Latest / The Crest Report / The Fed Hiked, Trump Bought Greenland, and Your 401k Is Financing the $30 Trillion AI Bubble

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The Fed Hiked, Trump Bought Greenland, and Your 401k Is Financing the $30 Trillion AI Bubble · The Crest Report

• 0:11
  SPEAKER_00: From Golden Crest Metals, this is the Crest Report, where markets meet reality.
• 0:17
  SPEAKER_00: Your weekly briefing on the economy, gold, silver, and protecting what you've built.
• 0:22
  SPEAKER_00: And now, here's your host, Jeremy Harrell.
• 0:27
  SPEAKER_01: Well, good morning, afternoon, evening, depends on where you're listening from.
• 0:33
  SPEAKER_01: This is the Crest Report.
• 0:36
  SPEAKER_01: Thank you very much for joining in.
• 0:38
  SPEAKER_01: My name is Jeremy Harrel.
• 0:40
  SPEAKER_01: And do we have a lot to talk about today?
• 0:44
  SPEAKER_01: Gold and silver still holding strong through all adversity, through wars, through ups, through downs, through supply and demand issues, through sell-offs, and through hoarding.
• 0:55
  SPEAKER_01: Gold and silver seem to be one of, if not the best ways to invest and diversify your portfolio.
• 1:06
  SPEAKER_01: Today again, this is the Crest Report.
• 1:08
  SPEAKER_01: And my name is Jeremy Harrell.
• 1:10
  SPEAKER_01: Thank you for joining in at any time during this program.
• 1:14
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• 2:16
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• 3:01
  SPEAKER_01: Okay?
• 3:01
  SPEAKER_01: All right, today, as we get through all of our topics, uh, I just want to reiterate this.
• 3:08
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• 3:09
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• 3:17
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• 3:20
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• 3:29
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• 3:43
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• 3:51
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• 3:54
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• 4:03
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• 4:08
  SPEAKER_01: Okay, as you know, for those who listen to the crest report every week, we do this in stages.
• 4:12
  SPEAKER_01: We do this in segments, in segment number one today.
• 4:16
  SPEAKER_01: We will be talking about the rate hikes.
• 4:18
  SPEAKER_01: We we talked last week uh about the uh actually we've been talking every week about the probability both on predictive markets uh like your your polys and your calcies and things like that, uh, and also the the you know the the chances that it was given by experts that we were gonna see a rate hike from the Fed.
• 4:38
  SPEAKER_01: We're gonna be talking about that.
• 4:40
  SPEAKER_01: Um, and not only the decision from the Fed themselves, uh, but what the gold and silver market did to respond to this rate hike.
• 4:52
  SPEAKER_01: The second segment of today's show, we're gonna be talking about the we're gonna go over the overseas again over to Iran because that's where it seems to be the focal point of a lot of today's uh conversation.
• 5:02
  SPEAKER_01: Well, every week's conversation about gold and silver because a lot of this is you know fluctuating with the news that we are getting out of Iran, what's happening?
• 5:11
  SPEAKER_01: Um the president this week spoke at the UN.
• 5:14
  SPEAKER_01: The president this week talked a lot about um his plans with Iran and and started giving a timeline, but he also secured a military strategic partnership forever, for the entirety of life, human existence with Greenland.
• 5:34
  SPEAKER_01: Now, you know he already secured a 65 to 90 billion barrel of oil deal with Venezuela.
• 5:40
  SPEAKER_01: There seems to be another 16 to 25 billion barrels of oil in Greenland as well.
• 5:49
  SPEAKER_01: So we're gonna be going overseas, we're gonna be talking about uh the Iran conflict and the Saudi pipeline.
• 5:56
  SPEAKER_01: Um, we're gonna be talking about the AI bubble warning again.
• 5:59
  SPEAKER_01: Now, uh, one thing that's I think I find interesting is this isn't the only show that I host, or this isn't the only, you know, thing that I dabble in, I guess you can say.
• 6:10
  SPEAKER_01: Uh gold and silver is something that I'm personally invested in.
• 6:13
  SPEAKER_01: My wife and I are very, very big advocates for precious metals, and we, you name it, we've got it, right?
• 6:21
  SPEAKER_01: But also, you know, we dabble in um day trading, we dabble in uh spot trading, we dabble in the stock market.
• 6:32
  SPEAKER_01: And um I do a a seminar uh with this company about you know being autonomous with with your investments and um you know being able to understand how to read the market, how to use you know your income to secure any investment that you want on your own without it going through like your 401k and you know, Chase or Fidelity or some company like that controlling all of it.
• 6:59
  SPEAKER_01: It's it's nice to be able to know how to do it yourself as well.
• 7:02
  SPEAKER_01: And I gotta tell you, there is a lot of commonalities every week when you're talking about investments.
• 7:11
  SPEAKER_01: So whether it be the stock market or whether it be in precious metals or real estate, there's a lot of things that uh that they a lot of characteristics that they share.
• 7:21
  SPEAKER_01: Um, and one of those is the AI bubble.
• 7:24
  SPEAKER_01: That is that is um a topic that each one of these markets have been talking about, the AI bubble.
• 7:32
  SPEAKER_01: When is it gonna burst?
• 7:34
  SPEAKER_01: And what a lot of people don't understand is that your 401ks are financing the$30 trillion AI race.
• 7:43
  SPEAKER_01: Your investments, your 401ks, the money that other people are investing and and uh using the uh in order to make themselves money and then give you whatever's you know left.
• 7:58
  SPEAKER_01: They get a big part of the basket, you get a little bit.
• 8:00
  SPEAKER_01: Um, but the AI bubble seems to be the conversation on everybody's tongue.
