Latest / SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT / **UPDATE** Sweeping CHANGES (Including the Gold Standard) TRANSFORM precious metals - (Silver Price)

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**UPDATE** Sweeping CHANGES (Including the Gold Standard) TRANSFORM precious metals - (Silver Price) · SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT

• 0:02
  Is the gold standard working right now and will it be working
• 0:06
  even more in the future? And what would that mean for the
• 0:10
  price of your silver and the price of your gold?
• 0:13
  We're going to cover that and get some answers in this video.
• 0:16
  But there's other big, major news stories, big developments
• 0:20
  that are impacting the silver and gold price.
• 0:23
  We're going to talk about those as well.
• 0:25
  Please subscribe to the channel if you haven't already.
• 0:27
  We're really gunning for 40,000 subscribers.
• 0:31
  Your help is greatly appreciated.
• 0:33
  We appreciate the thumbs up. And the Super chats are super
• 0:36
  appreciated. What's the big news story and
• 0:39
  what makes no sense this morning regarding silver and gold?
• 0:44
  We got employment numbers. Let's run out and take a look at
• 0:47
  that and talk about why, as we mentioned earlier in the week,
• 0:51
  this week is a complete wild card in terms of what is going
• 0:56
  on with the silver and the gold price here.
• 0:59
  Hey, it's a great it's Bidenomics.
• 1:01
  We haven't. Heard.
• 1:01
  From him lately, but none the less, Bidenomics continues to
• 1:05
  astound us. We had initial jobless claims
• 1:08
  this morning. That's the big news story.
• 1:12
  And they fall more than expected, easing some fears
• 1:17
  about the US labor market because we know the economy is
• 1:20
  so strong right now here in the United States.
• 1:23
  Guys look based on common knowledge, based on past
• 1:29
  experience, the fact that these quote UN quote good.
• 1:33
  Jobs numbers came out this morning, should have killed the
• 1:37
  silver and gold price, but that wasn't the case.
• 1:39
  We're going to go take a look at that in one second.
• 1:41
  But here, initial filings for unemployment insurance.
• 1:46
  Initial filings for unemployment insurance fell more than
• 1:49
  expected last week, offering some relief to markets worried
• 1:52
  about further signs of deterioration in the US labor
• 1:56
  market and the broader economy. The new data from the Department
• 2:00
  of Labor showed that there were 233,000 initial jobless claims
• 2:03
  filed in the week ending August 3rd, down from 250,000.
• 2:09
  So this should have killed the silver in gold price because the
• 2:13
  rationale behind that is that when the jobs numbers are good,
• 2:17
  that means the economy is doing good. the Fed does not have to
• 2:21
  lower rates as aggressively as the market had been pricing.
• 2:25
  And that makes the dollar go up. That makes the price of silver
• 2:30
  and gold go down. But that did not happen, guys,
• 2:33
  because let's go. Let's say hi.
• 2:36
  Hey everybody, 200 basement dwellers again, thank you for
• 2:39
  being here. Let's go check on the silver and
• 2:41
  gold price and you know where we're going to go to that
• 2:44
  Channel sponsor Appendix Pi MB EX.
• 2:48
  Let's press the magic button. This is not the updated price,
• 2:51
  so take a deep breath, right? Those numbers at the top, the
• 2:54
  green numbers are going to change and we have wow, it went
• 2:59
  up. It truly is the Pembac's magic
• 3:03
  button. The gold price, 2408 silver,
• 3:07
  $27.05 per oz Wow. Hey guys, I want to say thank
• 3:12
  you to channel sponsor Pembac's. I know a lot of you are buying
• 3:15
  your silver and gold from them because you're sending me emails
• 3:19
  telling me how happy you are with the service, the selection
• 3:24
  and the value that you get. Remember, price is what you pay,
• 3:28
  value is what you get, and what initially attracted me to
• 3:32
  Pendbex was value. I've got a lot of respect for
• 3:36
  the two brothers that own the company.
• 3:38
  Their mission? To get silver and gold into the
• 3:41
  hands of everyday consumers like you and me, right?
• 3:45
  The more metal for the money mantra.
• 3:48
  I made that one up. But you really do get more metal
• 3:51
  for your money at Pendbex. You can check them out here at
• 3:53
  pendbex.com. Now let's get back here to the
• 3:57
  big, big, big story. So that's the big story that
• 4:00
  was. The big story of the morning
• 4:02
  right the the the jobs jobless claims were down makes no sense.
• 4:06
  We are truly I want to talk about.
• 4:08
  This because this is important for us as precious metal
• 4:12
  investors to realize we are in wild card land right now.
• 4:15
  Nothing is making sense. We're going to talk about the
• 4:18
  gold standard. We're going to get into that in
• 4:20
  just a few minutes, but these next.
• 4:22
  Few. Weeks, these next few months are
• 4:26
  vastly unpredictable. Listen, I I'm always willing to
• 4:30
  give my predictions, and I'm always willing to admit that I'm
• 4:33
  often wrong. I've been right a lot lately,
• 4:35
  but that's besides the point, right?
• 4:38
  The reality is anybody out there who's telling you they can
• 4:41
  predict where the silver price or gold price definitively will
• 4:45
  be in the coming months especially really doesn't know
• 4:49
  what they're talking about. In my opinion, because I've been
• 4:52
  following these markets for years, I think we are at the
• 4:55
  biggest wild card period here in the next couple of months that
• 5:01
  we're ever going to experience. I don't think I can guarantee
• 5:04
  you, I can almost guarantee you right now that silver's not
• 5:07
  going to get down to 2650 again because I've made this pledge
• 5:10
  that I would buy silver if it hit $26.50.
• 5:14
  It's done that twice in the last what, two or three days and I
• 5:18
  missed both times the opportunity.
• 5:20
  So I think I'm single handedly going to keep the silver price
• 5:24
  above $26.50 I was going to buy. Buy some Last night you guys
• 5:28
  emailed me and said Ron Silver hit $26.50 and I said it's on my
• 5:33
  list. I even emailed one of you back a
• 5:35
  picture of my To Do List and by the time I got to it, it was
• 5:39
  almost $27.00 again. So you know hey, if I don't get
• 5:43
  to buy at $26.50, that's great. Onward and upward from here.
