Latest / Financial Survival Network / The Dollar Crash No One’s Ready For - Peter Schiff #6340

Transcript

The Dollar Crash No One’s Ready For - Peter Schiff #6340 · Financial Survival Network

• 0:00
  Speaker 1: But it's doing it for the reasons that I warned about.
• 0:03
  Speaker 1: It is a loss of confidence in the US and
• 0:07
  Speaker 1: it means the dollars days as the reserve currency are
• 0:10
  Speaker 1: numbered and that number is not that big anymore. And
• 0:13
  Speaker 1: that is a game changer for the US because we
• 0:16
  Speaker 1: rely on the dollar like a crutch. The only reason
• 0:19
  Speaker 1: our economy works is because of the dollar status. That's
• 0:23
  Speaker 1: what allows us to have this debt fueled, consumer based economy.
• 0:27
  Speaker 1: But once the dollar collapses, you know, everything that we
• 0:30
  Speaker 1: built on top of that comes crashing down.
• 0:33
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• 0:37
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• 0:41
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• 1:01
  Speaker 3: Welcome you are listening to and watching the Financial Survival Network.
• 1:06
  Speaker 4: I'm your host, Carrie Lutts.
• 1:07
  Speaker 3: Well, Peter Schiff is with us at Schiffgold dot com. Peter,
• 1:12
  Speaker 3: We've been having this conversation now for over a decade.
• 1:16
  Speaker 3: You know, I've been doing the show now for fifteen years.
• 1:20
  Speaker 3: You were one of the people who inspired me, whether
• 1:23
  Speaker 3: you know it or not, to actually start doing this.
• 1:26
  Speaker 3: You were so active in YouTube and podcasting. I said,
• 1:32
  Speaker 3: how hard can it be? Turned out to be I
• 1:34
  Speaker 3: could do it. Anybody could do it.
• 1:36
  Speaker 4: It turned out to be.
• 1:37
  Speaker 3: A little harder than I expected, but eventually worked out.
• 1:41
  Speaker 3: But here we are fifteen years later. So your warnings
• 1:45
  Speaker 3: were prescient. Your warnings were accurate, right on the money,
• 1:50
  Speaker 3: if you will, But they just took a lot longer
• 1:53
  Speaker 3: than you or anyone out there expected.
• 1:57
  Speaker 1: Yeah, I mean, you know, I was, you know, telling
• 2:00
  Speaker 1: my clients, you know, to get ready for a crisis.
• 2:04
  Speaker 5: Twenty years ago. I was telling them buy gold.
• 2:07
  Speaker 1: It was under three hundred dollars when I first started
• 2:09
  Speaker 1: putting my clients in gold. It's now over forty two hundred.
• 2:13
  Speaker 1: So it's not like they lost money buying gold. They
• 2:15
  Speaker 1: actually did better than the stock market and silver. When
• 2:19
  Speaker 1: I started buying silver, it was like four dollars four
• 2:21
  Speaker 1: and a half dollars. Today it's fifty three dollars. So
• 2:24
  Speaker 1: but we haven't had the crisis yet. But I actually
• 2:27
  Speaker 1: think that we could have the crisis next year. And
• 2:31
  Speaker 1: I'm not talking about the financial crisis, right. I we
• 2:35
  Speaker 1: had that in No. Eight and I totally predicted that crisis.
• 2:38
  Speaker 1: I wrote about it in my book Crash Proof. But
• 2:42
  Speaker 1: what I was worried about was not that crisis, but
• 2:45
  Speaker 1: the next one that hasn't come yet, because we've kicked
• 2:48
  Speaker 1: the can down the road, you know, for all these years.
• 2:52
  Speaker 1: But all that cankicking allowed all the problems to get
• 2:55
  Speaker 1: much worse. And so now you know, when I was
• 2:58
  Speaker 1: talking about five thousand dollars gold back then, I mean
• 3:02
  Speaker 1: five thousand dollars gold could be this year.
• 3:04
  Speaker 5: I mean very easily, but I mean at a minimum.
• 3:07
  Speaker 1: Now probably we're looking at twenty thousand dollars gold because
• 3:10
  Speaker 1: of all of the money that has been printed and
• 3:12
  Speaker 1: all the money that's going to be printed, uh, you know,
• 3:15
  Speaker 1: which is why you know, people have to you know,
• 3:18
  Speaker 1: you know, look at what's happening and protect themselves. A
• 3:22
  Speaker 1: lot of people I think are going to get wiped
• 3:24
  Speaker 1: out in this dollar crisis, which I think gold is
• 3:28
  Speaker 1: signaling a dollar crisis, just like you know, when subprime
• 3:32
  Speaker 1: blew up, and you know, if I was short at
• 3:34
  Speaker 1: that market, but when subprime blew up in seven, that
• 3:38
  Speaker 1: signal the financial crisis was coming in eight yet the
• 3:41
  Speaker 1: mainstream media, the Federal Reserve were oblivious to it. I
• 3:44
  Speaker 1: remember those days when they still had me on you know,
• 3:46
  Speaker 1: CNBC and Bloomberg and CNN.
• 3:49
  Speaker 5: And Fox, and you know, I was warning about it.
• 3:51
  Speaker 1: People were laughing it off, you know, and even though
• 3:54
  Speaker 1: there was a clear sign that it was coming.
• 3:57
  Speaker 5: Well, what's happening now in gold?
• 3:59
  Speaker 1: In fact, Scott Bessett I was listening to him interviewed
• 4:02
  Speaker 1: a couple hours ago and he was asked if he's
• 4:05
  Speaker 1: concerned about the price of gold going up, but he
• 4:07
  Speaker 1: said absolutely not. It means nothing. Who cares everything was great?
• 4:12
  Speaker 5: It does. It doesn't mean nothing. It means everything.
• 4:15
  Speaker 4: It is.
• 4:16
  Speaker 1: It is the most important commodity in economics, in money,
• 4:22
  Speaker 1: Gold is money, and the fact that central banks around
• 4:26
  Speaker 1: the world have been selling their dollars and buying gold
• 4:31
  Speaker 1: means something.
• 4:32
  Speaker 4: Right.
• 4:33
  Speaker 1: Even Alan Greenspan, you know, Bessett talked about, you know
• 4:37
  Speaker 1: how great Alan Greenspan was, and you know which, you know,
• 4:40
  Speaker 1: I didn't think he did a good job. He caused
• 4:42
  Speaker 1: the financial crisis. But one thing that Greenspan got right
• 4:46
  Speaker 1: is he said that he uses gold as a barometer
• 4:50
  Speaker 1: of whether or not his monetary policy is too easy
• 4:53
  Speaker 1: or too tight. He said, if gold gets close to
• 4:56
  Speaker 1: four hundred, that means I'm too loose, and if it
• 4:59
  Speaker 1: goes near three hundred, I'm too tight. Of course, at
• 5:02
  Speaker 1: the time he said that it was around three fifty.
• 5:05
  Speaker 1: But you know what is what is four thousand dollars gold?
• 5:08
  Speaker 1: Tell you're forty two hundred. The Fed is too loose
• 5:12
  Speaker 1: yet it's about to cut rates. So goals going through
• 5:15
  Speaker 1: the roof here, that means the dollars going through the floor,
• 5:19
  Speaker 1: We're gonna have a bond crisis.
• 5:20
  Speaker 5: I think, you know, people, the people at most at risk.
• 5:23
  Speaker 1: If you're holding a lot of cash, you're gonna get
• 5:25
  Speaker 1: killed because especially if it's US dollars.
• 5:28
  Speaker 5: I don't care.
• 5:29
  Speaker 1: If you've invested in in you know, money market fund
• 5:31
  Speaker 1: and you're earning four percent, you know, so what you're
• 5:34
  Speaker 1: gonna get four percent more of dollars that are going
• 5:36
  Speaker 1: to buy very little.
• 5:38
  Speaker 5: So it's not going to do you.
