Latest / SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT / ⭐ ALERT ⭐ FED Meeting and Africa Migrates to GOLD STANDARD -- (Silver Price Too!)

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⭐ ALERT ⭐ FED Meeting and Africa Migrates to GOLD STANDARD -- (Silver Price Too!) · SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT

0:04
Welcome to the live stream, welcome to the video, welcome to
0:07
the basement. Basement dwellers, Are you ready
0:10
for a huge week in the precious metals market?
0:14
We're going to start out by talking about the Fed, and it
0:17
could have major impact on the gold and silver price this week.
0:20
But we're also going to talk about the emerging gold standard
0:24
occurring right now, the re emergence.
0:26
And what do you think that'll mean to us as silver and gold
0:30
investors in Africa? And why is that such a huge
0:34
deal? We're going to break that down
0:35
as well. But let's get started by digging
0:38
into the week's, what will prove to be probably the week's
0:41
biggest news story with the Fed. They're meeting the Federal
0:46
Reserve and our old friend Gomer Pyle are meeting on Tuesday and
0:51
Wednesday. On Wednesday, July 31st we'll
0:53
get the Feds announcement on monetary policy interest rates.
0:57
OK, look guys, here's what the mainstream media is saying and
1:01
then I'll tell you what we can discern is really going on and
1:05
what we can expect this week within the precious metals
1:08
markets. OK, there's our friend.
1:10
There he is. Everybody say hi to Jerome.
1:12
We love Jerome Powell, don't we? Ha ha ha.
1:16
Key takeaways from Investopedia the Fed is widely expected to
1:19
maintain its influential interest rate at its current 23
1:23
year high level. Wow, we forget about that.
1:26
Interest rates are at 23 year highs.
1:29
Think about that in terms of the gold and silver price.
1:32
That's supposed to be a horrific difficult headwind for us as
1:37
precious metals investors, right?
1:39
That's what we're supposed to have much lower.
1:41
And look, we're sitting with gold around what, $2400 per oz
1:46
Silver, I can't believe, I can't believe silver, $28.00 per oz
1:53
over here at our channel sponsor Pinbex.
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By the way, since we're here, Pi MB EX pinbex.com, it's a great
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compare what they can do for you with what the other big online
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for yourself. And please, please, please, if
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you ever decide that you're going to convert part or all of
2:57
an IRA into precious metals, talk to a number of different
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Compare how much actual metal you will get for your money.
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Cause at the end of the day, that's the most important thing
3:12
if you're converting a paper Unicorn fart dust, Fiat currency
3:17
into precious metals. Let's get back to the big story
3:20
of the week though. the Fed, OK, 23 year highs.
3:24
That's why that really sent me out on a on a tangent there.
3:28
Can rates go higher? No, rates can't go higher, guys,
3:31
because you know what, the US government can hardly afford to
3:35
pay the interest on the massive debt that we have right now.
3:38
So we will not see higher rates, OK.
3:40
Inflation moderated in the second quarter and the job
3:42
market has continued to soften, factors that will likely
3:46
encourage the Federal Reserve to cut interest rates in the coming
3:50
months. Market participants widely
3:52
expect the Fed will start cutting the Fed funds rate in
3:55
September, and they'll be looking for the looking for the
3:58
central bank to provide signals next week about the timelines
4:02
for the cut. So that's what everybody's
4:03
expecting, right? That the Fed meeting on
4:06
Wednesday, the expectation is they won't cut rates, but
4:10
they're going to set the table for rate cuts starting in
4:12
September. That's what everybody's
4:14
thinking. Well, I'm going to give you
4:16
there's three things that could happen on Wednesday in my
4:19
opinion, and how they will impact the price of silver, gold
4:23
and platinum. The number one right you want,
4:25
we'll start with the, what do you say, basement dwellers?
4:28
We start with the positive, right?
4:29
Let's talk about the unlikely but very positive result that
4:34
could happen on Wednesday. And before we do that, I'm going
4:37
to beg you one time, please give this video a thumbs up.
