1
00:00:00,000 --> 00:00:03,660
Well, it's been about a year since we caught up,

2
00:00:03,760 --> 00:00:06,120
and you probably do need security guards with guns now

3
00:00:06,120 --> 00:00:11,040
because the metals complex has had one hell of a run.

4
00:00:11,640 --> 00:00:13,580
Silver just this morning went over $100,

5
00:00:14,460 --> 00:00:17,360
hit over $101 at some point.

6
00:00:17,500 --> 00:00:20,780
Cold's approaching $5,000, and I had to reach out to you

7
00:00:20,780 --> 00:00:22,980
because, as I was saying before we hit record,

8
00:00:23,720 --> 00:00:27,800
I'm convinced that those in the know of what's going on with the metal flows

9
00:00:27,800 --> 00:00:34,600
know the actual story of what's going on because it seems pretty big right now um so without asking

10
00:00:34,600 --> 00:00:41,360
any leading questions i guess just jump into it what have you seen what is going on with the the

11
00:00:41,360 --> 00:00:47,240
metals complex as a stance yeah i would say i mean clearly we could we could talk about all the

12
00:00:47,240 --> 00:00:54,720
monetary reasons the you know expansion of debt uh all those things that are really taking place

13
00:00:54,720 --> 00:01:15,400
And, you know, frankly, what started really around the time of the Ukraine war, I think it set the stage for what we're seeing here, which is a exit of globalism and trade relationships, which are not just broken, but we're now in war over resources.

14
00:01:15,400 --> 00:01:21,880
and then the resources that are critical to the future related to energy, AI, power,

15
00:01:22,440 --> 00:01:31,960
and military are forefront. And you kind of put all those things in together where people all want

16
00:01:31,960 --> 00:01:37,180
the same asset at the same time. That's what an auction does. If two people want to buy something

17
00:01:37,180 --> 00:01:42,460
and they're willing to pay a higher price to get it, that auction goes up. Well, if you're lucky at

18
00:01:42,460 --> 00:01:48,360
an art auction or you're on eBay and you're the only one bidding, price is lower. So it's a

19
00:01:48,360 --> 00:01:55,140
situation, you know, really what's happened, it's just, you got to, it's a geopolitical.

20
00:01:55,720 --> 00:02:01,760
And so I've been talking about it as it's a metals war. I was right around, I'm actually

21
00:02:01,760 --> 00:02:08,700
flying out to Europe on Sunday here a couple of days. I think it was, I was coming back. I think

22
00:02:08,700 --> 00:02:12,900
I had a hat on. I think some people are like, oh man, you're not very professional. I was like,

23
00:02:13,160 --> 00:02:20,180
man, I'm on a 10 hour flight, like, uh, you know, coming back from Europe and I just put a hat on

24
00:02:20,180 --> 00:02:25,040
and I started talking about what was happening and it was the gold moving to the U S and,

25
00:02:25,280 --> 00:02:30,640
and I kind of started to put together the, the, my, a little bit more of my macro thesis of,

26
00:02:30,720 --> 00:02:37,600
of what, what was going to happen. And a lot of it is why I moved my, my, uh, what's now,

27
00:02:37,600 --> 00:02:42,660
I moved from Arizona over 18 years ago.

28
00:02:42,760 --> 00:02:43,300
I founded it.

29
00:02:43,460 --> 00:02:46,580
I moved it to Wyoming, and then I started another company called the Wyoming Reserve,

30
00:02:47,200 --> 00:02:50,980
which is a tax-advantaged foreign trade zone vaulting operation.

31
00:02:51,280 --> 00:02:55,320
And, you know, when you have the macro thesis and you see the chips change,

32
00:02:55,460 --> 00:02:59,120
I love to put things on the board and you move things around.

33
00:02:59,220 --> 00:03:01,920
And I started just talking about what I'm seeing unfold.

34
00:03:01,920 --> 00:03:06,240
And, you know, really what we've seen, you know, kind of fast forward,

35
00:03:06,240 --> 00:03:16,200
a little bit here with silver that we'll cover. Really, it is China. It's U.S. banks. It's U.S.

36
00:03:16,200 --> 00:03:23,180
government. That's what's driving the numbers right now. But I also think it started the

37
00:03:23,180 --> 00:03:29,380
Ukraine war when assets were seized. And I think this is even interesting in the digital sphere,

38
00:03:29,380 --> 00:03:34,060
because I, you know, is what is seizable and what is not.

39
00:03:35,180 --> 00:03:43,500
And so when Russia's assets, when we're talking balances at, you know, the Bank of England,

40
00:03:43,760 --> 00:03:47,260
whether that was physical gold, whether that was fiat currency,

41
00:03:48,020 --> 00:03:53,980
whether that was some oligarch's boat, like in a different port, you know, the assets were seized.

42
00:03:54,080 --> 00:03:57,200
And I really think most of the BRICS nations looked at that and says,

43
00:03:57,200 --> 00:03:59,820
Well, if that can happen to them, that can happen to us.

44
00:04:01,240 --> 00:04:10,860
And, you know, if we look at the Ukraine war, it's clearly a proxy because it's just there's not a lot of movement.

45
00:04:11,100 --> 00:04:15,680
It's just there's unfortunately a lot of death and money and money laundering and stuff.

46
00:04:15,860 --> 00:04:23,100
But China is really the one behind it all, behind Russia, because if Russia were to fall, China is now next.

47
00:04:23,100 --> 00:04:30,400
And so Trump's tweet was December, right around Christmas of 24.

48
00:04:30,840 --> 00:04:32,580
He hadn't taken office yet.

49
00:04:32,660 --> 00:04:33,960
He'd just won the election.

50
00:04:35,280 --> 00:04:39,120
He gave a, oh gosh, sorry, my phone wasn't turned off.

51
00:04:39,500 --> 00:04:44,700
He gave a really interesting tweet out, and I don't think it was properly covered.

52
00:04:44,700 --> 00:04:52,040
He said, warning to the BRICS, don't start a new currency and don't back it.

53
00:04:53,100 --> 00:05:00,140
and I think we could all get our heads around, okay, the BRICS might want to try to create a competitor to the U.S. dollar.

54
00:05:00,140 --> 00:05:05,280
I think we can all get around that, but I don't think people pay attention to what he meant by back it.

55
00:05:06,080 --> 00:05:06,660
It was gold.

56
00:05:07,280 --> 00:05:12,380
And so at that time, and what that means historically, if you think about it,

57
00:05:12,640 --> 00:05:16,840
whoever holds the most gold essentially has made all the rules.

58
00:05:17,180 --> 00:05:18,920
This is just throughout history.

59
00:05:19,180 --> 00:05:21,880
I mean, this goes back thousands of years.

60
00:05:21,880 --> 00:05:32,880
And then after World War II even, gold is the settlement layer for the debts of everyone.

61
00:05:33,700 --> 00:05:39,720
And that's why Bank of England has held all the gold over the last decades.

62
00:05:40,000 --> 00:05:41,300
It's had the most gold in the world.

63
00:05:41,300 --> 00:05:52,140
And now even countries will pledge some of their gold as loan facilities through the World Bank for developing countries.

64
00:05:52,480 --> 00:05:55,600
I mean, so it's very much part of the financial system.

65
00:05:56,740 --> 00:06:07,040
Then you have this beast, China, whose military and economy has been growing decade after decade, saying, hey, we want our gold in China.

66
00:06:07,580 --> 00:06:08,440
You know, want it there.

67
00:06:08,440 --> 00:06:30,540
And so that had been going on for a few years under when Biden was there and no one was really paying attention. What I don't think people were also paying attention, and I came from the risk management side in the mining industry, so have done some corporate risk management work in mainly not just the U.S., but Latin America, a little bit in Africa.

68
00:06:30,540 --> 00:06:34,400
So I'm pretty aware of resources and companies.

69
00:06:35,620 --> 00:06:44,180
And traditionally, I would say it was the U.S., Canadian mining companies and Australian mining companies were kind of some of the biggest players in that arena.

70
00:06:45,100 --> 00:06:52,180
China over the last 20 years did a really good job of getting in, in particular, into Africa.

71
00:06:52,520 --> 00:06:54,100
And they start cutting deals.

72
00:06:54,240 --> 00:06:56,200
And they said, hey, we'll build you an airport.

73
00:06:56,460 --> 00:06:57,540
We'll build you schools.

74
00:06:57,540 --> 00:07:05,940
We'll build you a port if you let us access to develop this mine or access food.

75
00:07:06,640 --> 00:07:08,940
Because, I mean, China is just this massive machine.

76
00:07:09,160 --> 00:07:18,560
So really, and now we're starting to see these military coups in Africa that are probably going to pick up, like, who are they aligning with?

77
00:07:20,560 --> 00:07:26,360
Unfortunately, Africa is a playing ground of resources throughout history.

78
00:07:26,360 --> 00:07:29,580
and it's just a mess of mess of problems.

79
00:07:30,040 --> 00:07:31,360
But China mopped it all up.

80
00:07:32,900 --> 00:07:34,640
And so I think what happened was

81
00:07:34,640 --> 00:07:36,740
Trump administration came in

82
00:07:36,740 --> 00:07:39,320
and you can even go back to his first term.

83
00:07:39,580 --> 00:07:41,160
One of his biggest things he was worried about

84
00:07:41,160 --> 00:07:42,700
was computer chips and says,

85
00:07:42,840 --> 00:07:44,980
hey, what happens if we lose Taiwan?

86
00:07:46,200 --> 00:07:49,520
So he decided to help bring, you know,

87
00:07:49,520 --> 00:07:54,040
two massive Taiwanese companies into Arizona.

88
00:07:54,040 --> 00:08:01,480
them. So there's two multi-billion dollars, one's on the north end of the valley and one's on the

89
00:08:01,480 --> 00:08:06,620
south. And so here we are many years later. I don't even think they're not fully online yet,

90
00:08:06,640 --> 00:08:10,360
but it takes that long to develop. But I mean, at some point, I think here we are in 2026,

91
00:08:11,360 --> 00:08:17,560
this could be a year Taiwan could go down. It could. It's definitely not a 0% chance of anything.

92
00:08:17,560 --> 00:08:23,920
It's probably going up. And so I think the Trump administration immediately, and I felt it,

93
00:08:23,920 --> 00:08:28,580
I saw it because I work with the banks. I work with some some some government work.

94
00:08:28,780 --> 00:08:32,880
I see metal movement and flow. And I'm like the amount of material.

95
00:08:32,880 --> 00:08:34,780
And it started with gold coming to the U.S.

96
00:08:35,640 --> 00:08:38,780
It was under the guise of it was tariffs. The tariffs are coming.

97
00:08:41,880 --> 00:08:48,680
But if you're a country who is lacking in something, who needs something, are you going to put a tariff on that if you need it for your manufacturing?

98
00:08:49,040 --> 00:08:50,800
No, you tariff other things.

