WEBVTT 1 00:00:07.000 --> 00:00:09.839 All right, folks, welcome back and joining us today rather 2 00:00:09.880 --> 00:00:12.880 than on a Thursday is Tony Ardeman of Wisewolf Gold 3 00:00:12.880 --> 00:00:15.199 And of course if you go to Davidnight dot Gold, 4 00:00:15.199 --> 00:00:17.160 that'll take you to Wisewolf and let him know that 5 00:00:17.199 --> 00:00:21.039 you came through us. Tony switched days because it has 6 00:00:21.120 --> 00:00:26.519 been so hectic. The golf market, like everything else, is 7 00:00:27.280 --> 00:00:29.120 one of the first places, I guess where some of 8 00:00:29.120 --> 00:00:32.320 the deliberate chaos that is being sown into the global 9 00:00:32.320 --> 00:00:34.840 economy is showing up in the financial markets, and so 10 00:00:34.880 --> 00:00:38.320 we've seen a lot of stuff moving. What's going on today, Tony, 11 00:00:38.479 --> 00:00:40.359 thanks for joining us. What's going on in the markets? 12 00:00:41.240 --> 00:00:43.520 Well, first of all, good to see you again, David, 13 00:00:43.520 --> 00:00:45.280 And yeah, sorry I hadn't been able to make it 14 00:00:45.359 --> 00:00:46.679 on my usual Thursdays. 15 00:00:47.079 --> 00:00:49.439 My schedule is all over the place, and I think. 16 00:00:49.320 --> 00:00:53.799 If you're watching the metals markets, you know why. And 17 00:00:53.840 --> 00:00:57.000 it's really just trying to figure out what's next. 18 00:00:57.039 --> 00:00:59.920 I mean, there's a. 19 00:00:59.119 --> 00:01:02.679 On one side, you this avalanche of supply and some 20 00:01:02.759 --> 00:01:05.439 of the big wholesalers stop buying. On the other side, 21 00:01:05.480 --> 00:01:09.640 we've got a supply deficit and people can't source products, 22 00:01:09.680 --> 00:01:12.480 and you know, the trades are two or three weeks out, 23 00:01:12.519 --> 00:01:14.319 so it is a it is a. 24 00:01:14.239 --> 00:01:15.560 Really interesting thing. 25 00:01:15.640 --> 00:01:18.480 It's a really interesting time to be in the gold 26 00:01:18.480 --> 00:01:20.879 and silver business. So I've been having to stay pretty 27 00:01:20.959 --> 00:01:25.400 nimble and but luckily for us, we did a little 28 00:01:25.400 --> 00:01:28.319 bit of pre planning for this, so we had inventory 29 00:01:28.359 --> 00:01:31.799 covered for wolf pack and other things, and I've just 30 00:01:31.840 --> 00:01:34.480 been I think the key thing that I've been able 31 00:01:34.480 --> 00:01:37.200 to do is be mobile. So I've been back and 32 00:01:37.239 --> 00:01:41.000 forth between Missouri and Texas and taking inventory there, bringing 33 00:01:41.040 --> 00:01:44.239 inventory from there to liquidate. 34 00:01:44.319 --> 00:01:45.680 So just staying on top of that. 35 00:01:45.719 --> 00:01:50.879 It's a It has definitely increased my travel time, but 36 00:01:51.280 --> 00:01:52.120 I'm thankful for it. 37 00:01:52.120 --> 00:01:53.000 There's a lot going on. 38 00:01:53.560 --> 00:01:55.640 Well, you know, I don't know how it affected you, 39 00:01:55.680 --> 00:01:59.200 but I talked about this yesterday the day before about 40 00:01:59.200 --> 00:02:04.200 what happened was so and basically, from what I understand, 41 00:02:04.439 --> 00:02:08.319 the markets in London couldn't fill the silver orders for people. 42 00:02:08.639 --> 00:02:12.759 Part of it was because of an Indian religious festival. 43 00:02:13.199 --> 00:02:17.560 They weren't accumulating excrement like wech earlier we at the 44 00:02:17.560 --> 00:02:21.199 Boop Festival, but this was about collecting wealth and so 45 00:02:21.280 --> 00:02:23.919 typically they would collect gold. This year, a lot of 46 00:02:23.919 --> 00:02:26.680 influencers in India said silver. So there was this huge 47 00:02:26.759 --> 00:02:31.479 run on silver and it affected markets all the way 48 00:02:31.520 --> 00:02:35.560 from India to London because even though London had some silver, 49 00:02:35.639 --> 00:02:37.840 a lot of it was already spoken for in locked 50 00:02:37.840 --> 00:02:41.439 down because of the paper silver, the ETFs and things 51 00:02:41.520 --> 00:02:41.800 like that. 52 00:02:41.840 --> 00:02:45.080 Did you see that happening, I bet you, and I've 53 00:02:45.120 --> 00:02:45.879 followed that story. 