Latest / SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT / Silver Crisis Looming: What Happens When the 'Slush Fund' Runs Out?

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Silver Crisis Looming: What Happens When the 'Slush Fund' Runs Out? · SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT

0:01
Triple digit silver. That stirs up a lot of
0:05
controversy within the precious metals community.
0:07
When I make a thumbnail that says $100 silver, I'll get
0:11
emails telling me I'm a silver pumper.
0:13
Are you a silver pumper? I'm a pumper.
0:16
You're a pumper, right? We're like Doctor Pepper.
0:18
I'm not a pumper. I just look at numbers and I can
0:22
see triple digit silver. However, there's one other thing
0:26
that conjures up big fights, big controversy nobody can agree on
0:31
in the silver market, and that is how much above ground silver
0:36
actually exists. Do we really have a silver
0:40
shortage? Oh, we're running out of silver.
0:43
You know, the military, solar electric, I even say it's the
0:47
new oil for the next 100 years. Or is there a surplus or is
0:54
there both and are we heading towards One Direction or the
0:58
other? We're going to get to the bottom
1:00
of it in this video because we invest in silver.
1:02
We are basement dwellers and it's a big deal you're here if
1:05
you've not subscribed to the channel, please do we're trying
1:09
to get to 40,000 subscribers by heck, I don't know at this rate,
1:13
let's say Halloween. So please subscribe thumbs UPS
1:16
also or give it a like there's like a thing that looks like
1:19
this, right? Press that and that would be
1:22
much appreciated. Now let's talk about let's talk
1:24
about this idea of running out of silver.
1:29
OK. And we're going to refer to this
1:31
guy that wrote the book The Great Silver Bowl Forward by
1:39
Ross Beatty. I don't know, maybe it was a New
1:41
York Times bestseller. Who knows?
1:43
None the less, this is like one of the Bibles of silver.
1:47
Peter Croft. OK, very smart guy.
1:50
And he had something to say about this notion that we could
1:54
be running out of silver. Get your silver.
1:57
Why you can. Because we're running out.
1:59
We're running out. And I personally do believe that
2:02
to be the case because I know and you know as well, there's
2:04
only so much silver on the planet and it's becoming
2:08
increasingly hard to find. But you don't want to hear that
2:10
story. You want to hear what Peter
2:12
Carruth has to say, Right. Who wants to listen to me all
2:16
day long? Let's go see what Peter.
2:18
Oh, from bitcoin.com news. I just thought that was
2:23
interesting that the Bitcoin news channel would have this big
2:26
article about silver shortage. Analyst forecast silver shortage
2:32
price increases as consumers tap dwindling secondary inventory.
2:38
So what we're talking about here, guys, is the silver slush
2:43
fund. That's what we call it here in
2:45
the basement, right? Not the silver that's being dug
2:48
up by the mining companies, which is about 850 million oz
2:52
per year right now, but going down because silver's
2:56
increasingly hard to find and to build mines for.
2:59
You know that story. We're not talking about the
3:02
silver that's being produced by the mining industry every year.
3:07
What we're talking about is the slush fund, the reserve, the
3:12
silver that's held in your hands, in my hands, in hands of
3:17
people all around the world who are silver stackers.
3:21
Right. I was talking to a really smart
3:23
young man last night, 24 years old.
3:26
His name's Hunter. I'm going to get him on the
3:28
channel. He loves silver.
3:31
He's like a so I'm like, this is so great.
3:33
People want to hear from you. You're 24 years old.
3:35
Nonetheless, he's got part of the silver reserve, right?
3:40
We all do the COMEX and the LBA. It's the slush fund.
3:43
It's the above ground guys. Because we are consuming more
3:47
silver on an annual basis than the miners can supply.
3:51
We're pulling it out of the slush fund.
3:53
And listen to what Peter Karoth has to say about that.
3:58
Peter Karoth, the silver market analyst and author of the Great
4:02
Silver Bowl has predicted an upcoming silver shortage
4:07
produced by the increased demand for the precious metal for
4:11
different applications. Cross states that demand for
4:15
silver has outpaced supply. We just talked about that.
4:19
You likely know about that already and there are probably
4:23
listen to this guys. 12 to 24 months of silver available
4:29
before inventories run out. Oh my gosh.
4:33
I mean, if that's correct, we could be on the precipice of
4:38
maybe one of the world's biggest silver squeezes, one of the
4:43
biggest squeezes in the history of the world, 12 to 24 months.
4:47
It's the reserve fund. I want you to think about it
4:49
like this here. Let's have a little talk,
4:52
basement dwellers. OK, let's say you make $50,000
4:57
per year. OK, let's say you spend because
5:01
you have some expensive habits like Starbucks and whatnot.
5:04
You spend 70,000 per year. So you spend $20,000 more than
5:12
you bring in an income, right? You're in the hole, but you have
5:15
a bank account that your grandpa left you an inheritance with
5:20
$40,000. OK, So you can live that way for
5:24
two more years. And then the old poop hits the
5:27
fan, right? You're making 50,000.
