Latest / SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT / **ALERT** China's CRAZY Gold Situation...and Silver too?

Transcript

**ALERT** China's CRAZY Gold Situation...and Silver too? · SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT

• 0:00
  We have some very interesting developments in the gold market,
• 0:03
  in the silver market, but in particular with what is going on
• 0:08
  at Costco and China. And we're going to talk about
• 0:12
  that in this video. Thank you, Justin, for letting
• 0:15
  me know that we have super chats.
• 0:17
  Thank you. Thank you.
• 0:19
  I was just wondering if it was still available.
• 0:21
  So I appreciate that. All right, everybody, hold on.
• 0:24
  We're going to start over and we're going to have the best
• 0:26
  live stream in the history of the universe, you and me.
• 0:30
  And we're going to do it right now.
• 0:31
  I'm going to stay on track and I got some very interesting things
• 0:35
  to talk about. Silver and gold investors, you
• 0:39
  need to pay attention to what's going on in China.
• 0:43
  Also Costco, there's some super interesting developments.
• 0:48
  I heard something new about the Costco situation that I found
• 0:52
  fascinating last night. Now we know Costco in their most
• 0:55
  recently completed three month period quarter, they sold 100
• 1:01
  million ounces of gold. We know they've started selling
• 1:04
  American Silver Eagles, Canadian Maple Leaf Silver and it's been
• 1:10
  sold out, sold out. I appreciate so much all the
• 1:13
  messages I get from you guys with updates on this Costco
• 1:16
  situation. But I heard something that I'd
• 1:19
  never thought about regarding Costco and people that are
• 1:23
  buying precious metals from Costco.
• 1:25
  People are buying boatloads of precious metals from Costco.
• 1:31
  And what was said that made so much sense and it's big news, a
• 1:35
  big idea, something we need to consider right is we're
• 1:38
  considering where the silver price, where the gold price are
• 1:41
  headed. Is this most people?
• 1:45
  This does not include you and me.
• 1:46
  We're the silver and gold enthusiasts.
• 1:48
  You know how to go to a local coin shop.
• 1:50
  You know how to go online and buy yourself some silver or
• 1:54
  gold. But 99 out of 100 people, or
• 1:57
  heck 199 out of 200 normal people out there, they don't
• 2:03
  know how to buy gold and silver. They don't feel comfortable
• 2:06
  going to a local coin shop. A lot of people, you know, are
• 2:09
  apprehensive. They don't know where to buy
• 2:11
  gold or silver online. But when Costco, they trust
• 2:15
  Costco. When Costco says, hey, we have
• 2:17
  gold, we can sell you, we have silver, what are we seeing?
• 2:21
  We're seeing a wave of people buying silver and gold.
• 2:25
  Not that the typical look. I don't think that most basement
• 2:29
  dwellers, you and I, are the people that are buying silver or
• 2:32
  gold from Costco. These are your neighbors.
• 2:35
  These are new stackers. These are new people joining us.
• 2:40
  And it's a big, big deal. It's something we can be very
• 2:44
  excited about. Hey, you know what?
• 2:46
  If somebody buys their first round of of a tube of American
• 2:50
  Silver Eagles from Costco, more power to them, you know?
• 2:54
  But eventually we're going to have to tell them that they need
• 2:56
  to check out channel sponsor Pimbex Pi, MB EX.
• 3:00
  They're an online bullion dealer.
• 3:02
  That's where I buy my silver. And what I found is that their
• 3:07
  prices are always the best, their selection is more than
• 3:11
  adequate and their customer service is second to none.
• 3:15
  So when all these Costco people, once they get the real bug and
• 3:18
  they want to buy some real silver, real gold, and have a
• 3:21
  real big selection, you know, I I hope they at least consider
• 3:26
  checking out Pinbex. That's what I did over a year
• 3:29
  ago, thanks to you basement dwellers telling me about Pinbex
• 3:33
  and I think Timbek's is best. I think those Costco people are
• 3:37
  going to figure that one out as well.
• 3:39
  But let's talk about China and gold.
• 3:42
  And when we talk about gold, we're talking about silver as
• 3:47
  well. We're having a growing number of
• 3:50
  YouTube commentators, top analyst as well, talking about
• 3:54
  this gold situation. Is China putting in a floor for
• 3:59
  gold at $2000? Because look, guys, with the
• 4:04
  with the, with the situation, with the interest rate
• 4:07
  situation. Thank you, Wendell.
