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🔥ALERT - $700 SILVER - This is HARD To BELIEVE ✅ (Gold and Silver Price) · SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT

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$701.00 silver, I owe you a big apology.
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What a crazy click bait thumbnail for this video No,
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actually it was wrong. I owe you an apology.
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It's now $703.00 the biggest news stories, interesting news
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stories affecting the silver price and gold price.
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We're going to cover them all but first, it's a big day.
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I promised you it that that this would happen.
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Let's go out to the US Debt clock quickly and get an update.
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And here, here you go guys, usdebtclock.org.
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We've been following this closely.
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The dollar to silver ratio has surpassed $700.00 per oz.
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Last night when I made the thumbnail, it was $701.00.
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This morning when I check, it's $703.
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By the time we're done with this live stream, I wouldn't be
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surprised if we're at $704.00 per oz.
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What this clearly demonstrates is that for one ounce of silver
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for each one ounce being produced throughout the entire
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world, for each one ounce there are over 700 U.S. dollars being
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created through the over here M2 money supply which you can see
1:15
currently stands at $21 trillion and growing and growing and
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growing. So we can only expect for that
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number to go up higher. The reason why I like to look at
1:25
that number is and maybe some of you have an opinion on this.
1:29
I I know you have opinions, leave them in the comments, send
1:31
me an e-mail. But guys, think about this.
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This is the old style dollar. Haven't shown it to you for
1:38
about a week. OK, see what it says at the top
1:41
silver certificate. This one happens to be from
1:47
1937. I think you can see that on
1:51
there. And at the bottom it clearly
1:53
said states it's $1.00, but it says underneath the $1.00 in
1:58
silver payable to the bear on demand.
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So I can't help but think, right, if we still had our money
2:05
backed by silver, there it is at the bottom and silver isn't that
2:10
beautiful. Can you believe that that this
2:13
was this was our this right silver certificate and this
2:19
Unicorn fart dust dollar are two vastly different things.
2:23
So I can only imagine like if we were still living in this in
2:26
this gold standard type system, they would have to be of
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producing one 700th of the dollars that they're producing
2:35
now. And I know I'm using some very
2:37
rough math, but the base, the base of the argument is this,
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this new system, this Fiat system, this money printing,
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right? Make believe, Unicorn fart dust
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UFD, right that we're living in. It's just it's all make believe.
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It's all made out of nothing. We're going to talk more about
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that later. Big news.
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And this ties right in this week, Thursday, we're going to
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get the inflation numbers put on your BS boots, put on your your
3:05
BLS boots because we're going to get what here?
3:08
Here's what's going to happen, OK?
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We're going to get bogus inflation numbers.
3:12
We're going to be told, right? We predicted the jobs number
3:15
last week, that massive increase in jobs, which were mostly all
3:20
government jobs. What we're going to hear this
3:22
week is that inflation's down. And the reason why is because
3:26
the government wants everybody to think that the economy's
3:30
doing hunky Dory, right? Everything's wonderful.
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It's four weeks before a big election, so we need to make
3:37
everybody tell them, and they'll believe it if they hear it on
3:40
their television set. If if CNN says it, it's got to
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be true that inflation is coming down now in a rather perverted
3:51
sense, as much as we don't like that, my fellow basement
3:56
dwellers, it could be very supportive good news for the
4:00
gold price and the silver price. Because, you know, according to
4:03
the make believe fairy land Fed narrative, right?
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If inflation's coming down, that means they can lower interest
4:11
rates. And we're going to talk about
4:12
now how they're not even predicting that we're going to
4:15
have another half point interest rate decrease.
4:18
But be ready. Thursday's a big day.
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It could be a big day for the precious metals, especially if
4:25
it it plays out like we know it will.
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You mark my words, We called it last week with the jobs number.
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This week, we'll call it. Inflation's miraculously going
4:34
to be very low, and that's just a coincidence.
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We're not. We're not, we're not.
4:40
We're not heaving any accusations at anyone or
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anything like that. Just a coincidence that that's a
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few weeks before a big election that's coming up.
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It's like professional wrestling.
4:52
I'm sorry. I'm going to go on a quick
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little diatribe, but it feels like the whole government
4:58
system, the whole political system, it's really become like
5:02
professional wrestling, right? It's like a big show.
5:05
It's a big make believe and everybody wants to believe it,
5:09
but I think everybody knows it's a bunch of BS OK, I digress.
5:13
All right, so that's what's going on there.
5:15
This is a great, you know what? They're stealing your money
5:20
through inflation. And let me show you this.
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This was a great little piece of economical here.
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Let's go out here first. Oh boy, hold on here guys.
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Let me put you on the right screen.
5:32
And we're going to go on a little field trip because this
5:35
is the economic calendar for this week.
5:39
Tomorrow, the big news will be the FOMC minutes.
5:42
That's the like written notes from the last Fed meeting, and
5:46
everybody will be watching that. That could have an impact on the
5:49
precious metals market and precious metals prices because
5:53
people, they parse through that, look at every little detail to
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see what the Fed governor said, blah, blah, blah.
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It's all a big clown show. Anyway, The big news event will
6:03
be here at My Yellow Arrow, which is circling those two red
6:07
exclamation points, CPI, consumer price index and core
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CPI. That'll be Thursday.