5:29
You're spending 70,000, right? So you're spending 20,000 more
5:34
than you're bringing in. But grandpa left you 40.
5:37
So for the next two years, you're like, hey, you know, it's
5:39
like me with Susie. Everything's fine, Susie, let's
5:42
go on vacation. Let's do whatever.
5:44
That's exactly what's going on in the silver market right now
5:46
according to Peter Croft. Right, right.
5:50
There's a two years Max left of above ground silver supplies
5:55
before before the poop really hits the fan.
6:00
OK, silver to skyrocket as above ground inventories collapse.
6:04
The other thing we need to remember here guys, is when
6:07
these above ground inventories collapse like Peter Kroff is
6:11
talking about, there's no magic switch that can be turned on to
6:17
produce more silver because #1 like 70% of the world's silver
6:21
is produced as a by product of copper mining and other metal
6:27
gold mining, that type of thing. So they aren't suddenly going to
6:30
say, well, we need to produce more copper or gold because we
6:33
need more silver. No, right, no.
6:36
Secondly, there's no big silver mines, very few, I don't know
6:41
really of any large scale silver mines in development that are
6:46
going to be coming online online.
6:48
The most recent one I know of was Mag Silver.
6:52
I think that's down in Mexico. But there's no, there's no money
6:56
being invested into silver mining very little.
7:00
There's a handful of companies, right, that are exploring for
7:04
silver, Dolly Martin, Silver Zuma, Silver, silver elephants
7:09
doing some exploration down in Bolivia.
7:11
So the reality is right when this, when there's 12 to 24
7:16
months, when this does occur there, it's going to take 10
7:19
years, right? Silver's going to go to silver's
7:22
going to go to $100. Let's just say it, OK, It's
7:26
going to take 10 years before they can make any material
7:30
significant increase in silver production in silver supply.
7:34
This could be a long term happy time for us silver investors.
7:39
Okay, silver is making headlines again due to due to the forecast
7:44
of a price explosion in the next two year, next two to three
7:47
years. Peter Croft, a major silver
7:49
market analyst and the author of The Great Silver Bull, believes
7:53
that silver is especially positioned to be one of the
7:56
largest trades in the commodities market in the
7:59
future. And it's not just him.
8:01
I hear people like, I don't know, Garrison, I mean, all, all
8:05
kinds of people are saying this. In a recent interview, Krauth
8:08
explained that demand has been rising with almost the same
8:11
supply for a while, with silver maintaining the same price
8:16
range. Further investigation
8:19
investigation led him to conclude that big silver
8:23
consumers were tapping the secondary above ground
8:28
inventories. That's the silver slush fund,
8:31
OK, corresponding to the largest silvers future markets, the
8:37
Comex, the LBMA and Shanghai. And we emphasize the high in
8:43
Shanghai because the price in Shanghai is always higher.
8:47
We need to go check on that here in a few minutes also and
8:49
exchange traded funds, funds, OK.
8:51
So they're right now getting the silver slush fund is at the
8:56
COMEX, the OBMI in London, England and the Shanghai, and
9:01
also the EF TS ETFs. I think that's a miss.
9:04
Not the EF TS, it's ETF. Given that these have seen their
9:08
inventories drop 40% on average during the last three years,
9:12
40%. Croft predicts that if the
9:17
situation continues above ground, inventories of these
9:20
sources will collapse in the next 12 to 24 months.
9:23
Happy time for us setting the stage for silver prices to
9:27
explode as shortages affect the supply of the precious metal.
9:32
In addition, he explains that the forecast of new mines going
9:36
into production might even be negative in the future, which
9:41
might accentuate the shortage situation.
9:46
We got a silver shortage. We got the silver slush fund
9:50
running out, baby. We have increased demand and we
9:54
have miners that are decreasing supply.
9:57
I mean, I don't know guys, what else can we ask for except maybe
10:01
$100 silver price, right? Who knows?
10:04
Don't make any financial decisions based on anything that
10:06
I'm saying here today. I'm just giving you my opinion.
10:09
But when I look at this, I'm very optimistic for the future
10:13
of the silver price. But hey, we know baby, anything
10:17
could happen. We could have $15 silver.
10:19
I don't think that's going to happen.
10:21
If it does again, I'm going to be broadcasting from a
10:24
completely empty basement because I'm going to sell
10:27
everything and convert it to silver at that price.
10:30
Furthermore, Chinese consumers are already preparing for this
10:33
upcoming Oh, we forgot about China.
10:37
That's what that guy yesterday said.
10:39
Alpha forgot his name. Darn it, The volcano guy, right?
10:44
Guys, Last time we had a big silver move and gold move, China
10:47
was not even. China was like a a, a a a a, a
10:51
pimple on a hippo's butt, right? They were small.
