Latest / SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT / $300 Silver - I WARNED You!.. and How COPPER, Gold & FIAT Agree!

Transcript

$300 Silver - I WARNED You!.. and How COPPER, Gold & FIAT Agree! · SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT

0:02
I know silver and gold are getting clobbered this morning,
0:06
but trust me, everything will be a OK.
0:09
In this video we're going to talk about $300.00 silver.
0:13
We're going to look at some comparisons in the silver price
0:17
in the silver market that I think will make you feel very
0:21
good about your decision to own silver and gold looks just as
0:27
good. We're also going to talk about
0:29
how everything is dovish. Welcome to the land of, well, us
0:33
as silver and gold investors, I should say.
0:36
Welcome to the land of rainbows and unicorns and lollipops,
0:41
right? We're in the world of Unicorn
0:42
fart dust. Because guys, everything is
0:45
dovish, everything is good. In terms of support factors for
0:49
the precious metals, yes, we will have pull backs.
0:53
There will be days where gold goes down $40 per oz, silver
0:57
down $0.65. We're going to deal with those
1:01
because the long term trend will be to the upside, absolutely no
1:06
doubt. We're going to talk about how
1:08
everything is dovish, everything's awesome.
1:10
Even though gold and silver are down, we're also going to talk
1:13
about how you've been lied to. Yeah.
1:17
How does that make you feel? You've been lied to by your
1:20
government. Oh, my gosh.
1:22
Right. But we're going to talk about
1:25
how that also feeds into support for the silver price and the
1:29
gold price. The first piece of dovish news
1:32
we got yesterday was drum roll from the United States Federal
1:38
Reserve. Let's get him out.
1:40
What do you say? Here he is.
1:41
What? He's right here.
1:43
He's right here. Jerome Powell, the Federal
1:47
Reserve, we got their meeting notes yesterday.
1:50
But the real good news is the fact that you've joined me here
1:53
in the basement. Couple quick things.
1:55
It's a big deal that you are here.
1:59
You love silver, you love gold. We're like sitting around a
2:01
campfire, but we're in my basement.
2:04
Welcome to the basement, by the way, talking about what we love,
2:07
silver and gold. Please participate in the chat,
2:10
leave comments later on. I'm going to show you one of
2:13
your comments that feeds into what we are talking about.
2:16
Your thoughts matter, right? Alone, we can't figure this out.
2:20
Together we got a much, much greater chance.
2:23
So thank you for being here. Please subscribe to the channel
2:26
and turn on the bell notifications so you get
2:29
notified. And what else?
2:31
Oh yeah, thumbs up, please. Let's try to get some thumbs up
2:34
going today. That would be much appreciated.
2:36
Now let's talk about enough of me trying to sell you on
2:41
something, right? You can come here for that.
2:44
You came here for the good news. the Fed is going full.
2:48
Did I do this right? Susie's not here today, so I'm
2:51
struggling. OK, there we go. the Fed is
2:54
going full dovish. I'm going to show you a picture
2:56
of Susie later. Poor little Jerome is getting
2:59
scared. OK, this was the big news
3:01
yesterday. So given this was when the, the,
3:06
the, the, the meeting or the meeting notes came out.
3:08
OK, So given our preview which noted that minutes are very
3:12
stale, these are the minutes from the last Fed meeting where
3:15
they were talking about cutting interest rates, not cutting
3:18
interest rates, right? We got to pay attention to this
3:21
On the short term. It means nothing, right?
3:24
It means nothing to us on the long term because silver and
3:28
gold are going to go to the moon.
3:30
All Fiat currencies go to zero eventually.
3:33
However, in the short term, we will pay attention to this will
3:37
and things will be dominated by expectations for Jerome Powell's
3:41
expedge at Jackson Hole, which will be tomorrow morning,
3:45
Friday, August 23rd and I believe 10:00 AM Central time.
3:50
But here are the the headlines from the Fed, the last Fed
3:55
meeting. OK, this gives us what this does
3:57
is gives us a little insight into what they're talking about.
