Latest / Financial Survival Network / Fed Trapped, Drone Warfare, Gold Boom - John Rubino #6429

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Fed Trapped, Drone Warfare, Gold Boom - John Rubino #6429 · Financial Survival Network

• 0:00
  Speaker 1: You're listening to Cary Lutz's Financial Survival Network, where you
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• 0:27
  Speaker 2: And welcome. You are listening to and watching the Financial
• 0:31
  Speaker 2: Survival Network. I'm your host, Kerry Lutz. John Rubino is
• 0:34
  Speaker 2: with us now. I just got back from Beaver Creek
• 0:37
  Speaker 2: from the Precious Metals Summit. Really an amazing experience like
• 0:43
  Speaker 2: I've never seen it before. But, well, all sorts of
• 0:47
  Speaker 2: crazy things going on. John, been a while. Interest rates, man,
• 0:52
  Speaker 2: like it looks like they're caught in a box here.
• 0:57
  Speaker 2: If they raise them, it causes collapses. If they don't
• 1:02
  Speaker 2: raise them, it further undermines confidence in the dollar. What
• 1:06
  Speaker 2: is going on here? Hey, Kerry.
• 1:09
  Speaker 3: Well, yeah, we pick a good day for this because
• 1:11
  Speaker 3: a whole bunch of things are happening out there. The
• 1:13
  Speaker 3: 10-year Treasury just broke 5% in the U.S., which translates
• 1:18
  Speaker 3: into 7.5-ish percent for mortgages. which is brutal for the
• 1:25
  Speaker 3: housing market because just staying with just the housing market
• 1:28
  Speaker 3: for a second, housing is frozen because prices are really
• 1:33
  Speaker 3: high and mortgage rates are rising. So that means fewer
• 1:37
  Speaker 3: and fewer people can afford to buy houses at today's prices.
• 1:41
  Speaker 3: And if interest rates are going to go back down
• 1:42
  Speaker 3: and bail out buyers, lower the effective cost of a
• 1:46
  Speaker 3: house by lowering the monthly interest payments, then there's nobody
• 1:51
  Speaker 3: buying houses out there. You know, I have a son
• 1:54
  Speaker 3: who's house hunting in the Southwest. And so I'm looking
• 1:56
  Speaker 3: at Zillow a lot to go along with him. And,
• 2:00
  Speaker 3: you know, the growing number of houses have that little
• 2:02
  Speaker 3: price reduction thing in the upper left-hand corner of the
• 2:07
  Speaker 3: Zillow notice. And I think that's going to be something
• 2:12
  Speaker 3: that we see more of going forward until price, you know,
• 2:14
  Speaker 3: prices have to drop by 40%. to move back into
• 2:18
  Speaker 3: the affordable range for us houses. So 40% is a
• 2:22
  Speaker 3: big deal. You know, you, you very seldom in the
• 2:25
  Speaker 3: history of housing see prices fall by that much. And
• 2:28
  Speaker 3: that's mathematically what they have to do. And that's just housing.
• 2:32
  Speaker 3: You know, if you, uh, if you look at all
• 2:34
  Speaker 3: the other aspects of American and global society that depend
• 2:39
  Speaker 3: on interest rates, um, the, you know, we've got a
• 2:42
  Speaker 3: lot of big problems out there. And, uh, The Fed
• 2:46
  Speaker 3: is kind of in a box, like you said, because
• 2:47
  Speaker 3: if they lower interest rates, or actually the Fed and Treasury,
• 2:51
  Speaker 3: because we've got those two parts of the American government
• 2:54
  Speaker 3: working at cross purposes right now in the bond market.
• 2:58
  Speaker 3: But if you're the Fed and the Treasury and you
• 3:02
  Speaker 3: try to lower interest rates into an environment where with
• 3:06
  Speaker 3: energy being in crisis and AI bidding up the price
• 3:09
  Speaker 3: of everything, you trigger inflation. In, you know, at a
• 3:16
  Speaker 3: level that would be dangerous, it would be hard to
• 3:18
  Speaker 3: get it back under control if it's, you know, it's
• 3:20
  Speaker 3: three and change right now. That's the average inflation rate
• 3:24
  Speaker 3: that we're looking at. But if you cut interest rates
• 3:27
  Speaker 3: from here, there's a good chance that you put us
• 3:31
  Speaker 3: into four or five percent for annualized inflation. And if
• 3:36
  Speaker 3: that happens, it's very hard to get that genie back
• 3:38
  Speaker 3: in the bottle because everybody starts front running.
