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🚨 SOLD OUT! 🚨 What Is Behind THIS Frenzy to BUY GOLD... (Silver Price) · SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT

0:00
Costco, the big wholesale retailer, is selling out of
0:05
gold. Who even knew that they were
0:07
selling gold? But what is their Chief
0:10
Financial officer telling us about demand for gold, which
0:14
could spell higher prices as we head into the coming year?
0:18
And what does that mean for silver?
0:19
Thank you, Derek, for that super chat.
0:21
Super appreciated. Also, what's Elon Musk saying
0:26
about America? That should scare the pants off
0:29
of all of us. What about oil reaching $150.00
0:34
a barrel? What's that going to do to the
0:36
economy? But we got more news about the
0:38
economy pending, home sales plummeting and we're going to
0:43
talk about employment. Because guys, that's the one
0:46
thing the Fed has been holding on to as their basis, their
0:50
foundation to kill the price of silver and gold, right.
0:54
They all the employment pick. I have a keen insight, something
0:58
that I don't think a lot of us have really considered, that
1:02
will tell us what's really going on in the labor market and why,
1:07
despite what they're saying about the labor market, we can't
1:11
avoid some serious implications from an economic slowdown sooner
1:16
as opposed to later. But first, I want to share with
1:18
you guys. I was, I had a one hour, I just
1:20
finished a one hour conversation with Jorge Genosa, He's the CEO
1:26
of Fortuna Silver. They're a billion dollar market
1:30
cap now. They're a little under a billion
1:32
now because their stocks, like everyone else, been down a bit,
1:35
but $850 million market cap, intermediate gold and silver
1:40
producer. But we talked about the market
1:43
and we talked about the sentiment and what's going on in
1:46
the gold and silver market. I'm just going to leave you with
1:50
this and and I'm going to publish this long interview that
1:53
I did with them. But hold on.
1:55
I know it's painful right now to be invested in gold, to be
2:00
invested in silver. Frustrating.
2:02
Painful. You aren't alone.
2:05
OK, we're together. We get together here in the
2:07
basement to talk about this, to share ideas, to share our
2:11
thesis. But we're not alone.
2:13
I got clobbered yesterday. And you know, heck, for the last
2:17
two years with precious metal mining stocks, I mean big, big
2:21
losses. And we got to remember there's a
2:24
lot of other people. We aren't the only ones who own
2:27
the stocks. We aren't the only ones who own
2:29
the ounces of silver, gold or platinum for that matter.
2:33
But Jorge, you know, he just, we talked about the fact that like
2:38
right now basically sentiment couldn't be much worse, All
2:43
right, It's as bad. And it's not just Jorge saying
2:46
this, it's all the top executives that I'm talking to.
2:49
I hear it from other analysts, I hear it from other YouTube
2:53
content creators, things. You know, the overall attitude
2:56
is just, but here's the good news.
2:58
We got to think about the good news in that, guys, if you're
3:01
OK, are you OK right now? I think I'm OK.
3:05
We're OK right now. This does make me mad, but
3:08
nonetheless, the sentiment being so bad.
3:12
But you're still OK. We're OK that when it improves
3:17
and it's going to be a lot easier for it to improve than it
3:21
is for it to get worse. When the sentiment does get
3:24
better, you've heard the story from me.
3:26
Zillions of time. There's going to be so much
3:29
money coming in to the sector. You know, nobody.
3:33
There's money coming out from the ETF's.
3:36
There's money. You know, people aren't buying
3:38
metals right now. But when that changes, when
3:40
individual investors start to buy silver and gold and platinum
3:45
again, when institutional investors, you know, family
3:49
offices and hedge funds and whatever, when they start to
3:53
flow money back into the sector, things will get better.
3:59
And we know right. What we always fall back on our
4:02
foundation is the fact that silver and gold and platinum
4:05
have been valuable for thousands of years.
4:07
So we can wait patiently. Is it painful?
4:10
Yes. Let me ask you, tell me in the
4:12
comment, hello, Annie Oakley. Hello Coin shop Crestman, this
4:15
is so awesome that you guys are here.
4:18
It's a big deal. It's much appreciated.
4:20
It really is my honor that you right over 250 of you from all
4:25
over the world are joining me. Please Ooh, look at that thumb.
4:29
Susie says I have an ugly thumb. Anyway, please give this a
4:32
thumbs up. Even if my thumb is ugly.
4:37
Can't be much worse than my hairdo today.
4:39
Hey, things are going to improve, no doubt about it.
4:45
What's going on with Costco and gold?
4:48
When did Costco start selling gold?
4:50
Let's dig into this and what this could mean for demand for
4:55
precious metals. Because to me, this is nothing
4:58
but optimistic news. And this comes from our friends
5:03
at CNBC. OK, their headline says Costco
5:07
is selling gold bars and they are selling out within a few
5:13
hours. Let's read this.
5:15
Let's do a little analysis. Let's put our thinking caps on
5:19
Costco is a well is is well known as a place to get bargain
5:22
prices on a variety of items from food to Ding dongs to
5:26
luggage to appliances and gold bars.
5:30
And then they say wait, gold bars?
5:33
Really. Yes.
5:35
The retail warehousing giant is your one stop shop for one ounce
5:40
gold. PAMP Swiss, Lady, Fortuna,
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Veriscan bars, handsomely detailed and ready for purchase.
5:49
They're available for the bargain price of well, you have
5:52
to be a member to get them a little shy of $1900.
5:57
When gold was trading for about 18 for about and when gold was
6:01
trading sorry for $1900 they were selling them for 9/18/76
6:07
regardless of the price. So now let's think about this.
6:11
Costco's known for good value, and it looks like they had a
6:14
pretty good deal going on these gold bars, a very low premium.
6:19
But listen to this Regardless of the price, gold is selling like
6:22
hotcakes, judging by comments Tuesday from their chief
6:26
financial officer, Richard Galanti.
6:31
What did Richard have to say? Well, Richard, now that you're
6:35
not selling just diapers and meat and everything else,
6:39
Richard said on the company's quarterly earnings call that the
6:43
bars are in hot demand. OK, this is Costco guys selling
6:48
gold bars, hot demand and don't last long when they're put into
6:53
stock. Here's a quote he said.