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We just talked about that the PPI is more business wholesale
6:17
related. That's on Friday.
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That could have an effect. But really, the big whopper this
6:22
week, you know the. Biggest news story in the
6:24
history of the world, according to CNBCCNBS.
6:30
Will be the inflation numbers. You already know you heard it
6:33
here in Ron's basement. There's a quote UN quote very
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high likelihood that we're going to get great inflation numbers
6:40
and in a rather convoluted way that's actually good for us.
6:46
We'll, we'll take the we'll take the help when we can get it.
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That will be helpful for the silver price and gold price.
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Let's go look at silver taking another beating today.
6:57
And then I want to look at a chart and we're going to have a
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little pep talk, basement dwellers.
7:01
But let's go out to Pendex. This is not the updated price.
7:06
It's all red. It's probably red or not, but
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I'm going to press the the Pendex magic button and OK,
7:12
silver improved a little bit. OK, down 43 cents, $31.24 gold,
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currently trading at $2640 per oz.
7:23
Thank you to channel sponsor Pendex.
7:25
They make the basement possible, they make our club right and
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it's a big deal that we all get to get get to get together, get
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Together, Pinbex makes that possible, along with our other
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around thinking you're going to buy some silver, gold or
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platinum group metals and you're looking at online bullion
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dealers, even compare them to your local coin shop, I'd ask
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you to please help support Pinbex.
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I think you'll find what I found.
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They always have a great selection and they have prices
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that are very, very, very tough to beat.
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But most importantly, you want to work with a company you can
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trust. You know, do your own due
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diligence. I can give you my testimony,
8:10
which is I've been very happy. I think I've made 5 or 6 rather,
8:14
for me, large purchases through Pembacs over the last year and a
8:17
half. I've been very happy and I've
8:19
received overwhelmingly positive response from the basement
8:24
dweller community. All right, guys, let's go look
8:26
at the silver price because we are taking a bit of a beating
8:31
and we need to talk about this. Let's have a little chat here.
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Oh, I already, I drew 2 lines. OK, This is the two year I
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believe. Yeah, no, this is not two year,
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one year chart of silver price, right?
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Yes, one year. Let's point out one thing
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quickly here before we cry in our Wheaties this morning.
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This is what the silver price, that line right there has done
9:02
really since March, right? We were down at 22, 2020, $1.00
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per oz for silver. But what's really critical here,
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what's really critical is when we come up here as we are in a
9:13
major battle right now in the silver market.
9:16
If you look back in May, right, that was the first time we poked
9:20
up above $30 per oz. We kind of stayed up there.
9:23
We went down, we came back up. We've been hitting up against
9:27
this 31 dollar, $31.50 and this is in the futures market several
9:32
times. So we did it back in May, We did
9:35
it again in the summer, we did it again recently.
9:39
And then even more recently, we've been bumping up against
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the upper orange line, which is the like 32253250 range.
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It can only bump up against that so many times.
9:51
All right, there's, there's statistics that say it's very
9:55
rare for these prices to bump up against this three times, right?
10:00
Two times is kind of normal. Usually, I don't know, 8095% of
10:04
the times. The third time the price bumps
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up against it, it shoots through.
10:09
It's called a a double top or a triple top.
10:12
It's very unusual to have a triple top, which it looks like
10:15
we may be in the process of forming.
10:20
Quadruple tops are like statistically almost not heard
10:24
of as far as I understand. So while these last few days may
10:27
have been a little tough for us as silver investors, I think
10:30
it's very important for us to remember that that we are still
10:36
number one at very high prices compared to where we were one
10:39
year ago. Guys, one year ago we were at
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20. What was the price here, $21.00
10:45
silver. Today we're at a silver price
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that is $10 higher. If we told each other a year ago
10:51
that we would be at this level, I believe we would all be very
10:54
happy. But look at the two year chart.
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Wow, Wow. Let me see if I can.
10:59
Let's draw it. Let's Draw Something on here as
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well. OK, so if we start down here two
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years ago, hold on, two years ago right now, where was the
11:13
silver price? Less than $20 per oz, $18.00 per
11:17
oz. Wow, I didn't realize that we
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are up huge. Now let's just for fun get our
11:24
Crayolas out very quickly and see if I can draw this.
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Look at this. I mean, do you see this trend?
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Woo Hoo, that's where we're headed.
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OK. And you know all the fundamental
11:38
reasons behind what is going on in the silver market.
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We've talked about it exhaustively.
11:44
The future looks very, very, very bright for the silver
11:47
price. Let's go, let's go.
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Back to you know, there's one thing, one thing inflation will
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drive the prices of silver and gold as we head into the coming
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quarters and years, decade, right?
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We are in for a decade of inflation.
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It is inevitable. But listen to this from remember
12:08
Alan Greenspan. He was the the president of the
12:12
Fed for many years. He was like the guru.
12:14
Remember, listen to what I want to I want to read just one quick
12:18
paragraph that one of our viewers, Jerry from Oregon sent.
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Then there's a whole essay called Gold and Economic Freedom
12:26
written by Alan Greenspan. You can you can pull it up and
12:29
read it for yourself. This is Alan Greenspan, who was
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the head of the Federal Reserve for a very long time.
