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🌟$85 Silver - He WARNS "It Will be a CHALLENGE " ⌛ - (Gold Price Update) · SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT

0:00
Today we're joined by our friend Peter Grandage and he has
0:04
something very important to say and he wants to say it to this
0:07
guy. Over my right hand shoulder, the
0:10
gold bear who was recently unblindfolded when gold hit
0:14
$2500. Peter, what is it you want to
0:17
say to that bear? I told you, we get you.
0:22
You know, Ronnie, in all seriousness, there are some
0:25
people I like in the business and there's a handful that I
0:28
love and you're one of the guys that I love.
0:30
You're you, you, you, you do this out of love 1st and you
0:36
know, and there's always going to be a few naysayers and they
0:39
can say stuff. And you and I, when we met, I
0:42
think gold was under 2000. As you know, I three years ago
0:46
I, I was so bullish that I said sell stocks and bonds, the old
0:49
goal. So getting to that 2500 and
0:52
actually it hit my target of 2536, which I've had for three
0:55
years. It's nice to see what his blinds
0:58
off. Yeah, yeah.
1:00
And a little guy behind you is going to be a challenge for $85
1:05
silver. But I feel very confident that
1:08
we're going to get to 50. So I don't know if we'll be
1:12
taking his blind off. I will tell you this, Ronnie, if
1:16
we have $85 silver and what's happening in the world, I don't
1:20
know if I want to be living in it, buddy.
1:23
It'll, it'll, it'll be interesting.
1:24
And gold and silver have been on a tear, right?
1:27
I mean, I think like you said, when you and I first met, gold
1:30
was under $2000. Obviously now we've reached this
1:33
$2500 milestone. Can you for the, for the benefit
1:37
of our, my audience or our audience right now, Peter, are
1:41
are, are we to expect some pull backs?
1:43
What are your, what are your general thoughts as we look out
1:46
maybe through the end of the year and into next year?
1:48
Yeah. So when we hit our target about
1:50
a week or so ago, I talked about a much needed and desirable,
1:56
although markets a lot of times don't do what we think is best
1:59
for them, Ronnie. But I felt the a corrective
2:01
consolidation phase now for several weeks in the gold market
2:06
with may be a worst case scenario of 2350.
2:09
There's tremendous support at that level and trading to the
2:13
highs, you know, approaching 2600 would be really healthy
2:17
going into the brick meetings, as you know, and I don't want to
2:21
sidestep, but it's important to me.
2:23
The bricks is a huge, major impact for for starters, I think
2:29
gold only got the 2500 because central banks became major
2:33
buyers. And they became major buyers
2:35
because they recognize what's happening on the world stage.
2:39
And they also recognize that gold is going to play a major
2:42
role in the new way that many countries throughout the world
2:46
are going to trade. I'll say it again, I believe
2:49
that. And I said this a year ago, so I
2:51
said the three to five years from there, when the bricks are
2:55
all said and done, what they will have done to world commerce
2:58
will rival what the Industrial Revolution did to world
3:01
commerce. And goal's going to be a
3:03
significant part of it. So it's it, it, it's when you
3:06
have such a move that we've had in the price, it's OK to
3:10
consolidate. There's nothing wrong with that.
3:13
But keep this in mind, Ronnie, in this, this will play into it.
3:16
It will get down to where you and I like to play our
3:18
playground. The majors are now going to be
3:22
in their second quarter where they're looking at $2500 gold
3:28
and a total cost hundreds of dollars below that.
3:32
So the free cash flow that this is going to generate, even if we
3:35
just sit here, forget about going higher, is really going to
3:39
make the major stronger and stronger.
3:42
And that will filter down to emerging producers and the
3:46
junior resource market. Yeah, it it, it's interesting.
3:49
I was reading this morning, Peter, an article on Kitco,
3:53
which said, yes, of course we all know the central banks and I
3:56
consider the central banks to be the most sophisticated investors
4:00
in the world. Like they're kind of the
4:01
insiders, they, they control pull out of the strings.
