Latest / SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT / **ALERT** India Is The Future of SILVER and Gold Price

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**ALERT** India Is The Future of SILVER and Gold Price · SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT

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2 trillion ounces of silver. Let me remind you, one trillion
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is 1,000,000 * 1,000,000. That comes from ourfriend.com.
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Don, who set up the ww.com www.ronsbasement.com website,
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make sure you go check that out and register there.
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But 2 trillion ounces of silver, are you kidding me?
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Right? It is incredible.
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I'm going to touch on that. And why India alone?
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India alone could be the future for silver and gold.
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We're going to dive into that. We got a lot more to cover as
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well. We're going to talk about some
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scary, scary, crazy, scary news about what's going on in the
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economy specifically. Again, new news about the
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trucking industry. We get some insights from an
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industry expert. We're going to talk about the
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banking sector because there's more news coming out there.
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We're going to talk about the mining sector.
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We're going to talk about bricks.
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We're going to talk about, we're going to talk about Moodys down
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grading the United States. And you know, Janet's not happy
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about that, but let's start by talking about Mike something.
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Oh, hey, all right. Is the hot dog on the screen?
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Somebody found the hot dog. All right, guys, good job.
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Now let's talk about two trillion.
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Let's talk about silver and gold.
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That's why you're here 2 trillion ounces of silver.
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Let me just put that into perspective.
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That is 2000 years worth of current mining production.
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We produce about a billion ounces of silver per year. 2
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trillion oz would take, oh, just 2000 years.
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But we also know that the amount of silver being mined every year
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is going down. But what am I talking about with
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this 2 trillion ounces of silver in India?
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Let me tell you something. Do you have a grandma and a
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grandpa? Yes, you do.
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Anyone who's living, that's one thing we have in common.
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We all have a grandma and a grandpa.
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Probably not the same person, but you never know.
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We might have the same great, great, great, great, great,
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great, great grandpa, you know, because that's the way family
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trees work. But you have a grandma and a
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grandpa. You're watching me some from
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somewhere in the Western world. It's very unlikely.
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It's exceptional if your grandma or grandpa ever said anything to
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you about silver and gold. My grandpa, he's dead.
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But I was really close to him. He read the Wall Street Journal
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every day. He was a millionaire when he
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died. I spent a lot of time with him
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and probably his last five or six years, he never once
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mentioned anything to me about silver and gold.
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I had to discover this on my own, like a lot of you basement
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dwellers. But there's something about
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India that's unique. Let me read this to you, OK.
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This came from one of our subscribers in India, and this
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is what he said, he said in India, and I love India, our
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grandparents say that you must own silver.
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You must own silver worth your body weight and gold worth
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yourself worth and self respect. Silver and gold are ingrained
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into the Indian culture. OK?
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And we're going to go dive. We're going to dive deeper into
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this guys, because this is big something, big big picture we
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need to consider when we invest our hard earned Fiat Unicorn
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fart des money into real money, silver and gold.
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But in India, the grandparents tell their grandchildren, let's
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examine this a little more, that they should own silver equal to
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their body weight. So I couldn't resist having a
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little fun basement dwellers and doing a little math because as
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you probably know, I brag all the time.
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I have a degree in accounting so supposedly I know how to work a
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calculator. Well here's the math.
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There's 1.4 billion people in India, 1.4 billion people.
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If you just say on average they weigh 100 pounds, you come up
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with £140 billion of people, £140 billion of people in India.
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If you convert that to Troy Oz. OK, £140 billion * 14.58 You
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come up with almost exactly 2 trillion ounces of silver.
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And that's what the grandparents recommend in India, that
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everyone own as much silver as their body weighs 2 trillion
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ounces of silver. Like I said at the beginning,
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that is an unfathomable. I can never say that word, but I
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keep trying. Unfathomable number of silver, 2
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trillion ounces of silver. At current mine production would
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take 2000 years to get out of the ground.
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Now why is that a big deal? I'll tell you why that's a big
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deal. I don't think that everybody in
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India is walking around with their body weight in silver.
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Do you have that much silver stacked?
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You know, if you want to answer that question, say yes or no in
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the comments section. Thank you. 160 people on a
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Monday morning. Basement dwellers united.
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Here we are. Do you own as much silver as
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your body weight? A lot of you do.
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I know. OK, if that were the case in
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India, But why? Why is that a big deal?