4:01
The vast majority of Fed officials saw September cut as
4:05
likely appropriate. Several officials saw a case for
4:10
reducing rates at the July meeting.
4:13
So that means several of those Fed, you know, there's like,
4:16
what, 12 of them, I think all spread out throughout the
4:18
country. We have two in Missouri, which
4:21
makes no sense to me, a Fed bank in Saint Louis and a Federal
4:24
Reserve Bank in Kansas City. But several of them wanted to
4:27
cut rates last month. Guys, OK, here's the most
4:32
important thing in yellow. Almost all participants remarked
4:36
that while the incoming data regarding inflation were
4:38
encouraging, additional information was needed to
4:41
provide a greater confidence that inflation was moving
4:44
sustainably toward the committee's 2% objective before
4:48
it would be appropriate to lower the target range for the federal
4:51
funds rate. So maybe they aren't watching
4:55
the news. Maybe they don't see that Home
4:58
Depot and Lowe's and Macy's and every other major retailer and
5:03
restaurant wait until you see a picture of the restaurant that
5:08
Susie and I went to lunch at yesterday.
5:10
It is shocking what is going on out there.
5:13
OK, things are slowing down inflation.
5:16
Well, we were in a disinflation, not deflation yet.
5:20
They are real, real picky about that.
5:22
But we could be going into deflation.
5:23
Nevertheless, participants viewed the incoming data as
5:28
enhancing their confidence that inflation was moving toward the
5:32
committee's objective. The vast majority observed that
5:34
if the data continued to come in about as expected and Green
5:38
here, it would likely be appropriate to ease policy at
5:43
the next meeting. Excuse me, That means they're
5:48
going to lower rates. It's it's a done deal.
5:51
I can't see a scenario where they don't lower rates at the
5:55
next meeting. The big question now is, will it
5:57
be 1/4 of a point, quarter of a percentage of 1/2 of a percent
6:03
or some people are even saying it could be as high as 3/4 of a
6:06
percent. Remember they raised rates a
6:09
couple times if we remember correctly during what was the
6:13
most rapid series of interest rate increases in the history of
6:20
the universe that during that period a couple times they
6:24
raised it by 3/4 of a point. Several observed that recent
6:28
progress on inflation and increase in the unemployment
6:31
rate had provided a red plausible cause for reducing the
6:36
target range 25 basis points again at this meeting.
6:41
So we almost, almost, but not quite got an interest rate cut
6:46
last month. Boy, that would have really
6:48
shocked the market. Things are going dovish
6:50
everywhere. Reuters this morning.
6:54
This is this is where it gets interesting here, guys.
6:57
This morning we got initial jobless claims.
7:00
They rose by 4000 to a seasonally adjusted 232,000,
7:04
blah, blah, blah. Economist polled had expected
7:07
230. So we have a slightly little bit
7:10
more jobless claims. OK.
7:12
The latest data, this is from Reuters.
7:14
The latest data should continue to allay fears that the labor
7:20
market is rapidly deteriorating, right?
7:23
They're saying, oh, the labor market's fine.
7:25
The labor market's fine. OK.
7:28
They want you and me to believe this crap.
7:33
Do they remember what happened yesterday, right?
7:37
These same statistics that you've been feeding us that from
7:40
March of 2023 through March of 2024, there were actually
7:46
818,000 less jobs created. Oh, but then this morning they
7:52
put out some new data for us to absorb, right?
7:56
Oh, it's getting that's, you know, that's not good, right?
7:58
We see gold down, silver down. They want us to believe it.
8:02
I mean, do they think that we're stupid?
8:05
We're not. But I'm starting to think that,
8:08
like, maybe a pretty good percentage of our fellow
8:11
Americans spent a little too much time underwater when they
8:17
were young or something. I don't know.
8:19
They want us to believe this. Let me ask you a question.
8:22
OK, Let me let me, let me let me tell me how great this job
8:27
market is. Tell that to the 818,000 people,
8:32
right who have make believe jobs right now.
8:35
Are they getting make believe paychecks from these make
8:38
believe jobs? These 818,000 people?
8:42
No. OK.
