Latest / SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT / ⚡DID YOU HEAR What INDIA JUST DID to GOLD and SILVER (PLUS BRICS UNIT CURRENCY)

Transcript

⚡DID YOU HEAR What INDIA JUST DID to GOLD and SILVER (PLUS BRICS UNIT CURRENCY) · SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT

• 0:01
  Absolute massive news for gold and silver out of India.
• 0:06
  We're going to talk about what happened with India, but why in
• 0:10
  particular? This could be some of the
• 0:12
  biggest news we get of the year in the universe for the gold and
• 0:16
  silver market. The gold and silver price also
• 0:20
  guys also, are we headed towards a gold standard?
• 0:24
  We'll shift gears and talk about the Bricks network.
• 0:27
  The Bricks have a major, major meeting coming up this year and
• 0:32
  at that point, hopefully somebody let me know you can see
• 0:35
  me and hear me. I can't tell that that the live
• 0:39
  stream is actually going right now.
• 0:42
  If somebody could give me a 5 by 5, that would be great, please.
• 0:47
  Hello, You can see and hear me on the live stream, Susie.
• 0:55
  OK, OK, there we go guys. Sorry about that.
• 0:58
  We had some type of type of technical glitch.
• 1:00
  Let's start over. OK, the biggest, the biggest
• 1:05
  news of the year so far for gold and silver out of India, and I'm
• 1:09
  going to tell you why. We'll talk about this news out
• 1:12
  of India, but why when we look at level deeper, it's actually
• 1:17
  bigger than what most people are recognizing for gold and silver
• 1:21
  right now. And then we'll talk about the
• 1:24
  gold standard. We're going to talk about the
• 1:26
  Big Bricks meeting coming up. We're going to talk about the
• 1:28
  unit and I'll give you some very interesting insights into what
• 1:34
  this new unit currency could mean.
• 1:36
  But it sure feels a lot like me to the gold standard.
• 1:40
  I'll be curious what you think about that as well.
• 1:42
  But first, welcome to the basement.
• 1:44
  You basement dwellers, please give this a thumbs up.
• 1:47
  It's a big deal. You're here when you're in the
• 1:49
  basement. Hey, we can only go up from here
• 1:51
  and we are going to go up because we got some fun stories
• 1:55
  to talk about today. OK, very fun stories.
• 1:58
  But first, let's run out and take a look.
• 2:00
  Let's do a check on the gold and silver price because as of a few
• 2:05
  minutes ago, we had good news. Look at that guys.
• 2:09
  Up almost $15 on gold to $2423 per oz.
• 2:16
  This is big. OK, 2420, I'll just remind you
• 2:21
  briefly, right? If we told you and me back in
• 2:25
  December, right? Remember Christmas time, we were
• 2:28
  praying for $2100 gold. OK, we got, we have $2400 gold
• 2:33
  today, silver $29.31. While we're here, let's say
• 2:38
  thank you to channel sponsor 10 backs.
• 2:40
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  because I've been a customer of Pin Backs and I know that a lot
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  Because I want you to know I'm the high-priced celebrity
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  metal for your money at pin backs.
• 4:10
  And look at that while we were talking, gold's up now $15.59.
• 4:14
  But let's dig into, hold on one second.
• 4:22
  Let's dig into this big news. We have two big news stories
• 4:25
  today in the silver and gold market, India and the bricks and
• 4:30
  the unit. OK, the gold standard, I'll go
• 4:32
  ahead and say it because that's sure what it feels like to me.
• 4:35
  But let's talk about India first.
• 4:37
  This was breaking news as of yesterday, and this comes from
• 4:41
  our friends at Reuters. OK, Reuters is talking about
• 4:46
  this. II slashes import tax on gold,
• 4:56
  silver to tackle smuggling. And I'm going to tell you why
• 5:01
  this is a bigger story than just this as we work through this in
• 5:05
  Mumbai. India slashed import duties on
• 5:07
  gold and silver on Tuesday in a move industry officials said
• 5:13
  could lift retail demand, lift demand and help cut smuggling in
• 5:19
  the world's second biggest bullion consumer.
• 5:21
  Apparently there's a lot of gold smuggling, silver smuggling that
• 5:24
  goes on in India. All kinds of crazy stories about
• 5:27
  how people, you know, swallow gold, put it in places that we
• 5:32
  don't want to talk about to smuggle it into the country.