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Because remember last year India imported over 300 million ounces
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of silver, almost 35% of the world's, excuse me, silver
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production. OK.
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But what's even more interesting about India is when you consider
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that they are a growing advancing country.
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Do you know any Indian people? I know a lot of Indian people.
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They're all very smart, very hard working, right?
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Like they I don't want to put any of us down, but they will
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work their tails off. Whether they're a doctor, not
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many lawyers, doesn't seem like, but a lot of them are doctors or
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computer programmers. I used to be in that business.
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I ran a business. I own my own business dealing
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with IT consultants and IT managers.
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I dealt with a lot of Indian people.
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They are smart, OK? They are motivated.
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They own a lot of convenience stores.
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They own a lot of hotels, OK? They're.
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I admire how how hard working and industrious Indian people
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are. Why is that a big deal?
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Because there's 1.4 billion of them and the people in India are
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hungry and their economy is growing.
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Stay with me, OK? They're middle class.
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I saw a statistic last night is growing at an alarming rate.
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Our middle class. For some reason, even though
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Bidenomics is working, our middle class seems to be
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shrinking here in the United States.
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If you're a truck driver who used to make a middle class
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income two years ago, there's a good chance you're not making a
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middle class income anymore. But we'll get to that later.
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In India. Everybody's doing better and
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better and better. Oh, and their middle class is
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expanding. Oh oh Oreo.
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Also, they love gold and silver. Guys, this is a big picture
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thing, but this is a one of the situations going on in the world
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right now. We know the other story about
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silver. We know that solar use is
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expanding. We know that electronics and we
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know that the AI revolution, artificial intelligence is going
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to require an abundant more amount of silver.
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But have we considered that in India, where people are getting
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wealthier and wealthier and people have a strong
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inclination? Generational right?
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We learn from our parents and our grandparents in America.
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In the West, our our parents and my mom and dad are clueless
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about gold and silver. OK, my grandpa was clueless.
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They were brainwashed against silver and gold, to the chagrin,
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if that's the right word, of our founding fathers who just
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happened to put it in the United States Constitution.
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But in places like India, oh, and China and Russia and the
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Middle East, it's a completely different situation.
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Children are taught the value of silver and gold.
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I've asked some of Evie and Lily's friends who are Indian,
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do you do you know anything about silver and gold?
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These are 1011 year old kids and they're like, Oh yeah, I get it
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for my birthday. I get, I get it for holidays.
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And it's how, you know, it's basically how we preserve
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wealthy. The Indian culture gets it and
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the big, big deal is how much more wealthy they are becoming,
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powerful they are becoming. This is not the world of your
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parents, OK? Or us.
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I'm 53 years old where the United States ruled the world.
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The world is changing and the BRICS countries.
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Right. And who are what's the ick
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What's the ick in bricks the IC India and China are becoming
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more and more powerful. And guys, we can't emphasize
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this enough. They're all they're they're
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complete opposite to what we have in the United States, where
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they actually love and appreciate and they're smart and
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they know that silver and gold are real money.
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OK, think about this one. Remember the the Chinese.
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Think about the Chinese, the golden beans.
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That's the new craze in China. The young people are buying 1
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gram gold beans. Look it up for yourself.
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It's happening. And some people did math, math,
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math on this. Like if just 10% of the Chinese
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population were to buy one of these one gram gold beans per
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month, it like wipes out the entire gold production for the
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year. The world is moving towards
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silver and gold. India and China are the new
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emerging powerful. I don't like it.
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You don't have to like it. But they've worked very, very
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hard. They know that they want to
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preserve their wealth. They don't want to buy Unicorn
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fart dust, U.S. dollars. And I'm just stating the facts,
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OK? Don't get mad at me.
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I don't like it either. I don't like the position that
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many of our leaders have put us into.
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Look at this bond auction that went on last week.
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A complete, utter failure. And why?
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Because the Chinese don't want to buy US bonds.
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The Indians don't want to buy US bonds.
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The Russians sure don't want to buy them because if they do,
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they just get confiscated, right?
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The world does not want to buy our debt anymore.
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The world. What is the world wanting to
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buy? I mean, come on, man, what do we
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know? What's the world wanting to buy
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right now, right? What are the actions of the most
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sophisticated financial institutions in the world?
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The world? Central banks continue to buy
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gold at a record pace. Guys, they haven't bought this
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much gold. They didn't buy this much gold
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when the world was officially still on the gold standard.