• 8:05
  SPEAKER_01: Because when that AI bubble bursts, the only people that are gonna be left losing out is you, the investor.
• 8:14
  SPEAKER_01: So we're gonna be talking about the AI bubble there in segment three.
• 8:17
  SPEAKER_01: Once we get to segment four and segment five, then we start getting deep into gold and silver themselves.
• 8:23
  SPEAKER_01: The the what's driving the price of it right now, how it responded to certain things that happened this week, and so on and so forth.
• 8:32
  SPEAKER_01: And then in segment six, we're gonna be talking about you know, gold bouncing, pipeline recovery, kind of just going over everything that we did in the first few segments, okay?
• 8:44
  SPEAKER_01: Um let's let's let's get into it.
• 8:48
  SPEAKER_01: Let's just get right into it right now.
• 8:49
  SPEAKER_01: Again, at any time during this conversation or this podcast today, you want to reach out to us.
• 8:55
  SPEAKER_01: Um, you can reach out to us by phone, you can reach out to us by text, you can reach out to us just by going to our website.
• 9:01
  SPEAKER_01: Again, text a port word report to medals, 888-991-6222, or myfreegoldinfo.com.
• 9:11
  SPEAKER_01: All right, segment number one.
• 9:12
  SPEAKER_01: Let's get right to it.
• 9:14
  SPEAKER_01: Segment number one, we've got to talk about the Fed hiking the rates.
• 9:17
  SPEAKER_01: We knew this was gonna happen.
• 9:18
  SPEAKER_01: This wasn't a surprise.
• 9:19
  SPEAKER_01: I mean, we had a good inclination anyway.
• 9:22
  SPEAKER_01: Any any anybody who is in this atmosphere every week, or anybody who is in this business or in this industry, everybody knew that rate hikes, the probability of them going up were very high.
• 9:34
  SPEAKER_01: Now, the one thing that's different about Kevin Walsh, as opposed to his predecessor, which was Jerome Powell, who seems to be still on the board.
• 9:42
  SPEAKER_01: Um, the one thing that's different is Jerome Powell was if he did come out and give a press conference, if he did come out and address anything going on uh to the press, then he would always give tells or tell you exactly what his plans were.
• 9:55
  SPEAKER_01: Kevin Warsh does not do that, which makes him a little bit unconventional compared to past Fed chairs.
• 10:06
  SPEAKER_01: Um but either way, we knew it was the high probability that it was gonna happen, and it absolutely did.
• 10:14
  SPEAKER_01: It absolutely did.
• 10:15
  SPEAKER_01: On September 16th, the decision came down, and that decision was unanimous.
• 10:23
  SPEAKER_01: 12 to zero.
• 10:26
  SPEAKER_01: They voted to rate, uh, to raise the rates a quarter of a percent to 3.75 to 4%.
• 10:36
  SPEAKER_01: Now, this is the first hike since 2023.
• 10:40
  SPEAKER_01: Now, it even though it is exactly what most people expected, I personally don't think that it was warranted.
• 10:48
  SPEAKER_01: I don't think it was justified at all.
• 10:52
  SPEAKER_01: Inflation has not been out of control, uh albeit it hasn't gone really down much, but it hasn't gone up either.
• 10:59
  SPEAKER_01: It's just been sitting right where it is.
• 11:01
  SPEAKER_01: And when we got the unemployment numbers of the unemployment claims going down in the same week.
• 11:08
  SPEAKER_01: A week prior to that, we got the August jobs numbers, which was massive compared to what they thought.
• 11:15
  SPEAKER_01: They only they only got it right by a third.
• 11:17
  SPEAKER_01: It ended up being over 160,000 jobs.
• 11:22
  SPEAKER_01: So you got the jobs reports coming out going in the right direction.
• 11:25
  SPEAKER_01: You got inflation sitting still, you got the unemployment um, the submissions for unemployment uh going down.
• 11:34
  SPEAKER_01: You've got more manufacturing in this country than we've seen in over four years.
• 11:40
  SPEAKER_01: We're getting investments left and right, stock market looks good.
• 11:43
  SPEAKER_01: The SP got to its highest point ever in the last week, and 401ks are looking great.
• 11:51
  SPEAKER_01: So I if you look at all that and you said if you were to ask yourself, yeah, this is uh this does this show whether that the Fed should rake uh raise rates or lower rates?
• 12:04
  SPEAKER_01: If you're just looking at that, you would assume, being in this industry and understanding how things work that it would go down, but it didn't, they went up.
• 12:12
  SPEAKER_01: And they did that, I believe, because of uncertainty and fear, not because of numbers, but they did it nonetheless.
• 12:24
  SPEAKER_01: The dot plot was the real story.
• 12:28
  SPEAKER_01: Sixteen of the last, or sixteen, excuse me, of eighteen FOMC members won at least one more hike before year end.
• 12:41
  SPEAKER_01: Median projection moved to 4.1%.
• 12:44
  SPEAKER_01: That's another thing.
• 12:45
  SPEAKER_01: If we're gonna talk about median, another uh set of good numbers that came in is that median and lower income household uh or household income has gone up.
• 12:57
  SPEAKER_01: And we got another piece of good news.
• 13:00
  SPEAKER_01: This is the first time in history we've seen numbers like this, but the poverty rate fell as well.
• 13:07
  SPEAKER_01: That means there are more Americans with more generational wealth and more money than at any time in history.
• 13:16
  SPEAKER_01: So all of that sounds like there's no reason we should have tried to stop or slow down the economy from growing.
• 13:26
  SPEAKER_01: But I'm gonna tell you the reason why you're seeing all of this.
• 13:31
  SPEAKER_01: It's the debt, guys.
• 13:34
  SPEAKER_01: It's the debt.
