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Speaker 1: I got a brother. All right. Well, thank you so

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Speaker 1: much Andy for joining me today. I'm really excited to

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Speaker 1: have this conversation with you, Joe. Thanks for having me, buddy.

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Speaker 1: I'm really thrilled to be here. I was very happy

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Speaker 1: to get the invite and been looking forward to it,

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Speaker 1: So thanks for having me. Absolutely, I am. We should

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Speaker 1: have done this a long time ago. We've known each

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Speaker 1: other for a while now, and I'm glad we finally

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Speaker 1: got the opportunity here. The first I just wanted to

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Speaker 1: kind of lead in with this story because I think

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Speaker 1: it's funny. The first time I was introduced to you

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Speaker 1: was your dad after he had watched my YouTube video

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Speaker 1: about the carnivore diet, and so I just thought that

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Speaker 1: was kind of funny. I was curious if he was

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Speaker 1: if he's still doing that, or I had kept the weight.

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Speaker 1: He kept the weight off. I think you know he's

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Speaker 1: he's the kind of guy that he could literally eat

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Speaker 1: a chicken leg for breakfast, for lunch and for dinner,

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Speaker 1: and a steak for a snack, So the carnivore diet

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Speaker 1: wasn't a problem for him. But I think that was

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Speaker 1: kind of a fad for him. I think he was

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Speaker 1: more more impressed with your transformation, your story, the way

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Speaker 1: you communicated it, and the fact that he reached out

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Speaker 1: to you and you responded in an in a world

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Speaker 1: that is so impersonal. I think he was really impressed

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Speaker 1: by that. And you know, something that's been one of

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Speaker 1: the keys to my success too, is is you know,

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Speaker 1: we're not your traditional company that is online and impersonal.

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Speaker 1: Weave for thirty three years have been all about relationships

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Speaker 1: and when you're watching someone on YouTube, you're impressed with

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Speaker 1: their presentation and their story and they reply to you.

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Speaker 1: I think he was really taken back by that. So

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Speaker 1: that's that's how he kind of I think looked at

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Speaker 1: it and and uh had me reach out to you

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Speaker 1: at the same time. And I will be happy to

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Speaker 1: admit that you actually got back to me too, So

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Speaker 1: you know, kudos to you for that. No, that's great.

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Speaker 1: I was glad to meet you and get introduced to

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Speaker 1: you your business. Like you mentioned when I first heard,

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Speaker 1: you know, before we kind of get into the topic

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Speaker 1: of today, I just it's so impressive when I first

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Speaker 1: heard that, with how long you guys have been doing

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Speaker 1: business and the lack of customer complaints, it's just unheard of.

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Speaker 1: I appreciate that. Yeah, we started on a Wing and

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Speaker 1: a Prayer thirty three years ago. My father's middle name

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Speaker 1: is Miles, and his best friend who lent US sixty

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Speaker 1: thousand dollars in nineteen eighty nine, his middle name was Franklin.

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Speaker 1: And in a one room office, the most unlikely cast

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Speaker 1: of characters to succeed, and we did. We recently eclipsed

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Speaker 1: eight billion in sales. We have never had a material

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Speaker 1: customer complaint. We are one of only twenty seven us

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Speaker 1: MINT authorized resellers in the world, and Honor were very,

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Speaker 1: very proud of and even though I moved to Florida

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Speaker 1: a year and a half ago, where I have had

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Speaker 1: a sad Light office for about eleven years, we left

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Speaker 1: our corporate entity in the state of Minnesota. It's the

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Speaker 1: only state in America that regulates what is a federally

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Speaker 1: nonregulated industry. So we're very proud of our reputation of

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Speaker 1: our us MINT accreditation, but the state of Minnesota doesn't care,

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Speaker 1: and we have to be licensed, we have to be bonded,

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Speaker 1: and we have to be background checked and every single year.

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Speaker 1: As a result, in the majority of the companies in

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Speaker 1: America won't do business in the state of Minnesota because

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Speaker 1: of this. We embrace it. It holds us to a

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Speaker 1: higher standard. So yeah, it's it's been a great run.

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Speaker 1: And I look back and pinch myself that I am

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Speaker 1: where I am, starting from literally nothing as a nineteen

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Speaker 1: year old kid, and here we are. Yeah, I love

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Speaker 1: that story. And getting into kind of what is going

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Speaker 1: on today in the business, I mean, this is kind

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Speaker 1: of a crazy time. So just for some context, within

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Speaker 1: the last couple of weeks, obviously right now, like banks

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Speaker 1: are collapsing, bailouts are happening for depositors. Before that, we

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Speaker 1: saw there was one of the might be one of

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Speaker 1: the largest scandals in the uh you know, the golden

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Speaker 1: and silver industry in a very long time, with the

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Speaker 1: person Mint deluding their gold um and a few years

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Speaker 1: ago this was I don't I think it was twenty

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Speaker 1: fifteen or so. UM China had been China had been

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Speaker 1: shipping out. I think it was tungsten uh that was

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Speaker 1: that had gold leaf on it as gold bars. So

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Speaker 1: this is an industry that right now it's kind of

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Speaker 1: kind of choppy. It's been hit with scandals, but also

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Speaker 1: people are piling in because it's not somebody else's liability,

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Speaker 1: as long as it's actually real gold. So what's what's

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Speaker 1: going on right now? Tell us about the give us

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Speaker 1: to the inside scoop. Yeah, well, I mean the industry

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Speaker 1: just like anything, just like a relationship, it's a foundation

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Speaker 1: of trust. And if you betrayed that trust. Even in

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Speaker 1: the the case of the Perth min and I would

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Speaker 1: argue that, you know, they kind of got the raw

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Speaker 1: end on this one. They've been beaten up a lot

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Speaker 1: over the last couple of years for various reasons. But

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Speaker 1: in this case, the bars never did drop below four

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Speaker 1: nine fine pure, but they did have too much silver

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Speaker 1: in them for the Shanghai Exchange standards. But I think

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Speaker 1: it fits part and parcel with this industry, and this

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Speaker 1: industry certainly has had somewhat of a checkered pass. There's

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Speaker 1: been in the last six or seven years. There was

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Speaker 1: you know, north A two hundred million dollars stolen by companies,

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Speaker 1: always the online cheap companies who end up stealing money.

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Speaker 1: It was tolving, it was bully undirect, it was Northwest

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Speaker 1: Territorial meant big big companies amongst others. That kind of

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Speaker 1: put a stain on this industry. I think it's a

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Speaker 1: shame and it's a stigma that we've had to fight

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Speaker 1: for a very long time, because when I look when

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Speaker 1: I started in this industry as a basically a twenty

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Speaker 1: year old kid, it was there was one rule my

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Speaker 1: dad said to me, in one rule only, he said,

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Speaker 1: you know, I can deal with that starting a company.

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Speaker 1: What's that rule, Dad? He says, you need to buy

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Speaker 1: something every two weeks. I said, okay, if that's the

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Speaker 1: only rule, I'm down with that. And for thirty three years,

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Speaker 1: every two weeks I have purchased something. I have never

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Speaker 1: missed a two week period. I've honored my promise to

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Speaker 1: my father, even though I owned the company and half

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Speaker 1: for two decades. He won't fire me anymore. But I

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Speaker 1: made that promise and I've kept it, and it's the best,

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Speaker 1: the best gift he's ever given me, the ability to

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Speaker 1: save and to pay myself first. And when I look

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Speaker 1: at gold and silver, it means so much to me.

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Speaker 1: It's not an investment. It's wealth, wealth that I hope

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Speaker 1: I never need to use, and if so, I'm darn

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Speaker 1: glad I have it. If not, I give it to

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Speaker 1: my kids. And so when we have to continually see

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Speaker 1: these negative worries about fraud or about in this case,

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Speaker 1: they called it doping of gold or whatnot. Yeah, it's

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Speaker 1: it's bother some. I do think it's these These are

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Speaker 1: few and far between, but I think gold and silver

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Speaker 1: are so very, very very important, and oftentimes the only

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Speaker 1: media coverage we hear of is of negative stories or

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Speaker 1: a negative connotation, and I wish it weren't that way,

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Speaker 1: because I think it really is very important nowadays to

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Speaker 1: look at gold, and as you mentioned, it is one

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Speaker 1: of the only assets that is not someone else's liability

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Speaker 1: simultaneously anyway someone else's liability, and I think in a

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Speaker 1: world of counterparty risk, a world of contagion, it's never

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Speaker 1: been more important to look at gold and silver, I think,

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Speaker 1: for the qualities that they they exude, and in particular

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Speaker 1: the lack of or the complete dismissal of counterparty risk. Well, so, okay,

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Speaker 1: so a couple of questions about all that. Number One,

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Speaker 1: when you say buy something every two weeks, that's personal

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Speaker 1: that that's not the correct That was just his way

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Speaker 1: of saying to me, you know, we come from nothing, Joe.

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Speaker 1: My parents sold their life insurance policies and borrowed sixty

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Speaker 1: thousand dollars from the guy who helped that's Franklin, the

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Speaker 1: Franklin and Miles Franklin, and he said, you're not going

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Speaker 1: to make the same mistakes that I made. If nothing,

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Speaker 1: you will learn how to save. And it truly was

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Speaker 1: the best gift that he's ever given me, the ability

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Speaker 1: to pay myself first, the understanding that if you don't,

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Speaker 1: you wake up one day and you're fifty two years old,

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Speaker 1: like I am, in wonder where the hell at all

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Speaker 1: the time go? And if you don't pay yourself first,

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Speaker 1: if you don't find a way to get off that wheel,

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Speaker 1: you never will will. And everyone who I've ever hired, ironically,

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Speaker 1: one of the things that's need about our companies, we

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Speaker 1: all the people who work for me go back literally

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Speaker 1: to childhood. And there's twelve or thirteen of us that

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Speaker 1: I've been friends with since elementary school, little league, junior

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Speaker 1: high school, high school, and college. And that's one of

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Speaker 1: the requisites. You're going to come work for me, You're

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Speaker 1: going to buy something for yourself every two weeks. And

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Speaker 1: they all have thanked me up and down, because it's

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Speaker 1: really easy to not save and to not pay yourself first,

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Speaker 1: and one of the neat things about gold and silver

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Speaker 1: is that takes a little bit of a modicum of

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Speaker 1: effort to liquidate it, to sell it, and having it

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Speaker 1: put away often is one of the best ways to

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Speaker 1: preserve your funds because it just disappears and you forget

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Speaker 1: about it. And I don't know. This systematic accrual every

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Speaker 1: two weeks honestly has been a godsend to me and

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Speaker 1: my family, and someday it'll be my kids. And I

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Speaker 1: think that if I can impress that upon anyone, I

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Speaker 1: will tell you it is one of the keys to

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Speaker 1: my peace of mind. I think you're touching on something

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Speaker 1: that is really widely misunderstood and is the reason why

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Speaker 1: so many people stay poor because a lot of people

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Speaker 1: you know, people that I've known, you know. The data

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Speaker 1: backs us up as well. People will try and implement

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Speaker 1: good financial habits. One of them usually the first one.

