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Gaza Ceasefire BREAKS DOWN & Labour’s LOWEST EVER Popularity · The Bullion Advantage | Wealth Protection, Politics and Finance Insights From The #1 UK Gold Dealer

• 0:00
  SPEAKER_00: The government is considering breaking its manifesto pledge and raising income tax in the November budget.
• 0:07
  SPEAKER_00: This government just can't seem to stop coming for your cash.
• 0:10
  SPEAKER_00: Chancellor Rachel Reeves is reportedly weighing up an income tax rise in the next month's budget.
• 0:15
  SPEAKER_00: This is to help plug a multi-billion pound gap in the public finances.
• 0:20
  SPEAKER_00: Some advisers in both the Treasury and Downing Street believe an income tax increase could be the only reliable way to raise enough revenue to avoid further tax hikes later in their term in Parliament.
• 0:31
  SPEAKER_00: This is according to sources cited by The Guardian.
• 0:34
  SPEAKER_00: This comes along with news of the Israel Gaza ceasefire breaking down, and Labour losing support by the day among popular voters, now just 1% above the Green Party and 2% above the Liberal Democrats.
• 0:46
  SPEAKER_00: Welcome to the Bullion Advantage, the weekly podcast giving you insights into key global events and markets, whilst helping you protect and grow your wealth with physical gold.
• 0:56
  SPEAKER_00: To speak about all this in more detail and much more, I'm joined again by Harry.
• 1:00
  SPEAKER_00: Harry, thank you so much for coming back on the podcast with me.
• 1:03
  SPEAKER_01: Hiya Jake.
• 1:04
  SPEAKER_01: No, no worries at all, mate.
• 1:05
  SPEAKER_01: I always uh enjoy coming back and speaking with you.
• 1:08
  SPEAKER_01: I think it's been a it's been a big week for gold, actually.
• 1:10
  SPEAKER_01: It has been a big week.
• 1:10
  SPEAKER_01: Really big week.
• 1:11
  SPEAKER_00: So I think the big breaking news is obviously Israel Gaza.
• 1:15
  SPEAKER_00: That's the big that's the big news this week, I would say.
• 1:18
  SPEAKER_00: You know, the ceasefire's broken down.
• 1:19
  SPEAKER_00: Yes.
• 1:20
  SPEAKER_00: How will this geopolitical tension impact gold potentially?
• 1:25
  SPEAKER_01: Yeah, I mean uh I don't think it's even how it we're already seeing it.
• 1:28
  SPEAKER_01: It's the honest answer to you.
• 1:29
  SPEAKER_01: So we we saw a bit of a pullback on the price.
• 1:31
  SPEAKER_01: Obviously, we know gold's been doing really, really well over the last few months, and we've been explaining to people gold is a cycle.
• 1:37
  SPEAKER_01: Uh people buy for five, ten years, they hold, they've seen fantastic profits, they sell.
• 1:41
  SPEAKER_01: Brilliant.
• 1:42
  SPEAKER_01: That's a great time for new buyers to get into the market.
• 1:45
  SPEAKER_01: The cycle repeats.
• 1:46
  SPEAKER_01: We see it with something like crypto, it's not as volatile, but yeah.
• 1:49
  SPEAKER_01: But when they broke the ceasefire, this was with regards to Hamas not returning the bodies of the hostages that they had.
• 1:55
  SPEAKER_01: That was one of the terms under the ceasefire.
• 1:58
  SPEAKER_01: Instantly, that day we saw the gold price go up£40 an ounce.
• 2:01
  SPEAKER_01: Yeah, today it's up a further 2.2%, uh, which works out about another£70,£80 an ounce.
• 2:08
  SPEAKER_01: Uh so yeah, we've gone straight back to where we were on this on this big incline again.
• 2:12
  SPEAKER_01: So it's worrying.
• 2:13
  SPEAKER_01: I mean, look, uh it's terrible, absolutely terrible.
• 2:16
  SPEAKER_01: Whatever side you sit on with Israel and Gaza, it is awful what's happening to the people out there.
• 2:21
  SPEAKER_00: Over two years though.
• 2:22
  SPEAKER_01: Exactly.
• 2:23
  SPEAKER_01: And it's this tension that's the uncertainty, the unknown, is Trump gonna back Netanyahu?
• 2:29
  SPEAKER_01: Are Hamas gonna deliver what they've said they're gonna deliver on?
• 2:33
  SPEAKER_01: All this tension and un uncertainty, as we've said so many times on the podcast, Jake, is what causes the price of gold to rise.