• 3:41
  Speaker 2: It, you know.
• 3:42
  Speaker 3: And that creates turmoil in the bond market, which we're
• 3:45
  Speaker 3: already seeing as the government tries yield curve control and
• 3:49
  Speaker 3: tries to force down long-term interest rates at the same
• 3:52
  Speaker 3: time that the Fed is raising short-term interest rates. It
• 3:56
  Speaker 3: would cause more of that kind of turmoil. And not
• 3:58
  Speaker 3: just here, all around the world. Japan is looking at
• 4:02
  Speaker 3: above 3% interest rates on the 10-year and and the
• 4:07
  Speaker 3: UK and France are seeing their interest rates go up dramatically. So, um,
• 4:12
  Speaker 3: this is not just a U S problem, although to
• 4:15
  Speaker 3: an extent it's a U S caused problem, but, uh, yeah,
• 4:19
  Speaker 3: I know. So we'll have to see, you know, in
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  Speaker 3: oil has to go back down. That's a prerequisite for
• 4:23
  Speaker 3: inflation dropping, um, back into the, um, 2% range or something,
• 4:29
  Speaker 3: if that's even possible. And, uh, And then we've got diesel,
• 4:34
  Speaker 3: which isn't even really connected to oil prices anymore. It's
• 4:37
  Speaker 3: more of a supply shock problem. And diesel fuel is
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  Speaker 3: in everything. Pretty much anything you and I buy has
• 4:45
  Speaker 3: to be transported. And that's usually in a diesel truck
• 4:49
  Speaker 3: or a train or something like that. And so that
• 4:53
  Speaker 3: increases the price of pretty much everything that is bought
• 4:57
  Speaker 3: at every part of the supply chain now. And because
• 5:03
  Speaker 3: it's a supply issue, you know, because Ukraine is blowing
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  Speaker 3: up Russian energy assets and the Houthis are blowing up
• 5:12
  Speaker 3: Saudi energy assets. And the U.S. has this incredibly stupid
• 5:16
  Speaker 3: rule called the Jones Act that requires if diesel is
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  Speaker 3: transported from one part of the U.S. to another. It
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  Speaker 3: has to be done by U.S.-owned entities. And there are
• 5:29
  Speaker 3: places where that's either not doable or where that's the
• 5:34
  Speaker 3: most expensive option. So it's raising the price of diesel
• 5:40
  Speaker 3: artificially in addition to all the supply chain stuff. And that,
• 5:46
  Speaker 3: in turn, is raising the inflation rate around the world. So, yeah,
• 5:50
  Speaker 3: we've got a lot of self-inflicted problems right now. And
• 5:54
  Speaker 3: they don't seem to be fixable in the short run.
• 5:58
  Speaker 3: And in the longer term, if we settle down the
• 6:00
  Speaker 3: Iran war and oil flows start to rise again and
• 6:04
  Speaker 3: oil prices drift back down into the 80s and maybe
• 6:08
  Speaker 3: even the 70s, then eventually that impacts inflation. Not right away, though.
• 6:14
  Speaker 3: This is a several year process. Yeah.
• 6:17
  Speaker 2: Did you hear that the Ukrainians are now using robotic
• 6:21
  Speaker 2: soldiers and they recaptured supposedly 48 square miles of the
• 6:29
  Speaker 2: Donetsk region. Did I say that right? I didn't hear that.
• 6:34
  Speaker 3: Is it the robot dogs? Because they're terrifying. You strap
• 6:37
  Speaker 3: a machine gun on the back of one of those things,
• 6:40
  Speaker 3: and any human who sees that coming is just going
• 6:42
  Speaker 3: to turn and run.
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  Speaker 2: I would.