• 4:08
  Thank you for that super chat with the economic situation
• 4:12
  where it is right now. Gold should really, had you told
• 4:16
  us two years ago that we would be where we are right now with
• 4:19
  interest rates, with everything else.
• 4:21
  I got bad news for you. Gold should be 1500.
• 4:24
  Sixteen $100.00 an ounce. If you'd plugged all that data
• 4:28
  in two years ago, that's where we should be.
• 4:31
  But we're not. And why not?
• 4:34
  Well, everybody's talking about China.
• 4:36
  We've talked about this, but we've got some critical things,
• 4:39
  critical concept that we need to understand about what's going on
• 4:43
  in China. Thank you Andy Oakley for being
• 4:45
  here at the at the drop of a hat.
• 4:48
  We're getting ready to take off for a few days.
• 4:49
  So I'm doing an early live stream, but what's going on with
• 4:53
  China? Here's and and and Bald Guy
• 4:55
  Money put out a great video yesterday.
• 4:58
  We talked about some of these concepts earlier in the week.
• 5:00
  Other people are talking about this as well.
• 5:03
  Bald Guy Money has a very comprehensive analysis of this
• 5:07
  situation in China. But what we need to consider,
• 5:11
  Imagine yourself a Chinese person, OK, we're you and me,
• 5:14
  we're living in China. They don't get YouTube, OK, So
• 5:18
  they can't watch us over there. But we're in China.
• 5:20
  We're normal, average Chinese people.
• 5:23
  What are we going to do with our money?
• 5:25
  OK, #1 Chinese people generally have a little bit higher level
• 5:31
  of distrust for their banking system.
• 5:34
  OK, so they're not going to want to store their money in the
• 5:37
  bank. They're not going to want to
• 5:39
  store their money in paper, right?
• 5:42
  Unicorn fart dust? Chinese yuan?
• 5:45
  No. You know why the yuan has been
• 5:48
  going down in value If you look at a chart of the yuan, the
• 5:52
  Chinese currency. Hopefully I'm pronouncing that
• 5:56
  correctly. Nonetheless, you look at a chart
• 5:59
  of their currency, it's near A5 year, low against the US dollar.
• 6:02
  Their currency has been losing money.
• 6:04
  They don't want to put it in the bank because the interest rates
• 6:07
  they get aren't attractive. So that takes away the option of
• 6:10
  storing wealth in the bank. Well, what about their real
• 6:13
  estate? You know, right?
• 6:14
  Unless we've been all underneath a rock.
• 6:17
  The Chinese real, they have ghost cities, right?
• 6:20
  They've overbuilt people. Were you think our real estate
• 6:24
  market is screwed up? We're kind of getting close to
• 6:27
  China, but nonetheless, the Chinese real estate market,
• 6:30
  that's where people over the last maybe 10-15 years, they
• 6:33
  were investing their money into real estate.
• 6:37
  It's crashing. It's in bad, bad shape.
• 6:40
  So you're not going to put your money in the bank, You're not
• 6:42
  going to put your money into real estate.
• 6:45
  But then what about the stock market?
• 6:47
  You know, the stock market always goes up.
• 6:48
  Here in the United States, we have the Magnificent 7.
• 6:51
  It just all you have to do is give your money to your broker
• 6:55
  and it just goes up and never goes down.
• 6:57
  Well, in China, they have a different situation.
• 7:00
  Their stock market right now, depending on which index you
• 7:03
  look at, they're down anywhere from 20 to 40%.
• 7:07
  They are way, way off their all time highs and you think they
• 7:11
  don't trust their banks in China, they don't trust the
• 7:14
  stock market at all. So you're a Chinese person,
• 7:17
  you've got some money, right? You've worked, you've earned
• 7:21
  some money. What are you going to do with
• 7:23
  it? You don't want to put it in the
• 7:24
  bank, you don't want to put it into real estate, right?
• 7:28
  That's crashed and you don't want to put it into the stock
• 7:30
  market because that's not done well either.
• 7:33
  OK. So thank you for the happy
• 7:36
  birthday wishes, guys. That's a big deal.
• 7:38
  I do appreciate it. But remember we're, I'm, it's my
• 7:41
  Chinese birthday. What's our Lunar New Year or
• 7:43
  whatever it is right now. But it's my birthday in China.
• 7:46
  We're all hanging out in China, right.
• 7:49
  We don't know what to do with all these yuan we have.
• 7:52
  Again, thank you, Jim. Thank you, Jim M, mad buddy.