4:04
But now we're starting to see bullish positioning in the
4:08
metals by the hedge funds. And it got me thinking like is
4:11
this a four step process where it starts with the central
4:15
banks, the hedge funds who are probably the next most
4:19
sophisticated investors are starting to get into the metals
4:22
And then is it the general investor, the third step and the
4:26
4th step, could that be the masses right the the, the
4:30
taxicab drivers? Any thoughts on that?
4:32
Well, first of all, we're going to be selling when the taxicab
4:34
guy, the show, they're far still from there.
4:37
So let's go back a couple years, Ronnie, this is important.
4:40
The Bank of International Settlements in a sense the
4:43
clearing house for central banks.
4:45
The central banks central bank made a change a few years back
4:50
and upgraded gold to a tier one investment to join bonds.
4:55
Why they do that? Well at that same time, dozens
5:00
of countries began a repatriation of their gold from
5:04
the United States back to their country.
5:07
Why then on top of that, record amounts of purchasing of central
5:13
banks will remember not too many years ago, 15 or so, they were
5:17
big sellers of gold. They're not doing this for a
5:21
trade, Ronnie. They're not speculating.
5:24
They're doing it because they foresee the change that is
5:27
coming. The handwriting is on the wall
5:29
to them. And on top of that, Ron, gold
5:33
has now outperformed bonds. Ron, I, I'm, I'm in my 5th
5:39
decade of being in the financial service industry.
5:42
I remember from my first day in 84, a sales manager would say,
5:47
yeah, the stock market's somewhat risky, but if you want
5:49
safety, you put your people in the bond market.
5:52
Oh, gold has outperformed that. And so it's not a surprise at a,
5:57
we've seen that. It's not a surprise that we've
5:59
seen the hedge funds recognizing that and remind you this is
6:03
steel, not something that are, that's on the average investor's
6:07
mind. You know that I'm part of a
6:09
major planning group here that we deal with US clients and
6:13
businesses. Still Ronnie, not one out of 10
6:17
people that come in with the show us her portfolio have any
6:20
real representation towards gold, especially physical
6:23
bullion. A couple may have a couple
6:26
mining stocks. And so we still have a long ways
6:30
to go in the cycle of ownership. And you were very thoroughly
6:34
with your question. All right, central banks for
6:36
buyers. Now the hedge funds are coming
6:38
to buy. The next thing will be the major
6:41
institutions and, you know, big players.
6:43
And then finally, when the public shows up and the public
6:46
starts talking about some junior resource stock when you're
6:49
getting your haircut or getting in an Uber car, maybe then we're
6:53
sellers. But not before.
6:54
Not, not before that, you know. And I also read yesterday, the
6:59
gold is now the second most popular reserve asset in the
7:03
world. I think it surpassed the euro,
7:06
which had been at #2. And and I heard someone say
7:09
something that I've never thought of, Peter.
7:10
And that is that if if you're a central bank somewhere in the
7:14
world at this point, you basically have two options.
7:17
It's either the dollar or gold and there's really no other
7:22
option out there. You mean people aren't
7:24
necessarily going to put their, their, the, the reserve assets
7:27
into the, into the Russian ruble or the Chinese yuan?
7:30
That it's really become a battle, a battleground between
7:33
the dollar and gold. If you're looking to buy gold,
7:37
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7:55
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7:58
And be sure to tell him that you're from Ron's basement.
8:01
What's real interesting isn't and this this will when this
8:05
gets circulated, I'll get my usual hate emails from the the
8:09
the absolute cult wall cuts. They call it Bitcoin.
8:14
I call it Bitcon, the audacity. And I seen some very smart money
8:19
managers, one in particular I think of who's a big believer in
8:24
Bitcoin to talk about it as a reserve currency.
8:27
First of all, you can't have a reserve currency that has swings
8:31
of 10/20/30 percent in a day, let alone go up and down year
8:35
after year. That isn't a reserve currency.
8:37
You can't be dependent on that. So that's just hogwash that that
8:41
someday is going to be made into a reserve currency.
8:44
It's the most hyped. It is so hyped that tulips and
8:48
Bernie Madoff and hell must be jealous.
8:51
I mean, I've never seen, you know, just an exorbitant amount.
8:55
Just always going to now with some people that were talking
8:58
about a $5 billion price. I mean, it's just insane.
9:01
But that group will be the group that will come later into this
9:05
when they realized and, and and look at the last two years.
