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Speaker 1: And at some point the credibility will decline to such

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a degree that we will have to they will have

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to reattach currencies to gold, some external governor on the

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worst of human nature, and to re establish that credibility.

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Gold is obviously the choice. After one thousands of years,

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it will be the choice, or will be part of

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that solution in some way.

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

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

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

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Network now more than ever. Go to Financial Survivalnetwork dot

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com and get your free newsletter and gift. Financial Survival

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Network now more than.

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Speaker 3: Ever, and welcome. This is Financial Survival Network. I'm your host,

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car lutz Well. In a couple of weeks actually on

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November two, I am heading off to New Orleans to

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go to the New Orleans Investment Conference. Been there a

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number of times in the past. Last time was there

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was a couple of years ago. But being at the market,

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what's happening with precious metals everything else.

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Speaker 4: I felt I had to go.

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Speaker 3: This is the year and with us is the founder

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and the guy who runs it all Brian London and

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if you're interested in the New Orleans Investment Conference real

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simple url New Orleansconference dot com. Brian, it's great to

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have you back on the show. This is number fifty one.

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When you started this thing fifty years ago, how long

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did you think it was going to go on for?

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Speaker 1: Well, let me clarify that I did not start it.

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A guy named Jim Blanchard star but of course yeah,

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and an icon of a hard money sound money movement.

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He was instrumental and getting gold legalized. He started our newsletter,

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Gold Newsletter in nineteen seventy one, literally on the day

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that Nixon closed the gold window, severed the last tie

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between the dollar and gold in August in nineteen seventy one.

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Jim decided to do something about it. Lobbied for the

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return of the right of gold ownership for American citizens. Amazingly,

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it was illegal to own gold back then, and then

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was successful in nineteen seventy four getting it legalized. Decided

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to have an investment conference to teach Americans how to

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invest in gold, and that grew and grew. I joined

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Jim about ten years later in nineteen eighty five, and

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so I'm a newbie on the block.

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Speaker 4: I've only been.

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Speaker 1: Involved in it for forty years, but I ended up

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after Jim passed away in nineteen ninety nine. I was

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running his business for him and a minority owner in it,

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and then bought the rest from his estate. Been trying

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to continue our legacy ever since of you know, free minds,

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free markets, sound money and all of the things that

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I think now distressingly are under attack like they have

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never been before, really since the nineteen seventies. So are

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a lot of parallels today to the nineteen seventies, and

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I think importantly and more to the point today, you know,

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especially in the precious metals, these are the kinds of

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moves we have not seen since then. And yet there's

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plenty of opportunity left because unlike any other bull market

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we've ever seen, we've had laggards here. The investments that

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typically leverage gold, silver and mining stocks have lagged gold.

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And now they're catching up, you know, like Bansheese, just

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right out of the gate. Lots of our opportunities still left.

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Speaker 3: Yeah, it's really exciting. I mean, look, we all knew

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that it was heading here. Yeah, I think we all

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thought it was going to be here back in the early,

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you know, two thousand and ten, twenty eleven, but somehow

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they engineered the collapse of the precious metals markets. Maybe

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it just wasn't the right time. We could speculate about

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how it happened, but the fact is it was inevitable, right,

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I mean, fifty fifty two fifty three dollars goal silver

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rather fifty two to fifty three dollars silver three four

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years ago. We were imagining it, but now it's actually here.

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Speaker 1: Yeah, And it seems as long as it took, it

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seems like it came shockingly quickly. You know, inhabitable does

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not mean imminent for sure. And you know, like Kimmingway wrote,

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you know, how did you go bankrupt?

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Speaker 4: Slowly?

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Speaker 1: At first?

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Speaker 4: Yeah?

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Speaker 1: This was we knew it was happening. You know. If

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there's one critique I would make of the people in

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our you know, today's version of the sound money movement,

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the people who are out here out there looking at

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the extraordinary things happening that really aren't ordinary, aren't normal,

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and projecting them into the future, is that we're probably

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a bit early. We see what's going to happen. The

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timing is always the tough part of it all. But

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trends that are inevitable will inevitably reach their end and

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their ultimate destination, and that's where we're heading out now.

