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🚨 THIS Is What's Happening with SILVER and Gold Price - Precious Metals News UPDATE · SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT

• 0:01
  $10,000 gold. You may not want to hear about
• 0:04
  that right now with what we've been through over the last few
• 0:07
  days. This has been a historic period
• 0:10
  for gold and silver. But along with that, historic
• 0:15
  movements that we've had new record highs and gold, new
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  record highs and silver. The other side of that coin is
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  volatility, and we've experienced some historic
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  volatility in the gold price as well.
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  In this video, we're going to talk about what happened, but
• 0:31
  also why we can remain very optimistic about the future of
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  the gold price and the silver price.
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  Before we do that, thank you for joining me.
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  I'm out of the basement. I'm actually in Paris, France
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  right now. So it's evening time, morning
• 0:45
  time for you. But wherever you are, you can
• 0:47
  always join together with your fellow basement dwellers here at
• 0:51
  the virtual basement. So please subscribe to the
• 0:54
  channel. That will help a great deal.
• 0:56
  Let's talk about what happened recently with silver.
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  We're going to 1st go out to a tweet that came out just the
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  other day and darn it, my screen screwed up.
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  So bear with me here, guys. Rashad put this out the other
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  morning. Silver perhaps is performing the
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  most important price action of the year, OK?
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  He's talking about it touching back to that $50 level, which as
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  you know, we dropped back through.
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  But guys, we got to remember, let's go look at the let's go
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  look at an update of the silver price Right now.
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  We still, and this is the futures market have $47.70
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  silver price. However, let's go out and look
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  at the spot price and get an update there as well.
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  This is the spot price of silver, which is 4824.
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  Wow, that's still a whole dollar 24 more right than the futures
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  price and the futures price is supposed to be higher.
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  So we are still in a state of backwardation where the spot
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  price of silver as you can see on your screen right there in
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  the black line, black colored area, whatever world spot price
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  4824. But if we go and look at the
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  futures price, we're at 4770, so still $0.50, very unusual.
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  Look, we got to remember one thing, OK?
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  And that is anything that goes into a bull market will also
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  have corrections along the way. We got a lot more to talk about
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  that we are going to talk about one of the like most respected
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  analyst in the world talking about $10,000 gold and talking
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  about that possibility a lot sooner than many of us could
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  could realize. But let's look at some other
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  data what they did on Tuesday with the silver price.
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  Peter Spina from Gold Seek put this out what happened in
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  London? So this whole thing started
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  right when the the LBMA opened on Tuesday, I guess early in the
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  middle of the night for us. You can see here on this chart
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  the white line, which was the October 25th or I'm sorry, 21st
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  silver price just absolutely got smashed.
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  This is all they they are scrambling right now, guys, the
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  the people that are running the paper markets shoot, did I
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  forget to share that? Which I did.
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  There's that tweet. I was just talking about the
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  people running and I can't even see for some reason here.
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  Hold on my screen got all screwed up.
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  I wonder if I can go up. Hold on here.
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  All right. Oh well, I'm going to struggle
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  all the way through this right now.
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  You're looking at the tweet and that's the middle of the night.
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  There are all kinds of dislocations right now,
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  weirdness in the silver market in particular, imbalances
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  between the LBMA and the COMEX issues with some of the ETS
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  issues. And and it's hard to know what
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  what is real and what is maybe some exaggeration going on.
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  And we're going to look at some of the other examples of gold
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  and silver, real examples of shortages.
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  People waiting in lines here in a minute.
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  But it's absolutely happening. We got something next from the
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  hero. This is great.
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  I thought John Little over at the Silver Academy summed it up
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  very well with this one. And let's make sure which again
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  here we go. Now you can see it.
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  London's deaths are in full blown panic, hammering paper
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  silver in a desperate attempt to flush longs out of the market.
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  The selling isn't strength, it's fear wrapped in leverage.
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  There's no real metal behind those positions.
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  Remember that right? They're trading the just
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  unbelievable amounts of paper make believe fantasy island,
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  deplane deplane. Silver just contracts stacked on
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  vapor, not backed by anything. The physical cupboards are bare
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  and the bulls know it. Every dip invites real buyers
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  who understand the scam can't survive contact with delivery
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  date. Fraudulent bears are
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  outnumbered, cornered by the very metals they've mocked.
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  When the smoke clears and the paper burns, silver's truth will
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  surface above $54.00 because you can't short what doesn't exist
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  in reality. Let's go look at the silver
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  chart real quick as well. Guys, I want to go back to this,
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  make sure I got you on the right screen, which we do.
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  This was from this is CNBC. This is a one year chart of
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  silver. I mean, look at the at what we
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  had over the last year. We it's I know we're all crying
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  in our Wheaties right now. However, let's keep in mind that
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  just back in April of this year, just 6 short months ago, half a
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  year ago, we were at $30 silver and we're still here sitting at
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  darn near $48 silver. And what we, we are in the spot
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  market because we're in backwardation.
