Latest / Financial Survival Network / Fort Knox Gold Gone? - Craig Hemke #6246

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Fort Knox Gold Gone? - Craig Hemke #6246 · Financial Survival Network

• 0:00
  Speaker 1: There are a lot of interesting theories out there. Ronan
• 0:02
  Speaker 1: Manley has done some great work on this about whether
• 0:05
  Speaker 1: all the actual good delivery bars were shipped out in
• 0:09
  Speaker 1: the late sixties supporting the London gold Pool.
• 0:12
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  Speaker 3: Ever, and welcome. You are listening to and watching the
• 0:42
  Speaker 3: Financial Survival Network. I'm your host, Kerrie lutz Man. We're
• 0:46
  Speaker 3: all right. At the end of February, looks like everything's
• 0:48
  Speaker 3: hitting the fan. Is there gold in Fort Knox? I
• 0:52
  Speaker 3: want to know, and I want to know it now. Hey,
• 0:54
  Speaker 3: what about Doge? Is Doge going to just sink the economy?
• 0:59
  Speaker 3: Because we're credit driven economy. Once the dollars stopped flowing,
• 1:03
  Speaker 3: so does all economic activity at least up to now.
• 1:07
  Speaker 3: Maybe things are different, maybe they're not. Craig Hempke is
• 1:10
  Speaker 3: with us now Tfmetalsreport dot com. Make sure you go
• 1:13
  Speaker 3: to that site. And sign up and any questions or
• 1:16
  Speaker 3: comments klfkerrie Lets dot com. Craig, we got like so
• 1:20
  Speaker 3: much to talk about here. First thing I want to
• 1:23
  Speaker 3: talk to you about is Fort Knox. Man Like, I
• 1:26
  Speaker 3: know the gold is there because I saw the movie Goldfinger,
• 1:29
  Speaker 3: and it might all be radioactive, but it's definitely there, right, Uh.
• 1:34
  Speaker 1: There's I'm sure there's gold there. You know. There are
• 1:39
  Speaker 1: a lot of interesting theories out there. Ronan Manley has
• 1:42
  Speaker 1: done some great work on this about whether all the
• 1:45
  Speaker 1: actual good delivery bars were shipped out in the late
• 1:48
  Speaker 1: sixties supporting the London gold Pool. I don't know, maybe
• 1:52
  Speaker 1: you know even when they the last time they had
• 1:55
  Speaker 1: cameras in there and did a tour was right after
• 1:58
  Speaker 1: Nixon closed the gold Window in nineteen seventy four. They
• 2:02
  Speaker 1: went in with a select group of politicians and some media.
• 2:05
  Speaker 1: They said, oh, look in here's here's one of the
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  Speaker 1: rooms we keep it in and you could see at
• 2:11
  Speaker 1: the time there were bricks, not the standard whatever whatever
• 2:16
  Speaker 1: those things are called the trapezoidal looking London good delivery bar,
• 2:21
  Speaker 1: just square up, rectangle bar bricks. And the problem with
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  Speaker 1: those is that a lot of that gold and Fort
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  Speaker 1: Knox got there via the confiscation or the buyback or
• 2:34
  Speaker 1: whatever you want to call it of nineteen thirty three
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  Speaker 1: where holders of gold sold their gold sold ex appropriation.
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  Speaker 3: I would call it.
• 2:44
  Speaker 1: Gold to the government at twenty dollars and sixty seven
• 2:46
  Speaker 1: cents and then the government, Yeah, there you go. They
• 2:50
  Speaker 1: certainly didn't hypothecate it. But anyway, the government bought it
• 2:54
  Speaker 1: for twenty sixty seven then turn around a revalued at
• 2:56
  Speaker 1: thirty five. So anybody that held the gold didn't participate
• 2:59
  Speaker 1: in that. But anyways, See, you take all the gold coins,
• 3:02
  Speaker 1: which gold coins are rarely four nine certainly from back then,
• 3:08
  Speaker 1: they melt them all down and then they poured them
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  Speaker 1: into these bricks that you see in the archival footage
• 3:12
  Speaker 1: of Fort Knox, and I'm sure that most are still there. Well,
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  Speaker 1: the problem with that is they're about ninety percent gold,
• 3:19
  Speaker 1: where the global standard these days is ninety nine point
• 3:22
  Speaker 1: ninety nine percent gold. Yes, so even if you were
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  Speaker 1: to go in there, drill some holes, weigh them all,
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  Speaker 1: and you came up with four five hundred and thirty
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  Speaker 1: three metric tons, most of it is that ninety percent goal.
• 3:36
  Speaker 1: So if you had to reassey it remelt it, you know,
• 3:39
  Speaker 1: and re refine it. You probably have closer to about
• 3:43
  Speaker 1: forty one hundred metric tons, So right there, you're overstated
• 3:46
  Speaker 1: by four hundred metric tons. Anyway, the point of all
• 3:50
  Speaker 1: this is, I don't know if it'll go anywhere. You know,
• 3:54
  Speaker 1: it kind of reached the point of media mass attention
• 3:59
  Speaker 1: a couple of days ago. You know, he open there,
• 4:02
  Speaker 1: must goes in there, you know, or a couple of
• 4:05
  Speaker 1: senators or even Trump and he just goes in there
• 4:08
  Speaker 1: and waves his arm around and with his phone says, hey,
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  Speaker 1: look look at all these shining gold. What does that accomplish?