• 5:35
  Stewardesses. There was a recent big news
• 5:39
  article that one of the stewardesses for an
• 5:41
  international airline got busted trying to smuggle a bunch of
• 5:44
  gold. So India has had a gold
• 5:47
  smuggling problem, but now they're cutting the import taxes
• 5:51
  on gold. Higher demand for gold from
• 5:55
  India could boost global prices. Of course, yes.
• 5:59
  But guys, there's something we got to remember that I'm, I'm,
• 6:01
  I'm having a hard time holding back, but I'm going to hold it
• 6:04
  till the End Quote. It's a massive step in the right
• 6:08
  direction as it will reduce the incentives for smuggling of
• 6:12
  gold. OK, that came from the CEO, the
• 6:15
  World Gold Council's Indian operations.
• 6:18
  The government said here this is what they're doing, that it will
• 6:20
  charge a 5% customs duty basic in a 1% agricultural duty on
• 6:27
  gold and silver imports, lowering the import duties to 6%
• 6:33
  from 15%. So that's a massive cut, guys,
• 6:37
  to quote enhance. I don't know what this means.
• 6:41
  Domestic value addition and gold and precious metal jewelry.
• 6:45
  I propose to reduce the duties on gold and silver to 6%.
• 6:48
  That was India's finance minister, Nirmala.
• 6:51
  Shit, I'm sorry. Yeah.
• 6:52
  Sheet. I think so.
• 6:53
  They say it sheet, Rahman said in a Budget speech.
• 6:58
  OK, here's a couple things we need to remember about India in
• 7:02
  gold, OK? Number one, they also invest a
• 7:07
  lot of their gold or make a lot of their gold investments
• 7:11
  through jewelry. We're going to hear more about
• 7:13
  that later. But then we got something of the
• 7:15
  other big X Factor that we need to consider about this, OK, Gold
• 7:19
  was trading at a premium in India for the first time in 11
• 7:22
  weeks on Tuesday. So this had a had a, a very
• 7:25
  positive impact with dealers charging a premium of up to
• 7:30
  $20.00 an ounce over official domestic prices inclusive of 15%
• 7:36
  import and 3% sales tax levies versus last week's discount of
• 7:40
  $65. So it's working.
• 7:43
  Hold on one second. OK, I'm back.
• 7:53
  Shares of jewelry makers such as Titan, I can't even say this
• 7:58
  one, Trabana Vadabas and Senco Gold and Kaylin Jewelry jumped
• 8:03
  by up to 10%. Guys, when you think about India
• 8:09
  and gold, yes, they buy gold coins, yes, they buy gold bars,
• 8:12
  but they also invest a lot of their gold investment funds into
• 8:16
  gold jewelry. If the stock market is pushing
• 8:20
  up the price of the jewelry makers, that means they're
• 8:23
  expecting a huge surge in demand.
• 8:26
  Finance Minister Ship Araman also announced an import duty
• 8:31
  exemption for 25 other critical minerals, including lithium,
• 8:35
  because they're using that to make EV batteries.
• 8:38
  OK, So what big deal, right? India slashed the import tax on
• 8:44
  silver and gold. It is a big deal.
• 8:47
  It is a huge, huge deal. And here's what nobody's talking
• 8:51
  about. I want you to think about this.
• 8:54
  We all focus on China, China, China.
• 8:56
  China is the reason why gold's going up the Shanghai Gold
• 8:59
  Exchange, and we'll go check on the Oriental Ghost here in a
• 9:01
  second. Nonetheless, remember this,
• 9:05
  Remember what just happened with this Reuters article, India
• 9:09
  slashing the gold, the gold import duty.
• 9:12
  Think about that within the context of the fact that India
• 9:15
  is like the most gold and silver crazy country in the world.
• 9:20
  Do you realize that Indian households alone have 25,000
• 9:25
  metric tons of gold right now, right?
• 9:28
  That's like more than three times with the United States
• 9:31
  supposedly has in Fort Knox. OK, India is.
• 9:36
  I would think that India is maybe the gold capital of the
• 9:40
  world. I don't know.
• 9:41
  Is anybody else said that? Who else has more gold than
• 9:44
  India? Excuse me, when you factor in
• 9:51
  how much gold they have in their households, 25,000 metric tons.
• 9:55
  How much do they own at their central bank?
• 9:57
  I don't know, right? That data's out there.
• 9:59
  Not as much as the US, but this is huge.
