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This is What Happens to Your Gold When They Tokenize Everything · Man in America Podcast

• 0:14
  Speaker 1: What if the money in your bank account isn't really yours anymore? What if it's just a number they let you look at until they decide that they're gonna change the rules? That's the banking and financial system I'm talking about. It's the same institutions that control how you spend, how you save, and access your own wealth. And here's proof this isn't just paranoia.
• 0:35
  JPMorgan recently paid a fine of close to $1,000,000,000 for manipulating the price of silver, proof that this system rigs prices behind the scenes when it benefits them. Now my guest today says that that's the same banking system that's building something bigger, a future where you'd have to hand over your physical gold and silver to a bank just to get it verified before you're even allowed to spend it. And he says that we don't have to guess what that looks like because it's already happening in China, where entire cities are running on facial recognition instead of cash. My guest, David Morgan, spent decades studying precious metals, starting with just 11 years old and noticed something strange mixing with his silver quarters. He's walked the trading floor at the Chicago Mercantile Exchange, a CME, with Rick Santelli.
• 1:21
  He's even met the trust manager for the legendary Hunt Brothers family. And today, he runs the morganreport.com, one of the most respected independent voices in the gold and silver world. Now this isn't just about gold and silver prices going up and down. This is about whether the money that you're saving right now will even exist in the same form, say, five years from now. And, yes, this does affect your retirement account, your savings, your kid's future, whether you own a single ounce of silver or not.
• 1:48
  Welcome to Man in America, a voice of reason in a world gone mad. I'm your host, Seth Hulghouse. On this show, we talk to real Americans with real solutions. We help you connect what's happening today to decisions that powerful people made in the past so we can learn something from it and build something better. Now before we start, please hit that like button.
• 2:08
  It really helps get this information out to more people. Please subscribe, share this video with a friend, and leave me your thoughts in the comments. Also, every episode is done as video and a podcast. So if you'd rather listen, find us on your favorite podcast app. And if you're on Apple Podcast, a quick review helps me to reach even more people.
• 2:25
  Alright. Let's get in this conversation now with David Morgan. Mister David Morgan, it is an honor to finally have you on my show. I've been following you for quite some time. And, anyway, it's it's great to have you here.
• 2:37
  So thanks for giving us your time today.
• 2:39
  Speaker 2: Well, Seth, thanks for inviting me. It's David, it's not Mr. Morgan, but it's great to be with you. Thank you for inviting me.
• 2:46
  Speaker 1: Absolutely. So, David, before we jump into any specifics, how about we start just give us a little bit of your background. I think, especially within precious metals, you've got a long enough career that from what I've seen with you, when you look at what's happening, you don't look at it in these little slices. You're looking at a much bigger picture with a whole history of knowledge and watching these markets. So how about you start with just a little bit of your background, then we'll dive in?
• 3:13
  Speaker 2: Yeah. It's tough because I can drone on. But, silver coin exchange, I was 11 years old. So I was, you know, 10 watering my dad's orchard getting 25¢ a week allowance, and there were, you know, 90% silver quarters. And probably saved up about a, you know, $10 worth or whatever.
• 3:30
  And one day, I got the Johnson slug. I And thought, what the heck's going on? But I didn't make a big scene. Didn't say I'm gonna be the silver guru, which, by the way, I put that tongue in cheek, but I just came up with that for an email account. So anyway, time goes on and I started I was fascinated by money as a young kid.
• 3:47
  And so I started looking into it on my own. Got the World Book Encyclopedia. I'm one of those nerds. Started reading, you know, and learning. And then I learned more about, you know, honest money, the gold standard, and all the things that, you know, I talk about ad nauseam.
• 4:02
  My dad didn't really want me to be in the financial field, which is where my heart was. And I ended up starting to fly when I was 16 years old. Went, got all the ratings by the time I was 19. Got a degree in aeronautical engineering at Cal Poly, San Luis Obispo, and started working in the aircraft industry straight out of college. But in the interim, I'd always I'd started trading stocks at age 16 and I was kind of, I would say moonlighted, but it's always working in the financial markets, buying, trading stocks.
• 4:30
  Got connected through one of the test pilots, reading a financial newsletter. I didn't know the industry existed, and he was reading a thing to the to the copilot. I was the flight test engineer in the backseat, 22 years old, you know, eyes this big. These guys are are gods to me. Right?
• 4:47
  And I thought, wow. And so I asked him after he got on the engine runs on the b one bomber to tell me if where I could, you know, get that newsletter. So I got familiar with alternative media or I'll say alternative thinking very early on and pursued that pretty much from that day on. So I left the aircraft industry. I had worked for a certified financial planner for a small amount of time, Gotten on an insurance license, real estate license.
• 5:15
  So I was around the financial realm for a while before I left it permanently, and then, started this full time in, about 1999. So my background there is just school of hard knocks, traded futures for a living, got invited to the CME to walk the floor with Rick Santilli. Took me all over the floor, upstairs, downstairs, all around, you know, New York. I've been around the industry through not just US, Canada, Europe, Asia. So I met a lot of people.
• 5:51
  In fact, I met the trust manager for the Hunt Brothers, for example. So, I'm pretty well connected but it's taken a lot of lot of time and but it's been a heck of a journey, Seth. So, always learn more. I never said I am a know it all. I'm a learn it all.
• 6:05
  No one can learn it all but there's a lot about the silver market that's, still dis and misinformation that people truly believe, but it just ain't so. That's Mark Twain.
• 6:16
  Speaker 1: So yeah. And that's a that's an important point here, and that's why I wanna start with the the big picture and looking. Because through my limited lens of seeing all this, what I see is that we have these medals. We have the you know, shortly after you know, a decade or so after the Nixon pulls the dollar off the gold standard. We have the LBMA that crops up out of out of London, and we have this paper market.
• 6:42
  And all of a sudden, you know, they have these mechanisms to, yeah, in a lot of ways, you could say, artificially inflate or contract supply, which then gives them the ability to manipulate the price of gold and silver, which is huge because these are, you know, major assets. You know? I mean, it's very significant for obvious reasons. And so, I guess, starting I'll try to give you a more basic question that matches my thinking. When we're looking at what's happening in the silver markets in particular, which we'll focus on today, and, like, last year, for instance, we saw it go from, you know, $30, you know, 30 odd dollars up to, you know, well over a $100,115, $120, you know, region.