8:43
I mean, what a load of funk. I'm sorry, OK.
8:46
And I guess tonight this is not a political show, OK, I just
8:54
report on what's going on. But I think tonight, what do
8:59
they call that thing going on in Chicago right now?
9:01
It's like the Mickey Mouse Club, right?
9:03
They're all going to be around. They're saying, hey,
9:05
everything's great. Everything.
9:06
Look how great the economy is. Look, you know, we had, we only,
9:10
we only, we only had 232,000 jobs or jobless claims.
9:15
I mean, are you, are they kidding us here?
9:20
Let's go to let's go to what one of you had to say.
9:22
And I think this sums it up very nicely.
9:25
Very nicely. Here it is.
9:35
This came from Ron Dent. Ronald Dent.
9:39
OK. He said politicians are just not
9:43
that good at math. They excel at lying, cheating
9:47
and stealing. And you know what, right.
9:50
I'm 54 years old. I've been around long enough.
9:53
I hate to say it. I don't.
9:55
Do you feel this way? I don't want to sound like a
9:57
cynic, but yes, I agree with you, Ron, right?
10:01
They don't. They don't, you know, tonight at
10:03
the Mickey Mouse Club, you know what they're not going to be
10:05
talking about. And by the way, I coined that
10:08
Mickey Mouse Club phrase for what's going on in our country.
10:12
They're not going to be talking about this.
10:15
Look at this. Can you?
10:17
I mean, it was just last week, if it feels like that.
10:21
We talked about the US national debt, right, reaching $35
10:26
trillion. We're already at 35 trillion,
10:28
250. We can round this up.
10:31
I can say that, right? I mean, it's unbelievable.
10:34
Nobody's talking about that. Nobody, nobody either side of
10:40
the aisle. All right, the other night, what
10:43
was there, Michelle Obama. I really have only watched like
10:47
10 minutes of this whole Mickey Mouse Club thing.
10:49
The most recent version of the Mickey Mouse Club that's going
10:51
on. She's up there talking about
10:53
magic. There's magic in the air.
10:56
There's magic. Well, I hope so, Michelle,
10:59
because let me show you something one more time, my
11:01
friend. OK?
11:03
You're going to need magic to deal with this right here, $35
11:08
trillion debt. You're going to be magic to deal
11:11
with this that we are now paying interest on our debt, just
11:15
interest that's more than we're spending on the entire Defense
11:20
Department and war. OK, this, whenever this has
11:24
happened to a country in the past, always spells one thing.
11:28
I don't want to be a doom and gloomer, but these people that
11:31
they need magic, they're going to need a lot of magic.
11:34
Good luck. Does it make you feel good about
11:39
the fact that you own silver and gold in this environment?
11:43
I'm jumping all over the place. We're going, oh, we got, we're
11:45
going to talk about $300.00 silver.
11:49
Unbelievable OK Relationships that silver has on many levels
11:56
that tell tell us to me quite clearly just how unbelievable
12:01
unbelievably undervalued the price of silver really is OK 01
12:09
more thing I'll just throw this in there so we're talking about
12:11
dovish things the dismal job revisions that's supportive for
12:15
gold, right May not feel like it today with what's going on.
12:17
We're going to go do an update. We'll get the horn out here, see
12:20
where the gold price is. But the dismal job that that
12:24
means the economy slowing down. The other big dovish factor that
12:29
we have going on right now is it feels like whoever the next
12:35
president is, and this is not a political show, nobody is, is
12:39
talking about the real problem, the fiscal poop show that we're
12:44
in right now, the debt, the deficits, everything else, no
12:48
matter who gets in, guys, we're going to see the dollar continue
12:54
to go down in value, right? I wouldn't be, I mean,
12:57
seriously, a year from now, $3000 gold, I I bet that almost
13:02
feels easy right now. You know, this $44 silver, $54
13:09
silver range almost feels easy right now.
13:13
How's it feeling for you, right? Leave a comment in the comment
13:16
section. Do you think I'm crazy?
13:18
You don't have to agree with me. You don't have to agree with the
13:21
other people, but I do want you to be respectful.
