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Citigroup and Federal Reserve Foretelling BIG TROUBLE (Silver Price & Gold Price) · SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT

• 0:00
  How do you feel when you hear $1960 gold?
• 0:05
  What about $22.00 silver? Are you scared?
• 0:10
  Are you afraid that the price is going to continue down, down,
• 0:14
  down? I'll tell you, I feel pretty
• 0:17
  darn good about the current gold price and silver price.
• 0:20
  We're getting a little bit of a pullback, but that was to be
• 0:25
  expected. Now look, if we get below $1900
• 0:28
  on the gold price, there will be some technical damage that will
• 0:32
  have occurred. But if we can continue to fight
• 0:36
  at this current gold price, that will also dictate a increasing
• 0:41
  silver price through the end of the year and we still have a
• 0:46
  good fighting, realistic chance to have a new all time high gold
• 0:50
  price by Christmas. Remember that's my prediction.
• 0:54
  Yes, I'm out on a limb, hopefully not a Christmas tree
• 0:59
  limb that's getting ready to break, but I think we could
• 1:02
  easily see a new all time high for the gold price by the end of
• 1:05
  the year. I may be wrong, don't make any
• 1:08
  financial decisions based on anything I say.
• 1:11
  I'm just sharing with you my opinion and while we're on that
• 1:15
  subject, let's talk about something really happy as well.
• 1:18
  Because when we get to that new all time high gold price on
• 1:22
  Christmas or shortly beforehand. Look guys, because of this
• 1:27
  massive cup and handle pattern that we talk about every single
• 1:30
  day cup and handle pattern we could catapult higher to 2500.
• 1:36
  Twenty $600.00 gold before you know it.
• 1:39
  But what's coming down the Pike? What is downright scary right
• 1:44
  now? What are we hearing from the
• 1:46
  Fed? What are we hearing from one of
• 1:49
  the world's largest banks that should make us want to perk up?
• 1:53
  OK, we got trouble in River City.
• 1:57
  OK, We need to put some boots on the warehouse floor.
• 2:00
  Time to make some feathers fly because we've got big, big
• 2:05
  issues heading at us right now. OK.
• 2:07
  Let me let me just give you a little update on what's going on
• 2:09
  in the markets from the mainstream media.
• 2:12
  Yesterday they said stocks continued their hot streak on
• 2:15
  Tuesday, ending with gains for the seventh straight session as
• 2:20
  renewed confidence in the Federal Reserve ending its
• 2:24
  tightening campaign this year list lifted investors.
• 2:28
  Mainstream media is talking about recognizing that the Fed
• 2:33
  right, the general market narrative right now, which is
• 2:36
  important, is always wrong often times or late.
• 2:41
  But the mainstream media narrative now is that the Fed is
• 2:45
  done raising rates. How do you feel about that?
• 2:49
  What do you think that's going to mean for the price of silver
• 2:53
  and gold as more and more people start to realize that the Fed is
• 2:57
  done raising rates? Now again, we could be wrong.
• 3:00
  They could raise rates in December.
• 3:02
  There's there's a strong contingent of people who think
• 3:05
  they will, but I think they won't.
• 3:08
  I think the rate hikes are over and I that's based on extensive
• 3:14
  research that I've done. But I hear the smartest guys in
• 3:17
  the room, right, the people that I really respected aren't
• 3:20
  beholden to anyone in particular that really know what's going
• 3:25
  on. Saying that the Fed is likely
• 3:27
  done raising rates and that's going to be rocket fuel for the
• 3:30
  price of silver and gold. Recent signs of a weaker U.S.
• 3:35
  economy signaled to the market that the Fed could ease up on
• 3:38
  its rate hikes. We like that.
• 3:41
  Is there any weakness? And we talked about any
• 3:43
  weakness. We're going to talk more about
• 3:44
  that in a little bit. But central bankers have said,
• 3:48
  have said that the door is still open to additional rate hike
• 3:53
  increases. So remember that all the
• 3:55
  governors are out speaking this week.
• 3:57
  They're all squawking. And of course they're going to
• 4:00
  say, well, if we need to raise rates, we'll raise rates again.
