The Tucker Carlson Show - One of America’s Biggest Gold Wholesalers Exposes the Most Common Gold Scam Enslaving the Country

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00:00:30.300 Gold and silver prices are out of control.

00:00:33.380 Have you seen this?

00:00:34.140 Have you checked the spot price for gold?

00:00:36.140 It is at an all-time high in world history.

00:00:39.580 Why is that?

00:00:41.360 Well, because it's the new global reserve currency.

00:00:44.200 That's why.

00:00:45.220 Countries are moving away from the dollar.

00:00:47.840 And they're doing that because our national debt is exploding.

00:00:50.880 The dollar has been used as a diplomatic weapon.

00:00:55.120 And in general, confidence, we say this with great sadness, in our financial system is collapsing.

00:01:00.280 People know something is wrong and they're looking for safety.

00:01:03.440 And gold and silver, but precious metals broadly, have been a reliable store of value since the beginning of recorded history.

00:01:11.620 And people know that.

00:01:13.400 They're tangible.

00:01:14.120 They can hold in their hands what they own.

00:01:17.580 And in moments like this, they want to.

00:01:19.940 So gold is more important than it's ever been.

00:01:23.540 No, it's not an ancient phenomenon.

00:01:25.140 It's a very modern phenomenon.

00:01:26.880 And for the time being, it's the future.

00:01:29.700 So we were not surprised when multiple gold companies reached out to offer us money, in one case, nearly $20 million a year, to pitch their products.

00:01:39.540 And we're totally for it.

00:01:41.180 We love gold.

00:01:42.300 We've always felt that way about gold.

00:01:43.860 So why wouldn't we work for a gold company?

00:01:46.980 But $20 million to market gold?

00:01:51.060 Wait a second.

00:01:51.740 Isn't gold a commodity whose price is set on the international market?

00:01:55.280 Can't you check it anytime you want on your phone?

00:01:56.960 How could these companies afford to spend $20 million on one guy for one year of selling their product?

00:02:04.160 Well, the answer is obvious because it was a total scam.

00:02:07.380 They weren't selling gold as a commodity.

00:02:10.020 They were selling it to customers based on the promise that it had real value.

00:02:15.840 But they were selling it for like twice its actual value.

00:02:19.100 They were come up with gimmicky schemes like, oh, it's a commemorative coin.

00:02:24.380 No, no, no.

00:02:24.720 So gold is a commodity.

00:02:28.780 And almost all of the time, the value of your gold coin is the weight of the gold in it.

00:02:33.420 It's not whatever image is printed on the coin.

00:02:36.380 So they're ripping people off.

00:02:38.020 And what was happening, what is happening right now, is that people, a lot of them old people, 1.00

00:02:43.020 are buying these commemorative coins for like 150% of the spot price.

00:02:49.040 And then when they try and sell them, they realize they can't get their money back.

00:02:52.500 They've been scammed.

00:02:53.700 These companies are making a ton of money.

00:02:56.860 And that's why they could afford to offer me 20 million bucks a year.

00:03:00.360 We wanted no part of this at all.

00:03:01.980 Wouldn't mind the 20 million bucks, but we turned it down because that's wrong.

00:03:05.840 So instead we thought, well, wait a second, this country needs an actual retail gold company

00:03:12.740 that sells a couple points above spot for overhead, but in a transparent way, and makes it easy

00:03:19.880 for people, average people, to buy gold and have delivered to their homes if they want.

00:03:24.180 Physical delivery.

00:03:26.540 So we decided to do that.

00:03:28.020 We reached out to one of the biggest gold wholesalers in the country, someone we had mutual friends

00:03:32.700 with and we found we could trust, a man called Christopher Olson.

00:03:36.580 We've been buying gold for him for years, actually.

00:03:39.020 And together we launched a new company called Battalion Metals.

00:03:43.220 It's a truly honest gold company.

00:03:46.260 We're not going to say the only, but definitely one of the few that gives ordinary people,

00:03:50.580 investors, full transparency and the lowest markups possible.

00:03:54.580 Few people know as much about precious metals or have traded in them as long as Christopher Olson has.

00:03:59.600 No one in this space operates with greater integrity.

00:04:01.640 He's an amazing guy with an encyclopedic knowledge of the topic.

00:04:05.220 He's been in it his whole life.

00:04:07.560 We recently sat down with him where he shared some of his insights that every investor,

00:04:11.080 big or small, should hear.

00:04:12.740 We think, especially now, that gold buyers have been vindicated.

00:04:16.400 Boy, have they been.

00:04:17.340 It's crushed the stock market over the last 20 years.

00:04:20.320 We think now you will find this conversation especially interesting and we hope valuable.

00:04:24.840 Just to note the obvious, this video was pre-recorded.

00:04:27.840 And so the values we assigned to gold are set by the markets, the spot price.

00:04:33.040 And they were accurate when we recorded them.

00:04:34.920 Are they accurate now?

00:04:35.800 Well, to find out, visit battalionmetals.com.

00:04:38.860 Chris, thank you for doing this.

00:05:00.880 Absolutely.

00:05:02.240 So I was thinking about it last night.

00:05:03.940 You're one of the biggest gold wholesalers in the United States.

00:05:07.340 Definitely one of the biggest.

00:05:08.860 Um, you could be doing other things, uh, but you're, you're really interested in gold.

00:05:15.320 The fact that you're in this business is a little weird if you think about it, because

00:05:19.540 gold is the most primitive, the longest standing, the oldest form of exchange, medium exchange.

00:05:27.060 And it's like the only thing left from antiquity.

00:05:30.560 I mean, you're not a chariot builder.

00:05:32.380 That would be absurd.

00:05:33.320 There's no use for chariots. 0.71

00:05:34.120 But like the one thing that connects us to the past going back through recorded history is gold as a medium of exchange.

00:05:42.620 Why in this sort of hyper-progressive moment where, you know, we're building AI and visiting Mars, why in the world would gold still be relevant?

00:05:54.440 Well, within society, unless you want to have a barter economy, you have to have a form of money of some kind.

00:06:03.080 And money requires certain characteristics in order for it to be good or useful as money.

00:06:10.460 So, you couldn't use sand or seashells.

00:06:14.580 And in the past, we've, you know, used lots of different types of money, like beavers' tails or pelts or tobacco.

00:06:22.260 But with gold, you have something that is, it's durable, it's portable, it's divisible, it's fungible, it's recognizable, it's scarce.

00:06:36.380 So, there can't be enough of it to satisfy everyone's demand.

00:06:40.700 So, it has a certain level of value just intrinsic to the characteristics of the element.

