Latest / Kinesis Money / Gold’s Biggest Shift in Decades? Ft. Craig Hemke - LFTV Ep 290

Transcript

Gold’s Biggest Shift in Decades? Ft. Craig Hemke - LFTV Ep 290 · Kinesis Money

• 0:00
  SPEAKER_00: The best plan is what you and I have always discussed.
• 0:02
  SPEAKER_00: Get the physical metal, get it out of the hands of the bankers, force the deleveraging of their scam, and get it into your own hands, and then sleep as well as you possibly can as you watch all this unfold.
• 0:15
  SPEAKER_00: They now have to keep printing a week rush.
• 0:18
  SPEAKER_01: We've got this ticking time bomb talking gold with the one and only Andrew McGuire.
• 0:25
  SPEAKER_01: Welcome to Live from the Vault.
• 0:31
  SPEAKER_01: Welcome to Live from the Vault, brought to you by Kinesis Money.
• 0:34
  SPEAKER_01: And this is the show that goes beyond the headlines to uncover the truth about the gold and silver markets with world-renowned whistleblower and industry expert Andrew Maguire.
• 0:45
  SPEAKER_01: And this week he's joined in the vault by a very special uh featured guest and well requested again by you, the community, Craig Hemke with TF Metals is in the vault, and we're talking gold and silver.
• 0:59
  SPEAKER_01: You're not going to want to miss a word of this conversation with Andrew Maguire.
• 1:04
  SPEAKER_01: And let's head over to the UK right now and join Andrew Maguire and our featured guest, Craig Hemke.
• 1:10
  SPEAKER_01: Over to you, Andrew.
• 1:12
  SPEAKER_01: Thanks, Shane.
• 1:14
  SPEAKER_02: Hey, Craig brother from the same mother, I think.
• 1:19
  SPEAKER_02: Almost.
• 1:20
  SPEAKER_02: Almost.
• 1:21
  SPEAKER_02: It's been a while since we've actually physically had a beer.
• 1:26
  SPEAKER_02: Um, but we've seen it, we we we bump into it other a lot on the uh platforms.
• 1:32
  SPEAKER_02: So anyway, thanks for joining us.
• 1:34
  SPEAKER_02: I know you've got limited time today, so let's get right into it.
• 1:38
  SPEAKER_02: And um, I mean, obviously, we were just a minute ago.
• 1:41
  SPEAKER_02: You were looking to see what Bessent was doing.
• 1:44
  SPEAKER_02: And now this is we're recording this on Wednesday the 9th.
• 1:47
  SPEAKER_02: Um, this will be out um for Craig on Monday, it's three trading days from now.
• 1:52
  SPEAKER_02: But anyway, it was just interesting to uh we're watching gold.
• 1:55
  SPEAKER_02: Uh Bescent made an announcement.
• 1:57
  SPEAKER_02: Let us know what you saw just now.
• 2:00
  SPEAKER_00: Well, uh, we should probably uh, as we get deeper into this, talk about what he's doing and what it signifies and why it is extraordinarily bullish for the precious metals because we're moving now toward kind of an end game.
• 2:13
  SPEAKER_00: Um, but part of the catalyst for the month of August was uh this early stages of, I mean, we have to call it what it is, it's yield curve control.
• 2:24
  SPEAKER_00: We don't have to call it QE and debate whether it's you know debt monetization or whatever.
• 2:28
  SPEAKER_00: It's it's yield curve control there.
• 2:30
  SPEAKER_00: US is on the bid for long-term treasuries uh when they're buying them back, and that's a way of capping long-term yields.
• 2:39
  SPEAKER_00: So it is the early stages of yield curve control.
• 2:42
  SPEAKER_00: What happened today on the 9th is the first uh effort in that regard, even though the announcement was made three weeks ago.
• 2:50
  SPEAKER_00: They initially said it'd be two to four billion.
• 2:53
  SPEAKER_00: Uh that sparked gold.
• 2:54
  SPEAKER_00: And then about a week later, they said, well, we can use the whole you know Treasury general account if we want.
• 2:58
  SPEAKER_00: And that's got 900 billion in it.
• 3:00
  SPEAKER_00: We can use all that money if we feel like it.
• 3:02
  SPEAKER_00: And so everybody, how much is it going to be?
• 3:04
  SPEAKER_00: Well, anyway, uh, just as we begin recording, they announced that today's first effort will be six billion dollars of buybacks, which apparently, I guess, wasn't enough or just reason to dump gold because gold fell$30,$30 in a minute.
• 3:22
  SPEAKER_00: Yeah, it's just dumb, it's just stupid.
• 3:25
  SPEAKER_00: It's just, you know, Andy, we've been doing this for so long now, and we're we both we were these young, handsome, rugged, whatever we were.
• 3:36
  SPEAKER_00: And now look at us now.
• 3:37
  SPEAKER_00: We're just these old farts, you know, and I I just so tired of it all.
• 3:43
  SPEAKER_00: I know how this ends, you know, and I just this day-to-day stuff is just exhausting.
• 3:48
  SPEAKER_02: But for us stackers, it's it's pretty good for us stackers, and um because we know that in the bigger picture, as you say, this is a road to ruin for for uh and I mean for the root for the US.
• 4:04
  SPEAKER_02: So I mean essentially cut, I mean, this is just noise in in the big picture, really, isn't it?
• 4:10
  SPEAKER_02: So yeah, um, as you say, uh very, very bullish um for uh not just gold and silver, all hard assets, right?
• 4:21
  SPEAKER_02: I mean, high quality, low obsolescence assets are simply where why would you be in paper got money uh when they're debasing it like this?
• 4:34
  SPEAKER_02: So um do you what what's the what's the end goal for this uh Craig?
• 4:38
  SPEAKER_02: What do you think is he's what's he trying to actually is he trying to get away with this?
• 4:44
  SPEAKER_00: Well, and it's just uh kind of the added features of what they've been doing now since the great financial crisis.
• 4:52
  SPEAKER_00: I mean, this is keep the plate spinning, keep the markets full of the needed liquidity for as long as possible.
• 4:59
  SPEAKER_00: And that's how we've gotten from you know 4 trillion to$8 trillion to now$40 trillion in U.S.
• 5:06
  SPEAKER_00: debt.
• 5:07
  SPEAKER_00: Debt service costs now.
• 5:09
  SPEAKER_00: I in just the last month, we're gonna get another monthly treasury statement from the U.S.
• 5:13
  SPEAKER_00: People don't know what I'm talking about.
• 5:15
  SPEAKER_00: The U.S.
• 5:15
  SPEAKER_00: Department of Treasury puts out a statement on the ninth business day of every month that shows the previous month's incomes and outflows.
• 5:23
  SPEAKER_00: Okay.
• 5:24
  SPEAKER_00: And you can see how this compared to last year.
• 5:27
  SPEAKER_00: You can see a running total.
• 5:28
  SPEAKER_00: The U.S.'s fiscal year uh ends on September 30th, begins October 1st.
• 5:33
  SPEAKER_00: We're almost done with the full fiscal year.
• 5:35
  SPEAKER_00: And you can track all this again, ninth business day of every month if you if anyone cares to look.
• 5:40
  SPEAKER_00: It is so bad, Andy.
• 5:42
  SPEAKER_00: We are tracking uh to run another two trillion dollar deficit this year.
• 5:48
  SPEAKER_00: Uh, in the most recent report that came out in early August, based off of July, 65%.
• 5:57
  SPEAKER_00: It took 65% of personal and corporate income tax receipts to simply service the debt.
• 6:06
  SPEAKER_00: 65%.