• 5:48
  And that certainly could be the. Case with the silver price
• 5:51
  because we know all the fundamental factors supporting
• 5:54
  silver we got crazy news to talk about with commercial real
• 5:59
  estate this is the craziest OK we're going to talk about that
• 6:03
  later does the Kentucky governor the state of Kentucky my.
• 6:09
  Uncle Fred. 'S from Kentucky.
• 6:11
  I love Uncle Freddie and SpongeBob is son and Hunter
• 6:15
  SpongeBob son. That's besides the point.
• 6:17
  We're going to talk about Hunter later.
• 6:19
  To the world's youngest. Silver Stacker.
• 6:22
  But does the governor of Kentucky hate silver and gold?
• 6:26
  Wait till you hear this. But now what?
• 6:28
  You've been waiting for the gold standard?
• 6:31
  Are we going back to the gold standard?
• 6:33
  Precious metals investors, we get scoffed.
• 6:37
  At. Hey, thank you.
• 6:38
  Daniel has some crazy eights. Thank you.
• 6:42
  We get scoffed at when we talk about the gold standard.
• 6:46
  That's old Fabola. Well, maybe not.
• 6:49
  Maybe it's happening right now and we're going to talk about
• 6:51
  that. But first, like our friend
• 6:53
  Daniel who so generously gave a super chat, which really goes a
• 6:56
  long way. I don't beg for money guys, but
• 6:59
  it does go a long. Way to help support the family.
• 7:02
  Let's all type some 8888. For those that moderate, I see
• 7:05
  Annie Oakley. I know Jake is here as well and
• 7:08
  Susie at her moms house. I'm a single parent, but I think
• 7:11
  Susie probably on here. We love you Susie.
• 7:14
  That's silver Susie, my wife. I'm the like, I got to show you
• 7:17
  guys, you know what? Well, you may have seen it.
• 7:20
  I put it on the community tab. Beautiful picture of Susie.
• 7:23
  She's just a real beauty inside and out and that's hard to find.
• 7:28
  I am like one of the luckiest guys in the world.
• 7:30
  We get along like 96% of the time.
• 7:34
  So that's pretty extraordinary in my book.
• 7:36
  Let's talk about Susie is the gold standard.
• 7:39
  But let's talk about the real gold standard and what's going
• 7:42
  on in the world right now. I think the first thing basement
• 7:48
  dwellers that we need to do is quickly talk about the gold
• 7:53
  standard. OK, this is from ChatGPT.
• 7:56
  This is a very short explanation of the gold standard because I
• 7:59
  thought, you know, who better to ask to concisely explain to us
• 8:03
  what is the gold standard? And it's a monetary system in
• 8:06
  which country's currency or paper money you're going to go
• 8:09
  on fart dust. As a value directly linked to
• 8:15
  gold or silver. ChatGPT under the system.
• 8:20
  That's the artificial intelligence thing.
• 8:21
  Under the system, the government agrees to exchange currency for
• 8:25
  a specific amount of gold upon request.
• 8:28
  Imagine that money backed by like, real money.
• 8:32
  Real money. This means that the value of the
• 8:34
  currency is determined by a fixed quantity of gold.
• 8:37
  It stabilizes the value relative to other currencies that are
• 8:40
  also on the gold standard. This was a common practice in
• 8:44
  the 19th and 20th centuries, and it aimed to provide a stable and
• 8:47
  predictable monetary environment, reducing the risk
• 8:50
  of inflation. You're going to hear where it's
• 8:52
  happening right now, and it's working OK.
• 8:56
  One of the key advantages of the gold standard is that it limits
• 9:00
  the ability of governments to inflate their currencies
• 9:02
  excessively. The currency is tied to a
• 9:07
  physical asset. Governments cannot simply print
• 9:10
  more money without increasing their gold reserves, which
• 9:13
  imposes a natural check on excessive money supply growth.
• 9:17
  Imagine that this aspect creates a stable economic environment
• 9:22
  and fosters. International trade and trust.
• 9:25
  Think about that guys, right? When the world's on the gold
• 9:28
  standard and they know that when they're trading with each other
• 9:31
  in each other's currencies and the currencies are backed by
• 9:33
  gold, they can trust each other more, right?
• 9:37
  Plus, governments can't print all the money they want to go on
• 9:39
  these violent and unnecessary wars like we've seen over the
• 9:44
  last 50 years. But I digress, OK?
• 9:47
  Despite its benefits, the gold standard also has big drawbacks,
• 9:51
  of course, which eventually led to its abandonment.
• 9:55
  Not quite correct there, ChatGPT.
• 9:58
  We're going to talk about that guy's Economic growth and
• 10:01
  fluctuations often necessitated more flexibility than the gold
• 10:05
  standard allowed. During periods of stress or war,
• 10:08
  for example, countries couldn't print money.
• 10:11
  They had to stick to the gold standard's rules, leading to the
• 10:14
  collapse. By the mid 20th century, most
• 10:18
  countries have moved away from the gold standard in favor of
• 10:21
  more flexible Fiat currencies, which are not backed by physical
• 10:25
  commodities but rather derived in purple.
• 10:29
  Derived their value from government regulation and trust
• 10:34
  in the economy. Also known as Unicorn fart dust.
• 10:41
  Also known as a con job, also known as the United States
• 10:47
  Federal Reserve, right. That's the gold standard
• 10:50
  backing, backing money. Hey, thank you.
• 10:53
  Wow, hold on here. We got another.
• 10:55
  Let's let's now we're going to talk about where it's working
• 10:57
  right now and how it could be working even more and what it
• 11:00
  would do for the price of gold and silver.
• 11:02
  I read if material lover biases they've written they can take
• 11:06
  your gold and silver, hoard it or hide it.
• 11:09
  Jail time, I hope not. Mccoin Mcduck, right?