4:40
That helps me feel good. That helps you feel good, and it
4:43
helps the YouTube algorithm know that you're happy with what
4:47
you're consuming here and they can get the word out to more and
4:50
more people. So the potential, and I'll
4:53
emphasize small, very small, maybe 4% chance, 6% chance that
4:59
the Fed surprises us on Wednesday with a rate cut.
5:02
That would be shocking news for the market, right?
5:07
But we've had some shocking things go on lately, haven't we?
5:10
I mean, aren't, you know, remember what happened 2
5:12
weekends ago with an assassination of time?
5:14
I mean, there's just shocking things going on right now.
5:17
And we know that the economy and I'd imagine, don't you think the
5:20
Fed knows too? You would hope, right?
5:23
They have access to more sensitive, yeah, economic
5:27
information that we do, that they know the economy is really
5:30
slowing down right now. So if the Fed were to shock the
5:34
markets on Wednesday with a, with a rate cut that would send
5:38
the price of silver and gold skyrocketing, OK, It just would,
5:43
it'd be happy times. I'll do a special live stream
5:45
party if that happens. Now, what's most likely going to
5:49
happen option #2 is what that Investopedia article said, that
5:53
the feds going to keep rates right where they are, OK?
5:56
But they're going to, they're going to verbally, rhetorically
6:01
prep us for the fact that in September we're going to have a
6:04
rate cut, right? They're going to do a press
6:06
conference afterwards. They'll be, I mean, it's, it's
6:10
of these things are generally very telegraphed.
6:12
If that's what happens, we can expect that silver and gold are
6:15
going to remain right where they are.
6:17
The bad scenario. And I don't think this will
6:20
happen. OK.
6:20
I'd be, I'd be just as shocked if this happened.
6:23
If they, if they as I would, if they lower rates, I think
6:27
there's a 0% chance they're going to raise rates, actually
6:30
raise rates. But if Jerome # the Fed comes
6:33
out and they're more hawkish, right?
6:35
He says things like, well, we're not really sure how things are.
6:39
Inflation's improving, the fight against inflation, we may have
6:43
to be higher for longer, blah, blah, blah.
6:47
That could send the price of gold and silver going down.
6:49
So be prepared for Wednesday. It's a big day, right?
6:53
Not the biggest Newsday in the but a very, very big day for the
6:58
precious metals markets. And again, people are most
7:01
likely going to be focused on what is he saying, right?
7:04
What is he saying? If he does take some action, any
7:07
type of actual action, I think it I think I'm I'm going to skew
7:11
a little bit to a very small chance that we could actually
7:13
have a rate cut. And again, that would be
7:16
absolutely crazy good news for the silver and gold price.
7:20
Hey, while we're at it, I want to say thank you to channel
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7:28
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And Fortuna Mining silver and gold mining company with major
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producing operations right now in Latin America and West
7:42
Africa. They're going to have their
7:43
earnings released next week, should be very interesting.
7:46
I'll give you an update on that as it occurs.
7:49
So let's talk about the African countries going to the goal and
7:53
why is that a big deal to us? Why is it such a big deal?
7:56
It is a huge deal, guys. A lot of Americans, probably
8:00
even including me, when I'm not thinking about it, think of
8:03
Africa like a country. Africa is a continent, a huge
8:06
continent with big growing economies with an unbelievable
8:11
endowment of natural resources. And are we seeing what would it
8:16
mean? Is it why?
8:17
Why would it be a big deal to us if they are indeed moving
8:21
towards more of a gold standard? There's no other way to say it.
8:24
The gold standard backing money with gold.
8:27
OK, it is a big deal. I got a lot to talk about with
8:30
you. I've got the one 2-3 punch
8:33
that's going on in Africa right now.
8:35
But first, let's just read what the press is saying.
8:40
I've got an article here from Zero Hedge African countries are
8:44
turning to gold, and I don't know about you, but I've been
8:47
noticing this over the last 6 to 12 months.
8:49
We've talked about this several times on the channel, like all
8:53
these little stories, and they're all coming together.
8:57
They're aggregating in what feels like a real move by
9:01
African countries to move to gold.
9:02
A growing number of African countries are turning to gold to
9:06
hedge geopolitical risk and protect against currency losses.
9:11
Interesting look at that, isn't that pretty?
9:13
That's the continent of Africa made out of gold.