• 7:24
  Then we saw it get smashed back down, and it's kind of bouncing around. When you look at this, what do you see? Do you are you still seeing manipulation? Are you seeing that there's this real silver price that that should be there, but that's been suppressed so much that's kept it so artificially low? I mean, how do you frame when you look at the the activity happening with silver, how are you framing what's really going on?
• 7:51
  Speaker 2: I love the word framing, and and I framed it from the get go this way, and I think it is the most accurate way to frame it. My statement has been consistently, you cannot manipulate the long term trend. But within that trend, you can certainly manage, move, or quote unquote manipulate the market. That's been proven time and time again. We've seen the spoofing.
• 8:15
  We've seen a $920,000,000 fine against JPMorgan for metals manipulation and interest rate situations. So it's a fact. Now if you were going to put me in a court against one of these high powered lawyers, they'd probably get away with telling the judge it was never manipulated. Because if you looked at what's in law and what's the precedent for the legal rulings, the word spoofing is in there, but the word manipulate isn't. But I wrote an article a while back.
• 8:47
  I forget the name of it, Seth, but it was basically, let's get real. Be real. Come on. Spoofing is manipulation. But, again, as much as it can pound the silver market and gold market and and what we call the aftermarket, the overseas market that has light volume and not many traders, and move the markets, you know, half the annual supply of silver in the futures market and drive the price down so that when the New York opens, everybody gets a margin call.
• 9:15
  That is manipulation. So, yes, it does happen. In fact, last statement, I wrote the book. One of the best books on silver ever written was my friend Franklin Sanders and James Blanchard that started the, New Orleans Gold Show. It's called Silver Bonanza.
• 9:30
  It's quite old now. I forget. I think they wrote it in the eighties. But I did an update and added to it. Well, it I I wrote my own version of that and many, many other topics, aren't covered in Silver Bonanza called the Silver Manifesto.
• 9:43
  And one of the, chapters in that goes through the manipulation aspect from a mathematical perspective only. It's called the Sharpe's ratio. The greater the Sharpe's ratio, the more factual it is that it's been manipulated. It's not a random walk. If you do the Sharpe's ratio on silver, it's a higher number than the Bernie Madoff scandal.
• 10:04
  So, you know, if I was called in the court as an expert witness, I definitely bring that to the court's attention that, you know, there's no way around it. At times, the market is definitely controlled, managed, whatever word you wanna use, spoofed. I don't really care. But, again, the long term trend. And the other point, I'll give it back to you, Seth, is, you know, when we got that run and broke above 50 and then a 70% move up into the futures market in January, you know, no one was confusing anybody manipulation on the retail side.
• 10:37
  You know? Now I will say from about October, I said I think I I said I didn't say I think. I said we are getting true price discovery here. The paper market's been basically bowling out by the physical demand for commercial bar silver. And I really believe that in my heart of hearts.
• 10:54
  And that lasted October, November, December. And then the paper players got in there really big in January and kinda blew it up.
• 11:03
  Speaker 1: And so when you say that you can't necessarily manipulate the long run, and you can just control the smaller kind of more precise manipulations of it comes up, it gets hit back down, right? Do you do you think that we're entering into a, a stage where that long run is starting to really manifest itself? Like, where, you know, it's okay. If they can't control it for the long term, then that would imply that as you get further along, they start losing control towards the end, before it then their control mechanisms, I guess you could say, they they break or they no longer work to control it. So do you think that when you say that there was price discovery that we're seeing, like real price discovery happening, especially, you know, q four last year, do you think that that price discovery is ref as a reflection of the the banks and the controllers, whatever you wanna call them, was that a reflection of them losing their ability to manipulate, and it was starting to really kinda come through?
• 12:14
  And they had they come back in for some sort of another attempt to kinda squash it down? Or and how do you how do you gauge what you're seeing with this?
• 12:23
  Speaker 2: Yeah. And I agree with that, Seth. I've I've made the statement, and it came from the manager general partner of CPM that 90% of the move comes in the last 10% of the time. And if you look at the nineteen eighties market, that's what happened. I mean, was like eighty seven percent of the move and 7% of the time or something.
• 12:45
  I mean, in November seventy nine silver was $6. A year later, it was 50. So I was eight and a half fold, you know, 850% move in a year. So what we saw in January, the end of last quarter, last year, and January of this year was a very big move and a very short amount of time. And I do believe that's a precursor.
• 13:07
  So to answer the question directly, yes. The further we go down the road, the less physical silver available above ground, the more claims on silver, both physical and otherwise, the more pressure there is that they cannot manipulate the market, or manage it as well as it could in the past. I would say, from my perspective, no proof, so it's opinion, that from, like, October through November, December into January, we had true price discovery or close to it based on the amount of physical metal that was moving through the Asian markets. And then once the, the banks know how to overcome a huge run up, and I don't wanna go into that now, but they let the market run as high as it was gonna go and then exhausted. And once it exhausted, then they started to sell on top of cells.
• 14:00
  So there's tons of selling pressure, And no one wanted to buy everyone who wanted to buy it at a 100 got their order filled, and then it dropped to 80, then it went down to 65 ish or something. So gotta be careful. I told my members to go ahead and sell in the strength. Many of them did partial profits. I don't think anyone should leave, you know, with no silver, but, take advantage of an extraordinary event.
• 14:25
  You don't see a 70% move in any commodity in one month very often.
• 14:30
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• 14:52
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• 15:17
  So to get this today, visit keet.io/maninamerica. That's keet, which is keet.io/maninamerica. So download it free and write one person that you trust and start a conversation that belongs to you, not some big data harvesting company. Looking at the bigger price of the pry of of the, you know, price manipulation, the bigger picture of and, you know, both gold and silver, why why the manipulation in the first place? You know, why is it why is it so important for them to control the the price of gold and silver?
• 16:01
  Speaker 2: That gets esoteric, you know, its intent. I mean, you'd have to, you know, look at a lot of things. I think if you wanna look into it, probably GATA, g a t a, goldantitrustactioncommittee.org. It's a good place to start. I don't agree with everything they post, but most of it is based on fact.
• 16:20
  Generally, the argument goes like this. The the banks do not want people to discover the power of the precious metals because it keeps your purchasing power intact. In other words, it preserves your wealth. A dollar that you save at age 20 will purchase as much at age 40 or 60 if you save it in a silver dollar. So but the gold argument is stronger because the central banks don't buy gold.