• 11:14
  I don't think that we're going to be faced with a situation
• 11:17
  where they're going to confiscate gold and silver
• 11:19
  again. Right now, if the government
• 11:21
  wants gold, all they got to do is print a bunch of paper money
• 11:24
  and buy it, right? Or silver, for that matter.
• 11:26
  And that's what a lot of the smart countries in the world are
• 11:30
  actually doing. Imagine if you were a central
• 11:32
  banker in Europe, or not necessarily Europe, but in any
• 11:37
  like the BRICS countries, you'd be like, hey.
• 11:39
  You know what? Let's get while the getting's
• 11:41
  good. We can just print money out of
• 11:43
  nowhere and go buy physical metal.
• 11:48
  What a deal. So yeah, thank you for the Super
• 11:51
  chat calling Mcduck. I do appreciate that.
• 11:54
  Let's talk about where it's working, guys.
• 11:57
  Let's talk about where the gold standard is working right now.
• 12:03
  I don't want to. Here we go.
• 12:04
  This is from the Eurasia Business News.
• 12:07
  OK, Zimbabwe, the use of gold backed currency, The ZIG, which
• 12:13
  stands for the ZIG is the Zimbabwe gold.
• 12:16
  They had introduced a gold backed currency.
• 12:19
  They have introduced a the gold standard in Zimbabwe.
• 12:25
  OK, There's the ZIG right there. Gold.
• 12:28
  OK, let's just quickly go through this.
• 12:31
  The use of the Zig, short for the Zimbabwe gold currency,
• 12:34
  which replaced the Zimbabwe dollar after it depreciated.
• 12:38
  They had runaway crazy inflation, many, many waves of
• 12:42
  it in Zimbabwe. But use of the Zig has doubled
• 12:46
  since its launch in April of 2024.
• 12:50
  Make sure I got you on there. Yes, I do.
• 12:53
  OK. According to the Bloomberg, Zig
• 12:56
  is currently used in 30% of all transactions in the country.
• 13:01
  They just introduced this earlier this year.
• 13:04
  Guys. On July 15th, Musha Waka Wunga,
• 13:08
  who reported in an interview with Bloomberg that the rate of
• 13:11
  ZIG use in the country had reached 20%.
• 13:14
  OK, it's, it's like increasing dramatically, but there it's
• 13:18
  wait till you read Zimbabwe's launched the world's first
• 13:21
  currency, blah, blah, blah. OK, in Zimbabwe.
• 13:26
  Let's go to the next article. Where was it?
• 13:30
  Hold on. There's somewhere in here that
• 13:32
  basically says that since they've now introduced this
• 13:36
  goldback currency and there's some pictures of it, it's pretty
• 13:40
  cool. It's like 1 oz 111 Troy ounce of
• 13:44
  gold. Hold on here.
• 13:47
  There's somewhere down here. These articles are so long, OK?
• 13:55
  According to the local statistical office Zemstats, the
• 13:59
  African countries month on month inflation fell from a high of
• 14:03
  30% month on month in June to 1.1% in January of 2023 thanks
• 14:10
  to the gold coins released by the Zimbabwe Central Bank.
• 14:13
  This is the gold standard guys. Since July 20th, the month on
• 14:18
  month inflation rate in February was 1.6%, shedding 2.3% on the
• 14:24
  January rate of .7. Basically over the last year in
• 14:29
  Zimbabwe since they have introduced the gold standard,
• 14:33
  inflation has stopped. Halted.
• 14:37
  Right? And remember, Zimbabwe was that
• 14:38
  country people used to joke around like, oh, I've got a $15
• 14:41
  trillion bill from Zimbabwe. They are instituting the gold.
• 14:46
  Now it gets even more interesting because Bloomberg
• 14:49
  has a new report, OK, that we're going to look at right now that
• 14:53
  talks about the explicit statement by Zimbabwe as they're
• 14:57
  instituting this gold standard that they are going to
• 15:01
  completely de dollarize. All right, make sure I didn't
• 15:04
  miss anything here. Hold on here.
• 15:07
  OK, All right, let's go to that one.
• 15:13
  This came from Bloomberg Zimbabwe to unveil road map to
• 15:17
  end the dollar's use and this is happening all over Africa and
• 15:22
  Africa is huge. Zimbabwe's cabinets that had
• 15:25
  approved a road map to abandon U.S. dollars in favor of its
• 15:28
  bullion backed currency and transactions quote on modalities
• 15:34
  to operationalize the zig currency.
• 15:37
  Again, that's the Zimbabwe gold backed currency.
• 15:40
  The gold standard as legal tender for use in the economy.
• 15:44
  This is a quote AD dollarization road map is now in place.
• 15:49
  A Treasury spokesperson said via text message that in cube may
• 15:53
  make an announcement next week. OK, the southern African nation
• 15:56
  is trying to shake off its heavy dependence on the oops hold on
• 16:01
  here basement dwellers. The yellow part's what I'm
• 16:03
  reading here. The southern African nation is
• 16:07
  trying to shake off its heavy dependence on the dollar, the
• 16:10
  centerpiece of most economic activity for the past 15 years.
• 16:15
  I just want to throw in a side note.
• 16:16
  Over the last 15 years when they were using the dollar, Zimbabwe
• 16:21
  had inflation crisis like no other country in the world.
• 16:25
  OK. the US currency now accounts for about 70% of all economic
• 16:30
  transactions in the economy, according to central bank data.
• 16:34
  At the April launch of the gold bag Zig, short for Zimbabwe,
• 16:38
  gold dollars were used 85% of transactions.
• 16:41
  So it is growing like crazy in in popularity.
• 16:46
  The president hinted at the possible adoption of the Zig as
• 16:50
  the sole currency as early as 2026.
• 16:54
  That's a proposal supported by bankers and they're also
• 17:00
  implementing strong penalties for people that are smuggling
• 17:06
  and using the currencies in illegal ways.
• 17:09
  So big, big, big de dollarization, right?
• 17:13
  We know it's happening. Big, big news.
