Latest / SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT / SILVER Update! THIS Is Critical NEWS for Silver and Gold 🌞 - (price gains)

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SILVER Update! THIS Is Critical NEWS for Silver and Gold 🌞 - (price gains) · SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT

0:02
There will be 4 big waves to the precious metals bull market that
0:06
we're in right now. Much higher prices to come for
0:10
silver and gold, although it may not feel that way this morning.
0:13
We will talk about that. But are we in phase two?
0:17
Are we just entering phase two of a four phase wave that we
0:22
will see in the precious metals? Let me let me pull up my screen
0:27
here. I have something very important
0:29
that we will talk about and it comes from our friends over at
0:33
Kitco who are telling us, sure, we've got that up.
0:41
OK. You should be seeing a picture
0:43
of our friend Neils from Kitco. But what's important here, gold
0:47
still has plenty of room to run. Plenty of room to run as hedge
0:53
funds bullish bets hit four year high.
0:57
OK, so we already know phase one has been completed, correct?
1:03
Central banks are buying more gold and this all relates to
1:06
silver as well. Central banks, phase one, hedge
1:11
funds phase two. Again, this is the most
1:13
sophisticated money in the world.
1:16
We still have phase three and four to go through.
1:19
I'll tell you about that and what I think you should consider
1:23
doing when we do get the phase four, but let's focus in on the
1:27
hedge funds for now. According to our friend Neil's
1:29
at Kitco, hedge funds are starting to recognize the value
1:35
of holding gold and silver as money managers increase their
1:39
bullish bets. According to the latest trade
1:41
data from the CFTC Golds gold's net length now stands at 193,000
1:53
contracts. The bullish speculative position
1:56
has risen to its highest level since early March 2020, when the
2:02
Federal Reserve and our old friend Gomer Pyle Jerome Powell
2:06
in an emergency meeting cut interest rates by 50 basis
2:11
points as the global economy was experiencing the early effects
2:15
of the C19 pandemic. So right now the the
2:19
speculators, the hedge funds, right, OK, the central banks are
2:23
the smartest guys in the room. Check phase one, wave one of
2:27
four ways. We know what they're doing.
2:29
The next smarter guys in the room are the hedge funds.
2:33
We are hearing they are starting just in the beginning phases.
2:37
So we're really just in the beginning phase of Wave 2 to
2:41
move into gold and they're doing it, though this is what's
2:45
important to remember that they're positioned now as
2:49
bullish, as optimistic as they were, as when the Fed cut rates
2:55
by 50 basis points. You know what happened?
2:58
The money printing, the the the the crazy moves up we had in
3:03
gold and silver subsequent to the onset of the C19 crisis.
3:09
This is a big deal. Even with gold prices at record
3:13
highs and silver trading at a six week high, analysts know
3:17
that the precious metals market does not look overbought.
3:21
What that means is the fancy guys who spend their days
3:25
crunching numbers, looking at charts, looking at all these
3:28
this technical analysis are saying that that there's not too
3:31
much money in the metals yet. It's not overbought as of yet.
3:36
Although speculative positioning has reached a four year high.
3:41
Some analysts note that it's been fair a fairly slow boil.
3:45
I like that term slow boil. Doesn't it feel that way?
3:49
The move in the metals. This was not a like like spike
3:54
up type event. It was a like a steady
3:57
consistent process where where if we are correct solid base,
4:04
solid support was established each step of the way.
4:09
It's not like here's, I think how we want to look at it.
4:12
It's not like gold went from 1800 up to 2500 over the course
4:19
of three weeks. No, it happened over a long
4:22
extended period of time. Now it was relatively quick, but
4:26
it did it in a real stair step fashion, $100 at a time as it
4:31
moved up, OK? Nikki Shields, the head of
4:34
research at metals and MKS Pants, said.
