker 1: People were laughing it off, you know, and even though

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there was a clear sign that it was coming.

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Speaker 5: Well, what's happening now in gold?

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Speaker 1: In fact, Scott Bessett I was listening to him interviewed

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a couple hours ago and he was asked if he's

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concerned about the price of gold going up, but he

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said absolutely not. It means nothing. Who cares everything was great?

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Speaker 5: It does. It doesn't mean nothing. It means everything.

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Speaker 4: It is.

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Speaker 1: It is the most important commodity in economics, in money,

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Gold is money, and the fact that central banks around

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the world have been selling their dollars and buying gold

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means something.

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Speaker 4: Right.

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Speaker 1: Even Alan Greenspan, you know, Bessett talked about, you know

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how great Alan Greenspan was, and you know which, you know,

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I didn't think he did a good job. He caused

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the financial crisis. But one thing that Greenspan got right

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is he said that he uses gold as a barometer

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of whether or not his monetary policy is too easy

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or too tight. He said, if gold gets close to

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four hundred, that means I'm too loose, and if it

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goes near three hundred, I'm too tight. Of course, at

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the time he said that it was around three fifty.

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But you know what is what is four thousand dollars gold?

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Tell you're forty two hundred. The Fed is too loose

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yet it's about to cut rates. So goals going through

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the roof here, that means the dollars going through the floor,

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We're gonna have a bond crisis.

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Speaker 5: I think, you know, people, the people at most at risk.

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Speaker 1: If you're holding a lot of cash, you're gonna get

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killed because especially if it's US dollars.

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Speaker 5: I don't care.

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Speaker 1: If you've invested in in you know, money market fund

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and you're earning four percent, you know, so what you're

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gonna get four percent more of dollars that are going

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to buy very little.

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Speaker 5: So it's not going to do you.

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Speaker 1: If you're just hanging out in these overpriced tech stocks, uh,

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you could be in for a lot of trouble. The

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cryptocurrency market, as far as I'm gonna sert, it looks

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like it's about to completely implode. You know, bitcoin is

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it a major bear market now, It's down more than

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twenty five percent priced in gold since it's August high.

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The crypto guys are just you know, oblivious, you know,

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just waiting for this big rally that's never going to come.

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And meanwhile they're missing out on what's going on in gold,

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gold stocks, the farn stocks are killing it. We're having

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our best year since I've been managing money, even our

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basic strategies are diving and paying foreign stocks. Strategy is

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almost up fifty percent on the year. We still have

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a couple of months left. But of course, you know,

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our biggest strategies are gold and mining stocks, and you

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know there we've more than doubled bushing it. But you know,

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the big news, the small ones, the junior miners, like

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my goalfund has about a third in real small companies, juniors,

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and they haven't even moved that much this year. I

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think they're the story for twenty twenty six. But that's

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a great opportunity for people to get into my goalfund,

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which people can buy no load, any any discount broker

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epg i X. Yeah, it's more than double this year,

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but that's nothing compared to I think, what's going to

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happen when these smaller stocks that have underperformed this year

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when they kick in because there's so much leverage baked

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into those stocks.

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Speaker 4: Yeah for sure.

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Speaker 3: So what if, Peter, this crisis is really here and

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nobody's bothered to tell us about it. It's actually unfolding.

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The reset is taking place, and the media just forgot

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to cover it.

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Speaker 1: Well, the media doesn't understand it. I mean, they're not

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going to cover what they don't understand. You know, we've

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been living in a bubble.

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Speaker 4: You know.

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Speaker 5: Look, the Trump administration has it backwards.

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Speaker 1: They think that the trade deficits mean that the world's

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been screwing us over. The reality is we've been screwing

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over the world.

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Speaker 4: You know.

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Speaker 5: You hear Trump talk.

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Speaker 1: About, Oh, China's economy is going to be wrecked from

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this trade war. No, they're going to be liberated from

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the trade war. Liberation day liberated the Chinese. It's the

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American economy that's going to get wrecked. The best thing

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that China can do is stop vendor financing the deadbeat

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American customer, and Chinese economy is actually strengthening quite a bit.

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As they're trading less with America and more with the

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rest of the world. This decoupling is happening alongside the

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d dollarization, and that means America's ride on the global

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gravy train is coming to an end. We're not gonna

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be able to live beyond our means anymore. We just

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can't crank dollars off of printing press and then go

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on a shopping spree around the world and buy all

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kinds of stuff that we don't produce. We're not gonna

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be able to get leveraged as consumers and borrow money

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and buy stuff that we can't afford. Those days are

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coming to an end. That's what gold is telling you.

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But the mainstream media, the FED, they don't get it right,

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just like they didn't understand the problems in the mortgage

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market even though subprime blew up. They don't understand the

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significance of what's happening in.

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Speaker 5: Gold and what it means.

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Speaker 1: Yes, the dollar relative to other Fiat currencies hasn't collapsed yet,

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but it's about to. The bond market hasn't collapsed yet,

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but it's about to. You know, because when subprime crashed

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and everybody said, oh, don't worry about it. It's just subprime.

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And I knew it was a tip of an iceberg.

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This is the tip of an even bigger iceberg. When

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you see this happening to the price of gold and

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the price of silver, and you know, people are oblivious people.

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You know, they look at gold and they think, oh,

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it's a bubble. No, it's nobody's invested.

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Speaker 4: You know.

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Speaker 1: I got Shift Gold as my gold company, and business

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has been slow for years.

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Speaker 5: It's picked up a little.

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Speaker 1: Bit in the last month or so, but it's nothing

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to write home about. It's not like the phones are

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ringing off the hook. I mean, it's not even near

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what it was during COVID. That was the best year

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I ever had in the gold business, was twenty twenty

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because people were actually worried and they rushed out to

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buy gold and silver.

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Speaker 5: There is no real worry now.

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Speaker 1: In fact, what we've found over the last year until

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very recently is people were reluctant to buy gold and

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silver because they thought the price was too high. And

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in fact, what was keeping us going was people were

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calling up to sell their gold and silver. They wanted

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to cash out right. And now, of course I advise

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not to do that. I've been telling people, no, the

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last thing you want to do is sell your gold

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and silver. I read this ridiculous article in the Financial

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Times where they said that central banks should take advantage

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of the gold bubble and sell their gold. I mean,

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take they're the ones that are buying.

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Speaker 5: Sell.

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Speaker 4: That's madness.

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Speaker 3: Who comes up with these things, Peter. Look, I mean

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we're outside the box thinkers.

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Speaker 4: You and I We.

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Speaker 3: Don't like look at the world the way everybody else does.

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But at some point it becomes so obvious the debt

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becomes unsustainable, all these factors, the asset bubbles taking place

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all over the world, and you have to wonder what

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what are they thinking?

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Speaker 1: Yeah, you know, I've always said if you don't know

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you're in a bubble, you never see the pin. And

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the pin this time is gold soaring?

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Speaker 4: Right?

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Speaker 1: Because this is showing a loss of confidence worldwide in

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the US government in our ability UH to get our

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fiscal house in order UH to pay our debts, UH,

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to manage our currency.

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Speaker 5: Uh.

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Speaker 1: It's obvious right with you know, first, Biden made the

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mistake of the sanctions against Russia. That was a huge

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warning to get out of dollars But then when Trump

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signed on to the Big Beautiful Bill, I mean that

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was it that finalized it, because that extinguished any hope

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of reigning in.

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Speaker 5: Uh.

