1
00:00:01,520 --> 00:00:04,720
Speaker 1: All right, Andy Sheckman, President, Miles Franklin.

2
00:00:05,880 --> 00:00:08,119
Speaker 2: You're the gold guy, but you're bigger than the Gold guy.

3
00:00:08,520 --> 00:00:11,160
Speaker 1: You talk a lot about the massive amounts of debt

4
00:00:11,200 --> 00:00:13,600
Speaker 1: that we have going on in the country, the impact

5
00:00:13,680 --> 00:00:17,200
Speaker 1: of what that debt is doing, the impact of other

6
00:00:17,320 --> 00:00:20,319
Speaker 1: nations moving to gold, you know, the bricks nations, all that.

7
00:00:20,320 --> 00:00:21,840
Speaker 1: We've done a bunch of shows together. Anyway, Thanks for

8
00:00:21,880 --> 00:00:22,680
Speaker 1: joining me, Andy.

9
00:00:23,360 --> 00:00:25,800
Speaker 3: Yeah, Mark, great to be here, buddy, Thanks for having me. Yeah.

10
00:00:25,800 --> 00:00:28,480
Speaker 1: You're always a wealth of information and I love your

11
00:00:28,680 --> 00:00:32,559
Speaker 1: passion and energy you have on these topics. So I

12
00:00:32,640 --> 00:00:36,720
Speaker 1: want to talk about twenty twenty four, what you think

13
00:00:36,800 --> 00:00:42,280
Speaker 1: is going on this year, and maybe we'll talk about,

14
00:00:42,320 --> 00:00:44,560
Speaker 1: you know, how we think we get through this year

15
00:00:45,040 --> 00:00:48,000
Speaker 1: with like three big critical events that I see that

16
00:00:48,040 --> 00:00:51,959
Speaker 1: we're dealing with. One, the massive amounts of debt, not

17
00:00:52,080 --> 00:00:54,880
Speaker 1: just the United States has, but basically every nation has,

18
00:00:55,040 --> 00:00:58,840
Speaker 1: I mean unsustainable debt. But then we have in the

19
00:00:58,920 --> 00:01:02,200
Speaker 1: United States, we have a year and that's sure to

20
00:01:02,240 --> 00:01:04,000
Speaker 1: cause some fireworks and volatility.

21
00:01:04,600 --> 00:01:05,319
Speaker 2: And then we have.

22
00:01:05,440 --> 00:01:08,319
Speaker 1: The looming threat of war, and we have war. It's

23
00:01:08,360 --> 00:01:11,280
Speaker 1: not a threat of war, we have war, but potentially escalating.

24
00:01:12,200 --> 00:01:13,640
Speaker 1: So those kind of I kind of want to walk

25
00:01:13,640 --> 00:01:16,679
Speaker 1: through that framework. But you know, you're you're the gold guy.

26
00:01:16,720 --> 00:01:18,200
Speaker 1: But like I said, not just goal, but you know,

27
00:01:18,280 --> 00:01:20,040
Speaker 1: bricks and currencies and all of that.

28
00:01:21,000 --> 00:01:23,920
Speaker 2: Okay, So let's start real quick by just sort.

29
00:01:23,720 --> 00:01:27,360
Speaker 1: Of recapping twenty twenty three and what happened in twenty

30
00:01:27,400 --> 00:01:28,800
Speaker 1: twenty three. I know there was a lot of talk

31
00:01:28,840 --> 00:01:32,319
Speaker 1: about the Bricks launching a new currency in August, the

32
00:01:32,360 --> 00:01:34,480
Speaker 1: death of the dollar, all of these things. So let's

33
00:01:34,480 --> 00:01:36,480
Speaker 1: talk about twenty twenty three and how it shaped up

34
00:01:36,560 --> 00:01:38,679
Speaker 1: versus kind of what you thought or how we got

35
00:01:38,720 --> 00:01:39,080
Speaker 1: through that.

36
00:01:40,560 --> 00:01:44,280
Speaker 3: Sure, Well, you know, look, James Ricords is someone I

37
00:01:44,319 --> 00:01:47,800
Speaker 3: respect an awful lot, and I had the good fortune

38
00:01:47,840 --> 00:01:49,840
Speaker 3: of actually spending a little bit of time with him

39
00:01:50,720 --> 00:01:54,400
Speaker 3: before the August meeting, chatting with him about his theories,

40
00:01:54,440 --> 00:01:57,320
Speaker 3: and I agree with everything he said. I think the

41
00:01:57,400 --> 00:02:02,320
Speaker 3: mistake he made was picking time saying that the Johannesburg

42
00:02:02,400 --> 00:02:06,920
Speaker 3: meeting in August of last year, where the Bricks had

43
00:02:06,920 --> 00:02:12,520
Speaker 3: their meeting, would bring about not only a unified currency,

44
00:02:12,560 --> 00:02:16,400
Speaker 3: a settlement currency backed by commodities. As we've been told

45
00:02:16,440 --> 00:02:19,160
Speaker 3: by the Russian Finance minister over and over and over again,

46
00:02:19,200 --> 00:02:21,880
Speaker 3: will happen. But he also said something that I've been

47
00:02:21,919 --> 00:02:23,880
Speaker 3: saying for over three years, and that is that we

48
00:02:23,960 --> 00:02:28,640
Speaker 3: will see a unification of the Shanghai Cooperation Organization and

49
00:02:28,680 --> 00:02:31,320
Speaker 3: the Eurasian Economic Union with the Bricks. They're in essence

50
00:02:31,360 --> 00:02:35,360
Speaker 3: the same countries and aligned very much the same, and

51
00:02:35,400 --> 00:02:38,280
Speaker 3: I believe that will happen. In fact, right before the

52
00:02:38,320 --> 00:02:41,560
Speaker 3: end of the year, the President of Belarus called for this.

53
00:02:41,639 --> 00:02:44,040
Speaker 3: He said, we need to get these groups together. We

54
00:02:44,120 --> 00:02:48,560
Speaker 3: all have the same interests. And even though the Bricks

55
00:02:48,600 --> 00:02:54,080
Speaker 3: did not come out and issue this unified currency, it

56
00:02:54,080 --> 00:02:56,200
Speaker 3: doesn't matter to me. In fact, what they said was

57
00:02:56,919 --> 00:02:59,640
Speaker 3: let's have the finance ministers go back to the drawing

58
00:02:59,720 --> 00:03:02,919
Speaker 3: board and present their findings. In the twenty twenty four

59
00:03:03,080 --> 00:03:07,320
Speaker 3: meeting in Russia, one of two hundred Bricks meetings that

60
00:03:07,360 --> 00:03:09,960
Speaker 3: we will see over the course of twenty twenty four

61
00:03:10,560 --> 00:03:16,520
Speaker 3: in Russia, but we did see five countries formally apply

62
00:03:16,800 --> 00:03:21,600
Speaker 3: and formally be accepted. Six applied, five were accepted, or

63
00:03:22,400 --> 00:03:25,359
Speaker 3: I guess we could say. Argentina was asked to join

64
00:03:25,400 --> 00:03:29,200
Speaker 3: and they were going to but the new administration declined.

65
00:03:29,280 --> 00:03:31,760
Speaker 3: So we saw Egypt in Iran and the United Arab

66
00:03:31,800 --> 00:03:35,040
Speaker 3: Emirates and Saudi Arabia and Ethiopia, and these are big.

67
00:03:35,120 --> 00:03:39,040
Speaker 3: These are very big. Of course, with UAE and with

68
00:03:39,480 --> 00:03:42,400
Speaker 3: Saudi Arabia that's as big as it gets. With Ethiopia

69
00:03:42,600 --> 00:03:46,560
Speaker 3: the fastest growing economy in Africa, very very resource rich,

70
00:03:47,280 --> 00:03:50,520
Speaker 3: Egypt with its strategic shipping lines, the Straits of Hormuz

71
00:03:51,040 --> 00:03:56,520
Speaker 3: and the Red Sea, and of course you know, if

72
00:03:56,560 --> 00:04:02,360
Speaker 3: we look at this coalestion in terms of its significance

73
00:04:02,400 --> 00:04:05,480
Speaker 3: with energy, I think it is huge. And when we

74
00:04:05,560 --> 00:04:07,720
Speaker 3: talk a little bit about what's happened so far this year,

75
00:04:07,720 --> 00:04:09,840
Speaker 3: I'll talk to you about what the United Arab Emirates did.

76
00:04:09,840 --> 00:04:11,880
Speaker 3: And I think it's the biggest shot across the bow.

77
00:04:12,680 --> 00:04:15,200
Speaker 3: But it's big, and I don't think the fact that

78
00:04:15,240 --> 00:04:20,080
Speaker 3: these things didn't happen immediately is a big deal. In fact,

79
00:04:20,160 --> 00:04:22,400
Speaker 3: I think it adds credibility to the Bricks. I think

80
00:04:22,440 --> 00:04:25,080
Speaker 3: the people in the West think that instant gratification is

81
00:04:25,120 --> 00:04:28,960
Speaker 3: not fast enough. And if anything, look, this has been

82
00:04:29,000 --> 00:04:31,680
Speaker 3: a seventeen year deal with the Bricks. This hasn't just

83
00:04:31,760 --> 00:04:35,200
Speaker 3: come out of nowhere, and they're doing things methodically, and

84
00:04:35,240 --> 00:04:39,120
Speaker 3: they are doing things I believe well thought out, and

85
00:04:39,160 --> 00:04:42,839
Speaker 3: I think This plays into Brett Johnson's milkshake theory, which

86
00:04:42,839 --> 00:04:45,839
Speaker 3: I agree with. The dollar is still the strongest currency.

87
00:04:46,240 --> 00:04:49,480
Speaker 3: Until it's not. This will be death by a thousand cuts,

88
00:04:49,520 --> 00:04:51,359
Speaker 3: little by little, by little by little. I call it

89
00:04:51,360 --> 00:04:54,760
Speaker 3: logarithmic decay, little by little, by little, by little by little. Bang.

90
00:04:54,800 --> 00:04:57,760
Speaker 3: At some point we see things shift. And it wasn't

91
00:04:57,760 --> 00:04:59,640
Speaker 3: in twenty twenty three, and it may or may not

92
00:04:59,720 --> 00:05:02,080
Speaker 3: be in twenty twenty four. But what I do see

93
00:05:02,839 --> 00:05:06,560
Speaker 3: is a growing legitimacy to where now we've seen thirty

94
00:05:06,600 --> 00:05:11,760
Speaker 3: countries thirty formally apply to this growing legitimacy, this growing

95
00:05:11,839 --> 00:05:15,240
Speaker 3: union of countries pushing back against the West. So as

96
00:05:15,240 --> 00:05:17,760
Speaker 3: far as bricks are concerned, Mark, I think that twenty

97
00:05:17,800 --> 00:05:21,080
Speaker 3: twenty three was a big year. I think twenty twenty

98
00:05:21,080 --> 00:05:22,800
Speaker 3: four will be a bigger year. But all I can

99
00:05:22,839 --> 00:05:25,040
Speaker 3: tell you is that in my mind, I believe at

100
00:05:25,080 --> 00:05:28,520
Speaker 3: some point we see that all at once moment, when

101
00:05:28,640 --> 00:05:31,440
Speaker 3: enough countries have joined together in the crypto space, I

102
00:05:31,480 --> 00:05:34,320
Speaker 3: guess you would call it mass adoption. And I don't

103
00:05:34,360 --> 00:05:36,719
Speaker 3: think we've seen mass adoption yet. But you add thirty

104
00:05:36,760 --> 00:05:39,960
Speaker 3: more countries to now ten, with another twenty that have

105
00:05:40,000 --> 00:05:43,880
Speaker 3: informally applied. We're beginning to get to that mass adoption

106
00:05:44,040 --> 00:05:47,600
Speaker 3: moment in GDP and military might and oil and gas

107
00:05:47,680 --> 00:05:52,560
Speaker 3: production and all energy production and critical resources, everything, human population,

108
00:05:52,640 --> 00:05:55,960
Speaker 3: you name it. And at that point, I think it

109
00:05:56,040 --> 00:06:00,120
Speaker 3: becomes not only more likely, but much more credible that

110
00:06:00,200 --> 00:06:01,400
Speaker 3: we see something like that happen.

111
00:06:01,600 --> 00:06:01,920
Speaker 2: Yeah.

112
00:06:01,960 --> 00:06:03,400
Speaker 1: I like what you said about the death by a

113
00:06:03,480 --> 00:06:07,920
Speaker 1: thousand cuts. I think that's certainly kind of where we're at.

114
00:06:09,000 --> 00:06:11,480
Speaker 1: And I like to say, and I typically say, all

115
00:06:11,520 --> 00:06:13,159
Speaker 1: this is a process.

116
00:06:12,720 --> 00:06:13,320
Speaker 2: Not an event.