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I don't know if this is going to lead to

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the great reset where gold and silver regained monetary value

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at least association with legal monetary value and the UFS

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and developed economies. It may take another one or two

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crises to get to that point, but we do recognize

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the trend, and now we see that the trend is

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accelerating because the forces that have been holding it back

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had been overwhelmed. Very simply, Yeah, I.

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Speaker 4: Call it the comex GPT, the AII.

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Speaker 3: It's probably in the basement of the FED and the

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Echoes building, but it's been screaming. It's been having meltdowns,

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and it can't keep the prices down anymore, even in platinum,

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which I wouldn't tell most people it's something you want

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to hold, but certainly it's been been Its performance has

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been stellar, and traditionally it was always more costly pronounced

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than gold, and yet for many.

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Speaker 4: Years now it's been a fraction.

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Speaker 3: Of the price of gold. So that's catching up, and

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that's like conformation that you really need great.

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Speaker 1: Yeah, it is. We have confirmation on all fronts, and

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that's why I tell people that, you know, this is

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a generational opportunity. It's it's something we have not seen

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since early two thousand, since gold bottomed out at two

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hundred and fifty two dollars an ounce in nineteen ninety

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nine and two thousand. But then you had to have

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a lot more courage to invest in the sector and

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be confident that a bull market and gold was coming,

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a bull market in the silver, and then a bull

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market in mining stocks. Today we have the incredible luxury

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of knowing that a bull market and gold is already

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here in full force and dwarfing really and it's the

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violence anything that we've seen before. So we have that

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factor that checkbox checked. We don't have the risk of

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whether there's going to be a bull market. There is,

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and yet we have the opportun unity to invest in

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these leverage investments that are soaring right now but still

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dramatically undervalued on any long term metrics. No mining stocks

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right now on a price to earnings, priced to net

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asset value are at historically very low levels because their

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earnings have accelerated, have outperformed their prices, so they are

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still dramatically undervalued. But the mainstream, the generalists, the big

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money is just starting to realize that in pouring into

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the sector.

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Speaker 4: Yeah, so where does it end?

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Speaker 3: I mean, that's almost as difficult as saying when. But

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it looks like we're at the beginning, doesn't it.

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Speaker 1: Yeah, you know, gold is a predictive mechanism, like all

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investment markets. I think that bonds and gold are the

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most sensitive to have an accurate at the markets as

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far as discounting the future. Bonds, however, treasuries are manipulated

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to some course's argument that gold has been as well.

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But gold right now is not whispering at somethings they had.

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It's not telling us that something's coming up. It's screaming it.

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And so we have to look ahead and see what

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that is. I think you look at the decades old

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trend of every easier money, which promoted the accumulation of

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ever greater debts, and in the fiscal situation, has reached

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a climax, a point of no return where you can't

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grow your way out of it, you can't tax your

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way out of it, you can't cut spending obviously we've

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seen that. So the situation now is that interest rates

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have to be below the rate of inflation. The currency

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has to depreciate more quickly then you're paying interest on

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this these massive debts or everything falls apart. So at

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the very least we have the necessity of negative real

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rates going forward, and that is very bullish for gold, silver,

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the monetary metals, really all commodities, all tangible assets.

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Speaker 4: On the other.

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Speaker 1: Hand, we are seeing that our gold is hinting that

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perhaps there's the ultimate end game, there's some kind of

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a monetary reset ahead that would involve gold as re

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establishing gold along with the dollar, is the backbone of

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the dollar, the foundation for the dollar. That could happen,

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And what would interests me is how quickly we've seen

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gold rally recently. And I don't think that's you can

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account for that in buying from the current central banks,

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as current Caytrees central banks that we know about. I

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think that perhaps the US government itself is buying gold

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right now, trying to put gold back where it belongs,

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where it should have been all along. Because coincidence with

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these big rallies in gold, we've seen all talk of

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an audit of Fort Knox die Away.

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Speaker 4: Yeah, everyone's no.

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Speaker 1: I mean it is a coincidence. You know, maybe it

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isn't so much of a coincidence.

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Speaker 4: Yeah, that's a good question there.

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Speaker 3: And for all we know, they might have been buying

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precious metals throughout the entire time here from winn it

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peaked in twenty eleven and then when it went down

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that they could have been buying on the up. The

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same thing with cryptocurrencies. What's your take on crypto. I

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don't think we ever had this conversation.

