Latest / SILVER / GOLD / $UFD Meme Coin Investing & Global Economics / **NEW DATA** China and India HOARDING Silver 🟠 (Gold Price Too!)

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**NEW DATA** China and India HOARDING Silver 🟠 (Gold Price Too!) · SILVER / GOLD / $UFD Meme Coin Investing & Global Economics

0:02
Will silver survive the summer doldrums?
0:05
Could we see a silver squeeze? We have new data from India and
0:11
China that we're going to cover in this video.
0:13
We also have some downright scary information regarding the
0:18
US economy, but also, most importantly, what that means for
0:23
the silver price and gold price. I'm going to distill it all down
0:28
for you because it's a big deal that you've joined me here in
0:31
the basement today. Don't forget, we're going to
0:33
talk about the silver squeeze and we're going to talk about
0:36
China and India. But the most important thing is
0:39
that we continue to develop this community.
0:42
So thank you for being here. It's a big deal.
0:45
I honor your time. Please give this a thumbs up and
0:49
you can subscribe to the channel that really helps us and helps
0:53
get the word out to more and more people.
0:56
Will we survive the summer doldrums for silver?
1:00
Look, guys, I'm not going to sugarcoat it, OK?
1:03
Realistically, the summer months are very difficult for the
1:06
precious metals. But do we have some good news?
1:10
Are we are we blazing into new territory?
1:14
And we're going to be kind of focused on silver this morning?
1:17
But this is all true. For gold as well, and platinum
1:22
for that matter. Actually, tomorrow I'm going to
1:23
tell you something that I learned from a SUB Stack article
1:27
that I got from Rafi Farber this morning about platinum.
1:30
That's very interesting, but I digress.
1:32
Are we going to make it? Can we do it?
1:35
Can we survive the summer, let's say with silver above $28.00?
1:40
Let's go out and take a look at a couple things quickly.
1:45
Here we go. This will be fast guys.
1:47
We've we've looked at this so many times, but it is so
1:51
important for us to remember the multi decade cup and handle
1:56
formation in the silver market, right 1980 through 2011 formed
2:03
this massive cup, right, $50.00 to $50.
2:07
We're not so concerned about that.
2:09
What we are concerned about is where we are now and where are
2:13
we now. We are in the handle, and for
2:15
those of you who don't know, this is the cup, this is the
2:19
handle. When the handle breaks through
2:22
that $50 range, a lot of people are saying we could easily go to
2:26
$100 per oz, but let's go to the present moment because I drew
2:30
some pictures for you, my basement dwellers.
2:34
There's a lot going on right now in the silver chart.
2:37
This red section. Remember the cup and handle.
2:41
This red section starts at 2011. This is the handle OK and as you
2:47
can see. I got a couple things I want to
2:49
point out to you. As you can see, we have been, if
2:53
you look at these green lines since what about 2020 and A?
2:58
Pretty definable uptrend within the silver price.
3:03
So we've got the handle moving up, which is what we want to see
3:06
happening. But is there even more embedded
3:10
within this? Some people say, OK, and look,
3:13
I'm not a a technical chart guru analyst.
3:17
I listen to what they all say and I kind of put it all
3:20
together and want to present it to you in a way that I think is
3:24
understandable. There are other people out there
3:26
who are chart gurus, but I don't want to point out also, you know
3:31
what a head and shoulders pattern is.
3:33
I want to draw it, draw for you on the screen.
3:35
Oh, I meant here. Hold on, hold on.
3:38
Draw it for you on the screen. A head and shoulders pattern is
3:41
when you have a price action that goes like that, right?
3:45
That's the shoulder and then you get a head and then you get
3:49
another shoulder and typically then the price goes down, down,
3:53
down, down, down. OK, that's a.
3:55
Head and shoulders. There's also an inverse head and
3:58
shoulders, which means upside down head and shoulders and
4:01
embedded. Some people say, and I think I
4:04
agree with them. Within this handle in the silver
4:08
chart is an inverse head and shoulders.
4:11
And I believe it would. I'm just going to kind of
4:13
roughly draw it. You can see how the price went
4:16
down. Hit, hit that.
4:18
That would be the shoulder. This would be the head.
4:21
And then we got the other shoulder and now we're heading
4:25
up. OK.
4:26
That's good news for the silver price and for the prospect that
4:30
this head or that this long term cup and handle pattern could
4:34
break out. The other thing we want to talk
4:36
about with silver, which is so important, OK.
4:41
And I heard Michael Oliver say this like you can throw out the
4:44
last two to three years, the last two to three years that
4:47
silver traded in a generally a very tight range, right.
4:52
There was kind of that that on the top and then let's just even
4:55
say we had this on the bottom. It was a wedge pattern.
4:58
See how that's creating like a wedge or like a shimmy you might
5:01
use if you're installing a door or window at your house or
5:05
whatever you want to call up at the price.
5:07
Kind of got compressed, compressed, compressed and then
5:10
broke out. OK, Another positive thing going
5:14
on in the silver market. Another positive thing going on
5:17
the silver market. Is that silver's up a little bit
5:19
this morning? We're going to check on that in
5:21
just a second. Now there are.
5:23
And I can't really draw it on this picture here, but there are
5:26
some other people who claim that even within this handle,
5:29
remember this is the handle to the cup and handle.
5:32
We also have a another cup and handle formation.
5:36
But we want to talk about the crazy demand, the crazy data
5:41
that we're getting from both India and China in regards to
5:46
silver. I got a bunch of articles that
5:48
I've that I've highlighted that point out some very astounding
5:52
facts about silver, the silver situation going on right now in
5:57
India. Did India really import 10 times
6:01
as much silver in the first three to four months of this
6:04
year as they did in the first three to four months of last
6:08
year? Let's dig in.