9:17
Here, listen to this list. Nigeria, Uganda, Zimbabwe,
9:22
Madagascar and several other African nations have made moves
9:27
to increase gold reserves, bring their gold home and even back
9:33
their currencies with the yellow metal guys.
9:38
Africa is a big deal. South Sudan is the latest
9:41
country to turn to gold. Last weekend, the country's
9:43
central bank governor said he plans to expand the country's
9:46
gold reserves. Quote, we are in the stage of
9:50
preparing policy documents and studying examples of other
9:54
countries and lessons drawn. This is like, it's like a wave
9:58
that seems to be sweeping across Africa.
10:01
And I'm going to tell you why and I'm going to tell us why
10:03
this is a big deal for us. Earlier this month, Uganda
10:07
Central Bank announced a domestic gold buying program to
10:10
purchase gold directly from local artisanal miners to help
10:14
quote address the risk in the international financial markets.
10:18
Tanzania announced plans to spend 400 million on 6 tons of
10:24
gold their finance minister also includes and issued a directive
10:28
to curb the widespread use of the US dollar in the country.
10:34
Nigeria launched a domestic gold buying plan to bolster its
10:37
reserves. In addition to buying locally
10:39
sourced gold, the Nigerian central bank has announced plans
10:42
to bring its existing gold reserves back into the country.
10:46
Are you seeing, are we seeing a trend here, OK?
10:50
He says economic indicators such as rising inflation, escalating
10:54
debt levels in geopolitical tensions have raised
10:56
apprehensions among Nigerian policy makers about the
11:01
stability of the US financial system.
11:06
Madagascar, right, started the domestic gold purchase program.
11:11
An analyst explained to Bloomberg.
11:13
Central banks can add gold to their official reserves using
11:16
their local currency, allowing them to grow their reserve
11:19
assets without having to sacrifice other hard at hard
11:22
currency reserves. Ghana, OK, said he would like to
11:26
back the country's currency with gold if he wins the election.
11:29
Presidential candidate said that ultimately my goal is that we're
11:33
going going to back our currency with gold and that this is where
11:37
I want us to go, increasingly backing our currency with gold.
11:42
And then it talks about Zimbabwe.
11:43
Guys, we've talked about this ad nauseam on the channel.
11:47
Zimbabwe has the zig currency, which is backed by gold and is
11:54
doing very well. These are big countries, right?
11:57
We are. We, we've been, we, if you're,
11:59
if you're like me, we always kind of disregard what's going
12:03
on in Africa. Africa is a big deal, guys.
12:07
Africa is a big, big deal. These countries are concerned
12:10
about America's weaponization of the dollar and other risk
12:13
associated with the greenback. OK, last sentence.
12:18
Let's just read this, OK? A telomere Dubai of somebody in
12:22
Dubai Dubai Dubai emerging market equity strategy told
12:27
Bloomberg. The move makes sense quote for
12:29
countries taking a view that either the price of gold is
12:32
going to go up, the price of the US dollar is going to go down or
12:37
their access to U.S. dollars may be compromised by sanctions,
12:41
then increasing the allocation to gold in their reserves might
12:45
make sense. So does this is this a big deal?
12:48
It how, how much should we pay attention to what's going on in
12:52
Africa? Well, think about this as well,
12:54
guys. China in Russia are becoming
12:58
increasingly more powerful in Africa.
13:01
We've got a lot of these African countries wanting to join the
13:04
bricks organization. We know that to be the case.
13:08
We know that Russian influence in Africa has been growing over
13:12
the years. We know that Chinese influence
13:14
in Africa has been growing over the years.
13:16
What do we know about China and Russia?
13:18
Don't they love their silver and gold?
13:20
What do we know about the bricks, right?
13:22
What do we know about this unit currency, a trade settlement
13:26
currency that could be announced on October 22nd and 23rd at the
13:29
BRICS summit in Russia, that it could be back 40% by gold.
13:34
Not a done deal, but there's a lot of talk that this could
13:38
happen and that it's real. If nothing else, we know there's
13:41
a renewed focus on backing your currency with gold.
13:44
And can you blame these African, A lot of these African
13:46
countries, they've been put through the mill, they've been
13:50
colonized, a lot of them over the last decades.