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Speaker 1: The excess reckless deficits under Biden, they're now going to

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be even worse under Trump. And then when he when

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he bashed the Federal Reserve and called Powell a moron,

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an idiot. Uh, and he started putting his cronies on

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the FOMC. You just like Roosevelt packed the Supreme Court

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in the thirties so he can get his unconstitutional New

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Deal programs through the Supreme Court. Trump wants to do

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the same thing with the Fed so he can create

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massive inflation, because that's the Trump economic policy. He doesn't

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want to six any of our problems. He doesn't really

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want to make America great again. He just wants to

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blow more air into the bubble, hoping it doesn't pop

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while he's still in office. So he just wants to

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crank up the presses to the max. But I think

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Gold is telling you it ain't going to work this time.

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It's not two thousand and eight, it's not twenty twenty.

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There's a whole new world and it's all going to

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backfire and when the Fed goes back to QE, which

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they're probably going to do maybe by next year, because

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these next few rate cuts are going to produce the

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opposite effect of what they intend. Long term rates are

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probably going to head up, Mortgage rates are going to

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head up, and then the new FED chairman is going

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to come in with massive quantitative easing being to buy

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up bonds and mortgages, and it's gonna blow up because

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the dollar is going to tank, and then we're going

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to have a real currency crisis and a sovereign debt crisis.

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And don't wait till then to get your gold. You

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know you got you got to go to shift gold

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right now, right If you're watching this on YouTube, pause it,

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pause it, go to shift gold, buy your gold and silver,

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and then come back and watch the rest of the interview.

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That's how important it is. You can't even wait for

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this interview to be over.

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Speaker 5: You need to.

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Speaker 1: Own some physical medals in advance of this crisis.

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Speaker 4: Agreed.

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Speaker 3: Agreed, And you know we've been on the same page

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with that. You know, you can't predict history, how history

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will unfold. Nobody can do it. Some people are better

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than others. Guys like Martin Armstrong can call you know,

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crashes to the day on occasion, but you know, most

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of us can't do it. And even if we hear

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somebody who knows what they're talking about, you don't believe it.

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Speaker 4: So you've got to know nobody.

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Speaker 1: Yeah, Like, obviously I've been you know, warning about this,

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you know, since my hair wasn't gray, right, So remember,

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I mean and.

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Speaker 4: You had more of it too.

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Speaker 1: When you understand, when you understand the problem, right, you

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see it early. Uh, and often you see it so

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early that you lose credibility. I they call you a

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broken clock. I mean, I've been warning about the problem

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budget deficit and the trade deficit and artifically low interest rates.

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But for all the years I've been warning about it,

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the stock market keeps hitting new highs. You know, the

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economy key seems to be doing okay. And it's like

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you see, shift is wrong, right, he's chicken little like this,

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this guy's not falling. Well this you know it's going

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to happen. And the thing is it's happening now, right,

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I mean, when I go back to it, the subprime

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I was warning about the housing bubble for three four years,

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before it blew up, and the whole time I was

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warning about it, people were like laughing at me because

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at the housing prices kept going up.

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Speaker 5: But when subprime blew up in seven, I knew.

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Speaker 1: That what I was predicting was close because I had

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been predicting the subprime blow up too. But I knew

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that once that happened, then the rest would all fall apart.

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But the people who didn't understand the problem that they

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just shrugged off subprime because they didn't they didn't get

303
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it well that I've been warning that this was going

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to happen to gold, that it was going to start

305
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to rise at this pace for a long time, and

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it's now doing it. But it's doing it for the

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reasons that I warned about. It is a loss of

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confidence in the US, and it means the dollars days

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as the reserve currency, are numbered and that number is

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not that big anymore. And that is a game changer

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for the US because we rely on the dollar like

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a crutch. The only reason our economy works is because

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of the dollar status. That's what allows us to have

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this debt fueled, consumer based economy. But once the dollar collapses,

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you know everything that we built on top of that

316
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comes crashing down, and so yeah, I couldn't get the

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timing right.

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Speaker 5: I knew what was coming, but nobody.

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Speaker 1: You know, you can't if you try to be cutsy

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with it, if you try to be perfect, you're going

321
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to be too late, right, So you can't rely on

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I think I can time it.

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Speaker 5: I'm a technician.

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Speaker 1: I got some kind of model that's going to tell

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me when to get out of the dollar, when to

326
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get short, or when to get into gold stocks. No,

327
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there is no way to do it where you know

328
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you do it just right. You just got to know

329
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how the game is going to end, and then position

330
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yourself to win the game. You know when it's over.

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And I've been properly positioned for a long long time.

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I've been sitting at this uh poker table watching other

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people win hands, but knowing that eventually all our chips

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are going to be in front of me. And I

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think we're about to We're about to collect all the

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chips on this on this power table.

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Speaker 4: Honestly, I think it's happening now.

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Speaker 3: You know, they knew long before the public became aware

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of the housing crisis. I would venture to say eight

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months to a year before the FED knew. They didn't

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do anything, but they absolutely knew it. I'm certain of it.

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Speaker 1: Yeah, they may have known it and then, but they're

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afraid to admit it, you know. I mean, I remember

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I watched an interview with Ben Bernaki years ago.

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Speaker 5: I'm not This was on what you would call I'm

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trying to the name of the show.

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Speaker 1: A Motley fool and and so they were interviewing Ben

348
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Bernaki and they played him some sound bites of him

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saying how everything was great, you know before the crisis,

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like so prime was contained, the economy is great, and

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they said, well, you know, how do how does how

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do you feel now listening to these sound bites of

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what you say said now knowing how everything.

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Speaker 5: Fell apart and how wrong you were right, So you know,

355
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what do you got to say?

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Speaker 3: Right?

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Speaker 5: How do you feel?

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Speaker 1: And what his response was was this, he said, well,

359
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you know, to be honest, you know, I was a

360
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member of the Bush administration, and you know, I really

361
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couldn't speak my mind. I couldn't really be frank, So

362
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you know that's not necessarily what I thought. So you

363
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can't say, you know, you can't hold it against me,

364
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And I couldn't.

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Speaker 5: Believe he admitted that.

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Speaker 1: Wow, because first of all, he wasn't a member of

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the Bush administration. Here were the Fed. Yeah, he's supposed

368
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to be independent, and so basically what he said, Look,

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I knew there was a problem, but I didn't want

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to admit it because it would have looked bad for Bush.

371
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So I lied about it. That's basically what it's say,

372
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worse and worse. Yeah, and nobody picked up on it

373
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other than me. I've never heard anybody talk about that interview.

374
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I've tried to find that interview online. I can't find it.

375
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Speaker 3: You know, maybe memory hold and memory hold so much,

376
00:19:00,319 --> 00:19:04,319
so many things I've seen on the web because putting

377
00:19:04,319 --> 00:19:09,359
on tinfoil hats about nine to eleven. But there was

378
00:19:09,480 --> 00:19:13,319
actually chatter on the web that there was stuff going

379
00:19:13,359 --> 00:19:15,680
on at the trade center. We don't won't get into

380
00:19:15,720 --> 00:19:19,640
it because they'll wind up wiping this off. But you

381
00:19:19,680 --> 00:19:25,480
know it happens for sure. So really the die is cast.

382
00:19:26,279 --> 00:19:30,119
There's nothing they can do to stop it.

383
00:19:29,640 --> 00:19:33,759
Speaker 4: Will they attempt a war to Trump?

384
00:19:33,799 --> 00:19:35,880
Speaker 1: We can't get up. We can't afford a war. That's

385
00:19:35,920 --> 00:19:38,839
the problem where we can't even afford peace. But war

386
00:19:38,920 --> 00:19:42,079
is even more expensive. But you know the problem is

387
00:19:42,680 --> 00:19:46,039
the defense budget has exploded under Trump. I mean, why

388
00:19:46,039 --> 00:19:48,920
can't they even cut that? I mean, Trump can't cut anything.