4:37
Even with elevated speculative positioning, gold still has room
4:43
to move higher. By no means are all investors
4:48
firing on all cylinders and the now confirmed Powell pivot which
4:53
we talked about back in December, but we'll leave that
4:56
one alone. But with any incremental U.S.
4:58
dollar weakness should see inflows accelerate into the
5:03
elections on top of it all, the cherry on top, right, the
5:08
presidential election coming up in November and throughout the
5:12
year, investor demand has played a minimal role in the gold
5:16
market. Investor demand is just, this is
5:20
so exciting when we talk about the metals guys, what we've
5:24
accomplished and what Kitco is even telling us is what has been
5:28
accomplished in the gold and silver price has been done with
5:31
what they term minimal role, a minimal role of the investor.
5:37
But prices have been driven by blah, blah, blah, right, Central
5:40
bank purchases and Asian retail demand.
5:43
However, analyst expect investors will start to take a
5:48
bigger interest in gold as the Federal Reserve begins to look
5:51
at the easing cycle next month. And you and I know that again,
5:55
it's a four step process. Step one, central banks, Step 2,
6:00
hedge funds, the big money. That's where the 100
6:04
millionaires and billionaires invest their money.
6:07
The hedge funds are now getting in.
6:09
We're going to talk about step three and four.
6:11
Eric Strand said that the gold market has not seen its full
6:15
potential just yet. However, here comes the bad news
6:19
guys. OK.
6:20
However, while gold remains in a long term uptrend, Strand warned
6:25
investors that the elevated speculative position could
6:28
create some near term volatility, which is likely what
6:32
we're experiencing today. And analysts have said that any
6:35
weakness in equity markets could trigger a liquidity event, which
6:39
would weigh on gold. Yes, I won't argue that process
6:43
that that idea, right, that the market crashes at the S&P 500
6:47
goes down by 18%, twenty, 50%, whatever that will have an
6:52
impact on the gold market. Everything's related, but we are
6:55
in a new era when it comes to how quickly the Federal Reserve
7:00
is forced to react to everything that's going on.
7:03
OK, while investors continue to focus on gold, there's growing,
7:07
oh, looking red here, silver stackers.
7:09
There's growing attention on silver as prices hold above
7:14
$29.00 per oz. And we're going to check on the
7:18
gold and silver price here in just one second.
7:20
But as investors prepare for a rate cut next month, silver has
7:24
managed to outperform gold. The gold to silver ratio is
7:28
currently around 84, down from 90.
7:31
Analysts note that gold and silver continue to benefit from
7:34
a weaker U.S. dollar, which has dropped more than 4% since the
7:38
start of the month. But we are still, even though
7:42
the dollar has gone down and that is good for the gold price
7:46
and the silver price, absolutely no doubt about it.
7:49
But we still from a historical long term basis, the dollar
7:54
index is high. There's a lot of room for it to
7:56
go down. It could go from 100 roughly
7:59
where it is right now down to 75 or 80.
8:03
Probably the reason why probably the reason why gold is down
8:07
today. But let's talk about the four
8:09
step guys. This is this is good news, OK,
8:12
right. The other part of good news is
8:14
that you're here with me today. Thank you for you.
8:17
Yes, you one and only the apple of your mommy's eye.
8:22
You got a lot of people that love you and we love you here in
8:25
the basement. As a matter of fact, Brad Lewis
8:27
before we came on said hello to all the basement dweller
8:30
community and he said family, welcome to the family, welcome
8:34
to the family. OK, please subscribe to the
8:37
channel, turn on the bell notifications.
8:40
If you could give this a thumbs up, that really helps get the
8:42
word out to more and more people and super chats.
8:46
Any donations whatever are always never expected.
8:48
Never ever, ever, ever donate any money to me or to anybody
8:53
for that matter that you can't afford.
8:54
But they are super appreciated. The four step process.
8:57
The the four step sounds like a dance, but it is a dance.
9:01
It's a dance that the gold and silver price will make to much
9:06
higher levels. We just started the second step.