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Speaker 1: If it's not getting out of debt, it's going to

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Speaker 1: be trying to save and just as a you know,

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Speaker 1: an extreme example, you look back at the last three years.

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Speaker 1: Let's say three years ago, somebody put ten grand in

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Speaker 1: a bank account to save it for a rainy day,

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Speaker 1: and let's say, back then, that would have been able

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Speaker 1: to last them two or three months for their expenses.

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Speaker 1: Today that will only last them, you know, maybe one

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Speaker 1: to two months because expenses have gone up. And so

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Speaker 1: for the last hundred years, our monetary system has turned

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Speaker 1: saving into losing. And so I really like that you're

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Speaker 1: using the same language, but you're talking about gold and silver,

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Speaker 1: which is different than saving in fiat currency, which loses

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Speaker 1: its purchasing Yeah, I mean I saw great, a great,

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Speaker 1: great statement. They said, what if Elon Musk got up

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Speaker 1: on a stage and set a goal of tesla as

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Speaker 1: to lose two percent per year. Well, you know that's

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Speaker 1: what the Fed says, the mandate is, and you know,

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Speaker 1: you can see they're having a hard time doing that.

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Speaker 1: But you know, if you're losing two percent per year

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Speaker 1: using the rule of seventy seconds every thirty six years,

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Speaker 1: your currency has had and so you know, if you

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Speaker 1: go back and look at the GI life insurance bill

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Speaker 1: after World War Two, it was ten thousand dollars. When

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Speaker 1: my father graduated high school, i mean college in nineteen

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Speaker 1: sixty three, his goal was to have a job that

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Speaker 1: paid him ten thousand dollars a year. A brand new

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Speaker 1: Corvette in nineteen seventy four or five was about six

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Speaker 1: thousand dollars. So when you talk about the value, the

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Speaker 1: precipitous decline, the insidious decline of dollar bills, it's interesting.

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Speaker 1: You know, one of the things that people complain about

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Speaker 1: gold is that it doesn't pay a coupon. Well, first

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Speaker 1: and foremost, in a in a negative interest rate environment

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Speaker 1: that we see right now, it's sure beats the heck

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Speaker 1: out of negative three percent compounding on a ten year

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Speaker 1: treasury when factored against inflation. I'll take gold paying no

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Speaker 1: interest any day. But you can go back to nineteen

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Speaker 1: sixty and I often I use this example before, where

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Speaker 1: the average price of a house in nineteen sixty was

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Speaker 1: seventeen thousand dollars and gold was priced at thirty nine

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Speaker 1: bucks an ounce, And if you do the math, that

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Speaker 1: works out to like four hundred and thirty five ounces

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Speaker 1: something in that neighbor. I'm not doing the math here

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Speaker 1: right now, and you know, so if you had four

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Speaker 1: hundred and thirty five gold crew grands. In fact, let

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Speaker 1: me just do it to make it sure. The Census

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Speaker 1: Bureau told us a house was almost exactly seventeen thousand dollars.

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Speaker 1: It's four hundred and thirty five ounces. So if you

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Speaker 1: had four hundred and thirty five crew grands in nineteen

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Speaker 1: sixty and said should we pay for our house? You

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Speaker 1: say to your wife with the gold that we were

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Speaker 1: left by Grandpa IRV and you decide no, you know,

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Speaker 1: let's stick it under our mattress instead, and where it

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Speaker 1: earns nothing but dust for the last sixty two years. Well,

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Speaker 1: the average price of a house right now is let's

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Speaker 1: call it, four hundred thousand dollars, and gold is eighteen

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Speaker 1: nineteen hundred dollars. So those four hundred and thirty five

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Speaker 1: ounces right now, which is are nothing but dust carried

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Speaker 1: no interest whatsoever, is now worth eight hundred and twenty

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Speaker 1: six thousand dollars. It buys you two houses, whereas the

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Speaker 1: sixteen thousand dollars doesn't even or seventeen thousand dollars that

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Speaker 1: it was worth back then doesn't even buy you, you know,

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Speaker 1: the furnishings in your house, a couple of couches and

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Speaker 1: a TV, and you're already past seventeen grand. The point

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Speaker 1: of it is is that gold is the barometer by

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Speaker 1: which the value of the currency is measured. It's not

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Speaker 1: gold that has gone up. It's the value of the

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Speaker 1: currency that has gone down. And it happens very slowly

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Speaker 1: with inflation, little by little by little. And of course,

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Speaker 1: so you could argue we are on a path right

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Speaker 1: now to much greater inflation, where prices are going to

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Speaker 1: start to increase much much more. But the idea is,

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Speaker 1: even if you go back to you know, you go

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Speaker 1: back to nineteen thirty three, if your grandfather had two boxes.

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Speaker 1: One box had twenty dollar bills in it, twenty Federal

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Speaker 1: Reserve notes, and the other box had twenty dollar gold pieces,

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Speaker 1: which are basically an ounce of gold ten thousand dollars

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Speaker 1: left for you know, you in two boxes. That ten

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Speaker 1: thousand dollars is worth squat, but the ten thousand dollars

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Speaker 1: or five hundred ounces of gold is worth one million dollars. Basically,

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Speaker 1: the point I'm getting at is that it is the

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Speaker 1: value of the paper fiat currency backed by nothing, that

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Speaker 1: continues to lose value. And while gold won't make you wealthy,

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Speaker 1: it is wealth, and if you own enough of it,

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Speaker 1: you will be wealthy. But it is something that I

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Speaker 1: think is a lesson that people need to understand. You

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Speaker 1: do not buy gold and silver to become wealthy. It

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Speaker 1: is wealth, and it is wealth that has outlived two

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Speaker 1: world wars, a German hyper inflation, the Great Depression, every pandemic,

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Speaker 1: everything the world has ever thrown at it, and it

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Speaker 1: is the only asset that ever every central bank on

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Speaker 1: the planet owns, which, by the way, in twenty twenty

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Speaker 1: two they accumulated more of it, the second most in history,

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Speaker 1: and more than any time since nineteen sixty seven when

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Speaker 1: the dollar was backed by gold. The big money, the elite,

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Speaker 1: the central banks, they understand what gold truly is, and

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Speaker 1: it's not an investment as we are told taught to believe.

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Speaker 1: It to me is wealth and that's why I own it.

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Speaker 1: Wealth that I hope I never need to use. If

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Speaker 1: I do not, just for an emergency, could be an

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Speaker 1: opportunity when the dust settles, when interest rates rise and

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Speaker 1: asset prices fall in terms of finding equilibrium with the

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Speaker 1: rising interest rates, there will be values. There will be

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Speaker 1: amazing opportunities to take advantage of into me. That's what

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Speaker 1: gold and silver are. Wealth that will be there when

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Speaker 1: you need it for an opportunity, an emergency, or if

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Speaker 1: not passing on to my children and grandchildren long after

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Speaker 1: the bills in my wallet are hanging from a frame,

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Speaker 1: and the Smithsonian as an example of what was gold

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Speaker 1: and silver will still be immutable wealth. And that, honest

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Speaker 1: to God, is the reason I own it and how

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Speaker 1: I look at it and how I try to educate

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Speaker 1: my clients and the people I talked to on these

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Speaker 1: types of podcasts as to what it means to me.

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Speaker 1: That's fantastic. A couple of things that you mentioned that

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Speaker 1: I want to kind of circle back to. The first

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Speaker 1: thing you mentioned was the price of housing when you

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Speaker 1: look at it through the lens of gold, and you know,

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Speaker 1: part of if we look at you know, nineteen sixty is,

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Speaker 1: you know, obviously during that time the price of gold

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Speaker 1: was heavily suppressed because it was pegged to the dollar.

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Speaker 1: And fast forward a few years and you realize the

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Speaker 1: real market value of gold, you know, pops into existence.

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Speaker 1: But even if you start the data from that point,

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Speaker 1: once the price of gold has popped, and look forward

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Speaker 1: right now, the ratio of the average single family home

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Speaker 1: compared to gold is very stable throughout time, and in

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Speaker 1: fact what happens is it goes down slightly, meaning that

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Speaker 1: you can purchase it takes less gold to purchase the

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Speaker 1: same house. But in addition to that, and this is

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Speaker 1: never because you can't do this data, You can't factor

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Speaker 1: this in, you know, on a large scale. I mean

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Speaker 1: maybe you could look at square feet and things like that.

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Speaker 1: But the house, the single family house today that is

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Speaker 1: being measured in this data is by very many measures,

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Speaker 1: way better than the single family houses from nineteen sixty

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Speaker 1: nineteen seventy. I mean, go over to your grandma's house.

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Speaker 1: It was built in nineteen fifty, nineteen forty, nineteen sixty,

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Speaker 1: and then look at the average single family home today.

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Speaker 1: There's no comparison when you look at the square footage,

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Speaker 1: when you look at the amenities, when you look at

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Speaker 1: the technology, the resistance to whether the you know, the

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Speaker 1: what's the word when the temperature can't come in and

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Speaker 1: out with the insulation. Yeah yeah, yeah. So from all measures,

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Speaker 1: it's like, even if that gold only will purchase you

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Speaker 1: still one single family house just like it would have

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Speaker 1: sixty years ago. It's a way better house today than

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Speaker 1: it used to be. So when you look at what

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Speaker 1: you're seeing is deflation through progress that over time, when

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Speaker 1: you save your money in real money and sound money

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Speaker 1: in wealth. Then what you're doing is you're you're preserving

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Speaker 1: your purchasing power, and slowly, over time you're gaining a

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Speaker 1: little bit. And then you don't have to be worried

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Speaker 1: about like the negative interest rates. You don't have to

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Speaker 1: be worried about the next big thing. You don't have

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Speaker 1: to be worried about the bubble, because you know that

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Speaker 1: long term you're preserving you're preserving your purchasing power, and

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Speaker 1: when stuff goes on sale, if you want to, you

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Speaker 1: can buy it then and you don't have to worry

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Speaker 1: about your dollars in the in Silicon Valley bank and

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Speaker 1: whether or not the government's gonna kinda bail you out.