• 16:46
  So the argument is if gold really took off in terms of fiat, then there'd be a lot of people waking up to that fact that precious metals are really the only way to save your money. You don't save it in a bank. You save it in real money. So they don't want that message out. So if they put in the futures market and I put it up on my x feed not that long ago, but there was a a missive writing about the opening up the futures market for gold and how it would have the ability for the banks to basically I forget.
• 17:18
  The word wasn't controlled. It wasn't manipulate, but manage the, industry by having people divert their money into a futures regime rather than into the physical realm. And that is a fact, and it still presides in this day. But the main argument is we don't want you focusing on, you know, what's good for you. We want you to focus on the financial system as it exists.
• 17:43
  Gold is scary. Gold moves around. It's not safe. It's speculative. It's not recommended by Wall Street, and it's for those gold bugs.
• 17:52
  They definitely have done a great PR campaign to persuade the general average investor that gold is in something. And then all the CFPs, all the certified financial planners, which is why I left that industry, for the most part would put you in the gold at all. And so, no, it's too risky and on and on the argument goes. None of that's true, but, it's a belief system that can't be shaken. Now silver rides along as a monetary metal and hasn't had a monetary, you know, realm for a very, very long time, although it's still in all the Romance languages.
• 18:27
  The word silver and the word money is the same word. But, nonetheless, that really has been demonetized, especially from the public. It's an industrial metal only, although it's both money and an industrial metal.
• 18:40
  Speaker 1: Yeah. You make a good point there. And was talking about this recently in one of the other shows on the topic, and looking at the people that are just going to their financial advisor or, you know, what whoever it is that's helping them manage their money and kinda using the same analogy as as the doctor. I think for a lot of people, especially post COVID, they they won't just go to the doctor and say, hey. Which vaccine should I get?
• 18:59
  Like, oh, here. Here's six, you know, and jam them in your arm. You're you're like, okay. Hold on. What's really going on here?
• 19:05
  Let me see the research behind that. And so but they also know that a doctor's not gonna you're not gonna walk in there and have a mainstream doctor say, well, I think you need more sunlight, and I think you need to be eating more vegetables and changing your sleep, here's a nice homeopathic thing you can take. So, to financial, a lot of people see through that medical system, but they don't see through the fact that the same financial system is set up in a very similar way. The CPAs or the portfolio managers, they're trained just to keep you in the same controlled cage. They're put you into stocks and bonds.
• 19:44
  Here's a percentage where I move them around every year. They don't, similar to a regular doctor, is not gonna teach you how to heal yourself through natural methods. Your typical financial advisor is not going to actually advise you on what sound money is.
• 19:57
  Speaker 2: Exactly. I just like to add on to that. I mean, if you look at some independent research studies, one's by Ibbotson and Associates, and it's about portfolio analysis. This is if you're a stockbroker or a money manager or wealth managers are called today, your job is, you know, especially as a money manager, is to manage a portfolio. And if you look at the studies that are done, you'll find that the best performing portfolio under all conditions inflation, deflation, stagflation, you know, hyperinflation, depression, all scenarios is a 15% weighting to gold.
• 20:31
  There's a Harvard study, which I've never been able to find. I don't know what the recommendation is. But I do know that CPM out of New York did one from 1968 on. So let me be specific. It was just for recent times, you know, three years after silver's taken out of the coinage.
• 20:47
  But from 1968, it was a 25% weighting in gold, which is higher than I would say publicly. But the point being is if you want to have the you you hire money manager. You want the best of the best. You want get the best return possible and safety as well. You have to have gold.
• 21:05
  You have to. But no one ever tells you that. It's a side argument as you just made about a doctor. I think it was a great analogy, Seth.
• 21:13
  Speaker 1: And so looking at the the bigger picture of the financial system, I know that three or four years ago, and actually, I did a couple of different interviews with Andy Schechman on this, you know, talking about the de dollarization. Right? You know, looking at, you know, basically, the the the BRICS being one of the big pushers behind this, but all these other countries are gonna be they're kinda dumping treasuries or moving away from the dollar. You know, when you lose that global demand, the dollar is at risk of losing its position as the global reserve currency. You had a lot of movement in The Middle East of, you know, kinda moving away from the petrodollar system.
• 21:50
  So all the things that the mechanisms that were in place to maintain the dollar dominance globally were really being aggressively attacked and eaten away at. And there was a lot of discussion about what happens. Is this gonna cause a collapse of the dollar? Is this gonna cause, you know, an increase in printing, hyperinflation, all of these types of situations simultaneous to a lot of the world moving to gold and silver. Right?
• 22:21
  So I think there's a lot of people that are watching this and just from that perspective thinking, okay. Wanna move my money out of this dollar system, which and we can we can clearly see. We know that they're lying about inflation data. It's like the cost of living is two or three times what it was ten, fifteen years ago, and there's no way of getting around that. And it and it just is getting worse and worse and worse.
• 22:42
  So where like, in terms of the global financial system, this is a big picture kind of thing, but I'd love to get your your wisdom on this. Where is this system at? Like, where are we at? Because it feels like that we're really at the end of a of a fiat life cycle with the dollar. At the that, you know, maybe we thought Trump could have got in and slowed things down.
• 23:03
  No. It's just like they're just kinda pressing on the money machine button, just printing and printing and printing nonstop. You're having a lot of these dedollarization campaigns still happening in more, you know, company countries moving away from treasuries and moving away from this dollar based system. Simultaneously, you have, like, what we talked about, the some of the mechanisms that have been used to suppress gold and silver are showing their cracks as well. So where do you see this all heading?
• 23:31
  Speaker 2: Not too bad to and to not too good a place. Let me just say it's a blanket statement. I've said on probably 80% of the interviews, three words, all fiat fails. Now all of recorded monetary history that we have, which there may be some we don't have, has proven that every time a fiat system has come around, it's failed. Now failed doesn't necessarily mean that it goes to absolute zero.
• 23:58
  You can look at Daenerys and the Roman Empire, study that for 200 and see how, you know, the monetary aspect was one of the keys, not everything that caused Roman Empire to fail. I don't think that the dollar, the US dollar, is going to fail per se, meaning, you know, a hyperinflation. An advanced economy like The US, where it is the reserve currency of the world, you have what's called what I call the keys of the kingdom, which is the credit markets or the other side of the credit market is the debt market. So that, you know, nearly 40,000,000,000,000 in debt, well, that's credit to somebody on the other side. Someone was somebody had that quote unquote money or bond that's a future, you know, money in their portfolio.