9:10
Let's review quickly basement dwellers because it's good to
9:12
keep our minds fresh as we grow older.
9:15
Step number one with central bank and Asian purchasing check
9:19
that's happened that is continuing to go on.
9:22
Step 2 is hedge funds, big money, big smart money, right?
9:29
The bank, central banks, they're the smartest.
9:31
Next comes the hedge funds. We know from the statistics they
9:35
are just now starting to enter the silver and gold market and
9:39
it's big money, smart money. OK, Step three will be the
9:45
generalist investor, maybe that neighbor of yours who likes to
9:48
buy Apple stock and NVIDIA and whatever when they that'll be
9:53
step three, that hasn't even started yet, start to pay
9:56
attention to gold, silver and the precious metal mining
10:01
stocks. What do we think that's going to
10:03
do to the demand profile for the precious metals?
10:07
OK, step four, and this is when I probably will take some
10:12
action. That's when the masses, the
10:15
everyday people, you hear about the taxi cab drivers and the
10:18
shoeshine boys and the, you know, your mailman.
10:22
Although I love my mailman, I'm like a dog.
10:26
Well, I'll tell you the mailman story here in a second.
10:28
That's step four. OK, That's when the masses come
10:32
in. That's when there's a bit
10:34
possibly of a mania, a bubble in the gold and silver values.
10:39
That's when I'll look at converting some metal into other
10:42
real assets. We've talked about this
10:45
exhaustively. Land, machinery, other real
10:50
assets. You aren't going to catch me
10:51
dead converting into this Unicorn fart dust.
10:55
OK, We aren't going to do that. Yeah, I'm like a dog.
10:58
I'm eating lunch yesterday. And I love my I love my old
11:01
mailman Bill, and I love the new mailman Kevin.
11:04
Bill retired and I see the truck.
11:07
I can see it at the front window.
11:09
And I like got up and ran out to say hello to him.
11:13
I tell you what, be nice to your mailman, be nice to your trash
11:16
man. Be nice to the person that gives
11:17
you your food at McDonald's. It really it feels good.
11:20
You know what? And those people are working for
11:22
us. I digress.
11:24
Silver and gold price update. Let's go check and see.
11:26
It has been a brutal morning to be invested in the precious
11:31
metals and I am in Pfc. So let's go out to Pimvex and
11:39
check on what is happening. It is ugly.
11:47
It's worse than this guys. Let's just get it out of the way
11:49
and get an update on the gold and silver price.
11:53
I'm updating. I think.
11:55
Here we go. OK, so we're we it's not that
11:58
bad. We're down.
11:59
It's bad. We're down $20 on gold.
12:01
We're still above 2500 two 1504 dollars gold price silver $29.31
12:09
silver taking it on the chin. Hey, I always say the best day
12:14
to make a conversion of paper, Unicorn fart, dust, dollars,
12:19
Fiat, whatever you want to call it, into precious metals are
12:22
days when the price is down. If you decide today, or any day
12:26
for that matter, to convert any or some of your Fiat into
12:30
precious metals, please support channel sponsor Pembex.
12:33
They make this broadcast possible.
12:37
But even more important to me, it's a company that I believe in
12:40
that I've worked with over the last year and they have provided
12:44
a wonderful service to me. I worked with them before they
12:47
sponsored the channel. I bought silver from them
12:50
before, a couple times before they sponsored Ron's basement
12:54
and I wholeheartedly personally believe in the company.
12:57
But you can do your own due diligence.
13:00
You need to learn that for yourself.
13:03
I just ask that you compare what they can do for you.
13:06
If you're ever buying buoyant silver, gold or platinum group
13:09
metals or converting an IRA into metals, talk to the company.
13:13
OK, I think you'll find what I found.
13:15
Their prices are ultra competitive.