13:52
And they've been subjected to what I would call like almost
13:56
financial warfare by the big colonizing countries.
13:59
They've had periods of massive, I mean, massive inflation in
14:04
these countries. But at the same time, they know
14:07
that they're sitting on massive endowments of things like gold,
14:11
oil. Africa is resource rich and
14:14
there's this wave now of countries who are kind of coming
14:18
together and saying, you know what, we don't need to take this
14:22
anymore and we want a stable, reliable currency.
14:25
Look at what Zimbabwe's done right?
14:28
And it's working. You know, it hasn't been going
14:31
on that long, but the reports are that the zig, the goldback
14:34
currency in Zimbabwe is working. So this is a big deal.
14:37
And what's the biggest picture? Alright, let me let me go
14:40
through the 123, OK #1 These countries in Africa are wanting
14:46
to keep the gold they produce internal in their country.
14:49
That's a general trend, OK? They realize that a lot of them
14:52
have a lot of gold. They want to keep it in their
14:54
country #2 The countries that have gold that are being held in
14:59
places like New York or London are repatriating their gold.
15:03
That's not just African countries.
15:04
That's like, what is this telling us?
15:07
This is all the countries in the world are repatriating their
15:10
gold. You know, the Germans were like
15:12
the first to do it, but now it's like 1 after another.
15:14
You hear about countries saying knock, knock, knock, knock,
15:17
knock. Hello, New York.
15:18
Fed. Knock, knock, knock, knock,
15:20
knock. Hello, London.
15:21
I don't know where they keep it in London, The Bank of England
15:23
maybe. Knock, knock, knock.
15:25
We want our gold back. We want to hold it internally
15:29
within our borders. They're probably afraid of it
15:31
getting and well, you know, with Venezuela, right?
15:34
Venezuela wanted their gold back from London, I believe it was.
15:37
And they said, sorry, we're not giving it back.
15:40
So when these countries see a basically, you know,
15:44
confiscation, they get nervous. They want to keep the gold that
15:47
they're producing in their country.
15:49
Thank you stacking surfer. Happy Sunday.
15:51
Gold is God's money. I agree 100% and I'm going to
15:55
talk about that. It's going to lead right into
15:56
what I want to talk about. They want to hold their gold in
16:00
their own country. They want to keep a big part of
16:04
the gold that's produced in their country, OK.
16:08
And they want to back their currencies with gold.
16:11
They're tired of the I remember the IMF when Zimbabwe, this was
16:15
a couple years ago, first started venting, I think it was
16:18
gold coins and, and, and the people from the IMF went there
16:21
and said we think this is a big mistake.
16:23
Oh, yeah. I mean, think about this, right?
16:26
The IMF, the International Monetary Fund, the World Bank,
16:29
right? Right.
16:30
They've, they've, they've abused these African countries over the
16:33
years. So then they had the nerve, the
16:35
gall to go over there. This was like two years ago and
16:38
I was, I, I featured it in a video.
16:40
And they were like, this is a big mistake for Zimbabwe to try
16:44
to back their currency with gold.
16:45
They should rely on more modern methods like borrowing money
16:49
from the International Monetary Fund.
16:51
I mean, give me a break, right? These people aren't stupid,
16:55
right? They're not.
16:56
They're not dumb. So in the big picture, stacking
16:59
surfer says happy Sunday gold is God's money.
17:01
Yes. Are we seeing it?
17:03
I had a conversation last week with this guy named Keith
17:06
Weiner. He's like one of the smartest
17:08
guys I ever met. OK.
17:10
He's the guy that founded that company Monetary Metals, which
17:14
does some fascinating things to help people kind of functionally
17:18
use gold and silver and companies.
17:20
And he deals with a lot of wealthy type people.
17:23
Very smart guy. And we, we both like struggle
17:27
with this. Well, I can say I struggle.
17:29
I don't know if he's struggle, but this idea, and I try to
17:32
convey it to you guys and it's so hard for me to put this into
17:35
words, but it's like gold. And this is what we're seeing in
17:38
Africa. This is what we're even starting
17:40
to see in the United States. We're starting to see it all
17:42
over the world. This idea that gold and silver,
17:45
they are God's money. They are the planets money.