117
00:06:13,800 --> 00:06:16,839
Speaker 1: And to your point about people looking for instant gratification.

118
00:06:16,960 --> 00:06:18,960
Speaker 1: You know, when the dollar took over the reserve standard

119
00:06:18,960 --> 00:06:21,719
Speaker 1: from the sterling one hundred years ago, I mean that

120
00:06:21,800 --> 00:06:24,760
Speaker 1: was about a forty year. Process just doesn't happen over

121
00:06:24,800 --> 00:06:26,240
Speaker 1: It doesn't happen in a couple of years. It doesn't

122
00:06:26,200 --> 00:06:29,360
Speaker 1: happen a decade. It's multiple decades. And so the thousand

123
00:06:29,360 --> 00:06:31,880
Speaker 1: cuts is sort of that process that we're seeing. We

124
00:06:31,960 --> 00:06:34,159
Speaker 1: do know that we've seen nations. I mean, if you

125
00:06:34,160 --> 00:06:36,120
Speaker 1: follow Luke Grammin's work, which I'm sure you do, and

126
00:06:36,160 --> 00:06:38,960
Speaker 1: I've had them on the show several times, we do

127
00:06:39,040 --> 00:06:42,080
Speaker 1: see that they have been using less US treasuries and

128
00:06:42,080 --> 00:06:44,839
Speaker 1: they've been moving to gold as a reserve for example,

129
00:06:45,120 --> 00:06:47,680
Speaker 1: so not as a medium of exchange, but certainly as

130
00:06:47,720 --> 00:06:49,320
Speaker 1: a store of value, reserve asset.

131
00:06:50,480 --> 00:06:52,400
Speaker 3: Well, let me comment on that real quick, and I'm

132
00:06:52,400 --> 00:06:53,920
Speaker 3: glad you brought that up. I'm a big fan of

133
00:06:53,960 --> 00:06:57,479
Speaker 3: Lukey's one smart guy for sure. You know, you look

134
00:06:57,520 --> 00:07:00,599
Speaker 3: at gold since the beginning of two thousand, you know,

135
00:07:00,760 --> 00:07:03,320
Speaker 3: go all the way back, and you see the SNP

136
00:07:03,560 --> 00:07:08,320
Speaker 3: appreciate by seven percent per year. You see gold appreciate

137
00:07:08,440 --> 00:07:11,360
Speaker 3: on average by seven point eight percent per year, and

138
00:07:11,680 --> 00:07:14,400
Speaker 3: it's really in terms of its percentage, it's destroyed the

139
00:07:14,440 --> 00:07:17,440
Speaker 3: bond market. And if you look just over the last

140
00:07:17,520 --> 00:07:21,720
Speaker 3: few years in terms of what we've seen in gold's appreciation.

141
00:07:22,400 --> 00:07:24,720
Speaker 3: In twenty twenty, the price of gold, let me give

142
00:07:24,760 --> 00:07:27,920
Speaker 3: you the exact number here in twenty twenty, the price

143
00:07:27,920 --> 00:07:33,320
Speaker 3: of gold on average was Bear with me one second.

144
00:07:33,360 --> 00:07:37,360
Speaker 3: Here we go seventeen seventy three in twenty that's twenty twenty,

145
00:07:37,360 --> 00:07:40,280
Speaker 3: excuse me, twenty twenty one, seventeen ninety eight average price,

146
00:07:40,680 --> 00:07:44,440
Speaker 3: twenty twenty two, eighteen oh one, twenty twenty three, nineteen

147
00:07:44,560 --> 00:07:47,440
Speaker 3: forty three. So you go all the way back to

148
00:07:47,440 --> 00:07:49,720
Speaker 3: the beginning of the century, with the exception perhaps of

149
00:07:49,760 --> 00:07:52,360
Speaker 3: a gain in bitcoin. I know, I know you have

150
00:07:52,440 --> 00:07:56,160
Speaker 3: strong feelings about bitcoin, and I don't have any negative

151
00:07:56,160 --> 00:07:59,640
Speaker 3: feelings about bitcoin whatsoever. But just speaking in terms of

152
00:07:59,680 --> 00:08:03,040
Speaker 3: traditional assets, gold has been the tortoise, not the hair.

153
00:08:03,400 --> 00:08:07,880
Speaker 3: And when you think about it in terms of using

154
00:08:08,040 --> 00:08:11,720
Speaker 3: gold to replace the function of treasuries, look, I think

155
00:08:11,840 --> 00:08:17,520
Speaker 3: what gold offers is trust, and it's transparent trust. Whereas

156
00:08:17,560 --> 00:08:22,160
Speaker 3: you could argue with what's been going on with the US,

157
00:08:22,320 --> 00:08:25,800
Speaker 3: we are beginning, perhaps in some people's eyes, to lack

158
00:08:25,840 --> 00:08:27,440
Speaker 3: a little bit of trust. When we look at the

159
00:08:27,480 --> 00:08:31,320
Speaker 3: bond market, they said in twenty twenty three that gold

160
00:08:31,360 --> 00:08:33,680
Speaker 3: it was the first time in forty five years that

161
00:08:34,520 --> 00:08:37,640
Speaker 3: gold had less volatility than the ten year treasury. So

162
00:08:38,320 --> 00:08:42,880
Speaker 3: I think it's completely logical for countries to shed treasuries

163
00:08:42,880 --> 00:08:47,040
Speaker 3: which have volatility issued by a country that perhaps is

164
00:08:47,120 --> 00:08:49,080
Speaker 3: lacking a little bit of trust and appears to be

165
00:08:49,160 --> 00:08:54,160
Speaker 3: choosing inflation over austerity. I truly do believe that that

166
00:08:54,280 --> 00:08:56,920
Speaker 3: is a growing trend. You will see countries like China,

167
00:08:57,080 --> 00:08:59,400
Speaker 3: like Saudi Arabia, like all these countries that are shedding

168
00:08:59,440 --> 00:09:02,760
Speaker 3: treasuries and look at the numbers. Twenty twenty three was

169
00:09:02,760 --> 00:09:06,520
Speaker 3: the and twenty twenty two both biggest years ever one

170
00:09:06,559 --> 00:09:09,960
Speaker 3: after the other central bank purchasing in history. So yeah,

171
00:09:09,960 --> 00:09:12,400
Speaker 3: it appears. I think Loop's right. I think they are

172
00:09:12,520 --> 00:09:18,160
Speaker 3: selling treasury slowly and accumulating gold as a form of

173
00:09:18,679 --> 00:09:20,760
Speaker 3: a substitute, if you will, for a treasury and go

174
00:09:20,800 --> 00:09:23,320
Speaker 3: back to the beginning of the century. And it really

175
00:09:23,400 --> 00:09:27,720
Speaker 3: does really kind of fit that bill in terms of safe, secure,

176
00:09:28,120 --> 00:09:32,040
Speaker 3: no counter party risk, and watching it appreciated a slow,

177
00:09:32,520 --> 00:09:37,480
Speaker 3: steady growth. I think the concept of using a government

178
00:09:37,679 --> 00:09:41,200
Speaker 3: or a foreign government's debt as an asset from a

179
00:09:41,280 --> 00:09:45,120
Speaker 3: historical context as but a very brief history. Gold not

180
00:09:45,160 --> 00:09:47,200
Speaker 3: so brief, and I think we're kind of going full circle.

181
00:09:47,280 --> 00:09:50,200
Speaker 1: Yeah, it's almost ridiculous when you think about that, using

182
00:09:50,240 --> 00:09:53,440
Speaker 1: another country's debt as a reserve asset, if you will.

183
00:09:53,720 --> 00:09:56,680
Speaker 1: And so this is what I see as a bigger

184
00:09:56,679 --> 00:09:58,640
Speaker 1: shift going on, right, And I'm sure you would agree.

185
00:09:58,640 --> 00:10:01,840
Speaker 1: And this is what Luke points to a neutral reserve asset.

186
00:10:01,880 --> 00:10:03,480
Speaker 1: I mean, that's basically what you're just saying, right, It's

187
00:10:03,520 --> 00:10:06,679
Speaker 1: like a neutral reserve asset. And so a lot of

188
00:10:06,720 --> 00:10:08,520
Speaker 1: people say that, you know, you can't replace the dollar.

189
00:10:08,520 --> 00:10:11,160
Speaker 1: That would definitely be Brent Johnson's argument, and I'm going

190
00:10:11,240 --> 00:10:13,400
Speaker 1: to have him on later to to make that case.

191
00:10:14,360 --> 00:10:16,559
Speaker 1: You can't just replace the dollar, you know, the swift system,

192
00:10:16,640 --> 00:10:19,400
Speaker 1: the correspondent banks, the deep bond market, et cetera, et cetera.

193
00:10:20,120 --> 00:10:20,520
Speaker 2: You can't.

194
00:10:20,559 --> 00:10:23,560
Speaker 1: And they're absolutely right. And Russia isn't going to replace

195
00:10:23,600 --> 00:10:25,319
Speaker 1: the bond market. China's not going to replace the US

196
00:10:25,400 --> 00:10:28,600
Speaker 1: bond market. But gold is eating.

197
00:10:28,400 --> 00:10:28,800
Speaker 2: Away at that.

198
00:10:30,000 --> 00:10:33,200
Speaker 1: And I think this illustrates a much bigger shift the

199
00:10:33,240 --> 00:10:34,640
Speaker 1: one that I hit on all the time, which is

200
00:10:34,679 --> 00:10:37,840
Speaker 1: the sort of this decentralized revolution, sort of the pendulum

201
00:10:37,880 --> 00:10:42,240
Speaker 1: swinging back from sixty eighty years of centralization and now

202
00:10:42,280 --> 00:10:46,280
Speaker 1: going back to decentralization. So the days of the dollar

203
00:10:46,320 --> 00:10:49,480
Speaker 1: homogeny are sort of over, and now each nation not

204
00:10:49,520 --> 00:10:52,079
Speaker 1: wanting to trust each other, the.

205
00:10:52,040 --> 00:10:53,160
Speaker 2: Bricks nations, you know.

206
00:10:53,280 --> 00:10:56,679
Speaker 1: As far as the currency, or specifically a reserve asset,

207
00:10:56,679 --> 00:10:58,080
Speaker 1: I'm not so sure about that because I think that

208
00:10:58,120 --> 00:11:01,080
Speaker 1: trust is gone, which is why that neutral reserve asset,

209
00:11:01,120 --> 00:11:03,040
Speaker 1: like a gold reserve asset, sort of makes sense.

210
00:11:04,720 --> 00:11:07,400
Speaker 3: Well, my take on that has always been, you know,

211
00:11:07,440 --> 00:11:10,440
Speaker 3: people say that trust and I wonder I look at

212
00:11:10,480 --> 00:11:12,720
Speaker 3: what's happening in this country, and I say, are we

213
00:11:12,800 --> 00:11:15,520
Speaker 3: really trusted anymore? I mean we trusted the way we

214
00:11:15,640 --> 00:11:18,040
Speaker 3: really once were. Is this the country that you and

215
00:11:18,080 --> 00:11:20,280
Speaker 3: I when we were kids in the seventies and eighties?

