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Speaker 1: You're listening to a podcast from Newstalks EDB. Follow this

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Speaker 1: and our wide range of podcasts now on iHeartRadio. It's

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Speaker 1: time for all the attitude, all the opinion, all the information,

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Speaker 1: all the debate used now the lighton Smith podcast Power

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Speaker 1: It by Newstalks EDB.

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Speaker 2: Welcome to podcasts three to nine for November five, twenty

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Speaker 2: twenty five. Legend has it that billionaire investor Warren Buffett

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Speaker 2: was the first to describe gold investment as a pet rock.

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Speaker 2: In other words, gold just sits there and doesn't yield

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Speaker 2: in the way that a property investment yields rent or

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Speaker 2: shares yield dividends. In twenty twenty, Monday Week Journal went

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Speaker 2: even further, saying it in fact costs you to own it.

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Speaker 2: So why own gold when you could own a famous

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Speaker 2: soft drink company, say, or another successful company that can

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Speaker 2: compound over time. Why bet on a pet rock when

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Speaker 2: you can bet on American injurity. MoneyWeek went on to

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Speaker 2: report that Warren Buffett also once said gold gets dug

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Speaker 2: out of the ground in Africa or someplace, then we

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Speaker 2: melt it down, dig another hole, bury it again, and

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Speaker 2: pay people to stand around guarding it. It has no utility.

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Speaker 2: Anyone watching from Mars would be scratching their head better course,

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Speaker 2: as Ray Dahlio, the founder of the world's largest head fund,

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Speaker 2: doing much the same sort of thing, and one of

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Speaker 2: the richest men in the world or people in the world,

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Speaker 2: if you want. Bill Gates, after pushing every known argument

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Speaker 2: about climate fraud and COVID, etc. Stands on his head

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Speaker 2: declaring the opposite. It never was true. Isn't it amazing

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Speaker 2: how they can just flip like that and well get

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Speaker 2: away with it. And so it is that people who

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Speaker 2: have taken stands on various things finally wake up to

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Speaker 2: the fact that they were, if not wrong, then certainly

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Speaker 2: not right. And that's reflected in the discussion that we

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Speaker 2: have today about precious metals, specifically gold, then silver, and

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Speaker 2: then there's a bit of copper and other metals in

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Speaker 2: short supply floating about. This is a discussion that I

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Speaker 2: think has interest for everybody, even if you think not

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Speaker 2: at this particular point of time, because it's full of

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Speaker 2: information and there is much to learn. Right after we

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Speaker 2: take a small break. Leverrix is an antihistamine made in

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Speaker 2: Switzerland to the highest quality. Leverx relieves Hay fever and

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Speaker 2: skin allergies or itchy skin. It's a dual action antihistamine

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Speaker 2: and has a unique nasal decongestent action. It's fast acting

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Speaker 2: for fast relief and it works in under an hour

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Speaker 2: and lasts for over twenty four hours. Leverrix is a

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Speaker 2: tiny tablet that unblocks the nose, deals with itchy eye,

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Speaker 2: and stop sneezing. Levericks is an antihistamine made in Switzerland

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Speaker 2: to the highest quality. So next time you're in need

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Speaker 2: of an effective antihistamine, call into the pharmacy and ask

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Speaker 2: for Leverix l e v Rix Leverrix and always read

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Speaker 2: the label, take as directed and if symptoms persist, see

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Speaker 2: your health professional. Farmer Broker Auckland. Now, just before we

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Speaker 2: introduce Tony Coleman, there's a statement I want to make.

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Speaker 2: This is not a paid commercial. It is no different

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Speaker 2: to any other interview that I've done on the podcast. Yes,

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Speaker 2: I've advertised and I do advertise for New Zealand Gold

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Speaker 2: Merchants and it's an honor to do so. But there

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Speaker 2: is peak interest in this field ly at the moment,

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Speaker 2: and it's been building for some time. I'm particularly interested

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Speaker 2: in the precious metals, gold, silver, especially in New Zealand,

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Speaker 2: and the effect that they could have on this country's future,

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Speaker 2: because it could be substantial. So I trust that you'll

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Speaker 2: get something, if not plenty, out of the discussion that follows.

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Speaker 2: Tony Coleman is the managing director of New Zealand Gold Merchants.

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Speaker 2: And it's a great pleasure to have you here.

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Speaker 3: Well, thank you, Ladon, it's pleasure being here.

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Speaker 2: Tell me a bit about let's start this way. Well,

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Speaker 2: tell me a bit about the founding of New Zealand

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Speaker 2: Gold Merchants. It goes back to your father, if I

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Speaker 2: remember correctly, Yeah, that's correct.

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Speaker 3: Twenty twenty five is our fiftieth year in business. Not

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Speaker 3: all of it perfect, of course, Rocky. Like many other businesses,

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Speaker 3: my father was a metallogist and moved the family up

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Speaker 3: from the South Island in the late six stairs and

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Speaker 3: worked as a meta agist for various companies. He decided

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Speaker 3: to get into precious metals in seventy five, and this

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Speaker 3: was in the middle of the boom of silver. So

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Speaker 3: with the decoupling of the gold and silver peg to

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Speaker 3: the US dollar in seventy one, we started to see

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Speaker 3: the metals rise and in seventy five, my father Bruce

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Speaker 3: decided to get into it as a refiner and a

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Speaker 3: manufacturer of jewelry and bars, and ran that right through

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Speaker 3: up until nineteen eighty one, with the cumbination of the

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Speaker 3: Hunt brothers trying to corner the bullion market, the silver

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Speaker 3: market particularly, and then the subsequent collapse of silver after

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Speaker 3: that when Comex changed the rules I was working. I

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Speaker 3: came back from Europe in eighty two, and it was

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Speaker 3: a very small company back then, just manufacturing bullion and

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Speaker 3: industrial silver products for electroplatting. We lived that way for

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Speaker 3: some time. The eighties went good for metal. We had

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Speaker 3: those very high interest rates if you remember lately twenty

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Speaker 3: eight twenty nine percent. We saw the gold and silver

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Speaker 3: price start to rise again through the mid eighties with

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Speaker 3: every other market back then, and then the eighty seven

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Speaker 3: collapse was really the nail and the coffin for silver

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Speaker 3: and gold for about ten.

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Speaker 4: To twelve years.

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Speaker 3: The digitization of the market really had a significant impact

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Speaker 3: on gold and silver, particularly silver. The digitization meant that

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Speaker 3: we lost thirty five milfilm X ray went to digital.

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Speaker 3: It took time, of course, but all these uses for

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Speaker 3: silver degraded and the price languished due to that. The

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Speaker 3: other part of that was that in the sixties most

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Speaker 3: cunk trees went from a silver based metal for currency

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Speaker 3: to coppernickel, and that produced a thirty year glot of

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Speaker 3: silver into the market. And that thirty years essentially finished

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Speaker 3: around two thousand and eight, and then we started to

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Speaker 3: see silver become demand with the amount of silver in

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Speaker 3: the market being restricted. And since then silver's done quite well.

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Speaker 3: But it did languish for twenty five years. I have

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Speaker 3: to say, did I mention what year it was I

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Speaker 3: bought that silver? I think you said nineteen eighty three, correct,

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Speaker 3: so probably near They would have collapsed a bit by then, though, right,

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Speaker 3: because it was back down to nine dollars when the

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Speaker 3: high was fifty dollars in nineteen eighty one.

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Speaker 2: I knew somebody in Sydney who worked in a firm

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Speaker 2: that dealt with it, and I just thought, oh well,

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Speaker 2: I'll go and see her and walked out with ten kilos.

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Speaker 2: But I was content with it because it was going

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Speaker 2: to be for a long long term holding. One bar

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Speaker 2: is I still have it. The other one got stolen.

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Speaker 3: Well, I got it given a bar for my twenty

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Speaker 3: first birthday in nineteen eighty two.

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Speaker 4: I still have it.

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Speaker 3: It's still engraved and it sits in the bottom of

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Speaker 3: my safe at work sie oh one kilo. My father

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Speaker 3: was not going to give me any more than that.

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Speaker 3: But really, the transformation of gold merchants happened in two

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Speaker 3: thousand and six when we saw an opportunity to get

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Speaker 3: into the gold side of the market and prices is

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Speaker 3: starting to rise. It was looking fairly interesting, and a

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Speaker 3: year and a half later we had the GFC Global

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Speaker 3: Financial Crisis, which was really the beginning of everything gold

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Speaker 3: and silver, and we're seeing what's happening today. It really

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Speaker 3: started back in seven eight with that, and that really.

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Speaker 4: Was the feder Reserve.

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Speaker 3: Creating a six hundred it seems so low these days,

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Speaker 3: a six hundred million dollar loan essentially to the banks

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Speaker 3: to shore up the banks after the initial collapse of

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Speaker 3: Freddie Mack and Fannie May. That led us to believe

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Speaker 3: that the only fix that the Fed really had was

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Speaker 3: to increase debt, and we were confident from then on

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Speaker 3: that every time we saw another issue, it was just

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Speaker 3: going to be more money thrown at it, which is

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Speaker 3: what's been happening to the point where this month, the

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Speaker 3: US has just increased their debt by trillion dollars and

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Speaker 3: it only took seventy one days.

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Speaker 2: It's pretty quick.

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Speaker 4: Well, where's it going?

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Speaker 3: Thirty eight trillion in debt and I can't even comprehend

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Speaker 3: those numbers anymore. That's so big, and there's no way

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Speaker 3: of them actually getting out of this trap. So what

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Speaker 3: happens is we see a slow and then increasingly speedy

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Speaker 3: devaluation of currencies. And this is why we believe in

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Speaker 3: many respects, we're seeing a move away from US treasury

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Speaker 3: debt into gold by those countries.

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Speaker 2: That can, and there's plenty of them, and they're buying.

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Speaker 2: They're still buying big according to my reading this morning,

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Speaker 2: Well that's right.

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Speaker 3: We're seeing central bank buying and underwriting the gold price.

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Speaker 3: So with central bank buying sovereign gold funds in general

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Speaker 3: all buying, that means that for the smaller traders in metal,

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Speaker 3: such as ourselves, in the customers we deal with, they

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Speaker 3: are getting the benefits of having their portfolios underwritten by

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Speaker 3: the large money, sovereign money. We think that this will

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Speaker 3: keep going while we still see this indebtedness in the system.

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Speaker 2: Can you see no, let me rearrange that there has

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Speaker 2: been talk for some time that this is even prior

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Speaker 2: to Trump's reelection, that he'd be looking at revaluing gold

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Speaker 2: its price, And there have been figures that have been

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Speaker 2: tossed around that are well in most people's in most

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Speaker 2: people's eyes, they would be unbelievable. But as much as

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Speaker 2: twenty four as much as twenty four and beyond thousand

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Speaker 2: dollars an ounce, well.

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Speaker 4: That's the story.

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Speaker 3: And there are plenty of people that do the maths

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Speaker 3: and say that those sorts of numbers are correct. I mean,

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Speaker 3: it's hard to believe from this position of currently four

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Speaker 3: thousand dollars an ounce, how it could even get to

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Speaker 3: twenty thousand dollars ounce. But two years ago I would

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Speaker 3: have said quite the same when it was only two

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Speaker 3: thousand dollars an ounce. You know, our customers are recognizing

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Speaker 3: that they're buying in gold at a time where the

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Speaker 3: markets feel exorbitantly expensive, but time will probably show that

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Speaker 3: it was still cheap at the time. There's no there's

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Speaker 3: nothing in the markets that's showing that the markets are overbought.

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Speaker 3: With physical we saw some speculation in the last few weeks,

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Speaker 3: and we've saw gold rum from a low this year

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Speaker 3: of four thousand and four to fifty Kiwi dollars through

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Speaker 3: to seven thousand, five hundred and seventy eight dollars. I mean,

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Speaker 3: that's an increase of fifty seven and a half percent,

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Speaker 3: and we think that those are not going to be

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Speaker 3: sustainable going forward. We do think that twenty to thirty

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Speaker 3: percent per annim at the moment is looking likely. Silver, platinum,

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Speaker 3: and palladium are all tracking in the same direction, so

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Speaker 3: it's not just gold or silver. The commodities in general

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Speaker 3: as well as copper, all tracking outwards due to demand

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Speaker 3: and due to I wouldn't use the word dedollarization. I

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Speaker 3: would use the word of de risking away from the.

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Speaker 4: Dollar to a degree.

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Speaker 3: Our belief is that the dollar's going nowhere soon. The

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Speaker 3: dollar is very strong. It's used for sixty percent of

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Speaker 3: all debt.

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Speaker 2: You're talking American dollars.

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Speaker 3: American dollars, So American dollars are used for balance a trade.

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Speaker 3: The Swiss system runs on it. We are seeing the

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Speaker 3: bricks looking to redesign trade, not to take it all,

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Speaker 3: but to give some balance between the US dollar and

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Speaker 3: other opportunities other sources.

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Speaker 2: Right, you talk about four thousand to seven and a

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Speaker 2: half thousand in New Zealand dollars, that of course is

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Speaker 2: partly driven or that amount is manufactured might be a

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Speaker 2: good way to put it. By the drop in the

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Speaker 2: New Zealand dollar against the American dollar.

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Speaker 4: Well that's true.

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Speaker 3: Last year the dollar dropped sixteen percent, but having a

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Speaker 3: little bit of a look this year, that drop has

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Speaker 3: only been on average around five percent, So these numbers

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Speaker 3: are going to look very similar in US dollars as well.

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Speaker 3: I think that silver particularly is had a good run up,

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Speaker 3: and platinum, which has been in a deficit mining deficit

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Speaker 3: four four five years, has really had an increase up

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Speaker 3: around seventy five percent year on year. Will they last,

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Speaker 3: That's always the big question. I think it depends on

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Speaker 3: what they're being consumed for. Platinum looks very strong and

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Speaker 3: will continue to stay elevated silver and I would like

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Speaker 3: to say that my.

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Speaker 4: Silver position is that we started to see silver.

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Speaker 3: Rise sharply on the twentieth of August, and that just

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Speaker 3: happened to be the same day which Donald Trump mentioned

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Speaker 3: that the US government.

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Speaker 4: Had created a strategic silver reserve.

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Speaker 3: And I've been questioning, why do.

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Speaker 4: We have a strategic silver reserve?

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Speaker 3: And I think one of the major reasons, apart from.

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Speaker 4: Solar, is that you need silver.

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Speaker 3: To make high tech armaments, things like Tomahawk missiles to

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Speaker 3: use fifteen kilos per missile of silver of silver. And

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Speaker 3: only a week before we heard China and Russia both

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Speaker 3: say that they were creating strategic silver reserves. So it

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Speaker 3: makes me believe that we're on a footing of potential war,

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Speaker 3: not saying that we're going to have one, but saying

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Speaker 3: that the rhetoric is moved away from just trade tensions

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Speaker 3: to hey, don't pick on us, we're prepared for it,

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Speaker 3: or we're preparing for it, and you feel I think

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Speaker 3: people feel that tension. The markets certainly feel the tension.

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Speaker 3: Silver and gold are showing that tension.

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Speaker 2: Yes, people are feeling it. They comment on it quite regularly,

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Speaker 2: just with regard to silver, because we'll get onto gold

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Speaker 2: in a moment or three. But does New Zealand have

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Speaker 2: any supply of silver silver in the ground?

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Speaker 3: I mean, so there's a small amount coming out of

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Speaker 3: Wayhi there Dora, which is the melted bars from mining,

253
00:16:43,653 --> 00:16:48,253
Speaker 3: is around thirty percent gold seventy percent silver, but that's

254
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Speaker 3: about it. The South Island's miners are typically producing between

255
00:16:54,173 --> 00:16:57,373
Speaker 3: ninety five and ninety eight percent gold in their dora,

256
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Speaker 3: so very very high.

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Speaker 4: Gold, virtually no silver at all in their doray so.

258
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Speaker 3: A dore bar is a melted bar from gold mining,

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Speaker 3: typically from hard up mining.

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Speaker 4: They go through a.

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Speaker 3: Various processes and end up with a concentrate which is

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00:17:14,373 --> 00:17:16,733
Speaker 3: then melted into bars and sent to refineance.

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Speaker 4: That's the sort of thing that.

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Speaker 2: We buy, that you buy, that the company buys, you mean,

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Speaker 2: and then does what with.

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Speaker 3: Well, once we get the metal bars or the door a,

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Speaker 3: we then have to separate the various metals out to

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Speaker 3: purify them. That's done via a chemical process and electrolytic processes,

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Speaker 3: so we have to typically get everything dissolved up into

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Speaker 3: a solution. Then we selectively precipitate the metals that we're after,

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Speaker 3: which is gold and silver, and then we melt those

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Speaker 3: up again. They then go into.

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Speaker 4: Electric cells electrolytic cells where they are where you grow crystals,

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Speaker 4: gold crystals or silver crystals.

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Speaker 3: They are then washed, re melted, and then turned into

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Speaker 3: bars or jewelry or whatever.

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Speaker 2: After that, it's a little more complicated than one might

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Speaker 2: have thought.

279
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Speaker 3: The technology is hundreds of years old. The electrolytics system

280
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Speaker 3: came in in the late eighteen hundreds, but the aqua

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Speaker 3: regiare which is the typical solution, which is a mixture

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Speaker 3: of nitric acid and hydrochloric acid, that's been around for

283
00:18:33,573 --> 00:18:36,733
Speaker 3: a very long time, maybe not as in the neat

284
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Speaker 3: form that we have it these days, but more than

285
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Speaker 3: two hundred years ago. This is how they were using

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Speaker 3: chemistry to actually purify gold and is part of the

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Speaker 3: fabric of the gold industry. And like every part of

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Speaker 3: the gold industry, it's heavily controlled. The wastes have to

289
00:18:59,693 --> 00:19:05,093
Speaker 3: be controlled, your gases have to be controlled, so there's.

290
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Speaker 4: A lot of regulation, just.

291
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Speaker 3: Like any other business in the chemical industry.

292
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Speaker 2: Is it prohibitive or inhibitive.

293
00:19:12,893 --> 00:19:17,733
Speaker 3: It's getting more expensive, I think, as as the local

294
00:19:17,773 --> 00:19:23,533
Speaker 3: governments set targets and so on and remove the use

295
00:19:23,613 --> 00:19:27,493
Speaker 3: of gas and diesel for various reasons, we're having to

296
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Speaker 3: go more electric and that has a definite impact on

297
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Speaker 3: the price. Electricity in New Zealand is very expensive and.

298
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Speaker 2: It is going to get more so well.

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Speaker 3: We've noticed our prices go up to three hundred. The

300
00:19:47,093 --> 00:19:50,653
Speaker 3: only way for us to cover that is to do

301
00:19:50,773 --> 00:19:55,453
Speaker 3: more volume and more efficiently. We're constantly looking at more equipment,

302
00:19:55,813 --> 00:19:58,933
Speaker 3: better types of equipment to build inefficiencies.

303
00:19:59,333 --> 00:20:05,133
Speaker 2: So in your processing of gold to market point, do

304
00:20:05,173 --> 00:20:08,773
Speaker 2: you do all of that at your headquarters or are

305
00:20:08,773 --> 00:20:10,453
Speaker 2: you doing it on site?