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  Speaker 3: So what would happen wasn't there though? If it was empty,
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  Speaker 3: If the vault was empty, well.
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  Speaker 1: If it wasn't there, they wouldn't go there at all.
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  Speaker 1: You know, they'd come up with some reason to not. Yeah,
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  Speaker 1: well it's the vault door is under repair, so it
• 4:27
  Speaker 1: doesn't fit into the schedule right now. They'd come up
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  Speaker 1: with some rationale tonight, you're never gonna They're never gonna
• 4:33
  Speaker 1: walk in there, crack open some door and there's just
• 4:36
  Speaker 1: like cobwebs and shitting from the ceiling.
• 4:39
  Speaker 3: Yeah, they would have to get Heraldo to do that
• 4:41
  Speaker 3: because he's exactly opening empty vaults, right, exactly.
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  Speaker 1: The bigger story, Carrie is, if you try to connect again,
• 4:49
  Speaker 1: there may be I may be completely chewing on a
• 4:52
  Speaker 1: nothing burger, me and every other analyst in the gold space,
• 4:56
  Speaker 1: and we may be connecting dots. My standard joke, because
• 4:59
  Speaker 1: I might be pulled of John Nash, remember that, yeah,
• 5:02
  Speaker 1: from the Beautiful Mind movie where in the end, you know,
• 5:05
  Speaker 1: after years of just being schizophrenic and crazy, schizophrenic and crazy,
• 5:09
  Speaker 1: he's got all that stuff on his wall, and he's
• 5:11
  Speaker 1: got all these strings. And maybe that's what I'm doing
• 5:14
  Speaker 1: when I try to connect all the dots of everything
• 5:16
  Speaker 1: that's taken place in the gold market since early December,
• 5:19
  Speaker 1: shortly after Trump was elected. But this talk of auditing
• 5:23
  Speaker 1: or trying to figure out how much gold the US
• 5:25
  Speaker 1: actually has is certainly a dot that you can possibly
• 5:28
  Speaker 1: connect to some other things to try to figure out
• 5:30
  Speaker 1: what's going on. We'll just see, we'll no sooner enough,
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  Speaker 1: I guess.
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  Speaker 3: Yeah, yeah, the gold has to be there. I'm about
• 5:36
  Speaker 3: to write an article about that because the alternative, if
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  Speaker 3: it was exposed, that would be a global meltdown, right,
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  Speaker 3: I mean, instantly, all the the currencies of the world
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  Speaker 3: would probably go back to their intrinsic value.
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  Speaker 1: Right, Yeah, well, they toil those things that even like
• 5:56
  Speaker 1: if they were to revalue gold on the books, which
• 5:59
  Speaker 1: there's a lot of talk about that because the US
• 6:00
  Speaker 1: carries it at forty two dollars and twenty two cents,
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  Speaker 1: we don't know what the impact would be. You know,
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  Speaker 1: if you walked in one day there's no gold, maybe
• 6:08
  Speaker 1: it'd be some volatility for a day, and then everything
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  Speaker 1: just sail off into the distance, you know, unaffected. If
• 6:14
  Speaker 1: if all of a sudden they come out and say, well,
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  Speaker 1: we want to try to We've got x amount of
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  Speaker 1: gold and we want that to represent twenty five percent
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  Speaker 1: of our debts. So we're going to now say that
• 6:23
  Speaker 1: that gold is worth thirty thousand dollars an ounce. Does
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  Speaker 1: that mean that gold trades at thirty thousand dollars an ounce?
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  Speaker 1: Not necessarily. I mean it's just a book untry on
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  Speaker 1: the on the Treasury Department's balance sheet. So it depends on,
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  Speaker 1: you know, a number of other factors to see how
• 6:40
  Speaker 1: that would all play off. They walked in there when
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  Speaker 1: any goal, I don't know. What I do know, Carrie,
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  Speaker 1: is that at the end of World War Two, the
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  Speaker 1: US had let's just call it, twenty five thousand metric
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  Speaker 1: tons of gold. They backed the dollar with it to
• 6:53
  Speaker 1: give the dollar people using the dollar some confidence to
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  Speaker 1: rebuild the world. You know, you can convert thirty five
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  Speaker 1: dollar dollars into an ounce of gold. Well, by the
• 7:02
  Speaker 1: time we got to late fifties, the world was you know,
• 7:05
  Speaker 1: beginning to uh, you know, it had gotten start again economically,
• 7:08
  Speaker 1: and a lot of countries had dollar reserves that they said, well,
• 7:12
  Speaker 1: we really don't want these out of gold. And the
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  Speaker 1: US lost about seven or eight thousand of those metric
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  Speaker 1: tons and it was a big I mean, it was
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  Speaker 1: a like scandal and what And they had hearings in
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  Speaker 1: nineteen fifty seven and fifty eight, what are we going
• 7:26
  Speaker 1: to do about this? Well what they did is in
• 7:29
  Speaker 1: the by nineteen sixty one they said, you know, we're
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  Speaker 1: not going to go this alone anymore. So the US
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  Speaker 1: pledged about another seven or eight thousand metric tons, along
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  Speaker 1: with about seven or eight other countries. And that was
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  Speaker 1: a London gold pool defending thirty five dollars, and all
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  Speaker 1: of a sudden that was gone. So now all of
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  Speaker 1: a sudden we got eighty one hundred and thirty three
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  Speaker 1: metric tons left, and Nixon said, it's enough of that.