216
00:11:20,360 --> 00:11:22,240
Speaker 3: Is this really the country we grew up in? I

217
00:11:22,240 --> 00:11:25,960
Speaker 3: would say, no respect for authority, all of that stuff,

218
00:11:26,000 --> 00:11:29,560
Speaker 3: the open borders, the you know, blindfolded lady liberty holding

219
00:11:29,600 --> 00:11:31,760
Speaker 3: the scales of justice. And I don't care what side

220
00:11:31,800 --> 00:11:33,680
Speaker 3: of the aisle you're on, can you argue that the

221
00:11:33,760 --> 00:11:36,960
Speaker 3: current and the previous administrations have been treated equally? All

222
00:11:37,000 --> 00:11:41,680
Speaker 3: of these things that made this country great, religion, nuclear family,

223
00:11:41,920 --> 00:11:44,800
Speaker 3: you know, all of these things seem to be questioned

224
00:11:45,320 --> 00:11:48,120
Speaker 3: right now. And I would say to you that the

225
00:11:48,120 --> 00:11:50,640
Speaker 3: way that this works go back to what Zoltan Posar

226
00:11:50,679 --> 00:11:54,160
Speaker 3: has been saying. Breton Woods three. I think we've talked

227
00:11:54,200 --> 00:11:56,840
Speaker 3: about this briefly. Where Bretton Woods won at the end

228
00:11:56,880 --> 00:11:58,679
Speaker 3: of World War Two. As you just mentioned, we took

229
00:11:58,720 --> 00:12:01,800
Speaker 3: over for the pound sterling the loose Bretton Woods too,

230
00:12:01,840 --> 00:12:04,199
Speaker 3: and when we closed the gold window and then became

231
00:12:04,240 --> 00:12:07,280
Speaker 3: the petro dollar, and now a system that will be,

232
00:12:07,320 --> 00:12:13,280
Speaker 3: according to Zoltan backed or described or predicated on commodities

233
00:12:13,320 --> 00:12:17,240
Speaker 3: and transparency. And this is the marriage of blockchain technology

234
00:12:17,280 --> 00:12:19,640
Speaker 3: and commodities, and I think that's what the Russian finance

235
00:12:19,679 --> 00:12:23,160
Speaker 3: minister is getting at. And I agree, you don't need

236
00:12:23,200 --> 00:12:26,320
Speaker 3: to replace the reserve status of the dollar to massively

237
00:12:26,400 --> 00:12:29,520
Speaker 3: chip chip chip chip chip, chip away at the settlement

238
00:12:29,640 --> 00:12:32,680
Speaker 3: status of the dollar. And I think Jim was very

239
00:12:32,720 --> 00:12:35,319
Speaker 3: careful in his words that would be Jim Ricords when

240
00:12:35,360 --> 00:12:39,240
Speaker 3: he said settlement common settlement currency. But you continue to

241
00:12:39,280 --> 00:12:42,320
Speaker 3: chip away at the settlement status of the dollar, at

242
00:12:42,360 --> 00:12:46,480
Speaker 3: what point does it begin to dramatically affect the reserve

243
00:12:46,600 --> 00:12:49,760
Speaker 3: status of the dollar and the bond market and interest

244
00:12:49,840 --> 00:12:54,440
Speaker 3: rates and that unintended or maybe the intended corollary consequences,

245
00:12:54,440 --> 00:12:58,360
Speaker 3: And this is where gold comes in, or bitcoin, something

246
00:12:58,400 --> 00:13:03,160
Speaker 3: that would act for these countries as an asset that

247
00:13:03,240 --> 00:13:08,000
Speaker 3: doesn't carry US counterparty liability, that would allow them to

248
00:13:08,040 --> 00:13:11,360
Speaker 3: take their excess cash and put it into something that

249
00:13:11,640 --> 00:13:15,360
Speaker 3: would not only preserve its purchasing power, but potentially grow

250
00:13:15,720 --> 00:13:19,960
Speaker 3: its purchasing power and in fact remove counterparty liability, whether

251
00:13:20,000 --> 00:13:23,920
Speaker 3: it be US default liability, US inflation liability, or just

252
00:13:24,559 --> 00:13:27,719
Speaker 3: the risk of rates going higher in this system where

253
00:13:27,840 --> 00:13:31,240
Speaker 3: less and less and less settlement is being done in dollars,

254
00:13:31,280 --> 00:13:34,600
Speaker 3: and all of those dollars slashing around make their way home,

255
00:13:34,960 --> 00:13:37,439
Speaker 3: creating more and more and more inflation, which leads to

256
00:13:37,520 --> 00:13:39,720
Speaker 3: higher rates. And this is just a vicious circle. But

257
00:13:40,240 --> 00:13:42,120
Speaker 3: I agree, and I want people to know. I mean,

258
00:13:42,160 --> 00:13:43,640
Speaker 3: a lot of people would say Brett and I are

259
00:13:43,640 --> 00:13:45,840
Speaker 3: on the opposite side of the table. In some respects,

260
00:13:45,880 --> 00:13:48,600
Speaker 3: we are, but in most respects we're not. Because I

261
00:13:48,679 --> 00:13:53,160
Speaker 3: agree his premise is very logical. But there is coming

262
00:13:53,360 --> 00:13:56,600
Speaker 3: an inflection point. And I think the world looks at

263
00:13:56,600 --> 00:13:59,520
Speaker 3: the dollar, the world looks at our policies. I mean,

264
00:13:59,720 --> 00:14:02,599
Speaker 3: right now, you got the Speaker of the House and

265
00:14:03,000 --> 00:14:07,200
Speaker 3: the Senate talking about and the Biden administration backing not

266
00:14:07,320 --> 00:14:10,080
Speaker 3: just the sanctioning of the Russian assets like we did

267
00:14:10,120 --> 00:14:13,960
Speaker 3: with Iran, and we start giving them back their sanctioned assets,

268
00:14:14,520 --> 00:14:17,640
Speaker 3: but now confiscating them and using them to fund the

269
00:14:17,679 --> 00:14:20,840
Speaker 3: war in Ukraine because the Congress doesn't want to give

270
00:14:20,840 --> 00:14:25,080
Speaker 3: appropriations to more Ukraine funding. You cross that line of

271
00:14:25,600 --> 00:14:31,040
Speaker 3: not just sanctioning under the guise of law, but actually

272
00:14:31,080 --> 00:14:34,800
Speaker 3: confiscating and using against that country. And now the whole

273
00:14:34,840 --> 00:14:39,680
Speaker 3: world looks at the trust. Really, where's the trust? And

274
00:14:39,720 --> 00:14:42,400
Speaker 3: I think the world looks at the US very differently

275
00:14:42,440 --> 00:14:45,720
Speaker 3: in that respect. Again, the rule of law is the

276
00:14:45,800 --> 00:14:48,800
Speaker 3: rule of law what it once was. Is Lady Liberty

277
00:14:48,840 --> 00:14:51,280
Speaker 3: really blind or is she peeking out one eye? I

278
00:14:51,400 --> 00:14:53,320
Speaker 3: don't know, but I think the rest of the world

279
00:14:53,560 --> 00:14:56,360
Speaker 3: could look at things that way, Mark, And so I

280
00:14:56,400 --> 00:15:01,280
Speaker 3: think ultimately the settlement status of the dollar will ultimately

281
00:15:01,400 --> 00:15:05,440
Speaker 3: lead to the lack of use of the reserve status

282
00:15:05,480 --> 00:15:08,120
Speaker 3: of the US bond market. And that, to me is

283
00:15:08,160 --> 00:15:10,400
Speaker 3: where things start to get a little bit murky. And

284
00:15:10,440 --> 00:15:13,400
Speaker 3: maybe that's what the role that gold will ultimately play

285
00:15:14,360 --> 00:15:17,520
Speaker 3: in this new growing union of countries. But until then,

286
00:15:17,560 --> 00:15:20,120
Speaker 3: Brent's right, until then, the dollar is still the king.

287
00:15:21,120 --> 00:15:22,800
Speaker 3: But you know one other thing I'd like to say,

288
00:15:22,840 --> 00:15:25,480
Speaker 3: and you look at the lead economic advisor to the

289
00:15:25,560 --> 00:15:29,080
Speaker 3: United States government, it's interesting a man named Jared Bernstein.

290
00:15:29,120 --> 00:15:31,680
Speaker 3: His whole thesis is removal of the world reserve currency,

291
00:15:31,720 --> 00:15:35,200
Speaker 3: and his report dethrone king Dollar. So you look at

292
00:15:35,240 --> 00:15:36,960
Speaker 3: the moves we've made around the globe and you have

293
00:15:37,000 --> 00:15:39,920
Speaker 3: to ask yourself, I mean, was this intended? Could it

294
00:15:40,040 --> 00:15:42,280
Speaker 3: or could it just be too stupid to be stupid.

295
00:15:42,320 --> 00:15:45,960
Speaker 3: I don't know, but I do think in general the

296
00:15:46,760 --> 00:15:50,000
Speaker 3: reserve status of the dollar will start to wane in

297
00:15:50,040 --> 00:15:53,240
Speaker 3: the face of more and more and more settlement outside

298
00:15:53,240 --> 00:15:53,640
Speaker 3: the dollar.

299
00:15:55,160 --> 00:15:55,960
Speaker 2: I think it's both.

300
00:15:56,040 --> 00:15:59,480
Speaker 1: I think it's some intentional and some stupidity. It's probably

301
00:15:59,600 --> 00:16:01,680
Speaker 1: a common both. And what i'd say back to the

302
00:16:01,880 --> 00:16:06,160
Speaker 1: dollar is still king dollar, king of what, king of currencies? Sure,

303
00:16:06,240 --> 00:16:10,720
Speaker 1: king of fiat currencies. Uh, but the king US dollars.

304
00:16:10,720 --> 00:16:13,800
Speaker 1: So we've seen, you know, I think it was Lebanon

305
00:16:13,880 --> 00:16:15,560
Speaker 1: was the worst performing currency to the dollar.

306
00:16:15,800 --> 00:16:17,600
Speaker 2: Maybe, I don't know.

307
00:16:17,760 --> 00:16:20,840
Speaker 3: Argent Jennezuela's probably good, Venezuela.

308
00:16:20,520 --> 00:16:24,720
Speaker 1: Argentina, they're all they're all competing, right, but they've all lost,

309
00:16:24,800 --> 00:16:26,200
Speaker 1: you know, big to the US dollar.

310
00:16:26,240 --> 00:16:28,000
Speaker 2: But the US dollars lost big too.

311
00:16:28,640 --> 00:16:31,440
Speaker 1: The US dollars down sixty five percent to media and

312
00:16:31,560 --> 00:16:34,040
Speaker 1: US real estate, it's down about seventy percent to the

313
00:16:34,080 --> 00:16:35,920
Speaker 1: S and P five hundred, just down about one hundred

314
00:16:35,920 --> 00:16:37,920
Speaker 1: and seventy percent to bitcoin. It's down, right, it's down

315
00:16:37,960 --> 00:16:40,200
Speaker 1: to everything as well. So it's king of what, it's

316
00:16:40,280 --> 00:16:42,920
Speaker 1: king of fiat currency's okay, but they're all sinking, right.

317
00:16:42,960 --> 00:16:45,520
Speaker 1: It's the it's the slowest sinking ship, if you will.

318
00:16:47,800 --> 00:16:51,240
Speaker 1: Gold Uh, you know, is sort of back up to

319
00:16:51,320 --> 00:16:55,360
Speaker 1: its previous all time high, but when you adjusted for inflation,

320
00:16:55,640 --> 00:16:58,960
Speaker 1: it's actually nowhere, not well, I don't want to say nowhere,

321
00:16:58,960 --> 00:17:01,120
Speaker 1: but it's certainly not act to it's all time high.

322
00:17:01,120 --> 00:17:03,080
Speaker 1: So you have to kind of take that into consideration.

323
00:17:03,720 --> 00:17:05,440
Speaker 1: But let's just jump gears a little bit. So let's

324
00:17:05,680 --> 00:17:09,160
Speaker 1: if we're looking forward to twenty twenty four. As I said,

325
00:17:09,160 --> 00:17:11,320
Speaker 1: there's these three critical events that I see that I

326
00:17:11,400 --> 00:17:13,840
Speaker 1: think that are driving markets. So one is this massive

327
00:17:13,880 --> 00:17:17,240
Speaker 1: amount of debt that's sort of forcing the hand of governments.

328
00:17:17,920 --> 00:17:20,400
Speaker 1: Then we have the election year, and then potentially war.

329
00:17:20,680 --> 00:17:22,560
Speaker 1: So let's talk through each of those. I know you've

330
00:17:22,560 --> 00:17:24,320
Speaker 1: talked a lot about the debt, the amount of debt

331
00:17:24,320 --> 00:17:26,600
Speaker 1: that the US government has and the assets they have

332
00:17:26,760 --> 00:17:30,680
Speaker 1: to back this up, but the debt sort of puts

333
00:17:30,720 --> 00:17:32,399
Speaker 1: the government in this rock in a hard place. The

334
00:17:32,440 --> 00:17:35,560
Speaker 1: government is overspending, so that means they need more debt.

335
00:17:35,640 --> 00:17:38,959
Speaker 1: The deficit spending is growing. How do you think that

336
00:17:39,119 --> 00:17:41,640
Speaker 1: affects this year twenty twenty four and even maybe into

337
00:17:41,640 --> 00:17:45,040
Speaker 1: twenty twenty five. Do you think that this massive amount

338
00:17:45,040 --> 00:17:46,840
Speaker 1: of debt at some point is going to blow everything up.

339
00:17:46,840 --> 00:17:48,480
Speaker 1: I think we'd both agree on that. At some point

340
00:17:48,480 --> 00:17:51,880
Speaker 1: you just can't sustain that anymore. I don't think that

341
00:17:52,000 --> 00:17:55,600
Speaker 1: happens this year, but I think to me it means

342
00:17:55,640 --> 00:17:58,160
Speaker 1: that they're going to continue spending in deficit, which means

343
00:17:58,200 --> 00:18:01,480
Speaker 1: the markets will and will probably keep humming along in

344
00:18:01,520 --> 00:18:04,080
Speaker 1: an inflationary type environment. But what's your take on that?

345
00:18:04,119 --> 00:18:04,920
Speaker 1: What do you think the debt?

