1 00:00:14,360 --> 00:00:18,920 Speaker 1: Everyone, Welcome to another episode of the Market Disruptors showed today. 2 00:00:18,920 --> 00:00:21,279 Speaker 1: I am so excited because I am sitting down with 3 00:00:21,280 --> 00:00:23,480 Speaker 1: someone who I've been following for a really long time, 4 00:00:23,560 --> 00:00:27,639 Speaker 1: Doug Casey. Um, if you're into gold, you probably know 5 00:00:27,680 --> 00:00:30,400 Speaker 1: who Doug Casey is. He's the founder of Casey Research, 6 00:00:30,520 --> 00:00:35,240 Speaker 1: best selling authors several books, including the book Crisis Investing 7 00:00:35,280 --> 00:00:38,640 Speaker 1: from best selling Book, and currently he's writing a new 8 00:00:38,680 --> 00:00:41,519 Speaker 1: blog called The International Man. And he definitely is the 9 00:00:41,560 --> 00:00:44,320 Speaker 1: International Man. Doug, thank you so much for coming on 10 00:00:44,360 --> 00:00:47,480 Speaker 1: the show. Well, it's supposed to visit with you Mark 11 00:00:47,880 --> 00:00:52,920 Speaker 1: at the moment, I'm in the quiet backward, a little 12 00:00:52,920 --> 00:00:56,880 Speaker 1: welfare state of Uruguay where I've been sitting out this 13 00:00:57,480 --> 00:01:01,240 Speaker 1: COVID hysteria. Oh wow, do you do you are the 14 00:01:01,280 --> 00:01:03,920 Speaker 1: International Man? Well? Um, I gave a little bit of 15 00:01:03,920 --> 00:01:05,360 Speaker 1: an intro, and of course, like I said, I've been 16 00:01:05,360 --> 00:01:07,040 Speaker 1: following you for a long time, at least a dozen 17 00:01:07,120 --> 00:01:10,200 Speaker 1: years at this point. But I'm guessing there might be 18 00:01:10,240 --> 00:01:12,319 Speaker 1: a couple of people left that aren't sure who you are. 19 00:01:12,319 --> 00:01:14,319 Speaker 1: So just give us a quick background on kind of 20 00:01:14,959 --> 00:01:18,560 Speaker 1: maybe what you've been doing and where you're at right now. Well, 21 00:01:18,640 --> 00:01:22,399 Speaker 1: my first book was called The International Man, and it 22 00:01:22,480 --> 00:01:24,160 Speaker 1: was a guide book to making the most of your 23 00:01:24,200 --> 00:01:29,360 Speaker 1: personal freedom and financial opportunity around the world, among other things. 24 00:01:29,360 --> 00:01:31,959 Speaker 1: That book became the largest selling book in the history 25 00:01:31,959 --> 00:01:36,240 Speaker 1: of Rhodesia. Uh and that's one record that's never going 26 00:01:36,280 --> 00:01:39,759 Speaker 1: to be broken. UH. And of course my current blog 27 00:01:39,920 --> 00:01:43,800 Speaker 1: is called international Man dot com kind of after that book. 28 00:01:44,440 --> 00:01:50,720 Speaker 1: And then my second book, Crisis Investing, became the largest 29 00:01:50,720 --> 00:01:54,400 Speaker 1: selling book of the year on the of any type, 30 00:01:55,480 --> 00:01:57,360 Speaker 1: and it was number one on the New York Times 31 00:01:57,400 --> 00:01:59,680 Speaker 1: list for eighteen weeks and on the list for about 32 00:02:00,080 --> 00:02:03,880 Speaker 1: thirty so. And I've written a number of books since then, 33 00:02:03,920 --> 00:02:08,760 Speaker 1: although now I'm basically doing novels, because there are many 34 00:02:08,840 --> 00:02:12,000 Speaker 1: things that you can say in the form of fiction 35 00:02:12,040 --> 00:02:15,800 Speaker 1: that you actually dare not say in the form of nonfiction. 36 00:02:16,560 --> 00:02:21,600 Speaker 1: First novel happened to have a copy with me is Speculator, 37 00:02:21,919 --> 00:02:25,800 Speaker 1: which is a story about the gold mining business, with 38 00:02:25,840 --> 00:02:29,040 Speaker 1: our hero Charles Knight, making a couple hundred million dollars, 39 00:02:29,080 --> 00:02:33,079 Speaker 1: which is possible in bull markets in gold, and then 40 00:02:33,120 --> 00:02:35,680 Speaker 1: having it stolen from him after he gets involved in 41 00:02:35,680 --> 00:02:39,760 Speaker 1: a bush war in Africa, where I've spent a lot 42 00:02:39,760 --> 00:02:43,840 Speaker 1: of time and uh, and I wrote drug Lord, and 43 00:02:43,840 --> 00:02:48,560 Speaker 1: we're just finishing one called Assassin now, which is really 44 00:02:48,600 --> 00:02:50,800 Speaker 1: kind of a hot potato because it goes into the 45 00:02:50,840 --> 00:02:57,320 Speaker 1: morality and the history and the ethics of the techniques 46 00:02:57,960 --> 00:03:02,359 Speaker 1: of political assassination. Just kind of now. I suspect it 47 00:03:02,400 --> 00:03:04,760 Speaker 1: will do well. Because it was a title like Assassin, 48 00:03:05,400 --> 00:03:08,880 Speaker 1: most people we'll think, oh, it must be about killing Trump. 49 00:03:09,600 --> 00:03:14,360 Speaker 1: I'm not against Trump. Actually, he's vastly the alternative for 50 00:03:14,440 --> 00:03:17,000 Speaker 1: whatever problems he has, and he does have problems, to 51 00:03:17,000 --> 00:03:20,240 Speaker 1: believe me. But anyway, that's what I'm doing. That's kind 52 00:03:20,240 --> 00:03:23,799 Speaker 1: of who I am. Mark. Yeah, that's great. Um. Now 53 00:03:23,840 --> 00:03:27,880 Speaker 1: I'm curious, um, just dipping into the novel for a 54 00:03:27,960 --> 00:03:31,360 Speaker 1: little bit. Now again, Right, you've made your career investing, 55 00:03:31,440 --> 00:03:36,080 Speaker 1: crisis investing, speculating, um, and now you're writing novels about speculators. 56 00:03:36,200 --> 00:03:38,600 Speaker 1: And so really it seems like the last thirty years 57 00:03:38,640 --> 00:03:41,600 Speaker 1: or so, really you've been um, trying to educate people 58 00:03:41,880 --> 00:03:44,320 Speaker 1: right through your research that you've been done doing and 59 00:03:44,360 --> 00:03:47,000 Speaker 1: so forth your books you've been writing. I'm curious through 60 00:03:47,000 --> 00:03:50,440 Speaker 1: the novels still teach people, but in more of like 61 00:03:50,480 --> 00:03:54,040 Speaker 1: a story format or is it just like for fun 62 00:03:54,040 --> 00:03:56,200 Speaker 1: and there's really no lesson there. No, there's lots of 63 00:03:56,280 --> 00:04:00,280 Speaker 1: lessons that are the UH. The first novel, Specular Later, 64 00:04:00,960 --> 00:04:07,840 Speaker 1: is actually a a fun textbook in the gold mining 65 00:04:08,120 --> 00:04:14,480 Speaker 1: industry and the gold mining stock market, UH, and all 66 00:04:14,480 --> 00:04:19,440 Speaker 1: of the problems, the scandals, the frauds that come up 67 00:04:19,480 --> 00:04:24,040 Speaker 1: with it. Our hero in the book gets lucky on 68 00:04:24,160 --> 00:04:27,520 Speaker 1: a punt he makes on a gold mining stock that 69 00:04:27,600 --> 00:04:30,880 Speaker 1: has a property in Africa. So he decides to go 70 00:04:31,640 --> 00:04:35,800 Speaker 1: to the country of Gondwana to check it out, and 71 00:04:35,839 --> 00:04:40,080 Speaker 1: from there he gets involved in a in a bush war. 72 00:04:40,200 --> 00:04:45,120 Speaker 1: And so no, it's it's a great story, but you 73 00:04:45,200 --> 00:04:47,279 Speaker 1: can learn a lot about the way the gold mining 74 00:04:47,320 --> 00:04:50,240 Speaker 1: business works in it, just as a drug lord. Second book, 75 00:04:50,520 --> 00:04:53,320 Speaker 1: you can learn a lot about the drug business because 76 00:04:53,320 --> 00:04:56,960 Speaker 1: in my younger years I toyed with the idea of 77 00:04:57,200 --> 00:05:00,640 Speaker 1: becoming a drug lord. Long story, don't want to hear 78 00:05:00,640 --> 00:05:03,760 Speaker 1: it now. And of course I'm not really toying in 79 00:05:03,800 --> 00:05:06,200 Speaker 1: the third book with the idea of becoming an assassin. 80 00:05:06,800 --> 00:05:11,560 Speaker 1: But I think for the next decade, UH, what we're 81 00:05:11,600 --> 00:05:16,200 Speaker 1: looking at, Mark is the beginning, well, the climax of 82 00:05:16,240 --> 00:05:20,080 Speaker 1: the collapse of Western civilization, which is a which is 83 00:05:20,360 --> 00:05:25,839 Speaker 1: a genuine tragedy. So, um, yeah, these are things you 84 00:05:25,880 --> 00:05:29,480 Speaker 1: can say in fiction that it's better than a nonfiction. 