54 00:02:45.919 --> 00:02:48.599 I'm following the other there's you know, stories in that 55 00:02:48.680 --> 00:02:53.560 periphery about billion supplies and paperback silver that I've been 56 00:02:53.639 --> 00:02:59.680 watching closely. We've discussed the nation state involvement in a 57 00:02:59.800 --> 00:03:02.719 key emulating silver, and I think that is what's putting 58 00:03:02.719 --> 00:03:07.719 the pressure on paper silver to and it's exposing paper 59 00:03:07.840 --> 00:03:11.520 silver for everything that they've done for the past many decades. 60 00:03:11.759 --> 00:03:13.599 Yeah, I reme the catalyst. 61 00:03:13.639 --> 00:03:17.280 I think Russia putting silver as a strategic reserve asset 62 00:03:17.439 --> 00:03:21.120 was really important and whatever pressure that is. And I 63 00:03:21.159 --> 00:03:24.080 think China is calling the bluff of London too. I 64 00:03:24.120 --> 00:03:29.000 think there's some behind the scenes stuff going on with these, 65 00:03:29.759 --> 00:03:34.039 you know, the bullion houses and the contracts. I think 66 00:03:34.080 --> 00:03:36.240 that the Nation states are getting involved now and I 67 00:03:36.240 --> 00:03:37.680 think that's why we're seeing them break. 68 00:03:38.280 --> 00:03:42.080 Yeah. I showed the one chart and It was really 69 00:03:42.199 --> 00:03:44.960 kind of crazy. They had the actual spot price of 70 00:03:45.039 --> 00:03:48.080 silver and they are gold, and then they had what 71 00:03:48.159 --> 00:03:53.000 the ETF prices were, and they were two separate lines, 72 00:03:53.120 --> 00:03:55.360 you know, one of them. Then they crossed at one 73 00:03:55.400 --> 00:03:58.840 point that they actually got the same for just one 74 00:03:58.879 --> 00:04:01.520 point when they crossed. But you know, sometimes it was 75 00:04:01.599 --> 00:04:04.080 much higher than the actual price is over sometimes as 76 00:04:04.159 --> 00:04:07.319 much lower. But they didn't track and I always saw 77 00:04:07.360 --> 00:04:10.120 that as a big red flag of something going on. 78 00:04:11.560 --> 00:04:15.479 Yeah, and none of the shenanigans have taken place, None 79 00:04:15.479 --> 00:04:18.759 of the papers selloffs have happened like they had back 80 00:04:18.759 --> 00:04:21.720 in February of twenty twenty one. None of that's taken place. 81 00:04:22.399 --> 00:04:26.160 So the price suppression game, they just may not be 82 00:04:26.199 --> 00:04:28.079 able to do it anymore, at least not on the 83 00:04:28.199 --> 00:04:31.279 level that has been done in the past. So I 84 00:04:31.279 --> 00:04:36.600 would keep watching these stories unravel about contract exposure and 85 00:04:36.759 --> 00:04:41.120 what's actually on the books and then what can be delivered. 86 00:04:41.560 --> 00:04:45.199 I think, you know, this is about trust and a 87 00:04:45.240 --> 00:04:48.160 worldwide I mean trust is diminishing them because of things 88 00:04:48.240 --> 00:04:51.279 like our own currency system and the weaponization of the dollar. 89 00:04:51.959 --> 00:04:54.720 So trust being a factor there, people are going to 90 00:04:54.800 --> 00:04:59.240 start I think nation states, entities will start demanding physical. 91 00:05:00.759 --> 00:05:03.800 Yeah, speaking of physical You've talked about this quite a bit, 92 00:05:03.920 --> 00:05:06.680 the urban mining of gold and silver, and there was 93 00:05:07.439 --> 00:05:10.160 a long article from the New York Times talking about 94 00:05:10.160 --> 00:05:13.839 the diamond market there and people taking their jewelry in 95 00:05:13.920 --> 00:05:16.639 there to take advantage of the higher prices for gold 96 00:05:16.759 --> 00:05:19.439 and silver. Of course, they were not looking at long 97 00:05:19.519 --> 00:05:23.800 term things. One lady brought in her jewelry and made 98 00:05:23.879 --> 00:05:25.959 like four or five thousand dollars off it. She's going 99 00:05:26.000 --> 00:05:30.800 to take a trip, but yeah, it'd be kind. People 100 00:05:30.920 --> 00:05:32.920 need liquidity, and I think that's one of the things 101 00:05:32.920 --> 00:05:35.839 that people were saying. Besides this regular profit taking. You 102 00:05:35.959 --> 00:05:40.399 had a Federal Reserve. Somebody who'd been associated with Federal 103 00:05:40.439 --> 00:05:44.240 Reserve as an analyst and she now has her own 104 00:05:44.519 --> 00:05:48.160 reporting in her own firm that she runs, and she 105 00:05:48.199 --> 00:05:50.120 said she thought this was part of this was a 106 00:05:50.240 --> 00:05:53.839 liquidity freeze for people. She said to me, I look 107 00:05:53.879 --> 00:05:57.040 at this and I see a liquidity crisis that's very 108 00:05:57.040 --> 00:05:59.759 similar to March of twenty twenty. And she said, if 109 00:05:59.800 --> 00:06:03.199 you go to cash out stuff, you need to cover 110 00:06:03.279 --> 00:06:06.319 things in a liquidic crisis because you've got margin calls 111 00:06:06.399 --> 00:06:09.319 or this or that you're going to take your biggest 112 00:06:09.319 --> 00:06:11.000 winter and you're going to liquidate that. What do you 113 00:06:11.040 --> 00:06:12.959 think is going on with all this? Is this simply 114 00:06:13.000 --> 00:06:16.600 just profit taking? Or like this woman is saying, do 115 00:06:16.680 --> 00:06:19.879 you think that there's some other issues with other financial 116 00:06:19.920 --> 00:06:22.759 markets it's causing people to have to liquidate things. 117 00:06:23.199 --> 00:06:24.480 No, I think it's all the above. 118 00:06:25.240 --> 00:06:28.639 And people are urban gold mining, and there's people coming 119 00:06:28.639 --> 00:06:32.639 into both of my shops and Dennis and Branson, and 120 00:06:33.360 --> 00:06:37.560 we're buying a lot of scrap jewelry, old coins, things 121 00:06:37.600 --> 00:06:40.600 that you know, we can always melt. And with the 122 00:06:40.600 --> 00:06:43.480 prices that the way they are, it's worth people going 123 00:06:43.480 --> 00:06:46.240 out and looking and finding and turning things in and 124 00:06:46.279 --> 00:06:48.600 maybe even getting back the jewelry price they paid for 125 00:06:48.639 --> 00:06:50.279 it if they bought it many many years ago. 126 00:06:50.319 --> 00:06:53.040 They can get all that back at least in dollars. 127 00:06:53.759 --> 00:06:56.560 So we're seeing that at a really good pace, and 128 00:06:56.800 --> 00:06:59.600 I think that's only going to continue. But there's also 129 00:06:59.720 --> 00:07:03.959 mass profit taking in some sectors, and of course, you 130 00:07:04.000 --> 00:07:06.399 know there's some psychological stuff going on with the pullback, 131 00:07:06.959 --> 00:07:08.759 and you and I were laughing off air, it's like 132 00:07:09.120 --> 00:07:12.319 gold dropped from forty three hundred plus dollars an ounce 133 00:07:12.360 --> 00:07:14.680 down to close to four thousand dollars an ounce, and 134 00:07:15.199 --> 00:07:17.199 it was like, oh, that's the worst drop it's had. 135 00:07:17.839 --> 00:07:20.439 And this is the you know, gold got wiped out. 136 00:07:20.439 --> 00:07:22.759 And I'm like, it's over four thousand dollars an ounce, 137 00:07:23.759 --> 00:07:26.399 it's gonna be fine. It's a forty one to twenty 138 00:07:26.480 --> 00:07:29.399 right now as we speak. So I think a lot 139 00:07:29.399 --> 00:07:32.079 of that's profit taking and you'll see that too. 140 00:07:33.720 --> 00:07:35.000 Silver was interesting. 141 00:07:35.040 --> 00:07:38.439 When silver broke its new all time high last week 142 00:07:38.560 --> 00:07:42.439 or so, we had people coming in and trying to 143 00:07:42.480 --> 00:07:46.839 sell me everything that was silver, and the refiners, all 144 00:07:46.879 --> 00:07:50.360 major refiners that I know I haven't found one yet, stopped. 145 00:07:50.439 --> 00:07:52.800 They stopped buying any scrap silver. They said, we just 146 00:07:52.839 --> 00:07:55.560 can't do it. We're we're too busy. So at any 147 00:07:55.600 --> 00:07:58.240 price they would not buy it, and not that it's 148 00:07:58.240 --> 00:07:58.959 not worth anything. 149 00:07:58.959 --> 00:07:59.959 And I'm still buying. 