6:55
I've gotten a couple of calls that people have seen online
6:59
that we've been selling one ounce gold bars.
7:01
He said yes, but when we load them on the site, they're
7:06
typically gone within a few hours and we limit it to two per
7:14
person and they have to be Costco members.
7:18
Costco is selling out gold as fast as they can put it on their
7:22
website. Very interesting, Very
7:25
interesting. I mean, what is that?
7:28
Tell us about the American public's appetite for gold.
7:32
Now think about this. I'll be honest, I'll be honest.
7:36
I've never been in a Costco in my life.
7:39
I'm a value person. I go to ALDI.
7:41
We do have a Sam's membership. But I want to go to a Costco
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because I know the reputation and I know that they have great
7:50
deals. Smart people go to stores like
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all the, well, frugal, resourceful people go to stores
7:58
like ALDI, Sam's Club, and Costco.
8:01
What is it telling us when those smart, resourceful people,
8:06
Costco members, are snatching up all the gold that the company
8:11
can put onto their website? Think about that for a second.
8:15
Think about that. Because here's here's a couple
8:17
of important points from that thought.
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The bars are indeed only available online, and if you're
8:22
a Costco member, which cost about $100 a year, you got to be
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a member. The retailer also is limiting
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the purchase to two to a customer, meaning it would be
8:33
pretty hard to build a OK, this guy's, of course, they're always
8:36
putting down gold on CNBC. All right.
8:40
At the very least though, it's an effective promotion and one
8:43
that could appeal to a certain sector.
8:46
Listen, they're putting us down again, one that could appeal to
8:49
a certain sector of Costco shopping clientele.
8:53
This is the guy from Genesis Gold Corp said this.
8:56
He noted that the company seems to have accelerated its
8:59
offering. And dried foods, food preppers,
9:02
those people, you know, people who maybe are a little concerned
9:07
that we might have food issues coming down the road.
9:10
Yo, those people. Yeah, right.
9:13
You know, people who might want to have a little precious metals
9:15
stored up just in case things get a little dicey out there.
9:19
Yeah, those people. And by the way, if you want to
9:21
get some precious metals stored up, you don't have to go to
9:24
Costco. You can go to pin backs.
9:26
They're the sponsor of Ron's basement, the online bullion
9:29
dealer. You can trust Pin backs do your
9:33
own work, do your own research like I did.
9:36
You'll find they have great service and the best prices.
9:40
I think pin backs is best. I trust pin backs.
9:43
I think you will too. But if you demand on going to
9:47
Costco to get your goal, let's dig a little deeper into what
9:50
they're saying. They say they've done some their
9:53
market research. I think it's very clever way to
9:56
get their name in the news and have some great publicity.
10:00
No, Maybe people just want gold. If you thought about that
10:03
Eisenhower, right? Maybe this isn't a publicity
10:07
stunt. Maybe people really just want
10:10
gold, huh? No.
10:12
No. Why would people want gold?
10:14
Why would Why would people want precious metals?
10:17
Why would they want to have some silver or gold at their house?
10:20
Why would they want to have a little extra food stored up?
10:24
Why would I mean no, no, no, right, OK, He said.
10:27
There's definitely a crossover. They're putting us down, guys of
10:32
people living off the land, being self-sufficient, believing
10:38
in your own currency, OK? That's the appeal to gold as a
10:43
safe haven as people lose faith in the US dollar.
10:46
So if you're one of those people who wants to be self-sufficient,
10:51
right? Protect your money.
10:53
You're the type of person who who would buy gold from Costco.
10:57
Well, you know what? I think that that's an admirable
11:00
quality. Do you?
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I have that quality high five out there, all 300 of you
11:05
joining us today and I got to ring the 100.
11:07
Thumbs up bell. Come on man, more thumbs up.
11:10
But I got to ring the bell. Hold on, did you notice the new
11:21
Weber? Well, where is he, the new Weber
11:23
Bear? He's pretty cute, isn't he?
11:25
Speaking about stocking up food, I love the Weber seasonings, OK?
11:29
They're helping to support the channel as well.
11:32
I've got a great friend and a great neighbor who works
11:34
promoting Weber seasonings on a national basis.
11:37
Speaking of Sam's Club, that's where I got these Weber
11:40
seasonings. You might want to check them out
11:42
now. Nonetheless, if you if you want
11:45
to stack up some food or some gold, right, protect yourself,
11:49
well, well, then you're the type of person.
11:52
You're one of those people. You know what?
11:54
That's OK. They can call us whatever they
11:58
want, right? They can call us preppers.
12:00
They can call us conspiracy theorists.
12:03
They can call a person who doesn't believe in the future of
12:07
paper money. HM, you want paper or do you
12:10
want metal? They can say whatever they want
12:12
about people who stack gold and silver.
12:15
The numbers speak for themselves.
12:17
Costco, one of the nation's biggest retailers, is running
12:21
out of gold every time they put it on their website.
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I know, I don't know how much they're putting on there.
12:27
We don't know any specifics. But you know what?
12:31
What is it? Very minimum.
12:32
What does that tell us about the appetite within the general
12:36
American public for gold and silver?
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In the crazy part? This is the fun part.
12:40
This is the good story, guys. The good story about that is, is
12:45
it hasn't even started. Will you listen to me?
12:49
It hasn't even started. It has been.
12:53
Look, look, man, look. If you're a silver stacker or a
12:57
gold stacker in the United States, if you're a person who
12:59
invest in precious metal mining stocks, you are.
13:03
We are at the bottom. Congratulations, you've reached
13:07
bottom. And there's only one place to go
13:10
when you reach bottom, and that's up.
13:13
Because you know what? Just like Bidenomics, it's going
13:16
to be working for us. We have been beat down.
13:20
Think about think of Costco is selling out gold in an
13:23
environment where in the United States, people have been
13:26
brainwashed against the value of precious metals, right, for not
13:31
just years, but decades, decades.
13:35
And does that show us that people are maybe, just maybe
13:39
starting to wake up a little bit to the value of the metals?