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This is what he wrote. OK.
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And I believe this was in the last late later 60s.
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Nonetheless, this is timeless information about precious
12:45
metals, and I'll give you the reasons why as we go through
12:49
this. He said this is the shabby
12:51
secret of the welfare status tirades against gold, the people
12:57
that hate gold. Deficit spending is simply a
13:01
scheme for the hidden confiscation of wealth.
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OK, inflation is the hidden confiscation.
13:09
It's a hidden tax and it's generally a tax on the, the, the
13:14
middle class, the middle 90%, excuse me, gold stands in the
13:22
way of this insidious process. Gold, silver, it stands as a
13:27
protector of property rights. If one grasps this, one has no
13:33
difficulty in understanding the status and antagonism toward the
13:39
gold standard, right? He is.
13:41
What he's basically saying here is the only reason, right, that
13:45
these big money people, right, the the Federal Reserve
13:49
themselves, now the big bankers, they hate gold and silver.
13:54
The Comex and the LBMA, trust me, they hate gold and silver
13:59
because gold and silver are real money.
14:01
They truly are the enemy of the Fiat money system, right?
14:06
Does it make sense that, you know, supposedly we have, what,
14:09
8000 metric tons of gold at Fort Knox, but they won't even talk
14:13
about it? Excuse me?
14:15
They'll barely even recognize it.
14:18
This is the world that we're living in, right?
14:20
Every message that you get from media and that we've been taught
14:25
throughout our entire lives is all about, excuse me, debt,
14:32
debt, debt, right? Isn't it?
14:34
Makes sense what we're talking about here now, us basement
14:38
dwellers, us people who have decided to pull our head out of
14:41
the sand and really understand what is going on, right?
14:45
We're talking about gold and silver because it is real money.
14:49
It is real wealth. It is a real store of value.
14:54
Think about your grandpa. Think about the fact that your
14:58
grandpa had a grandpa and that grandpa had a grandpa and that
15:03
grandpa had a grandpa. We're skipping 2 generations and
15:06
that go on about 20 times thinking about that and think
15:10
about that grand great, great, great to the 25th degree grandpa
15:14
that you had that lives 800 years ago.
15:17
That guy or woman Grandma, you can use grandma if you like.
15:21
We're equal here. Regardless that person really
15:25
existed. You really had a relative that
15:28
lived 800 years ago. Maybe we shared a?
15:31
Great grandpa of the 20, We're family, brother.
15:33
We're not just basement dweller family.
15:35
We're blood and it really now I won't go down that path, but if
15:41
you study genealogy, it actually is quite likely none the less
15:45
that guy Gold here, that guy. This ounce of silver that I'm
15:51
holding right now, right? He could have had that same
15:54
exact ounce of silver. It was just remented into this
15:57
coin, you know, and it was valuable.
16:00
It bought his family a week's worth of food in the year.
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I don't know, 748. It's real.
16:06
That's why we love gold. That's why we love silver.
16:08
Sorry, I got off on a little bit of a tangent, man.
16:11
We got so much to talk about. They're stealing our money.
16:16
That's a fact. They're stealing right through
16:18
this paper scheme. You're one of the lucky ones.
16:21
You understand the big picture, right?
16:25
We get it, OK, right? We're here to help each other,
16:28
and that's what we're doing. We understand the big picture.
16:30
We understand what's going on. This is great.
16:36
This came from a great basement dweller, Don Indris.
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I got to share this one with you.
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And it has to do with what we're talking about today.
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This is a a little meme, a guy standing up and he says, if you
16:48
can just print money, then why am I paying taxes?
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Oh, man, thank you, Mr. Don indress the one and only.
16:58
I mean, what a great point because, you know, because
17:01
because I hate to say this, but I think they look at at at the
17:05
vast majority of us, right. Middle Americans more is like, I
17:11
don't know what the word is. What's that word they used to
17:15
use? Peasants.
17:16
Yeah. We're just the peasants, right?
17:17
Pay your taxes, right. On top of the fact that they can
17:20
print money and enrich themselves.
17:23
It's important that the peasants pay their taxes on top of it.
17:26
OK All right. We got our 701.
17:30
Silver to gold ratio, I want to run back out as we talk about
17:34
the debt that is happening right now, right before our very eyes,
17:38
I saw something else on the US debt clock that we haven't
17:41
really talked about a lot. And now of course, I'm going to
17:44
have a hard time finding it, but I will find it.
17:47
Here it is. Where is it?
17:49
Here it is right here, total debt, total debt to GDP ratio.
17:54
So I'm going to hover over that. I'm going to read for you what
17:56
the definition says, total of all government debt including
18:00
state, local and federal divided by the gross domestic product of
18:04
the USA. That is currently at 137%.
18:09
I think the federal debt to GDP ratio is like at 99%.
18:15
Guys, we are awash in debt. We are at the point of no
18:20
return. I was talking with my friend
18:22
last night, Sean Williamson, He's CPA, a well known author
18:26
and get his book on Amazon. Great guy.
18:28
And and he was like, he said it, he was like, we're, we're past
18:31
the point of no return, right? This is CPA.
18:35
I I I, I I worked for one of the I'm not officially a CPA, but I
18:39
do have a degree in accounting. I worked for one of the big four
18:41
accounting firms. I didn't like.