389
00:19:49,079 --> 00:19:52,279
He's the biggest spender we've ever had. You know. Of course,

390
00:19:52,279 --> 00:19:54,599
he was a big spender the first time he was president,

391
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and now he's breaking his own records.

392
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Speaker 3: Shouldn't be a surprise. Should not be a surprise. A

393
00:20:01,240 --> 00:20:04,240
it's been a while since we talked. You have any

394
00:20:04,240 --> 00:20:07,599
thoughts about AI and not so much what we're talking about,

395
00:20:07,599 --> 00:20:08,440
but in general.

396
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Speaker 1: Yeah, Look, look, I think artificial intelligence has incredible potential.

397
00:20:13,640 --> 00:20:16,480
I mean, obviously I use it in a limited degree

398
00:20:16,519 --> 00:20:19,359
every day because I use you know that GPT or

399
00:20:19,400 --> 00:20:22,839
I use rock and it certainly helps with some of

400
00:20:22,880 --> 00:20:26,559
the TACs I'm doing, you know, and if I have

401
00:20:26,640 --> 00:20:28,519
to read a contract, you know, instead of having to

402
00:20:28,519 --> 00:20:31,960
call my lawyer, I just just uploaded and it you know,

403
00:20:32,200 --> 00:20:34,440
it reads it, It points out stuff. I mean that's

404
00:20:34,440 --> 00:20:36,519
pretty good. You know, it does a lot of stuff

405
00:20:36,640 --> 00:20:40,839
very quickly. And I really feel like when I'm talking,

406
00:20:40,960 --> 00:20:43,839
I'm like I'm having a conversation. I mean, it doesn't

407
00:20:43,880 --> 00:20:46,480
feel like I'm just searching. And I can see the

408
00:20:46,519 --> 00:20:52,960
incredible potential to really you know, expand human productivity. I mean,

409
00:20:53,000 --> 00:20:57,319
it's a phenomenal tool where you have you know, an

410
00:20:57,440 --> 00:21:01,799
artificial intelligence, because before that it was just human intelligence.

411
00:21:02,680 --> 00:21:06,240
And and so, uh, labor is a resource like like

412
00:21:06,319 --> 00:21:08,839
you know, like like other resources.

413
00:21:08,279 --> 00:21:12,640
Speaker 5: And it's it's scarce, especially skilled labor.

414
00:21:13,000 --> 00:21:15,960
Speaker 1: Skilled labor is even more scarce than unskilled because you

415
00:21:16,039 --> 00:21:18,279
have people have to get trained and they have to learn.

416
00:21:18,960 --> 00:21:23,920
But if we can have millions or billions of you know,

417
00:21:24,359 --> 00:21:30,039
highly you know educated, you know ais all over the world,

418
00:21:30,480 --> 00:21:34,400
you know, we no longer have a shortage of intellectual capacity.

419
00:21:35,119 --> 00:21:38,079
And to the extent that we could take that intelligence

420
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and put it into a robot that we could mass produce,

421
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then we have no shortage of physical labor, assuming we

422
00:21:45,440 --> 00:21:48,559
just can get the raw materials necessary to build them.

423
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So I think that this has the potential to be

424
00:21:51,720 --> 00:21:55,279
one of the biggest, if not the biggest, ways to

425
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improve the lives of.

426
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Speaker 5: The people of you know, human human humans.

427
00:22:00,880 --> 00:22:03,839
Speaker 1: We're going to live much better in the future than

428
00:22:03,880 --> 00:22:09,039
we've ever lived in the past because of the productivity

429
00:22:09,079 --> 00:22:14,720
boom that can result from AI. And who the hell knows,

430
00:22:14,880 --> 00:22:18,400
you know what, all these geniuses, right working at the

431
00:22:18,440 --> 00:22:22,359
same time, are going to invent or create that may

432
00:22:22,400 --> 00:22:25,240
have taken us thousands of years. They can maybe they

433
00:22:25,279 --> 00:22:27,279
can do it in a few years. I mean, so

434
00:22:27,640 --> 00:22:33,440
the scale at which our technology can improve. And you know,

435
00:22:33,759 --> 00:22:35,960
I mean I'm sixty two years old. I mean maybe

436
00:22:36,000 --> 00:22:38,200
I'll live to be one hundred and sixty two, maybe

437
00:22:38,319 --> 00:22:38,960
longer if I.

438
00:22:38,880 --> 00:22:41,079
Speaker 5: Don't get into an accident. I mean, who knows.

439
00:22:41,200 --> 00:22:44,319
Speaker 1: So I think there's incredible potential in AI, and I'm

440
00:22:44,400 --> 00:22:48,519
very optimistic on our ability to harness this and use

441
00:22:48,559 --> 00:22:52,359
it in a way that makes everybody's lives better. And

442
00:22:52,400 --> 00:22:54,200
of course, the people who have the most to gain

443
00:22:54,359 --> 00:22:57,000
are the poor in the middle class, right, the rich people,

444
00:22:57,319 --> 00:22:59,599
you know, they already pretty much have whatever they want.

445
00:23:00,200 --> 00:23:03,480
But I think the middle class, because of AI, if

446
00:23:03,480 --> 00:23:07,000
we get massive abundance, if we really know, the cost

447
00:23:07,039 --> 00:23:11,079
of production goes down dramatically. That means people can have

448
00:23:11,119 --> 00:23:13,160
a lot of things that they can't now afford. I

449
00:23:13,160 --> 00:23:16,119
mean that that that the reason things are expensive is

450
00:23:16,160 --> 00:23:18,960
because we don't have enough of them. There's a scarcity,

451
00:23:19,519 --> 00:23:22,160
and things are scarce, they're more expensive.

452
00:23:22,920 --> 00:23:23,039
Speaker 3: Uh.

453
00:23:23,440 --> 00:23:26,039
Speaker 1: And so the people who benefit the most from capitalism

454
00:23:26,359 --> 00:23:28,720
are not the people who get the richest. It's the

455
00:23:28,759 --> 00:23:32,920
middle class and the poor whose lives are improved the most, uh,

456
00:23:33,160 --> 00:23:36,359
you know, by by what is you know, the result

457
00:23:36,440 --> 00:23:40,359
of capitals and the invention, the productivity that the consumer goods,

458
00:23:40,400 --> 00:23:44,319
the leisure that we have. But that said, I still

459
00:23:44,359 --> 00:23:48,839
think there is a massive bubble going on in investments

460
00:23:49,079 --> 00:23:53,799
that are tied to AI. You know, just like you know,

461
00:23:53,880 --> 00:23:59,359
when the the locomotive was invented and there were all

462
00:23:59,400 --> 00:24:04,960
these railroad stocks, and yes, railroads changed America for the better.

463
00:24:05,119 --> 00:24:08,519
They were a big improvement, uh you know over a

464
00:24:08,599 --> 00:24:13,160
horse and buggy. But a lot of railroad stocks, most

465
00:24:13,200 --> 00:24:16,480
of them went bankrupt. And speaking of horses and bubbies buggies,

466
00:24:17,319 --> 00:24:19,440
there was I don't know one hundred, I don't know

467
00:24:19,480 --> 00:24:22,279
how many auto companies there were that went bankrupt before

468
00:24:22,279 --> 00:24:23,599
we ended up with like three.

469
00:24:23,400 --> 00:24:25,680
Speaker 4: Of them, and you know, and they can't and they're

470
00:24:25,720 --> 00:24:29,240
going bankrupt too. Yeah, well now we have four, we

471
00:24:29,279 --> 00:24:29,880
have four now.