• 10:02
  OK? And and oh, let's not forget
• 10:05
  about silver. Indians have been have taken a
• 10:09
  liking to investing in silver, but it's even crazier when we
• 10:14
  look at what was it in the first three months of this year, India
• 10:17
  imported like 128,000,000 ounces of silver as well.
• 10:22
  OK and now OK, which is like what we figured 15% of the
• 10:28
  world's silver production for the whole year in the first
• 10:31
  three months I1 country. That's why this is big news.
• 10:38
  This is I think we could say I don't know maybe I'm the 1st to
• 10:42
  say it, maybe I'm crazy for saying it, but is India not the
• 10:47
  precious metals capital of the world with all the gold they own
• 10:52
  right? When you factor in how much the
• 10:53
  households have with all the silver that they've been buying
• 10:57
  these the the silver purchase data out of India has been
• 11:01
  absolutely insane. And now they're cutting the
• 11:05
  import tax, which will only serve to spur demand even
• 11:11
  further. I put the pieces together, guys,
• 11:14
  OK. And we're not even factoring,
• 11:17
  we're not even factoring in the fact that that China is still
• 11:22
  also a major player in both silver and gold, right?
• 11:25
  I mean, China is buying gold hand over fist.
• 11:29
  Is the is are you? Are you?
• 11:31
  It feels like we could be. Not like we could be.
• 11:34
  It feels like we are entering like this total new environment
• 11:39
  for the precious metals. I don't.
• 11:42
  No matter how you slice it or dice it.
• 11:44
  I mean, let's go out. It's been a couple days.
• 11:46
  You guys have been on my case. I apologize.
• 11:49
  Let's go visit our old friend here, the Oriental ghost.
• 11:53
  What a great guy. Very popular.
• 11:58
  See if I can get to his. I guess we can.
• 12:00
  Anyway, he gives us July 24th. This is the the data from the
• 12:06
  Shanghai Gold Exchange. OK, if we look here, hold on.
• 12:09
  Let me move this microphone out of the way.
• 12:11
  Sorry for the technical difficulties this morning.
• 12:15
  This is Silver AG on the Shanghai Gold Exchange in U.S.
• 12:20
  dollars closed at $32.78. We'll round that up to.
• 12:27
  Oh, thank you. 100 likes Okay, thank you Susie.
• 12:32
  Susie speaking to me down the steps.
• 12:36
  She doesn't like when I say yelling silver on the Shanghai
• 12:39
  Futures Exchange $32.85. Okay, so the price guys is still
• 12:46
  what, the $4.00 roughly 3 1/2 dollars higher in Shanghai for
• 12:52
  silver. I mean it's unbelievable, right?
• 12:56
  And we know that the vaults in Shanghai have been going down.
• 13:01
  OK, we have 100 thumbs up. Let's ring the let's ring the
• 13:03
  pocket pinger. We got a lot to cover guys.
• 13:06
  Next we're going to talk about the gold standard.
• 13:09
  We're going to talk about October 22nd, OK, which could be
• 13:13
  the biggest date in the history of the universe for the silver
• 13:16
  and gold market. But first, hey, let's ring the
• 13:19
  pocket pinger. We got 100 thumbs up.
• 13:21
  It's a big deal. I really appreciate that.
• 13:23
  If you haven't give the given the video a thumbs up, please
• 13:26
  do. It's something nice and it feels
• 13:28
  good to do nice things. Here's 10 Dings for you,
• 13:31
  345678910. And as a matter of fact, while
• 13:38
  we're on the subject, what I just dinged was this beautiful
• 13:43
  silver round. And you know who gave me that?
• 13:46
  Do you guys remember this character?
• 13:50
  This character? And he is still around.
• 13:52
  He was on a live stream with me a few weeks ago.
• 13:54
  This guy named Coin Shop Chris, He works in a coin shop.
• 13:58
  He lives and breathes precious metals.
• 14:01
  Well, guess what? Coin Shop Chris has his own
• 14:04
  YouTube channel and I'm going to put you on a mission later
• 14:07
  today. Don't do it.
• 14:08
  Now. I want you to stay on this video
• 14:10
  live stream, but I want you to write down Coin Shop Chris and
• 14:13
  later go into YouTube, put Coin Shop Chris in the in the search
• 14:17
  bar. Please go check out his channel,
• 14:19
  subscribe to his channel. We're trying to get him to 1000
• 14:23
  subscribers. That's a big threshold with
• 14:25
  YouTube, one of the thresholds that needs to be met for
• 14:28
  monetization. But most importantly, you can
• 14:31
  learn a lot. He's got a new video every day,
• 14:34
  something interesting related to silver and gold.