00:06:46.520 And if you were going to look at, say, the periodic table of elements and figure out which of those is going to be suitable or ideal for money,

00:06:55.660 the only two that really shine are gold and silver compared to the rest of them.

00:07:02.420 So, over the course of history, it's been a natural progression for societies to adopt gold as a medium of exchange

00:07:11.940 simply because it has those hallmarks and those characteristics that allow it to be useful as a medium of exchange and a store of value.

00:07:22.260 And it's when you go away from that that you begin to have the horrible problems in society that come about through inflation or the artificial creation of credit.

00:07:33.980 Because when you do that, you're essentially conveying arbitrary power, purchasing power to entities that didn't really earn it.

00:07:43.900 So, it's a form of counterfeiting to build on top of that, to counterfeit gold or create paper claims or to inflate a currency that's backed by gold.

00:07:53.020 All of those things are fundamentally lying and they're fundamentally stealing.

00:07:57.180 And so, inflation causes horrible effects within a society that nobody can really diagnose or pin to inflation, but it's really at the root of those things.

00:08:08.800 And it causes the gradual centralization of power towards those that are able to issue a currency without any tether to reality or to manipulate the rules of the system.

00:08:23.100 And so, for example, whoever's closest to new money within a society has more purchasing power than the market expects that they should have

00:08:34.640 because the signals haven't gone out that there's excess money in society.

00:08:38.320 So, prices don't change.

00:08:39.880 And that's ultimately where inflation comes from.

00:08:42.960 And over the decades...

00:08:44.540 I'm sorry, that is such an interesting point that I've never considered.

00:08:48.000 The people who are closest to new money have the first mover advantage, effectively.

00:08:55.040 Like, there will be inflation, but the system doesn't know it yet, and therefore, they have more money at lower prices than everyone else is going to have.

00:09:03.280 Is that what you're saying?

00:09:04.020 That's the real power in it.

00:09:05.360 See, if everybody...

00:09:07.080 Say you lived on some desert island and everybody had a fixed amount of money in their accounts.

00:09:13.820 And on that island, you had a well-established economy, and there were prices that were pretty stable.

00:09:21.520 And some magical event happens overnight where everybody wakes up, and the amount of money in their accounts has doubled.

00:09:31.920 But it's doubled evenly for everyone.

00:09:34.700 And if they were to collectively understand that together, they would realize that the prices of everything should also be doubled.

00:09:44.000 So, just because you've doubled the amount of money in circulation doesn't mean you've doubled the amount of goods and services or actual wealth.

00:09:51.360 You've just doubled the claims on wealth.

00:09:53.340 Right.

00:09:53.820 So, in that case, nobody has an advantage, because everybody has equally doubled the money supply.

00:10:01.620 They all know it at the same time.

00:10:03.020 Prices double, and nothing's different.

00:10:05.040 You just have more money and higher prices.

00:10:07.760 But if just a few of those people were to get extra money, then the prices wouldn't change, and other people wouldn't understand what was happening.

00:10:16.600 So, the market that determines prices would not be able to detect or prevent what's basically a hack, in a sense.

00:10:27.880 It's allowing people who haven't earned a claim on those goods and services to take them arbitrarily.

00:10:35.320 That's why they call it fiat money, because it's by fiat.

00:10:38.780 Simply, I say so.

00:10:40.540 And that's a real problem.

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00:14:47.860 Coffee.

00:14:48.660 It's funny.

00:14:49.820 You're a gold dealer.

00:14:51.800 Not just wholesale, but retail as well.

00:14:54.020 You know, one of the biggest.

00:14:55.320 Billions of dollars of gold.

00:14:56.600 But that's a better explanation than I've ever received from any economist.

00:15:01.780 So, I kind of want to just call you an economist now.

00:15:04.880 I doubt you'd accept the term.

00:15:07.260 Can I just, I don't want to be digressive, but I can't control myself on this.

00:15:11.280 You were saying that from the beginning of time, gold was used as a medium exchange because of its inherent physical properties.

00:15:19.700 But I also find it interesting that gold was used, was considered valuable and used for trade on every continent on Earth before we believe there was any communication between those continents.

00:15:33.640 So, separate civilizations, the Egyptians, the Mayans, the Incas, ancient African civilizations, every, basically every civilization before, again, there was any contact between civilizations, all decided of all the metals and elements out there, we're using gold.

00:15:51.560 The first and second temples were adorned with gold, et cetera, et cetera, et cetera.

00:15:57.120 Right.

00:15:57.340 It almost feels like there's a metaphysical thing going on.

00:15:59.780 I mean, I don't know the answer, but have you ever thought of that?

00:16:02.280 Definitely.

00:16:02.680 Yeah, I think all of reality is symbolic, and I think gold symbolizes something.

00:16:09.240 So, it seems like it's, you know, baked into the fabric of reality itself, that if you're going to need money, if you're going to have money, then you're going to need something that's suitable to it.

00:16:20.040 And it seems like quite a coincidence that you happen to have two elements that fit that bill so well, and it would explain why.

00:16:28.320 But that everybody recognized it thousands and thousands of years before the internet.

00:16:34.040 I mean, independently.

00:16:35.740 Yep.

00:16:36.080 What are the odds?

00:16:37.400 Yeah.

00:16:37.740 The odds are astronomical, and I think that's why, that explains why that would happen.

00:16:43.100 If it's basically encoded into reality, in a sense, a symbolic, a symbol of wealth that's meant to be viewed as such, then you would imagine that people would discover that.

00:16:54.320 The ancients were very, very smart.

00:16:57.140 Ancient civilizations were not necessarily as ignorant as we might think they were.

00:17:02.100 Well, we're coming to learn that.

00:17:04.620 I don't see anybody building megaliths now.

00:17:06.900 I see a lot of poured concrete garbage.

00:17:08.520 I don't see any megaliths.

00:17:09.700 So, clearly, they were more sophisticated on many levels than we understand.

00:17:15.520 Okay.

00:17:16.180 So, I've talked to you about this last night at dinner, but I think because you have been in this business your entire life, you're a major player in the business.

00:17:27.040 You spend your life with people who understand the value of gold, but outside of your world, gold is constantly attacked, constantly attacked and derided as an investment for unsophisticated people, for the dummies, for the crazies, for the paranoids, who think society is collapsing, don't believe in the U.S. dollar, or whatever.

00:17:47.020 And so, I asked you last night to look up the performance of gold relative to, let's just pick the markets, the S&P, Standard & Poor's, 500 biggest companies in the United States.

00:17:59.020 That's a widely used measurement.

