Latest / SILVER / GOLD / $UFD Meme Coin Investing & Global Economics / 🚨 BIG WARNING from Elon Musk 🚨 as BRICS Redefine the Gold and Silver Price

Transcript

🚨 BIG WARNING from Elon Musk 🚨 as BRICS Redefine the Gold and Silver Price · SILVER / GOLD / $UFD Meme Coin Investing & Global Economics

0:02
Welcome to the live stream. Welcome to the basement basement
0:05
dwellers. We got a ton to cover today.
0:07
We have a big warning from none other than Elon Musk, and I
0:11
think you're going to agree with what he is saying.
0:14
But we also need to talk about massive potential moves in the
0:18
silver price and gold price because of something that
0:21
nobody's talking about lately. The bricks.
0:24
Remember that. The BRICS?
0:26
Well, there's a meeting coming up in Russia and there's a lot
0:30
of talk still of gold and silver playing a critical role in the
0:35
future of the monetary financial system that the BRICS countries
0:40
are developing amongst themselves.
0:42
And what can we look at right now?
0:44
What crumbs can we pick up, as our friend Andy Schechtman likes
0:47
to say. And by the way, I'll have a new
0:49
Andy Schechtman video. He was here in the basement
0:53
electronically, but we recorded a video that'll be coming out
0:56
later today. I think I set it for 1:00 or so
1:00
Central time, but none the less what what crumbs do we have that
1:03
would indicate to us that we are indeed moving into this new
1:07
bricks world environment and that silver and gold will play a
1:12
critical juncture. We're going to talk about the
1:14
economy in the United States because that will have
1:17
everything to do with the future of the silver price and gold
1:20
price. And we're going to talk about
1:22
the real news when it comes to the jobs and the economy.
1:27
I talked to one of the top recruiters in Saint Louis, a guy
1:31
that I've known for over 25 years.
1:34
He's an executive recruiter, he deals with high level white
1:38
collar jobs and he had some interesting things to say.
1:42
But let's start with Elon Musk. Hey, I'm using a new platform
1:46
today, so hopefully everybody can see me and hear me just
1:50
fine. Look at this from our old friend
1:53
Elon Musk. What did Elon have to say?
1:55
This should have all of our toes curling Are your toes curling?
1:59
Mine are. He said we need to do something
2:02
about our national debt or the dollar will be worth nothing.
2:08
Guys, we know the national debt and deficits are only going
2:12
higher and higher and higher. And if you notice something
2:16
that's also occurring in conjunction with that and that
2:20
is that inflation is going higher and higher.
2:23
Sure, they got it, quote UN quote, under control right now
2:27
at what 3.3% they claim. We know the real numbers are way
2:33
higher. This is a big problem.
2:36
We're going to see nothing, right?
2:37
But the value of U.S. Treasury bonds going down and
2:42
down. The real value of the US dollar
2:45
going down and down. Real value.
2:48
When I say that, I ask you a question, right all you you know
2:51
we're not going to cover it. Don't worry.
2:53
But we hear how strong the dollar is, right?
2:56
The cleanest shirt and The Dirty clothes pile, however you want
2:59
to say it. The best horse in the glue
3:01
factory. The best, most healthy patient
3:05
in the Hospice ward, however you want to look at it.
3:08
We know that whole story about the US dollar, but I'm going to
3:10
ask you a question about the real value of the dollar.
3:14
If you had $100 bill right now, today and went to the grocery
3:19
store, went to Walmart, went to ALDI, went to the dollar store,
3:24
I don't care where your go compared to 20 years ago, how
3:29
much less are you able to buy today compared to 20 years ago
3:33
yet. Yet they'll claim that the
3:36
dollar, when compared to these other currencies, the DXY index,
3:39
is actually stronger nonetheless.
3:41
Let's get back to our friend Elon Musk.
3:43
We need to do something about our national debt or the dollar
3:46
will be worth nothing. I thought this was some great
3:49
interesting commentary on what he said.
3:53
They say Elon Musk, well, I'm going to repeat it for the third
3:57
time. If the US debt continues to
3:58
grow, the dollar will eventually become worthless.
4:02
Elon Musk posted a warning on X, which is Twitter local time on
4:07
Thursday stating that that that if the US debt continues to
4:10
grow, the dollar will eventually become worthless.
4:13
I've now said it four times, Musk wrote.
4:15
We need to do something about our national debt.
4:18
Oh my God, I said it five times. Sorry I used the Lord's name in
4:21
vain, 1 user commented. The problem is that no
4:26
government is willing to take on the issue of national debt
4:30
because long term solutions may harm the economy in the short
4:35
term or harm the politician's ability to get re elected.
4:39
Musk responded by saying, well there's always something to give
4:43
up. We should at least slow down the
4:46
growth of debt. Guys, this debt situation it is.
4:50
It is going to be untenable here before we know it, and it's
4:55
going to result in real value accruing for things like silver,
5:00
gold, oil, land, any real asset. It's just paper.
5:05
Gotta make sure I get the right one here.
5:07
It's just paper. That's all it is.
5:10
It can be printed into Infinity, right?
5:12
Funny money, Unicorn fart dust, whatever you want to call it.
5:17
Jerome presses the button, turns on the the, the, the printer,
5:20
and it just happens at some point.
5:23
This is how it all comes down. And this is downright scary
5:26
because at some point, the massive bond market, right, The
5:31
bond market is massive. It's the biggest market in the
5:33
world from what I understand, way bigger than the stock
5:36
market. I know that for a fact.
5:37
But at some point, right, the bond market realizes that the US
5:42
Treasuries are becoming worth less and less.
5:46
They realize the people that are holding.
5:48
Could you imagine holding a 20 year U.S.