• 17:15
  It's working in Zimbabwe, OK. We know that it's being proven.
• 17:21
  Remember the IMF went over there like 6 months ago and came back
• 17:26
  and said this is a big mistake. You should use the US dollar.
• 17:30
  You should be, you should be using the the IMF and borrowing
• 17:34
  money from us. And the, the guys in Zimbabwe
• 17:36
  said stick it. Basically they told the IMF, we
• 17:40
  don't want, you guys have stuck it to us so many times.
• 17:43
  We're going to do the gold standard and it's working.
• 17:47
  Right, just like think about this, right?
• 17:50
  People will scoff at you, they'll scoff at me when we talk
• 17:53
  about the gold standard. But the reality is, OK, it
• 17:58
  worked great in this country. Rob Keynes has a book that he
• 18:00
  wrote and when I've talked to him in the basement here was
• 18:03
  months ago, but I asked him, he said, yeah, I got a whole
• 18:05
  section of my book where I talk about how the greatness and I'm
• 18:09
  and it's been a while, so I don't want to put words in his
• 18:11
  mouth, but basically the greatness that America achieved,
• 18:15
  right? Some of the greatest economic
• 18:17
  and technological advances in the history of the world.
• 18:20
  Most all of that occurred when we were on a gold and silver
• 18:24
  standard system. So we know it works.
• 18:28
  Couple other things to consider, right?
• 18:30
  The Bank for International Settlements, right?
• 18:33
  That's the central bank. That's over the Federal Reserve,
• 18:38
  over the ECB, the European Central Bank, over the Bank of
• 18:42
  Japan. It's the granddaddy of all the
• 18:46
  central banks. If you heard of Basil three,
• 18:49
  right? That made gold a tier one asset.
• 18:53
  Why would they have done that? And there's more.
• 18:55
  Oh my gosh, there's a lot more. This is getting crazy.
• 18:59
  OK? Why would the Bank of
• 19:00
  International Settlements make it a tier one asset?
• 19:03
  Why are all the world central banks right?
• 19:05
  You know that story, buying gold hand over fist.
• 19:10
  Remember, central bankers, they are the they are the inside
• 19:14
  information. They are the ones that that that
• 19:17
  make the rules. They are the ones that know
• 19:20
  what's really going on. So why is the Bank for
• 19:22
  International Settlements doing what it did with gold, making it
• 19:26
  tier one on level ground with cash and with treasuries, right?
• 19:30
  Why are the world central banks all buying gold?
• 19:33
  Think about it. We also know.
• 19:36
  We also know that on October 22nd, there's a massive bricks
• 19:41
  meeting in Russia and many people are speculating and
• 19:46
  there's a certain degree of ample evidence that they're
• 19:49
  going to announce a new shared currency mostly used for trade
• 19:55
  settlement, right? This won't be used in everyday
• 19:57
  activities, but it will likely be backed by gold.
• 20:00
  And people are saying. And the Russians are are
• 20:03
  insinuating, and I believe in the even saying that it could be
• 20:07
  backed by as much as 40% gold. And there's something else I
• 20:11
  forgot about. Oh, on top of it.
• 20:14
  All you want the cherry on top the so so so when so when people
• 20:19
  when you're talking about the gold standard and people say.
• 20:21
  Oh. We like Unicorn fart dust.
• 20:25
  We like paper money, right? Look, guys.
• 20:28
  Paper, paper, paper look how. Thin that is paper weightless.
• 20:35
  There it goes. Way before I came on one of
• 20:38
  Susie's can't snuck down here and kept walking across my
• 20:41
  keyboard screwing everything up. So if something screwed up on
• 20:44
  this live stream, we can thank Pippi the silver cat.
• 20:47
  I just wanted to throw that one in there.
• 20:49
  I hope you guys can all see me on top of the on top we get
• 20:54
  scoffed at. Oh, you, you are antiquated.
• 20:57
  Gold and silver bugs antiquated. Yes, we do rely upon 456000
• 21:03
  years of history when we decide to buy silver and gold.
• 21:07
  But think about this on top of it all this gets very
• 21:11
  interesting. And Rick Rule, I was the first
• 21:13
  person that I heard bring this up in this I think could be
• 21:17
  something that we absolutely need to keep our eyes on.
• 21:20
  And we're not going to dig deep into it, but this is the World
• 21:25
  Gold Council. I would I would say probably one
• 21:29
  of the most powerful. Organizations when it comes to
• 21:32
  precious metals in the world. This, my friends, is Gold 247.
• 21:37
  This is their initiative to digitize gold.
• 21:42
  This does not mean that they're going to take your gold.
• 21:44
  This does not mean that that you can't continue to stack silver
• 21:49
  and gold. No, they're going to using the
• 21:51
  blockchain. They're not going to turn gold
• 21:53
  into a cryptocurrency. There's a big difference here
• 21:56
  using the blockchain, They are working with the LBMA.
• 22:01
  Now I want you to think about this.
• 22:02
  We may not like the LBMA, I'm not a big fan of the LBMA, but
• 22:08
  we need to recognize the facts when it comes to two of the most
• 22:11
  power. I don't know, you tell me,
• 22:13
  right? Two of the most powerful forces
• 22:16
  in the Western world when it comes to gold, because I'm, as
• 22:19
  I'm saying this, the most powerful forces in the world
• 22:22
  when it comes to silver and gold are India and China.
• 22:25
  But we won't go down that path. But I think India in particular
• 22:29
  in, in, in many people would do it.
• 22:31
  But I think India is the precious metals capital of the
• 22:33
  world. None the less, in the Western
• 22:35
  world, two of the most powerful organizations in the precious
• 22:40
  metal sector, right. We're talking about the World
• 22:43
  Gold Council in the LBMA, the London Bullion Market
• 22:47
  Association. Right, Right.
• 22:49
  Right. Yeah, right.
• 22:50
  Again, we don't like them, but they're powerful.
• 22:52
  And this is their project to digitize gold here.