18:43
I didn't want to be an accountant when I grew up.
18:45
I wanted to be a YouTuber nonetheless.
18:48
We're past the point of no return.
18:50
We're at that point, guys, where the debt is so big.
18:54
I just want to briefly reiterate this to you.
18:57
The debt, 35 trillion is so big, OK?
19:01
The interest expense on that debt is so big that it now
19:05
creates more of a deficit, which creates more debt, which creates
19:09
a higher interest expense. But here's the wild card.
19:13
Right now we're at what, 35 trillion in national debt?
19:17
It truly is. Where is it?
19:19
There it is right there. Do you see it?
19:21
Hopefully you can see it. There's the United States flag
19:24
and there's the elephant in the room.
19:26
It is the elephant in the room that nobody wants to talk about.
19:30
Only, only those of us with courage.
19:32
And I would include you in that in that group.
19:37
When the national debt gets to $50 trillion, just think about
19:42
that here. Let's pull it up quickly, and
19:43
then we're going to move on to other things.
19:45
But this to me is very scary and very interesting at the same
19:50
time and, and appalling that that that are that the American
19:54
public is not up in arms about this.
19:56
When this number goes from 35 trillion, guys, just what not
20:02
long ago it was a 20 trillion. It went up by 5015 trillion,
20:06
right? And the number of a handful of
20:08
years. When this number goes to $50
20:11
trillion, the US national debt, nobody wants to buy the debt.
20:16
OK. The interest rates, let's say go
20:18
up to 8 percent, 8% interest on 30.
20:22
Five on 50. Trillion dollars makes this
20:24
number not not nearly one trillion.
20:27
It makes that number nearly $4 trillion.
20:31
That's when the Fed turns on the printing press. the Fed is gonna
20:35
turn on the printing press because that's the only thing
20:39
they're gonna be able to do to artificially keep interest rates
20:44
low enough that the government can continue to function.
20:47
Turn on the printing press. That will be hyper
20:50
hyperinflation. If not hyperinflation, it'll be
20:55
decades and decades of 891012 fifteen 20% inflation and
21:00
they'll all. Be like, well, we don't know
21:02
what happened. We don't I know why it happened.
21:06
You know why it happened, right? Financial mismanagement by our
21:10
politicians. We should be angry with them.
21:13
They don't care when's they don't even it's it's it's it's
21:18
where is it it's more than this. The elephant in the room right?
21:22
It's like an atomic bomb sitting there right.
21:26
There's a bomb inside that bear. Just joking.
21:28
OK, I'm just using that figuratively speaking, but it's
21:33
a scary situation. It will only result right here
21:37
Let's see remember this guy he's been taking a little rest right?
21:43
The only thing that he, let's get him up there that he will be
21:47
able to do as we let him out of his box for a second, right?
21:51
Is this here, is this hold on, OK, Right.
22:04
Print money. That's all he can do.
22:08
He's going to have a recession. It's going to have inflation.
22:10
It is going to be a very scary time.
22:14
In the world. For our children and
22:16
grandchildren, OK. But it will be also a time where
22:19
you will be very, very, you will feel good about the fact that
22:23
you made a decision to protect your wealth with real assets.
22:27
My buddy Sean was saying that last night.
22:29
He's like all the really rich people.
22:31
They're buying all the, all the real assets.
22:33
And they are right. They know.
22:35
They know what's coming. Ray Dalio knows what's coming.
22:38
Jeffrey Gunlock, right, the guy. These are billionaires.
22:41
They know what's coming. Warren Bouffant knows what's
22:46
coming. He's selling stock.
22:49
All right, I'm waiting for Warren.
22:51
I'm waiting to hear that Warren Buffett called our channel
22:54
sponsor Pembex and bought some silver and gold.
22:58
I mean, it's coming. It's happening.
23:01
It's a big deal. Mainstream media.
23:04
Is picking up this is this is where it can get very
23:08
interesting for us. OK all right, we've been down
23:11
here in the basement because we like to dig a little deeper into
23:14
the pertinent subjects going on in the world but mainstream
23:16
media Newsweek, let's look at what Newsweek is saying about
23:22
gold and silver OK, Newsweek, it doesn't get more mainstream
23:27
media than this. Gold prices close in on $3000.
23:30
Now there's two interesting comments in this article from 2
23:36
separate people about why gold and silver can skyrocket.
23:41
All right, let's go down here. I'm going to get right to the
23:45
important part. OK, here's number one.
23:48
In March of this year, gold hit $2070.
23:52
And even though the last six months had been pushbacks and
23:56
dips, gold continues to climb. That's Nick Fulton, managing
23:59
partner at USA Pawn. He's like a well known guy.
24:02
Apparently. When we saw 2600 an ounce, I
24:05
thought 2800 by the end of the year.
24:08
Now we could see gold at $3000 an ounce happen in a 30 day time
24:16
span. We like you, Nick, but it gets
24:19
even more interesting and they're talking about the wars
24:22
going on. It's unbelievable, OK?
24:28
Matthew Jones, precious metals analyst with Solomon Global
24:31
Solomon Global told Newsweek that gold prices could reach
24:35
$3000. Listen to this.