99
00:08:50,800 --> 00:08:57,280
And so all this material was coming to the U.S., but it kind of felt like to me it was so big.

100
00:08:57,360 --> 00:08:59,600
It was bigger than a bank. It was bigger than a company.

101
00:08:59,600 --> 00:09:08,360
And it was so disruptive to the London market that they were having gold delivery delays right around this time last year and into that first late into the first quarter.

102
00:09:09,400 --> 00:09:13,200
If anyone is that disruptive into the financial markets, you get on the knock.

103
00:09:13,320 --> 00:09:16,900
You get a knock on the door by some agency, Commodity Futures Trade Commission.

104
00:09:17,140 --> 00:09:19,820
It happened to George Soros in the 90s. It happened to Warren Buffett.

105
00:09:19,820 --> 00:09:26,000
no one is immune. They both tried to corner silver, by the way, or not corner it. They took

106
00:09:26,000 --> 00:09:33,920
too big of a position, which kind of get into what's happening today. So if somebody is buying

107
00:09:33,920 --> 00:09:39,300
this much gold and it's disrupting the market and London's panicking, but no one's getting a

108
00:09:39,300 --> 00:09:44,260
knock on the door, it's got to be the federal government. That was the same time Elon Musk

109
00:09:44,260 --> 00:09:48,180
was saying, hey, back when he was doing Doge, he was like, let's audit

110
00:09:48,180 --> 00:09:52,280
for Knox. Trump says, hey, let's have a look. Now, we haven't heard anything

111
00:09:52,280 --> 00:09:56,460
since then. And I think probably in my last podcast, I said, my take would be

112
00:09:56,460 --> 00:10:00,340
is it good chance it was pilfered, right? Over how many

113
00:10:00,340 --> 00:10:02,340
years it's not been audited in 50 plus?

114
00:10:04,020 --> 00:10:08,440
Some people might say we don't need it. It's there. We just tell

115
00:10:08,440 --> 00:10:12,480
you it's there. Who knows? Who knows what? I mean, we have seen so much

116
00:10:12,480 --> 00:10:15,860
government waste, the daycare stuff.

117
00:10:16,680 --> 00:10:20,340
Our politicians, unfortunately, on both sides of the aisle,

118
00:10:20,480 --> 00:10:24,880
are known to spend money or take money or line their own pockets, unfortunately.

119
00:10:25,360 --> 00:10:29,520
Maybe not all of them, but so who knows what took place.

120
00:10:29,820 --> 00:10:36,280
So that started early, you know, early 25.

121
00:10:36,280 --> 00:10:45,500
I mean, right. It almost felt like it was it was almost as if his his team was already in contact with the banks before he took office.

122
00:10:45,600 --> 00:10:55,300
It was so coordinated. It was so big. And then when he took office, immediately the tariff agenda hit, you know, heavy early, early 25.

123
00:10:56,740 --> 00:11:02,240
And then it kind of came down into what's going to be tariffed at what rate and who are we going to do it to?

124
00:11:02,240 --> 00:11:06,120
And we're still having this topic that's it's really not going away.

125
00:11:06,280 --> 00:11:15,300
and then comes up this whole critical minerals topic and let's do a review what's critical to

126
00:11:15,300 --> 00:11:20,240
the infrastructure of the united states so kind of going back to the the knowledge of like so if

127
00:11:20,240 --> 00:11:27,260
you think you need computer chips for your economy years ago what about medicine how much medicine is

128
00:11:27,260 --> 00:11:31,480
made in china and india where where does where does u.s get it's pretty much everything is made

129
00:11:31,480 --> 00:11:38,000
those two places. And I do believe that this administration is taking

130
00:11:38,000 --> 00:11:44,820
its future a little more serious than previous administrations. And that goes back, you know,

131
00:11:44,820 --> 00:11:54,200
probably decades. And it's also because the U.S. has been beat up, you know, fleeced. Europe is

132
00:11:54,200 --> 00:12:01,640
fleeced. And look at Europe now is a hot mess in so many different ways. So you think about

133
00:12:01,640 --> 00:12:08,320
if you're saying, hey, we lost out on Africa for the most part, we need to lock down the

134
00:12:08,320 --> 00:12:16,600
Western Hemisphere. And I actually was putting that kind of in motion, North and South America.

135
00:12:16,600 --> 00:12:24,140
and I do a lot of work with the Caribbean central banks

136
00:12:24,140 --> 00:12:27,940
and I started noticing, and I'm down, unfortunately,

137
00:12:28,240 --> 00:12:31,260
I have to go to places like the Caymans, St. Kitts,

138
00:12:32,180 --> 00:12:34,320
because we've minted a lot of their gold and silver coins.

139
00:12:35,960 --> 00:12:39,680
And I'm noticing military increases down there.

140
00:12:40,520 --> 00:12:44,240
And without saying too much, I started to realize

141
00:12:44,240 --> 00:12:50,760
they're doing what the Chinese have been doing, which is cutting deals,

142
00:12:52,240 --> 00:12:56,020
making sure they're aligned with what's going on in the region.

143
00:12:56,020 --> 00:13:02,780
And I would say for the most part, you would say the Caribbean definitely is heavier U.S.-centric, just historically.

144
00:13:03,320 --> 00:13:05,120
However, there's a few islands.

145
00:13:06,300 --> 00:13:09,040
There's a few places where the Chinese were building ports.

146
00:13:09,500 --> 00:13:10,860
They were building hotels.

147
00:13:11,320 --> 00:13:14,200
They were doing different things that you go, okay, maybe it is benign.

148
00:13:14,240 --> 00:13:18,120
But that's influence. That's influence over, you know, who knows what.

149
00:13:19,080 --> 00:13:25,760
And then we watch, you know, suddenly second half of the 25, the U.S.'s military presence is increasing.

150
00:13:25,760 --> 00:13:30,660
And it started in Southern Caribbean really heavily.

151
00:13:30,900 --> 00:13:35,740
And then obviously we just took out the Venezuelan leader just a few weeks ago at the snap of a finger.

152
00:13:36,800 --> 00:13:39,360
And I feel like that's just the start of Latin America.

153
00:13:39,600 --> 00:13:41,180
To me, it's going to go all the way down.

154
00:13:41,180 --> 00:13:48,980
And what I've been talking about, why silver is going up so hard, really, really since around Thanksgiving.

155
00:13:49,380 --> 00:13:59,580
So you had, I don't know if you were aware, most people were either sleeping in after their Thanksgiving day or they're out shopping Black Friday or who knows.

156
00:14:00,180 --> 00:14:03,780
The COMEX was shut down for a piece of Black Friday.

157
00:14:04,320 --> 00:14:07,160
There was a server error.

158
00:14:07,640 --> 00:14:09,320
The cooling room wasn't working.

159
00:14:09,320 --> 00:14:11,080
So they had to shut down gold and silver trading.

160
00:14:11,180 --> 00:14:15,740
and I'm making calls, what's going on?

161
00:14:15,780 --> 00:14:16,660
No one had ever seen it.

162
00:14:16,720 --> 00:14:17,860
It didn't make a whole lot of sense.

163
00:14:18,860 --> 00:14:21,380
But what we did notice is there was a huge request.

164
00:14:21,920 --> 00:14:25,900
What we did notice is someone had put in a request of withdrawal

165
00:14:25,900 --> 00:14:30,980
for so many ounces of silver that it was almost like,

166
00:14:31,080 --> 00:14:31,800
is this a mistake?

167
00:14:31,940 --> 00:14:34,920
And I think it was, don't hold me to it,

168
00:14:34,920 --> 00:14:39,880
I think it was almost like a third of the silver that was in New York was requested.

169
00:14:39,880 --> 00:14:44,460
And then suddenly the thing freezes.

170
00:14:47,260 --> 00:14:50,240
It started back up and they shut down options tradings.

171
00:14:50,380 --> 00:14:51,140
Everything shut down.

172
00:14:51,220 --> 00:14:52,680
And then suddenly, you know, it comes back.

173
00:14:52,800 --> 00:14:56,280
Then Monday morning, there's no withdrawal request.

174
00:14:56,760 --> 00:14:57,180
It's gone.

175
00:14:57,400 --> 00:14:59,480
And everyone's like, it must have been sort of a mistake.

176
00:14:59,540 --> 00:14:59,960
We don't know.

177
00:15:01,080 --> 00:15:03,820
My personal take is it was the Chinese.

178
00:15:03,820 --> 00:15:06,900
they were either testing our markets

179
00:15:06,900 --> 00:15:09,980
or just wanting a lot of it in one shot.

180
00:15:11,040 --> 00:15:12,820
And I'm guessing whether the U.S. government

181
00:15:12,820 --> 00:15:15,480
was directly involved, the banks were,

182
00:15:15,660 --> 00:15:17,560
and I think it was J.P. Morgan.

183
00:15:18,840 --> 00:15:20,120
And they probably said,

184
00:15:20,380 --> 00:15:21,900
hey, you can't take it from us,

185
00:15:22,300 --> 00:15:25,000
but we'll get it for you in other markets.

186
00:15:26,280 --> 00:15:28,700
And right at that point, look up the price.

187
00:15:29,360 --> 00:15:30,420
I think we were in the 50s,

188
00:15:30,420 --> 00:15:31,440
and here we are, we've doubled.

189
00:15:31,680 --> 00:15:32,780
I mean, for silver to double,

190
00:15:32,780 --> 00:15:36,360
in less than two months.

191
00:15:37,000 --> 00:15:38,080
This is historic.

192
00:15:38,260 --> 00:15:39,320
And it's not even that volatile.

193
00:15:39,520 --> 00:15:41,820
It's just like every day, every day.

194
00:15:42,740 --> 00:15:44,400
What I actually think has happened,

195
00:15:44,560 --> 00:15:46,760
and I've been talking about this,

196
00:15:46,820 --> 00:15:50,840
is that the JP Morgan owns and controls

197
00:15:50,840 --> 00:15:52,600
the largest stockpile of silver in the world.

198
00:15:54,100 --> 00:16:06,938
A lot of people say oh well they always short Well if you have inside knowledge based on someone who calls you that someone a big buyer could you flip your position in a moment notice

199
00:16:08,858 --> 00:16:10,158
Banks are profit centers.

200
00:16:10,998 --> 00:16:19,358
So I think what they did was, so we call it in the industry, they threw a blanket over all their inventory and said, none of this is for sale.

201
00:16:19,358 --> 00:16:24,958
and then they went long, you know, because they're always using, you know,

202
00:16:24,978 --> 00:16:27,398
whether they're doing covered calls, just outright hedges.

203
00:16:27,578 --> 00:16:29,778
And then these banks also control the mines.

204
00:16:29,918 --> 00:16:32,318
They're buying and financing the material.

205
00:16:32,658 --> 00:16:34,958
So a lot of times people say, oh, well, that bank is net short,

206
00:16:35,498 --> 00:16:39,898
but they actually bought pre-production ounces that are coming out of a mine every month.