306
00:20:10,613 --> 00:20:15,253
Speaker 3: So we have multiple buildings, multiple facilities. We have the

307
00:20:15,293 --> 00:20:18,613
Speaker 3: head office and Hunger, but not far from there, we

308
00:20:18,653 --> 00:20:24,013
Speaker 3: also have a refinery and warehousing and we do all

309
00:20:24,053 --> 00:20:28,093
Speaker 3: the work in Auckland here. But the gold comes from

310
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Speaker 3: all over the country and quite a bit of it's

311
00:20:31,053 --> 00:20:37,253
Speaker 3: important as well from where well, mostly from Australia and

312
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Speaker 3: the Pacific Islands. In the gold industry, you're very restricted

313
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Speaker 3: in terms of who you can deal with. We used

314
00:20:47,813 --> 00:20:51,173
Speaker 3: to deal with Solomon Islands and Papua New Guinea, but

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Speaker 3: due to knowing who your customers are and knowing exactly

316
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Speaker 3: where you gained gold came from and who actually processed

317
00:21:00,133 --> 00:21:03,413
Speaker 3: it or got it out of the ground. If you

318
00:21:03,453 --> 00:21:05,933
Speaker 3: want to be an international player, there are limitations on

319
00:21:06,053 --> 00:21:10,333
Speaker 3: who you can deal with Papua New Guinea and Solomon

320
00:21:10,373 --> 00:21:14,693
Speaker 3: Islands because they refine mind gold as a family unit.

321
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Speaker 3: That's construed that that could be child labor and therefore

322
00:21:21,293 --> 00:21:25,533
Speaker 3: that sort of gold can't come into the mainstream, and

323
00:21:25,573 --> 00:21:28,933
Speaker 3: therefore those markets are going somewhere else. I don't know

324
00:21:28,973 --> 00:21:32,133
Speaker 3: where they're going anymore, but they're certainly not coming to Australasia.

325
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Speaker 3: It's a shame. I've spent time in the Solomons with

326
00:21:36,173 --> 00:21:43,253
Speaker 3: these families as they pan dirt to get gold, and

327
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Speaker 3: all that happens for them is they makes their life

328
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Speaker 3: even more difficult. It's not for child labor as far

329
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Speaker 3: as I can see.

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Speaker 4: It's just you've got a couple.

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Speaker 3: Of very young children that are with mom and dad

332
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Speaker 3: because nobody else to look after.

333
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Speaker 2: Them, and so they get tagged.

334
00:21:58,933 --> 00:22:00,293
Speaker 4: They do they do?

335
00:22:02,573 --> 00:22:07,693
Speaker 3: People think I have these visions of Africa and people

336
00:22:07,733 --> 00:22:12,173
Speaker 3: with guns holding making children work most parts of the

337
00:22:12,213 --> 00:22:13,853
Speaker 3: Pacific and Malanesia.

338
00:22:14,093 --> 00:22:15,373
Speaker 4: It's just not like that at all.

339
00:22:15,813 --> 00:22:19,533
Speaker 2: What I'm interested in now is New Zealand's position in

340
00:22:20,213 --> 00:22:23,653
Speaker 2: regard to or with regard to everything to do with

341
00:22:23,973 --> 00:22:28,533
Speaker 2: particularly gold. How much do we have? Has it increased

342
00:22:29,293 --> 00:22:33,373
Speaker 2: in recent times? Have they discovered more? I mean, you

343
00:22:33,413 --> 00:22:37,733
Speaker 2: did tell me that John who John Hunter went to

344
00:22:37,773 --> 00:22:40,693
Speaker 2: this conference down the South Arland you mentioned the little

345
00:22:40,773 --> 00:22:44,853
Speaker 2: Artiga and came back with glowing reports of the attitude.

346
00:22:45,133 --> 00:22:50,253
Speaker 3: Well, normally we go to the Mining conference every year.

347
00:22:50,493 --> 00:22:53,813
Speaker 3: It was on just recently in Ranna and just north

348
00:22:53,813 --> 00:22:58,493
Speaker 3: of Greymouth last week, very well attended, very buoyant attitudes.

349
00:22:59,493 --> 00:23:02,893
Speaker 3: The gold industry is being loved at the moment, which

350
00:23:02,933 --> 00:23:05,973
Speaker 3: is a rare thing for the gold industry. Most people

351
00:23:06,573 --> 00:23:10,573
Speaker 3: don't like mining, but it's New Zealand has to produce

352
00:23:11,613 --> 00:23:12,773
Speaker 3: income from somewhere.

353
00:23:13,613 --> 00:23:16,333
Speaker 4: We have to export to actually.

354
00:23:15,973 --> 00:23:20,973
Speaker 3: Pay our way in the world. And we've only got

355
00:23:21,013 --> 00:23:29,133
Speaker 3: the choices of currently farming, technology, commodities and agriculture as

356
00:23:29,293 --> 00:23:33,733
Speaker 3: opportunities to export. And while they're iron as hot ie,

357
00:23:33,853 --> 00:23:38,893
Speaker 3: while gold is doing extremely well and there's very large

358
00:23:38,933 --> 00:23:41,973
Speaker 3: profits to be made for mining in New Zealand, we're

359
00:23:42,013 --> 00:23:48,333
Speaker 3: seeing heavy investment and encouragement to actually build this industry

360
00:23:48,373 --> 00:23:52,973
Speaker 3: as quickly as we can. The Santana Mines which is

361
00:23:53,133 --> 00:23:57,173
Speaker 3: based in just out of Cromwell in a place called Bendigo,

362
00:23:57,373 --> 00:24:00,573
Speaker 3: they've got an anticipated one hundred and ten thousand ounce

363
00:24:02,053 --> 00:24:06,453
Speaker 3: yield per annum for ten years minimum, and that's worth

364
00:24:07,293 --> 00:24:10,493
Speaker 3: more than half a billion. Actually I can work it

365
00:24:10,533 --> 00:24:13,973
Speaker 3: out at the moment that's half a billion. There will

366
00:24:14,013 --> 00:24:18,013
Speaker 3: be half a billion US dollars a year and that

367
00:24:18,053 --> 00:24:21,853
Speaker 3: will employ somewhere around five hundred people. These sorts of

368
00:24:21,893 --> 00:24:26,413
Speaker 3: things the government loves and it makes a very small

369
00:24:26,453 --> 00:24:29,493
Speaker 3: impact on the environment. In general. Gold mines are not

370
00:24:29,733 --> 00:24:32,813
Speaker 3: like big copper mines. They have a much smaller footprint

371
00:24:33,693 --> 00:24:37,093
Speaker 3: and mostly they're away from what people can see, and

372
00:24:37,533 --> 00:24:42,493
Speaker 3: they have they have to make a payment to the government.

373
00:24:42,493 --> 00:24:44,933
Speaker 3: They have to put money aside to ensure that everything's

374
00:24:45,013 --> 00:24:49,213
Speaker 3: left back as it was when they finish. The alluvial

375
00:24:49,293 --> 00:24:52,133
Speaker 3: mining on the coast is all turned back into farmland.

376
00:24:52,373 --> 00:24:56,053
Speaker 3: The farmers are very happy because they get usable farmland,

377
00:24:56,053 --> 00:24:59,093
Speaker 3: which is free draining. Before it was all brush and scrub.

378
00:24:59,893 --> 00:25:04,653
Speaker 3: And so although the mining process or getting a license

379
00:25:04,773 --> 00:25:10,493
Speaker 3: takes four to five years, once you've got it, especially

380
00:25:10,533 --> 00:25:12,373
Speaker 3: at these prices, everybody's very happy.

381
00:25:12,693 --> 00:25:14,613
Speaker 2: Why does it take four to five years.

382
00:25:14,893 --> 00:25:17,213
Speaker 3: Well, there's a lot of there's a lot of environmental

383
00:25:17,253 --> 00:25:22,653
Speaker 3: protection we have. The rivers and streams all have to

384
00:25:22,653 --> 00:25:26,093
Speaker 3: be protected. It has to go through government. They've got

385
00:25:26,093 --> 00:25:29,213
Speaker 3: to decide whether it's viable or not. If they don't

386
00:25:29,213 --> 00:25:33,093
Speaker 3: believe that the money is worth the return of or

387
00:25:33,133 --> 00:25:36,773
Speaker 3: the risk of changing that land from scrub to something else,

388
00:25:37,853 --> 00:25:39,653
Speaker 3: they're not going to do it. So there's got to

389
00:25:39,653 --> 00:25:40,773
Speaker 3: be an economic plan.

390
00:25:40,653 --> 00:25:43,013
Speaker 4: You have to prove. You've got to show how.

391
00:25:42,853 --> 00:25:46,253
Speaker 3: You're going to deal with waterways and protecting them from

392
00:25:46,293 --> 00:25:50,213
Speaker 3: silt mostly salt. When it comes to alluvial you've got

393
00:25:50,213 --> 00:25:53,333
Speaker 3: to have a reclamation plan. You've got to show what

394
00:25:53,333 --> 00:25:55,693
Speaker 3: you're going to do. And you've got to pay royalties

395
00:25:55,733 --> 00:25:59,733
Speaker 3: to the government for the gold, because it's not your

396
00:25:59,773 --> 00:26:03,933
Speaker 3: goal or or the owners of the land's gold, especially

397
00:26:04,013 --> 00:26:09,173
Speaker 3: the government's gold. They own the minerals and allowed to

398
00:26:09,213 --> 00:26:11,893
Speaker 3: dig them up for a fee. And it's the same

399
00:26:11,933 --> 00:26:14,573
Speaker 3: with if you're lease in land. If you lease in land,

400
00:26:14,573 --> 00:26:17,853
Speaker 3: you will have to pay. In New Zealand it's somewhere

401
00:26:17,853 --> 00:26:21,373
Speaker 3: around ten percent to the land owner of the metal

402
00:26:21,493 --> 00:26:25,453
Speaker 3: recovered from the land as a fee for their loss

403
00:26:25,493 --> 00:26:27,213
Speaker 3: of use of that land.

404
00:26:27,293 --> 00:26:31,573
Speaker 2: But the gold that comes out of that least land

405
00:26:32,333 --> 00:26:35,013
Speaker 2: still is still belongs to the government.

406
00:26:35,613 --> 00:26:41,973
Speaker 3: Well technically technically so technically the government owns all minerals

407
00:26:42,053 --> 00:26:45,253
Speaker 3: under the Crown Minerals Act, so they own all the oil,

408
00:26:45,453 --> 00:26:50,493
Speaker 3: they own all the copper or gold in this case,

409
00:26:50,653 --> 00:26:53,933
Speaker 3: whatever's under the ground, and then they will give you

410
00:26:54,813 --> 00:26:59,653
Speaker 3: a right to to mine it. And when you mine it,

411
00:26:59,653 --> 00:27:02,493
Speaker 3: it becomes yours, but for a fee. The fees are

412
00:27:02,573 --> 00:27:05,853
Speaker 3: ridiculously low. At the moment, they are around three to

413
00:27:05,893 --> 00:27:09,413
Speaker 3: five percent, depending on what it is. I think that,

414
00:27:10,413 --> 00:27:13,133
Speaker 3: but I think that it's one of those things that

415
00:27:13,813 --> 00:27:16,973
Speaker 3: the government could look at, but they look at employment

416
00:27:17,733 --> 00:27:19,693
Speaker 3: and in areas.

417
00:27:19,373 --> 00:27:21,613
Speaker 4: Late the West Coast, which are.

418
00:27:21,333 --> 00:27:24,533
Speaker 3: Sort of trumps their small amount of fees that they

419
00:27:24,573 --> 00:27:26,693
Speaker 3: get under the Crown Minerals Act.

420
00:27:26,933 --> 00:27:30,973
Speaker 2: I'm wondering what connection there might be between an increased

421
00:27:31,173 --> 00:27:35,053
Speaker 2: let's say we took a monumental leap forward with our

422
00:27:35,333 --> 00:27:40,813
Speaker 2: gold discoveries. I'm wondering what the connection would the result

423
00:27:40,853 --> 00:27:42,693
Speaker 2: of that and the Reserve Bank be.

424
00:27:43,133 --> 00:27:46,213
Speaker 3: It's a really good question. We tend to be tied

425
00:27:46,253 --> 00:27:51,133
Speaker 3: and very closely to the US system. If I go

426
00:27:51,253 --> 00:27:55,413
Speaker 3: back to the beginning of COVID, we were one of

427
00:27:55,453 --> 00:27:57,573
Speaker 3: only sixteen countries.

428
00:27:57,093 --> 00:27:59,893
Speaker 4: That had direct access to FED.

429
00:27:59,653 --> 00:28:02,933
Speaker 3: Funds, which is where we got our where the government

430
00:28:02,933 --> 00:28:05,333
Speaker 3: got their money from to be able to.

431
00:28:05,293 --> 00:28:07,973
Speaker 4: Give us all a paid holiday for.

432
00:28:07,573 --> 00:28:14,213
Speaker 3: A number of months. And because of that, we don't.

433
00:28:14,573 --> 00:28:17,933
Speaker 3: It's not easy for us to actually maneuver into having

434
00:28:17,973 --> 00:28:21,493
Speaker 3: a gold reserve, such as virtually every country in Europe

435
00:28:21,653 --> 00:28:22,733
Speaker 3: and the United.

436
00:28:22,333 --> 00:28:26,653
Speaker 4: States, we should have a gold reserve. Australia should have

437
00:28:26,693 --> 00:28:27,573
Speaker 4: a gold reserve.

438
00:28:27,333 --> 00:28:31,453
Speaker 3: As well, and they don't. It's something that's it should

439
00:28:31,973 --> 00:28:36,733
Speaker 3: that potentially will become a mix of the Reserve Bank

440
00:28:37,773 --> 00:28:40,693
Speaker 3: holdings in the future, and it would be nice to

441
00:28:40,693 --> 00:28:44,813
Speaker 3: see New Zealand gold being there. But I'm not holding

442
00:28:44,813 --> 00:28:48,493
Speaker 3: my breath on that one. It's a tricky thing for

443
00:28:49,053 --> 00:28:51,253
Speaker 3: banks to hold reserves like this when they've got so

444
00:28:51,333 --> 00:28:55,333
Speaker 3: much debta elsewhere. It's not my area of expertise. I'm

445
00:28:55,373 --> 00:28:57,573
Speaker 3: sure there are better people than me to talk about.

446
00:28:57,653 --> 00:29:00,453
Speaker 3: In fact, you should get maybe the Reserve Bank governor

447
00:29:00,533 --> 00:29:06,173
Speaker 3: or somebody to I don't know, to Sweden have do

448
00:29:06,253 --> 00:29:08,773
Speaker 3: they have a gold hold It's a.

449
00:29:08,813 --> 00:29:09,413
Speaker 4: Very good question.

450
00:29:09,693 --> 00:29:10,453
Speaker 2: I have no idea.

451
00:29:10,533 --> 00:29:11,253
Speaker 4: Yeah, me neither.

452
00:29:11,933 --> 00:29:15,053
Speaker 3: I think that's where our knew Reserve Bank governor's coming from.

453
00:29:15,693 --> 00:29:19,893
Speaker 2: Oh, of course it slipped my mind momentarily. Or she's here?

454
00:29:19,973 --> 00:29:20,333
Speaker 2: Is she not?

455
00:29:20,653 --> 00:29:22,253
Speaker 3: Am I behind the times?

456
00:29:22,733 --> 00:29:23,413
Speaker 4: She may be here?

457
00:29:25,333 --> 00:29:27,733
Speaker 2: I don't know. I've been out of the country, although

458
00:29:27,733 --> 00:29:30,893
Speaker 2: I have been back long enough to have known that.

459
00:29:32,173 --> 00:29:35,813
Speaker 2: I want to refer you to a book, in fact,

460
00:29:35,853 --> 00:29:38,973
Speaker 2: a couple of books, but let me choose this one.

461
00:29:39,453 --> 00:29:44,693
Speaker 2: It's entitled rip Us Dollar nineteen seventy one to two

462
00:29:44,773 --> 00:29:51,933
Speaker 2: thousand and twenty X, which means as yet undecided or

463
00:29:52,013 --> 00:29:57,253
Speaker 2: unarrived at. And so it's rip Us Dollar and the

464
00:29:57,293 --> 00:30:01,813
Speaker 2: Way Forward. And it's written by an Indian, an Indian

465
00:30:01,813 --> 00:30:09,573
Speaker 2: economist who had some working relationship with Doug Casey, who

466
00:30:10,253 --> 00:30:14,693
Speaker 2: many people are familiar with as am I. He actually

467
00:30:14,773 --> 00:30:19,293
Speaker 2: came to the came to the vineyard in Cleveland. He was, well,

468
00:30:19,333 --> 00:30:22,413
Speaker 2: he had a you raise your eyebrows. He had a

469
00:30:22,493 --> 00:30:24,533
Speaker 2: half share and a dairy farm down Cleveland.

470
00:30:25,813 --> 00:30:30,173
Speaker 3: Well, he's a very big proponent of gold mining in

471
00:30:30,213 --> 00:30:33,013
Speaker 3: New Zealand. He believes it's one of the best places

472
00:30:33,453 --> 00:30:38,573
Speaker 3: politically to mine and is a big fan of Ruer Goal,

473
00:30:38,693 --> 00:30:43,253
Speaker 3: which has got licenses north of Reefton at the moment,

474
00:30:43,693 --> 00:30:47,293
Speaker 3: and probably even a shareholder, although he didn't say that

475
00:30:47,413 --> 00:30:51,173
Speaker 3: in the interview that I saw him do a couple

476
00:30:51,213 --> 00:30:52,653
Speaker 3: of weeks ago.

477
00:30:52,853 --> 00:30:57,333
Speaker 2: He's He's commented, Well, the Indian author whose name I'm

478
00:30:57,333 --> 00:30:59,893
Speaker 2: not going to try and pronounce, I did practice it

479
00:30:59,933 --> 00:31:03,173
Speaker 2: when I got the book, and now I forgotten Shan

480
00:31:03,293 --> 00:31:10,853
Speaker 2: Manger Nathan, Shan Maunga Nathan. It's all one word anyway.

481
00:31:11,053 --> 00:31:16,693
Speaker 2: He did work with and for Doug Casey at some stage,

482
00:31:16,853 --> 00:31:19,853
Speaker 2: and Casey thinks very highly of him and writes very

483
00:31:19,933 --> 00:31:22,053
Speaker 2: highly of him. Be very glad you have this book

484
00:31:22,053 --> 00:31:26,213
Speaker 2: in your hands, read it and prosper. And then Mark Faber,

485
00:31:26,253 --> 00:31:30,973
Speaker 2: Doctor Mark Faber, also has some comment to make. What

486
00:31:31,533 --> 00:31:34,573
Speaker 2: effect do you think a book like this, which has

487
00:31:34,613 --> 00:31:37,733
Speaker 2: only just been released, has the capacity to have on

488
00:31:37,773 --> 00:31:38,293
Speaker 2: the market.

489
00:31:38,653 --> 00:31:42,293
Speaker 3: Well, I think everybody needs to understand the difference between

490
00:31:42,893 --> 00:31:46,413
Speaker 3: what currency is and what money is, and what and

491
00:31:46,453 --> 00:31:50,413
Speaker 3: how gold can affect your wealth in those areas. The

492
00:31:50,533 --> 00:31:57,293
Speaker 3: US dollar has been the standard bearer since nineteen seventy one,

493
00:31:57,493 --> 00:32:04,093
Speaker 3: when Nixon bought the US off the gold standard and

494
00:32:04,133 --> 00:32:08,333
Speaker 3: we went one hundred percent. Feared I backed by rule of.

495
00:32:08,653 --> 00:32:11,133
Speaker 2: You know, even back in seventy one, when I was

496
00:32:11,693 --> 00:32:14,453
Speaker 2: a lot younger, I thought, what a stupid thing to do.