6:09
Let's take a look at what's going on with India and silver
6:12
because. I know we think India, whatever,
6:15
guys, India is a massive, massive consumer of silver.
6:20
As far as I know, they don't really have any silver in their
6:23
own country. We know.
6:25
I'm getting excited. It's Monday morning.
6:28
Hey, thanks again for being here Monday morning, basement
6:31
dwellers. Do we love our silver?
6:33
Do we love our gold? Do we love our platinum?
6:35
Yes, we do, right? Do we love to get together?
6:38
This is the, I used to call it the Mr. Rogers Neighborhood for
6:42
Gold and Silver's investors, right?
6:44
Welcome. Right.
6:45
Somebody pointed out to me, though, it's Mr. Rogers Basement
6:49
for silver and gold lovers. So let's look at this data
6:53
coming out of India because when it comes to silver, India and
6:57
China are the big deal, bar none.
7:01
I got news for you, buttercup. Your fellow Americans have yet
7:05
to show up to the party. Don't worry, they will, right?
7:08
But we aren't like a massive driver in the silver market.
7:12
India and China are driving the silver and gold bus.
7:17
And in particular, we're going to look at what India's doing
7:20
with silver right now. Let's go take a look here.
7:25
Here we go. Oh, from our friends at the
7:27
Silver Academy, right, the sub stack.
7:29
Check them out. There's always a link to them in
7:31
our description. India's Silver Squeeze 647 * 647
7:40
times. Spike in the import of silver
7:44
from the United Arab Emirates. So apparently India, we're going
7:48
to learn why is importing massive amounts of silver from
7:53
the United Arab Emirates OK 640 * 647 times spike in the import
8:02
of silver. Hold on here, did I mess this
8:04
up? Nope, I didn't import of silver
8:09
from the United air Emirates since the beginning of the
8:12
calendar year. The Indian government is getting
8:15
suspicious is set to engage in discussions with the UAE
8:20
regarding a dramatic increase in silver imports since the.
8:24
Beginning of this year, silver imports from the UAE have
8:27
skyrocketed by an astounding. Almost 650 times raising
8:33
significant concerns, raising a. Few Indian eyebrows, if you know
8:38
what I mean, among Indian officials and it gets really
8:42
interesting. Red government data reveals that
8:45
overall silver imports into India have experienced A10.
8:50
That's where I found it. I couldn't find it.
8:52
I knew it said somewhere. Let me start over for you.
8:57
This is critical. Government data reveals that
8:59
overall silver imports. Into India have experienced a
9:05
tenfold increase during the first four months of this year
9:11
and for those of us who maybe stayed a under the water a
9:15
little too much of the neighborhood pool this weekend
9:17
the first four months of the year would be January through
9:20
April. Thank you OK as this situation
9:24
unfolds it's OK is this is interesting because apparent and
9:30
we're going to get into this a little bit more Apparently there
9:32
were some tax changes between the UAE and II's like sucking in
9:36
all the world silver right now guys as it but as this and is
9:40
that going to change warning. I forgot to tell you this, I got
9:44
a big warning about this India silver.
9:47
Yes, they are and they will continue.
9:49
But we need to be prepared for what could happen in the latter
9:54
half of the year with India and silver and we are going to get
9:57
to that a little bit later in this.
9:58
As this situation unfolds, stakeholders in the financial
10:03
and commodity sector should monitor for any policy changes.
10:07
That means tax related changes or trade agreements they're
10:13
referring to between the UAE and India that may arise from these
10:16
talks as they could influence investment strategies and market
10:22
dynamics in the precious metals stake.
10:25
Do you know who Manisha Gupta is?
10:28
I bet you do. You just don't realize that you
10:31
know who Manisha Gupta is and we're going to get to her in a
10:34
second. This just shows here.
10:36
Crazy amount of silver. The Indian, the Indians are not
10:39
only building massive solar parks, like solar parks that are
10:43
bigger than Paris. OK, guys, it's, it's
10:45
unfathomable. My favorite word I can't
10:50
pronounce unfathomable. Unfathomable.
10:52
Anyway, they're building massive solar parts, but they're also
10:56
building massive battery manufacturing facilities that
11:00
use huge amounts of silver. There's just some detailed
11:03
Rajesh exports, blah, blah, blah, talking about this new
11:07
contract to build these massive batteries.
11:10
This is a silver battery, 96 inches in length.
11:14
And just for comparison, OK, that's a commercial door, which
11:18
is 84 inches tall. These things have I, I guess
11:22
it's saying here 11,000 oz. God, that seems high.
11:26
That's like 20 monster boxes full of silver.
11:29
Unbelievable. OK, here we go.
11:33
Type heavy. I guess that's like a torpedo
11:35
battery. Wow, unbelievable.
11:37
OK, there's more pictures there. OK, let's go talk about our
11:41
friend Manisha. Silver prices gained 6% last
11:45
week and India is buying silver quarter one of 2024 more than
11:52
all of 2000. Who's?
11:54
Manisha Gupta. I like Manisha.
11:57
You know her? OK, You've you've heard if
11:59
you're in the silver and gold, you, you would know who this
12:01
woman is. She's super respected.
12:04
She's a renowned news editor at CNBC TV, 18I's leading English
12:11
business news channel. Gupta's incisive analysis and
12:15
editorial acumen have earned her a reputation as one of the most
12:20
respected voices in the industry.
12:24
And what does she tweet? I guess just here over the
12:27
weekend. There she is, Manisha.
12:29
Wonder if I can zoom in on her? Not really.
12:32
Well anyway, she said, silver prices gained 6%.
12:35
And India is buying silver. So look at this guys.
12:39
This is incredible. Let's go down to the current
12:42
year, just Q1. That's not even April this
12:45
that's January, February, March. India bought 3700 tons of
12:51
silver. How much did they buy all of
12:54
last? Year 3400 tons right Now
12:57
remember 2022? That was a massive high 9400
13:02
tons. But if you annualize.