9:08
We really what has transpired when this talk, remember 2-3
9:12
years ago, gold's a relic. That's what you used to hear
9:14
from a Bitcoiner. Bitcoin's the new gold.
9:17
How many times did you hear that?
9:19
Well, what's gone up? Bitcoin has gone nowhere.
9:21
In fact, it's in a just major distribution pattern and gold
9:25
has gone from sixteen, 1700 to 2500.
9:29
I'll I'll just say that the central banks recognize that
9:32
they're not going to load up on Bitcoin.
9:34
That's why they've been loading up on gold and this fall, I
9:38
suspect because they've already kind of put it out in drips and
9:41
drabs. We're going to see that they
9:43
have a major plan on how they're going to eventually trade among
9:46
themselves, which is going to include a unit and that unit is
9:50
going to be as much as 40% gold. So I'm I'm extremely bullish
9:54
steel, even though we need a corrective and it's healthy.
9:58
I know people want to see something go straight up.
10:01
We'd be better off of 2-3 months of sideways action here than
10:05
going up to 2650 or 2700 now and then setting up for a major
10:10
fall. So I'm OK with the gold price
10:12
where it is, and if it stays here for several weeks, I don't
10:16
have a problem with that. OK, thank you.
10:18
Thank you. So my next question is will come
10:21
in two parts. Peter, we know that there are
10:26
challenges in the US economy right now.
10:29
We know that that, that we could be seeing some challenging times
10:33
ahead here in the United States. You talk about this idea of
10:37
people building a financial ark. You know, Moses built an ark to,
10:42
to, to, to deal with what was an oncoming calamity, to, to save
10:47
himself and the animals and everything else.
10:50
I think you meant Noah. Noah did it.
10:52
What did I say, Moses? Moses.
10:54
I did say Moses did. Moses just did a small thing.
10:57
He parted the Red Sea. But that's OK, Go ahead.
10:59
I'm in big trouble, Peter, because I went to Catholic grade
11:02
school, high school and college. So Noah, that's right.
11:06
Noah built built the ark to avoid the calamity.
11:10
What do you see happening? You know, when I, when I, you
11:13
know, since we'll stay on the boat analogy, it feels like to
11:16
me the US economy's similar to the Titanic, right?
11:20
When the Titanic sunk, there were people on board who kept
11:23
partying away and saying, oh, everything's great, everything's
11:25
great. As the boat was slowly sinking.
11:28
Is it? Is it an appropriate time for
11:30
people to be doing what Noah did, which is build an ark?
11:35
Well I will never begin to think that I am being been blessed
11:39
that's God bless Noah to to give him the information to build his
11:43
ark. But I am certain even Noah, when
11:45
he started building that off, the weather was sunny and 80°.
11:49
And like I've heard from a lot of people who laugh at the
11:52
thought of me building this financial outgoing, a idiot.
11:54
What are you doing that for? I'm certain Noah heard that too.
11:58
The, the, the, the premises and, and you've been very kind to say
12:02
the word challenging. If it was just challenging, I
12:05
wouldn't be so worrisome. But there are a lot of life and
12:08
death things happening. So there's five key ones for me
12:11
and I'll just name them. And if you want to discuss any
12:13
of them, that's fine. Ronnie.
12:15
The 1st and the biggest and remains is the deficit and debt.
12:21
I just don't think people understand what $35 trillion is
12:26
and to there's not even a chance that they could ever be a major
12:31
principal payment back of that, let alone see it paid back.
12:35
But the problem now is we're getting multi trillion dollar
12:40
yearly deficits. Listen, in four years, the debt
12:44
increased by $11 trillion. Now, that helped the stock
12:49
market because there's money swashing around and all, but
12:52
eventually, if you keep putting on too much weight, you get sick
12:56
from the weight. And that's where we're at now.
12:59
So the biggest concern is are we going to be able to make
13:02
interest payments when the Congressional Budget Office
13:05
who's now up to up their target to $54 trillion by 2034, the
13:12
debt and in their forecast, Ron, they don't have any major
13:17
recession in it. So if there's a recession or two
13:20
within those period that that's going to come up higher or
13:23
become more abundant faster. So how do you pay interest on
13:28
that when 65% of the public is working paycheck to paycheck?
