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Banks in TROUBLE (Are YOU Safe?) -- Silver Price and Gold ✅ · SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT

0:01
We have a big, big warning, gold and silver investors.
0:06
Will this be one of those situations that will look back
0:09
on three months, three weeks, maybe six months from now?
0:13
But we'll look back at this situation now and said, boy, we
0:17
should have seen it coming. I think we could be heading
0:20
towards a big potential banking crisis, financial crisis, and
0:25
we're going to put a number of pieces together that could very
0:29
well be indicating to us that that is indeed the the case.
0:34
Gold and silver are doing pretty well this morning.
0:37
The big news of this week, they're saying the big, big news
0:41
that we have to look forward to that could impact the price of
0:44
silver and gold won't be until Friday when we get the latest
0:48
reading on the PCE numbers. That's the Fed's preferred
0:52
number to look at for inflation. We know it's all a bunch of BS,
0:57
but that's the big, big news of the week.
0:59
Let's go out and look at the calendar though quickly here and
1:02
see what else we have to look at.
1:05
And hold on a second, Bear with me.
1:09
We're going to go to the Fenviz calendar and see what is going
1:16
on this week. Hold on a second here.
1:20
Boom. All right, Fenviz economic
1:25
calendar, Sorry guys, I didn't have that pulled up.
1:28
That's what we get for looking at a live stream today.
1:31
OK. As you can see, I believe you
1:34
can see, yes, today, nothing much on the calendar, Crude
1:40
inventories on, on on Wednesday, durable goods orders on Thursday
1:48
and then Friday, they don't even rank it as a high number.
1:51
But PCE prices and PCE core is what we'll have to look forward
1:55
to. They're saying that in terms of
1:58
gold and silver, in terms of big news releases that we'll get
2:02
this week, that's the big, big news of the week.
2:04
But I got a big warning for you, right?
2:07
I'm going to give you a warning right now.
2:09
Stay away from these fintech apps with your money, OK?
2:14
I don't give financial advice, but I will tell you with a
2:18
strong level of conviction that these fancy apps they're coming
2:22
out with on your phone, we got a big crisis brewing in that arena
2:27
right now. These, these financial apps that
2:30
allow you to do supposedly do banking on your phone, guys.
2:35
We got a number of pieces lining up right now.
2:38
Has to do with those fancy Fentech banking apps, but also
2:42
has to do with the the banking industry that could easily tell
2:46
us that we could be heading towards some type of financial
2:49
turmoil, financial crisis maybe. I don't want to be the town
2:53
crier. I don't want to be the guy
2:55
saying oh, the world's going to end.
2:56
But boy, when we look at these few stories that are coming at
3:00
us right now, it sure seems to me, and I'll be curious what you
3:04
think as well, that we could be heading for some interesting
3:09
situations coming out. But that's my warning to you.
3:13
That's just the way I see it. You make your own these, these
3:16
fancy financial apps, some of them have like little gambling
3:19
things connected to them. Supposedly they purport that
3:23
they're somehow FDIC insured. I don't know, OK, But but at the
3:30
end of the day, what protects you, what protects me from any
3:33
of this stuff that's going on out there holding physical
3:36
silver and gold. And you know, while we're
3:39
talking about that, let's go out and take a look.
3:41
Let's do our update, take our blood pressure medicine and go
3:44
out and take a look at what's going on.
3:47
We're going to update this and OK, gold still up over six
3:51
dollars, $2332.00 per oz Silver 2965.
3:58
Gosh, I know if you're like me, it seems like we've been
4:01
struggling, but I'm going to say it again.
4:03
We have $29.65 silver. Not too bad.
4:08
And thank you to pimbex for sponsoring this live stream
4:12
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4:14
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If you ever decide that you want to convert part or all of a of
4:32
an IRA into precious metals, they can help you with that as
4:35
well. Let's talk about what does it
4:39
mean to us, right? I mean, if three months from
4:42
now, a year from now, maybe three weeks from now, we have a
4:47
big financial crisis. We want to, we want to look at
4:50
this from 2 perspectives #1 what does that mean for the value of
4:54
your silver? What does that mean for the
4:56
value of your gold? It'll mean that you're really
5:00
happy that you own silver and gold because they will perform
5:05
well under that scenario. But what are these pieces moving
5:09
together? There's a lot of weird things
5:12
going on that I think could be indicating to us that we've got
5:15
problems. We actually have like four or
5:17
five things we're going to look at right now that indicate this.
