WEBVTT 1 00:00:07.040 --> 00:00:09.480 All right, welcome back, and joining us now is Tony Ardeban. 2 00:00:09.519 --> 00:00:12.640 I apologize to him for losing track of the time, 3 00:00:13.679 --> 00:00:17.160 and we haven't. We haven't lost track at Tony, but 4 00:00:17.199 --> 00:00:19.280 it might appear like that to the audience because it's 5 00:00:19.320 --> 00:00:21.120 been a while since Tony's been on. He took some 6 00:00:21.199 --> 00:00:24.440 time off for the Christmas holidays and things like that 7 00:00:24.440 --> 00:00:26.480 to try to get caught up. It's been a chaotic time, 8 00:00:26.559 --> 00:00:29.359 of course, in the metals market. Things have been moving 9 00:00:29.440 --> 00:00:32.719 incredibly quickly, and I don't know how you do it, Tony. 10 00:00:33.240 --> 00:00:35.439 He type the time to come on at all. But 11 00:00:35.840 --> 00:00:38.240 it's great to have you back, and we're really anxious 12 00:00:38.240 --> 00:00:39.640 to talk to you. With all the things that have 13 00:00:39.640 --> 00:00:43.399 been happening. We're now up over forty six hundred dollars. 14 00:00:43.920 --> 00:00:47.840 Gold has gone high, and we had well over eighty 15 00:00:47.920 --> 00:00:50.039 for silver. I don't know what the exact price is silver. 16 00:00:50.079 --> 00:00:52.159 I don't follow this stuff on day to day basis, 17 00:00:52.159 --> 00:00:55.600 but you do. And it's really crazy times, isn't it. 18 00:00:55.640 --> 00:00:58.479 And this last week we just had both of them 19 00:00:58.640 --> 00:01:02.000 get a shot in the arm from Trump because he 20 00:01:02.039 --> 00:01:05.200 wants to be the dictator of the dollar. He wants 21 00:01:05.280 --> 00:01:07.680 to be the one who's going to set this And 22 00:01:07.719 --> 00:01:09.480 you have to look at this, and I can understand 23 00:01:09.519 --> 00:01:13.400 why the markets and why Wall Street investors and anything 24 00:01:13.439 --> 00:01:15.319 would be scared of this. Just take a look at 25 00:01:15.319 --> 00:01:17.840 what he did with tariffs. It doesn't matter what you 26 00:01:17.920 --> 00:01:20.439 think about tariffs. It doesn't matter what you think about 27 00:01:20.480 --> 00:01:23.799 interest rates. Trump is going to be setting. If he's 28 00:01:23.840 --> 00:01:25.480 going to be the one setting interest rates, they're going 29 00:01:25.480 --> 00:01:27.400 to be varying based on what he had for breakfast 30 00:01:27.439 --> 00:01:29.439 this morning. It's going to be crazy, right. 31 00:01:30.799 --> 00:01:34.959 Well, the uncertainty is certainly there's an underlying driver of 32 00:01:35.040 --> 00:01:40.079 these prices that you can go with the traditional market forces, David, 33 00:01:40.159 --> 00:01:42.959 as I was saying off air, I think and I 34 00:01:43.000 --> 00:01:45.680 started to notice this in the last quarter of twenty 35 00:01:45.719 --> 00:01:49.239 twenty five and towards December, I just said, I'm taking 36 00:01:49.480 --> 00:01:52.400 the rest of the month off of my shows and appearances. 37 00:01:52.680 --> 00:01:55.239 I got to focus on my business because so many 38 00:01:55.319 --> 00:01:59.719 people were selling silver because it was reaching new all 39 00:01:59.760 --> 00:02:01.879 time highs and every week, and you know, it was 40 00:02:01.920 --> 00:02:05.799 something else was happening, new price drive. And so I've 41 00:02:05.840 --> 00:02:09.479 seen this, you know, accumulate over the last thirty forty 42 00:02:09.479 --> 00:02:11.560 five days, and I'm just convinced now that we're in 43 00:02:11.599 --> 00:02:15.680 some sort of fourth dimensional warfare between governments. I think 44 00:02:15.719 --> 00:02:20.360 silver is in a key playing role in the currency. 45 00:02:20.000 --> 00:02:21.360 Wars that are going on right now. 46 00:02:21.800 --> 00:02:27.439 I remember when Russia put silver as a strategic reserve asset. 