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Singapore's SILVER SITUATION - Bullion Insider Observations · SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT

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My fear really is that a lot of us are being lulled because we
0:04
don't see that silver price move and so we wait and we wait and
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eventually when we want to go and get it, there may not be
0:13
enough to go around. Today we have a special guest,
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Patrick Vieira, the host of SBTV Silver Bullion Television from
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Saint Louis, where I am, all the way to Singapore.
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We're going to talk about what's going on in the silver market,
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in the gold market, but Patrick's going to share with us
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his unique perspective from halfway around the world, from
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me, 14 hours away in Singapore. Patrick, welcome to Ron's
0:46
Basement. Thank you, Ron.
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I appreciate it. Thank you for having me on and I
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will try my best to give you the perspective of what's going on
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here. But I'm, I'm like you, I'm
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usually the guy behind the the microphone, not in front camera.
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So this is always a new experience for me where I
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hopefully don't don't say anything goofy.
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Wow. Just so our viewers know, your
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channel SBTV is very successful, number one.
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But you have the privilege I know of of interviewing some of
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the top figures within the precious metal sector.
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So the perspective you can share with us, most of my viewers will
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be in North America. I think it's very unique because
1:28
you've you've talked to a lot of these high level people.
1:32
You work in the bullion industry and on top of that you have this
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perspective from Asia. So how are things in Asia,
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Patrick? Things in Asia, they're on one
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end complicated, on the other end, fairly straightforward.
1:53
It all depends, same as in the West, on where you're getting
1:56
the news from. I I tend to call mainstream
2:00
media the iceberg media because same like the iceberg.
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You just see that tip, but there's a lot more under the
2:06
surface going on that you will never see.
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So we we get the same thing here in Asia.
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So you know it's the same thing like in the US where we have to
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piece things together. But overall from what I see it's
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just pretty calm. It is pretty calm and and we do
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see the West where you know things are are really starting
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to get a a bit. I don't know if chaotic's the
2:31
right word, but things are unfolding in a way that kind of
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makes you wonder where exactly is it unfolding to.
2:39
Yeah. So, so when when we think about
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silver and gold, I'm hearing more and more people talk about
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the safe haven aspect of the metals and it being a great way
2:51
to protect wealth and do do people in Asia, what's the
2:56
general perspective that you feel Do they you know in the
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United States, you know the the people that watch my videos, we
3:03
we refer to ourselves as basement dwellers.
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We you know, we know the the benefits of silver and gold but
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we feel like we're maybe one in 100 or one in 200 people.
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Is is it different in Asia? Are more people in tune with the
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benefits of silver and gold? You know, I'm, I'm going to say
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no there. There's a lot of people are
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still into the into the mainstream financial markets It
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it takes a lot of education still to to get people to
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understand what wealth protection is.
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And part of it is because when when we talk about wealth
3:44
protection what are we protecting our wealth from So so
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there's another component to this and and in Asia a lot of
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times people will not challenge the government they'll go along
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with what the government says they'll they'll believe pretty
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much what the government says. So in a place let's say like
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Singapore, everything works the the trains are on time, doing
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your taxes is is very easy. It it, it's clean, it's safe.
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So there's not much to worry about.
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So I know in the West, you know we're worried about a number of
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things. You know that the Federal
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Reserve, what they're doing, money printing, economy, all of
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these things in Asia, not so worried about it so, so to to
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understand what wealth protection is takes a bit of
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education. But we do have people who who
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come into the shop, they do buy silver, they they do buy gold,
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they understand it but not in in high numbers.
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On the flip side, because our company has a vault and we store
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gold and silver, we do have a lot of international clients who
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vault with us, whether they're from Europe, Australia, majority
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are actually actually from the US They understand what's going
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on and they have a different set of circumstances where they tend
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to be a bit more wealthy where they can store pretty large
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amounts of of gold and silver and then keep it let's say
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offshore. So it's a little bit of a of a
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different situation and and I know you know in the West we we
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like to buy coins and 10 oz bars and 100 oz bars and things like
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that. In Asia 1000 oz bars we see a
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lot of 1000 oz they'll be LDMA bar purchases.