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Speaker 1: That's exactly That's exactly it. And I think, I mean,

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Speaker 1: you set a lot there, and I completely and totally

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Speaker 1: I totally agree. I mean, when you have enough gold

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Speaker 1: and silver, you don't care what happens in the banking

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Speaker 1: system too. It agree, I mean you do, but you

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Speaker 1: you don't. You have you have a little bit of

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Speaker 1: detachment from the system. And in the world of declining

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Speaker 1: privacy and inflation and you know, brain dead monetary policy,

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Speaker 1: I think it's never been more important to own it.

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Speaker 1: And I think this is why you are seeing the

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Speaker 1: Colmax market being bled dry, while you're seeing the London

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Speaker 1: Metals Exchange being bled dry. Why you are seeing the

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Speaker 1: central banks go on a buying binge. And you know,

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Speaker 1: it's important to understand that when we talk about metal

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Speaker 1: being taken off the Comax, I'd like to just touch

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Speaker 1: about that for one second. We're seeing record amounts of

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Speaker 1: deliveries over the last three years. In fact, whole new

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Speaker 1: group of traders emerged on the Commitment of Traders report,

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Speaker 1: which forever just showed the positioning of the commercial banks

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Speaker 1: on one end and the specs or the hedge funds

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Speaker 1: on the other. And twenty twenty they put a third

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Speaker 1: group of reportables that I'd never seen before, called the

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Speaker 1: others and the others. And this is a report, by

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Speaker 1: the way, the COOT Report that has published each week

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Speaker 1: by the Commodity Exchange, the Chicago Common Exchange, that the

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Speaker 1: CME group, and and it talks about the positioning of

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Speaker 1: the largest traders on the exchange, and this group the others,

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Speaker 1: in twenty twenty out of nowhere started taking massive deliveries

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Speaker 1: and deliveries leaving the ecosystem. I'd like to explain what

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Speaker 1: that means for a moment so people can understand that

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Speaker 1: this is a one way ticket. We did a very

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Speaker 1: large order earlier this year, a fifty million dollar order,

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Speaker 1: and the client wanted to have the majority of it

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Speaker 1: in thousand ounced bars held at our Brain Salt Lake

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Speaker 1: City facility. We have a wonderful program with Brinks. We

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Speaker 1: have seven vaults around North America. The only one that

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Speaker 1: is a Comax vault is Brinks JFK in New York City,

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Speaker 1: and that's the Colmex facility. The rest of the others

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Speaker 1: in Toronto, Vancouver, Montreal, Miami, Salt Lake City in Los

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Speaker 1: Angeles are Brinks facilities, but not COMEX facilities. And so

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Speaker 1: the gentleman that I secured the thousand ounced bars from

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Speaker 1: is one of the two Royal Canadian mint distributors, has

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Speaker 1: an amazing deal in Canada, that is, has an amazing

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Speaker 1: deal on thousand ounce silver bars. Had them held at JFK,

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Speaker 1: and I said to him, listen, you know, I know

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Speaker 1: the price for all these thousand ounce bars. They're talking

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Speaker 1: a million ounces of silver. And I said for that

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Speaker 1: was just for half of the money that she was spending.

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Speaker 1: And I said, you know this is at Brinks JFK.

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Speaker 1: How much will it increase in price to have it

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Speaker 1: moved to bring Salt Lake City where she would prefer

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Speaker 1: to have it stored. And he said, you don't want

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Speaker 1: to do that. She doesn't want to do that, And

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Speaker 1: I said, well, why's that? He says, because it will

397
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Speaker 1: lose Colmes chain of custody. I said, but it's going

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Speaker 1: from Brinks JFK to bring Salt Lake City by brings truck.

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Speaker 1: No one touches it but brings. Why would that be

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Speaker 1: the case And he said, because look, once it leaves

401
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Speaker 1: the Comex ecosystem, even if it stays within the Brinks ecosystem,

402
00:22:30,440 --> 00:22:33,280
Speaker 1: it would have to be reintroduced and reassayed. And if

403
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Speaker 1: Elon Musk came up and said I'll pay fifty dollars

404
00:22:36,080 --> 00:22:38,600
Speaker 1: premium for every ounce of silver that anyone wants to

405
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Speaker 1: part with on comes, they would not be able to

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Speaker 1: take advantage of that in a fashion that would allow

407
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Speaker 1: it to allow them to react quickly enough. They would

408
00:22:46,840 --> 00:22:49,320
Speaker 1: have to have a ship back, reintroduce, reassated at a

409
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Speaker 1: big cost and a time leg. And so the point

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Speaker 1: of it is is that when this money, which is

411
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Speaker 1: wholly sophisticated because pulling metal off of Colmex in the

412
00:22:59,080 --> 00:23:03,080
Speaker 1: LBMA is very difficult. You'd have a much easier time

413
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Speaker 1: giving me fifty million dollars in buying gold bars and

414
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Speaker 1: silver bars than trying to take possession off of Colmex.

415
00:23:09,400 --> 00:23:13,520
Speaker 1: But once it leaves, it's lost all industrial liquidity. So

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Speaker 1: whoever is taking possession of the copious amount of gold

417
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Speaker 1: and silver is doing so in a fashion that is

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Speaker 1: removing industrial liquidity. And I don't think obviously they care.

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Speaker 1: Where is it going. Well, India imported three hundred and

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Speaker 1: four million ounces of silver last year and that's more

421
00:23:32,880 --> 00:23:35,600
Speaker 1: than the entire Coalmex ecosystem has about two hundred and

422
00:23:35,600 --> 00:23:38,359
Speaker 1: eighty eight million, of which only thirty nine million is

423
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Speaker 1: in the registered category. So you're witnessing massive amounts of

424
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Speaker 1: gold being delivered off of the COMEX and the LBMA,

425
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Speaker 1: and it never happened before. It was never a vehicle

426
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Speaker 1: that was made for delivery. It was a vehicle that

427
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Speaker 1: was used to offset risk. Yes you can take delivery,

428
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Speaker 1: but it never happened until twenty twenty. And it is

429
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Speaker 1: a trend that we continue to draining in a precipitous

430
00:24:02,400 --> 00:24:06,040
Speaker 1: fashion all of the industrial sized gold and silver bars.

431
00:24:06,080 --> 00:24:10,200
Speaker 1: And I would argue using price as a tool of misdirection,

432
00:24:10,320 --> 00:24:15,480
Speaker 1: and it is what betrays the lack of price appreciation

433
00:24:15,920 --> 00:24:18,679
Speaker 1: in an environment where it should be screaming higher. But

434
00:24:18,800 --> 00:24:21,000
Speaker 1: after all, it is the canary in the mind shaft.

435
00:24:21,080 --> 00:24:24,320
Speaker 1: So the West has incentive to hold the price down,

436
00:24:24,400 --> 00:24:26,840
Speaker 1: while the rest of the world uses that against us

437
00:24:27,240 --> 00:24:31,080
Speaker 1: and its accumulating massive amounts. Like I said, the most

438
00:24:31,119 --> 00:24:35,520
Speaker 1: gold accumulated by the central banks second most in history,

439
00:24:35,520 --> 00:24:38,080
Speaker 1: in the most since nineteen sixty seven. They are using

440
00:24:38,119 --> 00:24:41,240
Speaker 1: suppression of price in order to do that. And one

441
00:24:41,320 --> 00:24:44,119
Speaker 1: last point, and then I'll defer to you. I asked

442
00:24:44,119 --> 00:24:46,840
Speaker 1: my head trader the other day, because we hedge all

443
00:24:46,880 --> 00:24:49,400
Speaker 1: of our exposure to medals, and I said to him,

444
00:24:49,440 --> 00:24:54,160
Speaker 1: I said, Ryan, how much does it cost to purchase

445
00:24:54,440 --> 00:24:56,840
Speaker 1: one hundred douns gold contract? And he said, all we

446
00:24:56,920 --> 00:25:00,960
Speaker 1: need is seven thousand dollars in our margin account. Seven grand.

447
00:25:00,960 --> 00:25:03,480
Speaker 1: And my margin account controls one hundred and ninety thousand

448
00:25:03,480 --> 00:25:05,520
Speaker 1: worth of gold. What if I am a central bank,

449
00:25:05,600 --> 00:25:08,399
Speaker 1: or a sovereign wealth fund or a commercial bank with

450
00:25:08,600 --> 00:25:11,720
Speaker 1: a billion dollars in my margin account, I can create

451
00:25:11,760 --> 00:25:14,920
Speaker 1: whatever perception or reality I want, and that's exactly what

452
00:25:14,960 --> 00:25:18,280
Speaker 1: they are doing. They are suppressing the price and gobbling

453
00:25:18,320 --> 00:25:23,680
Speaker 1: it up, and you're watching a systematic withdrawal that we've

454
00:25:23,680 --> 00:25:26,719
Speaker 1: never seen before in all of the major exchanges. And

455
00:25:26,840 --> 00:25:30,120
Speaker 1: I think it's important to understand for those who look

456
00:25:30,160 --> 00:25:32,359
Speaker 1: at price, I would say it is the greatest tool

457
00:25:32,400 --> 00:25:34,879
Speaker 1: of misdirection. Instead of look at price, look at what

458
00:25:34,960 --> 00:25:37,760
Speaker 1: the biggest money in the world is doing and how

459
00:25:37,800 --> 00:25:41,480
Speaker 1: they are dedollarizing, and they are using price suppression to

460
00:25:41,560 --> 00:25:45,800
Speaker 1: drain the exchanges. It's a big deal to me what

461
00:25:46,000 --> 00:25:48,919
Speaker 1: is going on right now that you've just described. And

462
00:25:49,200 --> 00:25:52,000
Speaker 1: the fact that you brought up in nineteen sixty seven,

463
00:25:52,440 --> 00:25:55,520
Speaker 1: most people don't realize. If you take nineteen sixty seven

464
00:25:55,880 --> 00:26:00,159
Speaker 1: and you fast forward for years, you get Nixon in

465
00:26:00,200 --> 00:26:03,719
Speaker 1: the gold window. The reason for that is because starting

466
00:26:03,760 --> 00:26:06,919
Speaker 1: in sixty six sixty seven, the world started to realize

467
00:26:07,760 --> 00:26:10,840
Speaker 1: the United States doesn't have the gold they say they do.

468
00:26:11,200 --> 00:26:14,639
Speaker 1: That was a global bank run on the last trace

469
00:26:14,800 --> 00:26:18,080
Speaker 1: of a gold backed monetary system. The rest of the

470
00:26:18,080 --> 00:26:20,359
Speaker 1: world said, hey, look, we're gonna go get our money,

471
00:26:20,400 --> 00:26:23,080
Speaker 1: so they started sending the dollars back to get their gold.

