00:02:45.820But, you know, it's really not clear that's the case, especially to a lot of MAGA voters.
00:02:51.340I'm not talking about the Mark Levin's of MAGA or the Lindsey Graham's of MAGA, the new MAGA.
00:02:57.120But I'm talking about Trump's day one supporters who don't like this, who don't like getting entangled in these foreign conflicts, especially when you've got people like Marco Rubio, John Ratcliffe today saying,
00:03:10.340oh well we we only struck because israel dragged us into this war because a strike by israel was
00:03:18.280imminent and we knew that iran was going to strike us immediately in retaliation so we got ahead of
00:03:24.220it so you know it's really not clear what the message here is because you know on one hand
00:03:30.960you've got secretary boris saying well we're we're in charge on the other hand you've got
00:03:34.820secretary of state but hexeth heads hexeth said i think the thing of your question because it's
00:03:41.080straightforward he said we hold all the cards but they have their strategic objectives and we
00:03:46.140have ours i was like exactly hang on for a second there's so hang on but i want to then play
00:03:51.320go ahead go ahead go ahead well and he he kind of admitted this uh last week too uh after
00:03:57.740israel struck iranian only oil depots when president trump was like no we're not targeting
00:04:03.580infrastructure obviously israel went after that objective now jordan gets to the heart of it yes
00:04:10.860let's go that was two sours ago we had another incident that blew up today in capital markets
00:04:16.760all over the world commodity markets all over the world there was this incident last uh last night
00:04:22.760where uh the israelis struck this kind of joint gas field between qatar and iran that's essentially
00:04:31.400i think managed by qatar mostly the iranians own part of it they struck as president trump said a
00:04:37.080sliver that is the iranian part uh and then uh there the iranian struck qatar qatar then said
00:04:45.020we're gonna have to go maybe to force majeure on five-year contracts was sent to gas markets uh
00:04:50.900in a turmoil uh and would lead to major dislocations if they had to happen then later
00:04:56.780Okay. And then President Trump came out with a scathing true social that said, hey, they did this. I didn't know about it. And then they said, well, he did know about it. That President Trump was brief. And I think they said he was brief by Netanyahu, another senior people.
00:05:12.720Well, the president then came or said, hey, look, if Iran ever hits Qatar again, we're going next level.
00:05:18.900So then later today, there was both a discussion, I think, President Trump in the Oval when the Japanese prime minister was there, and then Bibi at his press conference.
00:18:15.060It's higher real-rate anxiety than it does about the longer-term case for gold.
00:18:20.340Now, I want to go into a little bit more detail there, but before I do, I want to just touch on something very important, maybe the single most important thing when it comes to investing in financial markets, and that is that short-term price action is a distraction at best and misleading at worst.
00:18:39.340And I think in this case, it's the latter.
00:18:41.800I think it was legendary investor Ben Graham that said, in the short run, markets are voting machines, and in the long run, they are weighing machines.
00:18:49.640I think today's sell-off is happening because investors fear that inflation rising, and the Iran war is certainly inflationary, are going to mean that rates are going to be higher for longer.
00:19:01.100Ironically, though, it's exactly that kind of policy trap that supports gold prices longer term.
00:19:07.800But longer term is key, not day by day.
00:19:11.100Look, I get asked the question all the time, why did gold drop today, right?
00:19:16.240My response is always this. What has changed fundamentally in the world? Did debt levels go
00:19:23.760down? The answer is no. Did geopolitical risks disappear? Of course, the answer is no. Did
00:19:29.220central banks gain room now to cut rates and normalize the financial system? The answer is
00:19:35.040also no as well. In fact, the opposite is happening. We've seen oil prices surging. We see
00:19:41.280inflation risks worsening and central banks today are more trapped not less so i think the recent
00:19:47.780price moves in gold and silver come out come amid a sort of broader risk off sentiment and
00:19:53.440what i want to tell people is the case for gold is not that it goes up every day right that's not
00:20:00.000how it works at all the case for gold is that in a world of unimaginable debt levels sticky
00:20:06.160inflation, questionable economic prospects, and geopolitical uncertainty, gold remains
00:20:11.880one of the very few assets outside of the debt-based system that we can rely on.