47 00:02:28.159 --> 00:02:30.800 That story really stuck out with me. And you know, 48 00:02:30.879 --> 00:02:32.560 I talked about it on your show. I talked about 49 00:02:32.599 --> 00:02:34.319 it my show many times. I thought this should get 50 00:02:34.360 --> 00:02:37.199 a lot more coverage than it's getting. I don't think 51 00:02:37.879 --> 00:02:40.919 people really understood what that meant. That was the first 52 00:02:40.919 --> 00:02:44.039 time that a major government, especially a nuclear power, it's 53 00:02:44.039 --> 00:02:47.800 saying we're signaling that this is a monetary asset for 54 00:02:47.919 --> 00:02:51.759 us again. And silver used to have that same standing 55 00:02:51.840 --> 00:02:55.039 with especially in countries like China in the early twentieth 56 00:02:55.120 --> 00:02:57.639 century and for centuries before that. 57 00:02:57.960 --> 00:02:59.639 And as you pointed out many times, you know, the 58 00:03:00.039 --> 00:03:03.360 very word that is used for the Indian currency, it 59 00:03:03.400 --> 00:03:07.520 comes from silver. Yeah, yeah, and that's right. And I 60 00:03:07.520 --> 00:03:09.439 think wasn't that the case of the dollar as well. 61 00:03:10.039 --> 00:03:12.919 Maybe there was another currency that was that way as well. 62 00:03:12.919 --> 00:03:14.400 It was a word for sea the dollar. It was 63 00:03:14.439 --> 00:03:18.680 it was based off a German silver coin. 64 00:03:20.360 --> 00:03:23.840 A T H A L E. R. Right, dollar. Yeah, 65 00:03:24.479 --> 00:03:28.120 from dollar to dollar. So yeah, really. 66 00:03:28.159 --> 00:03:30.439 I mean, you know, silver because of the lower value, 67 00:03:30.560 --> 00:03:32.960 was really kind of the every man's currency that they 68 00:03:32.960 --> 00:03:36.319 were passing around. The gold was there as a store 69 00:03:36.520 --> 00:03:38.680 of wealth, of sovereign wealth and that type of thing, 70 00:03:38.680 --> 00:03:40.919 which is what we're seeing with the central banks. But 71 00:03:41.039 --> 00:03:45.520 we've also seen a massive amount of individual purchasing, you know, 72 00:03:45.560 --> 00:03:48.280 the shortage that we talked about before, what happened in India. 73 00:03:48.560 --> 00:03:50.400 You know, every year they have as part of their 74 00:03:50.400 --> 00:03:55.039 religious observations, they will accumulate wealth or whatever. Typically they 75 00:03:55.080 --> 00:03:56.919 would get gold, but when guy say hey, you need 76 00:03:56.960 --> 00:03:58.879 to get silver the shop, so everybody was buying silver. 77 00:03:58.919 --> 00:04:03.319 Created a big shortage in terms of distribution. And there's 78 00:04:03.319 --> 00:04:05.199 something else happening with silver that I thought was kind 79 00:04:05.240 --> 00:04:08.080 of interesting, and that is that was sent to me by. 80 00:04:09.439 --> 00:04:09.800 Listening. 81 00:04:09.919 --> 00:04:13.400 The guy put out three videos yesterday and there were 82 00:04:13.400 --> 00:04:15.319 a lot of assertions that were made in it, and 83 00:04:15.599 --> 00:04:19.040 it wasn't possible for me to verify what he was 84 00:04:19.079 --> 00:04:22.480 saying in terms of commodity trades and amounts. He said, 85 00:04:22.480 --> 00:04:25.279 this is not anything that's concealed, This is not a theory. 86 00:04:25.600 --> 00:04:28.879 These are actual trades have been made by JP Morgan. 87 00:04:29.439 --> 00:04:31.720 And he said, if you look at this, he said, 88 00:04:32.000 --> 00:04:34.959 he totaled up on these various exchanges, they were short 89 00:04:35.120 --> 00:04:38.600 four point two billion ounces of silver, and so he 90 00:04:38.759 --> 00:04:42.519 what he was, this is about to go vertical. And 91 00:04:43.160 --> 00:04:45.560 I can't verify if that's true. I sent to you 92 00:04:45.600 --> 00:04:47.879 and I know there was a lot of information there 93 00:04:47.879 --> 00:04:49.480 and he was referring to a lot of things that 94 00:04:50.319 --> 00:04:53.000 is very hard for us to get access to. But 95 00:04:53.079 --> 00:04:55.199 you know, what do you think about that? I mean, 96 00:04:55.480 --> 00:04:57.720 as you said, it's kind of fourth dimensional warfare that's 97 00:04:57.759 --> 00:04:58.079 going on. 98 00:04:58.160 --> 00:04:58.360 Now. 99 00:04:59.360 --> 00:05:03.319 That's something that we've talked about for years. The role 100 00:05:03.360 --> 00:05:08.399 that JP Morgan has played in silver is has a 101 00:05:08.480 --> 00:05:11.240 lot of history. There's there's some shadowy things that have 102 00:05:11.319 --> 00:05:14.720 gone on there and some things that are suspect and criminal. 