• 5:39
  Speaker 1: If you're just hanging out in these overpriced tech stocks, uh,
• 5:43
  Speaker 1: you could be in for a lot of trouble. The
• 5:44
  Speaker 1: cryptocurrency market, as far as I'm gonna sert, it looks
• 5:47
  Speaker 1: like it's about to completely implode. You know, bitcoin is
• 5:50
  Speaker 1: it a major bear market now, It's down more than
• 5:52
  Speaker 1: twenty five percent priced in gold since it's August high.
• 5:57
  Speaker 1: The crypto guys are just you know, oblivious, you know,
• 6:00
  Speaker 1: just waiting for this big rally that's never going to come.
• 6:04
  Speaker 1: And meanwhile they're missing out on what's going on in gold,
• 6:07
  Speaker 1: gold stocks, the farn stocks are killing it. We're having
• 6:10
  Speaker 1: our best year since I've been managing money, even our
• 6:14
  Speaker 1: basic strategies are diving and paying foreign stocks. Strategy is
• 6:18
  Speaker 1: almost up fifty percent on the year. We still have
• 6:21
  Speaker 1: a couple of months left. But of course, you know,
• 6:23
  Speaker 1: our biggest strategies are gold and mining stocks, and you
• 6:26
  Speaker 1: know there we've more than doubled bushing it. But you know,
• 6:31
  Speaker 1: the big news, the small ones, the junior miners, like
• 6:34
  Speaker 1: my goalfund has about a third in real small companies, juniors,
• 6:40
  Speaker 1: and they haven't even moved that much this year. I
• 6:42
  Speaker 1: think they're the story for twenty twenty six. But that's
• 6:45
  Speaker 1: a great opportunity for people to get into my goalfund,
• 6:48
  Speaker 1: which people can buy no load, any any discount broker
• 6:52
  Speaker 1: epg i X. Yeah, it's more than double this year,
• 6:56
  Speaker 1: but that's nothing compared to I think, what's going to
• 6:58
  Speaker 1: happen when these smaller stocks that have underperformed this year
• 7:02
  Speaker 1: when they kick in because there's so much leverage baked
• 7:04
  Speaker 1: into those stocks.
• 7:06
  Speaker 4: Yeah for sure.
• 7:08
  Speaker 3: So what if, Peter, this crisis is really here and
• 7:13
  Speaker 3: nobody's bothered to tell us about it. It's actually unfolding.
• 7:17
  Speaker 3: The reset is taking place, and the media just forgot
• 7:22
  Speaker 3: to cover it.
• 7:23
  Speaker 1: Well, the media doesn't understand it. I mean, they're not
• 7:25
  Speaker 1: going to cover what they don't understand. You know, we've
• 7:28
  Speaker 1: been living in a bubble.
• 7:29
  Speaker 4: You know.
• 7:30
  Speaker 5: Look, the Trump administration has it backwards.
• 7:32
  Speaker 1: They think that the trade deficits mean that the world's
• 7:35
  Speaker 1: been screwing us over. The reality is we've been screwing
• 7:38
  Speaker 1: over the world.
• 7:39
  Speaker 4: You know.
• 7:40
  Speaker 5: You hear Trump talk.
• 7:41
  Speaker 1: About, Oh, China's economy is going to be wrecked from
• 7:44
  Speaker 1: this trade war. No, they're going to be liberated from
• 7:46
  Speaker 1: the trade war. Liberation day liberated the Chinese. It's the
• 7:50
  Speaker 1: American economy that's going to get wrecked. The best thing
• 7:53
  Speaker 1: that China can do is stop vendor financing the deadbeat
• 7:57
  Speaker 1: American customer, and Chinese economy is actually strengthening quite a bit.
• 8:02
  Speaker 1: As they're trading less with America and more with the
• 8:05
  Speaker 1: rest of the world. This decoupling is happening alongside the
• 8:09
  Speaker 1: d dollarization, and that means America's ride on the global
• 8:12
  Speaker 1: gravy train is coming to an end. We're not gonna
• 8:15
  Speaker 1: be able to live beyond our means anymore. We just
• 8:17
  Speaker 1: can't crank dollars off of printing press and then go
• 8:20
  Speaker 1: on a shopping spree around the world and buy all
• 8:23
  Speaker 1: kinds of stuff that we don't produce. We're not gonna
• 8:25
  Speaker 1: be able to get leveraged as consumers and borrow money
• 8:28
  Speaker 1: and buy stuff that we can't afford. Those days are
• 8:31
  Speaker 1: coming to an end. That's what gold is telling you.
• 8:34
  Speaker 1: But the mainstream media, the FED, they don't get it right,
• 8:39
  Speaker 1: just like they didn't understand the problems in the mortgage
• 8:43
  Speaker 1: market even though subprime blew up. They don't understand the
• 8:47
  Speaker 1: significance of what's happening in.
• 8:49
  Speaker 5: Gold and what it means.
• 8:51
  Speaker 1: Yes, the dollar relative to other Fiat currencies hasn't collapsed yet,
• 8:55
  Speaker 1: but it's about to. The bond market hasn't collapsed yet,
• 8:59
  Speaker 1: but it's about to. You know, because when subprime crashed
• 9:03
  Speaker 1: and everybody said, oh, don't worry about it. It's just subprime.
• 9:06
  Speaker 1: And I knew it was a tip of an iceberg.
• 9:09
  Speaker 1: This is the tip of an even bigger iceberg. When
• 9:11
  Speaker 1: you see this happening to the price of gold and
• 9:13
  Speaker 1: the price of silver, and you know, people are oblivious people.
• 9:17
  Speaker 1: You know, they look at gold and they think, oh,
• 9:18
  Speaker 1: it's a bubble. No, it's nobody's invested.
• 9:22
  Speaker 4: You know.
• 9:22
  Speaker 1: I got Shift Gold as my gold company, and business
• 9:25
  Speaker 1: has been slow for years.
• 9:27
  Speaker 5: It's picked up a little.
• 9:28
  Speaker 1: Bit in the last month or so, but it's nothing
• 9:31
  Speaker 1: to write home about. It's not like the phones are
• 9:33
  Speaker 1: ringing off the hook. I mean, it's not even near
• 9:36
  Speaker 1: what it was during COVID. That was the best year
• 9:39
  Speaker 1: I ever had in the gold business, was twenty twenty
• 9:42
  Speaker 1: because people were actually worried and they rushed out to
• 9:45
  Speaker 1: buy gold and silver.
• 9:46
  Speaker 5: There is no real worry now.
• 9:48
  Speaker 1: In fact, what we've found over the last year until
• 9:51
  Speaker 1: very recently is people were reluctant to buy gold and
• 9:55
  Speaker 1: silver because they thought the price was too high. And
• 9:57
  Speaker 1: in fact, what was keeping us going was people were
• 10:01
  Speaker 1: calling up to sell their gold and silver. They wanted
• 10:03
  Speaker 1: to cash out right. And now, of course I advise
• 10:07
  Speaker 1: not to do that. I've been telling people, no, the
• 10:10
  Speaker 1: last thing you want to do is sell your gold
• 10:12
  Speaker 1: and silver. I read this ridiculous article in the Financial
• 10:17
  Speaker 1: Times where they said that central banks should take advantage
• 10:21
  Speaker 1: of the gold bubble and sell their gold. I mean,
• 10:24
  Speaker 1: take they're the ones that are buying.
• 10:28
  Speaker 5: Sell.
• 10:28
  Speaker 4: That's madness.
• 10:30
  Speaker 3: Who comes up with these things, Peter. Look, I mean
• 10:34
  Speaker 3: we're outside the box thinkers.
• 10:36
  Speaker 4: You and I We.
• 10:37
  Speaker 3: Don't like look at the world the way everybody else does.
• 10:41
  Speaker 3: But at some point it becomes so obvious the debt
• 10:45
  Speaker 3: becomes unsustainable, all these factors, the asset bubbles taking place
• 10:53
  Speaker 3: all over the world, and you have to wonder what
• 10:58
  Speaker 3: what are they thinking?