• 24:43
  So what happens in advanced economy is if there's so much pressure that I don't trust this US dollar, interest rates get pushed higher, And that's highly deflationary to the bond market at large. So if you have 3,000,000,000,000 in the bond market and interest rates double as an example, I I have a very bond to bond. It's a math problem. It's a very pretty simple formula. But for talking purposes, the idea is correct, not the amount.
• 25:14
  But if you double the interest rate, some of those bonds would be cut in half. So that thousand dollar face value would have to discount to 500 in order to get your cash if you needed the cash. So that's deflationary, not inflationary. And that's the way the system is set up. So we've actually witnessed here in the last, you know, several months where even though the Fed can set the discount window, they can set, you know, the federal funds rate, it's called, they cannot really control the long end of the curve very well.
• 25:43
  They they've done operation twist, and they've done a lot of things that have certainly worked. But they're losing power just like the earlier question is, are the controllers losing the grip over the metals? The answer is yes. They are. They still got a grip on it, but not as strong as one.
• 25:59
  And on the bond market, the same statement. So the way this will unravel, in my studied opinion is we'll go to a new system. And I think that's what we've been opting for from the powers that be the elite bankers, I call them. And that is a something close to a CBDC. Now I know the Trump administration signed a worldly no CBDC.
• 26:23
  Fine. That doesn't matter. Because a private currency, currency run by JPMorgan is no better than a CBDC. And it'd be faster and easier to enact because a CBDC, a true central bank digital currency, would have to be approved by Congress. So let's take the Congress critters out of the equation and just do it ourselves.
• 26:41
  And this is what the stablecoin Tether is all about because they pretty much buy a lot of the debt of The United States that no one else wants to buy at this point. Japan's got enough. They wanna sell theirs. Russia's off to a bunch of theirs. China's off to a bunch of theirs.
• 26:56
  So who's gonna buy it? Other banks? Yeah. Other banks buy it, but there's really no big buyer. But now there's this quote unquote stable, and the dollar is not stable, but it's baked back by the dollar.
• 27:06
  So make the stable coin backed by the unstable US dollar, and they're buying gold, which is new. They haven't bought gold until recently. So we could see the writings on the wall. The, amount of reserves by the central bank system is greater in terms of gold than it is in terms of treasuries, And that's the first time it's been that way in quite some time. Secondly, Tether, the stable coin, which is probably the future of the new monetary system, is US dollar backed and gold.
• 27:36
  So I think it'll switch us into that type of UBI, universal basic income. Maybe there'll be a cyber attack. I don't know. But there'll be something that will take place. And it could be and it will be pretty gradual.
• 27:50
  And if you wanna look at, well, the rails and whatever, oh, I think, you know, it's gonna take years to implement it. No. We're really in a digital system right now. Very few people use cash for any transactions. Most people, especially the younger generations, they're very happy using a debit card, an Apple Pay, a Vimeo, you name it.
• 28:08
  It's a it's electronic payment form.
• 28:12
  Speaker 1: And so this I mean, could it could it be looked at from the perspective that perhaps that they're just kinda printing a little bit irresponsibly, just kinda squeezing as much as they can out. Like, that perhaps they know that this fiat currency is is is on its way out. And so they're just kinda, you know, kind of like if there's a burning gas station. You go in there and you're just grabbing all the liquor and cigarettes and everything. You're just kinda looting it as quickly as you can before the building comes down.
• 28:46
  Do you think that they are aware that this system is kinda nearing this huge shift or collapse to a certain degree and that they're just waiting for it to happen so they can then switch it all out and then bring in their own version of a of a kind of non central bank driven, digital currency that still has the same programmable nature, the same, kind of fitting into a technocratic system? And do you think that that's that's where this is at?
• 29:17
  Speaker 2: Yes. There's a movie called The International, and I agree with the premise of that. And the premise is if you could create money for nothing, and you create the principal, so you make that bond, that thousand dollar bond. Right? You create that basically with a keyboard entry.
• 29:36
  So the principal, you have really no risk on it. You just created it for free. And, well, you created it for free. The Federal Reserve created it for free. Of course, The US citizenry is is, you know, obligated to pay it off.
• 29:49
  But then there's interest on that that doesn't exist at the time you make that bond. So now you have to increase the money supply in order to have enough new money to pay the interest on that debt or credit. So, what they're interested in isn't the principal amount. Like you said, they're not don't worry about the gas station itself. They're worried about the interest payment.
• 30:11
  And in the international, I can't quote the line, but basically this banker says, look, all we really care about is the debt, the payment. We have control. When they owe us, you know, the interest payments, we have control over that. And that's how it works. So, you know, if you create the principal for free, and then you have interest on top of it, you know the principals are gonna be paid back.
• 30:33
  But as long as they owe you a monthly payment, or quarterly, or whatever it is, then you've got the control. That's how I see it. There'd probably be other economic thinkers that disagree with me. But, as far as the best part of your question, and it's a great question in my opinion, was do they know? Yeah.
• 30:52
  They know from the get go. They know from day one that this is how a fiat or debt based monetary system works. They know it can never be paid off. They know it will fail. So if you have those two starting points, going back to my engineering brain, You've got those two givens.
• 31:12
  You know what the solution will be or at least have a proposed solution going into it from the get go.
• 31:18
  Speaker 1: And so and this has been you know what? You know, for me, if I have any extra money, I'm typically just putting it in a gold and silver. That's just that's been that's been the way that I've saved. That's just my own perspective. And I do it you know, I don't I don't approach it from the same way that I might, say, buy a stock, thinking, okay.
• 31:39
  Hey. The stock is at $30 right now, and if it goes to 60, can double my money in six months. You know, that's not the attitude. It's really it's it's really kind of rooted in seeing that system and thinking that, okay. At some point, you know, whether whether it's when the AI bubble pops, whether there's some sort of cyber attack on the banking system that then causes the AI bubble to pop, at some point, I my sense is they're gonna come in and just say, okay.
• 32:05
  In essence, that system has run its course of life. It's dead now. It's outdated. We're moving in this much more advanced digital system. Right?
• 32:12
  And I think a lot of people will be like, oh, okay. Hey. Great. You know, I'm used to doing Venmo. I'm used to doing crypto, and so this is great.
