Latest / SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT / 💥 CRITICAL 💥 THIS is Happening to the SILVER PRICE!!... (Gold Price Too)

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💥 CRITICAL 💥 THIS is Happening to the SILVER PRICE!!... (Gold Price Too) · SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT

• 0:00
  Silver on a one way trip to $44.00 per oz.
• 0:04
  Are you wondering why? In this video I'll tell you the
• 0:07
  reason why. Today we are up over $1.00 per
• 0:12
  oz in the silver market. It's October 18th, 2024, about
• 0:17
  noon central. We've got the micro reason why
• 0:20
  today, but we're going to look at the big picture reasons why.
• 0:24
  We also are heading towards $44.00 silver.
• 0:27
  Before we do that, we have some very important business to take
• 0:31
  care of. Yes, you.
• 0:33
  Thank you for being here. Thank you for being part of this
• 0:36
  community. You basement dweller, you, you
• 0:38
  silver and gold lover. Please subscribe to the channel,
• 0:42
  give the video a thumbs up and super chat.
• 0:44
  Super thanks are always super appreciated.
• 0:46
  But why today do we have silver up a dollar per oz?
• 0:52
  Let's look at the chart 1st and then we'll dig into what the big
• 0:58
  reason for today's move is and why we can be even more
• 1:01
  optimistic about the future. Look at this guys.
• 1:04
  We are at $32.99, up $1.21 on the December silver futures
• 1:12
  contract. Let's do our favorite little
• 1:15
  thing, pull out the old crayons and review that.
• 1:20
  Yes, this is about $30 per oz. We've been fighting at that
• 1:27
  level for a while. If we close at $33, I can't
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  believe I'm saying that per oz today.
• 1:34
  I think on a weekly basis we can officially say that we've broken
• 1:38
  above that massive resistance which up to now has existed at
• 1:43
  the 3132, even $32.50 range. But why?
• 1:49
  I promised you I would explain why today is silver exploding.
• 1:55
  It all has to do with China. Today we get this news story
• 2:00
  from CNBC, but it's big news all around the world.
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  China reports third quarter gross domestic product growth of
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  4.6%, slightly beating expectations.
• 2:13
  China came out with better than expected economic data.
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  It wasn't just that it was retail sales looking good,
• 2:20
  industrial production looking good.
• 2:22
  And unfortunately, or the reality of the world we live in
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  right now with silver is the silver price reacts very
• 2:30
  sensitively to Chinese economic data.
• 2:33
  The reason why is that people think that if China's economy
• 2:37
  continues to grow, they will demand more and more silver,
• 2:40
  primarily for industrial uses. But, but on top of that, let's
• 2:46
  not forget something very important that we learned last
• 2:49
  week from our friends at Citibank.
• 2:51
  Chinese citizens are starting to buy silver as an investment as
• 2:57
  well. And that was pointed out by
• 2:59
  Citibank when they were talking about a prediction for, I think,
• 3:02
  $40 silver for 2025 S today's move, right?
• 3:08
  It wasn't you buying silver on Pinbecks.
• 3:10
  No, it all had to do with this news out of China.
• 3:13
  But we have some big picture news to talk about as well.
• 3:16
  But let's take this chance to say thank you to channel sponsor
• 3:20
  Pinbecks. Why?
• 3:21
  We love to see this. We're going to get an update
• 3:23
  here. Wow.
• 3:24
  Silver of $1.15 per oz as I'm recording this at about noon on
• 3:30
  October 18th, 2024. Thank you to Pinbeck's for
• 3:33
  sponsoring Ron's basement. Guys, this is an online bullion
• 3:37
  deal or a company that I've worked with for over a year, not
• 3:41
  just sponsoring the channel. I actually bought silver from
• 3:44
  this company several times before they sponsored the
• 3:48
  channel. I had a great experience when we
• 3:51
  talked about doing a sponsorship.
• 3:52
  It felt so right because I believed in the company because
• 3:56
  I knew when I bought silver from Pinbeck's that I was getting
• 4:00
  ultra competitive pricing, great selection.
• 4:04
  But what's a big paramount? The fact that you need to have
• 4:09
  an in your in your pocket as well when you're buying bullying
• 4:12
  online, that it's a company that you can trust.
• 4:15
  I think they check all the boxes.
• 4:17
  And it's not just silver. They have gold and platinum
• 4:21
  group metals available as well. Thank you, Pembacs, for
• 4:24
  sponsoring Ron's Basement. Now we talked about the reason
• 4:28
  why Silver's exploding today. What about the big picture
• 4:32
  reasons? Let's cover some of those here
• 4:34
  as well because nothing has changed.
• 4:37
  Remember, put on your party hats guys.
• 4:40
  We talked about when silver can close above $3233 per oz, there
• 4:45
  is very little overhead resistance at that level.
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  What does that mean? Let me give you an example.
• 4:51
  Low overhead resistance sounds so technical.
• 4:53
  Well, what it really means is there are no people or very few
• 4:58
  and far between people that are waiting to sell silver at
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  3435363738 dollars. That means less supply coming
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  onto the market. And as we hit what I think is
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  new record territory for all intents and purposes for silver,
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  we could have a flood of new people, not just the Costco
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  dads, right? A flood of new people saying I
• 5:24
  better get on, I better get silver before it's too late.