5:20
Let's talk about the situation with the with the fintech,
5:24
right? These are the fancy apps on your
5:26
phone that allow you to do financial transactions, allow
5:30
you to do your supposed banking right through these apps.
5:35
There's a major crisis right now with this company called
5:38
Synapse. OK, let's go out.
5:40
Here's the headline from CNBC. We've looked at this the last
5:44
few days, $109 million. OK, guys, this Synapse is the
5:50
middleman between the traditional banks and the fancy
5:54
online apps, right? Like one of them is called
5:56
Yatta. You can see there YOTTA and I
5:59
didn't do a lot of investigation into Yatta, but what I did learn
6:04
is that it has some kind of like sweepstakes and gambling.
6:07
I'm going to tell you what I'm not saying don't use your
6:10
traditional banking apps, right? I mean, I'm not a big fan of the
6:14
traditional banking world either.
6:15
But but these aren't traditional.
6:18
These aren't your Bank of America or U.S. bank type apps.
6:22
These apps that I'm talking about, these fintech apps have
6:26
all kinds of gimmicks attached to them, all types of, you know,
6:30
little fancy graphics and everything else.
6:32
Look, if you're going to manage your money through an app, just
6:35
do it through something boring and simple like your traditional
6:38
banking app. OK, but here's what's crazy
6:42
about this. So, so Yatta and these other
6:45
fintechs are in big trouble. Synapse is what is collapsing.
6:49
That is the middleman between the fintech apps and the
6:53
traditional banks. OK, this situation, just to give
6:57
you an idea, we're talking about almost 10 million users is what
7:01
I've uncovered recently. 3rd it's and it's not just Yatta
7:06
that's in trouble, OK? It's also up to as high as 30
7:10
different fintech firms, fintech apps and OK, there are 20 banks
7:17
involved in this situation. All right, look, it's already
7:22
precarious enough with the situation with traditional
7:25
banking, with the situation that the big banks are in.
7:29
Some people say that the, that the big banks, the traditional
7:32
banks, most of them in this country are actually insolvent,
7:36
right, because of their investments into commercial real
7:39
estate, because of their investments into Treasuries when
7:42
we were in that 0% interest rate environment.
7:46
It's already precarious enough. But then you've got this fintech
7:50
situation. This is a lot of money.
7:52
These are a lot of people, 10 million people, OK, 10 million.
7:58
Those are people who are going to could potentially have
8:00
problems accessing their money, paying their bills, right?
8:05
What could they do to the economy?
8:07
Just think about it, OK? I mean, it's already, like I
8:11
said, precarious enough with the traditional banking beneficial
8:16
ownership. You know, the great taking that
8:18
whole thing that was going on where they're saying that, you
8:21
know, the money you think you have in the bank maybe isn't
8:24
necessarily legally yours. Those stocks that you think you
8:27
own maybe aren't necessarily legally yours.
8:31
It has to do with beneficial ownership.
8:33
I'm not a lawyer. I don't want to purport to you
8:35
that I'm an expert in that area, but let's just say that there's
8:39
a growing level of suspicion concerning if and who actually
8:46
owns those assets that people think they have in the bank.
8:49
People think they have in a brokerage account, right?
8:52
That in reality, if the if, if there is a big crisis situation
8:58
that we might have things like bank bail in's people may start,
9:01
may, may realize that they don't actually own the stock that they
9:05
think they own. So we're in this crazy.
9:09
Let's back up to this fintech situation.
9:11
This is a big thing, right, $100 million.
9:15
Twenty traditional banks involved, OK, I'm hearing
9:19
numbers as high as a hundred, 100 or 10 million users, $100
9:25
million plus. So think about that.
9:29
Now, let's move on to what's going on in Japan because all
9:34
the smartest guys in the room are sounding the alarms about
9:38
the financial situation in Japan.