• 14:38
  So please go support our old Frank coin shop.
• 14:40
  Chris, thank you. Thank you, Annie Oakley, thank
• 14:47
  you to all the moderators who are here.
• 14:49
  Jake from Jake's Custom Parts is a regular Big 10, the Silver
• 14:53
  Shire as well. Thank you also.
• 14:57
  Oh my gosh, Clifton, thank you, my friend for that super chat,
• 15:02
  super sticker. I appreciate that, Cliff,
• 15:04
  everything you've done for the channel as well.
• 15:07
  Let's talk about the gold standard guys.
• 15:10
  I think this is could prove to be a very interesting fall.
• 15:16
  OK, we're going to do a little learning right now.
• 16:05
  Oh my gosh, I'm muted. I apologize, guys.
• 16:08
  I don't know how long I've been muted.
• 16:11
  Thank God for Susie. I apologize.
• 16:18
  I don't know how long I was muted there, but nonetheless,
• 16:20
  nonetheless. Well, it's a crazy live stream
• 16:22
  this morning. Thank you, Cliff Moberg for the
• 16:24
  Super chat, guys. Now we're going to go talk about
• 16:28
  the gold standard, talk about the potential for skyrocketing
• 16:32
  gold prices. I was just saying while I was
• 16:35
  muted that we could, we could see 345, seven, $1000 gold.
• 16:40
  This is not a sure thing, OK? But there's a lot of talk about
• 16:44
  this called the unit. This is on the article from the
• 16:47
  Canadian Insider. OK, if you want to dig into it
• 16:50
  yourself, it's a very long article, but I've highlighted
• 16:53
  what I think are the key pertinent points and some things
• 16:56
  that are very exciting about what could be coming here down
• 17:00
  the road. Says will the BRICS countries
• 17:02
  come together in one unit? Why gold and gold miners may win
• 17:06
  in a multinodal world. OK, so the BRICS countries are
• 17:11
  considering to promote local currencies and international
• 17:14
  trade in financial transactions. This is called de dollarization.
• 17:18
  Goldman Sachs is talking about it.
• 17:20
  Everybody's talking about it. It's real.
• 17:22
  OK. Leaders may decide on their path
• 17:25
  forward at the BRICS summit in October.
• 17:28
  That will be in Russia. That will be October 22nd and
• 17:32
  23rd. This is a major and it's
• 17:35
  happening right before the presidential election.
• 17:38
  Interesting, right? This will be a major pivotal,
• 17:41
  pivotal time period for the world, but also for precious
• 17:47
  metals. 1 bricks currency alternative being considered is
• 17:51
  called the unit, which would use a gold backed digital asset on a
• 17:56
  blockchain to settle global transactions.
• 18:00
  This is not a cryptocurrency, OK.
• 18:03
  It is absolutely not a cryptocurrency.
• 18:05
  This is a gold backed currency that will be tracked on the
• 18:10
  blockchain at the BRICS Summit OK in Johannesburg.
• 18:19
  This was last year the group mandated BRICS finance ministers
• 18:23
  to report back to the leaders Summit scheduled for October and
• 18:27
  in Russia on the issue of local currencies, payment instruments
• 18:31
  and platforms. Since last year's BRICS meeting,
• 18:35
  the mission has gained momentum. At the June meeting just a few
• 18:40
  months ago of BRICS foreign ministers, participants
• 18:43
  underscored the importance of enhancing the use of local
• 18:47
  currencies in global transactions.
• 18:50
  This development appears to be in support of the work that was
• 18:53
  unveiled a week earlier at the Saint Petersburg International
• 18:59
  Economic Forum. That was in Russia, OK.
• 19:03
  Are you, are you hearing a common theme here?
• 19:05
  Russia, OK, The gold anchored unit ecosystem.
• 19:11
  This is where guys, this sounds like a lot like the gold
• 19:14
  standard to me. I'm sorry.
• 19:16
  And like we've said many times, gold has always been money.
• 19:20
  Silver has always been money. I threw out the argument and I'm
• 19:24
  going to get back to the article.
• 19:25
  I don't know how you feel about this, but I've thrown out the
• 19:28
  argument that I don't think the world ever really, for all
• 19:33
  intents and purposes, irregardless of what you may
• 19:37
  think, that the world never really went off the gold
• 19:41
  standard. OK, and yes, irregardless is a
• 19:44
  word. You can look it up anyway, the
• 19:46
  gold anchored unit ecosystem. According to reports from the
• 19:49
  Saint Petersburg Forum and the June Foreign Ministers meetings,
• 19:54
  Bricks is considering a blockchain enabled payment
• 19:57
  system that uses a digital asset called the Unit.