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So it it's it's a little bit same in some aspects and and
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difference in in others. Are you seeing what you might
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call to the extent you're able to talk about this, but an
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uptick at all in terms of wealthy people from around the
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world who are making that move to protect part or a lot of
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their wealth with silver and gold?
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Yeah, yeah, a lot of wealthy people are are really moving
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into silver and gold. It it takes a while for them to
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understand because I I'll go out on a limb here and say if a
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person got wealthy or rich, chances are they didn't do it by
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by having silver and gold. They probably got wealthy by by
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doing something else. So so for them to to then move
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over into the spirit we're in, you know that we are in.
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They take the news, they digest it and they see that things, you
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know, not quite making sense. And then they will stick their
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one big toe into alternative media, YouTube space and
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whatnot. And it's a totally different
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ball game for them because they're hearing things that, you
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know, 2-3 years ago they would have called us a conspiracy
7:00
theorist or or whatever it might be.
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But they're starting to see it and it takes a while for them to
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to actually come to terms that, hey, these guys might be right
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or these guys are making sense. So even in shows like like
7:15
yours, probably the the best thing people could do when they
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leave comments, understand that their comments are probably the
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the biggest, strongest thing out there that could help a person
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to understand that they should be taking a look or moving into
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silver and and gold. But the wealthy in Singapore,
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there's been the astronomical amount of family offices opening
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up. So we're seeing a lot of wealth
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from let's say Hong Kong and and other places moving into into
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Singapore now. And and these guys are looking
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for for places to to park their money and they're taking a look
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at silver and gold, trying to understand it.
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Not to get too long here, but when you have these family
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office managers, their goal is to make money for for their
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client and they don't see how you're going to make money in
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silver and gold a lot of times. So they they kind of shy away
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from it. They stay mainstream.
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They they, they, it's hard for them to to tell their bosses, so
8:24
to speak. You know hey, put something in
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silver and gold because I think we all know it's kind of shifted
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from an investment probably more towards an insurance.
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So there's a there's a bit of a shift, but yes, a lot of a lot
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of wealthy people are are coming into precious metals.
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So Patrick, I know you're you're not allowed to mention specific
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names of your clients, but I can't help but ask if if if
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you've ever seen the name Jerome Powell or Janet Yellen come
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across your desk. Just joking.
9:01
Just joking. No, no.
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Yeah, it's it's it's it's it's fine.
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I we're never going to see those guys.
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They are the they're really out. They're they're, they're out
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there. You know I I mean I think there
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there's got to be 1 cell or two in their bodies that that know
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hey should be taking a look at gold and silver.
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But you know they're part of the establishment and and that
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establishment is leading us towards central bank digital
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currencies and it's all about power and and control.
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So, yeah, yeah, yeah, they're they're never, I I know we're
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we're joking here, but yeah. Well you know I I like I like
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what you said. I think what you described as
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they're they're living in for lack of a better way for us to
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describe it fantasyland you know make believe dollars and and and
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I I want I want to tell you and get your opinion on this.
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You know, I'm sure you've been to Disney World or an an
10:02
amusement park and you know, they have a fun house or or a
10:05
ride. It's almost like the Fed.
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It feels like to me here in the US has this, like fun house
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they've built. And most Americans, I can tell
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you from my perspective, are kind of inside the fun house,
10:17
right? And Jerome Powell's running the
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fun house. He has control.
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There's a smoke machine, there's mirrors and and there's those
10:26
mirrors that distort the way you look and everybody's happy and
10:29
everything's great. And Jerome's kind of running the
10:31
show. But I like to say that, you
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know, people that like us that invest in silver and gold, like,
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like we didn't go into the funhouse.
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And as a matter of fact, to get into the funhouse, there's a
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metal detector at the front door.
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And if you have any metal on you, you're not allowed in.
10:47
But at some point, at some point, that funhouse potentially
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could catch on fire. And when everybody rushes to get
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out, right, they're going to be rushing potentially to get the
11:00
silver and gold. Does that does that analogy make
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sense? Absolutely.
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It absolutely makes sense. I mean, I know guys like Jim
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Ricker say they they tell a story about, you know you're
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you're in a theater and you smell smoke and you know you
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you're the first guy. Well, that is true.