24:37
If Israel conducts retaliatory strikes on Iran.
24:40
Tehran launched those 180 missiles on Tuesday, October 1st
24:45
in response to the killing of Israel's killing of Hamas and
24:48
Hezbollah leaders. Quote It now appears that the
24:52
much feared escalation into a regional war has sadly arrived.
24:55
Wait till you see hear what this guy says about $3000 gold.
25:00
Given the ballistic missiles fired into Israel yesterday,
25:02
Israel has committed to a further retaliatory strike at
25:06
both Iran's oil refineries and nuclear sites, Jones said.
25:11
Gold will hit and surpass $3000 per oz the very second that
25:19
Israel launches its missiles. So we have one guy telling us
25:22
that we could have $3000 gold easily by the end of the year.
25:26
We have somebody else telling us that if, if, if Israel launches
25:31
retaliatory strikes. Against Iran that we could have
25:35
$3000 gold instantly. Instantly.
25:39
We don't like war. We don't.
25:40
We're just reporting what's going on.
25:42
I don't like war. I'm sure you're a nice peace
25:45
loving person as well. Nonetheless, this is what's
25:48
happening right now in our world.
25:51
The the the the potential. All right from a well known
25:55
analyst telling us that the gold price could instantly go to
25:59
3000, where do you think that would put silver?
26:04
Oh my gosh, I forgot one of the most important parts of the
26:06
whole live stream You. Thank.
26:08
You for being here, thanks for being part of the basement
26:11
again. We have over 600 people right
26:14
that love to talk about silver and gold, but the most important
26:17
one is. You right, this is not possible
26:20
without your participation. Thank you for being here Your
26:23
time is valuable. You're valuable.
26:26
We appreciate you please subscribe to the channel turn on
26:29
the little bell notifications. That way you'll get notified
26:32
every time we put out a new video.
26:33
You won't miss a. Thing and thank you in advance
26:37
for the thumbs UPS that you're giving the channel and any super
26:42
chat super thanks are always super appreciated.
26:45
The other big story that's getting a lot of lot of talk
26:49
again it's back on the scene is Costco.
26:53
But this I think is interesting because it comes from Bloomberg.
26:58
Bloomberg like the leading financial press, OK, the number
27:03
one Bloomberg's probably number one at this point of all the
27:06
financial news outlets and we're just going to read the headline.
27:09
Costco's gold bars fly off the shelves as bullion prices smash
27:14
records A survey of stores across 46 states revealed how
27:18
hard it is for the retailer to keep its gold products stocked
27:23
even as prices for the metal continue to climb.
27:27
Okay. And I saw that Vince Lanchey
27:28
was, I believe, on Arcadia this morning gonna talk about this
27:31
and he used the term Costco dads.
27:34
Okay, Why is this a big deal? Why is this a big deal on a
27:39
couple levels? Number one, it's being it's
27:42
being covered by Bloomberg, which means more average
27:45
investors are hearing more and more about gold and silver
27:50
because Costco is also selling silver, last I checked.
27:54
But what's really important for us to remember is that this is a
27:58
gateway. You remember that term like
28:00
gateway. This is a gateway for people to
28:03
get addicted to silver and gold like we are.
28:06
Well, I am. I'm, I'm addicted to, to, to
28:09
silver. That's my drug of choice, gold
28:12
#2 and precious metal mining stocks.
28:16
But this Costco situation, it's like a gateway to get new, new
28:21
addicts into the, into the, into the program we have here.
28:25
OK, these people, it's their introduction.
28:28
They can only buy one or two gold oz, a limited amount of
28:32
silver. When they sell silver, they're
28:34
going to get into it. They're going to get that in
28:36
their hand right right here. Look at this.
28:39
Listen, listen, all right? These are two peace dollars.
28:45
Here's the peace dollar. OK, That's silver.
28:49
OK, They're gonna get that silver in their hand.
28:51
They're like. This is cool.
28:53
They're gonna be like, you know what, I want to get more of that
28:57
and then they're going to go to some of the big online bullion
29:00
dealers and start buying it like crazy.
29:02
OK, They're going to make why should I buy my silver and gold
29:05
from a from a company that specializes in pancake mix?
29:08
Maybe I'll go check out this pin backs or some of the other big
29:12
on big online bullion dealers. It's a gateway, guys.
29:16
That's why it's important. OK, big bullion will be next
29:20
also, right? They'll start looking at, it's
29:22
just, it's raising awareness. Costco, that's huge.
29:27
And I'll be quiet, OK, promise. But it's a huge deal that Costco
29:31
is getting selling so much silver and gold.
29:34
But #2 just the awareness that it's creating the new people
29:40
that it's bringing. We probably have several people
29:42
with us right now. We've got almost 700 people in
29:45
this live stream that, that that maybe got introduced to precious
29:49
metals through Costco. Right now.
29:51
They're going to go to the specialty store.
29:53
It's like if they like, if they bought their first bottle of
29:56
wine at Costco and they really like wine and they get into
29:59
wine, they're going to start going to a wine specialist.
30:01
Nonetheless, it's a big deal. It's a big, big deal.
30:05
And something that we're going to be that we're going to be
30:08
following closely, right? Because people trust Costco.
30:11
So it's Costco selling them silver and gold.