472
00:26:23,320 --> 00:26:26,959
Speaker 1: That's why there was so much gold purchasing then, and

473
00:26:27,359 --> 00:26:30,600
Speaker 1: after a couple of years of that accelerating, the United

474
00:26:30,640 --> 00:26:32,840
Speaker 1: States was about to run out of gold. So Nixon said,

475
00:26:32,840 --> 00:26:34,400
Speaker 1: we're either going to leave the gold standard in two

476
00:26:34,440 --> 00:26:36,080
Speaker 1: weeks when we have no gold, or we can leave

477
00:26:36,080 --> 00:26:38,040
Speaker 1: it today and still have some gold. And so they

478
00:26:38,119 --> 00:26:40,680
Speaker 1: left it today and maintain some of their gold. So

479
00:26:41,119 --> 00:26:44,239
Speaker 1: it's very interesting to me that what's been going on

480
00:26:44,359 --> 00:26:47,920
Speaker 1: since twenty twenty and is accelerating. I mean, it wasn't

481
00:26:47,960 --> 00:26:50,200
Speaker 1: just twenty twenty as an outlier and then it fell off.

482
00:26:50,240 --> 00:26:53,320
Speaker 1: It was twenty twenty two was the most since nineteen

483
00:26:53,440 --> 00:26:56,880
Speaker 1: sixty seven. Just last year, and moving into this year,

484
00:26:56,880 --> 00:26:58,920
Speaker 1: when you look at the January and the February data,

485
00:26:58,960 --> 00:27:03,480
Speaker 1: it is continue even like Singapore record amounts of gold purchasing.

486
00:27:03,720 --> 00:27:06,520
Speaker 1: And so we're seeing right now the world do something

487
00:27:06,560 --> 00:27:11,040
Speaker 1: extremely similar to what happened last time there was a

488
00:27:11,119 --> 00:27:15,760
Speaker 1: giant transition in the global Fiat monetary system. It was

489
00:27:16,040 --> 00:27:17,919
Speaker 1: a start, it was an end and a start of

490
00:27:17,960 --> 00:27:21,800
Speaker 1: a new monetary system. So the world loaded up on

491
00:27:21,880 --> 00:27:24,800
Speaker 1: gold because they knew that was the only asset that

492
00:27:24,880 --> 00:27:28,080
Speaker 1: was not at the same time somebody else's liability and

493
00:27:28,119 --> 00:27:30,600
Speaker 1: those dollars they were holding where liabilities and central banks

494
00:27:30,600 --> 00:27:33,960
Speaker 1: are doing the exact same thing today, and what they're

495
00:27:33,960 --> 00:27:38,040
Speaker 1: getting rid of instead of dollars, it's time is treasuries,

496
00:27:38,280 --> 00:27:41,280
Speaker 1: because that's the asset that they've been holding. Japan one

497
00:27:41,280 --> 00:27:43,960
Speaker 1: point three trillion dollars down to one trillion dollars, China

498
00:27:44,080 --> 00:27:46,360
Speaker 1: one point three trillion down to nine hundred billion. I mean,

499
00:27:46,680 --> 00:27:50,240
Speaker 1: everybody who's the biggest holders of treasuries is getting out,

500
00:27:50,280 --> 00:27:53,360
Speaker 1: getting out of the door without sparking a panic, and

501
00:27:53,760 --> 00:27:57,400
Speaker 1: everybody's loading up on gold instead. And so it's it's

502
00:27:57,400 --> 00:28:03,760
Speaker 1: a really eerie echo of what happened right before he

503
00:28:03,840 --> 00:28:05,679
Speaker 1: left the gold steam. Yeah, totally. And I'd also like

504
00:28:05,760 --> 00:28:08,920
Speaker 1: to mention you know, the lbmade last year had lost

505
00:28:09,040 --> 00:28:12,080
Speaker 1: seventy five percent of their aluminum stockpile and over ninety

506
00:28:12,080 --> 00:28:15,199
Speaker 1: percent of their zinc stockpile. I'd like to read to

507
00:28:15,240 --> 00:28:18,159
Speaker 1: you something that according to JP Morgan, a report that

508
00:28:18,280 --> 00:28:20,399
Speaker 1: just came out, China holds eighty percent of the global

509
00:28:20,440 --> 00:28:24,840
Speaker 1: copper inventories. We keep hearing coppers disappearing, seventy percent of

510
00:28:24,840 --> 00:28:27,840
Speaker 1: the global corn inventories, fifty one percent of global wheat,

511
00:28:28,240 --> 00:28:31,080
Speaker 1: forty six percent of global soy beans, seventy percent of

512
00:28:31,080 --> 00:28:35,560
Speaker 1: crude oil inventory and twenty percent of global aluminum inventories.

513
00:28:35,600 --> 00:28:38,480
Speaker 1: On top of aggressively stockpiling all the gold and silver

514
00:28:38,560 --> 00:28:42,440
Speaker 1: they can get these countries, they are using commodities. Zoltan

515
00:28:42,560 --> 00:28:44,840
Speaker 1: pos are one of the smartest guys I've ever read.

516
00:28:45,200 --> 00:28:46,960
Speaker 1: Used to work for the New York Fed. Now is

517
00:28:47,000 --> 00:28:50,080
Speaker 1: the repo market guru back then, and now he's the

518
00:28:50,640 --> 00:28:54,880
Speaker 1: money plumbing expert at ubs and he calls what's happened

519
00:28:54,960 --> 00:28:58,360
Speaker 1: right now Bretton Woods three and a system that will

520
00:28:58,400 --> 00:29:02,840
Speaker 1: be dominated by commodities. And you know, going back to

521
00:29:02,880 --> 00:29:05,400
Speaker 1: seventy one, I often ask people, Joe, what makes the

522
00:29:05,480 --> 00:29:09,320
Speaker 1: dollar world reserve? And few people know. You know, prior

523
00:29:09,440 --> 00:29:14,920
Speaker 1: to being completely FIAT, when Nixon closed the gold window,

524
00:29:15,000 --> 00:29:17,959
Speaker 1: everyone had dollars. It was the world reserve currencies. So

525
00:29:18,000 --> 00:29:20,920
Speaker 1: in nineteen seventy four, when the deal was struck with

526
00:29:21,440 --> 00:29:25,160
Speaker 1: Saudi Arabia and OPEC to denominate oil globally in dollars,

527
00:29:25,200 --> 00:29:28,080
Speaker 1: everyone had it at dollars. It just made good sense.

528
00:29:28,800 --> 00:29:31,640
Speaker 1: And when you see Saudi Arabia, and I've been talking

529
00:29:31,720 --> 00:29:35,640
Speaker 1: about this for three years now, Saudi Arabia joined the

530
00:29:35,640 --> 00:29:39,800
Speaker 1: bricks Nations. Saudi Arabia signed a joint military cooperation agreement

531
00:29:39,800 --> 00:29:44,760
Speaker 1: with Russia, as did Nigeria. Saudi Arabia in Davos just

532
00:29:44,800 --> 00:29:47,240
Speaker 1: a few weeks ago, saying they're open to taking other

533
00:29:47,360 --> 00:29:50,920
Speaker 1: currencies for oil. When you look at the Belt Road Initiative,

534
00:29:51,000 --> 00:29:54,600
Speaker 1: the largest infrastructure project to human history, one hundred and

535
00:29:54,600 --> 00:29:58,800
Speaker 1: fifty countries or so upon it connecting Asia, Africa, South

536
00:29:59,120 --> 00:30:02,720
Speaker 1: excuse me, Asia Africa, South America and parts of Europe.

537
00:30:03,280 --> 00:30:05,680
Speaker 1: Every one of the OPEC producing countries are on the

538
00:30:05,720 --> 00:30:09,480
Speaker 1: belt Road. You look at the Shanghai Cooperation Organization, many

539
00:30:09,520 --> 00:30:11,640
Speaker 1: of them are part of that. You look at the

540
00:30:11,680 --> 00:30:15,440
Speaker 1: bricks six or seven of the OPEC countries are have

541
00:30:15,560 --> 00:30:19,560
Speaker 1: applied to or already on the bricks Nations. You know,

542
00:30:20,080 --> 00:30:24,960
Speaker 1: if we lose that Petro reserve status, which it appears

543
00:30:25,000 --> 00:30:27,440
Speaker 1: we are getting closer and closer and closer to doing.

544
00:30:27,480 --> 00:30:30,160
Speaker 1: Because you put all of those entities together, they get

545
00:30:30,240 --> 00:30:33,000
Speaker 1: damn near close to eighty percent of human population and

546
00:30:33,040 --> 00:30:36,120
Speaker 1: they're not going green and the West is So what

547
00:30:36,160 --> 00:30:39,040
Speaker 1: does OPEC need us for? What has given us this

548
00:30:39,160 --> 00:30:44,560
Speaker 1: extraordinary exorbitant lifestyle and privilege to be the Petro dollar

549
00:30:44,880 --> 00:30:48,040
Speaker 1: to have every country on the planet need to buy

550
00:30:48,160 --> 00:30:51,400
Speaker 1: dollars stockpile them to buy oil. And if that changes,

551
00:30:51,840 --> 00:30:54,040
Speaker 1: the one thing that really frightens me the most, and

552
00:30:54,120 --> 00:30:56,680
Speaker 1: I talk about this a lot, would be a systematic

553
00:30:57,120 --> 00:31:00,240
Speaker 1: dumping of dollars. If OPEC comes out and says, thanks

554
00:31:00,240 --> 00:31:03,760
Speaker 1: for the memories, We've joined Bricks, We're gonna price oil

555
00:31:03,800 --> 00:31:08,880
Speaker 1: now in the new Shanghai Cooperation Organizations gold settlement currency

556
00:31:08,920 --> 00:31:11,600
Speaker 1: for the whole Eurasian continent, or the new Bricks commodity

557
00:31:11,640 --> 00:31:16,280
Speaker 1: backed currency, or just the new petro Yuan bond that

558
00:31:16,360 --> 00:31:19,120
Speaker 1: they've had now for two years that allows countries to

559
00:31:19,480 --> 00:31:22,440
Speaker 1: sell oil and natural gas to China for a bond

560
00:31:22,480 --> 00:31:25,600
Speaker 1: to nominate yuan, which is immediately convertible into gold, and

561
00:31:25,680 --> 00:31:30,200
Speaker 1: the Shanghai Gold Exchange or whatever it is, rupie, ruble, gold,

562
00:31:30,320 --> 00:31:33,640
Speaker 1: you name it. If it's not just dollars, and the

563
00:31:33,680 --> 00:31:37,480
Speaker 1: world dumps dollars all at once because they no longer

564
00:31:37,560 --> 00:31:40,800
Speaker 1: need to hold it anymore. Because these countries have coalesced

565
00:31:41,320 --> 00:31:45,880
Speaker 1: against the Western hegemony and the Western perception or perceived hypocrisy,

566
00:31:45,920 --> 00:31:48,760
Speaker 1: and the sanctions and all of the things that we

567
00:31:48,800 --> 00:31:54,560
Speaker 1: are doing. That just a counterintuitive If that happens. That's

568
00:31:54,560 --> 00:31:57,880
Speaker 1: when things get very real, and maybe this is why

569
00:31:57,960 --> 00:32:00,440
Speaker 1: you're seeing such a drive by all these trees. Look

570
00:32:00,440 --> 00:32:02,960
Speaker 1: at Turkey as an example. An ally of ours who

571
00:32:03,000 --> 00:32:05,560
Speaker 1: has formally applied to bricks bought more gold than any

572
00:32:05,560 --> 00:32:08,520
Speaker 1: country in the world last year, and same thing here

573
00:32:08,520 --> 00:32:12,560
Speaker 1: in January. In January they bought another thirty seven tons.