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That actually happened to me. I I was in the theater here in
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in Singapore and and I smelled smoke and I looked around and
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and everybody was still just watching the movie and let let a
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couple minutes go by and and I smell smoke and and I tell my
11:34
wife, hey I think there's a fire and a guard comes in the
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building or an usher comes in and doesn't do anything just
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stands by the door and I still smell the smoke and then I'm
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telling my wife, hey let's just get out of here.
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So we we go out and the whole corridor is just filled with
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smoke. I mean there there was a fire
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going on and just to say that everyone has a threshold, you
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know, some people have a threshold that that kicks in a
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lot earlier than than others. Some people, you know, they they
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can wait, they'll wait, they'll wait.
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The thing is we're we're running out of time.
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You know, it does make sense. You know, something like
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precious metals that they're finite.
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I'm watching the demand of silver and as well as you the
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demand for silver is incredible. Right now I'm watching what what
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China's doing as far as solar, solar panel, solar pace and all
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of these things. I'm watching how they they've
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created now solar panels that actually are flexible.
12:35
So it's not just going to be on buildings anymore, they're going
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to be on RV's, they're going to be on boats and they have enough
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power, they can collect enough sunlight to to have enough power
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to power these vehicles. So we're seeing an incredible
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demand for for silver, same as you, but the price isn't going
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anywhere. And so it's like well, well,
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what's going on with this, you know what I mean?
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Demand all over the world is just incredible.
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I mean people want to talk electric vehicles.
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There is silver in electric vehicles, but demands not not
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going anywhere. So my fear, my fear is when we
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actually see that price move and when we actually decide to go in
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and buy silver. I mean especially these guys who
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are still waiting for the end of the movie while the theater is
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burning down around them. I didn't want to watch the
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credits. There may not be silver anymore
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for for guys to really get because for whatever reason
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industry is, is just using it up.
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A lot of it is being wasted. We may have to create a a new
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recyclable silver market, a stronger recyclable market to to
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get silver back. But you know, my my fear really
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is that a lot of us are being lulled because we don't see that
13:54
silver price move. And so we wait and we wait.
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And eventually, when we want to go and get it, there may not be
14:03
enough to go around. If you're looking to buy gold,
14:06
silver, or platinum, do yourself a favor and check out Pimbex,
14:10
the online precious metals bullion dealer and sponsor of
14:15
Ron's Basement. I was a happy customer before
14:18
they offered to support the channel.
14:20
You'll find they have the best prices, quality and service.
14:24
I think Pembex is best and you will too.
14:28
And be sure to tell them that you're from Ron's basement.
14:30
I always recommend. Of course I don't give financial
14:34
advice, but I recommend to people buy on a regular basis.
14:37
I mean maybe you want to call it dollar cost averaging.
14:41
You know, if you, if you're in the mode where you still want to
14:44
be acquiring more metal just, you know, maybe every three
14:47
months, maybe every month, whatever the case may be because
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yeah, it does feel like we've been lulled asleep.
14:53
But you know I want to point something out to you from from
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AUSA perspective. You know there's a couple
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examples recently where you couldn't, could not get silver
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in the United States. One was just what nine months
15:07
ago during the little banking issue we had in March and April
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of this year, you know, I went, I have a very large bullion coin
15:18
shop dealer near my house. I went there, I mean it was
15:21
wiped out, there was nothing and you had to wait six weeks to get
15:25
anything. I know the online bullion
15:27
dealers had the same situation. They raised minimum prices.
15:30
They you know had four or five, six week waiting periods and
15:34
that was you know that was probably a bigger deal than they
15:39
let on in terms of what was going on.
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But it wasn't a huge deal and we had the same thing during the
15:45
C19 situation where we had big disruptions not it didn't take a
15:50
lot to disrupt the silver market.
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And this is great, Patrick. You know yesterday I was talking
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with Yara from Arcadia Economics.
15:58
She brought this, you know how, how small the, how small the
16:03
silver market is. It's tiny.