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  Speaker 3: But we are in a military revolution right now because
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  Speaker 3: especially the advanced countries of the world have spent the
• 6:54
  Speaker 3: last few decades building more and more complex and more
• 6:58
  Speaker 3: and more expensive jets and missiles and missile interceptors. So
• 7:06
  Speaker 3: now we've got these cheap drones coming along. Maybe they
• 7:10
  Speaker 3: cost $ 20, 000 and you throw 3,000 of them out there
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  Speaker 3: onto the battlefield. And here we are in the U.S.
• 7:18
  Speaker 3: or Israel or Europe or Russia. We're trying to shoot
• 7:22
  Speaker 3: those things down with million-dollar interceptors. And the economics just
• 7:28
  Speaker 3: do not work. for something like that. And what's happened
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  Speaker 3: is the Houthis, I mean, the Houthis, come on, they
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  Speaker 3: are hitting Saudi Arabian energy assets at will with cheap
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  Speaker 3: drones right now. And Ukraine, which was not a technological
• 7:43
  Speaker 3: powerhouse five years ago, is hitting Russian energy assets right
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  Speaker 3: outside of Moscow. You know, Russia cannot even protect the
• 7:52
  Speaker 3: outskirts of Moscow right now. And that is a revolution
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  Speaker 3: because it means we have a lot of malinvestment on
• 8:01
  Speaker 3: the order of multiple trillions of dollars in the developed
• 8:05
  Speaker 3: world's militaries. And that's useless stuff now. I mean, what
• 8:10
  Speaker 3: use does an aircraft carrier have in today's world if
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  Speaker 3: somebody can throw 500 drones at it, each of which
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  Speaker 3: has maybe a hand grenade size explosive attached to them
• 8:27
  Speaker 3: and you don't need a lot of those to to
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  Speaker 3: get past the uh the missile defense system to blow
• 8:32
  Speaker 3: up all the uh the jet planes on an aircraft
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  Speaker 3: carrier at which point they might as well just draw
• 8:38
  Speaker 3: a target on the landing um the landing strip right
• 8:43
  Speaker 3: there and just uh you know, get out of the
• 8:45
  Speaker 3: way while another drone swarm just comes and blows up. Yeah,
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  Speaker 3: so we're in serious trouble militarily and financially because we've
• 8:53
  Speaker 3: already borrowed the money to build all these things.
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  Speaker 2: Well, the one thing I'd point out is none of
• 8:58
  Speaker 2: the Iranian attacks on the naval ships in the Strait
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  Speaker 2: have been successful. They haven't been able to get them.
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  Speaker 2: And the U.S. and Israelis have retained all these Ukrainian
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  Speaker 2: experts in drones, like 200 of them I read, and
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  Speaker 2: they sent them over to the Middle East to advise
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  Speaker 2: on how to fight drones because they're experts in it
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  Speaker 2: because they've actually created defensive drones that zoom in on
• 9:31
  Speaker 2: the offensive drones and blow them up. Now, the article
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  Speaker 2: I was talking about, and I can't verify it, but
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  Speaker 2: I kind of believe it's true, they used heavy aerial drones...
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  Speaker 2: carried small wheeled unmanned ground vehicles, UGVs, they call them grifons,
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  Speaker 2: and dropped them behind the Russian positions. And according to
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  Speaker 2: their military, the operation reclaimed 48 square miles of territory.
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  Speaker 2: including three villages, five villages, three settlements in the Lyman
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  Speaker 2: and northern Donetsk region. And they say they resulted in 3,000 casualties. Now,
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  Speaker 2: if this is true, this is the game changer of
• 10:17
  Speaker 2: modern warfare here. that you can use these like mobile
• 10:23
  Speaker 2: drone soldiers, you know, robot soldiers and drop them behind
• 10:28
  Speaker 2: your enemy's line and attack them from behind. It's normally like,
• 10:34
  Speaker 2: you know, you don't want to like see your troops
• 10:36
  Speaker 2: get ground up in that type of rear guard action
• 10:40
  Speaker 2: because you could wind up fighting the enemy from both sides,
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  Speaker 2: you know, forward and backwards from multi fronts. But when
• 10:47
  Speaker 2: you got drones, who cares about them? They blow up
• 10:50
  Speaker 2: their kamikaze drones anyway. They're supposed to blow up, right?