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  Speaker 1: We're not you know, we're not converting dollars anymore. And
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  Speaker 1: that's allegedly what we have left, allegedly.
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  Speaker 3: Interesting. Interesting, Well, uh, something's going to hap up in
• 8:00
  Speaker 3: here right, things like it, Carrie.
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  Speaker 1: You know, the standard line is that Trump's gonna, you know,
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  Speaker 1: put all these tariffs on, and Gold's not gonna be
• 8:12
  Speaker 1: able to leave London or come in to the US
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  Speaker 1: from Canada or Mexico or anything else without a big tariff.
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  Speaker 1: So we got to shore up the Comax with a
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  Speaker 1: bunch of physical goal kind of like what they said.
• 8:24
  Speaker 1: You know, we couldn't fly Gold around during COVID because
• 8:26
  Speaker 1: they weren't any pilots and nobody was flying, and so
• 8:28
  Speaker 1: we had to shore it up then. So the standard
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  Speaker 1: line is that's what's been going on since early part
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  Speaker 1: of December, about a month after Trump was elected.
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  Speaker 3: Interesting. Interesting, But if we were to.
• 8:40
  Speaker 1: Try to connect dots, we could say, well, they're trying
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  Speaker 1: to on short as much, they're trying to get as
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  Speaker 1: much go back here as fast as they can. Oh
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  Speaker 1: and then are talking about four Knox because they know,
• 8:49
  Speaker 1: they know exactly how much there is. And then let's
• 8:52
  Speaker 1: say you know how much there is. You know, there's
• 8:53
  Speaker 1: this lady. Have you ever talked to Judy Shelton? Have
• 8:55
  Speaker 1: you ever interviewed her or try to interview her? Carry
• 8:57
  Speaker 1: you know who that is?
• 8:58
  Speaker 3: I know the name, haven't had or on.
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  Speaker 1: Judy Shelton was actually nominated to the Board of Governors
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  Speaker 1: of the Federal Reserve in about twenty eighteen. When Trump
• 9:09
  Speaker 1: had a chance to replace it, you know, to nominate
• 9:12
  Speaker 1: a couple of people. Was shot down. She was shot down.
• 9:15
  Speaker 1: She's just a lunatic gold bug, you know, conspiracy theorist,
• 9:18
  Speaker 1: fringe tenfoilve hat person. Anyway, so Trump knows Judy obviously,
• 9:23
  Speaker 1: and Judy's whole thing has been we need to shift
• 9:27
  Speaker 1: debt and remonetize gold by issuing gold backed or gold
• 9:31
  Speaker 1: indexed fifty year debt. Okay, interesting idea. Who would buy
• 9:38
  Speaker 1: Carrie how much? If you were just a buyer, if
• 9:42
  Speaker 1: they were suddenly started issuing you know, they got twenty
• 9:44
  Speaker 1: year bonds, ten year you know notes, thirty year long bond.
• 9:48
  Speaker 1: What kind of if you just were going to buy
• 9:50
  Speaker 1: one and carry a fifty year bond? Straight up the
• 9:53
  Speaker 1: way they're done. Now, what level of interest would you demand?
• 9:56
  Speaker 3: You me, I can't even I'm mad, you know, like,
• 10:02
  Speaker 3: I'd want like ten twelve percent?
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  Speaker 1: I would think right, You would think right, because the
• 10:07
  Speaker 1: way the US fiscal situation is, and the destruction of
• 10:10
  Speaker 1: your purchasing power over time if you just simply get
• 10:12
  Speaker 1: your principle back. So what if, though, Carrie, the US said, Okay,
• 10:18
  Speaker 1: we're going to issue these bunts, but they're going to
• 10:20
  Speaker 1: be either redeemable at the end fifty years from now,
• 10:23
  Speaker 1: let somebody else deal with it, or will just index
• 10:25
  Speaker 1: them to gold. Your principle is index to the price
• 10:28
  Speaker 1: of gold for fifty years from now. So if you
• 10:30
  Speaker 1: knew your principle was protected or hedged or whatever you
• 10:34
  Speaker 1: want to put it to inflation and the price of
• 10:36
  Speaker 1: gold and everything else, then what level of interest would
• 10:40
  Speaker 1: you take?
• 10:40
  Speaker 3: Would you take three?
• 10:41
  Speaker 1: Or four?
• 10:42
  Speaker 3: Five? Yeah? Maybe? I mean I don't trust the government,
• 10:45
  Speaker 3: so it's it's hard to knew.
• 10:47
  Speaker 1: Well, there are enough suckers out there around the world
• 10:51
  Speaker 1: that probably would. So anyway, my point is that's what
• 10:55
  Speaker 1: Judy Shelton's always talked about. So okay, well, let's point
• 11:00
  Speaker 1: one more dott in here, Carrie. Remember Trump about a
• 11:04
  Speaker 1: month ago said he wanted to create a US Sovereign
• 11:07
  Speaker 1: Wealth Fund, Remember.