• 2:40
  SPEAKER_00: And speaking of uncertainty, even more rumors coming out about the budget.
• 2:45
  SPEAKER_00: Yes.
• 2:45
  SPEAKER_00: This time, about one of their main manifesto promises not to raise income tax.
• 2:51
  SPEAKER_00: It's come out now that there's speculation, they've refused to deny it that they they might be raising income tax.
• 2:57
  SPEAKER_00: Why why do you think they're thinking of breaking this promise, especially so early on in their term?
• 3:02
  SPEAKER_01: I think um we touched on it slightly last week, didn't we?
• 3:05
  SPEAKER_01: And and the Institution for Fiscal Studies covered uh a fair few points on what what Labour have to do.
• 3:11
  SPEAKER_01: The fact is the borrowing is up to£110 billion in this country.
• 3:17
  SPEAKER_01: £110 billion.
• 3:18
  SPEAKER_01: That was on top of a£40 billion black hole Labour walked into this country.
• 3:23
  SPEAKER_01: So so let's let's let's say it's£150 billion.
• 3:25
  SPEAKER_01: We're suddenly at a point where£150 billion has to be found, but they've already gone after employers with national insurance, they've already started tapping into the the pension markets.
• 3:36
  SPEAKER_01: So what other avenues do they have?
• 3:38
  SPEAKER_01: They're gonna have to start breaking manifesto promises.
• 3:41
  SPEAKER_01: That is categorically what they have to do.
• 3:43
  SPEAKER_01: So so money has to be repaid, and we we we know this is coming.
• 3:46
  SPEAKER_01: It's just to be to be honest, aside the Israel and Gaza stuff, we actually thought it was gonna be the lead up to the budget that was gonna be the main driver of the gold price and and what was happening and the uncertainty.
• 3:57
  SPEAKER_01: But actually, I think people again they're back in this boat where they're just scared of what's happening.
• 4:01
  SPEAKER_01: They're every single day without fail, it's questions with to Rachel Reeves, David Lamy, where's the money coming from?
• 4:08
  SPEAKER_01: What are we doing with it?
• 4:09
  SPEAKER_01: I I mean you you see it a lot, don't you?
• 4:11
  SPEAKER_00: Yeah, and every time they ask which specific tax, where they're gonna get the money from, whether it's the Treasury, whether it is Rachel Reeves, they never have a clear answer or they never deny the specific tax that's gonna be raised in in November.
• 4:25
  SPEAKER_00: But just following on from that, when governments borrow like this, who who really pays the price?
• 4:31
  SPEAKER_01: This this is where it's it's more down to it's never gonna be so blatant, and I think we've said this before, it's never gonna be so blatant as to if you are in this category, you are gonna be taxed.
• 4:41
  SPEAKER_01: It's always a little bit more subtle than that, but ultimately it's always the 98% of people in the middle, yeah.
• 4:47
  SPEAKER_01: Those hardworking, 45, 50 hour a week people, putting a roof over their heads, uh, just trying to make ends meet, want to pay for everything and and and live a normal lifestyle.
• 4:57
  SPEAKER_01: That they're the ones that struggle with it.
• 4:58
  SPEAKER_01: Do you call that the middle class nowadays, Jake?
• 5:00
  SPEAKER_01: I think 98% of the country it's uh it's it's it's it's a worry for it.
• 5:07
  SPEAKER_01: And look, I know I know you wanted to go on to a little bit about why why is it the middle class that get targeted, right?
• 5:12
  SPEAKER_01: Yeah.
• 5:12
  SPEAKER_01: I think here's the reality of it it's slow income growth and rising expenses.
• 5:19
  SPEAKER_01: So the top 1% of the owners of these companies are the are the people pushing forward, the billionaires, the multimillionaires, and they are the ones who are getting crippled, like the national insurance we've just seen.
• 5:30
  SPEAKER_01: They get taxed.
• 5:31
  SPEAKER_01: What happens down the chain?
• 5:33
  SPEAKER_01: Well, that means the people who are working for them they don't get an increase in their salaries, but the expenses are going up, aren't they?
• 5:40
  SPEAKER_01: Inflation, I mean, the g in the G7, we are now pipped by the IMF to to be the highest inflation country in the G7.
• 5:49
  SPEAKER_01: The International Monetary Fund is saying British people are now the worst off in terms of inflation.
• 5:57
  SPEAKER_01: That that right there is why the middle class are the ones targeted the most.