103 00:05:14.759 --> 00:05:18.879 I mean, they've been convicted of shorting the silver market, 104 00:05:18.920 --> 00:05:21.639 of of the fraud really, I mean, if you if 105 00:05:21.680 --> 00:05:24.000 you want to put it in that way, and they 106 00:05:24.000 --> 00:05:26.279 had paid a steep fine for it, and I don't 107 00:05:26.319 --> 00:05:29.879 I want to say it was more than once. And 108 00:05:30.120 --> 00:05:32.360 if you go if you go into their history, they're 109 00:05:32.439 --> 00:05:38.079 the largest holder of physical silver supposedly in the world, 110 00:05:38.199 --> 00:05:41.319 private holder other than governments, and that's been that way 111 00:05:41.360 --> 00:05:43.160 for a very long time. You got to remember, you 112 00:05:43.199 --> 00:05:45.560 go back to the seventies and you had the Hunt 113 00:05:45.600 --> 00:05:48.879 family and they cornered the silver market, and I coined 114 00:05:48.920 --> 00:05:52.160 the term deep stated. I thought that they were just basically, 115 00:05:53.279 --> 00:05:56.199 you know, taken out, taken out to the woodshed and 116 00:05:56.240 --> 00:05:59.519 punished for exposing weakness of the dollar. In the late 117 00:05:59.639 --> 00:06:03.399 nineteen seventies early eighties, and nobody touched silver again. There 118 00:06:03.439 --> 00:06:06.480 was a time when Warren Buffett supposedly was, you know, 119 00:06:06.560 --> 00:06:09.079 into some physical silver, but you know, he has that 120 00:06:09.120 --> 00:06:11.800 pet rock theory. He doesn't do anything and didn't. I 121 00:06:11.800 --> 00:06:13.720 think he held some for a while and then dumped it. 122 00:06:13.800 --> 00:06:17.480 So nobody through the eighties and nineties, in two thousands 123 00:06:17.600 --> 00:06:20.560 has picked up the mantle of silver. But JP Morgan 124 00:06:21.600 --> 00:06:23.839 was one of those entities that started accumulating. 125 00:06:23.879 --> 00:06:25.079 And I imagine that. 126 00:06:25.079 --> 00:06:26.839 They have a lot of analysts they're looking at this 127 00:06:27.000 --> 00:06:30.680 is where does the Fiat dollar go, What did silver's 128 00:06:30.800 --> 00:06:33.800 uses for all the factors that would drive it up, 129 00:06:33.839 --> 00:06:36.720 And I think they've been and again they were convicted 130 00:06:36.839 --> 00:06:41.879 of suppressing the silver price while they were buying. So 131 00:06:41.920 --> 00:06:45.519 it's like and that doesn't register with a lot of people. 132 00:06:45.519 --> 00:06:47.560 A lot of people think of stock fraud as a 133 00:06:47.600 --> 00:06:50.399 pump and dump where they're just going to inflate the price, 134 00:06:50.639 --> 00:06:52.519 drive people in it, and then sell off. That's not 135 00:06:52.600 --> 00:06:55.120 what they did. This has been a long term play. 136 00:06:55.680 --> 00:06:58.079 And I'd love to see if I didn't have enough 137 00:06:58.079 --> 00:07:00.319 time to verify some of the things you sent me yesterday. 138 00:07:00.360 --> 00:07:02.800 But it does make sense that they. 139 00:07:02.639 --> 00:07:04.279 I didn't get that to you till really late. And 140 00:07:04.279 --> 00:07:05.160 there was a lot there. 141 00:07:05.839 --> 00:07:07.959 The guy goes, it's about a half hour video and 142 00:07:08.000 --> 00:07:10.079 he's got two or three of them that he put up. 143 00:07:10.720 --> 00:07:12.959 But yeah, it is it is a complicated situation. And 144 00:07:13.000 --> 00:07:15.480 of course there's always been this tension between gold and silver, 145 00:07:15.600 --> 00:07:18.839 and go back to William Jennings Bryant and his cross 146 00:07:18.839 --> 00:07:23.399 of gold speech and that type of thing. But it's, uh, yeah, 147 00:07:23.439 --> 00:07:25.879 it's we live in very strange times there. And of 148 00:07:25.920 --> 00:07:30.199 course we're talking about how Trump portrays this stuff. He 149 00:07:30.439 --> 00:07:34.160 just told the Detroit Economic Club that inflation is defeated. 150 00:07:35.800 --> 00:07:39.360 Nobody believes that but him. He is such a bold 151 00:07:39.600 --> 00:07:42.279 faced liar that he will say that kind. 152 00:07:42.160 --> 00:07:45.040 Of probably go into stores, they can get that that 153 00:07:45.199 --> 00:07:48.240 banner that George W. Bush has had the mission accomplished. 