Latest / SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT / Silver Price Can Go "TO THE MOON" -- (COMEX, Federal Reserve, China & India)

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Silver Price Can Go "TO THE MOON" -- (COMEX, Federal Reserve, China & India) · SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT

• 0:03
  The question remains, will there be silver and gold available to
• 0:07
  fulfill the needs of the American public?
• 0:10
  Today, we're going to focus in on silver.
• 0:12
  I've asked Pat to have a discussion with me.
• 0:15
  We hear it all the time. There's a silver shortage.
• 0:19
  Some people even claim silver is the most undervalued asset in
• 0:24
  the world. We're going to talk to Pat.
• 0:26
  Welcome to Ron's Basement. Hey there Ron.
• 0:28
  Thank you for having me back. I see the Bears are all the
• 0:31
  well, you know, doing pretty well anyway.
• 0:32
  Back there, but no blindfolds removed.
• 0:35
  Remember Solidarity Red Shirt going on here with Ron's
• 0:38
  basement. So I just noticed that.
• 0:41
  Thank you, Pat. Yeah.
• 0:42
  You bet. I'll try and wear the red shirt
• 0:44
  every time. I'm on with you, Ron.
• 0:46
  So you know, we we got to stick together and we got to stay off
• 0:49
  any Star Trek episodes. That's right.
• 0:51
  That's right, That's right. So, so you're you're working to
• 0:55
  forward legal tender legislation throughout the country.
• 0:58
  Part of that is with silver and I know you've been a proponent
• 1:02
  of silver and gold for many years.
• 1:04
  Is it true, Do you think that we are at some point here going to
• 1:08
  face a shortage of silver in the United States?
• 1:11
  Well, I I used to say that it for dramatic effect I did and
• 1:16
  then any time I was on you know, someone's platform and we talked
• 1:19
  about it. The the issue is that there will
• 1:23
  never ever be a shortage of gold and silver.
• 1:26
  However, the cost where where the value is right now,
• 1:29
  supposedly the value cannot stand if silver and gold were
• 1:34
  used as money like it used to be because there's just not enough
• 1:39
  of it to go around at today's prices.
• 1:42
  So yes, silver and gold would have to go up in value if it was
• 1:46
  used, you know, in coining money.
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  Making, you know, bars. You know, for easy transactions,
• 1:51
  yes, there would be a problem. Plus not to mention
• 1:53
  depositories. If states started doing
• 1:56
  depositories all over the United States, that would also take a
• 1:59
  lot of gold and silver off the regular market.
• 2:01
  And that also would, you know, make it rarer than it is right
• 2:05
  now. And one thing I want your
• 2:07
  audience to know about is that above ground, there's a heck of
• 2:11
  a lot less silver to be had than there is gold.
• 2:14
  The reason being is because silver is used up in the
• 2:17
  industrial process. I believe it's 70% of all silver
• 2:21
  that's mined, definitely. And in fact probably 80% of all
• 2:25
  silver that's mined gets used up in product.
• 2:29
  It gets used up in making water filters, you know, making
• 2:32
  circuitry for, you know, printed circuit boards.
• 2:35
  It gets used up for, you know, medical needs.
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  For making medical equipment as well as pharmaceuticals, and the
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  list goes on and on. It's in your windshield, in your
• 2:44
  car. I've been told before, and I'm
• 2:48
  not sure this number is exact, but I hear that there's about 8
• 2:51
  or £9 and silver in every single car.
• 2:55
  You know, just making up circuitry, what's in your
• 2:57
  windshield, you know, da da, da, da.
• 3:00
  So is there enough silver to go around if we start coining money
• 3:05
  again? Yes.
• 3:06
  Is the price going to have to go up a lot?
• 3:09
  Probably. So that's what I say that that
• 3:12
  old saying price fixes everything or maybe when we're
• 3:16
  talking about about silver value, right?