• 13:35
  SPEAKER_01: It's$40 trillion in debt that has been caused by multiple president presidents over decades.
• 13:43
  SPEAKER_01: And Congress, I should say.
• 13:45
  SPEAKER_01: Mostly Congress.
• 13:46
  SPEAKER_01: They're the power of the purse, they're the ones spending the dough.
• 13:50
  SPEAKER_01: We're over$40 trillion in debt.
• 13:53
  SPEAKER_01: No matter what you do, you're never going to be as strong as you should or could be when you've got debt that exceeds your GDP.
• 14:03
  SPEAKER_01: It's just not possible.
• 14:07
  SPEAKER_01: Only two of the officials said no more hikes.
• 14:10
  SPEAKER_01: So apparently, worse might not be finished.
• 14:15
  SPEAKER_01: We might see another one by year end.
• 14:17
  SPEAKER_01: It really depends on the Iranian conflict and oil and gas and diesel and things like that as well.
• 14:25
  SPEAKER_01: Because if that goes down like the president says it's going to, if that drops to, you know, under$3, all of a sudden you're going to see some major movement in the economy because we're getting all those good numbers while gas and diesel and grocery prices because of gas and diesel are high.
• 14:42
  SPEAKER_01: We're still getting those great numbers.
• 14:44
  SPEAKER_01: So the economy at its core is strong.
• 14:47
  SPEAKER_01: Imagine how much stronger it would be if oil and gas fell down to what it's supposed to be.
• 14:53
  SPEAKER_01: Now gold fell on this news, but then bounced hard.
• 14:57
  SPEAKER_01: Gold dropped on the initial announcement, but then the very next day, it surged 2.5 to 3% to$4,368.
• 15:10
  SPEAKER_01: Silver jumped nearly 3%.
• 15:13
  SPEAKER_01: Physical buyers came in immediately.
• 15:15
  SPEAKER_01: That's why.
• 15:17
  SPEAKER_01: Immediately when those rate hikes were announced, physical buyers jumped in and said, buy, buy, buy, buy, buy.
• 15:25
  SPEAKER_01: And when they do that, we should do that.
• 15:28
  SPEAKER_01: If able.
• 15:31
  SPEAKER_01: So why did gold go up after the rate hike?
• 15:33
  SPEAKER_01: Well, let's get to that question.
• 15:34
  SPEAKER_01: Most people get this wrong.
• 15:36
  SPEAKER_01: What actually governs gold is real yields.
• 15:40
  SPEAKER_01: Treasury rates minus inflation expectations.
• 15:45
  SPEAKER_01: The day after the hike, treasury yields corrected sharply while oil fell 4%.
• 15:52
  SPEAKER_01: And by the way, is still falling.
• 15:54
  SPEAKER_01: So that's good news.
• 15:56
  SPEAKER_01: The combination sent gold higher, even with the rate increase in place.
• 16:04
  SPEAKER_01: Now,$18 billion in ETF inflows in August alone.
• 16:10
  SPEAKER_01: Institutional buyers, pension funds, endowments, sovereign wealth managers.
• 16:17
  SPEAKER_01: They built a structural position heading into the hike.
• 16:23
  SPEAKER_01: They didn't sell, which is a very big tell as to what they what they believe and what we're reporting every week.
• 16:32
  SPEAKER_01: They bought the dip.
• 16:34
  SPEAKER_01: They understood the assignment, as the kid said.
• 16:38
  SPEAKER_01: Right?
• 16:39
  SPEAKER_01: Remember that?
• 16:40
  SPEAKER_01: He understood the assignment.
• 16:41
  SPEAKER_01: Well, they're understanding the assignment here.
• 16:46
  SPEAKER_01: That is the structural bid that absorbed it.
• 16:50
  SPEAKER_01: Now, was President Trump happy over the high uh the rates being hiked up?
• 16:57
  SPEAKER_01: Absolutely not.
• 16:58
  SPEAKER_01: He said we should be at about 1%.
• 17:01
  SPEAKER_01: Trump posted that on his true social platform that the rates should be at 1% or lower, while Warse raised them to 4%.
• 17:10
  SPEAKER_01: Two men, two opposing opinions, opposite directions.
• 17:17
  SPEAKER_01: The Fed chair won this round.
• 17:20
  SPEAKER_01: But President Trump, I believe, his talking will be in the actions that happen right around and right after the midterm elections.
• 17:30
  SPEAKER_01: Now, because I also report the news daily for three hours on LFA TV, I think I am validated in my opinion that I'm about to tell you is that I believe that right after the midterms, regardless of who wins, you're going to see oil and gas and diesel drop like a rock in water.
• 18:02
  SPEAKER_01: Now I have my reasons for saying that.
• 18:05
  SPEAKER_01: You may or may not agree with it.
• 18:09
  SPEAKER_01: But when I look at all of the financial infrastructure, good news that we've been getting, which I just stated a little while ago.
• 18:19
  SPEAKER_01: And when I look at the profits and the earnings statements coming from the refineries of the world, Exxon, Mobil, Chevron, and I see them two to four times higher of the earnings and profits than they had last year at the end of quarter two.
• 18:42
  SPEAKER_01: Now we're getting close to the end of quarter three.
• 18:44
  SPEAKER_01: I'll be very, very um, I'll be waiting on pins and needles to find out what their quarter three earnings and profits are.
• 18:51
  SPEAKER_01: I guarantee they're gonna be through the roof again.
• 18:53
  SPEAKER_01: How can they not be?
• 18:55
  SPEAKER_01: When I look at all of that, my thought process is oh oh, and by the way, let me add in this.
• 19:00
  SPEAKER_01: I apologize.
• 19:02
  SPEAKER_01: Um there was never a supply and demand issue either.