13:18
Their selection is great and they've got a great a great
13:23
select. They've got a double great
13:24
selection. Most really, most importantly,
13:27
'cause it's the foundation and that is that it's a company you
13:30
can trust. Now let's talk about the silver
13:34
and gold price. I have a picture I want to share
13:36
with you as to what we are going through right now.
13:40
We'll start with this one, OK? This is a bull market.
13:45
Doesn't matter if you're talking about the price of peanuts,
13:49
you're talking about the price of oil, apple stock or silver
13:54
and gold. We're talking about silver and
13:57
gold. A bull market is never a
13:59
straight line up. It's always up, pulls back a
14:03
little bit, back up, pulls back a little bit.
14:05
So on a day like today, right when maybe people get
14:09
frustrated, people get scared, whatever, Remember, we are, I
14:14
believe absolutely in a bull market for the metals in that if
14:18
I'm correct, we are right here. We're gonna have pull backs that
14:22
will go up. Another way to look at this,
14:25
This is actually a picture that's on my desk behind the
14:29
camera. You can't see this, but I
14:32
printed this out years ago because I thought it really not
14:36
only is it great advice for silver and gold, it's great life
14:39
advice in general. Success, what people think it
14:43
looks like, which is like just a straight line up, right?
14:46
You look at everybody else, sure.
14:48
I look at other people that, you know, have great careers.
14:51
We all do this and think, oh, it just went straight up.
14:54
You know, the reality is over here on the right, what it
14:56
really looks like. And that's what we're going
14:58
through today in the gold and silver market.
15:01
So don't give up guys. And this is not just great
15:04
advice for the precious metals market, but I think great advice
15:08
for life in general. But that's just my opinion.
15:12
How's everybody doing this morning?
15:13
Thank you for being here. Don't forget, leave a comment.
15:16
Let me tell you an absolute fact.
15:19
If we work together, we can learn.
15:22
We can go much further, right? So please leave a comment in the
15:25
comment section. I've got one.
15:27
You have a chance to become famous on the Internet, right?
15:30
Because I pick a comment every day.
15:32
We talk about it. Sometimes it's a question.
15:35
Sometimes it's an insight that that you've contributed
15:38
together, we can go far. And hey, you never know when I
15:41
show your comment live, right? Right.
15:43
That could be the the catalyst that springs you into fortune
15:47
and fame. And you can remember where it
15:50
all started here in Ron's basement.
15:53
You know what? Let's go to that right now.
15:55
Subscribe or comment. Let's talk about Silver on a day
15:58
when silver's down, down, down, down because I think this
16:07
comment needs to be addressed one more time.
16:09
Keith Antrowitz said as the silver prices rise, exploration
16:16
will increase, but definitely lag past performance would
16:20
indicate basic supply and demand.
16:23
Actually, what a critical. Thank you, Keith for bringing
16:26
that up again and understanding and sharing with the group.
16:30
It's so guys we could be in for AI would say at minimum six year
16:35
to 12 year period of unbelievable benefit as silver
16:42
investors in particular. And here's why when the silver
16:46
price does shoot up, when the basics of supply and demand
16:50
overwhelm the paper market, the COMEX in the LBMA, right when
16:56
when true price discovery for silver becomes reality and it
17:01
will happen, right? It's not just me.
17:05
There are people that have been following this for decades.
17:07
It is a coiled spring when it does happen, when silver goes to
17:12
$6065 per oz and I'm expecting much higher.
17:17
But I'll be conservative and say that how high do you think it
17:20
can go? Nonetheless, you're going to
17:22
have a six to 12 year period of golden price discovery because
17:29
like our viewer comment so, so aptly pointed out, yeah, sure
17:34
they'll, they'll start exploring for silver.
17:36
But guys, it is going to take them at minimum six years in the
17:41
most favorable of jurisdictions. First they got to explore and
17:45
they don't even know if they're going to find anything.
17:47
Think about that. Millions and millions, 10s,
17:50
billions of dollars In the next 5 to 10 years, when the price
17:54
explodes for silver, billions of dollars will flood in the silver
17:59
exploration. Guess what?