497
00:32:15,053 --> 00:32:18,853
Speaker 3: Well, they hadn't been following the rules anyway. No, and

498
00:32:19,373 --> 00:32:24,773
Speaker 3: the French worked that out and were demanding their gold back,

499
00:32:25,653 --> 00:32:32,213
Speaker 3: and America's gold deposits were being eroaded very rapidly, and

500
00:32:32,253 --> 00:32:35,013
Speaker 3: they had to do something about it. So they went

501
00:32:36,533 --> 00:32:41,973
Speaker 3: and closed the gold window. And that's how they still

502
00:32:42,013 --> 00:32:44,853
Speaker 3: have their eight thousand tons of gold at Fort Knox.

503
00:32:44,933 --> 00:32:47,053
Speaker 2: But have they still got it? No one can confirm that.

504
00:32:47,853 --> 00:32:51,773
Speaker 3: No, And I know that Trump was talking about doing

505
00:32:51,813 --> 00:32:56,053
Speaker 3: an audit, and if they want to revalue their gold

506
00:32:56,093 --> 00:32:58,493
Speaker 3: and the future, they will have to achieve that audit.

507
00:32:58,813 --> 00:33:02,653
Speaker 3: So it's not coming anytime soon. But I think that

508
00:33:03,853 --> 00:33:10,053
Speaker 3: we have to look at currency and money gold collectively.

509
00:33:10,933 --> 00:33:12,373
Speaker 4: The US dollar has lost.

510
00:33:12,173 --> 00:33:14,853
Speaker 3: More than ninety nine percent of its value since nineteen

511
00:33:14,853 --> 00:33:20,973
Speaker 3: seventy one, and most of that is via inflation, which

512
00:33:21,013 --> 00:33:23,213
Speaker 3: we all pretty well understand.

513
00:33:23,213 --> 00:33:23,613
Speaker 4: I think.

514
00:33:24,253 --> 00:33:27,573
Speaker 3: I think the other problem that people think is, you know,

515
00:33:27,693 --> 00:33:31,693
Speaker 3: New Zealand, with our current exchange rate of around or

516
00:33:31,773 --> 00:33:35,253
Speaker 3: are we at the moment around fifty eight cents from

517
00:33:35,253 --> 00:33:40,333
Speaker 3: a high back in the seventies of more than a dollar.

518
00:33:41,253 --> 00:33:45,053
Speaker 3: We were over parity back then and under parody now.

519
00:33:45,773 --> 00:33:51,533
Speaker 3: All currencies are falling if you measure it against assets.

520
00:33:52,013 --> 00:33:57,773
Speaker 3: So it's a race to the bottom because anybody, any

521
00:33:57,813 --> 00:34:02,173
Speaker 3: government that gets the opportunity to expand their currency rather

522
00:34:02,253 --> 00:34:07,573
Speaker 3: than actually show fiscal responsibility, typically does. And so we

523
00:34:07,693 --> 00:34:10,853
Speaker 3: just keep borrowing and borring and borrowing, and that devalues

524
00:34:10,893 --> 00:34:15,493
Speaker 3: their overall currency. It gets to a point where people

525
00:34:15,693 --> 00:34:19,093
Speaker 3: typically outside that country go. I don't know if I

526
00:34:19,133 --> 00:34:22,013
Speaker 3: want to keep putting my money there. It's looking a

527
00:34:22,013 --> 00:34:24,973
Speaker 3: bit risky. And I think we've been seeing this since

528
00:34:25,013 --> 00:34:30,973
Speaker 3: twenty and fourteen, where central banks have started a buying

529
00:34:31,053 --> 00:34:35,813
Speaker 3: campaign of gold. They've gone the opportunities are holding gold

530
00:34:36,213 --> 00:34:41,013
Speaker 3: or holding US dollars. They are although in Bank of

531
00:34:41,213 --> 00:34:45,053
Speaker 3: International Sentiments terms, gold wasn't a good hold because it

532
00:34:45,133 --> 00:34:49,853
Speaker 3: was more expensive than US treasuries. That changed on the

533
00:34:49,893 --> 00:34:55,613
Speaker 3: first of January twenty twenty three, where gold became a

534
00:34:55,653 --> 00:34:58,893
Speaker 3: Tier one asset for the BIS, which meant you could

535
00:34:59,093 --> 00:35:02,733
Speaker 3: collateralize your gold at the same level that you could

536
00:35:02,853 --> 00:35:08,373
Speaker 3: collateralize US treasuries. And that was a game changer. And

537
00:35:08,413 --> 00:35:10,333
Speaker 3: if you go back to the graphs and you look

538
00:35:10,693 --> 00:35:13,733
Speaker 3: at twenty three to now, this is where we see

539
00:35:13,853 --> 00:35:19,853
Speaker 3: the major price increase in gold because central banks can

540
00:35:19,893 --> 00:35:24,093
Speaker 3: now use it to underwrite all the rest of their

541
00:35:24,093 --> 00:35:29,373
Speaker 3: debt that they have, and this underwriting underwrites the whole

542
00:35:29,413 --> 00:35:33,853
Speaker 3: market in terms of price, so the US dollar doesn't

543
00:35:33,853 --> 00:35:40,613
Speaker 3: get undermined just by inflation, which is consumer pricing. It's

544
00:35:40,653 --> 00:35:44,493
Speaker 3: not holding itself up with asset pricing as well, so

545
00:35:45,973 --> 00:35:50,413
Speaker 3: we're seeing it being devalued by shares, and we're seeing

546
00:35:50,453 --> 00:35:56,813
Speaker 3: devalue by commodities, and it averages around ten percent proanum.

547
00:35:57,133 --> 00:36:00,533
Speaker 3: The CPI component of that is only. The inflation component

548
00:36:00,533 --> 00:36:02,733
Speaker 3: of that is only around three to three and a

549
00:36:02,773 --> 00:36:05,293
Speaker 3: half percent. The rest of it's sort of invisible to

550
00:36:05,333 --> 00:36:12,453
Speaker 3: the public, So it's not gold price going up. Essentially,

551
00:36:12,733 --> 00:36:18,213
Speaker 3: these currencies devaluing against gold. That's what that's what we're seeing,

552
00:36:18,253 --> 00:36:20,173
Speaker 3: because gold's just an ananimate object.

553
00:36:21,613 --> 00:36:25,573
Speaker 2: Can I just insert that over the last few years,

554
00:36:26,373 --> 00:36:30,293
Speaker 2: that has escaped most people, even if I may say so,

555
00:36:30,653 --> 00:36:34,653
Speaker 2: stack of economists of finance writers. You know, they all

556
00:36:34,733 --> 00:36:37,253
Speaker 2: latched onto that comment. And I forget who made it

557
00:36:37,253 --> 00:36:40,173
Speaker 2: that it was just a rock or something that sat

558
00:36:40,213 --> 00:36:42,653
Speaker 2: there and that was all it was, and it was

559
00:36:42,773 --> 00:36:47,053
Speaker 2: useless without taking into account that it wasn't the value

560
00:36:47,213 --> 00:36:52,773
Speaker 2: of the gold itself so much that contributed to it

561
00:36:53,333 --> 00:36:56,093
Speaker 2: to its value increase. It was exactly as you've just

562
00:36:56,133 --> 00:36:56,653
Speaker 2: explained it.

563
00:36:56,973 --> 00:36:57,453
Speaker 4: That's right.

564
00:36:57,613 --> 00:37:00,893
Speaker 3: So if you've got if you've got all the gold

565
00:37:00,933 --> 00:37:02,773
Speaker 3: in the world and all the money in the world,

566
00:37:03,173 --> 00:37:05,813
Speaker 3: and it's got a certain price, let's say that is

567
00:37:05,893 --> 00:37:09,653
Speaker 3: four thousand dollars an ounce increase the amount of money

568
00:37:09,653 --> 00:37:12,373
Speaker 3: in the world, but the goal amount stays the same.

569
00:37:13,133 --> 00:37:15,853
Speaker 3: It typically means that the gold price is going to

570
00:37:15,933 --> 00:37:19,573
Speaker 3: go up and balance with the increased amount of currency

571
00:37:19,573 --> 00:37:22,693
Speaker 3: in the world. And that's exactly what's happening. It's not

572
00:37:23,093 --> 00:37:25,653
Speaker 3: the price of gold going up, it's everything else is

573
00:37:25,693 --> 00:37:29,373
Speaker 3: going down. And that's why you're noticing that even though

574
00:37:29,413 --> 00:37:31,533
Speaker 3: you get a pay rise, you feel that you're getting

575
00:37:31,533 --> 00:37:35,413
Speaker 3: no further ahead because the value of what they're paying

576
00:37:35,413 --> 00:37:37,213
Speaker 3: you in is depreciating.

577
00:37:37,493 --> 00:37:42,773
Speaker 2: Now you've just just touched on without mentioning it something

578
00:37:42,813 --> 00:37:46,413
Speaker 2: that I think is important. That is that if you're

579
00:37:46,613 --> 00:37:50,373
Speaker 2: if you're buying, if you're buying precious metal, whatever it is,

580
00:37:50,653 --> 00:37:55,133
Speaker 2: for the purposes that you've just talked about, to keep

581
00:37:55,173 --> 00:37:58,973
Speaker 2: pace with the value of the of something that will

582
00:37:59,573 --> 00:38:03,213
Speaker 2: outweigh the demise of the currency that you thought you

583
00:38:03,253 --> 00:38:04,253
Speaker 2: were saving. So well.

584
00:38:04,613 --> 00:38:08,093
Speaker 3: Well, it's the major reason why we sell gold. It's

585
00:38:08,173 --> 00:38:13,093
Speaker 3: not not for these rapid rises and price. It is

586
00:38:13,173 --> 00:38:17,413
Speaker 3: to protect your long term wealth. There are different thinkings,

587
00:38:18,493 --> 00:38:22,093
Speaker 3: different ideas. My idea is that if you've got some

588
00:38:22,213 --> 00:38:27,053
Speaker 3: money and you don't have anything better to do with it,

589
00:38:27,533 --> 00:38:31,533
Speaker 3: like lower eliminate your mortgage or something like that, and

590
00:38:31,573 --> 00:38:34,573
Speaker 3: you're trying to accumulate wealth, put some into.

591
00:38:34,373 --> 00:38:36,573
Speaker 4: Gold because gold will protect you.

592
00:38:37,653 --> 00:38:40,533
Speaker 3: Over the long term. It will keep your keep your

593
00:38:40,533 --> 00:38:43,533
Speaker 3: powder dry, so to speak. It will allow you to buy,

594
00:38:44,613 --> 00:38:48,373
Speaker 3: regardless of the prices rising, what you could have bought

595
00:38:48,533 --> 00:38:51,453
Speaker 3: five years ago you could buy now with gold. In fact,

596
00:38:52,253 --> 00:38:54,653
Speaker 3: you're doing slightly better at the moment because the world's

597
00:38:54,693 --> 00:38:57,933
Speaker 3: in a bit of turmoil. But it is wealth accumulation.

598
00:38:58,493 --> 00:39:00,213
Speaker 3: You're protecting your money.

599
00:39:01,773 --> 00:39:07,093
Speaker 2: How is it that the Indians in particular and others

600
00:39:07,653 --> 00:39:13,053
Speaker 2: had worked this out? And I saw a story only

601
00:39:13,093 --> 00:39:18,533
Speaker 2: two days ago that India is Indians in India are buying, buying, buying,

602
00:39:18,653 --> 00:39:25,133
Speaker 2: buying because they understand the structure. Why is it that

603
00:39:25,213 --> 00:39:27,973
Speaker 2: they do and the rest of us struggle?

604
00:39:28,653 --> 00:39:31,933
Speaker 3: Well, I would say that it's not just the Indians.

605
00:39:32,053 --> 00:39:35,773
Speaker 3: I think it's Asia and Southeast Asia.

606
00:39:36,413 --> 00:39:39,173
Speaker 4: The culturally, gold has always.

607
00:39:38,933 --> 00:39:45,933
Speaker 3: Been strong in these In these countries China, India, Pakistan, Bangladesh,

608
00:39:46,133 --> 00:39:51,213
Speaker 3: all through Malaysia and Indonesia, they've never had strong currencies

609
00:39:51,333 --> 00:39:55,893
Speaker 3: and therefore have traditionally held their money in gold. They

610
00:39:55,933 --> 00:40:00,693
Speaker 3: haven't been westernized so much into a debt based system.

611
00:40:00,933 --> 00:40:04,493
Speaker 4: They've basically lived with what they.

612
00:40:04,373 --> 00:40:06,613
Speaker 3: Can earn and people go, well, it's not a very

613
00:40:06,773 --> 00:40:10,613
Speaker 3: nice house, or you live collectively or whatever. But by

614
00:40:10,693 --> 00:40:13,853
Speaker 3: doing so, that means that they hold assets and not debt.

615
00:40:14,613 --> 00:40:18,573
Speaker 3: And that's a very big Eastern way of thinking compared

616
00:40:18,573 --> 00:40:24,773
Speaker 3: to the West. The Western ideals are a debt based system.

617
00:40:26,093 --> 00:40:30,613
Speaker 3: The having your own home, having your own block of

618
00:40:30,733 --> 00:40:37,333
Speaker 3: land or whatever. It's a completely being absolutely absolutely, I'm

619
00:40:37,333 --> 00:40:40,533
Speaker 3: not sure which is better. I know which I prefer.

620
00:40:41,573 --> 00:40:48,093
Speaker 3: I prefer the I'd rather save and buy something outright

621
00:40:48,213 --> 00:40:50,413
Speaker 3: than to go into debt to get something. That is

622
00:40:50,453 --> 00:40:53,293
Speaker 3: my point of view. Debt's not a good thing to

623
00:40:53,333 --> 00:40:55,133
Speaker 3: have if you can avoid it.

624
00:40:55,773 --> 00:40:58,613
Speaker 2: Well, I was raised I don't know about you, but

625
00:40:58,693 --> 00:41:01,053
Speaker 2: I was raised with the idea that the only thing

626
00:41:01,093 --> 00:41:05,933
Speaker 2: you ever borrowed against or four was a house. Cars

627
00:41:06,013 --> 00:41:09,573
Speaker 2: came on the scene during the course of my lifetime.

628
00:41:11,493 --> 00:41:14,813
Speaker 2: We could buy them on time payment, etc. And young

629
00:41:14,853 --> 00:41:17,733
Speaker 2: people love to do that. What about you, how did

630
00:41:17,773 --> 00:41:20,773
Speaker 2: you behave when you were growing up and you were

631
00:41:20,773 --> 00:41:23,693
Speaker 2: old enough to have a car but not enough money.

632
00:41:24,053 --> 00:41:26,893
Speaker 3: I'm trying to remember actually, whether I went into debt

633
00:41:26,973 --> 00:41:29,573
Speaker 3: or not to buy a car. I'm sure I did once,

634
00:41:30,173 --> 00:41:32,813
Speaker 3: but I absolutely tried not to. I'd rather have a

635
00:41:32,853 --> 00:41:36,973
Speaker 3: lesser car and no debt than a flash car with debt.

636
00:41:37,213 --> 00:41:40,493
Speaker 2: Do you know what it's like growing up with a

637
00:41:40,493 --> 00:41:44,093
Speaker 2: group of mates who first of all, I'm thinking of

638
00:41:44,093 --> 00:41:47,733
Speaker 2: one in particular, he left school early and became a

639
00:41:47,853 --> 00:41:52,373
Speaker 2: building apprentice, and he bought an Austin Healy Sprite straight

640
00:41:52,413 --> 00:41:57,693
Speaker 2: off right, and then within the year he was driving

641
00:41:57,733 --> 00:42:00,373
Speaker 2: an the type Jag. Now, none of us have ever

642
00:42:00,453 --> 00:42:03,453
Speaker 2: knew where he got the money from, or whether it

643
00:42:03,493 --> 00:42:06,293
Speaker 2: was time payment or anything. I would imagine the latter.

644
00:42:07,253 --> 00:42:11,813
Speaker 2: But he had everybody's attention, you see, and that ranked

645
00:42:11,893 --> 00:42:13,973
Speaker 2: him higher on the on the on the scale of

646
00:42:13,973 --> 00:42:18,693
Speaker 2: acceptability as a mate. So I don't believe that it's

647
00:42:18,733 --> 00:42:20,013
Speaker 2: it's changed much since then.

648
00:42:20,813 --> 00:42:25,613
Speaker 3: No, Well, my nephews they had the choice of buying

649
00:42:26,653 --> 00:42:30,573
Speaker 3: buying gold and saving a gold or buying a new

650
00:42:30,653 --> 00:42:34,933
Speaker 3: car and going into debt to do that. Had the

651
00:42:34,973 --> 00:42:39,053
Speaker 3: conversation with him only a year ago. Him and I've

652
00:42:39,093 --> 00:42:42,413
Speaker 3: got plenty of time to look after my future, but

653
00:42:42,693 --> 00:42:45,933
Speaker 3: I want the car now. And this is nothing changes,

654
00:42:45,973 --> 00:42:51,213
Speaker 3: It's exactly the same. We Instant gratification is part of

655
00:42:51,253 --> 00:42:55,333
Speaker 3: the norm these days, it's not It's not unusual. It's

656
00:42:55,573 --> 00:42:56,733
Speaker 3: restraint is difficult.

657
00:42:57,573 --> 00:42:59,933
Speaker 2: But instant gratification is a term that you don't hear

658
00:42:59,973 --> 00:43:00,933
Speaker 2: every day anymore.

659
00:43:01,293 --> 00:43:04,573
Speaker 3: Well, I'll give you an example of what delayed gratification

660
00:43:04,693 --> 00:43:09,253
Speaker 3: can do. A very very good friend of mine, who

661
00:43:09,373 --> 00:43:13,253
Speaker 3: is worked as for his life, is now getting to

662
00:43:13,653 --> 00:43:16,973
Speaker 3: get into that period over sixty five where he's looking

663
00:43:16,973 --> 00:43:20,613
Speaker 3: to retire. He came into some money a couple of

664
00:43:20,653 --> 00:43:24,373
Speaker 3: years ago. He had the choice of spending it and

665
00:43:25,133 --> 00:43:28,493
Speaker 3: getting a better house and so on. He decided to

666
00:43:28,533 --> 00:43:34,973
Speaker 3: put it into precious metals. That money has doubled in

667
00:43:35,013 --> 00:43:37,973
Speaker 3: the last two and a half years and he is

668
00:43:38,013 --> 00:43:40,693
Speaker 3: now in a better position that he couldn't even dream

669
00:43:40,773 --> 00:43:45,373
Speaker 3: about two years ago. But we did sit down and go, well,

670
00:43:45,453 --> 00:43:48,453
Speaker 3: you can either do something now with this amount of money,

671
00:43:49,053 --> 00:43:51,773
Speaker 3: or do something which is going to be quite transformational

672
00:43:52,173 --> 00:43:55,613
Speaker 3: for you in the future. You know the person by

673
00:43:55,653 --> 00:43:59,493
Speaker 3: the way, and.

674
00:43:58,133 --> 00:44:00,453
Speaker 4: He's decided to He decided.

675
00:44:00,093 --> 00:44:04,133
Speaker 3: To hold off, and now his future looks a lot

676
00:44:04,133 --> 00:44:06,773
Speaker 3: brighter because not everybody's going to retire with all the

677
00:44:07,733 --> 00:44:10,093
Speaker 3: bells and wills of money that they that they want.

678
00:44:10,533 --> 00:44:11,813
Speaker 3: In fact, most of us can't.