574
00:32:12,600 --> 00:32:15,520
Speaker 1: I think it was more than any other country in

575
00:32:15,560 --> 00:32:19,320
Speaker 1: the world in January. These countries are moving away from

576
00:32:19,320 --> 00:32:22,080
Speaker 1: the West, and they're moving away from dead instruments and

577
00:32:22,720 --> 00:32:25,640
Speaker 1: a system that is opaque into one that is transparent

578
00:32:25,760 --> 00:32:30,880
Speaker 1: based upon commodities. And this coalition of countries is what

579
00:32:30,920 --> 00:32:34,240
Speaker 1: people should be focused on, not what Jerome Powell and

580
00:32:34,360 --> 00:32:36,840
Speaker 1: Janet Yellen will or will not do. The rest of

581
00:32:36,880 --> 00:32:40,000
Speaker 1: the world is growing tired. Like you said, these countries

582
00:32:40,040 --> 00:32:42,920
Speaker 1: are shedding our bonds. Of course they are. Why would

583
00:32:42,960 --> 00:32:45,240
Speaker 1: they want to hold bonds that are yielding a negative

584
00:32:45,280 --> 00:32:48,440
Speaker 1: return in a country that has chosen inflation. And they

585
00:32:48,480 --> 00:32:50,880
Speaker 1: just did that again yesterday by bailing out the banks

586
00:32:50,920 --> 00:32:53,800
Speaker 1: over the tough decisions. And I think this is a

587
00:32:53,840 --> 00:32:57,040
Speaker 1: scary time and I think people, as Rick Ruloff and says,

588
00:32:57,960 --> 00:32:59,720
Speaker 1: we need to embrace the fact that if you are

589
00:32:59,760 --> 00:33:02,160
Speaker 1: not at least a little bit of contrarian, you're gonna

590
00:33:02,240 --> 00:33:04,480
Speaker 1: end up being a victim. And this is the time

591
00:33:04,520 --> 00:33:08,680
Speaker 1: to look at the world a little bit differently. The

592
00:33:08,720 --> 00:33:13,040
Speaker 1: process that you're describing, I think. I think some people

593
00:33:13,480 --> 00:33:16,440
Speaker 1: have a hard time with looking at the data which

594
00:33:16,520 --> 00:33:19,840
Speaker 1: is all verifiably true, and then they think, Okay, well

595
00:33:19,880 --> 00:33:23,920
Speaker 1: this means everything collapses in the apocalypse starts tomorrow, and

596
00:33:23,960 --> 00:33:27,479
Speaker 1: then two months go by nothing changes, and they think, okay,

597
00:33:27,520 --> 00:33:30,680
Speaker 1: well that was wrong. I'm just gonna go along living

598
00:33:30,680 --> 00:33:34,040
Speaker 1: life like I was before, not realizing how long it

599
00:33:34,080 --> 00:33:36,400
Speaker 1: takes for these things to unfold sometimes. I mean, we

600
00:33:36,440 --> 00:33:39,520
Speaker 1: look at the housing crisis. People were talking about that

601
00:33:39,560 --> 00:33:41,960
Speaker 1: in two thousand and one, two thousand and two. It

602
00:33:42,040 --> 00:33:45,760
Speaker 1: took years for that to finally break and people to

603
00:33:45,760 --> 00:33:48,200
Speaker 1: start to realize, oh yeah, they were right all along.

604
00:33:48,560 --> 00:33:51,640
Speaker 1: Even looking at just the inflation from the money printing.

605
00:33:51,840 --> 00:33:56,080
Speaker 1: Money printing started in twenty twenty March. It was March

606
00:33:56,080 --> 00:34:00,000
Speaker 1: of twenty twenty one before the inflation rate CPI got

607
00:34:00,120 --> 00:34:02,800
Speaker 1: back up to two and a half percent. It was

608
00:34:02,840 --> 00:34:05,800
Speaker 1: a year before the inflation the official inflation rate got

609
00:34:05,800 --> 00:34:07,960
Speaker 1: back up to what it had been before, and then

610
00:34:08,040 --> 00:34:10,520
Speaker 1: it spiked. I mean, it takes a long time. These

611
00:34:10,520 --> 00:34:15,360
Speaker 1: things happen gradually, and then suddenly people central banks since

612
00:34:15,440 --> 00:34:19,560
Speaker 1: sixty seven buying gold and then takes until seventy one

613
00:34:19,800 --> 00:34:22,640
Speaker 1: for the gold standard to finally break. So these things

614
00:34:23,040 --> 00:34:27,160
Speaker 1: don't necessarily happen overnight. You see the red flags, you

615
00:34:27,200 --> 00:34:30,799
Speaker 1: see the signs, you see the signpost pointing to the

616
00:34:30,880 --> 00:34:35,200
Speaker 1: inevitable reality, just because of math, and sometimes it takes

617
00:34:35,239 --> 00:34:38,239
Speaker 1: longer than you'd expect for the consequences to actually start

618
00:34:38,280 --> 00:34:40,279
Speaker 1: to four hundred percent. I mean, and you can see

619
00:34:40,320 --> 00:34:42,759
Speaker 1: it's a chess game. The pieces are being moved into

620
00:34:42,760 --> 00:34:47,440
Speaker 1: place right, and even you know, the reconciliation between Saudi

621
00:34:47,480 --> 00:34:50,799
Speaker 1: Arabia and Iran, who have been a dagger point for

622
00:34:50,920 --> 00:34:55,120
Speaker 1: decades in a China broker deal. They're now re establishing

623
00:34:55,200 --> 00:34:58,680
Speaker 1: diplomatic ties and opening up embassies, and the same thing

624
00:34:58,719 --> 00:35:01,960
Speaker 1: between the Saudis and in Egypt, and you know. And

625
00:35:02,680 --> 00:35:07,839
Speaker 1: so in January, the central banks, most of them in

626
00:35:07,880 --> 00:35:11,040
Speaker 1: the bricks nations, added another seventy seven tons of gold.

627
00:35:11,040 --> 00:35:13,759
Speaker 1: That's one hundred and ninety two percent month over month

628
00:35:14,560 --> 00:35:18,840
Speaker 1: increase from December, and so you are seeing massive massive

629
00:35:19,320 --> 00:35:24,319
Speaker 1: amounts of commodities being purchased, relationships being made, and even

630
00:35:24,400 --> 00:35:29,239
Speaker 1: those that have been centuries old of hatred against the

631
00:35:29,280 --> 00:35:32,240
Speaker 1: West because this is their one chance to break free

632
00:35:32,400 --> 00:35:35,960
Speaker 1: from the Western hegemony. And my enemy's enemy is my friend.

633
00:35:35,960 --> 00:35:38,800
Speaker 1: And that is what I believe you are beginning to see.

634
00:35:38,840 --> 00:35:41,719
Speaker 1: These countries are have a plan. And the Chinese have

635
00:35:41,800 --> 00:35:44,960
Speaker 1: always thought in terms of decades, while we think in

636
00:35:45,080 --> 00:35:47,480
Speaker 1: terms of days or in terms of weeks. But if

637
00:35:47,520 --> 00:35:50,759
Speaker 1: you really look at the Belt Road Initiative, at the

638
00:35:50,800 --> 00:35:54,360
Speaker 1: Bricks Nations, at the Shanghai Cooperation Organization, in the Eurasian

639
00:35:54,400 --> 00:35:58,080
Speaker 1: Economic Union, and you read about it for a few days,

640
00:35:58,120 --> 00:36:01,600
Speaker 1: you'll walk away say, my god, it happening. They are

641
00:36:01,640 --> 00:36:04,239
Speaker 1: not only is it happening, but countries that used to

642
00:36:04,280 --> 00:36:07,960
Speaker 1: be on our side, like Saudi Arabia, like Turkey, like Mexico,

643
00:36:08,080 --> 00:36:12,880
Speaker 1: like Egypt, they are either joined or have expressed interest

644
00:36:12,920 --> 00:36:15,280
Speaker 1: in joy. And there's over sixty countries on the docket

645
00:36:15,320 --> 00:36:17,200
Speaker 1: to join the Bricks, over one hundred and fifty in

646
00:36:17,200 --> 00:36:21,040
Speaker 1: the Belt Road. You're talking the majority of human population,

647
00:36:21,200 --> 00:36:25,440
Speaker 1: and it's happening, and we are squandering the good graces

648
00:36:25,480 --> 00:36:28,960
Speaker 1: of our foreign creditors with our ridiculous monetary policy and

649
00:36:29,000 --> 00:36:31,960
Speaker 1: the poor decisions that we're making, and more than that,

650
00:36:32,080 --> 00:36:36,000
Speaker 1: with the sanctions and the hypocritical decisions that we are

651
00:36:36,080 --> 00:36:41,440
Speaker 1: making globally where you know, we're five billion dollars is

652
00:36:41,480 --> 00:36:44,359
Speaker 1: too much to build a border wall to protect five

653
00:36:44,440 --> 00:36:48,200
Speaker 1: million people entering this country illegally, many of which are

654
00:36:48,200 --> 00:36:51,480
Speaker 1: pouring bringing fentanol in with them. But one hundred and

655
00:36:51,480 --> 00:36:56,760
Speaker 1: fourteen million dollars to give to the Ukraine, isn't there.