150 00:08:00.120 --> 00:08:01.839 I just had to lower my prices of what I 151 00:08:01.879 --> 00:08:03.439 buy it for and I'm just stacking it in the 152 00:08:03.439 --> 00:08:05.360 back until they can melt it. 153 00:08:05.920 --> 00:08:08.160 So the last part of that story out of India, 154 00:08:08.199 --> 00:08:10.560 it was a guy that had been in business for 155 00:08:10.959 --> 00:08:14.600 three decades or so and his company was the largest 156 00:08:14.600 --> 00:08:17.759 silver refiner there in India. Couldn't find any silver. They 157 00:08:17.800 --> 00:08:20.279 were completely out of it. It amazing. 158 00:08:20.800 --> 00:08:21.680 Yeah, it's interesting. 159 00:08:22.120 --> 00:08:25.399 There's certain things that the refiners here, like in Dallas, 160 00:08:25.519 --> 00:08:29.839 stopped buying, and. 161 00:08:28.680 --> 00:08:29.920 Gold has never been an issue. 162 00:08:29.920 --> 00:08:32.000 They're buying the goal, but they would go all over 163 00:08:32.000 --> 00:08:35.559 the place on silver. So there's such a it's such 164 00:08:35.600 --> 00:08:38.840 a mixed bag with that market and understanding silver and 165 00:08:38.919 --> 00:08:42.720 understanding the supply issue and what people want and how. 166 00:08:42.600 --> 00:08:43.600 You can get liquidity. 167 00:08:44.440 --> 00:08:47.039 But I think right now that's been there's some cooling 168 00:08:47.080 --> 00:08:48.240 off and prices have. 169 00:08:48.200 --> 00:08:49.720 Dipped below that fifty dollars mark. 170 00:08:50.240 --> 00:08:51.720 So this is like one of those I think a 171 00:08:51.720 --> 00:08:56.320 good time just to get into silver. It's like it'd 172 00:08:56.320 --> 00:08:58.799 pulled back. So I'm ordering right now, like I'm pushing 173 00:08:58.799 --> 00:09:01.279 the buy button on a whole bunch of products that 174 00:09:01.320 --> 00:09:03.720 I put into a wolf pack. So every day that 175 00:09:03.799 --> 00:09:05.799 I'm watching a little bit of red, that's fine. I 176 00:09:05.799 --> 00:09:08.399 did the same thing with gold. When gold went to 177 00:09:09.480 --> 00:09:13.399 four thousand, I said, okay, I owed some inventory, so 178 00:09:13.440 --> 00:09:16.799 I bought five ounces. It's it's fun whenever these prices 179 00:09:16.879 --> 00:09:19.799 go down. I'm a buyer, you know. So a lot 180 00:09:19.840 --> 00:09:20.440 of people. 181 00:09:22.399 --> 00:09:25.080 Remember a year ago when you know, Trump won the 182 00:09:25.080 --> 00:09:29.480 election and gold took a dive and I said, it's 183 00:09:29.519 --> 00:09:32.720 just on sale because none of the fundamentals have really changed. 184 00:09:32.799 --> 00:09:34.440 I mean, just take a look at this last week, 185 00:09:35.200 --> 00:09:37.919 just the last day or so. Here's the debt clock. 186 00:09:38.440 --> 00:09:41.559 This is the thing. I remember Thomas Massey bought a 187 00:09:41.600 --> 00:09:44.879 whole bunch of these national debt clocks that are constantly, 188 00:09:45.679 --> 00:09:49.559 you know, flipping around and going up, and he handed 189 00:09:49.600 --> 00:09:53.519 him out to the incoming new congress people. Right, here's 190 00:09:53.559 --> 00:09:55.279 this for your little pell just to remind you what's 191 00:09:55.320 --> 00:09:59.000 going on the national debt. And this shows one of 192 00:09:59.039 --> 00:10:03.360 those thirty eight trillion. But as even though they were 193 00:10:03.399 --> 00:10:05.600 looking for it, they it was moving so quickly that 194 00:10:05.639 --> 00:10:08.360 when they when it hit thirty eight trillion, they tried 195 00:10:08.360 --> 00:10:09.840 to take a picture of it, but it was already 196 00:10:09.919 --> 00:10:13.600 added another eighty three thousand before the picture was taken 197 00:10:13.799 --> 00:10:16.480 because the thing was flipping around so much. So the 198 00:10:16.519 --> 00:10:19.240 bottom line is is that all of these fundamentals, nothing 199 00:10:19.240 --> 00:10:22.279 has fundamentally changed. There's going to be profit taking as 200 00:10:22.320 --> 00:10:24.840 people do in the markets. Nothing is a straight