• 19:07
  SPEAKER_01: So that means that no country went without energy.
• 19:11
  SPEAKER_01: What you're dealing with here is a shortage in refineries.
• 19:15
  SPEAKER_01: In America, six refineries closed over the last 20 years.
• 19:20
  SPEAKER_01: Five of them happen to be in environmentally conscious states.
• 19:30
  SPEAKER_01: Or blue states.
• 19:33
  SPEAKER_01: So if you want to know why we don't have refineries that are refining the oil that we need, that's a big reason why.
• 19:40
  SPEAKER_01: Now, to be honest with you, some got destroyed during the Iran conflict as well.
• 19:44
  SPEAKER_01: So there's that.
• 19:45
  SPEAKER_01: And then, of course, Ukraine is striking Russia's diesel refineries.
• 19:50
  SPEAKER_01: So there's that.
• 19:52
  SPEAKER_01: So it's just massive turmoil everywhere.
• 19:54
  SPEAKER_01: But really, what it comes down to is I think there are certain people out there doing exactly what they need to do to make sure that the midterm elections in the United States of America go the way that is more friendly to them.
• 20:10
  SPEAKER_01: And I'll leave it at that.
• 20:12
  SPEAKER_01: You can pick that apart how you'd like.
• 20:14
  SPEAKER_01: But that's what I see in my everyday dealings uh with political nonsense, geopolitical conversations, debate and and and conflict.
• 20:25
  SPEAKER_01: So now August was the last big month.
• 20:31
  SPEAKER_01: September, the reset.
• 20:34
  SPEAKER_01: Gold is at 4310 to 4370, depending.
• 20:38
  SPEAKER_01: Now that's down from the August high of 4,700, but it absorbed the rate hike and bounced back.
• 20:46
  SPEAKER_01: Everybody was wondering what would gold do if the rates were hiked?
• 20:51
  SPEAKER_01: Well, they dropped immediately, and then the next day, not even 24 hours later, bounced back hard.
• 21:00
  SPEAKER_01: The structural case did not break.
• 21:02
  SPEAKER_01: That's good news.
• 21:03
  SPEAKER_01: That's great news, actually, for all of us who are gold and silver investors.
• 21:09
  SPEAKER_01: Now let's get to segment two here.
• 21:11
  SPEAKER_01: The Saudi pipeline is being restored.
• 21:14
  SPEAKER_01: Oil is falling.
• 21:16
  SPEAKER_01: However, the Iranian war is still going on.
• 21:21
  SPEAKER_01: Although you don't really hear much of about much about it in the way of a war, do you?
• 21:26
  SPEAKER_01: I mean, if you're talking war, you're expecting, you know, daily deaths, right?
• 21:31
  SPEAKER_01: A daily death toll on our side.
• 21:33
  SPEAKER_01: Now, not to minimize any of these people or the number of people that have already sacrificed their lives for this country.
• 21:41
  SPEAKER_01: But we've had 14 people.
• 21:46
  SPEAKER_01: 14 people have lost their lives tragically.
• 21:52
  SPEAKER_01: And when I look at that, I I I I I've seen more people lose their lives during training than I've seen during this.
• 21:59
  SPEAKER_01: So Some people call it a conflict, some people call it a war.
• 22:03
  SPEAKER_01: Regardless of what it is, people are dying and the costs are going up.
• 22:08
  SPEAKER_01: But the pipeline that was destroyed, Saudi Arabia, has worked their butt off, and that pipeline is coming back.
• 22:14
  SPEAKER_01: U.S.
• 22:14
  SPEAKER_01: Energy Secretary Chris Wright said that the Saudi West pipeline is going to restart any day now.
• 22:22
  SPEAKER_01: Partial capacity in days, full capacity, in about a month to six weeks.
• 22:30
  SPEAKER_01: Brent crude fell back below$100 on the news.
• 22:34
  SPEAKER_01: As of the time of this recording, it is just hovering around$90.
• 22:40
  SPEAKER_01: Oil is still elevated.
• 22:42
  SPEAKER_01: Brent is near$100.
• 22:47
  SPEAKER_01: Before February of 28th, February 28th, excuse me, Brent was around$73.
• 22:53
  SPEAKER_01: Even with the pipeline restoration, the energy market is nowhere near where it started at the beginning of this year.
• 23:00
  SPEAKER_01: The food inflation lag is still coming.
• 23:03
  SPEAKER_01: Now that is a direct result in diesel, gas being able to move goods where they need to go.
• 23:11
  SPEAKER_01: Diesel prices feed through to the grocery cells with a two to four week delay.
• 23:18
  SPEAKER_01: The food inflation shock from the pipeline attack hasn't fully hit stores yet.
• 23:22
  SPEAKER_01: We talked about this last week, but it's about to happen next week.
• 23:27
  SPEAKER_01: Okay?
• 23:28
  SPEAKER_01: That'll show up in the October CPI.
• 23:33
  SPEAKER_01: Iran is still firing.
• 23:35
  SPEAKER_01: God knows why.
• 23:37
  SPEAKER_01: Two vessels were attacked in the Strait of Hormuz.
• 23:40
  SPEAKER_01: Even as the pipeline was being discussed, the war keeps running regardless of the oil news, the oil price news.
• 23:48
  SPEAKER_01: I will say this though, as of this morning, Iran said we are looking to open up the Strait of Hormuz fully if the United States agrees to ease back on the military attack.
• 24:05
  SPEAKER_01: Now they've said this 100,000 trillion times, and 100,000 trillion times we took them at their word.
• 24:13
  SPEAKER_01: So I don't know at what point that the that the levy actually breaks, right?
• 24:20
  SPEAKER_01: But we're at day 205.
• 24:24
  SPEAKER_01: This conflict started on February 28th.