18:02
There's no guarantee they're going to find anything.
18:04
I talked with the CEOs of the of the major mining companies,
18:08
Keith Neumeyer, he's going to be on here in a couple weeks.
18:12
Jorge Gonoza. I've talked with Sean Kunkun,
18:15
I've talked with a lot of these silver mining development and
18:21
exploration. CE OS they all, they all
18:25
reiterate the same point. Silver is becoming increasingly
18:29
difficult to find, even when using these modern exploration
18:35
techniques. We're in a new era.
18:37
So even though billions of dollars will flood into silver
18:41
exploration, there's no guarantee #1 they're going to
18:44
find any silver. And if they do find any silver,
18:47
then they got to build the mine. Get a permit, right?
18:51
Get the money to build the mine, OK?
18:53
And then and this is going to take, this will take a decade
18:57
and then they have to hope, they have to hope that the mine works
19:01
and they actually get the silver out of the ground.
19:02
In the meantime, the price of silver is going through the roof
19:06
because for that 6 to 12 year period, there's the going to be
19:10
very, a very small incremental increase in the silver supply.
19:15
So be ready for that, OK? I did get resounding yesterday.
19:19
We talked about is there no silver in Texas?
19:23
Couple of the viewers had reached out, said they live in
19:25
Texas, feels like they're coin shops, don't have much silver,
19:28
if any silver. But I want to be clear after
19:31
receiving a wave of feedback from everyone there is silver
19:36
bullion available in Texas, OK. Now I think on a nationwide
19:40
basis, I'm hearing this from a number of people.
19:43
We could be seeing a bit of a, I want to term this correctly for
19:50
you, a bit of a shortage in the 90% shortage may be a too strong
19:55
of a word, but let's say stress, some stress developing in the
19:59
junk silver market. It I'll ask you give me some
20:03
feedback please. OK, send an e-mail.
20:05
Are you seeing that there's stress developing?
20:08
I'm not going to call it a shortage but stress developing
20:12
in the junk silver. 90% silver, pre 1964 silver.
20:17
For some reason it is becoming crazy popular right now.
20:21
OK, big news tomorrow and Friday.
20:25
It can move the markets, no doubt about it.
20:28
Major news. Let's go.
20:29
Let's go check out what we have to expect and what we would need
20:33
to see for the silver price and gold price to react favorably
20:38
over the next two days. Tomorrow, Thursday, August 29th,
20:42
we will be receiving employment data right there at 8:30 AM
20:47
Eastern Initial unemployment claims and continuing claims.
20:51
That will be a huge deal for the silver and gold market.
20:55
What the silver and gold market want to see is that
20:59
unfortunately the employment picture is worsening, so we
21:02
wanna see an increase in people making claims for unemployment,
21:07
people saying, hey, I lost my job, I need some unemployment
21:09
benefits. OK.
21:11
That would be a positive for the silver and gold price because
21:15
again, it would indicate to the Fed that the economy is slowing
21:19
and that they need to loosen monetary policy.
21:22
Now, even a bigger release will come on Friday morning at 7:30
21:26
AM. Eastern, which will be the PCE
21:29
inflation reports. This is the preferred measure of
21:34
inflation they say by the Federal Reserve.
21:36
They will be watching that closely for gold and silver to
21:40
react positively in this environment.
21:43
What we're going to going to want to see is, is a lower
21:47
inflation number because again, if inflation, if if people are
21:51
losing their jobs on Thursday and inflation is coming down on
21:57
Friday, this PCE report, that will mean that that the Fed is
22:02
going to be is going to need to to soften it up to loosen
22:05
monetary policy, to lower interest rates, whatever you
22:08
want to call it, create more Fiat Unicorn for whatever,
22:11
right? We all know the big picture.