line, 201 00:10:24.879 --> 00:10:26.320 and it's always going to be a lot of noise 202 00:10:26.360 --> 00:10:28.440 as people are taking profits and other things like that. 203 00:10:28.480 --> 00:10:31.759 But the fundamentals have not changed, No, not at all. 204 00:10:31.799 --> 00:10:34.759 And I mean you look at I read a lot 205 00:10:34.799 --> 00:10:36.799 of the Kitko analysts and some of the people that 206 00:10:36.840 --> 00:10:39.519 they bring on, and you'll talk about things like, oh, well, 207 00:10:39.519 --> 00:10:43.159 the trade tensions have lessened with China, so it's a 208 00:10:43.200 --> 00:10:45.679 good time, and you'll see a little pullback in price. 209 00:10:45.759 --> 00:10:49.559 But again, big picture fundamentals, the. 210 00:10:49.919 --> 00:10:53.320 Dollar, the dedollarization, the issue with our debt, and you 211 00:10:53.360 --> 00:10:56.919 mentioned the thirty eight trillion you know metrics on that 212 00:10:56.960 --> 00:11:01.000 where we were one trillion dollars the last time silver 213 00:11:01.039 --> 00:11:02.799 had another had its all time ISO in. 214 00:11:02.759 --> 00:11:03.639 Forty five years. 215 00:11:03.759 --> 00:11:07.000 We've added thirty seven trillion dollars in debt and that's 216 00:11:07.000 --> 00:11:07.639 only going to. 217 00:11:07.600 --> 00:11:11.879 Accelerate them eight thirty eight now, yeah, it's thirty eight now, 218 00:11:11.919 --> 00:11:14.799 so I can't keep track of it. That's right. 219 00:11:15.039 --> 00:11:19.720 Now we've added this massive amount of debt, and not 220 00:11:19.840 --> 00:11:22.200 to mention the unfunded liabilities, and then you have the 221 00:11:22.200 --> 00:11:25.320 geopolitical risk of the foreign policy and the trip wires 222 00:11:25.360 --> 00:11:27.759 that we have all over the world. Now that the 223 00:11:29.000 --> 00:11:31.679 metrics and why you would want to be outside of 224 00:11:31.679 --> 00:11:34.480 this system are there, I mean, for the first time, 225 00:11:35.240 --> 00:11:39.000 central banks now own more gold than they do US 226 00:11:39.120 --> 00:11:43.120 treasuries and it's only a matter of time before central 227 00:11:43.159 --> 00:11:45.960 banks hold more gold than they do US dollars. 228 00:11:46.279 --> 00:11:47.440 It's only a matter of time. 229 00:11:47.759 --> 00:11:49.559 It's not that it's not going to happen, because right 230 00:11:49.559 --> 00:11:52.399 now it's the dollars number one as a Tier one 231 00:11:52.440 --> 00:11:56.320 asset via the Bank of International Settlements. The number two 232 00:11:56.399 --> 00:11:59.200 used to be the euro and it got supplanted by 233 00:11:59.200 --> 00:11:59.960 gold last year. 234 00:12:00.279 --> 00:12:02.919 Yeah, so when to get. 235 00:12:03.200 --> 00:12:04.600 I think when he gets up in the mid five 236 00:12:04.639 --> 00:12:07.960 thousands or something, that'll be uh, you know, it'll be 237 00:12:08.000 --> 00:12:10.559 the number one, the tier one asset. You know, it's 238 00:12:10.639 --> 00:12:12.600 kind of interesting to when we talk about this debt. 239 00:12:13.080 --> 00:12:16.159 The federal debt rose by trillion dollars in a little 240 00:12:16.200 --> 00:12:21.399 over two months, which is the fastest rate of growth 241 00:12:21.399 --> 00:12:23.720 outside of the pandemic. And of course when did that 242 00:12:23.799 --> 00:12:26.120 happen during the pandemic. That was Trump and he wanted 243 00:12:26.159 --> 00:12:29.200 to get Massy out because Massy opposed him on that. 244 00:12:29.399 --> 00:12:33.960 Trump doesn't care a whit about debt and deficits and 245 00:12:34.000 --> 00:12:36.320 things like that. We saw that from his bankruptcy of 246 00:12:36.360 --> 00:12:39.879 the casinos that were out there, and so somebody that 247 00:12:39.919 --> 00:12:43.320 doesn't really care about debt, what eventually happens is bankruptcy 248 00:12:43.360 --> 00:12:45.919 and that's where he's taking us as a country as well. 249 00:12:46.000 --> 00:12:48.559 Right, Well, that's what he said. He used to call 250 00:12:48.600 --> 00:12:49.720 himself the King of debt. 251 00:12:49.879 --> 00:12:52.159 Yeah, that's what he called himself, and I just called 252 00:12:52.200 --> 00:12:52.960 himself the king. 253 00:12:53.120 --> 00:12:56.279 So yeah, used to be. 254 00:12:56.799 --> 00:12:59.039 But he's defecating on all of us, isn't he with 255 00:12:59.039 --> 00:13:00.960 his fiscal policy. It's not just a protest. 