13:33
Hadron, you have something. Yeah, because because I'm, I
13:35
have a degree in accounting, so I follow that closely.
13:37
I agree with you 150% or 130%, which is now our debt to GDP
13:44
ratio in this country. But I think it's important also
13:48
to point out that that that with interest rates having gone up,
13:51
the interest expense is becoming increasingly higher in that
13:55
higher interest expense then gets fed back in to the overall
14:00
national debt, which like you said is also from another
14:04
perspective being increased because of the deficits.
14:08
And somebody pointed this out to me the other day.
14:10
I'd never thought about this, but that debt is, is increasing
14:15
at a compound level, right? I mean it's, it's just like when
14:19
you and on the other side of the equation, if you invest money
14:21
and you grow your money on a compound basis, well that debt
14:24
levels also increasing on a compound level.
14:27
So, so think of this, Ronnie at 50 trillion and a 5% interest
14:32
rate, which is not a lot because eventually you have to refinance
14:35
this debt. You can't pay it off.
14:36
So you have to keep borrowing in a sense of Ponzi scheme to pay
14:39
the old debt. That's $2.5 trillion in an
14:43
interest expense. Our best year ever as a
14:47
government was 5 trillion, 300 billion in income.
14:51
So let's just say that gets gets up to six trillion, almost half
14:55
of the interest is that is going to go to pay the interest
15:00
expense. So how does the government
15:03
operate on their remaining part? It can't.
15:06
So one thing is for certain, taxes are going to go up a lot
15:10
and the ability to service and provide the services that
15:13
government has been producing. And here's what really drives
15:16
people when I when I speak to them, they're so shocked.
15:19
I said, remember, now you may either, if I'm talking to
15:22
seniors, you're expecting your Medicare coverage, you're
15:25
expecting your Social Security check.
15:28
Hey folks, that's not in that number.
15:31
They still have to come up with the payroll services.
15:33
They have to borrow for that to do it.
15:35
It's not sitting in a bank somewhere where they pull it at
15:38
all. Then Ronnie, let's throw this
15:40
out before we even get to the other four.
15:42
You got state debt. Think about the people in
15:45
California, how they going to balance that budget.
15:47
I can't wait to see that trick. Then you have corporate debt and
15:51
then you have consumer debt, which just continues to rise.
15:55
Do you know the bottom 50% percent of Earnest the, the, the
15:58
bottom half of earners in the United States right now, almost
16:02
50% of them now are using credit cards just to pay for food, just
16:06
to pay for rent, just to pay for gas.
16:09
That's basically one out of five people right now.
16:12
Talk to anybody that runs a food bank.
16:14
They'll tell you they tripled or quadrupled the number of people
16:17
showing up. And the people of earnings of
16:20
income have increased dramatically or showing up.
16:23
We haven't even got to #2 which is retirement and and aging
16:27
crisis #3 the immigration issue #4 the bricks, which we briefly
16:32
discussed. And #5 and that's probably the
16:34
most important one to discuss, Ron, because this is where
16:37
everybody's going to turn to when one or more of these
16:40
problems become acute and apparent to everybody.
16:43
Political paralysis in our country right now, Ronnie, the
16:47
Democrats and Republicans, and I don't care which one you are,
16:50
they can't even go in a room together right now.
16:53
And the division that is between them now is as bad as it
16:57
probably was going into our civil war.
17:00
And what's compounding that issue is each party has a
17:04
fragmentation happening. For the Democrats, they're
17:07
moving more left, and for the Republicans, there's a segment
17:10
that's moving more right and political paralysis at a time
17:15
when eventually they're going to have to deal with them because
17:18
all people going to do is turn the government, say you got to
17:21
fix this. Whether you suffered because of
17:23
the debt pressures, whether you're retirement, you can't
17:25
retire. You can't get good housing.
17:27
The immigration, which no one wants to talk about because
17:30
remember, every day more and more people coming in and all
17:34
those people coming in, Ronnie, the vast majority coming just
17:37
with their clothes on their back.
17:39
So for quite a while, they're going to be a liability.
17:42
I'm not talking about them becoming voters for Democrats.