5:51
Treasury? They realize that they're the
5:53
sucker at the table, right? Have you ever heard that said,
5:56
like in any business transaction, there's always one
5:59
winner and one loser. I know people want to talk about
6:01
win, win situations, blah, blah, blah.
6:03
But at the end of the day, right, these people that are
6:06
holding the treasuries are going to realize they're the suckers
6:09
at the table. They're going to start dumping
6:11
their debt. That's when the wheels fall off.
6:14
That's when the Federal Reserve and our old friend Jerome Powell
6:18
has to monetize the debt, print money, just to cover the
6:23
skyrocketing interest expenses. It's happening and we're very,
6:27
very close. People like Lynette Zang, Andy
6:30
Schechtman, right. People that are willing to dig
6:33
in and speak about what they see is their truth.
6:36
Now, I'm not telling you that I'm absolutely right.
6:38
I don't have a crystal ball. You need to do your own
6:41
research, come up with your own thesis on how you see this
6:45
playing out. But me?
6:46
Yeah, you know, I can use a calculator.
6:50
I learned that skill and it's coming in handy when I do a
6:54
little basic math on this U.S. debt situation.
6:57
It is absolutely untenable gold. I heard a great new word.
7:03
We often talk about this trying to describe the power, the
7:06
hegemony of gold and silver. Gold will become more prominent.
7:11
Are we seeing it right now? Aren't you seeing it?
7:15
Am I the only one? Gold is becoming more prominent?
7:18
We're going to talk about what's going on with the bricks.
7:20
We're going to talk about countries around the world
7:23
saying to the United States right now that we Are you ready
7:27
for a fancy word? We would like to repatriate our
7:30
gold. That's a fancy way of saying we
7:33
want our gold back. We want to have it in our own
7:37
hands. OK.
7:38
And guys, let's touch on the mining stocks briefly because as
7:43
this all unfolds, the precious metal mining stocks, the
7:47
companies that dig the silver, dig the gold out of the ground
7:50
who have been just beaten to a pulp over the last two to three
7:55
years, they could again no crystal ball, no financial
7:58
advice, but they could do very, very well.
8:01
On that note, let's say, thank you the channel sponsor first
8:04
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8:10
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8:20
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8:22
course our friends at Fortuna Silver who will announce
8:26
earnings this coming week on May 7th.
8:28
And Fortuna just announced that they re upped their share
8:32
repurchase program. They've been buying.
8:35
They've been paying off debt, buying back stock in the market,
8:38
generating a lot of cash. It'll be interesting to see what
8:41
their numbers show on May 7th. You can learn more about them at
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fortunasilver.com 10 Year Bull Market Initially, I'll be honest
8:50
with you, this whole video was going to be about the 10 year
8:53
bull market heading. Or Can you imagine 1010 years of
8:59
upward movement in the price of gold and silver?
9:03
I rarely do this, but I'm going to have you hold.
9:05
Bear with me just one second here because I got to pull up
9:10
this. Wow, wow, that was quick.
9:14
The old cup and handle. Hold on.
9:16
I'm going to. I'll do this so you don't have
9:18
to look. I want to show you.
9:20
I want to. I want to visually show you what
9:23
you have to look forward to there.
9:25
Can you imagine 10 years of that guys upward trending prices in
9:31
silver and gold, A10 year period where right, Yeah, we have pull
9:37
backs and again look at that chart.
9:39
I know the last couple weeks we've had a little pull back,
9:41
right? We're down a little bit, but in
9:45
a bull market, those pull backs are opportunities to buy, right?
9:49
And then then the price goes higher again and then we'll have
9:51
another pull back and you'll think, oh, is it it, is it over?
9:54
Keith Newmeyer said that during the last 10 year bull run in the
9:57
metals, he was like the price would go up.
10:00
We think this is great. And then it would pull back and
10:02
we'd think, well it must be over and then it would go back up
10:05
higher and higher. Can you see it?
10:07
Am I alone? I mean to me it's, it's pretty
10:11
crystal clear that we very likely have entered a whole new
10:17
environment for the silver and gold price.
10:19
But why is nobody talking about the bricks?
10:22
Because the bricks are probably going to be the biggest
10:25
component to driving the silver price the gold price higher as
10:30
we move and think about 10 years.
10:33
Think back ten years ago. Think about the next 10 years
10:37
with what we have going on with the bricks.
10:39
It is happening. It is absolutely happening and
10:42
it's happening right now that do you find it suspicious does your
10:48
do your does your Spidey sense start to go off when you think
10:52
about the fact that you're not hearing anything at all about
10:56
the bricks right now. I'm gonna take a quick sip of
10:59
coffee. Thank you for being here.
11:00
Hey, you know what? If you're if you're Here we go.
11:05
There's a misspelling, Susie told me in that little banner on
11:09
the bottom. See if you can pick it out.
11:11
OK. I'm gonna have a quick sip of
11:13
coffee. Woo, wee.
11:22
It's early. OK, we've got a big bricks
11:25
meeting coming up. There's.
11:26
I'm hearing one in May. Then there's the real big one
11:30
later in the summer. Countries are repatriating their
11:34
gold right now. All right.
11:37
Are we likely to hear about a new currency, further
11:41
development within the BRICS financial system right there,
11:45
shared currency, potential type arrangement.
11:49
Look, gold, oil, other commodities are likely to be
11:54
fundamentally involved in what is going on.
11:58
You know you know this is scaring the pants off the
12:02
leadership of the United States because the United States and
12:05
our friend Jerome Powell. Right.
12:07
They're all about the make believe paper Unicorn fart dust.
12:12
Whatever term you want to use for it.
12:14
Dollar right. The the the the the banking
12:17
system. Keynesian economics right
12:21
Printing to ether. Modern Monetary theory they're
12:24
all about this make believe system.