256 00:13:01.000 --> 00:13:03.720 Well, I mean he'll maybe we'll go to the last 257 00:13:03.720 --> 00:13:06.200 time when he needed a bail out. He got Wilburgh 258 00:13:06.279 --> 00:13:09.360 Ross and the Ross Childs to come in, and maybe 259 00:13:09.360 --> 00:13:11.879 that's what we're doing now, except we're doing it with 260 00:13:11.960 --> 00:13:15.200 the entire nation. Maybe that's why case, that's what the 261 00:13:15.200 --> 00:13:16.120 Federal Reserve is. 262 00:13:16.360 --> 00:13:18.679 Yeah, I mean that's why Scott Besson is there because 263 00:13:18.720 --> 00:13:22.200 he broke the Bank of England with sorrows. So yeah, 264 00:13:22.240 --> 00:13:25.240 they can break the Federal Reserve with this. I'm sure 265 00:13:25.279 --> 00:13:27.080 both of them would love to do that. There was 266 00:13:27.080 --> 00:13:30.200 an interesting article on Meanses and said, so what happens 267 00:13:30.200 --> 00:13:34.120 when gold? You know, when's the next gold bubble burst? 268 00:13:34.240 --> 00:13:36.799 And they went back and they looked at four previous times. 269 00:13:36.799 --> 00:13:38.960 I thought that was kind of interesting, And as I'm 270 00:13:39.000 --> 00:13:41.279 reading it, I thought, but these things have nothing to 271 00:13:41.320 --> 00:13:43.480 do with the kind of time that we're in right now. 272 00:13:43.559 --> 00:13:45.720 And in each of those cases, what they pointed out 273 00:13:45.879 --> 00:13:49.679 was that people had lost all confidence in the Federal Reserve, 274 00:13:49.720 --> 00:13:52.399 and then the Federal Reserve pull some trick, pull some 275 00:13:52.519 --> 00:13:55.600 rabbit out of their hat to regain confidence, and that 276 00:13:55.759 --> 00:13:58.600 was the thing that caused the you know, the the 277 00:13:58.639 --> 00:14:02.759 increase and gold to collapse. But that's not what's going 278 00:14:02.799 --> 00:14:05.200 to happen this time. I don't see that happening. I 279 00:14:05.240 --> 00:14:08.720 think people have lost confidence. I think you've got other 280 00:14:08.799 --> 00:14:11.600 things that are happening. People are even more aware with 281 00:14:11.720 --> 00:14:13.639 a bitcoin of the fact that we've got to get 282 00:14:13.679 --> 00:14:16.960 out of the manipulation by the Federal Reserve, and of 283 00:14:16.960 --> 00:14:21.080 course countries all around the world are trying to set 284 00:14:21.120 --> 00:14:23.519 up a new financial system for all of those reasons, 285 00:14:23.559 --> 00:14:26.480 as well as a thirty eight trillion dollars and climbing 286 00:14:26.600 --> 00:14:29.480 of debt that we've got. I think that this time 287 00:14:29.559 --> 00:14:30.519 is completely different. 288 00:14:31.720 --> 00:14:34.639 I think so too. And that's a great point to 289 00:14:34.679 --> 00:14:35.080 bring up. 290 00:14:35.120 --> 00:14:37.919 You know, you remember twenty and eleven and Ben Bernanki 291 00:14:38.000 --> 00:14:40.080 came out and said, oh hey, we won't do that 292 00:14:40.320 --> 00:14:44.679 with tarp funds and everything we've bailed out the big 293 00:14:44.720 --> 00:14:46.799 banks scepter two thousand and eight, two thousand and nine, 294 00:14:46.879 --> 00:14:50.639 and so about twenty eleven, gold hit over nineteen hundred 295 00:14:50.639 --> 00:14:53.360 dollars an ounce and silver hit fifty, so it didn't 296 00:14:53.360 --> 00:14:53.879 break its. 297 00:14:53.720 --> 00:14:54.919 All time high at that time. 298 00:14:55.000 --> 00:14:58.200 So that was that was a metric people were putting 299 00:14:58.240 --> 00:15:01.600 their moving funds into physical gold and silver. It was 300 00:15:01.679 --> 00:15:04.559 driving those prices up, and Ben Berneki said, we won't 301 00:15:04.559 --> 00:15:08.279 do that again. We have everything stabilized. The markets are, 302 00:15:08.320 --> 00:15:08.960 you know, are going. 