10:55
Nothing was going on in 1980 in China.
10:57
Nobody had any money, nobody could buy silver, gold.
11:00
Same thing with India right now. These countries are huge.
11:04
Cross stated that he has received reports from silver
11:08
producers that Chinese consumers are paying over $3 per oz more
11:13
than the international prices, accumulating more of this
11:16
supply. This might accentuate the crisis
11:19
in the West, given that Asian produce.
11:21
Oh my gosh, woof, decreasing supply running out, drying up of
11:29
the slush fund, increasing demand overall and China and
11:34
India. OK guys, it is happening, OK.
11:36
Other analysts also predicted a rise in the price of
11:39
commodities, including precious metals, for the near future.
11:41
In May, Peter Schiff recommended investors to take advantage of
11:45
what could be the biggest precious metals bowl in market
11:50
history. Oh my gosh, 300 basement
11:52
dwellers. Thank you guys for being in
11:54
here. We got a record going on a
11:56
record number of people. This is awesome.
11:57
Thank you. Please just give this a thumbs
12:00
up and we're trying to get to 40,000 subscribers.
12:03
We haven't talked about subscribers, but 40,000's a big
12:06
number. If you haven't subscribed,
12:07
please do so. I will not beg you again for
12:11
thumbs up or subscribes anymore, but it's a nice thing that you
12:13
can do in super chats are always super appreciated.
12:16
I don't think any have come through yet.
12:18
Thank you to the moderators, Annie and our good friend Jake
12:21
from Jake's Custom Parts. We appreciate you guys.
12:24
You know what, let's all do something nice right now and
12:26
then we're going to go check on China Type 888 for those that
12:32
moderate because they make this channel great.
12:34
Let's go on a little field trip. All right, so I'll get on the
12:38
bus Boop boop. Let's go on a field trip.
12:40
Remember going on field trips when you were a kid?
12:43
I think my favorite one was the Hostess Factory.
12:46
I better pay attention here. Well, in Saint Louis where they
12:49
made Ding Dongs and Twinkies, people talk.
12:52
It's closed now, but man, it was great.
12:54
I think I was in like first grade.
12:56
OK, there he is. August 7th.
12:59
Let's check on the price in Shanghai.
13:03
And I say hi because usually the price of silver in Shanghai on
13:09
the Shanghai Gold Exchange called the Shanghai SSE, the
13:13
Shanghai Silver Exchange. But none the less, that's a
13:16
physical market, everybody, This is not, this is all based on
13:20
physical trading. OK, $30 per oz, $30.
13:26
Sorry, I'm yelling wow, Shanghai Futures Exchange silver vaults
13:30
fell below 1000 tons again, like Peter Croft just said, right?
13:37
Right now the world is living on the silver slush fund.
13:41
This right, the Shanghai Futures Exchange vaults, the COMEX
13:45
vaults, the LBMA vaults. He's saying 12 to 24 months.
13:49
Red alert, red alert, red alert, red alert.
13:51
Okay, I mean, this better happen or I'm going to be mad.
13:56
You'll probably be mad too. That's why I say don't make any
13:58
financial decisions based on what I'm saying here over now,
14:02
let's go check. So 2992 in Shanghai, let's see
14:08
if it is indeed higher. Hold on here.
14:11
OK, here we are brother, what happened here?
14:16
Gold down $28.00. But we need to press the magic
14:19
pin backs button because I don't think that's the up to date
14:22
price. Yeah that was from yesterday.
14:24
So let's press the button and see how gold and silver are
14:26
doing. OK, gold up 12 dollars, 2401
14:32
silver. Gold holding at 2400 silver, 27
14:38
O3 silver, still cost $3 per oz more in Shanghai.
14:44
When the silver slush fund is dry, it is drying, OK?
14:47
We got a lot more to cover, guys.
14:49
You're not going to believe what's going on on Google with
14:52
gold. We're going to talk about that.
14:54
We're going to talk about what the Silver Academy is also
14:57
talking about with the big massive silver squeeze that's
15:00
going on right now. OK.
15:03
But but when we look at this, we have $3 higher in Shanghai.
15:08
And while we're here, let's all say thank you to channel sponsor
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Pi MB EX, right? Great service, a company you can
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trust, great selection, and their prices are always ultra,
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ultra competitive. And if you ever decide that you
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want to convert part or all of an IRA into silver gold, please
15:58
talk to the guys at Pen Backs. Talk to a number of people, OK?
16:03
Because I think what you'll find is that there's a wide range.
16:08
I'm going to say it just the way it is.
16:10
You can easily get ripped off by some of the companies out there,
16:14
some not all right, not all, absolutely not all, but there
16:18
are some unsavory characters in the IRA conversion arena, OK?
16:23
I've heard Andy Scheckman talk about it.
16:25
I've talked about it with the brothers that run Pen Backs.
16:28
OK, there are some on you want to make sure.
