Speaker 1: So you know that was gold was maybe eleven hundred
and fifty then, and it went down like fifty that
next Sunday night and miss pretty ugly.
Speaker 2: But we hung in there.
Speaker 1: And the reason why why my faith never wavered was
the math man. I mean, it is what it is,
and we're now thirty seven and a half trillion dollars
in debt. It's not getting any better. Carry This last
burst in gold up through twenty five hundred and through
twenty six hundred began about three three and a half
weeks ago when the monthly budget deficit for the US
government for August was released and it was per month
three hundred and eighty billion dollars.
Speaker 3: I remember you were listening to Carrie Letz's Financial Survival Network,
where you get valuable information you just can't find anywhere
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Financial Survival Network now more than ever. Go to Financial
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Speaker 4: Ever, And welcome you are listening to and watching the
Financial Survival Network.
Speaker 2: I'm your host, Carrie Lutz.
Speaker 4: Well, it is now October ninth, and price of gold
looks like it's getting ready to spike again, but more
importantly the price of silver. We were at thirty two
almost thirty three dollars silver. Let's get the absolute insider
take on this. Craig Heepke TF Metalsreport dot Com is
with us now. If you've got a question comment for
Craig myself, email kl at Carrie Lutz dot com.
Speaker 2: Craig, So, where are we now?
Speaker 1: Well, we're for now at least, we're just at another
higher low part of the chart. You know, a bull market,
particularly in the Comax golden silver futures, is almost always
defined by higher lows and higher highs.
Speaker 2: You know, where you're just kind of stare stepping up.
Speaker 1: And that's kind of where we are now, and not
only in gold or silver, but also the mining shares
are doing the same thing. We'll see where we go
from here. I'm optimistic that we can take another run
up before the end of the year.
Speaker 2: But at the same time, you know, if you'd ha.
Speaker 1: Told me back in January, with all that we knew
that was coming, you know, the I mean everybody was
factoring in like six or seven raid cuts, you know,
on New Year's even last year, and we knew that
wasn't going to be the case, so we figured it
was gonna be kind of a tough year at least
to start.
Speaker 2: It wasn't.
Speaker 1: So if you'd told me back, you know, first January,
that even if we ended up here near twenty six hundred,
we'd have a thirty percent year, I just said, that's aokay.
Speaker 2: And in terms of silver, I was I.
Speaker 1: Was looking at a chart earlier this week that Ronnie
Sterfelop put out that showed silver gains or losses every
year since two thousand and nine, since you know, the
Great Financial Crisis, when everything changed across all currencies, all
nine major FIAD currencies. And one thing that stood out
to me is the three prior periods where silver had
a really big year. All three of those were followed
by another big year still, the most recent being twenty
nineteen and twenty twenty.
Speaker 2: And so silver's up by the same percentage as gold.
Speaker 1: Leaves me kind of optimistic that we'll be able to
extend this into twenty twenty five.
Speaker 2: I think, so, huh so hold the course, huh, Well,
I mean that's been the case.
Speaker 1: I mean, I have people on my site, I remember
getting this three four years ago, but I still get
this occasionally. People on my side they're like, thank you
for getting me to stay with this, because man, it
was a pretty lonely sojourn back in twenty thirteen and fourteen.
I remember the summer of twenty fifteen. It was a Saturday.
It was a weekend Wall Street Journal.
Speaker 2: Did they even do that anymore? Carry? I don't even
know Wall Street Journal.
Speaker 4: The weekend edition that was like that was like a
fun show for a while while alive.
Speaker 2: They used to put out an actual hard copy. Yeah.
Speaker 1: And I was staying at a hotel as at a
wedding with my in laws and my father in law
comes up and slaps it down on in front of
me because there's an article there about.
Speaker 2: Gold is just a pet rock, and.
Speaker 4: That's what what's his name, Jason's wag Buffett said, we
spend all this money digging out out of the ground,
then we dig a new hole, bury it, and we
spent all this money guarding it, right.
Speaker 2: Right, Zach barbarous a relic?
Speaker 1: So you know that was gold was maybe eleven hundred
and fifty then, and it went down like fifty that
next Sunday night and it's pretty ugly, but we hung
in there. And the reason why why my faith never
wavered was the man man. I mean, it is what
it is, and we're now thirty seven and a half
trillion dollars in debt. It's not getting any better. Carry
This last burst in gold up through twenty five hundred
and through twenty six hundred began about three three and
a half weeks ago when the monthly budget deficit for
the US government for August was released and it was
per a month, three hundred eighty billion dollars. I remember,
and that's when you know, I was almost like the
thing I keep saying in interviews, it's like that grabbed
hedge fund managers and you know these home office multi
billion dollars and just kind of shook them by the
lapel and said.