346
00:18:05,040 --> 00:18:08,159
Speaker 3: That's what I mean. Yeah, I'm sorry, I'm sorry to

347
00:18:08,200 --> 00:18:12,560
Speaker 3: interrupt you there. Yeah, but that's yes. I agree with

348
00:18:12,640 --> 00:18:16,719
Speaker 3: everything you just said. I really do. And look in

349
00:18:16,800 --> 00:18:20,080
Speaker 3: terms of the debt, let's just first quantify it. Most

350
00:18:20,080 --> 00:18:25,359
Speaker 3: people mark nowadays. I don't think it's unrealistic for people

351
00:18:25,359 --> 00:18:27,960
Speaker 3: to expect to make a million dollars in their lifetime.

352
00:18:28,119 --> 00:18:31,800
Speaker 3: Most of us will if you work long enough. And

353
00:18:31,960 --> 00:18:35,119
Speaker 3: we see all sorts of billionaires around us, So you know,

354
00:18:35,760 --> 00:18:39,760
Speaker 3: the number trillion sounds a lot like a million and

355
00:18:39,840 --> 00:18:41,600
Speaker 3: a billion and can't be that big. But let's just

356
00:18:41,680 --> 00:18:45,800
Speaker 3: first baseline it and say, for definition purposes, a trillion

357
00:18:45,840 --> 00:18:49,160
Speaker 3: seconds ago was thirty one, six and eighty eight years ago.

358
00:18:49,320 --> 00:18:53,119
Speaker 3: That's first and foremost. Who got Neanderthals walking around the

359
00:18:53,200 --> 00:18:57,240
Speaker 3: planes of Europe a trillion seconds ago. That's one trillion

360
00:18:57,280 --> 00:19:00,440
Speaker 3: seconds ago. And it took I don't know, like hundred

361
00:19:00,440 --> 00:19:03,840
Speaker 3: and thirty years to accumulate our first two trillion dollars

362
00:19:03,880 --> 00:19:06,720
Speaker 3: in debt. Yet if you go back to January one

363
00:19:07,440 --> 00:19:10,720
Speaker 3: of twenty twenty three, we are at thirty one point

364
00:19:10,720 --> 00:19:14,480
Speaker 3: four trillion dollar debt, and you go to January one

365
00:19:16,560 --> 00:19:19,760
Speaker 3: of this year and we're at thirty four trillion plus.

366
00:19:19,800 --> 00:19:22,879
Speaker 3: We've grown by two point six trillion dollars. Over the

367
00:19:22,920 --> 00:19:26,040
Speaker 3: course of the twenty twenty three calendar year, we saw

368
00:19:26,200 --> 00:19:30,320
Speaker 3: nine hundred billion dollars in gross interest payments. And I

369
00:19:30,920 --> 00:19:34,600
Speaker 3: think this is the point where I think we start

370
00:19:34,640 --> 00:19:38,399
Speaker 3: to bring the milkshake theory or the dollar bowl theory

371
00:19:38,400 --> 00:19:41,679
Speaker 3: into focus. And it is simply this. The Congressional Budget

372
00:19:41,720 --> 00:19:45,399
Speaker 3: Office tells us by their own estimation, and they're always wrong.

373
00:19:45,640 --> 00:19:50,520
Speaker 3: They're going to be way way more I think, lenient

374
00:19:50,640 --> 00:19:53,560
Speaker 3: on the facts then we could really expect to see.

375
00:19:53,600 --> 00:19:56,800
Speaker 3: But they're telling us by their own admission that by

376
00:19:56,920 --> 00:20:01,359
Speaker 3: twenty thirty one, in seven years, one hundred percent of

377
00:20:01,440 --> 00:20:04,000
Speaker 3: all tax revenue will go just to pay the interest

378
00:20:04,040 --> 00:20:08,800
Speaker 3: on the debt and a mandatory entitlement spending like Social Security.

379
00:20:08,840 --> 00:20:11,720
Speaker 3: Now social Security is off balance sheet, it's about seventy

380
00:20:11,800 --> 00:20:15,480
Speaker 3: trillion in the whole seventy trillion, and you add in

381
00:20:15,560 --> 00:20:18,320
Speaker 3: Medicare and Medicaid and government military pensions, we're about one

382
00:20:18,359 --> 00:20:20,399
Speaker 3: hundred and thirty hundred and forty trillions so or but

383
00:20:21,000 --> 00:20:23,520
Speaker 3: somewhere between one hundred and fifty and two hundred trillion

384
00:20:23,560 --> 00:20:26,520
Speaker 3: dollars in debt. But ask yourself, is how is it

385
00:20:26,560 --> 00:20:30,000
Speaker 3: that we can expect to be the dominant financial and

386
00:20:30,000 --> 00:20:32,760
Speaker 3: military power in the world when in less than seven years,

387
00:20:33,400 --> 00:20:37,200
Speaker 3: one hundred percent of all discretionary spending, which includes military,

388
00:20:37,200 --> 00:20:39,560
Speaker 3: will need to be borrowed. Why would anyone want to

389
00:20:39,600 --> 00:20:43,600
Speaker 3: borrow us money? A country that will inflate will choose inflation.

390
00:20:43,720 --> 00:20:46,800
Speaker 3: And I think that's becoming obvious because of all of

391
00:20:46,800 --> 00:20:49,280
Speaker 3: the obligations we have, both on balance sheet and off

392
00:20:49,359 --> 00:20:50,880
Speaker 3: who the hell's going to pay for them? Let alone

393
00:20:50,920 --> 00:20:53,400
Speaker 3: the ten million people who who have just walked into

394
00:20:53,400 --> 00:20:56,159
Speaker 3: this country, mostly illegally. Who's going to pay for their

395
00:20:56,200 --> 00:20:58,439
Speaker 3: schooling and their housing and their medical and what's going

396
00:20:58,480 --> 00:21:01,960
Speaker 3: to happen to the wages of the American paying tax

397
00:21:02,000 --> 00:21:04,480
Speaker 3: paying Americans who are these low income jobs that are

398
00:21:04,480 --> 00:21:08,119
Speaker 3: now going to be much lower pay offer salaries because

399
00:21:08,119 --> 00:21:10,920
Speaker 3: you have all these immigrants looking for work. The whole

400
00:21:10,960 --> 00:21:14,680
Speaker 3: situation is getting worse and worse, meaning the entitlements will

401
00:21:14,680 --> 00:21:17,679
Speaker 3: go higher and hire, the obligations higher and hire. And

402
00:21:17,840 --> 00:21:19,280
Speaker 3: how the hell do we pay for it? How do

403
00:21:19,320 --> 00:21:21,440
Speaker 3: we pay for ten trillion dollars in bonds that come

404
00:21:21,480 --> 00:21:24,199
Speaker 3: do this year? I got an idea, Let's borrow some

405
00:21:24,240 --> 00:21:24,840
Speaker 3: more money.

406
00:21:25,359 --> 00:21:27,000
Speaker 2: So the point of it is is.

407
00:21:27,000 --> 00:21:31,520
Speaker 3: That we're debt, we're insolvent, we're broke, we're insolvent, and

408
00:21:31,600 --> 00:21:34,000
Speaker 3: we're right there at one hundred and thirty percent debt

409
00:21:34,040 --> 00:21:36,600
Speaker 3: to GDP, real damn close to it. And in all

410
00:21:36,600 --> 00:21:39,280
Speaker 3: of history, there's never been a country cross that line

411
00:21:39,280 --> 00:21:42,240
Speaker 3: that didn't come back or never came back at There

412
00:21:42,240 --> 00:21:45,440
Speaker 3: has never been a country to come back without defaulting

413
00:21:45,520 --> 00:21:48,480
Speaker 3: or hyperinflating. So I guess I would say that debt

414
00:21:48,520 --> 00:21:51,320
Speaker 3: is a very very very big problem that won't go away.

415
00:21:51,720 --> 00:21:53,480
Speaker 3: In fact, it's only going to get worse. And when

416
00:21:53,520 --> 00:21:56,560
Speaker 3: you talk about you know, the FED pivoting because it's

417
00:21:56,600 --> 00:21:59,439
Speaker 3: an election year, well, I mean here again, they're just

418
00:21:59,520 --> 00:22:02,040
Speaker 3: signaling that they're going to do at all governments have done,

419
00:22:02,600 --> 00:22:05,520
Speaker 3: and that is to try and get reelected and choose

420
00:22:05,520 --> 00:22:09,840
Speaker 3: inflation over austerity over the tough choices. And we're a government,

421
00:22:09,960 --> 00:22:13,679
Speaker 3: we have a government addicted to spending. And unless we

422
00:22:13,720 --> 00:22:16,840
Speaker 3: pay much higher taxes and go through a world of

423
00:22:17,040 --> 00:22:20,520
Speaker 3: much less government spending, which comes with much more pain,

424
00:22:21,480 --> 00:22:24,320
Speaker 3: both areas ain't gonna change. And I don't think it

425
00:22:24,359 --> 00:22:25,200
Speaker 3: does change.

426
00:22:25,600 --> 00:22:30,000
Speaker 1: So then in regards to the debt, and you're thinking

427
00:22:30,080 --> 00:22:33,280
Speaker 1: your base case is that lots more of it's coming.

428
00:22:34,000 --> 00:22:36,080
Speaker 1: The government is going to choose to print over going

429
00:22:36,160 --> 00:22:39,760
Speaker 1: to a budget in austerity cutting back, and eventually it

430
00:22:39,800 --> 00:22:42,720
Speaker 1: will blow up, but probably not in twenty twenty four.

431
00:22:42,960 --> 00:22:45,840
Speaker 3: Yeah, I think eventually it has to. I mean, mathematically,

432
00:22:45,960 --> 00:22:48,119
Speaker 3: at what point does the rest of the world see it,

433
00:22:48,440 --> 00:22:50,760
Speaker 3: Who with their right mind would loan us money at

434
00:22:50,800 --> 00:22:53,640
Speaker 3: any level of duration? I mean, I mean, I think

435
00:22:53,680 --> 00:22:55,399
Speaker 3: you got to be out of your mind to do that. So,

436
00:22:55,560 --> 00:22:57,560
Speaker 3: especially when you look at the way that we gauge

437
00:22:57,600 --> 00:23:00,359
Speaker 3: inflation and the metrics by which we even get age

438
00:23:00,520 --> 00:23:03,240
Speaker 3: on employment, they just revise the twenty twenty three numbers

439
00:23:03,280 --> 00:23:05,720
Speaker 3: down by four hundred and forty thousand jobs sorry, we're

440
00:23:05,720 --> 00:23:07,760
Speaker 3: off by forty percent, but we'll tell you that the

441
00:23:07,840 --> 00:23:10,640
Speaker 3: year after. So the point is is that we're being

442
00:23:10,680 --> 00:23:12,800
Speaker 3: lied to by the Fed constantly, and I think the

443
00:23:12,800 --> 00:23:16,000
Speaker 3: world is beginning to lose trust in us, in the metrics,

444
00:23:16,240 --> 00:23:18,879
Speaker 3: in our management of the currency and our decisions, and

445
00:23:18,920 --> 00:23:23,280
Speaker 3: the policy makers who are really inflating away the value

446
00:23:23,680 --> 00:23:26,000
Speaker 3: of the world reserve currency. So when you talk about

447
00:23:26,080 --> 00:23:29,520
Speaker 3: selling oil or any of these goods for a currency

448
00:23:29,520 --> 00:23:32,600
Speaker 3: that is being inflated, let's not forget that part of

449
00:23:32,440 --> 00:23:35,000
Speaker 3: the petro dollar deal as well was to go back

450
00:23:35,080 --> 00:23:37,400
Speaker 3: into US treasures. Well, how'd that work out the last

451
00:23:37,440 --> 00:23:41,919
Speaker 3: few years? Volatility in the treasury market, inflation, And I

452
00:23:42,080 --> 00:23:44,440
Speaker 3: just think that we are, like you said, we're between

453
00:23:44,480 --> 00:23:46,960
Speaker 3: a rock and hard place with all of the government

454
00:23:47,040 --> 00:23:50,119
Speaker 3: debt right now, with all of the personal debt, and

455
00:23:50,160 --> 00:23:52,359
Speaker 3: look at the banks that are hanging on by a thread.

456
00:23:52,720 --> 00:23:55,199
Speaker 3: You raise rates high enough, you blow up the whole system.

457
00:23:55,200 --> 00:23:57,080
Speaker 3: And they know that. So as much as they would

458
00:23:57,119 --> 00:23:59,719
Speaker 3: like to have less inflation, I think they don't want

459
00:23:59,720 --> 00:24:02,280
Speaker 3: to see the whole system blow up, especially in an

460
00:24:02,320 --> 00:24:05,280
Speaker 3: election year, so they'll pivot, they'll do what they can,

461
00:24:05,400 --> 00:24:08,000
Speaker 3: but ultimately you have to ask yourself, who's going to

462
00:24:08,040 --> 00:24:10,639
Speaker 3: buy our bonds? And so if it falls back on

463
00:24:10,680 --> 00:24:14,560
Speaker 3: the institutional traders, I believe that they will demand higher

464
00:24:14,640 --> 00:24:17,840
Speaker 3: rates for the risk of default, for the risk of inflation,

465
00:24:17,920 --> 00:24:20,919
Speaker 3: and for the risk of just higher rates. And so ultimately,

466
00:24:20,960 --> 00:24:24,200
Speaker 3: again all roads lead to the same place. But yeah,

467
00:24:23,400 --> 00:24:28,280
Speaker 3: I don't think that we will see this won't this

468
00:24:28,359 --> 00:24:30,159
Speaker 3: won't end well, And I don't I don't, you know.