• 6:08
  SPEAKER_00: Okay.
• 6:09
  SPEAKER_00: I mean, this is not, I mean, you talk about, you know, what's on that which is not, you know, cannot be sustained, is unsustainable, right?
• 6:17
  SPEAKER_00: And so as rates go higher, then that interest cost just gets worse and worse.
• 6:24
  SPEAKER_00: You know, x exponentially growing the obligation, exponentially growing the debt, the deficit, the the interest cost, everything else.
• 6:32
  SPEAKER_00: And so everything they've done is to keep the wheels greased so that you can keep feeding that that beast.
• 6:40
  SPEAKER_00: And that's what yield curve control ultimately uh is going to be, because uh the only way that they can eventually keep this going is through this imposition of negative real interest rates, meaning once you adjust your nominal into, yeah, I'm getting, hey, I'm getting 4% on this certificate of deposit.
• 7:02
  SPEAKER_00: Yeah, but if inflation is 6%, your real rate is negative too.
• 7:07
  SPEAKER_00: You're losing money year over year.
• 7:09
  SPEAKER_00: But that's what the US government needs.
• 7:11
  SPEAKER_00: They need negative real interest rates so that essentially you're paying off yesterday's debt with the cheaper dollars of tomorrow.
• 7:17
  SPEAKER_00: That's the only way they can manage it going forward.
• 7:19
  SPEAKER_00: And that's why gold surged in August when Besson announced these first baby steps toward overt, uh, we will not allow the yield to go past a certain level.
• 7:31
  SPEAKER_00: We will be the buyer of everything beyond a certain level.
• 7:33
  SPEAKER_00: Um, that's what this, these, these first, like I said, baby steps toward yield curve control are, and that's what gold reacted to coming off the lows in August.
• 7:42
  SPEAKER_02: And I think what's interesting is while while this meddling, as meddling is going on, if we step back all the way to 2022, we can see there was a definite divergence between where gold started to break its relationship with real yields significantly.
• 8:03
  SPEAKER_02: And and so really what we're seeing essentially is uh what used to be a 1% rise in real yields would be a 14% drop in gold.
• 8:14
  SPEAKER_02: Now we're seeing gold um a 4% the most recent one, the 4% rise in in yields, uh created a$110 rise in gold.
• 8:24
  SPEAKER_02: I mean, it's like you know, it it's like so this whole thing is upside down, and um, so I I think it's just really interesting.
• 8:33
  SPEAKER_02: So medal all you want essence, and you are a trader, so you're gonna this is a trade, essentially, but it's a trade at everyone's expense.
• 8:42
  SPEAKER_02: And I think, you know, essentially, as far as gold's concerned, all you've done is create a boost, uh floor for gold.
• 8:51
  SPEAKER_02: And really, so if yields come down, gold will rise more.
• 8:57
  SPEAKER_02: If yields go up, it's gonna rise anyway.
• 8:59
  SPEAKER_02: It's a win-win because it's the debasement trade.
• 9:03
  SPEAKER_02: Everyone is into the debasement trade.
• 9:05
  SPEAKER_02: What?
• 9:06
  SPEAKER_02: So, and and when we saw the dollar what after wash, non-farm payrolls, oh, dollar spikes up to two-week highs.
• 9:14
  SPEAKER_02: But what happens is is all the physical guys, all the debasement trade hedgers come in and literally, hey, quick, grab that higher dollar and convert it into physical gold.
• 9:27
  SPEAKER_02: Because what's your other crate?
• 9:30
  SPEAKER_00: What's your other choice?
• 9:31
  SPEAKER_00: Right.
• 9:32
  SPEAKER_00: And that that these yield curve control measures, the interventions that are now you know public, publicly acknowledged by the Department of Treasury and the Bank of Japan to control the dollar yen.
• 9:45
  SPEAKER_00: Um, all of this is part of that ongoing uh again, we'll call it the debasement trade.
• 9:51
  SPEAKER_00: It also feeds into, do you remember uh what was it back in about December?
• 9:55
  SPEAKER_00: Remember the whole Morgan Stanley thing that said um we now think the optimal portfolio going forward is not 6040, 60 equities, 40 fixed income, it's 60 2020.
• 10:05
  SPEAKER_00: Yeah.
• 10:05
  SPEAKER_00: Splitting the fixed income into treasuries and gold.
• 10:08
  SPEAKER_00: Well, again, why would you do that?
• 10:11
  SPEAKER_00: Because of this enshrinement, installment, uh, whatever, of negative real interest rates going forward.
• 10:20
  SPEAKER_00: Why would you want to have uh 40% of your portfolio in something that is losing you money on an inflation-adjusted basis year over year?
• 10:28
  SPEAKER_00: Yeah.
• 10:28
  SPEAKER_00: And so, Andy, throw that, combine that with the central bank demand that you've tracked uh for now, you know, over a decade.
• 10:39
  SPEAKER_00: You combine those two things together and it it makes for a rather positive situation going forward uh for the for the gold price.
• 10:48
  SPEAKER_00: Um I again, same kind of trade, right?
• 10:52
  SPEAKER_00: Uh we've got to get out of our dollars, uh, we've got to get out of our treasuries.
• 10:56
  SPEAKER_00: We're gonna buy physical assets like gold.
• 10:58
  SPEAKER_00: It also gets back to the Ukraine war, uh, the moves to uh isolate Russia and kick them out of SWIFT and you know everything else that got that whole ball rolling.
• 11:08
  SPEAKER_00: But you know, um you put it all together, Andy, and it, I mean, like I said, you get aggravated by watching just these stupid electronic markets trading derivatives, swayed by the headlines.
• 11:23
  SPEAKER_00: Um you know, and and it you just and after a while you just sit back and go, whatever.
• 11:28
  SPEAKER_00: I'm not gonna fiddle around with this.
• 11:30
  SPEAKER_00: Uh why would I even, you know, I it's like I I so rarely trade anymore.
• 11:35
  SPEAKER_00: Uh mainly because when I do, I'm wrong because I'm ruled by my emotions.
• 11:41
  SPEAKER_00: But um, but it's just not worth it.
• 11:44
  SPEAKER_00: Because again, when you know how the movie ends, um why sit there and watch the, you know, why why why watch every single plot twist and turn?
• 11:52
  SPEAKER_02: Anyway.
• 11:53
  SPEAKER_02: I think what's interesting though is into this process of really the paper market losing liquidity, rapidly losing liquidity, where's that liquidity going?
• 12:06
  SPEAKER_02: You just outlined it yourself.
• 12:08
  SPEAKER_02: Where if I'm a refiner, if I'm a producer, why would I play in the LBMA sandpit?
• 12:15
  SPEAKER_02: Why would I, when I can take my physical bullion, I can I can I can go to a venue, Hong Kong right now, be Singapore, it'll be it'll be Saudi, it's all over this corridor is opening to everyone.
• 12:31
  SPEAKER_02: But right now, I can go there and I can say, right, I'll tell you what, physical bar, what is the price of one physical bar, 50 physical bars?
• 12:40
  SPEAKER_02: That's the price, because somebody who is selling that bar is gonna price it according to the supply and demand.
• 12:50
  SPEAKER_02: It's a simple, it's good God, this is simple basics, really.
• 12:55
  SPEAKER_02: So so and and obviously, then you have now a trailing contract uh all running all through the session, HAU, physically deliverable.
• 13:06
  SPEAKER_02: It has to you have to either own that bar to sell it or you have to buy that bar and pay for it fully.