472
00:24:30,039 --> 00:24:34,240
Speaker 1: I mean Henry Ford revolutionized transportation with the assembly line,

473
00:24:34,319 --> 00:24:37,000
and you know, there was a bubble in auto stocks.

474
00:24:37,039 --> 00:24:40,279
That didn't mean that people who looked at the automobile

475
00:24:40,640 --> 00:24:44,200
and said, yes, this is a game changer right, everybody's

476
00:24:44,240 --> 00:24:46,920
lives are going to be different because of the automobile.

477
00:24:47,200 --> 00:24:50,119
That didn't stop people from losing everything in auto stocks

478
00:24:50,160 --> 00:24:54,279
that went busted. So I think what's happening right now is,

479
00:24:54,359 --> 00:24:57,319
you know a lot of overpriced stuff that's being hyped

480
00:24:57,400 --> 00:24:59,599
up by people who are just trying to jump on

481
00:24:59,640 --> 00:25:01,240
a band wagon and get rich quick.

482
00:25:01,559 --> 00:25:03,960
Speaker 5: And I think the epitome of that is crypto.

483
00:25:04,400 --> 00:25:07,119
Speaker 1: And I think the crypto industry has kind of hitched

484
00:25:07,119 --> 00:25:11,279
their wagonto AI, claiming that AI and crypto go hand

485
00:25:11,319 --> 00:25:14,640
in hand. When that is complete bs, I believe in AI.

486
00:25:15,039 --> 00:25:17,480
I don't believe in any of this crypto nonsense. So

487
00:25:17,960 --> 00:25:20,759
almost all these tokens are probably I mean almost all

488
00:25:20,799 --> 00:25:24,640
these tokens are going to zero, and that would include bitcoin,

489
00:25:24,799 --> 00:25:27,160
although you know it may take a while for a

490
00:25:27,160 --> 00:25:30,599
bitcoin to go that far down because you've got these

491
00:25:31,160 --> 00:25:36,000
you know, hardcore h religious fanatics now you know that

492
00:25:36,079 --> 00:25:38,480
will never sell their bitcoin no matter what, and not.

493
00:25:40,640 --> 00:25:41,200
Speaker 4: Oddlers.

494
00:25:41,880 --> 00:25:44,960
Speaker 1: I think it's there's going to be a market for bitcoin, uh,

495
00:25:45,119 --> 00:25:47,359
but that market's going to be a fraction of what

496
00:25:47,400 --> 00:25:50,240
it is today, you know. So yeah, so if bitcoin

497
00:25:50,319 --> 00:25:52,960
goes down to a few hundred dollars a coin. Yes,

498
00:25:53,000 --> 00:25:56,359
it's not zero, but for all practical purpose, if you're

499
00:25:56,359 --> 00:25:59,519
holding bitcoin now at one hundred and ten thousand and

500
00:25:59,559 --> 00:26:03,160
it goes to one thousand, you've lost all your money. Yes,

501
00:26:03,720 --> 00:26:06,400
I mean ninety nine percent is pretty much one hundred percent.

502
00:26:06,680 --> 00:26:09,519
Speaker 3: Well, I have a zero point four or five six

503
00:26:09,599 --> 00:26:13,680
bitcoin floating around the ether because I upgraded my phone

504
00:26:14,000 --> 00:26:18,400
lost my uh nass word. That was when bitcoin was

505
00:26:18,440 --> 00:26:22,039
at six hundred, So my my fractional coin was worth

506
00:26:22,119 --> 00:26:23,880
two hundred and forty dollars then.

507
00:26:24,480 --> 00:26:26,920
Speaker 1: Now surprised, Well, why didn't you have more back then

508
00:26:26,960 --> 00:26:27,880
than if you were going to buy it?

509
00:26:27,920 --> 00:26:30,119
Speaker 5: I mean you might as well gone for a whole somebody.

510
00:26:30,480 --> 00:26:32,640
Speaker 3: I wasn't a big believer then. I'm more of a

511
00:26:32,640 --> 00:26:38,079
believer now for other reasons. But you know, somebody paid

512
00:26:38,079 --> 00:26:41,000
me in it for something I didn't particularly want it.

513
00:26:41,119 --> 00:26:42,200
Speaker 4: Yeah, I LOLd it.

514
00:26:42,960 --> 00:26:46,599
Speaker 1: I took campaign donations in twenty ten and bitcoin. I

515
00:26:46,640 --> 00:26:48,400
have no idea what the hell happened to those because

516
00:26:48,400 --> 00:26:51,799
we never sold any I I you know, I what

517
00:26:51,839 --> 00:26:52,960
that was it worth back then?

518
00:26:54,000 --> 00:26:58,240
Speaker 4: In twenty ten? It's like five bucks oh less? Yeah?

519
00:26:58,279 --> 00:27:00,640
Yeah it. Well, if you put a dollar.

520
00:27:00,440 --> 00:27:04,160
Speaker 3: Into bitcoin in twenty ten, it'd be worth one point

521
00:27:04,200 --> 00:27:05,119
one million dollars.

522
00:27:05,279 --> 00:27:07,599
Speaker 1: Look, I look, I sat in front of a computer

523
00:27:07,640 --> 00:27:10,599
screen as my some guy that worked in my campaign

524
00:27:10,640 --> 00:27:12,079
was trying to get me to buy bitcoin, and I

525
00:27:12,079 --> 00:27:14,359
thought about throwing ten grand in her. And I never did.

526
00:27:14,960 --> 00:27:17,839
But you know, say, I don't know where I would

527
00:27:17,839 --> 00:27:19,799
have cashed out. I'm sure, I mean, I'm sure I

528
00:27:19,799 --> 00:27:23,759
would have kept something, been a lot i'd have been selling.

529
00:27:25,519 --> 00:27:27,559
But you know, I have a tendency to hold on

530
00:27:27,640 --> 00:27:29,200
of things. I mean, I still have a lot of

531
00:27:29,200 --> 00:27:31,160
stocks that I bought twenty years ago. So I hold

532
00:27:31,160 --> 00:27:33,519
a lot of stuff. You know, I got, I got.

533
00:27:33,640 --> 00:27:36,759
You know, I have socks from twenty years ago. You know, hey,

534
00:27:36,759 --> 00:27:37,880
why do you throw those out?

535
00:27:37,920 --> 00:27:38,119
Speaker 3: You know?

536
00:27:38,240 --> 00:27:41,640
Speaker 1: But so I probably would still have some bigcoin. But

537
00:27:41,680 --> 00:27:44,799
you know, the thing that kept me out of it

538
00:27:44,880 --> 00:27:48,720
was the fact that it was open sourced and anybody

539
00:27:48,759 --> 00:27:50,480
could copy it, and it wasn't going to be the

540
00:27:50,519 --> 00:27:54,000
only cryptocurrency. If it had been, if I'd have known

541
00:27:54,079 --> 00:27:56,599
that it would only be bitcoin and not etherorium and

542
00:27:56,599 --> 00:27:58,519
all this other stuff, I might have taken a shot

543
00:27:58,519 --> 00:28:01,079
at it. But it was ultimately because I didn't think

544
00:28:01,119 --> 00:28:05,079
It was truly scary. But who would have known that

545
00:28:05,119 --> 00:28:07,960
there'd be so many of them and they all would

546
00:28:07,960 --> 00:28:10,039
go up? I had I never It never occurred to

547
00:28:10,039 --> 00:28:12,680
me back then, because I was trying to convince people

548
00:28:12,720 --> 00:28:14,880
on Wall Street to buy gold, and they had no

549
00:28:15,039 --> 00:28:17,680
interest in gold, so I thaid, well, why the hell

550
00:28:17,720 --> 00:28:20,160
do they want to buy digital gold. I was actually

551
00:28:20,240 --> 00:28:22,559
looking at it as digital gold back then, because I

552
00:28:22,799 --> 00:28:26,119
thought they're they're they're mimicking gold, They're mimicking the properties

553
00:28:26,119 --> 00:28:28,319
of gold. They made it look like gold bitcoin it

554
00:28:28,359 --> 00:28:31,200
was gold, right, So I was looking at it that

555
00:28:31,240 --> 00:28:33,759
way before they reinvented it that way when they realized

556
00:28:33,799 --> 00:28:35,880
it didn't work as a currency. But one of the

557
00:28:35,920 --> 00:28:38,599
things that I liked about it back then was that

558
00:28:38,799 --> 00:28:41,319
you could use it, you know, on the black market

559
00:28:41,359 --> 00:28:45,319
to buy illegal stuff. And I thought it was I

560
00:28:45,359 --> 00:28:48,480
thought the government couldn't tell, you know, who was using it.