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I mean, hello. Aren't all the aren't all the
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all the clues there about what's going on right now.
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It's a very, very interesting time.
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I need to take a little break to decompress, but stay with me.
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Hey, please give this a thumbs up. 200 people.
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Wow. You guys are uh oh, technical
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problems. Bear with me.
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Here we go. OK.
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Yeah, and let's just let's not forget, when we're talking about
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silver and gold in China and India, we're talking about 1.4
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billion people in India, 1.4 billion people in China, That's
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2.8 billion people. That's almost 8-9 times the
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population of the United States that love the precious metals
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like you love the precious metals.
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If you want to get your hands on some precious metals right now,
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we don't know. I could be wrong.
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Maybe in a year from now prices will be lower.
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Who knows. I don't think they will be.
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I'm not giving financial advice or crystal ball type predictions
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here. But if you want to get your
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hands on some silver or gold right now, go to Pimbex.
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They make this video possible. Pi MB E xpimbex.com.
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They are an online bullion dealer.
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Thank you for that super chat Nick.
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Thank you, my friend. Pimbex Online bullion dealer.
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Silver, Gold, Platinum. Do your work like I did.
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OK, you know I trust them, right?
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But do your own due diligence. Compare prices, Go for it.
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I I recommend we always do that. What I found is I trust them.
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And I know that I'm always getting a very good price.
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Usually the absolute best price. You could drive yourself crazy
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spending, you know, hours and hours trying to find the
13:16
absolute lowest price. And then you got to spend more
13:18
hours and hours doing research on if that company that has this
13:22
absolute lowest price is actually trustworthy.
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For me, when I go to Pendbecks, I know I trust them and I know
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I'm getting a great price and almost, I mean always the best
13:34
price. But again, you need to find that
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out for yourself. Thank you, Pendbecks, for
13:38
sponsoring Ron's basement. Thank you for being here.
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I'm talking to you now. Yes, you.
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It's a big deal. You're here.
13:46
Please leave a comment in the comment section.
13:49
We want to hear from you. We want to learn from you.
13:52
You don't have to agree with me. Trust me.
13:54
I don't agree with myself half the time.
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And Susie 75% of the time. Meaning she doesn't always agree
14:00
with me. Oh, oh, she's on the live
14:02
stream. Susie's the best.
14:03
Love you, Susie. But.
14:06
But. But it's a big deal that you
14:08
leave your thoughts in the comment section.
14:11
We've got a new forum at www.ronsbasement.com where you
14:15
can register 24 hours a day. You can leave your thoughts over
14:19
there as well, right? That's what we are as a
14:22
community. We can learn from each other.
14:24
So thank you for being here. Don't forget, give it a thumbs
14:27
up. If we get five more thumbs up,
14:28
I'm going to ring a Ling the Ding a Ling bell 10 * 1 time for
14:32
each ten thumbs up. Let's get back to the subject
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matter here again. We're not.
14:39
Nobody's talking about bricks anymore.
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Bricks. Brazil.
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Russia, India, China, South Africa.
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It's happening right now, guys. And when we factor in how those
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countries value silver and gold on a much different level than
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we do here in the United States, it's a big, big deal.
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I'm going to ring the bell that makes us all happy.
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Thanks for the thumbs up. OK guys, so when everything is
15:07
screwed up, I mean everything is screwed up in the United States.
15:12
They've done a top notch A+ job of screwing up almost
15:16
everything. The healthcare system screwed
15:18
up, our government screwed up, or you know everything is screwy
15:24
right now, right? And gold and silver do love
15:28
uncertainty. OK, let's just talk about This
15:32
is an article from Kitco. I want to read to you.
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What's going on in the world, in the United States, that is, that
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is telling us. Hold on here.
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Oh boy. Technical difficulties.
15:45
Bear with me, OK, this is from my friend, Neil's at, Kitco said
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Gold price opened on Sunday and I looked at gold before we came
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on here. Gold's hanging in there right
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now in positive territory as market reacts to Moody's
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negative outlook on U.S. debt. All right, late Friday after
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North American markets closed. OK, after the market closed,
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they always do this. They sneak out the bad news on
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Friday at like 5:00 when everybody's no longer paying
16:21
attention. Right.
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The best time to put out really bad news.
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And you know what that bit bad news was?
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Excuse me? Moody's affirmed America's AAA
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rating. However, the firm's outlook on
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the credit rating of the United States was changed to negative
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from stable. All right, Moody said.