• 24:27
  SPEAKER_01: It's 205 days old.
• 24:30
  SPEAKER_01: No permanent deal yet, no resolved straight, no active comprehension negotiation underway.
• 24:34
  SPEAKER_01: I will say that what President Trump said at the UN, he put a lot of people on notice there.
• 24:41
  SPEAKER_01: Not only in Iran, but also Cuba and everywhere else.
• 24:46
  SPEAKER_01: Now this acquisition of Greenland makes it so that we not only control the minerals, the resources, the oil, the precious everything from Greenland, but we also now control the strait.
• 25:00
  SPEAKER_01: I mean, excuse me, the shipping, the shipping ways.
• 25:02
  SPEAKER_01: That means no China, no Russia.
• 25:06
  SPEAKER_01: It belongs to us now.
• 25:07
  SPEAKER_01: That is going to be such a benefit to us for years to come, and it's going to add to our GDP.
• 25:17
  SPEAKER_01: Lower oil is good news for the Fed.
• 25:20
  SPEAKER_01: If Brent stays below$100 as the pipeline restores, November CPI should show meaningful inflation improvement.
• 25:29
  SPEAKER_01: That would give the Fed covered a pause or even lower, depending on how what the, you know, depending on the the um the CPI numbers.
• 25:40
  SPEAKER_01: A Fed pause is historically one of the most reliable gold catalysts out there.
• 25:48
  SPEAKER_01: Watch the oil trajectory.
• 25:51
  SPEAKER_01: Okay?
• 25:52
  SPEAKER_01: Now, if you're just tuning in, thank you very much.
• 25:54
  SPEAKER_01: My name is Jeremy Harrell.
• 25:56
  SPEAKER_01: We're here talking about the news around gold, silver, palladium, and platinum, and all precious metals.
• 26:03
  SPEAKER_01: If at any time you guys want to call us, 888-991-6222.
• 26:07
  SPEAKER_01: That is 888-991-6222.
• 26:11
  SPEAKER_01: Myfreegoldinfo.com.
• 26:13
  SPEAKER_01: That's about as easy as it gets.
• 26:15
  SPEAKER_01: Hey, where do you get your gold info?
• 26:17
  SPEAKER_01: Well, I get myfree goldinfo.com at Goldencrass Medals.
• 26:23
  SPEAKER_01: Free portfolio review, free investor kit, and up to$25,000 of free silver.
• 26:29
  SPEAKER_01: Imagine what$25,000 of free silver is going to be worth in 20 years.
• 26:34
  SPEAKER_01: You can also use your phone to text the word report to metals.
• 26:37
  SPEAKER_01: That's M-E-T-A-L-S or$638257.
• 26:44
  SPEAKER_01: Now let's get to the AI bubble conversation because this is something that everybody's talking about, and it is something that is definitely worth keeping your eye on.
• 26:53
  SPEAKER_01: Alright?
• 26:55
  SPEAKER_01: 1.25 trillion is the number of credit card debt at 21% interest in this country.
• 27:11
  SPEAKER_01: 1.69 trillion.
• 27:14
  SPEAKER_01: That is the number of debt that we have in auto loans.
• 27:20
  SPEAKER_01: Higher mortgage rates on new purchases.
• 27:25
  SPEAKER_01: Every American with variable rate debt just got a bill increase.
• 27:30
  SPEAKER_01: Because of that, because of the rate hike.
• 27:44
  SPEAKER_01: That might do something.
• 27:47
  SPEAKER_01: Remember, the power belongs to the people.
• 27:49
  SPEAKER_01: So whatever the people are willing to do in order to get things under control, that will have an immediate market reaction, guaranteed, all across the board.
• 27:59
  SPEAKER_01: Stocks, gold, real estate, everything.
• 28:03
  SPEAKER_01: Now fortune workers share the fortune workers' share of total national income is at a record low.
• 28:12
  SPEAKER_01: Before AI even started replacing jobs, jobs are being added, wages are growing.
• 28:19
  SPEAKER_01: But the share of the pie going to workers has never been smaller.
• 28:26
  SPEAKER_01: So there's a gap.
• 28:29
  SPEAKER_01: How do we bridge the gap?
• 28:33
  SPEAKER_01: I know one thing that people should do to bridge gaps.
• 28:37
  SPEAKER_01: Build them out of gold and silver.
• 28:42
  SPEAKER_01: Look at the way gold and silver outperform the stock market.
• 28:48
  SPEAKER_01: Every month this year.
• 28:52
  SPEAKER_01: The AI bubble warning.
• 28:53
  SPEAKER_01: Now, this is a big one, okay?
• 28:55
  SPEAKER_01: And it's a big one because there's thirty trillion dollars at stake.
• 29:00
  SPEAKER_01: Tech analyst Eric Gordon said this.
• 29:05
  SPEAKER_01: The AI bubble is, quote, the love child of the dot-com crash and the financial crisis.
• 29:17
  SPEAKER_01: Dot-com valuations 2008 style leverage.
• 29:21
  SPEAKER_01: The Buffett indicator is at 240%.
• 29:29
  SPEAKER_01: Buffett himself says stocks are overvalued above 100%.
• 29:34
  SPEAKER_01: We're at 240% with the AI stuff.
• 29:38
  SPEAKER_01: So how much overvalued is the AI industry right now?
• 29:48
  SPEAKER_01: If Buffett says it's to 240%.
• 29:52
  SPEAKER_01: Last couple weeks we talked about a man named Ken Griffin.
• 29:55
  SPEAKER_01: Citadel's Ken Griffin warned a recession is, quote, unavoidable if the strait stays closed 6 to 12 months.
• 30:05
  SPEAKER_01: Well, we're past the six-month mark and it's still going on.