• 20:02
  Again, guys, not a cryptocurrency, OK?
• 20:05
  It's a, it's a, it's a digitally traced actual unit.
• 20:09
  Each unit would be backed by a reserve basket with the
• 20:14
  following characteristics #1 it would be backed by 40% gold #2
• 20:23
  the other 60% balance is made-up of participating BRICS
• 20:28
  currencies which are convertible into gold.
• 20:34
  No currency has a greater than 30% weighting in gold terms.
• 20:37
  This is a gold backed currency guys being proposed being looked
• 20:42
  at very seriously by the bricks ministers.
• 20:46
  The unit ecosystem is is a distinct design that draws on
• 20:50
  concepts found in crypto blockchain architectures such as
• 20:54
  a theorem and Bitcoin. However, this is critical.
• 20:57
  In contrast to the typical cryptocurrency token, each unit
• 21:02
  has an intrinsic value as it is linked to an underlying reserve
• 21:08
  basket. It is backed by gold.
• 21:11
  And remember, right, they talked about initially trying to back
• 21:14
  it with oil, back it with weed, back it with a basket of
• 21:17
  commodities, but they came back to gold because gold is like the
• 21:21
  easiest, simplest, most realistic way to make this
• 21:25
  happen. OK.
• 21:28
  A unit is created or minted at a blockchain based node when a
• 21:32
  consumer or investor participant deposits on reserve the
• 21:38
  corresponding value of gold and participating BRICS currencies.
• 21:44
  The only way one of these units can be created is if somebody
• 21:48
  deposits the real deal gold, right?
• 21:51
  And then that other portion which is in a gold backed
• 21:54
  currency. Very interesting OK given the
• 22:00
  envision open nature of the ecosystem, participants could
• 22:03
  potentially be based in the government or private sectors.
• 22:07
  Once a participant receives a newly minted unit, it can be
• 22:10
  used to buy goods and services from participating foreign
• 22:14
  merchants. Unit blockchain This is this is
• 22:18
  this is where it gets even cooler.
• 22:21
  This could this combined with if you heard of Gold 247, if you
• 22:26
  heard about gold 247, I'll try to remember to mention that here
• 22:29
  in a little bit as well. I don't want to get too far off
• 22:31
  track here, but unit blockchain transactions processing fees
• 22:36
  would likely be the so the processing fees at a lower cost
• 22:41
  than existing payment system alternatives.
• 22:45
  Excuse me, guys. Such as bank wires.
• 22:49
  Importantly, the integrity of the unit ecosystem is preserved
• 22:53
  by blockchain based node synchronization.
• 22:56
  So what it's saying is like right now, if I get a bank wire,
• 22:59
  which I get from time to time, there's like a 40 or $50 fee
• 23:03
  associated with it, right? To get a wire, a wire transfer,
• 23:06
  this will significantly decrease, right?
• 23:10
  We're talking like a fraction of the cost for these countries to
• 23:14
  do trade settlements with one another.
• 23:16
  They don't have to go through the Swiss system or the SIP
• 23:19
  system or whatever these banking systems are that are kind of old
• 23:22
  and antiquated. Now they can use a gold backed
• 23:26
  unit and pay a fraction of the cost.
• 23:29
  OK. And it's it's the blockchain.
• 23:32
  Look, I'm not a crypto guy at all.
• 23:34
  You know that I'm not anti crypto, but I do know enough
• 23:38
  about the blockchain to know that it is the world's most
• 23:41
  perfect record keeping system. OK.
• 23:45
  And and even people that are anti crypto will say that that
• 23:48
  the blockchain itself is a very, very it's the best record
• 23:53
  keeping system in the world. All right, This is critical to
• 23:59
  know as well. The unit is not being designed
• 24:01
  to take the place of local currencies in a domestic
• 24:04
  day-to-day transactions, meaning people aren't going to be going
• 24:07
  to Starbucks to use the unit. It would work in parallel with
• 24:13
  domestic banking and payment system.
• 24:15
  So while it's not going to be used as an actual currency to
• 24:19
  buy groceries, let's say, it could be used to kind of back up
• 24:25
  the system in these countries that they do use to back up
• 24:28
  their local currency system. There's more, there's more and
• 24:34
  then we're going to talk about, OK, few more things.