13:04
This amount, somebody help me out here.
13:06
What's 4 * 3700? That would be 12.
13:09
It'd be like almost 15,000 tons if indeed this number were to
13:16
continue, but we can't expect that.
13:19
I don't want to be the bearer of bad news, but I will be the
13:22
bearer of bad news. I'm not saying this number is
13:24
not going to go up at all, but we've got some info that I dug
13:28
up that I'm going to share with you next that says that we
13:31
can't. Really expect.
13:33
This amount to continue up none the less, right?
13:36
What is that telling us about silver demand from India not to
13:41
mention not to mention? Did you know this?
13:44
OK, now you're you're a basement dweller.
13:46
You're a silver stacker. If you have children, if you
13:49
have grandchildren, you're doing your best.
13:51
I know you are. To teach them about real money,
13:55
right? The difference between this,
13:58
right? Paper Unicorn fart dust and this
14:02
this beautiful one ounce silver round I got from big Tim the
14:05
silvershire something about this.
14:07
I really like it like all silver none the less.
14:10
You're doing that 99 out of 100 other Americans are not doing
14:15
that. But in India, this is the truth,
14:19
right? I know a lot of Indian people
14:21
have a lot of. Indian people in, in Saint
14:23
Louis, a lot of doctors, computer programmers, 711
14:28
owners, that kind of thing. But they're very driven, smart
14:31
people. And I always talk to them and
14:32
they all will tell me the same thing, OK, about silver and
14:38
gold. I mean, gold is a whole
14:40
different story in India. That's but it.
14:42
Here's what they tell grandparents in India, tell
14:46
their grandchildren that they should own their body weight in
14:51
silver. And then when it comes to gold,
14:53
they say get as much gold as you ever possibly can.
14:57
I mean, do you realize that not to get a frank, but in India,
15:00
households, housewives house, house husbands, whatever
15:04
households better watch what I'm saying here.
15:07
Anyway, houses in India have over 25,000 metric tons of gold
15:12
hidden in them. OK, that's that's three X with
15:18
the United States of America, right?
15:20
Our old friend Janet Yellen. Now let's take a look.
15:23
Let's say hi to Janet. There she is.
15:28
Hold on. There she is.
15:30
This lady her right. Don't worry, folks.
15:34
She's protecting all your gold. Suppose at 8000 tons we have in
15:40
the United States, which has never been audited.
15:44
For I don't know. You know, decades and decades,
15:47
that guy Mnuchkin. Do you like Mnuchkin?
15:49
Remember Steven Minunskin? I think he was the Treasury
15:52
Secretary under President Trump. He's an ex Goldman Sachs guy.
15:55
Go figure. I tell you, it's such a
15:59
coincidence, isn't it? All of our government officials
16:01
used to work at Goldman Sachs. Anyway, he went there with his
16:05
girlfriend like six years ago and he tweeted when he left.
16:08
The gold's here or the gold's fine or the gold is whatever.
16:12
We have no idea that it's even there.
16:14
Why won't they let us look at it?
16:16
Different story. We're talking about India, the
16:18
Indian households. Not to mention what the Indian
16:21
central bank, but they love, absolutely love their silver.
16:25
Now let's look what the Indian people quickly are saying about
16:29
this ground breaking information regarding silver.
16:33
This is. From the economic.
16:34
Times, which I I think is an Indian newspaper.
16:37
I don't know. I've never.
16:38
Never really heard of it. India imports more silver in
16:42
four months, first four months of 2024, then all 2023.
16:46
Yes, we know that already, OK. In blue basement dwellers,
16:50
India's silver imports in the first four months of the year
16:53
have already surpassed all of that for 2023 on rising demand
16:58
from solar panel industry and as investors bet on an
17:04
outperformance versus gold now. That came from government and
17:11
industry officials. They both asked you, our friends
17:14
at Reuters. Imports by the world's biggest
17:18
silver consumer. So India is the world's biggest
17:21
silver consumer could support global prices, which are trading
17:25
near their highest levels in more than a decade.
17:28
Did you hear that, guys? We got to remember that silver
17:31
right now is tried is trading like at the highest level that
17:35
it's been at since 2011 right over 1314 years.
17:41
I I don't think we we really fully have let that sink in and
17:45
what what is so critical right now for the silver price
17:49
especially and and I and I, you know, I could be wrong.
17:53
We're gonna come back to this article, but I need to look you
17:55
in the eyes. You know that I could be wrong,
17:58
right? But I'm telling you, if we can
18:00
make it through the summer, right?
18:02
If we can make it through the summer doldrums, do you?
18:05
Do you? Are you with me on this?
18:07
For silver, let's say it even stays above $2827.00 per oz.
18:12
I'm telling you the fall, right? When the leaves start to change
18:16
on the trees and you get that fall feeling and it's Halloween
18:20
time and all that. That it could be very, very
18:23
lucrative for silver investors as we head into that period.
18:28
So let's, let's, but let's keep in mind, even if we stay, if we
18:32
can build this base, see what is what's happening right now.
18:36
I don't think you're doing this. I'm not doing it.
18:38
But the weak hands are selling. They're like, oh, silver, a guy
18:42
went up and oh, I want to get out.
18:44
I got to get out. I got to sell those people,
18:46
right? The sellers.
18:47
It's kind of called consolidation, you know,
18:50
building a base, however you want to think about it.
18:53
And when all those sellers are gone in about six weeks, 5 weeks
18:58
and three days, according to my supercomputer.
19:00
But when they're all gone? There's not as many people
19:03
saying, oh, I got to sell my silver, I don't need to do, I
19:06
can't take it anymore. I thought it was going to moon
19:08
Shot. In the week.
19:10
Right, they're all. Gone.