469
00:24:30,200 --> 00:24:31,919
Speaker 3: I think the mistake people make is say, yeah, it's

470
00:24:31,960 --> 00:24:33,960
Speaker 3: going to be this year. Look, I think we're living

471
00:24:34,000 --> 00:24:37,080
Speaker 3: on borrowed time. Mathematically, this stuff should have happened a

472
00:24:37,080 --> 00:24:39,280
Speaker 3: long time ago. Logically, it should have happened a long

473
00:24:39,320 --> 00:24:42,120
Speaker 3: time ago. But here we are, and I guess we'll

474
00:24:42,480 --> 00:24:44,760
Speaker 3: just keep on humming along until the wheels fall off.

475
00:24:44,880 --> 00:24:45,960
Speaker 2: Yeah.

476
00:24:46,080 --> 00:24:48,800
Speaker 1: Now let's move into the second part, the second critical

477
00:24:49,680 --> 00:24:50,720
Speaker 1: event happening.

478
00:24:50,359 --> 00:24:51,439
Speaker 2: This year, which is the election.

479
00:24:52,960 --> 00:24:58,159
Speaker 1: I think maybe only one potentially president income and president

480
00:24:58,240 --> 00:25:01,400
Speaker 1: running for a second term during recession has been elected.

481
00:25:03,040 --> 00:25:06,240
Speaker 1: No president returning wants to lose an election, and certainly

482
00:25:06,280 --> 00:25:08,439
Speaker 1: the Democrats in office do not want to lose that

483
00:25:08,560 --> 00:25:12,520
Speaker 1: this year, and so you would think then, just rationally,

484
00:25:12,560 --> 00:25:14,640
Speaker 1: that then they would use every tool at their potential

485
00:25:14,680 --> 00:25:18,359
Speaker 1: disposal to make sure that does not happen, from lying

486
00:25:18,359 --> 00:25:21,200
Speaker 1: about the data to your point, having the BLS data

487
00:25:21,240 --> 00:25:22,760
Speaker 1: come out and having to revise it a year later,

488
00:25:22,760 --> 00:25:26,080
Speaker 1: from lying changing the way CPI is calculated, to potentially

489
00:25:26,080 --> 00:25:27,919
Speaker 1: pumping money directly into the markets like we've seen in

490
00:25:27,920 --> 00:25:31,280
Speaker 1: twenty twenty, et cetera. So my thinking is that they're

491
00:25:31,280 --> 00:25:33,639
Speaker 1: going to do everything they can, including helicopter money if

492
00:25:33,640 --> 00:25:36,560
Speaker 1: they have to, to make sure this doesn't happen. And

493
00:25:36,600 --> 00:25:38,360
Speaker 1: so that's another big catalyst for this year.

494
00:25:39,000 --> 00:25:39,960
Speaker 2: What do you think about that?

495
00:25:40,480 --> 00:25:43,439
Speaker 3: Yeah, I think all of that sounds probably pretty logical.

496
00:25:43,480 --> 00:25:44,960
Speaker 3: But it feel free to disagree with me.

497
00:25:45,000 --> 00:25:46,239
Speaker 2: I don't want to lead you into thy thing.

498
00:25:46,359 --> 00:25:50,000
Speaker 3: So no, I don't. I don't disagree, but I guess

499
00:25:50,040 --> 00:25:53,000
Speaker 3: the only place I disagree is and I say this

500
00:25:53,080 --> 00:25:56,080
Speaker 3: with respect for the office of the president, because one

501
00:25:56,119 --> 00:25:57,639
Speaker 3: of the things that bothered the hell out of me

502
00:25:57,760 --> 00:26:01,520
Speaker 3: Mark over the last you know, I don't know, six

503
00:26:01,640 --> 00:26:04,840
Speaker 3: years or whatever, is the lack of respect for the

504
00:26:04,840 --> 00:26:08,520
Speaker 3: office of the president. And you know, but I'll tell

505
00:26:08,560 --> 00:26:11,520
Speaker 3: you this, this gentleman is too old, it seems, and

506
00:26:11,560 --> 00:26:15,840
Speaker 3: he seems cognitively impaired and I think all of this

507
00:26:16,440 --> 00:26:19,679
Speaker 3: is going to amount to nothing because I think, you know,

508
00:26:20,080 --> 00:26:21,959
Speaker 3: I don't care what side of the aisle you're on.

509
00:26:22,040 --> 00:26:24,639
Speaker 3: You have to ask yourself if Biden is the is

510
00:26:24,680 --> 00:26:27,200
Speaker 3: the candidate for the Democrats, you have to wonder, I mean,

511
00:26:27,440 --> 00:26:31,360
Speaker 3: is there enough confidence just in his ability to run

512
00:26:31,400 --> 00:26:33,960
Speaker 3: another four years? So you know, all this stuff that

513
00:26:34,000 --> 00:26:36,480
Speaker 3: they're doing, is it going to be in vain? And

514
00:26:36,560 --> 00:26:40,240
Speaker 3: I think more than anything, they've shown their hands to

515
00:26:40,240 --> 00:26:45,880
Speaker 3: to really do things that are again chipping away at

516
00:26:45,920 --> 00:26:50,280
Speaker 3: the culture of this country. And when you strip someone

517
00:26:50,320 --> 00:26:52,639
Speaker 3: off the ballot, I mean, the last time that happened

518
00:26:52,680 --> 00:26:55,199
Speaker 3: was Abraham Lincoln. We saw a civil war, and I

519
00:26:55,200 --> 00:26:58,560
Speaker 3: think that's the kind of feelings. Look, there was a

520
00:26:58,600 --> 00:27:00,920
Speaker 3: report that came out recently by a small college in

521
00:27:01,000 --> 00:27:03,639
Speaker 3: Virginia that said half of about fifty five percent of

522
00:27:03,680 --> 00:27:10,399
Speaker 3: Democrats think violence is okay to get their results, and

523
00:27:10,600 --> 00:27:13,639
Speaker 3: about forty five Republicans said the same thing. We are

524
00:27:13,680 --> 00:27:17,400
Speaker 3: so divided, so divisive, uh, and red and Blue can't

525
00:27:17,400 --> 00:27:20,359
Speaker 3: even talk to each other anymore. So I just think

526
00:27:20,400 --> 00:27:23,760
Speaker 3: that it's not a good situation at all. If there

527
00:27:23,800 --> 00:27:29,360
Speaker 3: is any if there is any feeling of it being

528
00:27:29,400 --> 00:27:32,600
Speaker 3: not a fair election, and I don't think that what

529
00:27:32,640 --> 00:27:34,800
Speaker 3: they will do. I mean they're going to try. You

530
00:27:34,800 --> 00:27:37,359
Speaker 3: can see that they're going to try and keep interest

531
00:27:37,440 --> 00:27:40,399
Speaker 3: rates low, prop up the markets, make everything seem rosy.

532
00:27:40,440 --> 00:27:44,520
Speaker 3: But if you look and see who's our president, I

533
00:27:44,960 --> 00:27:47,040
Speaker 3: wonder if it if it amounts to a whole bunch

534
00:27:47,080 --> 00:27:49,800
Speaker 3: of nothing. Now, maybe we see a new Democratic candidate

535
00:27:50,080 --> 00:27:53,920
Speaker 3: like Gavin Newsom show up and maybe that changes things.

536
00:27:53,960 --> 00:27:56,520
Speaker 3: I don't know. But what they could they could say.

537
00:27:56,560 --> 00:27:58,560
Speaker 3: They could say, hey Democrats, they.

538
00:27:58,520 --> 00:28:00,720
Speaker 1: Could say, hey, Biden's too old, he just wants to

539
00:28:00,720 --> 00:28:02,600
Speaker 1: step down. Let's just go ahead and slide and gave

540
00:28:02,640 --> 00:28:05,800
Speaker 1: and new some whatever. But you want to continue with

541
00:28:06,080 --> 00:28:08,760
Speaker 1: this ideology or you know, that's what I call it.

542
00:28:08,800 --> 00:28:11,280
Speaker 1: But you want to continue with this administration because we're

543
00:28:11,320 --> 00:28:13,359
Speaker 1: on track. Look how good the economy is. If you

544
00:28:13,400 --> 00:28:15,520
Speaker 1: go to Trump, he's gonna or whatever. He may not

545
00:28:15,560 --> 00:28:17,280
Speaker 1: run either, he might be in prison. But if you

546
00:28:17,280 --> 00:28:18,879
Speaker 1: go to a different ideology, if you go to the

547
00:28:18,880 --> 00:28:20,480
Speaker 1: Republican Party, things can fall apart.

548
00:28:20,520 --> 00:28:21,119
Speaker 2: So stick with us.

549
00:28:21,119 --> 00:28:23,400
Speaker 1: So either way, whether they replace Biden or not, they're

550
00:28:23,400 --> 00:28:26,800
Speaker 1: going to still want the economy to good. I'm thinking,

551
00:28:26,880 --> 00:28:29,120
Speaker 1: so my base case is, like I said, if there's

552
00:28:29,160 --> 00:28:33,760
Speaker 1: anything they can do, even helicopter money in, they will

553
00:28:33,760 --> 00:28:36,199
Speaker 1: do that. So I just don't see that there's this

554
00:28:36,280 --> 00:28:39,479
Speaker 1: big risk of this massive recession or market crash happening

555
00:28:39,520 --> 00:28:41,600
Speaker 1: this year. If they could prevent it, and my base

556
00:28:41,680 --> 00:28:44,800
Speaker 1: cases they probably can keep it going for a while longer.

557
00:28:45,200 --> 00:28:46,960
Speaker 1: And that's why I was just trying to get your opinion.

558
00:28:47,080 --> 00:28:49,040
Speaker 3: Yeah, no, I agree with that completely. And you know,

559
00:28:49,160 --> 00:28:52,240
Speaker 3: the thing is is that the public is getting such

560
00:28:52,560 --> 00:28:57,959
Speaker 3: unless people are watching guys like you who are giving

561
00:28:58,120 --> 00:29:02,320
Speaker 3: real information, actually based I think it's hard for people

562
00:29:02,360 --> 00:29:06,320
Speaker 3: to understand just how dire things maybe are outside the country.

563
00:29:06,480 --> 00:29:09,920
Speaker 3: And yeah, everyone feels what's going on inside the country,

564
00:29:09,960 --> 00:29:14,560
Speaker 3: but you know, I just I think that I think

565
00:29:14,600 --> 00:29:17,400
Speaker 3: that they'll be able to keep it going, and they'll

566
00:29:17,400 --> 00:29:19,240
Speaker 3: try to keep it going as long as they can.

567
00:29:19,280 --> 00:29:22,160
Speaker 3: But if people really understood what was happening outside the country,

568
00:29:22,160 --> 00:29:25,400
Speaker 3: what was happening to the dollar and the d dollarization

569
00:29:25,480 --> 00:29:27,160
Speaker 3: and all of the things that are happening, I mean,

570
00:29:28,440 --> 00:29:30,560
Speaker 3: I wonder if it would be a different outcome. And

571
00:29:31,080 --> 00:29:34,520
Speaker 3: you know, evidently you're a threat to democracy according to

572
00:29:34,880 --> 00:29:37,800
Speaker 3: Al Gore, who says people watching you know, the alternative

573
00:29:37,840 --> 00:29:40,840
Speaker 3: media crowd is a threat to democracy because we're saying

574
00:29:40,840 --> 00:29:44,960
Speaker 3: something different than what the mainstream is talking about. But look, Mark,

575
00:29:45,000 --> 00:29:46,480
Speaker 3: all I can tell you is I think it's going

576
00:29:46,560 --> 00:29:50,480
Speaker 3: to be an incredibly interesting year, and the election certainly

577
00:29:50,560 --> 00:29:53,080
Speaker 3: will be the vocal point of it. And I hope,

578
00:29:53,120 --> 00:29:55,959
Speaker 3: I hope there is no perception of this being anything

579
00:29:55,960 --> 00:30:01,600
Speaker 3: but a very fair and lawful election. And if so,

580
00:30:01,680 --> 00:30:04,200
Speaker 3: then let's see where the chips fall.