• 7:57
  Jim M thank you Jim. And not just Jim, but you.
• 8:02
  Think about this, guys. We're in China, the second
• 8:05
  biggest economy in the world. We got, we made some money.
• 8:08
  We got, we're trying to figure out what to do with it.
• 8:11
  No bank. No, we don't trust that.
• 8:13
  No cash, no real estate, no stock market.
• 8:16
  What do you think the answer is? Who can tell me who can put it
• 8:18
  into the. Who can put it into the chat,
• 8:20
  huh? Who can put it in there?
• 8:23
  A goat? Yeah, I bet it's called a goat.
• 8:25
  And that's a compliment. I didn't realize what that
• 8:27
  meant. Then.
• 8:29
  Excuse me. The greatest of all time.
• 8:31
  That's a bit of an overstatement.
• 8:33
  Almost said understatement. Thank you for the Super chat.
• 8:36
  Thank you. I'm gonna talk to you guys
• 8:37
  briefly about my birthday and why it's a significant thing for
• 8:40
  this channel at the end. Because I don't wanna torture
• 8:44
  you now. No, They're gonna put their
• 8:46
  money into gold. They're going to put their money
• 8:51
  into silver. And are we seeing that right
• 8:54
  now? Are we seeing that right now?
• 8:57
  Listen, I've got some data for you, OK?
• 9:00
  Look, this is from the World Gold Council, written by Ray
• 9:06
  Jai. He's the World Gold Council's
• 9:09
  research head for China. Here's some highlights.
• 9:12
  He said wholesale gold demand saw the strongest January ever,
• 9:19
  271 tons Okay, boosted by stock replenishment ahead of the
• 9:24
  Chinese New Year. But January?
• 9:27
  That's last month, Okay, January, the highest wholesale
• 9:31
  demand ever for gold in China. Chinese gold ETFs, OK, they're
• 9:37
  gold ETFs. Like we have GLD here in the
• 9:40
  United States, which has been having an SLV for silver, has
• 9:43
  been having major outflows in China.
• 9:46
  They attracted 113,000,000 additional dollars, lifting
• 9:50
  their total assets under management to an all time high.
• 9:54
  There's more money in Chinese gold ETFs right now than any
• 9:59
  other time in history. The PBOC.
• 10:02
  We know the PBOC. The People's Bank of China.
• 10:05
  PBOC reported 15 consecutive gold purchases in January,
• 10:11
  adding 10 tons to their gold reserves and lift, lifting the
• 10:15
  total to 2.2 or 2245 tons. The Chinese central bank?
• 10:21
  15 consecutive months of gold purchases.
• 10:25
  OK, 2024 New Year holiday gold consumption could see us trying.
• 10:31
  Looking ahead, basically the wholesale gold demand, the
• 10:36
  demand for gold in China is crazy right now.
• 10:41
  That's a big. So why let's just let's put this
• 10:44
  together. Let's not forget what we started
• 10:46
  with. We started with talking about
• 10:47
  Costco in gold, crazy demand in the United States.
• 10:51
  And the big key thing for us to remember about Costco is those
• 10:56
  are gonna be new stackers. Those are people who were afraid
• 10:59
  people will ask me, and I'm always kind of like, do you find
• 11:03
  this? People will ask you like, how do
• 11:04
  I buy gold? How do I buy silver?
• 11:06
  I'll say you can go. And I'll tell them the local
• 11:08
  coin shop if you want to go there and you want.
• 11:10
  And they're like, afraid to go. And I'm like, oh, well, you can
• 11:13
  buy online. You can.
• 11:15
  There's all kinds of big online bullion dealers.
• 11:17
  We already talked about Pinbex, right?
• 11:19
  The sun shining on them right now.
• 11:21
  If you can see that the sun always shines on Pinbex, huh?
• 11:25
  People are afraid There's a certain level number of people
• 11:29
  like, I don't I'm gonna get ripped off.
• 11:31
  Whatever. But they trust Costco, right?
• 11:33
  And as they get their foot in the water, they'll start to
• 11:36
  trust other companies as well. That's a big deal.
• 11:39
  But what about China? The average people, right?
• 11:43
  Not just their central bank, but the average Chinese person they
• 11:47
  look at. They get their menu right?
• 11:49
  And they get their menu to look at.
• 11:50
  What am I gonna do? Why no bank, no real estate, no
• 11:53
  stock market. There's not much else left.
• 11:56
  I don't know. What are you gonna invest in?