22:13
This is short term noise, but I wanted to keep you abreast on
22:17
what's going on and what the short term noise actually will
22:20
be. So big Newsday, Thursday and
22:23
Friday. Let's see here then the fake and
22:27
lower rates Bank of America, yes, massive U.S. bank, right,
22:32
is saying things positive about gold.
22:34
Very interesting comments from one of their head analyst.
22:37
Let's run out and take a look at what he had to say, OK, from
22:44
Business Insider, gold is outperforming tech stocks this
22:47
year. We find that interesting now,
22:50
don't we? And investors should keep
22:53
buying. That's according to Bank of Bank
22:56
of America. Look at that pretty gold.
22:58
I know you're probably looking at that right now in your
23:00
basement. Investors should buy gold even
23:04
as the metal hovers around record high prices, according to
23:07
Bank of America investment strategist Michael Hartnett.
23:11
He says, quote, do what central banks are doing, buy gold.
23:17
Here we go. That's because interest rate
23:19
cuts from the Fed right now, We talked about what news we could
23:22
get Thursday and Friday, which would hasten that process along,
23:26
make it more becoming for Jerome Powell in the Federal Reserve to
23:30
indeed cut interest rates. Interest rate cuts in the coming
23:34
months pose a risk to stocking a rebound in inflation next year.
23:40
That's what nobody talks about. I'm glad that he is because and
23:44
just as we talked about the four waves of massive demand, right,
23:48
that we're on the beginning phase of wave two of massive
23:51
demand for the precious metals. Inflation will come in three
23:55
waves. That's a historical trend, a
23:58
historical fact. Absolutely they're going to
24:02
lower rates. The economy is not going to get
24:04
better, but we're going to have big inflation next year.
24:08
All of this is coming together beautifully for the precious
24:11
metals. Hartnett noted that gold is the
24:14
only asset outperforming US tech shares.
24:17
Why aren't they talking about that on CNBC?
24:20
Huh, right. The perplexing factor behind
24:25
gold rally is that investors have not been chasing it.
24:28
Yes, right. Again, we know that's actually a
24:31
good thing. Silver and gold have done well
24:34
in the face of adversity, OK. Gold has experienced a 2.5
24:39
billion outflow so far this year.
24:42
That is changing, OK, that that I mean outflows from the ETFs
24:48
this year, there's been a net amount of money.
24:50
People have taken out more money from the gold and silver ETS and
24:54
they put in over the course of the whole year.
24:57
But baby, we are almost in September and recently last
25:02
several weeks we have seen inflows, more money in the last
25:06
few weeks going into the precious metal ETS then coming
25:10
out OK. The juxtaposition of record high
25:14
gold prices and negative outflows is quote explained only
25:20
by unprecedented central bank buying and China retail buying
25:25
gold. This is interesting.
25:26
Did you know this gold is now the second largest reserve asset
25:31
and has one of the lowest code relation to stocks across asset
25:36
classes? I read that recently gold and it
25:39
surpassed the euro, I think it is and is now the world's second
25:43
largest reserve asset. Very, very interesting.
25:48
And when we talk about silver, let's see if we can pull this
25:50
one up for us. We're getting more and more news
25:55
about silver. This came from our friends at
25:57
the at the Jerusalem Post. Is China?
26:00
Is China pulling off a strategic silver take takeover, a
26:04
calculated move to drain the West?
26:06
China hoarding silver. OK, the world is waking up.
26:10
Price is 10% higher. Is it their secret weapon or
26:15
economic warfare? Wow, nothing like a pretty
26:20
silver picture. Take a look at that.
26:22
Take a deep breath. OK, So the whole world's been
26:28
focused on the geopolitical tensions between China and the
26:31
West. What they're saying is that the
26:33
Chinese have secretly been hoarding a lot of the world
26:37
silver. We're hearing about this that
26:39
they're they're even buying silver Dore and and silver kind
26:45
of the base level what comes out of the mines directly from
26:49
Mexican miners. OK now this move has signalled a
26:53
potential shift in global economic landscape and
26:56
highlights the developing countries need for exorbitant
26:59
amounts of resources. Is it their secret weapon?