17:48
They've always been here. And even though like let's say
17:51
since 1971, since the USA ruled the world, we temporarily were
17:56
able to kind of divert the attention away from gold and
18:00
silver, but they didn't kill it. You can't.
18:03
You can't. It's a force of nature.
18:05
So while it's been maybe gold and silver have been suppressed
18:08
a little bit, they are the universal store of value, OK.
18:14
They are valuable everywhere. They're they're in and then
18:17
they've been, they're timeless. And you know, it's been
18:20
thousands of years. If they're it's like they're
18:22
regaining their power, like everybody, you know,
18:25
temporarily, you know, the gold, the gold, gold is more powerful
18:29
than the dollar in the end. Maybe that's what I'm trying to
18:31
say. Will gold actually hold on one
18:34
second? Susie said something to me.
18:38
Oh, we got 100 likes. I'm going to ring the thing.
18:42
But maybe that's the best. Is that the best way?
18:43
I don't know. Does that make sense to you?
18:46
Like gold is more powerful in the end than the dollar.
18:50
Maybe you know, excuse me temporarily, right.
18:56
During the 70s and 80s and 90s, I apologize, still fighting a
19:04
summer cold. But during the the 70s and 80s,
19:07
there was this temporary period where maybe gold did.
19:11
Hopefully you guys can hear me here.
19:13
Gold did lose a little bit of its luster in the dollar, did
19:17
temporarily become a little more, but temporary.
19:22
The gold market's bigger than the dollar market.
19:24
The gold market, the silver market have been valuable
19:27
everywhere. Oh, yeah.
19:28
And then Keith Weiner said it. He was like, oh, he's like I
19:31
said, the gold's been valuable for thousand.
19:33
He said they found human remains recently.
19:35
There were 6500 years old. And what was this guy buried
19:38
with? A bunch of gold, Right.
19:41
So in the end, I'm telling you, you know, all these diversions
19:47
are temporary, but in the end, gold and silver, the cream rises
19:51
to the top. And that cream is gold and
19:54
silver colored. Hey guys, thank you for all the
19:56
thumbs up. That really helps.
19:58
And please, if you haven't given this video a thumbs up yet, I
20:01
beg you. That's all I'm asking to please
20:04
give it a thumbs up. I ring the I ring the bell 10
20:08
times and and I ring the silver here 10 times to say thank you.
20:11
Nothing like hearing a little silver here on the what's this
20:14
called? The pocket pinger?
20:15
I believe the pocket pinger, Yes.
20:25
OK. I want to make sure, hopefully
20:26
you guys can hear that that the the microphone is working today.
20:30
How's everybody doing today? Welcome to the basement.
20:33
You are the most important part of Ron's basement.
20:35
Thank you for being here. I mean that you know, you can
20:38
subscribe, give a thumbs up. I'm not going to say thumbs up
20:41
again. And super chats are always super
20:43
appreciated. As a matter of fact, there he is
20:45
Stacking surfer. Let's get him up there.
20:48
All right, my friend, Stacking surfer.
20:50
Thank you, my friend. Thank you for being here this
20:52
morning. Let's and go check out Stacking
20:56
Surfers channel guys. He's got some great content and
20:59
there's Daniel 888. Thank you, Daniel.
21:03
Wow, super appreciated guys. I want to I want to run over
21:07
here and let's talk about silver for a second.
21:11
My old college roommate, Sean, who's in Columbia right now.
21:16
So, Sean, I hope you're having fun in Columbia, sent over a
21:18
couple interesting charts for us to look at, or a couple
21:22
interesting graph graphs for us to look at.
21:26
I don't know. I'm going to do this one.
21:27
Yeah, let's go ahead and do this one first.
21:29
This is millions of Oz. Hey, countries that mine the
21:32
most silver in 2023. Mexico.
21:35
OK, look how big? Look how much?
21:37
Looks like a goofy soccer ball there, doesn't it?
21:40
Anyhow, Mexico 202 million ounces of silver #2 China 109
21:45
million #3 Peru right behind China 170 million Chile
21:52
52,000,000 Where's the United States of America 32,000,000 oz
21:57
And where's Canada on here? How come I can't find Canada?