• 11:08
  Speaker 3: That, right, yeah? Yeah, yeah, and quite understanding.
• 11:12
  Speaker 1: He gotta fund that thing. Have you got to put
• 11:15
  Speaker 1: some cash in there? Where's it going to come for?
• 11:18
  Speaker 1: You can't just create I mean, we're already going to
• 11:20
  Speaker 1: do a two trillion dollar deficit this year. We're gonna
• 11:22
  Speaker 1: sell another two trillion dollars worth of bonds to fund
• 11:26
  Speaker 1: that thing. With two trillion bucks, then you got a
• 11:29
  Speaker 1: four trillion dollar and it just makes selling trailer. So
• 11:32
  Speaker 1: what if in the grand scheme of things, John Nash
• 11:36
  Speaker 1: now phoning in from wherever John Nash is these days, uh,
• 11:40
  Speaker 1: somewhere in heaven. I guess yeah, what if the plant
• 11:44
  Speaker 1: all along has been we're gonna set up the sovereign
• 11:46
  Speaker 1: Wealth Phone. We need to fund it somehow. Judy Shelton says,
• 11:49
  Speaker 1: we can fund it with some gold backed bonds. But
• 11:51
  Speaker 1: then we got to get the gold back here, We
• 11:53
  Speaker 1: got to know how much we've got. Then we got
• 11:56
  Speaker 1: to revalue it. Because it's forty two dollars an ounce.
• 11:59
  Speaker 1: That's only about seven hundred billion dollars at today's market prices.
• 12:03
  Speaker 1: But what if we carried it on the book said
• 12:04
  Speaker 1: ten thousand dollars an ounce instead, that'd give us two
• 12:07
  Speaker 1: and a half trillion dollars that we could see what
• 12:10
  Speaker 1: I'm saying, I don't know if any of that makes sense.
• 12:13
  Speaker 1: I have no idea if that's where they're going. But
• 12:15
  Speaker 1: that's one plausible scenario. And then I should further add
• 12:19
  Speaker 1: in what we don't know, because this has not occurred
• 12:21
  Speaker 1: at any time in our lifetime. If the US government,
• 12:25
  Speaker 1: unless we don't know, If the government, if they say
• 12:27
  Speaker 1: it's ten thousand dollars anounce on their books, does that
• 12:29
  Speaker 1: make it trade at ten thousand dollars an ounce? I
• 12:31
  Speaker 1: doubt it. Unless the government says we are a buyer
• 12:36
  Speaker 1: at ten thousand dollars an ounce, then maybe. Otherwise it
• 12:40
  Speaker 1: might just be an accounting gimmick. All this stuff is
• 12:44
  Speaker 1: something that has occupied my mind through the cold winter months.
• 12:48
  Speaker 1: And we'll see where we go from here.
• 12:51
  Speaker 3: This is fascinating, man, this is fascinating. Well, so what
• 12:56
  Speaker 3: about what's happening with Doje? Does that give anyone any
• 13:00
  Speaker 3: realistic hope that this ship can be righted?
• 13:04
  Speaker 1: I guess it gives some I mean, that was Remember
• 13:07
  Speaker 1: that was all part of the rationale for a ten
• 13:10
  Speaker 1: percent drop in the gold price right after Trump got elected.
• 13:12
  Speaker 1: Remember it peaked out in late October and then by
• 13:16
  Speaker 1: really by the at the time we got to that
• 13:18
  Speaker 1: FED meeting in December, it bottomed out about ten percent lower.
• 13:22
  Speaker 1: And it was all because Trump's going to cut spending
• 13:25
  Speaker 1: and he's going to be pro growth and higher interest
• 13:27
  Speaker 1: rates and all this kind of stuff. That was at
• 13:30
  Speaker 1: least the rationale that was behind why gold was going down. Well,
• 13:34
  Speaker 1: I thought at the time, I thought, man, I mean,
• 13:37
  Speaker 1: I guess they I guess what we found is that
• 13:40
  Speaker 1: they can try to expose things and they can say
• 13:43
  Speaker 1: we're not going to have a USAID anymore and all
• 13:46
  Speaker 1: that kind of stuff, but the government is still run
• 13:49
  Speaker 1: by appropriations bills and omnibus spending bills and all that
• 13:52
  Speaker 1: kind of It was something that just used through the
• 13:55
  Speaker 1: House yesterday that Thomas Massey came out and said that's
• 13:58
  Speaker 1: going to increase the debt by three hundred fifty billion dollars. So,
• 14:03
  Speaker 1: I don't know, it sounds good, looks good, it's good politically,
• 14:07
  Speaker 1: but whether or not it really does anything. And then
• 14:09
  Speaker 1: you know, to actually net net trim the deficit. We're
• 14:12
  Speaker 1: already about four percent of the pace from the last
• 14:15
  Speaker 1: fiscal year with four months in, which puts US on
• 14:18
  Speaker 1: a pace for about one point nine to two trillion
• 14:21
  Speaker 1: dollars in deficit this year. So, I mean, does an't
• 14:25
  Speaker 1: going to have any impact? I don't know, Carrie. I
• 14:28
  Speaker 1: wish it did, but I've again I've never been optimistic
• 14:31
  Speaker 1: that it would and I'm still not.
• 14:34
  Speaker 3: So it's just a pr deal, is that it?