• 13:13
  SPEAKER_02: So ironically, at the two derivative fixes, which is obviously a mixture of Comex dilution, um six to eight hundred tons of uh gold running through the paper markets and three to five tons getting delivered.
• 13:33
  SPEAKER_02: But the deli that the interesting thing is that delivery point is a T plus one NSFR compliance since Basil III.
• 13:42
  SPEAKER_02: So the three to five tons is deliverable.
• 13:46
  SPEAKER_02: Now you've got this arbitrage between hey, and I saw$20 premiums the other day um in in in in in the H U A H A U to the spot.
• 13:58
  SPEAKER_02: And what are you gonna do?
• 14:00
  SPEAKER_02: It's thank you.
• 14:01
  SPEAKER_02: I want that bullion.
• 14:03
  SPEAKER_02: I'm literally going to buy it, ship it out.
• 14:06
  SPEAKER_02: Those 400 hours bars are gonna end up in in to provide liquidity for the sellers of bars to have more liquidity to offer more bars, and it's a growing, growing process.
• 14:20
  SPEAKER_02: And I think it's killing, it's gonna kill the COMEX, gonna completely kill it um from uh as a um reliable trading venue, and certainly uh as a producer, why would I offer, why would I let a bullion bank handle the fix for me, handle the fix for me, and and front run it for me and literally um cause me a problem.
• 14:47
  SPEAKER_02: When when it's when I can literally, not only when I buy the spa Craig, I can col I don't have to sell that bar, I can collateralize it because it's a high quality liquid asset, because everything in that vault is is physical, I can actually use that and collateralize that because everyone accepts the fact, yeah, I'll take that bar, I'll take the collateral on that because it is a physical bar and I can track it live and I can adjust my margin on your borrowings accordingly without you having to sell a single thing.
• 15:22
  SPEAKER_02: Now, that to me is what should be happening, and it's what where the volume and the liquidity is coming.
• 15:29
  SPEAKER_00: You mentioned uh being able to sell your bar in other parts of the world, and that's the actual price.
• 15:34
  SPEAKER_00: I mean, the world got a slap in the face of the reality of that, you know, with the start of the Iran war and the yeah, I mean, you can say, oh, here, look at the price of WTI crude trading on NyMex, is this?
• 15:45
  SPEAKER_00: And then you find out, yeah, but if you really need a barrel of crude oil uh somewhere in the east, it ain't$85 a barrel, that sort of thing.
• 15:55
  SPEAKER_00: If you really need the actual thing, and that's kind of what you're getting at here, uh, Andy.
• 16:00
  SPEAKER_00: And you talk about the Comex losing relevance, they've done it to themselves.
• 16:05
  SPEAKER_00: Um, we're we're back down, Andy.
• 16:07
  SPEAKER_00: We just made multi-decade lows in contract open interest in uh silver and gold.
• 16:15
  SPEAKER_00: I mean, like going back to the early 2000s, the total meaning the amount of contracts through the whole board that are trading, multi-decade lows.
• 16:25
  SPEAKER_00: Even right now, today, as we record, the silver's back down to like 103,000 contracts lowest since May, when it was coming off those lows.
• 16:33
  SPEAKER_00: And they did it to themselves.
• 16:34
  SPEAKER_00: I mean, Andy, for as long as I've known you, any kind of rally, the CME group will say, Oh, well, the volatility is picking up.
• 16:43
  SPEAKER_00: We have to increase margins.
• 16:45
  SPEAKER_00: But when the volatility is to the downside, they never do that, right?
• 16:49
  SPEAKER_00: And so when things were really, you know, I don't know, getting out of hand, getting crazy, getting fun, whatever in December and January, not only increased margins, they eventually changed the rules to where the margin now is a percentage of the underlying.
• 17:02
  SPEAKER_00: And so if you're playing, it's like any other casino.
• 17:06
  SPEAKER_00: I mean, if you're sitting there and the pit boss is constantly coming up and raising the table limits and and adjusting the payout on your blackjack from three to two to six to five to four to five, and you're gonna throw up your hands and go, screw this, I'm not playing this game anymore.
• 17:23
  SPEAKER_00: And that's what, and that's where these the the CME group and the COMEX is is is just losing their customer base.
• 17:29
  SPEAKER_00: Now, the problem is when you drain the pool of market participants and you cut back the liquidity, if you will, of all these contracts, then the moves you get are even more volatile.
• 17:42
  SPEAKER_00: And we continue to see this, you know,$2 moves,$3 moves in silver,$100 moves in gold, because there's just nobody home.
• 17:50
  SPEAKER_00: And it's particularly bad in the afternoons when Comex closes, England's out, you know, all your London traders are already in the bar and half passed out on a stool somewhere, uh, China's sound asleep, and there's nobody left but the trading algorithms that just simply take their cues from, you know, if the dollar's up a tick, you know, a penny or you know, goes down a penny or whatever.
• 18:15
  SPEAKER_00: And it's all just, like you said, it's it's it's the world rec, it's still part of this world recognized price.
• 18:22
  SPEAKER_00: Okay, fine.
• 18:24
  SPEAKER_00: Um, but even under these rules, we've seen how the gold price and the silver price have gone up dramatically over the last three or four years.
• 18:32
  SPEAKER_00: And that I just can't help but think that's just uh, I mean, we're just getting started in that regard.
• 18:38
  SPEAKER_02: Yeah, and I think year to year, even accounting for the wash fallback, non-farm payrolls fallback, even accounting for that, where we are today, even in the gaming that's going on today, still 25% higher than we were uh a year ago.
• 18:56
  SPEAKER_02: Right.
• 18:56
  SPEAKER_02: I mean, hang on, that's a that's not a small percentage increase.
• 19:01
  SPEAKER_00: And so, you know, Andy, look, I I'm just I'm gonna jump in on you here and provide this a bit of context too.
• 19:07
  SPEAKER_00: Yeah.
• 19:08
  SPEAKER_00: And you and I have tracked, yeah, I mean, you've tracked this longer than I have.
• 19:11
  SPEAKER_00: And you you know that you know if gold would have you annualizing maybe 10% a year, yeah, you know, versus because again, the dollar's going down 10% a year, the gold's kind of going sideways, it's just taking 10% more dollars every year to buy the same ounce.
• 19:24
  SPEAKER_00: And so it averages that.
• 19:25
  SPEAKER_00: So you'd have these years where gold would go up 25%, and then the next year it'd be flat, you know, that sort of thing.
• 19:31
  SPEAKER_00: We were up 25% in 2024 and 63% last year.
• 19:37
  SPEAKER_00: The fact that we have less, I mean, less than a third of the year to go, and gold's up 3% year to date, if you just, you know, just want to look at it in calendar years, that's remarkable.
• 19:50
  SPEAKER_00: After 25 and 63, that we're not down like 40, gives you some idea.
• 19:56
  SPEAKER_00: I mean, again, like silver.
• 19:57
  SPEAKER_00: Silver can't get through$48 in 1979, goes back to the teens.
• 20:02
  SPEAKER_00: Can't get through$48 in 2011, goes back to the 20s, and then eventually the teens.
• 20:07
  SPEAKER_00: Gets through$48 11 months ago and hasn't sniffed it since.
• 20:13
  SPEAKER_00: You mentioned all commodities, copper's making new all-time highs.
• 20:17
  SPEAKER_00: You go down the list, zinc, uh, all these other different metals.
• 20:21
  SPEAKER_00: The Bloomberg Commodity Index breaking out of like a 10-year base.
• 20:26
  SPEAKER_00: All of these are signs pointing back to what we said about the kind of the death throes, you know, uh of this financialized, rehypothecated, um, derivative-driven financial system where, you know, based on debt, that you just got to just keep feeding the beast more and more cash, more and more dollars, more and more yen, more and more euros, you know, all this kind of stuff.