12:26
Whereas the bricks are all about real assets real real things
12:30
going on. So does it make sense to you the
12:33
heck what? Just in the last few weeks, I
12:35
want you to think about this. We had Blanken go over there,
12:39
OK. And on top of that, we had
12:42
Yellen go over there issuing some pretty stern threats to the
12:46
Chinese, because the Chinese and the Russians and the Brazilians
12:50
and the Iranians, all the BRICS countries, right?
12:53
India, they're working together, right?
12:56
And the United States does not like that and they're working.
13:00
Think about it, guys, right. If you're a silver investor or a
13:03
gold investor, what are they doing?
13:06
What are they doing? What is the evidence?
13:08
What's the crumb that we can pick up and look at?
13:11
They're buying unbelievable amounts of gold and silver,
13:17
right? What happens on Monday?
13:22
What I'm asking, I'm going to tell you there's something good
13:25
that's going to happen on Monday and Sunday night is going to be
13:28
very, very, very interesting. OK, so let's go.
13:33
Let's go. Here, here.
13:34
This is, this show, this is. It's unbelievable right now,
13:38
what is going on in the world? Make sure I got this one right.
13:43
Yes. Here we are.
13:44
We pull this up for you and from the Gold Telegraph.
13:54
Welcome. You want to go to the future,
13:56
guys? Let's go to the future.
13:57
Welcome to the future. The Central Bank of Zimbabwe has
14:01
accumulated nearly a ton of gold since introducing a law that
14:06
forces mining companies to pay part of their royalties using
14:09
gold. Very interesting.
14:11
Now they are working on backing the nation's currency with gold
14:15
that is called the Zig Capital ZIIG.
14:19
That stands for Zimbabwe, the ZI and G It's a gold backed
14:24
currency. Imagine that.
14:25
It's the gold standard, OK? And now they're worried about,
14:30
they're worried about the potential for you're not gonna
14:33
believe this one, Deflation in Zimbabwe.
14:37
Not inflation. Deflation.
14:40
Because that's what happens when you have real money backed by
14:43
real metal. OK, Zimbabwe has applied to join
14:46
the BRICS New Development Bank. Remember what we just talked
14:51
about? The BRICS Development Bank has
14:53
said they aim to start loans and local currencies to lessen
14:57
dollar dependency. Do you hear de dollarization?
15:01
Do you hear a falling real value of the dollar?
15:04
Do you hear a rising real value in the silver price and the gold
15:09
price and foster a multi polar global financial system.
15:15
That means we don't want the dollar anymore guys.
15:18
Multi polar global financial system means no dollar, we don't
15:22
want it. Gold will play a massive role in
15:25
the future, just like in the past.
15:28
We are living in transformational times.
15:32
Yes, gold has played a pivotal role.
15:34
Silver before gold, Silver was money before gold.
15:39
In in in the in the monetary system, in trade, in the world.
15:43
Not just for centuries, not just for decades, not just for the
15:47
Millennium forever. OK, it's the real money, right?
15:51
Everything else is make believe, Unicorn, fart, dust, synthetic,
15:55
whatever you want to call it. We are living in
15:57
transformational times. That's what Vladimir Putin and
16:01
President Xi of China said to each other the last time they
16:05
met. As they were leaving, Right.
16:07
That's the big quote. You didn't see it on CNN, the
16:09
Children's News Network, right? They're too busy.
16:12
I won't even say what they're doing.
16:14
Covering all No, no. But if you read the real news of
16:18
the world you hear that the leaders right of what are
16:21
emerging as some of the most powerful countries, the most
16:24
powerful allegiance of countries are saying and that is we are
16:28
living in times. And I would argue, I don't know
16:31
how you feel, basement dwellers, but I would argue that silver
16:34
and gold are playing a pivotal, pivotal role.
16:41
It's an interesting time. So do you ever wonder, do you
16:44
ever wonder? Let's talk about something that
16:49
really makes sense. There's very few things that
16:52
really, really makes sense. But let's talk about one thing
16:54
that makes perfect sense when you're thinking about your
16:57
silver and your gold. I wrote this out for you.
17:00
Do you ever wonder why gold and silver are going up while
17:04
interest rates are also going up?
17:08
Right. It's not supposed to happen that
17:10
right. We're at we're at like 25 year
17:12
highs on the 10 year bond yield interest rates right.
17:16
They they raised interest rates at a faster pace.
17:18
That's supposed to we're guys I got news for you.
17:21
Had you told the people at Goldman Sachs and Saxo Bank and
17:26
and JP Morgan that we'd have this interest rate environment
17:29
right now, do you know what they would be telling you the gold
17:32
price would be if you told them five years ago?
17:34
If you had a time machine and you'd say, oh the rates, the Fed
17:37
would have the rates of whatever it is, 5.25%, they'd say gold's
17:40
going to be about 900 an ounce. Have you looked lately?
17:45
Gold's right at $2300 per oz. Are you wondering why in this
17:50
rising interest rate environment how something's changed?
17:54
We've talked about that. Something major has changed in
17:58
that the the reason why that this unusual or unconventional
18:05
is because the world is dumping their treasuries.
18:10
OK, the world is we know Japan, we know China, we know Russia
18:15
sold all theirs, I think in 2013.
18:17
Think about this. When when countries are dumping,
18:21
and this gets real interesting here in a second, are dumping
18:26
their treasuries, they're selling their treasuries.
18:29
That makes the price of the treasuries go down, which makes
18:33
the yield or the interest rate go up.
18:36
OK. It's called the inverse
18:37
relationship between bond prices and interest rates.
18:40
Yeah, I can be fancy. I work for a BIG4 accounting
18:43
firm. That doesn't matter, right?
18:45
You're just as smart or smarter than I am, I guarantee you.
18:48
So when countries sell their treasuries like they're doing
18:51
OK, interest rates go up, right? The price of gold is supposed to
18:56
go down, but it's not. Because you know why?