19:11
Those are the weekends. Those are the, the, the, the
19:15
people that don't have a high degree of conviction, right?
19:19
They're all gone. What's left are the people like
19:22
us. And then as silver starts to go
19:25
up. All those Chicken Littles that,
19:27
that, that reacted to their emotions and then they're going
19:30
to say, I got to get back into silver.
19:33
You know, silver's the only metal on the face of the earth.
19:36
I've heard Rick Rule say this. I was talking about it with Coin
19:39
Shop Chris yesterday, who, by the way, has his own channel.
19:42
Go check out. Corn.
19:43
Shop Chris nonetheless on YouTube nonetheless silver's the
19:48
only thing in the world that like when the when the price
19:51
goes starts skyrocketing, people like like rush in.
19:55
They don't buy it until the price goes up.
19:58
So just be prepared. All the chicken Littles are
20:01
getting out right now and I could be wrong.
20:03
Maybe they're smart. Maybe maybe we'll have $19.00
20:06
silver for Christmas. Hey, that's fine with me, 19.
20:10
Dollar silver for Christmas. I don't think that's going to
20:13
happen, but if it. Does I tell you what a lot of
20:16
people I know are going to be getting silver for Christmas?
20:19
I mean, could you imagine silver getting down to 20 bucks again?
20:24
I mean, it would be like I'm telling you the basement.
20:27
Oh, and by the way, you guys, I keep getting accused that this
20:31
is not a real basement. This is not a green screen.
20:34
OK. That box right there that says
20:36
pin box, that's a real cardboard.
20:38
Box here. Listen.
20:41
See, I'm touching it. There, See that hot dog?
20:44
See the hot dog? I moved it all right.
20:47
This is not a green screen. There you go.
20:50
Buddy, he wants his hot dog back.
20:53
Where was I? I was on such a rant, I forget
20:59
what I was talking about. Well, anyway, you know, Yeah,
21:03
it's that Silver is Silver is due and it's going to happen.
21:07
Let's get back to our article. I apologize, guys.
21:10
I apologize. Here we go.
21:11
We're getting back to the article 'cause this is.
21:13
There's bad news. Warning.
21:16
Bad news ahead. Bad news ahead in India in
21:20
purple. This is good news.
21:21
The bad news isn't isn't red. You're going to see it in a
21:24
second. India imported a record 4172
21:28
metric tons of silver during January through April.
21:32
Tons, kilograms, ideal in oz. But I went into Google and they
21:37
said that's equivalent of about 134 million Troy oz 4172 metric
21:44
tons, it's 130 million oz. That's like, what is that's like
21:49
what five? I don't know.
21:50
That's like, I don't know, 15% of the world's annual silver
21:56
production they already imported, OK, that's up from 455
22:02
tons during the same. That's crazy.
22:05
So they imported in January through April.
22:08
They imported 4172 tons last year.
22:13
During that same exact time period, they only imported 455.
22:18
That really is like a 10 times increase.
22:20
Hey, have a drink of coffee with me here for a second, guys, and
22:24
we're going to be right back. OK, I'm back.
22:32
Let's go down. I got bad news.
22:34
I've got bad news for you. Not yet.
22:37
I think it's in red. India imported a total of OK and
22:41
all of last year. They only imported 3600 tons
22:44
again this year. First four months I already did
22:47
4242 hundred 4200 tons. I'm going to slow down.
22:53
Industrial and investment demand are driving up silver imports.
22:57
Instead of Mumbai based dealer with private bullion with a
23:01
private bullion importing bank yellow.
23:05
Oh man, we got a lot more. Hold on guys, Silver prices
23:08
haven't done as well. Excuse me, it's gold in the past
23:12
decade, but investors think it will do better than gold this
23:16
year. All right, that talks about the
23:18
price in rupees. OK, this is the part.
23:21
This is where it gets bad. So hold on.
23:23
Almost half of this year's imports have come from the UAE.
23:26
Remember, we just talked about that.
23:28
To take advantage of lower import duties set, an importer
23:31
based in India generally imposes a 15% import duty on silver.
23:40
I'm telling you, you don't know how lucky you are if you live in
23:43
the United States and you can buy silver pretty much at spot
23:48
price because there ain't nobody else in the world, as far as I
23:51
know, that has that that has that privilege that we have.
23:55
I digress. However, the Comprehensive
23:58
Economic Partnership Agreement signed between.
24:01
India and the UAE in 2022 allows private traders to bring silver
24:06
in at only a nine percent duty. So that's what they're blaming
24:09
it on. Here's the bad news, guys.
24:11
Quote, quote. In the coming months, silver
24:17
imports will slow down. First.
24:20
The industry will try to consume the already imported metal is
24:25
what he said. So that's from an insider in
24:28
India. Don't expect the sky high
24:30
numbers to continue month after month after month from India.
24:34
It's going to go up, it's going to go down.
24:37
But the trend? Absolutely is toward the upside.
24:41
Now we talked about the fact how lucky we are to be able to buy
24:44
silver it darn near spot price in the United States.
24:48
I mean, it's this really, it's like just I, I just realized
24:52
that. Like in the last few weeks, so
24:54
talking to people all over the world and they're talking about
24:57
20% the value added tax and you know, just the crazy taxes they
25:03
have to pay just to buy silver. I think people in the UK have it
25:06
bad, so this is a great time for me to say thank you to our
25:11
channel sponsor Pinbex, and we're going to get a update on
25:15
the silver and gold price. All right, Gold's down almost 7
25:20
dollars $2322.22, silver $29.21 per oz.
25:28
Holding on to a small game. The price seems to be bouncing
25:31
around. This morning it was like up
25:33
$10.00 for gold, up $0.30 for silver and then down and then
25:37
back up and back down. That's OK.
25:39
All right guys, we're in the we're in the summer.