154 00:07:48.279 --> 00:07:54.959 We get right over just right in inflation accomplished. 155 00:07:56.079 --> 00:08:00.240 Yeah, and we had evidence of that. Everybody was scared 156 00:08:00.279 --> 00:08:02.240 to death of what he was going to do when 157 00:08:02.240 --> 00:08:04.959 he started coming after Jerome Powell. And that was one 158 00:08:04.959 --> 00:08:08.199 of the reasons, I said, when we're talking about this 159 00:08:08.199 --> 00:08:09.759 thing in the fall, and you would see you know, 160 00:08:09.920 --> 00:08:14.240 JP Morgan, all these different large banks, Goldman Sacks and everything. 161 00:08:14.279 --> 00:08:16.040 They come up with a Bank of America, They've got 162 00:08:16.040 --> 00:08:18.439 their analysts to say, well, we think gold is going 163 00:08:18.480 --> 00:08:21.040 to be here at this point in the first quarter 164 00:08:21.160 --> 00:08:22.759 or the second quarter of the first half or this. 165 00:08:23.160 --> 00:08:24.879 We see that kind of stuff all the time from them, 166 00:08:25.319 --> 00:08:28.319 and they constantly kept revising it up, and it's like. 167 00:08:28.279 --> 00:08:29.600 Well we just passed that already. 168 00:08:29.639 --> 00:08:31.279 You know, you would look at this stuff in the 169 00:08:31.319 --> 00:08:34.960 fall and I said, it's really gonna really step up 170 00:08:35.519 --> 00:08:40.039 because Jerome Powell is going to be ending his term. 171 00:08:40.600 --> 00:08:43.399 But you know, Trump doesn't even want to wait for that. 172 00:08:43.519 --> 00:08:47.200 He is so eager to play games with interest rates 173 00:08:47.240 --> 00:08:50.080 and the quantitative easing. I mean, he is chomping at 174 00:08:50.120 --> 00:08:53.080 the bit and so much so that he's going to 175 00:08:53.120 --> 00:08:55.639 take the risk I got what risk I mean, and 176 00:08:55.720 --> 00:08:57.879 supporters are going to support him no matter what he does, 177 00:08:58.360 --> 00:09:01.279 but so much so that he wants to come after 178 00:09:01.360 --> 00:09:04.279 with criminal charges, come after drum Powell and get rid 179 00:09:04.279 --> 00:09:06.679 of him like he did Lisa Cook. Isn't that interesting? 180 00:09:06.720 --> 00:09:08.559 I think that's a big tell as to what his 181 00:09:08.639 --> 00:09:09.960 economic policies are. 182 00:09:09.799 --> 00:09:11.279 Going to be. Right out the gate. 183 00:09:11.399 --> 00:09:13.960 He's going to do everything he can to push every 184 00:09:14.039 --> 00:09:17.200 button to have easy money, and that's going to make 185 00:09:17.240 --> 00:09:20.440 inflation ar He's going to pour a lot of gasoline 186 00:09:20.559 --> 00:09:21.120 on the fire. 187 00:09:22.480 --> 00:09:24.440 He's an agent of chaos, Yeah, he is. 188 00:09:24.799 --> 00:09:28.720 The Federal Reserve is a criminal entity, just not really 189 00:09:28.799 --> 00:09:31.639 maybe for the building of an extra wing. I think 190 00:09:31.679 --> 00:09:35.240 it's for the entire scope of what they've done to 191 00:09:35.919 --> 00:09:39.600 our currency or to our world. I mean, yeah, it's 192 00:09:39.600 --> 00:09:41.840 the very reality and the fabric of America has been 193 00:09:41.879 --> 00:09:43.320 ripped apart by a central bank. 194 00:09:43.440 --> 00:09:44.519 But don't mention that. 195 00:09:44.600 --> 00:09:47.840 You know, it is very telling, and you know, certainly 196 00:09:47.919 --> 00:09:50.080 he has a lot that he can say, how can 197 00:09:50.120 --> 00:09:53.639 you justify two and a half billion dollars not even 198 00:09:53.639 --> 00:09:56.519 to build I mean, this is not foundation costs or 199 00:09:56.559 --> 00:10:00.320 grading costs, or this is just decorations, right, going to 200 00:10:00.360 --> 00:10:03.080 remodel it with decorate two and a half billion dollars 201 00:10:03.080 --> 00:10:07.759 of decorations for these existing buildings. That's outrageous. But I said, 202 00:10:08.120 --> 00:10:10.759 so he's going to audit that, but he's not going 203 00:10:10.799 --> 00:10:12.919 to audit the Fed itself. He's not going to audit 204 00:10:13.080 --> 00:10:17.120 Fort Knox's gold. Let's focus on this other thing over 205 00:10:17.120 --> 00:10:20.679 here that really doesn't matter except as an indication of 206 00:10:20.720 --> 00:10:22.360 the corruption and. 207 00:10:22.320 --> 00:10:25.759 The just the raw power that the Federal Reserve has. 208 00:10:27.120 --> 00:10:28.320 It's absolutely astounding. 