13:24
But I mean, guys, this, this, this scenario that we're living
13:28
in right now is very, very supportive for the price of gold
13:33
and the price of silver. Let's talk about $300.00 silver
13:39
next, but let's go out and check the gold and silver price.
13:42
We're going to do that at channel sponsor Pinbex Pi MB EX.
13:47
In one second. We're going to press what I like
13:49
to call the Pinbex magic button, which just essentially refreshes
13:53
the page. But as of last check, gold was
13:56
down $29.00 per oz. Before we press the magic
14:00
button, I'm going to tell you about a little magic you can
14:03
work in your own life. And that is if you want to get
14:06
your hands on some gold, silver or platinum group metals, you
14:12
can shop around. You can spend days and hours
14:15
going all over the Internet trying to find the absolute best
14:18
prices, making sure that the company is somebody you can
14:21
trust. Because you know, sometimes you
14:23
see these deals online and then you dig into the whatever and
14:27
it's maybe you don't feel too comfortable with it.
14:29
You can spend hours and hours. What I like to know with
14:33
pinbacks and sure, I still check around a little bit.
14:35
Absolutely though. All right, OK.
14:38
But what I like about pinbacks is I know that if I go there,
14:41
I'm going to get ultra competitive prices.
14:44
I'm going to get whatever I want.
14:46
They always have, you know, I don't like off weird silver and
14:50
gold things. So they always have what I want,
14:52
sovereign coins, bars, whatever, OK.
14:55
And I'm going to get this price. It's a company I can trust.
14:59
And I'm going to get a price that I know is very competitive.
15:03
And I've worked with them, right?
15:05
I think 6 purchases over the last year and a half roughly.
15:09
Never personally had a problem. OK, So what I'd like to ask you
15:14
is that next time you're shopping for gold, silver, a
15:17
platinum group metals online, give them a chance.
15:19
All right, let's do an update on the gold prize.
15:22
Let's hope it didn't get worse. Let's hope this when I press
15:26
this button, it did a little bit $29.00.
15:30
We'll come back later. Guys, we honked the horn cheesy
15:35
props when the price improves so we're going to get a better
15:38
price later. I got a feeling absolutely right
15:40
now let's go in this. This is this is mind boggling
15:46
how cheap silver is right now at what $29.00 an ounce?
15:51
It is mind boggling. I'm going to show you some data
15:55
right now that makes it even more mind boggling, OK?
15:59
And give me feedback, send me an e-mail, tell me what you think
16:03
here. But guys, this is just
16:05
absolutely crazy. And our friend Pierce in
16:07
Limerick, Ireland kind of spurred this idea with me so I
16:13
want to give him some credit. He started out by by sending me
16:16
some information comparing silver to copper because the
16:19
reality is that lately the silver price has been more
16:23
related to been moving in in in conjunction with the copper
16:28
price Co related, however you want to say it.
16:31
So he brought up a good point. So we're going to talk about
16:33
silver undervalued both monetarily and industrially, but
16:39
also fiatly, which may or may not be a word, but but this is
16:43
stunning. OK?
16:44
It's from a monetary perspective.
16:46
We'll start with the easy one. We're talking about gold first.
16:49
When when compared to gold, we know that for each one ounce of
16:53
gold, which is mined dearly, about 10 ounces of silver are
16:58
mined. Some people say it's only 7
17:01
ounces of silver, but I'm going to use 10 to be conservative.
17:05
If silver were priced at that same ratio, 110th of the price
17:10
of gold, the silver price would be $250.
17:14
And we know all the other arguments about silver, right?
17:17
That it's also consumed, that there's less above ground silver
17:21
in the world than gold. And you know the whole story
17:25
with solar panels, electric vehicles, all that.
17:29
So from a monetary perspective, right, the monetary component of
17:33
silver, it's, it's vastly undervalued, right?
17:37
But it gets even more insane when we compare it to copper,
17:41
OK, because that's the industrially, and I do believe
17:45
that's a word when compared to copper.
17:47
There's one ounce of silver mined each year for each 1000
17:53
ounces of copper. The price of silver should then
17:57
be 1000 times higher than copper per oz.