• 4:04
  Don't listen to what they say. Watch what they do.
• 4:09
  Don't use your ears, OK? Use your eyes.
• 4:12
  Watch what they do and what they've done is paused.
• 4:17
  That's the most recent action that we've gotten from the Fed,
• 4:21
  and that will continue. Also watch with your eyes what's
• 4:25
  going on in the economy around you right now?
• 4:28
  Is there anything that's making you feel a little concerned?
• 4:31
  Have you tried to go out to eat with your family lately?
• 4:34
  I mean, it is ridiculous. You can't even go to a decent
• 4:37
  little restaurant without spending 100 bucks for a family
• 4:40
  of four. Like something one step above
• 4:43
  Applebee's and nothing against Applebee's.
• 4:45
  I know Coin Shop Chris loves Applebee's, but nonetheless, it
• 4:48
  is insane out there, guys. OK?
• 4:51
  And I want to go on my rant one more times.
• 4:53
  I don't know if I drove this home to you lately, but
• 4:55
  inflation is way higher. Way higher than they're telling
• 5:00
  us. I'm going to slurp down some
• 5:01
  coffee. Hopefully you didn't hear that.
• 5:06
  Now. Nonetheless, inflation is way
• 5:08
  higher. They're saying three 4% BS,
• 5:11
  right? We know the real number is more
• 5:14
  like 6-7, eight, 910% right now. But factor in shrink inflation
• 5:20
  into that equation, because I'm telling you, everywhere I go,
• 5:23
  whether it's the grocery store or it's at a restaurant, the
• 5:27
  package and portion sizes are much lower as well.
• 5:31
  So now they're charging heck seems like twice as much or 60
• 5:36
  or 70% as much for all this stuff as they charged us three
• 5:40
  years ago. But we're only getting 80 or 70%
• 5:44
  of the product. I mean, if you factor that end,
• 5:46
  does that make sense? That means that inflation is
• 5:49
  really, hey, bullion misfit. Thank you my friend, for the
• 5:53
  Super chat. I forgot to beg to beg for super
• 5:56
  chats. Super chats are always very
• 5:58
  appreciated, but really never expected.
• 6:00
  OK, all my content is free and always will be free, but the
• 6:05
  support really does come in handy.
• 6:08
  But if we factor in, hey Steph, wow, thank you for the time and
• 6:13
  creating. Oh yeah, we've got some great
• 6:15
  people, Really wonderful people. Thank you for the Super chat.
• 6:18
  Step now back to my train of thought, man.
• 6:22
  When you factor in the actual nominal dollar level inflation
• 6:27
  that they're getting us when we go to the grocery store, it's
• 6:30
  ridiculous. And you compare that also with
• 6:33
  the fact that you're actually then getting smaller amounts in
• 6:36
  the package. I'm telling you, inflation over
• 6:38
  the last three years is at least 100% and I'm a guy who pays
• 6:43
  attention because I'm a tightwad.
• 6:44
  Susie's on here right now, Susie.
• 6:47
  If I'm a tightwad, type type tightwad in the in the type type
• 6:54
  typewad, that's easy for me to say in the comments.
• 6:57
  It's OK because I am. I get mad when we go out to eat
• 7:01
  and and we buy sodas for everybody's.
• 7:03
  I'm like, gosh, that's like that's like an extra 15 bucks.
• 7:06
  I digress. I'm not perfect, guys.
• 7:10
  I'm really not. I am not perfect.
• 7:12
  I'm struggling. I am struggling.
• 7:15
  I am struggling. Now, now, now, now, now, now,
• 7:19
  now. Let's talk about the Fed.