• 10:59
  Speaker 1: Yeah, you know, I've always said if you don't know
• 11:02
  Speaker 1: you're in a bubble, you never see the pin. And
• 11:06
  Speaker 1: the pin this time is gold soaring?
• 11:10
  Speaker 4: Right?
• 11:10
  Speaker 1: Because this is showing a loss of confidence worldwide in
• 11:15
  Speaker 1: the US government in our ability UH to get our
• 11:19
  Speaker 1: fiscal house in order UH to pay our debts, UH,
• 11:23
  Speaker 1: to manage our currency.
• 11:25
  Speaker 5: Uh.
• 11:25
  Speaker 1: It's obvious right with you know, first, Biden made the
• 11:29
  Speaker 1: mistake of the sanctions against Russia. That was a huge
• 11:32
  Speaker 1: warning to get out of dollars But then when Trump
• 11:36
  Speaker 1: signed on to the Big Beautiful Bill, I mean that
• 11:38
  Speaker 1: was it that finalized it, because that extinguished any hope
• 11:42
  Speaker 1: of reigning in.
• 11:43
  Speaker 5: Uh.
• 11:44
  Speaker 1: The excess reckless deficits under Biden, they're now going to
• 11:48
  Speaker 1: be even worse under Trump. And then when he when
• 11:50
  Speaker 1: he bashed the Federal Reserve and called Powell a moron,
• 11:54
  Speaker 1: an idiot. Uh, and he started putting his cronies on
• 11:58
  Speaker 1: the FOMC. You just like Roosevelt packed the Supreme Court
• 12:02
  Speaker 1: in the thirties so he can get his unconstitutional New
• 12:06
  Speaker 1: Deal programs through the Supreme Court. Trump wants to do
• 12:10
  Speaker 1: the same thing with the Fed so he can create
• 12:12
  Speaker 1: massive inflation, because that's the Trump economic policy. He doesn't
• 12:18
  Speaker 1: want to six any of our problems. He doesn't really
• 12:20
  Speaker 1: want to make America great again. He just wants to
• 12:23
  Speaker 1: blow more air into the bubble, hoping it doesn't pop
• 12:26
  Speaker 1: while he's still in office. So he just wants to
• 12:28
  Speaker 1: crank up the presses to the max. But I think
• 12:31
  Speaker 1: Gold is telling you it ain't going to work this time.
• 12:34
  Speaker 1: It's not two thousand and eight, it's not twenty twenty.
• 12:37
  Speaker 1: There's a whole new world and it's all going to
• 12:40
  Speaker 1: backfire and when the Fed goes back to QE, which
• 12:43
  Speaker 1: they're probably going to do maybe by next year, because
• 12:46
  Speaker 1: these next few rate cuts are going to produce the
• 12:49
  Speaker 1: opposite effect of what they intend. Long term rates are
• 12:52
  Speaker 1: probably going to head up, Mortgage rates are going to
• 12:54
  Speaker 1: head up, and then the new FED chairman is going
• 12:57
  Speaker 1: to come in with massive quantitative easing being to buy
• 13:00
  Speaker 1: up bonds and mortgages, and it's gonna blow up because
• 13:04
  Speaker 1: the dollar is going to tank, and then we're going
• 13:06
  Speaker 1: to have a real currency crisis and a sovereign debt crisis.
• 13:09
  Speaker 1: And don't wait till then to get your gold. You
• 13:13
  Speaker 1: know you got you got to go to shift gold
• 13:15
  Speaker 1: right now, right If you're watching this on YouTube, pause it,
• 13:20
  Speaker 1: pause it, go to shift gold, buy your gold and silver,
• 13:23
  Speaker 1: and then come back and watch the rest of the interview.
• 13:26
  Speaker 1: That's how important it is. You can't even wait for
• 13:28
  Speaker 1: this interview to be over.
• 13:29
  Speaker 5: You need to.
• 13:30
  Speaker 1: Own some physical medals in advance of this crisis.
• 13:36
  Speaker 4: Agreed.
• 13:37
  Speaker 3: Agreed, And you know we've been on the same page
• 13:39
  Speaker 3: with that. You know, you can't predict history, how history
• 13:43
  Speaker 3: will unfold. Nobody can do it. Some people are better
• 13:47
  Speaker 3: than others. Guys like Martin Armstrong can call you know,
• 13:51
  Speaker 3: crashes to the day on occasion, but you know, most
• 13:56
  Speaker 3: of us can't do it. And even if we hear
• 13:58
  Speaker 3: somebody who knows what they're talking about, you don't believe it.
• 14:01
  Speaker 4: So you've got to know nobody.
• 14:03
  Speaker 1: Yeah, Like, obviously I've been you know, warning about this,
• 14:07
  Speaker 1: you know, since my hair wasn't gray, right, So remember,
• 14:11
  Speaker 1: I mean and.
• 14:11
  Speaker 4: You had more of it too.
• 14:13
  Speaker 1: When you understand, when you understand the problem, right, you
• 14:17
  Speaker 1: see it early. Uh, and often you see it so
• 14:21
  Speaker 1: early that you lose credibility. I they call you a
• 14:25
  Speaker 1: broken clock. I mean, I've been warning about the problem
• 14:28
  Speaker 1: budget deficit and the trade deficit and artifically low interest rates.
• 14:32
  Speaker 1: But for all the years I've been warning about it,
• 14:35
  Speaker 1: the stock market keeps hitting new highs. You know, the
• 14:38
  Speaker 1: economy key seems to be doing okay. And it's like
• 14:41
  Speaker 1: you see, shift is wrong, right, he's chicken little like this,
• 14:44
  Speaker 1: this guy's not falling. Well this you know it's going
• 14:47
  Speaker 1: to happen. And the thing is it's happening now, right,
• 14:50
  Speaker 1: I mean, when I go back to it, the subprime
• 14:54
  Speaker 1: I was warning about the housing bubble for three four years,
• 14:57
  Speaker 1: before it blew up, and the whole time I was
• 15:01
  Speaker 1: warning about it, people were like laughing at me because
• 15:03
  Speaker 1: at the housing prices kept going up.
• 15:07
  Speaker 5: But when subprime blew up in seven, I knew.
• 15:10
  Speaker 1: That what I was predicting was close because I had
• 15:13
  Speaker 1: been predicting the subprime blow up too. But I knew
• 15:16
  Speaker 1: that once that happened, then the rest would all fall apart.
• 15:20
  Speaker 1: But the people who didn't understand the problem that they
• 15:23
  Speaker 1: just shrugged off subprime because they didn't they didn't get
• 15:26
  Speaker 1: it well that I've been warning that this was going
• 15:28
  Speaker 1: to happen to gold, that it was going to start
• 15:30
  Speaker 1: to rise at this pace for a long time, and
• 15:36
  Speaker 1: it's now doing it. But it's doing it for the
• 15:38
  Speaker 1: reasons that I warned about. It is a loss of
• 15:42
  Speaker 1: confidence in the US, and it means the dollars days
• 15:46
  Speaker 1: as the reserve currency, are numbered and that number is
• 15:48
  Speaker 1: not that big anymore. And that is a game changer
• 15:52
  Speaker 1: for the US because we rely on the dollar like
• 15:55
  Speaker 1: a crutch. The only reason our economy works is because
• 15:58
  Speaker 1: of the dollar status. That's what allows us to have
• 16:01
  Speaker 1: this debt fueled, consumer based economy. But once the dollar collapses,
• 16:06
  Speaker 1: you know everything that we built on top of that
• 16:09
  Speaker 1: comes crashing down, and so yeah, I couldn't get the
• 16:12
  Speaker 1: timing right.
• 16:13
  Speaker 5: I knew what was coming, but nobody.
• 16:16
  Speaker 1: You know, you can't if you try to be cutsy
• 16:18
  Speaker 1: with it, if you try to be perfect, you're going
• 16:20
  Speaker 1: to be too late, right, So you can't rely on
• 16:23
  Speaker 1: I think I can time it.