18:00
That would make sense, right? From an industrial perspective,
18:04
there's 1000 ounces of copper that are mined each year for
18:07
each one ounce of silver. But it's not OK because instead
18:13
of the price of silver being 1000 times higher, it's only 100
18:19
times higher. The price of silver would have
18:22
to be 10 times higher just for it to reconcile to the mining
18:27
ratio. If the price of silver were 10
18:30
times higher, the price would be roughly $300.00 per oz.
18:34
OK, so what's critical to think about here on top of that is
18:40
this idea that silver is both a monetary metal and an industrial
18:47
metal. So on top of all of this, right,
18:50
it's like it's getting pulled in two directions.
18:53
It has demand sources from the monetary side, from people like
18:58
you, from people like me that stack silver, all right.
19:01
But it also has this demand component from the industrial
19:05
side. You could almost say it should
19:07
have even a a double multiple on top of that, but we won't go
19:11
that far. We would never, ever want to
19:13
talk about $600.00 silver. And then on top of it all, when
19:18
we just compare it to Fiat, the paper, OK, we know the monetary
19:23
component that's the store of value, the real value.
19:25
But when we compare it to Fiat, the paper, OK, the dollar, the
19:30
amount of, excuse me, dollars being created every year versus
19:37
the for each one ounce of silver, we know that that just
19:41
keeps going higher and higher. We can go back to the US debt
19:47
clock and see over here. I mean, this is just crazy.
19:52
This was the uproar right here. The dollar to silver ratio now
19:56
at 448, there's $448 being created every year for each one
20:04
ounce of silver that's being created.
20:07
So guys think about this if, whether we whether we want to
20:10
compare the price of silver? To its to its, to its monetary
20:18
brother gold or we want to compare it to its, to its
20:21
industrial brother copper. It's, you know, 10 times
20:26
undervalued or more, right? I mean, we're using conservative
20:30
numbers here. And then when we compare it just
20:32
to the paper money, the Fiat, the the Unicorn fart dust, we
20:39
love that term, don't we? Basement dwellers right the
20:43
funny money it's even crazier it not it's that number just keeps
20:48
on growing that number. I just showed you the dollar to
20:50
silver ratio, actually got the 0 not too long ago and created a
20:55
huge uproar within the precious metals community.
20:58
OK, so I think that when we think about silver in particular
21:04
when we zoom in on silver guy, there's a reason why the
21:08
smartest people in the room are calling it the most undervalued
21:12
asset on the face of the earth. I want to take this moment to
21:16
say thank you to our other channel sponsor, First Mining
21:20
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21:22
With two multi million ounce development stage projects in
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You can learn more about all these companies at their
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respective websites, links to which are in the description of
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this video. And it's I feel like I need to
21:53
say to you one more time too. Thank you for being here.
21:56
Thanks for being part of the basement.
21:59
It's going to be an interesting ride.
22:00
Let's go out and get in one more update.
22:03
I really want the gold price to get better here 29.
22:07
Let's hope we don't we're not down 30.
22:09
Let's press the magic button and we are OK.
22:12
We're not maybe going to go back and check that anyway.
22:14
We'll go back one more time. One more time.
22:18
The silver have further evidence. 42% more to run 42%.
22:26
What do you think? Let's see what investing haven
22:31
has to say. This is interesting.
22:33
Silver price still 42% below its all time high.
22:38
Why this is not sustainable And they bring up a couple crazy.
22:45
A couple powerful. Crazy's not the right word.
22:48
Powerful. Poignant points in this article
22:52
about why that's not sustainable.
22:54
Let's dig in here. This is from Investing Haven
22:59
says the price of silver is 42% below its all time high, while
23:03
gold printed a new all time high on Friday, August 16th.
23:09
This divergent is epic. It won't last forever.
23:14
Silver will sooner or later catch up with gold.
23:19
This, I thought, was a powerful statement that really we don't,
23:23
we don't think of and we need to, you know, right in front of
23:26
our faces, but we don't see it. And that is that there's no gold
23:32
ball market without silver's participation.