• 11:58
  Right? Right.
• 11:59
  And China is the world's second largest economy.
• 12:03
  This is a big deal. Remember guys, remember when
• 12:07
  we're talking about silver and gold?
• 12:10
  OK, this is beautiful. This is the one of the beautiful
• 12:13
  things that we need to remember. We're talking about a a a store
• 12:18
  of value money that has been not only timeless, OK?
• 12:23
  Money from the beginning of time when there was money 4000 years
• 12:28
  ago, 5000, right? Silver was actually the original
• 12:31
  money. Silver was used as money before
• 12:33
  gold, but nonetheless, silver and gold are timeless.
• 12:37
  But on top of that, they are universal.
• 12:41
  The Chinese know that. The people in Buenos Aires know
• 12:45
  that. The people in Fiji know that the
• 12:47
  people, any corner of this planet in the middle of the
• 12:52
  jungles of Africa, you know, in the, in the, in the frozen
• 12:57
  tundra, gold is that it's universal, universally
• 13:02
  recognized as value. What am I, kids?
• 13:05
  You know, where else it's this is crazy, 'cause people talk
• 13:07
  about old kids or so. My kids play all these games.
• 13:10
  This is interesting. All these games they play, not
• 13:14
  Roblox and whatever it is, whatever it is, Fortnite,
• 13:18
  whatever, these games are, every time there's some type of gold
• 13:22
  coin, silver coin oriented into the game, it is ingrained in
• 13:28
  that. You know, people say, oh, it's a
• 13:29
  worthless rock, it's a pet rock and it's all gone.
• 13:32
  And you know, it's the past. No, no, you know, you take 5000
• 13:38
  years and you just take the last 40 or 50 years that we've really
• 13:42
  in a certain, to a certain degree, moved away, moved to
• 13:45
  paper, Unicorn fart dust, whatever you want to call it.
• 13:48
  Money. That's just a blip on a long
• 13:51
  scale. And here's something, I mean, I
• 13:53
  don't know. Am I wrong about this?
• 13:54
  I know people say, well, the last 50 years the United States
• 13:57
  hasn't been on the gold standard, the dollars, the
• 14:00
  world, the world reserve currency, the hegemony, blah,
• 14:03
  blah. Well, didn't we go through
• 14:04
  periods? Didn't the Roman Empire and the
• 14:06
  Dutch and the Spanish? Didn't they all, at the end move
• 14:10
  away from backing their currency with gold and silver?
• 14:14
  So the fact that we've temporarily moved away, right,
• 14:18
  And that kind of put, think about it this way, I mean, kind
• 14:21
  of put like gold and silver, like a bear, a big powerful
• 14:24
  force, right, that hibernates and it kind of put gold and
• 14:28
  silver. It didn't die.
• 14:29
  It didn't. It just kind of kind of got
• 14:32
  scooted over, not completely right.
• 14:34
  It's still there. It can still wake up any time
• 14:37
  you disturb it. And right now I believe silver
• 14:41
  and gold are waking up from their hibernation.
• 14:43
  OK, the Chinese, I I did write some notes for you, so let me
• 14:47
  read this to you. This is my own writing, OK?
• 14:49
  And like I said Bald Guy Money did a video really focused in on
• 14:54
  this Chinese situation and he has his own unique take and we
• 14:57
  love bald guy, so you can go watch that as well.
• 15:00
  But the Chinese have always loved gold and silver, but now
• 15:03
  even more as it's the last good looking item on the menu.
• 15:07
  Why is this always happen over history young Chinese people,
• 15:11
  this is a big deal. Have you heard about the gold
• 15:14
  beans right in China, the young Chinese people, the millennial
• 15:18
  generation, there's this, this like fad and not necessarily a
• 15:23
  fad but a craze that's going on with gold.
• 15:27
  And the young people in China, they buy these little one ounce
• 15:31
  gold beans and a lot of them try to buy one a week, one a month
• 15:36
  and then they collect them in little jars.
• 15:38
  And when they when you talk to these these young Chinese, when
• 15:42
  they interview them, they say that's the way that I'm storing
• 15:45
  my wealth, that's the way I want to hold my wealth.
• 15:48
  They don't want to go into the banks, they don't want to go
• 15:49
  into the stock market, They don't want to go into real
• 15:51
  estate. They've seen what can happen
• 15:53
  there. No, right.
• 15:55
  It's so we've got the young people in China buying gold hand
• 16:01
  over fist. Are they putting in a new floor?