16:31
How many ounces of silver? How many ounces of gold, at the
16:35
end of the day, am I getting when I convert a certain amount
16:38
of IRA money into precious metals?
16:42
Nobody's going to give you $5000 of free silver or $10,000 of
16:48
free silver. If it sounds too good to be
16:51
true, it's because it is what you want to check always.
16:55
How much silver? How much gold am I getting?
16:58
OK, that's a warning. OK, where was I?
17:02
Let's talk about. Let's talk about a silver
17:07
squeeze. What do you say?
17:08
We got big, big silver squeeze news.
17:12
Is it happening right now? We're going to go over to our
17:15
friend. We haven't talked with him for a
17:16
while. John Little from the silver
17:19
Academy, the silver industry sub stack.com.
17:22
I have a link. This is free sign up.
17:25
You get like an interesting silver gold related article sent
17:28
to you every single day. I have no, I don't get a
17:30
Commission. I have no interest in telling
17:32
you about it. It's just really good quality
17:34
information. And like this says, silver
17:36
falling to 27 dollars is very good news for silver investors.
17:42
Does that feel good? I don't know.
17:44
Yeah, it is good news. It locks in that silver supply
17:48
will vanish soon. Woo.
17:51
We are we feeling it again? This is is it really going to
17:54
vanish right? We I mean that is a point people
17:58
get really fired up. You think you know crypto verse
18:02
precious metal people get generally fired up.
18:05
People within the silver and gold community and silver
18:08
community especially get fired up over this ideas.
18:12
Is silver really vanishing? We heard what Peter Cross said.
18:15
Let's see what the John little over at the silver Academy has
18:19
to say. This is we haven't reviewed this
18:21
for a while. OK I to consider this.
18:26
I think this is great #1 silver investors outnumber silver
18:31
riggers. Keep this in mind when reading
18:34
this article, guys, Remember that.
18:38
How many I want you to, I want you to ponder this, how many
18:41
individual people throughout the entire world, we talked about
18:47
this yesterday, Silver, and this is true for gold as well, but in
18:50
my opinion, they are the biggest markets in the world, right?
18:55
How many individual people all over the world do you think own
18:59
silver as an investment? We're probably skewed in the
19:01
United States of America, right? Because nobody here owns it.
19:06
We're the lone wolves. We're the Navy SEAL deals of the
19:08
investment world, but throughout the entire and there's a lot of
19:12
people here. There are a lot of us.
19:15
Maybe, let's say 2 million, maybe I'll estimate Americans,
19:19
but throughout the entire world, who knows, it could be upwards
19:23
of a billion people participate in the silver market.
19:27
Because don't forget, even that farmer in India who has, you
19:32
know, 60 grams of silver to try to feed his family through the
19:37
through the offseason, he's participating in the silver
19:40
market. It's a huge, huge market.
19:44
And I'll say it one last time, right?
19:47
Tell me a market that's bigger than silver, right?
19:52
Oil. No.
19:53
Right. I mean wheat.
19:55
How many people store a bunch of wheat is an investment?
19:58
None. How many people store a bunch of
20:00
oil is an investment? None.
20:02
Right? From a numbers perspective,
20:04
silver's huge. Keep in mind the gold futures
20:06
and silver was invented to demoralize silver investors.
20:11
It was an intentional act to trick you.
20:14
Trick you? You've been tricked.
20:16
They tricked us into not buying silver.
20:18
Well, they didn't trick us, right?
20:20
We got to read this. I'm sorry.
20:21
This is the WikiLeaks U.S. Treasury cable from late 1974.
20:27
I was 4. How old were you in 1974?
20:30
I I had a feeling something was going on.
20:33
You know, I know I was four. I was AI was a rather
20:36
rambunctious young man. So this is a cable that came
20:40
from a London meeting to create the COMEX and the futures
20:44
markets to the dealer's expectations, OK.
20:47
This is a cable I believe to the US Treasury from the electronic
20:53
futures exchanges and they're telling the Treasury this to the
20:57
dealer's expectations will be the formation of a sizable gold
21:00
futures market. Think silver as well, same
21:04
thing. Each of the dealers expressed
21:06
the belief that the futures market would be of significant
21:10
proportion and physical trading would be minuscule by
21:15
comparison. That's where we get the 400
21:18
paper Unicorn fart dust make believe oz that are traded every
21:22
year for each one real Oz that's traded.
21:26
That's where we get the fact that Keith Newmeyer brought up
21:29
for us the other day that every day there are almost a billion
21:34
paper electronic ounces of silver.
21:37
Everyday a billion traded, an entire year's production of
21:42
silver's 850, but will round up to a billion in one day.
21:46
They trade the equivalent of one year's actual physical
21:50
production and there's 220 trading days.
21:52
That's 220 times. Excuse me, back to this.
21:57
Also expressed was the expectation that large volume
22:00
futures dealing would create a highly volatile market.