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The domestic political instability, that's Moody's
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telling us we have domestic political instability.
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Yeah, we have a former president that's on trial.
16:56
We have a current president that's being considered for re
17:00
election and impeachment. At the same time, we have a
17:04
looming government shutdown on November 17th that's right
17:08
around the corner. We got big problems, OK?
17:12
Congress has been unable to pass legislation to fund the
17:15
government past November 17th. What's today?
17:19
Today is like the 13th, right? 13th, 14th, 15th.
17:23
That is that Friday, 13th, 14th. Anyway, Friday or Saturday, our
17:28
government's going to be nonexistent.
17:33
Imagine how much can get done in this country.
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I'm not, you know. Anyway, another potential
17:39
government shutdown has put renewed focus on the nation's
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growing debt, on the nation's growing debt, as interest rates
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remain elevated. Here, Here's a great quote.
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Do you think that that's the problem?
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Do you think we have a debt problem in the United States?
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Do you think people are waking up?
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People besides you and me? It's bad guys.
18:08
It really is bad. We're not.
18:10
We're not just doomsayer, gloom and doomers.
18:13
Everybody else is in denial, right.
18:16
It's it would be like if if if one of our friends was drinking
18:20
1/5 of whiskey every day and and was increasing the amount of
18:25
whiskey they were drinking but, you know wasn't driving, wasn't
18:28
doing, then we'd be like, well, everything's OK.
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Most people denial. He's doing great.
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Look, he's still got a house. He's doing.
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No it's a big problem and we got that problem right now we the
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United States is drinking 1/5 of whiskey a day says in the in the
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context of higher interest rates without oh thank you Craig.
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Thank you for the Super chat, my friend brothers basement
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dwellers, in the context of higher interest rates.
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Without effective fiscal policy measures to reduce government
18:59
spending or increase revenues, Moody's expects that the US
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fiscal deficits will remain very large, significantly weakening
19:07
that affordability, Moody said in a statement.
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Continued political polarization within the United States
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Congress raises the risk that successive governments will not
19:17
be able to reach consensus on a fiscal plan to slow the decline
19:23
in debt affordability. Guys, we are in a doom loop.
19:27
Basically a death doom loop. But we heard Michael Gentilly,
19:31
the smartest guy in the room. I'm sorry, he is he, he pointed
19:35
out. Right.
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We're at this point now where we have so much debt and all this
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debt needs to be refinanced in the next three to five years.
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We're going to be facing like even if we just stay at the same
19:49
debt level, which we're not, the debt levels going up and
19:52
interest rates we're getting like double jabbed.
19:55
We're going to be facing a situation where within three to
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four to five years we could be, we could be paying close to 2
20:01
trillion per year just in interest on the debt.
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Now is that a big deal? Well, when you consider the fact
20:08
that was it last year the government brought in, it was
20:11
either four or five trillion, but let's say 5 trillion in
20:14
revenue. Right.
20:16
And what was considered to be a really great year because we
20:18
have Bitonomics and it's working.
20:22
But guys, we're talking about a situation where interest alone,
20:27
just the interest, we're not talking about paying off any
20:29
debt is going to be eating up half of all the money that the
20:33
government's bringing in. That's why Moody's downgraded,
20:36
That's why nobody wants to buy our debt.
20:39
That's why when the reverse repo facility is drained, which is
20:44
going to occur like in January, February, maybe March, right?
20:49
That's the only thing keeping the debt market afloat.
20:53
We could have a big, big, big financial crisis.
20:57
We know there's other big crazy stuff.
21:00
I've watched my language going on in the world right now.
21:03
Wars, right? Bricks.
21:06
Oh, we also have bricks. Plus, I keep forgetting the six
21:09
countries. What is it?
21:10
Iran. Saudi Arabia, United Arab
21:14
Emirates, Argentina, Egypt and Ethiopia joining Brazil, Russia,
21:20
India, China and South Africa. I mean, it is crazy.
21:24
It is absolutely crazy, says here.
21:27
This is from our friend Neil Zakitko.
21:29
The downgrade also comes after the US Treasury sold 24 billion
21:34
in 30 year bonds in a disappointing auction.
21:38
How about a disaster, Neils? I'm hearing that's been called
21:42
the disaster. The government tried to borrow
21:45
money last week and nobody wanted to give them money.