18:59
Because this is the big one. It's very simple, but it's it's
19:03
it's it's right in front of your nose and my nose.
19:06
But it explains what's going on. They're selling, the treasuries,
19:09
rates are going up. And what are they doing with the
19:11
money When they sell? They're swapping their
19:14
treasuries for things like gold, silver, land, oil, primarily
19:18
gold. That's the big one, right?
19:20
But you can throw silver in there.
19:21
You can throw other real assets in there.
19:24
They're dumping the US Treasuries.
19:26
Where does this lead, especially as we have a debt level that
19:31
continues to climb up. We're hearing what?
19:34
I mean the numbers are just mind numbing.
19:36
You know them already, right? It is a compounding situation
19:40
which could get worse and worse, you know, like how did how do
19:44
you go broke slowly and then very quickly.
19:46
So that's what we need to keep an eye on right now.
19:49
All right, let's go take a look at the at the gold and silver
19:55
price. I forgot to switch you on.
19:57
Here you go. We're going to go out to our
20:01
friends at Pinbec's. Gold closed 23O2.
20:06
Woohoo. That was a big deal.
20:08
Bald guy talked about critical numbers.
20:10
And gold, I think it's gold number was what, 2280?
20:14
Yes. To close the week.
20:16
So bald guy's happy. It's critical support.
20:20
He knows way more about that type stuff than I do.
20:23
He said Silver needed to close the week at 2640.
20:28
Did we get that? Let's look here.
20:29
Yes, 2659. So we're sitting OK right now
20:34
That. But again, the world swapping
20:37
paper. This is real simple, right?
20:40
Swapping, paper swapping, make believe for real money is what's
20:44
driving this price higher, and there is no indication
20:48
whatsoever that that will end. Let's say thank you to channel
20:51
sponsor Pinbex Pi MB EX. You're looking at their website
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right now. Look, if you're out shopping
20:58
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21:01
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Thank you Pinbex for sponsoring Ron's basement.
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There are wonderful people who I have the utmost of respect for.
21:55
Well, let's talk about the crazy week.
21:57
The crazy last week was nuts for gold and silver.
22:02
Made no sense. Absolutely crazy.
22:05
Two big things happened #1. the Fed held rates.
22:08
Well, that wasn't crazy. No, that wasn't crazy at all.
22:12
But what was crazy is that the Fed announced they were dialing
22:17
back QT. They were basically dovish.
22:20
OK. They were basically not hawkish,
22:23
but dovish, which is good for the price of precious metals.
22:28
But it didn't work out that way, did it?
22:30
You know, it was a little bit of a challenging week for us.
22:32
What else happened that is very unusual is on Friday we got the
22:37
jobs numbers, which were a huge disappointment.
22:39
Somebody needs to tell Joe that Idenomics isn't working.
22:46
Oh, we're going to talk about the craziness in the job market
22:49
as well. But first, let's recognize one
22:52
thing if there's a silver lining to this insanity that we had
22:57
this week, right? Basically a loosening of
23:00
monetary policy by the Fed, which should have been highly
23:03
supportive of the gold and silver price and horrible job
23:08
numbers, which is dovish. Or however you want to state it,
23:11
should have been hugely supportive for the gold and
23:15
silver price, and the opposite happened.
23:17
And why is that a good thing? Why is that a good thing?
23:20
I'm going to tell you why right now, because that indicates to
23:25
us that everything has changed and we want everything to
23:30
change. Because I'm gonna pull this up
23:31
for you one more time and explain to you why we want it to
23:37
change. That's the bull market in silver
23:41
and gold, right? Consistently going higher and
23:43
higher. This, my friends is the bear
23:46
market in gold. Look that's when the price
23:49
consistently it has little upticks.
23:51
We think that we're doing great, but then it goes down then it
23:54
comes up with look during that bear market that we just talked
23:58
about when it that was when news like we got yesterday would have
24:03
impacted silver and gold to the positive.
24:06
I hope this makes sense to you. I believe, right, this is my
24:09
theory that the fact that that even the reaction, the gold and
24:13
silver market reactions have flipped to what in the past
24:18
would have been positive to being negative short term is a
24:22
sign that we are no longer in that bear market.
24:25
Because if if we were still in this bear market, the fact that
24:29
the Fed loosened monetary policy and the fact that we had
24:33
horrible jobs numbers would have meant gold goes up 50 bucks an
24:36
ounce. Hey, look, I wish it had gone up
24:38
50 bucks an ounce Friday and I think the initial knee jerk
24:41
reaction was positive. But I still say that flip in
24:46
reaction is more indicative to me that we are now in a bull
24:51
bull market. Let's go take a look.
24:53
We talked about this earlier and go there we go.
24:58
What live stream would be complete if we didn't look at
25:00
John Extra's pyramid? We talked about this earlier.
25:04
All the money guys. This is a good way to think
25:08
about it on a worldwide basis. This is John Extra's pyramid.
25:11
John Extra work for the New York Federal Reserve.
25:14
He's a highly respected guy. He was a big proponent of gold
25:18
and silver. He developed this pyramid that
25:21
basically showed that all the make believe, fake money rest on
25:26
a very small this upside down pyramid base of gold and silver
25:32
at the very bottom. Isn't that interesting?
25:34
OK. And right as we were talking
25:36
earlier, government bonds, I don't know if you can see my
25:39
cursor, but it's the third thing up.
25:42
That's what we're seeing right now, guys.
25:43
We're seeing money fall out of the government bonds slowly,
25:48
right, and go into gold and silver.
25:50
And again, that explains why that explains why we've had this
25:55
great price action in the silver price and gold price.
25:58
OK, let's go to Page 2. The tide has turned.
26:02
Job numbers. We're a big dub.
26:03
Let's do some doom and gloom right now, OK?
26:07
I have insight from one of the top executive recruiters in
26:10
Saint Louis, friend of mine who I've known for, like I said, 25
26:14
years. He had some very insightful
26:16
things to say about what's going on.