9:41
And just one example of that is the bank that's called
9:44
Norinchukin Bank. Let's see if I can pull this up.
9:48
This is an article from Bloomberg.
9:51
OK, here we go. Japan Bank to overhaul its
9:56
investments as wrong way bets trigger bond losses from
10:02
Bloomberg. Norinchukin Bank will consider
10:04
investing in a range of assets as it braces for massive losses.
10:11
Stop for a second. All right.
10:13
We always want to go a level deeper.
10:14
Us, us basement dwellers. We we don't play chess.
10:17
We play 3D chess. So there's a big, big bank.
10:21
OK, Look down here. See my cursor?
10:24
Japan's biggest, Japan's biggest agricultural bank.
10:29
Granted, agricultural bank. But nonetheless, the biggest
10:32
agricultural bank is having all these problems, OK, $63 billion,
10:41
OK, And a range of assets as it braces for massive losses on the
10:45
sale of roughly ¥10 trillion. And they converted that for us
10:50
to 63 billion U.S. dollars in US and, and European sovereign
10:54
bonds. This is the, this is the, the
10:57
nugget we can glean out of this. This is what nobody else is
11:02
talking about when it comes to this.
11:04
OK, think about it. That's one bank in Japan.
11:08
Do you think if this one bank, do you think that, do you think,
11:10
do you really, are you gonna kid yourself and think that this is
11:14
the only Japanese bank that's having problems right now,
11:18
right? Wouldn't it be, wouldn't it,
11:21
wouldn't it fall within the realm of possibility that maybe,
11:25
just maybe a few more Japanese banks are also having major
11:29
problems. So we're having a fintech
11:32
meltdown. Let's review in the United
11:35
States, right, $100 million, ten million users, a fintech
11:40
meltdown in the United States. We're having Japanese banks, a
11:44
large, the largest agricultural bank talking about having to
11:49
sell $63 billion worth of U.S. Treasuries because of massive
11:54
losses. And we know that's not the only
11:57
Japanese bank, but then it gets more interesting.
11:59
And this is where I became very, very suspicious of everything
12:05
going on right now because on Friday, we get regulators hit
12:09
Citigroup, JP Morgan Chase, Goldman Sachs and Bank of
12:11
America over their living will plans.
12:14
And basically what we had was the Federal Reserve, OK, and the
12:19
FDIC chastising the four of the biggest banks, the big, big mega
12:24
banks in the world, right? Chastising them over the fact
12:29
that if we were to run into some bumps in the road, that their
12:34
ability to unwind their, their, their financial weapons of mass
12:39
destruction, their derivative portfolios, that that the
12:42
Federal Reserve and the FDIC said they were inadequate.
12:47
Think about what is going on right now.
12:49
This is, I mean, we've got again, the fintech meltdown.
12:52
We got problems in Japan. We know there's massive problems
12:56
in the regional banking system in the United States.
12:59
And then we have the Federal Reserve and the FDIC saying,
13:03
hey, the four, four of the largest banks in the world, we
13:07
don't think you have any handle on how you would react if we had
13:12
an issue in the derivatives market.
13:14
But that's OK 'cause they, they don't even know.
13:17
And then consider this guys, consider this, I don't think
13:21
these banks even know how much they have in derivatives, what
13:24
their exposure really is. Because I dug in and spent a lot
13:28
of time trying to figure out just how big this derivatives
13:31
market is. And the answer that you come up
13:33
with is nobody knows. OK, now let's talk about, let's
13:39
talk about Gareth Soloway. Do you know who Gareth Soloway
13:42
is? He's one of the smartest.
13:44
He's really a down to earth, grounded, respected guy who's
13:49
who's growing massively in popularity within the financial
13:53
community, OK. Because he's not always right.