85 00:05:29,560 --> 00:05:32,680 Speaker 1: I think. Yeah, definitely makes sense now for everybody that's 86 00:05:32,680 --> 00:05:35,239 Speaker 1: tune in and watching. As I said, I mean, doud Casey, 87 00:05:35,279 --> 00:05:37,640 Speaker 1: he's a legend. He's been really reporting on this type 88 00:05:37,680 --> 00:05:39,640 Speaker 1: of stuff that I talked about all the time for 89 00:05:39,720 --> 00:05:43,680 Speaker 1: over thirty years. Um, and we're gonna dig into crisis investing. 90 00:05:43,800 --> 00:05:47,080 Speaker 1: What he sees happening right now. I'm gonna ask him about, um, 91 00:05:47,080 --> 00:05:50,159 Speaker 1: where we see things going, what the endgame is, what 92 00:05:50,279 --> 00:05:54,000 Speaker 1: happens to gold, Um, maybe get into bitcoin if he wants, 93 00:05:54,160 --> 00:05:56,680 Speaker 1: and really kind of what we what he sees as 94 00:05:56,839 --> 00:05:59,560 Speaker 1: as happening here. So a lot we're gonna unpack. Um, 95 00:05:59,600 --> 00:06:01,520 Speaker 1: So stay with us. We're gonna dig into some good stuff. 96 00:06:01,520 --> 00:06:04,480 Speaker 1: But Doug back to UM, So back to the book 97 00:06:05,279 --> 00:06:10,520 Speaker 1: Crisis Investing. Um, tell us about crisis investing and how 98 00:06:10,640 --> 00:06:12,880 Speaker 1: is that, how is that like your thesis and how 99 00:06:12,880 --> 00:06:17,599 Speaker 1: have you kind of followed this crisis investing well. As 100 00:06:17,640 --> 00:06:21,720 Speaker 1: the government has become more powerful over the last century, 101 00:06:21,920 --> 00:06:28,560 Speaker 1: actually since since World War One, it's become more and 102 00:06:28,640 --> 00:06:33,360 Speaker 1: more important to perfect your skills as a speculator even 103 00:06:33,480 --> 00:06:37,240 Speaker 1: more than an investor. Uh. An investor is somebody that 104 00:06:38,800 --> 00:06:43,440 Speaker 1: allocates money in order to create new wealth, that's excellent. 105 00:06:44,160 --> 00:06:47,680 Speaker 1: A speculator is a little bit different. A speculators somebody 106 00:06:47,680 --> 00:06:54,760 Speaker 1: who capitalizes on distortions in the marketplace, generally politically caused distortions. 107 00:06:55,160 --> 00:06:59,520 Speaker 1: And I'm afraid that with the trillions of dollars being 108 00:06:59,560 --> 00:07:03,640 Speaker 1: created by the US government and many many trillions more 109 00:07:04,160 --> 00:07:07,839 Speaker 1: currency units by every other government in the world, now, uh, 110 00:07:07,880 --> 00:07:10,600 Speaker 1: it's going to become very very hard to be an 111 00:07:10,680 --> 00:07:14,240 Speaker 1: investor in the years to come. You're almost going to 112 00:07:14,280 --> 00:07:19,520 Speaker 1: be forced to be a speculator. So that's why the 113 00:07:19,640 --> 00:07:23,080 Speaker 1: gold mining business in particular is a good place to 114 00:07:23,120 --> 00:07:25,920 Speaker 1: be right now, because I think that there's going to 115 00:07:26,040 --> 00:07:31,400 Speaker 1: be a panic into gold. It's not cheap anymore from 116 00:07:31,440 --> 00:07:35,640 Speaker 1: some points of view, but it's going a lot higher 117 00:07:35,720 --> 00:07:40,600 Speaker 1: before this is over, because they're going to destroy the dollar. Yeah. Now, 118 00:07:41,440 --> 00:07:45,440 Speaker 1: obviously he wrote that book back in and they've been 119 00:07:45,440 --> 00:07:48,280 Speaker 1: destroying the dollar. I mean, whatever date you want to 120 00:07:48,280 --> 00:07:50,440 Speaker 1: put on it, definitely since nine seventy one, right when 121 00:07:50,440 --> 00:07:52,880 Speaker 1: they when they left the gold standard. Um, so ten 122 00:07:52,960 --> 00:07:55,600 Speaker 1: years later you wrote the book. Um, But here we 123 00:07:55,640 --> 00:07:58,960 Speaker 1: are thirty years later and they're still destroying the dollar. Um. Right, 124 00:07:59,000 --> 00:08:02,520 Speaker 1: They're still printing more dollars um. Does it seem like 125 00:08:02,560 --> 00:08:04,440 Speaker 1: at some point like how long can they keep this 126 00:08:04,560 --> 00:08:08,200 Speaker 1: charade going? Uh? Yeah, I don't think they can keep 127 00:08:08,200 --> 00:08:16,000 Speaker 1: it going much longer, because at this point, the government's 128 00:08:16,040 --> 00:08:23,720 Speaker 1: debt is on a hyper while I curve, in other words, 129 00:08:23,760 --> 00:08:27,600 Speaker 1: starting seriously back inteventy one, with the dollar was completely 130 00:08:27,600 --> 00:08:32,560 Speaker 1: cut loose from gold, it grew gradually, gradually, gradually, and 131 00:08:33,480 --> 00:08:37,840 Speaker 1: a couple of years and with the with the crisis 132 00:08:37,880 --> 00:08:41,520 Speaker 1: of two thousand eight and on, we passed the knee 133 00:08:42,000 --> 00:08:46,960 Speaker 1: where the curve started getting closer to the vertical. Now 134 00:08:47,000 --> 00:08:50,600 Speaker 1: it's heading towards the vertical. Uh So, I don't think 135 00:08:50,640 --> 00:08:53,080 Speaker 1: this is going to go on another thirty years. I 136 00:08:53,120 --> 00:08:59,560 Speaker 1: think THEES are going to be the most catastrophic decade 137 00:09:00,520 --> 00:09:03,480 Speaker 1: that we've had for a very long time. It could 138 00:09:03,480 --> 00:09:05,800 Speaker 1: be not just the biggest thing since World War Two, 139 00:09:06,280 --> 00:09:09,240 Speaker 1: but it could be the biggest thing since the Industrial Revolution. 140 00:09:09,640 --> 00:09:13,079 Speaker 1: Although I I hasten to say that the Industrial Revolution 141 00:09:13,400 --> 00:09:16,000 Speaker 1: was a wonderful thing, but what's going on now is 142 00:09:16,000 --> 00:09:18,640 Speaker 1: going to be a horrible thing. Most of the people 143 00:09:18,679 --> 00:09:21,360 Speaker 1: Most of the people in the world that have any 144 00:09:21,400 --> 00:09:26,920 Speaker 1: savings have their savings in currency, preferably in dollars. But 145 00:09:27,000 --> 00:09:30,600 Speaker 1: when they destroy the dollar, it's going to create chaos, 146 00:09:31,600 --> 00:09:37,439 Speaker 1: social chaos, financial chaos, economic chaos, political chaos, and before 147 00:09:37,480 --> 00:09:40,839 Speaker 1: it's all over, it may wind up in something resembling 148 00:09:40,880 --> 00:09:44,440 Speaker 1: World War three. I know this sounds very apocalyptic, but 149 00:09:45,640 --> 00:09:50,160 Speaker 1: we're in the early stages of something that's very, very, 150 00:09:50,280 --> 00:09:53,360 Speaker 1: very bad. This depression, I call it the Greater Depression, 151 00:09:53,960 --> 00:09:57,840 Speaker 1: is not only going to be uh, much worse, but 152 00:09:58,200 --> 00:10:02,199 Speaker 1: much different and much longer were lasting than the pleasantness 153 00:10:02,240 --> 00:10:08,960 Speaker 1: of nine to nine. So that's the overview in a nutshell. Yeah, well, 154 00:10:09,000 --> 00:10:11,520 Speaker 1: I mean I think you know, not to be doom 155 00:10:11,520 --> 00:10:13,319 Speaker 1: and gloom, but I mean I think a lot of people, 156 00:10:13,520 --> 00:10:16,000 Speaker 1: most people are seeing the same thing that you are. Um. 157 00:10:16,040 --> 00:10:17,600 Speaker 1: I mean, at the end of last year, we had 158 00:10:17,640 --> 00:10:21,480 Speaker 1: what eight different countries with over a million people each uprising. 159 00:10:22,080 --> 00:10:25,600 Speaker 1: Um And obviously coronavirus has slowed that down, but that's 160 00:10:25,640 --> 00:10:28,960 Speaker 1: not going away. We're gonna we're gonna see that. Um. 161 00:10:29,080 --> 00:10:31,520 Speaker 1: And so I think, yeah, you're not just doing gloom. 