13:44
I think it is. You know, when I was speaking to
13:46
Jorge Ganoza, the CEO, and what a great guy.
13:50
I tell you what, I love talking to Jorge because he is quality.
13:57
He is delivered on everything that he's ever promised.
14:00
And we were talking about like the fact that all the precious
14:03
metal mining stocks combined right now are smaller than the
14:07
size of Home Depot, Home Despot, Home Depot, whatever you want to
14:12
call it, that giant orange hardware store that I personally
14:17
don't look forward to going to because I feel like it's
14:19
overwhelming. But nonetheless, all the mining
14:21
stocks and think about this, I just, I just, I want to, I want
14:26
to drive this point home because I think it's critical when we're
14:30
talking about sentiment in the gold and silver sector.
14:34
When it turns and we talked about this, it's going to be a
14:37
flood of money coming in. No doubt about it.
14:41
Absolutely. Thank you for the thumbs up.
14:43
Thank you for the Super chat. OK.
14:45
But it's going to be a flood of money, an absolute flood of
14:49
money. And guess what?
14:51
It's not like suddenly you can start.
14:53
There's only so many mining companies, right.
14:56
And there's a huge Moat. You've if you heard that.
14:59
What is that? What is that saying mean to you?
15:01
Build your Moat. Build a Moat around yourself.
15:04
Build a Moat. A Moat means it's hard to
15:06
penetrate. They used to build moats around
15:08
castles because they didn't want people getting in.
15:11
The mining business has big Moat around it.
15:13
It's got high barrier to entry. You can't just jump in too.
15:17
And we're going to talk about the physical metal and what that
15:20
means to the physical metal as well.
15:22
But you can't just jump in when people do decide to get into the
15:26
precious metal mining site. It's not like more gold miners
15:29
can just be created overnight, right?
15:32
Is there going to be a Moat around physical gold and
15:35
physical silver? Costco sold out.
15:41
I think there'll be a Moat because we know what happened
15:44
during the C19 crisis. We know what happened during the
15:47
banking crisis. You there was a big Moat around
15:51
getting yourself some physical silver.
15:53
Do you remember going to your local coin shop, huh?
15:56
Back Just in April of this year? You walked in with high
16:00
expectations. You're going to get yourself,
16:02
you're going to get yourself some silver.
16:05
You're happy. You know you got your, you got,
16:07
you're not going to buy it. You listen up, buttercup.
16:11
You listen up, Boys and girls, men than women, basement
16:15
dwellers. You're not going to buy it.
16:17
You're converting. There's a big difference, right?
16:20
We're converting paper into real metal.
16:22
Which blows my mind that you can do that, right?
16:26
That's like, you know, trading air for gold and silver might as
16:30
well be air because that's all this.
16:31
But you walk in and you're going to get yourself some silver.
16:34
You're going to get yourself some gold.
16:35
You're all excited. Guess what?
16:38
There's none around. And they're telling you it's
16:40
going to be 3 or 4 weeks. You can pay us now and maybe
16:43
we'll get some for you in three or four weeks and they'll show
16:46
you go home and you go on some of the big online bullion
16:48
dealers and you look and you're like, wow, they raise their
16:51
minimum price to $500 and they're telling me they're not
16:55
going to ship this stuff to me until until four weeks or three
16:59
weeks from now. That's nothing.
17:01
There's going to be a massive Moat around your ability,
17:05
anyone's not. And and hopefully you're already
17:08
inside the Moat. That would be my question for
17:12
you. Are you already inside the Moat?
17:15
Have you already acquired some physical metal?
17:18
I'm not giving financial advice. I'm not telling you what to do.
17:22
I'm just saying that you think it's a good idea to have some
17:23
metal. You might want to be inside the
17:25
Moat. I feel like I'm inside the Moat
17:29
and and when and when the and when the when the situation
17:32
arises. That makes it difficult darn
17:35
near impossible to find the physical metal, right?
17:38
We know. We already know.
17:40
It's all being drained over to the east.
17:42
Do you think? What do you think the Chinese
17:44
are feeling right now with this recent drop in the gold price?
17:48
They're like, woohoo. Bring it on, baby.
17:50
Ship it over here. We're ready.
17:53
OK, ship it on over. Right.
17:56
Yeah. Hello, Abraham.
17:58
Abram, my friend who's who's allowed me to give away some
18:01
gold backs over the last couple of months and I will continue to
18:04
do that once I get some more gold backs, we will.
18:07
But Abram from gold back, thank you for being here.
18:10
But what do you think? What do you think the Chinese
18:13
are saying right now? We know that on the Shanghai
18:17
Gold Exchange, the price of gold is much higher.
18:20
Silver. Oh, it's even higher than gold.
18:23
What do you think they're they're saying?
18:24
Yeah, put loaded on some boats. We'll take it.
18:27
We'll take it at that price. Thank you very much.
18:30
Back to Costco. Let's see if there's anything
18:32
else we have to talk about. Uh, oh, here we go.
18:35
Oh, there's a little more. It gets even better.
18:39
This guy says precious metals have been on a run.
18:42
Over the past several years, gold has risen more than 15%
18:48
over the past year. Sure doesn't feel like that,
18:51
does it guys, but it has, according to CNBC.
18:54
And we know they are always honest and upfront about
18:56
everything and more than 55% over the past five years.
19:01
But it's a bad investment. Precious metals.
19:04
Bad investment. Only up 55% / 5 years with
19:08
inflation still elevated. Banks are under the gun from a
19:11
regulatory standpoint and looming issues in the commercial
19:15
real estate market. Really.
19:16
Thank you CNBC. The safe haven aspect of gold
19:20
and silver should be strong. Here's a final quote.
19:24
Are you ready for your final quote?
19:26
Grab your coffee. I'm going to have a sip and then
19:28
we're going to read the final quote.
19:33
This is oh wow, I can't believe. I can't believe CNBC printed
19:37
this. It says quote.
19:40
We know what the road map looks like.
19:43
Do you guys want to know what the road map looks like?
19:45
Take out your flashlight. Shine.