• 16:25
  Speaker 5: I'm a technician.
• 16:26
  Speaker 1: I got some kind of model that's going to tell
• 16:29
  Speaker 1: me when to get out of the dollar, when to
• 16:31
  Speaker 1: get short, or when to get into gold stocks. No,
• 16:35
  Speaker 1: there is no way to do it where you know
• 16:38
  Speaker 1: you do it just right. You just got to know
• 16:41
  Speaker 1: how the game is going to end, and then position
• 16:44
  Speaker 1: yourself to win the game. You know when it's over.
• 16:47
  Speaker 1: And I've been properly positioned for a long long time.
• 16:51
  Speaker 1: I've been sitting at this uh poker table watching other
• 16:54
  Speaker 1: people win hands, but knowing that eventually all our chips
• 16:59
  Speaker 1: are going to be in front of me. And I
• 17:00
  Speaker 1: think we're about to We're about to collect all the
• 17:03
  Speaker 1: chips on this on this power table.
• 17:06
  Speaker 4: Honestly, I think it's happening now.
• 17:08
  Speaker 3: You know, they knew long before the public became aware
• 17:14
  Speaker 3: of the housing crisis. I would venture to say eight
• 17:19
  Speaker 3: months to a year before the FED knew. They didn't
• 17:22
  Speaker 3: do anything, but they absolutely knew it. I'm certain of it.
• 17:26
  Speaker 1: Yeah, they may have known it and then, but they're
• 17:28
  Speaker 1: afraid to admit it, you know. I mean, I remember
• 17:31
  Speaker 1: I watched an interview with Ben Bernaki years ago.
• 17:35
  Speaker 5: I'm not This was on what you would call I'm
• 17:39
  Speaker 5: trying to the name of the show.
• 17:40
  Speaker 1: A Motley fool and and so they were interviewing Ben
• 17:44
  Speaker 1: Bernaki and they played him some sound bites of him
• 17:47
  Speaker 1: saying how everything was great, you know before the crisis,
• 17:50
  Speaker 1: like so prime was contained, the economy is great, and
• 17:53
  Speaker 1: they said, well, you know, how do how does how
• 17:55
  Speaker 1: do you feel now listening to these sound bites of
• 17:59
  Speaker 1: what you say said now knowing how everything.
• 18:02
  Speaker 5: Fell apart and how wrong you were right, So you know,
• 18:05
  Speaker 5: what do you got to say?
• 18:06
  Speaker 3: Right?
• 18:06
  Speaker 5: How do you feel?
• 18:07
  Speaker 1: And what his response was was this, he said, well,
• 18:11
  Speaker 1: you know, to be honest, you know, I was a
• 18:13
  Speaker 1: member of the Bush administration, and you know, I really
• 18:16
  Speaker 1: couldn't speak my mind. I couldn't really be frank, So
• 18:20
  Speaker 1: you know that's not necessarily what I thought. So you
• 18:23
  Speaker 1: can't say, you know, you can't hold it against me,
• 18:25
  Speaker 1: And I couldn't.
• 18:25
  Speaker 5: Believe he admitted that.
• 18:26
  Speaker 1: Wow, because first of all, he wasn't a member of
• 18:29
  Speaker 1: the Bush administration. Here were the Fed. Yeah, he's supposed
• 18:34
  Speaker 1: to be independent, and so basically what he said, Look,
• 18:37
  Speaker 1: I knew there was a problem, but I didn't want
• 18:39
  Speaker 1: to admit it because it would have looked bad for Bush.
• 18:42
  Speaker 1: So I lied about it. That's basically what it's say,
• 18:45
  Speaker 1: worse and worse. Yeah, and nobody picked up on it
• 18:50
  Speaker 1: other than me. I've never heard anybody talk about that interview.
• 18:52
  Speaker 1: I've tried to find that interview online. I can't find it.
• 18:55
  Speaker 3: You know, maybe memory hold and memory hold so much,
• 19:00
  Speaker 3: so many things I've seen on the web because putting
• 19:04
  Speaker 3: on tinfoil hats about nine to eleven. But there was
• 19:09
  Speaker 3: actually chatter on the web that there was stuff going
• 19:13
  Speaker 3: on at the trade center. We don't won't get into
• 19:15
  Speaker 3: it because they'll wind up wiping this off. But you
• 19:19
  Speaker 3: know it happens for sure. So really the die is cast.
• 19:26
  Speaker 3: There's nothing they can do to stop it.
• 19:29
  Speaker 4: Will they attempt a war to Trump?
• 19:33
  Speaker 1: We can't get up. We can't afford a war. That's
• 19:35
  Speaker 1: the problem where we can't even afford peace. But war
• 19:38
  Speaker 1: is even more expensive. But you know the problem is
• 19:42
  Speaker 1: the defense budget has exploded under Trump. I mean, why
• 19:46
  Speaker 1: can't they even cut that? I mean, Trump can't cut anything.
• 19:49
  Speaker 1: He's the biggest spender we've ever had. You know. Of course,
• 19:52
  Speaker 1: he was a big spender the first time he was president,
• 19:54
  Speaker 1: and now he's breaking his own records.
• 19:56
  Speaker 3: Shouldn't be a surprise. Should not be a surprise. A
• 20:01
  Speaker 3: it's been a while since we talked. You have any
• 20:04
  Speaker 3: thoughts about AI and not so much what we're talking about,
• 20:07
  Speaker 3: but in general.
• 20:08
  Speaker 1: Yeah, Look, look, I think artificial intelligence has incredible potential.
• 20:13
  Speaker 1: I mean, obviously I use it in a limited degree
• 20:16
  Speaker 1: every day because I use you know that GPT or
• 20:19
  Speaker 1: I use rock and it certainly helps with some of
• 20:22
  Speaker 1: the TACs I'm doing, you know, and if I have
• 20:26
  Speaker 1: to read a contract, you know, instead of having to
• 20:28
  Speaker 1: call my lawyer, I just just uploaded and it you know,
• 20:32
  Speaker 1: it reads it, It points out stuff. I mean that's
• 20:34
  Speaker 1: pretty good. You know, it does a lot of stuff
• 20:36
  Speaker 1: very quickly. And I really feel like when I'm talking,
• 20:40
  Speaker 1: I'm like I'm having a conversation. I mean, it doesn't
• 20:43
  Speaker 1: feel like I'm just searching. And I can see the
• 20:46
  Speaker 1: incredible potential to really you know, expand human productivity. I mean,
• 20:53
  Speaker 1: it's a phenomenal tool where you have you know, an
• 20:57
  Speaker 1: artificial intelligence, because before that it was just human intelligence.
• 21:02
  Speaker 1: And and so, uh, labor is a resource like like
• 21:06
  Speaker 1: you know, like like other resources.
• 21:08
  Speaker 5: And it's it's scarce, especially skilled labor.
• 21:13
  Speaker 1: Skilled labor is even more scarce than unskilled because you
• 21:16
  Speaker 1: have people have to get trained and they have to learn.
• 21:18
  Speaker 1: But if we can have millions or billions of you know,
• 21:24
  Speaker 1: highly you know educated, you know ais all over the world,
• 21:30
  Speaker 1: you know, we no longer have a shortage of intellectual capacity.
• 21:35
  Speaker 1: And to the extent that we could take that intelligence
• 21:38
  Speaker 1: and put it into a robot that we could mass produce,
• 21:42
  Speaker 1: then we have no shortage of physical labor, assuming we
• 21:45
  Speaker 1: just can get the raw materials necessary to build them.
• 21:48
  Speaker 1: So I think that this has the potential to be
• 21:51
  Speaker 1: one of the biggest, if not the biggest, ways to
• 21:55
  Speaker 1: improve the lives of.
• 21:57
  Speaker 5: The people of you know, human human humans.
