Latest / SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT / 🚨 China's SILVER PRICE MOVE 🚨 As Supplies VANISH - (Gold Price Too)

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🚨 China's SILVER PRICE MOVE 🚨 As Supplies VANISH - (Gold Price Too) · SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT

• 0:00
  Have you noticed how interesting it is lately with the silver
• 0:04
  price? Absolutely crazy.
• 0:06
  Let me tell you something, if you don't like the silver price,
• 0:10
  just check back in 5 minutes and it can move like 25 or 30 or
• 0:14
  $0.40. Remember like 6 months a couple
• 0:17
  years ago where silver might move a nickel or a dime or maybe
• 0:21
  on a big day 1/4. Doesn't it feel like recently
• 0:26
  silver can move by 25 or $0.50 in the matter of two or three
• 0:30
  minutes? What is going on?
• 0:32
  I'll tell you what's going on. It's a big deal that you're here
• 0:35
  in the basement with me. Thanks for joining us today,
• 0:38
  basement dwellers. We're going to cover a ton about
• 0:42
  silver and gold. Super interesting things going
• 0:45
  on. Hedge funds, you know, the big
• 0:47
  money. The big, big, big, big money.
• 0:50
  They're doing something very interesting with silver and
• 0:54
  gold. We're going to talk about that
• 0:55
  and of course more. It's every day.
• 0:59
  Maybe that explains, Do you think maybe this explains why
• 1:03
  we're getting these crazy moves in the silver price, More
• 1:07
  unbelievable news about China and silver and gold.
• 1:13
  And I have two big warnings for you.
• 1:15
  Warning. Warning.
• 1:17
  OK, what about silver in particular?
• 1:19
  We're going to talk about that. But first, let's go over to our
• 1:24
  friends at Kitco and see what they have to say.
• 1:27
  Niels Christensen, hedge funds jumping into gold and silver
• 1:33
  ahead of a breakout. Interesting Niels, he says here.
• 1:39
  If silver's time to shine it, it is silver's time to shine as
• 1:43
  hedge funds protect themselves against higher inflation caused
• 1:47
  by broad based rising commodity prices.
• 1:49
  Yes, commodities are going up. The whole metal sector is going
• 1:54
  up, according to some commodity analysts.
• 1:57
  After reviewing the latest data from the Commodity Futures
• 1:59
  Trading Commission, silver has been attracting considerable
• 2:04
  attention as it benefits from persistently higher gold prices
• 2:08
  and renewed momentum in copper. We talked about this yesterday,
• 2:13
  right? Silver.
• 2:15
  Silver has a half brother named Gold who's at an all time high.
• 2:19
  Silver has another half brother named Copper on the industrial
• 2:23
  side that's also at an all time high, Analysts note, who've been
• 2:27
  watching us here in Ron's basement that Silver's role as
• 2:30
  an industrial and monetary metal is creating a perfect storm.
• 2:33
  OK, we just talked about that. The renewed buying momentum,
• 2:37
  there's a warning, OK, we're going to get to it here.
• 2:40
  The renewed buying momentum has pushed silver's net length to a
• 2:46
  one month high. The precious metal is net long
• 2:49
  by almost 40,000 contracts. That means more people are
• 2:53
  betting that silver's going to go up.
• 2:55
  More of the big money is betting that silver will go up.
• 3:00
  But they don't want you to know that.
• 3:01
  OK? During the survey period silver
• 3:04
  prices testing critical long term resistance at $29.00 per
• 3:08
  oz. Commodity analyst at TD
• 3:11
  Securities noted market conditions that led to the
• 3:15
  silver breakout had been building for a while.
• 3:18
  Notably, a shortage of silver in China points to rising imports
• 3:22
  on the horizon. Wait till you see this new
• 3:25
  information I have about China. Unbelievable.
• 3:28
  While the break north of $30 risk catalyzing substantial ETF
• 3:34
  buying activity, Yes, what happens when people in the West
• 3:39
  start actually buying silver on top of what is already going on
• 3:44
  That could substantially increase the risk of a oh oh
• 3:49
  this is TD Securities. This isn't just Kitco saying
• 3:52
  this sit down guys, because they're using the other S word,
• 3:57
  the double S word silver squeeze.
• 4:01
  Particularly with the renewal of the meme stock craze which
• 4:05
  filtered into silver markets last time around.
• 4:09
  Now here here's a little warning, however.
• 4:11
  It's not all sunshine, guys. We got.
• 4:13
  We got some potential trouble on the horizon.
• 4:16
  Some analysts also note that investors should be careful at
• 4:19
  current levels because silver can be extremely volatile.
• 4:25
  Silver has been extremely volatile as of late, right?
• 4:30
  I mean big moves up, big moves down.
• 4:33
  I mean, if you don't like the silver price, check back in 5
• 4:36
  minutes. If you do like the silver price,
• 4:38
  don't check back in 5 minutes because it is just moving.
• 4:42
  Have you noticed that extremely volatile, but I'll throw in the
• 4:46
  volatility has been occurring within an upward trending price
• 4:51
  environment. We like to call that a bull
• 4:53
  market quote. Other than how impressive the
• 4:57
  bullish break has been, the other thing that stands out is
• 5:00
  just how overbought silver is using the RSI.
• 5:04
  That's the relative strength indicator.
• 5:06
  It measures how much binds been going on.
• 5:10
  It's a technical thing on a daily time frame sitting at an
• 5:14
  eye watering. So it's very high, almost 80,
• 5:18
  said David Scoot. Wonder if he they they spelled
• 5:21
  his name wrong. Should be Scott Scoot.
• 5:23
  Never heard that market analyst at forex.com.
• 5:27
  To put that reading into context, there have only been
• 5:30
  four other occasions where the RSI has exceeded that level,
• 5:33
  dating all the way back to 2015, nine years ago.