• 7:21
  What's the Fed themselves telling us right now when it
• 7:25
  comes to the banks that should have everybody shaking in their
• 7:29
  boots? These banks are in big, big
• 7:32
  trouble. And when the banks blow up like
• 7:34
  they did during the great financial crisis, the Fed is
• 7:37
  going to print and the price of silver and gold is going to
• 7:40
  really skyrocket this time. Because think about it, the
• 7:45
  situation we're in now compared to 20 years ago or whatever that
• 7:49
  is 16 years ago, 2007, 2008, there's this very pertinent term
• 7:56
  that all you basement dwellers need to commit to memory
• 8:00
  escalation. Things have escalated,
• 8:03
  escalated. You know, when they had to do
• 8:04
  the bailout during Long Term Capital Management, that wasn't
• 8:08
  that huge. And then they had had to do
• 8:10
  bailouts. When the tech bubble burst that
• 8:12
  was bigger, then they had to do a great big bailout to save all
• 8:16
  the nasty dirty crook bankers during the great financial
• 8:19
  crisis that was bigger. Each time it gets bigger and
• 8:23
  bigger and bigger because the can gets harder for them to kick
• 8:26
  down the road. This time they're they're going
• 8:29
  to have to throw everything they've got at it just to move
• 8:33
  the can, OK, and what's the Fed telling us?
• 8:36
  Because last week, Jerome Powell was telling in his testimony or
• 8:40
  his press conference was telling us everything was OK with the
• 8:43
  banks. The banks are in good shape.
• 8:44
  Everything's fine, according to Jerome, right?
• 8:49
  Yeah, we know Jerome's never been wrong, nor has Janet Yellen
• 8:54
  right there. They just completely screwed up
• 8:57
  on the whole inflation thing. But that's a whole different
• 8:59
  story last week. Jerome's telling U.S. banks are
• 9:02
  strong, banks are doing great. But we get this blog post from
• 9:06
  the New York Fed, OK, the New York Fed, where all the big
• 9:11
  banks are headquartered, OK? And they're saying otherwise.
• 9:16
  They're saying there's big, big, big, big problems in the banking
• 9:20
  sector. And they did say it's not quite
• 9:22
  as bad as before the great financial crisis.
• 9:26
  I don't know about that. OK, of course they're going to
• 9:28
  say that. But they said there's increased
• 9:31
  vulnerability to funding and capital shortfalls.
• 9:35
  Smaller banks are worse off, right?
• 9:37
  Did you hear about the bank in Iowa?
• 9:40
  Citizen bank that went bankrupt, went belly up, failed.
• 9:43
  Nobody talked about it. It wasn't on mainstream media.
• 9:46
  They don't want people to realize that the banks are in
• 9:49
  such horrific situation right now.
• 9:52
  Smaller banks are worse off. The report explicitly talked
• 9:56
  about commercial real estate delinquencies are going to be
• 9:59
  coming through because of vacancy issues and higher rates.
• 10:05
  Banks will have to be selling these commercial real estate.
• 10:08
  If you want to buy an office building, I'd recommend you wait
• 10:11
  about 9 to 18 months because the banks are going to be selling
• 10:16
  these things for pennies on the dollar, OK?
• 10:20
  People will be ripping them down to get the steel and copper out
• 10:23
  of them for recycling purposes. It started OK.
• 10:28
  And the the crazy thing about the commercial real estate loans
• 10:32
  is it's just really going to start in 2024.
• 10:36
  That's when the loans come due, that's when they need to be
• 10:39
  refinanced and it's going to be a big, big issue.
• 10:43
  Banks are already setting aside funds for losses.
• 10:47
  The Fed also the New York Fed also talked about some other
• 10:52
  vulnerabilities and they called 1A bank run vulnerability.
• 10:56
  Basically this risk that people could wake up and realize like
• 11:01
  the banks are in trouble and want their money out of the bank
• 11:05
  which can can happen in this day and age very very quickly
• 11:10
  because of technology. OK, people taking their money
• 11:13
  out of the bank already. OK, this is critical.
• 11:16
  Think about this. People are already taking their
• 11:19
  money out of the banks because they can get better rates on
• 11:22
  treasuries. They can get better rates
• 11:24
  elsewhere this day. These days of you know, .5%
• 11:28
  interest or one or two percent interest.
• 11:30
  People are like why should I leave my 20,000 in the bank when
• 11:35
  I can take it and buy AUS treasury or I can take it to
• 11:38
  this brokerage and then buy ACD that pays, you know that pays 5
• 11:43
  or 6%. The banks are on under huge huge
• 11:46
  stress and people aren't even scared yet.
• 11:52
  All right, that's the bottom line.