679
00:44:12,693 --> 00:44:17,213
Speaker 4: It's a if, it's a it's a difficult world to.

680
00:44:17,173 --> 00:44:20,653
Speaker 3: Be, and that's partly because of the financial system we

681
00:44:20,773 --> 00:44:21,053
Speaker 3: run in.

682
00:44:22,293 --> 00:44:26,293
Speaker 4: You know, people go, it's so easy to go, oh, well.

683
00:44:26,173 --> 00:44:29,573
Speaker 3: I don't want to invest in companies that make armaments.

684
00:44:29,613 --> 00:44:33,413
Speaker 3: I don't want mining, I don't want yeah, do you

685
00:44:33,493 --> 00:44:34,053
Speaker 3: know what I mean?

686
00:44:34,133 --> 00:44:34,293
Speaker 4: Right?

687
00:44:35,253 --> 00:44:37,933
Speaker 3: But the fact is that there are necessities in life.

688
00:44:37,933 --> 00:44:41,253
Speaker 3: And even even Bill Gates came out during the week

689
00:44:41,293 --> 00:44:44,733
Speaker 3: and said that it's probably better to feed people than

690
00:44:44,813 --> 00:44:47,253
Speaker 3: to worry about greenhouse gases at the moment.

691
00:44:47,973 --> 00:44:50,733
Speaker 2: When that when when I saw that, I thought, I

692
00:44:50,773 --> 00:44:52,933
Speaker 2: hope your security is pretty found.

693
00:44:54,493 --> 00:44:54,693
Speaker 4: You know.

694
00:44:54,973 --> 00:44:59,413
Speaker 3: It's the right to life, I think is very important

695
00:44:59,533 --> 00:45:03,933
Speaker 3: and weish, you know, it's very nice to try and

696
00:45:04,013 --> 00:45:06,813
Speaker 3: have both. But if we can't, one has to succeed.

697
00:45:07,293 --> 00:45:10,973
Speaker 3: And I believe it's it's people's ability to be able

698
00:45:11,013 --> 00:45:14,093
Speaker 3: to have a half decent life without worrying every day

699
00:45:14,133 --> 00:45:16,333
Speaker 3: and being able to be fed and clothed and oursd.

700
00:45:17,573 --> 00:45:19,013
Speaker 3: We haven't made a very good job of it in

701
00:45:19,013 --> 00:45:24,693
Speaker 3: New Zealand so far, because legislation tends to prohibit building

702
00:45:25,693 --> 00:45:29,093
Speaker 3: building things that are in cheaper areas or of a

703
00:45:29,133 --> 00:45:35,173
Speaker 3: less equality, because governments don't want the cost of that

704
00:45:35,613 --> 00:45:39,013
Speaker 3: heading them later in the life. But I don't know.

705
00:45:39,493 --> 00:45:42,053
Speaker 3: I look at Asia and I go they do a

706
00:45:42,053 --> 00:45:43,973
Speaker 3: lot of things wrong, but they do a lot of

707
00:45:44,013 --> 00:45:47,133
Speaker 3: things right. They build a house, if it only last

708
00:45:47,173 --> 00:45:49,373
Speaker 3: ten years, they're not worried about it because it's cheap

709
00:45:49,453 --> 00:45:52,853
Speaker 3: enough to build another one. And that's how they typically live,

710
00:45:53,293 --> 00:46:01,173
Speaker 3: certainly in Vietnam, and increasingly the quality gets improved each time.

711
00:46:01,413 --> 00:46:02,173
Speaker 4: It gets built.

712
00:46:02,813 --> 00:46:08,773
Speaker 3: But I've watched the buildings there go through many transformations.

713
00:46:09,693 --> 00:46:13,733
Speaker 3: They seem to survive quite well, of course not earthquake pronic,

714
00:46:14,133 --> 00:46:16,493
Speaker 3: but or rain prone, but.

715
00:46:16,493 --> 00:46:18,373
Speaker 4: They still flood like everywhere else.

716
00:46:20,093 --> 00:46:26,373
Speaker 2: Look, I'm not content with where we got to with

717
00:46:26,493 --> 00:46:31,773
Speaker 2: regard to the difference that gold could make in volume

718
00:46:32,053 --> 00:46:35,253
Speaker 2: to New Zealand. And what I mean by that is,

719
00:46:35,853 --> 00:46:39,853
Speaker 2: if we were able to either discover or to order

720
00:46:39,933 --> 00:46:43,253
Speaker 2: mine what we already have or whatever in large volume,

721
00:46:43,653 --> 00:46:46,653
Speaker 2: would that make any difference to the standard of living

722
00:46:46,653 --> 00:46:47,333
Speaker 2: in the country.

723
00:46:47,653 --> 00:46:51,813
Speaker 3: I think the simple answer is yes, it does. Apart

724
00:46:51,933 --> 00:46:58,933
Speaker 3: from export receipts, the goldendustry offers thousands of jobs and

725
00:46:59,853 --> 00:47:03,053
Speaker 3: on a very limited amount of land. I mean, most

726
00:47:03,093 --> 00:47:08,853
Speaker 3: mines are very very small, and they're producing collectively billions

727
00:47:08,853 --> 00:47:14,213
Speaker 3: of dollars for New Zealand, and they are employing some

728
00:47:14,533 --> 00:47:18,813
Speaker 3: smart engineers. There are drivers, there are all the ancillary

729
00:47:18,813 --> 00:47:23,013
Speaker 3: industries that work around these small towns revive. I mean,

730
00:47:23,253 --> 00:47:27,773
Speaker 3: just go to Graymouth at the moment. I mean, from

731
00:47:27,773 --> 00:47:31,973
Speaker 3: a place that was looking nearly dead after the coal

732
00:47:32,013 --> 00:47:39,813
Speaker 3: mining collapse enclosures, we're seeing buoyancy. Hok Tiker is doing

733
00:47:39,893 --> 00:47:44,053
Speaker 3: extremely well. The whole coasters got smiles on their face.

734
00:47:44,133 --> 00:47:48,533
Speaker 3: And for coasters, it's not a thing that happens that often.

735
00:47:49,693 --> 00:47:52,373
Speaker 3: Central Otarget it's the same thing. I know, it's the

736
00:47:52,413 --> 00:47:55,933
Speaker 3: center of tourism, but it is there because of the

737
00:47:55,933 --> 00:48:02,213
Speaker 3: gold industry and this gold all through all through that area.

738
00:48:02,733 --> 00:48:06,693
Speaker 3: I mentioned Santana earlier and out of Cromwell, but you

739
00:48:06,693 --> 00:48:12,173
Speaker 3: know we head towards Gore and Waikaia. In places like that,

740
00:48:12,813 --> 00:48:17,013
Speaker 3: there are huge deposits of gold that are not yet

741
00:48:17,453 --> 00:48:20,133
Speaker 3: being opened up, but it's their under license and they

742
00:48:20,133 --> 00:48:21,733
Speaker 3: will be opened up in the near future.

743
00:48:21,933 --> 00:48:23,733
Speaker 2: So they have been found, Oh, they've.

744
00:48:23,613 --> 00:48:27,813
Speaker 3: Definitely been found. But even the ones that have been

745
00:48:27,853 --> 00:48:29,933
Speaker 3: found are only just the tip of the iceberg of

746
00:48:29,973 --> 00:48:34,653
Speaker 3: what's down there. That whole alluvial plain running from the

747
00:48:34,693 --> 00:48:39,573
Speaker 3: base of Wakatipu down towards in the cargo is full

748
00:48:39,573 --> 00:48:42,693
Speaker 3: of gold deposits all through and although some of it's

749
00:48:42,733 --> 00:48:48,133
Speaker 3: been mined previously, there's still significant areas of high value

750
00:48:48,173 --> 00:48:53,093
Speaker 3: gold that is under farmland already which will be just

751
00:48:53,173 --> 00:48:57,293
Speaker 3: dug up, recovered and gone back to farmland again. If

752
00:48:57,453 --> 00:49:00,973
Speaker 3: anybody goes to Waikaia and you go down the Waikaia River,

753
00:49:01,253 --> 00:49:05,893
Speaker 3: that whole area has been farmed and mined twice. It

754
00:49:05,973 --> 00:49:10,133
Speaker 3: was descrubbed and they laid eight hundreds. It was mined

755
00:49:10,293 --> 00:49:15,493
Speaker 3: in the early nineteen hundreds and mind again by Waikaya

756
00:49:15,613 --> 00:49:20,093
Speaker 3: Gold in two thousand and seven or eight they started.

757
00:49:21,213 --> 00:49:24,293
Speaker 3: You wouldn't you can't tell you wouldn't been able to

758
00:49:24,333 --> 00:49:26,573
Speaker 3: see a thing other than natural farmland.

759
00:49:26,853 --> 00:49:31,253
Speaker 2: Talking of books as we were, there was a there

760
00:49:31,293 --> 00:49:33,493
Speaker 2: was a book that came out in the in the

761
00:49:33,573 --> 00:49:38,253
Speaker 2: seventies from memory. It's somewhere on my shelf, on my shelves,

762
00:49:38,533 --> 00:49:42,933
Speaker 2: and it's written by Judy Shelton, and it's to do

763
00:49:43,053 --> 00:49:46,693
Speaker 2: with the collapse of the Soviet Union. And she she

764
00:49:46,973 --> 00:49:50,333
Speaker 2: called it, she published on it, and she was right.

765
00:49:50,613 --> 00:49:54,333
Speaker 2: And that's when that's when I got interested in her,

766
00:49:54,773 --> 00:49:59,213
Speaker 2: because she was saying things that nobody else believed, and

767
00:49:59,293 --> 00:50:01,813
Speaker 2: yet she got it right. So then we then we

768
00:50:01,893 --> 00:50:05,893
Speaker 2: come to two more books after the Russian collapse or

769
00:50:05,893 --> 00:50:11,013
Speaker 2: the Soviet collapse, and one is Money Meltdown, Restoring Order

770
00:50:11,053 --> 00:50:15,213
Speaker 2: to the Global Currency System, and the most recent, which

771
00:50:15,333 --> 00:50:17,933
Speaker 2: was just last year, is Good as Gold, How to

772
00:50:18,013 --> 00:50:22,693
Speaker 2: Unleash the power of sound Money. So golding for the

773
00:50:22,773 --> 00:50:26,373
Speaker 2: sound money, aiming at that. What do you say, I

774
00:50:26,413 --> 00:50:27,093
Speaker 2: say that we have.

775
00:50:27,093 --> 00:50:30,933
Speaker 3: To do something. I say that we've got a fiat

776
00:50:30,973 --> 00:50:36,453
Speaker 3: based system which is spiraling out of control, and without

777
00:50:36,893 --> 00:50:43,173
Speaker 3: pegging the increase of debt to assets, which can be

778
00:50:43,213 --> 00:50:45,893
Speaker 3: a basket of basket, so it doesn't have to be

779
00:50:46,853 --> 00:50:50,213
Speaker 3: just gold, but it could be oil and gold and

780
00:50:50,293 --> 00:50:54,813
Speaker 3: a number of other things. Without pegging the increase of debt,

781
00:50:55,613 --> 00:50:57,773
Speaker 3: we're going to have no currency at all, and we're

782
00:50:57,773 --> 00:51:00,093
Speaker 3: going to have a collapse and we'll be in the

783
00:51:00,173 --> 00:51:02,293
Speaker 3: dark ages like we've never understood before.

784
00:51:02,333 --> 00:51:04,373
Speaker 2: How close are we do that? Are you talking about

785
00:51:04,413 --> 00:51:05,853
Speaker 2: New Zealand or the world.

786
00:51:05,653 --> 00:51:08,133
Speaker 3: Well, I'm talking globally. At the end of the day,

787
00:51:08,373 --> 00:51:14,133
Speaker 3: the US dollar dies, everything dies. My understanding is that

788
00:51:14,613 --> 00:51:16,653
Speaker 3: the US dollar is not the one we should be

789
00:51:16,813 --> 00:51:21,613
Speaker 3: focusing on first, I mean there's a canary in the

790
00:51:21,653 --> 00:51:25,653
Speaker 3: coal mine, and that is probably the euro, and secondly

791
00:51:26,253 --> 00:51:30,773
Speaker 3: could be the yen. These currencies, currencies are not globally

792
00:51:30,853 --> 00:51:34,453
Speaker 3: traded as the US dollars, it's not the not all

793
00:51:34,453 --> 00:51:39,653
Speaker 3: embedded in the in the debt based systems and the

794
00:51:39,733 --> 00:51:42,213
Speaker 3: landing systems and the balancer trades and.

795
00:51:42,133 --> 00:51:43,453
Speaker 4: Everything that the US dollar is.

796
00:51:43,733 --> 00:51:47,173
Speaker 3: The US dollar is the strongest of the currencies that

797
00:51:47,253 --> 00:51:50,573
Speaker 3: we have and I don't see that changing anytime soon.

798
00:51:51,093 --> 00:51:54,453
Speaker 3: But I do see a significant threat to the euro,

799
00:51:55,133 --> 00:51:58,453
Speaker 3: and currently we're seeing a significant threat to the yen

800
00:51:58,533 --> 00:51:58,973
Speaker 3: as well.

801
00:51:59,173 --> 00:52:01,893
Speaker 2: So what would happen if the Euro crashed.

802
00:52:01,813 --> 00:52:04,413
Speaker 3: Well, I guess if the Euro crashed, they would have

803
00:52:04,493 --> 00:52:08,613
Speaker 3: to go back to their basic currencies again. Or what

804
00:52:08,693 --> 00:52:11,693
Speaker 3: happened to the Swiss currency.

805
00:52:11,213 --> 00:52:17,133
Speaker 4: They had to depeg a few years back. They were pretty.

806
00:52:16,773 --> 00:52:21,413
Speaker 3: Well if you were in if you had euros and

807
00:52:22,373 --> 00:52:27,013
Speaker 3: euro collapse without warning, your euros are worthless of course.

808
00:52:27,813 --> 00:52:32,773
Speaker 3: So one of the reasons why we've been seeing gold

809
00:52:32,773 --> 00:52:33,893
Speaker 3: being purchased.

810
00:52:33,493 --> 00:52:35,933
Speaker 4: Out of Europe very rapidly is.

811
00:52:35,853 --> 00:52:39,133
Speaker 3: Because they are they do have their concerns, I mean,

812
00:52:40,053 --> 00:52:45,573
Speaker 3: the political systems, particularly in Germany, France, and although it's

813
00:52:45,613 --> 00:52:49,453
Speaker 3: not part of the European Union, the UK they are

814
00:52:49,493 --> 00:52:51,013
Speaker 3: all at the point where they are going to be

815
00:52:51,133 --> 00:52:55,093
Speaker 3: knocking on the door of the BIS shortly because they

816
00:52:55,093 --> 00:52:59,133
Speaker 3: are so indebted there in a hole that they can't

817
00:52:59,133 --> 00:53:02,653
Speaker 3: easily get themselves out of. So a lot of that's

818
00:53:02,693 --> 00:53:07,213
Speaker 3: to do with the conflict in Ukraine because their gas

819
00:53:07,253 --> 00:53:09,613
Speaker 3: prices have gone up, the oil prices have gone up,

820
00:53:09,653 --> 00:53:11,253
Speaker 3: because they can't buy any of those sorts of things

821
00:53:11,253 --> 00:53:12,253
Speaker 3: from Russia anymore.

822
00:53:12,773 --> 00:53:13,213
Speaker 4: All in the.

823
00:53:13,333 --> 00:53:23,813
Speaker 3: Name of freedom, you know, but this has caused impoverishment

824
00:53:23,973 --> 00:53:27,653
Speaker 3: of the lower classes, the middle classes being squeezed, and

825
00:53:29,133 --> 00:53:33,693
Speaker 3: we're seeing a rise of the right. It's being contained

826
00:53:33,733 --> 00:53:34,493
Speaker 3: at the moment.

827
00:53:34,253 --> 00:53:34,853
Speaker 4: By the left.

828
00:53:34,933 --> 00:53:40,253
Speaker 3: You know, people various people rise up on the right,

829
00:53:40,453 --> 00:53:44,693
Speaker 3: and they've been when it comes to the presidency and

830
00:53:44,733 --> 00:53:46,613
Speaker 3: so on, they tend to be not back. I mean,

831
00:53:47,493 --> 00:53:50,053
Speaker 3: Italy is about as close to the right as you've

832
00:53:50,093 --> 00:53:54,613
Speaker 3: had in Europe, and they are surviving quite well, which

833
00:53:54,653 --> 00:53:55,853
Speaker 3: is surprising to many.

834
00:53:57,253 --> 00:54:02,093
Speaker 2: Well, they suffered terribly under the euro true.

835
00:54:02,773 --> 00:54:07,653
Speaker 3: Well, this is because in America, when the United States

836
00:54:09,493 --> 00:54:14,133
Speaker 3: became a union, every state was forgiven their debt and

837
00:54:14,173 --> 00:54:17,493
Speaker 3: they all started off on a clean slate, and this

838
00:54:17,533 --> 00:54:19,093
Speaker 3: is part of the problem with the Euro. When the

839
00:54:19,133 --> 00:54:25,933
Speaker 3: Euro was instigated, countries like Germany and France didn't want

840
00:54:25,973 --> 00:54:26,613
Speaker 3: to forgive.

841
00:54:26,373 --> 00:54:29,253
Speaker 4: The debts of the Portuguese.

842
00:54:28,493 --> 00:54:32,053
Speaker 3: And the Spanish and the Greeks and the Italians, and

843
00:54:32,133 --> 00:54:34,613
Speaker 3: so they've had to they change currency, which is great

844
00:54:34,613 --> 00:54:37,333
Speaker 3: temporarily because all of a sudden they had this buying power,

845
00:54:37,733 --> 00:54:39,933
Speaker 3: but they still have this long term debt that they've

846
00:54:40,093 --> 00:54:43,173
Speaker 3: not been able to get out of. And one of

847
00:54:43,213 --> 00:54:47,853
Speaker 3: the problems with the system is that indebtedness.

848
00:54:48,933 --> 00:54:50,973
Speaker 4: They have a ratio that they have to work.

849
00:54:50,773 --> 00:54:55,253
Speaker 3: With in and when they fall outside those ratios, they

850
00:54:55,413 --> 00:55:02,853
Speaker 3: get punished by the ECB European Central Bank and they

851
00:55:02,893 --> 00:55:08,173
Speaker 3: have to borrow money at higher rates, which proverishes them more.

852
00:55:08,773 --> 00:55:12,573
Speaker 3: So it's a very unfair system and it will fall

853
00:55:12,613 --> 00:55:16,453
Speaker 3: over eventually. It's not a in my opinion, it's not

854
00:55:16,933 --> 00:55:20,973
Speaker 3: if it's a when for the Euro to collapse. I

855
00:55:20,973 --> 00:55:26,373
Speaker 3: think what we'll see as soon as next year is

856
00:55:27,053 --> 00:55:30,773
Speaker 3: capital controls in Europe to try and protect the Euro

857
00:55:31,133 --> 00:55:33,733
Speaker 3: from their own people moving money.

858
00:55:33,453 --> 00:55:33,853
Speaker 4: Out of it.

859
00:55:34,253 --> 00:55:37,533
Speaker 2: The only thing that surprises me about the Euro is

860
00:55:37,573 --> 00:55:38,733
Speaker 2: that it still exists.