• 5:37
  And on three of them it coincided with a near term peak.
• 5:43
  OK, All right. That's from our friend Neils
• 5:46
  over at Kitco. So basically guys, what they're
• 5:50
  telling us is 2 things. Hedge funds, What does that tell
• 5:54
  us? Big money, all right, is buying
• 5:57
  silver ahead of a breakout. But but be careful, because on a
• 6:02
  technical level, the silver price is overbought.
• 6:06
  OK, OK, big other big warning, let's let's cover this quickly,
• 6:10
  then we're going to get to China, 'cause that's where it
• 6:12
  gets even more exciting. But we do have another warning
• 6:16
  for you this morning because our friends at the Fed, this is from
• 6:22
  Zero Hedge, posted this. This is just today. the Fed,
• 6:28
  right? the Fed, they're a bank.
• 6:30
  Somebody tell them they're a darn bank.
• 6:32
  They're not a public relations firm, right.
• 6:35
  What needs public relations crisis?
• 6:37
  When do you hire a public relations firm when you're in
• 6:40
  crisis? Is the Fed in crisis?
• 6:42
  Because just today, look at all these speakers.
• 6:45
  Although Yellen's not technically part of the Fed,
• 6:48
  although she used to run the Fed before Jerome Jeremy Powell took
• 6:52
  over, Yellen's going to be talking today.
• 6:55
  We got Barkan from the Fed, Waller from the Fed, Williams
• 6:58
  from the Fed, Bostic Bar, and then Bostic again.
• 7:02
  I mean, my Lord, so we could, right?
• 7:05
  These Fed speakers have been known to cause tremors within
• 7:10
  the silver and gold within the precious metals prices, so be
• 7:14
  prepared, right? The Fed, they're they're rolling
• 7:17
  them out all to talk. But remember this, It's all a
• 7:20
  bunch of short term noise. the Fed is in crisis.
• 7:23
  That's why they're APR firm. That's why the value of the
• 7:28
  dollar, no matter how you slice it or dice it, no matter what
• 7:31
  noise you create. Do you like my T-shirt?
• 7:34
  Just say no to Unicorn fart dust.
• 7:36
  I'll talk about that later. But guys, it's all noise.
• 7:40
  No matter how you, no matter what they do, no matter what the
• 7:43
  Wizard of Oz is back there pushing all the buttons, the Fed
• 7:46
  speakers. At the end of the day, the value
• 7:49
  of the dollar unfortunately is going down, down, down, and the
• 7:53
  value, the real value of your metals will continue to go up.
• 7:59
  Let's go to China because this is where it gets interesting.
• 8:02
  We've got, we've got craziness going on.
• 8:05
  You know what? First, let's run out and do a
• 8:07
  check. This is always the the part
• 8:10
  where my blood pressure goes up. Let's go out to pin backs and
• 8:14
  check on the silver and gold price.
• 8:16
  OK, this is not up to up up this.
• 8:19
  Hold on. Here, let me refresh it to see
• 8:23
  what we've got. What?
• 8:26
  Oh my gosh. OK guys, so we have silver up
• 8:29
  $0.26 an ounce and no joke. If you notice that if you don't
• 8:33
  like the silver price, if it's down, if it's red, you know,
• 8:37
  give it 5 minutes, come back and this is what you get.
• 8:40
  Silver, $32 per oz. Man, think about this.
• 8:45
  If we'd we were talking six months ago, five months ago,
• 8:50
  what shoot, four months ago, was silver like $22.00 back then if
• 8:54
  we we'd known that silver was going to go up by $10 per oz.
• 8:58
  Unbelievable. Hey look, if you're dollar cost
• 9:03
  averaging and you are still buying silver and gold, do
• 9:06
  yourself a favor. Let's say thank you to Pendex.
• 9:09
  They sponsor the channel. They make videos and live
• 9:12
  streams possible. So if you want to get gold,
• 9:15
  silver, platinum, group metals, do yourself a favor.
• 9:17
  Check out Pendex. I work with Pendex.
• 9:20
  I did before they sponsored the channel.
• 9:22
  You'll get the best prices, the best service and great
• 9:26
  selection. They can help you out with IRA
• 9:28
  conversions as well. Let's go while we're here.
• 9:33
  Let's not not that. All right?
• 9:37
  What? What is?
• 9:41
  I'm speechless. What's going on right now in the
• 9:45
  silver market? In the gold market is
• 9:48
  unprecedented, guys. Never happened before during
• 9:53
  your lifetime. During my lifetime.
• 9:56
  And what's making it even more unbelievable, more crazy, more
• 10:02
  of a set up for prices for value for the ounces of metal that you
• 10:07
  own, for the value likely of precious metal mining stocks as
• 10:11
  well is the fact that China is taking over.
• 10:14
  They've got India as well. But what's going on in China?
• 10:18
  I've got some data here that that that is just absolutely
• 10:23
  unbelievable. Let's pull this one up.
• 10:26
  Let's make sure. Here we go.
• 10:36
  Let's just get our daily update from the Oriental Ghost.
• 10:39
  OK, this was at 3:00 in the morning.
• 10:43
  New high silver daytime close price on the Shanghai Gold
• 10:47
  Exchange and the Shanghai Futures Exchange hit another new
• 10:50
  high silver vaults. This is this is the other.
• 10:54
  So we got two critical things new all time highs and again
• 10:58
  every day the amount of money in or I'm sorry, the amount of
• 11:01
  silver ounces in the in the vaults is dropping
• 11:05
  precipitously. Look at this.
• 11:07
  New High silver daytime High Silver vaults on the Shanghai
• 11:11
  Futures Exchange dropped and set yet another new low since 2020.
• 11:17
  All right, now let's see what else he has to tell us some
• 11:22
  insights. This is just from a day ago this
• 11:25
  again, the oriental ghosts have big contacts in China, he says.