30:14
I think it is a big, big, a big, a big, a big deal.
30:20
Not as big of a deal as 700 of you people joining us here in
30:23
the basement this morning. Poland Is Poland becoming?
30:29
Another precious metals juggernaut.
30:31
We've talked a lot about India. We know that whole story.
30:34
But what about Poland? 2 crazy interesting facts about
30:38
Poland with silver, one with silver and one with gold.
30:43
Let's, let's talk about that right now because I had no idea
30:48
about this. When it comes to Poland and
30:52
silver, this actually comes from I believe the Polish government
30:56
trade.gov dot PL. which I think is Poland is at the forefront of
31:00
the world's silver reserves. Poland is gaining more and more
31:05
recognition in the international arena as the leader in the field
31:10
of silver resources. The latest Mineral Commodity
31:13
Summaries of 2024 report prepared by the United States
31:17
Geological Survey leaves no doubt Poland is ahead of China,
31:21
Australia and Peru, taking first place in terms of number of
31:27
deposits of silver in Poland. I was pretty much unaware of
31:32
this. The discovery of gigantic silver
31:35
reserves in Poland arouses great interest all over the world
31:40
here. This is interesting.
31:41
Despite the despite its vast reserves, Poland still lags
31:44
behind in terms of extraction compared to other world leaders.
31:49
So they got a lot of silver, but they're not getting it out of
31:51
the ground. Mexico, China and Peru dominate
31:54
silver production, but Poland has the potential to increase
31:58
its share in the global market the increase in production may
32:02
be crucial for poland's further economic growth and.
32:06
Look, the largest silver mine in the world and the rankings of
32:10
quote, the largest silver mines in the world according to the
32:14
World Silver Survey of 2023 ranking KGHM polska means ranks
32:21
#1 So Poland surprisingly is a, is a silver juggernaut.
32:27
OK. But what's interesting about
32:29
Poland is where it sits geographically, just to the east
32:33
of Ukraine, where we know there's a heated battle, a war
32:37
going on between the the Russians and the Ukraine's.
32:41
And Poland is a country that's been invaded before.
32:44
Poland is a country that has some experience, let's say, with
32:49
what can be sometimes the negative impacts of geopolitical
32:53
conflicts. Now what about gold?
32:56
Right. It gets even more interesting
32:59
when we hear from Poland about gold.
33:03
Just remember, right, Poland, right?
33:05
Poland's part of NATO. Poland is a, is a, is a big
33:09
Western ally at this point, right in the Western countries.
33:13
They don't like gold. They don't like that.
33:15
But what is Poland doing with gold, which is really outright,
33:18
almost shocking. Let's just look at a couple key
33:21
points here regarding that situation.
33:26
It says here Poland. From Zero Hedge now has more
33:31
gold than the United Kingdom, Adam Glenski, president of the
33:34
National Bank of Poland that would be their central bank,
33:37
announced at a press conference that on behalf of all polls, the
33:43
bank now has 420 tons of gold, making it part of the, quote,
33:49
exclusive club of the largest holder of gold reserves in the
33:54
world. This is Poland, right?
33:56
Right. A A A A Almost.
33:58
West, considered a Western country, an ally of the United
34:02
States. They've exceeded, they say we've
34:05
symbolically exceeded the resources of Great Britain,
34:08
which has always been kind of a reference point.
34:11
He added the gold purchases would continue.
34:15
He also emphasized the importance of gold reserves as
34:18
an economic stabilizer. OK, listen to this.
34:22
In accordance with the resolution on the board, we are
34:25
striving for 2020% of our currency reserves to be in gold.
34:31
Then we will find ourselves in such close, exclusive club as
34:35
the best economies in the world, OK.
34:38
But the what's key? Here and this now we start
34:41
talking about their their proximity to a major war that's
34:44
going on and and what are they doing to protect themselves as
34:48
as geographically they are so close to an area that is
34:52
experiencing some major, major turmoil, he said, noting that
34:56
quote, the best economies in the world are usually not frontline
35:01
economies with war zones, referring to the war in Ukraine.
35:04
The National Bank had made sure to mention that Poland has some
35:08
200 billion in currency reserves as well.
35:11
This, this is interesting quote. None of our trading partners and
35:14
investors can doubt our credibility and solvency even
35:19
when a dramatic situation is unfolding around us.
35:23
What do people do? What do countries do in times of
35:27
war, in times of uncertainty? They run to precious metals.
35:32
That's a fact. That's an absolute fact.
35:36
When people are feeling threatened, uncertain, they run
35:39
to precious metals. What are the Polish people
35:41
doing? What are the, what is the Polish
35:43
government doing, right? Is their face, because of their
35:46
geographic location, running to precious metals, right?
35:51
And that and that reference we're we're referring to their
35:53
central bank buying significant amounts of gold.
35:58
This, this is this is like the timeless feature of precious
36:02
metals that we really can never forget about.
36:05
It's real, right? It's timeless and it's
36:08
everywhere. Isn't that what the Polish?
36:10
I mean, don't forget that silver in particular, in my opinion, is
36:15
the broadest market in the world and possibly gold as well.
36:20
But we know, right? If you look at I'm looking at my
36:23
grandpa's globe, that behind me, the whole globe, spin the globe.