13:56
Nobody's always right, but he's always willing to stick his head
13:59
out this and, and, and, and, and, and describe how he sees
14:04
things unfolding. And listen to what he said on a
14:08
Kitco interview about how he sees things unfolding in the
14:11
banking sector. Because remember, we've got
14:14
fintech problems. We got problems at the four
14:18
biggest banks in the world of which are United States banks,
14:22
right? Goldman Sachs, JP Morgan, Bank
14:24
of America, and we've got big problems at Japan's biggest
14:29
agricultural bank, and we have problems in the regional banking
14:34
sector. So what did Gareth Soloway have
14:35
to say regarding what he sees going on?
14:40
Gareth said this New York Fed warns of risk to major U.S.
14:45
banks. Quote, something is amiss in the
14:49
banking system, says Gareth Soloway.
14:51
And there's Gareth Soloway right there on the left.
14:54
OK, there's something amiss in the US banking sector, says
14:58
Gareth Soloway, chief market strategist at Verified
15:02
investing.com, warning that big institutional players are,
15:07
quote, UN quote, unloading the stocks of big banks.
15:12
Wait a second. Let's take a little deeper dive
15:15
into that one. Warning that big institutional
15:18
players are unloading the stocks of big banks.
15:22
I got a little news for you guys.
15:24
When the big that's called distribution.
15:26
That means they don't want to be there right now.
15:29
The only reason they would be think about it, the only reason
15:33
the big institutional investors would be unloading the big banks
15:38
is because they see a problem. All right, he says.
15:42
Quote, I'm hearing a lot of chatter about the big banks
15:47
unloading bad debt right now, trying to get ahead of some sort
15:51
of crisis looming. Quote, because interest rates
15:59
are so high, the amount of losses in mortgage-backed
16:01
securities potentially rival what we saw in O8 and O9.
16:08
In addition, the commercial real estate market is in tatters, and
16:14
these are all things that banks are holding on their balance
16:17
sheets. So does it make sense to us that
16:20
we could be heading for some form, some fashion of a
16:25
financial crisis Right again. All right, I'll say it one final
16:29
time to you. The fintech arena is in crisis,
16:33
OK? The four big banks are being
16:35
chastised by the Fed and the FDIC.
16:38
You got the biggest agricultural bank in Japan.
16:42
You got people like Gareth Soloway saying I'm hearing
16:44
there's problems in the banking sector.
16:47
Doesn't it feel like we could be heading for some type of
16:50
financial crisis? What's the solution right?
16:54
The banks are in trouble. The everybody everything's all
16:57
the all the fake, you know, paper Unicorn fart dust make
17:01
believe money out there is get it could could be at risk.
17:05
What's the answer? What's the solution?
17:07
Well, you know what I'm gonna show you here Here's a nice
17:11
silver round right that was actually originally given to me
17:14
by our good friend coin chop Chris.
17:17
Don't forget to check out his new YouTube channel.
17:19
OK, this right? Do you want let me let me let me
17:22
explain something to you here, here's my phone, right.
17:25
Do you want to have your money on this?
17:28
See, it's black, it's dark. Just like a lot of the people
17:31
with that have those fintech apps when they try to log in and
17:34
get their money, it's black, it's dark.
17:36
Do you want to have your money in this fancy thing or do you
17:41
want to have your money in this? Think about it, OK, think about
17:47
it. On top of that, what are we
17:49
seeing going on with Bitcoin? What happened to Bitcoin?
17:52
I'm not anti Bitcoin the the crypto people and the gold and
17:57
silver people. We share many, most all core
18:01
beliefs, but what's going on with Bitcoin?
18:04
Let's go take a look at that because now we're hearing that
18:07
the price of Bitcoin is really struggling.
18:10
Let's take a look and see where we are right now.
18:13
Gosh, down 5% today, 60,000. Weren't we just at 70,000 on
18:18
Bitcoin a little while ago? Oh my God.
18:21
Hold on here. Let's take a look.
18:24
Yeah. Whoa.
18:24
We were at 71,000 June 6th, just a little over two weeks ago.
18:31
So are we having a meltdown? Are we in the beginning phases
18:34
of a meltdown? Right.
18:36
And are you prepared with silver and gold?
18:39
I want to remind you of something, OK?
18:41
I won't review the list again, but I want to review this list
18:45
with you. Think about this, right?
18:47
You say, oh, no, everything's fine.