• 24:38
  It remains to be determined which currencies will be will be
• 24:42
  participating in the ecosystem. However, for a currency to
• 24:45
  qualify for reserve basket inclusion, because remember it's
• 24:48
  going to be back by 40% gold, 60% of of reserve currency, it
• 24:54
  will need to have price discovery in gold terms.
• 24:57
  That's another way of saying it will need to be gold back.
• 24:59
  In other words, if a currency cannot be exchanged for gold, it
• 25:04
  will likely not qualify for inclusion in the unit.
• 25:09
  Wow. Gold is the anchor of the
• 25:12
  ecosystem. Existing gold supply plus annual
• 25:15
  goldmine production places the ultimate limit on the amount of
• 25:20
  new unit creation. So think about this, guys, This
• 25:24
  sounds a lot #1A lot like the gold standard.
• 25:28
  But what this guy is saying, this is where we, this is where
• 25:31
  little fireworks could, could be going off inside your head, OK?
• 25:35
  Gold is the anchor of the ecosystem.
• 25:38
  Existing gold supply plus annual gold mine production places the
• 25:42
  ultimate limit on the amount of new unit creation.
• 25:48
  So what that means is, oh, guess what, there's a finite, there's
• 25:51
  a limited amount of gold in the world.
• 25:54
  So what that would mean is that the unit itself is in terms of
• 26:00
  how it's measured, its value, how many barrels of oil you get
• 26:04
  for it, how many bushels of wheat, how many U.S. dollars
• 26:09
  could likely skyrocket because there's only so much gold in the
• 26:13
  world. And then this being a Canadian
• 26:15
  based media outlet talks about the fact that the value of gold
• 26:22
  could could potentially right, right.
• 26:24
  This is not a, none of this is a sure deal by any stretch of the
• 26:27
  imagination, but the value of gold, the real value we talked
• 26:33
  about that the real value of gold, the real value of silver.
• 26:36
  Again, how many barrels of oil do you get?
• 26:38
  How many ounces of gold does it take to buy a house?
• 26:40
  How many ounces of silver does it take to buy a car or a
• 26:44
  tractor, Right. That the value of those metals
• 26:47
  could skyrocket. This is is really, really crazy
• 26:52
  exciting news. We're almost done here.
• 26:58
  The limited redeemability of the underlying reserves is an
• 27:02
  important characteristic of the unit ecosystem.
• 27:06
  Meaning this isn't going to be something that you can just run
• 27:08
  out and redeem it back for the gold.
• 27:10
  These are the big, these are the big central banks that are going
• 27:13
  to be dealing in this right trade settlement, big, big
• 27:16
  organization. So they're not going to have a a
• 27:19
  real need or desire to convert it back into real metal.
• 27:24
  The on reserve forever rule would essentially lead to ounces
• 27:29
  of gold coming out of central bank reserves, investor
• 27:32
  portfolios or the ground and heading straight into permanent
• 27:37
  storage. This new permanent use case for
• 27:40
  gold has positive implications for gold miners and I might add
• 27:44
  also basement dwellers, silver stackers and gold stackers like
• 27:48
  you as well. Once global investors begin to
• 27:52
  understand and believe that the unit ecosystem will require more
• 27:56
  gold, overtime, scarce reserves in the ground and your basement
• 28:02
  should become even more valuable.
• 28:07
  OK, Susie, thank you. OK, we have a super chat I'll
• 28:11
  need to recognize and but right now for you guys, we have 200
• 28:15
  thumbs up. We're going to ring the old
• 28:21
  cowbell. That's a tradition here in the
• 28:23
  basement bricks countries. OK, these are the alternatives.
• 28:27
  This is the bad news. Have alternatives to the unit.
• 28:29
  They include the build out of the Enbridge network, which uses
• 28:32
  central bank digital currencies. Under the Enbridge system.
• 28:36
  Gold could also, though, enjoy growing adoption as a
• 28:39
  traditional reserve asset as countries use it to promote the
• 28:43
  soundness and acceptance of their central bank digital
• 28:46
  currencies and international transaction.
• 28:50
  I don't know about you, but I got a feeling this unit might
• 28:53
  actually win the win the race. We'll see how it plays out.
• 28:56
  There were that's it? Is that it?
• 28:59
  That is it? OK, obviously there's a lot more
• 29:02
  information in this article guys, but but I don't know what
• 29:08
  do you think? I mean, how do you feel about
• 29:10
  this? Hey Daniel.