• 32:19
  For me, I I kinda see the writing on the wall, and I'm thinking, okay. I wanna preserve as much of my wealth in real money and real assets as possible so that if and when that happens, I'm not just logging in and seeing, oh my goodness. My entire Chase account just got kind of zapped and then turned into some sort of currency credit, or digital token. So do you see that that's also one of the important roles of gold and silver as as a as a counter to this. Like, for people to have all their money just sitting in stock market or sitting in, you know, a big cash account or bond account, from how I look at it, those are all the the exact types of accounts that they're working on tokenizing those assets.
• 33:01
  Those are the accounts that they're gonna be converting and and kinda moving into this more control grid financial system. So do you see precious metals as kinda the antidote to that?
• 33:15
  Speaker 2: I do and I don't. I see it as definitely an antidote as long as the system remains similar to where it is now. Even going to a digital currency, as long as you are, able to use your precious metals the way you see fit, then obviously, they've served the same job that they've served for, you know, thousands of years. It's independent. No counterparty risk means a final payment.
• 33:40
  You know, you pay, you know, for groceries or gasoline or whatever. It's a final payment. You're not paying a debt with a debt. It's it's really the most moral way to interact with, you know, other people. However, what worries me, and I said I do and I don't, that I don't is in quotes because if one of the one of the more reports I wrote probably about a year ago when I was based on kind of what Howard Lutnick had said about tokenizing everything.
• 34:09
  And if you take that to the reality, it means two things. One, they could put in a a private system, a new system, a digital system based on on assets. If the US government collateralized all of the national parks, all of the grass, the trees, the rocks, the birds, the water, you name it. I mean, these people have some very interesting ideas. So if you collateralized all that, I forget what the number is, but it's well above the 40,000,000,000,000 debt problem we have.
• 34:48
  All of a sudden, have collateral of 10 times that amount, making up that number just for illustration purposes. So now, heck, you can, collateralize all that, you know, all that new money, all that new CBDC or an equivalent of CBDC for everyone. But you gotta if you wanna spend your silver or gold, you gotta get it into, you know, the nearest bank and get it collateralized into the tokenized system. You gotta put you know, let them weigh it, verify it's pure, get the purity, and put it into your account. Otherwise, you're out on the black market on the outskirts of town swapping, you know, some gold coins for, you know, a new house or whatever.
• 35:30
  So is it gonna go that far? I know that sounds extreme, but, it's the way I'm taught to think and the way I've been taught in in engineering school. You look at the extremes, you look at any function, math, any function, from zero to infinity. And the reason you do that is when you look at a forcing function on a wing, as an example, you look at it static, which is zero force on it at all, and then you look at it vibrating at, you know, Mach two. That's infinity.
• 35:58
  That's as fast as the airplane will go. So you look at all aspects of it, and that's how I think.
• 36:03
  Speaker 1: And so in terms of looking at the, you know, more true price discovery, and this is a tricky one, but if there was no manipulation, if if their ability to manipulate the prices of pressure of of gold and silver, if all those mechanisms just broke one day, you know, whatever that looked like, I mean, what should gold and silver even be worth? I know it's it's not even easy to value it in a fiat kind of using a fiat measuring stick, but how how how much do you think that they're suppressed? Like, what's on the other side of that?
• 36:45
  Speaker 2: Yeah. Great question. Well, first of all, let me just get on the record because all these markets are manipulated. I mean, silver probably more than any other on the commodities exchange. But you can look at oil.
• 36:57
  Oil is highly managed and almost, if not all, of the commodities are. So let me get that on the record. As far as what would be the true price discovery, we don't know. But a good way to look at it is basis gold. So we'll just take gold as a constant.
• 37:13
  And if you look at silver having its true place in monetary history, its highest value is money. Its its highest value is not, a solar panel. So if you value silver along the lines of what monetary history has taught us, we know that it's about one fifteenth, one sixteenth the price of gold. So that's how you would price silver in a objective way. You can also make the argument of what the natural ratio is, which it used to be 12 to one in the thirteenth century.
• 37:44
  It was never 16 to one. 16 to one is the monetary ratio established by man, not established by nature. The natural, ratio was about 12 to one in the thirteenth century. That ratio now is about half. It's about seven to one.
• 37:59
  So you could make the argument that should be one seventh of the price of gold. But that's what I think you would find, something closer to those ratios. But as far as the paper price, it almost becomes meaningless in an inflationary environment because if we really break free from the bond market acting, normally and the bond market doesn't break, then, you'll you'll have a paper price that's in a, you know, in a realm of reality, you know, 8,000, $10,000 gold, I don't know, 20,000 even. I don't know where we're going paper wise as far as a paper price. I know as far as value is concerned, all markets go undervalued, fair valued, and overvalued.
• 38:45
  So even metals can be overvalued. So going back to, you know, your question on, you know, what happens if, you know, the new system comes in. Well, if gold overshoots because everybody's running the gold for preservation of anonymity and wealth preservation, all of a sudden, you could get to a point where, you know, that one ounce of gold doesn't buy a fine men's suit, but it buys with the men's warehouse. Well, now you know it's overvalued. It's buying me, you know, I don't know, 500 men's suits.
• 39:14
  You know? Hey, I think I'm gonna go into the men's clothing business. You know, it's not buying me one fine suit. It's buying a couple 100 of them or whatever. So, you gotta look at that as well.
• 39:24
  I'm not a big advocate of selling precious metals, but there are times where it makes sense.
• 39:31
  Speaker 1: And so do you think that again, when you're looking at the the stock market, you're looking at just the money supply, the inflation of the money supply, you know, the printing, along with the emergence of things like Tether, some of the things some of the different laws and executive orders that have kind of related to digital currency. Do you think that we are on the precipice of some sort of significant change in the you can say the American financial situation was really the global financial system. Right? Do you think that we're on the verge of that? And and how how close?
• 40:10
  What are the indicators you're watching?
• 40:13
  Speaker 2: Well, I do because we have, you know, all the cryptocurrencies, and they've been around. Bitcoin's been around for, what, over ten years now. And there's so many, you know, derivative type, you know, cryptos that are out there. Some are meaningful. Some are not.