162 00:10:31,520 --> 00:10:36,160 Speaker 1: I mean that's what everybody sees. Yeah, I hate to 163 00:10:36,160 --> 00:10:41,720 Speaker 1: be associated with doom and gloom because actually, the longest trend, 164 00:10:41,960 --> 00:10:44,880 Speaker 1: I'll give you a give you a counter argument if 165 00:10:44,920 --> 00:10:48,320 Speaker 1: you were the longest trend in motion is the ascent 166 00:10:48,400 --> 00:10:51,080 Speaker 1: of man. It's been going on for two hundred thousand 167 00:10:51,200 --> 00:10:57,400 Speaker 1: years and things have been getting better faster as time 168 00:10:57,440 --> 00:11:00,760 Speaker 1: has gone on. It's almost like more as Low applied 169 00:11:00,840 --> 00:11:06,160 Speaker 1: to anthropology. Uh So there is good news and uh 170 00:11:06,320 --> 00:11:09,600 Speaker 1: what we're looking at financially and economically in in these 171 00:11:09,600 --> 00:11:13,400 Speaker 1: other ways, you know that tool will pass. And uh, 172 00:11:13,480 --> 00:11:18,080 Speaker 1: I'm a believer in Ray Kurzwild's concept of the singularity, 173 00:11:18,360 --> 00:11:21,960 Speaker 1: and kurz Wild makes uh, I think it's almost a 174 00:11:22,000 --> 00:11:26,920 Speaker 1: bulletproof case that within twenty years, with the development of 175 00:11:27,440 --> 00:11:35,000 Speaker 1: everything from the perfection of computing technology, the perfection of nanotechnology, 176 00:11:35,559 --> 00:11:40,920 Speaker 1: genetic engineering, other forms of biotechnology, robots, uh, that we're 177 00:11:40,920 --> 00:11:43,679 Speaker 1: going to go into a whole new era. So we 178 00:11:43,800 --> 00:11:46,520 Speaker 1: just have a rough spot to go through over the 179 00:11:46,559 --> 00:11:51,440 Speaker 1: next ten years. So that's why you want to preserve 180 00:11:51,480 --> 00:11:54,360 Speaker 1: your capital and make it grow so you're in a 181 00:11:54,400 --> 00:11:57,760 Speaker 1: position to take advantage of the good times that are 182 00:11:57,760 --> 00:12:01,840 Speaker 1: gonna come after these bad times are over right, right, 183 00:12:03,559 --> 00:12:07,400 Speaker 1: I'm curious. Um So back in wrote that book. I've 184 00:12:07,440 --> 00:12:09,440 Speaker 1: known you, I mean not not not that long. Obviously, 185 00:12:09,480 --> 00:12:12,120 Speaker 1: I've known you for being the gold guy. I'm curious 186 00:12:12,120 --> 00:12:15,480 Speaker 1: what brought you to gold. Was it being the speculator, like, oh, 187 00:12:15,559 --> 00:12:17,200 Speaker 1: I can make a bunch of money in gold because 188 00:12:17,200 --> 00:12:19,560 Speaker 1: I see this asset going up for different reasons? Or 189 00:12:19,760 --> 00:12:23,560 Speaker 1: was it something more like fundamental where um, you recognized 190 00:12:23,679 --> 00:12:27,520 Speaker 1: that without gold being u and having a sound money, um, 191 00:12:27,720 --> 00:12:29,840 Speaker 1: the whole system was going to fall apart. Was it 192 00:12:29,880 --> 00:12:33,800 Speaker 1: was it the best speculator or was it more like ideological? Well, actually, 193 00:12:34,960 --> 00:12:38,000 Speaker 1: I hate to say ideological. I'd prefer to say philosophical. 194 00:12:40,440 --> 00:12:44,560 Speaker 1: You have to recognize what gold is. It's money, and 195 00:12:44,640 --> 00:12:47,040 Speaker 1: it's most basic form you. A lot of things can 196 00:12:47,160 --> 00:12:50,400 Speaker 1: be used and haven't used his money, everything from cigarettes 197 00:12:50,480 --> 00:12:54,480 Speaker 1: to seashells. Someone uses money. But gold is uniquely well 198 00:12:54,600 --> 00:13:00,800 Speaker 1: qualified for uses money for reasons that Aristotle enumerated in 199 00:13:00,840 --> 00:13:05,760 Speaker 1: the fifth century VC. It's durable, divisible, convenient, consistent, and 200 00:13:06,120 --> 00:13:09,719 Speaker 1: it has use value. You can't get stuck with it. Um. 201 00:13:09,800 --> 00:13:13,800 Speaker 1: So it's actually better and different than the other the 202 00:13:13,840 --> 00:13:16,560 Speaker 1: rest of the other ninety two naturally occurring elements for 203 00:13:16,600 --> 00:13:23,320 Speaker 1: the use of use is money. But the thing to 204 00:13:23,400 --> 00:13:28,400 Speaker 1: remember is with money, gold is the only financial asset 205 00:13:28,559 --> 00:13:34,200 Speaker 1: that's not simultaneously somebody else's liability. And the Federal Reserve 206 00:13:34,320 --> 00:13:38,200 Speaker 1: notes that we call dollars today are the liability of 207 00:13:38,240 --> 00:13:42,960 Speaker 1: our central bank. They're backed by nothing. So this is 208 00:13:42,960 --> 00:13:46,079 Speaker 1: all gonna blow up, and that's gonna be worldwide because 209 00:13:46,360 --> 00:13:49,560 Speaker 1: the other central banks in the world. People think that 210 00:13:49,640 --> 00:13:52,439 Speaker 1: things like the Federal Reserve and other central banks, I 211 00:13:52,520 --> 00:13:55,559 Speaker 1: think that these things are part of the cosmic firmament, 212 00:13:56,000 --> 00:14:01,720 Speaker 1: but they're not. Uh So, yeah, you were our own 213 00:14:01,760 --> 00:14:04,959 Speaker 1: gold because it is the only financial asset that it's 214 00:14:05,000 --> 00:14:08,440 Speaker 1: not somebody else's liability. Yeah. Now, you've been doing this 215 00:14:08,480 --> 00:14:11,520 Speaker 1: for a long time and at the end of the day, right, 216 00:14:11,559 --> 00:14:13,480 Speaker 1: I mean, you've been writing books and newsletters and trying 217 00:14:13,480 --> 00:14:16,600 Speaker 1: to get the information or the education out there. Um. 218 00:14:16,600 --> 00:14:19,600 Speaker 1: I love this quote from Henry Ford um back in 219 00:14:19,720 --> 00:14:23,280 Speaker 1: early he said that if the people understood how the 220 00:14:23,320 --> 00:14:26,680 Speaker 1: banking system work, there would be a revolution overnight. And 221 00:14:26,720 --> 00:14:29,040 Speaker 1: really they've been able to kind of hide it, almost 222 00:14:29,120 --> 00:14:31,840 Speaker 1: hide all this, like people don't really understand the dollar, 223 00:14:32,040 --> 00:14:35,200 Speaker 1: Federal Reserve note, whatever. But now I think, especially with 224 00:14:35,240 --> 00:14:39,040 Speaker 1: the rise of the internet, getting information out better. And 225 00:14:39,120 --> 00:14:41,480 Speaker 1: now what I'm seeing with bitcoin and people being more 226 00:14:41,680 --> 00:14:44,120 Speaker 1: interested than ever, We're starting to see a lot of 227 00:14:44,120 --> 00:14:46,440 Speaker 1: people waking up to this. Now, do you do you 228 00:14:46,480 --> 00:14:48,840 Speaker 1: see this trend growing like people are like getting their 229 00:14:48,840 --> 00:14:54,640 Speaker 1: eyes opened. Yeah. Absolutely. One of the great things about bitcoin, Uh, 230 00:14:54,800 --> 00:14:57,680 Speaker 1: I wasn't an early adopter, but I've been a big 231 00:14:57,720 --> 00:15:01,040 Speaker 1: adopter and it's been very very good to me, uh, 232 00:15:01,160 --> 00:15:06,920 Speaker 1: is that bitcoin has has drawn people's attention to the 233 00:15:07,080 --> 00:15:11,880 Speaker 1: nature of money. People that are involved in bitcoin have 234 00:15:11,920 --> 00:15:16,800 Speaker 1: taken to calling the dollar a fiat currency yep, which 235 00:15:16,840 --> 00:15:23,560 Speaker 1: it is so uh. Once people own bitcoin, they have 236 00:15:23,640 --> 00:15:25,320 Speaker 1: to start figuring out what wait have been? What doves 237 00:15:25,360 --> 00:15:27,760 Speaker 1: bitcoin is value? Why do I want to own it? 238 00:15:28,120 --> 00:15:32,440 Speaker 1: So this leads them naturally into economics and monetary theory, 239 00:15:33,040 --> 00:15:35,960 Speaker 1: So that bitcoin has been very helpful and letting the 240 00:15:36,000 --> 00:15:39,040 Speaker 1: cat out of the bag about what's going on monetarily. 241 00:15:39,240 --> 00:15:42,960 Speaker 1: So you're quite correct. Yeah, yeah, that's one of the things. 242 00:15:42,960 --> 00:15:44,200 Speaker 1: I mean, Ei, there's so many things that I love 243 00:15:44,200 --> 00:15:46,640 Speaker 1: about bitcoin, but just the fact that it's got people 244 00:15:46,720 --> 00:15:50,520 Speaker 1: to want to learn more, that in itself is just 245 00:15:50,560 --> 00:15:53,280 Speaker 1: such a big piece. Um. So you know you've been 246 00:15:53,320 --> 00:15:55,040 Speaker 1: you've been doing this for a long time, thirty years. 