• 14:37
  Speaker 1: Yeah? I think so. I mean, I think Trump is
• 14:41
  Speaker 1: building political capital with people besides putting doze out there
• 14:46
  Speaker 1: and running these headlines and people you know, seeing the
• 14:48
  Speaker 1: waste and definitely exposing the corruption, right. I mean, you
• 14:54
  Speaker 1: know how these politicians all got, you know, became millionaires
• 14:57
  Speaker 1: is by serving on the board of you know, some
• 15:00
  Speaker 1: random foundation that gets fifty million dollars a year from
• 15:04
  Speaker 1: the government. So, uh, that's good political points. All the
• 15:09
  Speaker 1: other executive orders that he signed that you know, like
• 15:13
  Speaker 1: immediately or ten or twenty that have it like an
• 15:15
  Speaker 1: eighty percent approval rate that he just puts out, even
• 15:18
  Speaker 1: like getting rid of plastic straws whatever or paper straws, okay,
• 15:22
  Speaker 1: or getting bringing back the incandescent light bulb, you know,
• 15:25
  Speaker 1: that kind of stuff. That's all stuff that again has
• 15:30
  Speaker 1: a massive approval rating. And then he did it and
• 15:33
  Speaker 1: again makes headlines make people think, yeah, this guy's really
• 15:35
  Speaker 1: doing the stuff. I like to give him some political capital,
• 15:39
  Speaker 1: you know, for the tough stuff you are.
• 15:41
  Speaker 3: Yeah, it's the big pr show, is that it?
• 15:44
  Speaker 1: Yeah? Yeah, well for sure. Yeah. And again it's just
• 15:47
  Speaker 1: building up some political capital for what's going to be
• 15:49
  Speaker 1: some really tough decisions ahead, you know, and you're going
• 15:53
  Speaker 1: to have to navigate himself through. But this this idea
• 15:57
  Speaker 1: of the sovereign wealth or whatever reason you might revalue
• 16:05
  Speaker 1: the gold on the balance sheet. We'll see if they do.
• 16:08
  Speaker 1: I don't, And again I have no idea what I
• 16:10
  Speaker 1: really because we don't. You can't say, well, the last
• 16:12
  Speaker 1: time they did this carry and they took it from
• 16:14
  Speaker 1: forty two up to two thousand, gold immediately went to
• 16:16
  Speaker 1: two thousand.
• 16:17
  Speaker 3: Well they didn't.
• 16:18
  Speaker 1: This would be the first time in our lifetimes they've
• 16:20
  Speaker 1: ever done this, So we don't. I don't know what
• 16:22
  Speaker 1: the impact would be.
• 16:24
  Speaker 3: Interesting, interesting, man, Yeah, this is a fascinating conundrum, that's
• 16:29
  Speaker 3: for sure. And you just got to wonder where it's
• 16:33
  Speaker 3: going to end. So we got to we're heading for
• 16:35
  Speaker 3: a disaster this year, you think, is that what you're thinking?
• 16:38
  Speaker 1: Well, Carrie, you may recall when the last time we
• 16:42
  Speaker 1: spoke was right after I published my forecast for this year,
• 16:47
  Speaker 1: and yeah, I think I do every year, and I've
• 16:49
  Speaker 1: put it out in January, and this year was called
• 16:51
  Speaker 1: inversion reversion, and the theme behind that was that the
• 16:56
  Speaker 1: inverted yield curve, you know, where short rates are higher
• 17:00
  Speaker 1: yielding than you know, like the two year note is
• 17:02
  Speaker 1: a higher yield than the ten year note. It shouldn't
• 17:04
  Speaker 1: be that way, but that inverted yield curve means that,
• 17:08
  Speaker 1: I mean, you're signaling that a recession is coming. History
• 17:12
  Speaker 1: is taught from the last six or seven times that's happened.
• 17:14
  Speaker 1: The recession actually begins once the yield curve flips back
• 17:19
  Speaker 1: to a positive slope, once the ten year note once
• 17:22
  Speaker 1: again is a higher yield than a two year note.
• 17:23
  Speaker 1: Well that happened in about September of last year. So
• 17:27
  Speaker 1: I thought, well, okay, well, now look what's I mean.
• 17:30
  Speaker 1: Even the last couple of weeks, look at how I
• 17:32
  Speaker 1: mean this story, this idea of an economic slowdown is
• 17:36
  Speaker 1: catching on the Secretary of Treasury was talking about it yesterday.
• 17:39
  Speaker 1: You cut any government spending, that's going to impact and
• 17:43
  Speaker 1: that nominal GDP growth as well. Labor market's going to
• 17:47
  Speaker 1: start to kind of slow down. You know, I don't
• 17:50
  Speaker 1: know we shall see even rate cut odds which just
• 17:56
  Speaker 1: as of a couple of weeks go carry, you had
• 17:58
  Speaker 1: to go all the way out September before you found
• 18:01
  Speaker 1: at least a fifty to fifty chance of a rate cut.
• 18:05
  Speaker 1: Now all of a sudden, it's about two chances in three.
• 18:08
  Speaker 1: You get one by June. So there's a recognition going
• 18:13
  Speaker 1: on here that we're tipping over, and that's not unusually
• 18:16
  Speaker 1: a lot of times that happens in the first year
• 18:19
  Speaker 1: of a presidential cycle.