• 22:58
  Gold 247 is the World Gold Council's vision for
• 23:01
  transforming the global gold market to meet the challenges of
• 23:05
  today's consumers and investors. The way gold is currently traded
• 23:08
  and the way the supply chain is managed needs to evolve to
• 23:12
  ensure the gold market continues to meet the expectations of end
• 23:15
  users, the financial services community, and regulator and
• 23:20
  regulators. OK Gold 247 transformation is
• 23:23
  focused on three pillars, integrity, accessibility, and
• 23:26
  fungibility. OK, here, right here, the
• 23:30
  essential foundation for gold market reform.
• 23:33
  Let's highlight that That deserves to be highlighted is
• 23:37
  supply chain integrity. That is why the World Gold
• 23:40
  Council has partnered with the LBMA to develop and implement an
• 23:45
  international system of gold bar integrity using distributed
• 23:50
  Ledger blockchain technology. OK, they want to expand, expand
• 23:56
  the trusted closed loop ecosystem, which currently
• 24:00
  exists for 400 oz bars. This could be huge, guys.
• 24:04
  This could be absolutely huge with everything else.
• 24:08
  Think about what's going on. Think about what what's going on
• 24:12
  in the world with gold. You've got the bricks, right?
• 24:16
  Talking about a gold backed currency, right?
• 24:20
  The gold backed trade settlement currency.
• 24:22
  OK. You got the LBMA and you have
• 24:25
  the World Gold Council digitizing gold so that it can
• 24:29
  be used more, right? So they can become much more
• 24:32
  functional, trusted, All right. And then on top of that, you
• 24:37
  just have individual countries all over the world, right?
• 24:41
  What do you think, think about this?
• 24:43
  What do you think other small countries in the world are going
• 24:47
  to are going to think when they look at what's going on in
• 24:49
  Zimbabwe? Zimbabwe was the poster child
• 24:53
  for financial mismanagement in the world.
• 24:56
  I mean, they were bad baby. That was like, I mean, at
• 25:00
  somewhere. Let's see, see if I can, let's
• 25:03
  see if I can get lucky and find it quickly.
• 25:08
  Turkey here there, there's the price of price of silver in
• 25:15
  Turkey, right? They had a little financial hold
• 25:18
  on. They had a little financial
• 25:19
  trouble. See that right here's Argentina,
• 25:24
  right? What do you think Argentina's
• 25:26
  going to think when they hear what, what, how good things are
• 25:29
  going? That's the price of silver 10
• 25:32
  years. See that it's it goes way up
• 25:34
  here, keeps going up to my first floor price of silver somewhere
• 25:39
  in here I have the one for the price in Zimbabwe.
• 25:46
  It doesn't matter, right? The price, Zimbabwe.
• 25:50
  Was what do you think Argentina's going to think when
• 25:53
  they say, Oh my God, Zimbabwe? Which was the, the the, the.
• 25:57
  Monetary disaster of the world. The laughing stock of the world
• 26:02
  has 0% inflation, right? 1% inflation since they put in
• 26:07
  the gold standard. What do you think the other
• 26:10
  African countries are going to think?
• 26:12
  What do you think Venezuela's going to think?
• 26:14
  What do you think Brazil's going to think?
• 26:16
  What? What do you think Russia is
• 26:17
  going to think? You know what they're going to
• 26:19
  think, they're going to think and they're going to know that
• 26:21
  gold is the answer. I want to say hi to Julie.
• 26:25
  So yesterday I took my daughter to play softball.
• 26:27
  She loves softball. She blew her glove out.
• 26:30
  I said we got to run to Walmart and get you a new glove.
• 26:32
  So we went and bought a nice Rawlings glove from Walmart.
• 26:36
  Very frustrating because I ordered it online but they
• 26:38
  wouldn't let me pick it up. It was a big mess.
• 26:40
  I'm walking out, somebody says, hey, Ron and my daughter Evelyn
• 26:44
  was with me. We're at the Walmart in
• 26:45
  Chesterfield Valley. And this very pretty lady,
• 26:48
  right, says Ron. And I've said.
• 26:50
  Hey, and I'm like, I don't know you.
• 26:53
  I'm thinking and I kept walking over.
• 26:54
  I'm like, you look a little familiar.
• 26:56
  I don't know you. And she held up her phone.
• 26:58
  She said I watch Ron's basement. So Julie SI believe your last
• 27:02
  name and I messed up your first name.
• 27:04
  I apologize, but I know her. I don't want to say her last
• 27:06
  name started with an S. We're all over the place, guys.
• 27:11
  Basement dwellers, United, Walmart, Walmart shoppers.
• 27:15
  Whoa, whoa, Coin Mcduck. What are you talking about
• 27:20
  Willis? Hold on a second here guys.
• 27:22
  Let's go check on the gold price.
• 27:24
  This might be party time. Let's go.
• 27:27
  Thank you, Gold Mcduck. Let's go out here.
• 27:31
  No way. Let's press the pin backs magic
• 27:34
  button and 31 dollars silver. Wow.
• 27:40
  OK, so gold 2413 silver $27.23. It gets better, guys.
• 27:48
  It gets better. More big news, more big news.
• 27:52
  Does the governor of Kentucky and wait, wait until wait until
• 27:58
  you hear this story about about the about the commercial real
• 28:05
  estate market in New York. We are headed for a disaster.
• 28:09
  But first let's talk about the disaster.
• 28:12
  That's the governor of Kentucky. He is not a friend of the
• 28:15
  basement. We're going to have to get a box
• 28:16
  for him like we have for Jerome and and for Janet because the
• 28:20
  governor of Kentucky did something very, very bad.
• 28:23
  Hey, 450 people. Thank you, guys.
• 28:25
  Please give this a thumbs up. Subscribe to the channel.
• 28:28
  We're trying to get to 40,000 subscribers, right?
• 28:31
  Please, if you don't mind, if you're not subscribed, subscribe
• 28:33
  to the channel. Let's go see what the governor
• 28:36
  of Kentucky. You don't like this guy.
• 28:39
  No, I don't want that zero hedge.