00:18:03.580 The performance of gold, it beat the market by almost twice.

00:18:10.700 Am I making this up in my mind?

00:18:12.260 Well, if we look at performance over the time period from, say, January 2000 until today.

00:18:20.320 25 years.

00:18:21.120 Yeah, 25 years.

00:18:22.580 You see gold up roughly a little over 1,000%, whereas the S&P is up less than 400% over that same time period, including dividends.

00:18:33.680 So, it's clear that there's something more happening with gold.

00:18:37.800 Can you say that one more time?

00:18:39.040 So, in the last 25 years, if you bought an index fund, you, just, or let's just say, strictly speaking, the performance of the S&P for the last 25 years and two months has been what?

00:18:51.420 It's up what?

00:18:52.280 Something less than 400%.

00:18:53.960 And gold is up what?

00:18:55.600 Over 1,000.

00:18:56.860 Okay.

00:18:57.160 Over 25 years.

00:18:58.220 This is not just like some, you know, because there's been a run on gold recently.

00:19:01.240 The spot price has risen a lot to record highs.

00:19:03.840 So, anyone who says gold, and I know, like, Warren Buffett or all these other geniuses are, like, all against gold, but, like, actually, if you'd gone in all in on gold 25 years ago, you'd be more than twice as rich as someone who just kept it in the markets.

00:19:19.480 That's what you're saying?

00:19:20.460 Yep.

00:19:21.100 Definitely.

00:19:21.880 Okay.

00:19:22.060 So, like, why didn't I know that till last night?

00:19:26.240 Well, it seems to have been a policy objective of the United States government to discourage the use of gold and to suppress its price relative to the dollar in order to maintain dollar dominance on the world stage.

00:19:45.780 And that dollar dominance has been the primary means by which we've been able to live well beyond our means and command a military budget that's larger than any other country on earth.

00:20:01.880 And if gold is a competitor to the dollar, gold is really – it serves as a barometer of the health of the dollar as well.

00:20:09.300 And there have been multiple times in recent history that gold has risen precipitously or silver against the dollar.

00:20:18.900 And whenever that happens, it's a threat to a debt-based system to see real assets appreciating against the currency in that way.

00:20:29.180 So, additionally, you've got other foreign governments that are holders of gold, central banks.

00:20:38.760 And if you can suppress the price of gold against the dollar, you can also suppress the purchasing power of those governments against your own.

00:20:47.120 But what we see now, especially since 2022, with the sanctions that were placed on Russia as a result of the Ukraine invasion, the U.S. Treasury debt is no longer a neutral reserve asset.

00:21:06.220 It's not safe from a national security perspective for countries to rely on dollars or to expect that they might not be seized or sanctioned.

00:21:19.000 And so –

00:21:19.460 So, this is the problem with sanctions on Russia, stealing people's stuff because you don't like their politics?

00:21:25.440 Yeah, it was a huge mistake to do that because –

00:21:27.520 Ah, it was suicide.

00:21:28.400 Yeah, because it really has literally threatened this dollar-dominant system of world trade.

00:21:35.200 And I'm not sure why the Biden administration would have been interested in doing that.

00:21:39.900 It seems like they really –

00:21:40.640 Because they set out to systematically destroy the United States.

00:21:43.260 Yeah.

00:21:43.560 There's no – you know, I don't care what people's stated motives are.

00:21:48.500 I care about what they do.

00:21:50.540 And if everything they do points in the same direction, that's the motive.

00:21:54.520 Yeah, don't look at what they say, look at what they do.

00:21:56.440 Well, that's exactly right.

00:21:57.320 The point of a system is what it does.

00:21:59.060 Exactly.

00:21:59.500 And the point of the system they created was to destroy the United States, to knock it from its perch, to degrade it, to break it apart.

00:22:05.260 And destroying the dominance of the dollar was something as insane as their reaction to a war that they started on purpose between Russia and Ukraine just tells you everything.

00:22:16.120 But where does that leave us now?

00:22:17.720 Well, there's a process underway that many people refer to as de-dollarization.

00:22:25.520 And a lot of it's centered around BRICS economy.

00:22:28.480 And you've even seen President Trump talk about threatening sanctions on these countries, I think 100% sanctions, if they attempt to move away from the dollar.

00:22:37.820 So he's obviously been advised as to the threat that that poses to U.S. national security or foreign policy objectives.

00:22:48.300 But there is a distinct move to look for a neutral reserve asset that can be used to settle balances of payment accounts between various countries that are trading with one another.

00:23:00.820 And historically, it's been dollars and treasuries for decades now as the world's reserve currency.

00:23:09.560 But now they need an alternative.

00:23:11.420 And the only alternative that's ever truly existed has been gold.

00:23:15.480 Some people talk about maybe Bitcoin could serve that purpose.

00:23:21.220 And I mean, on some theoretical level, maybe it could.

00:23:23.860 But it's also got a number of security issues and technical infrastructure problems that many foreign governments are...

00:23:32.100 It's based on electricity, OK?

00:23:34.240 And people have to generate electricity.

00:23:36.340 All of this stuff is based on electricity.

00:23:39.260 And all of it.

00:23:40.740 AI, our whole life is based on electricity.

00:23:43.060 And electricity is, like, a little over 100 years old in its current form.

00:23:47.660 So, like, this is a pretty new technology.

00:23:49.280 And it can be taken out really, really quickly.

00:23:51.920 So that's just a fact that no one ever wants to say anything about.

00:23:54.400 But, like, an EMP attack, like, eliminates crypto and the Internet and AI.

00:24:00.680 You know what I mean?

00:24:01.480 Like, it's all sort of transitory, actually.

00:24:04.680 Right.

00:24:04.920 And it's also not as private as one might think.

00:24:07.900 Well, yeah.

00:24:08.520 So you have the blockchain where every transaction is public, as it has to be.

00:24:12.920 Yeah.

00:24:14.420 And so gold is really the original cryptocurrency.

00:24:19.400 Because I can have value physically, transfer it to you, and truly nobody knows about it.

00:24:26.280 Because it doesn't need to happen on a blockchain.

00:24:30.060 The gold is the gold.

00:24:31.000 How hard is it to transport it privately?

00:24:33.540 And by the way, I should say, I think you and I are both starting with the assumption that it is not a crime to have the fruits of your labor.

00:24:42.400 So it's a crime to steal, of course.

00:24:44.040 It's a crime to defraud people.

00:24:45.200 But if I've earned money, I have a right to have it.

00:24:48.360 You have no right to know where I have it or what I'm doing with it as long as I'm not doing something illegal.