18:49
Everything was fine yesterday. Everything's fine today, and
18:52
everything very well may be fine tomorrow.
18:54
And I don't have a crystal ball, so don't make any financial
18:57
decisions based on anything that I'm saying.
19:00
But but, and you know, we like big butts in Ron's basement
19:04
because we do not lie. We know what this is a fact.
19:08
Here's a fact, an inconvenient fact.
19:12
Just before the great financial crisis of 2007, 2008, right, you
19:18
had, what was it, Ben Bernac, who was the head of the Federal
19:22
Reserve back then, whoever it was, was running around telling
19:26
everybody everything's fine, everything's great, the
19:29
economy's great, we're going to have a soft landing, blah, blah,
19:33
blah. Everything's wonderful.
19:34
What was the Treasury Secretary? Everything's wonderful.
19:37
Everything's great. It's it's documented.
19:39
I showed it to you guys a few days ago.
19:41
These guys were running around saying everything is awesome.
19:45
Don't worry. Kind of like this woman here.
19:48
You want to say hi to your favorite?
19:50
Your favorite? There she is, right?
19:53
What does she run around say right now, Huh?
19:56
Do not feed. Nah.
19:57
Anyway, you know what she's doing?
20:00
She's running around telling Americans.
20:02
Why are you so down and out about the economy?
20:04
Everything's great. Is everything great?
20:07
I don't think so. I want silver, I want gold.
20:11
I like the precious metal mining stocks 'cause I don't think
20:14
everything's great. I really, really don't, right?
20:17
When I look at what's going on with fintech, when I look at
20:20
what's going on with the big, big banks, when I listen to
20:23
Gareth Soloway, when I listen and read about what's going on,
20:27
everybody, everybody is. And it's very hard to
20:31
understand, right? But I'm just going to say this,
20:34
the biggest agricultural bank in Japan, but it goes way beyond
20:38
that. Japan is in a really crazy,
20:42
weird, funky financial situation right now.
20:47
The biggest people in the in the room are talking about the the
20:51
potential for big crisis with Japan.
20:54
So we'll have to see what's going on now.
20:56
What else is what else? What?
21:00
What's the number one job, Right, Right.
21:02
What's the number one job that banks have, Right, Number one
21:07
job. Then I'll be done.
21:08
I will be done. Then we're going to talk about
21:09
the number one job that gold and silver have.
21:12
But what's the number one job that a bank has?
21:16
A bank's only job is to protect your money.
21:19
People put their money in the bank, right?
21:22
Money in the bank, however you want to say it, they have one
21:25
job to protect your money. So when we look at what's going
21:27
on with this company Synapse and these banks where they've lost
21:30
all this potential, all this money, right, from people that
21:34
had these fancy apps on their phone, these banks have one job,
21:38
right? And it's not just the, the, it's
21:41
the all the other banks as well. It's the regional bank.
21:44
It might be the bank that I go to right up the street from my
21:47
house. They got like 6 branches.
21:48
I don't know. Did they invest in a bunch of
21:51
commercial real estate? They very well may have these
21:54
banks have one job to protect your money, right?
21:59
But they apparently they forgot that instead they're like
22:03
gambling houses, right? They take your money, you give
22:06
them your 100 grand, you give them your one grand, we give
22:08
them your 100 bucks, you give them your million.
22:11
However much you have that's you can keep that to yourself.
22:14
That's private information. But whatever money you give to
22:17
the bank, that's their job to protect that.
22:20
They're hardly paying you anything in terms of interest
22:24
and that money and what they do, they go out and they're losing
22:27
people's money. So you know, and you know why
22:32
here think about this or think about this, because back in back
22:36
in O8 when we had the financial crisis, there was no, there was
22:40
no ramifications for their actions.
22:44
Nobody got in any trouble. Nobody went to jail, nobody lost
22:47
their job. As a matter of fact, the
22:50
opposite occurred, right? the Fed came in, saved the day,
22:54
printed a bunch of money and these bankers wound up getting
22:56
fat bonuses, right? Like they they took your money,
23:00
they lost your money and then and then just because we
23:06
couldn't have any pain, right, the Fed came in and gave them a
23:11
bunch of money, bailed them out, right, basically bailed out
23:14
right and and made them whole and gave them a bonus.