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It doesn't make sense. And I and I often like to say
16:07
like you know if you figure there's a billion oz provided to
16:11
the market every year between mining and recycling that that's
16:15
like a $25 billion market. And and and what I find crazy is
16:21
if you know I go, I use Yahoo Finance quite a bit and Yahoo
16:25
Finance on the top banner of their page has the S&P 500, the
16:29
NASDAQ, the Dow, the 10 year bond and then they have gold and
16:35
silver. And I'm, you know, I I I think
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like if this is such a insignificant market and I know
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it's anecdotal but still why does Yahoo Finance still put
16:45
silver at the top of the page And it's so small and so
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delicate and fragile that it doesn't take a lot for it to get
16:54
knocked out of. You know like now we're hearing
16:56
everybody say oh everybody you know there's a there's a glut of
16:59
silver on the market. I'm like, well, that's that can
17:02
that can change super quickly. Yeah, let me, I'll back up a bit
17:09
and and I'll share something with you.
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You know when it comes to supply what I'm seeing and and and I'll
17:16
share this when I talk to our purchasing and and I asked him
17:21
how supply doing 'cause I'm hearing how you know things in
17:24
the States are getting a bit tight and and whatnot.
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So I'll ask him how are, how's the supply and he'll tell me
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what happens is a lot of these wholesalers or or dealers or
17:39
whatever it is, they shift more supply to Asia.
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So what happens is when we see the States go down on supply or
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things are getting tight, it could very well be because
17:53
they're shifting supply more over to to Dubai or to Asia
17:57
because I guess they know that there's a bit more wealth that
18:01
went to this side. So they will put more supply on
18:05
this side because I mean we experienced you know, delays as
18:10
well, but not that long, not not really that long.
18:15
And yeah, again just we, I could just add him by saying yes, we
18:22
we do see supply or more supply shifting over to to the Middle
18:27
East and and the East. So that might be 11 issue with
18:32
it as well. Yeah you know I I hear that that
18:35
said from many different people that overall over the last few
18:42
years there has been a general shift of metal going from the
18:47
West, either the US or I guess London to the Middle East and to
18:52
the Asian countries. And I've I've, I've, I've read
18:55
reports that say that in China even some of the refiners at
19:00
times have been up in arms saying hey we need more silver.
19:04
And Vince, Vince Lanci, I talked with him a couple weeks back.
19:09
He he brought up this point that now a lot of these Chinese
19:12
refiners are are bypassing the COMEX all together and the LBMA
19:17
and they're going directly to the Mexican silver miners and
19:20
saying hey it's much easier, it's much cleaner.
19:24
So that that that that possibly that electronic price that we're
19:29
seeing on the COMEX and the LBMA is is potentially becoming and I
19:34
don't want to overstate this, but less significant over time
19:38
if that makes sense then. And then and on that point I
19:40
want to get your, your thoughts on this as well.
19:43
We're seeing big markets develop, I know like the
19:45
Shanghai Gold Exchange and and and Asia.
19:48
So I'm curious to get your take on on how significant those are
19:52
becoming also? Yeah they're they're coming
19:55
pretty significant because they deal with physical and that's
19:58
part of the reason why as Vince pointed out where that that
20:02
appetite for physical silver it is.
20:04
It's real. It is real and it moves quick.
20:08
It doesn't stay or sit in that exchange for for a long time.
20:12
It moves in and moves out quick with what Vince is saying.
20:17
I I've, I've long said also that you're going to see state
20:21
actors. Going straight to buy from the
20:25
mines direct you're you're going to see it happen and I guess you
20:30
know Vince he he's he's able to to prove that that it is but it
20:34
was just kind of a a natural thing where and he kind of
20:37
realized these nations especially like let's say with
20:41
with China a lot of these companies that they're state
20:45
companies all right and they can go in and they will get what
20:50
they want. They'll get what they need
20:51
they'll go directly to to the mines to to get what they need.
20:55
So it's a different game and it it kind of there was one time I
21:00
was asking one of the the mining guys, when you dig up your
21:05
silver, let's just say a a simple in simple terms when
21:09
you're over there with your shovel and you dig up some
21:11
silver and you put it in a in a pail in a bucket and you turn
21:15
around, who's first in line? You know, is it the refiner, is
21:19
it the bullying bank? Is it because shops like us,
21:22
we're at the end, you know what I mean?