00:24:54.400 And so, like, let's just say that's our core assumption, all this money laundering nonsense, which is really just a way to control our population, not to stop money laundering, which is the basis of our government in the first place.

00:25:03.420 All right.

00:25:04.500 So with that in mind, it is not only okay, it's virtuous to have money in a private form that other people can't see or control.

00:25:16.080 That's okay.

00:25:16.800 It's okay.

00:25:17.200 Because you're not a slave, you're an autonomous person.

00:25:20.260 With that in mind, like, how hard is it to have gold, to move gold, to transact with gold outside the view of other people with privacy?

00:25:28.480 It's very easy to do.

00:25:29.740 And, I mean, you hit the nail on the head.

00:25:32.220 It's private money.

00:25:35.380 It's a foundation of human liberty, of freedom.

00:25:38.740 They're trying to make you feel guilty about it.

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00:25:45.340 Okay.

00:25:45.740 You know, and so it's directly linked to your sovereignty as individuals, as nations, as families.

00:25:53.120 But to transfer, you know, you could move a million dollars worth of gold in a package that's going to weigh about 35 pounds and be about, you know, about that big.

00:26:06.120 That's a million dollars worth of gold.

00:26:09.200 A little smaller now.

00:26:11.260 Yeah, yeah.

00:26:11.780 It just keeps getting smaller.

00:26:13.140 The value keeps going up.

00:26:14.700 Right, which means it's a denser store of value than it was.

00:26:18.120 Exactly.

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00:28:51.480 So, um, is it hard to move it across borders?

00:28:56.400 Um, most, uh, you know, you have to declare it whenever you're, uh, importing or exporting metal into other countries like you would have to declare any type of good.

00:29:08.160 So, there are, uh, laws for customs, uh, in, in every country.

00:29:13.740 So, um, you're going to declare it, but it's, uh, in, in the majority of nations around the world, uh, importing pure gold is not going to be taxed.

00:29:25.880 They're going to allow it.

00:29:26.860 They're going to facilitate it.

00:29:28.120 But, uh, so there aren't tariffs on gold.

00:29:32.140 Generally, no.

00:29:33.240 Huh.

00:29:33.520 In, in most.

00:29:34.680 That's interesting.

00:29:35.340 Well, it's, uh, every country has need of it.

00:29:38.100 Every population has demand for it.

00:29:40.420 So, uh, it's, it's in the interest of nations to allow their populations or their governments or their corporations to be able to obtain it for the purposes they need it for without making it, uh, artificially expensive.

00:29:53.420 Let the market determine the real value of it.

00:29:55.940 Yes.

00:29:56.160 And so, that's the purpose of gold.

00:29:57.940 And so, that's why nations give it that favored treatment because it's a, it's a form of money as it always has been.

00:30:03.540 You don't tax, uh, money that's crossing borders.

00:30:07.320 You, you don't put a tariff on euros or a tariff on dollars.

00:30:11.820 You want the money to be able to flow because it's good for trade.

00:30:14.600 And the same is true for gold and silver in most cases.

00:30:19.700 So, with that, obviously, without betraying the privacy of any of your clients, but you, and I should just be clear about one of the things that you do is supply gold to people.

00:30:27.640 You know, like someone wants gold, I want $10,000 worth of gold, I want $10 million worth of gold, and you're one of the people, aren't that many, actually, who can come up with it reliably.

00:30:38.200 And you send it to them.

00:30:39.520 Who's buying gold?

00:30:41.400 Like, the categories here, not people, of course.

00:30:43.760 Well, in general, retail investors buy gold, hedge funds, family offices are interested.

00:30:49.960 Absolutely.

00:30:51.020 Yeah.

00:30:51.560 Even though you are a key player in some sense in the country's financial system, actually, because gold is a part of that system, you probably are not watching a lot of CNBC, right?

00:31:02.260 I don't have much time for mainstream news.

00:31:05.260 There are many mainstream investors in gold.

00:31:08.140 Many very intelligent advisors are constantly advising for it and have been for a long time.

00:31:13.820 And I think it's always been kind of a standard piece of advice amongst wealth managers and advisors to have, say, 10% of your portfolio in gold.

00:31:26.860 That used to be a standard recommendation, just because it's always been understood to be a hedge against inflation and volatility.

00:31:35.180 You know, it's an asset that moves contrary to other assets.

00:31:39.260 So, it's a way to balance a portfolio to some extent.

00:31:43.740 Where does it come from?

00:31:45.580 Well, I want to buy, I call you and I say, which I'm not going to do because I can't afford it, but like, I want to buy $100 million worth of gold.

00:31:52.940 Now, you might, I have no idea if you have that, like, on hand, but if you don't have it on hand, where do you get it?

00:32:01.280 Well, in the, the gold market internationally is primarily operated through exchanges, such as the COMEX, operated by the CME Group out of New York.

00:32:17.000 The London Bullion Market Association in London, the Shanghai Gold Exchange, there are other gold exchanges in, say, Russia and in India as well.

00:32:28.220 And so, that's where the bulk of the trading occurs, where they're clearing hundreds of millions of dollars every single day in contracts.

00:32:36.820 And that's being fed primarily by refineries who are purchasing the gold from mines and also are trading gold that already exists.

00:32:51.720 So, that's the major source of gold, and that's usually in the form of large exchange-traded standardized bars in bulk.

00:33:00.720 Like, the COMEX contract here in the United States is settled in a 100-ounce gold bar, and so that would be a single futures contract that firms like us would purchase,

00:33:11.840 or other people who need to buy and sell futures contracts will purchase that type of a commodity.

00:33:17.980 From that point, bulk gold is taken, and it is further processed into smaller coins and bars by private mints and by government mints,

00:33:31.260 specifically for the purpose of making it available to people that want to buy it in formats that are useful to the average person.

00:33:38.380 And so, the primary source is going to be big banks, funds, ETFs that are trading, mines, and also the secondary market,

00:33:51.860 where whenever there's a large amount of liquidation that's happening, if there's more than the retail market can absorb of retail dealers, let's say.

00:34:01.260 And I'm referring to that as just the non-exchange-traded markets, just this is the open market in the United States, for example.

00:34:09.940 If people sell too much, as they have been for the last year and a half,

00:34:18.360 what that market needs to do then is absorb all of that selling pressure,

00:34:25.560 and a lot of times they'll have to send it to a refinery and have it melted down so that it can be cast into formats that can be delivered into the futures markets,

00:34:38.420 where there's deeper liquidity, there's more money to absorb the purchasing power or the selling demand of the market.

00:34:48.540 So, even the secondary market will at times be feeding back into that.