22:05
Check, check, check. Isn't it funny how that came
22:08
true, right. In turn, the volatile price
22:13
movements would diminish the initial demand for physical
22:17
holding and most likely negate long term holding by U.S.
22:24
citizens, right? They did it on purpose, right?
22:27
They freaked everybody out by crazy price movements and silver
22:31
and gold. I mean, OK, when silver goes up,
22:34
we cheer. When silver's under pressure, we
22:37
do not only cheer but also seize the opportunity of the discount.
22:40
That's right, Hunter, the 24 year old man, right?
22:43
Bought some silver yesterday. Way to go Hunter.
22:46
This is the silver squeeze. A testament to the working
22:50
classes resilience and their ability to challenge market
22:53
norms. It's about ordinary people like
22:55
you and me, basement dwellers taking control of their
22:58
financial destiny and being unbanked.
23:01
Become your own bank. Fight the Fed with silver.
23:04
Silver prices rigged by industrialists and bankers who
23:08
trade on the crime acts. Oh sorry comex.
23:10
A paper market where one year of global mining volume can be
23:14
transacted in a day like we just talked about.
23:17
We call this the paper to physical ratio.
23:20
So for every ounce of silver, there are over 400 paper
23:23
versions of silver. No one stands for delivery.
23:28
The military right is devouring a lot of the world silver, John
23:33
says most of the world silver, OK.
23:35
However, what sets silver apart is its industrial significance.
23:40
Notably, it's the top ranked metal for conductivity, which is
23:44
a crucial, crucial component in various industries.
23:49
This is interesting. This is funny.
23:52
Silver batteries are the preferred choice in space, air,
23:56
and sea operations. We don't think about this.
23:58
Silver batteries. Their ability to hold a potent
24:02
charge for extended periods, coupled with their corrosion
24:06
resistance and reliability make them indispensable.
24:10
This is funny. After all, you can't just swap
24:13
out a battery when you're a thousands of feet underwater or
24:17
orbiting in space. You cannot switch out a battery
24:21
when a torpedo or submarine is parked.
24:23
Thousands of OK, I already said that the WikiLeaks cable right
24:29
silver was removed from coins because the military needed it
24:32
while the US trade. So are we facing that's the
24:34
question. Are we facing a, a silver
24:37
shortage? I would have to say yes.
24:39
What do you think? Right, people, people will get,
24:43
will get so, so passionate about this argument.
24:47
But guys, the proof is in the pudding.
24:49
Peter Karrath, right? Let's show his book one more
24:52
time. You know what?
24:53
I'll put a link to this in the description when we're done.
24:55
The great silver Bowl is telling us 12 to 24 months.
24:59
But man, this is just the beginning.
25:01
We got a lot more to talk about. Guys.
25:03
Let's all take a little break. Take a quick break and have a
25:07
drink of coffee, and then we'll be back to talk more.
25:24
I almost forgot to turn the microphone back on.
25:27
That's never good. Never good.
25:29
Thank you guys for being here. Let's go out and take a quick
25:32
look at the silver chart. OK, We're going to say goodbye
25:37
to him. And where's Yahoo Finance?
25:41
There we go. Now let's go to silver.
25:46
Isn't it funny that they keep silver on the top of the ticker
25:50
bar? This is the futures market down
25:53
2712. Let's take a look at the and
25:55
then we're going to we're going to talk about we're going to
25:57
talk about the promised land for gold and silver.
26:01
The promised land, OK Nothing we're going to argue about here
26:05
guys on this one. This will be the promised land.
26:09
Let's look at a one year chart of silver, OK?
26:13
And let's go to full screen. Let's take a look and see what
26:16
we're dealing with here, OK, So we are in trouble in this
26:21
regard. I'm going to show you guys, we
26:24
did definitely breakthrough this trend line, right?
26:28
OK. So now as we head back into the
26:35
fall, I think what's going to be very critical for silver is that
26:40
we get to this back to this $30 level.
26:42
You we could look at all these different crazy technical
26:44
indicators, but right now we have to be realistic.
26:47
We have broken through. I'll tell you I will show you
26:50
right now what could really catapult the silver price and
26:56
that is this right here. The DXY index, which is
26:59
currently this is the the prettiest turn in the toilet
27:02
contest compares the dollar to the other major Fiat paper
27:06
Unicorn fart does currencies. But but at the end of the day,
27:11
it's important we keep an eye on this because I want to show you
27:13
something. OK, people are calling for a
27:17
potential bear market in gold. Why?
27:19
How could I'm sorry, bear market in the dollar.
27:21
Why could that happen? Easily?
27:24
Because we have $35 trillion in debt.
27:28
The only way we're going to be able to play pay that debt back
27:31
is with much devalued dollars. OK, We're getting to the, the,
27:37
the, the judgement day. The hens have come home to
27:40
roost. The only way it's going to work
27:44
is if they print money and devalue the dollar.