• 28:43
  Hold on, did I press the right button here?
• 28:45
  Make sure you guys are there. Here we go.
• 28:46
  Zero hedge. Mike Mahari, Man, what a great
• 28:49
  guy. He was a guest here in the
• 28:50
  basement as well. Very smart guy.
• 28:52
  He's with money medals. Kentucky Governor.
• 28:57
  Plans to collect. Sales tax on gold and silver
• 29:00
  despite new law. OK, Kentucky Governor Andy
• 29:05
  Beshear, let's see if we can make up the the a name, a bad
• 29:10
  name for him. Andy BS right has decided he's
• 29:14
  going to continue collecting sales tax on the sale of silver
• 29:19
  and gold despite a new law repealing the levy and and an
• 29:25
  attorney general opinion calling his line item veto of the
• 29:29
  provision unconstitutional. Thank you, Mike Mahari for
• 29:34
  breaking the story. As far as I know, guys, it is
• 29:38
  think about this. Think about this, we don't like
• 29:42
  the governor of Kentucky. OK, there's only like 5 states
• 29:45
  that still collect sales tax on silver and gold.
• 29:48
  It is so stupid it's ridiculous. OK, it is ridiculous that they
• 29:54
  charge checks. Gold and silver are money are
• 29:56
  written into the United States Constitution.
• 29:59
  That would be like if if you took a hundred of these paper
• 30:04
  Unicorn fart dust dollars to your bank, 100 of them, right,
• 30:08
  and went to your teller and said, I want to exchange these
• 30:11
  hundred paper dollars for $100 bill and the teller says, OK,
• 30:16
  but there's a 7% sales tax charged on that.
• 30:20
  That doesn't make any sense. Guys.
• 30:22
  This right? Look at these beauties.
• 30:24
  OK, listen, right, these are peace dollars.
• 30:29
  Here's a Morgan dollar, OK, Always upside down.
• 30:33
  That's one of the rare upside down printed ones.
• 30:36
  Can you see that? Look at that.
• 30:38
  That is real money. OK, that's written in.
• 30:41
  To the United States of America Constitution.
• 30:46
  Look at these beauties. Look at that.
• 30:49
  Wow, who doesn't love to look at some silver, especially when
• 30:53
  it's up $0.70. Converting this right into this,
• 31:03
  there should be no sales tax. It's ridiculous.
• 31:06
  That's why I guess. What 45 states?
• 31:09
  Have eliminated it. Who is this guy in Kentucky?
• 31:12
  And you would think Kentucky, which I would think is a rather
• 31:15
  conservative state, would love. Silver and gold.
• 31:19
  What's the deal with the governor of Kentucky?
• 31:21
  I mean, that is just ridiculous. Kentucky's not too far.
• 31:25
  From where I live. I'm tempted to go down there and
• 31:28
  have a protest or something. I mean, absolutely ridiculous.
• 31:32
  Oh, oh, oh, oh, oh, I almost forgot.
• 31:35
  There's more. We've got a comment from one of
• 31:38
  you basement dwellers that I think is definitely a comment of
• 31:43
  the week. We're going to read that as
• 31:44
  well. Let's talk about what do you
• 31:47
  think's going to happen. Imagine if you bought a house.
• 31:50
  For for a half million dollars and took out a loan OK, say you
• 31:56
  bought it 15 years ago for a. Half. $1,000,000 You have big
• 32:02
  money, you basement dweller, you snake in the grass.
• 32:05
  You bought a house for $500,000 fifteen years ago.
• 32:11
  Today you go to sell it and you get 10,000.
• 32:17
  Can you imagine that? I mean, seriously.
• 32:20
  This. Is what's going on in the
• 32:21
  commercial real estate market in our country right now.
• 32:24
  Oh, but I forgot to tell you, you still have a $500,000
• 32:30
  mortgage on that house. You made your payments every
• 32:33
  month, but you took out a second loan.
• 32:35
  You know, blah blah blah blah blah.
• 32:37
  Imagine that, buying a house for 500 grand 15 years ago and
• 32:40
  selling it for 10 grand today. Wait till you hear this story.
• 32:44
  This is just unbelievable. And again, it comes from Mike
• 32:47
  Mahari. So I'm going to start calling
• 32:49
  this the Mike Mahari Show. Thank you, Mike, for your great
• 32:52
  information. This is just one example.
• 32:55
  One example. This is crazy, says the rot in
• 32:59
  commercial real estate market is in one story, the rot.
• 33:04
  OK, he's been watching the commercial real estate market
• 33:09
  waiting for the next crisis. There's some nice New York real
• 33:12
  estate for sale with a big for lease sign.
• 33:15
  The story of one commercial real estate investment by UBS Group
• 33:20
  is a microcosm of the commercial real estate market.
• 33:23
  Wait, Wait till you hear this, guys.
• 33:26
  Wait till I get rid of that ad. There we go.
• 33:28
  In 2006, UBS bought the Sports Illustrated building.
• 33:34
  Remember that magazine? Sports Illustrated.
• 33:37
  They had a swimsuit issue. Does anybody?
• 33:40
  Is it even a thing anymore? The Sports Illustrated, not the
• 33:43
  swimsuit issue, you dirties. OK.
• 33:46
  Anyway, they bought this building for $332 million in
• 33:51
  2006. And it also purchased the land,
• 33:55
  I guess you buy the building in the land separately in New York
• 33:58
  for 280 million. seven-year later, seven years later, they
• 34:02
  sold the land for 285. So they sold the land seven
• 34:05
  years later. This was 2006.
• 34:08
  This was 18 years ago that they bought it.
• 34:11
  Then they turned around and sold the land and they made a little
• 34:14
  money on the land, right? They paid 280.
• 34:16
  They sold it for 285 Safehold the specializes in land leases
• 34:21
  and the time of the sale. UBS linked the long term ground
• 34:25
  lease with the company so they can keep the, you know, the land
• 34:28
  in the in the in the building together, according to.