• 22:00
  Speaker 1: We're going to live much better in the future than
• 22:03
  Speaker 1: we've ever lived in the past because of the productivity
• 22:09
  Speaker 1: boom that can result from AI. And who the hell knows,
• 22:14
  Speaker 1: you know what, all these geniuses, right working at the
• 22:18
  Speaker 1: same time, are going to invent or create that may
• 22:22
  Speaker 1: have taken us thousands of years. They can maybe they
• 22:25
  Speaker 1: can do it in a few years. I mean, so
• 22:27
  Speaker 1: the scale at which our technology can improve. And you know,
• 22:33
  Speaker 1: I mean I'm sixty two years old. I mean maybe
• 22:36
  Speaker 1: I'll live to be one hundred and sixty two, maybe
• 22:38
  Speaker 1: longer if I.
• 22:38
  Speaker 5: Don't get into an accident. I mean, who knows.
• 22:41
  Speaker 1: So I think there's incredible potential in AI, and I'm
• 22:44
  Speaker 1: very optimistic on our ability to harness this and use
• 22:48
  Speaker 1: it in a way that makes everybody's lives better. And
• 22:52
  Speaker 1: of course, the people who have the most to gain
• 22:54
  Speaker 1: are the poor in the middle class, right, the rich people,
• 22:57
  Speaker 1: you know, they already pretty much have whatever they want.
• 23:00
  Speaker 1: But I think the middle class, because of AI, if
• 23:03
  Speaker 1: we get massive abundance, if we really know, the cost
• 23:07
  Speaker 1: of production goes down dramatically. That means people can have
• 23:11
  Speaker 1: a lot of things that they can't now afford. I
• 23:13
  Speaker 1: mean that that that the reason things are expensive is
• 23:16
  Speaker 1: because we don't have enough of them. There's a scarcity,
• 23:19
  Speaker 1: and things are scarce, they're more expensive.
• 23:22
  Speaker 3: Uh.
• 23:23
  Speaker 1: And so the people who benefit the most from capitalism
• 23:26
  Speaker 1: are not the people who get the richest. It's the
• 23:28
  Speaker 1: middle class and the poor whose lives are improved the most, uh,
• 23:33
  Speaker 1: you know, by by what is you know, the result
• 23:36
  Speaker 1: of capitals and the invention, the productivity that the consumer goods,
• 23:40
  Speaker 1: the leisure that we have. But that said, I still
• 23:44
  Speaker 1: think there is a massive bubble going on in investments
• 23:49
  Speaker 1: that are tied to AI. You know, just like you know,
• 23:53
  Speaker 1: when the the locomotive was invented and there were all
• 23:59
  Speaker 1: these railroad stocks, and yes, railroads changed America for the better.
• 24:05
  Speaker 1: They were a big improvement, uh you know over a
• 24:08
  Speaker 1: horse and buggy. But a lot of railroad stocks, most
• 24:13
  Speaker 1: of them went bankrupt. And speaking of horses and bubbies buggies,
• 24:17
  Speaker 1: there was I don't know one hundred, I don't know
• 24:19
  Speaker 1: how many auto companies there were that went bankrupt before
• 24:22
  Speaker 1: we ended up with like three.
• 24:23
  Speaker 4: Of them, and you know, and they can't and they're
• 24:25
  Speaker 4: going bankrupt too. Yeah, well now we have four, we
• 24:29
  Speaker 4: have four now.
• 24:30
  Speaker 1: I mean Henry Ford revolutionized transportation with the assembly line,
• 24:34
  Speaker 1: and you know, there was a bubble in auto stocks.
• 24:37
  Speaker 1: That didn't mean that people who looked at the automobile
• 24:40
  Speaker 1: and said, yes, this is a game changer right, everybody's
• 24:44
  Speaker 1: lives are going to be different because of the automobile.
• 24:47
  Speaker 1: That didn't stop people from losing everything in auto stocks
• 24:50
  Speaker 1: that went busted. So I think what's happening right now is,
• 24:54
  Speaker 1: you know a lot of overpriced stuff that's being hyped
• 24:57
  Speaker 1: up by people who are just trying to jump on
• 24:59
  Speaker 1: a band wagon and get rich quick.
• 25:01
  Speaker 5: And I think the epitome of that is crypto.
• 25:04
  Speaker 1: And I think the crypto industry has kind of hitched
• 25:07
  Speaker 1: their wagonto AI, claiming that AI and crypto go hand
• 25:11
  Speaker 1: in hand. When that is complete bs, I believe in AI.
• 25:15
  Speaker 1: I don't believe in any of this crypto nonsense. So
• 25:17
  Speaker 1: almost all these tokens are probably I mean almost all
• 25:20
  Speaker 1: these tokens are going to zero, and that would include bitcoin,
• 25:24
  Speaker 1: although you know it may take a while for a
• 25:27
  Speaker 1: bitcoin to go that far down because you've got these
• 25:31
  Speaker 1: you know, hardcore h religious fanatics now you know that
• 25:36
  Speaker 1: will never sell their bitcoin no matter what, and not.
• 25:40
  Speaker 4: Oddlers.
• 25:41
  Speaker 1: I think it's there's going to be a market for bitcoin, uh,
• 25:45
  Speaker 1: but that market's going to be a fraction of what
• 25:47
  Speaker 1: it is today, you know. So yeah, so if bitcoin
• 25:50
  Speaker 1: goes down to a few hundred dollars a coin. Yes,
• 25:53
  Speaker 1: it's not zero, but for all practical purpose, if you're
• 25:56
  Speaker 1: holding bitcoin now at one hundred and ten thousand and
• 25:59
  Speaker 1: it goes to one thousand, you've lost all your money. Yes,
• 26:03
  Speaker 1: I mean ninety nine percent is pretty much one hundred percent.
• 26:06
  Speaker 3: Well, I have a zero point four or five six
• 26:09
  Speaker 3: bitcoin floating around the ether because I upgraded my phone
• 26:14
  Speaker 3: lost my uh nass word. That was when bitcoin was
• 26:18
  Speaker 3: at six hundred, So my my fractional coin was worth
• 26:22
  Speaker 3: two hundred and forty dollars then.
• 26:24
  Speaker 1: Now surprised, Well, why didn't you have more back then
• 26:26
  Speaker 1: than if you were going to buy it?
• 26:27
  Speaker 5: I mean you might as well gone for a whole somebody.
• 26:30
  Speaker 3: I wasn't a big believer then. I'm more of a
• 26:32
  Speaker 3: believer now for other reasons. But you know, somebody paid
• 26:38
  Speaker 3: me in it for something I didn't particularly want it.
• 26:41
  Speaker 4: Yeah, I LOLd it.
• 26:42
  Speaker 1: I took campaign donations in twenty ten and bitcoin. I
• 26:46
  Speaker 1: have no idea what the hell happened to those because
• 26:48
  Speaker 1: we never sold any I I you know, I what
• 26:51
  Speaker 1: that was it worth back then?
• 26:54
  Speaker 4: In twenty ten? It's like five bucks oh less? Yeah?
• 26:58
  Speaker 4: Yeah it. Well, if you put a dollar.
• 27:00
  Speaker 3: Into bitcoin in twenty ten, it'd be worth one point
• 27:04
  Speaker 3: one million dollars.
• 27:05
  Speaker 1: Look, I look, I sat in front of a computer
• 27:07
  Speaker 1: screen as my some guy that worked in my campaign
• 27:10
  Speaker 1: was trying to get me to buy bitcoin, and I
• 27:12
  Speaker 1: thought about throwing ten grand in her. And I never did.
• 27:14
  Speaker 1: But you know, say, I don't know where I would
• 27:17
  Speaker 1: have cashed out. I'm sure, I mean, I'm sure I
• 27:19
  Speaker 1: would have kept something, been a lot i'd have been selling.
• 27:25
  Speaker 1: But you know, I have a tendency to hold on
• 27:27
  Speaker 1: of things. I mean, I still have a lot of
• 27:29
  Speaker 1: stocks that I bought twenty years ago. So I hold
• 27:31
  Speaker 1: a lot of stuff. You know, I got, I got.