23:18
It'd be like if it'd be like if you decided to go to Las Vegas
23:21
with, with, with, with all the money that your family has.
23:25
You go to Las Vegas and you, you lose half of it, right?
23:29
And, and you're on, you're at the airport, you're depressed,
23:32
you're going to, you're, you're thinking about ending it all,
23:35
whatever. And you call your grandpa and
23:37
your grandpa says, don't worry about it, little Johnny or
23:40
little Mary. I'm going to, I'm going to make
23:42
it. I'm going to make it whole.
23:43
You know what? I'm not just going to give you
23:45
the money that you lost back, but I'm gonna give you a little
23:48
more. I'm gonna give you a bonus.
23:50
Do you think you'd really learn a lesson?
23:53
No. Right.
23:55
And that's what happened. And that's what the situation
23:57
we're in now. These banks are in trouble.
23:58
It's horrible. What's the one job of gold and
24:02
silver, Right? And what's one of the biggest
24:05
reasons why you likely have decided to hold part or a lot of
24:10
your wealth in gold and silver? All right, we're going to talk
24:14
about that in one second. I just want to say thank you to
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24:45
What's the number one job of gold and silver and is the
24:49
world? This is scary and this is not
24:52
getting covered in the mainstream press, this next
24:55
story, but it's a scary, scary situation.
24:59
The number one job is the world is bifurcating right of silver
25:04
and gold is to help you protect your wealth.
25:06
The crazier the world gets, unfortunately, right, we don't
25:10
like it, but the the gold and silver are going to do better
25:13
and better the crazier things get out there.
25:15
And here's here's a a story that broke yesterday and again, an
25:19
unfortunate story in my opinion. But and then we're going to talk
25:24
about the bricks and we're going to talk about gold standard.
25:28
Oh my gosh, the gold standard. Children.
25:31
Children among mass casualties after US supplied missile
25:35
targets. Crowded beach in Crimea.
25:38
AUS supplied missile. Apparently guys blew up over the
25:41
weekend over a beach and killed several people.
25:46
Injured children. OK.
25:48
Russia on Sunday is reporting a mass casualty event in the
25:52
Crimean port city of Sevastopol is saying that AUS long range
25:57
missile was behind it. The Russian Ministry of Health
26:01
said five people were killed in the series of strikes from
26:03
Ukraine, which injured 124 people, including 27 children.
26:09
Among the deceased, two were children.
26:11
This is horrible. The ministry said the casualty
26:14
toll is likely to climb over the next hours amid emergency
26:17
response and hospital as hospital data is is reported.
26:22
So obviously that's you, you, you.
26:25
We don't want to hear about civilians.
26:27
We don't want to hear about anyone being injured or killed
26:30
in acts of war. But at a beach and children
26:34
being involved, it's not a good thing.
26:36
And let's just say that the statements out of the Russian,
26:39
they said like, you're going to pay for this.
26:42
So we're seeing a ratcheting up in geopolitical turmoil in the
26:48
world right now. Part of that has also to do with
26:52
D dollarization and are we headed towards a gold standard?
26:57
Let me run through some of the latest information that I've
27:00
uncovered about what's going on. And we're going to zoom in on
27:03
Russia because Russia is heading up this next Big Bricks
27:06
meetings. But did you know that Russia's
27:09
debt to GDP ratio is only 22%? I didn't know that OK in the
27:15
United States, I don't know what we're at now.
27:17
It's at least 100 and I've heard some people say as high as 120%
27:23
debt to GDP ratio. And they're having the big
27:26
meeting in September and October time frame, a series of
27:30
meetings, bricks related meetings.
27:32
OK, Russia will be pushing this is the chatter that we're
27:36
hearing that Russia will be pushing for a trade settlement
27:40
currency, which could all right. And some people say likely, but
27:45
I'm gonna say could be backed by as much as 40% gold, a trade
27:51
settlement currency, which means if there's trade, if there's if
27:54
there's money owed at the end of the month or whatever between
27:56
these BRICS countries, these these cooperating countries,
27:59
that they could settle it with this trade currency.