27:47
So I want you to look at this right.
27:48
We've looked at this many times. I'm going to draw a line on
27:51
here. OK, you guys have but it's so
27:54
important right now we're at one O 3 OK, could we have a bear
27:59
market? Could the US dollar go down and
28:01
then I'm going to show you what happens during a bear market.
28:06
So there's one O 3 look, OK, this goes back what till 1985 S
28:11
40 years. We've barely been above very few
28:15
times, right. We are in historically very, we
28:19
are set up at a very high level on the US dollar.
28:23
And again, this is not well, I don't know if you would call me,
28:28
I guess I was going to say it's not an index, but it says right
28:30
there index. Ronnie's looking smart this
28:33
morning, but it really is just a, a comparison.
28:36
So we could easily see a bear market.
28:41
I'm hearing smart top analyst talk about that now.
28:45
Now, what I want you to look at is this period right here.
28:51
Let me draw another line. This starts January.
28:56
What the heck? Oh, OK, So from about 2001.
29:03
Oh, shoot, hold on. Bear with me.
29:05
This is important. So from about this point down to
29:12
this point, right, see how the dollar went into a bear market,
29:17
went all the way down to 75, went from let's say gosh, 110
29:22
all the way down to 75. That was from about 2001 to
29:26
2011. During.
29:27
Remember that from 2001 to 2011, the US dollar went into a bear
29:33
market. Remember, we are facing a
29:35
situation where the mathematically, the only way the
29:39
system survives is if the dollar goes into a bear market.
29:43
OK, OK. And the last time from O1 to
29:46
2011 that we went into a bear market in the dollar, the price
29:52
of gold and silver. Let's go.
29:53
Look, you know somebody, I, I could be proven wrong.
29:56
I'm doing this live. But what I hear, oops, is that
30:01
this is silver. We'll go to Max see if we get
30:04
that time period. OK.
30:08
Wow. OK, so from 2001 silver was it
30:14
$4.30 and through 2011, Oh yeah, silver topped out at $50 per oz.
30:22
So guys, that's it, right? This period, OK, this, this move
30:28
from here to here from 2001 to 2011 in the silver price exactly
30:37
coincides with that bear market I just showed you in the
30:41
previous chart. So that's what we have to look
30:43
forward with in terms of charts and in the silver market.
30:50
I got a question for you, right. I got a question for you.
30:54
And we predicted this, you know, Monday carnage, right?
30:59
The, the, the, the Japanese stock market dropped 15%.
31:03
The world is ending financial crisis, financial crisis.
31:08
And we, we talked about it. I think I said it that night.
31:12
I said it seems like now these things they get fixed
31:16
immediately. And that's exactly what has
31:18
happened. OK, so I have this question for
31:21
you and I, and I think, I think this is this is, I haven't heard
31:25
anybody else say this, but has the system grown so fragile, the
31:30
monetary, fiscal, financial economic system of the Western
31:35
world, has it grown so fragile, so delicate that they can't even
31:40
let the most minor of financial stress occur, right?
31:46
I mean, there was a one day deal and somehow it got magically
31:50
fixed. And I guarantee you there was a
31:52
bunch of crud that went on behind the scenes.
31:55
I get, I guarantee you that here.
31:58
Let's get let's do a little show and tell that this guy in this
32:05
gal and she she used to have his job.
32:11
Okay, she used to have his job and but then they swapped.
32:15
And anyway, I guarantee you that they were involved in some
32:22
backroom type meetings to fix everything.
32:26
And what is that telling us? What is that telling us?
32:29
That they won't even let the smallest of financial stress
32:33
affect the system. It tells us that they're afraid.
32:36
And it tells us, OK, and I want to get Lynette Zang's take on
32:39
this. And Lynette's going to be on
32:41
here. It's about a month out.
32:42
But I think that they're scared, OK?
32:46
They are dead scared. And also tells us that we could
32:48
be getting near the end of the system.
32:51
Absolutely. OK.
32:53
Because what happened? OK, What happened?
32:56
This is crazy. You want to hear what?
32:58
What happened on Google on Monday?
33:01
When the when? The.
33:01
When? The when, the when, when
33:03
everything, when the feathers were flying, when everything was
33:06
going to remember just two days ago.
33:08
What is today's Wednesday? Everything's fine now.
33:11
Here, Let's go. Look here.
33:13
Let's go. Look real quickly.
33:14
We'll go to Yahoo Finance. They're going to say don't
33:16
worry, be happy. Peter Grandich calls it the
33:19
Don't worry, be happy crowd, right?
33:22
Everything's fine. But I'm going to tell you, I'm
33:24
going to show you. I'm going to show you what we
33:26
can expect. 22 big key things here, Number one.