247 00:15:55,040 --> 00:16:00,280 Speaker 1: You've seen gold go through several cycles. Um. Where as 248 00:16:00,280 --> 00:16:02,720 Speaker 1: far as gold and a cycle, right now, it seems 249 00:16:02,760 --> 00:16:05,600 Speaker 1: like now we're breaking out of maybe just like regular 250 00:16:05,680 --> 00:16:09,400 Speaker 1: like cycles and actually going into more of like fundamental 251 00:16:09,480 --> 00:16:13,360 Speaker 1: reasons why we need it, um, meaning like never have 252 00:16:13,440 --> 00:16:15,560 Speaker 1: we seen, as you already said, right the Fed printing 253 00:16:15,640 --> 00:16:20,120 Speaker 1: trillions of dollars interest rates going negative? UM. So do 254 00:16:20,160 --> 00:16:22,640 Speaker 1: you see this as being like the fine like the 255 00:16:22,680 --> 00:16:27,800 Speaker 1: final bull market for gold right now? Uh? Actually, I 256 00:16:27,840 --> 00:16:31,000 Speaker 1: think it is the final bowl market for gold, because 257 00:16:31,080 --> 00:16:36,320 Speaker 1: by the time of this catastrophe is over, I think 258 00:16:36,360 --> 00:16:41,560 Speaker 1: the gold is going to be reinstitutionalized as money. UM. 259 00:16:41,800 --> 00:16:45,880 Speaker 1: Let's look at the history of gold prices, because what 260 00:16:45,920 --> 00:16:48,680 Speaker 1: we want to do is make money from this or 261 00:16:49,080 --> 00:16:53,040 Speaker 1: or let's say, increase our not wealth and increase our 262 00:16:53,040 --> 00:16:57,640 Speaker 1: standard of living. Uh. Before at seventy one, gold was 263 00:16:57,680 --> 00:17:01,480 Speaker 1: controlled thirty five dollars announced it was suppressed in price 264 00:17:01,600 --> 00:17:06,080 Speaker 1: by the government, So it exploded upward over the decade 265 00:17:06,080 --> 00:17:08,879 Speaker 1: of the nineteen seventies, which were a bad decade in 266 00:17:08,880 --> 00:17:12,640 Speaker 1: a lot of ways, um from other points of view, 267 00:17:12,920 --> 00:17:15,840 Speaker 1: until it hit about eight hundred fifty dollars announced in 268 00:17:15,960 --> 00:17:19,920 Speaker 1: January of nineteen eighty. Okay, so it was over priced 269 00:17:19,920 --> 00:17:26,280 Speaker 1: then and subsequently, uh it fell, stock market did well, 270 00:17:26,359 --> 00:17:32,760 Speaker 1: the economy recovered. Uh it got as low as two 271 00:17:32,840 --> 00:17:37,440 Speaker 1: hundred and fifty hours announced in nineteen in two thousand 272 00:17:37,440 --> 00:17:41,440 Speaker 1: and one, and interestingly, gold at two hundred fifty dollars 273 00:17:41,440 --> 00:17:46,480 Speaker 1: announced in two thousand one was actually cheaper in real 274 00:17:46,680 --> 00:17:50,399 Speaker 1: terms than gold in nineteen seventy one at thirty five dollars. 275 00:17:50,440 --> 00:17:54,280 Speaker 1: Now because the dollar lost so much value, al right, 276 00:17:54,320 --> 00:17:57,439 Speaker 1: where are we now. It's going from a loan that 277 00:17:57,560 --> 00:18:02,080 Speaker 1: was twenty years ago, so in urns of today's dollar. 278 00:18:03,160 --> 00:18:06,840 Speaker 1: Uh it hit a load back then of seven and 279 00:18:07,240 --> 00:18:10,800 Speaker 1: I think this ballmarket it's gonna take it just close 280 00:18:10,840 --> 00:18:14,600 Speaker 1: to ten dollars announce. I hate to pick up price 281 00:18:14,720 --> 00:18:16,720 Speaker 1: at a time, but it's gonna go a lot higher 282 00:18:16,720 --> 00:18:19,600 Speaker 1: because there's gonna be a panic into gold. People are 283 00:18:19,600 --> 00:18:22,760 Speaker 1: gonna try to get out of dollars. I mean, look, 284 00:18:23,080 --> 00:18:25,760 Speaker 1: if you live in a place like Venezuela or Zimbabwe, 285 00:18:26,400 --> 00:18:30,120 Speaker 1: you don't even use those currencies. The dollar is gonna 286 00:18:30,119 --> 00:18:33,560 Speaker 1: be much more serious when it falls apart, because it 287 00:18:33,600 --> 00:18:37,639 Speaker 1: backs all the other currencies in the world, everything is 288 00:18:37,680 --> 00:18:43,879 Speaker 1: priced in dollars. UH. When an economy like Venezuela or Zimbabwe, 289 00:18:44,040 --> 00:18:48,399 Speaker 1: the two most recent bad examples, collapses, well they're small 290 00:18:48,520 --> 00:18:53,600 Speaker 1: places and foreigners can bring money in and rebuild. But 291 00:18:53,680 --> 00:18:56,080 Speaker 1: when the US collapses and brings the rest of the 292 00:18:56,080 --> 00:19:00,200 Speaker 1: world with it, uh, this is much more serious. And 293 00:19:00,359 --> 00:19:03,960 Speaker 1: some nothing nowhere country destroying gets currency. But it's gonna 294 00:19:04,200 --> 00:19:07,199 Speaker 1: right here in the US now. One thing to keep 295 00:19:07,240 --> 00:19:10,000 Speaker 1: in mind, just for the listeners, um, is that you know, 296 00:19:10,160 --> 00:19:12,160 Speaker 1: when you just talk about gold going to ten thousand 297 00:19:12,200 --> 00:19:15,000 Speaker 1: dollars an ounce, um, you also have to recognize, like, 298 00:19:15,040 --> 00:19:17,160 Speaker 1: what does that mean for the dollar in itself? Right? 299 00:19:17,200 --> 00:19:20,520 Speaker 1: So in Zimbabwe they have one hundred trillion dollar bank 300 00:19:20,560 --> 00:19:23,760 Speaker 1: notes and you know, keep one of my keep point 301 00:19:23,760 --> 00:19:25,200 Speaker 1: in my wall, and I've spent a lot of time 302 00:19:25,200 --> 00:19:28,880 Speaker 1: in Zimbabwe, and like and for what it's worth, mark, 303 00:19:29,000 --> 00:19:32,680 Speaker 1: this is a this is a fun fact. A hundred 304 00:19:32,720 --> 00:19:37,359 Speaker 1: trillion dollars Zimbabwe note uh. And the president of the 305 00:19:37,400 --> 00:19:40,120 Speaker 1: central bank that printed up happens to be a friend 306 00:19:40,160 --> 00:19:44,600 Speaker 1: of mine. Long story that's not relevant right now. A 307 00:19:44,680 --> 00:19:48,800 Speaker 1: hundred trillion dollars Zimbabwe no trades today for around sixty 308 00:19:49,000 --> 00:19:51,720 Speaker 1: eight dollars, so you could have picked them up for 309 00:19:51,880 --> 00:19:57,280 Speaker 1: nothing back and around two thousand three four when they 310 00:19:57,280 --> 00:20:01,439 Speaker 1: were being printed. Uh, they've actually been excellent those pieces 311 00:20:01,440 --> 00:20:05,960 Speaker 1: of paper. That's interesting. I bought one, um, but as 312 00:20:06,000 --> 00:20:08,560 Speaker 1: a collect collectible. It was in like man condition. I 313 00:20:08,600 --> 00:20:12,280 Speaker 1: bought it, I like a year ago, and uh, maybe 314 00:20:12,320 --> 00:20:14,200 Speaker 1: ten bucks done. I don't know, Yeah, I want to. 315 00:20:14,240 --> 00:20:16,080 Speaker 1: I want to say it was like ten bucks or 316 00:20:16,119 --> 00:20:19,960 Speaker 1: maybe fifteen bucks or something like that. I forget, but yeah, 317 00:20:20,000 --> 00:20:22,359 Speaker 1: something like that. But I guess the point being, Um, 318 00:20:22,400 --> 00:20:24,400 Speaker 1: you know when I was a kid being a millionaire 319 00:20:24,520 --> 00:20:26,160 Speaker 1: or not not even a kid, I mean ten years 320 00:20:26,160 --> 00:20:29,320 Speaker 1: ago being a millionaire with something, Hey, like being a 321 00:20:29,359 --> 00:20:31,960 Speaker 1: millionaire isn't what it used to be, and like being 322 00:20:32,000 --> 00:20:35,240 Speaker 1: a billionaire isn't even a big deal anymore. When people 323 00:20:35,280 --> 00:20:39,679 Speaker 1: like Elon Musk or Worth they say eighty billion dollars, right, 324 00:20:39,800 --> 00:20:41,639 Speaker 1: So I mean when when you say gold going to 325 00:20:41,680 --> 00:20:44,080 Speaker 1: ten thousand, like I might be a billionaire at that point, 326 00:20:44,960 --> 00:20:48,560 Speaker 1: you know or whatever. Right, So, uh, it doesn't mean 327 00:20:48,640 --> 00:20:50,880 Speaker 