00:34:52.620 So, there's a lot of plumbing internationally that provides for the efficient flow of precious metals and price discovery and trade execution and settlement.

00:35:07.380 It's a very well-established system that operates internationally.

00:35:12.060 And without too much friction?

00:35:14.080 Yeah.

00:35:14.740 Yeah.

00:35:14.940 There's always a little bit of friction involved when it comes to stuff that's – when you're moving precious metals or changing it from one form to another.

00:35:23.500 So, the least amount of friction is going to be like unallocated pool positions in London, but that's also the highest amount of risk.

00:35:32.340 So, it's always a trade-off.

00:35:34.700 If you want to de-risk it a little bit, you'll get allocated bars.

00:35:39.140 But now that means that you've moved it out of the unallocated pool, you've gotten serial numbers, and it's in another section of the vault.

00:35:45.680 That's going to have some friction.

00:35:47.060 But if you want to further take possession of those things, now it has to flow out through dealers and operators that can take possession of those big bars.

00:35:58.280 And now you're hiring armored cars, you're insuring it, you're financing the position that you have to carry for a period of time that costs you interest and opportunity costs with your capital.

00:36:09.180 And you'll have to then reformat the big bars into smaller coins and bars, and that requires capital equipment and labor, other inputs.

00:36:19.700 And so, there is friction to move it between the major sources of liquidity and the different markets.

00:36:27.820 And so, as you're doing that, that's where actually the premium comes from.

00:36:31.180 So, when you look at, say, the price of gold that you see on your TV screen, the reason that you can't buy it for that price from a dealer of coins or bars is the product that they're selling, well, it's based on that price.

00:36:44.760 It's got multiple layers of friction that have been added into that product.

00:36:48.300 Of course.

00:36:48.780 And so, that's where the premium is.

00:36:49.920 Because it is a physical product.

00:36:51.500 It's not theoretical.

00:36:53.020 Right.

00:36:53.800 Someone has to actually put it in, you know, has to melt it.

00:36:58.420 And that's all friction.

00:36:59.880 Yeah.

00:37:00.100 But, you know, if you wanted to buy gold at the spot price, the only way to do that is to actually buy futures contracts on the commodity exchanges, which is where that price is being ultimately set.

00:37:12.020 But that's usually not the best option for your average investor.

00:37:15.840 You don't have possession and control of it.

00:37:17.900 And if you want to take possession and control of it, you're going to add some friction back into the asset.

00:37:24.000 What percentage of your customers take delivery?

00:37:25.700 Have it sent to their homes?

00:37:26.980 Well, technically, 100% of our customers take delivery as it's strictly defined under the law, which means it leaves our possession and it's going to go to either a qualified depository that's acting as an agent of the customer or it's going to go directly into the possession of that customer physically.

00:37:44.980 Physically.

00:37:45.980 So, the percentage that takes it home and, you know, buries it somewhere in their backyard or wherever, it's probably north of 50%.

00:37:58.860 Really?

00:37:59.660 Yep.

00:38:01.080 Like real amounts of gold.

00:38:03.060 Real amounts of gold and silver. 1.00

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00:40:15.880 What's interesting about it is if you do that, it pays no dividends.

00:40:21.840 So, you've got to really believe in it.

00:40:24.600 Right.

00:40:25.360 But profit and value is not always expressed in dollar terms.

00:40:31.360 What does that mean?

00:40:32.060 Well, there's a lot of value to having your wealth under your control and in your private possession, which maybe it's worth the trade-off of not having dividends being distributed from the asset.

00:40:45.760 What do you think the value is?

00:40:46.660 Well, you have sovereignty.

00:40:50.420 You have control.

00:40:51.900 You've eliminated, essentially, all counterparty risk.

00:40:56.900 So, you're the one who knows.

00:40:59.120 It's actual wealth delivered.

00:41:01.260 It's not a claim on wealth anymore.

00:41:03.860 It's not a hypothetical.

00:41:05.220 It's not some paper certificate that says, I owe you this or we promise that you have this here.

00:41:10.240 We promise.

00:41:11.020 We promise.

00:41:12.600 It's a – and you can trust some people's promises.

00:41:16.380 There's always trust involved in a system.

00:41:18.740 But, you know, there are other promises that maybe you shouldn't trust.

00:41:21.860 So, you want to de-risk a little bit.

00:41:24.060 But once you have it in your possession, that's wealth delivered.

00:41:27.360 It's no longer a claim on wealth.

00:41:28.880 Like, it's a settled debt.

00:41:31.920 You know, if you look at, say, Federal Reserve notes, Federal Reserve notes are not actually wealth.

00:41:38.020 They're notes, which means they're debts.

00:41:40.900 They're debts of the Federal Reserve.

00:41:42.400 They're a claim on the assets of the Fed.

00:41:44.120 And so, whenever you pay somebody with a Federal Reserve note, you're not actually settling your debt to that person.

00:41:51.080 You're exchanging one debt for another.

00:41:53.440 So, they haven't actually taken possession of actual true wealth, which is what gold is or, you know, any other type of asset or capital asset.

00:42:03.420 But when you have gold, now you have actual wealth crystallized, physically incarnate, so to speak, in a tangible form that is no longer subject to any other counterparty's duty to perform on your behalf.

00:42:19.080 Amazing.

00:42:20.300 How do you spend it?

00:42:21.440 Well, right now, because of the way our economy works, you need dollars for practically everything.

00:42:32.720 Even Bitcoin, as popular as it's become, you know, if you go to a merchant that accepts Bitcoin, that merchant isn't actually taking the Bitcoin and keeping it on a wallet somewhere.

00:42:45.100 They're converting it to dollars almost instantly in most cases.

00:42:49.200 So, the same is true for gold at this point, largely, that, you know, you can't really easily spend it directly because most people need dollars to operate on a daily basis, to pay their taxes, to pay their mortgage, to go buy food at the grocery store.

00:43:08.740 So, to spend it, it usually involves converting it back into dollars, selling it to somebody who's making a market for it, getting the money, and then using it.

00:43:19.940 So, which seems reasonable at this point in time.

00:43:24.160 And, of course, that will evolve, as all systems do.

00:43:27.640 Exactly.

00:43:27.980 You know, maybe not in our lifetime, but, of course, it all evolves.

00:43:31.060 We don't use drachma anymore, or denari, or whatever.

00:43:35.680 How do you do that?

00:43:37.060 How do you convert?

00:43:37.840 So, I buy, I don't know, 30 ounces.

00:43:42.020 I buy 30 gold coins, one-ounce coins, and I keep them in my safe, and then I have a need for them.