• 29:13
  Wow. Thank you my friend.
• 29:15
  Yes, I'm sorry. I know I need the rest, but I'll
• 29:18
  never give up. I think meeting up with you guys
• 29:21
  every day is too important to me.
• 29:29
  Doesn't this sound like the gold standard?
• 29:33
  It's the gold standard. I'm sorry.
• 29:35
  It is. It's gold backed currency.
• 29:38
  The world is moving to gold now. It's very interesting.
• 29:42
  Very interesting when we also consider what's going on with
• 29:46
  Gold 247. I talked with Rick Rule
• 29:49
  yesterday. OK, I'll have an interview with
• 29:51
  him coming out on Friday. I asked him what do you think
• 29:54
  about the digitization of gold? We had a brief discussion about
• 29:58
  the World Gold Council and the LBMA who are working feverishly
• 30:04
  on what's on a project called Gold 247.
• 30:08
  I think that's what it's called. I showed it yesterday.
• 30:11
  Gosh, if I screwed that up, I'm going to look very foolish.
• 30:13
  So let's go out here and and make sure I got that right,
• 30:17
  guys, You just type in Gold 247 into your Google search bar.
• 30:23
  Yeah, there it is right there. Gold 247.
• 30:26
  We aren't going to go over it again.
• 30:27
  But Rick and I were talking about this.
• 30:33
  He said, right? He, he mentioned, he said it.
• 30:37
  He's 71 years old. He said he will definitely see
• 30:40
  the digitization of gold during his lifetime, right?
• 30:45
  I've heard other people say that this could happen before the
• 30:48
  balance of the the rest of this decade comes out, right before
• 30:53
  the year 2030. OK, digitization is happening.
• 30:59
  You've got this going on with the BRICS countries.
• 31:02
  Everything seems to be gold backed, right?
• 31:05
  You've got the LLBMA, OK, and the World Gold Council working,
• 31:11
  and then you have other companies working on this as
• 31:13
  well. Wow.
• 31:14
  Thank you, guys. Oh, wow, thank you, Jim.
• 31:19
  I got another major super chat. Wow, you guys are really driving
• 31:22
  to Lambert Airport. Thank you, Jim.
• 31:24
  I appreciate it, my friend. Thank you.
• 31:26
  Thank you very much. Appreciate it.
• 31:30
  All this is going on. Let's just quickly recap what we
• 31:34
  talked about this morning, OK? We've got the World Gold Council
• 31:39
  in the LBMA digitizing gold to make it reliable, right, to make
• 31:47
  it to actually make it fungible, to make it so that they're
• 31:51
  talking about they can be used in everyday transactions.
• 31:55
  That's the West. We've got the the BRICS
• 31:58
  countries with a massive meeting in October, right with the unit
• 32:03
  coming out, right, the unit which is 40% gold back.
• 32:07
  This is real, right? This is like it's happening, OK.
• 32:12
  And then despite all that, we don't even need all that.
• 32:16
  We have unbelievable amounts of hold on a second here,
• 32:22
  unbelievable amounts of gold and silver right now being sucked up
• 32:27
  by China and India. The new Ron's basement has
• 32:31
  designated India the precious metals capital of the world.
• 32:35
  OK. I know a lot of Indian people,
• 32:37
  right? My kids are friends with them.
• 32:38
  Nice, wonderful people. I want to go to India because
• 32:41
  I'm telling you guys, India is the precious metals capital of
• 32:45
  the world. And they just slashed, Slashed.
• 32:48
  OK, Slashed. I think it's even better.
• 32:51
  Oh, my gosh. Hold on.
• 32:53
  Buckle up, buttercup. It's time to put boots on the
• 32:56
  warehouse floor because I'm going to end with this point.
• 32:58
  This is and this is the big. This is the cherry on top of all
• 33:02
  of it, OK? The right now the fact is nobody
• 33:06
  in the West owns gold. This is interesting.
• 33:08
  In 2011, OK, Swiss banks, the Swiss, big Swiss banks
• 33:14
  recommended a 10% allocation to gold.
• 33:17
  OK. In 2013, they all went to 0.
• 33:22
  Recently, they're coming back. OK, UBS, the biggest Swiss bank,
• 33:28
  UBS, whatever it stands for, but they're big, they're massive.
• 33:32
  Recently reintroduced a 2% recommended allocation to gold
• 33:37
  and other banks are following suit.