1: doesn't mean I'm gonna be able to buy my purchasing 328 00:20:50,880 --> 00:20:52,960 Speaker 1: power will be what a billionaire does today. It just 329 00:20:53,000 --> 00:20:57,440 Speaker 1: means that's what the dollars are right. Look, the dollar 330 00:20:58,400 --> 00:21:03,760 Speaker 1: is sure liability of a bankrupt government. It's basically an 331 00:21:03,800 --> 00:21:07,200 Speaker 1: I owe you nothing. Sure it's still got value because 332 00:21:07,200 --> 00:21:08,840 Speaker 1: you can take it down to the Chevy dealer and 333 00:21:08,880 --> 00:21:12,560 Speaker 1: he'll sell you a car for it. But things are 334 00:21:12,560 --> 00:21:14,920 Speaker 1: going to change very, very rapidly over the next couple 335 00:21:14,920 --> 00:21:17,480 Speaker 1: of years. Do you see it? So you've been you've 336 00:21:17,520 --> 00:21:20,479 Speaker 1: been you've been reading, watching, reading, reporting on this for 337 00:21:20,520 --> 00:21:23,359 Speaker 1: thirty years. Um. You know, as we've already kind of 338 00:21:23,359 --> 00:21:27,440 Speaker 1: talked about, it's like this escalating thing. Um and uh, 339 00:21:27,640 --> 00:21:29,720 Speaker 1: I mean now you're talking about it like maybe coming 340 00:21:29,720 --> 00:21:32,679 Speaker 1: to an end at some point. I'm just curious. Do 341 00:21:32,760 --> 00:21:35,360 Speaker 1: you think that the Fed still has a couple more 342 00:21:35,359 --> 00:21:38,359 Speaker 1: tricks up their sleeve? I mean, I guess at some 343 00:21:38,400 --> 00:21:40,560 Speaker 1: point the printing just stops working. That's that's kind of 344 00:21:40,560 --> 00:21:43,679 Speaker 1: what you see. Uh yeah, I think we're at the 345 00:21:43,800 --> 00:21:47,399 Speaker 1: end game right now, because even in two thousand and eight, 346 00:21:48,080 --> 00:21:51,720 Speaker 1: who could have guessed that they take interest rate? I 347 00:21:51,720 --> 00:21:55,359 Speaker 1: thought it was cosmically impossible to have interest rates to 348 00:21:55,359 --> 00:21:59,480 Speaker 1: go below zero. But they have. Uh so what have 349 00:21:59,520 --> 00:22:02,520 Speaker 1: they done? They've taken interest rates as low as they 350 00:22:02,520 --> 00:22:06,240 Speaker 1: can go. Uh. They they're printing up money by the 351 00:22:06,359 --> 00:22:11,280 Speaker 1: bushel basket. So now what do they do? Um, Well, 352 00:22:11,359 --> 00:22:13,040 Speaker 1: I don't know if they can pull another rabbit out 353 00:22:13,080 --> 00:22:15,520 Speaker 1: of their hat or not. But I'll tell you what's 354 00:22:15,560 --> 00:22:20,480 Speaker 1: going on outside of the US. And most Americans, especially 355 00:22:20,480 --> 00:22:24,480 Speaker 1: now during the COVID hysteria, don't really look beyond our 356 00:22:24,480 --> 00:22:32,440 Speaker 1: borders very much. But look, take Russia and China when 357 00:22:32,520 --> 00:22:35,560 Speaker 1: they do when they trade with each other. They don't 358 00:22:35,680 --> 00:22:39,879 Speaker 1: use yuan and rubles because the Chinese don't want Russian 359 00:22:39,960 --> 00:22:43,600 Speaker 1: rubles they don't trust them. Why should they, And the 360 00:22:43,680 --> 00:22:46,399 Speaker 1: Russians don't want Chinese U want for the same reason. 361 00:22:46,800 --> 00:22:48,560 Speaker 1: So what do they do? How do they how do 362 00:22:48,640 --> 00:22:53,840 Speaker 1: they exchange goods? Well, they use dollars and those dollars 363 00:22:53,920 --> 00:22:57,720 Speaker 1: have to clear through New York. It's completely ridiculous that 364 00:22:57,920 --> 00:23:02,440 Speaker 1: two large economies have to use a third country's currency 365 00:23:02,520 --> 00:23:06,080 Speaker 1: when that third country is an adversary and could become 366 00:23:06,119 --> 00:23:09,439 Speaker 1: an enemy. So my guess is, and this is starting 367 00:23:09,480 --> 00:23:13,199 Speaker 1: to happen between other countries now that they actually settle 368 00:23:13,640 --> 00:23:18,960 Speaker 1: debts and trading in gold. This is actually starting to happen. Uh. 369 00:23:19,200 --> 00:23:21,959 Speaker 1: So that's why this would be the final gold bull market. 370 00:23:22,440 --> 00:23:26,280 Speaker 1: It will get to a level that makes sense relative 371 00:23:26,400 --> 00:23:30,720 Speaker 1: to the rest of the wealth in the world, and uh, 372 00:23:30,960 --> 00:23:33,639 Speaker 1: it will be really, it will be reinstituted as day 373 00:23:33,680 --> 00:23:37,600 Speaker 1: to day money. People forget that. Up until Roosevelt in 374 00:23:38,520 --> 00:23:43,960 Speaker 1: three gold was day to day money. Uh, it was 375 00:23:44,000 --> 00:23:46,719 Speaker 1: in your pocket in the form of gold coins. I 376 00:23:46,760 --> 00:23:49,000 Speaker 1: think I think we're going to see that again, although 377 00:23:49,440 --> 00:23:55,120 Speaker 1: with the variation, Uh, it could be digital gold, whereof 378 00:23:55,160 --> 00:23:59,760 Speaker 1: you use the blockchain to trade gold electronically, something like that. 379 00:24:00,920 --> 00:24:05,480 Speaker 1: The downside of the gold, though, is the centralization that's 380 00:24:05,520 --> 00:24:07,919 Speaker 1: required of that. So gold is big and heavy, and 381 00:24:07,960 --> 00:24:09,560 Speaker 1: so you need someone to store it and guard it 382 00:24:09,600 --> 00:24:13,240 Speaker 1: and remove it. So you always have this centralization um. 383 00:24:13,320 --> 00:24:17,320 Speaker 1: And anytime you have centralization, then you have manipulation UM. 384 00:24:17,359 --> 00:24:19,679 Speaker 1: And I think that's maybe what caused the death of 385 00:24:19,720 --> 00:24:21,720 Speaker 1: gold in the first place. Right you had all the 386 00:24:21,760 --> 00:24:24,560 Speaker 1: gold centralized by the banks, and then at some point 387 00:24:24,600 --> 00:24:27,200 Speaker 1: they just well then then they count confiscated whatever goal 388 00:24:27,280 --> 00:24:29,479 Speaker 1: was left, and next thing you know, they now they 389 00:24:29,600 --> 00:24:32,080 Speaker 1: completely manipulated the system. So it seems like if we 390 00:24:32,119 --> 00:24:34,680 Speaker 1: go back to a gold system that's again centralized, we 391 00:24:34,760 --> 00:24:36,920 Speaker 1: might be susceptible to going back down the exact same 392 00:24:36,920 --> 00:24:41,200 Speaker 1: path again. Well, of course I don't believe the government 393 00:24:41,280 --> 00:24:45,440 Speaker 1: belongs in the money business. There we go, separate money 394 00:24:45,440 --> 00:24:49,560 Speaker 1: and state. I mean, separate a state and money, Yeah, exactly. 395 00:24:49,640 --> 00:24:54,560 Speaker 1: I mean they separated the state from religion yep, centuries ago. 396 00:24:54,880 --> 00:24:59,520 Speaker 1: Now it's time to separate the state from the economy. Um. 397 00:24:59,560 --> 00:25:03,560 Speaker 1: So money is a market phenomenon. You don't need the 398 00:25:03,640 --> 00:25:06,560 Speaker 1: state involved in it at all. Once the state gets 399 00:25:06,600 --> 00:25:10,920 Speaker 1: hold of money, uh, they use it as a form 400 00:25:10,960 --> 00:25:15,679 Speaker 1: of indirect taxation. And this is very serious because the 401 00:25:15,760 --> 00:25:20,440 Speaker 1: US government is totally incompletely bankrupt now. It has been 402 00:25:20,520 --> 00:25:25,840 Speaker 1: for decades actually, but now, um, now the raps are 403 00:25:25,840 --> 00:25:29,680 Speaker 1: off now everybody can actually see what's going on. So 404 00:25:31,680 --> 00:25:35,120 Speaker 1: this is why I buy gold personally in the form 405 00:25:35,200 --> 00:25:40,439 Speaker 1: of fungible coins. Yeah. Now, um, I want to I 406 00:25:40,480 --> 00:25:43,159 Speaker 1: want to chase down the end game, as you call it, 407 00:25:43,200 --> 00:25:45,240 Speaker 1: and talk about what that actually looks like. I have 408 00:25:45,280 --> 00:25:47,920 Speaker 1: a couple of questions for you there, um, and see 409 00:25:48,400 --> 00:25:51,800 Speaker 1: the big question I want to ask is UH inflation 410 00:25:51,920 --> 00:25:54,800 Speaker 1: or deflation in gold. But before we get to that, UM, 411 00:25:54,840 --> 00:25:57,720 Speaker 1: I know you were telling me before we started recording that, Um, 412 00:25:57,760 --> 00:26:01,320 Speaker 1: you're actually part of a a pretty big company that 413 00:26:01,359 --> 00:26:03,399 Speaker 1: I've been kind of following a gold mining company. Actually 414 00:26:03,400 --> 00:26:05,679 Speaker 1: it's called gold mining, right, Um, Do you want to 415 00:26:05,680 --> 00:26:09,920 Speaker 1: tell me about that? Well, over the year, there are, 416 00:26:10,600 --> 00:26:16,320 Speaker 1: as you may know, Mark, about two thousand uh gold 417 00:26:16,400 --> 00:26:21,040 Speaker 1: companies in the world, companies that are involved in exploring for, 418 00:26:21,640 --> 00:26:26,840 Speaker 1: or developing or producing gold. About two thousand of them. 419 00:26:26,880 --> 00:26:34,199 Speaker 1: Most of them are burning matches, uh, I mean the 420 00:26:34,240 --> 00:26:37,359 Speaker 1: next thing up from a couple of prospectors out in 421 00:26:37,359 --> 00:26:39,840 Speaker 1: the desert hoping to find the treasure of Sierra Madre. 422 00:26:40,320 --> 00:26:46,560 Speaker 1: Most of them aren't worth owning. So over the years 423 00:26:46,600 --> 00:26:49,680 Speaker 1: I've become very particular about the ones that I buy. 424 00:26:50,440 --> 00:26:54,000 Speaker 1: And actually, just after its founding, I got involved with 425 00:26:54,080 --> 00:26:58,400 Speaker 1: Gold Mining Inc. It's one of my largest positions. I'm 426 00:26:58,440 --> 00:27:04,520 Speaker 1: continuing to buy it um for several reasons. Uh. I 427 00:27:04,600 --> 00:27:10,200 Speaker 1: like the management very much, and in speculating in mining stocks, 428 00:27:10,680 --> 00:27:13,640 Speaker 1: I developed something called the nine P S C Demonic, 429 00:27:14,440 --> 00:27:17,080 Speaker 1: the nine things you want to look at before you 430 00:27:17,160 --> 00:27:21,359 Speaker 1: buy any mining company. The number one P is people 431 00:27:21,920 --> 00:27:27,080 Speaker 1: who's running the company, because the good people can turn 432 00:27:27,119 --> 00:27:29,720 Speaker 1: a nothing into a giant company. Bad people can take 433 00:27:29,720 --> 00:27:32,399 Speaker 1: a giant company and run into the ground. People's number 434 00:27:32,440 --> 00:27:35,879 Speaker 1: one second thing is the property. There are things the 435 00:27:36,000 --> 00:27:43,200 Speaker 1: finances spelled with the pH uh and others the promotion politics. UH. 436 00:27:43,600 --> 00:27:46,240 Speaker 1: Perhaps they're relevant to go into all those things at 437 00:27:46,240 --> 00:27:50,320 Speaker 1: the moment. But Gold Mining Inc. Is UH one of 438 00:27:50,320 --> 00:27:54,840 Speaker 1: my biggest positions. Why because during the recent bear market 439 00:27:55,800 --> 00:28:00,360 Speaker 1: UH for gold cyclically it's it was going to from 440 00:28:00,440 --> 00:28:04,479 Speaker 1: twenty eleven when it hit its last peak, went down 441 00:28:04,520 --> 00:28:09,560 Speaker 1: to as low as about during that bearer market. Amer Nanny, 442 00:28:09,600 --> 00:28:13,680 Speaker 1: who runs the company UH has been buying a lot 443 00:28:13,760 --> 00:28:19,080 Speaker 1: of properties, slightly sub economic properties. UH. And now he 444 00:28:19,119 --> 00:28:25,320 Speaker 1: has twenty five million ounces of resources. UH. This is 445 00:28:25,359 --> 00:28:29,920 Speaker 1: a huge number. I mean now even the largest UM, 446 00:28:30,240 --> 00:28:35,840 Speaker 1: the largest companies in the world only have well Barrick 447 00:28:35,880 --> 00:28:39,800 Speaker 1: and Newmont, let's say, fifty million ounces of reserves. Reserves 448 00:28:39,800 --> 00:28:44,080 Speaker 1: are different than resources, Uh, an important distinction to make. 449 00:28:44,200 --> 00:28:52,000 Speaker 1: But the resources, which is to say, suburbs gold is 450 00:28:52,040 --> 00:28:55,080 Speaker 1: in the ground. It just hasn't been proven to be 451 00:28:55,160 --> 00:29:01,560 Speaker 1: economic proven, but we know that it is. UM. Right now, 452 00:29:01,600 --> 00:29:05,280 Speaker 1: you can buy gold in the ground with Gold Mining Inc. 453 00:29:06,160 --> 00:29:11,280 Speaker 1: Uh for about ten dollars announce. Uh that's a trivial 454 00:29:11,320 --> 00:29:16,400 Speaker 1: amount because right now with gold at about two thou 455 00:29:16,640 --> 00:29:23,840 Speaker 1: dollars announce. The industry is coining money. It's buying gold 456 00:29:23,920 --> 00:29:30,080 Speaker 1: at ten dollars announced in the goal in the ground. Look, 457 00:29:30,720 --> 00:29:33,200 Speaker 1: the stock is very, very cheap. That's that's why it's 458 00:29:33,240 --> 00:29:36,560 Speaker 1: that's why it's about my third largest position. Another thing 459 00:29:36,600 --> 00:29:41,120 Speaker 1: I mentioned about it is that they're planning on getting 460 00:29:41,120 --> 00:29:45,600 Speaker 1: into the royalty business. And incidentally my largest position as 461 00:29:45,640 --> 00:29:49,440 Speaker 1: a company called Metalla, which is a royalty company. Otherwise 462 00:29:49,480 --> 00:29:51,640 Speaker 1: they don't mind the gold. And what they do is 463 00:29:52,920 --> 00:29:57,240 Speaker 1: um pay the mining company cash upfront so they can 464 00:29:57,280 --> 00:30:00,840 Speaker 1: mind the gold and then take a royalty on the 465 00:30:00,840 --> 00:30:03,080 Speaker 1: gold after it comes out of the ground. Long story. 466 00:30:03,680 --> 00:30:05,640 Speaker 1: But the gold by again is also got to get 467 00:30:05,840 --> 00:30:11,120 Speaker 1: that it's this it's a stock training it around two 468 00:30:11,120 --> 00:30:14,720 Speaker 1: dollars us UM. I think within the next year we'll 469 00:30:14,720 --> 00:30:19,640 Speaker 1: see it much much higher. Yeah, Yeah, I've I've been 470 00:30:19,680 --> 00:30:22,160 Speaker 1: talking about gold miners quite a bit on the channel 471 00:30:22,600 --> 00:30:25,600 Speaker 1: um And and I've even talked about how to how 472 00:30:25,640 --> 00:30:27,520 Speaker 1: to find the good ones, how to value them. And 473 00:30:27,560 --> 00:30:30,240 Speaker 1: I also said the first thing I look for is 474 00:30:30,280 --> 00:30:33,120 Speaker 1: the team the people. As you say, um And and 475 00:30:33,520 --> 00:30:35,240 Speaker 1: I basically said kind of the same thing you said, 476 00:30:35,240 --> 00:30:38,200 Speaker 1: which is a good team isn't gonna go work for 477 00:30:38,240 --> 00:30:41,000 Speaker 1: a bad company, right like, and so they do that. 478 00:30:41,000 --> 00:30:42,360 Speaker 1: That helps with a lot of the vetting if I 479 00:30:42,400 --> 00:30:44,360 Speaker 1: see a good team. And so when I was looking 480 00:30:44,360 --> 00:30:46,040 Speaker 1: through this company, I saw you were part of it, 481 00:30:46,080 --> 00:30:48,040 Speaker 1: and I figured, wow, were they got dug in? They 482 00:30:48,080 --> 00:30:50,440 Speaker 1: must be pretty good And it looked like, Uh, the 483 00:30:50,480 --> 00:30:54,720 Speaker 1: CEO they hired um for their mining company, David Gara, 484 00:30:54,760 --> 00:30:57,880 Speaker 1: follows also like a industry titan, right. I mean he 485 00:30:57,920 --> 00:31:00,560 Speaker 1: was like one of the founder was part of the 486 00:31:00,560 --> 00:31:05,280 Speaker 1: biggest merger in the gold mining space. Yeah. This this 487 00:31:05,400 --> 00:31:07,440 Speaker 1: company is going to be listed on the New York 488 00:31:07,440 --> 00:31:10,400 Speaker 1: Stock Exchange in their future. It's going to draw a 489 00:31:10,480 --> 00:31:13,479 Speaker 1: lot of attention to it. And it's gonna draw a 490 00:31:13,480 --> 00:31:15,720 Speaker 1: lot of attention to it because of the people that 491 00:31:15,800 --> 00:31:19,560 Speaker 1: are running the company, because of the assets it has, 492 00:31:19,720 --> 00:31:22,680 Speaker 1: because it is going to be a bubble in gold 493 00:31:22,720 --> 00:31:27,920 Speaker 1: stocks generally. Uh. Look, all gold stocks in the world, 494 00:31:28,880 --> 00:31:32,400 Speaker 1: uh two thousand of most of them are crappy, but 495 00:31:32,560 --> 00:31:35,760 Speaker 1: add up their values together and they're less than one 496 00:31:35,800 --> 00:31:39,360 Speaker 1: half of one of the value of the stock market. 