561
00:28:48,839 --> 00:28:50,359
Speaker 5: Little did I know they actually can.

562
00:28:50,599 --> 00:28:52,640
Speaker 1: It's not It's actually not as good as I thought

563
00:28:52,640 --> 00:28:54,200
it was back then, because.

564
00:28:54,279 --> 00:28:57,079
Speaker 5: The least you know, you can you could go beneath the.

565
00:28:57,079 --> 00:29:00,400
Speaker 1: Radar of the AML laws and the KYC and all that.

566
00:29:00,440 --> 00:29:01,119
Speaker 5: All that stuff.

567
00:29:01,160 --> 00:29:03,960
Speaker 1: But but now it's all Look, it's all speculators in

568
00:29:04,000 --> 00:29:07,720
there now. Uh, bitcoin is a tech stock without any

569
00:29:07,759 --> 00:29:10,559
earnings and without the prospect of ever having earnings.

570
00:29:10,640 --> 00:29:12,039
Speaker 5: And I think what's happening now.

571
00:29:12,160 --> 00:29:14,480
Speaker 1: You know, Bitcoin is down more than twenty five percent

572
00:29:14,559 --> 00:29:18,440
priced in gold over the since August. I think bit

573
00:29:18,640 --> 00:29:21,400
I think gold has pricked the bitcoin bubble. I think

574
00:29:21,519 --> 00:29:25,039
the whole digital gold narrative is falling apart right now.

575
00:29:25,359 --> 00:29:28,079
And I think what's going to be happening over the

576
00:29:28,160 --> 00:29:31,839
next few months is not the hardcore true believers. I mean,

577
00:29:31,920 --> 00:29:35,279
you know, these guys are are are are in right,

578
00:29:35,279 --> 00:29:38,680
They're they're they're they're stuck. But a lot of money,

579
00:29:38,680 --> 00:29:41,960
a lot of hot spec money came in too crypto,

580
00:29:42,720 --> 00:29:46,119
especially after Trump won and became the first bitcoin president

581
00:29:46,200 --> 00:29:47,599
with a strategic reserve and.

582
00:29:47,559 --> 00:29:48,200
Speaker 5: All this stuff.

583
00:29:48,400 --> 00:29:51,599
Speaker 1: So I think a lot of investor money, you know who,

584
00:29:51,759 --> 00:29:54,640
you know, they just want to make money. They're not hardcore,

585
00:29:55,119 --> 00:29:57,440
you know, they just want to buy bitcoin and sell

586
00:29:57,480 --> 00:30:00,119
it at a profit. And a lot of the money

587
00:30:00,160 --> 00:30:03,039
that came into these bitcoin ETFs and these treasury companies,

588
00:30:03,039 --> 00:30:04,799
a lot of it came out of gold stocks and

589
00:30:04,839 --> 00:30:09,359
gold ETFs. And I think as gold really starts to

590
00:30:09,440 --> 00:30:11,400
perform and bitcoin goes down.

591
00:30:11,880 --> 00:30:14,119
Speaker 5: I think a lot of the money that left gold for.

592
00:30:14,119 --> 00:30:17,240
Speaker 1: Bitcoin is going to go back to gold and gold

593
00:30:17,279 --> 00:30:19,359
stocks and try to get out of bitcoin.

594
00:30:19,680 --> 00:30:21,759
Speaker 5: And I think the bottom is going to drop out

595
00:30:21,799 --> 00:30:22,480
of this market.

596
00:30:22,599 --> 00:30:26,480
Speaker 1: What happened on Friday in bitcoin, that little flash crash

597
00:30:26,799 --> 00:30:29,119
where bitcoin went down to one hundred and four thousand

598
00:30:29,119 --> 00:30:30,039
and snapped back up.

599
00:30:30,359 --> 00:30:32,720
Speaker 5: That that's just a glimpse of what's gonna come.

600
00:30:33,119 --> 00:30:36,319
Speaker 1: But the next big drop it's not gonna be because

601
00:30:36,359 --> 00:30:39,960
Trump puts something out on a truth social It's gonna

602
00:30:39,960 --> 00:30:42,400
be the real bottom falling out of that market. It's

603
00:30:42,400 --> 00:30:47,799
gonna be the mass liquidation from the ETFs. And you know, ultimately,

604
00:30:47,880 --> 00:30:51,680
you know, Michael Sailor, you know that company, Micro Strategy

605
00:30:51,880 --> 00:30:55,160
going bankrupt and all that bitcoin it's.

606
00:30:55,000 --> 00:30:55,680
Speaker 4: Going to be sold.

607
00:30:55,720 --> 00:30:57,279
Speaker 1: The creditors are going to get a hold of that

608
00:30:57,319 --> 00:30:59,759
bitcoin and they're gonna have to sell it to get

609
00:30:59,759 --> 00:31:02,279
what ever cash they can get back out of their

610
00:31:02,480 --> 00:31:06,519
you know, their preferreds or whatever secured notes they have

611
00:31:07,680 --> 00:31:10,640
against micro Strategy, And the only our strategy and the

612
00:31:10,640 --> 00:31:13,559
only asset they have is bitcoin, because I don't think

613
00:31:13,599 --> 00:31:15,079
the software company is worth much.

614
00:31:15,640 --> 00:31:18,640
Speaker 3: Yeah, Well, it's going to be interesting to see, that's

615
00:31:18,680 --> 00:31:22,519
for sure. So we find in you over at europack

616
00:31:22,640 --> 00:31:25,119
dot com. Best place to check your workout.

617
00:31:26,039 --> 00:31:29,319
Speaker 1: Yeah, well, your pack dot com is the website for

618
00:31:29,440 --> 00:31:33,799
my asset management company, and I would invite your uh,

619
00:31:34,559 --> 00:31:38,160
you know, followers to go to your Pacific Asset Management.

620
00:31:38,240 --> 00:31:40,960
You can get information on my five mutual funds, which

621
00:31:41,279 --> 00:31:43,039
are killing it this year, and I think you're going

622
00:31:43,119 --> 00:31:45,680
to continue to crush it for the rest of the decade.

623
00:31:45,720 --> 00:31:48,920
I think this sell America trade is just getting started.

624
00:31:49,160 --> 00:31:52,240
We have the most overvalued markets in the world, and

625
00:31:52,319 --> 00:31:55,400
we have a currency that's about to collapse. So you

626
00:31:55,440 --> 00:31:59,559
want to get out of overpriced US stocks and get into.

627
00:31:59,680 --> 00:32:01,160
Speaker 5: Stock around the world.