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  Things are not that bad. And anytime you're, anytime you
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  have a big move up, you're going to have pull backs.
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  I want to show you another chart here in one second.
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  There's the five year chart. Look, we talked about this many
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  times here in the basement that anytime you get a spike up, you
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  often get a spike down. I want to draw your attention to
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  something. It was a lot of fun.
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  But if you here at that 40 mark, that does look like quite a
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  spike. So to pull back even to look, I
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  don't want to be negative, but even if we pull back to $4443
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  per oz silver, we're going to build a base.
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  And from there we can build much, much further into the into
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  the future. Let's take a look.
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  This is fascinating. This this puts things into
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  perspective for us as well. Let's get you on the right
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  screen. And this is from metals and
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  miners. They put out a a great post that
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  said premium premium. It's a sub stack.
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  You can subscribe to the 630% bull market that scared away
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  most investors when mental preparation is paramount to
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  handle gut wrenching volatility. And does it feel like gut
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  wrenching volatility to you? It does to me over the last few
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  days. But when we look at this chart,
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  this is a the during gold 630% bull market in the 2000s.
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  There were numerous corrections along the way.
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  And if we look at this chart right, starting back over here
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  around the year 2000, gold obviously went up 630%.
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  But as you can see, all these red numbers point to and tell
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  us, right, there was even a 34% pull back that there were pull
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  backs along the way. It's going to happen.
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  I know you know, look, I'm not a financial advisor.
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  Don't make any financial decisions based on anything that
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  I'm saying. But remember, right, don't,
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  don't let your emotions get the best of you if you believe that
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  something is going to continue to do well in the long run.
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  I absolutely believe that's just my, I'm not the financial
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  advisor, but that's my belief that silver and gold are going
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  to continue on and we're going to listen to somebody who who's
• 8:24
  telling us about $10,000 gold in just one second.
• 8:26
  But right now I want to say thank you to our channel sponsor
• 8:30
  First Meant OK for sponsoring Ron's basement.
• 8:34
  First Mint is a silver mint in Las Vegas, NV owned by First
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  Majestic Silver, Keith Newmeyer's big silver mining
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  company. They get the silver out of the
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  ground in Mexico, ship it to Nevada, transform it and mint it
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  into these world class silver bullion products and then they
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  Oh, and there is a discount code, VIP RB, very important
• 9:00
  person, Ron's basement, because you're a very important person.
• 9:03
  When you join me down here in the basement, don't forget to
• 9:05
  subscribe. Let's move on.
• 9:08
  And I want to pull up my notes here.
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  Hold on one second. OK.
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  All right, so we're getting all these reports.
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  Let's let's just take a look at what's happening still around
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  the world right now with silver and gold.
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  We'll run through these, but they are evidence to us that
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  there's a lot going on. This one came out from Rob
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  Keats, super respected person in the metal sector, early in the
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  week. Incoming American Silver Eagle
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  shortages, There are less than 300 American Eagles available at
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  the three major wholesalers in Dallas.
• 9:41
  Premium spiking to $12.00 right now on Amex.
• 9:44
  And it's about to get much, much worse.
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  Now, that was from a few days ago, October 20th, 2 days ago.
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  But still, that shows the stress that's in the market.
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  Then we had this from Alex Jones.
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  Look, not a political channel. I'm not saying anything
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  political, but he had this guest on talking about just the
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  craziness in the silver market right now.
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  Let's just listen for one second, London.
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  Ran out of silver, right? We talked about how the
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  commodities, the chief commodities analyst at TD
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  Securities said London was going to run out in four months.
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  It didn't it Like it's run out now a month ago?
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  I said I bet that creates a run. It runs out even quicker.
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  It it did. And so so here's what where the
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  political dynamics are are going to.
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  So London ran out and you've got all these people with short
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  positions, Bank of America, JP Morgan Chase, whatever they have
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  770 million ounces of silver and short position where there's
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  only 500 million oz produced in a given year.
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  What does that mean for the banks?
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  They they are going to be squeezed.
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  When you. Run out of a short position you
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  accident, you have to buy the metal.
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  Yeah, so it's in the it's it's everywhere right now.
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  Like I said, big dislocations, big variety of news stories
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  coming out about the silver and gold shortage.
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  What about Norway? Uh oh, this was a post that is
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  no longer available, but there was a post about Norway having
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  some shortages as well. This was in Sydney.
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  Another update from Sydney. People in Australia apparently
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  are really going crazy. Look at these people lined up to
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  buy precious metals in Sydney, Australia.
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  And then we have this from Hong Kong, from William Middlecoup,
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  again, another big respected name in the precious metal
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  sector. He says Hong Kong Gold Rush.
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  This is getting serious. Yeah, I'd say serious.
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  It definitely looks serious. Let's talk about $10,000 gold
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  and a guy named Ed Yardini and see why he's saying that is very
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  likely and a lot sooner than most of us are anticipating.
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  Before I would do that, I do want to say thank you to the
• 12:04
  other sponsor of the gold and silver content.