19:46
We're shining it. We're all together.
19:48
We're basement dwellers. We're navigating these choppy
19:51
waters. You got a flashlight?
19:53
Believe it or not, I got a flashlight.
19:55
My flashlight's not any better than yours.
19:57
We're going down a dark path. We're navigating.
19:59
We're shining our flashlights together.
20:01
We're helping each other. We're basement dwellers.
20:04
We like each other. Okay.
20:06
We're here to help each other. Be nice.
20:08
Let's shine our flashlight because we know what the road
20:13
map looks like. Bank failures.
20:17
Commercial loans. Defaulting at an alarming rate.
20:21
They don't seem to have a handle on inflation and that's why they
20:28
keep raising interest rates. This is this guy Rose saying
20:31
this. He says, quote, the outlook for
20:33
stability in the market is not good and people want a tangible
20:39
asset that's going to be a safe haven.
20:42
That's what gold, excuse me, excuse me, and silver provide.
20:49
So what's the take away from this guys?
20:52
CNBC is telling us that we have some uncertainty coming.
20:54
Thank you, CNBC. They're telling us we're going
20:58
to have bank failures. You know, I look before I came
21:01
on guys, it it is, it is absolutely crazy.
21:05
Bear with me here, let me go. Let's look at the 10 year bond
21:09
yield because it is out of control 4.65.
21:15
Let me let me sit down for a second, take a deep breath.
21:19
OK, I know we're not a real technical channel.
21:22
I know you know all of us understand this to 1 degree or
21:26
another. But we need to understand one
21:28
thing about the 10 year bond yield being a 4.653 years ago,
21:34
the 10 year bond yield was at .5.
21:38
Yes, you heard that correctly, .5.
21:40
Today it's over 4.5. Now we can do some simple math
21:47
and realize that means the rate has gone up 9 times.
21:51
But the think about this, think about this.
21:54
If you're a company, OK, and you're barely making ends meet,
21:58
this is critical for you to understand what we're facing
22:01
right now in this country. All right.
22:03
And we're going to do in a real simple terms, let's say you got
22:06
a loan from the Fed. This is.
22:07
I'm oversimplifying it, but this absolutely is a fact and you
22:12
need to understand this. Let's say you bar you had a
22:16
company and you borrowed $100 million because you needed that
22:19
money to make payroll and run the business.
22:22
Three years ago, your interest payment on at .5% would have
22:26
been 500,000 a year. So you're paying 500 grand a
22:29
year in interest. Everything's OK.
22:31
Maybe you're making a little bit of profit or you're breaking
22:34
even. Whatever.
22:35
Today. Today, because your interest
22:38
expense went up by 9 times, your annual interest expense would
22:43
have increased from 500,000 to 4.5 million.
22:48
Suddenly you're like, wait a minute, we used to make two or
22:52
three million in profit a year, but now we got a 4.5 million
22:57
expense. We're losing money and that's
22:59
going to impede upon those these companies a bit.
23:02
And that's happening that thousands and thousands of times
23:07
throughout the country. And that applies to commercial
23:09
real estate loans. That applies to credit card
23:12
debt. That applies to car payments,
23:15
That applies to mortgages. We are headed for a a, a poop
23:21
storm here. I can't use bad words, but I can
23:25
use pictures. We're headed for one of those
23:28
storms. And this, my friends, is going
23:31
to see that it's my air circulation is going to hit the
23:37
fan. Now, I don't have a crystal
23:42
ball. Well, actually, I do.
23:43
You can see it right there. OK, I lied.
23:45
I'm always lying. Do you guys see that?
23:47
That's a crystal ball. OK, I do have a crystal ball.
23:51
And yes, the poop is going to hit the fan.
23:58
All right? I got to keep that fan on.
23:59
Otherwise I get overheated because I care.
24:04
All right, now that's just the situation as it's unfolding
24:09
right now in front of us. What did Elon Musk say?
24:13
Do you know what Elon Musk said? He had some interesting things
24:15
to say it comparing the United States to the fall of the Roman
24:20
Empire. What?
24:23
What? Let's go to that right now.
24:28
Hello, Cliff. Hey, thank you for the Super
24:30
chat. Wow, guys, the Super chats are
24:32
super appreciated. Okay, it does go a long way.
24:36
We are are are providing for our family from this channel.
24:40
So thank you. I won't beg, but I will say
24:42
thank you. So thank you.
24:44
It's a big deal. And for those of you don't know,
24:47
super chats, the way you can donate a little bit of money,
24:49
whatever you're comfortable with to the channel.
24:52
And again, it's super appreciated, Okay.
24:55
Hold on here, Rome. Elon Musk, this is from Fortune
24:59
magazine. What did Elon Musk say?
25:02
You may or may not like Elon Musk, right?
25:04
That's up to you. But the guy has done some
25:08
incredible things in his life, and I think at minimum we can
25:11
say he's intelligent. OK.
25:13
Elon Musk says that the shoplifting epidemic is giving
25:17
him late stage Roman Empire vibes.
25:22
America is going full Joker. All right, here, basically.
25:30
Basically, guys, I don't know if you've seen this.
25:32
If you've not, you need to check this out over the weekend.
25:36
I guess it was. There was just like rampant
25:38
rioting in Philadelphia and mobs of kids breaking into stores,
25:44
liquor stores, Apple stores, you name it.
25:47
All these stores just wiping it out.
25:50
Like they didn't care. They just why?
25:52
And and and Elon Musk is saying like this reminds me of the fall
25:57
of the Roman Empire. This reminds me of some movie
26:00
with the Joker, Gotham City riots going on.
26:03
I mean, what the heck is going on, right?
26:06
We talked about silver and gold. Do you think silver and gold
26:10
protect you during periods of instability, right?
26:15
Isn't that part of the appeal, part of the thesis behind owning
26:21
precious metals? They protect you during times of
26:25
instability. How do they do that right?
26:28
Well, because paper money or central bank money or Fiat money
26:33
or Unicorn fart desk money or whatever you want to call it.
26:37
Money right is dependent upon a certain rule of law.