25:41
I mean right now $2928.00 silver for the next four or five weeks
25:46
is OK $24.00 silver stinks none the less if you want to get your
25:52
hands on some silver, gold or platinum group metals.
25:55
I buy my silver from Pimbex Pi MB EX and this live stream video
26:01
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26:05
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compare prices between Pimbex and the other big online bullion
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dealers, look at the selection, which I always find is more than
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tell you what my. Experience has been.
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I can also confidently tell you that everybody, and there's been
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a lot of them in the basement to welder community.
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I think it's been about a year that Pinbex has been sponsoring
26:36
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26:39
feedback from it has been very positive.
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The two brothers that own the company are top notch people.
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So if you're in the market for some silver, gold or platinum,
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do yourself a favor and check out see if I can get it Pinbex.
26:55
Right there above the below, the platinum bear with the hot dog
26:58
in his hand. All right, guys, let's talk
26:59
about China. Hey, I think it's time.
27:02
I think it's time now. What's going on with silver in
27:05
China? Let's just go straight to one of
27:07
our favorite things to check out our old friend, the Oriental
27:10
ghost. Let's check on the silver price,
27:13
the physical silver price in China July 1st.
27:17
That would be today on the Shanghai.
27:19
Gold Exchange Silver. Closed at $33.00 an ounce.
27:24
Interesting. How much was it here in the
27:26
United States? 29 What is that's $4.00?
27:30
That's like what, 12% higher? What about the Shanghai Futures
27:34
Exchange, $33.06? Now what's interesting, and
27:38
we're going to talk more about this tomorrow, is this right
27:41
here, guys? OK.
27:43
That's the Shanghai. Gold Exchange Silver Vault
27:46
Weekly change 2002, I'm sorry, 215,000 kilograms at at these
27:54
kilograms tons. I wish it would all be in oz.
27:57
But anyway, so you figure a kilogram is 1000 grams and
28:02
there's about what, 30 grams in an ounce?
28:05
That would be like 30 oz per kilogram.
28:09
So that would be that's over. But that's like 1.2 million oz.
28:14
That's the decrease in the inventory.
28:16
Why is that important? Because the Shanghai Gold
28:19
Exchange is a physical market. Hold on.
28:23
OK, now there's more. Hold on.
28:25
Let's take a look. Did I tell you thank you for
28:28
being here? Seriously, being a part of the
28:30
basement. I hope you feel like you found a
28:32
little home away from home with your fellow basement dwellers.
28:35
You can leave comments. You can make a lot of great
28:38
friends here. So thank you.
28:39
But back in China, they also had a report out about silver.
28:45
And let's go back to our friend the Oriental Ghost.
28:48
Sometimes I call him the Shanghai Ghost, which is wrong,
28:51
so I apologize. Oriental Ghost, no wonder you're
28:54
mad at me. Here it is.
29:00
This is interesting. Chinese industrial silver
29:03
consumption has exceeded. Now, this is a big report that
29:06
came out 90% with photovoltaic, which is solar silver
29:11
consumption exceeding 5000 tons. So here, let's go look at this.
29:15
This is the the fourth members meeting of that.
29:18
It's like a silver and gold meeting.
29:20
I can't read Chinese. All right, there's that.
29:23
OK. The report pointed out that in
29:25
2023, the proportion of domestic industrial silver consumption
29:31
exceeded 90%, among them more than 5000 tons.
29:37
Why do they do kilograms one thing tons the other.
29:40
Tell me in oz anyway of silver were used for photovoltaics,
29:46
which is a fancy way to say solar panels.
29:48
A year on year increase of 30%. The important, the import of
29:53
mineral products and silver powder increased, and the export
29:57
of silver ink knots was mainly processed by the feeding.
30:00
So we get the news now that in China they're like using up all
30:05
their silver. What else do we know about China
30:08
that's shocking when it comes to silver?
30:12
I saw this is about 8 months ago, actual Chinese state media
30:18
interviews where they're interviewing the silver refiners
30:22
in China and these guys were up in arms.
30:26
Did you see it? Do you remember this?
30:29
There were like two like one minute clips and they're like.
30:31
We can't get silver. We can't get enough silver to
30:35
supply the demand that we're receiving right now.
30:38
And they were angry and they specifically called out the big
30:42
electronic exchanges, the LBMA in London, England.
30:46
We haven't made fun of them in a while, huh?
30:48
Our friends at the LBMA, those, those long time silver and gold
30:53
manipulators and the Comex, these Chinese refiners, these
30:56
are like everyday like the managers, these refiners are
30:59
like it's nuts what the what the electronic exchanges are doing
31:04
to the silver market. And and somebody over there in
31:07
China, this was hidden in a document, even said even even
31:12
put out the prospect that why don't we start?
31:15
Like a silver industry Trade Organization.
31:19
You know what OPEC is, right? The Organization of Petroleum
31:22
Exporting Countries. Why don't we start like an OPEC
31:25
type organization for silver producers?
31:27
You know what? I'm in.
31:28
Favor of it. Yeah, we have the Silver
31:30
Institute, blah, blah, blah. There's a lot of, let's say
31:35
suspicion surrounding that organization.
31:37
What if we had like a silver OPEC type organization that set
31:42
production and price levels, right?
31:44
Oh, I know that would be we can't do price setting 'cause
31:47
that's what these Chinese people remember hearing.
31:50
Some of them like even mentioned, like the price of
31:52
silver should be much much higher.
31:55
That way we would have the silver coming out of the ground.
31:58
Guys. We are eating through the world
32:00
reserves of silver. The other thing to a couple two
32:04
things, remember with with a same thing with China and silver
32:08
that we're seeing in India. Have you seen the pictures of
32:12
the solar farms in China? OK.
32:15
And it's not just the ones that they built right now.