00:43:51.360 How do I convert them to U.S. dollars?

00:43:54.100 Well, you could usually contact the firm that sold them to you, and if they're in your possession now, you're going to have the challenge of getting them back to that firm.

00:44:04.820 You're going to have to transport them through a common carrier, like FedEx.

00:44:09.540 How hard is that?

00:44:10.760 It's usually not hard, especially with gold.

00:44:15.440 Silver is a little more challenging just due to the mass.

00:44:19.060 But there is some risk involved in that.

00:44:22.680 So, there's the cost to ship it.

00:44:24.880 There's the cost to insure it.

00:44:27.240 So, that's added friction.

00:44:28.780 Normally, when you're dealing with a major market maker or distributors who's involved in precious metals, they should normally, in most cases, have a strong repurchase price.

00:44:45.620 So, it's often in your interest to do it that way, but you could also, practically every major city in this country has multiple dealers who would be more than happy to buy your gold coins from you in practically any major city.

00:45:01.520 You could walk in with, you know, two gold eagles and walk out with $6,000 cash.

00:45:09.400 So, will they give you spot price-ish for those coins?

00:45:12.520 Usually, if they're honest, yeah.

00:45:14.220 And you can, you know, you can check the price.

00:45:16.900 You can call around, and people do that all the time, see what people are paying, and just, you know, make sure to keep them honest.

00:45:23.380 But, you know, there are dishonest dealers out there for sure.

00:45:26.460 But given that you can get the spot price on your phone 24 hours a day, and I'm like, you know, gold is $3,025 or whatever, and I look it up, and then I call the coin shop and say, I've got two, you know, double eagles or whatever.

00:45:39.000 I've got two gold coins, assess if they're real, and if they are, will you give me spot?

00:45:42.760 Is it possible you're going to get that?

00:45:45.540 Oh, certainly.

00:45:46.380 Yep.

00:45:46.800 Okay.

00:45:47.200 And for some coins, you might get more than spot.

00:45:49.980 You know, some of them command a premium.

00:45:52.260 Yes.

00:45:52.680 Depending on market conditions and the type of coin.

00:45:55.120 So, when I get the cash for those coins, how private is that transaction?

00:46:03.580 It's a very private transaction.

00:46:05.860 So, there's no specific reporting requirement that says that dealers have to report every purchase that they make from the public.

00:46:14.000 Once you get to large volumes of certain types of gold or silver, they technically require a 1099 report, which really just discloses the amount of gold and silver that they purchased from you and the price they paid.

00:46:33.460 It doesn't disclose the profit or loss that you made in that because they have no way of knowing that.

00:46:38.700 So, in certain-

00:47:08.700 You know, you could sell a million dollars worth of gold eagles and no one in the government needs to be notified that you did that.

00:47:20.300 So, it's totally private.

00:47:21.660 Sure.

00:47:21.800 So, if I have gold eagles or if I have up to 24 ounces, which is, I'm not good at math.

00:47:27.860 Help me now, Chris.

00:47:28.880 Well, yeah.

00:47:29.420 3,000 times 24 is-

00:47:31.260 Roughly 75,000.

00:47:32.340 75,000, yeah.

00:47:33.060 I can just walk in any coin shop and give them that.

00:47:37.720 I get bills.

00:47:39.860 If they have them.

00:47:40.960 If they have them.

00:47:41.640 Mm-hmm.

00:47:42.440 Yep.

00:47:43.080 So, that's like, that's kind of what they promised me Bitcoin was going to be.

00:47:46.980 I was super excited about crypto, not as an investment.

00:47:53.120 I'm not much of an investor, that's for sure.

00:47:55.520 But I do believe in privacy and I think it's a fundamental human right.

00:47:59.460 So, I was hoping that you could use Bitcoin for that kind of thing.

00:48:03.000 Not, don't want to buy, you know, anti-tank weapons or whatever.

00:48:08.080 I just want to buy like dinner or whatever I want to buy.

00:48:11.060 But it's not bad, but I just want privacy, but gold, I could take gold that's sitting

00:48:16.440 in my safe at home and go and get $75,000 or unlimited if I have certain kinds of coins

00:48:23.540 and there's no record at all.

00:48:25.500 I just get the cash.

00:48:27.520 Correct.

00:48:28.260 Yeah.

00:48:29.620 Okay.

00:48:32.000 Now, the dealer's going to have their own records.

00:48:34.160 Yeah, whatever.

00:48:34.880 But, yeah, but that is privacy.

00:48:39.100 True.

00:48:40.360 Exactly.

00:48:40.760 It's the original cryptocurrency.

00:48:42.440 It's so weird that I feel awkward even saying this out loud.

00:48:45.300 They've sold the lie that like, if you don't want them in your face at all time, in your

00:48:50.060 bedroom, monitoring all your behavior on your iPhone, that there's something wrong with you.

00:48:56.040 You know what I mean?

00:48:56.700 They want to put Ed Snowden in jail for disclosing that they were spying on me.

00:49:01.620 Who's the criminal here?

00:49:02.580 The people spying on me are the criminals, not Ed Snowden for telling me the truth.

00:49:06.400 But they've so brainwashed everybody, even, I think I'm pretty off-grid mentally,

00:49:11.080 I don't look at the media either, ever.

00:49:14.340 But I still feel like, oh, you know, it's kind of embarrassing to talk about wanting privacy.

00:49:20.020 Do you feel that?

00:49:20.880 Or are you so off the grid that you don't even know what I'm talking about?

00:49:23.440 No, no, I definitely feel it.

00:49:25.060 I mean, just even talking about it in this interview, it's like, are you saying something

00:49:28.980 wrong?

00:49:29.380 Are you allowed to say that?

00:49:30.760 Is that dangerous?

00:49:32.400 Is that a threat? 0.95

00:49:33.040 You've been so brainwashed. 0.77

00:49:34.340 It's unbelievable.

00:49:35.500 Is it a threat to the regime?

00:49:37.480 I mean, the system of control, taxation, monitoring, everything done in the name of safety.

00:49:44.680 No, but it's just so funny because I know you.

00:49:47.660 I don't think I'm giving away too much.

00:49:48.820 You're like a faithful Christian with six kids.

00:49:50.580 Like, you're not doing anything wrong.

00:49:51.960 You're like a law-binding person.

00:49:53.660 And even you are like, oh, I feel weird.

00:49:55.280 Yeah, yeah, yeah, yeah.

00:49:57.720 The positive law is what they call it.

00:50:00.960 Like, you haven't actually harmed anyone, but, you know, it's kind of the Department

00:50:04.080 of Precrime wants to make sure that you're doing okay things and not potentially a threat

00:50:08.700 to somebody.