• 40:30
  But so the rails are in place. And then I did a lecture at the at the New Orleans Gold Show a couple years ago. And it was on the new monetary system. And it wasn't any genius on my part. It was a that was a dissertation based on the BIS, the Bank of International Settlements, what's known as the Bankers Bank.
• 40:48
  And what's on their website as far as what the new monetary system is gonna be. So they're telling us if you know where to look. And I looked, and I distilled it down into, let's say, more layman's language. But basically, that's the idea. And you could have multiple digital currencies.
• 41:03
  If you look up the, on a search engine, the ISO 222, it'll talk about the clearing of all digital assets and how it goes through one clearing member bank, basically. I I call the bank. They don't. But the idea is, oh, well, the bricks are this and that, and they're this, you know, these alternatives, and there are. And, you know, the dollar has been dedollarized to an extent.
• 41:29
  The amount of currency use or US dollar uses decreased from, like, 70 something percent twenty five years ago to, like, 58% now or something that's diminished. But it won't stop under the new system. It'll just be digitized and it may not even be called the US dollar or it might be called something else. But that's the platform. That's what's intact.
• 41:53
  That's what they've thought ahead about doing. As I said earlier, from the get go, they know that it will fail, that they'll have to put in a new system, and that, they wanna maintain control. They when you have the kind of money that these bankers can create and even the billionaire class. I mean, really, they get out of needing any or wanting any more money. I mean, how many yachts can you have?
• 42:15
  It comes down to control. And that's what this whole thing with the AI is about. And if you merge the AI into the banking system or even the, political system or let's say the legal system, which I believe will be done. You interviewed my friend Pat Patrick Wood on this. There'll be a system where basically you have basically no recourse.
• 42:35
  You'll be, you know, you'll be fined at the at the spot where a a traffic violation took place. The AI will just determine what the fee will be. It'll take it out of your account automatically. You'll be facially recognized, and on it goes. So it's a very science fiction dystopian feature that's planned.
• 42:55
  But let me before I get back to you, Seth, that just because this is what they want does not necessarily mean that's what's gonna happen.
• 43:05
  Speaker 1: And that's an important point, in looking at all this, is the difference between what they want and what actually plays out. Because I also think that if you look at just look at a lot of the movies, the the, cultural portrayals of the future, it's oftentimes, it's Blade Runner, it's Hunger Games, it's, you know, the the pictures that they paint for us, I think, are are pictures of what they want our society to look like. I think if they can get enough of us to carry that vision of the future in our minds, we'll naturally just end up going towards that place. And so but do you think that are there any indicators or is there anything that makes you believe that they will struggle to make this change and put it into place? I mean, do you think that there's other forces working against them?
• 44:00
  Or have they lost control of some aspects of this? Or are we just all doomed to be shuttled into some sort of digital financial prison?
• 44:10
  Speaker 2: I think there's more resistance than people think about, and I haven't thought about it deeply. But first of all, I think there's something the last time I looked, there's something like 1,200,000,000 unbanked people on the planet right now. I mean, for this system to work to the way they want it to, they gotta have everybody in their control mechanism. You know, they gotta tag everybody somehow. So there's that resistance that's just out there in the, you know, one eighth of the world's population that's unbanked right now.
• 44:38
  The other one is is how many free market thinkers are there that are programming some of this stuff. Now, the AI is a different story. I don't wanna touch on that but if you have to have a a black box ISO 222 I just mentioned, and it's got certain parameters that you don't want the AI messing with. You wanna make sure it's a certainty that everything clears through that mechanism. You would probably keep it distinct and alone and unique.
• 45:06
  And for that, who's programming that? Well, the billionaire class isn't gonna program it themselves. They're gonna hire somebody or some buddies. And maybe there's one or two in there that, decide that, you know, this thing will break down after six months, whatever. I'm not saying that's happening.
• 45:23
  But, you know, you gotta think outside the box, and I am. And that is, you know, might be some I don't wanna live in that universe, so I'm gonna program it like this. And after, you know, this amount of power disruption, the thing shuts down or whatever. So there's that. And then there's just pure resistance from the people that just say I'm I'm not gonna comply.
• 45:44
  You know? I'm not going to comply. And that's what's interesting because if you go to the revolutionary war, it wasn't like everybody was against the Brits. Most of them would kinda, you know, said, the heck with it. We'll just go along to get along, you know, tax the heck out of me, blah blah blah blah.
• 46:01
  But it was, you know, just a few percentage that in their heart of hearts, they decided that they would give up their lives, their fortunes to for freedom. It was priceless, you know. And I think one of the turning points was that famous speech, you know, in whatever it was that building or, you know, as for you gentlemen, I do not know. But as for me, give me liberty or give me death. And that kinda turned the tides as far as what the thinking of the head and heart were for people at the time to say, you know what?
• 46:31
  I don't wanna be a slave. I don't wanna be under control. We came over here to be free. Let's be free. It's gonna take this battle.
• 46:37
  Let's do it. So I am still upbeat on the human spirit. Doesn't take a majority. It just takes the the right ideas whose time has come, as it's been said, and that the time is here. We're seeing all the rails for a new system in place.
• 46:52
  We've seen the BIS, what they've had on their website for over two years. We've listened to subtleties from the banking community at the upper end talking about how things are gonna go in the future. So it's just a question of as they try to implement it or begin to implement it, how much resistance will they get? And, could it be enough to, let's say, disrupt it, postpone it, annihilate it? Who knows?
• 47:22
  Speaker 1: Yeah. That makes sense. I'd like to I'd like to ask you about China and how they fit into this because they've always been an anomaly for a lot of reasons. One of the reasons being that they're just they're very closed off. It's hard to understand what's really going on, especially at the upper levels of that that country and their leadership.
• 47:42
  But we also saw that for one, we saw earlier this year, they had the separation between the the Shanghai Gold Exchange and the kind of Western pricing markets that was kind of showing something going on, some sort of tug of war that was happening there. But then we also had China, which and they recently changed their, reserve requirements to trade in paper gold. So from how I understand that, they basically have made a a pretty big change in how, your average investor can access gold. And, basically, again, from my understanding of of covering it, that it's only very, very high volume, you know, lot larger, you know, kind of financial accounts that can access paper gold. And that, basically, your average everyday investors, you know, smaller, medium sized investors, can no longer access paper gold.
• 48:31
  And so do you think that do you think there's any sort of war going on between the two different kind of eastern and the western financial systems? Do you think that China moving away from paper gold is will that start to expose and weaken the paper gold system we see coming out of London? How do you place all that together?