• 27:33
  Speaker 1: You know, I have socks from twenty years ago. You know, hey,
• 27:36
  Speaker 1: why do you throw those out?
• 27:37
  Speaker 3: You know?
• 27:38
  Speaker 1: But so I probably would still have some bigcoin. But
• 27:41
  Speaker 1: you know, the thing that kept me out of it
• 27:44
  Speaker 1: was the fact that it was open sourced and anybody
• 27:48
  Speaker 1: could copy it, and it wasn't going to be the
• 27:50
  Speaker 1: only cryptocurrency. If it had been, if I'd have known
• 27:54
  Speaker 1: that it would only be bitcoin and not etherorium and
• 27:56
  Speaker 1: all this other stuff, I might have taken a shot
• 27:58
  Speaker 1: at it. But it was ultimately because I didn't think
• 28:01
  Speaker 1: It was truly scary. But who would have known that
• 28:05
  Speaker 1: there'd be so many of them and they all would
• 28:07
  Speaker 1: go up? I had I never It never occurred to
• 28:10
  Speaker 1: me back then, because I was trying to convince people
• 28:12
  Speaker 1: on Wall Street to buy gold, and they had no
• 28:15
  Speaker 1: interest in gold, so I thaid, well, why the hell
• 28:17
  Speaker 1: do they want to buy digital gold. I was actually
• 28:20
  Speaker 1: looking at it as digital gold back then, because I
• 28:22
  Speaker 1: thought they're they're they're mimicking gold, They're mimicking the properties
• 28:26
  Speaker 1: of gold. They made it look like gold bitcoin it
• 28:28
  Speaker 1: was gold, right, So I was looking at it that
• 28:31
  Speaker 1: way before they reinvented it that way when they realized
• 28:33
  Speaker 1: it didn't work as a currency. But one of the
• 28:35
  Speaker 1: things that I liked about it back then was that
• 28:38
  Speaker 1: you could use it, you know, on the black market
• 28:41
  Speaker 1: to buy illegal stuff. And I thought it was I
• 28:45
  Speaker 1: thought the government couldn't tell, you know, who was using it.
• 28:48
  Speaker 5: Little did I know they actually can.
• 28:50
  Speaker 1: It's not It's actually not as good as I thought
• 28:52
  Speaker 1: it was back then, because.
• 28:54
  Speaker 5: The least you know, you can you could go beneath the.
• 28:57
  Speaker 1: Radar of the AML laws and the KYC and all that.
• 29:00
  Speaker 5: All that stuff.
• 29:01
  Speaker 1: But but now it's all Look, it's all speculators in
• 29:04
  Speaker 1: there now. Uh, bitcoin is a tech stock without any
• 29:07
  Speaker 1: earnings and without the prospect of ever having earnings.
• 29:10
  Speaker 5: And I think what's happening now.
• 29:12
  Speaker 1: You know, Bitcoin is down more than twenty five percent
• 29:14
  Speaker 1: priced in gold over the since August. I think bit
• 29:18
  Speaker 1: I think gold has pricked the bitcoin bubble. I think
• 29:21
  Speaker 1: the whole digital gold narrative is falling apart right now.
• 29:25
  Speaker 1: And I think what's going to be happening over the
• 29:28
  Speaker 1: next few months is not the hardcore true believers. I mean,
• 29:31
  Speaker 1: you know, these guys are are are are in right,
• 29:35
  Speaker 1: They're they're they're they're stuck. But a lot of money,
• 29:38
  Speaker 1: a lot of hot spec money came in too crypto,
• 29:42
  Speaker 1: especially after Trump won and became the first bitcoin president
• 29:46
  Speaker 1: with a strategic reserve and.
• 29:47
  Speaker 5: All this stuff.
• 29:48
  Speaker 1: So I think a lot of investor money, you know who,
• 29:51
  Speaker 1: you know, they just want to make money. They're not hardcore,
• 29:55
  Speaker 1: you know, they just want to buy bitcoin and sell
• 29:57
  Speaker 1: it at a profit. And a lot of the money
• 30:00
  Speaker 1: that came into these bitcoin ETFs and these treasury companies,
• 30:03
  Speaker 1: a lot of it came out of gold stocks and
• 30:04
  Speaker 1: gold ETFs. And I think as gold really starts to
• 30:09
  Speaker 1: perform and bitcoin goes down.
• 30:11
  Speaker 5: I think a lot of the money that left gold for.
• 30:14
  Speaker 1: Bitcoin is going to go back to gold and gold
• 30:17
  Speaker 1: stocks and try to get out of bitcoin.
• 30:19
  Speaker 5: And I think the bottom is going to drop out
• 30:21
  Speaker 5: of this market.
• 30:22
  Speaker 1: What happened on Friday in bitcoin, that little flash crash
• 30:26
  Speaker 1: where bitcoin went down to one hundred and four thousand
• 30:29
  Speaker 1: and snapped back up.
• 30:30
  Speaker 5: That that's just a glimpse of what's gonna come.
• 30:33
  Speaker 1: But the next big drop it's not gonna be because
• 30:36
  Speaker 1: Trump puts something out on a truth social It's gonna
• 30:39
  Speaker 1: be the real bottom falling out of that market. It's
• 30:42
  Speaker 1: gonna be the mass liquidation from the ETFs. And you know, ultimately,
• 30:47
  Speaker 1: you know, Michael Sailor, you know that company, Micro Strategy
• 30:51
  Speaker 1: going bankrupt and all that bitcoin it's.
• 30:55
  Speaker 4: Going to be sold.
• 30:55
  Speaker 1: The creditors are going to get a hold of that
• 30:57
  Speaker 1: bitcoin and they're gonna have to sell it to get
• 30:59
  Speaker 1: what ever cash they can get back out of their
• 31:02
  Speaker 1: you know, their preferreds or whatever secured notes they have
• 31:07
  Speaker 1: against micro Strategy, And the only our strategy and the
• 31:10
  Speaker 1: only asset they have is bitcoin, because I don't think
• 31:13
  Speaker 1: the software company is worth much.
• 31:15
  Speaker 3: Yeah, Well, it's going to be interesting to see, that's
• 31:18
  Speaker 3: for sure. So we find in you over at europack
• 31:22
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• 31:26
  Speaker 1: Yeah, well, your pack dot com is the website for
• 31:29
  Speaker 1: my asset management company, and I would invite your uh,
• 31:34
  Speaker 1: you know, followers to go to your Pacific Asset Management.
• 31:38
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• 31:41
  Speaker 1: are killing it this year, and I think you're going
• 31:43
  Speaker 1: to continue to crush it for the rest of the decade.
• 31:45
  Speaker 1: I think this sell America trade is just getting started.
• 31:49
  Speaker 1: We have the most overvalued markets in the world, and
• 31:52
  Speaker 1: we have a currency that's about to collapse. So you
• 31:55
  Speaker 1: want to get out of overpriced US stocks and get into.
• 31:59
  Speaker 5: Stock around the world.
• 32:01
  Speaker 1: Emerging markets stocks I think are going to really shine
• 32:04
  Speaker 1: next year. This year they've done okay, not as well
• 32:07
  Speaker 1: as the developed markets. But I think next year, you know,
• 32:10
  Speaker 1: when we really start to see a week dollar, you're
• 32:12
  Speaker 1: going to really see the benefit that that's going to
• 32:14
  Speaker 1: have for the emerging markets. You know, Brick Nations, We've
• 32:18
  Speaker 1: got a lot of strategies that give you exposure. We
• 32:20
  Speaker 1: do separately managed accounts that you could set up with us,
• 32:23
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• 32:27
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• 32:30
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• 32:36
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• 32:38
  Speaker 1: strategy is ep d i X. That's up almost fifty
• 32:42
  Speaker 1: percent this year, you know, since the January first, twenty
• 32:46
  Speaker 1: twenty five. That just gives you an idea of what's
• 32:49
  Speaker 1: happening outside the United States as money is flowing back
• 32:53
  Speaker 1: into these foreign markets coming out of US. You know,
• 32:56
  Speaker 1: don't get fooled by, oh that all the headlines are
• 32:58
  Speaker 1: about the Dow is hitting new highs. The Dow is
• 33:01
  Speaker 1: crashing this year in terms of gold. In fact, in
• 33:04
  Speaker 1: nineteen ninety nine, the Dow was worth forty five ounces
• 33:07
  Speaker 1: of goal. Now it's worth eleven. That's a seventy five
• 33:11
  Speaker 1: percent decline in twenty six years priced in real money.