303 00:15:08.960 --> 00:15:13.159 To be sorry. We caused the Great Depression finally, but 304 00:15:13.200 --> 00:15:14.039 we won't do it again. 305 00:15:14.600 --> 00:15:17.240 Yes, we won't. We did, we did nineteen twenty nine. 306 00:15:17.320 --> 00:15:20.120 We won't do this again. And you're right. It's a 307 00:15:20.120 --> 00:15:21.000 different world now. 308 00:15:21.559 --> 00:15:23.159 And I don't think they are going to pull a 309 00:15:23.200 --> 00:15:25.519 rabbit out of their hat, but it won't be the 310 00:15:25.559 --> 00:15:28.000 Fiat rabbit. I think that they're going to do something. 311 00:15:28.039 --> 00:15:31.120 I think they're going to reprice everything. This is a 312 00:15:31.679 --> 00:15:35.200 there's going to be a great devaluation and a revaluation 313 00:15:35.360 --> 00:15:37.240 in some way. I don't have all the answers to that. 314 00:15:37.240 --> 00:15:39.559 I'm just this is what I'm reading in between. I 315 00:15:39.600 --> 00:15:45.240 think part of commodities, gold silver, maybe even bitcoin, and 316 00:15:46.080 --> 00:15:49.240 it'll have a lot to do with the digitization of 317 00:15:49.480 --> 00:15:50.080 our currency. 318 00:15:50.159 --> 00:15:50.399 David. 319 00:15:50.399 --> 00:15:52.879 I think it'll have something to do with the stable coin, 320 00:15:53.000 --> 00:15:56.879 the public private partnership thing that they're doing. Yes, again, 321 00:15:56.919 --> 00:15:58.519 I don't have all the answers to that, but it 322 00:15:58.559 --> 00:15:59.360 won't be a fiat. 323 00:15:59.440 --> 00:16:01.480 Rabbit are going to do something. It will be a 324 00:16:01.519 --> 00:16:02.120 magic trick. 325 00:16:03.600 --> 00:16:06.159 Yeah, it'll agree. I think it's going to be something 326 00:16:06.159 --> 00:16:08.759 about the stable coin, and I think they'll even as 327 00:16:08.759 --> 00:16:11.840 they're doing now, they're putting in real estate and gold 328 00:16:12.399 --> 00:16:15.120 and too tether and some of these other ones holding 329 00:16:15.159 --> 00:16:17.399 that as well, so they'll be able to pivot and 330 00:16:17.519 --> 00:16:19.840 use some of those things and try to give a 331 00:16:20.000 --> 00:16:23.279 reality to what will essentially be a fiat. But that's 332 00:16:23.320 --> 00:16:25.360 the other side of this thing as well. You know, 333 00:16:25.360 --> 00:16:28.399 when we look at strictly the different financial things and 334 00:16:28.440 --> 00:16:32.399 how this is a loss of confidence that we like 335 00:16:32.440 --> 00:16:35.960 we have never seen before, and justly a loss of confidence. 336 00:16:36.000 --> 00:16:40.759 There's also the CBDC, the digital ID, the digital cash, 337 00:16:40.840 --> 00:16:43.720 the stable coin, all those types of things, which to 338 00:16:43.840 --> 00:16:47.039 me that is even more important and more enduring than 339 00:16:47.120 --> 00:16:50.840 the financial stuff because to be able to have something 340 00:16:50.879 --> 00:16:54.480 that is physical, that is completely private that is outside 341 00:16:54.679 --> 00:16:58.399 of the digital sphere. And the traceability and the trackability 342 00:16:58.399 --> 00:17:00.440 of all that stuff, I think is to me that 343 00:17:00.600 --> 00:17:03.919 is the key thing. It's not financial, but it's about privacy. 344 00:17:05.519 --> 00:17:08.480 I agree, it's very important to have something outside of 345 00:17:08.480 --> 00:17:12.440 this system. And counterparty risk is another issue. And if 346 00:17:12.440 --> 00:17:16.119 you've got lack of trust, that loss of trust that's happened, 347 00:17:16.160 --> 00:17:18.119 and this happens. You know, we're in a fourth turning, 348 00:17:18.160 --> 00:17:22.039 so you're talking about institutional turnover and the end of 349 00:17:22.480 --> 00:17:25.640 certain old institutions and the beginning is with new ones. 350 00:17:25.640 --> 00:17:28.200 Perhaps, so trust is a factor. 351 00:17:28.000 --> 00:17:30.519 And you hold that I have a I was on 352 00:17:30.559 --> 00:17:31.559 a podcast last night. 