• 48:56
  Speaker 2: Well, you're right. The golds the new gold system in China is there is no retail, but the professionals are still in the paper markets. As far as, you know, where we go, I I go back to the movie, the international. Remember the banking elite are not, you know, nation state driven. They're not ideology driven.
• 49:16
  They're driven by by control and profit. And so on an international basis, China is basically the beta test for the new system. The new system is a cashless society that obeys big brother, and they pay everything by digital relationships. For example, of China, I don't know the population's purported at 1,400,000,000. If you go into the cities of, say, half that amount, all of them are a 100% digital.
• 49:53
  If you walk into a a store let's just take, equivalent of a seven eleven in China. They're not seven Elevens, but it's a small convenience store. So you walk up, there's no one in the store as far as a checkout person. There's the store with all the goods in there. You walk up and you're facially recognized.
• 50:14
  You walk through the dollar dial. It's been unlocked. You take out some a soft drink and a bag of chips as an example. You put it on the counter and you pay with Tencent or WeChat. You use your mobile to pay for it.
• 50:29
  But in the unlikely event that maybe your phone's out of power, not at all, but in some you just use a handprint. It recognizes you. It's already recognized your face. It's recognizing double double opt in basically with your handprint, and you get charged immediately at your, you know, debit your bank account. That's China.
• 50:49
  That's the beta test for the world. That's the way they wanna run the whole world. It's intact. It's been that way for some time. It's being refined all the time, and there's not a whole lot you can do about it.
• 51:00
  And that is a society that's more compliant than you'd say the Australians or the the Americans are, basically. You know, a lot of the earliest, you know, people were rebels, but all people really strive for freedom. It's not that the Chinese don't want it. It's just their pop it's it's a cultural thing. You know?
• 51:23
  People are herd herd instinct. We we run it back. And there aren't a lot of lone wolves out there. So that's just the idea. But now, that's the great beta test.
• 51:34
  It's an international banking consortium that wants to run the world on a digital basis with total compliance, and there's basically no need for anyone at the checkout counter. It's all done digitally.
• 51:48
  Speaker 1: Which and if that was the case and I tend I I agree, especially from the perspective that they're you know, that you don't have these nation states don't really exist anymore as you go up. You just have this kind of global network. I think there's multiple factions. They're kind of still battling, but it's they go so far beyond nation states. But you could also argue that that as part of that, I think similar to how they've used China to siphon a lot of the power and resources away from America in preparation for, you know, bringing America down at the the stage when it that's required.
• 52:20
  China has been a very crucial tool to kind of parasite suck off of this nation and, you know, steal from us. Then, you know, maybe that they there is a strategy to use China's effect on the global financial markets to accelerate some sort of financial collapse happening over in America when the time is right for them?
• 52:41
  Speaker 2: Oh, yeah. They could. I mean, my friend Dominic Frisbee, you know, and many others contend that the, you know, the gold pool in China is, you know, like, four or five times what the, purported amount is. Just to digress a minute, Seth, the thing about the amount of gold in China, the way I understand, I haven't verified it to my satisfaction, is when we ask for their gold, we don't ask the right question. We say, how much gold is in Citibank?
• 53:11
  And they give us that that amount. Instead of how much gold is in Citibank and any other bank that has a vault that holds pay that holds gold. That's the correct question. But I digress. Point being is that if they take down the system and decide to revise it with a tie to gold, and it's true that that, The US doesn't have you know, that The US is not the the main gold hoard in the world, and it's China.
• 53:38
  That would give them a lot of clout to bring about the new system if and even if and only if. Well, I would say if only if. If there is a tide of gold. I think they're gonna go to a system with no tie whatsoever. I think that will get enough pushback even from the mainstream average citizen of the planet.
• 53:58
  And they'll say, okay. Fine. We're gonna tie it to gold. But, you know, even there, how do we know it's really tied to gold? It's more of a psychological attempt to manipulate rather than, well, you can exchange it for gold.
• 54:10
  Oh, no. You can't exchange it for gold. It's only tied to gold. You know? So who knows?
• 54:17
  Speaker 1: And so for people that see this all happening, and they're watching watching the stock markets or, you know, paying attention to what's happening with precious metals, and then they see the writing on the wall. What what is the practical advice for people? I mean, because obviously, you have the financial aspect, but also the fact that the threats of the financial system are larger threats of an entire technocratic system that involves, you know, the flock cameras, the data centers, etcetera. So there's a there's there's a you know, you can almost argue that there's a beast system moving in, trying to take root and consume our way of life. So how do you suggest people counter that?
• 55:03
  Speaker 2: Well, one, the only way to really overcome any problem is to find the problem, you know, extremely well. I think we've done a fairly good job at that. And then you wanna verify it, so trust but verify. So verify it for yourself. So, you know, educate yourself further.
• 55:19
  Once that is accomplished on an individual basis or family basis or even the community basis, you can save in precious metals, live within your means, grow your own food. There's a lot of things you can do that will mitigate it, but it won't, you know, it won't annihilate it. And then I think on a philosophical level, what you need to do is, you know, pick your battles and ask yourself, you know, what I alluded to with Patrick Henry, you know? Give me liberty or give me death. Are you gonna go that far?
• 55:49
  I'm not saying anyone would or could or should or whatever. But you do have to look at where this is headed. It's pretty clear where it's headed. And so if that's your main battle, it's more important than, what political party you belong to. That ultimate thing is freedom.
• 56:08
  Freedom or no freedom. That's that's the battle. You know, I'm just speaking for myself. What will I do? You know?
• 56:15
  What what when it comes down to it, what am I willing to sacrifice? Or what would I do, you know, within peaceful, lawful means to resist it? And I think that's maybe a question that will be upon us maybe sooner than later. I never fully answered one of your questions, and it was alluding to, well, how much longer do we have before we start to see this type of system enacted? But one is being enacted as I outlined.
• 56:42
  It's already in China. When does it get to North America? The answer is I do not know. But my guess is probably within two years. I think you see is, again, going back to Patrick Wood, the technocrats are in charge.
• 56:57
  I mean, he pointed out, Elon Musk's grandfather was the head of the technocracy movement in Canada. Most people don't know that fact. So these guys aren't really moving us toward communism, although it looks a lot like communism. It's really a technocratic society using AI as I outlined, where basically we have this objective authority that's fair to everybody. Of course, it's not, but that's the that's the sales page.