23:37
All right. And that, my friends, is a fact
23:40
that we don't talk about often, right?
23:42
Like if, if gold is going to keep going up, we know
23:47
historically speaking, there's going to be an even more
23:51
powerful rally in the silver market.
23:55
I mean, look at the current gold to silver ratio sitting at what
23:58
probably 858687. I mean, historically that is so
24:03
far out of whack. That's what they're talking
24:05
about. The gold to silver rate The gold
24:08
to silver ratio widened to 87 points in blue.
24:12
Here, among the most extreme readings are 95 points.
24:17
We're talking historical, right? This means that by any standard,
24:23
silver is hugely undervalued when compared to gold.
24:33
Let's look at the chart. Silver chart, the most powerful
24:36
we cup and handle in history. We love the cup and handle.
24:41
We said it and we'll say it again.
24:43
The long term silver silver chart is one of the most
24:46
powerful cup and handle chart structures ever in the history
24:52
of financial markets Ever in history of financial markets.
24:59
I want to say that like 10 times, but I won't, but I'll say
25:02
it one more ever in history of financial markets.
25:07
Not often will investors see such a bullish bullish reversal
25:10
structure. The silver chart is an absolute
25:13
beauty. In fact, it's a monster.
25:16
Silver currently trades 42% below its all time high.
25:22
It may seem like hitting all time high sooner or later is
25:25
unavoidable. We would argue that this type of
25:29
chart setup may result in silver.
25:32
They said this silver hitting $100.00 an ounce sooner or
25:37
later. OK, the cup and handle and I put
25:40
a note here, but there's other there's other things embedded in
25:43
this chart. So let's look at this silver
25:45
chart and let us, for those of you who might be new but those
25:50
of you who aren't, it's always fun to color, right?
25:54
This is a silver chart. 1980, we were up at $50.
25:58
We made a big cup. See the cup, see cup, all right,
26:04
all the way back to $50 again back in 2011.
26:11
This gets fun. The handle, OK, and then that
26:15
keeps going way up there to $600.00 an ounce silver none the
26:21
less, OK, the most powerful chart, but I want you to look.
26:25
I want you to look and I'm going to change color here.
26:30
We're going to use green, OK? If you look here, what I see is
26:38
within this handle another powerful chart pattern, and that
26:42
is and inverse head and shoulders.
26:46
That's like a person standing upside down.
26:49
There's a shoulder, there's a shoulder, there's a head.
26:52
Some may or may not agree with me, but this also is a super
26:56
powerful chart pattern, right? Because the head, the regular
27:00
head and shoulders pattern goes like this.
27:03
All right, one shoulder, head, shoulder, and then the price
27:09
goes down. But when it's upside down, the
27:12
price goes up, OK. We know there's good support
27:16
within the price structure. The other thing to remember
27:19
guys, is if we look at the, let's say 2001, OK to 2011
27:33
price, silver price, we went from like 4 bucks, 5 bucks an
27:37
ounce up to 50 bucks an ounce. We had a 10 bagger in the silver
27:41
price during that period. So this is, you know, we, we
27:45
are, could we have a, so when we talk about $300.00 silver, it
27:50
we, that, that means silver would go up by 10 times.
27:54
And people think you're crazy for saying that you're silver
27:59
pumper. You're this, you're that you get
28:01
called all kinds of names. Well, guess what, buttercup,
28:04
just go back from O1 to 2011. That was what 14 years ago.
28:10
And we were just ramping up a period of time when the silver
28:14
price did go up by 10 times. And remember, when we compare
28:19
the silver price to copper, right, and the mining ratio,
28:25
silver appears to be at least 10 times undervalued.
28:29
When we compare the silver price to the price of gold in the
28:34
mining ratio, we get the same situation, right?
28:38
So these things are not out of the realm of possibility.
28:41
Let's go down here. Oh, silver squeeze.
28:48
It's interesting. Now some still call it a silver
28:53
squeeze. He's talking about me, right?
28:55
I called it silver squeeze. Do you call it a silver squeeze?