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  I mean price is just the measurement and Fiat paper
• 3:23
  money. But if that value of that, so as
• 3:25
  it becomes more scarce the value will go up and eventually people
• 3:29
  will be willing to convert their silver for other hopefully real
• 3:34
  assets that the the market will eventually eventually the market
• 3:38
  will prevail. Is that is that a safe, a safe
• 3:41
  assessment? Sure, sure.
• 3:43
  The free market will prevail. You know basically if gold and
• 3:47
  silver is actually uses money, we're not talking about gold
• 3:49
  backing money, we're talking actually using gold and silver
• 3:53
  in in transactions. So I agree with you there and
• 3:57
  it's incumbent upon all of us to understand, I think for the time
• 4:01
  being anyway. That the federal government and
• 4:04
  the Federal Reserve can't do this.
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  They won't do it. Ever.
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  Ever. You know, all the wars that
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  we're in right now, those would be virtually impossible if we
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  were on a true gold and silver standard here in the United
• 4:16
  States. You know, all the entitlements
• 4:19
  we have right now, all, you know, Social Security's been
• 4:21
  raided for, you know, since the 60s.
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  There's nothing left in there but a bunch of IO us.
• 4:25
  You know, we couldn't afford to make Social Security payments if
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  we were on gold and silver. Because they have used all that
• 4:33
  money up, they didn't save it. So there's a lot of things that
• 4:37
  would change in society if we went to gold and silver, but we
• 4:41
  would have an honest monetary system where they couldn't
• 4:44
  easily promise money out of the treasury to buy votes every
• 4:48
  single election cycle. Yeah.
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  So you're you're you're basically saying that if we if
• 4:54
  we were still on a gold and silver standard our elected
• 4:58
  officials would be forced to be responsible with how they spend
• 5:01
  our money. I'm.
• 5:02
  Absolutely, they would. They would.
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  And it's not just federal, it's state as well.
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  You know, there's a lot of states that are engaged in a
• 5:11
  deficit and debt spending right now and and that's with the fact
• 5:15
  that they're getting, you know, historically high tax receipts.
• 5:20
  Instead of cutting spending, they spend more and they don't
• 5:25
  have to. Their old budget works fine, but
• 5:28
  they go how we're getting in the case of Missouri, you know,
• 5:31
  we're getting an extra $6 billion more than we were the
• 5:34
  year before. You know, should we go ahead and
• 5:36
  cut a little bit, you know, to help the people during these
• 5:39
  tough times? Now they decided to go ahead and
• 5:42
  spend it on other stuff and and then have a new budget that was
• 5:45
  $6 billion higher than the budget before.
• 5:48
  Yeah, it's it's, it's interesting.
• 5:50
  You know, you brought up this point that there is enough
• 5:52
  silver out there. What it comes down to is the
• 5:55
  value of it. That will determine at what
• 5:57
  point it, it changes hands. I guess you could say one of my
• 6:00
  users sent me an e-mail and there's there's a lot of
• 6:04
  conflicting reports on this. But he said there's about 4
• 6:07
  billion ounces of silver above ground right now.
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  And he estimated that 2 billion of that was kind of held by the
• 6:15
  banks and the other 2 billion that was held by private
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  individuals and other investment type activities.
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  And what's interesting and you brought this up about silver is,
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  I mean that's and that's four years worth of silver
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  production, it's getting about a billion ounces.
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  Per year is roughly is that there is a deficit of, you know
• 6:35
  according to the Silver Institute, last year there were
• 6:38
  250 million more oz that were consumed than were provided by
• 6:44
  mining and recycling activities. So my rough math, you know,
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  would calculate that in about 8 years at this current rate that
• 6:51
  that would be eaten through, you know, and you and you brought
• 6:55
  this up. And I think it's key for us to
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  remember that how much of that silver and I think you said 70
• 7:01
  to 80% of it is consumed, right. And that the projections when
• 7:06
  you look at photovoltaic, you look at the electrification of
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  the world and all that that the projections are for that to only
• 7:13
  go up but at the same time silver production from mining
• 7:18
  activities is going down. And then we look at Mexico who
• 7:21
  provides 30% of the world silver and let's just say that Mexico
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  has has you know from a from a regulatory and a government
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  perspective become very has become very unfriendly toward
• 7:33
  mining. It's like, where, where will all
• 7:36
  this silver come from and and and at what price?