207
00:16:40,298 --> 00:16:44,698
So it's really just maybe they're just hedging and it's not a naked short.

208
00:16:44,698 --> 00:16:46,758
So there's a lot of misinformation out there.

209
00:16:46,758 --> 00:16:53,538
And now this new AI slop on X and YouTube is just, there's so much, it's all like half-truths and information.

210
00:16:53,798 --> 00:16:58,618
And you've probably seen it on all sorts of topics.

211
00:17:00,238 --> 00:17:02,598
So, yeah, that took place.

212
00:17:02,718 --> 00:17:08,438
And I do think that China is the highest level, but also India.

213
00:17:08,498 --> 00:17:12,898
And I'll get into why are they buying so much metal is going back to the military.

214
00:17:12,898 --> 00:17:18,978
The U.S. is restricting ore, the ships.

215
00:17:19,138 --> 00:17:22,118
So we heard about, remember, tankers were being seized from Venezuela?

216
00:17:24,378 --> 00:17:25,738
It's not just oil.

217
00:17:26,198 --> 00:17:26,998
We have plenty of oil.

218
00:17:27,678 --> 00:17:29,538
Oil is important, absolutely.

219
00:17:30,818 --> 00:17:31,638
That's a metric.

220
00:17:31,758 --> 00:17:34,638
But there's no doubt that Latin America is where most of the precious metals,

221
00:17:35,018 --> 00:17:38,578
that's a huge piece of it.

222
00:17:39,598 --> 00:17:41,478
So a lot of that, what's called concentrate.

223
00:17:41,478 --> 00:17:47,458
So when you typically, a typical mine either produces something like, think like a 40% grade.

224
00:17:47,958 --> 00:17:52,478
Some of them can internally do and produce something.

225
00:17:52,678 --> 00:17:59,398
Maybe if they have an onsite small smelting operation, they can get it to a dore, which is more like a 90% concentrate.

226
00:17:59,918 --> 00:18:09,938
So the refineries in the United States are only, they can't take concentrate because of EPA rules.

227
00:18:09,938 --> 00:18:25,478
So smelting is basically just think like burning. You're basically burning rock. You're burning it to separate the materials. That's the first step. And then you do basically chemical and electrical processes to refine the material down to a high grade.

228
00:18:26,338 --> 00:18:30,098
So most of the smelting in the world is China.

229
00:18:31,258 --> 00:18:33,098
This is really wild.

230
00:18:34,238 --> 00:18:40,118
So if China's getting choked on raw material, are they concerned about their manufacturing?

231
00:18:40,398 --> 00:18:42,178
Are they concerned about their military production?

232
00:18:43,298 --> 00:18:43,938
Yes.

233
00:18:44,078 --> 00:18:51,218
So a lot of people are hearing about the Chinese have export controls on silver, and they do.

234
00:18:51,918 --> 00:18:52,158
Why?

235
00:18:52,158 --> 00:18:56,398
is because their feedstock is being, it's under pressure.

236
00:18:57,258 --> 00:19:00,298
So the U.S. is basically locking down Western Hemisphere.

237
00:19:00,678 --> 00:19:01,938
We can cover Greenland.

238
00:19:02,558 --> 00:19:09,078
You know, all this is really correlated to two things.

239
00:19:09,078 --> 00:19:12,538
And I'm going to go with the military of the future is tech.

240
00:19:12,998 --> 00:19:13,878
It's drones.

241
00:19:14,918 --> 00:19:16,578
It's heavy-duty satellite.

242
00:19:17,458 --> 00:19:21,378
It's, I mean, you can look up what metals go into a Tomahawk missile.

243
00:19:21,378 --> 00:19:25,998
If you don't have these minerals to do these things, you can't keep pumping things out.

244
00:19:26,718 --> 00:19:29,178
So China restricts their metals on outbound.

245
00:19:29,578 --> 00:19:33,398
And so they're now reviewing who is buying the raw material, where is it going.

246
00:19:33,778 --> 00:19:35,718
And one of the big buyers was India.

247
00:19:37,058 --> 00:19:41,778
So India's like, wait, we can't buy as much as we need for our manufacturing from China right next door.

248
00:19:42,278 --> 00:19:45,498
So now India's on the open market buying silver as well.

249
00:19:45,498 --> 00:19:50,938
So here you have J.P. Morgan who says, through a blanket, says it's not available.

250
00:19:51,378 --> 00:19:56,078
The U.S. then is pressuring raw material coming out of Latin America.

251
00:19:57,578 --> 00:19:58,818
China restricts.

252
00:19:59,658 --> 00:20:01,878
Now you see why silver is going up every day.

253
00:20:04,818 --> 00:20:06,378
It's really this simple.

254
00:20:06,778 --> 00:20:14,278
And all the other factors we could talk about, the monetary, the government spending, yes, but this is why it's so acute and it's why it's so happening.

255
00:20:14,418 --> 00:20:17,358
So I think I posted today on X.

256
00:20:17,358 --> 00:20:24,478
this is not going to stop until China, in particular, China stops bidding.

257
00:20:25,058 --> 00:20:27,558
So when they come up for air and say, we got enough for the moment,

258
00:20:29,678 --> 00:20:33,458
then we will probably see, you know, it's almost like who's going to blink first?

259
00:20:33,558 --> 00:20:34,558
Like, how much do you have?

260
00:20:34,778 --> 00:20:37,578
But the thing is, every time it's dipped a little bit, it gets bought up.

261
00:20:38,718 --> 00:20:41,378
And that's the other thing is that we're in mercantile banking.

262
00:20:41,378 --> 00:20:45,158
So if we have, if globalism is dead and we no longer trade well,

263
00:20:45,158 --> 00:20:50,878
you now have banks who sit in the middle most many many banks are multinational

264
00:20:50,878 --> 00:20:56,778
and so they will trade and buy so a lot of these guys and a lot of these bankers can't even go

265
00:20:56,778 --> 00:21:03,758
on tv right now they're not putting out research reports because they got they have a they have

266
00:21:03,758 --> 00:21:10,638
they have an order in and what that order is marty is i have an order to buy so many of something i

267
00:21:10,638 --> 00:21:13,958
I got to accumulate it quietly, build a position.

268
00:21:14,518 --> 00:21:15,518
And so they're buying every day.

269
00:21:15,598 --> 00:21:17,218
Don't let it go up too much.

270
00:21:17,618 --> 00:21:18,418
Let it come down.

271
00:21:18,498 --> 00:21:19,338
And then they hit it again.

272
00:21:20,498 --> 00:21:23,778
So if you've got, and I think the U.S. government's probably involved in it too,

273
00:21:23,958 --> 00:21:25,618
because they put it on the strategic minerals.

274
00:21:26,038 --> 00:21:28,258
So they're probably buying, China's buying,

275
00:21:28,538 --> 00:21:30,498
JP Morgan's in the middle, squeezing everybody.

276
00:21:30,838 --> 00:21:32,738
This is, it's incredible.

277
00:21:32,898 --> 00:21:33,738
It's an incredible watch.

278
00:21:33,738 --> 00:21:37,518
So I think I did a quick video about a week ago and said,

279
00:21:37,518 --> 00:21:44,938
hey, we were, I think, in the 80s. Now we're at just over 100 today. And I'm like, this thing

280
00:21:44,938 --> 00:21:49,578
could go to 150. It could go to 50. And it could happen all like in a matter of a week or two.

281
00:21:50,098 --> 00:21:56,038
It will be volatile. But I don't think, I think if we take a look at the whole complex,

282
00:21:57,018 --> 00:22:01,858
it's really happened in all the minerals, all the metals. And silver's just been running a

283
00:22:01,858 --> 00:22:05,458
structural deficit for years. It should not be this. It should not have been this cheap

284
00:22:05,458 --> 00:22:12,658
to begin with. And so if you look at cost to mine something, the primary silver miners have

285
00:22:12,658 --> 00:22:18,898
not been profitable for like forever, which is why the stocks have underperformed. And you kind

286
00:22:18,898 --> 00:22:22,958
of look forward, you go, well, it's just like farming, right? If farmers can't make money,

287
00:22:23,058 --> 00:22:27,978
they're going to stop growing crops and then demand, if demand doesn't change, but supply

288
00:22:27,978 --> 00:22:36,798
goes down, prices shoot up. So yeah, that's kind of what's happening. That's what is probably the

289
00:22:36,798 --> 00:22:44,878
biggest driver right now. Well, I think that's a big question is how long does this go on and

290
00:22:44,878 --> 00:22:53,338
really hearkening back to your comment about Trump's 2024, December 2024 tweet about the bricks

291
00:22:53,338 --> 00:22:54,998
in the gold currency.

292
00:22:55,138 --> 00:23:00,498
I think another thing that happened over the last 12 months is China,

293
00:23:00,698 --> 00:23:04,598
I forget if it was the PBOC or some CCP-linked entity,

294
00:23:05,178 --> 00:23:07,778
putting a ton of gold on warrant at the Shanghai Exchange,

295
00:23:08,138 --> 00:23:10,398
which is, from my understanding, a signal like,

296
00:23:10,478 --> 00:23:12,278
hey, we have this gold, we're going to prove we have it,

297
00:23:12,318 --> 00:23:13,198
we're going to put it on warrant,

298
00:23:13,698 --> 00:23:15,898
which signals we're going to put it to work in some way

299
00:23:15,898 --> 00:23:17,398
so we're not backing down Trump.

300
00:23:17,678 --> 00:23:19,858
Is that a correct assessment of that move?

301
00:23:20,298 --> 00:23:20,478
Yeah.

302
00:23:20,478 --> 00:23:24,838
Yeah, so I mean, obviously, it kind of started with gold.

303
00:23:25,358 --> 00:23:28,618
It shifted into other minerals.

304
00:23:28,798 --> 00:23:32,698
Right now, silver is the one under the spotlight right now.

305
00:23:32,918 --> 00:23:34,698
And you are correct.

306
00:23:35,538 --> 00:23:44,058
And the reality is you have to basically, and I think that's why the monetary,

307
00:23:44,058 --> 00:23:47,338
I would take it he knows there's a monetary reset coming.

308
00:23:48,238 --> 00:23:50,358
We can, most of us agree with it.

309
00:23:50,358 --> 00:23:57,918
the World Economic Forum believes in one vision for the people. I would say Trump probably

310
00:23:57,918 --> 00:24:03,978
represents the technocrats. I'm not saying, you know, we could all decide. It could all go very

311
00:24:03,978 --> 00:24:12,398
Orwellian. So, you know, I'm more of a liberty, freedom. Who knows where we'll be in the future.

312
00:24:12,558 --> 00:24:18,718
But there's no doubt that there's a battle about how is that great reset and what are the mechanisms,

313
00:24:18,718 --> 00:24:20,138
What are the control factors?

314
00:24:20,838 --> 00:24:21,998
What are our lives going to be?

315
00:24:22,018 --> 00:24:23,458
Are we going to live in 15-minute cities?