• 33:16
  Speaker 1: So you've got to keep that in, you know, in
• 33:19
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• 33:22
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• 33:25
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• 33:29
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• 33:37
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• 33:49
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• 33:51
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• 33:54
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• 33:58
  Speaker 1: market wrap and every Friday I tell people, don't wait
• 34:01
  Speaker 1: for Monday, buy your gold on Saturday at Shift Gold
• 34:05
  Speaker 1: because every day the market goes way up, and you know,
• 34:09
  Speaker 1: it's just like you know, I mean, we just hit
• 34:12
  Speaker 1: four thousand a week ago, a week ago, and now
• 34:14
  Speaker 1: we're at forty two hundred above forty two hundred, So
• 34:18
  Speaker 1: the market is moving, the trend is going to accelerate.
• 34:21
  Speaker 1: As far as other places, they can follow me. You know,
• 34:23
  Speaker 1: I do my podcast, the Peter Shift Show. You can
• 34:26
  Speaker 1: listen to it on Shift radio dot com. On my
• 34:29
  Speaker 1: YouTube channel, so subscribe to my YouTube channel also the
• 34:32
  Speaker 1: Shift Gold YouTube channel. Follow me on x I just
• 34:35
  Speaker 1: went through a one point two million followers on x
• 34:41
  Speaker 1: but I'm still small combared to some of these crypto
• 34:44
  Speaker 1: gurus you know, who have you know, two or three
• 34:46
  Speaker 1: times the followers that I do. But I think, I
• 34:49
  Speaker 1: think in a couple of years, I'll have more followers
• 34:51
  Speaker 1: than they do. I think a lot of their followers
• 34:53
  Speaker 1: are gonna end up losing too much money. But but
• 34:56
  Speaker 1: you're going to see a lot more people are going
• 34:58
  Speaker 1: to discover the gold trade, you know, and they're going
• 35:03
  Speaker 1: to start participating, and they're going to discover me. But meanwhile,
• 35:05
  Speaker 1: don't think, don't think it's expensive. You know, if you're
• 35:08
  Speaker 1: don't think, oh I missed it. I can't buy gold
• 35:11
  Speaker 1: at forty two hundred dollars, I can't buy silver at
• 35:14
  Speaker 1: at fifty three dollars. These are still low prices compared
• 35:18
  Speaker 1: to where they're going. Yes, they're a lot higher than
• 35:21
  Speaker 1: they were a year ago, six months ago, two years ago.
• 35:24
  Speaker 1: I tried to get people to buy it back then,
• 35:26
  Speaker 1: and if you didn't listen, it's not my fault.
• 35:28
  Speaker 5: But it's still cheap.
• 35:30
  Speaker 4: You know.
• 35:31
  Speaker 1: Where I feel the worst. We had a lot of
• 35:34
  Speaker 1: clients at my company that cashed out last year because
• 35:38
  Speaker 1: of Trump, and early this year we had record outflows
• 35:42
  Speaker 1: from my gold funds and look at what's happened. Right,
• 35:46
  Speaker 1: So people throw in the towel at the worst possible time.
• 35:50
  Speaker 1: After holding these stocks for years, they decided I'm giving up.
• 35:54
  Speaker 1: I'm gonna you know, and and but I tell these people, yes,
• 35:59
  Speaker 1: it was a mistake to cash out of my strategy
• 36:01
  Speaker 1: in twenty twenty four and earlier this year, but.
• 36:04
  Speaker 5: It's a bigger mistake not to get back in.
• 36:07
  Speaker 1: You got to recognize the mistake that you made and
• 36:10
  Speaker 1: correct it before it becomes catastrophic.
• 36:13
  Speaker 5: Yes, you left a lot on the.
• 36:14
  Speaker 1: Table, but there's a lot more that is going to
• 36:18
  Speaker 1: be left if you don't get back in, right, So
• 36:21
  Speaker 1: you got to you have to acknowledge that you made
• 36:23
  Speaker 1: a mistake and then fix it before it becomes a
• 36:26
  Speaker 1: much bigger mistake.
• 36:28
  Speaker 4: Agreed. Couldn't agree with you more. Hey, one final question.
• 36:32
  Speaker 3: We're talking gold, but what about silver. Isn't this outside
• 36:36
  Speaker 3: there so much greater?
• 36:38
  Speaker 5: Yeah? It is.
• 36:38
  Speaker 1: Look, first of all, this is a precious metals bull market, right,
• 36:41
  Speaker 1: so look at platinum, look at palladium. You know when
• 36:45
  Speaker 1: platinum was last below one thousand and gold top three
• 36:50
  Speaker 1: thousand on my podcast, which is another reason why you
• 36:53
  Speaker 1: should listen to it. I went on my podcast and
• 36:55
  Speaker 1: I said, look, you got to go to Shift Gold
• 36:58
  Speaker 1: right now and buy platinum. I said, because you can
• 37:00
  Speaker 1: buy three ounces of platinum for one ounce of gold.
• 37:03
  Speaker 1: That is ridiculous. I've never seen this, just completely absurd.
• 37:07
  Speaker 4: It was insane.
• 37:08
  Speaker 1: You got to buy it right now. Platinum is like
• 37:10
  Speaker 1: sixteen hundred sec, but it's still cheap with gold at
• 37:13
  Speaker 1: forty three hundred. I mean, I remember, for most of
• 37:17
  Speaker 1: my life, platinum was more expensive than gold.
• 37:19
  Speaker 4: So all of my life up until fifteen years ago,
• 37:23
  Speaker 4: there was only three or four times I got six
• 37:26
  Speaker 4: zebras on you. There's only three.
• 37:28
  Speaker 3: Or four times where gold ever became more valuable and
• 37:32
  Speaker 3: then to be double or triple or quadruple.
• 37:35
  Speaker 4: Yeah, well it was insane.
• 37:37
  Speaker 5: So yeah, that's why.
• 37:39
  Speaker 1: That's why the platinum, the platinum American Express card is
• 37:42
  Speaker 1: more prestigious than the gold card. Right, it's a platin
• 37:46
  Speaker 1: is supposed to be more expensive, right the gold. So
• 37:50
  Speaker 1: but yeah, it's a precious mouth. But I love silver.
• 37:53
  Speaker 1: I've been pounded the table. When I first got into
• 37:55
  Speaker 1: the Shift Gold, I was telling people two thirds gold silver,
• 38:00
  Speaker 1: right because I was more into gold. But just Over
• 38:03
  Speaker 1: the last year, I've been telling people, know by silver
• 38:06
  Speaker 1: at least half silver, or in some cases only silver.
• 38:09
  Speaker 1: I was telling my clients, look, if you got a
• 38:11
  Speaker 1: bunch of gold, don't buy anymore, buy silver instead. I mean,
• 38:15
  Speaker 1: they're giving this stuff away. And I still think silver sheep.
• 38:19
  Speaker 1: I think silver could easily be one hundred dollars next year.
• 38:23
  Speaker 1: Do I think gold is going to be eight thousand
• 38:26
  Speaker 1: next year? I mean, probably not. It could be, It
• 38:29
  Speaker 1: could be, But I think if gold is eight thousand
• 38:31
  Speaker 1: next year, silver will be more than one hundred.