581
00:30:04,440 --> 00:30:06,600
Speaker 1: Okay, And then the third critical event that I see

582
00:30:06,760 --> 00:30:10,160
Speaker 1: that could potentially change the outlook in markets and economies

583
00:30:10,280 --> 00:30:14,560
Speaker 1: is war. So already we're seeing the Red Sea starting

584
00:30:14,560 --> 00:30:16,960
Speaker 1: to choke point on oil. Oil is now having to

585
00:30:17,000 --> 00:30:19,040
Speaker 1: be diverted a long way around. It's going to increase

586
00:30:19,120 --> 00:30:21,640
Speaker 1: the price of oil, although the demand could continue to

587
00:30:21,640 --> 00:30:23,800
Speaker 1: fall out to commodities that's driven by supplying demands. So

588
00:30:23,800 --> 00:30:26,040
Speaker 1: we'll see how that plays out. But potentially, you know,

589
00:30:26,160 --> 00:30:28,880
Speaker 1: war could escalate. We have you know, obviously China, Taiwan.

590
00:30:29,680 --> 00:30:32,760
Speaker 1: Now you know somewhat historically war has been good for

591
00:30:32,840 --> 00:30:37,000
Speaker 1: the economy, good for defense stocks.

592
00:30:38,360 --> 00:30:39,960
Speaker 2: So do you think that.

593
00:30:41,880 --> 00:30:44,840
Speaker 1: The potential war and well, we have war, but like

594
00:30:44,840 --> 00:30:48,600
Speaker 1: I said, the war escalation potentially could that derail the

595
00:30:48,640 --> 00:30:52,360
Speaker 1: markets this year and the economy or is your base

596
00:30:52,440 --> 00:30:53,840
Speaker 1: case that it will or it won't.

597
00:30:56,920 --> 00:31:00,000
Speaker 3: Look, you know, we've been, we've been. It seems we've

598
00:31:00,120 --> 00:31:02,920
Speaker 3: been at war forever. I don't know. I mean, God

599
00:31:02,960 --> 00:31:07,240
Speaker 3: forbid we get into to a much more escalated war,

600
00:31:07,320 --> 00:31:09,960
Speaker 3: and certainly a war with China if they were to

601
00:31:10,000 --> 00:31:13,600
Speaker 3: try to do something with Taiwan, or you know, I wonder,

602
00:31:13,680 --> 00:31:17,000
Speaker 3: you know, I guess you could argue maybe Iran, And

603
00:31:17,200 --> 00:31:21,200
Speaker 3: what does it mean that Iran, who's obviously the perception

604
00:31:21,480 --> 00:31:24,640
Speaker 3: is that they're backing the Hutis, And what does it

605
00:31:24,680 --> 00:31:27,800
Speaker 3: mean that they've joined the bricks and the Shanghai Cooperation Organization,

606
00:31:27,880 --> 00:31:30,840
Speaker 3: which is the largest regional military organization on the planet.

607
00:31:31,000 --> 00:31:33,959
Speaker 3: What does it mean they're full fledged members. I don't know.

608
00:31:34,080 --> 00:31:36,040
Speaker 3: But I don't think war is good at any time,

609
00:31:36,160 --> 00:31:38,360
Speaker 3: and I think that's part of the problem. The world

610
00:31:38,480 --> 00:31:41,600
Speaker 3: is getting tired of all of the war and maybe

611
00:31:41,680 --> 00:31:45,400
Speaker 3: the fact that it just seems a military industrial complex

612
00:31:45,480 --> 00:31:48,040
Speaker 3: is behind so many of these wars. I don't see

613
00:31:48,080 --> 00:31:51,560
Speaker 3: it as being good for anything, but certainly it wouldn't

614
00:31:51,560 --> 00:31:55,000
Speaker 3: be good I think for the economy or even the

615
00:31:55,040 --> 00:31:57,440
Speaker 3: stock market or the bond market. I can't see it

616
00:31:57,520 --> 00:32:01,480
Speaker 3: being good because I think it's just an another Look,

617
00:32:01,520 --> 00:32:03,560
Speaker 3: this whole thing is like a house agenda to me,

618
00:32:03,600 --> 00:32:10,600
Speaker 3: and you keep pulling out pieces of of American heritage,

619
00:32:10,600 --> 00:32:14,360
Speaker 3: of the American culture, and if we have to result

620
00:32:14,400 --> 00:32:20,200
Speaker 3: to war to prop up the markets, I just think

621
00:32:20,240 --> 00:32:22,720
Speaker 3: it's a very sad state of affairs. And I'd like

622
00:32:22,760 --> 00:32:24,680
Speaker 3: to hope that we don't get embroiled in another war.

623
00:32:24,720 --> 00:32:28,160
Speaker 3: But look, you know, there's no coincidence that you're talking

624
00:32:28,200 --> 00:32:31,280
Speaker 3: about this happening at the choke point at the Red

625
00:32:31,360 --> 00:32:35,320
Speaker 3: Sea and the Suez Canal. But what people don't understand

626
00:32:35,400 --> 00:32:38,600
Speaker 3: is that, look, you could argue when you talk about

627
00:32:38,640 --> 00:32:41,440
Speaker 3: the countries that have just joined the Bricks, you've got

628
00:32:41,440 --> 00:32:46,080
Speaker 3: the Suez Canal and the Red Sea surrounded. But this

629
00:32:46,120 --> 00:32:48,400
Speaker 3: falls right into the hands of the Bricks and Russia

630
00:32:48,520 --> 00:32:51,680
Speaker 3: with their brand new They've got this Northern Sea route

631
00:32:51,720 --> 00:32:56,200
Speaker 3: which goes right up through the space where everyone else

632
00:32:56,280 --> 00:32:58,120
Speaker 3: has to go around the Cape of Good Hope. And

633
00:32:58,680 --> 00:33:01,760
Speaker 3: so you know, and now you have the Bricks Naval

634
00:33:01,760 --> 00:33:05,360
Speaker 3: Alliance that will be patrolling the Red Sea. And I

635
00:33:05,400 --> 00:33:07,520
Speaker 3: think that this is a lot bigger than people think

636
00:33:07,600 --> 00:33:10,920
Speaker 3: and certainly, if I had to guess, just like we

637
00:33:10,960 --> 00:33:13,720
Speaker 3: went to war in Iraq looking for weapons of mass

638
00:33:13,720 --> 00:33:18,920
Speaker 3: destruction twenty years ago, we're still occupying their country. This

639
00:33:18,960 --> 00:33:22,640
Speaker 3: is a critical choke point for oil and for trade.

640
00:33:22,680 --> 00:33:26,560
Speaker 3: So I would say there's probably a fairly good probability

641
00:33:26,560 --> 00:33:31,280
Speaker 3: that we get into something deeper here in this spot

642
00:33:31,440 --> 00:33:35,080
Speaker 3: right in the Yemen area with the hooties. And I

643
00:33:35,080 --> 00:33:36,920
Speaker 3: don't know what it does to the economy, but I

644
00:33:36,920 --> 00:33:38,560
Speaker 3: think it has a lot to do with the price

645
00:33:38,600 --> 00:33:42,200
Speaker 3: of oil and our influence in that region. But actually

646
00:33:42,240 --> 00:33:44,800
Speaker 3: I think it actually plays right into the hands of

647
00:33:45,440 --> 00:33:48,720
Speaker 3: the Bricks and all of their new roots and the

648
00:33:48,720 --> 00:33:52,640
Speaker 3: Belt Road Initiative, all of these new roots that kind

649
00:33:52,640 --> 00:33:55,840
Speaker 3: of circumvent traditional roots that are patrolled by the US Navy,

650
00:33:55,880 --> 00:33:59,000
Speaker 3: and whether it be this Northern Sea Route or the

651
00:33:59,040 --> 00:34:04,680
Speaker 3: North South Corridor that goes from Iran to India, and

652
00:34:05,200 --> 00:34:09,320
Speaker 3: you know, permission based transport. When you look at the

653
00:34:09,840 --> 00:34:13,320
Speaker 3: Belt Road Initiative, this massive infrastructure program, it will be

654
00:34:13,440 --> 00:34:16,799
Speaker 3: patrolled solely by military and commerce. So this is just

655
00:34:16,840 --> 00:34:19,600
Speaker 3: more of the same. It's and there's no coincidence that

656
00:34:19,680 --> 00:34:23,200
Speaker 3: the countries that have first applied or first been accepted.

657
00:34:23,280 --> 00:34:26,200
Speaker 3: Not only are they energy rich, but they're also in

658
00:34:26,440 --> 00:34:31,080
Speaker 3: very important choke points in terms of of global commerce,

659
00:34:31,120 --> 00:34:32,719
Speaker 3: and this is one of them. So if I had

660
00:34:32,719 --> 00:34:35,520
Speaker 3: to guess yes, I would think we'll see an escalation

661
00:34:35,960 --> 00:34:39,680
Speaker 3: in Yemen. And I don't know what it does for

662
00:34:39,719 --> 00:34:42,080
Speaker 3: the economy. I just think it adds that much more

663
00:34:42,840 --> 00:34:46,239
Speaker 3: resentment to the United States. Ultimately, not a good thing.

664
00:34:47,080 --> 00:34:55,880
Speaker 1: Okay, let's see, so three critical things definitely need to

665
00:34:55,920 --> 00:34:59,880
Speaker 1: keep our eye on. They're all potential. I don't want

666
00:34:59,880 --> 00:35:01,719
Speaker 1: to all them black swans because we see them. They're

667
00:35:01,719 --> 00:35:04,840
Speaker 1: all potential gray swans, but they could greatly change the

668
00:35:04,840 --> 00:35:07,120
Speaker 1: outcome of this. The one thing I would just say,

669
00:35:07,360 --> 00:35:09,160
Speaker 1: I want to pivot into some questions that I had

670
00:35:09,680 --> 00:35:13,359
Speaker 1: the audience had submitted ahead of time. But I would

671
00:35:13,400 --> 00:35:16,360
Speaker 1: say Gerald Soilente, who have had on my show me

672
00:35:16,440 --> 00:35:18,520
Speaker 1: several times, he always says that when all those spells,

673
00:35:18,560 --> 00:35:21,880
Speaker 1: they take you to war, and that's from the debt standpoint,

674
00:35:21,920 --> 00:35:24,360
Speaker 1: but also from the political standpoint as well. And so

675
00:35:24,440 --> 00:35:27,239
Speaker 1: when the country is very divided, I think a lot

676
00:35:27,239 --> 00:35:29,640
Speaker 1: of times they hope that war could then somehow bring

677
00:35:29,680 --> 00:35:33,680
Speaker 1: people back together. I don't think that worked so well.

678
00:35:33,680 --> 00:35:38,520
Speaker 1: On Israel for bebe over there. But you know, potentially,

679
00:35:38,560 --> 00:35:40,680
Speaker 1: if there's a war going on, I'm sorry, you know,

680
00:35:40,719 --> 00:35:43,160
Speaker 1: in this election that could be a tight election. Potentially

681
00:35:43,200 --> 00:35:44,640
Speaker 1: they could use war as a way to do that.

682
00:35:44,719 --> 00:35:50,160
Speaker 1: But we'll see where that goes. So so we've sort

683
00:35:50,200 --> 00:35:53,680
Speaker 1: of framed this up, I think pretty well. I want

684
00:35:53,719 --> 00:35:55,520
Speaker 1: to get to some questions that I have, Like I

685
00:35:55,520 --> 00:35:59,520
Speaker 1: said here from the audience, I kind of I threw

686
00:35:59,560 --> 00:36:01,440
Speaker 1: them out to the list and they presubmitted him.

687
00:36:01,440 --> 00:36:05,919
Speaker 2: So I have one here, Free Skate is the name.

688
00:36:06,040 --> 00:36:06,320
Speaker 3: Here.

689
00:36:07,040 --> 00:36:08,000
Speaker 2: Let's see what they're saying.

690
00:36:08,040 --> 00:36:11,319
Speaker 1: So they said, well, they want to know if you

691
00:36:11,640 --> 00:36:15,160
Speaker 1: have any predictions of where you think the price of

692
00:36:15,200 --> 00:36:17,719
Speaker 1: gold will go over the next year.

693
00:36:21,360 --> 00:36:23,920
Speaker 3: When I started in this industry, mark the Dow Jones

694
00:36:23,960 --> 00:36:27,840
Speaker 3: was twenty one hundred and the Knik was nearly forty thousand,

695
00:36:28,320 --> 00:36:32,600
Speaker 3: and Japanese owned Rockefeller Center and Pebble Beach and casinos

696
00:36:32,600 --> 00:36:35,479
Speaker 3: in Vegas and ski resorts in Colorado. And they made

697
00:36:36,200 --> 00:36:39,919
Speaker 3: they made better motherboards and engines and anyone in the world.