316
00:24:25,838 --> 00:24:28,378
Or do we have programmable money?

317
00:24:29,538 --> 00:24:30,918
Europe's about to roll that out.

318
00:24:31,798 --> 00:24:36,398
That could be freezed, paused, blacklisted.

319
00:24:37,558 --> 00:24:39,018
I mean, there's so many things happening.

320
00:24:40,098 --> 00:24:42,778
So if you get all the resources, you also have to keep the resources.

321
00:24:42,778 --> 00:24:59,918
So, I mean, whether you think it's gold or Bitcoin, if you don't control the Bitcoin mining, could someone conquer another nation and say, hey, I'm taking your resources such as your data centers, your mining rigs?

322
00:25:00,038 --> 00:25:01,698
I mean, yeah, totally could.

323
00:25:02,098 --> 00:25:02,718
We're playing.

324
00:25:03,098 --> 00:25:06,758
I mean, U.S. just moved right into Venezuela, moment's notice.

325
00:25:07,618 --> 00:25:09,558
Now he's knocking on the door of Greenland.

326
00:25:09,558 --> 00:25:14,718
So can China just do this to Taiwan tomorrow?

327
00:25:16,838 --> 00:25:18,158
I think the answer is yeah.

328
00:25:19,158 --> 00:25:26,218
So we're entering like, I would say, Axis and allies are being aligned, and some countries are moving quicker.

329
00:25:26,398 --> 00:25:28,998
And then you got nations like Canada that's not paying attention.

330
00:25:30,038 --> 00:25:33,978
Like Carney's doing deals with China, and you're on the border of the United States.

331
00:25:33,978 --> 00:25:35,758
Like that's a game.

332
00:25:36,258 --> 00:25:39,078
And I would say he represents the World Economic Forum side.

333
00:25:39,078 --> 00:26:03,218
If we start, you know, yeah. I mean, that's why there's a really interesting battle, but he's just he's not he's not getting it. I would say Mexico is probably going to get it. They're a narco ish run deal. And I think the Venezuela was a shot across the bow. And then the United States may undertake cartel military action for the sake of drugs. It's for the kids. Right.

334
00:26:03,218 --> 00:26:08,118
Like, yeah, yeah, this is this is like.

335
00:26:09,498 --> 00:26:16,858
I mean, I grew up playing the risk board game, you know, that's hey, I'm not a fan of war.

336
00:26:16,858 --> 00:26:20,178
But it means we've lived in for the most part.

337
00:26:20,398 --> 00:26:26,518
I'm in my my mid 40s, you know, fairly peaceful outside of 9-11 and some Gulf Wars.

338
00:26:27,538 --> 00:26:30,918
But yeah, we're entering, I think, dangerous, dangerous times.

339
00:26:31,658 --> 00:26:34,858
Words matter, but what matters more is what you do.

340
00:26:35,538 --> 00:26:38,438
And that's what I think.

341
00:26:38,578 --> 00:26:41,438
So going back to China, hell yeah.

342
00:26:41,638 --> 00:26:43,398
They are loading up on gold.

343
00:26:43,538 --> 00:26:45,778
They are building vaults in all the BRICS nations.

344
00:26:45,778 --> 00:26:49,518
I know this first and foremost.

345
00:26:51,198 --> 00:26:58,558
Was contacted for consulting a couple years ago through someone else that got the contract to build vaults in a number of these countries.

346
00:26:58,558 --> 00:27:02,418
there's not many people that build vaults in the world.

347
00:27:02,998 --> 00:27:04,958
And, you know, so you get calls like that.

348
00:27:05,238 --> 00:27:07,578
And they're building, yeah, you're right.

349
00:27:07,698 --> 00:27:12,298
They're going to set up gold in all its locations.

350
00:27:12,958 --> 00:27:15,078
Then they, you know, I think you've got one.

351
00:27:17,298 --> 00:27:19,098
It's going to be all throughout Southeast Asia.

352
00:27:20,178 --> 00:27:21,858
And they're going to try to do the best they can

353
00:27:21,858 --> 00:27:24,338
because China's got problems too.

354
00:27:24,898 --> 00:27:26,198
China's economy's got problems.

355
00:27:26,198 --> 00:27:32,398
They, you know, they're not U.S. has problems.

356
00:27:32,718 --> 00:27:33,418
We all have problems.

357
00:27:33,558 --> 00:27:38,638
And so if no one really trusts, they're trying to go to a more trustless asset is what's happening.

358
00:27:39,698 --> 00:27:44,318
And they want out of, call it the U.S.-centric system.

359
00:27:45,558 --> 00:27:45,978
It's funny.

360
00:27:46,598 --> 00:27:47,178
It's funny.

361
00:27:47,278 --> 00:27:50,438
I have this book sitting right here on my desk.

362
00:27:50,518 --> 00:27:52,218
I've been reading through it again, Gold Warriors.

363
00:27:52,558 --> 00:27:53,658
I've not read that one.

364
00:27:54,458 --> 00:27:55,398
It's a good one.

365
00:27:55,398 --> 00:28:01,018
but it feels like very similar in the sense of there's a war for gold right now.

366
00:28:01,918 --> 00:28:06,778
And it is very interesting to watch behind the scenes.

367
00:28:06,778 --> 00:28:09,498
I mean, from the monetary perspective,

368
00:28:09,718 --> 00:28:12,878
you're getting going back to like the gold on warrant and Shanghai exchange

369
00:28:12,878 --> 00:28:14,418
and setting up the vault infrastructure.

370
00:28:14,618 --> 00:28:17,998
I mean, it's pretty clear that China's sticking their hand up saying,

371
00:28:18,118 --> 00:28:21,598
hey, you don't need to use the dollar system to settle anymore.

372
00:28:21,698 --> 00:28:23,998
We're going to set up all these vaults, put gold on warrant.

373
00:28:23,998 --> 00:28:28,918
You can technically do trade in Yuan, but it's going to be backed by gold.

374
00:28:29,038 --> 00:28:33,478
You can swing it to your local currency or holding gold easily.

375
00:28:33,798 --> 00:28:35,078
It's happening right in front of us.

376
00:28:35,298 --> 00:28:38,158
And they built the plumbing before internally.

377
00:28:39,498 --> 00:28:41,298
They started promoting.

378
00:28:41,698 --> 00:28:48,978
They have a gold amusement park in China to promote gold holdings of the Chinese citizens.

379
00:28:49,518 --> 00:28:53,478
And it's going to be my next comment of what's driving it.

380
00:28:53,998 --> 00:28:58,898
But then they required that insurance companies hold gold on their balance sheets.

381
00:29:00,138 --> 00:29:03,478
Like, those are things that Western banks don't do.

382
00:29:04,358 --> 00:29:08,998
Western banks, you know, you can walk into bank branches in Canada and buy gold and silver bars at the banks.

383
00:29:09,318 --> 00:29:12,818
And my company produces some of it for TD Bank, for example.

384
00:29:13,798 --> 00:29:17,058
But in the U.S., that doesn't exist.

385
00:29:17,658 --> 00:29:19,178
Gold's a relic.

386
00:29:19,938 --> 00:29:21,738
It's a pet rock.

387
00:29:21,738 --> 00:29:25,038
You know, those were the headlines on Wall Street Journal a few years ago.

388
00:29:26,198 --> 00:29:30,038
China put the plumbing in before, and they're doing it.

389
00:29:30,218 --> 00:29:30,638
And so, yeah.

390
00:29:31,278 --> 00:29:39,158
And now, if you've seen videos of the Chinese people buying physical metal and their gold in the malls, it's not stopping.

391
00:29:39,958 --> 00:29:47,558
And so I think if we look at, I don't know if you've seen, you know, as a nation, take even a smaller country,

392
00:29:47,558 --> 00:29:54,358
as it goes from a third world to a second world to a first world, the consumption of energy,

393
00:29:55,918 --> 00:30:02,458
cotton for clothes goes up, energy, you're using higher tech cell phones. So all your

394
00:30:02,458 --> 00:30:09,878
resources per capita go up. Well, not only that, but now they've got money. And so a lot of these

395
00:30:09,878 --> 00:30:15,778
Chinese businessmen, it's not just party members that have money. It's like the country's got

396
00:30:15,778 --> 00:30:20,458
legitimate money. And so they're consuming more and more things. And so now here's also what's

397
00:30:20,458 --> 00:30:26,018
happening with silver. Silver was kind of used just as an industrial metal, not so much a precious

398
00:30:26,018 --> 00:30:34,278
metal. And now as it's going higher in price, it feels more precious. And I mean, what's wild is

399
00:30:34,278 --> 00:30:41,638
I bought my first silver when it was like $4.50 an ounce. So you could buy, you know, what was a

400
00:30:41,638 --> 00:30:45,658
100-ounce bar, let's say it's the size of this phone, you buy that for $450.

401
00:30:46,278 --> 00:30:51,558
Well, now that bar is, you know, 20, roughly 20 years later, it's stinking $100,000.

402
00:30:52,158 --> 00:31:02,598
Well, you can think like in the eyes of foreign cultures that had gold as a precious metals,

403
00:31:02,598 --> 00:31:05,098
you know, Indians have gold in their dowries.

404
00:31:06,178 --> 00:31:09,878
And so suddenly silver gets a little more interesting for people to want to own.

405
00:31:09,878 --> 00:31:19,298
And I think that's what's driving this as well, is that 20 years ago, 10 years ago, the only markets that really mattered was U.S. and Europe.

406
00:31:19,598 --> 00:31:25,738
That would drive, if there's some financial event, even just a couple of years, Silicon Valley Bank goes down.

407
00:31:25,818 --> 00:31:26,958
The Chinese don't care about that.

408
00:31:27,798 --> 00:31:30,878
Well, now everything's like, it's changed.

409
00:31:31,858 --> 00:31:34,378
And I think we've seen it even in the Bitcoin space.

410
00:31:34,378 --> 00:31:38,138
how many people own

411
00:31:38,138 --> 00:31:43,058
Bitcoin in other countries. And it's just interesting to watch, I guess, estimates of

412
00:31:43,058 --> 00:31:47,178
where things are mined, those types of things.

413
00:31:47,178 --> 00:31:51,578
It's spread. And it's not just the US that controls.

414
00:31:51,578 --> 00:32:03,036
It just not US citizens that moves markets Same thing with stablecoins That a gigantic growing marketplace

415
00:32:03,616 --> 00:32:07,076
So, yeah, that's a driver, and that's not going to stop.

416
00:32:07,576 --> 00:32:15,356
And so this, I would say, and I'm also involved with people that consult for the biggest central banks.

417
00:32:16,836 --> 00:32:19,116
They're not stopping by gold.

418
00:32:19,116 --> 00:32:21,196
You saw the news from Poland this week.

419
00:32:21,196 --> 00:32:22,376
I did not. I did not.

420
00:32:23,216 --> 00:32:28,176
Poland announced either a 20 or 25% increase this year in their gold holdings,

421
00:32:28,216 --> 00:32:31,976
which would make them one of the most elite gold holding nations in the world.