36:28
Put your finger wherever you land on that globe anywhere gold
36:33
and silver are going to have value and right, that globe that
36:38
I have is like 100 years old, right at the the borders of
36:41
countries were quite different back then.
36:43
It doesn't matter what time frame spend any globe from any
36:48
time period anywhere. But what's crazy interesting
36:50
about silver in particular, right, is the fact that I
36:54
believe when it comes to market participants, right, 100 million
37:00
farmers in India who love silver that there's probably not a
37:05
market right now. The oil market might be bigger.
37:09
Think about this is this is the reason why we want to be so
37:13
excited about investing in silver and gold?
37:15
For that matter, but we're going to focus on silver right now.
37:18
The oil market is multiple times bigger.
37:21
The oil market is the biggest market in the world.
37:23
Oil undoubtedly is the lifeblood of the world economy.
37:27
The world. Just happens to be moving off
37:29
the Petro dollar, but that's a side point that we won't get
37:31
into today. The oil markets massive from a
37:35
dollar perspective, OK, silver's really tiny compared to that.
37:39
But when it comes to participants, the number of
37:43
people, right, How many people do you know that have invested
37:47
in oil and have barrels of oil stacked up in their backyard or
37:51
their basement? None.
37:52
Nuka nada 0 Zilch. OK?
37:56
The reality is we've got millions of people throughout
37:59
the world that are holding silver and are holding gold.
38:05
Hey, that's what makes it such a smart, timeless market, the
38:10
wisest market, the oldest market.
38:12
They can see things coming long before, long before any of these
38:16
other markets have any, any chance.
38:18
I always find that fascinating about the, about the, about the,
38:22
about the silver and gold market, just how big they are.
38:25
I don't think we give that enough attention.
38:28
It's a big deal, right? It's part of our strength.
38:31
We're united by silver stackers all over the world, The people.
38:35
Not all countries are allowed to see YouTube, but the countries
38:38
that are, we've got people here. I tell you what, if you're
38:40
watching right now in a country outside of the United States,
38:44
throw it into the chat so everybody can see to demonstrate
38:47
just. How, how, how, how broad and
38:51
saturated the silver market is. Let's go out for now something.
38:56
Very. Big very interesting is
38:58
happening. Everyone is talking about this.
39:01
This is the dollar index. The fact that the silver and
39:05
gold markets hold on, let's get a better we're going to go to
39:11
one year. This is the dollar index that
39:13
the silver and gold markets are holding up and that and they
39:17
basically have decoupled from all of these old outdated
39:22
relationships that we had guys that sure the dollar has been
39:26
going down as of of late, but even periods where we had
39:31
strength in the dollar, we have seen the we have we've witnessed
39:37
first hand the gold price goes strong.
39:40
And if we look at this as a three-year chart, if we go back
39:43
to January of 2023. So what about 19 months ago, you
39:49
can see that the dollar index has been pretty much in a tight
39:53
range, right? It was right about exactly at
39:57
the beginning of 2023. So it's almost, you know, a
40:00
year, one year and nine months, one and three quarter years.
40:04
We've been in just a range, OK. The dollar is not really, it's
40:08
gone up, it's gone down, but it's basically remained the
40:11
same. However, let's go look here.
40:14
Let's go look and see what the gold price, for instance, did
40:17
during that same period. Now we can look at silver from
40:22
January of 202343. Here we are.
40:28
January, OK, silver's gone from $24.00.
40:32
This is January of 2023 from $24.00 up to $31.00.
40:38
While at the same time, that's our friend, the US debt clock,
40:43
sorry, at the same time during that same period, right, the
40:47
dollar index has remained about the same in theory.
40:51
But the silver? Price.
40:52
The gold price should have remained the same, but it
40:54
hasn't. Gold and silver have continued
40:57
to take off, and that's because this is just a nasty comparison
41:02
of a bunch of cruddy other Fiat paper currencies.
41:05
This compares the dollar to the euro to the yen.
41:08
It's, it's broken, right? The old standing relationships
41:14
or what the fancy people call correlation between the dollar
41:17
index and the gold price is gone.
41:19
Interestingly, during that same period, we did not see that that
41:24
increase in price was not driven by Western investor demand.
41:28
We know that when the Western investor demand does show up, it
41:32
could create massive, massive new demand for the metals as
41:36
well. OK, All right guys, I'm going to
41:39
sign off for right now. Now I wanted to mention this
41:42
channel, our other channel sponsors.
41:44
I want to mention something about Fortuna Silver as well in
41:47
particular. But thank you to 1st Mining Gold
41:49
for sponsoring Ron Spaceman, Canadian gold developer with OK.
41:54
Oh, we need a few more thumbs up and we're going to do the 300
41:56
Canadian gold developer with two multi million ounce projects in
41:59
Canada. There was a news release, yeah.
42:03
Yeah, 40 more. Can we get 40 more thumbs up?
42:06
I'll stick it out. I'll give us, you know, 5
42:08
minutes. 40 more thumbs up. 40 more thumbs up.
42:11
You can't can't even see me. Let's go, basement dwellers.
42:15
Let's rally. 40 more thumbs up and I'll ring the gong.