209 00:10:28.399 --> 00:10:31.799 I mean, and people are following this like this is 210 00:10:31.840 --> 00:10:34.200 a good thing, and I think it's just chaos for 211 00:10:34.240 --> 00:10:36.360 the sake of chaos. It's sake and the whole thing 212 00:10:36.399 --> 00:10:40.679 that's pushing all of this, you know, the drive and 213 00:10:40.799 --> 00:10:45.120 prices is the movement out of like safe haven traditional 214 00:10:45.120 --> 00:10:47.399 markets where people played and you know there's long term 215 00:10:47.440 --> 00:10:51.399 paper markets. This is this is fear. Yeah, and again 216 00:10:51.440 --> 00:10:54.440 it's governments that are involved. And people might think I 217 00:10:54.600 --> 00:10:58.240 enjoy where we are in the civil price I think 218 00:10:58.279 --> 00:11:01.679 it should have taken a little bit longer these massive 219 00:11:01.799 --> 00:11:05.679 hikes that we've seen that are really unprecedented ever since 220 00:11:05.720 --> 00:11:07.919 the nineteen seventies. And this won't I don't believe this 221 00:11:07.960 --> 00:11:10.519 will end like the nineteen seventies. David I don't think that. 222 00:11:10.960 --> 00:11:13.320 You know, if silver went to from fifty two dollars 223 00:11:13.399 --> 00:11:17.000 to two in nineteen eighty, it's not going to happen. 224 00:11:18.159 --> 00:11:20.240 There's it's not going to happen. Nothing like that's going 225 00:11:20.320 --> 00:11:22.600 There might be some pullback, and there probably will be 226 00:11:22.720 --> 00:11:24.919 both in gold and silver, and there's profit taking that 227 00:11:24.960 --> 00:11:28.559 could go on. But I think we're pushing new boundaries 228 00:11:28.559 --> 00:11:34.000 and price discovery every single day. And this is a 229 00:11:34.039 --> 00:11:36.279 reflection of the weakness of the dollars, the weakness of 230 00:11:36.279 --> 00:11:42.159 the Fiat system, the massive, the systemic malignancy of worldwide debt, 231 00:11:42.279 --> 00:11:45.320 the global debt that is really I mean, it's bankruptcy 232 00:11:45.320 --> 00:11:48.200 on paper for pretty much the entire world if you 233 00:11:48.240 --> 00:11:51.080 look at debt to GDP, and we've been talking about 234 00:11:51.080 --> 00:11:53.080 that for a long time and it's only accelerating. But 235 00:11:53.200 --> 00:12:00.759 there's an underlying, I think story going on with silver 236 00:12:00.919 --> 00:12:03.559 because of the governments that I think are starting to 237 00:12:03.600 --> 00:12:07.600 realize that these strategic assets and especially silver, gold things 238 00:12:07.600 --> 00:12:11.200 like that, they're reaching for the physical bullion and all 239 00:12:11.240 --> 00:12:14.679 the paper markets. Those days are gone, and thank god, 240 00:12:14.759 --> 00:12:19.200 I mean, I remember February of twenty one, David, they 241 00:12:19.200 --> 00:12:21.320 did the Wall Street bets and they did the hold 242 00:12:21.360 --> 00:12:24.440 the Reddit people and they did this, you know, buy silver, 243 00:12:24.919 --> 00:12:29.679 and people were sold out of physical silver all around 244 00:12:29.720 --> 00:12:32.039 the country, and they were trying to get the price 245 00:12:32.080 --> 00:12:34.480 to move by buying out the physical silver. And people 246 00:12:34.519 --> 00:12:37.279 went and bought physical silver out of shops and one 247 00:12:37.320 --> 00:12:39.240 of my shop was that way, and we sold out. 248 00:12:40.159 --> 00:12:43.039 And the next day the price went down. And that's 249 00:12:43.080 --> 00:12:46.360 because they did because they sold off these paper markets 250 00:12:46.360 --> 00:12:48.080 that they used to be able to control the price. 