• 7:40
  And maybe that's why, and I want to get your comment on this.
• 7:43
  There's, you know, you hear a lot of people and maybe some of
• 7:45
  them are silver salesman saying that silver's one of the most
• 7:49
  undervalued assets on the face of the earth.
• 7:53
  If you're looking to buy gold, silver, or platinum, do yourself
• 7:57
  a favor and check out PIM Becks, the online precious metals
• 8:01
  bullion dealer and sponsor of Ron's Basement.
• 8:05
  I was a happy customer before they offered to support the
• 8:08
  channel. You'll find they have the best
• 8:11
  prices, quality, and service. I think Pembex is best and you
• 8:15
  will too. And be sure to tell him that
• 8:18
  you're from Ron's basement. Yeah, I believe that's probably
• 8:21
  true. Silver is more valuable because
• 8:24
  of the very thing I told you about 70 to 80% gets consumed in
• 8:28
  the industrial process. That is not true with gold.
• 8:32
  That is simply not true. In fact I've heard and once
• 8:36
  again this has to do with David Morgan I think in a a newsletter
• 8:42
  back in 2014 or I I don't remember if it was David
• 8:45
  Morgan's newsletter which I do get or someone else's.
• 8:49
  I think it was something about 10% of gold goes into the
• 8:54
  industrial process and 90% goes into making coins and other
• 8:59
  things, jewelry, you know, that sort of thing, things to be
• 9:01
  treasured. Things, you know, basically to
• 9:05
  prevent it from being, you know, just disappearing.
• 9:08
  And that's simply not true with silver.
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  That's why we have this anomaly where we have so much more gold
• 9:16
  above ground right now. We have gold above ground that
• 9:19
  was that was pulled out of the earth, you know, 2-3 thousand
• 9:22
  years ago. That's still being treasured to
• 9:24
  this day. You know, that's that's not true
• 9:27
  with silver. I mean silver is just getting
• 9:29
  used up pretty quick. Silver is so incredibly
• 9:31
  important to industry. It has properties that no other
• 9:34
  metals can match. You know, and in fact, we talked
• 9:38
  about this on your show before, The industrial process to make
• 9:41
  graphene is so expensive to compete with silver.
• 9:45
  That's a carbon composite that competes with silver on, you
• 9:49
  know, basically passing electrons.
• 9:52
  But I the last I had read it was something right around $4000 an
• 9:56
  ounce to make graphene. So silver should be worth at
• 10:00
  least that if it's going to be used for that.
• 10:03
  If silver gets used as money and depositories get set up all over
• 10:08
  the United States for states to start safeguarding the people's
• 10:11
  money so that that's, you know, that's a number that I know make
• 10:15
  a lot of people happy. I don't like playing fast and
• 10:17
  loose with how much silver will be worth at some point or how
• 10:19
  much gold will be worth at some point.
• 10:21
  Because there's an enormous amount of downwards pressure on
• 10:25
  the prices of gold and silver, and that is LED, believe it or
• 10:28
  not, by the President of the United States.
• 10:30
  It all starts there because once again, it's the Treasury, and
• 10:33
  the Treasury is an executive branch division.
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  So that's under the president going all the way to COMEX.
• 10:39
  But London has a lot to do with it too.
• 10:42
  Yeah, certainly it's been proven that there's a a a certain
• 10:46
  degree of official price suppression in the silver
• 10:50
  market. But I'm just happy now that I
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  know I can make a thumbnail for this video that says $4000
• 10:55
  silver and people are going to know why.