32:18
It's the fact that they have hundreds more planned in the
32:22
future. I mean, solar farms that are
32:25
bigger than New York. It's unbelievable.
32:27
And don't forget each one of those solar panels.
32:31
Any got any neighbors with solar panels?
32:34
Huh. Do you?
32:35
I do. They get a little angry with me
32:37
'cause you know, when I walk by, sometimes I walk up and give
32:40
them a hug. Each of those solar panels has
32:42
probably about 2/3 of an ounce of silver in it.
32:46
Oh. But wait, there's more, right?
32:49
That's enough is great all and all the solar panels being
32:52
manufactured right now. But wait, there's more, there's
32:55
more news guys, because now it is becoming abundantly clear and
33:00
generally accepted that these newer technologies, the next
33:04
generations of solar panels have even more silver.
33:08
I've heard as much as like 50. Percent more. 40% more.
33:12
And then the next generation beyond that has even more silver
33:16
in it, and they're called, I think now it's called Perk.
33:18
And the next generation's top con, I might have that mixed up.
33:22
And then there's even another generation, like I said, that
33:24
will have even more silver. And guess what?
33:27
There's even more good news. OK, basement dwellers, there's
33:31
this. Have you heard about this thing
33:32
called thrifting? Are you thrifty, right?
33:35
Are you resourceful? Are you a tight wad?
33:40
I got to be honest, I'm a tight wad, Susie.
33:43
Sometimes that gets on her nerves, although I think she's
33:46
generally accepted that as one of my personality
33:49
characteristics. That won't change.
33:50
Do you have any of those characteristics?
33:52
Right. You know what it's like if
33:53
you're in a relationship, you just got to accept stuff about
33:56
the other person. Well, we got to accept something
33:59
about the silver solar panel industry because they're tight
34:02
wads too. They want to put as little
34:05
silver as they can into those solar panels, just as little
34:08
bitty bit about. It's called thrifting.
34:10
It's a technical term, thrifting.
34:13
Let's let's sound fancy, will you?
34:15
You can say, hey, thank you, Brian.
34:17
Wow, thank you. I appreciate that.
34:20
Yeah. We put a lot.
34:21
Of work into this super chats are super appreciated.
34:24
Thank you. There's there's a there's a
34:27
there's a a a a common sense way to say it right like the solar
34:31
panel manufacturers are tight wads.
34:33
They want to put as little silver in the panel as possible.
34:37
But if you want to sound, Country Club.
34:39
Right. If you're going to go to the
34:40
club, have you been going to the club a lot this summer and
34:44
you're talking to your friends with your little tea or your or
34:48
your martini in your hand? You can say the photovoltaic
34:51
industry is trying to reduce the amount of silver in each solar
34:56
panel by thrifting. They call it thrifting, right?
35:00
And but they've they've thrifted out.
35:02
They've squeezed that lemon. I love that saying, right?
35:06
They got all the juice, right? They've thrifted.
35:08
To the point where they can't thrift anymore.
35:12
That's just a fact. OK, so the outlook for solar and
35:16
silver remind remains to be absolutely crazy.
35:19
And one more, one more bonus feature about the Chinese and
35:24
silver going on. OK, going on right now.
35:28
And we haven't talked about this in like 6 weeks.
35:31
So, you know, hold on to your socks, all right, The Chinese
35:36
government is now encouraging their citizens to buy silver.
35:41
We got that from like word on the street, from people that
35:43
live in China, from several different forces, forces and
35:48
sources that the Chinese government is actually now
35:52
encouraging their citizens to buy silver.
35:54
You know the whole story with gold in the Chinese government
35:57
like oh the Chinese central bank, the P box stop buying gold
36:00
BS right? BSI got it down here, China.
36:04
Has a lot more gold than they're letting on.
36:07
That is absolutely a fact, all right.
36:11
Or a generally accepted fact. OK.
36:13
And they're still acquiring gold.
36:15
They know gold is the the great equalizer, OK, But they want
36:20
their citizens. They don't want competition from
36:22
their citizens. I mean, we got these pictures.
36:24
Let's remember we haven't looked at this one for a while.
36:26
Guys, hold on. I'm going to find it.
36:29
Hold on, because this is astounding.
36:33
Here we go. There we are.
36:37
OK, this. Hey everybody, I'm over on the
36:41
side of the screen. OK, OK, here I am.
36:45
And here are here are right there.
36:48
That's 800,000 Chinese people showing up to buy gold after the
36:54
Chinese lunar thing. At one department store.
36:58
OK, they had to turn people away.
37:00
So we know that unbelievable demand that we are seeing right
37:06
now in China for gold. You want to hear some doom and
37:10
gloom 'cause it's not good, guys.
37:11
But let's how about a situation like this?
37:14
I bet you like, excuse me, I bet you like situations like this
37:19
where no matter how things turn out.
37:22
You're. The winner?
37:23
Winner Chicken dinner. OK, you get the blue ribbon, you
37:26
get first place. And I'm telling you, all right,
37:29
I'm going to give you some data that that and explain to you why
37:33
that if you're holding precious metals, I believe right now you
37:37
are in that exact situation because things are ugly scary.
37:43
So we got to talk about some scary situations going on right
37:46
now in the United States. But if you're holding silver or
37:49
gold, you're in good shape. If you're holding this stuff,
37:52
where'd it go? This right?
37:54
Paper money at the bank, right? Fiat make believe.
37:59
Confidence money, right? You might as well, in a lot of
38:03
ways, be holding this, right? Monopoly money, because I want
38:09
you to think about this, OK, Things are going to get ugly,
38:14
right? That's, that's what most of the
38:16
smartest people in the room believe.
38:18
If things get ugly, one or two things are are going to happen.
38:21
Either the Fed is going to print money like we've never seen
38:25
before, which will make the value of the dollar go down or,
38:29
or if they decide not to print money, OK, then guess what?