26:18
The jobs numbers were a big dud, but the truth is nobody can find
26:23
good jobs right now. So they're saying that all you
26:26
know. But the market's still good.
26:28
It's better than it was. The truth is good jobs are not
26:32
available. When I say a good job, let's say
26:35
a high paying white collar type job with good benefits.
26:40
Maybe you get a couple weeks of vacation, right?
26:42
A couple holidays per year. Good jobs and are far between.
26:45
And we know, remember, we know that right now in the United
26:49
States, layoffs in 2023 were the highest since 2009, right?
26:56
Right after the great financial crisis.
26:57
What is that telling us in 2024 is starting out with a bang?
27:02
We're hearing about layoffs everywhere.
27:03
We're hearing about Starbucks having big problems, right?
27:07
We're hearing about all types of companies that are struggling
27:11
right now because you know why The economy's slowing.
27:15
And I'm telling you, this is a fact.
27:17
What do you think that's gonna do for silver and gold, right.
27:21
And it's not going to necessarily happen Monday, but
27:24
as we go through, let's say on the next quarter, the next six
27:27
months, I went out on a limb and predicted that we are going to
27:30
be in a major recession sometime here in the next six months.
27:35
OK, look, I said we get 25 or $2600 gold by May.
27:39
Oh, we're in May. Well, we got pretty darn close.
27:42
So if we even have a a moderate recession, right?
27:46
Maybe I can be a little extreme at times, but if we have a
27:48
moderate recession later this year, it is going to mean that
27:52
the Fed has only one trick. They're A1 trick pony, right?
27:57
And they're already on the mat. Remember gold and silver?
28:01
The powers, God's money. If not the Fed, right?
28:05
The Fed's the only central bank in the world playing the Fiat
28:08
money game. Well, a few other ones, but the
28:10
rest of the world's shifting, right?
28:13
The feds on the map, they're A1 trick pony, right?
28:16
You know what they do? I can't reach, you can't see my
28:18
printer, It's behind you. They press their printer, they
28:21
print money. They dilute the currency.
28:24
And that, my friends, is going to be the that with the US debt
28:29
situation we talked about earlier is going to be the big,
28:32
big deal going on in terms of support and massive, massive
28:37
potential price spikes for gold. People talk about $3000 gold
28:43
right within the next year. OK, when, when and if I don't
28:48
have a crystal ball. But when the Fed has to pivot
28:52
and really turn the printer on, that's when we see $6000 gold.
28:57
That's when we see where is he? Where's my little boy?
28:59
There he is, the Little Silver Bear, $85, silver, $100 silver.
29:05
Like Keith Newmeyer from First Majestic Silver talks about.
29:08
That's going to be the big, big day.
29:10
So I talked with my friend Mark, OK, executive recruiter, been
29:14
doing it for 25 years. Saint Louis has a big, robust
29:17
corporate business community. He places accountants, Cpas,
29:21
works in that area. I said what's the job market
29:24
look like? He said it's definitely slowed
29:28
down. He said now some people are
29:30
making a big deal out of it depends on what their agenda is,
29:33
he said. But undeniably we've seen a
29:35
significant slow down in hiring in the job market and this is
29:39
what's interesting to me. These are accounting.
29:42
He's basically dealing with high finance and accounting Cpas,
29:46
those type people that that's interesting that he's seeing
29:49
that in that segment because that's a segment of the economy
29:53
that that has a shortage of good qualified workers.
29:57
What did we learn earlier in the week?
29:59
All right, let's go to the other.
30:00
So that's the white collar side slowing down.
30:04
We learned that the construction blue collar construction hiring
30:08
had like one of its biggest decreases last month in in the
30:12
history of the data guys, we are heading into doom.
30:17
I don't want to be scary scare ourselves, but we are heading
30:20
into a very, very precarious situation.
30:24
Join me in having a quick that's what's going on, OK?
30:35
If you dig into the jobs numbers, it's not pretty.
30:37
And with inflation, people are in a world of hurt.
30:41
Vince Lancey said that the other day about the feds.
30:43
Like the guys at the Fed. They don't have to go to the
30:44
grocery store. They don't have to worry about
30:46
feeding their family. We are in a world of hurt where
30:49
people are working two or three jobs just to provide the
30:52
necessities. Maybe, maybe This is why Red
30:55
Lobster's closing. Did you hear that, Red Lobster?
30:58
Yeah, the big RL Susie and I I, I, I grew to dislike Red
31:02
Lobster. But 20 years ago, I like Red
31:04
Lobster. Anyway, they're talking about
31:06
bankruptcy is what I hear, right?
31:08
Yeah, Because who can go? Can you?
31:10
Let me ask you Right, Let's say do you?
31:13
Does it seem appealing to you if, let's say you have your wife
31:16
and two kids or whatever, you're gonna take four people, go out
31:19
the Red Lobster and probably wind up spending 120, a $130.00
31:25
for a bunch of cruddy fried seafood and all that you can
31:29
eat. They're gonna try to fill you up
31:30
with those biscuits. Watch out, right?
31:32
No, that's people are suffering right now, working two or three
31:36
jobs. Big companies don't want to hire
31:39
people. You know why?
31:41
Because we're in stagflation now.
31:45
Stagflation is the most let's let's have, let's have some
31:50
let's have a a feel good moment my friends because this is what
31:54
as a silver and gold investor will make you feel really,
31:58
really good. We are definitely in
32:01
stagflation. I don't care what this guy I I I
32:04
can't resist. I'm sorry.
32:06
Quickly there he is. Him.
32:08
Did you hear what he said earlier in the week?
32:10
That's Jerome Powell. He's cute.
32:12
We like him. He stays in a box.
32:15
He was smug right at the he said we're not.