17:45
I'm not talking about terrorists.
17:46
I'm not talking about crime. The simple fact is the masses of
17:50
those people, many of you were coming just for a better life
17:52
from where they left, are a liability.
17:55
They're not an asset and throw that on to the logs of fires of
17:59
you and I know we haven't even talked about the crime issue,
18:02
unfunded pensions, we can go on and on and on and on and all of
18:07
those things are getting worse, not better.
18:10
Yeah, it just, it just doesn't seem to work.
18:13
And it if we if I step back to point number one that you made,
18:17
the math just doesn't work. And maybe the only way it works
18:22
is by a significant dilution in the value of the US dollar.
18:28
I mean, which is kind of what see feels like they've done over
18:31
the last several decades, continue to, you know, print
18:34
money and, and create money out of nowhere.
18:37
But at the end of the day, you know, I guess on paper that may
18:41
work. But in real terms, I think it
18:44
just feels inevitable that the American public is really asleep
18:48
to what they might be facing. I mean, I think, you know, and I
18:51
know, and, and if we're even half right, the general American
18:57
public I think is going to be in for some serious shocks in the
19:00
coming 10 or 20 years. I hope I'm wrong, but.
19:04
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It's. Going to be much sooner than
19:44
that. And forgive me law, for what I'm
19:46
about to say. Can't believe I'm saying it
19:48
wrong. The Democrats are actually right
19:51
that you have to raise taxes. Believe it or not.
19:56
We are going to see, if not in this election, we will see in
20:00
our time. Taxing unrealized capital gains,
20:04
we're going to see taxes probably eventually on
20:07
insurance, which right now passes tax free.
20:11
When they look and see that, my God, a trillion dollars is going
20:14
to pass from this generation to the next because they have
20:17
insurance policies. We got to attack that.
20:19
All these things are coming and on a state level and on a local
20:24
level and it's all because of sins that both sides have
20:30
committed for decades. Ronnie, I entered the business
20:34
40 years ago. We never used the word trillion
20:37
for anything because there wasn't no need to.
20:39
There was no trillion dollar deficit.
20:42
There was no trillion this or that.
20:44
And let's face facts, what took 200 and something years to get
20:49
to the past couple of governments in 10 years
20:53
surpassed all of that. I mean, we basically have
20:56
doubled since Obama became president.
20:59
The level of debt, it's unsustainable.
21:02
You're in a Cassie, you understand that the public don't
21:04
understand that we cannot continue at this route and we
21:09
have shortening the lifespan of how long that can continue
21:14
before it breaks. And it's just an amazing
21:17
phenomena that the vast majority of financial service people, the
21:22
people who you would think should have an idea about this,
21:26
have no real concept about this and don't understand or can't
21:30
explain when I asked them, how do we service this debt?
21:33
How could you keep expecting the government to have the lights
21:36
on, to have the roads working, to have a military and
21:39
everything, when over half of our money is going to pay just
21:42
interest on? Yeah, yeah.
21:44
Well, it makes me think of a a saying my mom used to share with
21:48
me when I would do something wrong.
21:50
She would say you made your bed, now you get to sleep in it or
21:53
the hens eventually come home to roost.
21:56
And I agree with you if it's hard to put it into words, but
22:01
from a, from a, an analysis perspective, the, the situation
22:06
is getting increasingly more dire and it's happening at a
22:11
faster and faster pace. I mean, it's just there's, I, I
22:13
feel like I'm the, the sky is falling, but but it's just
22:18
really the reality of what's happening right now.
22:21
We're not alone in this, Ronnie. When we Look North to our great
22:25
neighbors to the north, still two big trading partners.
22:28
Canada's has a lot of similar issues.
22:31
Look at Japan. Look what's happening right now
22:34
because of that debt, even in China because of their real
22:38
estate exposure. You know, if I may, and I know
22:41
what you you at least allow me. I don't incorporate my spiritual
22:46
life too much into my secular work.
22:49
But whether you look at the Holy Bible as the word of God or just
22:53
a bunch of people that got together, made-up a lot of crap
22:56
or somewheres in between, one thing that's evident throughout
23:00
that book, there's not a positive verse about debt.