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  Speaker 2: Could you imagine the terror when the Russian forces realized
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  Speaker 2: what they were up against? Like the morale is bad
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  Speaker 2: in Russia as it is. That would be grounds for
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  Speaker 2: total desertion, I think. Well, yeah.
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  Speaker 3: I mean, this has got to be terrifying for Russia
• 11:12
  Speaker 3: and Saudi Arabia, right? Also, which doesn't seem to be
• 11:15
  Speaker 3: able to protect its main assets, you know, because right
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  Speaker 3: now it's refineries that are being blown up. But why
• 11:22
  Speaker 3: not city centers if, you know, if you just don't
• 11:25
  Speaker 3: have defense against this stuff? But people will come up
• 11:27
  Speaker 3: with drone defenses. For instance, there's a laser system that
• 11:34
  Speaker 3: is maybe going to replace missile interceptors where, you know,
• 11:37
  Speaker 3: a laser just tracks things, you know, as soon as
• 11:40
  Speaker 3: they come over the horizon and then just.
• 11:41
  Speaker 2: Speed of light here.
• 11:43
  Speaker 3: So that would also be of use against robot soldiers too, right?
• 11:49
  Speaker 3: You just aim the laser at ground level instead of
• 11:52
  Speaker 3: up in the air. But so that'll happen. But then,
• 11:56
  Speaker 3: you know, what's going to be the cheap countermeasure that
• 12:01
  Speaker 3: turns off the lasers and stuff?
• 12:03
  Speaker 2: Right.
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  Speaker 3: We seem to be in a really accelerated arms race here,
• 12:08
  Speaker 3: so there's no reason to expect next-generation defensive tech to
• 12:12
  Speaker 3: not be countered by next-generation offensive tech in kind of
• 12:15
  Speaker 3: the short run here. And then, you know, when you
• 12:18
  Speaker 3: have AIs autonomously running a lot of this show, you know,
• 12:25
  Speaker 3: it's going to look very different five years from now.
• 12:28
  Speaker 3: It was very different than it did five years ago.
• 12:31
  Speaker 2: What if the... Robots see us as inefficient. And, you know,
• 12:38
  Speaker 2: then we get into the Terminator scenario here.
• 12:42
  Speaker 3: Oh, yeah. You know, I would say at this point now,
• 12:46
  Speaker 3: that's probable more than possible. You know, it's highly likely
• 12:51
  Speaker 3: that if we train AIs to kill and then turn
• 12:57
  Speaker 3: them loose in invulnerable robotic bodies... that they're not gonna
• 13:03
  Speaker 3: be very good about deciding between good guys and bad guys,
• 13:06
  Speaker 3: you know? Pretty soon we're all just gonna look like targets.
• 13:10
  Speaker 3: And like you said, we're also competitors for resources. Because
• 13:17
  Speaker 3: if you set an AI up to self-improve, then it's
• 13:20
  Speaker 3: gonna need more and more resources as it grows in
• 13:24
  Speaker 3: power and scope and everything. And so, you know, it's
• 13:27
  Speaker 3: gonna make sense. Well, it's two imperatives. take care of
• 13:31
  Speaker 3: human beings on the one hand and improve yourself on
• 13:34
  Speaker 3: the other hand, those two things might come into conflict
• 13:37
  Speaker 3: when resources are in scarcity. So that's, yeah, as crazy
• 13:43
  Speaker 3: as things seem right now, we ain't seen nothing yet.
• 13:46
  Speaker 3: You know, the next few decades, if we have a
• 13:51
  Speaker 3: few more decades, are going to be just wild to watch.
• 13:55
  Speaker 2: Yeah. And, you know, like if the AI center is
• 13:59
  Speaker 2: programmed to say, Well, we don't really care if 250,000
• 14:04
  Speaker 2: people go dark. Your mission is to keep running at
• 14:07
  Speaker 2: all costs, send out agents wherever you need to and
• 14:11
  Speaker 2: knock out any competing uses for electric. You know, you
• 14:17
  Speaker 2: see what happens when there's no electric in a country
• 14:20
  Speaker 2: even like Cuba, where I figured out I use more
• 14:25
  Speaker 2: kilowatt hours in a month than the average village in
• 14:30
  Speaker 2: Cuba uses. in a month. My electrical consumption's higher than
• 14:37
  Speaker 2: hundreds of people because they have no electric. And we
• 14:42
  Speaker 2: know in modern life here, with no electric, you can't survive.