656
00:36:57,160 --> 00:37:01,440
Speaker 1: These are ridiculous, ridiculous times we live in, and yet

657
00:37:01,560 --> 00:37:04,200
Speaker 1: eighty five percent of the world is still trading with Russia.

658
00:37:04,360 --> 00:37:07,920
Speaker 1: So I think we're looking at things through a polarized lens,

659
00:37:08,040 --> 00:37:11,680
Speaker 1: and I think we are alienating not just a good

660
00:37:11,680 --> 00:37:13,560
Speaker 1: portion of the world, but many of these countries that

661
00:37:14,920 --> 00:37:17,880
Speaker 1: claim to be our allies. So yeah, it isn't going

662
00:37:17,920 --> 00:37:20,080
Speaker 1: to happen all at once until it does happen all

663
00:37:20,120 --> 00:37:23,320
Speaker 1: at once. That That's how I think it was Ernest Hemingway.

664
00:37:23,320 --> 00:37:25,240
Speaker 1: They asked him how he went broke little by little

665
00:37:25,239 --> 00:37:27,320
Speaker 1: then all at once, while if you look, it's little

666
00:37:27,400 --> 00:37:30,960
Speaker 1: by little. These relationships are changing. Look at Iraq as

667
00:37:31,000 --> 00:37:34,080
Speaker 1: an example, a country we we liberated, so to speak,

668
00:37:34,239 --> 00:37:36,440
Speaker 1: and put trillions of dollars into and now for the

669
00:37:36,440 --> 00:37:40,440
Speaker 1: first time they are taking you wand for settlement outside

670
00:37:40,440 --> 00:37:45,840
Speaker 1: of the dollar, India trading with Russia, taking using rupee

671
00:37:45,840 --> 00:37:49,640
Speaker 1: for settlement instead of instead of dollars. All of these

672
00:37:49,719 --> 00:37:54,400
Speaker 1: countries striking deals unilaterally that are sidestepping and usurping the West,

673
00:37:54,600 --> 00:37:59,279
Speaker 1: little by little by little, and the unison or this

674
00:37:59,520 --> 00:38:03,680
Speaker 1: chorus of countries joining together is becoming extraordinary. So yeah,

675
00:38:03,280 --> 00:38:06,320
Speaker 1: it isn't something that will materialize all at once. And

676
00:38:06,640 --> 00:38:09,560
Speaker 1: the sad part about it is that most people in

677
00:38:09,560 --> 00:38:13,719
Speaker 1: this country will be completely blindsided by it. And that's

678
00:38:13,760 --> 00:38:17,200
Speaker 1: one of the things that I think is most frightening

679
00:38:17,360 --> 00:38:22,000
Speaker 1: is that, you know, most of this is verifiable, but

680
00:38:22,080 --> 00:38:25,440
Speaker 1: most people have never heard of the Belt Road Initiative.

681
00:38:25,520 --> 00:38:29,080
Speaker 1: Most people don't know that the Bank of International Settlements

682
00:38:29,120 --> 00:38:35,560
Speaker 1: reclassified gold, and most people don't understand these massive changes

683
00:38:35,840 --> 00:38:39,240
Speaker 1: in you know, the bricks Nations, what it really means,

684
00:38:39,239 --> 00:38:43,359
Speaker 1: the Shanghai Cooperation Organization, what it really means. And I

685
00:38:43,400 --> 00:38:45,759
Speaker 1: think people would would be well served to spend a

686
00:38:45,760 --> 00:38:49,719
Speaker 1: little time researching that instead of just focusing on what

687
00:38:49,840 --> 00:38:52,680
Speaker 1: Jerome Powell will or will not do with monetary policy,

688
00:38:52,719 --> 00:38:54,600
Speaker 1: because to me, it amounts to a hill of beans

689
00:38:54,640 --> 00:38:58,640
Speaker 1: a half a percent, fifty basis points, twenty five basis points.

690
00:38:58,719 --> 00:39:01,640
Speaker 1: What happens if these frees dumped dollars and bonds all

691
00:39:01,640 --> 00:39:05,279
Speaker 1: at once. Mike Adams calls it Operation Sandman, where you

692
00:39:05,400 --> 00:39:07,640
Speaker 1: got one hundred and fifty two hundred countries from around

693
00:39:07,640 --> 00:39:10,240
Speaker 1: the world are all in agreement to add a certain

694
00:39:10,320 --> 00:39:14,720
Speaker 1: point dump dollars once the chess pieces are moved into place,

695
00:39:14,800 --> 00:39:19,040
Speaker 1: and the tsunami of inflation that that would create as

696
00:39:19,200 --> 00:39:21,920
Speaker 1: all of those dollars. There's more dollars all outside the

697
00:39:21,960 --> 00:39:25,120
Speaker 1: globe because of the Petro standard than there are at home,

698
00:39:25,160 --> 00:39:27,360
Speaker 1: and if they all get dumped and fled home at once,

699
00:39:27,640 --> 00:39:31,160
Speaker 1: the byproduct are interest rates that go parabolic, and stocks,

700
00:39:31,200 --> 00:39:34,600
Speaker 1: bonds in real estate are all inversely correlated to that.

701
00:39:34,600 --> 00:39:36,880
Speaker 1: That is the great reset. Is it the one Klaus

702
00:39:36,920 --> 00:39:40,759
Speaker 1: Schwap talked about. Don't know, but in an environment where

703
00:39:40,800 --> 00:39:43,600
Speaker 1: asset prices have been blown sky high over the past

704
00:39:44,239 --> 00:39:49,160
Speaker 1: fifteen years thanks to low interest rates, suppressed interest rates,

705
00:39:49,160 --> 00:39:52,359
Speaker 1: and easy money, it's created distortions and asset prices. And

706
00:39:52,960 --> 00:39:56,520
Speaker 1: you know, this is probably why the FEDS stopped jumped

707
00:39:56,560 --> 00:40:02,960
Speaker 1: into to bail out the depositors to keep a massive

708
00:40:03,040 --> 00:40:07,520
Speaker 1: run on the banks and an implosion of of um,

709
00:40:08,280 --> 00:40:10,759
Speaker 1: you know, the market. And I think it's just one

710
00:40:10,840 --> 00:40:13,080
Speaker 1: end of it. You see interest rates go sky high,

711
00:40:13,080 --> 00:40:14,879
Speaker 1: it's all over that. There's not a lot the FED

712
00:40:14,920 --> 00:40:18,000
Speaker 1: can do. But we are on Matt Razer's edge. And

713
00:40:18,040 --> 00:40:20,120
Speaker 1: I you know, I wish that the things that I

714
00:40:20,239 --> 00:40:23,799
Speaker 1: talked about weren't so gloomy. But I think there's a

715
00:40:23,800 --> 00:40:27,960
Speaker 1: fine line between reality and pessimism right now, and I

716
00:40:28,000 --> 00:40:30,400
Speaker 1: think it's closer to reality than most people would like

717
00:40:30,440 --> 00:40:36,080
Speaker 1: to believe. For me, the where you draw the line

718
00:40:36,360 --> 00:40:39,719
Speaker 1: is in the action that you decide to take U

719
00:40:39,880 --> 00:40:43,040
Speaker 1: and so uh, personally, I think, yeah, it would be

720
00:40:43,080 --> 00:40:46,360
Speaker 1: a doom and gloom Outlook if you just decide that,

721
00:40:46,600 --> 00:40:48,359
Speaker 1: you know, to throw up your hands and say, hey,

722
00:40:48,400 --> 00:40:51,000
Speaker 1: there's nothing I can do. But that's not the reality.

723
00:40:51,040 --> 00:40:53,239
Speaker 1: The reality is. It's it's like, Okay, I'm gonna, you know,

724
00:40:53,320 --> 00:40:55,719
Speaker 1: prepare for the worst. I'm gonna hope for the best,

725
00:40:55,760 --> 00:40:57,759
Speaker 1: but i'm gonna I'm gonna plan for just in case,

726
00:40:58,239 --> 00:41:00,480
Speaker 1: uh this this turns out the way that it looks

727
00:41:00,480 --> 00:41:04,320
Speaker 1: like it might turn out, and like we've been talking about,

728
00:41:04,360 --> 00:41:07,920
Speaker 1: one of the best ways to do that is purchasing gold.

729
00:41:08,080 --> 00:41:11,000
Speaker 1: Now I want to address I think one of the

730
00:41:11,160 --> 00:41:18,520
Speaker 1: most um pervasive reasons that people use to not buy gold,

731
00:41:18,520 --> 00:41:22,360
Speaker 1: which is what you talked about earlier, central bank manipulation.

732
00:41:22,400 --> 00:41:26,240
Speaker 1: It's so easy, you need so little money to short gold,

733
00:41:26,280 --> 00:41:28,799
Speaker 1: paper gold, push the price down while with your other

734
00:41:28,800 --> 00:41:33,239
Speaker 1: hand you're loading up on physical To the extent that

735
00:41:33,239 --> 00:41:37,040
Speaker 1: that is happening, it represents the best buying opportunity for

736
00:41:37,200 --> 00:41:42,720
Speaker 1: gold since nineteen sixty nine. Yeah, because that the price

737
00:41:42,840 --> 00:41:45,880
Speaker 1: is lower than it would be without that manipulation. And

738
00:41:45,920 --> 00:41:51,920
Speaker 1: the manipulation must stop. It never can continue into you know,

739
00:41:52,080 --> 00:41:55,200
Speaker 1: in perpetuity, which means that if it is happening to

740
00:41:55,239 --> 00:41:57,600
Speaker 1: the extent that we think it is, that means that

741
00:41:57,640 --> 00:42:02,040
Speaker 1: it's undervalued. JP more and paid a nine twenty nine

742
00:42:02,120 --> 00:42:07,640
Speaker 1: hundred twenty million dollars fine for suppression of medals. And

743
00:42:07,680 --> 00:42:10,799
Speaker 1: I think everyone who owns gold and silver or has

744
00:42:10,960 --> 00:42:14,560
Speaker 1: wondered about what you just said, needs to do one thing.