42:19
It's been a couple weeks. Fortuna Mining put out a press
42:23
release yesterday. There was some.
42:25
News releases our our news stories about Burkina Faso.
42:29
I just want to read this to you. Fortuna response to recent media
42:33
reports concerning Burkina Faso. You can find this on their
42:37
website under this news tab up here at the top of the screen.
42:42
Make sure we got you on the right screen, which we do.
42:46
This was on on a OK, thank you. We're going to ring the gong in
42:50
one second. On October 5th, Burkina Faso's
42:54
president made public comments regarding mining companies
42:56
operating in the country and the possible withdrawal of existing
43:00
mining permits. Fortuna has sought clarification
43:03
from the country's Ministry of Mines on this point and has
43:07
received confirmation that the government has no plans to
43:11
withdraw existing mining permits, which are in compliance
43:14
with Burkina Faso's laws. The Yaramoko mine is in
43:18
compliance with all material laws and operates and operations
43:23
continue to be conducted normally.
43:25
So there's an update because Fortuna does generate about 25%
43:30
of their gold production from Burkina Faso.
43:32
They also have a new mine in the Ivory Coast, the Seguela mine,
43:37
which is now producing pretty much the lion's share of the
43:40
company's gold. We got 300 thumbs up.
43:42
Let's ring the gong. Brass basement dwellers.
43:48
And then I got, I got one more thing I got to share with you
43:50
unbelievable news about silver. And we'll ring the cowbell that
44:02
was for 200. I missed that.
44:04
OK, guys, we talk a lot about military use of silver, right?
44:09
That's the that's The X Factor that nobody really knows how
44:13
much silver the military uses. This is unbelievable.
44:17
And this was sent to me. From Oh, shoot.
44:21
Hopefully I got it written down here.
44:22
Hold on, darn it. I'll give him credit tomorrow.
44:26
I apologize, but where'd it go? Here it is.
44:31
OK, I want to. Add this to the stage I want you
44:34
to look at this. This was.
44:36
From a hearing in 1942 right 1942, October 14th.
44:45
So, you know, not wow, how many years would that be, 24, I don't
44:49
know, 86 years ago or so, this was the subcommittee of the
44:54
Subcommittee of the Committee on Banking and Currency in the
44:56
United States Senate, 1942 to authorize the use for war
45:02
purposes of silver held or owned by the United States.
45:06
Now remember, this is 1942 during World War 2.
45:13
Wait till you hear this. Let's go to the next slide in
45:17
green. The present consumption of
45:20
silver for war purposes is at the rate of 100 million oz a
45:26
year and is growing rapidly. According to the War Production
45:29
Board, 100 million oz and growing rapidly.
45:32
It is only a matter of months before war demands would have
45:35
increased sufficiently to require at least 200 million
45:39
ounces of silver per year. Thus, if this estimate is
45:44
correct, the demand for war purposes alone will next year
45:47
exceed the total available foreign and domestic production,
45:51
which combined is about 175,000,000 oz.
45:54
This is 1942 by some 25,000,000 ounces.
45:58
In addition, civilian industry asked that a part of the amount
46:01
used in 1941 be made available for 1943.
46:06
In. To avert the closing of many
46:08
small smaller plants and a permit transact transition to
46:12
war work from all plants with the least disturbance for the
46:15
country's economy. We estimate that in the pre war
46:18
year of 1941, some 65,000,000 ounces of silver were consumed
46:23
by civilian industry. OK, guys, this shows us, you
46:28
know, as we talked about now in modern day times shows us during
46:33
World War 2, they were talking about using 200 million ounces
46:38
of silver per year. I think a lot of us when we hear
46:41
people talk about these unbelievable numbers of the the
46:45
amount of Oz of silver that are used by the military, we kind of
46:49
say, yeah, you know, because we don't really know.
46:52
But that just shows us that during the Time War, and that
46:55
was almost 100 years ago, 90 years ago, right?
46:58
Back then, right, there weren't as many electronics there
47:01
weren't they probably weren't using silver as as in as many
47:05
applications as they are now. I mean, it really is a situation
47:09
where we could say who knows, right?
47:12
And of course, nobody's gonna tell us for sure because that's
47:14
all closely held information. But the amount of silver used by
47:19
our by our military industrial complex.
47:22
Could be staggering. And on top of that, right, we
47:27
know that right now there are two major wars going on in the
47:31
world, Ukraine and Israel. So I just thought that was super
47:35
interesting that that demonstrates that's the amount
47:38
of silver that really is used by the by the military industrial
47:42
complex. And again, that was 19, what,
47:44
42? You know, there's a lot of
47:47
factors at play. I'm not saying that that's the
47:50
number now, nothing like that, but it just demonstrates to us
47:54
how critical silver is for the military industrial complex.
47:59
All right, guys, thanks for being here.
48:00
Thanks for being part of the basement.
48:02
I really do appreciate on behalf of Susie and myself, it's a big
48:06
deal. It's fun to get to meet up with
48:08
you here in the basement. We're getting a little crowded
48:11
down here with these live streams.
48:13
More and more people are showing up.
48:14
But you got your seat. And hopefully, if we're lucky,
48:19
we'll get to see you again soon. See you tomorrow.
48:22
Have a great day. Thank you.
48:24
Bye. Bye.