Speaker 2: You see this three hundred and eighty billion in a month.
You know, another charge for Ronnie.
Speaker 1: That's a Bank of America research, the most recent one
they did, seventy one percent of global financial advisors have
less than one percent or zero percent of their client's
assets allocated to the precious metals. In the ninety six
seventy one percent another twenty four percent have less than
five percent, So this, I mean, it won't take much.
And that's why, again the math is a math. I
feel the sector is grossly underinvested for the protection it provides.
And that's why we just keep hanging in there. Hey,
and the crypto it's kind of serving a similar function here,
you know bitcoin while we're speaking. I hate to give
bitcoin prices because it's so volatile.
Speaker 4: They change so quickly. But right now, for this particular
instant in time, it's sixty two thousand, one hundred eighty
five bucks. You know, for something that really has no
intrinsic value, it has a lot of value it does.
Speaker 2: Up sit there doing the math. What is that?
Speaker 1: My cost basis on the little bit of bitcoin I
have is about six hundred and twenty bucks. So I'm
trying to do the math on what is that ten
one hundred thousand percent.
Speaker 2: I don't know, whatever it is.
Speaker 1: I and so, And I've never understood this thing about
you can only own one versus Yeah, I mean, I've
never never made any sense. Yeah, are they are alternatives
to your fiat dollar? And why wouldn't you know? And
you know, people, it's like the central banks that we've
talked about before there's will be a third year in
a row of record global central bank gold demand.
Speaker 2: Well what are they doing.
Speaker 1: They're taking their dollar reserves that they've accumulated and they're
diversifying some into gold. Well that's all I've ever suggested
for the individual person. Take some of your dollar reserves
and diverse fying a gold That's I mean, this is
not complicated.
Speaker 4: If if people like automatically bought gold, it would force
the world's central banks and the world's governments to stop.
Speaker 2: What they are doing. Yeah. Think about that.
Speaker 4: If every person out there had a gold and silver
account and they added to it monthly because they wouldn't
be able to control the prices then, right, because you'd
have worldwide demand swamping the algorithms basically right. Yeah, So
it would legitimately price these metals at their true worth
in currencies, and then you know, the canary and the
gold mind, the cat would be out of the bag.
They wouldn't be able to hide it, right yeah.
Speaker 2: Right.
Speaker 1: You know you think about who hates gold the most, right,
the bankers and the politicians and why And I should't
you say bankers, bankers, politicians and anybody in financial that
benefits from the unlimited creation of the dollars and the
debt from which the dollars come. And if that's the
system that your company, that your net worth whatever relies upon,
you're going to bash all the alternatives all day long.
Speaker 2: And that's what they do. You'll never hear.
Speaker 1: Anybody talk about this kind of stuff on CNBC because
their beak is dipped by the financial services, mutual funds
and everybody else.
Speaker 4: Right them and get pharma. I mean, but stop taking
drugs and buy gold, right, you know, that would nail
to the system. Stop taking drugs by precious metals.
Speaker 1: It's really and really that's a good, good analogy. It
really about the same thing here. Here's what I gave
you something though that I think is a really good
present day example for people to understand. Even within this
pricing scheme that relies upon on all these alchemic alternatives,
you know, futures contracts and unallocated accounts and ETFs and
all this stuff that's gives you exposure to the price,
but not the real thing. Even within that pricing scheme,
we can look at because and this is just something
that I think people can really grasp. You know, the
you know, the four ordered ounce bars a goal the
London bars, Right, everybody's seen those things. They see someone
holding one and it's like, oh wow, the racks of them,
you know in the vaults. Four hundred ounces is a
London good delivery standard. When Nixon closed the gold window
back you know whatever, now fifty three years ago, right.
Speaker 2: Yeah, it's hard to believe one of those.
Speaker 1: Bars was exchangeable or cost fourteen thousand dollars. Okay, twenty
five years later in the late nineties, one of those
bars cost one hundred and ten thousand dollars well as
the spot price of gold moved up through twenty five
hundred dollars about six weeks ago. With five hundred times
four hundred, one of those bars is suddenly a million dollars.
What better illustration because the gold is just sat there, right,
That bar from nineteen.
Speaker 2: Seventy one is still that bar.