23:03
In fact, there's dramatic warnings about debt.
23:07
And to me, that book alone demonstrates that debt is the
23:10
dirtiest 4 letter word in our life and it's been going on for
23:15
a long time. Our parents and grandparents,
23:18
they never needed all the stuff that everybody that we had, we
23:22
had smaller dwellings. There were no Public Storage
23:24
facilities. 3 generations of families live together.
23:28
They weren't living in some assisted living place or what
23:30
have you. And all of these things in a
23:33
generation or two has LED us to a brink.
23:36
And that brink is a lot closer than most people even realize.
23:39
Yeah. Yeah.
23:41
Yeah, I made a video the other day where I talked about how to
23:43
be rich and I said, well, basically the first thing you
23:46
need to do is get yourself out of debt.
23:49
Unless you're using debt to to start a business or make some
23:53
type of, you know, let's say apartment built, whatever.
23:56
I don't like that period. But get yourself out of debt and
23:59
then spend. This is a foreign concept.
24:02
Spend less than you earn. And and then with that excess
24:07
capital, you can make some investments, right.
24:10
Gold or silver, whatever you, you want to do.
24:14
And I think a lot of people are, are mistaken.
24:17
They think that just buying more and more stuff on credit cards
24:20
is going to make them happier and happier.
24:22
And I, I don't think that that really works.
24:23
I think people would find that if they actually that you can
24:26
live just as well a little bit below what you're earning and
24:30
that freedom that you get when you're out of debt is worth way
24:33
more than, you know, the latest and greatest iPhone or whatever
24:37
the case may be. So our model of my planning
24:40
group, and I've lived there for half of my career.
24:43
First half I was like everybody else, less is more.
24:47
I could have a bigger dwelling, but I'd have to extend myself.
24:51
I could have a fancier car, I'd have to extend myself.
24:55
What's lost in that is not only the financial end and as an
24:58
accountant you'd appreciate that, but one thing the
25:01
financial service is horrible at and I was horrible at it for
25:05
myself and in the first part of my career, and that is not
25:09
appreciating mental anguish. Now we have learned mental
25:13
anguish because we own junior resource stocks, but in a
25:17
serious manner, putting your household in order, like you
25:21
said, spend only what you have, not what you can borrow against.
25:26
Live within a means. What I hear from everybody that
25:31
ever listened to me in the last 20 years that reduced debt or
25:34
eliminated, not one person came and said boy that was a big
25:37
mistake. Life has really turned bad ever
25:39
since I did that. No, you hear the opposite.
25:42
And we as a country and have lived that way for a generation
25:48
and as if there's no penalty to pay for it.
25:50
And that penalty is very, very close.
25:53
Now. It's within almost everybody
25:55
that's watching this Ron's lifespan and lifetime that we're
26:00
going to see those dark days. We talked earlier about your
26:05
concept of building this ark like Noah did.
26:08
Is that the ark getting getting yourself out of debt, living a
26:12
little bit below your means being.
26:14
Capital preservation, it is now more important than capital
26:18
appreciation, Ron. We had a lot of easier markets.
26:22
You know, all this again because of COVID, we put $7 trillion
26:26
into the economy and of course the stock market went up it it.
26:30
People forget that the original QE going back to the previous
26:34
financial crisis, the 2008 mortgage crisis, remember when
26:39
Ben Bernanke and Obama stood there and they created QE one,
26:44
What was it supposed to be used for?
26:46
We're going to put it into infrastructure, rebuild America,
26:50
and that'll get us out of it. The money never made it to Main
26:53
Street, Ron. It stayed mostly in Wall Street.
26:56
All the money that was given to the banks and so forth.
26:59
And then QE two came and three. And we've been living this
27:03
ability to think that every time there's an issue, the Fed steps
27:07
in. The Fed put as it's commonly
27:09
known and turns things around, we run out of that.
27:14
We can't add another 5 or 10 or 15 trillion in another crisis.
27:18
And believe it or not, they will do that when all the pressures
27:23
come. That's why anybody thinks
27:25
inflation is dead or even if the current inflation numbers are
27:29
correct, which I don't believe they are, I think inflation is a
27:32
lot higher than we're told, just as the employment was a lot less
27:35
than we were being told. But we are within now reach of
27:40
that very danger zone. This is not something that's
27:43
still 10 or 20 or 30 years off that we shouldn't.