• 38:34
  Speaker 5: Silver might be one hundred and fifth.
• 38:35
  Speaker 3: Though, give me an idea, give me your guest at
• 38:37
  Speaker 3: it on what the gold to silver ratio is going
• 38:41
  Speaker 3: to compact or compress too well.
• 38:44
  Speaker 1: At its peak it was over one hundred to one,
• 38:47
  Speaker 1: so you were andrew yet more than one hundred ounces
• 38:50
  Speaker 1: of silver or one ounce of gold. Now it's about
• 38:54
  Speaker 1: eighty to one, and that's still cheap silver. I think
• 39:00
  Speaker 1: my minimum target minimum would be about fifty to one.
• 39:04
  Speaker 1: That would be a minimum, But I think there's a
• 39:07
  Speaker 1: good shot that we could go to twenty to one,
• 39:11
  Speaker 1: you know, maybe even a little lower.
• 39:13
  Speaker 4: Maybe fifteen fifteen. Week like it's hit it before.
• 39:17
  Speaker 1: At the at the at the whenever the peak of
• 39:19
  Speaker 1: this bull market is, and I think we're still many
• 39:22
  Speaker 1: many years away from a peak. But wherever the peak is,
• 39:25
  Speaker 1: that's when silver is going to be at its most
• 39:28
  Speaker 1: expensive relative to gold, right, So it's going to happen.
• 39:33
  Speaker 5: You know, it's just a question to win.
• 39:34
  Speaker 1: And I think the main reason, and I've been saying this
• 39:37
  Speaker 1: that gold has been going up and not silver, is
• 39:40
  Speaker 1: because this rally has been driven by central banks. They
• 39:44
  Speaker 1: don't buy silver, they don't have any place to store it.
• 39:47
  Speaker 1: They buy gold. Retail investor wasn't buying. That's just starting now,
• 39:54
  Speaker 1: just now Wall Street is now for the first time
• 39:57
  Speaker 1: in my career. I've been in the financial business for
• 40:00
  Speaker 1: over thirty five years.
• 40:01
  Speaker 4: Yet your whole life, this is.
• 40:02
  Speaker 1: The first year that firms like Morgan Stanley are saying
• 40:07
  Speaker 1: you should have gold in your portfolio.
• 40:09
  Speaker 4: Yeah. I don't remember them ever saying it before. I
• 40:12
  Speaker 4: don't remember.
• 40:13
  Speaker 1: Look, I forget who is it. Somebody just came out
• 40:15
  Speaker 1: today and said for the first I think it was
• 40:16
  Speaker 1: Jamie Diamond. He said, for the first time in his career,
• 40:19
  Speaker 1: it's not completely idiotic to have some gold. That was
• 40:22
  Speaker 1: like as close as he can come to like by.
• 40:26
  Speaker 4: It's like bitter pill. That's a bitter pill.
• 40:29
  Speaker 1: But but when Morgan Stanley said maybe the sixty to
• 40:33
  Speaker 1: forty portfolio should be sixty twenty twenty, where you sell
• 40:37
  Speaker 1: half your bonds and buy gold.
• 40:39
  Speaker 5: Look, this is going to become mainstream.
• 40:41
  Speaker 1: I think right now Wall Street has maybe two percent
• 40:45
  Speaker 1: in gold, and that's because a lot of people have
• 40:48
  Speaker 1: no gold. So Wall Street is as underinvested in gold
• 40:52
  Speaker 1: as they've ever been.
• 40:53
  Speaker 4: And that it's central banks global.
• 40:55
  Speaker 1: Spite despite all their buying carry central banks still don't
• 40:59
  Speaker 1: have enough goal and so they have the central banks
• 41:03
  Speaker 1: have a lot more goal to buy the public institutions.
• 41:07
  Speaker 1: Retail has a lot of goal to buy. The problem
• 41:10
  Speaker 1: is there's not a lot of gold to sell. I mean,
• 41:12
  Speaker 1: I'm not selling any of my gold. I mean people
• 41:14
  Speaker 1: are they in fun of me? Hey, if you like
• 41:16
  Speaker 1: gold so much, you know why you selling gold to
• 41:18
  Speaker 1: shift gold. I'm not selling my gold. I'm just I'm
• 41:22
  Speaker 1: just host selling it and then retailling it buy it
• 41:25
  Speaker 1: from a host saler.
• 41:25
  Speaker 5: I don't sell any of my own gold. I'm not
• 41:27
  Speaker 5: that dumb.
• 41:28
  Speaker 1: In fact, whatever profits I make, I use it to
• 41:31
  Speaker 1: buy more.
• 41:32
  Speaker 5: In fact, I haven't been buying gold.
• 41:33
  Speaker 1: I've been buying the gold stocks because I thought that
• 41:36
  Speaker 1: that was the cheapest way to buy gold, was to
• 41:39
  Speaker 1: buy the stocks, because I was buying the gold that's
• 41:41
  Speaker 1: still in the ground, which they've given away, because these
• 41:44
  Speaker 1: gold stocks had never been this cheap. Now obviously not
• 41:47
  Speaker 1: as cheap as they were. In fact, I put out
• 41:49
  Speaker 1: a special report and you can still read that report
• 41:53
  Speaker 1: on your pack dot com, The Best way to buy Gold.
• 41:56
  Speaker 1: It was April of this year, and that was before
• 41:59
  Speaker 1: gold stocks doubled, because the first quarter they didn't really
• 42:02
  Speaker 1: go anywhere. They were down, and I said, don't even
• 42:05
  Speaker 1: buy gold, even though I got Shift Gold, don't call
• 42:08
  Speaker 1: Shift gold, you know, buy gold stocks because they were
• 42:11
  Speaker 1: so yeah, I mean, and and so they're not as
• 42:16
  Speaker 1: cheap as they were when I wrote that report the
• 42:18
  Speaker 1: best way to buy Gold. But they're still cheap. They're
• 42:20
  Speaker 1: just less cheap, so they still have to be bought.
• 42:24
  Speaker 1: I mean, I you know, I haven't sold any of
• 42:26
  Speaker 1: my gold stocks, or is my silver stocks. The only
• 42:29
  Speaker 1: reason I'm not buying more is because I have so much,
• 42:33
  Speaker 1: and so I'm buying non gold stocks to try to
• 42:36
  Speaker 1: bring down my allocation because it's now so high. I'm
• 42:40
  Speaker 1: so I mean, I'm so overweighted gold stocks. But if
• 42:45
  Speaker 1: you're not overweight gold stocks, then you got to buy
• 42:48
  Speaker 1: them because you should be overweight.
• 42:50
  Speaker 3: Yeah, all right, well, hey, so Europac dot com and
• 42:56
  Speaker 3: obviously shiftgold dot com by some there some silver because
• 43:01
  Speaker 3: we all know where it's heading. There's not even a
• 43:04
  Speaker 3: question about it. Nobody should be questioning this now at all.
• 43:08
  Speaker 4: No.
• 43:09
  Speaker 3: No.
• 43:10
  Speaker 1: And the thing is, you know, like they're still not
• 43:12
  Speaker 1: covering it, like CNBC covered gold for a couple of
• 43:15
  Speaker 1: days when it was at four thousand. I guess they're
• 43:17
  Speaker 1: can to ignore it till it's at five thousand, and
• 43:19
  Speaker 1: then they'll just talk about it again for a few
• 43:21
  Speaker 1: days and then go silent. I mean, they're still fixated
• 43:24
  Speaker 1: on bitcoin exactly.
• 43:26
  Speaker 4: All right, Peter, it's been a pleasure. Thank you, I'll
• 43:28
  Speaker 4: see you.
• 43:30
  Speaker 2: Thanks for listening to Carrie Letz's Financial Survival Network, your
• 43:34
  Speaker 2: solution to today's trying times. For the latest, go to
• 43:38
  Speaker 2: Financial Survivalnetwork dot com. Financial Survival Network now more than
• 43:44
  Speaker 2: ever