21:25
Bullying shops, they're at the end of the line.
21:27
So you have all of these people before you.
21:31
There was a time when when I think it was during that time
21:36
with the the C thing going around.
21:38
Do you use that when we look to get silver, we were told the
21:44
bullion banks weren't selling. So they really do control where
21:50
that that silver goes and and and who gets it.
21:53
But getting back to that point when we're at the end of the
21:57
line, so and this is something that that the viewers have to
22:01
have to understand the the bullion dealers, the mom and pop
22:04
shops, they're at the end of the line.
22:06
And so I want to go back a bit. When we had that Wall Street
22:10
silver movement come on, the first thing I thought of was if
22:16
the objective is to break the bullion banks, they're going to
22:20
break the average Joe because of that, that line who's first in
22:24
line? It's the bullion bank with that
22:26
1000 oz bar. The thing is, if you're going to
22:29
go to your coin shopping and get some coins, some 10 oz bars and
22:33
this and that and this and that, OK, well, the bullion dealer
22:38
might have got wiped out a bit. He has to restock, resupply, but
22:42
again he's at the end of the line.
22:44
So premiums and everything start to go up because now all the
22:47
dealers are fighting to you know to try and put in a bid to to
22:51
get that silver or or that gold when you have the banks at the
22:55
front of the line. So in a way it was good where it
22:59
created an awareness for us to understand silver and gold and
23:02
and to get silver but it also it hurt a lot of people by driving
23:07
those premiums up because all the dealers we're at the back of
23:11
the line and we had to you know wait to see what what we can
23:14
get. And so again it just goes to
23:18
show that you know the the bullion banks they they really
23:22
are in control of what happens with that silver and and and
23:26
with that gold something we we need to keep an eye on and it's
23:30
good that Vince is actually watching it.
23:32
I think him and and Bao they they have a good take on what's
23:35
going on. Yeah, yeah.
23:37
So our our what, what what you're saying and correct me if
23:42
I'm wrong is that if if we're going to have real sustained
23:47
movement or real changes in the silver market, it's going to
23:51
happen at a much larger bullion bank level, structural
23:57
fundamental level in that in that you know we're hey book you
24:02
know we're important of those of us that buy silver and gold.
24:05
I know you're you feel that as well, but that the real change
24:09
will occur at that structural fundamental level and but that
24:14
maybe it's happening. And I know like you said, you
24:17
know, right, you know, like I'm not AII don't I don't go that
24:21
far into it like people like Vince.
24:23
But it sounds like the people that do go that deep are seeing
24:28
that that maybe there are some structural maybe even like this
24:32
example of you know a Chinese refiner going straight to Mexico
24:37
is an indication of that actual physical market possibly
24:42
eventually you know overcoming the the make believe digital,
24:48
you know Comex futures market. Yeah, yeah, absolutely.
24:53
I I think really the clock is ticking on it.
24:57
I mean when when you have let's say the state actors or or
25:02
whatever may be going direct to the mines that takes away the
25:06
bullying bank from getting their their hands on on that silver.
25:11
So if you're taking from the let's say bullying bank and then
25:15
that bullying bank cannot resupply and state actors or
25:18
whatever it is, it is taking it from the mine, you're going to
25:23
have the comics. It's probably already in
25:27
trouble, but you're going to have that comics basically
25:31
hiring Jerome Paul and and Janet Yellen to make sure there's no
25:36
silver and gold for anyone. Yeah, yeah.
25:38
I just wonder if there there'll be a point where there's enough
25:44
force, for lack of a better word in the world as as the shift
25:48
potentially occurs where the COMEX and the LBMA are over
25:52
there screaming, hey, wait a minute, the price of silver is
25:55
XYZ? What are you guys doing?
25:56
And everybody else says, hey, that's good, good for you,
25:59
enjoy. You know, like like we don't
26:01
really care anymore. And I don't think that that's an
26:04
imminent situation, but you know, possibly something as we
26:08
move forward. You know, I've also heard some
26:11
people talk about, you know, obviously the demand from the,
26:14
from the photovoltaic industry, the electronics industry that at
26:20
some point just due to the fact that these companies are so big,
26:24
right. And you look at the market cap
26:26
of an Apple or a Tesla or Samsung that at some point if
26:31
they get spooked and they then they you know about where
26:35
they're going to get their silver from that.