628
00:32:01,720 --> 00:32:04,599
Speaker 1: Emerging markets stocks I think are going to really shine

629
00:32:04,640 --> 00:32:07,480
next year. This year they've done okay, not as well

630
00:32:07,480 --> 00:32:10,720
as the developed markets. But I think next year, you know,

631
00:32:10,759 --> 00:32:12,920
when we really start to see a week dollar, you're

632
00:32:12,920 --> 00:32:14,759
going to really see the benefit that that's going to

633
00:32:14,799 --> 00:32:18,400
have for the emerging markets. You know, Brick Nations, We've

634
00:32:18,400 --> 00:32:20,680
got a lot of strategies that give you exposure. We

635
00:32:20,759 --> 00:32:23,279
do separately managed accounts that you could set up with us,

636
00:32:23,759 --> 00:32:27,519
or you can buy my mutual funds. We have rap programs,

637
00:32:27,680 --> 00:32:30,519
or you can buy my funds no load at any

638
00:32:30,880 --> 00:32:35,119
any discount broker. You know. The goalfund is EPG I X,

639
00:32:36,000 --> 00:32:38,400
the one I mentioned. The strategy, the Foreign Dividend Pair

640
00:32:38,480 --> 00:32:42,720
strategy is ep d i X. That's up almost fifty

641
00:32:42,720 --> 00:32:46,880
percent this year, you know, since the January first, twenty

642
00:32:46,920 --> 00:32:49,680
twenty five. That just gives you an idea of what's

643
00:32:49,720 --> 00:32:52,920
happening outside the United States as money is flowing back

644
00:32:53,000 --> 00:32:55,920
into these foreign markets coming out of US. You know,

645
00:32:56,200 --> 00:32:58,880
don't get fooled by, oh that all the headlines are

646
00:32:58,920 --> 00:33:01,200
about the Dow is hitting new highs. The Dow is

647
00:33:01,279 --> 00:33:04,440
crashing this year in terms of gold. In fact, in

648
00:33:04,559 --> 00:33:07,799
nineteen ninety nine, the Dow was worth forty five ounces

649
00:33:07,920 --> 00:33:11,039
of goal. Now it's worth eleven. That's a seventy five

650
00:33:11,160 --> 00:33:15,319
percent decline in twenty six years priced in real money.

651
00:33:16,200 --> 00:33:19,279
So you've got to keep that in, you know, in

652
00:33:19,359 --> 00:33:22,720
consideration when you're looking at these inflated numbers. So go

653
00:33:22,759 --> 00:33:25,759
to europe Civic Asset Management at your Impact dot com.

654
00:33:25,920 --> 00:33:29,200
I mentioned Shift Gold Shift gold dot com. You can

655
00:33:29,279 --> 00:33:31,920
buy physical gold and silver. We got a great new

656
00:33:32,039 --> 00:33:35,240
shopping cart. You can just go on the website, load

657
00:33:35,319 --> 00:33:37,880
up your cart, check out, pay. You don't have to

658
00:33:37,920 --> 00:33:42,000
talk to anybody. But I've got a great staff of professionals.

659
00:33:42,200 --> 00:33:44,279
If you want to do it old school, you don't

660
00:33:44,279 --> 00:33:46,240
want to do it all online. They got an eight

661
00:33:46,319 --> 00:33:49,440
hunter number. They're happy to talk to you, you know,

662
00:33:49,640 --> 00:33:51,640
so a lot of times they're working twenty four to seven.

663
00:33:51,839 --> 00:33:54,119
You know, I've been telling people on my podcast I do.

664
00:33:54,240 --> 00:33:58,480
I'm on for Shift Gold. I've been doing this Friday

665
00:33:58,480 --> 00:34:01,920
market wrap and every Friday I tell people, don't wait

666
00:34:01,960 --> 00:34:05,400
for Monday, buy your gold on Saturday at Shift Gold

667
00:34:05,519 --> 00:34:09,280
because every day the market goes way up, and you know,

668
00:34:09,480 --> 00:34:11,880
it's just like you know, I mean, we just hit

669
00:34:12,000 --> 00:34:14,760
four thousand a week ago, a week ago, and now

670
00:34:14,800 --> 00:34:18,079
we're at forty two hundred above forty two hundred, So

671
00:34:18,159 --> 00:34:20,920
the market is moving, the trend is going to accelerate.

672
00:34:21,559 --> 00:34:23,840
As far as other places, they can follow me. You know,

673
00:34:23,880 --> 00:34:26,440
I do my podcast, the Peter Shift Show. You can

674
00:34:26,519 --> 00:34:29,000
listen to it on Shift radio dot com. On my

675
00:34:29,079 --> 00:34:32,599
YouTube channel, so subscribe to my YouTube channel also the

676
00:34:32,639 --> 00:34:35,679
Shift Gold YouTube channel. Follow me on x I just

677
00:34:35,760 --> 00:34:40,119
went through a one point two million followers on x

678
00:34:41,480 --> 00:34:44,039
but I'm still small combared to some of these crypto

679
00:34:44,119 --> 00:34:46,679
gurus you know, who have you know, two or three

680
00:34:46,719 --> 00:34:49,840
times the followers that I do. But I think, I

681
00:34:49,880 --> 00:34:51,840
think in a couple of years, I'll have more followers

682
00:34:51,880 --> 00:34:53,320
than they do. I think a lot of their followers

683
00:34:53,320 --> 00:34:56,199
are gonna end up losing too much money. But but

684
00:34:56,239 --> 00:34:58,719
you're going to see a lot more people are going

685
00:34:58,800 --> 00:35:02,920
to discover the gold trade, you know, and they're going

686
00:35:03,000 --> 00:35:05,679
to start participating, and they're going to discover me. But meanwhile,

687
00:35:05,840 --> 00:35:08,519
don't think, don't think it's expensive. You know, if you're

688
00:35:08,679 --> 00:35:11,079
don't think, oh I missed it. I can't buy gold

689
00:35:11,079 --> 00:35:14,519
at forty two hundred dollars, I can't buy silver at

690
00:35:14,679 --> 00:35:18,639
at fifty three dollars. These are still low prices compared

691
00:35:18,639 --> 00:35:21,360
to where they're going. Yes, they're a lot higher than

692
00:35:21,360 --> 00:35:24,760
they were a year ago, six months ago, two years ago.

693
00:35:24,840 --> 00:35:26,559
I tried to get people to buy it back then,

694
00:35:26,719 --> 00:35:28,599
and if you didn't listen, it's not my fault.

695
00:35:28,880 --> 00:35:30,039
Speaker 5: But it's still cheap.

696
00:35:30,559 --> 00:35:30,760
Speaker 4: You know.

697
00:35:31,760 --> 00:35:34,039
Speaker 1: Where I feel the worst. We had a lot of

698
00:35:34,039 --> 00:35:38,360
clients at my company that cashed out last year because

699
00:35:38,400 --> 00:35:42,480
of Trump, and early this year we had record outflows

700
00:35:42,760 --> 00:35:46,920
from my gold funds and look at what's happened. Right,

701
00:35:46,960 --> 00:35:50,760
So people throw in the towel at the worst possible time.

702
00:35:50,880 --> 00:35:54,800
After holding these stocks for years, they decided I'm giving up.

703
00:35:54,800 --> 00:35:58,960
I'm gonna you know, and and but I tell these people, yes,

704
00:35:59,039 --> 00:36:01,480
it was a mistake to cash out of my strategy

705
00:36:01,920 --> 00:36:04,880
in twenty twenty four and earlier this year, but.