28:02
And that this trade currency, they want something real.
28:05
Because remember, while they don't like the US dollar, they
28:07
don't trust each other's currencies either.
28:10
So they're going to want something that's actually backed
28:13
by physical metal. OK?
28:15
Could we be back on the gold standard?
28:18
I've said we've never really got off the gold standard, but could
28:20
we officially be Becker? Who could we be seen right now
28:25
unfolding before our very eyes the beginning phases of an
28:29
official recognition of the world moving back to more of a
28:33
gold standard, OK, these countries, Russia, China,
28:37
they're worried about us. They are, they're concerned, OK,
28:42
they know what's going on financially in the United
28:46
States. They they're smart, OK, Russians
28:48
are smart. Believe it's it's true, right.
28:50
We don't we're not really told that.
28:52
But, you know, I used to work in the executive recruiting field
28:56
for years and years and had a an IT consulting practice.
29:01
And the Russians that were here in the United States, they were
29:04
always known as being like some of the smartest programmers
29:07
around. OK Kutsnetsov, I remember was
29:10
one of the guys who worked for me for a while.
29:12
He was super smart. These people are intelligent.
29:15
They know they can look at what's going on in the United
29:19
States in the West. And it's not just us, it's all
29:22
over Europe as well, right? I was listening to the data.
29:26
Have you heard the data regarding like debt to GDP
29:29
ratios in Italy or France? I think Germany's actually in
29:34
pretty good shape. Those Germans are smart people
29:36
too, right? They and they learn their
29:38
lesson. But the debt to GDP levels, it's
29:41
crazy. They know that they don't want
29:43
anything to do with Unicorn fart dust, make believe paper Western
29:48
currencies. They just don't, OK?
29:50
They just don't. They're worried and they also
29:53
know, Oh my gosh, I forgot the other big story of the week.
29:57
Could it, could it be starting, right?
29:59
I think Thursday we're going to have, and we'll get into this a
30:02
little more later. We're going to have a big
30:04
debate. Oh, boy, it's going to be, Are
30:08
you ready? Right.
30:10
Big debate between Joe Biden and Donald Trump.
30:13
All I can say this is not a political show, but it's going
30:17
to be interesting. I'll leave it at that.
30:23
OK, but they know that the US now what about the Petro dollar?
30:29
Everybody's talking about the pet.
30:31
Everybody's talking about the Petro dollar.
30:32
The Petro dollar ended, didn't we, Right.
30:35
Those of you who've been been been hanging out here, we we
30:37
were talking about the Petro dollar a year ago, a year and a
30:41
half ago, six months ago. I'm sorry, I'm not jumping on
30:45
the the YouTube bandwagon to make videos about the Petro
30:48
dollar. But yes, right, the Petro dollar
30:52
falling apart, I guess you could say, although there has been no
30:56
official announcement about that will have a major impact on
31:00
what's going on as well in terms of this of, of of these
31:04
developments with the BRICS countries and this potential
31:08
development of a gold backed, potential development of a gold
31:12
backed trade settlement. I heard somebody say that it
31:15
could be as soon as this fall. You know that the Russians
31:19
apparently the chatter is they are really pushing this to
31:23
happen, right? And they've got, I can't
31:25
remember these guys name Sergey. Anyway, they're they're like the
31:29
smart guys. They're financial guys that have
31:31
put these plans together and they're going to be really
31:34
pushing for potentially to have an asset backed, a real backed
31:40
trade settlement currency, right?
31:43
And it all fits in with, yeah, the Petro dollar's going away.
31:47
OK, that's the deal. And, and, and you know, for
31:50
those of you who don't know, in a nutshell, the pet, the Petro
31:53
dollar going away means yet less, yet less dollars are gonna
31:58
be required by the world to settle gold transactions.
32:02
And when less dollars are required, that means dollar.
32:05
There's an excess supply of dollars.
32:08
And when there's an excess supply of anything, anything,
32:12
the value goes down. And when the value of dollars
32:16
goes down compared to the value of silver, the value of gold,
32:23
the value of silver and gold will continue to go up.