21:49
Nobody. OK.
21:52
It was like the the biggest tale they call it, which is the
21:55
difference between where the rates started and where they
21:57
ended. And I don't know I think in all
22:00
time but we'll just say 20 years because I don't want to over
22:03
exaggerate. It's not looking good right now
22:07
in the United States of America for the United States dollar.
22:10
I'm sorry that I have to say that it it's it's it it you know
22:14
you love I'm sure you if you're an American you love your
22:18
country right. But the situation that they've
22:21
gotten us into now is absolutely untenable.
22:24
Very, very, very scary. Says this is the second, hey,
22:28
we're doing pretty good this year.
22:29
Debt outlook this year, debt cut outlook.
22:31
In August, Fitch also lowered the US long term rating to AA
22:37
Plus from its top mark of AAA. OK, hold on here, here, here.
22:45
Jesse Felder, founder of the Felder Report, said the US
22:49
fiscal problems are only getting worse.
22:52
That's the good news, guys, and we'll be a significant factor
22:57
for Gold's push higher through 2024.
23:00
What does this have to do with silver and gold, you might ask?
23:03
It has everything to do with silver and gold, as long as
23:07
we're measuring it in paper money, U.S. dollars, Unicorn
23:11
fart dust, whatever you want to call it.
23:13
OK? Because the dollar is no longer
23:16
tethered to the price of gold. The dollar, right, since 1971 is
23:22
not backed by gold. So but we measure it, right, We
23:26
measure the dollar in gold. That's a big, big error, because
23:30
what we're facing, what we're likely going to see in 2024, is
23:35
a confluence of factors, right? The fact that the debt has grown
23:39
so large and growing, interest rates have grown so large and
23:44
growing, right? The world changing, bifurcating,
23:48
not wanting to buy U.S. debt, not wanting to hold U.S.
23:53
dollars. All of this is going to come
23:56
together. Unfortunately, right now you're
23:59
prepared. You likely have a chunk of your
24:02
wealth invested in things like land, maybe precious metals like
24:06
gold and silver, right? But it's going to hurt the
24:09
dollar. It's going to hurt, hurt, hurt
24:12
the dollar. It'll be interesting to see what
24:14
2024 brings because it is looking super dicey.
24:20
OK, On top of that, we've got this government shutdown at the
24:25
end of the week. Didn't we just get through that
24:29
right? That could also be things could
24:32
be coming to a head. Let's talk.
24:34
Let's talk briefly. We got more, we got more.
24:38
And guys, please subscribe to the channel if you haven't
24:40
already. We are on a full press to try to
24:45
get to 30,000 subscribers by the end of the year.
24:47
So any help would be, excuse me, greatly appreciated.
24:52
You can come back to the basement.
24:53
Yes. You.
24:55
Yeah, you. You're important, man.
24:57
You're smart. If you're watching this live
25:00
stream, you are a little smarter than the average bear.
25:03
OK, You may not believe it, but I'm telling you, it's a fact.
25:06
So we come together. There's great community here.
25:10
You can engage. You can make friends.
25:12
But we like to talk about the tough subjects.
25:14
We like to try to see the forest through the trees.
25:16
We just don't look at the trees, right.
25:20
We look for the forest, the big picture.
25:22
So you're in the right place. I hope you feel like you found a
25:25
new home. I hope you feel like you can
25:27
join us in the basement, because you can.
25:29
Everybody's welcome here. All right, hold on.
25:34
Yeah, you know, I just got done with a massive long road trip.
25:38
Susie did some of the driving, but we drove 700 miles over the
25:42
last couple days. I'm telling you, there's not as
25:44
many trucks on the road. And let's, let's talk to, let's
25:49
talk to. This comes from Fox Business, an
25:52
expert in the trucking field. And he says that there's a great
25:56
trucking recession. But what he says about the
25:59
overall economy is even more frightening.
26:03
It's not a good thing, OK? America's trucking industry is
26:07
in a dire straight, which is bad news for the US economy because
26:13
it serves as an indicator of the mood of consumers.
26:16
Well, I thought the consumers were doing great, right?
26:19
I thought consumers were doing great and their pocketbooks
26:23
heading into the holiday season. That's right, it's almost the
26:27
holiday seasons. Oh, interesting, one expert
26:30
warned. OK, remember after the pandemic,
26:36
there was a shortage of truckers.