• 18:20
  Speaker 3: So here we are, all right, So what do you
• 18:24
  Speaker 3: do here? Is gold gonna keep going higher?
• 18:26
  Speaker 1: Here?
• 18:27
  Speaker 3: They don't seem to want it to go over three
• 18:29
  Speaker 3: thousand do that?
• 18:32
  Speaker 1: Yes, it has been there seems to be on a
• 18:34
  Speaker 1: line of the sandrawn just below that price around twenty
• 18:36
  Speaker 1: nine sixty or seventy on the futures it gets above there, Well,
• 18:42
  Speaker 1: you know what will happen when it gets to three
• 18:43
  Speaker 1: thousand carry, I mean, there'll be all kinds of headlines,
• 18:47
  Speaker 1: all kinds of news. Oh, it's three thousand, and it'll
• 18:50
  Speaker 1: move a little bit past three thousand and then go
• 18:52
  Speaker 1: right back down under and then people will say that's it.
• 18:55
  Speaker 1: I ran into resistance. Remember two thousand was like that
• 19:00
  Speaker 1: back in twenty twenty. So it'll get there at some point.
• 19:06
  Speaker 1: My forecast this year I said, probably get all the
• 19:07
  Speaker 1: way to thirty one hundred before settling a little bit lower.
• 19:10
  Speaker 1: We've gotten a head start on that. The key to
• 19:13
  Speaker 1: it all, really, besides all this other stuff that we've
• 19:15
  Speaker 1: been talking about and the gold moving from London and
• 19:18
  Speaker 1: Switzerland into the US, the key is continued and persistent
• 19:23
  Speaker 1: global central bank demand. Ever since the US slapped all
• 19:30
  Speaker 1: those sanctions on Russia in twenty in about this time
• 19:33
  Speaker 1: of the year in twenty twenty two, three years ago,
• 19:36
  Speaker 1: kicked him out of Swift, froze there foreign currency reserves.
• 19:40
  Speaker 1: Ever since then, the global central bank demand for gold
• 19:44
  Speaker 1: has soared. Twenty twenty two was a record going all
• 19:47
  Speaker 1: the way back to nineteen sixty eight, twenty three, and
• 19:50
  Speaker 1: twenty four, all three of those years greater than the
• 19:54
  Speaker 1: thousand metric tons of net demand. Sure looks like it's
• 19:57
  Speaker 1: not stopping this year. I think that is something that
• 19:59
  Speaker 1: under pins price. It keeps that physical demand prohibits deep
• 20:04
  Speaker 1: corrections in the paper price. And so yeah, it's not
• 20:09
  Speaker 1: straight up. We've been up every week so far this year.
• 20:11
  Speaker 1: Every week this year, Carrie has been a green candle
• 20:14
  Speaker 1: on the weekly charge. They're not going to be fifty
• 20:16
  Speaker 1: two of those babies, so it'll continue to move up
• 20:20
  Speaker 1: in stage as it always does. But I sure wouldn't
• 20:23
  Speaker 1: get freaked out and scared off just because suddenly the
• 20:26
  Speaker 1: price starts with a three. One day it'll start with
• 20:28
  Speaker 1: a four too.
• 20:30
  Speaker 3: So what about bitcoin? It's not been doing too good here.
• 20:34
  Speaker 1: Now, you know. In't that funny, Carrie? I mean, just
• 20:37
  Speaker 1: the well, there are a number of reasons for it,
• 20:40
  Speaker 1: you know. I still think and I go look and look.
• 20:43
  Speaker 1: I was saying this at eighteen thousand. I sold one
• 20:47
  Speaker 1: of my basically three bitcoin at eighteen thousand because that
• 20:51
  Speaker 1: was when they instituted a bitcoin futures in twenty seventeen
• 20:55
  Speaker 1: or eighteen, and I was like, well that's it for
• 20:57
  Speaker 1: that man. Now the banks got their claws into it. Well, okay,
• 21:02
  Speaker 1: we know what's happened since I've kind of five times.
• 21:06
  Speaker 1: But I do think that now that there's kind of
• 21:07
  Speaker 1: synthetic bitcoin with all this futures and you know, and
• 21:10
  Speaker 1: all this other jazz what's funny carries. It seemed like
• 21:13
  Speaker 1: it was such a layup.
• 21:15
  Speaker 3: Yeah, didn't it time we say this about gold?
• 21:17
  Speaker 1: If you're trading gold, and anytime it looks great, oh man,
• 21:20
  Speaker 1: we're this man, everything's in our favor. You've got to
• 21:23
  Speaker 1: be prepared to sell some because everybody's on the same
• 21:27
  Speaker 1: side of the boat. And it's almost universally true. And
• 21:30
  Speaker 1: you go back to after Trump got elected and we
• 21:32
  Speaker 1: got into December and there's ETF and Trump's going to
• 21:35
  Speaker 1: start a national Bitcoin Reserve, and there's all blah blah
• 21:37
  Speaker 1: blah blah. Oh my god, this is the easiest trade
• 21:40
  Speaker 1: you're ever gonna see. Yeah, right, it goes down.
• 21:45
  Speaker 3: Yeah, we love how that works out right.