422
00:32:32,436 --> 00:32:34,176
Like a top 10.

423
00:32:36,616 --> 00:32:40,616
That would take their reserves up to 37% based on current value.

424
00:32:41,016 --> 00:32:42,196
37% in gold.

425
00:32:43,636 --> 00:32:44,576
Check this out.

426
00:32:44,956 --> 00:32:48,276
One, I believe roughly a third of what they're buying is going into New York.

427
00:32:48,276 --> 00:32:50,956
and you start thinking.

428
00:32:51,176 --> 00:32:53,976
Historically, war, escrow, financing.

429
00:32:55,456 --> 00:32:57,136
Poland's building a military.

430
00:32:57,776 --> 00:32:58,996
They're on the front lines.

431
00:32:59,496 --> 00:33:02,836
They're really not aligned with the EU.

432
00:33:03,376 --> 00:33:05,096
It wouldn't surprise me if they leave the EU.

433
00:33:06,916 --> 00:33:11,816
So the central bank, but they're not going to stop at 37%.

434
00:33:11,816 --> 00:33:14,476
The U.S. dollar's cooked.

435
00:33:15,976 --> 00:33:16,536
Right.

436
00:33:16,936 --> 00:33:17,436
It is.

437
00:33:17,436 --> 00:33:24,376
And so whether you believe it's going to be one asset or another asset, frankly, a lot of people don't know where to put it.

438
00:33:25,536 --> 00:33:31,116
And I just kind of look at these big players are buying gold on a regular basis.

439
00:33:32,056 --> 00:33:37,356
And this is like, it's a kind of an easy investment right now, even at these levels.

440
00:33:37,476 --> 00:33:38,176
I'll tell you why.

441
00:33:38,956 --> 00:33:44,796
Because these entities that are buying it, and I think this is kind of even the headwind for Bitcoin at this moment,

442
00:33:44,796 --> 00:33:50,816
is it's kind of like Michael Saylor was doing fantastic for a while,

443
00:33:50,896 --> 00:33:55,036
getting things going, but he's taking out debt to make purchases

444
00:33:55,036 --> 00:33:57,976
and trying to tell other people, hey, to do this.

445
00:33:58,976 --> 00:34:01,736
And obviously there's a big push for strategic reserves

446
00:34:01,736 --> 00:34:03,196
and getting governments into it.

447
00:34:03,256 --> 00:34:05,816
Well, why do everyone want governments to get into it?

448
00:34:05,816 --> 00:34:08,176
Because they have unlimited fake money.

449
00:34:09,436 --> 00:34:10,936
That's what's happening.

450
00:34:10,936 --> 00:34:15,356
And so they can just print fiat every single month and buy whatever they want.

451
00:34:16,416 --> 00:34:20,116
You want to, until the economy topples over like Zimbabwe.

452
00:34:20,336 --> 00:34:22,916
But for the most part, that's what India's doing.

453
00:34:23,316 --> 00:34:24,436
That's what Poland's doing.

454
00:34:25,276 --> 00:34:29,576
They can just issue more, buy more.

455
00:34:30,396 --> 00:34:30,916
And now-

456
00:34:30,916 --> 00:34:31,736
Switzerland's been doing it.

457
00:34:31,916 --> 00:34:32,576
Switzerland's been doing it.

458
00:34:32,576 --> 00:34:33,836
Now, this is also interesting.

459
00:34:33,836 --> 00:34:42,636
When you buy gold, the new Basel III regulations, it's a 100% risk-free asset if it's in physical form.

460
00:34:43,096 --> 00:34:47,276
I believe it's 90% if it's in a paper form of gold, like an ETF.

461
00:34:48,296 --> 00:34:49,456
So now they want the physical.

462
00:34:49,456 --> 00:34:51,056
That officially triggers this year, right?

463
00:34:51,316 --> 00:34:52,156
At some point this year?

464
00:34:52,476 --> 00:34:54,076
Yeah, it was supposed to be last year.

465
00:34:54,316 --> 00:34:55,656
It's been delayed a little bit.

466
00:34:55,756 --> 00:34:58,096
But a lot of the banks are, frankly, positioning with it.

467
00:34:58,476 --> 00:35:03,096
So they're modifying some of their holdings.

468
00:35:03,836 --> 00:35:06,996
And so it basically just think like it boosts their credit.

469
00:35:08,236 --> 00:35:11,056
And some of the headwind, you know, I think, you know, poor.

470
00:35:11,276 --> 00:35:18,876
And I love, you know, what's going down in El Salvador and, you know, with Bukele.

471
00:35:20,096 --> 00:35:24,796
The moment he bought Bitcoin, he got put on the nasty list with bankers.

472
00:35:24,796 --> 00:35:26,316
They didn't want to give loans.

473
00:35:26,736 --> 00:35:32,496
It was like it was as if it was worth nothing and then worse when he did that.

474
00:35:32,496 --> 00:35:35,116
And so they didn't even look at it like an asset.

475
00:35:35,116 --> 00:35:41,496
And so I think this has been some of the headwind for seeing other nations do it in a big way.

476
00:35:41,636 --> 00:35:46,876
Obviously, I think we're seeing, is it Bhutan is doing some interesting?

477
00:35:47,216 --> 00:35:48,736
Bhutan's been mining for like five years.

478
00:35:48,756 --> 00:35:50,856
I think there's going to be a few that are like, hey, let's be a little unique.

479
00:35:50,976 --> 00:35:51,756
Let's be a little different.

480
00:35:51,896 --> 00:35:53,396
Maybe we can get ahead of the curve.

481
00:35:55,136 --> 00:35:57,396
Ethiopia has gotten into Bitcoin mining in a big way.

482
00:35:57,756 --> 00:35:57,996
Yes.

483
00:35:57,996 --> 00:35:59,276
Argentina's talking about it.

484
00:35:59,276 --> 00:35:59,476
Yeah.

485
00:35:59,996 --> 00:36:00,216
Yeah.

486
00:36:00,216 --> 00:36:13,356
And so it's fun to kind of watch the various and those guests that don't know while I'm in the precious metals business for nearly two decades and then mining before that.

487
00:36:13,476 --> 00:36:27,116
I've also been in the Bitcoin world as well for quite a while and hold it on my balance sheets at Scottsdale Mint and have for longer than Michael Saylor has been in it.

488
00:36:27,736 --> 00:36:29,956
So I like it.

489
00:36:30,216 --> 00:36:49,736
You know, I like it. And I'm just not a maximalist. I'm a I'm a class. I'm a classic asset guy. And I like also like the new school. So and frankly, why? Because what happens to Bitcoin and Bitcoin does become the dominant player? I don't think gold goes to zero. But let's just say Bitcoin has a gigantic role to play. I want to make sure I'm in it.

490
00:36:49,736 --> 00:36:56,616
that's a what do you call that a just in case bag you know but but but realistically

491
00:36:56,616 --> 00:37:03,856
it it has performed quite well amazingly it's obviously been in it's been a bit boring

492
00:37:03,856 --> 00:37:10,276
in the last you know 2025 but that's just what happens everyone is expecting these cycles to

493
00:37:10,276 --> 00:37:18,316
always perform exactly and um but yeah so i'm i'm i'm i'm always open i'm you know you always

494
00:37:18,316 --> 00:37:24,876
want to be open-minded, watch history, pay attention, and move, kind of going back to the

495
00:37:24,876 --> 00:37:30,396
board, you know, move the chips on the board as you see it and try to adjust your personal life,

496
00:37:30,476 --> 00:37:36,596
your business, whatever. Yeah. No, it's so fascinating. We just hit 102 on silver. I've

497
00:37:36,596 --> 00:37:42,636
got the chart up here. It's, and that's, it's, so you can go many routes from here. I definitely

498
00:37:42,636 --> 00:37:46,616
want to touch on Greenland, but like thinking about like the dollar being cooked, like it's

499
00:37:46,616 --> 00:37:51,876
obvious that to me at least and to many others that it's cooked there's something going on

500
00:37:51,876 --> 00:37:58,236
it's just being expressed in gold and silver prices and maybe bitcoin at some point later

501
00:37:58,236 --> 00:38:06,496
this year um and i feel like what are your thoughts on like the trump administration's

502
00:38:06,496 --> 00:38:11,236
understanding of this and because it's publicly at the posture like we want the dollar to be strong

503
00:38:11,236 --> 00:38:24,816
I think a lot of the push for the stable coins is to drive demand for treasuries, but they're also sort of like if they are actually pulling physical gold into the country, they understand something's going on.

504
00:38:24,856 --> 00:38:28,056
But they have to play this narrative game as all this is happening.

505
00:38:28,636 --> 00:38:38,636
I'm going to go with – so I had one of my – one of Scott Stillman's customers on a wholesale level rented an office from Trump.

506
00:38:41,236 --> 00:38:44,836
more than a decade ago, pre-politics.

507
00:38:45,616 --> 00:38:47,196
You know how they paid the deposit?

508
00:38:48,916 --> 00:38:49,356
Gold.

509
00:38:50,496 --> 00:38:52,896
He took it, and they made a press release at him.

510
00:38:53,676 --> 00:38:55,396
And he was there standing holding it.

511
00:38:57,036 --> 00:38:58,016
He likes gold.

512
00:38:58,016 --> 00:39:09,836
And the funniest way is, you know, Trump is like the master of memes.

513
00:39:09,836 --> 00:39:16,456
he's he he's whether whether he does the memes or he he does things to have memes happen

514
00:39:16,456 --> 00:39:25,136
look at the oval office that thing is all gold now like all the frames the frames everything

515
00:39:25,136 --> 00:39:34,776
and actually and i've got it's a it's a a friend of mine uh did a owns a he owns a a statue

516
00:39:34,776 --> 00:39:36,316
production company.

517
00:39:36,656 --> 00:39:39,036
And they just put in a gold-plated...

518
00:39:39,036 --> 00:39:40,756
If you look at the Oval Office, you see

519
00:39:40,756 --> 00:39:42,996
a Constitution with an eagle on top of it.

520
00:39:44,756 --> 00:39:47,636
He just made that for Trump.

521
00:39:47,716 --> 00:39:49,436
He did some stuff for him in Mar-a-Lago.

522
00:39:50,236 --> 00:39:51,176
It's also gold-plated.

523
00:39:53,736 --> 00:39:55,976
I almost feel like he's signaling...

524
00:39:55,976 --> 00:39:59,036
Even when they say, look, there could be other messaging

525
00:39:59,036 --> 00:40:00,116
when they call it a golden...

526
00:40:00,116 --> 00:40:01,016
It's the golden era.

527
00:40:01,616 --> 00:40:02,476
It's the golden age.

528
00:40:02,476 --> 00:40:07,776
but it's also could be a little mimetic a little bit.

529
00:40:08,016 --> 00:40:09,956
And look, when I say the dollar's cooked,

530
00:40:10,056 --> 00:40:11,796
that doesn't mean we won't have a U.S. dollar.