32:17
I don't see stag. I don't see the stag or the
32:20
flation. Oh really, Jerome?
32:22
Well, why don't you go out and talk to some everyday.
32:24
Why don't you talk to you? What would you tell Jerome
32:27
Powell about the economy? Is it stagnant?
32:30
Is it? Is it?
32:31
Do you feel that things are slowing down?
32:34
When you look at the data, when you look at what's going on?
32:37
Do you, your family and your neighbors?
32:39
I would say yes. The economy is definitely
32:42
slowing down. Susie and I were going to pick
32:44
up our daughter Lily from 6th grade Stay away camp.
32:50
We have a Starbucks by our house on the corner of a pretty busy
32:53
corner. It's like a drive through
32:54
Starbucks. There's all.
32:56
I'm always amazed. There's always just tons and
32:58
tons of cars anytime. It was 1:00, we drove by and
33:04
there was nobody. One of the workers was outside
33:07
smoking a cigarette. I said there's nobody at the
33:09
Starbucks. I've never seen that before, and
33:11
I wish I'd taken a picture. Right.
33:13
And she said, well, it's 1:00. I'm like, I don't care if it's
33:16
1:00. There's always people at
33:17
Starbucks. Always.
33:19
Right. Things are slowing down.
33:21
So we got the stag. But what about deflation?
33:23
Oh, no, we don't have deflation. That.
33:25
Are you kidding me? Are you kidding me?
33:27
We don't have deflation, right? I don't even.
33:30
I don't even want to waste my time arguing with Jerome Powell
33:33
on if we don't have inflation. Well, the Fed, the Bureau of
33:36
Labor and Statistics says inflation's under control at
33:39
3.30. Really.
33:41
BS not BLSBS. You know the real numbers.
33:46
You live a life, You go to the grocery store, you pay car
33:49
insurance. You right, it's it.
33:51
We have stagflation. We're in a stagflationary
33:55
environment, getting back to jobs and getting back to gold
33:59
and silver. Companies don't want to hire
34:01
people. Why?
34:02
Because the stagnant economy means their sales are going
34:06
down, while at the same time inflation means their costs are
34:09
going up. This little spot in here is
34:12
their profit. Sales are coming down, costs are
34:15
going up, they're getting squeezed.
34:17
They don't want to hire the employee.
34:19
That would they have to pay 100K salary and another 40K in
34:23
benefits because healthcare costs are out of control?
34:25
I won't even get into that, right?
34:27
This is the world we live in right now, guys.
34:31
And I promised you some good news.
34:34
You ain't seen nothing like stagflation.
34:37
For the price of silver and gold.
34:39
Money flows, baby. I don't say that very often.
34:44
Buttercup Basement dweller. And by the way, thank you for
34:47
being here. Please give this a thumbs up.
34:48
Subscribe to the channel if you haven't already.
34:50
We get together pretty much every day, OK?
34:53
And you can be a a happy basement dweller with all of us.
34:56
None the less. Money flows into silver, into
35:01
gold, right, in a stagflationary environment.
35:05
You know why? It's real simple.
35:07
There's nowhere else for it to go.
35:09
Stock market goes, They're saying the stock market, the S&P
35:14
500, the Dow, the NASDAQ, the Magnificent 7, which probably is
35:19
now the Magnificent 6. I mean, what was the other one
35:21
they used to? The other thing they used to
35:23
have, I guess in the 70s was the Nifty 50, right?
35:27
And then we had the Fang stocks. What was it?
35:29
The Facebook, Amazon, Netflix and Google.
35:32
Whatever. Right.
35:33
Bang plus and then the the magnificent why do all those are
35:37
it's going to end really poorly for the general markets
35:42
Stagflation right. Imagine just think I want to
35:47
paint a picture for you gold and silver investor just possibly
35:51
I've again I, I I don't have a working crystal ball but I want
35:55
you to imagine what if the general markets the stock market
36:00
go down down down. What if we have a bond market
36:04
crisis right at the same time just saying right.
36:10
Kind of like what Elon Musk talked about earlier but just
36:13
the reality the numbers behind what if we have a a stock market
36:17
and a bond market crisis where do you think all that money's
36:20
gonna go Real estate. Are you kidding me?
36:24
Who's going to buy? You got to be a dolt.
36:26
Sorry. Susie uses that word.
36:28
I don't think that's a bad word. Dolt.
36:29
Occasionally I get called dolt, but.
36:31
So I don't even know really know what it means.
36:33
Maybe that's 'cause anyway. Are you going to put your money?
36:36
Are you going to put your money in the market?
36:38
No. Are you going to put your money
36:39
in bonds? No.
36:41
Are you going to buy real estate?
36:43
No, 'cause it's going to be going down too.
36:46
Very likely. But even where it is right now,
36:48
right, it's all overpriced. Bonds are overpriced.
36:51
Stocks are. Don't even get me started.
36:53
The stock market. Trust me on this one.
36:57
By any realistic measure, the stock market in the United
37:01
States is, whoa, richly valued at minimum.
37:05
Some people might say a bubble, bubble, bubble.
37:08
We got trouble. OK, so that money and is it
37:11
going to go into real estate? Look, they say my house is worth
37:15
a half $1,000,000 and I do not say that in a bragging way, OK,
37:19
'cause I'm not a rich guy, I don't think my house is worth a
37:23
half million dollars. I got news for you.
37:26
I wouldn't buy my house that I live in right now for a half
37:29
million dollars. I wouldn't buy it for 400,000.
37:32
I might consider buying it for 300,000, right?
37:36
But just give it. I mean, it's crazy.
37:38
Real estate is just insane. Where does all that money go?
37:42
It's in real estate that's in the stock market, that's in the
37:46
bond market, that's in the derivative market.