• 6:00
  SPEAKER_00: Yeah, and what why should they be worried about this growing debt?
• 6:03
  SPEAKER_01: I I mean look, it it's as simple as what we've just said.
• 6:06
  SPEAKER_01: The debt is gonna continue to rise, it can't be ignored forever, the taxes are gonna have to start being paid, and you you just have this huge snowball effect.
• 6:15
  SPEAKER_01: We don't have to be economists to to look at this.
• 6:18
  SPEAKER_01: Anyone can see what's around the corner, and it and it's quite frankly frightening.
• 6:22
  SPEAKER_00: Yeah.
• 6:23
  SPEAKER_00: And uh on top of that, inflation's still at 3.8%.
• 6:26
  SPEAKER_00: Obviously, the target is always 2%, even though I'd like it to be a little bit lower than that.
• 6:31
  SPEAKER_00: But um, do you think that this inflation just not going down?
• 6:35
  SPEAKER_00: Do you think that is making us head for another wave of price rises?
• 6:39
  SPEAKER_01: Yeah, I think again, I just think they're trying to find ways to a little bit of tax here, a little bit of tax there, and and and not really address the issue.
• 6:48
  SPEAKER_01: I I mean, I I think look, I I know a lot of our listeners are aligned with what our political views are, but more importantly, I don't think anyone is aligned with the current uh Labour government's views, even those who are diehard Labour supporters are starting to lose faith.
• 7:02
  SPEAKER_01: Uh and actually uh we've probably seen that in the polls, haven't we, Jess?
• 7:06
  SPEAKER_00: Yeah, yeah, getting into that, obviously the Ugov poll came out.
• 7:10
  SPEAKER_00: Never know how much you can really trust the polls, but it looks like Labour's popularity is absolutely plummeting.
• 7:17
  SPEAKER_00: You know, they're only a neck and neck with with the Tories at the moment in these polls, and they've got the Green Party and the Liberal Democrats nipping at their heels.
• 7:27
  SPEAKER_01: Yeah, and reform leading by every group.
• 7:29
  SPEAKER_00: Reform always leading.
• 7:30
  SPEAKER_01: Was it well am I right in saying it was reform at 27%?
• 7:33
  SPEAKER_01: And then Labour were at 20% of the vote.
• 7:36
  SPEAKER_01: Yep.
• 7:37
  SPEAKER_01: I mean, astronomically low.
• 7:39
  SPEAKER_01: I think it's their worst recorded, isn't it?
• 7:40
  SPEAKER_01: Yeah.
• 7:41
  SPEAKER_01: Yeah, so I mean it really is uh uh a kick to Keir Starmer where where that leaves him with a vote of no confidence, who knows?
• 7:48
  SPEAKER_01: I mean, some may say they've not had a chance to turn it around, but well, I think in in this in this day and age it you you need to make action happen pretty quick, don't you?
• 7:57
  SPEAKER_00: I don't think they're going to gain popularity with the November budget.
• 8:01
  SPEAKER_00: That's just that's just my prediction.
• 8:03
  SPEAKER_01: No, I I I I think that's it.
• 8:05
  SPEAKER_01: I mean the um the the debt we're at is 95.3%.
• 8:10
  SPEAKER_01: I I mean we are so close to that mark of no return, aren't we?
• 8:14
  SPEAKER_01: If we hit 100% of debt, we are costing more as a nation than we are producing.
• 8:22
  SPEAKER_01: That is insane.
• 8:24
  SPEAKER_01: And we wonder why people are leaving, we wonder why foreign investment isn't coming.
• 8:28
  SPEAKER_01: I I mean if you explain the situation in the UK now to someone else that wasn't in the UK, they would think it's a comedy skit.
• 8:35
  SPEAKER_01: They'd be laughing, wouldn't they?
• 8:36
  SPEAKER_01: Yeah, they're they it is it's a joke, but when you actually put into reality the things that are happening, migrants in military barracks, taxes rising over and over again.
• 8:48
  SPEAKER_01: I mean, the epping migrant given money to do be deported and leave.
• 8:54
  SPEAKER_01: I mean, costs of just things in general are so astronomical, and everyone's kind of saying, Well, what's gonna change?
• 9:03
  SPEAKER_01: What is changing?
• 9:04
  SPEAKER_01: Nothing.
• 9:05
  SPEAKER_00: Yeah, and just tying into that as well, you know, we got the you're speaking about potentially getting to that 100% debt.