• 34:31
  Wall Street. UBSUBS likely held on to the
• 34:37
  building in 2019 because because there was an office shortage,
• 34:41
  OK, and rents were sky high. In theory they would make money
• 34:45
  off the building, but they sold the land, OK, OK, things didn't
• 34:49
  turn out that way. This is where it gets crazy.
• 34:52
  OK, they had COVID. We had C 19.
• 34:56
  They pumped even more money into the building.
• 34:58
  They did $76,000,000 in renovations, so they paid.
• 35:03
  Let's go back up here. Hold on a second.
• 35:06
  They purchased the building for 280, OK?
• 35:10
  No, no, no. They purchased the building for
• 35:13
  330 million and then they put another 76.
• 35:18
  So they got over 400 million into the building alone.
• 35:22
  Not the land, just the building. They completed construction in
• 35:27
  2021 and it was leased out of 40% capacity.
• 35:31
  OK, Then there was the free fall.
• 35:35
  UBS is facing now a double whammy of falling occupancy.
• 35:39
  So the number, the occupancy rates going down and the rents
• 35:42
  are going down. UBS put the tower on the market.
• 35:46
  It almost put together a deal, but it fell through.
• 35:49
  Eventually, the investment bank sold the building via an online
• 35:54
  auction for 8:00. Point. $5,000,000 Take a deep
• 35:59
  breath, boys and girls. Putting it all together, UBS
• 36:03
  paid 332 million. We're going to highlight that
• 36:06
  this is insane. This is This is why we could
• 36:10
  have a banking crisis in our country.
• 36:14
  UBS paid 332,000,000 for the building and then invested
• 36:18
  another 76,000,000, like we said, in renovations for a total
• 36:22
  of $408 million. Then it sold the building for
• 36:26
  8.5 million. That's a massive $400 million
• 36:34
  loss. They sold that building for a
• 36:37
  little over 2% of what they put into it.
• 36:43
  Again, that's like you buying a house what 18 years ago we said
• 36:49
  OK for 500,000, keeping the loan on it 500,000 and selling it for
• 36:56
  10 grand. This could happen in the
• 36:58
  residential real estate market. I'm not saying I'm predicting it
• 37:02
  will, but it could. This is crazy.
• 37:05
  OK, they did make 6,000,000 on the land because remember they
• 37:08
  sold that like seven years ago. This, this boss won't look good.
• 37:13
  Wow, wow, is that unbelievable. I mean, that is unbelievable,
• 37:19
  400 million and they've invested $400 million and there's a these
• 37:25
  were a bunch of like Harvard, NBA and.
• 37:31
  You know, people from the Wharton School of Business who
• 37:34
  analyzed this deal and said, yes, this is smart.
• 37:37
  Let's put, excuse me, 400 million into a piece of New
• 37:43
  York. This is Manhattan, guys.
• 37:46
  This is like, that's like the hottest real.
• 37:49
  That's not Saint Louis. It's not Cincinnati.
• 37:52
  You know, it's not Buffalo. No, it's Manhattan, 400 million,
• 37:57
  OK. And that was a long time ago in
• 37:59
  today's dollars is probably like 600 million and they sold it for
• 38:03
  $8 million. It's insane.
• 38:05
  It's absolutely crazy. We we were driving home from
• 38:07
  Wisconsin, went through downtown Saint Louis.
• 38:09
  The biggest building in downtown Saint Louis was the Southwestern
• 38:13
  Bell AT&T building. It's massive.
• 38:16
  OK. And it's a modern building.
• 38:18
  Same thing happened with that. This is not good.
• 38:20
  OK, let's go talk about let's talk about what one of you had
• 38:24
  to say, which I thought was very, very smart.
• 38:28
  OK, hold on a second here. I need to make this big on my
• 38:34
  screen. OK, this is from Tony Alba, our
• 38:39
  friend Tony. Look at him there.
• 38:41
  Hello, Tony, basement dweller. It's always good to see you guys
• 38:44
  one to two. OK, he was talking about are we
• 38:47
  running out of silver? That was the video topic
• 38:50
  yesterday. How much above ground silver?
• 38:52
  How much of the slush? How long till the slush fund
• 38:55
  runs dry in silver? And Peter Koroth, the author of
• 39:00
  The Great Silver Bowl, he's saying like 12 to 24 months.
• 39:03
  That's, you know, because there's a big deficit.
• 39:05
  We're consuming more silver than we mine.
• 39:08
  And there's only so much in the slush fund, right?
• 39:12
  He says one to two years is conservative and generous.
• 39:15
  The Comex has been under stress for a time already.
• 39:19
  Consider consider over demand by approximately 2200 to 400
• 39:24
  million oz per year, which means we're consuming that much more
• 39:28
  than we're producing. That's how much we're having to
• 39:30
  take from the slush fund and silver.
• 39:33
  This happens for the past five plus years with demand
• 39:36
  compounding. Remember that right.
• 39:39
  Thank you, Tony. Demand is going up, not slowing.
• 39:42
  Only things that are slowing down are mine output in Mexico,
• 39:47
  in a few South American countries.
• 39:49
  More honest reporting say of this is interesting.
• 39:53
  Above ground silver, and this is where people, this is where the
• 39:55
  big arguments come in. Above ground silver is near 1 to
• 39:59
  one with gold at about 2.5 billion oz.
• 40:03
  And that was a few years ago. Have you heard this?
• 40:07
  Because I've heard this, and I'm hearing Tony say it as well,
• 40:10
  that there's actually as much gold above ground in the world
• 40:15
  as there is silver. Right, I mean, which makes the
• 40:19
  current, whatever it is, 83 or 84 to one gold to silver ratio.
• 40:23
  Crazy, right? So there's a couple billion
• 40:25
  ounces of gold above the ground, but there's only a couple ounces
• 40:28
  of silver, right? Some of that that I showed you
• 40:30
  here. Want to hear some?
• 40:31
  Here it is, right. God, I love the sound of silver,
• 40:36
  don't you? OK.
• 40:37
  This is probably why Jeff Christian said they had about 3
• 40:42
  billion oz on standby. He's lying.