698
00:36:39,960 --> 00:36:41,759
Speaker 3: They were taken over the world. And here we are

699
00:36:42,400 --> 00:36:44,640
Speaker 3: thirty years later, where the Dow Jones has gone from

700
00:36:44,640 --> 00:36:47,759
Speaker 3: twenty one hundred to over what thirty six seven, thirty

701
00:36:47,800 --> 00:36:51,040
Speaker 3: eight thousand, and the knik has at one point was

702
00:36:51,080 --> 00:36:53,560
Speaker 3: down seventy five percent and it's never gotten back to

703
00:36:53,600 --> 00:36:55,880
Speaker 3: where it was when I started in this industry thirty

704
00:36:55,880 --> 00:36:59,600
Speaker 3: three years ago. The one thing I have learned is

705
00:36:59,640 --> 00:37:03,399
Speaker 3: that markets go higher than anyone thinks possible, and bear

706
00:37:03,520 --> 00:37:08,120
Speaker 3: markets will fall further than anyone ever thinks possible. And

707
00:37:08,160 --> 00:37:11,239
Speaker 3: that's a very, very I think, the only absolute that

708
00:37:11,280 --> 00:37:13,319
Speaker 3: I can give you. But I will tell you this

709
00:37:13,480 --> 00:37:16,480
Speaker 3: that when you see the most well informed, forget about

710
00:37:16,520 --> 00:37:18,960
Speaker 3: the most well funded, that being the central banks, but

711
00:37:19,000 --> 00:37:22,960
Speaker 3: the most well informed traders on the globe accumulating what

712
00:37:23,000 --> 00:37:26,280
Speaker 3: the Bank of International Settlements called a Tier one reserve asset,

713
00:37:26,600 --> 00:37:30,000
Speaker 3: the only one next to dollars and treasuries, Ultimately the

714
00:37:30,040 --> 00:37:33,200
Speaker 3: price goes higher than people will ever imagine. And that's

715
00:37:33,200 --> 00:37:35,200
Speaker 3: the one thing I learned is that bull markets go

716
00:37:35,280 --> 00:37:38,120
Speaker 3: higher than people think, and bear markets go fall further

717
00:37:38,200 --> 00:37:42,120
Speaker 3: than people think. I think gold will ultimately go higher

718
00:37:42,200 --> 00:37:44,200
Speaker 3: than anyone can imagine, and it will be pegged at

719
00:37:44,280 --> 00:37:47,560
Speaker 3: some new system, a marriage to blockchain, a backing of

720
00:37:47,600 --> 00:37:51,080
Speaker 3: the system giving it credibility, because who trusts China and

721
00:37:51,120 --> 00:37:54,440
Speaker 3: Russia who trusts us? Well, how about a trustless system?

722
00:37:54,800 --> 00:37:57,719
Speaker 3: And I think that's what it will ultimately come back to.

723
00:37:57,840 --> 00:38:00,520
Speaker 3: And why else would the BIS re class by gold

724
00:38:00,600 --> 00:38:03,560
Speaker 3: is Tier one and not something else like special drawing

725
00:38:03,640 --> 00:38:08,040
Speaker 3: rights from the IMF or whatever. Heck, even Kristallina Georgieva,

726
00:38:08,120 --> 00:38:09,879
Speaker 3: the head of the IMF, said, if you don't peg

727
00:38:09,920 --> 00:38:14,000
Speaker 3: a central bank digital currency to something, then it's just fiat.

728
00:38:14,040 --> 00:38:17,080
Speaker 3: And when you see the massive acquisition by the most

729
00:38:17,080 --> 00:38:19,960
Speaker 3: well informed traders on the globe, it tells me that

730
00:38:20,000 --> 00:38:21,640
Speaker 3: gold will have its day. Now. Is it going to

731
00:38:21,680 --> 00:38:25,359
Speaker 3: be twenty twenty four, maybe twenty twenty five, don't know,

732
00:38:25,440 --> 00:38:28,000
Speaker 3: but just look at what we've seen. It's average seven

733
00:38:28,040 --> 00:38:31,480
Speaker 3: point eight percent per year for the last twenty four

734
00:38:31,600 --> 00:38:34,799
Speaker 3: years and had a really nice run last year. Up

735
00:38:34,880 --> 00:38:38,560
Speaker 3: I don't know, ten twelve percent, so I don't know.

736
00:38:38,640 --> 00:38:40,720
Speaker 3: I think anyone who picks the number would be just guessing.

737
00:38:40,760 --> 00:38:43,000
Speaker 3: But it will continue to move higher and ultimately we'll

738
00:38:43,040 --> 00:38:45,719
Speaker 3: go much higher. Don't know if it's this year or not.

739
00:38:45,840 --> 00:38:48,640
Speaker 3: A lot going on this year, but I still feel

740
00:38:48,640 --> 00:38:51,440
Speaker 3: comfortable saying that I would expect it to finish this

741
00:38:51,560 --> 00:38:54,640
Speaker 3: year much higher. Than it did last year. Don't know

742
00:38:54,640 --> 00:38:55,440
Speaker 3: what that number is.

743
00:38:55,640 --> 00:38:57,759
Speaker 1: Yeah, and just for me to add some color onto that,

744
00:38:57,880 --> 00:39:01,120
Speaker 1: I mean, the previous high set to eleven when adjusted

745
00:39:01,160 --> 00:39:04,120
Speaker 1: for inflation, which is a fake number as well, but

746
00:39:04,280 --> 00:39:07,000
Speaker 1: based off of what we've been told is about almost

747
00:39:07,000 --> 00:39:08,719
Speaker 1: about twenty five hundred and twenty four to seventy two

748
00:39:09,320 --> 00:39:10,840
Speaker 1: is the official number.

749
00:39:11,320 --> 00:39:12,239
Speaker 2: It'd be much higer than that.

750
00:39:12,239 --> 00:39:14,560
Speaker 1: So we'd have to really Bitcoin has not hit that

751
00:39:14,719 --> 00:39:16,960
Speaker 1: a new all time high when a just a for intiflation.

752
00:39:17,000 --> 00:39:18,760
Speaker 1: We have to get back up above twenty five hundred

753
00:39:18,880 --> 00:39:21,560
Speaker 1: to really get to that number again based off the

754
00:39:21,560 --> 00:39:24,680
Speaker 1: government number, which is totally doable. Steve Forbes has made

755
00:39:24,840 --> 00:39:27,640
Speaker 1: a public call to be twenty five hundred, and then

756
00:39:27,680 --> 00:39:29,359
Speaker 1: you got the Jim Records saying that, hey, it could

757
00:39:29,400 --> 00:39:32,919
Speaker 1: be thirty forty fifty thousand if governments decided to sort

758
00:39:32,920 --> 00:39:34,680
Speaker 1: of go back to some sort of gold standard side

759
00:39:34,680 --> 00:39:35,200
Speaker 1: and how they went.

760
00:39:35,200 --> 00:39:38,440
Speaker 3: Well, you know it's interesting too. All of the central banks,

761
00:39:39,000 --> 00:39:42,000
Speaker 3: the name of the account for all of these years

762
00:39:42,040 --> 00:39:45,320
Speaker 3: that gold is held in is called the Gold Reevaluation Account.

763
00:39:45,719 --> 00:39:47,359
Speaker 3: I don't know why they named it that, but it's

764
00:39:47,440 --> 00:39:48,960
Speaker 3: kind of interesting when you think of it. And then

765
00:39:48,960 --> 00:39:51,640
Speaker 3: look at what the Dutch National Bank, the head of

766
00:39:51,640 --> 00:39:54,200
Speaker 3: the Dutch National Bank said, and others who said, yeah,

767
00:39:54,239 --> 00:39:56,200
Speaker 3: you know, this is a solution to the problem of

768
00:39:56,239 --> 00:39:58,479
Speaker 3: our debt. We just revalue gold to a much higher

769
00:39:58,560 --> 00:40:01,279
Speaker 3: level and then our ass thats are worth more than

770
00:40:01,280 --> 00:40:03,720
Speaker 3: our debt and our balance sheet's fixed, just like that.

771
00:40:03,719 --> 00:40:06,480
Speaker 3: That's not so crazy to think, because that's what he did.

772
00:40:06,920 --> 00:40:10,759
Speaker 3: That's what he did back in nineteen oh seven or

773
00:40:10,800 --> 00:40:14,080
Speaker 3: thirty three, rather when he confiscated gold and then devalued

774
00:40:14,120 --> 00:40:17,040
Speaker 3: the dollar by forty percent, making gold worth forty percent more.

775
00:40:17,160 --> 00:40:19,640
Speaker 3: Is it that crazy to think that could happen. No,

776
00:40:19,880 --> 00:40:22,439
Speaker 3: I don't think it is, but just food for thought.

777
00:40:22,600 --> 00:40:23,520
Speaker 2: Yeah, all right.

778
00:40:23,560 --> 00:40:27,520
Speaker 1: I got another question here from Danny's world, and he

779
00:40:27,800 --> 00:40:28,920
Speaker 1: is saying.

780
00:40:32,160 --> 00:40:36,839
Speaker 2: Is silver dead? The question is that because silver.

781
00:40:36,760 --> 00:40:41,120
Speaker 1: Was demonetized and is no longer being used or being

782
00:40:41,280 --> 00:40:43,480
Speaker 1: acquired by central banks, is silver dead?

783
00:40:44,360 --> 00:40:47,040
Speaker 3: That's not true. I mean, the Bank of India in

784
00:40:47,080 --> 00:40:49,880
Speaker 3: the past two years has purchased almost four hundred million ounces,

785
00:40:50,440 --> 00:40:52,680
Speaker 3: three hundred and four million last year and at least

786
00:40:52,680 --> 00:40:55,239
Speaker 3: eighty million this year that they that we know of.

787
00:40:56,080 --> 00:40:59,200
Speaker 3: China has purchased a bunch of silver. I don't know

788
00:40:59,239 --> 00:41:03,560
Speaker 3: sixty eight million announces silver is being accumulated. It just

789
00:41:03,600 --> 00:41:08,080
Speaker 3: doesn't have the reporting that gold does. You know, it's

790
00:41:08,120 --> 00:41:11,200
Speaker 3: an interesting thing when you look at silver, and I

791
00:41:11,239 --> 00:41:13,800
Speaker 3: think it's it's very fair to say that I believe

792
00:41:13,880 --> 00:41:17,560
Speaker 3: anyway that it is suppressed. Now there's interesting. There's an

793
00:41:17,640 --> 00:41:20,719
Speaker 3: article that I think people should look at, and it's

794
00:41:20,760 --> 00:41:24,160
Speaker 3: by the Pickaxe talking about the amazing amount of silver

795
00:41:24,239 --> 00:41:27,320
Speaker 3: that is needed in all of these high tech weaponry systems.

796
00:41:27,320 --> 00:41:29,400
Speaker 3: There's five hundred ounces in the tip of a Tomahawk

797
00:41:29,440 --> 00:41:33,520
Speaker 3: cruise missile. There's much more than that in things like ICBMs.

798
00:41:33,560 --> 00:41:36,480
Speaker 3: But it's needed in aerospace, it's needed in submarines. And

799
00:41:36,719 --> 00:41:39,880
Speaker 3: it's interesting and he cites all sorts of fact. And

800
00:41:39,960 --> 00:41:42,279
Speaker 3: yet when you look at the Silver Institute number that

801
00:41:42,360 --> 00:41:45,239
Speaker 3: will show another two hundred million ounce or plus in

802
00:41:45,800 --> 00:41:51,040
Speaker 3: deficit versus supply. They don't even count military in it.

803
00:41:51,480 --> 00:41:54,680
Speaker 3: You have an asset that is depleting in nature. It's

804
00:41:54,840 --> 00:41:57,279
Speaker 3: found in nature in a form called epithermal, like your

805
00:41:57,280 --> 00:42:00,279
Speaker 3: skin is epidermis. It's very near the surface. And no,

806
00:42:00,400 --> 00:42:02,319
Speaker 3: my buddy Keith Numeier will be the first to tell

807
00:42:02,320 --> 00:42:03,960
Speaker 3: you it's coming out of the ground right now, it's

808
00:42:04,000 --> 00:42:06,839
Speaker 3: seven to one. Yet it's priced at about eighty two

809
00:42:06,960 --> 00:42:10,399
Speaker 3: or three to one. Something's wrong there. And I think

810
00:42:10,520 --> 00:42:13,160
Speaker 3: country like India and China and all the countries that

811
00:42:13,200 --> 00:42:15,520
Speaker 3: are accumulating it the way that they are so the

812
00:42:15,600 --> 00:42:21,600
Speaker 3: central banks are buying it quietly tells a different story.

813
00:42:21,640 --> 00:42:24,280
Speaker 3: And when you look at an asset that has experienced

814
00:42:24,360 --> 00:42:29,040
Speaker 3: monetary renaissance, that is used increasingly in greed and digital applications,

815
00:42:29,680 --> 00:42:33,120
Speaker 3: is decreasing in nature, is coming out of the ground

816
00:42:33,160 --> 00:42:36,000
Speaker 3: at a ratio about eleven times under its price ratio.