745
00:42:14,760 --> 00:42:19,759
Speaker 1: My good friend Chris Marcus of Arcadia Economics did an

746
00:42:19,760 --> 00:42:27,359
Speaker 1: interview with then CFTC chairman Bart Chilton, and I think

747
00:42:27,360 --> 00:42:31,399
Speaker 1: you should Google Bart Chilton, Chris Marcus Arcadia Economics. Now,

748
00:42:31,440 --> 00:42:34,800
Speaker 1: Bart Chilton admitted what I'm about to tell you on

749
00:42:35,040 --> 00:42:39,480
Speaker 1: this video on a YouTube on a podcast just like

750
00:42:39,520 --> 00:42:42,359
Speaker 1: this here, and he had only said it to one

751
00:42:42,440 --> 00:42:45,520
Speaker 1: person one time, and it was Chris Marcus. Now. Coincidentally,

752
00:42:45,560 --> 00:42:48,439
Speaker 1: he died six days later. But I will tell you

753
00:42:48,480 --> 00:42:51,839
Speaker 1: that what he said in a nutshell was that bear

754
00:42:51,920 --> 00:42:55,440
Speaker 1: Stearns went bankrupt because of their short bet on silver,

755
00:42:55,680 --> 00:42:58,160
Speaker 1: largely because of it, not entirely, but that was a

756
00:42:58,200 --> 00:43:00,440
Speaker 1: good portion of it silver one to twenty one bucks.

757
00:43:01,040 --> 00:43:05,240
Speaker 1: They went bankrupt. Jamie Diamond was called into Hank Paulson

758
00:43:05,320 --> 00:43:07,719
Speaker 1: and Ben Bernanke's office and they said, Jamie, we need

759
00:43:07,760 --> 00:43:11,200
Speaker 1: you to take over bear Stern Shore position. And Jamie said, okay, guys,

760
00:43:11,239 --> 00:43:13,600
Speaker 1: I'll do that, but I will be in violation of

761
00:43:13,640 --> 00:43:17,040
Speaker 1: position limits. Well, Jamie, you have a certain amount of time,

762
00:43:17,120 --> 00:43:19,799
Speaker 1: let's say ninety days, and just get yourself in order

763
00:43:19,960 --> 00:43:22,560
Speaker 1: and close out some of those shorts so you're not

764
00:43:22,600 --> 00:43:26,120
Speaker 1: in violation a position limits. Okay, thanks guys. Out the

765
00:43:26,160 --> 00:43:29,440
Speaker 1: door he went, and he took over Stern Shore position

766
00:43:29,480 --> 00:43:32,760
Speaker 1: in silver. At the end of the period. Bart Chilton,

767
00:43:32,920 --> 00:43:35,200
Speaker 1: who was the head of the CFTC went into his

768
00:43:35,239 --> 00:43:38,480
Speaker 1: superiors and said, guys, not only have they not decreased

769
00:43:38,480 --> 00:43:42,000
Speaker 1: their short position, they've increased it. They need to be prosecuted.

770
00:43:42,040 --> 00:43:44,560
Speaker 1: They are in violation of our agreement. There in violation

771
00:43:44,560 --> 00:43:47,480
Speaker 1: of anti trust law. They're breaking the law. They're manipulating

772
00:43:47,520 --> 00:43:51,120
Speaker 1: the market. We need to prosecute. They said, Bart back down.

773
00:43:51,360 --> 00:43:53,920
Speaker 1: It's a political decision. This is the head of the

774
00:43:53,920 --> 00:43:56,960
Speaker 1: Commodity Police admitting this to Chris Marcus, and then he

775
00:43:57,040 --> 00:44:00,760
Speaker 1: died six days later. I'm not saying that as a connection.

776
00:44:00,800 --> 00:44:03,760
Speaker 1: Maybe it's just a pure coincidence. It is the only

777
00:44:03,800 --> 00:44:08,359
Speaker 1: time he ever admitted this, and anyone who questions manipulation

778
00:44:08,360 --> 00:44:10,560
Speaker 1: of the metals market needs to listen to that. Well,

779
00:44:10,560 --> 00:44:12,920
Speaker 1: why would they do it. There's a term in economics

780
00:44:12,920 --> 00:44:16,799
Speaker 1: called Gibson's paradox which speaks to the inverse relationship of

781
00:44:16,880 --> 00:44:19,000
Speaker 1: real interest rates in the price of gold. So if

782
00:44:19,040 --> 00:44:22,040
Speaker 1: your intent is to suppress interest rates to create an

783
00:44:22,120 --> 00:44:25,359
Speaker 1: illusion of prosperity in our home prices are four oh

784
00:44:25,440 --> 00:44:31,319
Speaker 1: one K to force speculation to incentivize debt accumulation, then

785
00:44:31,360 --> 00:44:34,239
Speaker 1: you have to step on gold and silver. And that's

786
00:44:34,280 --> 00:44:37,520
Speaker 1: exactly what the West has done for a very long time.

787
00:44:37,640 --> 00:44:40,320
Speaker 1: They have done it to maintain an illusion of dollars

788
00:44:40,400 --> 00:44:47,680
Speaker 1: strength and market strength. And this was the name of

789
00:44:47,719 --> 00:44:50,840
Speaker 1: the game for a very, very, very long time. And

790
00:44:50,920 --> 00:44:55,759
Speaker 1: so you're talking about concerted effort to suppress the price

791
00:44:55,800 --> 00:44:59,120
Speaker 1: of gold, because it's as if you pull back the

792
00:44:59,160 --> 00:45:01,680
Speaker 1: curtain and see a little frail man in the Wizard

793
00:45:01,680 --> 00:45:04,880
Speaker 1: of Oz, not the big booming voice, when you realize

794
00:45:04,960 --> 00:45:07,720
Speaker 1: that if it were not for the four or five

795
00:45:07,800 --> 00:45:11,880
Speaker 1: banks that have abnormally large shore positions in gold and silver,

796
00:45:12,280 --> 00:45:14,800
Speaker 1: the price would be markedly higher. You look at silver

797
00:45:15,440 --> 00:45:19,560
Speaker 1: has the largest concentrated shot position by four banks of

798
00:45:19,640 --> 00:45:23,239
Speaker 1: any commodity traded on the commodity exchange. Why why do

799
00:45:23,360 --> 00:45:25,719
Speaker 1: they go to such great lengths to suppress the price

800
00:45:25,760 --> 00:45:28,320
Speaker 1: of gold and silver when they let every other asset

801
00:45:28,400 --> 00:45:30,640
Speaker 1: price go to the moon. And it is because they

802
00:45:30,719 --> 00:45:34,040
Speaker 1: are the monetary metals that show the fragility of the

803
00:45:34,080 --> 00:45:37,759
Speaker 1: Western system. Well, for a long time, that was the

804
00:45:37,800 --> 00:45:42,080
Speaker 1: game they played, and now our foes are using it

805
00:45:42,200 --> 00:45:45,719
Speaker 1: against us. They are using our own leverage, our own

806
00:45:45,719 --> 00:45:48,880
Speaker 1: suppression of the metals, to drain the exchanges and ship

807
00:45:48,960 --> 00:45:51,719
Speaker 1: them eastward. When I told you it leaves the ecosystem

808
00:45:51,719 --> 00:45:55,000
Speaker 1: of Comex, it loses all liquidity. They don't care. They

809
00:45:55,040 --> 00:45:58,600
Speaker 1: want it shipped. There is a branch of Valcabi that

810
00:45:58,719 --> 00:46:01,480
Speaker 1: just opened up, I don't know, twenty miles from my

811
00:46:01,560 --> 00:46:05,000
Speaker 1: house here in Florida. Valcambia is a seventy year old refinery.

812
00:46:05,080 --> 00:46:07,800
Speaker 1: All they do is buy scrap. They don't sell anything.

813
00:46:07,920 --> 00:46:11,160
Speaker 1: They buy scrap and send it to Switzerland. And where's

814
00:46:11,200 --> 00:46:14,000
Speaker 1: all that metal going once it's refined in Switzerland? Look

815
00:46:14,000 --> 00:46:17,040
Speaker 1: at the numbers. It's all going to China, to Russia,

816
00:46:17,080 --> 00:46:20,839
Speaker 1: to India, to Saudi Arabia. It's going eastward. And so

817
00:46:20,920 --> 00:46:24,440
Speaker 1: all I can simply say is why this hasn't materialized

818
00:46:24,480 --> 00:46:27,120
Speaker 1: Because this is a high stakes game, and I think

819
00:46:27,120 --> 00:46:29,200
Speaker 1: they're trying to squeeze as much out of the system

820
00:46:29,239 --> 00:46:32,480
Speaker 1: as they can. And when a new system emerges, one

821
00:46:32,480 --> 00:46:35,320
Speaker 1: that will be pegged to commodities. And you talk about

822
00:46:35,320 --> 00:46:39,000
Speaker 1: distributed ledger technology, the Chinese digital you want has been

823
00:46:39,960 --> 00:46:43,160
Speaker 1: what most of the contracts have settled for or with

824
00:46:43,480 --> 00:46:46,200
Speaker 1: on the New Belt Road initiative. They started using it

825
00:46:46,239 --> 00:46:49,520
Speaker 1: at the Beijing Olympics. It's been four years of beta

826
00:46:49,560 --> 00:46:53,640
Speaker 1: testing north the twenty five billion in successful transactions. What

827
00:46:53,800 --> 00:46:57,320
Speaker 1: better way if you are going to issue a competitive currency,

828
00:46:57,400 --> 00:47:01,120
Speaker 1: a reserve currency, a digital current see but to use

829
00:47:01,200 --> 00:47:04,120
Speaker 1: distributed ledger technology to show what every one of these

830
00:47:04,200 --> 00:47:07,200
Speaker 1: countries is pledging to the system. You know, I heard

831
00:47:07,239 --> 00:47:10,200
Speaker 1: people say, well the Euro doesn't work. Why will this work?

832
00:47:10,280 --> 00:47:13,359
Speaker 1: This union of countries like Saudi Arabia and Iran who

833
00:47:13,400 --> 00:47:16,160
Speaker 1: really don't like each other but are trying to mend

834
00:47:16,200 --> 00:47:20,880
Speaker 1: fences and are trying to create a union against the West.