33:31
Number one, the fact that they had the paper over this crisis
33:37
that was unfolding so quickly and guys, it could get worse
33:40
again, right? But they they fixed it
33:42
temporarily here, right? It could get worse again by the
33:45
end of this week. I don't have a crystal ball
33:47
right? And I think it I think by next
33:49
Friday, a week from this Friday that we will have more major
33:53
issues going on. But the fact that they had to do
33:56
it so quickly shows just how desperate and, and what dire
34:01
straits the Western world economy really is.
34:04
Is then because of all the debt, there's no other way around it,
34:07
right? It's, I mean, we've got debt,
34:08
you know, that whole story. The second thing we're going to
34:11
look at here in one second is what happened with gold,
34:14
interest in gold and silver. And this is going to blow you
34:18
away. But here, here's Yahoo Finance,
34:21
right? Oh, everything's great.
34:22
The Dow's up, the S&P's up, right?
34:25
They gold's up. We'll take that right.
34:28
The Wall Street economist pushed back on recession fear stocks
34:31
rally for the second day. The Nikkei, the Japanese central
34:36
bank, came out and said everything's we're not, we're
34:38
not really going to raise rates. Everything's fine, right?
34:41
Everything's great. But but everything really is not
34:46
great. That's the reality of what's
34:49
going on right on the surface. On the surface, everything's
34:53
wonderful, But just underneath the surface there is a volcano
35:00
brewing like we've never seen before.
35:03
Janet and and and Jerome Powell are on the surface saying don't
35:07
worry, everything's great. We got the strongest economy in
35:09
the history of the world. We also have more debt than any
35:12
other time in the history of the world.
35:13
But don't worry about that. Everything, everything's
35:15
wonderful. Remember a couple months before
35:18
the great financial crisis? Do you remember O seven O 8?
35:22
A couple months before Ben Bernack was in Congress saying
35:26
everything's great, everything's wonderful.
35:28
We don't see any trouble. Everything's awesome, right?
35:32
Yeah, No, that's what they're doing right now.
35:35
They're always saying everything's great.
35:37
They're always saying they're like on the Titanic and, you
35:41
know, the tip of the ship is still up out of the water, OK.
35:45
And Janet and Jerome are standing up on the tip saying
35:47
what are you all worried about? We got a great we're the
35:50
biggest, strongest economy in the world, right, Is The thing
35:53
is sinking right underneath the surface.
35:56
That's my opinion. I could be wrong, right?
35:59
I could be wrong. But I do know how to work a
36:00
calculator. Do you know how to work a
36:02
calculator? But when it blows, what's going
36:05
to happen, right? What's going to happen?
36:07
This is crazy interesting. How will it impact silver and
36:11
gold demand? OK, I've heard Andy Scheckman
36:14
talking that they were very busy on Monday.
36:17
Is there more proof that we can look at?
36:19
You know there is. My friend Maury sent me this one
36:23
and another guy who's a realtor in Texas.
36:25
I forgot. I'm sorry I forget your name
36:26
right now. Hard for me to remember all this
36:28
stuff. But this comes from Thin Bolt.
36:30
Listen to this guys. Google searches for buy gold and
36:37
seller spike 64% as recession panic mounts.
36:43
Remember it was Monday. Monday was recession panic.
36:47
Now the feds going around telling everybody don't worry,
36:49
everything's great, everything's wonderful, we have nothing to
36:51
worry about, right? Gold has been a particularly
36:55
interesting asset since the start of 2024, thanks to a
36:59
strong rally to new all time highs and forecast predicting it
37:02
could rise beyond 3000. However, interest in the
37:06
commodity reached another level at the beginning of August.
37:11
Indeed, Finbold's research found that between July 31st and pre
37:15
market on August 6th, that was yesterday, interest in the Buy
37:20
Gold search term rocketed by 64%, from 61 to 100 on Google
37:29
Trends. This figure is also
37:31
substantially higher than at any other time during the period
37:36
under review, which covers 90 days.
37:39
Such a rapid increase in curiosity about investing in
37:43
bullion can be linked to a recession panic that started
37:47
with the federal the FOMC meeting on the last two days of
37:51
July and was reinforced by the jobs report on Friday.
37:58
God, it's so funny. OK?
38:01
I mean, we talked about this. I mean, it's a recession panic
38:05
that started a panic, right? I don't know.
38:09
So. So are we confused?
38:12
No, we're not confused, right? Is there a shortage of silver?
38:16
Yes, Peter Croft telling us 12 to 14 months silver investors
38:22
like me, like you, right? We know that it's happening.
38:26
I was talking yesterday with Paul Morris, the director of
38:30
investor Relations, a channel sponsor, First Mining Gold.
38:34
Paul Morris, I think I have his e-mail address in the
38:36
description. Anyway, we were talking about
38:38
what's going on right now in the gold and silver market, how the
38:42
prices are, I mean, gold's at $2400.