817
00:42:36,160 --> 00:42:39,399
Speaker 3: Right now, it's averaged roughly forty two to one gold

818
00:42:39,400 --> 00:42:41,640
Speaker 3: to silver ratio for the last one hundred and fifty years,

819
00:42:42,239 --> 00:42:45,800
Speaker 3: largely because of gold's role is money. But the geologic

820
00:42:45,880 --> 00:42:48,759
Speaker 3: ratio for five thousand years before that was sixteen to one.

821
00:42:48,840 --> 00:42:51,680
Speaker 3: Now it's seven to one. It's disappearing. You have an

822
00:42:51,680 --> 00:42:54,560
Speaker 3: asset that is increasing in demand and decreasing in supply,

823
00:42:54,960 --> 00:42:56,480
Speaker 3: and ask yourself, why the hell do you have four

824
00:42:56,560 --> 00:43:00,719
Speaker 3: or five commercial banks with the largest short position concentrated

825
00:43:00,760 --> 00:43:05,200
Speaker 3: short position of any commodity traded on COMEX. Why And

826
00:43:05,680 --> 00:43:08,200
Speaker 3: I will simply tell you that I think silver is

827
00:43:08,680 --> 00:43:11,640
Speaker 3: in my mind. Look, I don't sell gold and silver

828
00:43:11,719 --> 00:43:14,719
Speaker 3: as investments. To me, their wealth, and I want that

829
00:43:14,760 --> 00:43:17,800
Speaker 3: to be very clear. Wealth that has lived for five

830
00:43:17,880 --> 00:43:21,400
Speaker 3: thousand years, through two World wars, German hyperinflation, great depression,

831
00:43:21,680 --> 00:43:24,400
Speaker 3: everything the world's thrown at it, every pandemic, you name it.

832
00:43:25,880 --> 00:43:29,120
Speaker 3: But I do think that silver should be characterized as

833
00:43:29,200 --> 00:43:32,480
Speaker 3: a strategic metal, non at industrial and by suppressing the

834
00:43:32,520 --> 00:43:36,680
Speaker 3: paper price where right now in the registered category on COMEX,

835
00:43:36,719 --> 00:43:41,200
Speaker 3: those are the bars backing the contracts that are issued.

836
00:43:41,400 --> 00:43:43,640
Speaker 3: It's the same thing the Hunt Brothers saw in nineteen eighty.

837
00:43:43,640 --> 00:43:47,719
Speaker 3: There's over fifteen hundred percent more paper than there are

838
00:43:47,800 --> 00:43:51,560
Speaker 3: bars standing behind it. They're suppressing the price. But for

839
00:43:51,760 --> 00:43:54,480
Speaker 3: why and why are the commercial banks doing this? And

840
00:43:55,280 --> 00:43:56,920
Speaker 3: I would simply tell you that to me, it is

841
00:43:56,920 --> 00:44:00,200
Speaker 3: the buying opportunity or the value of a generation. And

842
00:44:00,239 --> 00:44:02,360
Speaker 3: I'm dead serious about that. I think it is the

843
00:44:02,440 --> 00:44:05,680
Speaker 3: value of a generation. But yes, it is underperformed, it

844
00:44:05,760 --> 00:44:09,640
Speaker 3: is counterintuitive, it is frustrating as hell. Does not change

845
00:44:09,719 --> 00:44:12,160
Speaker 3: the reality in my mind that it is an asset

846
00:44:12,200 --> 00:44:16,040
Speaker 3: that is needed in so many areas, and there's a

847
00:44:16,840 --> 00:44:21,960
Speaker 3: lot of tom foolery. I guess you could say surrounding

848
00:44:22,160 --> 00:44:26,520
Speaker 3: the price of silver at least on the exchanges. But

849
00:44:27,239 --> 00:44:31,320
Speaker 3: my mind has always been that, look, here's food for thought.

850
00:44:32,280 --> 00:44:35,920
Speaker 3: On the last day, on December twenty seventh, let me

851
00:44:35,920 --> 00:44:39,600
Speaker 3: give you the exact number here on December twenty seventh, U,

852
00:44:40,280 --> 00:44:42,920
Speaker 3: I want to give you the exact number because it's important.

853
00:44:43,360 --> 00:44:48,480
Speaker 3: On December twenty seventh, twenty twenty three gold or silver

854
00:44:48,800 --> 00:44:55,040
Speaker 3: closed on the Shanghai Gold Exchange AT. I got this somewhere.

855
00:44:56,320 --> 00:45:01,960
Speaker 3: One second shouldn't take but a second it closed on

856
00:45:02,040 --> 00:45:05,840
Speaker 3: the Shanghai Goal Exchange AT. I want to say, I

857
00:45:05,880 --> 00:45:12,680
Speaker 3: can't find it. Twenty six dollars and fifty cents closed

858
00:45:13,320 --> 00:45:17,600
Speaker 3: in the United States at around twenty four the numbers,

859
00:45:17,640 --> 00:45:19,720
Speaker 3: I can't find it, but I had it here somewhere.

860
00:45:19,760 --> 00:45:25,000
Speaker 3: The numbers on the Shanghai Goal Exchange the last day

861
00:45:25,000 --> 00:45:28,240
Speaker 3: of the year were two dollars and thirty or forty

862
00:45:28,280 --> 00:45:32,440
Speaker 3: cents higher announced ten percent higher in Shanghai than it

863
00:45:32,640 --> 00:45:35,360
Speaker 3: was on the LBMA or on COMEX. Goal is averaged

864
00:45:35,400 --> 00:45:39,759
Speaker 3: between six and ten percent higher in Shanghai than on

865
00:45:40,480 --> 00:45:43,680
Speaker 3: the LBMA or on COMEX. And I believe you are

866
00:45:43,760 --> 00:45:47,720
Speaker 3: slowly seeing the arbitrage turned up, and they are. They're

867
00:45:47,760 --> 00:45:52,040
Speaker 3: incentivizing the Western traders to arbitrage everything over there quietly

868
00:45:52,400 --> 00:45:54,839
Speaker 3: here again, just like they're doing this whole bricks thing.

869
00:45:55,280 --> 00:45:57,680
Speaker 3: The countries that are accumulating it. The only reason they're

870
00:45:57,719 --> 00:45:59,920
Speaker 3: not bitching is because they're the ones buying it at

871
00:46:00,080 --> 00:46:04,360
Speaker 3: these subsidized prices. So they're using the West's leverage to

872
00:46:04,480 --> 00:46:07,400
Speaker 3: support the illusion of a strong bond market and a

873
00:46:07,400 --> 00:46:11,160
Speaker 3: strong currency. Because what is gold and silver? They're monetary metals.

874
00:46:11,160 --> 00:46:15,240
Speaker 3: They they're the kryptonite to Superman. They're pulling the cape

875
00:46:16,200 --> 00:46:18,439
Speaker 3: or the curtain, you know, at the Wizard of Oz

876
00:46:18,440 --> 00:46:20,239
Speaker 3: and seeing it's a little frail man. And if you

877
00:46:20,239 --> 00:46:22,839
Speaker 3: have gold and silver going much higher, you call into

878
00:46:22,920 --> 00:46:26,680
Speaker 3: question the strength of the world reserves. So I believe

879
00:46:26,840 --> 00:46:31,640
Speaker 3: that this suppression is being allowed to happen, and in fact,

880
00:46:32,160 --> 00:46:34,440
Speaker 3: they don't care about it because we're dumb enough to

881
00:46:34,560 --> 00:46:38,080
Speaker 3: keep these prices artificially low while they buy it. And

882
00:46:38,400 --> 00:46:41,160
Speaker 3: the four hundred million ounces or thereabouts that India bought

883
00:46:41,440 --> 00:46:44,080
Speaker 3: is way more than this on the entire comex market

884
00:46:44,160 --> 00:46:47,200
Speaker 3: right now. So no, silver is not dead, and silver

885
00:46:47,280 --> 00:46:49,520
Speaker 3: will be one of these things where we wake up

886
00:46:49,560 --> 00:46:53,080
Speaker 3: on a Monday morning, and it's there's no one stupid

887
00:46:53,200 --> 00:46:54,799
Speaker 3: enough to let go of it at that price where

888
00:46:54,800 --> 00:46:58,520
Speaker 3: the comex gets rendered obsolete. And I believe, before it's

889
00:46:58,560 --> 00:47:00,600
Speaker 3: all said and done that you will see rice setting

890
00:47:00,640 --> 00:47:04,080
Speaker 3: for these kinds of commodities, a real one on the

891
00:47:04,080 --> 00:47:07,200
Speaker 3: Shanghai Gold Exchange or others in that part of the world,

892
00:47:07,239 --> 00:47:09,560
Speaker 3: like in Dubai, because they're the ones buying it all,

893
00:47:09,640 --> 00:47:12,399
Speaker 3: they're the ones producing it all, they're the ones who

894
00:47:12,480 --> 00:47:16,640
Speaker 3: understand its real value. And you can see slowly turn

895
00:47:16,760 --> 00:47:19,680
Speaker 3: up that heat right now ten percent more. You can

896
00:47:19,840 --> 00:47:22,840
Speaker 3: arbitrage if you're a big enough trader and have access

897
00:47:22,880 --> 00:47:25,279
Speaker 3: to those markets. You can buy in London or buy

898
00:47:25,320 --> 00:47:29,759
Speaker 3: in the US and sell in China's immediately for ten

899
00:47:29,800 --> 00:47:33,600
Speaker 3: percent gain. Now. I think you know, you're a pretty

900
00:47:33,800 --> 00:47:37,200
Speaker 3: literate financial guy. You know that traders will arbitrage for

901
00:47:37,200 --> 00:47:39,080
Speaker 3: a whole hell of a lot less than ten percent.

902
00:47:39,160 --> 00:47:41,200
Speaker 3: And that's exactly what we're beginning to see. So no,

903
00:47:41,560 --> 00:47:43,200
Speaker 3: silver is not dead. I think it's the buy of

904
00:47:43,200 --> 00:47:43,800
Speaker 3: a generation.

905
00:47:44,080 --> 00:47:46,680
Speaker 1: Yeah, good stuff, good stuff, I agree, And what we're

906
00:47:46,719 --> 00:47:50,280
Speaker 1: seeing happening in the China Shane High Exchange is definitely

907
00:47:50,280 --> 00:47:52,800
Speaker 1: breaking the price of gold. We see the price continue

908
00:47:52,800 --> 00:47:56,000
Speaker 1: to separate and I think will eventually break the grip

909
00:47:56,080 --> 00:47:58,480
Speaker 1: the LBMA has on the price of gold and silver,

910
00:47:58,560 --> 00:48:01,880
Speaker 1: and so that sort of goes more to the Jim rickerdisis,

911
00:48:01,920 --> 00:48:04,320
Speaker 1: which it could pop the thirty thousand, you know pretty

912
00:48:04,400 --> 00:48:08,080
Speaker 1: quickly if something like that were to happen, and it's probably.

913
00:48:07,719 --> 00:48:09,560
Speaker 2: Only a matter of time. I don't know.

914
00:48:09,600 --> 00:48:11,200
Speaker 1: It's probably not my base case that happens in twenty

915
00:48:11,239 --> 00:48:15,000
Speaker 1: twenty four, but potentially twenty five, twenty six, like it's

916
00:48:15,040 --> 00:48:15,919
Speaker 1: gonna happen at some point.

917
00:48:16,800 --> 00:48:17,640
Speaker 3: I agree with that.

918
00:48:17,640 --> 00:48:18,919
Speaker 2: We're gonna go ahead and wrap it up.

919
00:48:19,480 --> 00:48:24,360
Speaker 1: Andy Sheckman, President of Miles Franklin Precious Medals Miles Franklin

920
00:48:24,400 --> 00:48:27,600
Speaker 1: dot com. Always a wealth and knowledge, always happy to

921
00:48:28,040 --> 00:48:30,120
Speaker 1: have you on. And with that, we'll go ahead and

922
00:48:30,160 --> 00:48:30,640
Speaker 1: sign it off.

923
00:48:31,480 --> 00:48:33,920
Speaker 3: I appreciate it, Mark, I follow everything you do. I

924
00:48:33,920 --> 00:48:35,960
Speaker 3: think you're one of the brightest minds in the industry

925
00:48:35,960 --> 00:48:37,600
Speaker 3: and a honor to be here, and thank you for

926
00:48:37,600 --> 00:48:40,040
Speaker 3: the invite. Look forward to seeing you in Vancouver in

927
00:48:40,080 --> 00:48:43,480
Speaker 3: a couple of weeks, and I wish you and everyone

928
00:48:43,480 --> 00:48:46,439
Speaker 3: else out there very happy, healthy New Year, and look

929
00:48:46,480 --> 00:48:48,960
Speaker 3: forward to picking up where we left off somewhere not

930
00:48:49,000 --> 00:48:49,879
Speaker 3: too far down the road

931
00:48:49,920 --> 00:48:51,880
Speaker 2: All right, Thanks Andy,