• 9:11
  SPEAKER_00: If that does happen, or even now with the with the way that we're going, do you think that the all this political uncertainty, all this loss of money, could that could that trigger a loss in confidence in UK assets, really affect our markets, and then eventually devalue the pound itself?
• 9:28
  SPEAKER_01: I I to be honest with Jake, I don't even think that's a uh question anymore.
• 9:31
  SPEAKER_01: That the pound is being devalued, isn't it?
• 9:33
  SPEAKER_01: I I think we see that fiat currency, whether it's the pound, the dollar, the euro, the yen, whatever it is, all of them are getting strained.
• 9:41
  SPEAKER_01: Clearly, you can't print more.
• 9:42
  SPEAKER_01: In fact, every fiat currency ever produced has always failed.
• 9:47
  SPEAKER_01: It's always had a time span.
• 9:48
  SPEAKER_01: And and I think the dollar is something like 50 years over the average time span of fiat currency, and it is showing.
• 9:54
  SPEAKER_01: It is showing massively.
• 9:57
  SPEAKER_01: That is why we're seeing the rise of cryptocurrency, blockchain technology, things like that.
• 10:01
  SPEAKER_01: Uh, people looking at assets that are decentralized because fiat currency fundamentally does not work, it's putting a plaster over a wound.
• 10:10
  SPEAKER_00: Yeah, it's something like every fiat currency in history has only lasted about 60 years or something.
• 10:15
  SPEAKER_00: Something like that.
• 10:15
  SPEAKER_00: That's the average.
• 10:16
  SPEAKER_00: That's right.
• 10:17
  SPEAKER_00: So, yeah, we're getting there.
• 10:19
  SPEAKER_00: We're getting there.
• 10:19
  SPEAKER_00: Yeah, too right.
• 10:20
  SPEAKER_00: Just before I let you go, we've got to talk about another big piece of news that came out today, and this is the renters' rights bill.
• 10:28
  SPEAKER_00: And you wanted to explain how that is actually another attack on the middle class.
• 10:32
  SPEAKER_00: I know your background is in property.
• 10:34
  SPEAKER_00: Um, just go into that a little bit for me.
• 10:36
  SPEAKER_01: Yeah, so uh funny enough, when I was um about when I was 18, about about 10 years ago now, uh, I was an estate agent.
• 10:43
  SPEAKER_01: I went my way through the ranks with being an estate agent, I ended up owning my own uh business in a state agency, and the renters' right bill has always been a uh a huge point of contention uh in property.
• 10:54
  SPEAKER_01: Uh essentially the concept behind it, Jake, is that it was to protect tenants, protect the the average landlord, uh and and try and make the the balance a little bit more fair.
• 11:04
  SPEAKER_01: I mean, during COVID, we obviously saw rental prices go through the roof, so on and so forth.
• 11:08
  SPEAKER_01: I won't go into it too much.
• 11:09
  SPEAKER_01: But the renters' right bill is a huge attack on average couples, average people who had extra money, they were looking to put it into property, looking at a bit of cover with property, uh, and to get they weren't greedy, they wanted a 10% return a year and looked at renting.
• 11:27
  SPEAKER_01: Some of the huge things that came out with it though were fixed contracts.
• 11:31
  SPEAKER_01: Landlords can't have any section 21s anymore.
• 11:34
  SPEAKER_01: A section 21 refers to a no-fought eviction, right?
• 11:37
  SPEAKER_01: So that means landlords' hands are tied if they've got tenants in there they they have to see out the tenancy.
• 11:44
  SPEAKER_01: It allows tenants so much flexibility, two months' notice at any given point.
• 11:47
  SPEAKER_01: Well, there's huge I mean, I recommend anyone who's got property, looking at property, considering buy to let's have a look at the renters right, Bill.
• 11:55
  SPEAKER_01: Because the fact this has been going through for the last 10 years and is officially becoming white paper, wow, yeah, it's massive.
• 12:03
  SPEAKER_01: And not to crowbar gold into the conversation too much, Jake, but to to put it in perspective, we are seeing a hell of a lot of clients come over from the property market.
• 12:14
  SPEAKER_01: Why?
• 12:14
  SPEAKER_01: Gold offers a very, very similar return, it offered better tax advantages.
• 12:19
  SPEAKER_01: If we look at gold against property, the property you had fantastic rental chances, you had very good capital gains growth, you had very good asset in the bricks and mortar itself.
• 12:30
  SPEAKER_01: However, over the years, landlords have been taxed more.
• 12:32
  SPEAKER_01: They now have to pay tax on any income generated, not just profit.