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  People buy silver right when it gets more expensive.
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  It's crazy, right? Hopefully you're not that way,
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  but the reality is the vast majority of people will buy more
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  and more and more silver as the price goes higher and higher and
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  higher, right? They don't buy it when it's on
• 5:43
  sale. Rick Rule says that all the
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  time. It's like going to the grocery
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  store and tuna fish is on sale for 50% off.
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  You'll buy extra tuna fish when silver's on sale.
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  Nobody wants it. Maybe that's when you were by
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  and I hope that's the case. If you are going to buy some
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  silver or gold for that matter, always make prudent, you know,
• 6:01
  dollar cost, average type purchases.
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  Although I'm not a financial advisor, I'm not giving
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  financial advice. We could see a big wave of
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  people coming in, FOMO, fear of missing out.
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  We've got the 45 year cup and handle and silver.
• 6:16
  We've covered that exhaustively. If you don't know what that is,
• 6:19
  Google cup and handle. Google cup and handle silver and
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  you're going to get a big silver smile.
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  I think I'll get some silver teeth implants here.
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  I'm so pumped up about silver. A 45 year cup and handle.
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  The cup and handles the most reliable, powerful chart pattern
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  in the history of the universe. In the longer period of time
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  over which the cup and handle develops, the more reliable, the
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  more powerful that the chart pattern is.
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  And 45 years, Well, that's just about as long of a cup and
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  handle. That's the biggest cup that
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  could that could handle that could hold all the Maxwell House
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  coffee that we could brew in the entire world.
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  And we're going to need it because we're so pumped up about
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  this silver price. We got new stackers.
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  Western buyers are just now starting to come in the bricks
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  situation and their emphasis on de dollarization and backing
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  right? Doing trade with, with a, with a
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  currency with real, real things like gold and silver, everything
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  China, India, my Lord, there's so much going on with silver.
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  We talked about China, India, or they've only imported like 25%
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  of the world's production, entire world's production of
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  silver over the last year. It's really crazy, guys, what's
• 7:34
  happening right now in the silver market.
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  When everybody said a year ago, six months ago, that silver is
• 7:40
  the most undervalued asset in the world, guess what?
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  They weren't joking. And now possibly we're seeing it
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  all come to fruition. Look, anything could happen.
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  I could be sitting here next week and I would be very
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  depressed saying hey, silver's back to $27.00.
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  I don't think that's going to happen.
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  I think we're in the clear. I think we're in for some very
• 7:59
  good times. Don't forget also when we talk
• 8:02
  about silver, we've been having a deficit for the last what,
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  four or five years? The world is consuming hundreds
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  of millions of Oz more silver than it produces.
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  Two things we know for sure that above ground surplus or silver
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  slush fund as we like to call it is a finite level, is a fixed
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  amount, right, You can't print more silver.
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  So that silver that they're pulling out of that slush fund
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  eventually the second thing we know has to run out if this
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  deficit continues. When we look at the demand
• 8:35
  profile for silver, you can't see it not continuing.
• 8:38
  OK, Mexico, the biggest silver producer in the world, right?
• 8:43
  Their production is going down the tubes politically in that
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  country. There's a big, strong movement
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  to, like, prohibit your ability to build and mine for silver.
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  That's the biggest supplier in the world.
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  OK, The dollar is toast. We could talk about that
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  forever. We got so much debt in this
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  country. They're increasing the M2 money
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  supply. We know that the dollar to
• 9:09
  silver ratio when measured by the M2 money supply is
• 9:12
  exploding. It's up to like 740, thirty,
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  whatever it is, new paper M2 money supply dollars 700 / 700
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  being created for each one ounce of silver that's mined every
• 9:26
  year. And we've got a geopolitical
• 9:28
  environment where people don't trust each other.
• 9:32
  And when people don't trust each other, guess what?
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  They don't trust their currencies that are based all on
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  trust because that's what Fiat currencies are just all based
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  on, confidence and trust. What do they trust?
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  You got it. They trust things like silver
• 9:45
  and gold. It's going to be a wild ride.
• 9:47
  I'm glad that we get to go on this together.
• 9:50
  I'll look forward to seeing you again here in the basement.
• 9:53
  Thanks to channel sponsor Pin Backs.
• 9:55
  Also, first mining gold. You want gold in the ground in
• 9:59
  Canada? First Mining Gold is a Canadian
• 10:01
  gold developer with two multi million ounce projects in
• 10:04
  Canada, Gold in the ground in Canada, and Fortuna Mining,
• 10:09
  they're a producing gold and silver mining company.
• 10:13
  Latin America, they produce silver and gold.
• 10:16
  West Africa, they're producing a lot of gold.
• 10:19
  You can learn more about all the sponsoring companies at their
• 10:22
  respective websites, to which there will be a link in the
• 10:26
  description of this video. Most important, thank you for
• 10:29
  being here. Look forward to seeing you next
• 10:32
  time.