26:36
You know, like we talked about earlier, the entire, you know,
26:39
annual product production of silver is worth about $25
26:42
billion. That's that's a drop in the
26:45
bucket to these companies that that if if one of them started
26:48
to move in that other ones might get scared.
26:51
And you know, who knows? We're we're, you know, we're,
26:54
we're talking about, you know, fantasy for the future.
26:58
But it could get very interesting.
27:01
Yeah, it without question it will be Yara is correct.
27:06
You know when she says the the silver market is is a small
27:08
market, it really is I think more than people you know truly
27:14
understand because we'll go to to the shop and chances are
27:17
whatever we want to get it it's there, chances are the price
27:21
haven't hasn't moved that much. So we feel comfortable thinking
27:25
we can go there anytime and and and get it.
27:30
It's just not the case, you know it things are really I'd say
27:36
winding down a bit. I mean with with the money that
27:40
we see here in in Asia moving around, it wouldn't take that
27:45
much to to really start sucking up whatever silver that there is
27:50
out there. That's out there.
27:52
Well, Patrick, this has been great.
27:55
You know, I appreciate the perspective you've given us from
27:58
the Asian side of things as you look into 2024.
28:04
I'm not asking you for any specific predictions on where we
28:07
may go, but when you think about the precious metals markets as
28:10
we head into 2024, any thoughts on on how we might be set up for
28:15
the coming year? Yeah, I think they it's hard to
28:23
define who they is but or they are, I think they will continue
28:28
to suppress the price as much as they they can, but I don't think
28:33
they can hold it. I mean you look at the
28:36
volatility right now, especially in gold, I mean within recent
28:40
times it's just that 2000 level what four or five Times Now then
28:44
it's, it's gone back a bit but it's come right back and it's
28:49
once gold really confirms you know that hey I I want to be at
28:53
that 2001 level or higher. Silver's going to follow.
28:58
You know silver will start to follow once gold confirmed.
29:01
So you know knowing that it is a small market, silver is a small
29:05
market and knowing that when it moves, it moves quick.
29:11
You know when you have the opportunity just just go ahead
29:14
and get it because what what I'm seeing more than than price
29:18
movement is movement out the door.
29:21
And that part kind of scares me because even for me, I'm at the
29:26
shop and and I see things I want to get and I'm like, OK, I'll,
29:30
I'll wait for my salary. My salary is coming in three
29:33
days. Next thing you know it's gone.
29:36
I mean there is just so much money out there I can't compete
29:42
with it. I I can't chase it.
29:44
And and I think you know business one O 1 business goes
29:48
where money is. So and if if that that money is
29:52
on this side of the world, I think you're going to see more,
29:55
more supply come in on this end. So you know, back in the States,
29:59
I tell my family all the time, you know, get what you can, you
30:03
know, get what you can, when you can learn or find out where you
30:09
can liquidate it if you need to. But just start to get it because
30:13
we're going to have to be our own bank.
30:15
You know, by the time CBDC's and everything comes in, the world's
30:19
going to be a very, very different place.
30:22
Yeah, yeah the the the prospect of of CBD CS and you know I know
30:29
that's a very hot topic within the the the precious metals
30:33
community and and I I I like to think that as I look out into
30:40
that that future scenario with CBD CS that really you know
30:44
paper money will likely be gone. That silver and gold might be
30:49
the last safe harbor or the last bastion that people have for any
30:54
type of financial privacy. Otherwise everything will be
31:00
electronic and you know silver and gold have a pretty good
31:03
track record you know thousands of years of holding their value.
31:09
So in some ways I think it could actually increase.
31:13
Do you do you have any thoughts on that and like potentially
31:15
increase demand for the for the physical metals?
31:19
Yeah I I think it'll it'll increase.
31:22
Let let me let me share something with you about the the
31:26
the journey of CBD CS. There was a bank in in Asia a
31:32
couple months back. Their mobile app stopped working
31:37
for some for some clients stopped working and then the
31:41
reason the bank gave was they had apps on their phone that
31:47
were not secure. OK, so .1 the bank can read
31:51
what's on your phone. OK, the bank can read what is on
31:56
your phone and they stopped you from using a mobile app if they
32:00
didn't like what was on your phone.