• 16:06
  Is does that explain we know the Chinese central banks buying
• 16:09
  tons of gold. We know the Chinese people are
• 16:12
  buying, buying gold. Have we seen a new floor?
• 16:15
  Is that why gold often trades at a big premium in China?
• 16:20
  I think it could certainly be an explanation.
• 16:24
  OK, All right, hold on one second.
• 16:27
  Let me have a drink. Coffee.
• 16:32
  And no discussion about China is complete if we don't talk about
• 16:36
  our friends in India. OK.
• 16:39
  I was at one of my daughter's basketball games last night.
• 16:42
  I talked to one of the fathers who's from India.
• 16:45
  I've talked to him many times and he's told me, Whoa, man.
• 16:50
  Mr. Cut, thank you for that super chat.
• 16:52
  Happy birthday to me. Thank you my friend.
• 16:56
  But but India and you talk to people from India, ask them
• 17:01
  about silver and gold. They love their silver and gold.
• 17:04
  So we're talking about China. India's doing the same thing and
• 17:07
  and India is silver is unbelievable.
• 17:10
  Over the last two years, the amount of silver they have
• 17:14
  imported into India. Now a lot of it has to do with
• 17:18
  jewelry, a lot of that has to do with investment, but probably a
• 17:22
  lot of it, most of it has to do with in industry.
• 17:27
  OK. And it's on.
• 17:31
  I'm just going to give you a little, a little tease here.
• 17:35
  The amount of silver, I think now they're saying 20% of the
• 17:39
  world's silver production this year was used in solar panel
• 17:42
  manufacturing. The new technology called top
• 17:46
  con uses up to 50% more per panel guys.
• 17:51
  And that's just, we're just now transitioning into into into
• 17:54
  these top con solar panels, OK. They're going to use 50% more
• 17:59
  silver per panel even if solar panel manufacturing were to be
• 18:04
  flat, right? The new panels are going to be
• 18:06
  using more silver. There's not enough silver to
• 18:09
  satisfy the demand. I mean, I want to bang the
• 18:13
  table. We cannot forget, right, China,
• 18:17
  1.4 billion people, India 1.4 billion people.
• 18:22
  India in particular has a quickly expanding economy, a
• 18:26
  quickly expanding middle class. Demographically, we've got a
• 18:30
  wave of God, who knows 300 million people in the next 5 or
• 18:34
  10 years entering the middle class in India.
• 18:38
  And they're gonna, they're in the same situation as the
• 18:41
  Chinese, right? They don't trust their currency.
• 18:44
  They don't trust the banks. They don't want to put their
• 18:46
  money in the stock market. They don't know.
• 18:48
  I don't really don't know a lot about the real estate market in
• 18:50
  India, but I imagine it's not good either.
• 18:52
  Indians love precious metals. So the future looks really,
• 18:58
  really bright. Excuse me.
• 19:04
  So that's the deal guys, as we pull all this together, right,
• 19:07
  This Costco situation and something we hadn't thought
• 19:10
  about. These are new stackers.
• 19:12
  These are people who we're confused about how to buy silver
• 19:16
  and gold, right? And the fact that we're seeing
• 19:17
  record sales there is a good thing.
• 19:19
  China silver. Gold.
• 19:21
  Crazy. Don't forget, with China silver
• 19:28
  inventories on the Shanghai Gold Exchange right drained way down,
• 19:34
  China's Shanghai Gold Exchange is a physical market.
• 19:38
  China's Shanghai Gold Exchange is being increasingly recognized
• 19:43
  as the go to price throughout Asia.
• 19:47
  OK. China's Shanghai Gold Exchange
• 19:50
  often has a silver price that reflects a 10% premium or more
• 19:57
  to what they're claiming. The price is on the Kovacs and
• 20:00
  the London Bullion Market Association, the LBMA over there
• 20:04
  in the LME over in London, England.
• 20:07
  Hold on, I'm going to get a drink of water and we're going
• 20:09
  to, we're going to. I got to tell you a few more
• 20:11
  quick things, guys. OK, so big picture, big picture.
• 20:23
  We need patience. Patience, patience.
• 20:26
  In the interim, we're sitting on an investment, whether it be
• 20:30
  silver, gold or even precious metal mining stocks that have
• 20:34
  limited downside and really unbelievable opportunity for
• 20:39
  upside potential as well. I want to say thank you to you
• 20:42
  guys. Yesterday is my 54th birthday.