251 00:12:48.120 --> 00:12:50.799 They sold off one point five times the annual supply 252 00:12:50.879 --> 00:12:54.559 and one day and just sold hit, sell, sell, sell, 253 00:12:54.879 --> 00:12:57.240 and it dumped that price down. So the spot actually 254 00:12:57.279 --> 00:12:59.360 went down. But if you went in to go buy 255 00:12:59.399 --> 00:13:02.879 silver the day, you couldn't get any And I thought, 256 00:13:03.000 --> 00:13:06.080 this is broken, This can't last. This is a complete 257 00:13:06.120 --> 00:13:10.039 exposure of what that market was. Well, we're not there anymore, 258 00:13:10.600 --> 00:13:13.759 and I don't you can't go back. You go to 259 00:13:13.799 --> 00:13:16.399 the beginning of the year when we talked about the 260 00:13:16.440 --> 00:13:21.600 black Swan event really with unintended consequences, was just the 261 00:13:21.639 --> 00:13:25.960 threat of tariffs and not giving clarification on whether gold 262 00:13:26.039 --> 00:13:30.399 or silver or commodities would be tariffed if they entered 263 00:13:30.440 --> 00:13:34.559 into the country, and that that alone started clearing out 264 00:13:34.639 --> 00:13:39.600 vaults and contracts were called. It's a cascading event. It 265 00:13:39.639 --> 00:13:44.080 needed to happen, but that was the unintended consequence. Without that, 266 00:13:44.120 --> 00:13:46.279 we don't have forty six hundred dollars gold on our 267 00:13:46.279 --> 00:13:49.000 way to five thousand. We don't have that. If you 268 00:13:49.039 --> 00:13:52.080 remember last year, we hit an all time high over 269 00:13:52.159 --> 00:13:54.879 thirty plus times. I think almost every time I come 270 00:13:54.919 --> 00:13:56.559 on the air with you, there'd be a new all 271 00:13:56.600 --> 00:14:01.559 time high. So it was really an unpressed it's uncharted 272 00:14:01.600 --> 00:14:06.320 waters and nothing really in history lines up to what 273 00:14:06.440 --> 00:14:10.799 we're watching exactly. I don't think it even rhymes. 274 00:14:10.840 --> 00:14:13.879 Well, yeah, yeah, it's a very different time. If you 275 00:14:13.919 --> 00:14:17.879 go back and you look at the nineteen eighties, what 276 00:14:17.919 --> 00:14:20.679 was happening to that in terms of gold and silver. 277 00:14:21.279 --> 00:14:23.279 That was the shock that was sent through the system 278 00:14:23.360 --> 00:14:27.320 because of the energy because of OPEK and the oil 279 00:14:27.320 --> 00:14:29.480 shortage and embargoing things like that. That set off a 280 00:14:29.480 --> 00:14:32.720 wave of inflation, and we saw that in the interest rates. 281 00:14:32.720 --> 00:14:36.840 And so just in this last week kind of underscore that. 282 00:14:37.559 --> 00:14:41.879 The fact that Trump is talking about the confiscatory interest 283 00:14:41.919 --> 00:14:45.360 rates and credit cards, well that's there because they got 284 00:14:45.440 --> 00:14:49.279 rid of the caps on usury. It wasn't a federal cap, 285 00:14:49.279 --> 00:14:52.240 as I point out this week, it was a state law. 286 00:14:52.279 --> 00:14:54.399 And this is a tradition that had gone back to 287 00:14:54.440 --> 00:15:00.120 the fifteen hundreds in the English and American tradition that 288 00:15:00.360 --> 00:15:02.120 you would not charge more than six or eight percent. 289 00:15:02.120 --> 00:15:05.559 It'd be illegal to be considered to be usury loan sharking, 290 00:15:05.639 --> 00:15:08.600 that type of thing. But because we had such rapid inflation, 291 00:15:10.039 --> 00:15:12.480 versus Supreme Court and then the Congress and Supreme Court 292 00:15:12.480 --> 00:15:15.480 in nineteen seventy eight, then the Congress in nineteen eighty 293 00:15:15.879 --> 00:15:20.559 did things to essentially get rid of the state usury laws. 294 00:15:21.200 --> 00:15:24.720 And so now Trump wants to do just a one 295 00:15:24.799 --> 00:15:28.639 year moretorium on these ridiculous rates that they're able to 296 00:15:28.720 --> 00:15:31.159 charge people. It's most amazing thing, but it really does 297 00:15:31.240 --> 00:15:34.000 show the character of the banking system, Tony, when you 298 00:15:34.039 --> 00:15:36.360 see how they come back of this, say, well, if 299 00:15:36.399 --> 00:15:38.440 you cut the interest rates that we're allowed to charge 300 00:15:38.480 --> 00:15:41.240 poor people who can't pay off their balance, that would 301 00:15:41.320 --> 00:15:44.600 hurt the poor people, that would restrict their credit. It's like, 302 00:15:45.279 --> 00:15:47.519 how does that hurt the poor people if they're not 303 00:15:47.639 --> 00:15:50.840 allowed to go into debt to you for twenty to 304 00:15:50.840 --> 00:15:54.440 thirty percent a year. I mean, oh, and of course 305 00:15:54.480 --> 00:15:56.679 it would hurt us as well, but yeah, it would 306 00:15:56.720 --> 00:15:58.559 hurt you, but it would not hurt the poor people. 