26:38
There was all this, all this free money that had been printed
26:41
nobody could get. Well, OK, is that is that
26:44
slowed? And the cost of living continues
26:46
to rise. More truckers are fighting for
26:48
the same loads, which results in a dogfight.
26:51
OK, hold on here. This is not a good time to be in
26:55
the trucking industry. Just to paint a picture, the
26:58
trucking industry is the engine that drives the American economy
27:03
forward. We're fueling growth and
27:06
prosperity by transporting goods to where they need to be.
27:09
And when the engine breaks down or stops, it works like a heart.
27:15
When that ceases to be, it brings the entire economic
27:19
system to a halt. And this is the system that
27:24
we're being told is breaking down.
27:33
They talk about yellow trucking. We've talked about them.
27:35
Like one of the oldest trucking companies in the country went
27:38
bankrupt. 30,000 people out of the job boom.
27:42
OK, all right. We're not going to dig into that
27:45
convoy. The other one that was started
27:47
by whatever that guy's name is, that started Amazon.
27:51
They went belly up. That was like the newest thing
27:54
that was going to transform the trucking industry.
27:56
Gone, gone, gone, gone here. Because volumes are down.
28:02
We may even see more trucking companies go out of business.
28:05
It's going to be really interesting and scary to see how
28:08
this unfolds over the next few months.
28:10
This guy's name is Kucharski. He's basically saying guys that
28:16
we have an economic slow down in this country.
28:20
Remember I'm going to get but, but, but but wait you might be
28:24
asking the government the the the the government just told us
28:28
that we had 5% economic growth in the third quarter.
28:32
Oh yeah, that was economic growth because of government
28:36
spending and consumer debt. OK.
28:40
But does that jive, are you getting a little suspicious?
28:43
Does that jive with the data, the real, the real news that
28:48
we're getting, This guy that that was I just talked about, he
28:53
runs a trucking company. He's saying that the trucking
28:56
industry is like in dire straits.
28:59
Does that 5% economic growth, I don't know.
29:02
We don't know how they even measure it, right.
29:04
Does that jive with what we're hearing?
29:06
Does it jive with what we're hearing from the big inter
29:10
international companies that ship goods from China to the
29:13
United States and you know those big shipping containers?
29:16
No their their volumes are down. The rail volumes, the big
29:20
railroads their volumes are down.
29:22
I'm going to tell you something Peter Schiff said this the other
29:26
night. He said that during the when the
29:30
remember the Great Recession, the Great Recession, 2007, 2008,
29:37
they're always revising the numbers and that's likely what's
29:40
going on right now because before the Great Recession was
29:44
declared, they were saying everything was great.
29:46
We were having unbelievable growth in the economy, right?
29:50
And then like a year later they always do this.
29:54
We know they do it with the jobs numbers, but they do it with the
29:57
GDP as well. A year later they came back and
30:00
said, you know those numbers we gave you back in O8O7?
30:04
They weren't so good after all. We we have to revise them down.
30:08
We were actually in a recession. I think we're in a recession
30:11
right now. What about a depression?
30:14
We're not afraid to talk about it, right?
30:16
Nobody's talking about it. And we know, right?
30:19
We know the things that often times happen are the things that
30:24
nobody's talking about. Could we be heading for a full
30:28
out depression? Are we prepared for that?
30:31
Would we survive? Would you survive?
30:34
What is your debt level? Look at, I'm telling you guys,
30:37
if you got a bunch of debt, car debt, maybe not so much mortgage
30:44
debt, but credit card debt, especially credit card debt.
30:48
Do whatever you can to get yourself out of debt, OK?
30:52
Sometimes, excuse me, that involves tough, tough decisions,
30:56
right? Maybe not going to Starbucks.
31:00
Maybe if you're a person who likes to eat Ding Dongs all day
31:03
long, maybe you cut back from 8 Ding Dongs a day to five Ding
31:07
Dongs a day. I don't know.
31:08
Do whatever you got to do to get yourself out of debt.
31:11
Hey, thank you, ma'am. Can we please get a few more
31:15
thumbs up? We have 300 people on here.
31:18
This is awesome. This Free Press, that thing that
31:21
looks like my thumb. And I'll be give you a great big
31:24
smile, 'cause we want to get the 200 thumbs up today.
31:26
That's very important. Thank you.
31:30
We got more. We got more.
31:34
Oh, technical difficulties. Take a little break.
31:37
Let's absorb everything going on.