• 11:54
  This could create massive tension and issues in the US
• 11:59
  economy, in the banking sector. And guys, remember things have
• 12:04
  escalated, things have escalated.
• 12:07
  The system has grown so much more delicate and tender.
• 12:12
  I haven't used that word for a while, Insensitive like me and
• 12:16
  we got 100 thumbs up. Thank you guys.
• 12:18
  Thank you for the Super chance. I'm going to ring the rail 10
• 12:21
  times 234-567-8910. Hope I didn't wake any of the
• 12:28
  neighbors up. Thank you, guys.
• 12:29
  It's a big deal. You're here.
• 12:31
  Your basement dwellers. Don't forget we got a new
• 12:34
  website coming. www.ronsbasement.com.
• 12:37
  We'll talk about more about that later.
• 12:40
  And wow, wow, Sorcerer. Stan, where's the hot dog?
• 12:44
  I don't know. Maybe.
• 12:45
  I don't know where that hot dog went.
• 12:47
  Maybe somebody could get me the hot dog.
• 12:50
  I think it's in the kitchen. You guys want the hot dog?
• 12:54
  How about a hot dog? Huh.
• 12:56
  Yeah, I forgot what I was going to say.
• 12:58
  Oh, if you want to get your hands on some silver, gold, and
• 13:01
  platinum before it's potentially all gone, go check out the
• 13:06
  company that I trust. Pinbex, Pi MB E xpinbex.com, The
• 13:12
  online bullion dealer. Just do your own work on it, OK?
• 13:16
  Dig in. Read reviews, compare prices.
• 13:21
  And then I think what you'll find is you'll you'll have
• 13:23
  yourself a reliable place where you can go that you feel like
• 13:27
  you can trust and you're going to always get a great, great
• 13:30
  price. But that decision's up to you.
• 13:32
  I always recommend do your own work.
• 13:34
  That's what I did. Because you guys are the ones
• 13:37
  who told me about Pembecks. They're a gracious sponsor of
• 13:40
  the channel. Thanks, Pembecks.
• 13:42
  Now let's move on. Because.
• 13:45
  Because. Because.
• 13:48
  Woo, it's a scorcher. I'm telling you, this balcony
• 13:53
  I'm on, this is like I'm doing it from an oven.
• 13:57
  If I pass out, please call Susie and tell her Ron passed out on
• 14:01
  the on the balcony. Are there, are there?
• 14:04
  Uh oh, uh oh. Guess what's coming, guys.
• 14:07
  You ask for it. Evelyn delivers.
• 14:13
  There's the hot dog. OK, all right.
• 14:18
  None of that. The deal is we just talked about
• 14:23
  what the Fed said about the banks.
• 14:25
  Is there more to talk about about the banks?
• 14:27
  I got news. I got a little secret.
• 14:29
  I got a little secret for you. The banks are laying off people,
• 14:34
  OK? The big banks are all laying
• 14:36
  off. The only company that's not laid
• 14:38
  off anyone is JP Morgan. Because they're so crooked that
• 14:42
  they can make profit in any environment.
• 14:44
  They don't have to lay people off.
• 14:46
  Remember JP Morgan? They're the ones who manipulate
• 14:48
  the price of gold and silver. They've been convicted of that.
• 14:55
  But. But Citibank?
• 14:59
  OK, Operation Bora Bora, Have you heard about that?
• 15:02
  Do you know that Citibank has 240,000 employees throughout the
• 15:07
  world and they're going to lay off at least 10% of them, maybe
• 15:10
  even more? By the time Operation Bora Bora
• 15:13
  goes through, that's 30,000 people, OK?
• 15:18
  And we got these big issues that are affecting the banks, OK?
• 15:21
  Credit card people are not paying their credit cards.
• 15:24
  Car loans. People are not paying their car
• 15:27
  loans. U.S.
• 15:28
  Treasuries have crashed. We've covered that ad nauseam.
• 15:32
  mortgage-backed securities that the banks own have crashed.
• 15:36
  Commercial real estate we just talked about that is just
• 15:39
  starting to crash and is really going to crash next year.