• 11:30
  A friend who is now trading on site told me that the long money
• 11:34
  this time was very aggressive, which is never seen before off
• 11:41
  site. Physical silver sellers are
• 11:43
  adjusting prices upwards 2 times today.
• 11:48
  I think that the silver supply crisis and revaluation are
• 11:54
  approaching. OK, now next let's go to our
• 11:58
  friend John Little at Silver Academy.
• 12:00
  It gets even more interesting. Silver vaults in China continue
• 12:05
  to be drained. This is the price is very
• 12:08
  important guys. But what's going to drive the
• 12:11
  price at the end of the day? Think about it is the amount of
• 12:14
  supply versus the amount of demand in the market.
• 12:19
  And remember, we're getting crazy levels of demand from the
• 12:22
  East, from China, from India, and we're not even considering
• 12:26
  India Today. But don't worry, the 1.4 billion
• 12:31
  people in India who are getting richer by the day in building
• 12:35
  solar farms the size of small states here in the US love their
• 12:40
  silver. But what's going to drive this
• 12:43
  price, OK, the the price is important, OK.
• 12:46
  The value of your ounces is, is important.
• 12:49
  But in the long run what's really going to drive things are
• 12:52
  supply and demand. So when the supply of metal in
• 12:56
  the vault at the exchanges continues to be drained, that
• 13:01
  is, that is not a good thing for the exchanges, not a good thing
• 13:06
  for people that are wanting to buy silver either now or near
• 13:10
  term in the future. But for those of you and and you
• 13:13
  need to ask yourself this question, are you one of those
• 13:16
  people that already own silver? It's a very, very good thing
• 13:19
  because that silver you own is in demand right now.
• 13:23
  But guess what? What do you think's going to
• 13:26
  happen? As these vaults drain more and
• 13:28
  more and more that silver you're still holding will become even
• 13:32
  more in demand. Silver vaults in China continue
• 13:35
  to be drained, reaching 745 tons now below 24,000,000 oz.
• 13:42
  That's not a lot. The Shanghai stocks down 37.4%
• 13:47
  year to date. The rate of gold imports has
• 13:50
  inverse relation. Let's go down here, China paying
• 13:54
  $4.71 per oz premiums. Let's just read through a couple
• 13:58
  of his interesting points here. Western market riggers have
• 14:02
  forever lost control of rigging the silver market.
• 14:07
  Things change. History happens guys, and
• 14:10
  history is happening right now in the precious metals markets.
• 14:15
  The world is shifting. The power when it comes to the
• 14:20
  metals is shifting to the east, not just China.
• 14:23
  India did Q 1/20/24 more silver imports than the entire year of
• 14:27
  2023. India will continue to import
• 14:31
  also via the United Arab Emirates in Dubai for tax
• 14:34
  savings. India imports coded for jewelry
• 14:38
  are mostly silver, zinc batteries manufactured by
• 14:41
  Rajesh. India continues to supply
• 14:44
  weapons for Russia and the transaction is paid for outside
• 14:48
  the US dollar. The this is China and India.
• 14:51
  Silver and gold jewelry stores are selling out.
• 14:54
  We know that in we know that in in China hundreds of thousands
• 15:01
  of people right within the last couple months have lined up to
• 15:04
  buy gold. Silver is on.
• 15:06
  The silver is on the brink of extinction and projected to run
• 15:11
  out before 2027. Look at this chart.
• 15:15
  Look at this chart. OK, this is silver on the LBMA,
• 15:19
  the London Bullion Market Association, right, Those fine
• 15:23
  boys over and girls also over in London versus the Shanghai,
• 15:27
  right? Silver on the, on the LBMA right
• 15:31
  at the at the close here they're showing 3150 an ounce silver in
• 15:36
  Shanghai, 3621 look at the gold line right there, OK that's
• 15:43
  that's the price of silver in China.
• 15:45
  Look at the white line, that's the price of silver in London.
• 15:49
  And when you look at the next chart here, it's even more this
• 15:53
  shows the premium. This means the difference
• 15:56
  between the higher price in in China versus the lower price,
• 16:01
  the fake artificial paper Unicorn fart dust silver price
• 16:06
  at the LBMA. And do you see right here we are
• 16:09
  here we're up to whatever it is, $4.50.
• 16:13
  But look over this is just over one year at at some point it was
• 16:19
  actually cheaper in in China. But look at what's happened
• 16:22
  lately as this massive change has occurred, where China is
• 16:28
  like, hey, we don't want your dollars, we don't want your
• 16:30
  treasuries anymore. We're going to give those back
• 16:34
  to you. We're going to convert.
• 16:35
  Just like you do when you buy silver, when you buy gold, you
• 16:39
  convert your paper money into real money.
• 16:44
  And I got a feeling the Chinese are doing just that as well.
• 16:46
  I'm going to take a quick sip of coffee
• 16:59
  and I got to remember to turn the microphone back on.
• 17:05
  Nothing like doing a live stream when the microphone.
• 17:09
  I bet some of you may may prefer that from time to time.
• 17:12
  But but one of the smartest guys I've been in the I've been in
• 17:16
  the silver and gold world for 20 years.
• 17:18
  One of the smartest guys I met in person.
• 17:20
  I had the pleasure of spending several hours, probably about 8
• 17:24
  hours all together with this guy.
• 17:26
  He brought up something and even he is seeing this.
• 17:31
  OK, this is, and I would highly recommend if you're on on X that
• 17:35
  you follow Jamie Carrasco. He's with the kind of cord, he's
• 17:39
  a, he's a very successful Canadian banker investment
• 17:44
  advisor up in Toronto, Super smart guy, great and probably
• 17:49
  one of the nicest guys too. He taught me so much.
• 17:51
  But anyway, he he put this this morning, the bid for physical
• 17:56
  silver is above $36 at the Shanghai Exchange and below $32
• 18:04
  at the futures based COMEX. Don't dismiss the importance of
• 18:10
  true price discovery is that the more they push the price.