• 11:00
  Let's zoom out for one, one second and and consider also
• 11:05
  with silver what's going on in the world because it's not just
• 11:08
  the United States, it's the whole world that is demanding
• 11:11
  more silver. And you know, like you just
• 11:14
  mentioned, the Comex and the LBMA have had kind of a
• 11:18
  stranglehold on the silver price for the last number of decades.
• 11:22
  But we're seeing some interesting developments in, in
• 11:25
  China. We have now the Shanghai Gold
• 11:27
  Exchange, the Shanghai Futures Exchange that's trading physical
• 11:31
  silver. It's a much more physical market
• 11:33
  from what I understand. And we also have, although we've
• 11:36
  not heard a lot about it just as of late, but all indications are
• 11:41
  it's still a go. The Moscow World Standard, which
• 11:44
  is a new market that the Russians are putting together to
• 11:47
  trade precious metals. And they've explicitly said that
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  part of their reason for doing that is because they don't think
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  that the, the price discovery mechanism in the West, the COMEX
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  and the LBMA is reflective of an accurate price.
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  Can the world market forces right and we all know about this
• 12:04
  bifurcation going on, but could that force a a revaluation and I
• 12:09
  love that word value revaluation for silver.
• 12:12
  Any thoughts on that patch? First, Mining Gold is a
• 12:15
  development company advancing 2 of the largest gold projects.
• 12:19
  In Canada, Spring Pole in Ontario and Du Parquet located
• 12:23
  in Quebec, each already has. 5 million ounces of gold reserves,
• 12:29
  but exploration. Initiatives are underway at both
• 12:32
  projects. To find even more gold.
• 12:36
  First, mining is well financed, has zero debt.
• 12:39
  And owns an interest in four additional Canadian Gold
• 12:42
  development projects. Yeah, it could.
• 12:45
  And and that goes back to what's going on with the bricks, you
• 12:48
  know, in the BRIC nations right now.
• 12:49
  It definitely could force a revaluation of gold and silver.
• 12:53
  But I think the West will fight that.
• 12:56
  You know, they, they will fight it.
• 12:58
  They don't like the idea of gold and silver being money.
• 13:00
  Real money is anathema to the United States government and the
• 13:04
  Federal Reserve. Central banks don't have, or,
• 13:09
  I'm sorry, central banks in the West.
• 13:11
  OK, so let me be very clear about this because your, your
• 13:13
  viewers are sharp. They'll catch me on mistakes.
• 13:17
  But the the central banks of the West do not get gold and silver.
• 13:21
  They don't have any. If they do, there's being
• 13:23
  awfully quiet about it. There's been no news about it.
• 13:26
  But that's not true with India, Turkey, Russia, China, you know,
• 13:33
  major players in the East. Are literally gobbling up gold
• 13:37
  and silver into their central Their central banks are doing
• 13:40
  it. So there, the bifurcation you
• 13:44
  talked about, maybe it's important for people, people to
• 13:47
  understand what separates the East and the West right now is
• 13:49
  literally gold and silver. It's just as much as anything
• 13:53
  else does. And then culturally, we're very
• 13:55
  different too. I mean, when it comes to gold
• 13:57
  and silver, but the fact of the matter is their central banks
• 14:01
  see a role for gold and silver in the future.
• 14:03
  They wouldn't be acquiring it otherwise.
• 14:06
  Now, why did India purchase over 300 million ounces of silver
• 14:11
  last year? I still haven't heard a real
• 14:13
  explanation as to why they gobbled up.
• 14:16
  Here we are in Thanksgiving season, you know, more than 1/3
• 14:21
  and almost, you know, encroaching upon a half of the
• 14:24
  world's mining production of silver.