22:01
Another surprising 1 to look at here is Poland as well.
22:05
Guys, there's a lot of silver that's mined out of Poland.
22:08
43,000,000 So South America 43,000,000 Bolivia 52,000,000
22:13
chili. But what I want to point out
22:15
here is that between Mexico and Peru, we've got what 310 million
22:21
ounces of silver. That's what probably 40% of the
22:28
total. Both of these countries, the
22:31
amount of silver being mined is going down, down, down.
22:36
OK, I hear different numbers, but like 25% lower in Mexico.
22:41
They're talking, there's there's talk, talk.
22:43
And I'm going to emphasize talk rumor that Mexico could
22:50
eventually nationalize their minds now.
22:53
Hey, Cliff, thank you for the Super chat.
22:55
Wow, you guys are being super. How do I get that up there?
22:58
There we go. There's talk that Mexico, right,
23:01
that's the number one producer of silver could nationalize
23:05
their minds talk rumor, OK, But the political situation in
23:09
Mexico has definitely been leaning towards anti mining.
23:13
OK Peru, same situation. It's become increasingly more
23:18
challenging to mine silver in Peru in the amount of silver
23:23
being produced by Peru is going down.
23:25
So what is that going to tell us about the future of the of the
23:30
of the silver supply? All right now let's just this
23:33
one more quick graphic. I want wrong way.
23:37
There we go. Hold on here.
23:41
This shows the top silver miners in the world.
23:45
OK, here we go. I can never pronounce it.
23:48
Fresnilio. Fresnilio.
23:50
Fresnilio. That's in Mexico, right?
23:53
Like we said, 54,000,000 ounces of silver.
23:57
BHP, the world's biggest miner, if I remember correctly, 12
24:00
million. Newmont, the world's biggest
24:02
precious metals focus miner, 18,000,000.
24:04
There's Hecla. That's the biggest silver miner
24:08
in America. They're out of Coeur d'Alene,
24:10
Idaho. They've got the Lucky Friday
24:12
mine up in Idaho. They also have the Greens Creek
24:15
mine up in Alaska. But there, what is that a 14?
24:20
Looks like 14,000,000 oz. First Majestic, Keith Newmeyer's
24:24
company, 10 million oz. OK, these companies are not
24:28
producing a ton of silver and I wanted to get down here.
24:35
Somewhere on here is the Polish company.
24:38
Here it is, KGHM. How come we've never heard of
24:41
this company right from Poland, 46,000,000 ounces of silver.
24:47
But what this shows us is that and you can talk.
24:50
I've talked to Keith Newmeyer, the CEO of a First Majestic,
24:53
First Majestic. I've talked with Jorge Gonoza,
24:57
you guys have seen him on the channel many times.
24:59
CEO of Fortuna Mining, used to be Fortuna Silver Mines.
25:04
They started out as a silver mining company.
25:05
They pivoted. Now they do both silver and
25:08
gold, but they all say the same thing.
25:10
Very difficult for these companies to find new silver
25:15
deposits. Absolutely.
25:19
So as we as we think about what the future might hold for the
25:23
silver price, while we know the demand for silver is just
25:26
exploding, right? I mean, we don't need to talk
25:31
about it, right? You've heard of these things
25:33
called solar panels, right? I mean, you know, each solar
25:36
panel has about 2/3 of an ounce of silver in it.
25:38
You know, the whole story, we talked about what the Silver
25:41
Institute and they're giving very conservative estimates of
25:45
what the deficit looks like right now in the silver market.
25:48
It just becomes very, very interesting.
25:52
Let's switch gears here quickly and talk about rip offs.
25:56
I want to share with you guys a really sad story that I
26:01
uncovered. Let me see if I can get this.
26:06
Hopefully you're seeing this, but it's a 74 year old Bethesda,
26:10
MD man realizes he's been scammed out of $1 million in
26:16
gold bar scheme after seeing local news report.
26:20
All right, we'll just read through this because you can.
26:22
Be careful man. I've almost fallen for a few of
26:25
these scams over the last few years.