31:39
We talked about the. We talked about the Chinese and
31:42
the Indians. What's going on?
31:44
Big picture with silver and gold.
31:47
We talked about the world bifurcating.
31:49
We talked about the United States falling apart.
31:53
OK, the country is falling apart on a debt binge spending like a
31:58
drunken sailor. Think that was Jeffrey Gunlock,
32:01
who recently said that Jeffrey Gunlock is like one of the most
32:05
respected people on Wall Street. Double line capital spending
32:08
like drunken sailors, right? And then we got our we've got
32:12
our our government telling us, well, everything's great.
32:15
Be happy the economy's expanding.
32:17
You're doing awesome while at the same time we have trucking
32:21
companies, right? The engine that drives the
32:24
country telling us that they're in dire straits.
32:26
Something doesn't add up. Something just does not add up.
32:31
Oh, then what does this make you think?
32:35
Federal Express? Yes, that Federal Express, they
32:39
do a lot of freight movement around the country as well, but
32:41
they do it quick. They told their pilots that that
32:45
fly their big freight airplanes. They've got a huge, huge, what's
32:51
the word? Gosh, I'm losing it, man.
32:52
A huge number, a huge number of airplanes and they fly little
33:00
loads all over the country. You know what FedEx told their
33:03
pilots? Why don't you go, Why don't you
33:06
leave us? Because we don't have enough
33:09
business to keep you busy. Why don't you leave us and go
33:12
fly for American Airlines? Because for now, the drunken
33:16
sailor United States consumers are spending all their money to
33:20
travel. OK, why don't you go do that,
33:23
All right? Because there's not a lot of
33:25
economic activity going on. Think about that.
33:28
Let that sink in. That's what we talked about, the
33:31
truckers, we talked about the railroads.
33:33
We talked about the big whatever that's called, not intermodal,
33:36
but the big international shipping companies that ship
33:40
things on those giant ships with all those shipping containers
33:42
stacked up that people are going to wind up living in container
33:46
home houses because they're back in bill to afford anything.
33:49
But we also get it now from the air freight business.
33:53
Things are coming to a big, big halt.
33:55
And on top of that, operation Bora Bora, Bora Bora, right.
34:02
What's that? Oh, Citigroup.
34:05
They just have I I was blown away when I read this.
34:08
This is more coming out on this 240,000 employees.
34:14
That's a big, big company. And they're in big, big trouble.
34:18
The banks are in big, big, big, big, big trouble.
34:25
OK, Operation Bora Bora, it's Citibank.
34:29
Their CEO is like, we got to do something.
34:31
We got big trouble. They're going to lay off at
34:34
least 10% of their employees. That's another at least 25,000
34:39
people that are losing their jobs.
34:41
But why would Citibank be in trouble?
34:42
Well, do we need to go through the list?
34:45
You want to go? You want to know why?
34:46
It's not just Citibank, it's Bank of America, It's U.S. bank,
34:50
It's all the big banks. It's all the mid sized banks and
34:53
it's a lot of the small banks as well.
34:55
But they're in big, big trouble because the US Treasury values
34:59
have collapsed. OK?
35:03
The mortgage-backed securities that they bought have collapsed
35:07
in value. Commercial real estate values
35:11
that they loaned money, they gave people money to buy.
35:14
Commercial. The collateral collapsed in
35:17
value. The zombie companies.
35:21
Yeah, the zombie companies. All right, there are.
35:24
This is from the Federal Reserve and the IMF estimated that the
35:29
10% of the companies in the United States are zombie
35:33
companies, meaning they can't just survive on their own.
35:37
They need an injection of free 0 interest rate type money.
35:41
That's how they survived over the last decade.
35:45
That's all come to an end. OK, so all these banks have
35:48
loans out to a lot of these zombie companies that aren't
35:51
going to be able to pay as well. And the number of zombies is
35:55
growing. But what about credit cards?
35:57
Well, credit card debts at an all time high, The interest
36:00
rates being charged on credit cards are also at an all time
36:03
high. People are defaulting on their
36:06
credit cards as well, but that's OK because we always have the
36:09
auto market right. No wrong auto loan default.
36:14
The banks loaned out a lot of money to maybe your neighbors,
36:17
maybe you, maybe me, right to buy cars, to buy used cars over
36:22
the last couple years. Default rates there are near all
36:26
time high, the highest since 1996 I think is what I read.