497 00:31:39,800 --> 00:31:43,560 Speaker 1: In fact, if you take all of the gold producers 498 00:31:43,600 --> 00:31:47,680 Speaker 1: in the world and take their market caps together, they're 499 00:31:47,720 --> 00:31:52,280 Speaker 1: just slightly more than the amount of cash that Apple 500 00:31:52,480 --> 00:31:56,880 Speaker 1: alone has in its bank accounts. That's how small and 501 00:31:57,160 --> 00:32:02,160 Speaker 1: unknown the industry is. Nobody knows. Look, fund managers have 502 00:32:02,280 --> 00:32:04,600 Speaker 1: been taught to treat gold as a pent rock. They 503 00:32:04,680 --> 00:32:08,560 Speaker 1: don't care about it. It's totally off the radar screens. 504 00:32:09,120 --> 00:32:12,840 Speaker 1: But in my opinion, the next bubble, I mean, we've 505 00:32:12,880 --> 00:32:16,440 Speaker 1: had a housing bubble, We've had an internet bubble. Uh. 506 00:32:16,600 --> 00:32:18,760 Speaker 1: They create all these trillions of dollars. It goes from 507 00:32:18,800 --> 00:32:21,840 Speaker 1: one bubble to the next. In my view, the next 508 00:32:21,880 --> 00:32:25,680 Speaker 1: bubble is going to be in gold stocks and gold. 509 00:32:26,680 --> 00:32:30,000 Speaker 1: So you want to get positioned and these things now, 510 00:32:30,560 --> 00:32:34,680 Speaker 1: and you want to get into cheap companies that have 511 00:32:34,920 --> 00:32:38,080 Speaker 1: the gold, have the management, the type of thing that 512 00:32:38,160 --> 00:32:41,280 Speaker 1: when the fund managers start buying these things, which they 513 00:32:41,280 --> 00:32:44,360 Speaker 1: are not yet. Although Warren Buffett incidentally, for the first 514 00:32:44,400 --> 00:32:47,560 Speaker 1: time in history about a gold stock, he bought twenty 515 00:32:47,560 --> 00:32:51,800 Speaker 1: million shares of Barrack uh was released in his last quarterly. 516 00:32:52,240 --> 00:32:55,840 Speaker 1: So this is like a straw on the wind. Uh. Now, 517 00:32:55,880 --> 00:32:59,200 Speaker 1: this is you want to be positioned to these things 518 00:32:59,280 --> 00:33:03,800 Speaker 1: now because in the past, when we've had gold bull markets, 519 00:33:03,920 --> 00:33:06,440 Speaker 1: and we've had five of them since nineteen seventy one, 520 00:33:07,000 --> 00:33:10,520 Speaker 1: the average junior mining stock has gone up about ten 521 00:33:10,680 --> 00:33:15,040 Speaker 1: times in price. That are the most volatile securities on 522 00:33:15,160 --> 00:33:17,880 Speaker 1: the planet. Yeah, this is going to be one for 523 00:33:17,920 --> 00:33:22,520 Speaker 1: the record books. Yeah. I just made a video talking 524 00:33:22,520 --> 00:33:26,320 Speaker 1: about Warren Buffett buying buying in the golden Obviously for 525 00:33:26,360 --> 00:33:28,440 Speaker 1: twenty years he's been saying I would never buy gold. 526 00:33:28,560 --> 00:33:29,560 Speaker 1: You know, you dig it out of the ground and 527 00:33:29,560 --> 00:33:31,000 Speaker 1: then you have to guard it. How stupid is that? 528 00:33:32,000 --> 00:33:35,120 Speaker 1: But I always understood why he doesn't like gold and 529 00:33:35,160 --> 00:33:37,040 Speaker 1: Big Win for that matter, because it doesn't do anything, 530 00:33:37,040 --> 00:33:39,880 Speaker 1: doesn't make anything. Um. He always wants to buy companies 531 00:33:39,920 --> 00:33:43,400 Speaker 1: that produce things like co Cohler sees candy. Um, So 532 00:33:43,480 --> 00:33:46,920 Speaker 1: buying a gold miner actually makes sense to me because 533 00:33:47,040 --> 00:33:50,040 Speaker 1: it's not buying gold, it's buying a company that produces things. 534 00:33:50,080 --> 00:33:54,760 Speaker 1: Did you see the same thing? Absolutely absolutely correct. And 535 00:33:56,640 --> 00:34:02,360 Speaker 1: his an argument about gold not doing anything and being 536 00:34:02,360 --> 00:34:05,520 Speaker 1: a pet rock, it's ridiculous if he had if he 537 00:34:05,600 --> 00:34:10,040 Speaker 1: had a hundred million dollars in hundred dollar bills, they 538 00:34:10,120 --> 00:34:12,640 Speaker 1: just sit there and they don't produce anything. It's because 539 00:34:12,680 --> 00:34:16,759 Speaker 1: their money they're used for preserving wealth and trading. So 540 00:34:17,800 --> 00:34:22,799 Speaker 1: it's intellectually dishonest on his part to uh to make 541 00:34:22,840 --> 00:34:27,520 Speaker 1: those arguments. But he has a genius. He's very smart, 542 00:34:28,239 --> 00:34:31,520 Speaker 1: and uh, he can see that gold mining companies are 543 00:34:31,560 --> 00:34:34,279 Speaker 1: going to be making a mint in the years come. 544 00:34:34,640 --> 00:34:37,359 Speaker 1: And I made the same point that you did to one. 545 00:34:37,440 --> 00:34:39,719 Speaker 1: I said that, you know Buffett, his strategy is like 546 00:34:39,760 --> 00:34:42,080 Speaker 1: buying hold forever, like he's on Coca Cola for whatever, 547 00:34:42,120 --> 00:34:44,759 Speaker 1: fifty years. Like when he goes in, like he buys 548 00:34:44,800 --> 00:34:46,719 Speaker 1: it so like he's not looking to like flip gold 549 00:34:46,760 --> 00:34:48,760 Speaker 1: in a month, like he's going in for he sees 550 00:34:48,800 --> 00:34:50,959 Speaker 1: like a long term tell wind here he must write 551 00:34:51,040 --> 00:34:56,000 Speaker 1: one and to um, he he kind of leads like, 552 00:34:56,080 --> 00:34:58,399 Speaker 1: as you just mentioned, right, the institutions aren't buying yet, 553 00:34:58,480 --> 00:35:00,600 Speaker 1: and like now that he's buying it is probably gonna 554 00:35:00,600 --> 00:35:02,480 Speaker 1: open up the floodgates for all these people. Would you 555 00:35:02,480 --> 00:35:04,759 Speaker 1: agree with that? That's exactly the way I see it. 556 00:35:05,400 --> 00:35:08,719 Speaker 1: And so as of as of his last report, he's 557 00:35:08,719 --> 00:35:11,280 Speaker 1: got twenty million shares of Barrack, which is the second 558 00:35:11,400 --> 00:35:14,440 Speaker 1: largest gold miner in the world. New Mount is the largest. 559 00:35:15,120 --> 00:35:21,680 Speaker 1: But the money is going to start flowing into secondary 560 00:35:21,760 --> 00:35:28,080 Speaker 1: producers are smaller. But the reason why, uh, the reason 561 00:35:28,120 --> 00:35:29,680 Speaker 1: why I own a lot of gold mining ink and 562 00:35:29,719 --> 00:35:33,000 Speaker 1: I know we've been talking about it because, uh well 563 00:35:33,040 --> 00:35:35,400 Speaker 1: I like to talk my book and it's one of 564 00:35:35,440 --> 00:35:37,640 Speaker 1: my largest positions. Okay, So I'm telling you why I 565 00:35:37,680 --> 00:35:42,800 Speaker 1: own it. It's because they've got twenty five million ounces 566 00:35:42,880 --> 00:35:47,080 Speaker 1: of resources that were he turned into reserves and big 567 00:35:47,080 --> 00:35:50,600 Speaker 1: mining companies which have not been exploring over the last 568 00:35:50,600 --> 00:35:54,440 Speaker 1: ten years very much. The argument has been made that 569 00:35:54,480 --> 00:35:59,240 Speaker 1: we have Pete Gold, that gold production is actually going 570 00:35:59,320 --> 00:36:04,280 Speaker 1: down because all of the easy, easy to find gold 571 00:36:04,320 --> 00:36:08,120 Speaker 1: people have been looking for gold for for millennia. So 572 00:36:08,200 --> 00:36:12,080 Speaker 1: all the easy to find high grade gold near surface 573 00:36:12,120 --> 00:36:17,680 Speaker 1: has been found. All the mining company these are going 574 00:36:17,719 --> 00:36:20,520 Speaker 1: to be bidding for more resources stay in business because 575 00:36:20,520 --> 00:36:23,920 Speaker 1: when Barrick or New Mount mine announced, they've got to 576 00:36:23,960 --> 00:36:25,719 Speaker 1: replace it with another ounce or they're going to go 577 00:36:25,800 --> 00:36:29,600 Speaker 1: out of business. It's a vanishing asset. So that's why 578 00:36:29,680 --> 00:36:33,359 Speaker 1: I'm playing this company. It's got no turned expenses, it's 579 00:36:33,400 --> 00:36:36,920 Speaker 1: just holding the gold and we're waiting for a major 580 00:36:37,000 --> 00:36:39,640 Speaker 1: to come along and buy it for a much higher price, 581 00:36:40,320 --> 00:36:43,520 Speaker 1: not just ten dollars announced in the gold in the ground. 