• 18:14
  This is interesting. What do you think's going to
• 18:16
  happen to all the silver and Jamie's going to tell us right?
• 18:19
  The the importance of true price discovery is that the more they
• 18:22
  push the price down at the Comex and the LBMA, the greater the
• 18:29
  arbitrage to ship the physical E for premium.
• 18:33
  Meaning people are buying the metal, taking delivery in the
• 18:39
  West from the LBMA from the Comex.
• 18:42
  They're saying, hey, we know, right?
• 18:43
  This contract, I can actually take delivery and immediately
• 18:47
  then selling that on the Chinese market.
• 18:50
  That's how the Chinese are sucking that big sucking sound
• 18:54
  you hear. That constant sucking sound is
• 18:58
  all the silver, all the gold being sucked, Not yours, OK, not
• 19:03
  yours. But in general on the exchanges,
• 19:06
  all the silver and gold getting moved over sucked over to to the
• 19:12
  east. OK, what did Jamie Dimon?
• 19:14
  Did you hear what Jamie Dimon said?
• 19:16
  Jamie Dimon dropped a truth bomb about the US economy.
• 19:20
  Thank you, Don Howe, for the Super chat.
• 19:22
  Super appreciate it. Thank you, Sorcerer.
• 19:24
  Stan. Yes, this T-shirt came from the
• 19:29
  Sound Money Society. It says just say no to Unicorn
• 19:33
  fart dust and it says sound Money society approves this
• 19:39
  T-shirt. So here let me show you real
• 19:41
  quick. If you guys want to get some
• 19:43
  cool silver related clothes, here it is right here Sound
• 19:50
  money society.com. They've got all kinds of stuff
• 19:53
  all related to silver and gold hats.
• 19:57
  They sent me a hat. I'll show you that on another
• 19:59
  day and another T-shirt as well, but thank you.
• 20:03
  To our friend David at the Sound Money Society for sending this
• 20:06
  over, and I hope you guys are enjoying it.
• 20:07
  No Unicorn fart dust, right? We don't want that.
• 20:11
  But what's Jamie Dimon? What's going to happen here in
• 20:16
  the United States? It's happening.
• 20:19
  It is going to get ugly. That's my prediction.
• 20:22
  I could be wrong, right? Don't make any financial
• 20:25
  decisions based on anything that I'm saying here today.
• 20:28
  But it's gonna get ugly in the next six months in this country
• 20:33
  on many levels, economically and socially, I believe.
• 20:38
  And if in in November right, things don't get ugly
• 20:42
  economically, things don't get real ugly socially in this
• 20:45
  country. I will sit down here and say I
• 20:47
  was dead wrong. I hope I am wrong, OK.
• 20:50
  But I think the spring has been coiled.
• 20:53
  It's take it's gone longer into 2024 than we anticipated.
• 20:57
  Do you feel it right? Do you feel it?
• 21:00
  What did Jamie Dimon say? Let's hear what the CEO of JP
• 21:04
  Morgan Chase where is it? OK.
• 21:10
  Here from Zero Hedge talks about about what Jamie talks about how
• 21:16
  the market did yesterday. OK, JP Morgan CEO Jamie Dimon
• 21:21
  offered his now ubiquitous, downbeat view of the foreseeable
• 21:26
  future. He says.
• 21:28
  Quote, I'm cautiously pessimistic.
• 21:31
  We have the most complicated geopolitical situation that most
• 21:36
  of us, most of us have seen since World War 2, right?
• 21:40
  We had the president of Slovakia get shot last week.
• 21:44
  We've had the Iranian president died in a helicopter crash.
• 21:48
  We've got the war in in the Middle East.
• 21:50
  We got the war in Europe. We got the situation with Taiwan
• 21:53
  and China. We've got trouble geopolitically
• 21:56
  everywhere, OK? We don't really know the full
• 22:01
  effect of QT. That's quantitative tightening.
• 22:04
  We don't know. the Fed doesn't know what it's doing.
• 22:06
  The Fed is sucking money out of the economy.
• 22:09
  Red Lobsters are shutting down. Restaurants are shutting down.
• 22:13
  Car lots are shutting down. I've got, I've got a couple
• 22:16
  stories we're going to read next from real people like you and me
• 22:20
  on the street that are now really starting to feel the full
• 22:25
  effects of this economy. I'm telling you guys, the
• 22:28
  momentum, the pendulum is swinging in favor of precious
• 22:32
  metals, but it's also swinging in a way that is, that is
• 22:37
  indicating that we are in for some tough economic times.
• 22:41
  Recession, right? Dare we say depression?
• 22:43
  We'll find out, he says. I find it mysterious that
• 22:47
  somehow referring to QT, it had this beneficial effect, but it's
• 22:53
  not going to have a negative effect when it goes away.
• 22:55
  I personally think, and I do agree with Jamie on this,
• 22:59
  inflation is a little bigger than people think and that rates
• 23:03
  may surprise people. Guys, here's the bottom line,
• 23:08
  OK, and don't let this scare you, but rates are probably it's
• 23:14
  it's it's so it's the whole Fed situation has become such a
• 23:19
  mirage, such a freak show. OK.
• 23:22
  We could talk about it for hours and hours, spin our heads around
• 23:25
  in all these different directions.
• 23:27
  But at the end of the day, the value, the real value of the
• 23:31
  dollar, how can you measure that?
• 23:33
  Go to the grocery store, go to the gas station.
• 23:35
  The real value of the dollar is going down, down, down, down.
• 23:39
  Inflation is not going away. OK.
• 23:43
  Rates could go up. OK.
• 23:45
  Interest rates could actually go up.
• 23:47
  Actually think about this, how could they not go up?