26:28
They usually start with a phone call or an e-mail and these
26:31
people are professionals at separating gullible people and I
26:35
can be a little gullible at times.
26:37
I'll be honest with you from their money, but this is a 74
26:40
year old Bethesda man was scammed out of a million when he
26:43
converted $1,000,000 that he converted to gold bars and then
26:48
unwittingly handing them handed them over to fraudsters.
26:52
It's the latest example in what seems to be a growing trend of
26:56
scams involving gold bars. The scammer, 52 year old Vipul
27:01
Thakar, was arrested Wednesday after picking up the latest
27:04
payment of gold bars from the victim's home, police said.
27:07
Thakar, who's the scammer, has been charged with multiple
27:11
counts of attempted that theft and is being held without bond.
27:15
The scam started back in March when the Bethesda man received
27:19
an e-mail. Right.
27:19
That's how these these things start.
27:21
But I'll tell you about how I almost got scammed with my
27:23
YouTube channel like two years ago here in a second.
27:26
But he received an e-mail saying a suspicious deposit had been
27:30
made into his bank account. He was instructed to convert his
27:34
money into gold, purportedly to protect his assets.
27:38
Hold on a second here. OK on 10 to protect his asset.
27:43
Sorry. On 10 separate occasions between
27:45
March and June, the man purchased a total of over 1.1
27:50
million in gold bars and arranged to have the bars picked
27:53
up by associates of the suspect. It wasn't until the man made the
27:57
final purchase of more than $240,000 in gold bars that he
28:02
saw a local news report about a 82 year old Montgomery County
28:05
woman who'd been scammed out of $900,000.
28:09
Man, this is a lot of money we're talking about.
28:11
In a similar scheme. On Wednesday, a detective from
28:15
Montgomery County communicated with the suspect, later
28:17
identified as the car, and arranged a pickup at the
28:20
Bethesda Man's home, posing as the victim.
28:23
That the detective handed a package to the car, who then got
28:27
in the car and drove away. I bet he did.
28:28
With 240K worth of gold, he was probably heading over to that
28:32
Democratic senator's house. I'm, I'm sorry, I shouldn't go
28:37
there. Anyway, officers then stopped
28:39
him and he was arrested, so they caught him.
28:41
Officials say the county is seeing more of these types of
28:45
scams, often involving older people who are told to convert
28:48
the money in their bank accounts into gold bars.
28:52
In the case of the 82 year old woman victimized earlier this
28:55
month, police have arrested a 19 year old New York resident.
28:59
A 19 year old did this. Wow.
29:03
All right, we're almost done here, guys.
29:05
Montgomery County's attorney John McCarthy earlier this month
29:09
told this news channel or this month that there's been at least
29:11
17 victims of these types of scams in that one county alone
29:16
who have lost millions of dollars in total.
29:19
There are people losing their life savings to the scam.
29:21
And it's just, it's not just here in the Montgomery County,
29:24
it's across the country. And it can be difficult to
29:27
recover the money for the victims.
29:29
The reality is getting back those gold bars is very tough.
29:34
Are they in the country that they've been melted down,
29:36
changed into other forms? They are essentially not
29:39
traceable. All right, everybody join me for
29:42
a quick sip of coffee. OK, we're back.
29:56
Hopefully you can see me here. But the, the, the bottom line
30:00
here is there are scammers out there.
30:02
They love to use gold. They're scammers, all levels.
30:06
OK, Just be very careful. And when it comes to these
30:09
emails that you might get, I'll tell you a quick story.
30:15
I almost got scammed early on with my YouTube channel.
30:18
I've been doing it for about, I don't know, eight or nine months
30:21
and starting out and, you know, I didn't have any sponsors.
30:24
I was, you know, making very little money.
30:26
Not that we're making much more now, but we are.
30:29
But back then we're making very little money.
30:31
I got this e-mail and it was legit, man.
30:34
And there was a company that wanted to sponsor me.
30:39
They were even going to give me $500 upfront, OK.
30:42
And I got remember, I like got excited.
30:45
I was read, read through this whole thing.
30:46
It was totally legit. And then they said you need to
30:49
download the software. And so I kind of, I downloaded
30:53
it. OK, I was dumb, OK, I'll admit,
30:55
downloaded it. And then they wanted my bank
30:58
account. What do they call that routing
31:01
number and checking account number?