37:48
Let me no, I can't. I can't resist our favorite
37:52
chart. It all goes to the bottom, that
37:55
little bitty, bitty, bitty part. And it's not just little bitty
37:57
in this picture. It's little bitty in market size
38:00
as well. I think the gold total gold
38:03
market's like, is it 15 trillion?
38:06
Yeah, 15 trillion. I think the silver market's one
38:08
point nonetheless and it's hard to say how much really gold and
38:13
silver there actually actually is.
38:15
But it we do know for sure that relative right, those two little
38:19
things on the bottom relative to the base money, bank money,
38:22
government bonds, corporate bonds, stock market derivatives.
38:26
Oh my guys it's mind numbing the the the situation is critical
38:31
and it's going to get interesting super, super quick.
38:34
Let me get back. I I'm sorry.
38:37
New data comes out. Oh, this is interesting.
38:39
New data. I have new data breaking.
38:41
New data comes out. Young people in the United
38:43
States are. I'm trying.
38:47
I can't. I want to use a word that I
38:48
shouldn't use. Young people in the United
38:51
States are in a very difficult situation.
38:55
I'll leave it at that. OK, We have new data comes out
38:57
saying that people are delaying these young kids are delaying
39:01
getting married buying a house, major life events.
39:05
OK. Because they don't have the
39:08
money. Because a lot of them
39:10
coincidentally are saying because of student loans as
39:13
well. I mean the debt is crazy, but
39:15
let's go up. And did you hear what happened
39:17
in Canada? Canada, huh.
39:19
A lot of you join us from Canada.
39:20
Canada's our neighbor to the north.
39:22
For US Americans. I got a lot of friends everybody
39:25
I meet from Canada's nice especially Toronto business and
39:30
so this is there's a crazy day to point.
39:32
I forgot to put you on it. That's very critical.
39:37
Excuse me. There we go.
39:39
Yeah, I'll let you look at me while we look at it.
39:41
What the heck are we looking at it?
39:43
Here we go. Yeah, I don't like that.
39:46
I like that. Let's do this.
39:48
There we go. Business.
39:49
There's a, there's a piece of, there's a piece of information
39:51
in here that is going to make your heart race business
39:56
insolvencies rise to levels not seen since the Great Recession.
40:01
Interesting. That's a nice picture of Canada
40:04
and not very shoppers walk past boarded up storefront at the
40:08
Saint Catherine St. in downtown Montreal.
40:12
OK, but this is this is the crazy part.
40:17
Business insolvencies are on the ride, according to the Federal
40:20
Office of the Superintendency of Bankruptcy.
40:23
I bet that's a fun place to work. 2003 businesses
40:27
insolvencies were filed from January to March of this year.
40:31
Of those almost 1600 were bankruptcies, 404 were
40:35
proposals, which is legal option negotiate, OK.
40:39
The number of this is this is the part that that should have
40:43
you very, very concerned. This is not just Canada.
40:47
This is happening in the United States as well.
40:49
The number of insolvencies was up 32% from the previous
40:55
quarter. OK.
40:57
And 87% from the same quarter last year, that means the number
41:04
of insolvencies almost doubled. This could create a situation
41:09
and that's what we're scared of is that we we get into a
41:13
situation where business, what do we know about the United
41:17
States? All right.
41:19
What? We could get into a waterfall
41:21
situation where companies can't pay their bills.
41:24
Companies are laying off people. Thank you.
41:27
Hey, Susie. Susie's not home.
41:28
She got called away last night to take care of her mother.
41:30
What a wonderful daughter Susie is to her mom. 10:00 last night
41:35
she had to go and and take care of her mom and she's on the live
41:38
stream. She said we almost had 300
41:39
thumbs up. So, hey, guys, let's get to 300.
41:42
I'll. I'll ring the Where is it wrong
41:44
Hand that I'll ring that gong for you.
41:47
This could create a waterfall situation.
41:51
OK, companies start closing up. Companies go bankrupt, drive
41:55
down. I I told you I left Six Flags
41:57
with my daughters last Saturday. I'm driving down this road and
42:00
I'm like, they closed the Burger King.
42:02
Oh my gosh, the home of the Whopper, Right?
42:05
We're going to see Red Lobsters maybe closing up, which is fine
42:08
with me. I don't like what they did with
42:10
that place anyway. All all kinds of restaurants I'm
42:13
noticing are like, shuddering. We know the news.
42:16
If this bankrupts, it could create a waterfall.
42:19
So again, it's going to create a situation where the Fed is
42:22
forced to act and there's only one thing the Fed can do and
42:27
that's turn on that magic printer.
42:29
But let's look quickly here at what's going on in the United
42:32
States of America, if I can pull up the right one.
42:36
Yeah, remember this was from Jake and and big Tim
42:40
Silvershire. Just in 43% of small businesses
42:45
in the United States were unable to fully pay their rent in
42:51
April. That was last month, the highest
42:54
share since March of 2021. You're telling me that almost
42:59
half of the small businesses in the United States were unable to
43:04
fully OK, we need to make sure we don't over exaggerate here.
43:08
They're not saying they didn't pay their rent, but they said
43:10
they couldn't fully. Half the companies couldn't,
43:13
couldn't pay all their rent. Delinquencies are amongst
43:16
restaurants. Well, there we go, 52% became
43:20
52%. And what are what?
43:24
Think about this, and these aren't the greatest jobs in the
43:26
world, but my hat's off to anybody who works, especially at
43:29
a restaurant, 'cause they're serving people.
43:31
But what do we know about restaurants?
43:33
They always have a lot of employees.
43:36
Think about it, OK, 52% of restaurants became delinquent on
43:40
their rent in April. This More than 50% say their
43:45
rent is now higher than it was six months ago. 60% of companies
43:51
founded after the pandemic report that they are earning
43:55
less than a year ago. What is all this data telling
43:59
us? 50% of the businesses can't pay
44:02
their rent in full. 60% are telling us that they're making
44:07
less money than one year ago. What happens?