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Speaker 1: Yeah, I'm a big believer in the original ideals bitcoin.

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I just wish it would have bought it with all

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of his co win when it was selling for hundreds

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of dollars. When uh, you know people are talking to

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me about those ideals, I think a lot of those

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ideals have fallen by the wayside Uh, bitcoin has sought

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the to get under the umbrella of regulation and therefore

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have access to big money investments. The the transparency has

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worked against it. Uh, the anonymity has largely it oprated,

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so it's it's been those ideals have been supplanted by

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the ideal of number go up, and and you know,

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even the bitcoin, Well, the most avid advocates of bitcoin

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talk about it in dollar terms, whereas if they were

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true advocates of the principles of bitcoin, they wouldn't care

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about what it was in dollar terms. So I'm very

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skeptical about it right now. I'm skeptical about the performance

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and how it's become a speculative of the mania. But

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the other side of the coin is that some people

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I highly respect, very smart people that are friends of mine,

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that are again very avid advocates of bitcoin, and they're

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not easily fooled, and so they're very smart people. And

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so that kind of keeps me watching it and thinking

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that it may end up being what they say it's

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going to be.

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Speaker 3: I think so, and I'll tell you why. Exactly what

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we have in the silver market, the paper infrastructure, what

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we would call synthetic silver since doesn't really exist. The

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silver that's traded is imaginary silver.

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Speaker 4: Right.

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Speaker 3: It's kind of like lawyers billing for forty eight hours

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in a day. They're billing for time that doesn't exist.

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What the synthetic market for silver and for bitcoin is like.

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And the amount of bitcoin coming onto the market is decreasing.

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It was at nine hundred. Then we had the having

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Now it's at four point fifty. Just like the amount

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of silver coming onto the market has been decreasing. We've

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been in deficit the past several years, and yet we

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have this huge synthetic ETFs, We've got futures, we've got options,

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and probably some other things that we don't even know

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about that they're doing. And that's the exact same thing

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with bitcoin, which is why if we're going to have

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a short squeeze in silver, we're going to have it

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in crypto too.

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Speaker 4: In bitcoin specifically.

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Speaker 3: I don't really follow a lot of the others, few

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of them I do, but we're going to have it

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in bitcoin for the simple reason of the ultimate loss

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of faith in the system.

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Speaker 4: That's my take. I don't know, what do you think?

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Speaker 1: Yeah, I think you really put your finger on it.

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It's the ultimate loss of faith in the system. And

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that's been one of my key points in theses, like

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over the last decade or so, that you know, the

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Great Financial Crisis was revealing to me. If you plot

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the Fed funds rate since nineteen eighty, you know when

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Paul Boker drove up interest rates above twenty percent to

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kill off inflation. Ever since then, whenever there was a

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slow down in the economy of recession or anything resembling such,

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the Fed had the same prescription. They lowered interest rates,

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they made money easier. Central bank always did that, but

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was never able to raise interest rates back again more

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than halfway of the previous trading range. And so if

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you plot the bottoms, you see a stair step stay,

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stair step down, second four, first four down to the

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ground floor at zero. After the Great Financial Crisis and

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then zeroing interest rates didn't accomplish what they needed, so

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they came up with quantitative easing and everything else. They

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did all that over the span of four to five years.

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Then came COVID. People forget they actually began quantitative easing

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a few months before COVID. They did five hundred billion

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dollars worth of quantitative easing before COVID ever hit, So

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this was happening again regardless, then COVID hit. In everything

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they did after the Great Financial Crisis over four to

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five years, they did a multiple.

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Speaker 4: Of that in these steroids like days.

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Speaker 1: So what's happening is that with every crisis, every recession,

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every bubble that bursts, that's created by the fed, the fed.