706
00:36:04,840 --> 00:36:06,719
Speaker 5: It's a bigger mistake not to get back in.

707
00:36:07,159 --> 00:36:10,280
Speaker 1: You got to recognize the mistake that you made and

708
00:36:10,400 --> 00:36:12,719
correct it before it becomes catastrophic.

709
00:36:13,119 --> 00:36:14,559
Speaker 5: Yes, you left a lot on the.

710
00:36:14,519 --> 00:36:18,280
Speaker 1: Table, but there's a lot more that is going to

711
00:36:18,360 --> 00:36:21,119
be left if you don't get back in, right, So

712
00:36:21,199 --> 00:36:23,800
you got to you have to acknowledge that you made

713
00:36:23,800 --> 00:36:26,719
a mistake and then fix it before it becomes a

714
00:36:26,760 --> 00:36:27,639
much bigger mistake.

715
00:36:28,559 --> 00:36:31,800
Speaker 4: Agreed. Couldn't agree with you more. Hey, one final question.

716
00:36:32,840 --> 00:36:36,239
Speaker 3: We're talking gold, but what about silver. Isn't this outside

717
00:36:36,280 --> 00:36:37,400
there so much greater?

718
00:36:38,159 --> 00:36:38,800
Speaker 5: Yeah? It is.

719
00:36:38,880 --> 00:36:41,880
Speaker 1: Look, first of all, this is a precious metals bull market, right,

720
00:36:41,960 --> 00:36:45,119
so look at platinum, look at palladium. You know when

721
00:36:45,440 --> 00:36:49,880
platinum was last below one thousand and gold top three

722
00:36:50,039 --> 00:36:53,079
thousand on my podcast, which is another reason why you

723
00:36:53,119 --> 00:36:55,679
should listen to it. I went on my podcast and

724
00:36:55,719 --> 00:36:57,920
I said, look, you got to go to Shift Gold

725
00:36:58,000 --> 00:37:00,760
right now and buy platinum. I said, because you can

726
00:37:00,800 --> 00:37:03,559
buy three ounces of platinum for one ounce of gold.

727
00:37:03,719 --> 00:37:07,679
That is ridiculous. I've never seen this, just completely absurd.

728
00:37:07,880 --> 00:37:08,440
Speaker 4: It was insane.

729
00:37:08,679 --> 00:37:10,719
Speaker 1: You got to buy it right now. Platinum is like

730
00:37:10,760 --> 00:37:13,360
sixteen hundred sec, but it's still cheap with gold at

731
00:37:13,360 --> 00:37:17,000
forty three hundred. I mean, I remember, for most of

732
00:37:17,039 --> 00:37:19,559
my life, platinum was more expensive than gold.

733
00:37:19,760 --> 00:37:22,920
Speaker 4: So all of my life up until fifteen years ago,

734
00:37:23,679 --> 00:37:26,639
there was only three or four times I got six

735
00:37:26,679 --> 00:37:28,519
zebras on you. There's only three.

736
00:37:28,480 --> 00:37:32,559
Speaker 3: Or four times where gold ever became more valuable and

737
00:37:32,599 --> 00:37:35,280
then to be double or triple or quadruple.

738
00:37:35,599 --> 00:37:37,280
Speaker 4: Yeah, well it was insane.

739
00:37:37,679 --> 00:37:38,880
Speaker 5: So yeah, that's why.

740
00:37:39,480 --> 00:37:42,679
Speaker 1: That's why the platinum, the platinum American Express card is

741
00:37:42,679 --> 00:37:46,800
more prestigious than the gold card. Right, it's a platin

742
00:37:46,960 --> 00:37:49,920
is supposed to be more expensive, right the gold. So

743
00:37:50,960 --> 00:37:53,159
but yeah, it's a precious mouth. But I love silver.

744
00:37:53,239 --> 00:37:55,760
I've been pounded the table. When I first got into

745
00:37:55,760 --> 00:38:00,559
the Shift Gold, I was telling people two thirds gold silver,

746
00:38:00,679 --> 00:38:03,119
right because I was more into gold. But just Over

747
00:38:03,159 --> 00:38:06,079
the last year, I've been telling people, know by silver

748
00:38:06,199 --> 00:38:09,679
at least half silver, or in some cases only silver.

749
00:38:09,800 --> 00:38:11,599
I was telling my clients, look, if you got a

750
00:38:11,599 --> 00:38:15,719
bunch of gold, don't buy anymore, buy silver instead. I mean,

751
00:38:15,719 --> 00:38:19,760
they're giving this stuff away. And I still think silver sheep.

752
00:38:19,760 --> 00:38:22,760
I think silver could easily be one hundred dollars next year.

753
00:38:23,800 --> 00:38:26,199
Do I think gold is going to be eight thousand

754
00:38:26,280 --> 00:38:29,639
next year? I mean, probably not. It could be, It

755
00:38:29,679 --> 00:38:31,760
could be, But I think if gold is eight thousand

756
00:38:31,760 --> 00:38:33,800
next year, silver will be more than one hundred.

757
00:38:34,000 --> 00:38:35,320
Speaker 5: Silver might be one hundred and fifth.

758
00:38:35,320 --> 00:38:37,880
Speaker 3: Though, give me an idea, give me your guest at

759
00:38:37,920 --> 00:38:41,639
it on what the gold to silver ratio is going

760
00:38:41,719 --> 00:38:44,760
to compact or compress too well.

761
00:38:44,800 --> 00:38:47,280
Speaker 1: At its peak it was over one hundred to one,

762
00:38:47,519 --> 00:38:50,840
so you were andrew yet more than one hundred ounces

763
00:38:50,920 --> 00:38:54,800
of silver or one ounce of gold. Now it's about

764
00:38:54,880 --> 00:39:00,639
eighty to one, and that's still cheap silver. I think

765
00:39:00,880 --> 00:39:03,920
my minimum target minimum would be about fifty to one.

766
00:39:04,559 --> 00:39:07,199
That would be a minimum, But I think there's a

767
00:39:07,239 --> 00:39:11,119
good shot that we could go to twenty to one,

768
00:39:11,880 --> 00:39:13,599
you know, maybe even a little lower.

769
00:39:13,320 --> 00:39:16,800
Speaker 4: Maybe fifteen fifteen. Week like it's hit it before.

770
00:39:17,119 --> 00:39:19,519
Speaker 1: At the at the at the whenever the peak of

771
00:39:19,599 --> 00:39:22,000
this bull market is, and I think we're still many

772
00:39:22,039 --> 00:39:25,719
many years away from a peak. But wherever the peak is,

773
00:39:25,920 --> 00:39:27,960
that's when silver is going to be at its most

774
00:39:28,000 --> 00:39:32,000
expensive relative to gold, right, So it's going to happen.

775
00:39:33,199 --> 00:39:34,719
Speaker 5: You know, it's just a question to win.

776
00:39:34,800 --> 00:39:37,239
Speaker 1: And I think the main reason, and I've been saying this

777
00:39:37,880 --> 00:39:40,440
that gold has been going up and not silver, is

778
00:39:40,480 --> 00:39:44,000
because this rally has been driven by central banks. They

779
00:39:44,000 --> 00:39:46,840
don't buy silver, they don't have any place to store it.

780
00:39:47,280 --> 00:39:53,800
They buy gold. Retail investor wasn't buying. That's just starting now,

781
00:39:54,079 --> 00:39:57,280
just now Wall Street is now for the first time

782
00:39:57,280 --> 00:40:00,440
in my career. I've been in the financial business for

783
00:40:00,480 --> 00:40:01,440
over thirty five years.

784
00:40:01,719 --> 00:40:02,880
Speaker 4: Yet your whole life, this is.