38:34
The whole system implodes. We have defaults.
38:37
We have massive, massive, a tsunami of real consequences
38:43
flowing through the economy. But guess what else happens at
38:46
that point, guys? The value of the dollar drops
38:49
and the value of the silver and gold that you own goes up as
38:54
well. It really is a unique, I believe
38:57
situation right now where you can look at holding silver, you
39:01
can look at holding physical gold and, and no matter how
39:04
things play out, no matter what. Road they take right?
39:08
Doesn't matter what Rd. they take.
39:10
They're still heading to the same Cliff, right?
39:13
Because the fundamental facts right now are that are, that are
39:17
that the United States has put itself in a situation where the
39:21
dollar either way, either fork in the road, it's a fork in the
39:24
road. But they both head to the same
39:27
Cliff, right? And that Cliff, right, you've
39:30
got the golden parachute, you've got the silver parachute.
39:33
So let's just talk about, I thought this was an interesting,
39:36
you want to hear about some, some scary stuff going on right
39:40
now. Let's go to this article from
39:44
Zero Hedge, which says 11 signs that the US economy is in far
39:49
worse shape than most people think. 11 signs OK #1 numero Uno
39:58
there's the number lucky number 11 OK, just like in O8
40:02
delinquencies are on the rise. In fact, credit card
40:05
delinquencies have now reached the highest level that we've
40:08
seen in more than 10 years. Credit card delinquencies right
40:14
because people don't have savings.
40:15
Are you out of savings? Are you out of if you've blown
40:19
through your four O 1K? So if you racked up credit card
40:22
debt and not only then have people racked up credit card
40:25
debt. But on top of that, we're in the
40:28
hold on here. I'll make sure you're still
40:30
there. All right.
40:31
Oh, OK. Are you still there?
40:33
All right, you are. Sorry about that guys.
40:36
Let's get back to this. Not only did you rack up credit
40:39
card debt, what the heck, here we go.
40:43
All right, welcome to live. But now you can't pay your
40:47
credit card debt #2 commercial real estate crisis just
40:51
continues to escalate. Guys, I heard that guy Charles
40:55
Nenner talk about some of his wealthy clients that had just
40:57
sold commercial real estate investments where they've lost
41:00
like 65% of their money. We have example after example of
41:05
major buildings that were bought five years ago for $200 million,
41:10
selling for fifty $60 million. Unbelievable what's going on in
41:16
the commercial. Real estate sector When banks
41:18
get into #3 When banks get into trouble.
41:21
They start shutting down branches.
41:23
So far this year, according to #3 U.S. banks have closed more
41:28
than 400 branches all over the country.
41:33
OK #4 Big companies are laying off workers from coast to coast.
41:38
For example, 500 Texas truckers just lost their job.
41:42
If the economy's strong, we need truckers.
41:44
If the economy's strong, we need workers.
41:47
And we've got big, big companies.
41:49
Amazon, I mean, the list just goes on and on of companies
41:53
laying people off #5 the Dallas Fed Services Index has now been
41:59
negative and negative territory for 25 months in a row, right?
42:04
Telling us that 25th straight month of contraction, sub zero
42:09
for the Fed, for the Dallas Fed Services Index.
42:12
And judging by the respondents comments, there's a clear place
42:16
to point the finger of blame number six.
42:21
Restaurants are dying. I was talking to my parents last
42:23
night and I was like, you realize, like a lot of these
42:26
restaurants when they close. They might have, they might.
42:30
They might employ like 30 or 40 people each.
42:33
This week we learned that Hooters, I know, you basement
42:37
dwellers, your Hooters fans, has suddenly decided to permanently
42:41
shut down almost 40 underperforming locations.
42:46
What about, on a separate note, what about Walgreens came out
42:50
last week, right, and said they were going to close up to 25% of
42:55
the Walgreens stores in the country, 25%.
42:59
Well, they said 25% are underperforming and that they
43:02
were looking at basically closing a majority of their
43:06
underperforming stores. But that's significant.
43:09
How many people work in each Walgreens store?
43:11
I would imagine 30 or 40, and what is that telling us about
43:15
the strength of the US economy? Because you know what's going
43:18
on? I'll tell you what's going on
43:19
and then we'll get back to this list.
43:22
I'll tell you what's going on. People are not going to
43:25
Walgreens because if everything's overpriced, right,
43:30
it's not as bad as 7-11, but it's kind of in the middle
43:33
between like the grocery store and 711.
43:35
Everything's overpriced at Walgreens and people don't,
43:38
instead of spending $3 on their little thing of candy at
43:41
Walgreens, they're going to the dollar store where, by the way,
43:45
things aren't a dollar anymore. Things are now like $1.25 or
43:49
$1.50 because of Bidenomics. I, I digress.
43:53
Let's get back to this list of horrible.
43:55
News We got a few more to get through #7 #7 Retail chains
44:01
continue to go belly up at a staggering rate.
44:04
Today it was reported that two large retailers.
44:07
In the Northeast have made a decision to file for bankrupt
44:10
bankruptcy. Bob's Stores, which I've never
44:12
heard of, which sells athletic and casual clothing and outdoor
44:16
gear retailer Eastern Mountain Sports Together had. 50 stores,
44:21
that's big. Fifty stores, right?
44:24
That's big #8 We just learned that consumer confidence in the
44:28
US dropped lower this month. And what did the lady, I forget
44:32
her name? That's a Chinese name, Janet.
44:34
Hu or Sue? Or something like that.
44:36
That heads the University of Michigan Consumer sentiment
44:40
sentiment survey. She mentioned that like big
44:43
parts of the US population have lost hope.
44:47
I hope you haven't. Lost hope.
44:48
You know what? We're going to get back to the
44:50
final three. I hope you.
44:52
I hope you have not lost hope. OK, That's the worst.