00:50:09.740 So, even though you haven't actually-

00:50:10.620 Only certain people.

00:50:11.520 They don't care if you're a threat to others, but it's like-

00:50:13.520 Selective enforcement is always very interesting.

00:50:15.640 A threat to their power, which this is, by the way, just to be totally blunt about it.

00:50:20.720 And, you know, privacy is a threat to their power.

00:50:23.460 That's why they're opposed to it.

00:50:24.420 But, you know, tough luck is my view.

00:50:28.500 Privacy and sovereignty.

00:50:29.940 And that's why they're opposed to gold.

00:50:31.740 And that's why you want to keep everything in Federal Reserve notes and heavily regulated.

00:50:39.040 You have Bank Secrecy Act.

00:50:40.640 You have everything that relates to dollars in terms of what you can do domestically and

00:50:47.700 even internationally.

00:50:48.960 So, it's a very powerful tool for control.

00:50:51.320 Add to that income tax laws where they, you know, we didn't used to have an income tax

00:50:58.480 somewhere in this country.

00:50:59.760 We were a free country once.

00:51:01.840 But once they need to get in and figure out how much did you earn as though it's their

00:51:07.400 business, you got to pay your fair share.

00:51:09.460 It's not even about paying your fair share.

00:51:11.540 It's about managing the wealth of your citizenry and making sure that some people are not richer

00:51:18.980 than they ought to be because if the government wanted to, you know, pay its debts some other

00:51:24.440 way, it easily could.

00:51:25.660 But instead, they choose to use the people as a source of revenue.

00:51:29.260 Think of the percentage of time that you work for the IRS every year so that you can fund

00:51:40.260 regime change operations or some other bizarre foreign policy objective like we see with

00:51:46.340 USAID in some foreign country.

00:51:48.280 It's like that entire system is just fundamentally unjust and undemocratic.

00:51:55.280 And it really doesn't represent the will of the people.

00:51:57.380 It doesn't allow them to be as free as they could be.

00:52:00.400 It doesn't allow families to preserve and transmit generational wealth.

00:52:05.080 And it's all done in the name of this obscure concept of fairness, which is defined by bureaucrats

00:52:10.980 and politicians thousands of miles away from you.

00:52:14.120 So it's a horrible system.

00:52:16.880 And yeah, you're right.

00:52:19.580 You can't be allowed to have privacy or sovereignty.

00:52:23.720 There should be no ability for you to opt out.

00:52:26.660 You cannot secede.

00:52:28.000 You cannot be different.

00:52:30.000 You're all subject to this system of control and monitoring to ensure that the policy objectives

00:52:38.260 of whatever administration or regime happens to be in control at that time decides what's

00:52:45.800 good for you.

00:52:46.400 It's scary.

00:52:50.740 How hard is it to store gold?

00:52:53.380 Gold is relatively easy to store because it is so small.

00:52:57.960 You can concentrate so much value in such a small piece that you could hide it in your bookshelf.

00:53:05.140 You can use security by obscurity.

00:53:07.340 You can stash it in different places.

00:53:08.920 You could hide it inside your wall.

00:53:13.360 A jar of peanut butter.

00:53:14.600 Yeah, a jar of peanut butter.

00:53:16.440 You could get one of those little fake pop can safes that you put the soda can in your

00:53:22.580 fridge and hide it in your refrigerator or bury it in your backyard.

00:53:26.380 Gold doesn't rust.

00:53:27.460 It doesn't tarnish, unlike silver.

00:53:29.880 So you could bury it.

00:53:31.380 So it's very easy to store gold on your own.

00:53:36.860 It's when you have a lot that it becomes more of a security risk.

00:53:42.180 Yes.

00:53:42.960 Then you need to get a little more strategic.

00:53:46.460 Can we talk about the downsides?

00:53:47.900 I like to assess.

00:53:49.200 I'm not an investor, but my goal if I make money is I have no expectation of becoming Larry

00:53:57.380 Fink.

00:53:57.660 I don't want to be Larry Fink.

00:53:58.800 Like, I just don't, I think it's fair not to want to lose what you earned.

00:54:02.380 That's how I feel about it personally.

00:54:05.060 And so how do you, and B, I know you are honest, so I'll just say, how do you, like,

00:54:11.220 what are the risks to buying gold?

00:54:14.700 Well, the risks of buying gold primarily are, gold is volatile like any other asset just

00:54:21.120 because of the economic system that we're in.

00:54:23.620 And so prices are going to swing.

00:54:25.460 There are going to be corrections.

00:54:26.540 It's hard for anyone to know what should the true value of gold actually be.

00:54:32.680 And even if you did know that, what are the things that prevent that from actually happening?

00:54:37.640 So there's always some level of uncertainty.

00:54:40.700 So if you're, you know, if you put all of your money into gold, let's say, because you

00:54:45.300 think the world's going to end tomorrow or, uh, which in which case you wouldn't need gold,

00:54:49.200 but you know, uh, fair, but probably want to buy macaroni, but yeah.

00:54:55.180 Uh, yeah.

00:54:56.020 Well, you'll, you'll need, you know, if the world doesn't end, but it comes close, you're,

00:54:59.400 you're going to need some system to barter and trade with.

00:55:02.380 And in that case, gold, gold is perfect, but you know, say you put all your money into

00:55:07.260 gold and it turns out six months later, you need that money for something.

00:55:14.300 And the price of gold is maybe down 10% at the time.

00:55:19.100 Well, now you're going to be forced to liquidate.

00:55:21.040 So it's as with any asset, you don't want to put too much of your liquid assets into it,

00:55:26.140 or you could potentially, uh, be at a loss.

00:55:29.720 So you, you never want to, uh, put too much money into anything.

00:55:34.520 You need to have that spending money for all of your daily affairs and unexpected.

00:55:37.880 So that's one risk.

00:55:39.860 Um, the other risk of course, is going to be storing it securely.

00:55:46.880 You know, it could be stolen from you.

00:55:48.640 You could be robbed or, or you, you want to make sure that people don't know that you

00:55:53.920 have gold, or especially if you have a lot of gold, you want to make sure that that stays

00:55:58.280 really private because there's always going to be the risk that somebody could, uh, come

00:56:02.440 and take it and walk away with it.

00:56:03.760 And there's no, no reversing that you, you can't, uh, you can't cancel that.

00:56:07.880 Check, um, sort of like cryptocurrency.

00:56:11.480 Once it's gone, it's gone.

00:56:13.220 Uh, or maybe you'll forget where you put it.