307 00:15:58.639 --> 00:16:00.519 That's almost like saying that's are you're not going to 308 00:16:00.559 --> 00:16:03.480 be able to drink your paycheck or pour it into 309 00:16:03.519 --> 00:16:06.519 the casino slot machine. You know, we're going to prohibit that. 310 00:16:06.600 --> 00:16:11.120 But it truly is exploitive and it's been there for 311 00:16:11.159 --> 00:16:14.039 a long time. And so what I thought was interesting 312 00:16:14.240 --> 00:16:18.080 was that Trump's got first of all, Scott Bessett was 313 00:16:18.120 --> 00:16:22.879 confronted at one of these economic clubs about that and said, 314 00:16:22.919 --> 00:16:26.360 you're starting to sound like Elizabeth Warren, and then Trump 315 00:16:26.440 --> 00:16:30.440 called Elizabeth Warren, and so on economic issues, we've got 316 00:16:30.519 --> 00:16:35.559 the Trump is Elizabeth Warren. On issues of Warren peace, 317 00:16:35.600 --> 00:16:39.559 we've got Lindsey Graham. That's kind of where his advisors 318 00:16:39.600 --> 00:16:42.440 are right as we're supposed to believe that he's the 319 00:16:42.440 --> 00:16:45.519 peace president. He's a Republican, yet he's looking at Elizabeth 320 00:16:45.559 --> 00:16:46.720 Warren and Lindsay Graham. 321 00:16:46.720 --> 00:16:47.919 They are his influences. 322 00:16:47.919 --> 00:16:51.480 But when you look at the when you're talking about paper, silver, paper, gold, 323 00:16:51.919 --> 00:16:55.080 we're talking about stuff on the Shanghai Stock Gold Exchange, 324 00:16:55.120 --> 00:16:59.279 which is SLV for silver and gold for gold. This 325 00:16:59.360 --> 00:17:00.759 has been the way that a lot of people who 326 00:17:00.840 --> 00:17:03.000 were typically in the stock market would just move things 327 00:17:03.039 --> 00:17:06.480 over into silver or gold. But I noticed what you 328 00:17:06.519 --> 00:17:10.279 talked about was something that was far more broken than 329 00:17:10.359 --> 00:17:13.200 what I saw. I just saw, you know. I guess 330 00:17:13.359 --> 00:17:16.079 back in twenty eighteen or nineteen, I saw that when 331 00:17:16.200 --> 00:17:20.400 gold was moving, the paper gold was going in a 332 00:17:20.400 --> 00:17:23.359 different direction or staying still. You know, it wasn't tied 333 00:17:23.400 --> 00:17:25.759 to the spot market. I thought, why is that? And 334 00:17:25.799 --> 00:17:28.039 I started looking into it, and then I realized I wasn't 335 00:17:28.039 --> 00:17:30.720 really getting gold when I bought paper gold. 336 00:17:30.839 --> 00:17:32.759 I bought GLD or whatever. 337 00:17:33.160 --> 00:17:35.519 And that's really the issue, and I think it's something 338 00:17:35.559 --> 00:17:39.720 that we need to be concerned about. As you see 339 00:17:39.839 --> 00:17:42.680 Tether going in and saying they're going to tokenize gold 340 00:17:45.000 --> 00:17:48.720 into their stable coins, right, it's not clear how that's 341 00:17:48.759 --> 00:17:50.720 going to work out. I mean, who audits that to 342 00:17:50.759 --> 00:17:53.160 see if they've really got the gold there? Just that's 343 00:17:53.200 --> 00:17:56.039 the issue with the Shanghai Gold Exchange and Silver Exchange. 344 00:17:56.200 --> 00:17:58.319 Do they really have the gold and silver or are 345 00:17:58.319 --> 00:18:00.720 they saying that they've got it and then training paper 346 00:18:00.759 --> 00:18:04.440 contracts for it may not be tokenized because it's not 347 00:18:04.480 --> 00:18:08.000 on the blockchain, but it is still securitized, just like 348 00:18:08.039 --> 00:18:10.839 the phony mortgages in two thousand and eight. 349 00:18:10.960 --> 00:18:13.119 Right, that's right. 