• 15:43
  We got zombie companies out there that are crashing because
• 15:47
  the only way they survive is by borrowing more money and the
• 15:50
  banks don't have money to give them.
• 15:53
  What about student loans, right. You know, are people actually
• 15:57
  paying back their student loans? That's a subject for much
• 16:00
  debate. But these banks are in big, big
• 16:03
  trouble at a time when let's talk about what's going on in
• 16:07
  the corporate world, right, the big business, corporate world,
• 16:10
  because we get this news, all the big companies, for those of
• 16:13
  you don't know, put out their quarterly reports, right.
• 16:18
  So all the big companies are pretty much through right now
• 16:21
  reporting on their business activities from July, August and
• 16:26
  September. That's the third quarter.
• 16:28
  All right. And now we get the data.
• 16:30
  And what is the data is they've amalgamated all this data.
• 16:34
  It's telling us that corporate America is delivering the
• 16:38
  bleakest sales report in four years this earnings season, a
• 16:44
  sign that weakening consumer demand is limiting company's
• 16:50
  ability to raise prices further. What does that tell us about
• 16:55
  silver and gold? OK, weakening consumer demand.
• 16:59
  We've talked about that. People are not paying their
• 17:02
  credit cards and don't have any room left on.
• 17:04
  The consumer is the backbone of the US economy.
• 17:07
  There's demand coming down, OK. At the same time the companies
• 17:12
  are dealing with inflation. It's stagflation.
• 17:15
  OK? I'm going to ruin it for you.
• 17:17
  It's stagflation. And what happens in stagflation?
• 17:20
  Silver and gold prices skyrocket, with more than 80% of
• 17:25
  the S&P 500 firms having reported Less than half have
• 17:29
  beaten their revenue estimates for the third quarter, the
• 17:32
  lowest share since the same period in 2019 and according to
• 17:37
  data compiled by Bloomberg Intelligence, the pace of sales
• 17:42
  growth globally. OK, now let's talk about the
• 17:45
  world because we live in a global world globally has also
• 17:49
  moderated to quote UN quote the lower end of their pre pandemic
• 17:54
  ranges. Deutsche Bank group strategist
• 17:58
  said the world economy is slowing, inflation is not
• 18:05
  slowing. That's because there's so much
• 18:08
  darn debt in the world. You don't have to be you know
• 18:11
  Albert Eisenhower to figure that out.
• 18:14
  There's so much debt in the world.
• 18:16
  It's driving up prices where at the same time people don't have
• 18:21
  any money left. It's shrinking.
• 18:23
  So it's driving down sales. It's stagflation.
• 18:27
  All right, I'm not going to go on.
• 18:30
  I'm not going to go on about it. But I will tell you as a
• 18:33
  precious metals investor, it is the most conducive environment.
• 18:37
  It's like a it's like you till up the soil and put some cow
• 18:41
  poop in it. That's how fertile of ground it
• 18:46
  is for the the price of silver and gold.
• 18:54
  Let's just talk about credit cards because that.
• 18:57
  Sorry guys, I'm. I'm getting roasting out here.
• 19:01
  I might be the Turkey. You guys call me a Turkey.
• 19:03
  I might just wind up being the Thanksgiving Turkey if I sit out
• 19:06
  here in this oven too much longer.
• 19:09
  Credit card balances. We just got information from the
• 19:12
  Fed. More information from the Fed.
• 19:14
  They've been so generous lately. And remember, they always paint
• 19:17
  the prettiest picture, but what they're telling us is that
• 19:20
  credit card balances spiked in the 3rd 12:45 point O $8
• 19:24
  trillion. It's a record.
• 19:27
  OK, it's a record. One point O 8.
• 19:30
  That's one trillion 80 billion.com.
• 19:34
  Don, who's working on the Ron's basement website, was, I
• 19:39
  believe, who who told me this and it blew my mind.
• 19:42
  A trillion dollars is $1,000,000 1,000,000 times.
• 19:49
  If you multiply 1,000,000 * 1,000,000 just like you would 2
• 19:54
  * 2 is 4. A million times a million is a
• 19:59
  trillion dollars. Americans owe over a trillion
• 20:02
  dollars now on their credit cards.