• 21:48
  Speaker 1: Yeah, it's just, you know, almost universally true. Everybody gets
• 21:53
  Speaker 1: on one side of the boat. Everybody's bought, everybody's bullish.
• 21:57
  Speaker 1: The opposite happens. That's what's called being a contraurion. So yeah,
• 22:01
  Speaker 1: now it's broken down through that ninety thousand level, will
• 22:04
  Speaker 1: probably bang up. Try to get back above there. You
• 22:06
  Speaker 1: might pull back even further. But yeah, fundamentals are still
• 22:11
  Speaker 1: prop fundamentals. It's an interchant way to put it, but
• 22:13
  Speaker 1: they the supply demand fundamental is a physical bitcoiner still
• 22:16
  Speaker 1: compelling and always will be so maybe in another period
• 22:19
  Speaker 1: of pullback and sideways for a while, but we'll probably
• 22:23
  Speaker 1: I gotta imagine, you know, the general thesis has changed.
• 22:27
  Speaker 3: So so, in other words, the situation is hopeless but
• 22:31
  Speaker 3: never serious.
• 22:34
  Speaker 1: That's what we p Well, the opposite is true too.
• 22:37
  Speaker 1: Like I said, when everybody's all excited and everything looks
• 22:41
  Speaker 1: like wow, I mean, we are in great shape here,
• 22:44
  Speaker 1: you've got to be prepared to sell some of just
• 22:45
  Speaker 1: about anything. The opposite of that is also true when
• 22:48
  Speaker 1: everybody's full of despair is going to zero.
• 22:53
  Speaker 3: Yeah. Hey, but Buffett like is sitting on more cash
• 22:57
  Speaker 3: than he's ever sat on before. What does Warren Buffett
• 23:01
  Speaker 3: know that the rest of you out there don't.
• 23:04
  Speaker 1: I that's a good question. That's a good question. You
• 23:06
  Speaker 1: could certainly. I mean we again, let me preface this.
• 23:11
  Speaker 1: I have predicted ten of the last one market pullbacks, So.
• 23:16
  Speaker 3: I got you twenty.
• 23:18
  Speaker 1: Great, you might be up for twenty. So there have
• 23:23
  Speaker 1: been reasons to question the valuations of the stock market
• 23:26
  Speaker 1: for quite a while here, though, I will say, you know,
• 23:30
  Speaker 1: that market is subject to liquidity concerns. That money supply
• 23:34
  Speaker 1: is growing again, that's interesting, but that reverse repo account
• 23:39
  Speaker 1: has been wiped out. Remember it was like two and
• 23:41
  Speaker 1: a half trillion dollars, it's now like sixty billion. Yeah,
• 23:46
  Speaker 1: and the FED is still tapering and all that kind
• 23:48
  Speaker 1: of stuff.
• 23:49
  Speaker 3: There.
• 23:49
  Speaker 1: There may be like a little mini liquidity crisis at
• 23:52
  Speaker 1: Bruised that could, you know, cause a stock market to
• 23:54
  Speaker 1: pull back ten or fifteen percent or something like that.
• 23:57
  Speaker 1: And at that point, again, everybody'd be like, oh, oh, yeah,
• 24:00
  Speaker 1: here it comes. You know, the SMP is going to
• 24:02
  Speaker 1: fall fifty percent, and then you know.
• 24:06
  Speaker 3: I will just go back. You know, I've been doing
• 24:08
  Speaker 3: this fourteen years now. You got me beat by a
• 24:11
  Speaker 3: few years. I started interviewing Martin Armstrong and the Dow
• 24:18
  Speaker 3: was just under twelve thousand, and he said it's going
• 24:21
  Speaker 3: up to thirty five, forty two, forty five, all right,
• 24:25
  Speaker 3: and then in eighteen he said it would hit forty
• 24:29
  Speaker 3: five somewhere between twenty two and twenty four. Right, it's
• 24:34
  Speaker 3: just the Dow, I mean, that's not really a representative
• 24:37
  Speaker 3: basket of the market, but it's still a noteworthy index.
• 24:41
  Speaker 3: He's been right all along. He's saying sixty five thousand
• 24:45
  Speaker 3: by thirty two.
• 24:46
  Speaker 1: Okay, Hey, I will sure, why not? You know, if
• 24:50
  Speaker 1: the Fed sets his liquidity issue and they need to
• 24:55
  Speaker 1: start pumping the cash and they stop taper and they
• 24:57
  Speaker 1: start QI again and all of a sudden, interest rates
• 25:00
  Speaker 1: get out of control, and then they go to the
• 25:02
  Speaker 1: yield curve control and they're just are you going to
• 25:05
  Speaker 1: make all kinds of reasons as to why you could
• 25:07
  Speaker 1: get a fifty percent out of the stock market? Sure?
• 25:09
  Speaker 1: Why not? What? Hey? You know what what nobody ever
• 25:13
  Speaker 1: talks about? You go back again. Anybody can cherry pick dates,
• 25:16
  Speaker 1: but you know, the total gaining gold since the year
• 25:21
  Speaker 1: two thousand or two thousand and one or whatever is
• 25:23
  Speaker 1: above the S and P. So I think a blended,
• 25:27
  Speaker 1: balanced portfolio is always a way to go. And you
• 25:30
  Speaker 1: work some gold into your portfolio is probably a good idea. Hey.