• 20:52
  SPEAKER_00: Uh, we're not at the end game of that yet.
• 20:54
  SPEAKER_00: I mean, the the first part of that is this yield curve control.
• 20:57
  SPEAKER_00: And that's what everybody needs to recognize that for what it is.
• 20:59
  SPEAKER_00: But as this continues, I mean, there's a reason why gold was$1,000 10 years ago,$2,000 five years ago, and$4,000 now.
• 21:07
  SPEAKER_00: It's gonna be$8,000 within the next five years, and then it's gonna go to$16,000 because the rate of the dollar devaluation is not gonna slow.
• 21:16
  SPEAKER_00: In fact, it's probably only gonna increase.
• 21:18
  SPEAKER_00: And so, again, getting back to the same old point.
• 21:20
  SPEAKER_00: It's fun to trade, it's fun.
• 21:22
  SPEAKER_00: Hey, look at this.
• 21:22
  SPEAKER_00: Look, aren't I smart?
• 21:23
  SPEAKER_00: Look at this.
• 21:24
  SPEAKER_00: I picked the low and all that kind of stuff, yippee.
• 21:27
  SPEAKER_00: Um, but the best plan is what you and I have always discussed get the physical metal, get it out of the hands of the bankers, force the deleveraging of their scam and get it into your own hands, and then sleep as well as you possibly can as you watch all this unfold.
• 21:44
  SPEAKER_02: Yeah, and now, and now they're having to deal with um a whole different um uh global south, yeah, having the facility now to actually um act uh to actually trade in their own sphere.
• 21:59
  SPEAKER_02: And And who cares?
• 22:02
  SPEAKER_02: Who cares what the Comex price is?
• 22:04
  SPEAKER_02: Who cares?
• 22:05
  SPEAKER_02: The only reason you care is can I take advantage of it as a physical trader?
• 22:12
  SPEAKER_02: Right.
• 22:12
  SPEAKER_02: Can I take advantage?
• 22:13
  SPEAKER_02: That's my only reason I would be looking at.
• 22:16
  SPEAKER_02: Uh obviously, we study the markets, we look at the technicals.
• 22:20
  SPEAKER_02: Those technicals, Craig, the people should spout technicals and they're important.
• 22:25
  SPEAKER_02: Technicals are important, but the longer-term um technicals that are anchored in a historical past that is gone.
• 22:33
  SPEAKER_02: It is no longer a synthetic, purely synthetic market.
• 22:38
  SPEAKER_02: The tail is beginning to wag the dog.
• 22:39
  SPEAKER_02: Remember that all those years ago?
• 22:41
  SPEAKER_02: We were talking about the physical tail starting to wag the uh the paper dog.
• 22:46
  SPEAKER_02: And it is beginning to happen.
• 22:48
  SPEAKER_02: And it's thank you to um really China opening up.
• 22:53
  SPEAKER_02: It's 60,000 tons, and and everyone's got a different figure.
• 22:57
  SPEAKER_02: Some people think it's 40, some I'm pretty sure it's around 60.
• 23:00
  SPEAKER_02: My my opinion is it's 60,000 tons.
• 23:03
  SPEAKER_02: Um, and and that's of monetary gold and everything combined.
• 23:07
  SPEAKER_02: Um now up until uh literally the 6th of uh January, four weeks ago, it wasn't available.
• 23:18
  SPEAKER_02: That gold was not available to provide liquidity to the physical market.
• 23:22
  SPEAKER_02: Now it is SGE Connect connects all of that stuff up.
• 23:26
  SPEAKER_02: So now essentially you now have sufficient liquidity, ultimately, you have a sufficient liquidity to make to accommodate any size, and it's one step at a time, obviously.
• 23:40
  SPEAKER_02: And this is the end of the paper scam.
• 23:45
  SPEAKER_02: It is who cares about it, other than I want to take some of it.
• 23:49
  SPEAKER_00: It's interesting.
• 23:51
  SPEAKER_00: For sure.
• 23:51
  SPEAKER_00: Yeah, and you use it, you do use it to your advantage.
• 23:54
  SPEAKER_00: It's mispricing.
• 23:55
  SPEAKER_00: And you know, and it's funny, Andy.
• 23:57
  SPEAKER_00: Um, do you did you see the uh what was it last Thursday, maybe it was the day before the jobs report?
• 24:04
  SPEAKER_00: And it was the most recent yent intervention.
• 24:08
  SPEAKER_02: Yeah.
• 24:08
  SPEAKER_00: And instead of like a just a one-minute hammering, you know, where Japan buys everything and blows out the you know, the offer stack and it goes from 160 to 157, you know, inside of a minute, it's 45 degrees down like this on the chart for like 12 hours.
• 24:24
  SPEAKER_00: Did you see that?
• 24:24
  SPEAKER_00: It was a totally different way of doing it.
• 24:26
  SPEAKER_00: They just stayed on the bid.
• 24:28
  SPEAKER_00: What is a yen intervention like that, which is obvious to everybody, right?
• 24:33
  SPEAKER_00: If not foreign currency manipulation, right?
• 24:36
  SPEAKER_00: That's what it is.
• 24:37
  SPEAKER_00: Let's call it what it is.
• 24:39
  SPEAKER_00: What's yield curve control or quantitative easing, if not bond market intervention manipulation, right?
• 24:46
  SPEAKER_00: When the Iran war started, why is the why is what WTI stayed as low as it is?
• 24:51
  SPEAKER_00: Well, because Besson and his minions announced they were gonna sell crude oil out of the Strategic Petroleum Reserve at the front month, at the spot, and then use the backwardation of the board to buy it back a year or two from now and get you know 1.2 barrels for every one barrel that they sold to people.
• 25:11
  SPEAKER_00: That's crazy.
• 25:11
  SPEAKER_00: No, go back and you can look that up.
• 25:12
  SPEAKER_00: That was something they announced that they were gonna do.
• 25:14
  SPEAKER_00: So they're selling in the present.
• 25:17
  SPEAKER_00: I mean, again, that's crude oil manipulation.
• 25:20
  SPEAKER_00: But oh no, Andy, everything is manipulated except gold and silver.
• 25:25
  SPEAKER_00: They are sacrosanct, pure as a driven snow market.
• 25:32
  SPEAKER_00: It's just like, okay, whatever.
• 25:35
  SPEAKER_00: You use this to your advantage, right?
• 25:37
  SPEAKER_00: You mentioned uh technical analysis being uh it's it's maybe helpful in the short term.
• 25:44
  SPEAKER_00: If you understand, it's and it's not so prevalent as it was when we first met 15 years ago.
• 25:49
  SPEAKER_00: But the banks, when they need price at a certain level, they use that technical analysis to their advantage.
• 25:56
  SPEAKER_00: Yeah.
• 25:57
  SPEAKER_00: They know the trading machines, which you know on the U.S.
• 26:00
  SPEAKER_00: shores are two-thirds, three-quarters of the daily trading volume is just algorithms.
• 26:05
  SPEAKER_00: They know the algorithms are going to react if price breaks down through a moving average or something like that.
• 26:12
  SPEAKER_00: And so then they'll pin the price right.
• 26:14
  SPEAKER_00: Look at the gold price, right before Jackson Hole was right on top of its 200 day.
• 26:20
  SPEAKER_00: It had just barely broken through.
• 26:21
  SPEAKER_00: It had been above it for like four days, and it's sitting right on it.