• 30:11
  SPEAKER_01: Now, if I was a betting man, which I guess if we're talking about the bears once in a while, I might be, duh bears.
• 30:18
  SPEAKER_01: Anyone out there share my passion and my curse, right?
• 30:23
  SPEAKER_01: But if I was a betting man, I would bet that as soon as the midterms of the United States are over in November, everything is going to change.
• 30:35
  SPEAKER_01: Which goes back to my point in the beginning of the show is why the hold off?
• 30:42
  SPEAKER_01: Well, because the midterms in the United States of America are a big deal for the world.
• 30:47
  SPEAKER_01: Who controls Congress and the purse controls the world, right?
• 30:54
  SPEAKER_01: Or at least, if they snap their fingers, the world hears it.
• 31:01
  SPEAKER_01: It's very important for the world.
• 31:04
  SPEAKER_01: What direction we in the United States take.
• 31:08
  SPEAKER_01: Do we take the direction that continues to put the power to the people and deal with a little sacrifice until it gets there and change the way things work here in the United States?
• 31:18
  SPEAKER_01: Or do we go the route that takes the United States taxpayer dollars and lines the pocket of other countries and companies outside the United States of America?
• 31:30
  SPEAKER_01: That's really what's at stake here.
• 31:33
  SPEAKER_01: And that's the case regardless of who you support politically.
• 31:37
  SPEAKER_01: Those are the two roads that everybody is trying to have a say in which way it goes.
• 31:47
  SPEAKER_01: Now, the 401k crack, this is important as well.
• 31:51
  SPEAKER_01: More Americans than ever are taking nearly uh taking early 401k withdrawals, paying 10% penalties plus income tax.
• 32:01
  SPEAKER_01: Just to cover monthly bills.
• 32:02
  SPEAKER_01: Now, if you borrow against it, um it's a different story, but these people are not borrowing against it because they don't see a way to pay it back, so they're just taking it out.
• 32:12
  SPEAKER_01: The Fed raising rates to 4% does not help these households.
• 32:18
  SPEAKER_01: Social Security insolvency hasn't changed either.
• 32:20
  SPEAKER_01: This is another thing that we were talking about, actually, in the stock market seminar that I was in this last week.
• 32:28
  SPEAKER_01: Same thing.
• 32:30
  SPEAKER_01: Everybody understands that Social Security doesn't have a leg to stand on in 2032.
• 32:36
  SPEAKER_01: The rate hike did not fix the Social Security funding shortfall.
• 32:40
  SPEAKER_01: The automatic 28% benefit cut is still six years away.
• 32:45
  SPEAKER_01: Congress still has no plan.
• 32:47
  SPEAKER_01: By the way, you couldn't get Congress to pass gas at this point.
• 32:52
  SPEAKER_01: They're so, oh, they're just so ineffective and they don't care on both sides of the aisle in both houses.
• 33:02
  SPEAKER_01: They just don't care about what you and I go through daily.
• 33:06
  SPEAKER_01: They just don't care.
• 33:08
  SPEAKER_01: There's not a nicer way or a better way to put it or a more truthful way to put it.
• 33:13
  SPEAKER_01: So as of right now, they still have zero plan.
• 33:16
  SPEAKER_01: Go figure.
• 33:18
  SPEAKER_01: The stagflation picture.
• 33:23
  SPEAKER_01: GDP at 2.1%, PCE inflation at 3.8%.
• 33:27
  SPEAKER_01: Fed raising rates into the slowdown, workers losing income share, 401ks being cracked open.
• 33:35
  SPEAKER_01: All of that is a perfect storm.
• 33:38
  SPEAKER_01: Slow growth, high inflation, tightening financial conditions, it's called stagflation, and we're there.
• 33:44
  SPEAKER_01: A good thing about it is we're in the storm right now.
• 33:50
  SPEAKER_01: And depending on what happens here in the next couple weeks, we'll help you see clearly as to which way we're going when we come out of a storm.
• 34:00
  SPEAKER_01: Are we going to see massive destruction or are we going to see a cleanup crew and a build-up and a build and a rebuilding crew?
• 34:09
  SPEAKER_01: Gold has historically been the best performing asset class in periods of stagflation.
• 34:17
  SPEAKER_01: Which brings me to gold.
• 34:22
  SPEAKER_01: Gold absorbed the war.
• 34:26
  SPEAKER_01: Gold absorbed the rate hike.
• 34:31
  SPEAKER_01: Gold has absorbed oil, gas, and diesel being out of control.
• 34:39
  SPEAKER_01: And instead of tanking, it bounced.
• 34:45
  SPEAKER_01: So the long haul case for gold is stronger than ever.
• 34:51
  SPEAKER_01: Because we've seen what happens when it's under intense pressure and uh um at risk of really collapsing.
• 35:01
  SPEAKER_01: We've seen what it does.
• 35:02
  SPEAKER_01: We've gone through it.
• 35:03
  SPEAKER_01: That's why I said we're in the storm and we've seen it's holding strong.
• 35:08
  SPEAKER_01: The wind is not blowing over.
• 35:11
  SPEAKER_01: The little pig that built the brick house, his house is his house house is withstanding the storm.
• 35:21
  SPEAKER_01: 4,310 to 4,370.
• 35:24
  SPEAKER_01: Down from August's 4,700 high, but still up 143.5% over five years.
• 35:34
  SPEAKER_01: Versus the SP, even though it is at an all-time high, still only up 69.81% over that same time period.
• 35:45
  SPEAKER_01: And year over year, up 24% gold is.
• 36:17
  SPEAKER_01: Again, these are not retail buyers, folks.
• 36:19
  SPEAKER_01: These are the people who manage sovereign wealth.