• 40:45
  Thank you, Tony. I thought that was a great piece
• 40:49
  of commentary about what's going on.
• 40:53
  Let's see here. Oh, we need to show.
• 40:55
  Hold on a second here, guys. Hold on a second.
• 40:59
  Don't forget since we got you on here, see that that's a 10 oz
• 41:04
  Coca-Cola silver bar behind it is a 5 oz and a one ounce.
• 41:08
  If you want to win that pin backs donated this silver to
• 41:12
  Ron's basement. There's a link in the
• 41:14
  description of this video where you can click on it and that's
• 41:17
  where you go follow the directions to enter into the
• 41:21
  giveaway. We aren't collecting e-mail
• 41:22
  addresses. We aren't going to spam you or
• 41:24
  anything like that. It's very, very simple to do.
• 41:29
  Hey, we also wow, big day today. Fortuna Mining announced their
• 41:34
  earnings last night. They were very, very good,
• 41:37
  continuing to generate massive amounts of free cash flow and I
• 41:41
  think it was $0.13 per share and profit during the quarter.
• 41:45
  And things are only continuing to look better for Fortuna
• 41:49
  Mining. You can learn more about them at
• 41:50
  Fortuna mining.com. First Mining Gold also had a
• 41:54
  press release out this morning, their second quarter results,
• 41:58
  their development stage company. So they're in the process of
• 42:01
  getting permits for two multi million ounce deposits that they
• 42:06
  have in Canada, one in Q1 in Ontario.
• 42:09
  Something interesting I found in there was they had like at the
• 42:12
  end of June, I think $12 million in cash on their books and they
• 42:17
  have an investment in this pickle Crow, which was one of
• 42:21
  their other projects that they partnered out that I believe was
• 42:25
  worth 25. I mean, when you look at the
• 42:27
  total market cap of the company and compare that, I'm telling
• 42:30
  you guys the value, but I'm not giving financial advice, but the
• 42:33
  value proposition in the mining sector is unbelievable.
• 42:38
  We beat that dead horse yesterday, so we won't go there
• 42:41
  again. So I have a cousin named
• 42:44
  SpongeBob Ivy Timmy. We grew up together.
• 42:50
  He's not much of A silver stacker, but he had a son named
• 42:53
  Hunter. Hunter, I talked to you the
• 42:56
  other day. I think he's the world's
• 42:58
  youngest, smartest silver stacker.
• 43:00
  He's 24 years old. I want to have Mr. H, We're
• 43:03
  going to call him that from now on here on the show sometime.
• 43:06
  I'm going to talk to him about what he sees with his friends,
• 43:10
  how they perceive what's going on in the economy, but more
• 43:14
  importantly, what attracts him to silver.
• 43:17
  Because I'm telling you, this young man is very smart, very
• 43:21
  good looking, and well, he's related to me.
• 43:25
  He's my, he's my first cousin once removed.
• 43:27
  Do you know that I'm going to teach you something right now?
• 43:30
  Basement dwellers, this is important.
• 43:32
  Your cousin's kids. And correct me if I'm wrong,
• 43:35
  your cousin's children. I used.
• 43:37
  I used. To say I was his uncle, his
• 43:39
  cousin uncle. But I've looked into it and your
• 43:43
  cousin's children are your first cousins once removed.
• 43:48
  Important to know that you know what your second cousins are.
• 43:50
  Your second cousins are people that you share a great
• 43:55
  grandparent with, not a grandparent.
• 43:58
  Those are your second cousins. Those are your first cousins
• 44:03
  that you share a grandparent with, right?
• 44:05
  Your first cousins. Your second cousins you share a
• 44:08
  great great grandparent with. Those are the grandchildren of
• 44:13
  your grandparents siblings. What's that called?
• 44:17
  This is, I don't know, one of those genetic shows, but
• 44:21
  nonetheless, I think that's it, guys.
• 44:23
  Hey, I wanna say thank Kunkel. Yeah, I was Kunkel.
• 44:25
  Kunkel's easier to remember. Rest reem.
• 44:29
  All right, guys, Thank you. When is Silver going over $100
• 44:33
  again? That could.
• 44:34
  Happen sooner than we know. Guys, can we get the 500 people?
• 44:38
  I tell you what, I'll ring the gong.
• 44:39
  Nobody, leave. Don't leave.
• 44:41
  We need to get the 500 people. OK, Can we do it?
• 44:45
  I'll ring the gong. When we do, give it a thumbs up.
• 44:48
  That'll help get more people on here.
• 44:50
  Man, We are the basement dwellers.
• 44:51
  We are the silver stackers. We're talking about Zimbabwe
• 44:56
  going to the gold standard and curing, curing their inflation
• 45:00
  problem. And I'm telling you, I think the
• 45:02
  biggest take, there's two big takeaways from that.
• 45:04
  The gold standard works, right? It's solving their inflation
• 45:09
  problem. But I'm telling you guys, more
• 45:11
  importantly, other countries. I mean, wouldn't you like if you
• 45:14
  saw your neighbor, neighbor's grass got real green all of a
• 45:17
  sudden and you said, what are you doing?
• 45:19
  He said I'm using this fertilizer.
• 45:21
  Wouldn't you use that fertilizer?
• 45:22
  Yes. What do you think other people
• 45:24
  are doing? They're doing this, other
• 45:26
  countries are looking at Zimbabwe and they're going to
• 45:28
  see the success that they're having and it's going to work
• 45:32
  all. Right, we did it.
• 45:33
  Thank you guys. We.
• 45:34
  Got the 500 let's ring the gone. It's been a while.
• 45:40
  This is awesome. Listen to that resonate.
• 45:50
  All right, Basement dwellers got a great live stream.
• 45:55
  I appreciate each and everyone of you being here.
• 45:57
  Have a great day. OK, Please support our sponsors,
• 46:01
  right? Pimbex Pi, MB, EX if you want to
• 46:05
  get some silver and gold and I'll see you guys soon.
• 46:08
  Thank you.