• 20:04
  Collectively they owe that much. That's from the Federal Reserve
• 20:07
  Bank of New York, our good friends.
• 20:09
  Steadily, persistently. Higher prices, higher prices,
• 20:14
  Inflation. They have caused consumers to
• 20:16
  spend down their savings. Americans don't have any
• 20:20
  savings, and they're pulling money out of their four O1 KS,
• 20:23
  which is never a good idea, OK? And increasingly turning to
• 20:27
  credit cards to make ends meet. At the same time, credit cards
• 20:31
  are one of the most expensive ways to borrow money.
• 20:35
  It's not even most expensive. Credit cards are robbery.
• 20:39
  Credit cards are payday loans on steroids.
• 20:43
  Credit cards are worse than going well.
• 20:46
  It's as bad as going to the pawn shop.
• 20:48
  Credit cards are a rip off OK? They shouldn't even allow.
• 20:53
  Why it it? It's just ridiculous that you
• 20:57
  can charge your fellow American. What kind of a community do we
• 21:01
  live in where we have bankers willing to charge people 30%
• 21:05
  interest? I mean, come on, I couldn't.
• 21:08
  I if you needed to borrow money from me right right now and I
• 21:13
  trusted you and that you're going to pay it back, you know,
• 21:17
  you know, again, somebody like coin Shop Chris said I need to
• 21:20
  borrow 1000 bucks, but I want to pay you interest.
• 21:23
  I want to pay you interest. OK.
• 21:25
  I would feel guilty charging anything over, I don't know, 7
• 21:29
  or 8% interest. I mean, it's just ridiculous.
• 21:31
  Absolutely ridiculous. OK.
• 21:37
  All right guys that's it for today.
• 21:40
  I am I am roasting out here but I appreciate everyone joining
• 21:44
  me. We did For those of you that
• 21:46
  follow my stock holdings, we did get some great news this morning
• 21:50
  from Fortuna Silver Mines. Jorge Canoza, the CEO of
• 21:55
  Fortuna, he's been in the basement with me many, many
• 21:58
  times. I think he's one.
• 22:00
  I think he's the, I think he's the CEO of the year silver,
• 22:04
  right. This guy built a silver mining
• 22:06
  company started in Peru from the ground up, all right and has
• 22:11
  grown and grown the company. Now they've got mines all over
• 22:15
  the world and they just announced unbelievably great
• 22:21
  earnings for the third quarter. So congratulations to them.
• 22:24
  To any of you that own Fortuna Silver, you know, the one thing
• 22:28
  Jorge and I have talked about many times is this crazy
• 22:32
  situation in the silver market whereby the silver price is so
• 22:38
  artificially low. The Comex in the LBMA guys, they
• 22:42
  are manipulating the price of silver down, down, down.
• 22:47
  And one of the ramifications of silver being so low is that
• 22:52
  there's no money going into the silver industry to find new
• 22:57
  silver deposits. All right.
• 23:00
  There's no pipeline, very limited pipeline of new silver
• 23:04
  projects coming on board. Now there's some companies out
• 23:07
  there, Silver Elephant, Suma Silver and a few other, a
• 23:13
  handful, A handful of others that do have silver and that are
• 23:16
  exploring, but they are few and far between.
• 23:21
  If we look out five years and we look at what's projected in
• 23:24
  terms of demand for silver in this country, I was just
• 23:28
  listening to Phil Baker, the CEO of Heckler Mining talking about
• 23:31
  it as well. There is a projection for a
• 23:34
  massive shortage of silver. There's no other way around it.
• 23:39
  OK, You listen to Keith Newmayer.
• 23:41
  I've talked with them. I've heard him say the same
• 23:44
  thing. The, the, the fundamental story,
• 23:47
  the support for the silver story, the silver supply demand
• 23:52
  dynamic is unbelievable. Yet right now all my contacts in
• 23:59
  the retail silver sector are saying that there's not a lot of
• 24:03
  people buying silver, right? And why?
• 24:06
  Why is that? Why are you not buying silver?