861
00:55:39,213 --> 00:55:42,013
Speaker 3: Well, you know, it's twenty five years now, and it

862
00:55:42,093 --> 00:55:44,893
Speaker 3: is a bit of a surprise because plenty of people,

863
00:55:45,053 --> 00:55:48,093
Speaker 3: even me, we're calling it five years ago, that it

864
00:55:48,173 --> 00:55:53,493
Speaker 3: was it was the death rattle was happening. But it

865
00:55:53,613 --> 00:55:56,333
Speaker 3: still survives. But this is the thing, when push comes

866
00:55:56,333 --> 00:56:01,333
Speaker 3: to shove, necessity is everything we see. It's amazing what

867
00:56:01,333 --> 00:56:05,373
Speaker 3: you can do to keep something alive. Right, And the Euro,

868
00:56:05,573 --> 00:56:11,453
Speaker 3: although it should be extinct, is not. The Europeans still

869
00:56:11,493 --> 00:56:14,493
Speaker 3: remember the Second World War and how devastating it was,

870
00:56:15,173 --> 00:56:23,253
Speaker 3: and having a Euro allows various economies to be connected

871
00:56:23,333 --> 00:56:28,293
Speaker 3: with each other, and it was this disconnect in the

872
00:56:28,333 --> 00:56:32,253
Speaker 3: thirties that caused a lot of the problems in the forties.

873
00:56:32,813 --> 00:56:36,373
Speaker 3: So I think that they go regardless of what happens,

874
00:56:36,373 --> 00:56:38,093
Speaker 3: we've still got to hold this together. And this is

875
00:56:38,133 --> 00:56:43,213
Speaker 3: why they're so keen to hold it. But like everything else,

876
00:56:43,213 --> 00:56:45,373
Speaker 3: they have to live within their means, and they're not

877
00:56:45,413 --> 00:56:48,213
Speaker 3: doing it currently, and they're not the strength of the US.

878
00:56:48,253 --> 00:56:52,253
Speaker 3: They don't have the military power and the economic power

879
00:56:52,773 --> 00:56:54,573
Speaker 3: to dictate.

880
00:56:54,293 --> 00:56:55,173
Speaker 4: To the world.

881
00:56:55,413 --> 00:56:59,213
Speaker 2: This might be an unfair question, but you've got trumpet

882
00:56:59,253 --> 00:57:04,213
Speaker 2: at the moment, and I shall we say an enthusiast.

883
00:57:04,613 --> 00:57:08,093
Speaker 2: No one's perfect I've got a headline lying around somewhere.

884
00:57:09,853 --> 00:57:12,213
Speaker 2: Doesn't matter because I can remember it pretty much. It

885
00:57:12,373 --> 00:57:15,973
Speaker 2: simply said Trump is a terrible person, but he's a

886
00:57:16,013 --> 00:57:20,293
Speaker 2: great president. You know, every time I think maybe that's

887
00:57:20,413 --> 00:57:24,533
Speaker 2: enough for one podcast, I come up with something else,

888
00:57:25,813 --> 00:57:29,413
Speaker 2: and it occurs that we haven't really discuss. You've mentioned China,

889
00:57:29,653 --> 00:57:33,293
Speaker 2: but we haven't. We haven't discussed and you haven't told

890
00:57:33,333 --> 00:57:37,053
Speaker 2: us your opinion about China in the In the Scheme

891
00:57:37,133 --> 00:57:38,373
Speaker 2: of Gold, I.

892
00:57:38,333 --> 00:57:43,773
Speaker 3: Think China is the key to the gold market. It

893
00:57:43,813 --> 00:57:49,813
Speaker 3: was China's failing relationship with America as China became number

894
00:57:49,813 --> 00:57:53,773
Speaker 3: two in vitually number one economy in the world, that

895
00:57:53,933 --> 00:57:58,773
Speaker 3: really started this whole thing. This month, it was reported

896
00:57:58,893 --> 00:58:02,133
Speaker 3: that China for the first time owns more gold than

897
00:58:02,213 --> 00:58:06,693
Speaker 3: US treasuries, whereas two years ago they had two trillion

898
00:58:06,733 --> 00:58:12,413
Speaker 3: dollars in US treasuries. So we're seeing the market change now.

899
00:58:13,453 --> 00:58:16,653
Speaker 3: In twenty eleven, I was telling anybody that we wanted

900
00:58:16,693 --> 00:58:19,973
Speaker 3: to listen that the gold market and the silver market

901
00:58:20,013 --> 00:58:24,693
Speaker 3: will be held down until the power of Comax, which

902
00:58:24,733 --> 00:58:29,013
Speaker 3: is the commodities exchange in New York, is wrestled away

903
00:58:29,093 --> 00:58:33,213
Speaker 3: by someone. In the early two thousands. Early to mid

904
00:58:33,253 --> 00:58:38,093
Speaker 3: two thousands, China opened up the Shanghai Gold Exchange. Now,

905
00:58:38,133 --> 00:58:42,093
Speaker 3: the difference between Shanghai Gold Exchange and Comas is that

906
00:58:42,373 --> 00:58:46,453
Speaker 3: the Shanghai Gold Exchange is back one to one worth gold,

907
00:58:46,693 --> 00:58:52,733
Speaker 3: so every ounce of gold you're selling in the market

908
00:58:52,853 --> 00:58:55,133
Speaker 3: actually has an ounce of gold backed, so futures and

909
00:58:55,133 --> 00:58:59,173
Speaker 3: so on. With Comas you can have it's around one

910
00:58:59,253 --> 00:59:05,893
Speaker 3: hundred and fifty contracts for gold to every every gold

911
00:59:05,893 --> 00:59:08,853
Speaker 3: contract one hundred ounces of gold that you've got contracts

912
00:59:08,893 --> 00:59:13,133
Speaker 3: one hundred ounces, and so it's completely leveraged. And one

913
00:59:13,173 --> 00:59:16,453
Speaker 3: of the reasons why we've seen these massive prices is

914
00:59:16,493 --> 00:59:21,573
Speaker 3: because customers have been standing for delivery and Comax hasn't

915
00:59:21,573 --> 00:59:24,693
Speaker 3: had the gold. Normally, what would happen is if the

916
00:59:24,733 --> 00:59:28,893
Speaker 3: futures price goes up, people take their profits in cash.

917
00:59:29,573 --> 00:59:32,213
Speaker 3: But over the last year or so, we've seen that

918
00:59:32,373 --> 00:59:37,133
Speaker 3: change and we've seen companies and individuals standing for delivery,

919
00:59:37,173 --> 00:59:41,693
Speaker 3: taking the gold and creating severe shortages of gold in

920
00:59:41,733 --> 00:59:44,293
Speaker 3: the market. We're seeing the same thing with the LME

921
00:59:44,413 --> 00:59:48,733
Speaker 3: at the moment, which is the London Metals Exchange, and

922
00:59:48,773 --> 00:59:53,413
Speaker 3: that's the central exchange for trading silver. There's been an

923
00:59:53,533 --> 00:59:59,773
Speaker 3: arbitrage between the US and London of three to four

924
00:59:59,813 --> 01:00:05,773
Speaker 3: dollars an ounce, putting extreme stress on the silver prices now.

925
01:00:05,893 --> 01:00:09,133
Speaker 3: And arbitrage is where you can buy them one market

926
01:00:09,293 --> 01:00:12,213
Speaker 3: and sell it another and that's the difference in price.

927
01:00:13,093 --> 01:00:18,773
Speaker 3: So this hasn't been resolved yet, though I have heard

928
01:00:18,773 --> 01:00:21,493
Speaker 3: that there are ships that are being loaded with silver

929
01:00:21,653 --> 01:00:25,373
Speaker 3: to try and ease the silver shortage in London. So

930
01:00:25,533 --> 01:00:28,973
Speaker 3: it's been a twenty five has been a quite the

931
01:00:29,093 --> 01:00:32,933
Speaker 3: year for shortages, not globally but in certain spots that

932
01:00:33,013 --> 01:00:37,973
Speaker 3: are price makers and price takers. So what we're seeing

933
01:00:37,973 --> 01:00:42,133
Speaker 3: at the moment is China pretty well standing for delivery

934
01:00:42,173 --> 01:00:46,773
Speaker 3: for everything. So the buying and comes right the buying

935
01:00:46,773 --> 01:00:51,093
Speaker 3: out of the New York Stock Exchange New York Comes Exchange,

936
01:00:51,573 --> 01:00:54,453
Speaker 3: and they're taking physical delivery and they're sending it back

937
01:00:54,493 --> 01:00:59,693
Speaker 3: to China. So China is rapidly and openly now creating

938
01:00:59,813 --> 01:01:05,013
Speaker 3: a gold market and people go but why Well, one

939
01:01:05,013 --> 01:01:08,413
Speaker 3: of the reasons is that China doesn't want to play

940
01:01:08,493 --> 01:01:11,373
Speaker 3: nicely with the US anymore. They don't want to count

941
01:01:11,453 --> 01:01:14,893
Speaker 3: out to them. They believe that they're not being respected,

942
01:01:15,613 --> 01:01:18,413
Speaker 3: and so they're setting up a system where they can

943
01:01:18,453 --> 01:01:24,653
Speaker 3: trade yuan, and the uan can be trusted with the

944
01:01:24,693 --> 01:01:29,413
Speaker 3: individual companies countries that they want to. For instance, China

945
01:01:29,493 --> 01:01:35,733
Speaker 3: buys significant quantities of oil from Saudi Arabia and that

946
01:01:35,893 --> 01:01:39,413
Speaker 3: is paid for in yuan. Of course, SADI doesn't want

947
01:01:39,453 --> 01:01:43,813
Speaker 3: all yuan, so the basic trade works like this. They

948
01:01:43,813 --> 01:01:47,693
Speaker 3: buy the oil in yuan, SARDI gets the yuan, trades

949
01:01:47,733 --> 01:01:52,533
Speaker 3: it into gold on the Shanghai Gold Exchange, and then can.

950
01:01:52,453 --> 01:01:55,453
Speaker 4: Use that gold to either repatriate.

951
01:01:54,973 --> 01:01:57,413
Speaker 3: Or turn into US dollars or any other currency that

952
01:01:57,453 --> 01:02:01,373
Speaker 3: they want. And that way, the Shanghai Gold Exchange becomes

953
01:02:01,373 --> 01:02:06,973
Speaker 3: a clearinghouse for yuan currency Uan too gold trading. It's

954
01:02:06,973 --> 01:02:10,533
Speaker 3: not that the yuan is backed by gold, but it's

955
01:02:10,933 --> 01:02:13,893
Speaker 3: gold is used as a clearing house to go from

956
01:02:13,893 --> 01:02:18,093
Speaker 3: one country one currency to another. This I think is

957
01:02:18,133 --> 01:02:22,333
Speaker 3: going to increase. We're starting to see more Asian countries

958
01:02:22,773 --> 01:02:28,853
Speaker 3: use the SGE as a facility to do exactly these

959
01:02:28,893 --> 01:02:33,733
Speaker 3: trades in their own country currency Shanghai Gold Exchange, so

960
01:02:34,453 --> 01:02:38,853
Speaker 3: there are two slightly different exchanges. It gets a bit complicated,

961
01:02:39,293 --> 01:02:44,213
Speaker 3: but the SGE is purely an internal mechanism for China,

962
01:02:45,013 --> 01:02:49,853
Speaker 3: but they have an international Gold Exchange Shanghai International Gold Exchange,

963
01:02:50,013 --> 01:02:54,493
Speaker 3: which is where a country like Saudi could trade and

964
01:02:54,533 --> 01:02:56,973
Speaker 3: then they could move that gold out because anything in

965
01:02:57,013 --> 01:03:00,973
Speaker 3: the SG itself has to stand. China very protective China

966
01:03:01,253 --> 01:03:04,333
Speaker 3: to their gold market and everything pretty well these days,

967
01:03:04,333 --> 01:03:04,813
Speaker 3: aren't they.

968
01:03:05,053 --> 01:03:09,293
Speaker 2: Look you've just you've made me realize when we had

969
01:03:09,333 --> 01:03:11,453
Speaker 2: the when we had the I was going to call

970
01:03:11,493 --> 01:03:13,293
Speaker 2: it a crash, wasn't a crash at all. When the

971
01:03:13,413 --> 01:03:17,373
Speaker 2: when the gold market dropped what two weeks ago now yep,

972
01:03:17,453 --> 01:03:23,053
Speaker 2: roughly yep, and came right back. What happened to supply?

973
01:03:23,613 --> 01:03:26,653
Speaker 2: Because I know I read in various places that that

974
01:03:26,653 --> 01:03:30,173
Speaker 2: that that brought people out of the woodwork because you

975
01:03:30,493 --> 01:03:34,053
Speaker 2: buy on a dip. So what happened to supply, Well,

976
01:03:34,453 --> 01:03:35,013
Speaker 2: it's a very.

977
01:03:34,893 --> 01:03:37,933
Speaker 3: Difficult time for billion companies such as US when those

978
01:03:37,933 --> 01:03:41,533
Speaker 3: sorts of things happen. What happens is that we do

979
01:03:41,573 --> 01:03:44,453
Speaker 3: sell tremendous amounts of metal, and we've had our biggest

980
01:03:44,773 --> 01:03:48,293
Speaker 3: month ever last month. But on the other side of

981
01:03:48,333 --> 01:03:51,573
Speaker 3: that is we're buying huge quantities of metal as well.

982
01:03:52,333 --> 01:03:55,933
Speaker 3: The difficulty is that the product that you sell and

983
01:03:56,013 --> 01:03:56,693
Speaker 3: the product that.

984
01:03:56,613 --> 01:03:57,373
Speaker 4: You buy.

985
01:03:58,613 --> 01:04:02,013
Speaker 3: And not the same. What you're buying is product that

986
01:04:02,053 --> 01:04:07,373
Speaker 3: needs to be reprocessed and remanufactured into something else, and

987
01:04:07,493 --> 01:04:11,493
Speaker 3: that causes a lut and the refinery and a shortage

988
01:04:11,973 --> 01:04:15,773
Speaker 3: on the gold on the shelves to move out this

989
01:04:16,973 --> 01:04:20,573
Speaker 3: and what we see in is give you some examples.

990
01:04:21,253 --> 01:04:24,733
Speaker 3: The Perthmint, for instance, they've just stopped forward deliveries in

991
01:04:24,813 --> 01:04:28,453
Speaker 3: Ford sales, so they said, once we've run out, you

992
01:04:28,493 --> 01:04:34,093
Speaker 3: can't order anymore until we've built up stocks again. Then

993
01:04:34,133 --> 01:04:37,533
Speaker 3: you have other companies like the ABC, which is Australian

994
01:04:37,533 --> 01:04:41,093
Speaker 3: Bulliant company out of Sydney. They're also an LBMA member.

995
01:04:41,853 --> 01:04:47,893
Speaker 3: They went, okay, we're going to restrict our metal for

996
01:04:47,973 --> 01:04:53,373
Speaker 3: sale by increasing their rates. So they moved their rates

997
01:04:53,453 --> 01:04:58,453
Speaker 3: up on silver four dollars an ounce, which is around

998
01:04:58,853 --> 01:05:01,613
Speaker 3: one hundred and forty five dollars a kilo, and they

999
01:05:01,653 --> 01:05:06,293
Speaker 3: moved their goal price per ounce up to everyone, not

1000
01:05:06,493 --> 01:05:08,013
Speaker 3: just the retail but.

1001
01:05:07,853 --> 01:05:10,093
Speaker 4: To all their traders and wholesalers.

1002
01:05:10,453 --> 01:05:12,533
Speaker 3: They moved it up one hundred and fifty dollars an ounce,

1003
01:05:14,133 --> 01:05:16,933
Speaker 3: so on top of the normal margins.

1004
01:05:17,613 --> 01:05:21,053
Speaker 2: So you can see, well, how when you say the

1005
01:05:21,093 --> 01:05:23,413
Speaker 2: normal margins, what are they?

1006
01:05:23,773 --> 01:05:26,813
Speaker 3: Okay, So if you were buying an ounce of gold

1007
01:05:26,853 --> 01:05:29,933
Speaker 3: in Australia. A month ago you would have been paying

1008
01:05:30,013 --> 01:05:34,773
Speaker 3: somewhere around sixty dollars an ounce over the spot price,

1009
01:05:35,933 --> 01:05:39,373
Speaker 3: but as of two weeks ago you would have been

1010
01:05:39,413 --> 01:05:44,253
Speaker 3: paying upwards of three hundred and fifty dollars announce.

1011
01:05:43,933 --> 01:05:47,373
Speaker 4: Over the spot price. Ouch Exactly if.

1012
01:05:47,253 --> 01:05:48,893
Speaker 3: You wanted it, you were going to pay for it.

1013
01:05:48,933 --> 01:05:51,933
Speaker 3: Those were pretty well the rules, and there's a lot

1014
01:05:51,973 --> 01:05:55,173
Speaker 3: going on in the markets. We were talking about these

1015
01:05:55,173 --> 01:06:00,813
Speaker 3: shortages between Comax and the LME or. What that's also

1016
01:06:00,893 --> 01:06:03,413
Speaker 3: done is push out the lease rates, the rate at

1017
01:06:03,453 --> 01:06:08,893
Speaker 3: which LBMA companies like ABC imperthment how much it them.

1018
01:06:08,693 --> 01:06:11,173
Speaker 4: To borrow all the silver.

1019
01:06:11,573 --> 01:06:15,093
Speaker 3: Because you can be a large institution and you own

1020
01:06:15,093 --> 01:06:17,813
Speaker 3: the silver, but you're earning no income. So what you

1021
01:06:17,813 --> 01:06:21,773
Speaker 3: do is you lease that silver out to somebody that's

1022
01:06:21,813 --> 01:06:26,373
Speaker 3: worth worthwhile, like the perth Mint, and you normally would

1023
01:06:26,413 --> 01:06:32,053
Speaker 3: be paying around zero point three percent per annum.

1024
01:06:31,533 --> 01:06:35,133
Speaker 4: For the pleasure of that, but silver at.

1025
01:06:35,053 --> 01:06:40,613
Speaker 3: The moment is thirty percent and so they're modeling can't

1026
01:06:40,653 --> 01:06:41,173
Speaker 3: afford that.

1027
01:06:41,253 --> 01:06:44,013
Speaker 4: So you've got the choice of you either hold your stock.

1028
01:06:43,813 --> 01:06:47,453
Speaker 3: And don't sell anything, which is what the perth MIT's done.

1029
01:06:47,333 --> 01:06:49,293
Speaker 4: Or you sell product.

1030
01:06:49,453 --> 01:06:54,933
Speaker 3: And you charge it accordingly as ABC's done. We're in

1031
01:06:54,973 --> 01:06:58,373
Speaker 3: an enviable position in many ways at gold merchants because

1032
01:06:58,693 --> 01:07:02,013
Speaker 3: we don't lease meddle, so we don't have most of

1033
01:07:02,053 --> 01:07:06,093
Speaker 3: our stock doesn't have those weights on them. But where

1034
01:07:06,173 --> 01:07:10,613
Speaker 3: we get caught out is that when the market is

1035
01:07:10,613 --> 01:07:13,613
Speaker 3: as risk as it is at the moment, we're having

1036
01:07:13,613 --> 01:07:17,173
Speaker 3: to import gold. Now if we can't import it from

1037
01:07:17,453 --> 01:07:22,213
Speaker 3: countries without that surcharge, we have to then add it

1038
01:07:22,253 --> 01:07:24,693
Speaker 3: to a certain amount of product, and our headache is

1039
01:07:24,733 --> 01:07:27,293
Speaker 3: to go, how much is coming from the minds, how

1040
01:07:27,333 --> 01:07:31,573
Speaker 3: much is coming from the public, and how much are

1041
01:07:31,573 --> 01:07:34,093
Speaker 3: we having to bring in from Australia and we go

1042
01:07:34,613 --> 01:07:37,813
Speaker 3: we balance it off and go, well, we are doing

1043
01:07:38,013 --> 01:07:41,573
Speaker 3: eighty percent of our own metal, so therefore it will

1044
01:07:41,573 --> 01:07:43,653
Speaker 3: only be a small component of that one hundred and

1045
01:07:43,693 --> 01:07:47,853
Speaker 3: fifty if it was. But as it change is the

1046
01:07:47,853 --> 01:07:52,133
Speaker 3: market changes. Our pricing is changing every day to allow

1047
01:07:52,293 --> 01:07:56,733
Speaker 3: for these risk factors. It's a complicated.