353 00:17:31.559 --> 00:17:32.039 I was showing them. 354 00:17:32.039 --> 00:17:33.839 I was like, I have a one ounce gold eagle 355 00:17:33.880 --> 00:17:35.759 here on my desk and we bought here at the 356 00:17:35.799 --> 00:17:40.319 shop and Dennison and this is mine, right, that's no, 357 00:17:40.400 --> 00:17:42.240 there's no I don't have to worry about what's on 358 00:17:42.240 --> 00:17:44.839 a ledger. I don't have to worry about uh, you know, 359 00:17:44.880 --> 00:17:47.160 if the chairman of the board of that company is 360 00:17:47.960 --> 00:17:52.480 embezzling or whatever I own is right, and I know 361 00:17:52.519 --> 00:17:56.359 what I know what that's worth. So that that's the 362 00:17:56.400 --> 00:17:59.000 issue with counterparty risk. And in a world where trust 363 00:17:59.039 --> 00:18:02.240 is diminishing, it's very important to have something outside of 364 00:18:02.240 --> 00:18:04.680 the system, and you know, not everything can be outside 365 00:18:04.720 --> 00:18:06.680 of the system. And if you have to trust your 366 00:18:06.720 --> 00:18:10.160 bank for the mortgage, have to do trust your company 367 00:18:10.200 --> 00:18:11.920 that you get your car loan through. As a matter 368 00:18:11.960 --> 00:18:13.559 of fact, I saw a metric today. I think it 369 00:18:13.599 --> 00:18:17.440 was really telling. But car payments are at all time highs. 370 00:18:17.839 --> 00:18:21.119 That's because cars cost more than they ever had. Yeah, yeah, 371 00:18:21.160 --> 00:18:24.759 you know, like the pressure on consumers and that's that's. 372 00:18:24.559 --> 00:18:27.640 One of the thing that's been going through the financial 373 00:18:28.240 --> 00:18:34.519 press this last week was the concern about several companies 374 00:18:34.519 --> 00:18:37.720 that make car loans and a lot of people can't 375 00:18:37.759 --> 00:18:41.039 pay back their car loans now because they're underwater and 376 00:18:41.319 --> 00:18:43.640 financial things are getting difficult and they can't sell it 377 00:18:43.680 --> 00:18:47.880 because the cars appreciate so quickly. And so there's even 378 00:18:48.119 --> 00:18:50.200 been a lot of articles coming out of the UK 379 00:18:50.359 --> 00:18:53.960 saying this could spread everywhere. That's not even talking about 380 00:18:54.079 --> 00:18:57.200 the commercial real estate issues that Jeryl Slinty has been 381 00:18:57.200 --> 00:19:00.240 talking about. But they're talking about bank failures just because 382 00:19:00.680 --> 00:19:04.920 of subprime car loans and because of the massive expense 383 00:19:05.039 --> 00:19:07.160 of cars today. 384 00:19:07.559 --> 00:19:10.400 Well, everything thrives off of debt and then eventually you 385 00:19:10.440 --> 00:19:11.960 have to somebody has to get paid back. 386 00:19:12.160 --> 00:19:13.960 That's right, you know, that's the problem. 387 00:19:13.599 --> 00:19:18.319 With having an economy that's built off of cheap liquidity, 388 00:19:18.960 --> 00:19:23.039 and we've been building that for a while now. That's 389 00:19:23.079 --> 00:19:25.400 how they measure the metrics in that so called health 390 00:19:25.440 --> 00:19:29.680 of the economy is lending in liquidity and so at 391 00:19:29.720 --> 00:19:31.240 some level though, you have to pay it back. 392 00:19:31.279 --> 00:19:32.839 That's what happened in two thousand and eight. 393 00:19:33.160 --> 00:19:36.279 In two thousand and nine, prices because there was so 394 00:19:36.359 --> 00:19:39.960 much Fiat floating around. Prices went up because people bought 395 00:19:40.119 --> 00:19:44.240 cheap goods from overseas and whatever, and the consumption went up, 396 00:19:44.279 --> 00:19:46.680 costs went up, and you had then eventually had to 397 00:19:46.680 --> 00:19:48.279 make a decision whether you're going to put gas in 398 00:19:48.319 --> 00:19:50.480 your car or pay your mortgage. And people put gas 399 00:19:50.519 --> 00:19:52.079 in the car because it was four dollars a gallon 400 00:19:52.119 --> 00:19:59.400 at one point, and that caused a cascading effect of defaults. 401 00:20:00.039 --> 00:20:03.000