Speaker 1: You can't make you know, the argument your house or
you know, the the adjustments, what are the well, the
oh mis, my senior moment, the CPI, the terms they use,
you know to say that the not holistic adjustments. What's
the word that they eat eeronic, donic, medonic adjustments. There's
no hedonic adjustment to a bar gold. Right, here's your bar,
same bar from nineteen seventy one, but the price is
a million dollars rather than fourteen thousand.
Speaker 2: Is that?
Speaker 1: What better example or illustration is there of the destructive
power of the FEMA fiat evaluation in that?
Speaker 4: And that's why you owned al Hey. You know, Ludwig
bad Masis said only government can take a valuable commodity
like paper and make it worthless by putting ink on it.
Speaker 2: I love it. I love it.
Speaker 4: You know, it's kind of wild, and you might have
to dust off that bar because you haven't done anything
with it. It's just been sitting there collecting dust. Craig,
I don't know if you ever went to the Federal
Reserve's gold vault, but to have a tour there.
Speaker 2: I did it like fifteen years ago.
Speaker 4: I wrote about it on the site on Financial Survival Network.
Speaker 2: But you know there was all this gold. Well.
Speaker 4: One thing that impressed me was that in order to
handle the gold, you had to put these magnesium tips
on your shoes because it covered it because if you
drop the bar, it would crush your foot. They had
to wear these special things. But you know, it's just
it's kind of shocking, but it isn't because look, the
man's nature is always to try to get something for nothing, right.
You know, some people call it investing in the stock market,
but they want to like create all this money, give
it to people, Give everybody what they want, whatever it is,
no matter how stupid it is. If it's a degree
in puppetry, an advanced degree in puppetry, or you know,
medieval French lesbian studies, whatever it is, they want to
give it to everyone. And when money was real, they couldn't.
But now that money doesn't really exist, only in your mind,
only in the bank of a computer on the disc.
Now they can do this, Craig, You know, it's it's alchemy,
like you said, financial engineering at a level that nobody
in their right mind would have ever believed.
Speaker 1: Yeah, you know, and I mentioned that math, you know,
the certainty of the math, the compounding of the math, right,
the compounding. You know. You see when we went twenty
five years, even under this pricing scheme, from basically ten
thousand to one hundred thousand, other twenty five years from
hundred thousand to a million, another twenty five years, what
are we talking ten million?
Speaker 4: Right?
Speaker 1: Okay, twenty five thousand dollars goal. And again what that means,
I don't.
Speaker 2: Know if the system's going to continue for a t
another twenty five years. I don't know nob it'll make
another twenty five I have no idea.
Speaker 1: While we're in this kind of crack up boom phase
that you're describing, there are going to be all kinds
of get based financial assets that go great. You know,
I make all kinds that their gains exceed the rate
of inflation the rate of devaluation. Right, So nobody should
ever like cash out everything and put it into gold
or silver or something like that, because you can't know
when the thing you know finally implodes under its own
weight and their opportunity costs along the way of waiting.
But what you definitely have to do is invest yourself
in a way that your gains keep up with inflation
and gold just in that you know, segment of your portfolio,
that part of your asset allocation certainly has proven that
over time.
Speaker 4: Oh, there's no question. And it's not like we're the
stop clock brigade here, you know, it's not like we're one.
We're right, every once every ten years, This ongoing process.
Like you said, it's been going on since nineteen thirteen,
but really picked up steam in seventy one when the
gold window was closed, when the dollar broke its final
connection to gold. And it's pure math, It's really that simple.
And they can they can slow it down, maybe they
can hide it. Maybe. You know, we have these busts,
these financial crashes, which we're probably due for one now
because every seventeen years in real estate you get a crash. Right,
we're probably due for one now, and certainly the stock
market we're probably due and then we begin to process
a new right that is I mean I believe all that.
Speaker 1: Yeah, the cycles that are definitely in play. The only
thing you wonder about is how long you know, the
plates can keep spinning and they can keep the balls
in the air. You know, when you have everything run
by computer, right, I mean you look at it like,
for example, look at the VIX index.
Speaker 2: And how many.
Speaker 1: Got buy programs automated HFT the algorithmic programs are based
off of that. If the VIX is going down, then
risk is coming out, so we should be in risk assets. Well,
then if you can just simply control the VIX, then
you can get the computers to do what you want
them to do.
Speaker 2: Yeah, no that I mean not that so like to think.
Speaker 1: I mean, look, I'm the guy I probably called ten
of the last one stock market crashes, and so I'm
not I just don't. I just prefer not to fiddle
around with it, you know, and you know carry everybody
that I should. How do I want to phrase this?