• 24:09
  I'll tell you why. Because you've got to buy food
• 24:11
  and you've got to buy fuel and you've got to buy things that
• 24:14
  are now twice as expensive, like we talked about as they were
• 24:18
  just three years ago. So that's why people are not
• 24:23
  buying on net is much silver, right?
• 24:26
  Because some people are actually needing to sell their silver.
• 24:30
  Little bits and pieces, little chunks, just to pay the electric
• 24:34
  bill, just to pay the the, the, the, the, the grocery bill, just
• 24:38
  to pay for new shoes for their kids or whatever the case may
• 24:41
  be. So we're in this weird little
• 24:44
  situation. However, however, let's let's
• 24:47
  talk about this. Everything we talked about
• 24:51
  earlier in this video. OK.
• 24:54
  The banks are in big trouble. The economy's in big trouble.
• 24:57
  Oh, I forgot. You know what?
• 24:58
  There's another great story. Hold on here.
• 25:01
  Hold on. We had a great story to talk.
• 25:03
  This will tell you one more reason why the economy is in big
• 25:09
  big, big, big, big, big. Bear with me.
• 25:11
  Technical difficulties. Let me have sip of water.
• 25:15
  And I want to read you something.
• 25:17
  This won't take long, but it shows us just how.
• 25:23
  Shoot, just how screwy things are in the US economy.
• 25:27
  Because these are real numbers, real data.
• 25:31
  The stuff we get from the Fed and from the Bureau of Labor and
• 25:34
  Statistics is, let's just say, highly seasoned.
• 25:44
  My good friend RB, another one of you, a basement dweller and
• 25:49
  thank you for being here today, my fellow basement dwellers.
• 25:53
  And and before I read you this story I want to say thanks to
• 25:58
  our other primary sponsor first mining gold.
• 26:01
  Look when all this economic doom if and when it comes to
• 26:05
  fruition, the gold price is going to go to new all time
• 26:08
  highs. OK.
• 26:10
  If I don't hold gold in my hand. The second best place to me that
• 26:14
  I want to hold it is in the ground to own a company that has
• 26:18
  huge gold resources in the ground.
• 26:21
  But again, check them out for yourself.
• 26:23
  It's the stock I've owned for years and years.
• 26:26
  First mining gold. They have over 13 million ounces
• 26:30
  of gold in the ground in Canada. That's another important thing
• 26:34
  to consider jurisdiction in Canada.
• 26:37
  Check them out if you want more information.
• 26:39
  You can even talk to a real life human Mr. Paul Morris with his
• 26:43
  British accent. I'll put his contact information
• 26:47
  in the description of this video.
• 26:49
  Let's talk about this story. This came from a subscriber.
• 26:52
  You guys do a good job of of keeping me up to date.
• 26:57
  The economy is great. The economy is strong.
• 26:59
  We talked about trucking volumes being down.
• 27:02
  We talked about railroad volumes being down.
• 27:05
  Real hard day to talk to a trucker.
• 27:07
  OK, when on the road, when we were coming on vacation truck
• 27:11
  stops. I asked a couple truckers.
• 27:12
  They're like, Oh my God, it's horrible.
• 27:14
  I mean, nobody's shipping stuff, right?
• 27:16
  But what we haven't talked about is this very interesting story.
• 27:21
  This came from Business Air Insider.
• 27:25
  Hold on. Woo.
• 27:29
  Hold on. OK, air freight demand has
• 27:34
  cooled so much that FedEx is telling its pilots to fly for
• 27:40
  American Airlines instead. Think about that.
• 27:44
  FedEx is telling their pilots because they don't have any
• 27:48
  freight for them to fly around the country.
• 27:51
  Maybe it'd be better you go take a job with American Airlines so
• 27:55
  you can fly these consumers that are putting their vacations on
• 27:59
  credit cards to all these exotic locations around the world.
• 28:04
  FedEx is encouraging its pilots to apply for a job with PSA
• 28:08
  Airlines, a unit of American Airlines.
• 28:12
  The move came on the back of a decline in air cargo demand.
• 28:17
  Meanwhile, US passenger airlines are experiencing a pilot
• 28:22
  shortage. Yeah, because people are nobody
• 28:25
  understands, like, like, people are still going out to eat.