27:03
OK in addition to its gold hoarding, China has been
27:09
strategically increasing its silver reserves.
27:12
The Shanghai Metals Exchange has seen a significant surge in
27:16
silver trading volume. That means more activity with
27:23
prices consistently higher than those on Western exchanges.
27:28
This suggests that China may be deliberately driving up the
27:32
price of silver to drain the West's resources.
27:36
There are people that speculate also right now what's going on
27:40
in the United States. U.S. citizens are selling a lot
27:44
of their silver because they can't afford to live and that
27:48
some speculation exists that some of the silver is being
27:52
melted down and shipped over to China.
27:56
OK, this talks about the massive amount of silver resource.
28:00
That's our friend Oriental Ghost, always showing us that
28:04
the silver price is higher in China.
28:07
OK, implications for the West. The rising price of silver could
28:10
have significant implications for Western economies,
28:13
particularly those that rely on industrial metals.
28:17
If the price of silver continues to rise, it could increase
28:20
production cost for a wide range of industries, from electronics
28:25
to solar panels. This could lead.
28:27
Oh, there's something. I think it's in the there's
28:30
something very funny silver stackers.
28:33
We deserve a funny every once in a while later in this article.
28:35
This could lead to higher consumer prices and a further
28:39
slow down of economic growth as China out produces the West in
28:45
electronics and solar panels. All right, just to point this
28:49
out, Bloomberg said they're producing more solar panels.
28:55
It can be put to use blur, Bloomberg reported in May.
28:58
Wait till you. This is funny.
29:00
I won't say it again. The next paragraph down.
29:02
Bloomberg reported in May that China's silver imports reached a
29:06
three-year high, 390 tons in December and 340 tons in April.
29:11
The five month yearly average is 310.
29:16
Here's the funny part. Reports have shown China has
29:19
produced so many solar panels that some Chinese citizens have
29:23
put them to use as garden fences.
29:28
I don't know if they have them hooked together to create
29:30
energy, but anyway, they're using solar panels as fencing
29:34
panels now in China. About 80% of all panels made in
29:37
the world originate from China. OK, They're importing like
29:41
crazy. And then they go on to talk
29:44
about India. All right, India in a silver
29:47
squeeze. India has been a major buyer of
29:48
silver, importing significant quantities from the West in
29:51
recent years. Guys, the data on India
29:54
indicates that this year, 2024, they could import somewhere
29:59
between 200 and 250 million ounces of silver.
30:05
We'll say it again. That's 25% minimum of the
30:09
world's mining production. India alone, remember, India
30:14
alone 25% of the world's production.
30:19
And we're hearing what China's doing as well.
30:21
What does this bode for the future of the silver price?
30:26
Right when we get through price discovery, when the physical
30:30
market overwhelms the paper market silver squeeze, we always
30:34
like to hear about that. Analysts warn that the growing
30:37
demand for silver, coupled with limited supply could lead to a
30:40
silver squeeze similar to the silver squeeze of 1980.
30:45
If investors begin to panic and rush to buy silver, the price
30:48
could skyrocket, causing significant disruptions of the
30:52
to the global economy. And don't forget that 198050
30:56
dollar high in the silver price. Let's go out and take a look at
31:00
that because what's critical for us to understand?
31:12
Wrong page. Hold on, excuse me, guys, been
31:16
there. OK, here we go.
31:18
It's a long term chart of the price of silver.
31:22
Actually, if you look at 1980 on this chart, the price didn't go
31:26
all the way up to $50, OK. It did that very quickly and
31:31
then quickly pulled back. However, what's important to
31:34
realize is that that $50.00 in 1980 is as high as what some
31:38
people claim would be $200.00 in today's dollars when you would
31:43
adjust that for inflation. So very interesting developments
31:47
going on here in the silver market.