There are so many interests aligned in keeping that afloat.
I mentioned CNBC and like you know and how they're
always on the lock. Now, maybe it's good for ratings
every once in a while, Mark it crashed join us
tonight at seven o'clock, you know that kind of thing.
But everybody's got their their beacon, the trough, and they
have an interest in keeping it going. You know, all
the way down to the economic data that we get,
you know, it's it's all designed and put out to
influence the EY. It's like all of those job report
Fridays that were oh magically beat expectations, Wow, through all
these different seasonal adjustments and the.
Speaker 4: Like, excert surprised, right, And they come back and then
they come back last month and they say, you know what,
we we overstated things by eight hundred and fifteen thousand.
Speaker 2: Well do they then, you know, do they then.
Speaker 1: Have they then overstated what the stock market did on
those twelve fridays or that do we get to reprice
gold for all the beatings that it took on those
fridays on the fake news?
Speaker 2: No, so everything. There's so many.
Speaker 1: Forces aligned to keep the plates spinning that you don't
really want to get in the way of that freight train,
and you don't want to completely avoid, you know, certain
sectors because you're just waiting. You know, you don't know,
you don't know when the end is coming. All you
can do is prepare for and that's you know where gold,
silver too, have a part in your portfolio.
Speaker 4: Hey, I'm looking at I like to follow the housing
stocks because to me, yeah, they know what interest rates
are going to do before the Fed nose. You know,
you just look at them and guess what. I looked
at five or six of them. They're all trading at
or near they're all time highs. That are tall brothers kV. Holmes.
You know, the whole group is trading at these all
time highs, and that could only mean that interest rates
are going down. And what happens when the next fifty
basis plate. Yeah, rate cut the next fifty basis go
and then you know the market will go crazy, right or.
Speaker 2: Maybe it won't.
Speaker 4: Maybe we'll get to the point where it doesn't care anymore,
where it sees the underlying collapse that we're approaching. I mean,
at some point the plates, you know, I would say
in seven and eight, the plates were all spinning, but
the guys spinning them had to sneeze and a couple
of hit the grounds. You know what happens when that
guy has a heart attack this time and all of
the plates come crashing down.
Speaker 1: Yeah, yeah, that moment will certainly come. And then where
do we go from there? I mean, look at China.
You know, China rolled out their monetary bazooka two weeks
ago and everything shot up, some of the biggest days
in Chinese stock market ever. And then they closed for
a week for their you know, their glorious anniversary of
the founding and the you know, the.
Speaker 2: Communists worthy of celebration looking on the hill.
Speaker 1: And when they reopened, boom, it goes right back down
ten percent. And now they're talking about what are they
going to do this next week? They're apparently there's some
big meeting announcement coming on Saturday.
Speaker 2: What are they going to do? Even more so, you
getting to that point where the men's scheme moment, right,
isn't that the men's scheme mode?
Speaker 1: Right?
Speaker 2: Yeah?
Speaker 1: And you're kind of just pushing on a string at
some point, you know, you just you can't keep up,
and that'll come.
Speaker 2: It'll come here as well. It's just good.
Speaker 1: You know, it doesn't matter who wins the election, they're
going to be for tough sledding next year, you know that.
Speaker 2: You think about here, even in what was.
Speaker 1: Allegedly this strong economy, the US fiscal year just ended
on September thirtieth was pretty close to a two trillion
dollars annual deficit. What's going to happen in the next
fiscal year in a contracting economy where government revenues and
tax receipts and anything else fall by a trillion dollars
and government spending picks up with stimulus and we're starting
sudden are running three.
Speaker 2: Four or five? Yeah, exactly.
Speaker 4: Well, I did a useless exercise just for the fun
of it, because I had.
Speaker 2: Some time to kill.
Speaker 4: I had chat GPT balance the budget without attacks increase,
and I said, give me a list of one hundred
agencies we could just shudder and never even know they
were closed. And some of these agencies, Craig, you never
even heard of them. It were so obscure, like the
I can't even remember them now this is a few
months ago. But hey, if Elon Musk gets in there
and he actually can do anything, Elon Musk will be
the equivalent of the Grace Commission.
Speaker 2: Remember the Grace Peter R.
Speaker 4: Grace from the Grace Chemical Company, which was long since acquired,
and in the nineties they had the Grace Commission and
he showed them how to balance the budget.
Speaker 2: But you know, you know how far that way.
Speaker 4: It's like, yeah, like get real, or who's paying our salary?