32:27
OK, Market forces always win in the end, whether we're talking
32:34
about the, the, the, the, the bricks, the bricks, the, you
32:37
know, the market forces, right? You can't do what the United
32:43
States has done financially and not be punished by by the free
32:49
market forces. The free market forces will
32:51
always win in the end. Silver and gold will always
32:56
prevail in the end. Is it going to be a bumpy Rd.
32:58
getting there? Absolutely.
33:00
OK. Now I was listening to Andrew
33:05
McGuire. I'm live from the vault and I
33:07
think he had Alastair McLeod, who the guy on there.
33:10
And they, they, I'm telling you guys, the LBMA and the COMEX are
33:16
losing their control they have over the pricing power of silver
33:21
and gold. It is happening right now.
33:24
They called it a ring fence, right?
33:26
Like over the decades, the LBMA and the COMEX, right, They
33:30
didn't always have absolute total control, but they had a
33:33
ring fence around the price, OK. And as that's happening right
33:39
now, right now in our world, right, the Chinese and the
33:43
Indians are taking over, right? They're they're taking over as
33:47
some of the largest buyers that we know of, of silver and gold,
33:51
All right. Also interesting to point out
33:53
that the big banks, right, the big bullion banks are actually
33:57
now long on gold, which is a pretty unusual situation.
34:02
So we could be in where are we going to be a year from now?
34:06
Where are we going to be in 12 months from right now, early
34:09
June 2025? I'll be down here talking to
34:12
you. Where could could we be at $3000
34:16
gold? Could we be at 4550 or even
34:19
higher dollar per oz silver, right?
34:21
Because we know that we're living in a period right now of
34:25
change like none of us have ever experienced, right?
34:30
And we're not going to be able to realize that until we're
34:33
through it. We're going to look back and
34:35
say, wow, that really was there really was a lot going on.
34:39
OK, America. Oh, this is interesting.
34:44
America is trying to The situation in this country, like
34:47
we talked about earlier as the Russians look at it, as the rest
34:51
of the world looks at our financial situation is
34:54
precarious. OK, We are trying to fight a
34:58
war, several wars right now while we are stuck in a debt
35:03
trap because we are in a debt trap in this country where the
35:07
debt is expanding at such a rate and the interest expense is
35:12
expanding at such a rate and government expenditures are
35:17
exceeding the amount of money coming in the deficit.
35:20
It's such a rate like we haven't seen in history, right?
35:24
We're we're, we're, we're in the middle of, of fighting a war
35:29
while we're in a debt trap. OK, Things could get scared.
35:32
I don't want to be Mr. Negative, but things could get very, very
35:36
scary. OK, now let's look at this this
35:40
well, I'm going to tell you this as well.
35:43
The only people who are doing well right now that are doing
35:46
really, really well and we're all this is going on.
35:50
Let me back up in America, right?
35:53
Seriously, your government, right.
35:56
This is why you want to hold silver and gold.
35:58
Your government is like spending like drunken sailors and nobody
36:03
cares, right? Nobody really, really cares.
36:06
Nobody's everybody is just kind of like like drunk, right,
36:11
Right. All this is going on right now
36:13
while the, while the American people are suffering, the, the
36:17
middle class, the lower middle class are suffering like never,
36:21
ever before. While at the same darn time, the
36:25
wealthiest, like maybe the maybe the, the top 1% or the top 1/2
36:30
of 1% who own 90% of the stocks in this country are, are
36:36
accumulating wealth and I would almost say possibly stealing
36:40
wealth from the lower class people at a rate like we've
36:43
never seen before. It's going to be very
36:46
interesting times guys, as we head through the rest of this
36:49
year. You know one thing for sure,
36:51
I'll be here for you through it all.
36:53
I want to say thank you to you for joining us today.
36:57
We appreciate the thumbs up. We appreciate the Super chats.
37:00
We appreciate everything that you guys do for Ron's basement.
37:04
Please, right support our sponsors, pin backs First Mining
37:08
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37:12
you next time. Thank you.