• 36:22
  SPEAKER_01: They bought the dip.
• 36:24
  SPEAKER_01: They bought it.
• 36:28
  SPEAKER_01: Now, bank targets are still above today's price, still to this day.
• 36:36
  SPEAKER_01: I want to read to you some of these numbers here.
• 36:40
  SPEAKER_01: Forbes says gold is up 143.54%.
• 36:44
  SPEAKER_01: The SP in that same time period is only up 69.81%.
• 36:51
  SPEAKER_01: Through a pandemic, through rising rates, through a war, through pipeline attacks, through Fed hikes, the track record is public.
• 36:57
  SPEAKER_01: You can see it for yourself.
• 37:00
  SPEAKER_01: When you're talking about long-term investment, why wouldn't you have gold and silver?
• 37:07
  SPEAKER_01: If history repeats itself, and history is where you find the facts and the data, to back up what I'm telling you right here on the crest report, then it tells you, go buy precious metals.
• 37:22
  SPEAKER_01: Absolutely.
• 37:25
  SPEAKER_01: If you have the ability to, and you don't, you know what you're going to be?
• 37:31
  SPEAKER_01: You're going to be that person that says, Man, imagine if we would have bought into Apple when Steve Jobs was in his garage.
• 37:41
  SPEAKER_01: Imagine if we would have bought stocks in Google and YouTube in 2005.
• 37:49
  SPEAKER_01: No different, folks.
• 37:52
  SPEAKER_01: In the 1970s, stagflation.
• 37:55
  SPEAKER_01: Remember that?
• 37:56
  SPEAKER_01: Now I was born in 79, so I don't remember personally, but I remember my parents still talking about it in the mid-80s.
• 38:05
  SPEAKER_01: Gold went from$35 an ounce to$850 an ounce.
• 38:14
  SPEAKER_01: The Fed hiked repeatedly in that cycle as well.
• 38:18
  SPEAKER_01: Gold kept going higher and higher and higher.
• 38:22
  SPEAKER_01: The hike is near-term friction.
• 38:25
  SPEAKER_01: Stagflation is the long-term tailwind of the near-term friction.
• 38:32
  SPEAKER_01: And when you got at that moment gold going from 35 to 850, imagine where it goes when its base is 4,000.
• 38:44
  SPEAKER_01: Dalio's math got stronger after the hike as well.
• 38:47
  SPEAKER_01: $40 trillion in debt now costs more to service at 4%.
• 38:52
  SPEAKER_01: Every quarter point hike adds roughly$100 billion in annual interest costs alone.
• 39:00
  SPEAKER_01: Dalio's debt crisis thesis got stronger, not weaker, when the Fed raked hiked up that rate.
• 39:09
  SPEAKER_01: So what happens next?
• 39:10
  SPEAKER_01: That's what you tune in for here, right?
• 39:13
  SPEAKER_01: The hike cycle ends, probably by November or December.
• 39:18
  SPEAKER_01: After it ends, the economy slows, unemployment rises, and the Fed pivots to cuts.
• 39:26
  SPEAKER_01: That reversal is the next major gold catalyst.
• 39:29
  SPEAKER_01: We're telling you now, and it will happen.
• 39:34
  SPEAKER_01: From 4340 today.
• 39:39
  SPEAKER_01: Where do you think it's gonna go when that happens?
• 39:47
  SPEAKER_01: Silver.
• 39:47
  SPEAKER_01: Let's talk about silver for a bit here.
• 39:51
  SPEAKER_01: Sitting between 64 and 66 dollars an ounce.
• 39:56
  SPEAKER_01: Do you want to know what silver did in response to the rate hike?
• 40:00
  SPEAKER_01: It outperformed gold.
• 40:03
  SPEAKER_01: The industrial floor is holding.
• 40:05
  SPEAKER_01: Remember what you EVs, solar panels, missiles, chips, hospital equipment, batteries.
• 40:18
  SPEAKER_01: Everything needs silver, unlike gold.
• 40:25
  SPEAKER_01: At sitting at 64 to 66 dollars per ounce, it went up 2.94% the day after the rate hike, which outperformed gold.
• 40:36
  SPEAKER_01: Up 73% year over year.
• 40:40
  SPEAKER_01: A year ago it was at$38.
• 40:43
  SPEAKER_01: Silver outperformed gold.
• 40:45
  SPEAKER_01: That's something that you're probably seeing and hearing a lot more lately.
• 40:51
  SPEAKER_01: Like I said, solar panels, EVs, AI data centers.
• 40:55
  SPEAKER_01: Just try to count how many of those are popping up.
• 40:58
  SPEAKER_01: Semiconductors, medical devices.
• 41:00
  SPEAKER_01: That demand is not going away because the Fed raises or lowers rates.
• 41:05
  SPEAKER_01: It's structural, it's needed.
• 41:07
  SPEAKER_01: And the supply and demand on gold on silver is out of this world right now.
• 41:13
  SPEAKER_01: Out of this world.
• 41:14
  SPEAKER_01: We'll get to that in a minute.
• 41:17
  SPEAKER_01: Actually, let's get to that right now.
• 41:20
  SPEAKER_01: For the sixth consecutive year, there are more, there's more silver consumed than mined.
• 41:29
  SPEAKER_01: We're seeing a 46 million ounce shortfall in 2026.
• 41:34
  SPEAKER_01: You can't just synthetically make more silver.
• 41:37
  SPEAKER_01: China's importing silver or 173% above the 10-year seasonal average.
• 41:45
  SPEAKER_01: No rate hike in the world closes a supply gap like that.
• 41:51
  SPEAKER_01: Lower oil equals lower manufacturing input costs, which equals stronger industrial silver demand.