• 23:52
  You got so much debt, right? Consumer debt, business debt,
• 23:57
  corporate debt, government debt. All that debt needs a buyer.
• 24:02
  There aren't buyers out there. OK?
• 24:05
  So the only way that you can get people to buy debt if they don't
• 24:08
  want it is to make it more enticing.
• 24:10
  How do you make it more enticing?
• 24:12
  You make the rate that you pay on it go higher.
• 24:15
  OK? That kills the economy.
• 24:17
  So then what happens? I'm giving it all to you right
• 24:20
  now as simply as I can. OK, Then the Fed says, well, I
• 24:24
  guess we got to buy it. OK, so how does the Fed buy
• 24:28
  debt? How does the Fed buy debt from
• 24:31
  the government? It's real easy, right?
• 24:33
  They press a button on the computer.
• 24:35
  Go ahead and press one of your buttons.
• 24:37
  OK. Here.
• 24:37
  I'm going to press it. That's all.
• 24:38
  We haven't done this for a while.
• 24:40
  This is what the Fed's going to do.
• 24:41
  It's called monetizing the debt. I'm going to tell you what it
• 24:44
  does for the price of gold and silver.
• 24:46
  But they press Pi, Just press P, press P leave a comment, right,
• 24:53
  Guys, when they do that, that sends inflation even it's a
• 24:59
  spiral out of control situation that is going to be, it's going
• 25:04
  to be the 1970s all over again. Either that or it's going to be
• 25:08
  the Great Depression. That's really what we got.
• 25:11
  Either the 1930s coming at us and they don't want that because
• 25:15
  the wealthy will get hurt during that or we have the 1970s during
• 25:21
  either of those periods. People that coincidentally
• 25:23
  people that held silver and gold did very, very, very well.
• 25:28
  All right, let's go real quick. Let's talk about how Americans
• 25:31
  are suffering. You want to hear about how your
• 25:34
  fellow Americans behind the rosy economic data Americans struggle
• 25:39
  to make ends meet And read you quickly?
• 25:41
  A couple of story. Monica Womack, 59 year old
• 25:44
  resident from Maryland, has been feeling the pinch of rising
• 25:47
  cost. She's had to tighten her budget,
• 25:50
  especially for groceries and clothing.
• 25:53
  Now her shopping trips are primarily for essentials, a
• 25:57
  necessary adjustment in her life to manage the financial squeeze,
• 26:01
  she said, quote, I was thinking about purchasing or downsizing
• 26:05
  into another home, but because the interest rates are high, I
• 26:09
  put that off, she said. Many people are putting off
• 26:13
  major plans, but listen to this guy.
• 26:16
  Susan Garland from Elk Ridge, Maryland believes inflation
• 26:20
  remains one of the top issues facing the country.
• 26:23
  We're definitely feeling it. We are a two person family.
• 26:27
  Our grocery bill is now over $100 a week for for more than 10
• 26:33
  years. The Garland's grocery bills used
• 26:35
  to be $70.00 per week. I wonder what happened.
• 26:39
  Must be Bidenomics right? Yeah, before high inflation hit,
• 26:44
  she and her husband have to cut back on spending on everything
• 26:48
  from vacations to eating out at Red Lobster or anywhere else,
• 26:53
  right? This is what I'm telling you
• 26:55
  this. These are people who maybe once
• 26:58
  every six weeks went to the Big RO, went to Red Lobster and ate
• 27:01
  all those Cheddar Bay biscuits and had some Walt's favorite
• 27:04
  shrimp and had a great time. Now they can't do it.
• 27:08
  So guess what? Red Lobster shuts down.
• 27:11
  And the 30 or 40 people that work at Red Lobster, they don't
• 27:14
  have jobs anymore. And the guy that's catching
• 27:17
  shrimp and lobsters, guess what? They're not going to have jobs
• 27:20
  anymore, right? Because everything is falling
• 27:23
  apart and it all has to do with Red Lobster.
• 27:25
  I'm telling you back to the story and nothing to laugh
• 27:30
  about. Americans are suffering.
• 27:32
  Her husband, who's a plumber, Michael Garland, he's a year
• 27:37
  younger than me, says homeowners are also.
• 27:40
  This is interesting. Homeowners are also reducing
• 27:44
  their spending on services, which has a direct impact on his
• 27:48
  income. People are plumbing is not a
• 27:52
  luxury item, OK? If they can't afford services,
• 27:56
  they won't call me, which effects my job, he said.
• 27:59
  OK, so guys, things are are absolutely slowing down out
• 28:05
  there. I think that there's there's
• 28:06
  more and more of these stories. People are dipping into their
• 28:08
  retirement accounts. It's just a big, a big, big
• 28:12
  mess. Hey, I got AI got a report for
• 28:14
  you from the street from from the coin shop.
• 28:19
  OK, about what's going on right now, right now.
• 28:23
  Well, this was yesterday, but yesterday I talked with Coin
• 28:27
  Shop. Chris, he's telling me that
• 28:30
  people are buying silver like crazy.
• 28:34
  OK, but what's interesting, they aren't buying American Silver
• 28:38
  Eagles. The number of American Silver
• 28:40
  Eagles, right, This beautiful, wonderful coin that has is near
• 28:45
  and dear to all of our hearts. Gosh, I love that coin.
• 28:49
  It really is beautiful. Anyway, people aren't buying
• 28:52
  them. Why?
• 28:53
  Because the premiums are so high.
• 28:55
  The premiums are like, what, $10 now per coin?
• 28:58
  So people are, I want to make sure I get this right.
• 29:02
  People are buying things like maples, things like bars,
• 29:06
  rounds. And he's seeing an uptick in
• 29:09
  people buying junk silver, right, the 90%.