28:58
Since a long since a long time, we've been focused on our 2024
29:03
silver prediction of higher silver prices to come.
29:05
This prediction has a leading indicator catalyst, but more
29:09
importantly, it's a silver chart structure that is astonishingly
29:13
powerful. In a way, the silver squeeze is
29:19
simply a chart event. What he's saying is we don't
29:23
need, you know, a bunch of traders trying to cover their
29:26
shorts for silver to go that high.
29:29
It can do it on its own. The same people talking about
29:32
the silver squeeze show the same bullish silver chart pattern,
29:38
OK. Then they talk about Fibonacci
29:40
analysis, which I'm not an expert in.
29:43
It's I think an Italian mathematician that looked at
29:46
charts and said when the price goes down by certain
29:50
percentages, it always bounces back up.
29:52
Admittedly, when looking at the silver price through the lens of
29:55
Fibonacci, it becomes an even more interesting chart.
29:58
So that just shows what's going on there.
30:01
I'm not a Fibonacci guy. I know a little bit, I mean a
30:05
little bit about technical analysis, but even from the
30:08
perspective of this Fibonacci analysis, the silver price
30:14
appears to be crazy undervalued. One more important thing that we
30:25
don't talk about enough, we know central banks are buying gold,
30:31
right? And we know why.
30:33
All right, we're not going to go down that road.
30:35
But I don't know, like India this year bought has already
30:38
bought more gold than they did in the last two years.
30:41
I digress. The other important thing that
30:44
we need to remember, which has been occurring over the last
30:47
number of years, is that countries around the world
30:50
aren't only buying gold, their central banks are also
30:55
repatriating their gold. And that's just a fancy word for
31:00
saying that countries like what we have.
31:02
Saudi Arabia, Egypt, India, I know Venezuela tried, but
31:07
countries around the world are going to London, England, New
31:14
York, right? the Fed in saying we want our
31:19
gold back. If we don't hold it, we don't
31:23
own it. And that's going on right now as
31:26
well. We don't talk about that often
31:27
enough. We are everybody.
31:29
So we're always so focused on this idea that the, that this
31:33
world central banks are buying gold.
31:34
But guys, I got news for you. The world central banks are also
31:38
repatriating their gold, which what is that telling us?
31:41
All right, What is that telling us about how they value the
31:45
gold? Number one, but #2 how general
31:50
trust has broken down throughout the world, no doubt.
31:54
No doubt about it. So this economy that's so great.
31:57
I want to show you a picture of yesterday.
31:59
Susie and I went to lunch. Now we rarely go out to lunch.
32:02
We used to go out to lunch 5-10 years ago a lot more often.
32:06
Remember the good old days, at least here in Saint Louis, you
32:09
could go to a Mexican restaurant or a Chinese restaurant and get
32:13
like a $6 lunch deal, you know? And it was decent, wasn't great.
32:17
But you know, now if you try to go out to lunch or two, Susie
32:21
and I together, you're going to wind up spending like $35.00.
32:25
So we rarely go out to lunch. But we had a gift card that
32:28
probably my mom or sister had given us for a fancy ish
32:31
restaurant by my house called Spiro's.
32:34
OK, this place, it's a great restaurant, OK?
32:37
And it's, it's a kind of a Greek restaurant, Mediterranean.
32:40
It's been around for decades and it's always very because it's a
32:44
great restaurant and we had a great experience there
32:47
yesterday. But I'm telling you guys, it was
32:50
a Wednesday. It was 12/30.
32:52
And take a look at this picture. Hold on here, take a look at
32:57
this picture. That's the inside of this
33:00
restaurant at 12:30. They were like, and it's a big
33:04
place. There were maybe like 10 people
33:07
and I'm not busting on Spiros. Like I said, it's a great, it's
33:11
a wonderful restaurant. I highly recommend it, but it
33:15
was just absolutely barren. I actually, I felt sorry for the
33:19
employees and I felt sorry for the restaurant.
33:21
And there's Susie on the left. She warned me, do not put this
33:25
picture on YouTube. So I only put half of it on
33:27
there. What is this telling us about
33:30
what's going on in the, in the economy?