785
00:40:02,800 --> 00:40:07,000
Speaker 1: The first year that firms like Morgan Stanley are saying

786
00:40:07,280 --> 00:40:09,039
you should have gold in your portfolio.

787
00:40:09,360 --> 00:40:12,400
Speaker 4: Yeah. I don't remember them ever saying it before. I

788
00:40:12,400 --> 00:40:12,880
don't remember.

789
00:40:13,039 --> 00:40:15,079
Speaker 1: Look, I forget who is it. Somebody just came out

790
00:40:15,079 --> 00:40:16,519
today and said for the first I think it was

791
00:40:16,599 --> 00:40:19,239
Jamie Diamond. He said, for the first time in his career,

792
00:40:19,719 --> 00:40:22,320
it's not completely idiotic to have some gold. That was

793
00:40:22,400 --> 00:40:26,360
like as close as he can come to like by.

794
00:40:26,079 --> 00:40:28,679
Speaker 4: It's like bitter pill. That's a bitter pill.

795
00:40:29,320 --> 00:40:33,480
Speaker 1: But but when Morgan Stanley said maybe the sixty to

796
00:40:33,519 --> 00:40:37,400
forty portfolio should be sixty twenty twenty, where you sell

797
00:40:37,440 --> 00:40:39,159
half your bonds and buy gold.

798
00:40:39,400 --> 00:40:41,199
Speaker 5: Look, this is going to become mainstream.

799
00:40:41,400 --> 00:40:45,119
Speaker 1: I think right now Wall Street has maybe two percent

800
00:40:45,960 --> 00:40:48,440
in gold, and that's because a lot of people have

801
00:40:48,519 --> 00:40:52,239
no gold. So Wall Street is as underinvested in gold

802
00:40:52,280 --> 00:40:53,159
as they've ever been.

803
00:40:53,960 --> 00:40:55,920
Speaker 4: And that it's central banks global.

804
00:40:55,599 --> 00:40:59,440
Speaker 1: Spite despite all their buying carry central banks still don't

805
00:40:59,480 --> 00:41:03,960
have enough goal and so they have the central banks

806
00:41:03,960 --> 00:41:07,599
have a lot more goal to buy the public institutions.

807
00:41:07,639 --> 00:41:10,400
Retail has a lot of goal to buy. The problem

808
00:41:10,480 --> 00:41:12,599
is there's not a lot of gold to sell. I mean,

809
00:41:12,679 --> 00:41:14,760
I'm not selling any of my gold. I mean people

810
00:41:14,800 --> 00:41:16,719
are they in fun of me? Hey, if you like

811
00:41:16,800 --> 00:41:18,639
gold so much, you know why you selling gold to

812
00:41:18,719 --> 00:41:22,320
shift gold. I'm not selling my gold. I'm just I'm

813
00:41:22,360 --> 00:41:25,000
just host selling it and then retailling it buy it

814
00:41:25,039 --> 00:41:25,840
from a host saler.

815
00:41:25,960 --> 00:41:27,800
Speaker 5: I don't sell any of my own gold. I'm not

816
00:41:27,880 --> 00:41:28,440
that dumb.

817
00:41:28,719 --> 00:41:31,679
Speaker 1: In fact, whatever profits I make, I use it to

818
00:41:31,760 --> 00:41:32,280
buy more.

819
00:41:32,400 --> 00:41:33,880
Speaker 5: In fact, I haven't been buying gold.

820
00:41:33,920 --> 00:41:36,960
Speaker 1: I've been buying the gold stocks because I thought that

821
00:41:36,960 --> 00:41:39,119
that was the cheapest way to buy gold, was to

822
00:41:39,119 --> 00:41:41,599
buy the stocks, because I was buying the gold that's

823
00:41:41,639 --> 00:41:44,320
still in the ground, which they've given away, because these

824
00:41:44,320 --> 00:41:47,679
gold stocks had never been this cheap. Now obviously not

825
00:41:47,760 --> 00:41:49,719
as cheap as they were. In fact, I put out

826
00:41:49,719 --> 00:41:52,880
a special report and you can still read that report

827
00:41:53,119 --> 00:41:56,760
on your pack dot com, The Best way to buy Gold.

828
00:41:56,800 --> 00:41:59,679
It was April of this year, and that was before

829
00:41:59,679 --> 00:42:02,159
gold stocks doubled, because the first quarter they didn't really

830
00:42:02,199 --> 00:42:05,559
go anywhere. They were down, and I said, don't even

831
00:42:05,559 --> 00:42:08,079
buy gold, even though I got Shift Gold, don't call

832
00:42:08,119 --> 00:42:11,679
Shift gold, you know, buy gold stocks because they were

833
00:42:11,679 --> 00:42:16,000
so yeah, I mean, and and so they're not as

834
00:42:16,079 --> 00:42:18,159
cheap as they were when I wrote that report the

835
00:42:18,159 --> 00:42:20,800
best way to buy Gold. But they're still cheap. They're

836
00:42:20,880 --> 00:42:24,440
just less cheap, so they still have to be bought.

837
00:42:24,519 --> 00:42:26,719
I mean, I you know, I haven't sold any of

838
00:42:26,719 --> 00:42:29,480
my gold stocks, or is my silver stocks. The only

839
00:42:29,519 --> 00:42:32,159
reason I'm not buying more is because I have so much,

840
00:42:33,119 --> 00:42:36,920
and so I'm buying non gold stocks to try to

841
00:42:36,960 --> 00:42:40,239
bring down my allocation because it's now so high. I'm

842
00:42:40,320 --> 00:42:45,159
so I mean, I'm so overweighted gold stocks. But if

843
00:42:45,199 --> 00:42:48,679
you're not overweight gold stocks, then you got to buy

844
00:42:48,679 --> 00:42:50,079
them because you should be overweight.

845
00:42:50,920 --> 00:42:56,079
Speaker 3: Yeah, all right, well, hey, so Europac dot com and

846
00:42:56,960 --> 00:43:01,719
obviously shiftgold dot com by some there some silver because

847
00:43:01,840 --> 00:43:04,000
we all know where it's heading. There's not even a

848
00:43:04,079 --> 00:43:08,239
question about it. Nobody should be questioning this now at all.

849
00:43:08,960 --> 00:43:09,400
Speaker 4: No.

850
00:43:09,400 --> 00:43:09,480
Speaker 3: No.

851
00:43:10,199 --> 00:43:12,480
Speaker 1: And the thing is, you know, like they're still not

852
00:43:12,599 --> 00:43:15,159
covering it, like CNBC covered gold for a couple of

853
00:43:15,199 --> 00:43:17,519
days when it was at four thousand. I guess they're

854
00:43:17,559 --> 00:43:19,360
can to ignore it till it's at five thousand, and

855
00:43:19,360 --> 00:43:21,119
then they'll just talk about it again for a few

856
00:43:21,199 --> 00:43:24,280
days and then go silent. I mean, they're still fixated

857
00:43:24,320 --> 00:43:25,800
on bitcoin exactly.

858
00:43:26,079 --> 00:43:28,840
Speaker 4: All right, Peter, it's been a pleasure. Thank you, I'll

859
00:43:28,880 --> 00:43:29,159
see you.

860
00:43:30,239 --> 00:43:34,400
Speaker 2: Thanks for listening to Carrie Letz's Financial Survival Network, your

861
00:43:34,480 --> 00:43:38,280
solution to today's trying times. For the latest, go to

862
00:43:38,480 --> 00:43:44,400
Financial Survivalnetwork dot com. Financial Survival Network now more than

863
00:43:44,440 --> 00:43:44,880
ever