• 29:13
  But 1964, in earlier silver products, he did note that he's
• 29:18
  seeing gold. While American Silver Eagles
• 29:20
  aren't necessarily selling that well that Gold Eagles are
• 29:24
  selling, he's starting to see a pick up in people buying Gold
• 29:27
  Eagles as well. But the bottom line is people
• 29:30
  are coming into the shop and they're having robust metal
• 29:34
  sales. Think about what does that tell
• 29:36
  us? OK, and that's just one guy from
• 29:38
  one shop and our favorite guy from from from Ron's basement at
• 29:42
  a coin shop. Coin shop.
• 29:43
  Chris, we love him but right? And I talked to him and talked
• 29:47
  to him pretty much every day the last two or three years.
• 29:49
  He's there's days where sales are way down.
• 29:52
  He's seen a big pick up. What does that tell us?
• 29:56
  OK, let's talk about, let's cut, let's talk about, I'm gonna pull
• 29:59
  this up for you. Premiums, OK.
• 30:02
  We're gonna look at the premiums on the silver products.
• 30:05
  But when we get a pick up in retail investor demand, which
• 30:09
  we've not yet had, that could be, that could be the straw that
• 30:14
  broke the camel's back, right. Put that in your pipe and smoke
• 30:18
  it. That could be what's needed to
• 30:22
  really drive. We've not even had with this
• 30:26
  whole silver mania going on guys.
• 30:30
  Is is just with this exclusive club that you're a part of.
• 30:35
  I'm a part of, right? We've not had the general
• 30:39
  public. We've not had the mainstream
• 30:41
  media catch on yet. And there's a reason for that,
• 30:45
  right? They don't wanna they don't want
• 30:46
  people buying silver. They don't want you to own
• 30:49
  silver. They don't want you in silver.
• 30:52
  They want you in debt. They want you in credit, which
• 30:57
  is paper money. Unicorn fart dust.
• 31:00
  U.S. dollars when you're when you're when people start waking
• 31:03
  up. And I'm telling you, it's
• 31:05
  starting. But when it really happens, it's
• 31:07
  gonna be a massive amount of new people coming into the silver
• 31:11
  sector, and the market can't absorb it.
• 31:14
  It's a very slender, but it's the one of the parts of the
• 31:18
  margin that really drives the price.
• 31:21
  It's not that big. There's not that much physical
• 31:23
  metal out there available for retail investors.
• 31:27
  OK, It's gonna be. And then when people can't buy
• 31:30
  it at their local coin shop, what are they gonna do?
• 31:32
  They're gonna buy the ETFs, OK? Hopefully they'll buy PSLV, The
• 31:37
  Sprott Physical Trust, which most people that I respect say
• 31:41
  actually holds the metal, the real metal, right.
• 31:46
  But nonetheless, it's it. It's we've we've gotten where
• 31:52
  we've gotten with a major handicap.
• 31:56
  Not us. We're not handicapped.
• 31:58
  No. You're financially literate.
• 31:59
  You know what's going on. You.
• 32:01
  We've gotten where we've gotten, though in this market with
• 32:05
  nobody, with very little, with muted investor demand in the
• 32:09
  West. If that investor demand comes
• 32:11
  on, Katie bar the door. OK, buckle up, Buttercup.
• 32:15
  It's time to watch some feathers fly.
• 32:18
  It's time to put boots on the warehouse floor.
• 32:20
  I don't know how else to say it to you, but it's going to be a
• 32:23
  very, very interesting situation.
• 32:26
  Let's go. Let's go down here.
• 32:28
  Hold on here. Ante stage.
• 32:31
  There we go. And boom, that's not what I want
• 32:36
  to show you. That's not what I want to show
• 32:39
  you. That's not what I want to show
• 32:41
  you. That's the silver rainbow.
• 32:43
  Hold on. Oh, hey, up there.
• 32:45
  That's not. That's me at Six Flags on
• 32:47
  Saturday with my I love silver shirt on with my daughter and
• 32:51
  her friend. Back here, back here, back here.
• 32:54
  This is what I want to show you. Sorry.
• 32:59
  OK, we're almost to 300 thumbs up.
• 33:01
  I will bring the gong when we get to 300 thumbs up.
• 33:04
  Now guys, this is the premiums on 90% junk silver.
• 33:08
  OK, look at this. Premiums are still, we can say
• 33:13
  pretty much in the historical low range.
• 33:17
  OK. What does that tell us?
• 33:18
  That tells us one thing, retail demand is down, down, down.
• 33:23
  Also if you are looking to add to your stack, right, from a
• 33:27
  historical perspective, I mean look at the, this is the
• 33:31
  percentage premium. So we're, I don't know, we're at
• 33:33
  6789 percent, it's going up and it's gonna if we get into what
• 33:39
  we think could be coming in the silver market, these premiums
• 33:43
  could easily go back to 30, right.
• 33:46
  And we see times when they spike up to 50.
• 33:48
  But what's very interesting, what's very interesting, this, I
• 33:52
  zoomed in. This is just like the last four
• 33:56
  years. OK, so look in the Gray line.
• 34:01
  Hold on here. OK, But yeah, the Gray line is
• 34:05
  spot silver, and the blue line is the premium with the 90%
• 34:10
  coins. Look how that wide that gap was
• 34:13
  and how close it is right now tells you two things.
• 34:16
  Now's a good time to be buying 90% if you're a person who wants
• 34:20
  to buy some silver. The other thing is when that gap
• 34:24
  widens, OK, that will be that not that means more than you're
• 34:28
  just paying more for your silver, that means more than
• 34:31
  you're just paying a higher premium.
• 34:33
  That means that demand has gone up as well.
• 34:37
  And I can foresee a day, no doubt where we're going to be.
• 34:40
  We're going to be talking about you and me going to your local
• 34:44
  coin shop and they're not being any silver available.
• 34:48
  Let's take a look at this right. Our favorite chart of all this
• 34:52
  is a chart of silver that I drew by hand going back to 1980.