• 28:29
  People are still blowing their money on exotic vacations.
• 28:32
  OK, flying to it. I can't tell you like, oh, have
• 28:35
  you noticed that? Like a lot of your cohorts are
• 28:37
  like, oh, I went to Italy for 10 days or oh, I went to Greece for
• 28:42
  this or whatever. I'm like where and I know the.
• 28:44
  I know these people don't make that much money.
• 28:47
  You know, they're like school teachers and stuff and which is
• 28:50
  great, admirable profession. But like where are you getting 6
• 28:54
  grand to go to Italy for a week with you and your kids?
• 28:58
  Right. It doesn't make any sense.
• 29:00
  It just doesn't make any sense. So I think we're at the end of
• 29:05
  what is a big bubble. I think people, I think people
• 29:08
  realize how screwy things are getting right now and are kind
• 29:12
  of like, you know what? What the heck, Let's go for it.
• 29:14
  Now you may be asking me. Well, Ron, you're sitting on the
• 29:16
  17th story balcony and this is a fancy building.
• 29:20
  I'll tell you why I come here in November is because we can rent
• 29:24
  the same condo now for 20 to 25% the cost of what it costs to to
• 29:31
  get the same condo in July or August.
• 29:34
  Yeah, it's a nice place, but it's a great value, and I love
• 29:37
  value nonetheless, nonetheless. All right, guys, Let me ask you
• 29:42
  a question. Do you feel like, do you feel
• 29:45
  like I want you to type 4 in the comments section if you feel
• 29:50
  like your fellow Americans are kind of doing like a one last
• 29:54
  hurrah, right? Like one last.
• 29:56
  Because that's what the credit card data shows.
• 29:59
  People are like, what the heck, I might as well blow it because
• 30:03
  next year is going to suck. Do you think?
• 30:05
  The average Americans. We got a four.
• 30:07
  We got a couple fours. Thank you.
• 30:09
  Jim M, thank you. Thank you.
• 30:11
  Annie Oakley Coin Shop. Chris, thank you to all the
• 30:14
  moderators as well. I'm European.
• 30:18
  OK, 4/4 Casey Jones. Yeah.
• 30:21
  I mean, it feels like it's the last hurrah is not good.
• 30:26
  It's not good out there. OK.
• 30:28
  Thank you to all the moderators, Jake from Jake's Custom Parts,
• 30:32
  Quench shop. Chris, Annie Oakley, Jim M You
• 30:35
  guys are the best. I really appreciate you being
• 30:39
  here. OK.
• 30:40
  Most importantly, right? Moderators are important.
• 30:44
  Susie's important. You know, I guess I'm important,
• 30:48
  but I'm no more important than you are because this does not
• 30:51
  happen without you. And yes, we pour our heart and
• 30:54
  soul into this channel and it gets exhausting.
• 30:58
  I'm not going to lie at times, but coming on here and seeing
• 31:04
  all you, you because it's, I mean, you are the most important
• 31:08
  part. It's energizing.
• 31:10
  So I really appreciate the fact that you give us your time, you
• 31:14
  give us your support. OK.
• 31:16
  I will always make sure that all my content is free.
• 31:19
  Yeah. Super Chats financial support is
• 31:22
  always welcome. OK.
• 31:24
  I'm not going to lie then. Greatly appreciated.
• 31:27
  But at the end of the day, you know what's most important is
• 31:31
  that you have a place to come, that we can be together.
• 31:33
  And you never know, maybe we'll have a big a big get together
• 31:37
  someday. Nothing.
• 31:37
  I'm going to make any money off of.
• 31:39
  I'm. It'd be really nice.
• 31:40
  So, whoa. Thank you, Thomas.
• 31:43
  I'm spoiled today. OK.
• 31:45
  All right, guys. I'll see you soon.
• 31:47
  Thank you. Seriously.
• 31:50
  And I'm talking to you because there's only one you.
• 31:53
  And that's the truth, right? It's a big deal.
• 31:56
  You're here. You're important, right?
• 31:58
  You're important to this community.
• 31:59
  And I know your family and many other communities as well.
• 32:02
  Have a great day. I'll see you soon.