835
00:47:21,480 --> 00:47:24,279
Speaker 1: What will make it work? What didn't make the Euro

836
00:47:24,360 --> 00:47:26,600
Speaker 1: work as you had all of these different cultures pulling

837
00:47:26,600 --> 00:47:29,279
Speaker 1: in different directions. What will make this work with the

838
00:47:29,320 --> 00:47:34,120
Speaker 1: same environment, maybe even more severe, is the pledging of commodities,

839
00:47:34,160 --> 00:47:36,800
Speaker 1: and each one of these countries will have equals, say

840
00:47:36,880 --> 00:47:39,480
Speaker 1: at the table by what they pledge to the system,

841
00:47:39,600 --> 00:47:43,719
Speaker 1: using distributed ledger technology like Allah, the digital Yuan or

842
00:47:43,760 --> 00:47:46,440
Speaker 1: the rails of it to show the immutability and the

843
00:47:46,560 --> 00:47:49,200
Speaker 1: veracity of what each country has pledging to the system

844
00:47:49,239 --> 00:47:52,560
Speaker 1: to make it work. And when you realize gold was

845
00:47:52,640 --> 00:47:58,080
Speaker 1: reclassified by the BIS in twenty nineteen and the world

846
00:47:58,080 --> 00:48:01,280
Speaker 1: looks at it now as a riskless, high quality liquid asset,

847
00:48:01,680 --> 00:48:05,680
Speaker 1: basically tier one. It makes a whole lot more sense

848
00:48:05,719 --> 00:48:08,640
Speaker 1: why all the central banks are gobbling it up. Because

849
00:48:08,680 --> 00:48:11,279
Speaker 1: a new system will rise from the ashes of this

850
00:48:11,360 --> 00:48:14,840
Speaker 1: fiat system. It will have to be pegged to something,

851
00:48:14,920 --> 00:48:18,600
Speaker 1: and trust has been compromised. What better way to roll

852
00:48:18,640 --> 00:48:21,960
Speaker 1: out central bank digital currency than to show what is

853
00:48:22,000 --> 00:48:25,040
Speaker 1: pledged to it. So I think these things are happening.

854
00:48:25,040 --> 00:48:27,040
Speaker 1: And to your point, it's a good one, Joe, it

855
00:48:27,160 --> 00:48:29,319
Speaker 1: is a good one. Why hasn't happened yet Because this

856
00:48:29,560 --> 00:48:32,160
Speaker 1: is a very high stakes game. You get one shot

857
00:48:32,200 --> 00:48:33,960
Speaker 1: at it. And I think they're putting all of their

858
00:48:34,680 --> 00:48:40,000
Speaker 1: pieces together in unification of trader arrangements in a new

859
00:48:40,040 --> 00:48:42,880
Speaker 1: currency that will be backed by something probably on the

860
00:48:42,960 --> 00:48:46,880
Speaker 1: rails of the Chinese digitally one. And I think it's happening,

861
00:48:46,920 --> 00:48:50,719
Speaker 1: and it's frightening to think of what will happen. Look,

862
00:48:50,719 --> 00:48:53,680
Speaker 1: I got three kids. My youngest is fifteen. I'm scared

863
00:48:53,680 --> 00:48:55,680
Speaker 1: for the world she grows up. And if we lose

864
00:48:55,719 --> 00:48:59,160
Speaker 1: the reserve status, and I think there's a high probability

865
00:48:59,239 --> 00:49:01,440
Speaker 1: we will, Who the hell would want to buy our

866
00:49:01,480 --> 00:49:04,799
Speaker 1: bonds earning a a you know, a negative yield right

867
00:49:04,840 --> 00:49:07,719
Speaker 1: now and an a currency that has been signaled by

868
00:49:07,719 --> 00:49:11,799
Speaker 1: the powers that be to be inflated away, and the

869
00:49:11,840 --> 00:49:17,640
Speaker 1: decisions they made this weekend only underscores that I completely agree.

870
00:49:17,760 --> 00:49:23,759
Speaker 1: And for any individual that doesn't yet have any allocation.

871
00:49:25,200 --> 00:49:29,239
Speaker 1: One of the other objections that I hear a lot

872
00:49:29,400 --> 00:49:31,200
Speaker 1: is about you know where to put it, and so

873
00:49:31,239 --> 00:49:33,640
Speaker 1: there are a couple of solutions. But to put it

874
00:49:33,680 --> 00:49:36,560
Speaker 1: into perspective, you're a high net worth individual. You've got

875
00:49:36,560 --> 00:49:38,120
Speaker 1: ten million dollars and you want to make a high

876
00:49:38,160 --> 00:49:40,239
Speaker 1: allocation of gold of let's say a third of your

877
00:49:40,239 --> 00:49:43,919
Speaker 1: net worth. You can fit three million dollars of gold

878
00:49:43,960 --> 00:49:47,680
Speaker 1: in a shoebox, so you don't you don't need that much. Yeah,

879
00:49:47,719 --> 00:49:51,080
Speaker 1: there's forty thousand dollars right there. You know that. That's

880
00:49:51,160 --> 00:49:54,319
Speaker 1: pretty much forty grand And how many of these could

881
00:49:54,320 --> 00:49:57,080
Speaker 1: you put in a shoebox? Well, a lot, And so

882
00:49:57,640 --> 00:49:59,960
Speaker 1: you're right, it is easy to store. And I think

883
00:50:00,239 --> 00:50:03,480
Speaker 1: you hold it yourself. I think counterparty risk is going

884
00:50:03,520 --> 00:50:06,880
Speaker 1: to become a big deal over the next next few years,

885
00:50:06,880 --> 00:50:09,919
Speaker 1: and the removal of counterparty risk is a good deal.

886
00:50:10,000 --> 00:50:12,000
Speaker 1: So to hold it yourself until you get to a

887
00:50:12,040 --> 00:50:14,359
Speaker 1: point where you no longer feel comfortable doing that. There

888
00:50:14,400 --> 00:50:17,560
Speaker 1: are other options, but yeah, I think holding it yourself

889
00:50:17,640 --> 00:50:21,480
Speaker 1: is the best way to do it well. In a

890
00:50:21,520 --> 00:50:25,840
Speaker 1: world where we've seen time and time again trust gets broken,

891
00:50:26,360 --> 00:50:29,040
Speaker 1: whether it was breaking the gold standard and going back

892
00:50:29,080 --> 00:50:32,240
Speaker 1: on our promise to deliver gold for dollars in nineteen

893
00:50:32,320 --> 00:50:36,920
Speaker 1: seventy one, whether it is you know, the promise of

894
00:50:38,160 --> 00:50:41,200
Speaker 1: your dollars being safe in the bank account and then

895
00:50:41,239 --> 00:50:44,520
Speaker 1: the bank, you know, loaning them out into assets that

896
00:50:44,600 --> 00:50:46,399
Speaker 1: lose value and you go to get them and they're

897
00:50:46,400 --> 00:50:49,920
Speaker 1: not actually there. We're seeing that trust is becoming more

898
00:50:49,960 --> 00:50:52,920
Speaker 1: and more of an issue today, and that's one of

899
00:50:52,920 --> 00:50:56,400
Speaker 1: the reasons why I have so much respect for you

900
00:50:56,440 --> 00:50:58,759
Speaker 1: and your company is because of the integrity, because of

901
00:50:58,760 --> 00:51:01,120
Speaker 1: the trust. I'm going to be linking Miles Franklin in

902
00:51:01,160 --> 00:51:04,160
Speaker 1: the description in the show notes. If you're on listening

903
00:51:04,160 --> 00:51:07,160
Speaker 1: on a podcast where you don't have the show notes,

904
00:51:07,960 --> 00:51:12,839
Speaker 1: it would it's Miles Franklin dot com. Yeah, and our

905
00:51:12,880 --> 00:51:17,080
Speaker 1: new website, which was supposed to be launched for five

906
00:51:17,200 --> 00:51:19,960
Speaker 1: months ago, will be launched in the next week or two.

907
00:51:20,560 --> 00:51:23,720
Speaker 1: We are hopeful for that will allow people to purchase online.

908
00:51:23,760 --> 00:51:25,840
Speaker 1: In the meantime, they can send us an email at

909
00:51:25,960 --> 00:51:30,200
Speaker 1: info at Miles Franklin dot com request a current price sheet.

910
00:51:30,880 --> 00:51:33,759
Speaker 1: We will not be undersold. You will find we are

911
00:51:33,760 --> 00:51:37,239
Speaker 1: amongst the most competitive in North America. We've never had

912
00:51:37,280 --> 00:51:39,319
Speaker 1: a customer complaint. And I will make damn sure the

913
00:51:39,360 --> 00:51:43,480
Speaker 1: people listening to this podcast Joe won't be the first ones.

914
00:51:43,520 --> 00:51:46,640
Speaker 1: And for the sake of being able to track all

915
00:51:46,680 --> 00:51:48,799
Speaker 1: of this and to make sure the people listening are

916
00:51:49,080 --> 00:51:51,200
Speaker 1: treated with kid gloves, it would be great if they

917
00:51:51,280 --> 00:51:55,680
Speaker 1: put Joe Brown sent me and in the subject line

918
00:51:55,840 --> 00:51:59,600
Speaker 1: ask any questions. We can return an email or a

919
00:51:59,640 --> 00:52:02,480
Speaker 1: phone call with the answers to those questions and an

920
00:52:02,560 --> 00:52:06,560
Speaker 1: updated price list with no obligation. And jeez, I'm just

921
00:52:06,920 --> 00:52:09,360
Speaker 1: really thankful to be here with you today. Joe. I'm

922
00:52:09,400 --> 00:52:11,840
Speaker 1: a big fan. I watch everything you do, and you

923
00:52:11,920 --> 00:52:13,920
Speaker 1: have a great grasp on what is going on, and

924
00:52:14,840 --> 00:52:17,800
Speaker 1: you know in a world where you know, traditional media

925
00:52:17,920 --> 00:52:22,080
Speaker 1: is leaving people completely blindsided by what's coming. In my mind,

926
00:52:22,120 --> 00:52:25,120
Speaker 1: guys like you and the Economic Ninja and Chris Marcus

927
00:52:25,160 --> 00:52:29,440
Speaker 1: and all the folks that I am friendly with and

928
00:52:30,239 --> 00:52:33,360
Speaker 1: watch every day, that is the real media. That is

929
00:52:33,400 --> 00:52:36,239
Speaker 1: where we're getting real information on how to save, on

930
00:52:36,280 --> 00:52:38,440
Speaker 1: how to get out of debt, on what is important

931
00:52:38,480 --> 00:52:42,920
Speaker 1: on geopolitical events, and I just am very appreciative for

932
00:52:43,000 --> 00:52:45,680
Speaker 1: being here and just a phone call away anytime you

933
00:52:45,760 --> 00:52:48,000
Speaker 1: need me back or a perspective on what's going on

934
00:52:48,040 --> 00:52:54,359
Speaker 1: in the metals market. Certainly happy to come back anytime. Fantastic. Yeah,

935
00:52:54,360 --> 00:52:56,040
Speaker 1: we'll definitely have to have you back. And thank you

936
00:52:56,080 --> 00:52:58,760
Speaker 1: again Andy for coming on the show. I know everybody's

937
00:52:58,800 --> 00:53:01,759
Speaker 1: going to enjoy this. It's of great insights and we'll

938
00:53:01,840 --> 00:53:03,440
Speaker 1: talk to you. Stay well, buddy. Thank you