1048
01:07:56,173 --> 01:08:01,733
Speaker 2: Process, complicated and frustrating, I would imagine, but also also interesting.

1049
01:08:02,493 --> 01:08:07,093
Speaker 2: Where does the British coinage come from?

1050
01:08:07,533 --> 01:08:12,493
Speaker 3: So the Royal mint designed, so roy Mont's been around

1051
01:08:12,573 --> 01:08:16,453
Speaker 3: for five hundred years, as you probably know, and they

1052
01:08:16,453 --> 01:08:20,453
Speaker 3: produce or design some of the world's best coins. The

1053
01:08:20,573 --> 01:08:24,013
Speaker 3: strange thing is these days no coins are made in Britain.

1054
01:08:24,693 --> 01:08:29,773
Speaker 3: I think the current mint that's making the Royal mint

1055
01:08:29,813 --> 01:08:36,093
Speaker 3: coins is Slovakia. Though most of these, most of the

1056
01:08:36,133 --> 01:08:41,253
Speaker 3: coins that are designed move around from the Dutch Royal

1057
01:08:41,333 --> 01:08:46,613
Speaker 3: Mint to Slovakian mints to German mints, depending on what

1058
01:08:46,813 --> 01:08:50,493
Speaker 3: price they can get it minted for. And they've got

1059
01:08:50,533 --> 01:08:52,533
Speaker 3: to be big enough to be able to do the numbers.

1060
01:08:52,253 --> 01:08:56,853
Speaker 2: All right, So you sell, you sell coins from various countries, correct,

1061
01:08:56,893 --> 01:09:02,573
Speaker 2: South Africa, Canada, Britain, America. What is the difference between them?

1062
01:09:03,293 --> 01:09:07,253
Speaker 2: Would why would somebody want that one and somebody want

1063
01:09:07,373 --> 01:09:11,693
Speaker 2: that one? Because surely they're all there one ounce coins,

1064
01:09:11,733 --> 01:09:14,773
Speaker 2: all of them, well except the half hounds and quarter

1065
01:09:14,893 --> 01:09:16,533
Speaker 2: ounds and what have you. But you know what I'm saying,

1066
01:09:16,573 --> 01:09:20,613
Speaker 2: I do. They're all They're all of equal weight value.

1067
01:09:20,733 --> 01:09:22,653
Speaker 2: So what is it? What difference does it make?

1068
01:09:24,053 --> 01:09:27,013
Speaker 3: Really it comes down to personal preference. I mean one

1069
01:09:27,053 --> 01:09:31,213
Speaker 3: of the things that we noticed is when Queen Elizabeth

1070
01:09:31,253 --> 01:09:36,733
Speaker 3: died and her effig was on the all the coins

1071
01:09:36,773 --> 01:09:42,493
Speaker 3: from the Commonwealth. When Charles came became king, there were

1072
01:09:42,573 --> 01:09:46,813
Speaker 3: significant numbers of people that didn't want a coin with

1073
01:09:46,893 --> 01:09:50,013
Speaker 3: Charles on it, and so we had to start hunting

1074
01:09:50,053 --> 01:09:54,533
Speaker 3: around and finding other coins that the market would want.

1075
01:09:55,293 --> 01:09:58,213
Speaker 4: You know, a lot of people watch YouTube.

1076
01:09:57,853 --> 01:10:00,253
Speaker 3: And listen to the Americans and or they have a

1077
01:10:00,333 --> 01:10:05,853
Speaker 3: buyers coins, that is their market. They've never really had equality.

1078
01:10:06,533 --> 01:10:11,613
Speaker 3: Bar manufacture to has had the influence to be able

1079
01:10:11,653 --> 01:10:14,973
Speaker 3: to move people into barts. So in New Zealand and

1080
01:10:14,973 --> 01:10:19,413
Speaker 3: Australia and much of Europe, bars are far more common

1081
01:10:19,453 --> 01:10:22,293
Speaker 3: than coins, and they're cheaper to produced as well, because

1082
01:10:22,973 --> 01:10:26,653
Speaker 3: the having the queen's effigy or the king's virgy now

1083
01:10:28,053 --> 01:10:33,933
Speaker 3: is an expensive process. Each coin has a component of

1084
01:10:33,973 --> 01:10:37,533
Speaker 3: the cost which goes back to the Royal Mint and

1085
01:10:37,653 --> 01:10:41,773
Speaker 3: to the Crown for the use of that right. It

1086
01:10:41,853 --> 01:10:45,653
Speaker 3: is but it is a It is a because it's

1087
01:10:45,693 --> 01:10:49,013
Speaker 3: a currency. So those coins that you were just talking

1088
01:10:49,013 --> 01:10:53,333
Speaker 3: about have, although they are brilliant coin, have no numismatic value.

1089
01:10:53,893 --> 01:10:57,853
Speaker 3: They are backed by the Bank of England if it's

1090
01:10:57,893 --> 01:11:01,813
Speaker 3: a Britannia's banked backed by the Bank of Canada if

1091
01:11:01,853 --> 01:11:06,693
Speaker 3: it is a maple, and even New Zealand coins that

1092
01:11:06,733 --> 01:11:10,253
Speaker 3: are produced by the News on Post these days, and

1093
01:11:10,293 --> 01:11:12,453
Speaker 3: if it's a let's say it's one hundred dollars gold

1094
01:11:12,453 --> 01:11:16,093
Speaker 3: coin that is actually backed by the Reserve Bank. So

1095
01:11:16,133 --> 01:11:19,773
Speaker 3: there are coins in their own right and they are

1096
01:11:19,853 --> 01:11:23,133
Speaker 3: redeemable for they already Yeah.

1097
01:11:23,053 --> 01:11:25,413
Speaker 2: Yeah, so I didn't know that.

1098
01:11:25,413 --> 01:11:27,453
Speaker 3: That's if you're going to pay seven and a half

1099
01:11:27,453 --> 01:11:30,253
Speaker 3: thousand dollars for a coin, you probably don't want the

1100
01:11:30,253 --> 01:11:33,693
Speaker 3: fifty dollars normal value that the Reserve Bank puts on it.

1101
01:11:33,893 --> 01:11:36,093
Speaker 2: Somebody asked me the other day, and I didn't know

1102
01:11:36,213 --> 01:11:40,253
Speaker 2: the answer. What is what when you if you invest in,

1103
01:11:41,453 --> 01:11:47,573
Speaker 2: you buy for whatever reason coins in particular, I guess,

1104
01:11:47,733 --> 01:11:51,133
Speaker 2: but whatever, and then you sell.

1105
01:11:51,373 --> 01:11:54,013
Speaker 3: Is it taxable in New Zealand?

1106
01:11:54,093 --> 01:11:54,613
Speaker 4: Probably?

1107
01:11:56,093 --> 01:12:01,653
Speaker 3: I think the Inland Revenue says if your intention when

1108
01:12:01,693 --> 01:12:05,253
Speaker 3: you purchased it was to sell it, well, then it

1109
01:12:05,333 --> 01:12:11,213
Speaker 3: is a taxable activity. There are exemptions with regard to that.

1110
01:12:11,653 --> 01:12:20,413
Speaker 3: Cultural exemptions. Trusts have maybe a slightly better. If you're

1111
01:12:20,573 --> 01:12:25,733
Speaker 3: buying it not for yourself but for your children's future

1112
01:12:25,893 --> 01:12:31,733
Speaker 3: and are gifted and so on, that's potentially not taxable,

1113
01:12:31,773 --> 01:12:36,253
Speaker 3: but it really depends on each individual's situation. It is

1114
01:12:36,333 --> 01:12:39,293
Speaker 3: not it's not black and white. It's certainly not clear.

1115
01:12:40,053 --> 01:12:45,453
Speaker 3: And if I was anybody looking at this and looking.

1116
01:12:45,213 --> 01:12:47,213
Speaker 4: To sell, I would certainly be.

1117
01:12:47,213 --> 01:12:51,773
Speaker 3: Talking to them the Revenue Department to get there an

1118
01:12:51,813 --> 01:12:57,373
Speaker 3: individual assertation on it. As to whether it is or not,

1119
01:12:58,093 --> 01:13:03,293
Speaker 3: it's murky at best. I think that there's no stone

1120
01:13:03,493 --> 01:13:09,853
Speaker 3: unturned when it comes to taxes and New Zealand. It's

1121
01:13:10,053 --> 01:13:12,413
Speaker 3: it's pretty hard to squeeze through any gaps.

1122
01:13:13,293 --> 01:13:16,413
Speaker 2: So this is the last question on that aspect of it,

1123
01:13:16,453 --> 01:13:22,133
Speaker 2: at least, that American states have been changing the rules

1124
01:13:22,373 --> 01:13:30,213
Speaker 2: of late and making gold and silver legitimate currency, why

1125
01:13:30,253 --> 01:13:30,933
Speaker 2: do we do that?

1126
01:13:31,333 --> 01:13:32,333
Speaker 4: It's a very good question.

1127
01:13:33,573 --> 01:13:38,773
Speaker 3: It certainly would curtail the downward nature of our dollar

1128
01:13:38,813 --> 01:13:39,933
Speaker 3: against everybody else.

1129
01:13:41,813 --> 01:13:44,213
Speaker 4: I guess New Zealand gold.

1130
01:13:43,933 --> 01:13:47,413
Speaker 3: In our countries not in the psyche quite so much

1131
01:13:47,453 --> 01:13:52,213
Speaker 3: as I think you're talking Florida and Texas primarily so

1132
01:13:53,853 --> 01:13:57,213
Speaker 3: that there's more is it more now? But those were

1133
01:13:57,213 --> 01:14:01,533
Speaker 3: the couple the initial ones. I think that the jury

1134
01:14:01,613 --> 01:14:03,693
Speaker 3: is out on what's going to happen at the moment.

1135
01:14:03,813 --> 01:14:06,693
Speaker 3: I can't really answer that sort of question right now.

1136
01:14:07,413 --> 01:14:09,773
Speaker 2: Okay, I haven't thought about it, to be.

1137
01:14:09,733 --> 01:14:13,253
Speaker 3: Honest, I've been listening to it, but I don't know

1138
01:14:13,773 --> 01:14:21,773
Speaker 3: if it's materially affecting anything. Having gold is a legitimate

1139
01:14:22,133 --> 01:14:28,533
Speaker 3: as a currency for those states. You know, those states

1140
01:14:28,533 --> 01:14:35,613
Speaker 3: particularly tend to be quite republican, and they are sort

1141
01:14:35,613 --> 01:14:40,693
Speaker 3: of shunning the system and trying to move away from

1142
01:14:40,893 --> 01:14:41,813
Speaker 3: the debt that they have.

1143
01:14:43,493 --> 01:14:46,333
Speaker 2: Just before I move on to this, As you can see,

1144
01:14:47,933 --> 01:14:50,453
Speaker 2: did you complete the story on China.

1145
01:14:50,933 --> 01:14:54,493
Speaker 3: I didn't say that. The one thing about China and

1146
01:14:54,533 --> 01:14:58,253
Speaker 3: its involvement in the gold industry is that they're building

1147
01:14:58,293 --> 01:15:02,973
Speaker 3: all the infrastructure to support the trade of gold as well.

1148
01:15:04,213 --> 01:15:08,293
Speaker 3: They're building one of the largest depositores in the world

1149
01:15:08,373 --> 01:15:10,733
Speaker 3: old for gold in the Saudi Arabia at the moment,

1150
01:15:11,373 --> 01:15:14,813
Speaker 3: and they're also looking to do the same thing in

1151
01:15:14,853 --> 01:15:19,893
Speaker 3: Hong Kong as central gold trading hubs. This is not

1152
01:15:20,093 --> 01:15:24,373
Speaker 3: just for bank to bank type trades, but this is

1153
01:15:24,453 --> 01:15:28,533
Speaker 3: for global trade. So you can deal yuan, pick up

1154
01:15:28,573 --> 01:15:30,253
Speaker 3: your gold out of Hong Kong, or pick up your

1155
01:15:30,253 --> 01:15:33,853
Speaker 3: gold in the Middle East if you want to. And

1156
01:15:34,293 --> 01:15:37,333
Speaker 3: I think America is missing this trip. This is the

1157
01:15:37,373 --> 01:15:42,813
Speaker 3: play that China is using to help dedolarize their system

1158
01:15:42,933 --> 01:15:45,653
Speaker 3: and bring all the trading nations that they deal with

1159
01:15:46,333 --> 01:15:48,853
Speaker 3: into a system where they don't have to use the

1160
01:15:48,893 --> 01:15:53,813
Speaker 3: swift and they can deal within their own currencies and

1161
01:15:54,093 --> 01:15:57,093
Speaker 3: use gold as a clearinghouse for that. I think that

1162
01:15:57,293 --> 01:15:59,853
Speaker 3: we're going to see this progress more and more over

1163
01:16:00,613 --> 01:16:01,973
Speaker 3: over the next five to ten years.

1164
01:16:02,093 --> 01:16:07,373
Speaker 2: I'd like to So, finally, what I was just referring to,

1165
01:16:08,773 --> 01:16:11,093
Speaker 2: This book arrived a couple of days ago. When you

1166
01:16:11,133 --> 01:16:15,173
Speaker 2: saw it, you made a couple of comments. The world

1167
01:16:15,253 --> 01:16:21,813
Speaker 2: according to Martin Armstrong Conversations with the Master Forecaster. What's

1168
01:16:21,853 --> 01:16:23,253
Speaker 2: your opinion of Martin Armstrong?

1169
01:16:24,653 --> 01:16:25,133
Speaker 4: Brilliant.

1170
01:16:25,973 --> 01:16:31,453
Speaker 3: He's probably the number one go to person that I

1171
01:16:31,573 --> 01:16:35,773
Speaker 3: personally go to, and I use all their trading strategies

1172
01:16:36,253 --> 01:16:43,693
Speaker 3: for gold merchants. He has a program that he runs

1173
01:16:44,333 --> 01:16:50,653
Speaker 3: for companies such as ourselves and larger called Ask Socrates,

1174
01:16:51,533 --> 01:16:56,093
Speaker 3: which is a program that forecasts or the movement of

1175
01:16:56,173 --> 01:17:04,333
Speaker 3: every commodity, every share currency in the whole world.

1176
01:17:05,053 --> 01:17:07,573
Speaker 4: You can it's a paid service. You decide what you

1177
01:17:07,613 --> 01:17:08,133
Speaker 4: want to pick.

1178
01:17:10,013 --> 01:17:14,733
Speaker 3: He uses a cycle theory, so he uses pie and

1179
01:17:14,853 --> 01:17:17,973
Speaker 3: he uses a cycle theory to determine what's going to

1180
01:17:18,013 --> 01:17:22,573
Speaker 3: happen in the future. Apart from being probably the most

1181
01:17:23,253 --> 01:17:29,693
Speaker 3: sensible economist I've ever met and talked to, he provides

1182
01:17:29,733 --> 01:17:34,653
Speaker 3: information free to virtually every nation in the world on economics.

1183
01:17:35,333 --> 01:17:38,613
Speaker 4: He does. He has offices all over the world.

1184
01:17:39,893 --> 01:17:45,373
Speaker 3: He advises most of them Middle East countries and Russia

1185
01:17:45,893 --> 01:17:51,453
Speaker 3: and America. And from what I just heard, recently he

1186
01:17:51,573 --> 01:17:56,173
Speaker 3: was asked to write a peace proposal for Ukraine, which

1187
01:17:56,173 --> 01:17:59,693
Speaker 3: he has done, and a text that he got back

1188
01:18:00,773 --> 01:18:05,613
Speaker 3: on the twenty ninth of October said everything's looking very

1189
01:18:05,653 --> 01:18:13,133
Speaker 3: good so far. He is well trusted by nations globally,

1190
01:18:13,413 --> 01:18:16,253
Speaker 3: and if everybody listened to him, we wouldn't be in

1191
01:18:16,293 --> 01:18:20,773
Speaker 3: the mess that we are. But clearly everybody has different motives.

1192
01:18:20,813 --> 01:18:24,813
Speaker 2: It's intriguing because he's a seed looking fellow. He spent

1193
01:18:24,893 --> 01:18:27,213
Speaker 2: time in jail a large number of years, was it

1194
01:18:27,373 --> 01:18:27,973
Speaker 2: nine or eleven?

1195
01:18:28,053 --> 01:18:28,413
Speaker 3: Eleven?

1196
01:18:28,533 --> 01:18:34,573
Speaker 2: Eleven years in attempt a court. Yeah, Americans don't talk

1197
01:18:34,613 --> 01:18:35,813
Speaker 2: to me about American charters.

1198
01:18:37,293 --> 01:18:39,373
Speaker 3: Yes, well, it just happened to be the New York

1199
01:18:39,453 --> 01:18:44,813
Speaker 3: Circuit Court, right, And essentially, he wouldn't give his source

1200
01:18:44,893 --> 01:18:50,173
Speaker 3: code of Socrates to the federal government, and so they

1201
01:18:50,293 --> 01:18:55,653
Speaker 3: just kept on rolling this, keeping him in prison while

1202
01:18:55,693 --> 01:18:58,293
Speaker 3: they just until he gave up. But he didn't.

1203
01:18:58,333 --> 01:19:01,613
Speaker 2: But he didn't give up, and he's never never revealed it,

1204
01:19:02,413 --> 01:19:04,853
Speaker 2: and he continues to use it and you just referred

1205
01:19:04,853 --> 01:19:05,853
Speaker 2: to it for yourself.

1206
01:19:05,933 --> 01:19:06,453
Speaker 4: That's right.

1207
01:19:07,373 --> 01:19:09,653
Speaker 2: Is it worth the money? So I know it's very expensive.

1208
01:19:10,613 --> 01:19:14,813
Speaker 3: It depends. It depends which level you do. We I

1209
01:19:14,893 --> 01:19:18,213
Speaker 3: believe it's with the money if you are a person

1210
01:19:18,293 --> 01:19:22,813
Speaker 3: that's interested in trading and investing in shares and currencies

1211
01:19:22,853 --> 01:19:27,773
Speaker 3: and gold and silver. It's very technical, so it can

1212
01:19:28,733 --> 01:19:35,013
Speaker 3: easily rise over your head informationally, But their institutional their

1213
01:19:35,053 --> 01:19:38,293
Speaker 3: institutional starting fee for well, let's say you're a bank,

1214
01:19:39,093 --> 01:19:41,453
Speaker 3: it's one point five million a year. That's your bait's

1215
01:19:41,453 --> 01:19:45,613
Speaker 3: fee for a bank like Gold and Sacks or someone,

1216
01:19:46,253 --> 01:19:49,573
Speaker 3: and then you pay up from there. Right for a

1217
01:19:49,613 --> 01:19:54,853
Speaker 3: normal person like me, it's four five hundred US a month.