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Then once the bubble burst has to come in of

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rescue efforts, the investors, the market, the economy becomes addicted

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like Pablov's dog to this and every time that happens

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they need a greater dose of the drug to get

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the same result because they've grown tolerant of it. So

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the bottom line is that as these cycles progress, after

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each bust and then boom, the market realizes, investors realize,

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savers realize that there's going to be an awful lot

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of currency created, and that degrades the credibility of the

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currency with each instance. So yeah, it's loss of faith

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in the financial system, loss of faith in the currency,

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in the credibility of that currency. And we don't know

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whether it's the next cycle, the one after that, or

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the one after that that all the credibility will be lost,

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but the trend is clear, and at some point the

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credibility will decline to such a degree that we will

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have to they will have to reattach currencies two goals,

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some external governor on the worst of human nature, and

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to re establish that credibility. Gold is obviously the choice.

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After one thousands of years, it will be the choice

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or will be part of that solution in some way

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for good reason. We're not talking, you know, ten thousand

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dollars gold, We're talking twenty thousand dollars and above that is.

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You know, I think that the current rise the rallies

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in gold are hinting at the possibility of that being

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more near term than we would have believed.

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Speaker 4: Yeah, and.

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Speaker 3: It's interesting because the Great Depression was really a turning

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point in the United States because prior to the Great Depression,

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rising interest rates were seen as a positive because econ

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growth was driving demand for money, was driving higher rates,

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and you got a better return on your savings. After

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the Great Depression, that logic went out the window. Lower

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interest rates were the key to driving economic growth. But

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during the Great Depression we had ridiculously low interest rates

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and nobody was borrowing. So, you know, these distortions from

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Kynesiism and I call them the central bank robbers, really

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have distorted our perception and our understanding of how the

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healthy economy really works.

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Speaker 1: Yeah, it was a confusion of speculation with investment, and

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as we know, the twenties were such a period of

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red hot speculation, and so the central banks were essentially

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created the party going. But you know it is it

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is amazing that we've had fed governor's like Alan Greenspan,

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you know, radical free market advocates who got in there

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and determined that a bunch of old economists sitting around

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a table could better determine the proper level of interest

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rates the price of money than the free market.

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Speaker 4: And that's amazing to me.

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Speaker 1: And nobody ever addressed that in Congress except for Ron

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Paul and he was, you know, laughed off as a koop.

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Speaker 4: So true, so true.

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Speaker 3: So you know, maybe the classical economists newer thing or two.

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Certainly the Austrians did. But for so many years the

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Austrians have been in disfavor, even by our social media platforms,

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which routinely suppress any mention of Austrian economics.

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Speaker 4: Hard to believe.

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Speaker 3: Even the Mesis Institute is their YouTube channel is being

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throttled and they got hundreds of thousands of subscribers. They're

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lucky to get fifteen hundred views. What does the establishment

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fear about free markets and Austrian economics and a move

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away from monitorism.

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Speaker 4: Is it a loss of power? What does it mean here? Yeah?

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Speaker 1: I think it's power, I really do. I mean, I

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don't think there's money to be made from that. But

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it is the meritocracy to the elitism, you know, that

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sense of power. I don't think, you know, even I

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used to lap at deep state conspiracies and then we

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all it all proved to be true. But it's not

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you know, a cabal meeting on Tuesday nights, you know,

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to light candles around a pentagram or anything, and and

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and and champed versus. No, it's it is a loose

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affiliation of people who are raised the same way, who

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think the same way, and and view people who have

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opposing views as outsiders and the other team, and you know,

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exercise their power over their little fectoms, and little exercises

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of power, uh, multiplied by tens of thousands of bureaucrats

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and like minded status add up to you know, a

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monolithic enterprise. And so it is real, and it does exist,

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and it spreads its tentacles and every fabric of modern life,

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even into social media as we saw, you know. And

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Matt Taibi is one of is speaking at this New

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Orleans conference, has been at the forefront of exposing all

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of this.

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Speaker 3: Yeah, yeah, I'm looking forward to hearing him speak. He's

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pretty amazing what he's done, what he's exposed, And hopefully

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I'll meet with him because he was big on the

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Twitter files. I've got one for him for the YouTube files,

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and hopefully I get to interview him as well. He's

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the perfect example of you don't have to agree with

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people on their politics.

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Speaker 4: It doesn't matter whether you agree or not. It's values.

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Speaker 3: We've gotten into this thing where beliefs politics, but we

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don't really think about values anymore. Our communities. We want

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our communities to be safe. We want our schools to

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actually educate our children right. We want health. We want

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our medical community to support health, not hinder it. We

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want healthy food, clean water, clean air. We all want

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the same things, and yet the political system has made

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us move away from our values and go into beliefs.