• 26:25
  SPEAKER_02: Yeah.
• 26:26
  SPEAKER_00: And then here comes, here comes Wars and Kablamo, and all the stops get run, and everybody, every human trader with a stop goes, oh no, it's back below the 200 day.
• 26:35
  SPEAKER_00: I better sell.
• 26:37
  SPEAKER_00: And oh maddening.
• 26:40
  SPEAKER_00: In the end, though, as you said, and I just we just keep repeating this.
• 26:44
  SPEAKER_00: Uh you and I have talked about this, discussed this informally and formally for as long as we've known each other, 15 years.
• 26:52
  SPEAKER_00: The only, the only plan that you can have is to get money out of the financialized system.
• 27:01
  SPEAKER_00: I mean, you can try to keep some in there, you know, and use it as an inflation hedge.
• 27:06
  SPEAKER_00: If you can get um, you know, greater than inflation returns in the stock market or whatever, that's I mean, that's what you got to do, but you've got to limit it your exposure uh to this dollar-based, pound-based, yen-based, debt-based system.
• 27:21
  SPEAKER_00: And your best asset for doing that is physical gold and physical silver too.
• 27:26
  SPEAKER_02: Yeah, and I mean, if they get this wrong, I mean, you're talking about these backwardation trades, they're all paper, aren't they?
• 27:32
  SPEAKER_02: You you're swap in this case, you're swapping physical gold for something way in the future.
• 27:37
  SPEAKER_02: I mean, I mean, I mean, it's it's it's paper.
• 27:40
  SPEAKER_02: It's yeah, so it's so it's part of this two quadrillion odd derivative bubble.
• 27:46
  SPEAKER_02: And and and the thing is what they're doing here, what Bescent is doing and what is is is really trading what is in armor, get it, it's a bomb.
• 27:56
  SPEAKER_02: It's a it's a it's a nuclear potential implosion of the derivative market.
• 28:02
  SPEAKER_02: So this Bessent is playing with fire here because when you're talking about a um, I mean, one of those daisy chains, one of those banking Davy chains go down and the whole thing implodes.
• 28:16
  SPEAKER_02: So a paper position, whether it's gold, oil, or anything, a paper position, somebody might take the view, I don't want anything to do with that paper position.
• 28:26
  SPEAKER_02: Right.
• 28:26
  SPEAKER_02: If I'm holding a physical bar, if I'm holding a physical barrel, I want physical, I want it as something to barter for that.
• 28:36
  SPEAKER_02: Gold is obviously the only thing that is imminently fungible as silver.
• 28:42
  SPEAKER_02: The only thing that is imminently fungible, easy to, easy to actually value, collateralize um oil, obviously can be part of that process.
• 28:52
  SPEAKER_02: Any hard, any, as we said before, any high quality, low absolescence uh real asset is I'll exchange that, I'll exchange one thing for another because that's a real price.
• 29:06
  SPEAKER_02: So these paper bets down the road are useless and worthless.
• 29:11
  SPEAKER_02: And and if you're holding an ETF position in gold or silver, I mean, Craig, how many times have we talked about people?
• 29:20
  SPEAKER_02: Please be aware it's not a physical position.
• 29:24
  SPEAKER_02: You are just part of a market, a bubble market of derivatives, basically.
• 29:30
  SPEAKER_02: So it's a lesson that I know you talk about regularly, and I talk about regularly.
• 29:35
  SPEAKER_02: Please don't get involved unless you obviously, if you're a hedge fund and you have no mandate to actually uh take physical delivery and you want to enter the debasement trade, you're doing some the you won't be rinsed unless the whole thing blows up.
• 29:54
  SPEAKER_02: But but and they try and rinse out all those positions, but essentially, they're other than those positions, which they're forced, why would you play in that sandpage?
• 30:05
  SPEAKER_00: Right.
• 30:06
  SPEAKER_00: Andy, I'm remembering now, I mean, going back to 2011 or 12, a podcast you and I recorded, uh, where you described the GLD and the SLV as just nothing more than flywheels of physical metal for the banks in London.
• 30:23
  SPEAKER_00: And I remember recording that and like, yeah, that I never really thought of it that way, but that makes sense.
• 30:28
  SPEAKER_00: And then I posted that and people went bananas.
• 30:30
  SPEAKER_00: You know, all of the people that still to this day don't like you and I.
• 30:35
  SPEAKER_00: You know, we were agreeable guys.
• 30:37
  SPEAKER_00: What are dislikable about us?
• 30:39
  SPEAKER_00: But uh, that's not true.
• 30:40
  SPEAKER_00: That's not how that works.
• 30:41
  SPEAKER_00: And now here we are in 2026, and it's generally accepted that that's true because people can track the lease rates and see everything else that's going on, you know.
• 30:49
  SPEAKER_00: And um that's those ETFs were designed by the banks for the banks as an immediately deliverable available supply.
• 31:01
  SPEAKER_00: Uh, you know, the the bullion banks are the authorized participants.
• 31:05
  SPEAKER_00: The authorized participants are the only entities that can actually get metal out of those vaults for SOV and GLD.
• 31:13
  SPEAKER_00: And when they are short and they need when they need immediately deliverable, they just cobble together some shares, they and they short it, and they take it out of the GLD and they blow it out.
• 31:23
  SPEAKER_00: Those things what's amazing, think of it that um Stanley Drucken Miller.
• 31:30
  SPEAKER_00: Remember the about two weeks ago?
• 31:32
  SPEAKER_00: Druckenmiller is Besson's old boss, and he writes a thing in uh Wall Street Journal.
• 31:37
  SPEAKER_00: Did you see this about how irresponsible Bessin's being?
• 31:41
  SPEAKER_00: Oh, yes.
• 31:42
  SPEAKER_00: Yes.
• 31:42
  SPEAKER_00: Remember that?
• 31:42
  SPEAKER_00: He's oh, you gotta let the market do what the market does, Scott.
• 31:46
  SPEAKER_00: Like, like, first of all, I look, he's Stan, I'm not gonna argue that Stan Druckenmiller is about a hundred times smarter than I am.
• 31:54
  SPEAKER_00: I mean, clearly he is, right?
• 31:56
  SPEAKER_00: I mean, he's about a million times more wealthy than I am.
• 31:59
  SPEAKER_00: But this is this dude also owns the GLD.
• 32:03
  SPEAKER_00: So it kind of gives you a little bit of a background.
• 32:05
  SPEAKER_00: I mean, whenever he's long gold, he's long the GLD.
• 32:08
  SPEAKER_00: Okay.
• 32:08
  SPEAKER_00: Um, the other part is here's Druckenmiller, you know, apparently one of the smartest hedge fund guys in the world, saying, Oh, you got to let the market, you know, establish the price and all this stuff.
• 32:21
  SPEAKER_00: Here's Bessent.
• 32:22
  SPEAKER_00: This is how, I mean, Bessent's his former right-hand man or whatever he is.
• 32:27
  SPEAKER_00: Here's Bessent saying, no, no, we can't.
• 32:30
  SPEAKER_00: We can't let that happen.
• 32:32
  SPEAKER_00: And we we've got to intervene in the foreign currency markets, you know, and prop up the yen.
• 32:37
  SPEAKER_00: We've got to intervene on the long end of the treasury curve and prop up the long bond.
• 32:42
  SPEAKER_00: What does Bessent know?
• 32:44
  SPEAKER_00: He's the one in the chair.
• 32:45
  SPEAKER_00: I mean, Druckenmiller has no right to, he doesn't have all the information.
• 32:49
  SPEAKER_00: Bessent does.