1218
01:19:54,893 --> 01:20:01,533
Speaker 3: It's nothing insurmountable. We only pick a very few things. Gold, silver, currencies,

1219
01:20:01,573 --> 01:20:04,533
Speaker 3: those are the things that we pick. I've been to

1220
01:20:04,573 --> 01:20:08,293
Speaker 3: see him speak in all around the world. I think

1221
01:20:08,413 --> 01:20:13,133
Speaker 3: the last time actually was in Florida and it was

1222
01:20:13,293 --> 01:20:18,573
Speaker 3: just happened to be the day that Trump got elected

1223
01:20:18,653 --> 01:20:24,693
Speaker 3: the first time in sixteen and America was very quiet

1224
01:20:25,053 --> 01:20:30,733
Speaker 3: back then. But Martin armstrompek that Trump would be get

1225
01:20:30,773 --> 01:20:32,733
Speaker 3: in to presidency there.

1226
01:20:32,773 --> 01:20:36,733
Speaker 2: Yeah, but so did I. Wow, without Chocrates.

1227
01:20:36,333 --> 01:20:38,693
Speaker 4: See it's all this you're just well read, you see.

1228
01:20:39,413 --> 01:20:44,333
Speaker 3: But yeah, a huge amount of time for him, and

1229
01:20:44,413 --> 01:20:48,293
Speaker 3: I think although he's unknown to most people, he will

1230
01:20:48,333 --> 01:20:54,653
Speaker 3: become a household name if he can show that his

1231
01:20:54,893 --> 01:21:00,613
Speaker 3: peace proposal, for instance, the with Ukraine, will be successful.

1232
01:21:00,893 --> 01:21:05,053
Speaker 3: I have also read that he's upset the Europeans and

1233
01:21:05,293 --> 01:21:09,373
Speaker 3: they will never acknowledge him because of what he's trying

1234
01:21:09,413 --> 01:21:10,213
Speaker 3: to achieve there.

1235
01:21:10,253 --> 01:21:15,253
Speaker 2: At the moment, well, that brings us pretty much to

1236
01:21:15,333 --> 01:21:20,013
Speaker 2: the longest interview we've done yet in seven years of podcasting.

1237
01:21:21,853 --> 01:21:24,573
Speaker 2: But it's not over because I think at the very

1238
01:21:24,653 --> 01:21:27,813
Speaker 2: least you deserve what I'm about. What I'm about to

1239
01:21:27,853 --> 01:21:33,413
Speaker 2: make mention of. Back in August, when missus producer and

1240
01:21:33,453 --> 01:21:37,053
Speaker 2: I were overseas, you decided that you were going to

1241
01:21:37,453 --> 01:21:40,373
Speaker 2: what you've been planning this for some time, the opening

1242
01:21:40,453 --> 01:21:44,973
Speaker 2: of your new officers, and you chose to do it.

1243
01:21:45,413 --> 01:21:47,773
Speaker 2: I know you did that intentionally so I couldn't be there.

1244
01:21:47,973 --> 01:21:50,013
Speaker 2: You chose to do it when we were away.

1245
01:21:51,013 --> 01:21:54,293
Speaker 3: Actually I chose to do it on the fifteenth of

1246
01:21:54,333 --> 01:21:57,653
Speaker 3: August because it was exactly fifty four years to the

1247
01:21:57,733 --> 01:22:02,933
Speaker 3: day that Ford's took gold off the gold standard of

1248
01:22:03,333 --> 01:22:04,653
Speaker 3: the dollar. Off the gold standard.

1249
01:22:07,093 --> 01:22:09,213
Speaker 2: I really would have said that you're excuse.

1250
01:22:10,973 --> 01:22:13,053
Speaker 3: Well, you know you can't have everything in life right,

1251
01:22:13,253 --> 01:22:14,973
Speaker 3: and you were sorely missed.

1252
01:22:15,533 --> 01:22:19,493
Speaker 2: This is not a paid commercial, This podcast just one

1253
01:22:19,613 --> 01:22:24,653
Speaker 2: last one your new setup. Describe it because I've been

1254
01:22:24,733 --> 01:22:27,533
Speaker 2: there and I think it's worthy of mentioning.

1255
01:22:29,173 --> 01:22:31,933
Speaker 3: Well, I saw this building back in twenty.

1256
01:22:31,573 --> 01:22:34,773
Speaker 4: Two and I've always liked it.

1257
01:22:34,773 --> 01:22:38,213
Speaker 3: It was an empty shell of a building. It's the

1258
01:22:38,253 --> 01:22:42,013
Speaker 3: old only hung on woolen mills, built in eighteen eighty seven.

1259
01:22:42,373 --> 01:22:45,413
Speaker 3: It was the last remaining section four hundred square.

1260
01:22:45,173 --> 01:22:46,933
Speaker 4: Meters that was left.

1261
01:22:47,053 --> 01:22:56,173
Speaker 3: It was a brick building with gabled roofs, and it

1262
01:22:56,213 --> 01:22:59,213
Speaker 3: was wonky after two hundred odd years or one hundred

1263
01:22:59,213 --> 01:23:03,293
Speaker 3: and fifty odd years of building, and there was nothing

1264
01:23:03,333 --> 01:23:06,013
Speaker 3: in it all, no water, no power, plenty of graffiti.

1265
01:23:06,853 --> 01:23:10,413
Speaker 3: And I thought, this is a brilliant building to have

1266
01:23:10,493 --> 01:23:17,333
Speaker 3: a ancient type of trading company. Brilliant company. And so

1267
01:23:17,813 --> 01:23:20,933
Speaker 3: I have a very good friend Jason Bonham, who from

1268
01:23:21,853 --> 01:23:26,613
Speaker 3: bonhom architect and Design helped me design this building. We said,

1269
01:23:27,173 --> 01:23:30,693
Speaker 3: whatever we put in there needs to last at least

1270
01:23:30,693 --> 01:23:37,653
Speaker 3: another hundred years. So we created these spaces to allow

1271
01:23:38,053 --> 01:23:40,133
Speaker 3: the EBB and flow of people. When it's busy, we

1272
01:23:40,173 --> 01:23:43,173
Speaker 3: could open things up. When it's quieter, we could close

1273
01:23:43,213 --> 01:23:47,533
Speaker 3: things down. It's clearly got high security in the back end,

1274
01:23:47,893 --> 01:23:51,973
Speaker 3: but in the whether where the clients come in, it's

1275
01:23:52,293 --> 01:23:55,653
Speaker 3: fairly open. We have cliank kitchen and so on, and

1276
01:23:56,293 --> 01:24:00,533
Speaker 3: it's made of cedar and real stone and marble and

1277
01:24:01,253 --> 01:24:08,853
Speaker 3: not ostentatious, got class considered. Everything's considered, and the design

1278
01:24:08,973 --> 01:24:14,013
Speaker 3: was really therefore to make our clients feel that they

1279
01:24:14,053 --> 01:24:17,773
Speaker 3: were safe while we're working with us. And it's got

1280
01:24:17,853 --> 01:24:21,333
Speaker 3: double security doors and all the things you'd expect, and

1281
01:24:22,293 --> 01:24:26,853
Speaker 3: car parks that allow easy access. And although it's an

1282
01:24:26,853 --> 01:24:30,133
Speaker 3: only Hunger, it's still only five minutes from the Southern

1283
01:24:30,173 --> 01:24:35,453
Speaker 3: Motorway and from the Southeastern And we're pretty damn happy

1284
01:24:35,453 --> 01:24:37,253
Speaker 3: with it. Though I've outgrown it already.

1285
01:24:39,213 --> 01:24:42,653
Speaker 4: Well, my staff. We had a beautiful staff room upstairs.

1286
01:24:43,973 --> 01:24:48,133
Speaker 3: Unfortunately, due to the expansion of the bullion industry at

1287
01:24:48,133 --> 01:24:50,813
Speaker 3: the moment, we're having to put a it's going to

1288
01:24:50,813 --> 01:24:53,333
Speaker 3: be a bit smaller up there, and we'll have a

1289
01:24:53,093 --> 01:24:57,053
Speaker 3: put a few more desks in that area for carrying

1290
01:24:57,093 --> 01:25:00,173
Speaker 3: more stuff. If you've tried to get hold of us,

1291
01:25:00,373 --> 01:25:01,093
Speaker 3: you'll know why.

1292
01:25:01,773 --> 01:25:06,413
Speaker 2: Indeed, Tony great to talk with you. We've answered a

1293
01:25:06,413 --> 01:25:10,453
Speaker 2: lot of a lot of questions, and I think you've

1294
01:25:10,533 --> 01:25:17,133
Speaker 2: conveyed a good and honest opinion on well Gold and

1295
01:25:17,413 --> 01:25:19,013
Speaker 2: all its attractions.

1296
01:25:19,093 --> 01:25:20,333
Speaker 4: Lad and I appreciate it.

1297
01:25:20,333 --> 01:25:24,293
Speaker 3: It's never the easy thing for a person such as

1298
01:25:24,293 --> 01:25:28,773
Speaker 3: myself to change hats and go from running a business

1299
01:25:28,853 --> 01:25:33,333
Speaker 3: to actually talking about it. I thank you for the opportunity.

1300
01:25:34,013 --> 01:25:51,373
Speaker 2: It's been a pleasure. Now into the mailroom for podcast

1301
01:25:51,453 --> 01:25:54,293
Speaker 2: three hundred and nine, missus producer. You said last week

1302
01:25:54,333 --> 01:25:56,373
Speaker 2: it was very early. It's even earlier this week.

1303
01:25:56,573 --> 01:25:56,813
Speaker 1: Laton.

1304
01:25:56,893 --> 01:25:58,013
Speaker 5: It is things to do.

1305
01:25:58,573 --> 01:26:03,693
Speaker 2: You have appointments to be made or met. Now on

1306
01:26:03,733 --> 01:26:04,893
Speaker 2: that basis.

1307
01:26:04,733 --> 01:26:08,973
Speaker 5: You can lead, Leighton Jin says. President Ronald Reagan made

1308
01:26:09,013 --> 01:26:12,613
Speaker 5: one of the most terrifying political statements in history when

1309
01:26:12,653 --> 01:26:15,973
Speaker 5: he said that the nine most terrifying words in the

1310
01:26:15,973 --> 01:26:19,093
Speaker 5: English language are I'm from the government and I'm here

1311
01:26:19,133 --> 01:26:22,573
Speaker 5: to help. I believe Chris Luxon just made the second

1312
01:26:22,573 --> 01:26:25,773
Speaker 5: most terrifying political statement in history when he recently said,

1313
01:26:26,333 --> 01:26:29,413
Speaker 5: imagine a cabinet table with Chris Hopkins sitting there, with

1314
01:26:29,533 --> 01:26:34,053
Speaker 5: Chloe Swarbrick as Minister of Finance and Marama Davidson and

1315
01:26:34,253 --> 01:26:39,093
Speaker 5: Rawi ytt and Debbie Nariwa Paka Labour Greens and the

1316
01:26:39,133 --> 01:26:42,613
Speaker 5: Mari Party is a racist, leftist tax mungering clown show

1317
01:26:42,653 --> 01:26:45,733
Speaker 5: waiting for an encore. I find it utterly pathetic that

1318
01:26:45,813 --> 01:26:49,253
Speaker 5: after nearly three years in opposition, Labour could only come

1319
01:26:49,293 --> 01:26:52,813
Speaker 5: up with a capital gains tax again. In a recent

1320
01:26:53,173 --> 01:26:57,533
Speaker 5: NZEDCPR article, the erudite doctor Muriel Newman warns that in

1321
01:26:57,613 --> 01:27:01,133
Speaker 5: order to strengthen our democracy, we need to restore equal

1322
01:27:01,213 --> 01:27:04,933
Speaker 5: rights in New Zealand and remove race and ethnicity from

1323
01:27:04,933 --> 01:27:10,053
Speaker 5: the government sector, not only overhauling legis, but also policies,

1324
01:27:10,453 --> 01:27:16,133
Speaker 5: agency mandates, service delivery models, data systems, public communications, and

1325
01:27:16,213 --> 01:27:22,653
Speaker 5: constitutional frameworks. Muriel's proposal is not racist. Rather, it seeks

1326
01:27:22,693 --> 01:27:24,973
Speaker 5: a quality for all. Don't we all want that?

1327
01:27:26,453 --> 01:27:30,933
Speaker 2: Seue writes. Don't get me wrong, I am firmly of

1328
01:27:30,973 --> 01:27:35,253
Speaker 2: the opinion that the gene Technology Bill should be scrapped altogether,

1329
01:27:35,813 --> 01:27:38,333
Speaker 2: but not because of the fact that under the current

1330
01:27:38,413 --> 01:27:41,253
Speaker 2: bill you would no longer have to label the food

1331
01:27:41,333 --> 01:27:45,653
Speaker 2: as containing genetically modified material. The bill does not say

1332
01:27:45,933 --> 01:27:50,293
Speaker 2: you may not put on the label everything that's in

1333
01:27:50,373 --> 01:27:53,453
Speaker 2: the food. It says you don't have to put on

1334
01:27:53,493 --> 01:27:56,933
Speaker 2: the label. Everything that's in the food's a small margin.

1335
01:27:57,413 --> 01:28:01,573
Speaker 2: Small margin. So under the new bill, if there really

1336
01:28:01,693 --> 01:28:04,693
Speaker 2: was no genetically modified material in the food, or you

1337
01:28:04,733 --> 01:28:06,973
Speaker 2: would have to do is say so, put on the

1338
01:28:07,013 --> 01:28:10,653
Speaker 2: label this food contains no genetically modified material. Then if

1339
01:28:10,653 --> 01:28:14,733
Speaker 2: it's found there actually is genetically modified material in the food,

1340
01:28:15,253 --> 01:28:17,133
Speaker 2: you could be sued to within an inch of your

1341
01:28:17,213 --> 01:28:21,533
Speaker 2: life for lying on the label. For example, at present,

1342
01:28:21,653 --> 01:28:25,213
Speaker 2: I don't buy cheeses that say on the label they're

1343
01:28:25,253 --> 01:28:30,613
Speaker 2: made with bacterial rennet because I know that comes from

1344
01:28:30,733 --> 01:28:35,373
Speaker 2: genetically modified bacteria. This is actually something like ninety percent

1345
01:28:35,413 --> 01:28:37,653
Speaker 2: of cheeses made in New Zealand because ninety percent of

1346
01:28:37,733 --> 01:28:42,573
Speaker 2: cheesemakers think that vegetarians won't buy their cheese unless they

1347
01:28:42,613 --> 01:28:47,093
Speaker 2: say it's made with bacterial or non animal rennet. But

1348
01:28:47,173 --> 01:28:50,573
Speaker 2: I only buy cheeses that say they're made with animal

1349
01:28:50,613 --> 01:28:54,613
Speaker 2: rennet because I'm more worried about eating genetically modified food

1350
01:28:55,493 --> 01:28:59,493
Speaker 2: than about eating food derived from animals. If people started

1351
01:28:59,533 --> 01:29:03,053
Speaker 2: putting on the label that cheeses made with bacterial rennet

1352
01:29:03,253 --> 01:29:07,813
Speaker 2: contained no genetically modified material, they could be sued. But

1353
01:29:07,853 --> 01:29:10,733
Speaker 2: they don't see say that because it's not true, so

1354
01:29:10,893 --> 01:29:15,333
Speaker 2: I don't buy those cheeses. Under the new legislation, they

1355
01:29:15,333 --> 01:29:17,813
Speaker 2: would not be able to say that cheese made with

1356
01:29:17,973 --> 01:29:23,333
Speaker 2: bacterial when it contained no genetically modified material. Thus, it

1357
01:29:23,333 --> 01:29:27,893
Speaker 2: would actually be easier for non educated consumers to refuse

1358
01:29:27,973 --> 01:29:31,853
Speaker 2: to buy vegetarian cheese because it couldn't say it contained

1359
01:29:32,173 --> 01:29:36,573
Speaker 2: no genetically modified material. There are ways around everything. Out

1360
01:29:36,573 --> 01:29:39,733
Speaker 2: of the Gene Technology Bill. As it stands, you wouldn't

1361
01:29:39,773 --> 01:29:42,053
Speaker 2: have to put on the label that it did contain

1362
01:29:42,293 --> 01:29:46,053
Speaker 2: genetically modified material, but you could still put on the

1363
01:29:46,133 --> 01:29:48,973
Speaker 2: label that it didn't, and you could be sued for

1364
01:29:49,053 --> 01:29:53,933
Speaker 2: saying that if in fact it actually did sue. Thank you,

1365
01:29:54,613 --> 01:29:56,773
Speaker 2: I didn't know that, Laighton.

1366
01:29:56,853 --> 01:30:00,013
Speaker 5: Alisa says, thank you Layton for another exceptional interview, this

1367
01:30:00,093 --> 01:30:03,333
Speaker 5: time with Professor Robert Clancy. I have listened to many

1368
01:30:03,333 --> 01:30:06,693
Speaker 5: of doctor John Campbell's and Professor Clancy's discussions on this

1369
01:30:06,813 --> 01:30:09,613
Speaker 5: topic over the last couple of years or so, and

1370
01:30:09,653 --> 01:30:12,493
Speaker 5: they have dispelled any doubts I may have had, which

1371
01:30:12,533 --> 01:30:15,053
Speaker 5: were none, that I may have made the wrong choice

1372
01:30:15,093 --> 01:30:18,973
Speaker 5: in rejecting the JAB. The number of eminent medical people

1373
01:30:19,053 --> 01:30:22,133
Speaker 5: around the world who have been pilloried and even desparred,

1374
01:30:22,293 --> 01:30:26,453
Speaker 5: including some very brave people here associated with New Zealand

1375
01:30:26,453 --> 01:30:30,173
Speaker 5: doctors speaking out with science is absolutely disgusting in a

1376
01:30:30,253 --> 01:30:33,333
Speaker 5: moral the slow unfolding of the truth that has been

1377
01:30:33,333 --> 01:30:35,893
Speaker 5: inflicted upon the world, it's going to be very hard

1378
01:30:36,013 --> 01:30:39,053
Speaker 5: for many to comprehend, especially how it is part of

1379
01:30:39,093 --> 01:30:42,853
Speaker 5: the push by the World Economic Forum and United Nations, etc.

1380
01:30:43,653 --> 01:30:47,573
Speaker 5: To implement the Agenda twenty thirty plan. Not to mention

1381
01:30:47,733 --> 01:30:52,053
Speaker 5: the corrupt big farmer ripoff Lton, let me not leave

1382
01:30:52,053 --> 01:30:55,293
Speaker 5: you in despair. Your previous interview with the Israeli ambassador

1383
01:30:55,333 --> 01:30:59,173
Speaker 5: too was very interesting, and then Alistair goes on to

1384
01:30:59,213 --> 01:31:02,413
Speaker 5: say everything is pointing to the near realization of the

1385
01:31:02,413 --> 01:31:07,293
Speaker 5: biblical prophetic writings revealing calamitous events to fall upon this

1386
01:31:07,413 --> 01:31:10,693
Speaker 5: world before fire ushering in this time of true peace

1387
01:31:11,333 --> 01:31:15,533
Speaker 5: is not too distant. Alexander Soldier Knitsen, the great Russian

1388
01:31:15,573 --> 01:31:19,693
Speaker 5: author and dissident, summed it up with these words, mankind

1389
01:31:19,773 --> 01:31:20,893
Speaker 5: has forgotten God.