582 00:36:43,600 --> 00:36:45,319 Speaker 1: By the time this is over, they're gonna be paying 583 00:36:45,360 --> 00:36:47,840 Speaker 1: well over a hundred dollars or two hundred dollars announced 584 00:36:47,840 --> 00:36:51,200 Speaker 1: in the ground. Yeah, so anyone listening can do the 585 00:36:51,200 --> 00:36:53,839 Speaker 1: math on on that their their price at ten dollars 586 00:36:53,800 --> 00:36:55,319 Speaker 1: announced in the ground. If they get a hundred dollars 587 00:36:55,320 --> 00:36:57,919 Speaker 1: anounces to manage what that does to the stock price? Now, Doug, 588 00:36:57,960 --> 00:36:59,759 Speaker 1: I know we got to wrap it up. I own 589 00:37:00,040 --> 00:37:01,759 Speaker 1: I own a lot of gold stocks, and there are 590 00:37:01,760 --> 00:37:04,799 Speaker 1: good arguments for all of them. Otherwise I wouldn't know them. 591 00:37:04,920 --> 00:37:08,319 Speaker 1: But this is one of the best arguments. Yeah. Uh yeah, Now, 592 00:37:08,360 --> 00:37:10,000 Speaker 1: I know we're running short on time. We got to 593 00:37:10,040 --> 00:37:11,400 Speaker 1: get off of here, but I did want to just 594 00:37:11,440 --> 00:37:15,160 Speaker 1: ask you just another couple of questions. Um, you keep 595 00:37:15,200 --> 00:37:17,360 Speaker 1: talking about the end game and we're at the final 596 00:37:17,480 --> 00:37:20,000 Speaker 1: end game, and uh, I would agree with that. And 597 00:37:20,040 --> 00:37:23,480 Speaker 1: I'm curious, Um, you know, I hear both sides the argument. 598 00:37:23,520 --> 00:37:24,960 Speaker 1: I can, I can make both sides the argument, and 599 00:37:25,000 --> 00:37:28,399 Speaker 1: I'm curious what you see. But one, Um, how how 600 00:37:28,480 --> 00:37:31,680 Speaker 1: this ends? So right now, obviously we're seeing the debt 601 00:37:31,719 --> 00:37:34,640 Speaker 1: de leveraging, so we're seeing deflation. The FED, the central 602 00:37:34,680 --> 00:37:36,879 Speaker 1: banks around the world are trying to inflate back up 603 00:37:36,920 --> 00:37:41,399 Speaker 1: by printing Math's amount of money. Um, who's gonna win. 604 00:37:41,640 --> 00:37:43,840 Speaker 1: Is the market gonna win with deflation or is the 605 00:37:43,880 --> 00:37:48,360 Speaker 1: Fed's gonna win with inflation? Um? And if so, what 606 00:37:48,440 --> 00:37:52,200 Speaker 1: does that mean to gold? Yeah? Well, this argument, are 607 00:37:52,200 --> 00:37:56,920 Speaker 1: we going to ultimately have catastrophic deflation or runaway inflation? 608 00:37:57,400 --> 00:38:01,799 Speaker 1: These argument has been going on for fifty years and 609 00:38:01,880 --> 00:38:05,239 Speaker 1: I followed it through that time. Uh. The answer is, 610 00:38:05,280 --> 00:38:08,360 Speaker 1: you can't be sure which is going to win because 611 00:38:08,520 --> 00:38:13,279 Speaker 1: with all the debt in the world, Uh, it could 612 00:38:13,280 --> 00:38:17,440 Speaker 1: be defaulted on. And if a billion dollar bond is 613 00:38:17,480 --> 00:38:20,160 Speaker 1: defaulted on, what happens to the billion dollars if somebody 614 00:38:20,160 --> 00:38:22,960 Speaker 1: thought was their asset, it dies and goes to money. 615 00:38:22,960 --> 00:38:27,879 Speaker 1: Having I have billion dollars disappears as deflationary. But at 616 00:38:27,920 --> 00:38:33,120 Speaker 1: this point, Uh, these central banks have the world's economies 617 00:38:33,160 --> 00:38:36,600 Speaker 1: in a stranglehold, and they've said, and I believe them, 618 00:38:36,640 --> 00:38:39,799 Speaker 1: that they'll print up as much money as necessary to 619 00:38:40,000 --> 00:38:44,320 Speaker 1: keep the ball rolling, to keep the house of cards 620 00:38:44,400 --> 00:38:50,960 Speaker 1: propped up. So I'm betting on much higher levels of inflation. 621 00:38:51,520 --> 00:38:54,960 Speaker 1: But what I'm really betting on more than inflation or 622 00:38:54,960 --> 00:39:01,520 Speaker 1: deflation per se, is chaos. We're gonna have actual financial chaos, 623 00:39:01,800 --> 00:39:06,920 Speaker 1: and it's gonna be scary. Yeah, and and uh I 624 00:39:07,719 --> 00:39:10,280 Speaker 1: I write a newsletter is called the four Pillar Blueprint, 625 00:39:10,320 --> 00:39:14,120 Speaker 1: and one of the four pillars is chaos chaos hedge insurance, 626 00:39:14,680 --> 00:39:16,719 Speaker 1: which is precious metals of course, so exactly what you're 627 00:39:16,719 --> 00:39:21,480 Speaker 1: talking about, the chaos, uh and and and we that's 628 00:39:21,480 --> 00:39:24,040 Speaker 1: that's not even like speculative, Like we're seeing massive chaos 629 00:39:24,160 --> 00:39:25,600 Speaker 1: right now. It's pretty easy to see how that's just 630 00:39:25,640 --> 00:39:27,520 Speaker 1: going to continue to grow. We're just we're just in 631 00:39:27,560 --> 00:39:29,279 Speaker 1: the first We're just in the first inning of the 632 00:39:29,320 --> 00:39:32,799 Speaker 1: ball game right now. Oh that's a scary thought, I 633 00:39:32,880 --> 00:39:37,719 Speaker 1: know it is. That's why you're in Uruguay. Well, yeah, 634 00:39:37,760 --> 00:39:40,520 Speaker 1: I'm I've got a thousand acre farm here with a 635 00:39:40,560 --> 00:39:46,359 Speaker 1: mild river front near the ocean, surrounded by cattle and horses. Yeah. 636 00:39:46,400 --> 00:39:51,960 Speaker 1: So I feel pretty good about this. But you know, 637 00:39:52,040 --> 00:39:54,200 Speaker 1: you can run, but you can't hide this is this 638 00:39:54,239 --> 00:39:57,120 Speaker 1: is gonna be a worldwide problem. Yeah. And you know, 639 00:39:57,200 --> 00:40:00,040 Speaker 1: I've always thought I could run, and if anything, this 640 00:40:00,160 --> 00:40:02,560 Speaker 1: pandemic has shown me that, no, there is not going 641 00:40:02,600 --> 00:40:04,840 Speaker 1: to be anywhere to run to now. The whole world 642 00:40:04,880 --> 00:40:08,160 Speaker 1: is way too connected now, so um, we have to 643 00:40:08,239 --> 00:40:10,719 Speaker 1: just my my philosophy is we just have to learn 644 00:40:10,760 --> 00:40:12,480 Speaker 1: as much as we can so we can build up 645 00:40:12,560 --> 00:40:16,319 Speaker 1: enough resources so we at least have options. Right, you'll 646 00:40:16,360 --> 00:40:18,239 Speaker 1: have to You'll have to send me a copy of 647 00:40:18,280 --> 00:40:20,759 Speaker 1: your Loser, and i'd like to like to say it, Mark, 648 00:40:21,280 --> 00:40:24,120 Speaker 1: I sure will. Well, Doug Um, I know we're out 649 00:40:24,120 --> 00:40:25,960 Speaker 1: of time, and I think we went a bit long. 650 00:40:25,960 --> 00:40:28,000 Speaker 1: So I really appreciate you giving me your time. Like 651 00:40:28,040 --> 00:40:30,120 Speaker 1: I said, I've been, uh, I've been a huge fan. 652 00:40:30,160 --> 00:40:32,080 Speaker 1: I've been following you for over a dozen years. You've 653 00:40:32,120 --> 00:40:35,399 Speaker 1: barely been instrumental in my own philosophy, building it out 654 00:40:35,440 --> 00:40:38,160 Speaker 1: the way that I see the world, and and so forth. 655 00:40:38,160 --> 00:40:40,120 Speaker 1: So again, thanks so much for taking the time. I 656 00:40:40,120 --> 00:40:44,080 Speaker 1: appreciate it. It's just all been mine, all right. Thanks 657 00:40:44,120 --> 00:40:48,040 Speaker 1: do all right? Thanks Dog all right, Thanks Dog all right.