• 12:07
  First mining gold, their development stage company with
• 12:10
  two multi million ounce huge projects in Canada, Spring Pool
• 12:14
  in Ontario, Du Parquet in Quebec.
• 12:17
  You can learn more about them at firstmininggold.com.
• 12:21
  Next, let's go out and see what our friend, our friend, we love
• 12:25
  this guy. Now Ed Yardini is saying, and
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  I'm going to share the right screen, OK, $10,000 gold by 2028
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  economist Ed Yardinis, who's the Roaring 20s architect next big
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  call. So this is not like a Silver
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  Buds, not some guy in his basement in Saint Louis or a
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  hotel room in Paris saying this. It's Ed Yardini, famed
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  economist. Ed Yardini is calling for 10,000
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  gold by 2028, the end of Trump's presidential term.
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  And he has this chart, right. Are we still in that range?
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  Yes, we definitely still are, right?
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  We at this point would have to get down below $4000.
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  He's saying there's a channel that exists.
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  OK. But then what he talks about as
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  well isn't just another price prediction, it's a methodical
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  analysis from the architect of the roaring 2020's thesis who's
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  been spot on while others called for recessions or market
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  crashes. Supporting evidence comes from
• 13:34
  another chart that he has as well.
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  Essentially though, guys, and I was having this discussion with
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  some high level people today. You know, we're in a situation
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  right now, not a political statement, but Trump's policies
• 13:48
  and what Trump's going to have to do with the US dollar.
• 13:50
  Look, there is no other way around the fact that the US
• 13:55
  dollar needs to be devalued for us to be able to pay off our
• 13:59
  national debt. Did we get to 38 trillion yet?
• 14:01
  Let's go take a look. What the heck?
• 14:04
  Let's go see what the US debt clock is telling us we're
• 14:07
  sitting at, right? Well, you can see me.
• 14:52
  Somebody give me a 5 by 5, all right?
• 14:55
  Anybody here? Oh, I'm having some tech issues.
• 14:59
  I'm out of the I'm out of Ron's in France.
• 15:01
  Hold on here, guys. We have a problem.
• 15:05
  Somebody give me a 5 by 5 if you can see me and hear me right
• 15:09
  now, OK? Yes, I'm back.
• 15:12
  I deleted my tab where I had my stream yard.
• 15:15
  We're going to go, OK? We're going to go back out and
• 15:17
  look now at the US debt clock and let's do it, OK?
• 15:26
  All right, Hold on here. We're going to go off the
• 15:30
  screen. I'm here.
• 15:33
  OK, escape. Let's go see what the net U.S.
• 15:40
  National debt looks like right now.
• 15:41
  Sorry about that, guys. I deleted you for a second, but
• 15:45
  we're back. We're back.
• 15:47
  All right, the US debt clock and whoa, we're almost there. 37
• 15:53
  trillion, 968 billion. Not quite there yet, but that's
• 15:58
  why look, there's no other we are in right now what can only
• 16:03
  be described as an everything bubble and the reason we call it
• 16:06
  in everything bubble is because we're in a dollar bubble.
• 16:10
  Okay, so everything is overpriced.
• 16:14
  Quote UN quote, not precious metals in my opinion, right?
• 16:17
  They're the yeah, the the, they're the, they're the the
• 16:20
  catch all that's always has value.
• 16:22
  But stocks, real estate, everything is likely overvalued
• 16:27
  right now is based on U.S. dollars.
• 16:29
  The only way they can continue that trillions and trillions of
• 16:33
  dollars of increase in debt to pay the quote, UN quote, the
• 16:37
  bills is to do it with dollars that are lower in real value.
• 16:41
  This has happened hundreds of times over the course of
• 16:44
  history. Every paper currency that's
• 16:47
  gotten itself to a point where the US dollar is, unfortunately
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  we don't like it. That's what happens.
• 16:53
  So be prepared. And I think that's why someone
• 16:56
  like Ed Yardini, who's a well respected, super smart economist
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  is saying that we can expect $10,000 gold by 2028.
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  Ten, $1000 gold, where do you see silver at that point?
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  Definitely over $100 per oz. So no matter how we look at it,
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  what's going on right now in the silver market, all these
• 17:18
  dislocations, everything that's happening with the COMEX and the
• 17:21
  LBMA, everything is happening on the street with retail
• 17:25
  investors. I think points toward the the
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  fact that we aren't ever going back to a silver price that
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  starts with the number 3 until we are at $300 per oz, I can't
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  fathom silver it I'll raise my hand.
• 17:40
  I'll buy silver at $44 per oz if we get there.
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  I'm not predicting we will and I hope I'm right.
• 17:47
  OK, Remember, I don't have a crystal ball.
• 17:49
  Make sure you do your own due diligence.
• 17:51
  I really appreciate you guys understanding them out of the
• 17:54
  normal studio right now and joining me here from this remote
• 17:58
  location. You are the most important part
• 18:01
  of this channel. Please don't forget to
• 18:03
  subscribe, OK? Take care of yourself and I will
• 18:07
  see you. Yes, you take care.