• 25:33
  Speaker 3: You know, remember Will Rogers said invest in inflation, it's
• 25:37
  Speaker 3: the only thing going up, right, And that was.
• 25:41
  Speaker 1: Just Oklahoma, Yes, for sure.
• 25:44
  Speaker 3: In the twenties. That was so even then. You know,
• 25:49
  Speaker 3: I do think inflation's inevitable. It should be death taxes
• 25:55
  Speaker 3: and inflation.
• 25:57
  Speaker 1: Yeah, yeah, right, And I've thought since about June of
• 26:02
  Speaker 1: twenty twenty, I think was when I first started talking
• 26:05
  Speaker 1: about stagflation being the ultimate outcome of all this seventies
• 26:09
  Speaker 1: level stagflation where again inflation but very little growth in
• 26:16
  Speaker 1: the economy. And I as we get deeper into this year,
• 26:19
  Speaker 1: that that term that you know, you see those charts
• 26:22
  Speaker 1: sometimes of Google searches, you know, like in washingt d C.
• 26:26
  Speaker 1: People searching for how do you bleach bit and all
• 26:28
  Speaker 1: that kind of stuff for a couple.
• 26:29
  Speaker 3: Of weeks, countries without extradition treaties exactly wiring wiring money, and.
• 26:38
  Speaker 1: Right, you know, people searching, people searching. Stagflation is going
• 26:44
  Speaker 1: to grow as we go through the year too. And
• 26:46
  Speaker 1: again what the parallels to the seventies will be negative
• 26:50
  Speaker 1: real interest rates, you know, where the Fed will be
• 26:52
  Speaker 1: forced to yield curve control and be doing QWI and
• 26:56
  Speaker 1: say we're buying all treasuries above whatever four percent. But
• 27:00
  Speaker 1: the inflation isn't going to be at five or six
• 27:01
  Speaker 1: or seven or something like that because they have to.
• 27:05
  Speaker 1: And just like the seventies, it's going to be a
• 27:09
  Speaker 1: very beneficial time for all commodities, not just Golden Solar.
• 27:13
  Speaker 3: Agreed, agreed, no question about it. And well, it's definitely
• 27:20
  Speaker 3: exciting times here. And man, when we have this discussion
• 27:26
  Speaker 3: again in a few months, it's going to be totally
• 27:29
  Speaker 3: different that I know, and you know, it's a it's
• 27:37
  Speaker 3: a brave new world out there. Hey, so you got
• 27:39
  Speaker 3: to go over to TF Metals Report dot com and
• 27:43
  Speaker 3: sign up. I think I think you're lagging the price
• 27:47
  Speaker 3: of a latte here, Craig. I think the price at
• 27:51
  Speaker 3: the inflation cafe is going up faster than your subscription fees.
• 27:56
  Speaker 1: I I've a loss. I had something I can heard
• 28:00
  Speaker 1: it to a couple of weeks ago, and I thought, well,
• 28:02
  Speaker 1: that was pretty good. Iice you remember that.
• 28:03
  Speaker 3: Now.
• 28:03
  Speaker 1: I can't remember what it was because I'm now pushing
• 28:05
  Speaker 1: sixty hard. But yeah, I think for you know, for all, oh,
• 28:09
  Speaker 1: I know what it was. I got my bill. I'm
• 28:12
  Speaker 1: looking through my visa bill and all of a sudden,
• 28:14
  Speaker 1: two cars for XM Radio is fifty bucks a month,
• 28:17
  Speaker 1: twenty five bucks a month just to drive around and
• 28:19
  Speaker 1: listen to the YouTube channels college sports, and I'm like,
• 28:22
  Speaker 1: what the hell, I'm only charging fifteen I think that's
• 28:25
  Speaker 1: a pretty better bargain than satellite radio. So yeah, I
• 28:29
  Speaker 1: think it's worth it. I don't know if anybody else cause,
• 28:32
  Speaker 1: but I think it's worth it. So please check us out,
• 28:35
  Speaker 1: like you said, TF metals Report dot com.
• 28:37
  Speaker 3: Yeah, all right, excellent. Hey you got a question for
• 28:39
  Speaker 3: Craig myself Klatcarrieleuts dot com. Send the email. We'll get
• 28:44
  Speaker 3: you an answer quick and we have a link to
• 28:47
  Speaker 3: craig site TF metals Report dot com in the show
• 28:51
  Speaker 3: notes to this interview on Financial Survival Network dot com.
• 28:56
  Speaker 3: When you go there, just sign up for your free newsletter.
• 28:58
  Speaker 3: Over seventy thousand I think seventy five thousand of you
• 29:01
  Speaker 3: have so far. The numbers have just been escalating like
• 29:05
  Speaker 3: crazy lately for some reason. Maybe that's a indicator in itself. Greg.
• 29:10
  Speaker 3: We will talk to you again real soon and then.
• 29:12
  Speaker 1: Always by to talk Carrie.
• 29:13
  Speaker 2: Thanks for listening to carry Letz's Financial Survival Network, your
• 29:18
  Speaker 2: solution to today's trying times. For the latest, go to
• 29:22
  Speaker 2: Financial Survivalnetwork dot com. Financial Survival Network now more than
• 29:28
  Speaker 2: ever