531
00:40:11,936 --> 00:40:14,476
It just might have to be reformulated in something.

532
00:40:15,396 --> 00:40:17,516
And that's the other thing.

533
00:40:18,216 --> 00:40:20,716
I actually got blamed the other day on a podcast

534
00:40:20,716 --> 00:40:22,876
because I said never bet against America.

535
00:40:24,456 --> 00:40:27,056
And so oftentimes I think people that are in alternative assets,

536
00:40:27,496 --> 00:40:30,856
you get so disappointed with government.

537
00:40:30,856 --> 00:40:47,116
And yes. But I also say is like, well, what's the alternative? What other government do we trust? And then the United States has vast resources, just as geographic location.

538
00:40:47,116 --> 00:40:52,516
even if there was a world war and it didn't come out well, the United States, just like Europe,

539
00:40:52,656 --> 00:40:57,276
a lot of Europe lost, but it was so strategic that it had a role to play in the future. And

540
00:40:57,276 --> 00:41:02,456
that's kind of the sad thing about a war. Like even if Ukraine and Russia chop up whatever,

541
00:41:03,136 --> 00:41:07,356
does it really matter to the farmers in the fields when it's all said and done? Maybe,

542
00:41:07,356 --> 00:41:14,156
maybe not. It's just, it stinks when people have to die. But like the United States, I would say,

543
00:41:14,156 --> 00:41:19,556
yeah, Trump gets it. And I would say this administration is way more pro-business. And so,

544
00:41:19,736 --> 00:41:26,936
oh, I forgot to mention U.S. Department of War. I put out an article on it. I think I was one that

545
00:41:26,936 --> 00:41:35,056
broke it. I was like, how did everyone miss this? The U.S. Department of War put $2 billion into a

546
00:41:35,056 --> 00:41:44,136
smelter in Tennessee. It's a $7 billion smelter. And so, okay, check this out.

547
00:41:44,156 --> 00:41:48,496
So going back, you can't take, there's no smelters in the United States in 50 years.

548
00:41:49,436 --> 00:41:54,676
So it took the U.S. military to say, we're going to do it, and we're going to put it in Tennessee,

549
00:41:55,356 --> 00:42:00,296
and we're going to use the Koreans' technology to fast track it, and guess who's financing the whole deal?

550
00:42:01,056 --> 00:42:01,656
J.P. Morgan.

551
00:42:03,536 --> 00:42:08,116
And now that material, obviously it's going to take a little time to get built out,

552
00:42:08,116 --> 00:42:12,956
but that material can be routed into the United States instead of going to other countries,

553
00:42:12,956 --> 00:42:13,916
and it can be processed.

554
00:42:14,216 --> 00:42:17,756
And so as smelters, you're processing those minerals.

555
00:42:17,936 --> 00:42:18,736
Guess what else you get?

556
00:42:19,076 --> 00:42:19,756
Rare earths.

557
00:42:20,616 --> 00:42:21,736
All kinds of stuff.

558
00:42:22,736 --> 00:42:26,496
And in that deal, the Koreans had to pledge.

559
00:42:27,816 --> 00:42:28,956
You can look at it.

560
00:42:28,976 --> 00:42:29,876
It's called Korea Zinc.

561
00:42:31,076 --> 00:42:33,356
If you want to type in Korea Zinc Smelter, Tennessee,

562
00:42:34,076 --> 00:42:36,956
or better yet, go to scottsdillment.com.

563
00:42:37,716 --> 00:42:40,216
We posted the article that kind of blew it open.

564
00:42:40,216 --> 00:42:49,356
And it basically says because of this deal, the U.S. gets more rights to more offtake out of Korea, more strategic minerals.

565
00:42:50,836 --> 00:42:58,096
So this is where it's like, how long could a bank go if they're pre-purchasing production?

566
00:43:01,216 --> 00:43:02,476
So they're locking it.

567
00:43:02,596 --> 00:43:04,516
Who knows their terms on all these deals?

568
00:43:05,056 --> 00:43:06,936
It's really quite wild.

569
00:43:07,776 --> 00:43:11,416
And so as you see all this going on, you're like, yeah, it's taking the – so I go back.

570
00:43:11,556 --> 00:43:13,296
Yeah, this administration knows what's going down.

571
00:43:14,136 --> 00:43:16,276
I feel it.

572
00:43:16,336 --> 00:43:16,996
I see it.

573
00:43:18,736 --> 00:43:19,696
I'm off to Europe.

574
00:43:20,176 --> 00:43:25,716
I'm speaking – I'm off to Europe on a couple days, and then a few more weeks I'm speaking at an event in Florida.

575
00:43:25,716 --> 00:43:40,776
I'm on a panelist with the World Gold Council and one of the top, Dan Ghali of TD Securities, who's kind of took it a little bit hard because he kind of thought Silverwood Dip recently.

576
00:43:41,656 --> 00:43:43,436
So I'm on a panelist with those guys.

577
00:43:44,156 --> 00:43:48,576
And you know who's in the crowd of these events now?

578
00:43:50,436 --> 00:43:53,336
Government, Treasury, Representatives, State Department.

579
00:43:54,236 --> 00:43:54,596
Yeah.

580
00:43:55,716 --> 00:44:02,636
And without saying, I can't say too, too much, but it's not that they just woke up.

581
00:44:03,056 --> 00:44:03,976
They've always been.

582
00:44:04,936 --> 00:44:09,476
But it is so important to this administration that I haven't seen anything like this.

583
00:44:10,736 --> 00:44:20,556
Trade deals, relationships, you know, basically they're building, they're building, making sure the rails are in place for the future, for manufacturing, for jobs, for security.

584
00:44:20,816 --> 00:44:23,876
If you lose the AI race, you're done.

585
00:44:23,876 --> 00:44:26,656
You will not be the leader of the future.

586
00:44:27,296 --> 00:44:28,616
So you need all of it.

587
00:44:29,736 --> 00:44:29,856
Yeah.

588
00:44:30,436 --> 00:44:33,216
It's a mad dash for everything right now.

589
00:44:33,956 --> 00:44:35,616
It is a mad dash for everything.

590
00:44:35,776 --> 00:44:40,876
And that's why it's exciting to own things where there's a hidden hand behind you,

591
00:44:41,496 --> 00:44:46,156
like the biggest of the big and the big, who could just fictitiously buy it.

592
00:44:47,236 --> 00:44:48,756
And that's what we're seeing.

593
00:44:48,756 --> 00:44:58,696
And so I would say to the listeners, what we're watching right now, I would say some could call it a new world order.

594
00:44:58,816 --> 00:45:00,456
I would call it a paradigm shift.

595
00:45:00,676 --> 00:45:05,536
We're entering a new – we're going into a new financial system.

596
00:45:05,836 --> 00:45:07,716
We're going into a new trade system.

597
00:45:07,896 --> 00:45:09,776
We're going into – everything's going to change.

598
00:45:10,176 --> 00:45:15,596
And frankly, there's going to be a lot of things that we're not even talking about that's going to happen that we're going to learn about.

599
00:45:15,596 --> 00:45:19,296
so I don't see this

600
00:45:19,296 --> 00:45:21,176
I would say this

601
00:45:21,176 --> 00:45:22,456
this is not a trade

602
00:45:22,456 --> 00:45:24,156
it's not a trade

603
00:45:24,156 --> 00:45:27,716
this is a shift

604
00:45:27,716 --> 00:45:29,756
and so it will be volatile

605
00:45:29,756 --> 00:45:30,816
as I mentioned earlier

606
00:45:30,816 --> 00:45:33,056
but I feel pretty comfortable

607
00:45:33,056 --> 00:45:35,516
if you want to talk about the fair Sinclair ratio

608
00:45:35,516 --> 00:45:40,096
as you mentioned

609
00:45:40,096 --> 00:45:43,196
why I'm in this business is

610
00:45:43,196 --> 00:45:47,996
So I graduated with a degree in risk management out of Florida State.

611
00:45:48,896 --> 00:45:50,576
I'm just 22.

612
00:45:50,976 --> 00:45:53,716
I'm working for what's not Willis Towers Watson.

613
00:45:54,016 --> 00:45:55,416
It's a big insurance broker.

614
00:45:56,756 --> 00:45:59,876
And I remember I met this old-timer guy.

615
00:46:00,016 --> 00:46:01,296
He was talking to me about copper.

616
00:46:01,396 --> 00:46:02,716
It was like 40 cents a pound.

617
00:46:02,836 --> 00:46:08,076
He's talking about the Chinese manufacturing, their consumption of minerals.

618
00:46:08,876 --> 00:46:09,856
The Olympics are coming.

619
00:46:10,056 --> 00:46:11,256
They're building these dams.

620
00:46:11,256 --> 00:46:16,776
they're like, he's like, son, if you buy copper right now, you're going to be a wealthy man.

621
00:46:17,256 --> 00:46:19,696
I'm 22. I have not a lot of money.

622
00:46:22,656 --> 00:46:27,236
I put, I maxed all my credit cards and I bought some, I bought some mining stocks.

623
00:46:27,556 --> 00:46:31,896
And you know what? When copper broke a buck a pound, I did quite well.

624
00:46:33,156 --> 00:46:37,976
And kind of understanding that suddenly I said, Hey, I'm going to go after mining companies

625
00:46:37,976 --> 00:46:42,556
as a career. And so I was 24 years old, landed a billion dollar gold mining company.

626
00:46:43,616 --> 00:46:49,736
And then I just solved their problems, did all kinds of things from trade credit,

627
00:46:50,136 --> 00:46:54,856
insuring their accounts receivables to I did political risk. I did projects in Latin America.

628
00:46:54,856 --> 00:47:02,096
I did a political risk program, did a $120 million deal in Venezuela for a gold mining company.

629
00:47:02,096 --> 00:47:07,516
I might put it in a book at some point.

630
00:47:08,796 --> 00:47:15,336
It was nationalized, and it went to the World Bank for about 10 years.

631
00:47:15,856 --> 00:47:19,136
It settled just a few years ago for $700 and something million.

632
00:47:19,816 --> 00:47:22,156
And I was involved with that company years ago.

633
00:47:22,156 --> 00:47:28,896
So I'm just way too young experiencing learning things, young.

634
00:47:28,896 --> 00:47:47,696
And so that one mining company got into another. And so like if you look at the biggest silver miners and copper miners, I worked with all of them in my 20s. And now I'm friends with some of the CEOs of these groups because they were younger when they were at those companies.

635
00:47:47,696 --> 00:48:03,594
And so but one of the guys that kind of inspired me on the precious metal side was a guy named Jim Sinclair And he in the 70s was probably the biggest precious metals trader in the world

636
00:48:04,154 --> 00:48:05,954
but not necessarily all that well-known.

637
00:48:06,394 --> 00:48:12,474
He made a call in 1972 that gold was in the 100s.

638
00:48:12,974 --> 00:48:17,394
Gold's going to go to 900 at the end of the decade.