• 14:27
  It's it's crazy. You know, I like to feel like in
• 14:30
  the end, Mother Nature prevails. In the end, free markets
• 14:35
  prevail. You know, despite the efforts of
• 14:38
  of what I think have been the, you know, some of the Western
• 14:40
  governments to suppress the silver and gold price that
• 14:44
  eventually market force, Mother Nature prevails, market forces
• 14:48
  prevail. And it'll be interesting to see
• 14:50
  how that plays out. Yeah, And you brought it up.
• 14:53
  I've been India. Why did they purchase so much
• 14:56
  silver? I'll tell you what, if you sit
• 14:57
  down and think about it, they're getting into manufacturing.
• 15:01
  I'll bet you anything that has to do with that.
• 15:03
  They're probably going to start manufacturing, you know, printed
• 15:06
  circuit boards, you know, maybe even you know a multitude of
• 15:11
  other products. They may be starting
• 15:12
  pharmaceutical plants there. You don't know.
• 15:15
  I mean it's possible or making equipment that involves so other
• 15:18
  equipment that involves silver water filtration, that's going
• 15:21
  to be a big issue in China. China is.
• 15:25
  You know, it's not like I'm stumping for the EPA here.
• 15:28
  I am not. I'm, I'm a free market guy and
• 15:30
  the EPA is anti free market. Everyone should be responsible,
• 15:34
  you know, basically with with you know everything they do on
• 15:38
  earth. I and I'm talking about waste
• 15:41
  pollution, you know, that sort of thing.
• 15:43
  But the fact of the matter is China doesn't have an EPA and
• 15:46
  they have polluted their environment to the point where
• 15:48
  they have to have water filtration.
• 15:50
  They have to in China because they've polluted their water
• 15:53
  tables. You know, I remember back in the
• 15:56
  90s, you know, there were science fiction books being
• 15:58
  written in the time the Third World War would be over water,
• 16:02
  you know, so China has got to filter their water for their
• 16:05
  people now. So, so silver's become very
• 16:07
  important there too. So just just my thoughts.
• 16:11
  It's growing well. Thank you, Pat.
• 16:13
  It's, it's, it's growing in importance and stature
• 16:16
  throughout the world. It'll be interesting to see how
• 16:18
  it plays out. And I want to mention to our
• 16:21
  viewers that we're going to do another video now where we talk
• 16:24
  about the current state of legal tender legislation in Missouri
• 16:29
  and maybe on a national basis as well.
• 16:31
  You may have some a bit of an update in that regard.
• 16:34
  But if people want to learn more about you, they go to the
• 16:37
  Missouri Freedom initiative.org. Is that correct?
• 16:41
  Yep, MO free.org is our website. We encourage people,
• 16:45
  particularly if you're in Missouri, to get on our e-mail
• 16:48
  list. Because we do a lot of stuff in
• 16:51
  Missouri with gold and silver legislation, we try to help
• 16:54
  other states with gold and silver legislation.
• 16:57
  And Lil Birdie told me that you might be interviewing Senator
• 17:01
  Bill Eagle sometime in the near future who is the sponsor of the
• 17:06
  gold and silver as a legal tender bill.
• 17:08
  So I don't know if that's true or not.
• 17:09
  I just heard it. I don't remember where.
• 17:12
  I don't know. Maybe the maybe the Gold Bear
• 17:14
  told you that Senator Eagle may want to sit in the Gold Bear's
• 17:17
  chair. We'll have to see how that all
• 17:18
  works out. Yep, there you go.
• 17:21
  Hey Pat, you've been a great friend of Ron's Basement.
• 17:24
  We appreciate and behalf of the viewers appreciate your time
• 17:28
  this morning to share your and you're always super insightful
• 17:32
  and we appreciate you sharing this great information with us
• 17:35
  about Silver. And like I said, guys, go watch
• 17:38
  the next interview. I'm going to put a link up here
• 17:41
  at the end of the video where we're going to talk about the
• 17:43
  legal tender legislation. Thank you, Pat.
• 17:46
  Thank you, Ron. Have a wonderful day.
• 17:47
  God bless you.