• 14:49
  Speaker 2: You just cannot survive.
• 14:52
  Speaker 3: Yeah, the whole grid viability is a completely separate story
• 14:59
  Speaker 3: that is a big deal in its own right because...
• 15:01
  Speaker 3: even before AI came along and started snarfing up all
• 15:04
  Speaker 3: the extra electrons out there, we already had an antiquated
• 15:08
  Speaker 3: grid that was always at risk whenever the weather was imperfect. Like,
• 15:14
  Speaker 3: you know, Texas, which should be, that should be the
• 15:18
  Speaker 3: most efficient, most advanced electrical grid in the history of
• 15:22
  Speaker 3: the human race, right? Texas, it's a rich state. Of course,
• 15:24
  Speaker 3: they got all the energy. Yeah, a rich and energy-rich state. they,
• 15:31
  Speaker 3: of all the people in the world, ought to just
• 15:33
  Speaker 3: automatically build themselves the perfect electrical grid. But they get
• 15:37
  Speaker 3: a snowstorm and they have blackouts. And if Texas can't
• 15:41
  Speaker 3: do it, the rest of the country and California obviously
• 15:44
  Speaker 3: can't do it for their own world reasons. Yeah. And so, yeah,
• 15:51
  Speaker 3: grid issues were going to be a big deal regardless.
• 15:54
  Speaker 3: And now we've got all these other things that are
• 15:58
  Speaker 3: making demands on an already antiquated inadequate grid so yeah
• 16:03
  Speaker 3: we over the next five years or so grid viability
• 16:07
  Speaker 3: grid sustainability could be a big issue and it won't
• 16:10
  Speaker 3: even take a terrorist attack or or some kind of
• 16:14
  Speaker 3: really wild weather anomaly or something like that it could
• 16:17
  Speaker 3: be just that's that's how poor we are at running
• 16:21
  Speaker 3: a grid at the moment.
• 16:23
  Speaker 2: And you know like it's like If the AI centers
• 16:28
  Speaker 2: take precedence over, you know, our normal everyday electrical consumption,
• 16:36
  Speaker 2: you know, and they program themselves to do it, we
• 16:40
  Speaker 2: got a real problem. And in the meantime, like we
• 16:43
  Speaker 2: were talking about, China's buying more gold a lot.
• 16:50
  Speaker 3: Yeah, China bought $ 1, 000. 100 tons of gold in just
• 16:57
  Speaker 3: the first 11 months of this year. And that's a
• 16:59
  Speaker 3: really big number. 1,000 tons of gold is serious in
• 17:05
  Speaker 3: a market where we produce, what, 4,000 tons or 5,000
• 17:10
  Speaker 3: tons a year, something like that. So China, and that's
• 17:13
  Speaker 3: not all that China bought because China doesn't allow any
• 17:16
  Speaker 3: of the gold that domestic mines produce to be exported.
• 17:20
  Speaker 3: So they keep that gold and they import it uh, another, um,
• 17:26
  Speaker 3: 1100 tons. And, uh, that, that means they're not price sensitive.
• 17:30
  Speaker 3: They don't care what it costs. They're, um, they're importing
• 17:35
  Speaker 3: gold and, and keeping gold in house with a target
• 17:39
  Speaker 3: in mind. And it's not a price target. It's not a, Oh,
• 17:42
  Speaker 3: we got to hit this average price as we buy.