27:46
So I think preparing for it now come less dependent on
27:51
government, more self-sufficient positive cash flow.
27:56
Live within your means and recognize that with all this
28:00
extra stuff that now exists, think about when you were a
28:04
child, you played with sticks and maybe you got a little
28:08
rubber ball and somebody took a broomstick and you and you play
28:11
the game. Now kids have to spend hundreds
28:14
if not thousands of dollars on things that they look at and
28:17
play through on their machine. There's no innovation happening.
28:21
And what did all that stuff do Didn't make us any happier.
28:25
Every mental study shows we're more of a mess now than we've
28:28
ever been. You know, there's only three
28:30
types because I'm sorry, there's only two types of people in the
28:32
world, Ronnie. Those who are a mess and know it
28:35
and that's a blessing, or those who are a mess and don't know it
28:38
or don't want to know it. The blessing is to know you're a
28:41
mess and to recognize that now before it's too late and to
28:45
become become leaner and meaner, so to speak.
28:49
And I don't mean mean in in a vicious way, but just be
28:52
healthier again. I've never yet met anybody that
28:56
repaired their lifestyle and and lessened the debt and the
28:59
burden. Look, there was a number you
29:01
talk about reading on Kiko, a number came out the other day
29:05
that almost half the people now are not putting any money
29:08
towards retirement because they needed sustain life right now
29:13
and they are for stalling that problem.
29:15
But what's going to happen when they come to retirement?
29:17
They're not going to live that beautiful commercial that the
29:20
financial service, they'll run that you just come to us and you
29:24
get to swim and play golf and live in this beautiful community
29:27
for the rest of your natural life.
29:29
And all these things are coming to a point that are much closer
29:34
now and that most people will be impacted by.
29:37
Yeah. The, the, the hens will come
29:39
home to roost. And when I and when I think
29:41
about when you touched on this, I think when the Fed or the
29:45
government is faced with this decision, when things really
29:49
start happening, I think they'll be faced with the decision of do
29:53
we let the system implode? Do we let the economy implode or
29:57
do we print more money and, and try to kick the can?
30:01
But the can is, and I want to get your thoughts on this.
30:05
And I know we're running long, so I wanted maybe just get a few
30:07
more minutes of your time. But the can, you know, maybe
30:11
back during the tech bubble burst was a, was a empty beer
30:14
can. Then it became a empty paint can
30:17
the next time. And then maybe, you know, during
30:19
the GFC, it became like a 5 gallon bucket.
30:22
And during the, the, the, the, the COVID crisis, it became, you
30:26
know, a bigger bucket. But now it feels like the can is
30:29
becoming like, you know, one of those 55 gallon steel drums,
30:32
they, they can't kick the can far enough.
30:34
And it's going to take much more effort, much more printing to
30:37
kick this can. And it's, it's, it's scary to
30:41
think what can happen in, in A and I'll tie that back to
30:44
something else you said, which is inflation.
30:46
And I think Americans are unprepared.
30:50
I think it's just impossible that we don't see further waves
30:56
of inflation hit us as the value, right.
30:58
I mean, because inflation by definition, I would think is, is
31:01
the value of our dollar going down in value.
31:05
And I can't imagine a scenario where in real terms, right, not
31:09
this DXY, you know, prettiest horse at the horse factory type
31:13
thing, but in real terms where the dollar doesn't continue to
31:17
lose value. First Mining Gold is a
31:20
development company advancing two of the largest gold projects
31:24
in Canada, Spring Pole in Ontario and Duparque located in
31:28
Quebec, each already has 5 million ounces of gold reserves,
31:33
but exploration initiatives are underway at both projects to
31:37
find even more gold. First Mining is well financed,
31:42
has zero debt and owns an interest in four additional
31:46
Canadian gold development projects.
31:48
Let me close with this, Ronnie. It goes back to because I
31:52
really, really like you and the work that you do in your honesty
31:56
and the emotion that you tie into your work.
31:58
So you and I are meeting 20 years ago.