1390
01:31:21,853 --> 01:31:26,933
Speaker 2: Interesting that a Russian, you know, from a Soviet background,

1391
01:31:27,013 --> 01:31:29,613
Speaker 2: shall we say, I, would come up with a saying

1392
01:31:29,733 --> 01:31:35,173
Speaker 2: like that from Chris. I struggled to get through your

1393
01:31:35,173 --> 01:31:38,413
Speaker 2: interview with Robert Clancy as it was incredibly sad to

1394
01:31:38,453 --> 01:31:41,893
Speaker 2: hear how people in positions of power hurt those they

1395
01:31:41,933 --> 01:31:45,253
Speaker 2: were meant to protect. But the cause of this inequity

1396
01:31:45,373 --> 01:31:48,773
Speaker 2: is because different world views collided, with only one side

1397
01:31:48,813 --> 01:31:52,573
Speaker 2: being the winner. Some societies operate on a high trust basis,

1398
01:31:53,413 --> 01:31:57,173
Speaker 2: where there is general altruism and an unwritten obligation to

1399
01:31:57,253 --> 01:32:01,013
Speaker 2: improve the welfare of those around. This works when everyone

1400
01:32:01,093 --> 01:32:05,733
Speaker 2: reciprocates and no one takes advantage of the generosity offered.

1401
01:32:06,093 --> 01:32:08,133
Speaker 2: Can you point me in the direction of one of

1402
01:32:08,133 --> 01:32:10,893
Speaker 2: those countries, because I can't think of it any Other

1403
01:32:10,973 --> 01:32:15,453
Speaker 2: societies are low trust, individual centered, where people take what

1404
01:32:15,493 --> 01:32:18,213
Speaker 2: they can before the next person empties the shelves and

1405
01:32:18,293 --> 01:32:21,973
Speaker 2: leaves them with none. This me First society and Better

1406
01:32:22,013 --> 01:32:27,533
Speaker 2: Together society are incompatible. Trying to force multicultural values onto

1407
01:32:27,573 --> 01:32:30,253
Speaker 2: either one of these will result in the selfish taking

1408
01:32:30,933 --> 01:32:35,253
Speaker 2: everything and the kind being taken advantage of. The net

1409
01:32:35,293 --> 01:32:39,133
Speaker 2: result is a loss of collective kindness, where the good

1410
01:32:39,133 --> 01:32:43,693
Speaker 2: people give up helping others. Along this trajectory, people will

1411
01:32:43,733 --> 01:32:46,773
Speaker 2: only look out for those in their immediate social group,

1412
01:32:47,173 --> 01:32:51,133
Speaker 2: leading to an isolated and fragmented society. The only solution

1413
01:32:51,453 --> 01:32:55,413
Speaker 2: is to codify the values we operate with, which will

1414
01:32:55,493 --> 01:32:59,453
Speaker 2: mean excluding those who won't play by our chosen rules.

1415
01:33:00,053 --> 01:33:02,413
Speaker 2: It'll take a very strong leader. It'll take a very

1416
01:33:02,413 --> 01:33:06,333
Speaker 2: strong leader to risk offending incompatible people for the common good.

1417
01:33:06,813 --> 01:33:09,333
Speaker 2: Someone who is a bit abrasive and able to put

1418
01:33:09,413 --> 01:33:13,213
Speaker 2: up with being labeled as a dictator got the ideas

1419
01:33:13,973 --> 01:33:18,973
Speaker 2: kind regards Chris, Chris, there are so many aspects to that.

1420
01:33:19,213 --> 01:33:22,533
Speaker 2: It deserves a little more consideration, I think, But you,

1421
01:33:22,973 --> 01:33:24,813
Speaker 2: essentially you're right Aden.

1422
01:33:24,813 --> 01:33:27,893
Speaker 5: Matt says, greetings and thank you for hosting Professor Clancy.

1423
01:33:28,253 --> 01:33:30,933
Speaker 5: It would be informative to know the treatment regime of

1424
01:33:30,973 --> 01:33:35,093
Speaker 5: ivor Metton for long vacs. I note also there was

1425
01:33:35,133 --> 01:33:38,933
Speaker 5: no mention of the essential immune modulator, the secos steroid

1426
01:33:39,053 --> 01:33:40,093
Speaker 5: called vitamin D.

1427
01:33:41,053 --> 01:33:42,453
Speaker 4: That's from Matt.

1428
01:33:43,093 --> 01:33:45,853
Speaker 2: There's always at the end of every interview, there is

1429
01:33:45,973 --> 01:33:49,373
Speaker 2: always something that you think, oh, should have touched on that,

1430
01:33:49,773 --> 01:33:52,533
Speaker 2: or should have gone into it further, or whatever. You

1431
01:33:52,533 --> 01:33:58,853
Speaker 2: get my drift. It just happens from Diane, longtime listener here,

1432
01:33:59,053 --> 01:34:02,013
Speaker 2: and I know you hold Ben Carson in high esteem,

1433
01:34:02,333 --> 01:34:06,533
Speaker 2: so I'm asking your advice, thoughts, your knowledge on the following. Today,

1434
01:34:06,573 --> 01:34:09,133
Speaker 2: I came across a video on YouTube that talked about

1435
01:34:09,213 --> 01:34:13,893
Speaker 2: the Great discovery Ben had made on treating Alzheimer's. He

1436
01:34:13,933 --> 01:34:17,493
Speaker 2: had found the answer involving two ingredients, cedar honey and

1437
01:34:17,573 --> 01:34:20,493
Speaker 2: the butterfly pea flower. I know that sounds crazy, she

1438
01:34:20,533 --> 01:34:24,053
Speaker 2: says in brackets, and that is my question, though, is

1439
01:34:24,133 --> 01:34:28,333
Speaker 2: this information too good to be true? In braggets only

1440
01:34:28,493 --> 01:34:31,413
Speaker 2: sixty nine dollars a bottle. My grandson keeps telling me

1441
01:34:31,493 --> 01:34:34,293
Speaker 2: that I watch a lot of AI and not to

1442
01:34:34,373 --> 01:34:37,693
Speaker 2: believe it. When it said that he had written a

1443
01:34:37,733 --> 01:34:41,453
Speaker 2: book with Barbara O'Neil, my suspicions were alerted, and that

1444
01:34:41,573 --> 01:34:44,613
Speaker 2: is not likely, as I know Barbara's work. Long story.

1445
01:34:45,093 --> 01:34:48,573
Speaker 2: Ben was clearly talking on the video. But I'm told

1446
01:34:48,733 --> 01:34:51,853
Speaker 2: they can do this now on AI and we have

1447
01:34:51,973 --> 01:34:54,933
Speaker 2: to be careful your thoughts. Please, even if it crushes

1448
01:34:54,973 --> 01:34:59,293
Speaker 2: my good intentions of curbing my forgetful memory, keep up

1449
01:34:59,333 --> 01:35:03,813
Speaker 2: your brilliant podcast. Look forward to it each week. I

1450
01:35:03,853 --> 01:35:06,693
Speaker 2: can deal with it. I can deal with your question.

1451
01:35:07,333 --> 01:35:10,293
Speaker 2: It's out of garbage. It's all over the place from

1452
01:35:10,333 --> 01:35:13,533
Speaker 2: time to time I can. I can tell you in

1453
01:35:13,933 --> 01:35:16,533
Speaker 2: all truthfulness it is garbage. Or if you want, if

1454
01:35:16,533 --> 01:35:19,933
Speaker 2: you want evidence, do a search online. I'll guarantee you'll

1455
01:35:19,933 --> 01:35:24,493
Speaker 2: find it say Ben Carson souls Alzheimer's issues or something

1456
01:35:24,573 --> 01:35:28,813
Speaker 2: like that, and see what you get. But it's a connact.

1457
01:35:29,253 --> 01:35:32,533
Speaker 2: And one more. During COVID, the majority of our US

1458
01:35:32,613 --> 01:35:35,933
Speaker 2: family did the research and chose not to get vexed.

1459
01:35:36,373 --> 01:35:39,733
Speaker 2: We all got COVID one time. My wife thoroughly researched

1460
01:35:39,733 --> 01:35:42,733
Speaker 2: the vax and treatments. We all took the paste of

1461
01:35:42,893 --> 01:35:47,533
Speaker 2: Ibermechton to treat symptoms. You could buy it for like

1462
01:35:47,733 --> 01:35:51,133
Speaker 2: eight dollars a tube at our farm outdoor supply store.

1463
01:35:51,693 --> 01:35:54,453
Speaker 2: It was frowned upon by many, but was available in

1464
01:35:54,493 --> 01:35:58,093
Speaker 2: the paste form and later in the prescription form. Cost

1465
01:35:58,093 --> 01:36:02,733
Speaker 2: of paste eight dollars, cost of prescription four hundred dollars.

1466
01:36:02,973 --> 01:36:06,093
Speaker 2: What a fast we all dealt with. Unbelievable how much

1467
01:36:06,413 --> 01:36:10,973
Speaker 2: faith people had in blindly listening to politicians and their proxies.

1468
01:36:12,373 --> 01:36:15,013
Speaker 2: Didn't take a lot of research on your own to

1469
01:36:15,173 --> 01:36:20,053
Speaker 2: realize iver Mecton was a safe, proven, and inexpensive treatment.

1470
01:36:20,413 --> 01:36:23,933
Speaker 2: Keep up the good work, Adam from deep in the

1471
01:36:23,973 --> 01:36:26,693
Speaker 2: heart of Texas. This is producer, Thank you. Thanks later

1472
01:36:26,733 --> 01:36:54,933
Speaker 2: to you next week. Off to your appointment now before

1473
01:36:54,973 --> 01:36:57,653
Speaker 2: we leave. On Podcasts three to nine. As a couple

1474
01:36:57,733 --> 01:37:01,613
Speaker 2: of things, the de workification of New Zealand's education system.

1475
01:37:01,813 --> 01:37:05,853
Speaker 2: Zealand's starting to get a little bit of positive publicity

1476
01:37:05,853 --> 01:37:10,573
Speaker 2: at the moment. This is in Australia a spectator and

1477
01:37:10,733 --> 01:37:15,333
Speaker 2: it was released today. The Conservative coalition government New Zealand

1478
01:37:15,373 --> 01:37:19,213
Speaker 2: came to office promising to wind back an enormous government runs,

1479
01:37:19,333 --> 01:37:23,133
Speaker 2: a system of woke that had infested every aspect of society,

1480
01:37:23,693 --> 01:37:27,053
Speaker 2: from dangerous by lingual road signs to race based water

1481
01:37:27,133 --> 01:37:30,493
Speaker 2: policy to a war on farm animals. The whole lot

1482
01:37:30,533 --> 01:37:34,653
Speaker 2: was put under review. New Zealand First is getting a

1483
01:37:34,653 --> 01:37:40,093
Speaker 2: bit of positive commentary anyway, That's not the one that

1484
01:37:40,133 --> 01:37:43,893
Speaker 2: I wanted to concentrate on. This is written by Dr

1485
01:37:44,293 --> 01:37:52,293
Speaker 2: Matthew Willicky from Climate Depot. The climate grifft unravels Bill Gates.

1486
01:37:52,453 --> 01:37:56,853
Speaker 2: Stunning reversal sparks infighting among alarmists. It's not that long.

1487
01:37:57,853 --> 01:38:01,573
Speaker 2: Listen up. In a surprising twist, Bill Gates, one of

1488
01:38:01,573 --> 01:38:05,453
Speaker 2: the most prominent funders and voices in the climate alarmism movement,

1489
01:38:06,013 --> 01:38:10,413
Speaker 2: has released a memo just ahead of May talks dialing

1490
01:38:10,413 --> 01:38:14,333
Speaker 2: back his decades long retoric on climate change as an

1491
01:38:14,373 --> 01:38:20,093
Speaker 2: apocalyptic threat, titled Three Tough Truths About climate. Gates now

1492
01:38:20,133 --> 01:38:25,453
Speaker 2: admits that while climate change poses challenges, especially for the poor,

1493
01:38:26,133 --> 01:38:31,773
Speaker 2: it will not lead to humanity's demise, no kidding. This

1494
01:38:31,933 --> 01:38:35,453
Speaker 2: marks a stark departure from his previous doomsday warnings, and

1495
01:38:35,573 --> 01:38:39,693
Speaker 2: it's already causing rifts in the climate community, with figures

1496
01:38:39,813 --> 01:38:48,013
Speaker 2: like Professor Michael Mann publicly expressing disappointment at accusing Gates

1497
01:38:48,013 --> 01:38:51,573
Speaker 2: of undermining the narrative they've pushed for years. Yes, You're

1498
01:38:51,573 --> 01:38:56,413
Speaker 2: a moron. Man, Man, known for his hockey stick graph

1499
01:38:56,893 --> 01:39:01,733
Speaker 2: and aggressive defense of climate catastrophism, took to x to

1500
01:39:01,813 --> 01:39:06,373
Speaker 2: blast the memo, calling it b s spelled it out,

1501
01:39:06,933 --> 01:39:11,853
Speaker 2: and insisting that m change remains the existential crisis they've

1502
01:39:11,893 --> 01:39:16,093
Speaker 2: long claimed. It's just still coming down the line his

1503
01:39:16,493 --> 01:39:20,133
Speaker 2: like his BS. His post shared on October twenty eight,

1504
01:39:20,133 --> 01:39:24,293
Speaker 2: twenty twenty five, highlights the growing tension the grifters are

1505
01:39:24,293 --> 01:39:27,453
Speaker 2: starting to turn on each other as the data refuses

1506
01:39:27,533 --> 01:39:32,173
Speaker 2: to cooperate with their predictions. As I've argued extensively on

1507
01:39:32,413 --> 01:39:36,573
Speaker 2: irrational Fear, the real threat was never modest warming of

1508
01:39:36,613 --> 01:39:40,333
Speaker 2: from one point five to two degrees celsius itself. It

1509
01:39:40,413 --> 01:39:44,813
Speaker 2: was always the hyped up feedback loops supercharged hurricanes, catastrophic

1510
01:39:44,853 --> 01:39:49,733
Speaker 2: sea level rise, flooding islands, disrupted food systems, leading to famine,

1511
01:39:49,973 --> 01:39:54,733
Speaker 2: and billions migrating as climate refugees. Yet none of this

1512
01:39:54,853 --> 01:39:59,573
Speaker 2: has materialized. In fact, the latest IPCC Reports Table twelve

1513
01:40:00,573 --> 01:40:05,973
Speaker 2: twelve from AR six COMMA twenty twenty one paints a

1514
01:40:06,013 --> 01:40:13,173
Speaker 2: clear picture. White cells dominate categories like tropical cyclones, mean precipitation,

1515
01:40:14,173 --> 01:40:19,213
Speaker 2: fire weather, indicating no detectable emerging signal or trend in

1516
01:40:19,373 --> 01:40:23,053
Speaker 2: either direction. I think I'll read that again, as I've

1517
01:40:23,173 --> 01:40:27,653
Speaker 2: argued extensively, writes the author on irrational fear, The real

1518
01:40:27,773 --> 01:40:30,693
Speaker 2: threat was never modest warming of one point five to

1519
01:40:30,733 --> 01:40:34,093
Speaker 2: two degrees celsius itself. It was always the hyped up

1520
01:40:34,213 --> 01:40:40,493
Speaker 2: feedback loops. Supercharged hurricanes, catastrophic sea level rise, flooding islands,

1521
01:40:40,533 --> 01:40:45,413
Speaker 2: disrupted food systems, leading to famine, and billions migrating as

1522
01:40:45,853 --> 01:40:49,893
Speaker 2: climate refugees. Yet none of this is materialized. In fact,

1523
01:40:49,933 --> 01:40:56,053
Speaker 2: the latest IPCC Reports table paints a clear picture. White

1524
01:40:56,093 --> 01:41:01,853
Speaker 2: cells dominate categories like tropical cyclones, mean precipitation, fire weather,

1525
01:41:02,413 --> 01:41:07,453
Speaker 2: and more, indicating no detectable emerging signal or trend in

1526
01:41:07,493 --> 01:41:12,253
Speaker 2: either direction. And there is a picture of the with

1527
01:41:12,373 --> 01:41:16,853
Speaker 2: the article of that the data simply isn't there to

1528
01:41:16,893 --> 01:41:20,893
Speaker 2: support the hysteria. I've covered this in depth in previous posts.

1529
01:41:21,413 --> 01:41:25,853
Speaker 2: Is climate change causing increased numbers of refugees? Spoiler no?

1530
01:41:26,733 --> 01:41:30,573
Speaker 2: Predictions of two hundred million climate migrants by twenty fifty

1531
01:41:30,653 --> 01:41:36,653
Speaker 2: were wildly exaggerated. Greening earth and booming crops despite claims

1532
01:41:36,693 --> 01:41:40,813
Speaker 2: of agricultural collapse, Crop yields have soared with CO two

1533
01:41:40,813 --> 01:41:48,013
Speaker 2: fertilization and moderate warming. The sea level lie exposed. Recent

1534
01:41:48,093 --> 01:41:52,933
Speaker 2: studies debunk the alarm over accelerating rises. Rates remained steady

1535
01:41:53,333 --> 01:42:00,733
Speaker 2: and manageable, and hurricane hypebusted. Data disproves climate supercharging claims

1536
01:42:01,213 --> 01:42:07,253
Speaker 2: death from storms and down and intensity trends show no supercharging.

1537
01:42:07,773 --> 01:42:11,493
Speaker 2: All these existential threats live in hypothetical models built on

1538
01:42:11,613 --> 01:42:16,773
Speaker 2: shaky assumptions, as I've discussed repeatedly. Now, even Gates seems

1539
01:42:16,813 --> 01:42:19,413
Speaker 2: to be reading the room or perhaps my sub stack

1540
01:42:19,533 --> 01:42:23,013
Speaker 2: and acknowledging the grift is up. But why the shift.

1541
01:42:23,613 --> 01:42:27,773
Speaker 2: There's no new DUBTA justifying it. Observations haven't suddenly changed.

1542
01:42:28,133 --> 01:42:30,893
Speaker 2: This could be Gates seeing the writing on the wall,

1543
01:42:31,413 --> 01:42:35,173
Speaker 2: or a un salvage operation to pivot from failed climate

1544
01:42:35,213 --> 01:42:39,813
Speaker 2: goals to real issues like poverty and health. Wouldn't that

1545
01:42:39,893 --> 01:42:42,973
Speaker 2: be nice? Takes us out for podcasts three oh nine.

1546
01:42:43,213 --> 01:42:45,333
Speaker 2: If you'd like to correspond, love to hear from you

1547
01:42:45,813 --> 01:42:48,773
Speaker 2: Latent at newstalks ab dot co dot enziit or Caravin

1548
01:42:48,893 --> 01:42:54,613
Speaker 2: at the same address NEWSTORGSB dot co dot enzen. We

1549
01:42:54,653 --> 01:42:58,053
Speaker 2: shall return in a short space of time before you

1550
01:42:58,133 --> 01:43:02,013
Speaker 2: know it, with podcasts three hundred and ten. Until then,

1551
01:43:02,373 --> 01:43:05,213
Speaker 2: as always, thank you for listening and we'll talk soon.

1552
01:43:08,413 --> 01:43:16,533
Speaker 1: M M. Thank you for more from News Talk st B.

1553
01:43:16,813 --> 01:43:20,053
Speaker 1: Listen live on air or online, and keep our shows

1554
01:43:20,093 --> 01:43:23,413
Speaker 1: with you wherever you go with our podcasts on iHeartRadio