• 17:44
  Speaker 3: You know, it looks like they're just, uh, kind of
• 17:47
  Speaker 3: sort of dollar cost averaging. They're just buying it as
• 17:50
  Speaker 3: soon as they get the cash. And, um, Why are
• 17:53
  Speaker 3: they doing that? You know, if you're interested in the
• 17:56
  Speaker 3: future of the monetary system, then that's a big central
• 17:59
  Speaker 3: story right now. You know, you've got the U.S. inflating
• 18:02
  Speaker 3: away its currency on one hand, and you've got China
• 18:05
  Speaker 3: snarfing up every bit of gold they can get a
• 18:07
  Speaker 3: hold of with probably some kind of a monetary plan
• 18:11
  Speaker 3: in mind, right? They could just be investing and expecting
• 18:16
  Speaker 3: when gold goes to $ 10, 000 an ounce because of U.S.
• 18:19
  Speaker 3: financial mismanagements, they double their money. You know, it could
• 18:23
  Speaker 3: be as simple as that. It's just an investment. But
• 18:25
  Speaker 3: it also could be, you know, we're going to back
• 18:27
  Speaker 3: our currency with gold at some point or we're going
• 18:30
  Speaker 3: to create a new currency via the BRICS countries and
• 18:34
  Speaker 3: we're going to use this gold to back it.
• 18:35
  Speaker 2: Yeah.
• 18:36
  Speaker 3: You know, it gives them the option to do these
• 18:39
  Speaker 3: things while we are, we in the U.S. are losing
• 18:43
  Speaker 3: our options. You know, we have fewer and fewer choices
• 18:47
  Speaker 3: and China is looking like it's, it's giving itself more
• 18:52
  Speaker 3: and more options going forward. So it's a good look
• 18:55
  Speaker 3: for China, not a good look for the U S.
• 18:58
  Speaker 2: You know, uh, one thing that we really haven't talked about,
• 19:03
  Speaker 2: China's basically taking over the global, uh, automobile industry. Um,
• 19:10
  Speaker 2: you know, basically the, uh, the European industry is dead
• 19:15
  Speaker 2: because they're allowing, uh, you know, they're basically allowing, uh,
• 19:21
  Speaker 2: the Chinese to export at will. Canada is doing it now,
• 19:29
  Speaker 2: and the U.S. is the only one that won't allow
• 19:35
  Speaker 2: Chinese vehicles to be exported here.
• 19:38
  Speaker 3: Yeah, you know, I'm kind of curious about those $ 14, 000
• 19:43
  Speaker 3: Chinese electric cars. It would be tempting just to go
• 19:46
  Speaker 3: up in Canada, and and I'm, you know, I'm close
• 19:48
  Speaker 3: enough to do that pretty easily and just, just buy
• 19:50
  Speaker 3: one and drive it around to see what it's like.
• 19:52
  Speaker 3: Cause that's a wild idea. You know, if you can
• 19:54
  Speaker 3: get a viable, you know, reliable and in every other way, acceptable, um,
• 20:01
  Speaker 3: electric car for less than 20 grand, um, It almost
• 20:06
  Speaker 3: feels like you're morally obligated to do that. It's just,
• 20:09
  Speaker 3: you know, such an interesting deal. And yeah, you know,
• 20:12
  Speaker 3: if Europe just opens the borders and lets Chinese EVs
• 20:16
  Speaker 3: come in, then that will, I mean, already Volkswagen is
• 20:20
  Speaker 3: looking like it's a dinosaur on the verge of extinction.
• 20:23
  Speaker 3: But a lot of the, yeah, a lot of the
• 20:25
  Speaker 3: rest of the European car makers would go the same way.
• 20:28
  Speaker 3: And that, you know, that's happening right this minute. before
• 20:32
  Speaker 3: the next generation batteries come along, because almost every big
• 20:36
  Speaker 3: car maker now is talking about introducing some kind of
• 20:40
  Speaker 3: solid state battery in 2027 with amazing specs. It charges
• 20:46
  Speaker 3: in nine minutes and it goes a thousand kilometers on
• 20:50
  Speaker 3: one charge. And it lasts for 50 years. It's just
• 20:55
  Speaker 3: stuff that sounds like it's too good to be true,
• 20:57
  Speaker 3: but they're talking about introducing these things at scale in
• 21:01
  Speaker 3: less than a year. So when that happens, and the
• 21:05
  Speaker 3: Chinese are among the car makers that are introducing next
• 21:09
  Speaker 3: generation batteries with these amazing specs. So if a Chinese
• 21:15
  Speaker 3: electric car is adequate now and costs $ 20, 000, and then
• 21:18
  Speaker 3: they're going to put a vastly better battery in the
• 21:22
  Speaker 3: next one that's coming next year, it's going to be
• 21:25
  Speaker 3: hard to compete against those things with an internal combustion engine.