44:55
And I know it can be tough. Especially a silver and gold
44:58
investors, right? We've been.
45:00
We get. We get.
45:01
Mentally abused by the Comex and the LBMA in those powers that be
45:07
that don't want us to own silver and gold.
45:09
So I know it can be tough. I know it can feel very
45:12
challenging and but we can't lose hope.
45:16
Always remember you're always welcome in the basement no
45:19
matter what, OK? I mean that you're always.
45:22
Can come here through YouTube and join up with a bunch of like
45:25
minded people 'cause life, you know it can be challenging, it
45:29
can be difficult so no you're not alone all right we can do it
45:32
we can make. It let's get back to the the
45:34
list, Ron's self help channel. Hey, we all need help, right?
45:39
Let's face it, we're all in this together #8 we just talked about
45:43
that #9 the initial consumer confidence reading has been
45:47
revised down seven of the last eight months.
45:50
Yeah, well, that's because they do that with all the data they
45:53
put out, including employment numbers.
45:56
That one really irked me. Did.
45:58
It irk you. Because like over the last two
46:00
years, every month they would put out their employment
46:03
numbers. And by the way, we're probably
46:05
going to get one. Is it later this week or early
46:07
next week? The, the jobs number from the,
46:10
the BLS, right, the Bureau of Labor and Statistics, And they
46:14
would always put out this great number and then they revised
46:18
downward the previous months. But that great number can often
46:23
times be make be very, very hard on the precious metals markets
46:28
#10 housing in the US is now more unaffordable than it has
46:32
ever been. It's that's just nuts.
46:35
You know the housing cost in this country.
46:38
It's really, it's really sad. I mean, it is just really sad
46:42
and #11. As I discussed yesterday, the
46:45
homeless population in the city of Chicago, this is crazy,
46:49
tripled from January of 2023 until January of 2024, OK?
46:58
But Joe Biden and his minions, and it's not, I'm not, this is
47:02
not a political show, OK? I don't care who the president
47:05
would be. They're all going to do this.
47:07
Insist that everything is just great in fact, they want you to
47:11
believe that the economy is booming right now, right?
47:14
They do say that I don't I want to pull her out.
47:16
Janet Yellen said. Well, the economy is great.
47:18
I don't know what's wrong with people.
47:19
You can believe that if. You want but the cold hard
47:22
numbers that keep getting directly, that we keep getting
47:26
directly contradict the endless stream of propaganda that we are
47:31
constantly being fed. Isn't that the truth?
47:35
I'll leave that one. All alone, OK.
47:37
And Americans think about this. It's not just, it's not just
47:42
that you're struggling if you're an American.
47:44
What about my my friends that are joining us right now from
47:46
Australia? What about the United Kingdom?
47:49
It's all that's the same everywhere in all the G7
47:51
countries. But think about this, it's not
47:54
just that. Like the day-to-day living is so
47:58
much more hard and challenging because it is.
48:01
But on top of that, right? If you make a decent income in
48:05
this country, I've always said the worst guy in the world is
48:09
the the guy in America that's making 150K everything's oh,
48:12
he's making all that money. No, he's paying all the taxes.
48:15
I mean, the taxes on top of it, OK, Not only is are you paying
48:22
so much money, so much more money for food, housing, cars,
48:28
insurance, but on top of that. Especially as as things inflate
48:33
and maybe you do make a little more money, you're paying a
48:36
greater and greater percentage of that in taxes.
48:39
I mean, it's no wonder people are mad.
48:42
Are you mad? I ask you?
48:44
You know, I'm, I'm a little mad. I'm a little cynical.
48:49
I'll be honest with you, right? It can be a little depressing
48:52
with the situation they got us into.
48:55
That's why, to circle back, what does this have to do with your
48:59
silver? Well, I'll ask you that
49:01
question. What does it have to do with
49:02
your gold? I'll tell you what it has to do
49:04
with do with, right. The fundamental fact that
49:08
because of all this debt, because of the situation that
49:11
your politicians have gotten you into, and that we are, we are.
49:15
It doesn't matter which Rd. We take both the roads, right?
49:19
A or B doesn't matter. They both head to a Cliff, and
49:24
that Cliff is the devaluing of the US dollar.
49:27
That I can say for absolute sure, no doubt about it.
49:31
OK, I covered that. Yeah, I, I want to, I want to
49:34
reiterate you guys one more time.
49:37
I am a real human and this is my real basement.
49:40
OK, So when you come down here. You're with a real.
49:43
Human in a real basement and all we're trying to do.
49:47
Really, at the end of the day, right?
49:49
Take a step back from what we're talking about here.
49:51
We're talking a lot about silver.
49:53
We talk a lot about gold. But what we're trying to do is
49:55
protect ourselves and our families.
49:58
All right? We want to.
49:59
We want to have the best, safest future that we can have.
50:03
OK. So I appreciate you being here
50:06
on behalf of Susie and myself. Thank you.
50:09
Thank you to our channel sponsor.
50:10
First Mining Gold. That's a stock I own.
50:14
I'm not giving financial advice, but it is a stock I've owned for
50:17
a long time before they sponsored the channel.
50:19
Same thing with Fortuna Mining. You can learn about those
50:23
companies at their respective websites.
50:25
Fortuna Mining just wrapped up second quarter.
50:28
It's going to be real interesting to hear how many
50:30
ounces of gold and silver they produce because the price of
50:34
gold and silver throughout that, that second quarter period has
50:37
been very, very high. So it'd be, it'd be interesting
50:40
to see and interesting to watch first mining gold as they're
50:43
moving these two massive Canadian gold development stage
50:47
companies through the permitting process.
50:50
Hey guys. Thanks again for being here on
50:52
behalf of myself, Susie. Everybody, thank you.
50:56
You. Are the most important part of
50:58
the basement and I'll look forward to seeing you.