32:03
OK .1. Then there was another bank went
32:08
offline for for a few hours and what they came up with was their
32:14
third party data center went down.
32:19
OK, So what does that mean? It means the bank is sending all
32:22
your information to a third party data center.
32:26
Everything about you, what you're buying and whatnot is in
32:28
a third party's hands. So could that third party data
32:33
center be giving information to someone else?
32:36
Hey, I don't know, but the bank gave your information to someone
32:40
else and what was recommended was a central bank came out and
32:45
said you should hold some cash. So the central bank said you
32:50
should hold some cash in case, you know the the system goes
32:53
down again. And then the writer of the
32:56
article says you should hold some cash.
33:00
But for the past seven years this government has been trying
33:07
to wean people off of cash. So when I put these things
33:11
together in the journey of a central bank digital currency,
33:14
one, they're going to look at your phone and see what's on
33:18
your phone. Two, if they don't like it,
33:19
they're going to shut you out. Three, your information is being
33:23
shared or can be shared. And four.
33:30
It is 2 governments. Are trying to get you off of
33:32
using cash. So, so it's real.
33:36
It is, it is, it is going to happen.
33:38
But with silver and gold, you know I'm on the fence Ron.
33:42
I mean I would love to say you know silver and gold will will
33:48
will be the coin of the realm. They'll back everything with
33:51
silver and gold we can use it again.
33:54
We see central banks buying gold.
33:56
So surely they're going to back a CBDC with with gold or
33:59
whatever it is. I I I would love to 100% say
34:04
that and feel that and know that but I'm not sure you know who
34:09
knows what these guys are are going to do.
34:12
You know, I mean they want it for themselves and they send the
34:16
trolls Powell and yell and you know they won't allow them to,
34:21
to to give it to us you know. So it's I tell you the world's a
34:29
weird place which is why we not a weird place.
34:31
I think the world is a good place if if we choose to have it
34:37
be a good place if we're just going to kind of let things go
34:40
and let things go. History of mankind is man always
34:44
looks to have power and gain power and usually they don't use
34:49
that power very well. Right, right.
34:53
Right, so we we got to keep an eye on it.
34:56
Oh, I I think, I think you're correct that the the world is
34:59
both a good and a weird place simultaneously, Patrick.
35:06
And you know, when I, when I think about the central banks
35:10
buying gold, and that's obviously a very hot topic
35:13
within the within the precious metals community, you know, you
35:19
hear people say these are the most sophisticated financial
35:22
institutions in the world. I hate to keep going back to
35:25
Vince Lanchey, but when I was talking about him, he said
35:28
something that really made sense to me.
35:31
You know that it used to be that the world would run to the US
35:35
dollar when they got scared. Well the the world is kind of
35:39
and I know we need to wrap up here soon so we won't go
35:41
completely down this rabbit hole but the world has has is
35:46
changing you know bifurcating bricks.
35:48
You know a lot of countries now are de dollarizing I guess is a
35:53
a simple way to to say that. So they're not running to the
35:56
dollar as a safe haven asset and and and they don't trust each
36:02
other at the same time to a certain degree.
36:05
So you know the Chinese aren't necessarily going to buy Indian
36:09
rupee or you know they're they're instead now they're
36:12
going to gold. And I think that says something,
36:16
though very important about about the value of silver and
36:22
gold. Whether or not, 'cause I agree
36:24
with you and I know what you're saying, like we don't know how
36:27
this all plays out and who knows what they can pull off.
36:31
But we do know that right now, when there's an environment of
36:35
distrust in the world where countries are are kind of
36:39
encamping themselves, that what they are choosing, generally
36:44
speaking, to do is, is, is to to shy away from, let's say U.S.
36:51
Treasuries or U.S. dollars and move and move a bigger segment
36:54
of their money into gold, which is again, I think says something
36:58
about the metals. Yeah, absolutely.
37:01
I mean, I can share with you, I think it was first quarter or
37:04
first half of this year, Singapore actually led the world
37:09
in buying gold, Central Bank buying gold.