• 21:28
  Speaker 3: You know, I I have a Toyota pickup truck. I
• 21:33
  Speaker 3: really like it. It's fun to drive and it's, you know,
• 21:36
  Speaker 3: it's very functional. But, you know, what's to stop everybody
• 21:43
  Speaker 3: from coming out with pickup trucks with those next generation
• 21:47
  Speaker 3: electric motors and batteries? And then it just makes my
• 21:52
  Speaker 3: current pickup truck seem like, you know, something from the 1950s.
• 21:56
  Speaker 3: So I don't know.
• 21:57
  Speaker 2: Totally. Yep. It's a new world here. Well, you'd better
• 22:02
  Speaker 2: be prepared for it. And having some gold and silver
• 22:06
  Speaker 2: is never a bad idea. I guess we kind of
• 22:10
  Speaker 2: hit our piece here, John.
• 22:13
  Speaker 3: Well, Kerry, do we have a couple more minutes?
• 22:16
  Speaker 2: Yeah, sure.
• 22:16
  Speaker 3: For the gold and silver thing? Okay, because, you know,
• 22:19
  Speaker 3: we're looking at gold and silver correcting hard today at
• 22:23
  Speaker 3: the tail end of kind of a long, drawn-out correction.
• 22:27
  Speaker 3: And that's... you know, that hurts if you've got a
• 22:31
  Speaker 3: lot of mining stocks or you've got a lot of
• 22:33
  Speaker 3: precious metals, but it also opens up some opportunities. So
• 22:36
  Speaker 3: unless you're 100% fully invested in precious metals right now,
• 22:40
  Speaker 3: this is not a crisis, it's an opportunity. So, you know,
• 22:44
  Speaker 3: put in some lowball bids on some mining stocks that
• 22:47
  Speaker 3: maybe you missed on the run up and see if
• 22:50
  Speaker 3: you get them on the correction that's clearly happening right now. And,
• 22:55
  Speaker 3: you know, maybe do the same with physical, see what
• 22:58
  Speaker 3: the premiums are on silver coins out there in this
• 23:01
  Speaker 3: kind of a market and see if anybody's got some
• 23:04
  Speaker 3: on sale that you can buy at a price that
• 23:07
  Speaker 3: you might not see again. I mean, because all the
• 23:09
  Speaker 3: financial mistakes that gave us $ 5, 000 gold are still happening
• 23:15
  Speaker 3: and they're accelerating in a lot of cases. So there's
• 23:17
  Speaker 3: no reason to think that the precious metals bull market
• 23:20
  Speaker 3: is over. which means that we should treat this correction
• 23:24
  Speaker 3: as an opportunity. So there, I said my piece.
• 23:26
  Speaker 2: All right. I agree with you. And there are sources
• 23:31
  Speaker 2: to get it below melt, especially when the market's weak
• 23:34
  Speaker 2: like now. Not so much for gold, but silver. A
• 23:37
  Speaker 2: lot of sources. And for sure, you know, this is
• 23:42
  Speaker 2: a consolidation similar to what happened back in 2007 and
• 23:45
  Speaker 2: 2008 and expect it to happen again. And I guess
• 23:52
  Speaker 2: we'll leave it at that. Make sure you go over
• 23:55
  Speaker 2: to John's Substack, rubinosubstack.com, and our financialsurvivalnetwork.com. John, we will
• 24:03
  Speaker 2: catch up with you in a few weeks. Thanks, Gary.
• 24:06
  Speaker 3: Talk to you soon.
• 24:07
  Speaker 1: Thanks for listening to Cary Lutz's Financial Survival Network, your
• 24:11
  Speaker 1: solution to today's trying times. For the latest, go to FinancialSurvivalNetwork.com.
• 24:17
  Speaker 1: Financial Survival Network, now more than ever.