• 12:37
  SPEAKER_01: They have to general maintenance and repairs, roofs, boilers, tenant needs, whatever it might be, you have estate agency fees, you have tax CGT when you come to actually pay the property, but you were getting the same returns as gold.
• 12:50
  SPEAKER_01: So when we look at gold in comparison, if you buy the right product, no VAT, no CGT, you don't have to worry about any well, it's literally counterparty risk-free, that's the whole point.
• 13:02
  SPEAKER_01: No tenants, no, no agents, anything like that.
• 13:05
  SPEAKER_01: So it was kind of a no-brainer.
• 13:07
  SPEAKER_01: And as we've said, why do people not know about it?
• 13:10
  SPEAKER_01: Well, a lot of people push property, estate agents push property, solicitors push property, the banks even push property with their mortgage rates.
• 13:17
  SPEAKER_01: Yeah, but the only people that are gonna find out about gold are those who go looking for it themselves.
• 13:22
  SPEAKER_01: So I I was in disbelief.
• 13:24
  SPEAKER_01: I I was in property for 10 years, and I I could not believe when I came into the gold sector.
• 13:28
  SPEAKER_01: Well, what's the catch?
• 13:29
  SPEAKER_01: Yeah, what what was what's the catch?
• 13:32
  SPEAKER_01: You're in a moving market, property's a moving market, it's the same thing, but really and truly, sorry, I I did digress slightly there.
• 13:39
  SPEAKER_01: That the renters' right bill is monumental.
• 13:43
  SPEAKER_01: Who knows what this is gonna do to prices?
• 13:46
  SPEAKER_01: I don't think it's gonna squeeze out the big landlords, I think it's gonna be the average landlords who are gonna get encumbered with more and more legislation.
• 13:53
  SPEAKER_01: Well, they're the ones that are fair with the rent, they're the ones that keep the properties intact well.
• 13:57
  SPEAKER_01: So, where does that leave us?
• 13:58
  SPEAKER_01: Corporates owning half London, half the country?
• 14:00
  SPEAKER_01: What where does it put the property market?
• 14:03
  SPEAKER_00: It's worrying, isn't it?
• 14:04
  SPEAKER_00: Exactly.
• 14:05
  SPEAKER_00: But Harry, thanks so much for being with me again today.
• 14:07
  SPEAKER_00: Really appreciate your time.
• 14:09
  SPEAKER_00: Super informative, and uh yeah, look forward to speaking to you soon.
• 14:11
  SPEAKER_00: Appreciate it, mate.
• 14:12
  SPEAKER_00: Speak to you soon.
• 14:12
  SPEAKER_01: All right, best, bye bye.
• 14:14
  SPEAKER_00: That's it for this week's episode of The Bullion Advantage.
• 14:18
  SPEAKER_00: With the government finding new ways to come for your cash and the economy feeling more uncertain by the day, it's no wonder people are looking for safe havens.
• 14:26
  SPEAKER_00: Can you trust this government to help with protecting and growing your wealth?
• 14:29
  SPEAKER_00: Or are they just looking to make more and more money off you wherever they can?
• 14:33
  SPEAKER_00: One thing is for sure, gold will protect you from these incompetent chancellors.
• 14:37
  SPEAKER_00: If you've been listening and thinking it might be time to take a closer look at gold, you can get a copy of our guide to tax-free gold at guide.directbullion.com.
• 14:46
  SPEAKER_00: Absolutely free.
• 14:48
  SPEAKER_00: Simply visit guide.directbullion.com.
• 14:52
  SPEAKER_00: Also, if you're listening on YouTube, don't forget to hit that subscribe button and drop a like on the podcast.
• 14:58
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• 15:02
  SPEAKER_00: Next week we'll be unpacking the latest Robbing Rachel report with the potential imposition of a mansion tax attacking the cash poor and asset rich, as well as any other important news from the next week.
• 15:13
  SPEAKER_00: But for now, remember to share this with anyone who's on the fence about gold, comment your questions below and we'll answer them in the next episode.
• 15:19
  SPEAKER_00: Thanks so much for listening to this week's episode of the Bullion Advantage.
• 15:23
  SPEAKER_00: The purchase of gold does not constitute an investment or offer financial returns.
• 15:28
  SPEAKER_00: Gold is considered a store of value and not an investment product.
• 15:32
  SPEAKER_00: Past performance of gold is not indicative of future performance.
• 15:36
  SPEAKER_00: Prices and values of precious metals can fluctuate and are influenced by various market factors.
• 15:41
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