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And you know, if I believe that the sun isn't

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going to rise tomorrow morning and you believe it, you're

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never going to convince me. And I might even be

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blind to the fact that the sun does rise in

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the morning because I have that belief. I hold it

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so strongly. But if we talk about values, all of

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a sudden, the whole equation changes.

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Speaker 1: You know, Yeah, that's a great way to put it,

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you know, and the ability to have polite disagreement in

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intelligent discussion is so rare these days. And yeah, Matt

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is a prime example of that. He was a lion

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of the liberal left for so long, and yet he

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was never a member of any team. And they didn't

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realize that he was not a member of the team.

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He was always working for truth and and sometimes that

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truth is you know, painful because on your side, as

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it were, that that the errors are being pointed out.

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And uh, you know, Mat sment decades skewing the right

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and then when the left just quit bonkers, he's spent

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the last few years skewing the left. And uh, like

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I said, I think he's the most important journalist of

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our generation. But he's also uh an exemplar of of

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how important it is to you know, hold your values

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sacred and and and disagree, uh and not be a

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member of any particular team.

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Speaker 4: Uh.

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Speaker 1: You know, even if the members of your team or

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should be your team, you know, you still have the

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right to criticize him, uh and their failings and not

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just accept it because you don't want to give the

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other side a victory. So yeah, things have gotten so

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colorized these days. It's it's amazing. It's why I've steered

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clear of a number of politically oriented speakers at my

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conference because you know, you just pissed people off. Somebody

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I want to get angry and it's you know, it's crazy, yep, and.

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Speaker 4: You gain nothing from it.

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Speaker 3: So all right, the site you want to go to

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is New Orleans Conference dot com and you'll see Brian

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there along with all the speakers. We didn't even get

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into the speakers, Brian, but you really have an all

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star cast this year. I'm looking forward to a lot

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00:26:44,200 --> 00:26:49,799
of these sessions. The dates it's November second through November fifth,

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and you get to hang out in New Orleans and

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eat some of the best food in the world, which

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I am also looking forward to. And Brian, just tell

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00:26:59,160 --> 00:27:02,119
us how to subscribe to your newsletter please.

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00:27:02,359 --> 00:27:08,559
Speaker 1: Yeah, Goldnewsletter dot com. Very simply, it is an extraordinary value,

405
00:27:08,599 --> 00:27:13,279
if I say some myself, in this market, especially our

406
00:27:13,400 --> 00:27:18,799
track record has been extraordinary. We have new stock picks

407
00:27:18,799 --> 00:27:23,839
coming out quite frequently that double and triple very quickly.

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00:27:24,839 --> 00:27:28,799
So it is it is in a market and an opportunity.

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00:27:29,640 --> 00:27:32,640
Now you will be cheating yourself if you don't participate

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00:27:32,680 --> 00:27:33,640
in and.

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00:27:33,599 --> 00:27:34,640
Speaker 4: I couldn't agree with you more.

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Speaker 3: If you've got a question for myself a Brian, shoot

413
00:27:37,359 --> 00:27:41,720
an email kl at Kerrie lets dot com and sign

414
00:27:41,799 --> 00:27:46,920
up for your free substack news letter subscription it's just

415
00:27:47,119 --> 00:27:51,079
Financial Survival Network dot com and you'll get all the

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00:27:51,200 --> 00:27:55,920
latest and greatest material a lot of original articles. Brian

417
00:27:56,160 --> 00:27:58,440
can't thank you enough for coming on, looking forward to

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seeing you in a couple of weeks in New Orleans

419
00:28:00,920 --> 00:28:04,319
in the Big Easy and enjoying the conference. Hey, don't

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00:28:04,359 --> 00:28:06,759
work too hard getting it together. We'll see you soon.

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Speaker 1: Thanks Gerry, great talking with you.

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Speaker 2: Thanks for listening to Carrie Letz's Financial Survival Network, your

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00:28:12,960 --> 00:28:16,799
solution to today's trying times. For the latest, go to

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00:28:16,960 --> 00:28:23,200
Financial Survivalnetwork dot com. Financial Survival Network now more than ever,