• 34:56
  This is the Cup and handle. But there's two massive bonus
• 35:02
  the Cup and Handle alone is reason for silver investors to
• 35:06
  be crazy optimistic about $100 silver 150.
• 35:12
  You know, who knows higher than that, even.
• 35:15
  But as you see, 1980 we hit $50 silver, 2011 we had $50 silver.
• 35:21
  Now we're in the handle, OK, that's the cup, the 50 to 50,
• 35:25
  now we're in the handle. But interesting things are
• 35:29
  happening within the handle because within this handle and
• 35:33
  this is a massive long term formation that occurred in the
• 35:38
  longer the period of time over which it occurred the more
• 35:41
  powerful and predictable. By the way by the way it is
• 35:45
  interesting interesting for you to note we had a similar cup and
• 35:50
  handle type pattern in the gold market before gold broke out.
• 35:54
  OK and and it's they're saying it's the most perfect cup and
• 35:57
  handle textbook situation When the silver one breaks out again
• 36:03
  that it it needs to get above 50 to officially have broken out
• 36:07
  $50 per oz for silver. But within this handle, OK,
• 36:12
  where I drew that little box is Now there's two interesting
• 36:16
  things that happened. Number one, we broke out of a
• 36:19
  wedge. Remember, over like a year or
• 36:21
  two year period, silver bounced around between, I don't know,
• 36:24
  like 21 and $24.00 per oz. And it got more and more and
• 36:28
  more compressed. We did break out of that.
• 36:31
  We also have an inverse, head and shoulders.
• 36:34
  I forgot inverse and I spelled shoulders wrong.
• 36:37
  I took five points off for spelling.
• 36:39
  None the less we're in the process of breaking out of an
• 36:43
  inverse head and shoulders pattern.
• 36:45
  Again, these are on shorter time periods.
• 36:47
  These are embedded within this handle that we have on the
• 36:52
  silver chart. So things are looking crazy,
• 36:55
  interesting and very good in the silver market as well.
• 36:59
  And you know right the mining stocks are offering unbelievable
• 37:04
  value right now. I want to say thanks to 1st
• 37:06
  Mining Gold for sponsoring Ron's basement.
• 37:08
  It's a stock that I own along with Fortuna Silver, who also
• 37:12
  sponsors Ron's basement. I'm not giving financial advice.
• 37:16
  Owning physical metals is risky. Owning mining stocks is risky.
• 37:22
  So I'm not telling you what to do.
• 37:24
  I'm just telling you what I own and thanking them for sponsoring
• 37:27
  me here in the basement. They're both companies that I
• 37:30
  believe in first mining gold. You can learn more about them at
• 37:33
  firstmininggold.com. Fortuna silver@fortunasilver.com
• 37:40
  Let's move on. Silver can mute.
• 37:43
  So let's remember this. Let's remember something
• 37:47
  critical as a silver investor. And that is that silver can move
• 37:50
  huge and quickly. I got to ring the gong.
• 37:54
  Thank you, Susie. Susie's yelling at me from
• 37:56
  upstairs. So you know what?
• 37:57
  Let me ring that gong, and we're going to get back to talking
• 38:02
  about this foot. All right.
• 38:09
  There's three rings of the gong for you, right?
• 38:16
  Because you, the viewer, the basement welders are the most
• 38:19
  important part of this show. Silver can move huge and
• 38:22
  quickly. How can the dollar not be
• 38:26
  falling? OK.
• 38:27
  Every time you go, you're ahead of the game to the grocery
• 38:29
  store. You get the proof you're ahead
• 38:31
  of the game. Alabama, Alabama.
• 38:35
  What about it's exciting as a precious metals investor, and
• 38:40
  this is so we don't, I don't think we appreciate how
• 38:43
  important this is as Americans, those of you who are in America,
• 38:48
  we got people from all over the world, but even people from all
• 38:51
  over the world. This is important to the silver
• 38:53
  and gold community because it protects you #1 and #2.
• 39:00
  It will lead to higher prices for silver and gold and that is
• 39:04
  the growing number of states that are passing legal tender
• 39:07
  legislation. And wait till you hear what this
• 39:10
  guy said. Very, very interesting.
• 39:15
  Here we go from Zero Hedge again.
• 39:21
  Signed into law, Alabama abolishes income taxes on gold
• 39:26
  and silver, blah, blah, blah. Alabama Alabama Governor Kay
• 39:30
  Ivey last week signed a bill that removes all income taxes on
• 39:34
  capital gains from the sale of gold and silver, enabling the
• 39:38
  state to take an important step forward in reinforcing sound
• 39:41
  money principles. This is where it gets
• 39:44
  interesting. Who's Nelson?
• 39:46
  OK, it was championed by Senator Tim Nelson, but listen to what
• 39:50
  Nelson said. Well shoot, I just dropped
• 39:53
  Susie. Hold on I'll get her back up
• 39:55
  here in a second. And I need I don't have you
• 39:57
  turned on Susie. There you go.
• 40:02
  OK, Nelson said gold and silver have served as pillars these are
• 40:07
  these are your these. I'm not usually a big fan of
• 40:10
  politicians, are you? But some of these guys are
• 40:13
  actually really talking like sense silver and gold, pillars
• 40:17
  of economic stability throughout the history, throughout history,
• 40:21
  and are even mentioned by name in the United States
• 40:24
  Constitution. By eliminating taxes on
• 40:28
  transactions involving precious metals, we affirm our commitment
• 40:34
  to upholding the principles of sound money and protecting the
• 40:39
  savings of our constituents. How could they charge capital
• 40:45
  gains? And the federal government still
• 40:47
  does it on silver and gold. The founders of the country,
• 40:52
  Hamilton, right. I think these consider that they
• 40:55
  broke this into the US Constitution.
• 40:57
  How can you charge taxes on the supposed gain in value?
• 41:03
  Gold and silver don't don't change.