• 32:50
  SPEAKER_00: Bessant knows how dire the situation is.
• 32:53
  SPEAKER_00: He's the actual Secretary of the Treasury.
• 32:55
  SPEAKER_00: Druckenmiller is just his guy in his ivory tower in New York City.
• 32:58
  SPEAKER_00: He doesn't know what Besson knows.
• 33:00
  SPEAKER_00: So the fact that Bessent is doing all of this, and all of this announced over the course of four weeks, and all of it just to start, tells you how dire this situation is getting financially.
• 33:13
  SPEAKER_00: And again, okay, sure, gold pulled back.
• 33:17
  SPEAKER_00: Yeah, it got overextended in January.
• 33:19
  SPEAKER_00: It was crazy, and it was dollar was falling precipitously, and all these things were happening.
• 33:26
  SPEAKER_00: Gold then bounced back, silver bounced back, and then the war starts.
• 33:29
  SPEAKER_00: And you end up getting this 35% pullback, which Andy, how many times did that happen in the 70s, right?
• 33:37
  SPEAKER_00: In that great previous bull market, what we had two or three pullbacks like that, right?
• 33:42
  SPEAKER_00: While gold went up 9x.
• 33:44
  SPEAKER_02: Yep.
• 33:45
  SPEAKER_00: So that now has taken place.
• 33:47
  SPEAKER_00: We are now positive on the year in gold.
• 33:50
  SPEAKER_00: Uh silver still down a little bit on the year, but still was up a hundred, what was that, 123% or something last year?
• 33:57
  SPEAKER_00: And now it's down 5% on the year.
• 34:00
  SPEAKER_00: Okay.
• 34:01
  SPEAKER_00: Um I this period of time that we are now living in.
• 34:07
  SPEAKER_00: Um, I know we've thought this for you know 15 years, almost 20 years now since the great financial crisis, but this current period now is where we're finally into that almost hockey stick exponential uh movement in global balance sheets, uh, you know, sovereign balance sheets, uh, interest expense needed to service that debt.
• 34:29
  SPEAKER_00: And then consequentially, that's why you're seeing gold and silver starting to do the same thing.
• 34:34
  SPEAKER_02: It was really interesting.
• 34:36
  SPEAKER_02: Bessent this morning, um, I think they played it on Bloomberg.
• 34:39
  SPEAKER_02: He said, I am the market.
• 34:42
  SPEAKER_02: You want to take me on?
• 34:43
  SPEAKER_02: And it's like so he's challenging you to take.
• 34:47
  SPEAKER_02: Hang on, this is he's all he's thinking in this narrow band of FX currencies, and so he's thinking that narrow band.
• 34:57
  SPEAKER_02: But outside of that little sphere, there's people going, okay, I'll take you on, because I'll take you on or buy some gold.
• 35:05
  SPEAKER_02: Because, as you said earlier, everything is all for they admit they fully admit, and this is blatant for um FX uh interventions, it is uh sanctioned, it goes on forever.
• 35:17
  SPEAKER_02: But gold and silver are also FX transactions.
• 35:21
  SPEAKER_02: They are the oil isn't, other most copper isn't, but gold and silver are foreign exchange transactions.
• 35:29
  SPEAKER_02: The other side of that trade is the dollar or the pound or the euros that so so people, I can't believe people are that dumb that they don't realize, of course, they intervene in all foreign exchange contracts, right?
• 35:43
  SPEAKER_02: No matter what they are, and they all interrelate anyway.
• 35:47
  SPEAKER_02: But now there he is, take me on.
• 35:50
  SPEAKER_02: You want to take me on with uh yen?
• 35:51
  SPEAKER_02: Take me on.
• 35:52
  SPEAKER_02: Well, yes, but there's some very interesting people in in the uh Hong Kong SGE South, uh the global south, who are saying, yeah, okay, I'll take I'll take those dollars, thank you very much, and we will convert them because what you're doing is you're actually selling gold to get to to create dollars, or you're buying or selling dollars to create gold.
• 36:14
  SPEAKER_02: But in this case, you're selling dollars, you're you're creating a higher dollar price, which is all I'm looking for, as we said, circling right back.
• 36:24
  SPEAKER_02: The only reason I look at these mummy markets anymore is where's my opportunity to buy more physical out of this debt-ridden bubble that's about to blow up where they're scrambling with what 41 trillion of uh what I mean, good God, this is not rocket science.
• 36:43
  SPEAKER_00: Right.
• 36:44
  SPEAKER_00: And and Andy, the the argument that uh the permabearers make or the chart readers make that say gold's going back to 2000, there's still this concern about this great deflation, right?
• 36:56
  SPEAKER_00: Yeah, well, hey, anything can happen.
• 36:59
  SPEAKER_00: That's not gonna happen.
• 37:01
  SPEAKER_00: I'm pretty confident because it can't be allowed, man.
• 37:06
  SPEAKER_00: That if if you were to have this great deflation that supposedly, you know, cuts a stock market back by 75% and gold goes back to 2000 and all these kind of things.
• 37:16
  SPEAKER_00: Talk about liquidity drain and completely wiping out everything.
• 37:21
  SPEAKER_00: I mean, they maybe who goes, like I said, anything can happen.
• 37:26
  SPEAKER_00: But they are they, the central bank and treasury department, you know, of everybody around the world, they are going to all work hand in hand to keep that from happening.
• 37:37
  SPEAKER_00: That's what the QE programs of 2009, 2010, and 2012 were about.
• 37:44
  SPEAKER_00: That's what all of that uh remember in 2018 and 19, everything seized up, and it seemed like we were one day away from having a liquidity lockup in the banks then and you know, and what they had to do, and then a COVID comes along and they do$5 trillion of all this alphabet soup of new programs.
• 38:02
  SPEAKER_00: This idea that somehow, oh, the Fed's gonna go back to a$1 trillion balance sheet.
• 38:09
  SPEAKER_00: No, come on.
• 38:10
  SPEAKER_00: You know, it it's it it goes hand in hand with this notion, yes, the politicians, oh, we're gonna balance a budget.
• 38:16
  SPEAKER_00: Oh, we wouldn't balance a budget if it weren't for those rascally Republicans or those rascally Democrats.
• 38:21
  SPEAKER_00: They can't do they just no way.
• 38:25
  SPEAKER_00: It just mathematically does not work in the current system.
• 38:29
  SPEAKER_00: And so all of the measures that they're gonna take, and again, I just can't get back to stress how important this is this yield curve control.
• 38:38
  SPEAKER_00: You and I have discussed this.
• 38:41
  SPEAKER_00: I I know I've been talking to people about it ever since COVID.
• 38:44
  SPEAKER_00: And then before that, that that was the end game.
• 38:47
  SPEAKER_00: That, you know, uh, they're gonna try to manage the short end, you know, and try not to let it get too high.
• 38:53
  SPEAKER_00: But the long end, you know, they gotta cap and kind of flatten out the yield curve if they have to, because they cannot let the bond market fall apart and yields go up, you know, yields double across the board because of just the simple what that does to the economy, what that does to federal income tax receipts and local income tax receipts, all that.
• 39:17
  SPEAKER_00: Then on top of that, what that does for the debt expense and servicing the existing, they just can't afford it.
• 39:23
  SPEAKER_00: There's this, I don't want to uneducated is not the right word.
• 39:28
  SPEAKER_00: You know, you're talking we we're talking earlier about people that are in love with the markets and they can't see through because they don't, they're just so fixated on what it's it's always been.
• 39:37
  SPEAKER_00: There's a lot of people that that's how they look at gold too.
• 39:40
  SPEAKER_00: They say, well, gold's just inflation hedge.