33:33
Because this place is like, often times you have to wait to
33:39
get in. It's packed, right?
33:40
And it's a little more. It's, it's, you know, it's, it's
33:44
not like a five star restaurant, but it's nicer than an
33:49
Applebee's, I'll put it that way.
33:50
And it, like I said, it's been around forever.
33:54
See what? Oh, oh, oh, wow.
33:55
There's Susie and me and we had a great lunch and there's my
34:01
water. Cuz like I've told you guys many
34:03
times when we go out to eat OK, we used to get used to be a big
34:07
point of contention. We pull that back up.
34:10
I always order water. If you ever go out to lunch with
34:14
me and I'm paying, please do not order a soda because I will give
34:18
you the worst look in the world. I think it's the biggest rip off
34:21
known demand to spend $4.00 on a soda because you can get water,
34:25
it's more healthy and it's free. But we had a great time, great
34:29
lunch. Our waitress was from his was
34:33
grew up in Ethiopia, you know, and our, my next door neighbor
34:37
who's a great friend of mine is from Eritrea.
34:40
These are northern African people are very, very nice.
34:43
What does this have to do with silver and gold?
34:45
Well, my neighbor across the street, I call him Ozzy.
34:48
I think his real name is Asfaha. Nicest guy you ever meet.
34:52
I will never forget him talking to me.
34:55
This was probably 10 years ago. And, and talking about his son,
34:59
who's now an attorney, worked for one of the big four
35:01
accounting firms, super successful family.
35:04
But him talking about his son who was getting his undergrad
35:08
degree in accounting and then he was going to go to law school.
35:11
And his son could also like cars and could like customize, you
35:15
know, Hondas and Nissan's and all that.
35:17
And he also started a tax practice when he was in College
35:20
in Orlando, Lando, Florida. Anyway, talking about his son.
35:24
And he said he has multiple ways to get that gold.
35:28
And I said, what do you mean, Ozzy?
35:30
Get that gold? He said to get that money, to
35:32
get the value, I said gold. I said, I didn't know you like
35:36
gold. He said basically like, look, I
35:38
grew up in Eritrea, which was a war-torn country.
35:41
Long story, very poor. The best people you're going to
35:45
ever meet in your life, these northern African people, very
35:48
nice, very positive. But he said gold.
35:51
You always want to have gold. That is what he told me.
35:54
So anyway, guys, I appreciate you joining me today.
35:57
Have a great day. Thank you to all the moderators
35:59
for being here. Thank you to the sponsors.
36:01
Don't forget, all right, Pi MB EX in bucks first mining gold
36:07
Fortuna mining, but you know the most important thing is you.
36:11
I appreciate you being here joining me.
36:13
If you haven't already, please subscribe to the channel turn on
36:17
the bell notification. Thank you for the thumbs up.
36:19
Did I miss a super chat? I did cool Ken.
36:23
Oh man, I'm apologize cool Ken. I didn't see that.
36:26
I'm glad I checked. Thank you, cool Ken.
36:28
Super chats super thanks are always super appreciated.
36:32
Hey, let's go out. I know some of you are still, We
36:34
got 500 of you still here. Come on baby.
36:37
Come on, let's press. Let's go out there and check out
36:40
pin backs. Let's go do an update on the
36:42
gold price. Last we checked we were down
36:45
$33. I don't want to be negative, but
36:48
I think I got a feeling we're going to be down more, but let's
36:50
press the button and we're $37. That's OK guys. 2474 I have a
36:58
feeling that tomorrow, tomorrow's the big day, right?
37:02
Jerome Powell's going to give his Jackson Hole speech.
37:06
I got a feeling it's going to be www.www.www.theres going to be
37:10
little doves flying out from Jerome.
37:13
I think tomorrow has the makings to be a very good day.
37:16
I'll make that prediction. Don't make any financial
37:19
decisions, but I have a feeling we're going to see a very good
37:25
interesting day tomorrow in the precious metals.
37:28
You though today, right now, have a great day, OK, and I'll
37:32
see you soon.