• 41:59
  SPEAKER_01: The pipeline restoration is exact is actually a positive for silver's industrial picture.
• 42:08
  SPEAKER_01: Now, a lot of people may or may not know this, but when you're talking about oil, petroleum, it's not just machines that it fuels, folks.
• 42:19
  SPEAKER_01: Anything poly, polyurethane, polyethanine, poly clothes.
• 42:24
  SPEAKER_01: Oil drives the world, folks.
• 42:27
  SPEAKER_01: So everything is going to respond to it when there's a shortfall of it or a disruption in it, or if people just want to make a lot of money and gouge the hell out of it.
• 42:40
  SPEAKER_01: Now, at JP Morgan's$4,500 an ounce prediction for Q4, that gold target and a 60 to 1 ratio, silver would be at$75 if gold hits$4,500.
• 42:57
  SPEAKER_01: At Goldsman$4,900, silver would be at$81.
• 43:07
  SPEAKER_01: One thing I know, one thing I know about the world is things always go up and down and fluctuate.
• 43:14
  SPEAKER_01: But rarely do things go down, down, down, down.
• 43:19
  SPEAKER_01: You might see it go up and then come back down.
• 43:21
  SPEAKER_01: You might see it go up and then come back down.
• 43:22
  SPEAKER_01: When silver went up to 120, I knew it was going to come back down, but it all but uh it's obviously gonna go back and hit 120 at some point again.
• 43:32
  SPEAKER_01: It's not like gas ever went to$10 an ounce, or I mean$10 a gallon and then came back to two.
• 43:43
  SPEAKER_01: Still active from Bank of America's metals desk, silver can still outperform gold in 2026.
• 43:50
  SPEAKER_01: From$65 today,$309 is a 4.7% current at 4.75% current price.
• 44:00
  SPEAKER_01: A times the current price, excuse me.
• 44:03
  SPEAKER_01: 4.7 times the current price.
• 44:05
  SPEAKER_01: Not the base case, but one from the largest bank metal teams in the world, and that's Bank of America.
• 44:14
  SPEAKER_01: Now let's finish off with a recap here.
• 44:17
  SPEAKER_01: What changed this week?
• 44:18
  SPEAKER_01: Well, Fed raised rates to 4%.
• 44:22
  SPEAKER_01: Gold fell and then surged 2.5%.
• 44:26
  SPEAKER_01: The Saudi pipeline is being restored.
• 44:28
  SPEAKER_01: Brent fell back below$100.
• 44:31
  SPEAKER_01: What did not change?
• 44:33
  SPEAKER_01: The$40 trillion national debt, the$1 trillion annual interest bill, Dalio's three-year countdown, Social Securities insolvency in 2032, the AI bubble warning, day 205 of the war, the 401k tax trap.
• 44:50
  SPEAKER_01: Every one of those is exactly the same as before the Fed met.
• 44:55
  SPEAKER_01: The hike made one thing worse.
• 44:57
  SPEAKER_01: The$40 trillion debt now costs more to service at 4%.
• 45:03
  SPEAKER_01: One thing to continue to remember and take away from this show is gold and silver both absorbed the hike and then bounced.
• 45:11
  SPEAKER_01: This is the key data point from the week.
• 45:13
  SPEAKER_01: Gold did not break, it bounced 2.5%.
• 45:17
  SPEAKER_01: The structural bid is not broken through the war, the pipeline attacked, treasurer yields are topping 5%, or a rate hike to 4%.
• 45:28
  SPEAKER_01: Five years.
• 45:30
  SPEAKER_01: Gold doubled the SP.
• 45:34
  SPEAKER_01: Up 143.54% compared to the SP 69.81%.
• 45:40
  SPEAKER_01: Tell me which one you'd rather be invested in.
• 45:43
  SPEAKER_01: Physical gold and silver are still outside the system.
• 45:47
  SPEAKER_01: The gold coin in a self-directed IRA is not affected by the rate hikes, digital account freezes, or anything else.
• 45:53
  SPEAKER_01: Here's the other thing: two states have now made gold and silver legal tender as well.
• 45:58
  SPEAKER_01: You can literally now go and spend your gold and silver in the state of Florida and have it be legal tender.
• 46:07
  SPEAKER_01: That is incredible to me.
• 46:09
  SPEAKER_01: Absolutely incredible.
• 46:11
  SPEAKER_01: So, ladies and gentlemen, again, here at Golden Crest Metals, my name is Jeremy Harrell.
• 46:16
  SPEAKER_01: Text the word report to Metals.
• 46:17
  SPEAKER_01: That's M-E-T-A-L-S.
• 46:19
  SPEAKER_01: Text the word report to medals today or 638-257.
• 46:24
  SPEAKER_01: Call the number 888-991-6222.
• 46:29
  SPEAKER_01: Or go to myfregoldinfo.com today for your free portfolio review, free investor kit, and up to$25,000 in three silver.
• 46:37
  SPEAKER_01: My name is Jeremy Harrell.
• 46:38
  SPEAKER_01: This is the Crest Report.
• 46:40
  SPEAKER_01: We are Golden Crest Medals.
• 46:42
  SPEAKER_01: We'd love to hear from you today.
• 46:44
  SPEAKER_01: Have a great day, everybody.
• 46:46
  SPEAKER_01: It's been fun being here with you, and I will see you next week on the Crest Report.
• 46:52
  SPEAKER_01: Have a good one, everybody.
• 46:53
  SPEAKER_01: See you later.
• 47:07
  SPEAKER_00: Text the word report to M E T I L S.
• 47:10
  SPEAKER_00: That's report to 638-257.
• 47:14
  SPEAKER_00: Or call 888 991 6222 or visit Goldencrestmetals.com.
• 47:21
  SPEAKER_00: See you next week.