26:41
Certain ability of some organization to to to convince
26:48
people that that those metal are I'm sorry that the paper and the
26:52
in the in the and the fake money is worth something.
26:56
Gold and silver are like they don't care.
26:58
They don't pay attention. Silver and gold have you thought
27:01
about if you ever considered this about.
27:04
And I got a I got a credit my friend buddy rumble because we
27:07
we came up with this during one of our conversation.
27:09
The Louisiana gold guru do I need to get back on the channel
27:13
soon right. He does predict the silver and
27:15
gold price but we were talking like you know gold and silver
27:20
they don't have a political party.
27:22
Gold and silver they don't have an economic system.
27:25
Gold and silver they don't care. Why the heck do you think?
27:30
Why do you think that anytime there's a war, and I know
27:34
Susie's on here, and I always say it wrong War, War.
27:37
We're wire. Wow.
27:38
Wow. Whatever.
27:40
Susie's at her mom's house, so she can't come down here and hit
27:42
me with a frying pan like I probably deserve half the time.
27:46
But nonetheless, we got a war. All right?
27:50
What's the first thing that countries do when they take over
27:52
a country? They always, they always do one
27:56
thing first. They go in and they take all the
28:02
gold. I wonder why.
28:04
I don't know. But what a coincidence that
28:08
that's the first thing that they do.
28:11
And we got 200 thumbs up. Thank you guys.
28:14
OK And if if you haven't hit the thumbs up, please do it.
28:17
We got 400 people and only 200 thumbs up.
28:19
We can do better than that. But I got to ring the bell for
28:22
the 200. Thumbs up.
28:28
That's the cowbell that's gets rung at 200 thumbs up.
28:32
I don't know. Where was I?
28:35
Yeah, Elon Musk says the world's falling apart.
28:38
OK, that's the good news. What else is falling apart?
28:41
How about pending home sales? They crashed.
28:43
I think it said more than record on record.
28:45
Horrible pending home sales. I wonder why.
28:48
I wonder why home sales are crashing.
28:53
You know, maybe because the Fed pump the economy full of money
28:57
and now they're like crashing everything.
28:59
I wonder. I wonder why people, people
29:02
can't, you know, afford to buy a house.
29:05
That's why. You don't have to be a rocket
29:07
scientist. Excuse me.
29:13
But, but, and this is interesting, this is
29:17
interesting. And I'm sick of hearing it.
29:20
You probably are too. It's always good news about the
29:24
jobless numbers. We had good jobless numbers.
29:26
Jobless claims. Where am I, man?
29:28
Oh, the Fed will say, oh, look, the economy is great, the jobs
29:31
numbers are great. There's 10 million open jobs.
29:35
Everything's great. Yeah, let's think about that for
29:39
a second. OK, OK.
29:43
This is a this is a breakthrough concept that we need to
29:46
understand and why we can call monkey or BS or however you want
29:50
to say it about these supposed great jobs numbers.
29:56
People can't afford to quit their jobs.
30:00
It has become so difficult for people to survive.
30:03
Do you feel it, Do you think? Does that make sense?
30:07
Like, Oh yeah, sure, the job. Because people are desperate to
30:10
make any money that they can because their bills have gone
30:14
through the roof. So they'll use this mirage of of
30:18
good jobs numbers. Sorry I had to take a little
30:30
water break there, but but if that's the only thing they have
30:35
left, okay, it's a bunch of bunk and it's not going to hold up
30:41
the entire economy. We don't have to worry about it.
30:46
I'm sorry. It it just it won't and it
30:49
can't. I'm sorry, it's not going to
30:52
work. It's just not going to work.
30:56
But the S&P 5 hundred's doing so great, wrong.
30:59
The S&P 7 have you, if you heard this, like the top seven
31:04
companies in the S&P 500, they basically are the S&P 500 at
31:09
this point. And these are a bunch of, I'm
31:12
sorry, their value, underlying value is just not their NVIDIA
31:18
and Facebook and Amazon and what else, Microsoft and Apple.
31:25
Sure, they're tech companies, Sure, they make a ton of profit,
31:29
no doubt about it. But their valuations guys are
31:32
bubble levels. Even with the drawdowns that
31:36
we've seen here recently, Everything's a big mirage.
31:39
Everything is we're living in a period of monetary mirage.
31:43
Let me ask you that question and I want to see, do you think that
31:48
we are living in a monetary mirage?
31:51
Yes or no? I'm just curious.
31:53
I want to see well, how you guys feel about this.
31:55
Because to me, it's all rigged. It's all, it's all Wizard of Oz.
32:01
That's all it is. And when the reality hits, it's
32:05
going to be an interesting time. I need to mention our sponsor,
32:10
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If they already have, have have established the size of these,
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32:44
These are development projects, these are projects that the big
32:48
companies are going to need at some point, likely in the near
32:52
future to fill in their ever drying up pipelines.
32:56
Because every time a big gold company, every time barrack
32:59
takes an ounce of gold out of the ground, guess what?
33:02
That's gone. It's depleting.
33:04
It's an interesting business. If you think about it.
33:06
I mean, there's only so much gold and silver on this planet.
33:09
We've established that. So every time Barrack or Newmont
33:12
takes an ounce out of the ground, they got to find a way
33:14
to replace it. OK.
33:16
And they're going to be looking to companies like First Mining
33:19
Gold in the future to help replace that gold.
33:24
Yes, Yes, yes, yes. Annie Oakley.
33:27
Man, I I got to take. I got to take a second and say
33:30
something to you guys. OK?
33:33
Basement dwellers, all of us together here.
33:36
I want to say thank you to the moderators that help make this
33:40
channel possible. That includes Susie, my wife,
33:44
who's not here today, so I can say whatever I want.
33:46
I love Susie dearly. Those of you who know Susie and
33:50
have interacted with her will understand what a kind, loving
33:54
person she is. We love you, Susie.
33:56
We also love Coin Shop. Chris OK and all the other
34:00
moderators that make this possible.
34:02
Neil from Neil, Hans Dynasty, Annie Oakley And there's a guy
34:06
in Texas that we love as well named Jake from Jake's custom
34:10
parts. Guys, this is not easy what
34:13
we're dealing with. I'm sorry, it's just not right.