31:53
Let's run over here quickly and talk about.
31:56
You want to hear who the top ten this is.
31:58
I found this very interesting. Who are the top 10 hoarders of
32:02
gold? We mentioned earlier that the
32:07
central banks are buying all the gold, but let's see if we can
32:11
pull up. This comes from, this comes from
32:14
the Times of India. And we can run through this.
32:18
The top ten countries with the largest gold reserves and #1 the
32:23
United States, of course, right? Always seems to be the United
32:27
States. But you know who #2 is, Can you
32:29
guess? Germany is number 2.
32:33
Germany has 3300 metric tons. OK, who's number three?
32:39
Italy. It's interesting that the major
32:42
European economies have massive amounts of gold stored by their
32:47
central banks, but that that amount of gold is almost in
32:50
direct relation to the size of the European countries when you
32:54
compare them to one another. There's been speculation that
32:58
the reason behind that could be that if they do go back onto a
33:02
gold standard, then everyone would have a proportionate
33:05
amount of gold stored within their central banks.
33:12
Next up, France. Again, another European country.
33:15
Russia. Yeah, they're glad they have
33:18
gold since their dollars were taken from them.
33:21
Then we have China, right? 1900 metric tons, although
33:24
everybody knows it's more Switzerland, Japan, the world's
33:29
third largest economy. You know, with their, with their
33:32
issues lately with their currency, they're glad they have
33:35
gold. Next is India, the precious
33:37
metals capital of the world. They only have 800 metric tons
33:41
of gold. Oh, but by the way, their
33:43
citizens have 25,000 metric tons of gold stored in their
33:48
mattresses and their walls. The Netherlands, Turkey, the
33:54
Portuguese Poland, man, tomorrow we're going to talk about Poland
33:59
is doing crazy things with gold. So we'll dig into that more
34:03
tomorrow. Hey, I also want to say thank
34:05
you to channel sponsor for Tune Up Mining, a silver and gold
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producer with major operations in Latin America and in West
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Africa. But I want to talk quickly about
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first mining gold. They had some exciting news out
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this morning from their Dupart K project in Quebec.
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News release came out that they further are defining expansion
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34:32
Parquet project. The Du Parquet project is in
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Quebec. I went up and visited it last
34:38
year. Beautiful place, beautiful area,
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major mining district. They have one of the biggest
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land packages in that area that they put together about two
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years ago. But as part of putting that land
34:52
package together, they they combined a bunch of what had
34:55
been previously separately owned projects into one big project.
35:01
And these mining companies wouldn't do a lot of drilling
35:05
near the borders of the project, kind of like the gap between the
35:08
projects, because they wanted to focus more on the heart of their
35:12
projects. Now that first mining owns it.
35:14
All this drilling, I'm sorry, this drill, drill results today
35:19
shows that there's really some great mineralization between
35:23
these projects. It says these new drill results
35:26
further define resource expansion opportunities at an
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under tested area. And they're they're they're
35:33
calling that the Valentry target or follow up drilling is now
35:37
taking place, but they've also mobilized the second drill.
35:41
So great news out of first mining gold regarding their du
35:46
Parquet project in Quebec. And don't forget they have
35:48
another massive project, the spring pole project in Ontario,
35:53
another multi million ounce development stage gold project.
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So if you want to learn more, go to firstmininggold.com.
36:01
All right. Did you hear Canada?
36:05
Is the world getting along? Because did you hear Canada just
36:08
placed a 100% tariff on Chinese made electric cars?
36:14
What is that? We know what that's telling us.
36:18
The world is not getting along. I was just floored to hear that
36:22
the the the Canadians are now charging a 100% tariff on
36:28
Chinese made cars. All right guys, we're going to
36:30
wrap it up here. Thank you for joining me today.
36:33
Thanks for being part of Ron's basement.
36:36
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36:38
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37:01
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