639
00:48:17,394 --> 00:48:22,574
1980 hits, 887.50 was the top.

640
00:48:23,174 --> 00:48:25,854
Day after, I think he's on like Bloomberg Radio or something,

641
00:48:25,974 --> 00:48:27,654
and he said, it hit my number, I'm out.

642
00:48:27,774 --> 00:48:34,034
Paul Volcker just raised four full percentage points, 4.0 in one day.

643
00:48:34,414 --> 00:48:36,594
He goes, gold's done for a while, I'm out.

644
00:48:38,194 --> 00:48:41,414
So he was out for basically two decades, 9-11 hits,

645
00:48:41,794 --> 00:48:47,374
and he starts watching the U.S. government spend, spend, spend, spend, spend.

646
00:48:47,394 --> 00:48:50,394
And he goes, I'm back.

647
00:48:51,374 --> 00:48:55,854
And he goes, gold is like 200 and something.

648
00:48:56,114 --> 00:48:58,254
I think it's been traded 225, 250.

649
00:48:58,434 --> 00:48:59,854
And he goes, 1650.

650
00:49:01,554 --> 00:49:03,094
1,650?

651
00:49:03,314 --> 00:49:05,034
That sounds like a penny stock.

652
00:49:05,894 --> 00:49:07,434
And he goes, you guys don't remember me, do you?

653
00:49:08,214 --> 00:49:09,794
So I'll go back.

654
00:49:09,854 --> 00:49:12,054
Oh, he was such a good trader.

655
00:49:12,334 --> 00:49:15,754
Paul Volcker hired him to liquidate the Hunt Brothers silver position.

656
00:49:16,714 --> 00:49:17,114
Really?

657
00:49:17,394 --> 00:49:18,614
To unwind that, yeah.

658
00:49:18,834 --> 00:49:19,754
So he well-known.

659
00:49:19,874 --> 00:49:22,714
Oh, and it was also on the cover of Fortune magazine dubbed Mr. Gold.

660
00:49:24,454 --> 00:49:27,454
So he comes back and says, hey, gold's going to $1,650.

661
00:49:28,894 --> 00:49:32,234
But he was like, you guys don't remember how I came up with the number.

662
00:49:32,994 --> 00:49:33,914
There's a ratio.

663
00:49:34,634 --> 00:49:45,654
And he goes, during times of financial crisis, foreign central banks value the reserve currency of the world and gold as what's the foreign debt of the United States.

664
00:49:45,654 --> 00:49:48,014
and then the stated gold holdings

665
00:49:48,014 --> 00:49:51,194
and at what prices it need to be to balance.

666
00:49:53,054 --> 00:49:54,774
And, you know, in 2011,

667
00:49:55,034 --> 00:49:56,914
you said it would be, you know, about 10 years.

668
00:49:57,274 --> 00:50:02,054
2011, gold hit 18, it went over 1,800.

669
00:50:04,234 --> 00:50:08,154
And Jim, I would say I used to fly to see him,

670
00:50:08,154 --> 00:50:12,154
talk with him, and he was on,

671
00:50:12,814 --> 00:50:14,574
I would say if he was alive today,

672
00:50:14,574 --> 00:50:19,034
I think he'd be revered, proud.

673
00:50:19,214 --> 00:50:20,814
It's just he just wasn't that well known.

674
00:50:20,874 --> 00:50:22,434
But he was on CBC and Bloomberg a lot.

675
00:50:22,574 --> 00:50:24,474
You can go back and find him.

676
00:50:24,594 --> 00:50:31,754
And so I was on a Kitco podcast last year.

677
00:50:31,754 --> 00:50:33,974
And I'm like, I'm bringing this ratio back.

678
00:50:34,034 --> 00:50:37,694
And I'm going to call it the Fair Sinclair because we're going to go higher than he would ever believe.

679
00:50:38,274 --> 00:50:41,834
And I want to kind of help, like, provide those guideposts.

680
00:50:41,834 --> 00:50:48,734
So, you know, you can go on Grok and say, tell me about the fair Sinclair with a fair with a P ratio.

681
00:50:48,894 --> 00:50:51,414
It'll kind of explain, you know, that mechanism.

682
00:50:51,414 --> 00:50:55,694
And right now, that ratio is at $35,000 per goal.

683
00:50:56,974 --> 00:51:01,394
So, I was born in late 79.

684
00:51:01,974 --> 00:51:07,194
So, it hit that ratio two times so far.

685
00:51:07,314 --> 00:51:08,194
Is it going to hit it again?

686
00:51:09,734 --> 00:51:11,734
But I think this is where it gets interesting, Marty.

687
00:51:11,834 --> 00:51:18,534
Do you think the U.S. is going to have more debt coming, more foreign debt, or is it going to just stay flat?

688
00:51:20,174 --> 00:51:20,414
No.

689
00:51:21,494 --> 00:51:23,814
It's probably go up, right?

690
00:51:25,334 --> 00:51:27,534
So realistically, that number is going to go up.

691
00:51:28,234 --> 00:51:35,454
So it doesn't mean it's a straight shot, but I think that's where when people start to think about,

692
00:51:35,454 --> 00:51:45,134
Now, and I've been in the space long enough, like when gold crossed a thousand, people are like, no one's going to buy an ounce of gold.

693
00:51:47,694 --> 00:51:52,434
And now it's, you know, everyone buys it.

694
00:51:52,914 --> 00:51:54,794
Not everyone, but it's vibrant.

695
00:51:55,714 --> 00:51:56,594
And the same thing with silver.

696
00:51:56,734 --> 00:51:58,354
Silver hits $10, no one's going to buy it.

697
00:51:58,394 --> 00:51:59,674
$20, no one's going to buy it.

698
00:51:59,834 --> 00:52:01,474
And it just kind of keeps going.

699
00:52:01,554 --> 00:52:03,134
And a lot of people go, this doesn't make sense.

700
00:52:03,134 --> 00:52:03,794
It's speculative.

701
00:52:03,794 --> 00:52:09,334
of these prices that they don't make sense. But these are historical ratios. And frankly,

702
00:52:09,414 --> 00:52:13,934
if you were to reprice a lot of these assets in S&P terms and all these things, you're like, man,

703
00:52:14,434 --> 00:52:18,974
gold and silver, that's what I was saying early in our talk, it's catching up to where it probably

704
00:52:18,974 --> 00:52:23,414
should have been, frankly, just recently. And the reason was, going back to the auction,

705
00:52:23,694 --> 00:52:29,374
there wasn't enough people in the arena bidding. So now you got the Chinese government who's a

706
00:52:29,374 --> 00:52:34,794
force. And then you got the United States, they're all bidding on it. So this is, it's finding,

707
00:52:35,294 --> 00:52:42,554
so it's finding a new equilibrium. And if you're a consumer who's, you know, you're just retail

708
00:52:42,554 --> 00:52:48,594
and you've, you've owned it. I mean, how many grandpas probably bought coins, you know, in,

709
00:52:48,734 --> 00:52:54,634
you know, for $2, $4. And I know because our vault, like we're getting calls from people.

710
00:52:54,634 --> 00:52:59,434
they're like, I have millions of dollars in my basement. What do I do with it? And we're helping

711
00:52:59,434 --> 00:53:05,154
to get it transferred in to a vault that's audited statements. And if something happens to grandpa,

712
00:53:06,214 --> 00:53:09,874
you know, for example, you know, their estate knows what they're able to, they got liquidity,

713
00:53:10,094 --> 00:53:15,694
they know it's real, it's been authenticated. These are not problems that people didn't have

714
00:53:15,694 --> 00:53:22,814
that problem before. So it's kind of wild watching, you know, the industry kind of been proven right.

715
00:53:22,814 --> 00:53:32,374
I would say people were just early. And frankly, that's the same thing probably with a lot of other assets. You can be early. It just wasn't the right timing.

716
00:53:34,794 --> 00:53:38,734
Whether you, you know, how many times even take Bitcoin, how many times do people think they bought the top?

717
00:53:39,794 --> 00:53:47,674
Only, you know, just give it a few more years and you know what? It wasn't a bad entry and dollar cost of averaging in.

718
00:53:47,674 --> 00:53:50,554
So it's been kind of fun to watch this journey.

719
00:53:51,534 --> 00:53:54,174
I thought it was all going to go down by 2010.

720
00:53:54,934 --> 00:53:56,434
Like I thought the dollar would end.

721
00:53:56,954 --> 00:53:59,634
Like just, and here we are, it's 2026.

722
00:54:00,394 --> 00:54:03,274
And I would still say this is going to be a long journey.

723
00:54:03,974 --> 00:54:08,114
To me, it feels like 2030, 2032.

724
00:54:10,714 --> 00:54:13,974
You know, you kind of even look at when people are talking about trying to do a reset.

725
00:54:14,174 --> 00:54:15,174
But, you know, things can be delayed.

726
00:54:15,174 --> 00:54:19,334
this thing could keep going much longer in terms of the journey.

727
00:54:21,634 --> 00:54:22,694
That's how I'm seeing it.

728
00:54:22,754 --> 00:54:28,934
That Ferris-Sinclair ratio thing, it actually means a lot to me because I would say Jim was a mentor

729
00:54:28,934 --> 00:54:31,454
and he pushed me into the space.

730
00:54:33,034 --> 00:54:37,714
How I got into the business, I was originally working with mining companies,

731
00:54:37,714 --> 00:54:40,594
but I had to wait for them to do something to have fun with it.

732
00:54:40,594 --> 00:54:48,654
and you know 2008 hit the financial crisis homes were you know real estate was falling apart

733
00:54:48,654 --> 00:54:56,054
silver was you know upper single digits at the time and you couldn't get it and but i had contacts

734
00:54:56,054 --> 00:55:02,414
in the industry so i started my guest bedroom in a condo started buying silver because i could get

735
00:55:02,414 --> 00:55:10,134
a hold of it and sling it on ebay so my wife was my first packager my first employee um and uh

736
00:55:10,134 --> 00:55:15,994
you know, off we go. So now I'm in a facility where it's, I think we're under 60,000 square

737
00:55:15,994 --> 00:55:23,754
feet right now. So, and still expanding. And so I feel blessed from the Lord for good knowledge,

738
00:55:24,114 --> 00:55:30,814
patience. It has not been easy always in life. And, you know, I think sometimes,

739
00:55:31,114 --> 00:55:38,414
sometimes people buy things out of greed and I think you got to have passion. And so I,

740
00:55:38,414 --> 00:55:44,254
I, and there were times where, you know, friends tell me, Josh, I buy gold, but don't, no, don't.

741
00:55:45,514 --> 00:55:50,614
Because I didn't, you know, it was a, it was kind of a dead asset for a number of years and,

742
00:55:50,694 --> 00:55:52,974
and, you know, where you could have done better out and better in real estate.