36:30
And don't forget about student loans because we know they
36:32
surveyed the student loan people and they like 40% of them said
36:36
force majeure. That means like, I surrender.
36:41
I can't afford to pay my student loan payment because when Joe
36:46
Biden or when they who maybe that was try, I don't know.
36:49
Anyway, whoever right put them on a little holiday.
36:53
You don't have to pay your student loans anymore because we
36:55
have a crisis, right? Since then prices have gone up
36:59
3040 fifty 60%. Don't forget when you go to the
37:02
grocery store, everything, I mean everything you look at is
37:06
now 30 or 40% higher. And if there was a way for the
37:13
company selling the products to shrink the amount to trick you,
37:16
right, like Chips Ahoy cookies, I guarantee you the number of
37:20
cookies, the weight in a Chips Ahoy cookie bag right now is
37:24
maybe 70% of what it was eight or nine years ago.
37:28
The shrink flation effect. I mean, it's crazy.
37:33
You got to spend a lot more money to get even less of an
37:38
actual product. It's not, it's it's absolutely
37:42
frightening what's going on out there.
37:44
Absolutely frightening. Now, if you want to spend a
37:47
little money to get a lot of product, why don't you, if you
37:50
like mining stocks? Because I'm telling you, the
37:52
mining stock sector, which is a good bellwether for the
37:56
sentiment towards silver and gold.
37:59
Don't forget Westerners. Americans are selling silver and
38:03
gold, and we don't need them to flip the bind.
38:10
We just need them to stop selling.
38:13
And when that happens, the price of metals, that will be another
38:16
one of the factors coming together along with everything
38:19
else we talked about that will support the price of the
38:23
precious metals. But if you want to check out a
38:25
company, the whole mining sector has been beat to a pulp.
38:30
The values there are unbelievable.
38:34
OK, when I say value, I mean you know, price is what you pay,
38:38
Value is what you get. One company that sponsors my
38:42
channel that I've owned stock in for years is first mining gold
38:47
right there www.firstmininggold.com.
38:52
Check them out. They have a number of portfolio
38:55
of projects all in Canada, but they have two of the largest
38:59
development stage projects in Canada, Spring pole in Ontario,
39:04
over 5 million ounces of gold in the ground, Du Parquet in
39:08
Quebec. They also have a Cameron project
39:11
in Ontario and they have three other projects that they
39:14
partnered out to other countries companies.
39:16
But when you add up all the gold they have in the ground, OK,
39:20
this is not an exploration company that's going out and
39:23
saying, oh, we hope we find some gold.
39:25
We think there's gold. No, this is all these projects
39:28
have already been drilled, hundreds of millions of dollars
39:31
spent on drilling, OK, hundreds of thousands of meters of
39:35
drilling. They know the gold is there.
39:37
They are now in the development phase, which means the process
39:40
of getting permits, working toward making the mines more
39:45
attractive to other potential partners that they can move them
39:50
into actually building mines into production.
39:53
They are listed in the United States and Canada.
39:58
You can reach out to Paul Morris, their Director of
40:00
Investor Relations. His e-mail address is in the
40:03
description of this video. But the mining stocks in
40:06
general, what does that tell us? OK, the volume on the Toronto
40:11
Stock Exchange and that's where all the gold and silver mining
40:14
stocks are traded is at near like all time lows.
40:18
Guys, what does this mean? What does that tell us?
40:22
About the silver and gold. The future of silver and gold.
40:26
When sentiment is this low, I'm going to deliver the good news,
40:30
the sermon, OK. When sentiment is this low, when
40:36
nobody cares like they do right now, when nobody the last thing
40:41
they want to do is is is is. It's it's us, right?
40:44
We're the smart ones. Nobody else wants to talk about
40:47
it. There's really almost only one
40:51
way it can go, and that is to get better, all right When the
40:55
when the volume on the Toronto Stock Exchange starts to pick
40:59
up, hold on one second and I have a scratch.
41:08
When people just start to care a little bit more, it's going to
41:11
be like a crazy flood of new money coming into the precious
41:16
metals sector. I can't believe you guys did it,
41:19
man. We got the 200 thumbs up.
41:21
That means I got to ring the old cowbell.
41:28
Thank you, guys. Thanks for being here.
41:31
Have a great day. I should see you tomorrow.
41:33
OK. Be good to yourself.
41:35
You deserve it. I'll talk to you later.