34:16
And if you if you've invested, we're dealing with a difficult
34:20
subject. You know, kind of like like, you
34:23
know, like think like there's certain medical things people
34:26
don't like to talk about. You know, like certain medical
34:30
conditions, few of which I've encountered in my life.
34:34
But we won't go there because this is not a medical show.
34:37
This is the show about silver, gold and platinum.
34:40
And we're talking about food, spices as well.
34:42
But nonetheless, nonetheless, we're not dealing with, we're
34:47
dealing with some. We're dealing with some
34:49
disturbing revelations. Sometimes we're not.
34:53
Just like walking around like Pollyanna.
34:55
Everybody else, everybody else. Let me tell you, this is a fact.
35:00
This is a fact. Then it makes it can be
35:02
frustrating and don't let it eat you up, but it can unless you're
35:08
careful. 99% of people, they don't want to talk about the
35:12
tough subjects. They don't want to talk about
35:14
the national debt. They don't want to talk about
35:16
the deficit. They don't want to talk about
35:18
the bricks. They don't want, they don't.
35:20
I don't know what they want to talk about because I don't ever
35:23
talk to them, OK? But we do.
35:28
So we got to hang together. It's a big deal that you're
35:31
here. Please consider subscribing to
35:33
the channel. That's my one subscribe bag of
35:36
the whole day. And don't forget, huh, We need
35:39
some thumbs up. All right, but but yeah, here's
35:47
here's what's interesting about what's going on.
35:51
It's only a matter of time until everybody else is forced to
35:58
realize, let's just talk, let's just pull one What do you think
36:02
the most critical thing will be? The most critical component,
36:08
right, As things disintegrate in this country, as the dollar
36:14
disintegrates. That's a big, that's a new, big
36:16
word. Disintegrates, degrades,
36:18
devalues, depreciates. What other words can we use to
36:23
describe disappears, disappears, the dollar disappears.
36:27
What's the biggest factor do you think that's going to be the,
36:31
the driving force behind that? I'm beginning to believe and I'm
36:36
hearing just the very, very beginnings, just they're just
36:41
starting to talk about it, right?
36:44
The national debt, OK. What do you think when all those
36:48
other people, the other people, the sheeple, we can call them,
36:54
right? I mean, I don't want, I'm not
36:55
making fun of anybody. But I'm sorry, I don't have any
36:58
sympathy for people who have willfully ignored what is a
37:03
massive elephant in the room, and that's the national debt.
37:07
What do you think when this, when they start to wake up, you
37:10
know the story. I'm not going to go down that
37:12
rabbit hole. We're one in 200 people.
37:14
When we get 5 and 200 people that are concerned about the
37:18
national debt alone, what do you and they start to freak and be
37:21
like, you know, it just dawned on me, we got all this debt here
37:27
in the United States and we can't pay it off.
37:31
Well, shoot, I wonder what that means for the value of the US
37:35
dollar going forward. Honey, what do you think?
37:39
Do you think that paper money that now we can't even pay off
37:43
the debt? Do you think it's gonna it It
37:45
might go down in value. What do you think we should buy?
37:49
Should we buy some scratch off lottery tickets?
37:52
Huh. No.
37:54
They're gonna wake up just like all those people at Costco and
37:58
they're gonna be like, you know what?
38:00
You know what, honey? Why don't we get us some gold?
38:04
Why don't we get, why don't we get us some silver And then and
38:08
then the honey. The honey.
38:10
Like my honey, Susie is going to say.
38:13
You know, honey, there is no silver available.
38:16
I went to our local coin shop behind your back yesterday to
38:19
buy some silver, and there's none there.
38:22
Oh, shoot, What are we going to do?
38:25
Oh, there's some silver available.
38:27
It's just got like a 60% premium above the spot prize.
38:32
Oh, shoot, we're in big trouble, honey.
38:37
That's how it can play out, right?
38:40
That's what we could potentially see coming down the road.
38:45
I don't know what about $150.00 oil?
38:48
That'll be good for the economy. That'll be great.
38:50
Can you imagine how are you going to feel when you go?
38:54
I live in Missouri and I drive about two miles a day round
38:58
trip. OK?
38:58
I'm a very efficient oriented person.
39:00
I have an 18 year old Acura TSX. The best car ever made on the
39:04
planet was made in Japan. I love it.
39:07
Anyway, it's good gas mileage and I drive about two miles
39:10
round trip every day. Occasionally I venture a little
39:14
further, but for the most part we drive very little.
39:17
I buy very little gasoline. My carbon footprint.
39:19
I'm probably one of the greenest guys you ever meet.
39:21
Nonetheless, when I do buy gas, it's like 380 a gallon in
39:25
Missouri and we've got like the cheapest gas prices.
39:28
What are you paying? I want to hear from you in the
39:31
chat. Thank you, Shadow work.
39:33
Wow. And I got another thank you guys
39:36
for the Super chats. Ricky's house like crap.
39:38
I want to hear from you. Yes, you.
39:40
Because we're all interested. That for your input in the chat
39:45
line, tell me what you're paying and I'm going to tell you then
39:48
what you can expect to pay six months from now for gas.
39:52
I'm going to say 389. See.
39:56
Does that show up on your screen?
39:58
Showed up on my screen. 389 What are you guys paying?
40:02
Three 17352 for gas in Florida 304424 Three 57485 in Nevada.
40:11
Wow, 350. Maybe it's cheaper in Missouri.
40:16
Last time I paid, that's what it seemed like, 333-390-6333, three
40:22
14635. You must be in California.
40:27
Oh, Dutch farmer, don't you throw that met the leader stuff
40:30
at me. $2.00, that's a currency conversion and he says 2.06
40:39
euros per liter. Dutch farmer, that's a currency
40:42
conversion and A and a metric conversion. $1.80 in Canada, 520
40:50
in Northern California. OK, take whatever number you put
40:55
on there and add 2 or $3 because that's likely per gallon what
41:02
we're going to be paying at some point within the six months
41:05
because they're calling for $150.00 crude oil prices in
41:12
this. There was a a startling
41:14
revelation in here. OK, startling.