38:46
We were talking about how the fact that the gold mining
38:49
companies and in particular the junior mining companies, they're
38:53
like the exact opposite of what's going on in the tech
38:56
stocks, right? NVIDIA, Microsoft, Amazon, you
39:01
know, oh, these big tech stocks that are just in a bubble
39:04
territory and how the mining companies are the exact
39:08
opposite, right? Their valuations are at historic
39:11
lows. The big tech companies, they
39:13
don't even really have many assets, right?
39:16
You get like pennies on the dollar when you own a tech
39:19
company stock. When it comes to real assets,
39:21
when it comes to the the precious metal mining stocks,
39:24
often times you get like like $2.00 in assets, 3 dollars,
39:30
$4.00 in assets for each $1.00 of the stock that you own.
39:35
It's like the exact polar opposite.
39:37
It's crazy, OK, it's absolutely crazy.
39:42
And I'm, and I'm telling you, when it shifts right, the good
39:46
thing is the precious metal mining stocks are at such a low
39:49
valuation. They're such a small from a,
39:52
from a market cap perspective, such a small, small number,
39:57
right? It's not going to take a lot.
39:59
When we talked about Warren Buffett, right?
40:01
Not only could he with 10% of his cash, 10% by the entire
40:07
world's production of silver for this year, but with another 10%
40:11
he could pretty much buy probably pretty.
40:14
It's, it's really sad. Pretty much every silver mining
40:18
company on the face of the earth.
40:20
He could probably actually buy every gold mining company too.
40:23
I don't know about that, Don't quote me on that one, but I do
40:25
believe he could buy. I know he could.
40:27
Buy the year's worth of silver production the whole year, every
40:32
ounce of silver that people are slaying in a way to get out of
40:36
the ground. Warren Buffett with 10% of his
40:39
money, right and not throwing another 10%.
40:42
Warren you know what? You can just own the companies.
40:46
What are you? Why are you not doing this
40:48
Warren? I still want Warren to please
40:51
call pin backs and buy some silver.
40:53
That would be the crowning achievement of Ron's basement.
40:55
None the less, it's just absolutely ludicrous.
40:59
Now, when the attention does come back to the precious metal
41:04
mining stocks, don't forget Warren Buffett in 1997 bought
41:08
130 million ounces of silver. He bought gold mining stock
41:14
back. What was it, the summer of 2021
41:17
that created a huge wave of interest?
41:19
Right? OK, don't forget that when
41:23
people come back and they will because the valuations on the
41:27
mining stocks are so low. Now, if you don't own mining
41:30
stocks, this is still important to you if you just don't meddle
41:34
and I'll tell you why, right? Because when that they can't
41:38
ignore the big profits that these mining companies are
41:41
generating right there with these prices, right.
41:45
But nobody, because nobody in the West is interested in gold
41:48
and silver and nobody in the West also is not interested in
41:51
the mining stocks when they are forced to recognize and to start
41:56
like, you know what, maybe we need to buy some gold and silver
41:59
mining stocks. It's going to put a lot more
42:01
attention on to the physical metals as well.
42:05
So I also want to say thank you to channel sponsor Fortuna
42:08
Mining. They will have their earnings
42:11
out I believe tonight after the market closed.
42:14
There are gold and silver mining company with operations in Latin
42:19
America and in West Africa. Guys, it's been great.
42:23
I'm telling you, I believe what Peter Cross says, we maybe have
42:28
12 months right to two years worth of above ground silver
42:33
slush fund available. It's going to be very, very
42:37
interesting when we look at that silver chart and we're
42:41
frustrated, right? We need to remember, we need to
42:44
look at the US dollar. When the US dollar goes into a
42:47
bear market, OK, that will be a huge propellant for the silver
42:54
and gold price. And hey, don't forget also I've
42:58
got 16 ounces of Coke silver, right?
43:04
This is the five ounce bar. This is donated by Pembex.
43:07
If you want to enter the giveaway, it's on August 31st.
43:10
There's a link in the description of this video.
43:13
Thank you to Pembex. If you want to get your hands on
43:15
some silver now, you can go to their website, but this is the
43:19
five ounce bar. I also have a one ounce bar that
43:23
makes 16. I'm sorry, 6 oz and I had a 10
43:27
oz bar, but I seem to have lost it.
43:30
I'm just kidding. Here's the 10 oz bar.
43:33
Look at that. That sucker is robust candy bar.
43:36
I call them candy bars, right? So a 10 ounce, A5 oz and a one
43:40
ounce. We'll see what goes on the rest
43:44
of this week. It's going to be interesting.
43:46
Obviously, big geopolitical events going on.
43:50
I said on Friday of last week that this week was a wild card
43:54
and it's proven to be that so far.
43:57
We'll see how it plays out. You know, I'll be here for you
43:59
through it all. Thanks for being here today.
44:01
You are the most important part of Ron's basement.
44:04
Please subscribe to the channel, give this a thumbs up, and I
44:08
will look forward to seeing you soon.
44:13
Bye bye.