32:01
We're having lunch, something we know each other the way we know
32:04
each other. And I say, hey, Ronnie, did you
32:05
hear about this country down in South America and all that?
32:07
You go, what's that? Yeah, The guy that was once
32:10
president, who they impeached twice while he was president.
32:13
And as soon as he was out, they started charging him with all
32:16
these criminal charges. In fact, they found him guilty
32:19
on on one of them. And then as he started to run
32:22
again, he was almost killed by an assassin.
32:24
And the other side of that, the guy that was president that some
32:28
people question about how he became president and wasn't fair
32:31
and all. And then throughout his
32:33
presidency, his family and all were charged with all sorts of
32:36
criminal actions. And then he gets duly elected to
32:39
be the next nominee for his party only to in a sense of coup
32:43
to happen and they replace this other person in with him and
32:47
all. And you would go to meet Pete.
32:48
What South American country are you talking about?
32:51
And now I have to tell you that South American country or third
32:54
world country is the United States.
32:57
It's a Banana Republic. And what did?
32:59
No seriously, what did those Banana Republic it's do when it
33:03
came to their money issues? They printed money until it
33:06
became so cheap, highly inflationary.
33:09
And that's the road America is going down.
33:12
It is the 21st century issue comparison to what a Banana
33:17
Republic was, that those of us that were around and remember
33:20
what it was like in the 70s into the 80s for a lot of those third
33:23
world countries, that's what we become, yeah.
33:26
Yeah. Well, it's going to be an
33:28
interesting ride. You know, Peter, at the
33:30
beginning of our talk, you said some very nice complimentary
33:32
things to me. And I want my audience to know
33:36
that that I hold Peter in the highest of regard.
33:39
You have a lot of knowledge, but you also have a lot of courage
33:44
to speak your truth and, and the way you see things.
33:47
And, and I think a great example of that is when you talk about
33:50
the current political situation or the situation of the country.
33:54
I don't feel this like heavy bias towards one where like you
33:57
are doing your best and you may lean one way or the other, but
34:02
you're doing your best to look at it from an objective manner
34:06
and to kind of share with people what you see.
34:08
So I do hold Peter in the highest regard and and and
34:12
that's just one reason. Why?
34:13
Well, Ronnie, I'll, I'll super close with this.
34:16
There's only two types of devices in the world.
34:18
They really are those who say what they think, those who say
34:21
what they think. You want to hear.
34:23
And it sells. I've always been in the former.
34:26
I've never been part of the ladder.
34:29
I, I've been a contrarian by nature, and I've been super
34:32
objective and quite frankly, sometimes too much so because I
34:35
tie my faith into my work. And that does pee off some
34:38
people. But I, I remember what Mark
34:41
Twain said. He said if you always tell the
34:43
truth, you never have to remember what you said.
34:45
And when you get old, you have trouble remembering what you
34:47
said. So it's more important now to be
34:49
like Mark Twain than ever. Yeah.
34:51
Yeah. Well Peter, you put out a blog
34:54
post on a daily, almost daily basis which I enjoy getting.
34:58
If people want to learn more about you, they go to
35:02
petergrandage.com. Is that correct?
35:04
Petergrandage.com will tell you the whole history is a blog
35:07
there. A lot of my commentary now is on
35:09
X slash Twitter. And of course, I still do
35:13
YouTube interviews like this. I'm blessed by people like you
35:17
who who are trying to do the right thing and in a world where
35:20
there's not a lot of right things done in the financial
35:22
services industry, Ronnie. So the mutual love fest that we
35:26
have for you, brother, is real. And it was easy to say to that.
35:30
Bear his blinds off. It's going to be a challenge to
35:33
get to that guy there, but I wouldn't be surprised before we
35:36
see our last breath that we're taking off his blind to Ron.
35:40
The the, the $85 silver blindfold will come off
35:44
Absolutely. Peter, thank you on behalf of
35:46
myself and our viewer who I know has learned a lot.
35:50
Don't forget guys, go to petergrantich.com.
35:53
You can sign up to get the the daily e-mail blog post.
35:56
And Peter, we'll look forward to seeing you next time.
35:59
Thank you very much, Ronnie. God bless all the good work that
36:02
you're doing, buddy.