41:19
Hold on. Oh man, he's stupid.
41:22
Sorry. Oop, I didn't say that.
41:24
OK, here we go. Oil prices could be headed to
41:27
$150.00 a barrel unless the US boost its exploration efforts.
41:32
Top shale executives said Papa, The guy from CEO Doug Waller of
41:38
Continental Resources, said there's no new sources coming
41:41
on. We're heading to $150.00 oil.
41:44
Here we go. That's going to send a shock
41:46
through the system. OK, You're going to see more
41:49
pressure on price. Hold on.
41:52
JP Morgan here. This is what JP Morgan said
41:55
about this. They warned last week that oil
41:58
prices could soar back into the triple digits if supplies put
42:01
under any more pressure. And that oil at $120.00 barrel
42:06
would have dire consequences, we estimate.
42:12
OK, dire consequences. JP Morgan Chase $120.00 oil.
42:19
I'm trying to compartmentalize this for you into one big
42:22
compartment. JPMorgan Chase $120.00 oil.
42:26
Dire consequences, quote. We estimate that if this were to
42:30
happen in the coming weeks and we're attributable entirely to
42:34
supply cuts, this is sit down for this.
42:37
The global economy would slow to a near stall next quarter.
42:45
Guess what, JP Morgan Chase Even without $120.00 oil, the economy
42:50
is going to hit a major stall next quarter with $120.00.
42:55
We could be looking at a depression.
42:57
Do you guys worry do you think, do you think it's possible?
43:02
I mean, like we don't even fathom anymore, right?
43:04
And that's those are the things that sometimes if you notice
43:07
that in your life, I'm a young 53 years old, darn it, I will
43:11
make a new video every day for you for the rest of my life.
43:14
If you enjoy visiting with me in the basement as much as I enjoy
43:19
visiting with you, subscribe to the channel okay.
43:23
But but but if you noticed in your young number of years
43:29
you've had that a lot of times the things that do happen are
43:33
things that we never would have thought of.
43:35
Who would have thought that 911 would have happened?
43:38
Nobody was predicting that? Who would have thought that C19
43:42
would have happened? Nobody was really predicting
43:45
that. Anybody who says they were is
43:46
full of where is it that right there, I need to clean this,
43:54
show up and hide the hot dog again?
43:56
Anyway, the things that happen are oftentimes the things that
44:01
we don't think are going to happen, that we aren't
44:03
predicting to happen. And nobody, nobody's talking
44:07
about a depression. They've talked about a
44:10
recession, They talk about stagflation, but what about an
44:14
all out depression? And I'm telling you right now,
44:19
oil going to 150 a barrel in the current trajectory of interest
44:25
rates. Let's say the Fed does raise
44:27
rates from this current 5% range to 7% range.
44:32
Don't forget Jamie Dimon at JPMorgan Chase said that that
44:36
that the five to seven range, if they raise them that much is
44:40
going to be much more painful than what we went through, let's
44:44
say from three to five. Could we be headed for a
44:48
depression? Are you mentally prepared?
44:53
Are you monetarily prepared? Do you have some, some, some
44:59
stores of value other than paper money or electronic money?
45:04
Do you have any real money? That's what you have to ask
45:07
yourself. Do you have a little extra food?
45:09
I got a little extra up there on that shelf, right, A little
45:14
couple boxes of pancake mix. I need to do better.
45:16
Okay, nobody's perfect. You don't have to be perfect.
45:20
But are you prepared and is it a possibility, do you think?
45:25
Here's my question and I want to hear from you in the comment,
45:28
I'm going to type my answer right now.
45:30
Do you think, do you think that it's even possible that we could
45:35
have a depression? Depression.
45:38
Not a recession. A depression.
45:40
I say yes, right. Some people, I don't think no.
45:45
And that's OK. Got Silver says yes.
45:48
Coda says yes. Coin shop.
45:50
Chris says yes. Crop duster.
45:51
Yes. OC Stacker.
45:52
Yes. Annie.
45:53
Oh man. You guys are the best.
45:54
I love all of you and all of you that are here right now.
45:57
This is a big, big deal. Dutch farmer says yes.
46:00
Casey Jones says yes. Original intent.
46:03
Depression and then hyperinflation.
46:05
Yes. What do you think's going to
46:07
happen to the silver and gold price in that environment,
46:10
1000%? Well, I'm, I got to be honest,
46:14
I'm surprised because when's the last time you heard anybody talk
46:19
about the prospect of a depression?
46:21
And does that mean that maybe it's more likely than most
46:26
people? I'm sure you know, if you go to
46:28
your church or your kids Little League game or your grandchilds,
46:32
whatever, you know, talk to your neighbors and start talking
46:35
about you guys have heard this story before.
46:40
But when I'm at the neighborhood swimming pool, if somebody
46:42
starts talking to me that I don't really feel like talking
46:45
to, I'll start talking about silver and gold.
46:47
It's like insect repellent. They go away immediately.
46:50
Nobody wants to talk about silver and gold.
46:52
If that doesn't work, I'll talk about bricks, because nobody
46:54
wants to talk about bricks. And if that doesn't work, I'll
46:56
talk about the Petro dollar. And I'm starting to think that
46:59
the fourth thing you could do is talk about a depression.
47:02
People are just asleep. Everybody's asleep, you know,
47:06
It's like we're walking around in zombie world.
47:10
Everybody's been zombified. It feels like around me in some
47:13
ways. Like, oh, well, CNN told me that
47:18
this, you know, people are more interested in and this BS
47:23
political drama in theater than they are.
47:26
And what's really going on? It's like they're distracted,
47:29
like they're medicated or something.
47:31
I don't know. Am I am or am I?
47:34
Maybe I'm the one that screwed up.
47:35
I could be OK trust me. I could give you a list of
47:39
references. Who would tell you that Ron's A
47:41
screwball? OK.
47:45
But it seems right to me. Does it seem right to you talk
47:48
about contrails? I don't know anything about that
47:51
contrail thing. I know there's, you know, I live
47:54
in Saint Louis. All I know is I have F15 and F18
47:57
fighter jets fly by my house every day and they shake the
48:00
house okay. So we talked about it.