743
00:55:53,654 --> 00:55:59,134
And so why I don't like to give exact predictions on, on when to buy and when to sell it, but it

744
00:55:59,134 --> 00:56:03,334
is something I'm long-term passionate about, I believe in. And it's, so it's been, you know,

745
00:56:03,334 --> 00:56:06,454
I'm getting a lot of congratulations from people.

746
00:56:06,534 --> 00:56:07,674
And I'm like, not really.

747
00:56:07,914 --> 00:56:09,034
I feel good.

748
00:56:10,794 --> 00:56:15,374
You can be in a business that's just kind of grifting.

749
00:56:15,614 --> 00:56:17,214
Let's call it grifting off of people.

750
00:56:17,214 --> 00:56:20,834
But when you're an asset that could potentially change people's lives or protect them.

751
00:56:21,834 --> 00:56:24,914
And I still believe that going forward.

752
00:56:24,914 --> 00:56:34,194
And that doesn't mean that it's always going to be dead accurate on your time and whatever.

753
00:56:34,334 --> 00:56:39,914
But it's fun to be in a space that you have a passion for and you believe in, for sure.

754
00:56:41,214 --> 00:56:43,794
I know that wholeheartedly similar, why I'm in Bitcoin.

755
00:56:44,414 --> 00:56:49,054
And I mean, I don't want to get too preachy when you mention the Lord.

756
00:56:49,314 --> 00:56:53,094
And I think there is like a moral aspect to this too.

757
00:56:53,094 --> 00:56:56,154
Like, I think the truth is on our side.

758
00:56:56,334 --> 00:56:58,614
I think the world should operate on sound money.

759
00:56:59,374 --> 00:57:03,854
And the people look, there's always knuckleheads in every industry.

760
00:57:04,814 --> 00:57:10,994
But I would say like a lot of my a lot of my customer base, you know, through the years, really good people.

761
00:57:11,114 --> 00:57:14,514
A lot of people that would would call Jesus Christ their savior.

762
00:57:16,334 --> 00:57:19,734
It's people that maybe didn't get as bamboozled during covid.

763
00:57:19,734 --> 00:57:27,434
It's people that are, you know, sometimes people would say, oh, you're, I would say the conspiracy theorist thing.

764
00:57:27,554 --> 00:57:33,094
Obviously, we all know a lot of that is fabricated by alphabet agencies.

765
00:57:34,134 --> 00:57:35,934
But a lot of it's being proven true.

766
00:57:36,014 --> 00:57:43,114
But I think there is a good quality of people in the space, in Bitcoin as well.

767
00:57:43,114 --> 00:57:51,894
And sometimes it gets, there's gravitas people out there that are a little too bombastic in their success or whatever.

768
00:57:52,534 --> 00:58:03,114
And, but I would say, yeah, to your point, be a steward of your knowledge, be a steward of your resources, your skills in what you do.

769
00:58:04,374 --> 00:58:07,594
And just, for me, it's give glory to the Lord in what you do.

770
00:58:08,374 --> 00:58:08,534
Yeah.

771
00:58:09,134 --> 00:58:09,774
Same here.

772
00:58:09,774 --> 00:58:33,654
And I think it's just getting started, too, because when you've had everything we just discussed, if we're going into this multipolar world with increased social incohesion and saber rattling and a mad dash to win the AI war and the energy war and reshore, they're going to have to print so much money over the next decade.

773
00:58:34,074 --> 00:58:35,654
It makes too much sense.

774
00:58:35,714 --> 00:58:37,194
There's no other way to do it, right?

775
00:58:37,194 --> 00:58:51,954
Yeah, and that's also why I don't root for the downfall. Look, I want the United States to succeed, and maybe there's a pathway through all this to the other side, but you can't stress it.

776
00:58:51,954 --> 00:59:03,714
But I would say to people that aren't positioned in some of these alternative assets that we're talking about, you know, Bitcoin included, is you're on the outside looking in.

777
00:59:04,074 --> 00:59:14,514
And I do think you live here, you work here, for the most part, for those if you're watching this in the U.S., you're really tied to the U.S. economy or wherever economy you're at.

778
00:59:16,014 --> 00:59:20,954
And so oftentimes some of these assets do better.

779
00:59:20,954 --> 00:59:27,014
I mean, you know, to do a little bit better than, you know, when the rest of the economy is not doing great.

780
00:59:27,934 --> 00:59:29,954
And I there's no doubt.

781
00:59:30,014 --> 00:59:37,514
I think there's been some element, you know, with with on the crypto world, liquidity has gotten tight.

782
00:59:38,054 --> 00:59:41,774
You know, they you know, it obviously boomed in, you know, kind of that 2021.

783
00:59:42,534 --> 00:59:47,354
It was like the roaring 20s of 100 years ago in 21.

784
00:59:47,354 --> 00:59:49,694
and that'll come back again.

785
00:59:49,874 --> 00:59:51,094
When people have, you know,

786
00:59:51,174 --> 00:59:53,154
and right now people are just feel pinched,

787
00:59:53,234 --> 00:59:54,734
you know, they're pinched at the grocery store

788
00:59:54,734 --> 00:59:56,034
and everywhere, but, you know,

789
00:59:56,074 --> 00:59:57,774
there's going to be liquidity events to come

790
00:59:57,774 --> 01:00:00,554
and they're going to inject money into the system

791
01:00:00,554 --> 01:00:02,694
and people just got to figure out what to buy again.

792
01:00:02,934 --> 01:00:05,154
And you could go buy a new car

793
01:00:05,154 --> 01:00:07,994
or go buy some sound money.

794
01:00:08,674 --> 01:00:13,554
So that, I would say, yeah,

795
01:00:13,574 --> 01:00:15,114
it's going to be a long journey ahead.

796
01:00:15,434 --> 01:00:17,334
And it's not, I still don't think it's too late.

797
01:00:17,354 --> 01:00:19,914
it's not too late

798
01:00:19,914 --> 01:00:22,434
you know in this

799
01:00:22,434 --> 01:00:24,954
no not at all

800
01:00:24,954 --> 01:00:25,654
and I think

801
01:00:25,654 --> 01:00:28,914
another thing too I think it's important to separate

802
01:00:28,914 --> 01:00:29,194
the

803
01:00:29,194 --> 01:00:32,414
government from the people

804
01:00:32,414 --> 01:00:34,854
I wholeheartedly believe

805
01:00:34,854 --> 01:00:36,934
in America because I believe in the

806
01:00:36,934 --> 01:00:38,934
American spirit despite what

807
01:00:38,934 --> 01:00:40,374
the mainstream media and

808
01:00:40,374 --> 01:00:42,074
a relatively

809
01:00:42,074 --> 01:00:47,034
depressing time in terms

810
01:00:47,034 --> 01:00:51,054
like the silent depression, if you will,

811
01:00:51,154 --> 01:00:52,294
obviously death to despair,

812
01:00:52,614 --> 01:00:55,814
and obviously wage growth isn't keeping up with inflation.

813
01:00:56,874 --> 01:00:58,794
There's a lot of people struggling out there,

814
01:00:58,854 --> 01:01:00,954
but I do still believe, despite all that,

815
01:01:01,014 --> 01:01:02,994
the American spirit is alive and well

816
01:01:02,994 --> 01:01:04,914
in that sort of wildcatter.

817
01:01:06,274 --> 01:01:07,734
Go get stuff done.

818
01:01:07,874 --> 01:01:10,114
Go out there and make something for yourself

819
01:01:10,114 --> 01:01:13,074
and for your community still exists and is unique.

820
01:01:13,694 --> 01:01:14,474
Thank you for saying that.

821
01:01:14,614 --> 01:01:16,194
I would still say, yeah, why?

822
01:01:17,034 --> 01:01:25,414
the institution of our nation is struggling mightily and could falter.

823
01:01:26,914 --> 01:01:33,034
The construct of the people, and there are maybe not a lot of great people here too,

824
01:01:33,274 --> 01:01:39,054
but I would say on a percentage basis versus anywhere else in the world,

825
01:01:39,354 --> 01:01:41,674
yeah, don't bet against America, the people.

826
01:01:41,674 --> 01:01:53,334
You know, and I think that's. Yeah, that that I think gives I think it does give hope to to to families, to communities.

827
01:01:53,554 --> 01:02:01,154
You know, you can turn on the news and get really frustrated and it sure feels like the algorithm is pushing stuff to make you feel really mad and frustrated.

828
01:02:01,434 --> 01:02:06,394
And so sometimes you got to realize, hey, what are they trying to get me to think like right now?

829
01:02:06,394 --> 01:02:15,154
yeah completely agree i think that's a good uh a good note to end on don't short the american

830
01:02:15,154 --> 01:02:22,774
spirit the people of america i like it prevail i like it but like i said i said to someone else

831
01:02:22,774 --> 01:02:29,954
never bet against america but you still might want to own some other assets so uh for sure

832
01:02:29,954 --> 01:02:35,654
i think i think i think america is going to be rebuilt we're gonna have a golden age i think uh

833
01:02:35,654 --> 01:02:39,474
the memetic sort of normalization of the golden age is real.

834
01:02:39,574 --> 01:02:44,094
I think I'm optimistic we will reorient the economy around sound money,

835
01:02:44,234 --> 01:02:48,214
whether it's Bitcoin, gold, silver, combination, two or three.

836
01:02:49,214 --> 01:02:50,154
I think it's there.

837
01:02:50,334 --> 01:02:53,614
I mean, particularly with the software tools that exist for Bitcoin,

838
01:02:53,714 --> 01:02:56,894
it's never been easier to incorporate sound money into your business,

839
01:02:57,014 --> 01:02:57,594
into your life.

840
01:02:59,314 --> 01:03:01,974
I think we're on the path to do that.

841
01:03:01,974 --> 01:03:03,174
You got to stay optimistic too.

842
01:03:03,254 --> 01:03:03,834
You can't do them.

843
01:03:04,254 --> 01:03:04,814
Never do them.

844
01:03:04,814 --> 01:03:05,734
No dooming in the chat.

845
01:03:07,294 --> 01:03:08,214
No, no.

846
01:03:09,014 --> 01:03:11,814
You can be real, but you've got to be an optimist.

847
01:03:11,814 --> 01:03:15,914
And I think there's always something to smile about in your life.

848
01:03:16,034 --> 01:03:22,974
And I think even for those listening, seriously, there is a friend out there somewhere.

849
01:03:23,514 --> 01:03:25,254
There is hope out there.

850
01:03:26,674 --> 01:03:34,234
And even like, yeah, the way social media is, you can get warped into the doom circle.

851
01:03:34,234 --> 01:03:40,794
so totally agree with you on that all right let's go out there and win let's go have a good weekend

852
01:03:40,794 --> 01:03:45,834
safe travels to europe and uh we should catch up we shouldn't wait almost a year to catch up let's

853
01:03:45,834 --> 01:03:50,834
catch up uh absolutely maybe in the beginning of this summer let's do it marty appreciate it

854
01:03:50,834 --> 01:03:52,634
all right peace love freaks