• 39:42
  SPEAKER_00: So I gold's not working because inflation's going up and gold's not going up.
• 39:46
  SPEAKER_00: And so obviously, it's not it there, it's not about inflation.
• 39:50
  SPEAKER_00: That's half the story because inflation is half of the calculation of the real interest rate.
• 39:58
  SPEAKER_00: Gold is about real interest rates and yield curve control, which is now the path that the U.S.
• 40:05
  SPEAKER_00: is on, is a permanent installation of negative real interest rates.
• 40:12
  SPEAKER_00: And when you have negative real interest rates, it is a it dissuades you from owning treasuries.
• 40:19
  SPEAKER_00: And then now we're back to why would you want instead of 6040, 60 2020?
• 40:25
  SPEAKER_00: Because that 40 is not making you real returns.
• 40:30
  SPEAKER_00: And that's where all of these pieces begin to connect.
• 40:33
  SPEAKER_00: We know the scam of the derivative uh and uh fractional reserve pricing scheme and how it's based on you know, one ounce is hypothecated and leveraged a hundred times, giving you this illusion that the gold is plentiful, when instead it's the derivatives that are plentiful, it's the collateral that's barely there.
• 40:54
  SPEAKER_00: And as this price keeps rising and demand continues, more and more people are going to figure out that you're right, the collateral, the actual gold is I better get my hands on some of this.
• 41:04
  SPEAKER_00: That squeezes the noose even tighter.
• 41:06
  SPEAKER_00: I just look, this is what I do for a living.
• 41:09
  SPEAKER_00: I develop, you know, I've devoted 16 years of my life to this.
• 41:12
  SPEAKER_00: So if it seems like I'm a passionate believer, it's I am.
• 41:15
  SPEAKER_00: And I just know the math is the math, Andy.
• 41:18
  SPEAKER_00: And so we can rail and be frustrated by what we see on a day-to-day basis or week-to-week basis and that kind of stuff.
• 41:26
  SPEAKER_00: But um in the end, I know I've done the right thing, owning physical gold and physical silver and uh um any mining shares too, for that matter.
• 41:36
  SPEAKER_00: And we'll just buy the dip, like you said, and continue to position ourselves so that we're protected for this just monetary destruction that that continues.
• 41:46
  SPEAKER_02: Yeah, and and and that that I mean that sums it up beautifully, Craig, because essentially we're not, you know, we're we're not playing, we're not playing um the the the comics um uh game.
• 41:59
  SPEAKER_02: What we we're only interested in um if it's gonna group generate a a better physical price, well, why not take advantage of that?
• 42:10
  SPEAKER_02: And and they those games are so predictable.
• 42:13
  SPEAKER_02: I mean, as you say, you go through a a moving average, it could be the 200, it could be the 100, whatever it is.
• 42:19
  SPEAKER_02: I mean, you know that led by the nose, um uh open interest, the open interest that is still there, it's led by the nose, and you can lead them through it and take the opposite side and you can shortcover.
• 42:33
  SPEAKER_02: But in that process, you're slowly losing.
• 42:37
  SPEAKER_02: The market makers are slowly losing this battle.
• 42:40
  SPEAKER_02: Because, as you say, if you're exiting, if the open interest is is at record lows, it's not coming back.
• 42:46
  SPEAKER_02: There's that's about it.
• 42:48
  SPEAKER_02: That's about all that's left.
• 42:50
  SPEAKER_02: No, everyone else is gone.
• 42:51
  SPEAKER_02: Every refiner I know, every producer I know is gone.
• 42:55
  SPEAKER_02: Long on.
• 42:56
  SPEAKER_02: Thank you very much, no one interested.
• 42:58
  SPEAKER_00: Can I ask you one last question, Andy?
• 43:00
  SPEAKER_00: Yeah, because this has just been floating around in my mind that I and I don't think it's getting enough attention.
• 43:05
  SPEAKER_00: It's one of those things that maybe it'll change and we'll look back and go, that was no big deal.
• 43:11
  SPEAKER_00: But I mean you mentioned China earlier, right?
• 43:14
  SPEAKER_00: And all the gold they've been bringing in and buying officially, unofficially, and there's all these numbers, you know, all this kind of stuff.
• 43:22
  SPEAKER_00: The official numbers, when they started buying again, what was about 2023?
• 43:29
  SPEAKER_00: I mean, they took to some time where they weren't rebuying anything.
• 43:32
  SPEAKER_00: And then there were the last two years, 24 and 25, were both about 20 to 25 metric tons for the entire year.
• 43:41
  SPEAKER_00: I went, I remember I do know last year was 27 metric tons officially for the full year.
• 43:50
  SPEAKER_00: They just reported 20 metric tons for the month of August, bringing the full year so far to eight.
• 44:00
  SPEAKER_00: 80.
• 44:01
  SPEAKER_00: 80.
• 44:02
  SPEAKER_00: Again, they've been creeping along with their officials, you know, 24, 25, 27.
• 44:07
  SPEAKER_00: This year, I mean, if it just say it just keeps going, they're going to do 100 plus.
• 44:12
  SPEAKER_00: Is this a story that we're missing?
• 44:13
  SPEAKER_00: Is I what is this something where we're just kind of walking right past it?
• 44:17
  SPEAKER_00: And there's this should be a glaring light.
• 44:20
  SPEAKER_02: I think it's exactly that, Craig.
• 44:22
  SPEAKER_02: I think they've gone from stealthy to public.
• 44:26
  SPEAKER_02: Here, this is what we're doing.
• 44:28
  SPEAKER_02: We are publicly buying.
• 44:30
  SPEAKER_02: We're no longer, yes, we're hiding.
• 44:33
  SPEAKER_02: Pardon?
• 44:33
  SPEAKER_02: Why did they change?
• 44:35
  SPEAKER_02: Why is it all of a sudden?
• 44:36
  SPEAKER_02: Because I think they want to attract the business.
• 44:39
  SPEAKER_02: They want to attract gold as, in other words, we're buying it.
• 44:43
  SPEAKER_02: Why you should buy it.
• 44:45
  SPEAKER_02: And so 19 point something tons in in uh July, 20.2 tons in in August.
• 44:51
  SPEAKER_02: You watch, it'll go up and up and up.
• 44:54
  SPEAKER_02: And and they already made a commitment to all of their citizens back in 2010, as you know, buy gold and it will appreciate on price appreciation only.
• 45:06
  SPEAKER_02: In other words, they guaranteed a floor for their own citizens.
• 45:10
  SPEAKER_02: Now they've opened up this the gold, the global their gold.
• 45:15
  SPEAKER_02: You couldn't touch that gold up until the 6th of January.
• 45:18
  SPEAKER_02: Now, all of a sudden, you can actually uh use that to provide liquidity and to collateralize that liquidity.
• 45:27
  SPEAKER_02: So what they're doing is I think they're sending a public message and saying, buy gold, we're buying gold, you should buy gold, and uh it's a good investment.
• 45:36
  SPEAKER_02: I think so.
• 45:38
  SPEAKER_00: Okay.
• 45:38
  SPEAKER_00: Because again, it is uh it it's one of those things you see it every month.
• 45:42
  SPEAKER_00: You're like, wait, that's 10 times what they were doing.
• 45:45
  SPEAKER_00: I mean, that should be a slap in the face there.
• 45:47
  SPEAKER_00: It's like, whoa, wait a second.
• 45:48
  SPEAKER_00: And instead, it's just like one random headline I see on X, and nobody ever stops and goes, wait a minute, this is kind of weird.