48:04
Recession. We talked about a depression.
48:08
A depression. What about what about that other
48:12
word? Do you guys want to talk about
48:14
that happy word, That S word? Yeah, I'm not talking about that
48:20
stuff. OK?
48:22
There's another S word and nobody likes to talk about it.
48:26
Nobody likes to talk about it. No, the Fed.
48:29
I mean, I bet. I bet if you went inside the
48:31
Federal Reserve, if Jerome let me in, I've invited him here to
48:35
the basement several times and he always has declined my
48:39
invitation. But if we went into the if you
48:42
and I walked into the Federal Reserve, right?
48:45
I bet that's a fun place to go anyway.
48:48
If we went in there and said stagflation, I bet.
48:52
I bet like, the walls would shake, right?
48:55
Oh my gosh, we got 300 thumbs up.
48:56
Hold on. It's a longstanding tradition,
49:00
and one that jeopardizes my relationships with the generous
49:04
sponsors who make Ron's basement possible.
49:06
But I've always rang the bell three times with my nose.
49:10
I've been called a clown. I've been called a genius.
49:13
But it is what it is. So I one more time since we got
49:17
the 300 thumbs up. You guys are awesome.
49:20
Do you really want me to ring the bell with my nose?
49:22
If you do, please put nose in the comment and then we're going
49:25
to get back to Stagflation, right?
49:28
Because the walls are shaking right?
49:31
I I just want to get a megaphone and go stand outside the Fed and
49:34
say stagflation to get no nose. Do it, Ron.
49:38
Noise. Nose.
49:40
Nose. All right, I'll do it.
49:42
If you don't want to see me, do the no, just put me on pause for
49:46
one second. Oh, there you are.
49:53
Are you ready? One of the viewers sent this to
49:59
me. It's a sterling silver bell.
50:01
And I'll tell you what, it's much easier on my snoz than the
50:04
other one that I used to use. Now don't leave me just because
50:09
I rang a bell with my nose. It's just something we've done.
50:12
It shows solidarity and my great appreciation for all of you
50:15
who've joined me here today. Stagflation is your friend.
50:20
The S word, OK? The S word is your friend.
50:23
It's real, real, real easy. The economy stagnating.
50:29
Oh, new home sales just crashed, right?
50:33
The only reason people have jobs is because they're desperate to
50:36
be able to buy food to put in their on the table, right?
50:40
We know trucking rates are down 10%.
50:42
Train rates are down 5%. We know trade with China's down
50:45
3%. Do I need to go on?
50:47
We know the banks are on life support.
50:50
We know the government is on life support, right?
50:55
Right. I heard last night.
50:57
Did you hear this? Did you hear this, that the only
51:00
jobs that have been created, this was during the debate.
51:03
I watched like 5 minutes of it. This was fascinating to me.
51:07
That of all the jobs that have been created like in the last 10
51:10
years, they're all, they're basically all like government
51:13
jobs. That that's the net gain in
51:16
jobs. It's all been government job.
51:17
The government's on life support.
51:19
You can't tell me. You can't tell me that the
51:23
economy is strong when our government has to spend $1.4
51:29
trillion more every year than they bring in, right?
51:33
They need to go in debt $1.4 trillion just to eke out two
51:38
2.4% economic growth. And that all these jobs that are
51:43
so, you know, this great labor market, that all those have been
51:47
government jobs, right? If government jobs are full of
51:51
waste and inefficiency, no offense.
51:53
Good for you. If you got a government job and,
51:55
you know, not everybody that works for the government is
51:58
wasteful and inefficient, no doubt about it.
52:01
But overall, government jobs are wasteful and inefficient,
52:05
period. OK, not everybody that works for
52:09
the government got some awesome people that work for the
52:11
government, no doubt about it. But nonetheless, and you're
52:14
going to tell me that we have a strong economy.
52:17
Really. Right.
52:19
When the banks are only surviving because they got a A
52:22
and what do you call that An Ivy with money getting pumped into
52:26
them. Oh really?
52:29
Really. And the consumers broke.
52:31
Hello. Welcome to America.
52:34
You have. Welcome to America.
52:36
The land of opportunity. You have no savings.
52:40
You have a boatload. I almost said the S word, but I
52:43
didn't A boatload of of debt. Of credit card debt.
52:46
What else do you have? No retirement savings.
52:49
And here's the really fun part. You don't just get to have one
52:54
job in America, but if you want to make ends meet, especially if
52:58
you have a family with young children, you just don't get to
53:01
get one job. You can get two or three jobs,
53:05
and we call that Bidenomics because.
53:08
And Susie hates when I do this, but I'm going to do it anyway
53:11
because I like it. It's working, according to your
53:15
president. That's America.
53:17
Welcome to America right now. It is a great country in many
53:20
regards, but it's a country where the middle class can only
53:24
stand so much pressure and they have been pressurized and beat
53:29
down. If you're a middle class in the
53:31
United States and I don't just mean people working, you know,
53:36
working, working minimum wage, I mean, I mean people that make up
53:40
to 100K140K probably, I don't know, I don't make that much.
53:44
So I can't talk to that. But no matter where you are,
53:48
you're working your butt off just to make ends meet and
53:53
you're going to tell us that. So I'm sorry I went off on went
53:57
off on a tangent there. The economy.
54:00
The net of this guys, is the economy is not so strong.
54:03
Period. It's stagnant, at best stagnant.
54:07
It's artificial. The the the 1.4 trillion.
54:11
That's the only reason they can only squeak out.
54:12
OKI won't say it again. OK, And we have inflation oils
54:17
going through the roof. They aren't controlled.
54:18
It's stagflation. I'll leave you with this nice
54:22
pleasant thought. Stagflation is the most fertile
54:25
soil for which from which the silver and gold price can grow.
54:30
Thank you for joining me. Okay.
54:31
You guys are awesome. I'll see you tomorrow.
54:34
Take care. Be good to yourself, number one.
54:37
Okay, and we'll go from there. Thanks guys.