31:03
And then my red flags went off. And I thought, you know, this
31:06
seems a little fishy to me. Thank God that I did because I
31:11
then went back and looked at the e-mail, pulled up with the
31:13
actual e-mail address was from and then kind of plugged it into
31:18
some search engine. It said all these are scammers.
31:20
These are scammers. So guys, be careful.
31:22
These people are professionals. It's scamming, right?
31:26
And apparently, right, that guy said 17 people on this one
31:30
county in Maryland had been victims of this, of this fraud.
31:35
One county. Do you realize how much of that
31:38
could be going on across the whole country?
31:40
We really, really need to be careful.
31:43
Hey, look, we're going to shift gears and talk about the economy
31:47
for a second because do you think, right, does it make
31:50
sense? We're hearing that like lumber
31:52
sales are cratering, OK, lumber sales.
31:55
We know that big heavy equipment sales are going down.
31:58
We know that big trucks are going down.
32:00
All of these things that are real data points that point to
32:03
us that the real economy is slowing down.
32:07
And what's what's going to happen when the economy slows
32:10
down, right? the Fed is going to do the only
32:13
thing that they can do at this point.
32:17
OK. And then, you know, if they let
32:19
the economy crash, the market will crash, everything will
32:21
crash. You'll be OK with silver and
32:24
gold. We'll be OK.
32:25
They're very, very, it's very unlikely that they're going to
32:28
allow that to happen. What's much more likely to
32:31
happen is money printing right when the hens come home to roost
32:36
is is my recent guest Rick Rule said during our conversation
32:40
that that interview will also be coming out soon, but they're
32:44
going to print. And just just to kind of show
32:46
you a recent just a recent article that popped up to show
32:49
us what is going on in the economy right here from Zero
32:53
Hedge. 134 year old furniture chain files for bankruptcy and
32:58
closes all 553 stores cons which I had honestly had never heard
33:04
of. 130 year old American furniture chain has filed for
33:08
bankruptcy and is shuttering all of its 553 stores after
33:13
experiencing a slowdown in recent years that affected both
33:17
sales and liquidity. Guys, it is not good out there
33:22
right now in the economy. OK, we'll keep a close eye on
33:25
what's going on. I want to say thank you for
33:28
joining me today. OK?
33:29
Please don't forget support our sponsors pin backs first mining
33:34
gold and Fortuna mining. If you want to get your hands on
33:36
some silver gold. I'd see my finger Pi MB EX.
33:42
Do you know how hard it is for me to do that?
33:45
I appreciate you guys being here.
33:47
OK, it's going to be a big week. Wednesday could be very
33:51
interesting when we hear from the Federal Reserve, when they
33:54
tell us, right, And when they give us these hints and you
33:57
know, look in, in the short term, it's very important.
34:01
In the long term, when it comes to the value of silver and gold,
34:04
it really is just short term noise, right?
34:07
The underlying fact is that the US dollar will continue to go
34:12
down in real value. OK, right, not nominal.
34:16
Nominal just means numbers. Whatever the DXY index, all
34:19
these things you can give it. No, in real value, the dollar
34:22
will continue to go down. I'm a firm believer that you'll
34:26
be happy that you've made investments into the precious
34:29
metal sector. That's just my opinion.
34:32
I could be wrong. Don't make any financial
34:34
decisions based on anything I'm saying.
34:36
But I can't tell you one thing for sure.
34:38
Susie and I, the whole community here in Ron's basement, really
34:43
appreciate you joining us today. It is a big deal.
34:45
There's so many nice people here.
34:47
Thank you to everyone that joined us.
34:49
Thanks for all the thumbs up. If you haven't done that yet, I
34:52
lied. I did it again.
34:53
I begged one more time. Thumbs up really help.
34:56
Thank you for the Super chats. OK.
34:58
It's great to see all you guys. A stacking surfer, of course,
35:02
our friend of the channel, Daniel.
35:05
Thank you, Daniel. You've been a great supporter.
35:07
And of course, Cliff Moberg, Everybody have a great day, OK.
35:11
And I will see you soon. Thank you.