• 57:24
  And this is what we're facing and it's time that people wake up. So it's well beyond of whether I have money that's, you know, final means of payment and has no counterparty risk. Certainly that's that's maybe a bridge, but it's not the final solution. The final solution is to maintain our freedom. I wrote about it some time ago, and I made a little film about it.
• 57:48
  You know, it doesn't matter how much gold or silver you stack at the end of the day. If you've lost your right to freely speak, freely travel, freely marry who you wanna marry, go where you wanna go, do what you wanna do. In other words, if you've lost your freedom, real money isn't really gonna do a lot for you.
• 58:05
  Speaker 1: No. It's a very, very important point. So in in closing, I'll bring up your website, which is the morganreport.com. And now I know that you have, a lot of resources on here, both free and, membership based. So walk us through what people can find here and what you'd recommend them doing on this website, themorganreport.com.
• 58:30
  Speaker 2: Yeah. There's a three step process. Pretty simple. Step one is just get on the free newsletter. Step two is two films.
• 58:38
  One, I was in. It's not really about me although I am in the film. It's called the Four Horsemen film. It's about the end of the age of empire and it tells you, really, it's it's a good thing to watch and it's even though it's like 12 years old or something like that. It's still very very timely.
• 58:57
  In fact, probably more. A lot of what we discussed, Seth, is in there how the banking system works, how much control they have, what's right with it, what's wrong with it. And that it's a cycle. We go through these cycles over and over again. So it's not like, oh, it's the first time now if this has happened.
• 59:13
  We will get through it. We don't know exactly what the other side looks like, which we've discussed, but we've alluded to what the possibilities are. And then there's another one that I, funded a great deal of it called Silver Sunrise. It's silversunrise.tv. It's free.
• 59:28
  It's a documentary that explores the spiritual side of money more than the other film, and it talks mainly about the control and stress that the monetary system produces on most people and how to overcome that. And lastly, step three is if you want to go behind a paywall or you want to consult with me personally, you can sign up for a consultation or one of our memberships. One's a premium membership and the other's a mastermind membership. And they're all spelled out at that step three level.
• 59:56
  Speaker 1: Okay. Perfect. And so that's just the morganreport.com, which I'll make sure that that link is in the show description as well. And so also, your the silver is silver sunrise.ttv? Correct.
• 1:00:11
  Let me bring that up real quick. .Tv. Yeah. So here's the can people watch it on here to purchase it? Or how does that work?
• 1:00:19
  Speaker 2: Just push the button. It's free.
• 1:00:20
  Speaker 1: Okay. Okay. Great. Great. Perfect.
• 1:00:25
  Well, David, it's been, it's been wonderful speaking with you. And, I think I've got a lot more questions, we could go deeper at a later time. But do you have any remarks you have, in closing?
• 1:00:38
  Speaker 2: Well, I'm never lost for words. I couldn't be verbose. But first of all, you again for having me.
• 1:00:45
  Speaker 1: You're welcome.
• 1:00:45
  Speaker 2: Secondly, I just think, you know, it's the human spirit. I mean, a lot of what you do has to do with your, you know, to thy own self be true. You know, if you're looking at your kids or your grandkids or or your young family starting out or young couples starting out, you know, you gotta look at what's really value, valuable to you and to me, there's nothing beyond, you know, my favorite movie, Braveheart. You know, when he screams out freedom just before the end And I really believe that. And I think that, many people take for granted, what has been established here, and it's it's evaporating.
• 1:01:20
  I've still I've watched it. I've seen the the control on some of the social media platforms. In fact, you can't go into some of the coffee houses and pay cash. Well, it's a private institution, and they have that right. I get it.
• 1:01:31
  I'm not gonna object to a lawful means of something. But you just see it's kinda slowly taking over step by step, inch by inch. The old adage, give them an inch, it'll take a mile. And we're a lot closer to the end than we are to the beginning. That I'm certain of.
• 1:01:47
  Whether it's within two years or not, I'm not certain. I do think it could be earlier than that. So I think it's just a time to do a check, you know, self check, and say, you know, okay, what kind of world do I want? You know, the great Gandhi said, you know, be be the change you wanna see. You know?
• 1:02:03
  And I think last statement is it seems as if there's a bit of a movement now to ditch the smartphone and have a more benign phone or maybe it's for phone calls only. And a lot of the the younger generation value experience over material goods. I rather, you know, go on a European vacation and have that in my memory for the rest of my life than to drive this type of a car or whatever. So I think there's always the human spirit. I think it's great.
• 1:02:33
  I think it's everlasting. I think it's immutable. And I do think that, from that aspect, the end isn't here. And if you believe in the statement that everything works out in the end, then we're not at the end because everything has not worked out.
• 1:02:47
  Speaker 1: That's true. Exactly. Well, David, it's really been been wonderful speaking with you and meeting you, and thank you for giving us your time. And I encourage people to to check out your, both the film website, silversunrise.tv, and then also just the morganreport.com. Well, David, thank you again.
• 1:03:09
  It's a pleasure meeting and speaking to you.
• 1:03:12
  Speaker 2: My pleasure. Thank you, Seth.
• 1:03:15
  Speaker 1: I hope you enjoyed that discussion with David. I've been following him for quite some time, and it was really nice to actually just just get a pick his brain, which I love having the opportunity for that. Now, just a quick thing for you. If you are considering putting some of money into precious metals, silver and gold, you have to be very careful. There are a lot of scams out there.
• 1:03:35
  There's a lot of companies that are charging you insane premiums or local coin shops selling you that's gold that's filled with tungsten or something that they haven't checked properly. So you just have to be very careful. If you're looking for a company that I've already vetted, that I've even my own mom uses, it's Noble Gold. So this is, someone that I trust completely. If I didn't trust them, I would never recommend them.
• 1:03:57
  So Noble Gold, they can help you get gold and silver delivered to your doorstep, but also they can also work with you on IRA, four zero one k transfers, and all the different creative ways of avoiding all the taxes and fees involved with those. So if you wanna learn more about this, go to the URL goldwithseth.com, or just call (877) 646-5347. Now those details are gonna be in the show description, but the main site is goldwithseth.com, where you get your free kit, and you can just also fill out a simple form there if that's how you wanna do things. Alright. Thank you.
• 1:04:31
  I'll see you next time.