• 45:56
  SPEAKER_02: Yeah, do you remember when they were they when they they appeared they were not buying anything?
• 46:00
  SPEAKER_02: Anything, yeah.
• 46:02
  SPEAKER_02: And we knew, we knew they were buying all the time.
• 46:04
  SPEAKER_02: We could see they were buying, but they there was it was no movement for years, and yet they were buying.
• 46:10
  SPEAKER_02: So now that they didn't they had to be stealthy then.
• 46:13
  SPEAKER_02: Why not take the fool's gold from these people?
• 46:16
  SPEAKER_02: Why not take their gold?
• 46:18
  SPEAKER_02: Now, well, we're in the game, we've we got a physical market, come and join us, buy buy gold.
• 46:24
  SPEAKER_02: And and they did it to their citizens 2010, 2026, 6th of January, they're saying to everyone else, buy gold.
• 46:32
  SPEAKER_02: We will guarantee your floor, essentially.
• 46:36
  SPEAKER_02: I think so globally.
• 46:37
  SPEAKER_02: Yeah.
• 46:38
  SPEAKER_02: So, Craig, I know that you are I know that you we're pushing the the envelope here for you because I know you've got your own podcast to get on with.
• 46:48
  SPEAKER_02: Uh, in the time we've been talking, uh, best sense price went down, came back up, and here we're back, it's right back to where we were when we started speaking.
• 46:56
  SPEAKER_02: So, same old stuff.
• 46:58
  SPEAKER_02: Hey, it's a casino, right?
• 47:01
  SPEAKER_02: Yeah.
• 47:01
  SPEAKER_02: The casino makes money and yeah, but a lot of people had a lot of uh got a lot of bullion out of this, uh saying, okay, you know that when he does something, that there'll there'll always be whatever it is, whatever event happens, whatever the news is, no matter what it is, first thing you do is chank the price.
• 47:20
  SPEAKER_02: Right, right.
• 47:22
  SPEAKER_02: First thing you do, it doesn't matter what the news is, even if it's a a an unfarmed payrolls miss, you know, or a beat, it doesn't matter.
• 47:29
  SPEAKER_02: Tank the price anyway.
• 47:31
  SPEAKER_02: Yeah.
• 47:32
  unknown: Yeah.
• 47:33
  SPEAKER_02: And then you're bound to rinse out somebody's.
• 47:35
  SPEAKER_02: But Craig, thank you for for being there.
• 47:39
  SPEAKER_02: Thank you for the man you are, thank you for the um for for the message, the positive message you've had over the years, uh, for providing information to people so people can understand, not get shaken out of your stack.
• 47:56
  SPEAKER_02: You know, that's what you've been about all this time.
• 47:58
  SPEAKER_02: It's being about get your stack, convert what you can.
• 48:02
  SPEAKER_02: If you have to have some cash around, fine.
• 48:04
  SPEAKER_02: But you know what?
• 48:05
  SPEAKER_02: Do what you can to insulate yourself from what is really you've just described, uh this this bescent thing, this this uh yield curve control.
• 48:17
  SPEAKER_02: Um it's the last legs of uh of a very, very bad situation about to implode.
• 48:22
  SPEAKER_02: So you know thank you for the message that you've sent to people just by physical.
• 48:30
  SPEAKER_02: And I heard you say twice, physical gold, physical silver.
• 48:35
  SPEAKER_00: That's what you that's your message.
• 48:37
  SPEAKER_00: Get it out of their hands.
• 48:38
  SPEAKER_00: Uh and Andy, I you're my yeah, I mean you're just a dear friend, and I appreciate all the kind words.
• 48:43
  SPEAKER_00: And the only thing I'll add, you know, I've been doing this for 16 years, and there was a lot of wandering in the desert back there in 2015 and 2018, and you know, even 2022.
• 48:54
  SPEAKER_00: Um the best, the my the ones I save, the emails I get that I save that don't just go to junk, the ones that I save are the ones I get from people that say, you know, I'd have given up.
• 49:04
  SPEAKER_00: If it wasn't for your persistence saying that the math was the math and I had to hang in there, I'd have given up.
• 49:12
  SPEAKER_00: And I wouldn't own gold now as it's skyrocketed.
• 49:15
  SPEAKER_00: I wouldn't own silver as it's been going.
• 49:17
  SPEAKER_00: I wouldn't own it, you know, the mining shares or whatever.
• 49:19
  SPEAKER_00: But your persistence, and again, it's not like I'm, you know, gonna get some Nobel Prize, you know, for being a genius.
• 49:26
  SPEAKER_00: No, I've just the math is the math.
• 49:28
  SPEAKER_00: This is, I mean, it's just not complicated.
• 49:31
  SPEAKER_00: Uh, and so that that's I've I've that's probably the most gratifying thing of of you know all the time I've been doing this is and for you too.
• 49:40
  SPEAKER_00: I mean, you've been an advocate for as long as I've known you as well.
• 49:43
  SPEAKER_00: And all we can do, Andy, is to just try to keep warning people, uh, pulling the veil back from their eyes so they can see what's really going on, because most people are busy living their lives and trying to pay their mortgage and caring for their parents and their kids.
• 49:57
  SPEAKER_00: And um, they think tomorrow's just going to be like yesterday.
• 50:01
  SPEAKER_00: And it's just not, that's just not the case.
• 50:04
  SPEAKER_00: You've got just like the central banks are diversifying out of out of currencies into gold, you need to diversify out of currencies into gold.
• 50:11
  SPEAKER_00: And we'll just keep spreading that message is try to warn as many people as we can for as long as we can.
• 50:17
  SPEAKER_02: And and that's loud and clear, and I think um that that says it nicely, it sums it up nicely, Craig, because uh it's about education, it's about um being able to make your own decisions, to take responsibility for yourself.
• 50:32
  SPEAKER_02: You can't do that without information.
• 50:34
  SPEAKER_02: And they may or may not if if someone doesn't want to listen to us, fine, but it's information.
• 50:39
  SPEAKER_02: Go and check it out yourself, and it's all about context, and uh obviously it's not all bull, bull, bull.
• 50:48
  SPEAKER_02: It's actually wealth protection is the primary goal.
• 50:53
  SPEAKER_02: Wealth protection is really the primary goal, not making money necessarily, but certainly plug the hole in the bucket you have right now, at the very least, before you put any more uh assets into it.
• 51:07
  SPEAKER_00: 100%, my friend.
• 51:09
  SPEAKER_00: Let's uh let's thank you again for having me on.
• 51:12
  SPEAKER_00: Let's anytime you want, you know, I'm I'll be here for you and we'll do it again.
• 51:16
  SPEAKER_02: Bless you, brother, and uh it's really welcome.
• 51:19
  SPEAKER_02: Thank you.
• 51:20
  SPEAKER_01: Thanks for joining us on this episode of Life in the Vault, brought to you by Kinesis Money.
• 51:25
  SPEAKER_01: And a huge thanks to Andrew McGuire and our featured guest, Craig Hemke with TF Metals Report for cutting through all of the noise and sharing insights that you just won't find anywhere else.
• 51:36
  SPEAKER_01: And if you like this episode, make sure you subscribe right now.
• 51:40
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• 51:43
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• 51:45
  SPEAKER_01: And don't forget to share this episode with someone who really needs to hear the real story behind the headlines.
• 51:51
  SPEAKER_01: We're back soon with more hard-hitting truth from inside the precious metals industry.
• 51:56
  SPEAKER_01: So until then, thanks for watching, and we'll see you right here on Life in the Vault.
• 52:02
  SPEAKER_01: Bye for now, you know.