350 00:18:13.160 --> 00:18:16.599 And the beautiful thing that happened in nineteen seventy four, 351 00:18:16.720 --> 00:18:20.960 we were because of Gerald Ford taking over after Nixon resigned, 352 00:18:21.759 --> 00:18:24.079 we got the ability to own gold again. It was 353 00:18:24.160 --> 00:18:27.440 legal after you know FDR from nineteen thirty three to 354 00:18:27.519 --> 00:18:30.160 nineteen seventy four. Is FDR that made it illegal for 355 00:18:30.200 --> 00:18:32.200 you to own gold? Is you know you couldn't. I 356 00:18:32.279 --> 00:18:35.240 remember listening to Robert Kiyosaki who was coming back from 357 00:18:35.400 --> 00:18:38.519 Vietnam as a marine, and he smuggled in a Kruger 358 00:18:38.599 --> 00:18:41.160 Rand that he bought just after we went off the 359 00:18:41.200 --> 00:18:45.640 gold standard. But you know, you mentioned something earlier that 360 00:18:45.799 --> 00:18:48.000 I think, and this is why I brought that up, 361 00:18:48.000 --> 00:18:50.559 that we can, you know, own gold, and they may 362 00:18:50.599 --> 00:18:54.079 be making a play on that eventually we have to 363 00:18:54.079 --> 00:18:56.839 be vigilant on that. I mean, I think you mentioned 364 00:18:56.880 --> 00:18:58.519 tether and some of these stable coins and how do 365 00:18:58.599 --> 00:19:00.680 they back this up? And you know, people ask me 366 00:19:00.720 --> 00:19:02.720 about gold standards and all the rest, but we already 367 00:19:02.720 --> 00:19:05.799 really have one. And that's because we're outside. When you 368 00:19:05.839 --> 00:19:08.519 and I have a gold or silver coin or an 369 00:19:08.559 --> 00:19:11.559 ounce of bullion or a bar and it's recognizable. We're 370 00:19:11.559 --> 00:19:14.240 outside of the system. We're our own bank. Same thing 371 00:19:14.279 --> 00:19:17.960 with bitcoin. You know, millions of Americans are unbankable, and 372 00:19:18.000 --> 00:19:21.079 you have these predatory institutions that you mentioned, and they're 373 00:19:21.079 --> 00:19:24.119 all fruit of the poisonous tree. We got this financial 374 00:19:24.200 --> 00:19:27.400 system that we have post nineteen seventy one, when all 375 00:19:27.440 --> 00:19:29.400 bets are off. When you have a fake currency, it 376 00:19:29.440 --> 00:19:32.960 tends to create these type of entities that prey on 377 00:19:33.039 --> 00:19:35.640 the lower economic strata. You just can't get out of 378 00:19:35.680 --> 00:19:38.799 that cycle. I mean, it hasn't been that long ago 379 00:19:38.920 --> 00:19:40.799 day I had to use some of those things when 380 00:19:40.839 --> 00:19:43.279 I was between adventures and stuff. I had to get, 381 00:19:43.440 --> 00:19:46.599 you know, a loan, small loans, weekly loans, stuff like that. 382 00:19:46.720 --> 00:19:49.920 And it hasn't been that long ago. And you know, 383 00:19:49.960 --> 00:19:52.839 this is a The reality I live in today is 384 00:19:52.839 --> 00:19:55.039 a lot different than it was, you know, ten years ago, 385 00:19:55.559 --> 00:19:57.319 when you know, when I so, I had to use 386 00:19:57.319 --> 00:19:58.880 some of those things and they're awful and they're hard 387 00:19:58.920 --> 00:19:59.440 to get out of. 388 00:19:59.880 --> 00:20:02.400 H so they keep it. It is a trap, you know, 389 00:20:02.480 --> 00:20:03.880 it is a trap. It's just you know the same 390 00:20:03.880 --> 00:20:06.920 thing that Trump is says a one year moretrum on this. Well, 391 00:20:07.279 --> 00:20:09.160 you see that kind of stuff all the time. You know, somebody, 392 00:20:09.240 --> 00:20:11.599 you know, move your credit card balance over to our thing, 393 00:20:11.680 --> 00:20:13.279 you won't pay the interest for a year or whatever. 394 00:20:13.359 --> 00:20:15.440 Then it shoots up higher, what higher than where you 395 00:20:15.440 --> 00:20:18.279 are right now, you know, And so that kind of stuff. 396 00:20:18.720 --> 00:20:21.799 You know, what Trump is proposing is just rearranging the 397 00:20:21.839 --> 00:20:25.640 deck chairs on the Titanic. And it's not something that's 398 00:20:25.640 --> 00:20:28.200 going to work out for the benefit of consumers, just 399 00:20:28.279 --> 00:20:32.720 like his fifty year home mortgage for the benefit of consumers. 400 00:20:32.880 --> 00:20:35.279 That would be a horrible thing to get involved in. 401 00:20:35.640 --> 00:20:39.440