44:12
What happens? Let's get him out one more
44:15
QuickTime, huh? Right.
44:17
What happens when this guy, I need to get a little printer?
44:21
I put that, put a little printer in there with him to make him
44:24
happy. Has to turn on the printing
44:26
press. You know what happens?
44:28
The gold price and the silver price go crazy.
44:31
Look, we had a $40 decrease in the gold price one day last
44:36
week. Last week was a little
44:37
challenging for silver and gold, no doubt about it.
44:40
But when it comes to gold, remember we had that one day $40
44:44
crash, right? Oh, my God, it's over.
44:48
It's the end of the world. No, no, no, no, no, no.
44:51
I can't help. I can't help, right?
44:54
I can't help. It wasn't the end of the world,
44:57
possibly, guys. It was just this, right?
45:00
A pullback. See where it says are we here?
45:02
All that it was right? That's all that it was.
45:05
Because remember, while we had a $40 pullback?
45:09
So that was the little pullback. OK, if we are in a bull market,
45:12
we're going to go up the new higher highs.
45:14
I believe fundamentally we are. But just to put it in context,
45:18
we also had a $400.00 rally in the gold price over the last
45:22
number of months. $400.00, right.
45:26
Remember before Christmas, Christmas tree behind me.
45:30
Come on, come on. Basement dwellers, right?
45:32
We were, we were like fighting for 2000.
45:36
You know, we we stayed around $2000 gold for a long time and
45:39
we were kind of happy about that.
45:41
So a $40 pullback. Not the end of the world.
45:45
The banks. I was curious, did you hear
45:47
about any, did you hear about the bank on Friday?
45:52
I was waiting. I was, I was going to call it
45:56
last Friday. We had this bank in Pennsylvania
45:59
that went belly up, right. But I was waiting for the
46:01
another bank after the close yesterday to get an ounce and it
46:05
went bank. We didn't have any banks.
46:07
I'm not spreading false information.
46:10
I was going to call it Bank failure Friday.
46:12
That'll be our new feature here in Ron's basement.
46:15
Bank Failure Friday. Because for some reason, banks
46:18
fail on Fridays after the close of the market.
46:21
Don't you find that interesting? Why don't they announce it on
46:24
Monday morning before the market opens?
46:26
No, they do it on Friday. All the banks, they you know,
46:30
for some strange reason, that's when the banks go belly up.
46:33
I wonder if we got the. Did we get the 300 thumbs up
46:36
yet, Susie? Hold on a second, guys.
46:39
Can we get the 300 thumbs up? Then you get the big, the big
46:43
ringing of the gong. OK, almost to 300.
46:46
Ron McAdams gave a super chat. Wow.
46:49
Hold on here, guys. Did I miss that I'm missing
46:52
everything this morning? There's our friend Ron McAdams.
46:55
We always like to see his smiling face in the lower left
46:58
corner. All right, did we get our Can
47:02
somebody please in the comments? Let me know.
47:04
Did we get to 300? Thumbs up.
47:10
Fairy tales can come true. It can happen to you, banks.
47:17
Oh yeah, Bank failure. Friday.
47:18
We're going to have more banks. Guys.
47:20
This is the reality of the situation.
47:22
Be prepared, OK? We are going to have more and
47:26
more banks right now this year going belly up.
47:32
And I'll show you why. Right now, it's very easy to
47:36
understand. Oh, well, I forgot about the
47:39
probably the most important thing as well.
47:42
OK, we're gonna talk about the banks.
47:45
But first, but first, let's not forget Sunday night.
47:51
Big week, right? We talked about the bricks.
47:53
We talked about China, gold, silver.
47:57
For those of you who haven't been joining us lately, there's
48:00
a little secret going on and that was that.
48:02
The Chinese gold and silver trading was not occurring over
48:10
the last five days. From Wednesday through Sunday,
48:15
the Shanghai Gold Exchange and the Shanghai Futures Exchange
48:18
were closed. Silver and gold price are being
48:23
hijacked or taken over by the Chinese and they were on
48:29
holiday. No trading.
48:30
It's gonna be super interesting. We're gonna need to pay
48:33
attention what happens on Sunday and Monday with the gold and
48:37
silver price. Look, there's no guarantee.
48:40
I'm not saying oh it's but it minimum.
48:42
It's going to be fascinating if we get a big upswing in the gold
48:48
price and the silver price on Monday.
48:51
To me that cements even further that the Chinese are taking
48:56
control, are having more significant impact on the silver
49:00
price and the gold price. And you know I think since we've
49:03
had a little bit of a pullback since they've been on holiday
49:05
over there, it's going to be interesting.
49:07
So interesting to see and we'll be able to see that I believe
49:10
Sunday night when the COMEX futures markets open around 5:00
49:15
Eastern Time, how the Chinese are are reacting, how much
49:21
buying is going on, it's going to be super interesting.
49:24
This was from our friend David Lee and from an article from the
49:29
Gold Star, which is part of the Pickaxe Labor Day.
49:33
Shanghai Gold Exchange will be closed from May 1st to May 5th
49:37
Sunday. OK.
49:38
It'll reopen. The market will reopen as usual
49:42
on May 6th, right? That's going to be an
49:46
interesting thing that plays out.
49:48
All right. I'm going to ring the gong three
49:50
times for the 300. Thumbs up.
49:52
I appreciate everybody being here.
49:54
Are you ready? It's gong time.
49:56
The old golden gong. Yes, we did it.
50:06
It's going to be an. It's going to be an interesting
50:11
ride, basement dwellers. OK, please do me a favor.
50:16
Support our sponsorspinbex@pinbex.com and
50:19
don't forget about first mining gold and Fortuna silver.
50:23
Have a great day and I'll see you guys soon.
50:26
Thank you. Thank you.