37:11
I think it was 77 tons or somewhere around that.
37:14
That's very unusual, very, very unusual for for them to do that.
37:20
And so you got to ask the question why the country is a
37:24
fiscally sound country, It's a wealthy country, yet they went
37:29
and picked up 77 tons of gold. So I would say when you you see
37:33
a country like Singapore do this, a country very, very
37:38
fiscally responsible do this, something's up, they know
37:42
something is up. And if these these banks that
37:45
can print all the money they want are saying, hey wait a
37:49
minute, let's let's start getting some gold here in in
37:51
reserve, then we need to start, we need to start doing that too.
37:56
And and the The thing is the DE dollarization, we hear it in
38:02
Southeast Asia. You know, countries are looking
38:04
to de dollarize. I think Malaysia brought it up.
38:06
They want to de dollarize and they want to have some type of
38:09
gold backing with the currency. So Malaysia kind of brought it
38:13
up, but the DE dollarization is real.
38:17
And then people say, OK, well if you do that, where are you going
38:19
to go to it? And then people think you know,
38:21
OK, maybe the the Chinese won, I don't know, maybe, maybe not.
38:27
But I do know that China has its problems as well with their
38:32
economy. They're they're battling some
38:34
inflation going on, things like that.
38:36
And and I'll just read something real quick with you something
38:39
that that came out they are cracking down on people that
38:44
more or less are saying bad things about the economy on on
38:48
social media it says a a recent post hinting at a possible
38:53
crackdown suggests that even those who explain the situation
38:57
of China's waning economy using objective facts and figures
39:02
could come under pressure. In the worst case scenario they
39:07
risk being detained if they say too much.
39:12
So so there you go this this is what's going on.
39:14
So if you want to say something bad about our economy because
39:17
we're trying to depolarize, we don't want you to be saying
39:20
anything bad. If you say something bad, you
39:23
might be detained. You may be detained.
39:26
Yeah. Keep your mouth shut right well
39:29
there. You go, so, yes, so I mean just
39:32
to say that that's why it's important to to really keep your
39:35
head on a swivel and you got to see more than just what's at
39:40
that tip of the iceberg. And and we're at a stage in in
39:44
our lives, in history where we we have to start to connect some
39:48
dots on on our own. Yeah, you know, I've heard and
39:51
Andy Schechtman say that before like they leave little crumbs,
39:55
little hints, you know, and it's up to us to to pull it all all
39:59
together. You know, Patrick, this, this
40:01
has been great on behalf of that.
40:05
And and and I want to compliment you because you brought it up
40:07
several times during our, our conversation that there's this
40:11
third person who joined us today, right.
40:14
They're watching right now And that's really, you know,
40:17
probably the most important person out of this whole
40:20
conversation. And on on their behalf, I'll say
40:24
thank you as well. I'd like you if you have just
40:28
one more minute to tell us a little more about your company
40:33
to the extent that you want to how people can learn more about
40:36
you. Could you do that for us?
40:40
Sure, you can always send me an e-mail.
40:42
That's Patrick at silverbullion.com dot.
40:46
SGSG is for Singapore. I'm located in Singapore,
40:49
originally from Hawaii, our company, we specialize in wealth
40:54
protection. I mean, yes, we we buy and sell
40:56
gold, silver, platinum, Palladium.
40:59
But more than that, we've set up programs where we can really
41:03
help you to secure your your wealth.
41:06
And we're currently building what might be the world's
41:10
largest silver vault. This thing is massive.
41:14
It's called the reserve. You can see it at the
41:16
thereserve.com I think is the website, but if you have any
41:20
questions about silver, gold, whatever might be.
41:23
If you need to have some type of a one-on-one, just feel free to
41:28
visit our website www.silverbullion.com.sg.
41:34
Sounds great, Patrick. Well, thank you.
41:36
Happy Holidays and I'm going to look forward to, I'm going to
41:40
chase you down in Singapore again sometime in 2024 and see
41:45
if I can get you to come back to the basement.
41:47
Have a have a great holiday and we'll we'll talk to you soon.
41:52
Thanks, Ron. I appreciate it and happy
41:54
holidays to you and and your viewers as well.