00:20:17.200So, you know, to quote Steve Forbes, this isn't a momentum trade, this is a sort of
00:22:11.360I want people to be able to get to you now more than ever and understand why gold has been a hedge of times of financial turbulence and also why it's turning into more of a financial asset like it was in the 19th century.
00:35:13.320I would add to that that that's even more important here because this bleeds into another one of the federal government's exclusive powers and exclusive abilities, namely the ability to identify and ascertain the citizenship of any American citizen.
00:35:30.400That is not the role of the states, nor do the states have the comprehensive databases that the federal government does have.
00:35:36.940The federal government has the ability conclusively to determine whether or not somebody is a citizen.
00:35:42.120The states do not, and that's yet another important reason
00:43:05.280But it's it's calling the bluff of Schumer, knowing that they've gone for just a couple of days.
00:43:10.700And already because of the Warren Posse and others being forced multipliers and taking clips and putting them out there on social media, the Democrats understand they don't have a good argument on any of a particular thing that jumps off the page.
00:45:10.020Why are they not trying to repeal that?
00:45:11.740So I'm not buying this wah, wah, wah about this is federal government.
00:45:16.300encroaching on the states because it's the federal government's already been encroaching
00:45:21.060on the states. How about after the 2000 presidential election, the 2000 presidential
00:45:26.080election, when Congress came in and in a bipartisan bill because the Democrats were so mad about Al
00:45:33.000Gore losing, they introduced and passed a law to help America vote at it. You know what that did?
00:45:39.000that told every jurisdiction in America, you cannot use punch cards for voting. You cannot
00:45:46.720use the old lever machines. You know, you pull down the lever and the Congress appropriated
00:45:52.140billions of dollars and told the states, you got to have these electronic voting machines.
00:45:57.660That was Congress that did that. That was not the states. That was Congress that did that.
00:46:02.320All these problems we have, you have Garland Favorito who comes on to warm often. Garland
00:46:07.780was not ever even involved in elections. He was a computer expert, and he saw what was happening,
00:46:14.840and he said, oh my gosh, that is totally insecure. That is a terrible thing to do
00:46:19.960in elections. He started worrying about that back in 2003, right when the Help America Vote Act was
00:46:25.980passed by Congress. So don't cry me these crocodile tears about how this is encroaching
00:46:31.180on the states. This is trying to repair the damage that Congress has done and has not corrected
00:46:38.700for many decades. So, you know, look, we have 50 commitments, commitments from 50 United States
00:46:47.060senators who are publicly on record as saying they will support the Save America Act. Now,
00:46:53.380they may be lying and they may say that they are going to support it. We don't have that many who
00:46:58.540said they support the talking filibuster but we do have 50 commitments who've signed on to support
00:47:03.280the bill well but but here but okay but here's i think what hang on i think what tuberville's
00:47:07.780talking about correct me if you're wrong if they strip this out and put it up this is actually a
00:47:12.800real vote vote because even the ones said they were 50 if they know that's not going to go to
00:47:17.820the talking filibuster and that they're not going to break cloture it's a free vote they're not
00:47:23.380really stuck with it right it's just it's impressionistic it's not real this one tonight
00:47:28.520could be real this tonight is real i mean he senator hostett is going to put on the floor
00:47:35.320a bill it's called i learned about this this afternoon i never heard of this they're going
00:47:39.100to hotline a bill which means they're going to take a provision of a bill that's on the floor
00:47:43.860offered as an amendment as a freestanding bill it's going to be introduced as a freestanding bill
00:47:49.240It's going to take the entire section on voter ID, just exactly the way it's written, which is really important because it cleans up a lot of mischief where states have what they call ID and it really isn't.
00:48:00.860But it would put that on the floor and he's going to ask for unanimous consent and see if the Democrats object.
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