• 33:40
  It's starting, guys. They want they all and they all
• 33:43
  have the intention to grow this recommended allocation.
• 33:49
  Historically though, these big banks in Switzerland, it always
• 33:53
  recommended 10% allocation to gold.
• 33:56
  So it's happening, right, what we're talking about seeing going
• 34:00
  on with the World Gold Council in the LBMA, with the BRICS
• 34:04
  countries, right in the unit within India.
• 34:09
  All but all of this has been is going on with the absence of the
• 34:13
  Western investor. And man, when the Western
• 34:15
  investor comes back, it is going to be absolutely, absolutely
• 34:20
  crazy huge, huge for demand for gold.
• 34:29
  The other big thing. All right, this is, and this is
• 34:34
  something that most people don't talk about.
• 34:37
  We'll talk about it because I know the basement dwellers are a
• 34:40
  little sharper than the average bear.
• 34:42
  You got like to look, excuse me around the corner, OK.
• 34:47
  I'm sorry. I'm still sick.
• 34:49
  I'm coughing on you. I apologize.
• 34:52
  Is the fact that all these big systems, the unit what the world
• 34:57
  gold counts on the LBMA are sending up are going to
• 35:02
  significantly decrease the transaction cost for doing
• 35:08
  transactions in gold, OK? They are going to eliminate and,
• 35:16
  and drastically reduce how much it cost.
• 35:18
  If you want to go buy a cup of coffee, OK, it's Starbucks.
• 35:24
  I'll say you want to go to lunch today with your spouse and, and
• 35:27
  you figure out it'll cost me an ounce of silver and you want to
• 35:30
  go do that right now. OK, you got to go to the coin
• 35:33
  shop. You're going to pay a spread.
• 35:35
  You're going to cash in your American Silver Eagle, right?
• 35:38
  You're going to lose 3 or $4.00 on that.
• 35:41
  These new systems are going to facilitate your ability to use
• 35:47
  gold and silver in everyday transactions.
• 35:51
  OK, I know what you're worried about, and I'm going to address
• 35:54
  that at the end here. They're going to facilitate your
• 35:58
  ability to use gold and silver. They're going to facilitate your
• 36:02
  ability to save and invest in gold and silver.
• 36:06
  OK? Those two things, not just you,
• 36:09
  but millions and millions of other people throughout the
• 36:12
  world. This will could create could
• 36:16
  write a massive level of new demand for gold and silver.
• 36:19
  I asked Rick Rule that this question and I think you'll like
• 36:22
  his answer. So make sure you watch the
• 36:24
  interview I did with him. OK, OK, OK.
• 36:27
  So because gold and silver can become so functional again,
• 36:32
  right? And it's going to really take
• 36:34
  off the big mainstream financial service companies, absolutely,
• 36:38
  no doubt about it. But when you got the bricks
• 36:41
  countries behind this, when you have the the LBMA, when you have
• 36:45
  the World Gold Council behind this, it's happening Now.
• 36:49
  I know what you're worried about.
• 36:50
  I know, right? You're a silver stacker, a gold
• 36:53
  stacker. I got good news for you guys.
• 36:57
  This in no way will have any impact on your ability to
• 37:01
  continue to stack silver or gold, OK?
• 37:04
  They're not going to make you turn in your silver or gold.
• 37:09
  What it could do is make that stack of silver you're looking
• 37:15
  at right now in your basement, that stack of gold, much more
• 37:21
  valuable in real, real terms. Hey, I know one thing for sure,
• 37:26
  right? I'll be here with you through it
• 37:28
  all. It's a big deal.
• 37:29
  You're with me. I appreciate you dealing with me
• 37:31
  as I've been kind of down in the dumps and sick lately.
• 37:35
  So it's a big deal that you're here.
• 37:37
  I also want to say thank you channel sponsor First Mining
• 37:40
  gold. You can learn more about them at
• 37:42
  firstmininggold.com and Fortuna Mining.
• 37:46
  You can learn more about them at Fortuna mining.com.
• 37:49
  And don't forget, guys, Pimbex Pi, MB EX, if you want to get
• 37:54
  your hands on some silver, gold or platinum at a great price.
• 37:58
  Thank you to everyone for being here.
• 37:59
  Hey, don't forget, go out to coin shop Chris on YouTube,
• 38:03
  subscribe to his channel. Let's help him get above 1000
• 38:06
  subscribers. Have a great day.
• 38:08
  OK? And I'll see you soon.