• 41:05
  It's the dollar that changes. Gold and silver are the money.
• 41:09
  It'd be like it'd be like if you know you at the end of the year
• 41:13
  getting charged a tax on the amount of money you have in a
• 41:16
  bank account in U.S. dollars because the dollar went up in
• 41:19
  value. Whatever, you know, it's
• 41:21
  absolutely crazy. It is widely known that quote
• 41:24
  gains realized from the sales of precious metals don't reflect
• 41:29
  genuine value appreciation, but rather reflect the continue.
• 41:33
  Here he goes. Depreciation of the US dollar.
• 41:37
  Despite this reality, the Internal Revenue Service takes
• 41:41
  the position that federal income taxes should be paid on such
• 41:45
  transactions, and most states find themselves taking this
• 41:49
  position by default. OK, let's just go through the
• 41:52
  states, OK? Some of the most more recent
• 41:56
  developments that we have and see if your state's on this
• 41:58
  list. Nebraska passed their own
• 42:04
  version of this bill earlier this year.
• 42:07
  Yes, Arizona, Arkansas and Utah approved similar measures in
• 42:11
  recent years and Iowa, Georgia, Oklahoma, Missouri and Kansas
• 42:16
  also considered income tax exemptions in 2024, with several
• 42:21
  approving the bill across multiple committees and
• 42:24
  chambers. Unfortunately, I can tell you it
• 42:26
  did not get passed in Missouri. Alabama and I will have Pat
• 42:30
  Holland on next week to give us an update.
• 42:32
  Abalama, I love Alabama. We go there every year in
• 42:35
  November joins Utah, Wisconsin, Nebraska.
• 42:39
  Kentucky has states to have enacted pro sound money
• 42:42
  legislation so far in 2024. But what about the Moon man?
• 42:47
  Alex Mooney? The Moon man reintroduced the
• 42:54
  Monetary Metals Tax Neutrality Act last week to eliminate the
• 42:59
  Federal Capital gains tax on all gold and silver bullion
• 43:03
  products. We love Alex Mooney.
• 43:05
  So there's an update for us in terms of what's going on right
• 43:08
  now is your state. Do you understand what a big
• 43:11
  deal that is? Right it not just from a tax
• 43:15
  perspective, but also from your ability to hold gold and silver
• 43:20
  for your state to recognize it. I think it was Utah even passed
• 43:24
  legislation now where they're going to put 10% or up to 10% of
• 43:30
  the state's reserve funds into silver and gold.
• 43:33
  What if every state did that? Think about it.
• 43:36
  OK, Think about it. It's interesting developments.
• 43:39
  All right, guys. What?
• 43:42
  Oh, well, I got more, more. Hold on.
• 43:44
  I want to say thank you. Somebody sent me something
• 43:47
  awesome in the mail yesterday. My friend David from the from
• 43:52
  out West. We'll leave it at that.
• 43:54
  This. I've never received one of these
• 43:56
  before. This is a first majestic, I
• 44:01
  guess you'd say silver round. And man, I want to get a see if
• 44:05
  I can get a good shot for you guys.
• 44:07
  It is absolutely beautiful. Now I'm not getting too good of
• 44:12
  a shot. It's a very silver.
• 44:13
  So hard to focus on because it's so beautiful.
• 44:16
  So thank you to my friend. I love when I get silver in the
• 44:19
  mail. You want to make me smile?
• 44:22
  Send me an e-mail and send me some silver in the mail, 'cause
• 44:24
  it really, really makes me smile.
• 44:26
  And it's a great show of appreciation.
• 44:28
  And I want you to know I really do appreciate it.
• 44:32
  Inflation is not going away. OK, guys, that's the deal.
• 44:38
  And at the end of the day, what inflation?
• 44:40
  Think about this. It's so easy, so simple and so
• 44:43
  critical for you if you're a gold investor or a silver
• 44:47
  investor. The Federal Reserve has a
• 44:52
  target, right, of 2% inflation. Never going to happen.
• 44:57
  The numbers are all cooked anyway.
• 44:58
  You know that. But the Federal Reserve has a
• 45:01
  target to steal 2% of your money every year, right?
• 45:06
  If you're an average guy, average woman who works and
• 45:09
  tries to save a little bit, right?
• 45:11
  They're they want to steal 2%. Why does that make any sense?
• 45:15
  It doesn't make any sense. Remember the good old days,
• 45:18
  right? It wasn't the case.
• 45:20
  This is not a dollar. This is a silver certificate
• 45:26
  redeemable for silver. It's not that there aren't that.
• 45:30
  The new dollar is completely different.
• 45:32
  OK, that's that's what they inflation is not going away.
• 45:37
  We could see higher interest rates be prepared and which is
• 45:43
  going to mess with everybody's brain and and initially we're
• 45:46
  going to, people are going to think, oh, that's bad for silver
• 45:48
  and gold, that's bad. No, no.
• 45:51
  Because you know what the inflation rate is going to stay
• 45:54
  higher than the interest rate and that my friends will be,
• 45:58
  will continue to be and the dollar is going to get stronger.
• 46:03
  What? What?
• 46:03
  All all that noise. What?
• 46:06
  All that matters right is that when you go to the grocery store
• 46:10
  and a loaf of bread cost $0.20 more than it did a week before,
• 46:14
  the value of your money is going down, down, down.
• 46:17
  And I'm going to tell you in the long run, silver and gold will
• 46:21
  maintain their value. Thanks for being here.
• 46:24
  I appreciate you guys. Thanks to our sponsors.
• 46:26
  Go check out pin backs if you're looking to buy some silver, gold
• 46:29
  or platinum. If you're interested in mining
• 46:31
  stocks, read about Do your own due diligence first.
• 46:35
  Mining gold, Fortuna, Silver and I will see you tomorrow.
• 46:39
  Thank you.