It's not you, Grace, it's these interests, big pharma, big chemical,
big oil, big Agra, you know, all these things. Hey,
I want to touch on one thing though, that I
knew you were concerned about, and that made me think
twice that maybe this election might have a little more significance.
I'm not talking about the economy. I'm not talking about
the dollar, interest rates, whatever. Rfk Junior deplorable character person
I know, I know him personally, despise him, but he
did one thing, which was make America healthy again, that
we are the most unhealthy nation the world has ever known,
and that this is a national crisis. So for that alone,
I can forgive him all his sins, and they are manifold,
you know, because the health, all the gold, all the
money in the world than going to do anything for
you if your health is down the tubes.
Speaker 1: Right, Yeah, you know, curious, this won't surprise you. But
I'll turn this back to Golden the Fed as well.
You know, anybody could pull up all the charts to
show income inequality and wealth inequality all begin diverge back
in nineteen seventy one, and what happened in seventy one Again,
they're wealthy of gotten wealthier. You know the old line
from You Too Got Part two nineteen eighty eight. The
rich stay healthy and the six stay poor, right, And
it's just the gap just keeps widening. And so it
is the lower income people that don't have any money
that have lost their good jobs. So they're working three
part time jobs. You can see that in the jobs report.
They're doing everything they can to make ends meet, and
they're shopping and eating the crap that's sold by Dollar General,
you know, and in the grocery store the most everything
that's got all the seed oils and the preservatives and
all that stuff. Because they can't afford to eat any better,
or they live in the city and they don't have
any alternatives to eat any better, and so they just
get fatter and sicker and more drug depend carry.
Speaker 2: I'll give you one more thing. Everybody they talk about,
Oh it's just so great.
Speaker 1: Look how great the economy is yesterday, Like this haircut.
Speaker 2: Yeah, I just got it. I just got a haircut yesterday.
Speaker 1: I've driving through a kind of a neighborhood to get
to where the place is where the guy cuts my hair,
and all of a sudden, there's fr after.
Speaker 2: Car bumper to bumper parked along the side of the road.
I'm like, it isn't weird.
Speaker 1: And I'm like and then I see a church coming
up about a block away, and I'm like, she's who died.
Must be some you know, big shot funeral here. Now
I get to the church food pantry this way, Oh
my god, there must have been in this serpentine thing
a hundred cars wrapping around the neighborhood going up one
block over one and back up all to just get
and so I'm like, holy crap. So I can come
back to my house the same way and there's still
a hundred car that maybe down a few seventy five.
Speaker 2: Wow.
Speaker 1: Wow, well of sanely single women, you know, moms that
you know, just trying to feed their family, that kind
of stuff. All just wait, just begging for you know what,
twenty dollars worth of groceries. Yeah, gomment, robust, everything's great,
give me.
Speaker 4: Break, just lies. I mean, when you see that, it
really brings it home. And like you said, people running
three jobs, you know, to try to make ends meet.
And oh but the employment numbers are great. Crowd stock
market went up one percent today.
Speaker 2: Just makes me sick. Yeah.
Speaker 4: Well, hey, we'll leave it on that note. But you know,
make sure you go over to craig cite TF Metals
Report dot com and get to subscribe to it, because
I think with inflation, I don't think of inflation adjusted
your subscription prices at Starbus it's been four years. Our
Bucks just raised the price of my damn latte from
five sixty two to six thirty seven.
Speaker 2: Here you go, well, about about two of those lattes
with tax will get you a month at tfm R.
How's that?
Speaker 1: Man?
Speaker 4: So so at least there is a place on this
planet where inflation is not driving up the cost. So
TF Metalsreport dot com And I love the site, love
your commentary, your podcast. We've known each other over ten
years now. And where the profits you know with an
F and with a pH right.
Speaker 2: More pH than than appy? All right? You know where
I get the fs A F you MP, I get that,
but anyway you get it, I love it.
Speaker 4: Matt Hey, So go over to go over to correct site,
make sure you subscribe, tell them we sent you, and
if you got any questions comments kl at Carrie Let's
dot you'll have a link to craig site in the
show notes this interview on Financial Survival Network dot com.
Speaker 2: Sign up for your free newsletter. Craig. We'll talk to
you again real soon.
Speaker 1: Man.
Speaker 3: Be well, all the best, my friend, Thanks for listening
to Carrie Lenz's Financial Survival Network, your solution to today's
trying times. For the latest, go to Financial Survivalnetwork dot com.
Financial Survival Network
Speaker 2: Now more than ever