00:56:15.580 So you gotta, you gotta have a trusted treasure map that only trusted associates have.

00:56:21.780 Uh, so, uh, beyond those risks.

00:56:25.160 What about fire?

00:56:26.320 So you put it in your house.

00:56:28.080 I've got, you know, 500 grand of gold in my wall worth, let's be honest, it's not going

00:56:33.440 to be stolen.

00:56:34.220 No one's going to find that like it's impossible.

00:56:36.120 Um, but the house burns down and the gold melts.

00:56:40.140 How much value does it lose?

00:56:41.880 Um, a few percent.

00:56:43.820 That's it?

00:56:44.620 Yeah.

00:56:45.120 Maybe, maybe four to five, depending on how contaminated it gets.

00:56:48.480 You probably have to, you know, smelt it down and get it refined again.

00:56:53.220 And so you'll, you'll shave off, you know, between two and five percent, but you'll be

00:56:58.320 able to recover it all.

00:57:00.400 So it doesn't burn up.

00:57:02.240 No, no.

00:57:03.780 It'll just melt.

00:57:04.660 You'll have a slag of melted coins sitting at the bottom of the ashes of your house.

00:57:09.720 You ever seen that?

00:57:10.360 We have, yeah.

00:57:11.660 Really?

00:57:12.040 Oh yeah, absolutely.

00:57:13.540 Yeah.

00:57:13.720 We've, we've bought, uh, many, many times we've had packages come in from other dealers

00:57:20.760 or from other customers that are melted gold or silver coins.

00:57:24.520 And that's exactly what we have to do.

00:57:27.140 Smelt it down and get it refined.

00:57:29.780 Oh, but it's not a huge loss.

00:57:31.620 Not a huge loss.

00:57:32.420 Nope.

00:57:32.540 So it's durable.

00:57:34.140 Very.

00:57:34.700 How much of the gold, have you ever wondered, um, because gold has been in circulation since

00:57:40.020 the beginning of recorded history, um, in a very, very famous way.

00:57:43.680 I mean, there's, I don't think there's a book in the Bible that doesn't mention gold, for

00:57:46.780 example.

00:57:47.700 Um, but many ancient texts mention gold.

00:57:51.300 So do you ever wonder like in this coin that I'm holding, was any of this gold, you know,

00:57:56.260 in the second temple?

00:57:58.440 Oh, it's certainly possible.

00:57:59.820 Pretty much all of the gold in circulation has, remains in circulation.

00:58:05.020 So there's always new gold being mined and added to the supply.

00:58:09.000 And that's about one to 2% per year of the total supply.

00:58:12.060 Yeah.

00:58:12.620 So gold inflation is one to 2%.

00:58:14.780 Right.

00:58:15.520 Very manageable.

00:58:17.820 Hmm.

00:58:18.800 But typically gold is not, um, lost.

00:58:22.160 Unlike silver, um, silver is used in industry and, uh, silver, uh, is typically not, it's not

00:58:29.460 worth recovering through recycling in a lot of cases.

00:58:33.200 Um, and it's used in electronic components, photovoltaic cells for solar, that type of

00:58:38.540 thing.

00:58:38.740 So it's, it's an industrial use metal.

00:58:40.520 Gold is also used industrially, but typically it's going to be worth it to recycle it and

00:58:46.100 recover it.

00:58:46.760 And so, uh, most of the gold that's ever been mined in human history is still with us today.

00:58:52.040 And, uh, so yeah, you very, you very well could have some, some of the molecules in

00:58:57.800 your gold bar or coin could have been in the second temple or who knows where.

00:59:03.320 Interesting.

00:59:04.420 You keep referring to silver.

00:59:05.840 I wanted to just keep that separate.

00:59:07.320 I know much less about it.

00:59:08.960 Um, let's start with the price.

00:59:10.320 What is silver trading for right now?

00:59:11.780 Ish.

00:59:12.180 Uh, a little under $34 right now.

00:59:15.200 An ounce.

00:59:16.060 Yes.

00:59:16.340 Um, for silver.

00:59:20.000 Okay.

00:59:21.080 Give me perspective on that.

00:59:22.380 Is that a lot or a little or?

00:59:23.860 It's not much at all.

00:59:25.680 Um, we think it's highly undervalued.

00:59:28.160 A lot of people do.

00:59:30.060 Um, why do you think that?

00:59:31.800 Well, throughout history, uh, gold has typically had a, a value relation to silver of between 12

00:59:43.340 ounces of silver to one ounce of gold or maybe 15 to one.

00:59:47.120 It's kind of floated around there.

00:59:48.260 That's typically been.

00:59:50.080 How far back can we track that?

00:59:51.480 Oh, we can track that many centuries.

00:59:55.560 There's plenty of evidence for it.

00:59:57.460 That's the cool thing about precious metals.

00:59:59.360 Like people keep records.

01:00:00.840 I mean, there's a continuity to it.

01:00:02.320 Like this is, we're not the first people to have this conversation.

01:00:05.220 Right.

01:00:05.480 We're not reinventing any wheels here.

01:00:07.040 No.

01:00:07.220 Like this is a tried and true method of running economies.

01:00:10.040 So it's 12 to 15 X gold is 12 to 15 X silver.

01:00:15.160 Typically.

01:00:15.840 Typically.

01:00:16.540 Yeah.

01:00:16.940 Um, today, right now, the ratio is about 90 to one, which is very high.

01:00:23.840 90 ounces of silver to one ounce of gold.

01:00:25.780 Well, there's a lot of reasons why people say that that is, you know, and suppression is

01:00:30.280 one of the main ideas.

01:00:32.500 Well, just ask the obvious question.

01:00:34.100 Has there been a big expansion in supply?

01:00:36.540 Oh, no, no.

01:00:37.500 The supply, the supply continues to go down.

01:00:40.040 And if you look at what the miners pull out of the ground, you know, people are mining

01:00:44.000 gold and silver is often found with gold.

01:00:47.820 Really?

01:00:48.200 Or vice versa.

01:00:48.580 Yeah, typically.

01:00:49.920 Um, and, uh, what's coming out of the ground, the ratio is about seven ounces of silver to

01:00:56.720 every one ounce of gold, roughly.

01:00:59.300 It's between 10.

01:01:00.040 It depends on the mine, but seven to 10 is the ratio.

01:01:03.840 But the gold is worth 90 times the silver.

01:01:06.420 Correct.

01:01:07.480 Huh.

01:01:08.460 Correct.

01:01:08.960 So.

01:01:09.320 Well, then that doesn't make any sense.

01:01:11.140 So if there hasn't been a massive expansion in supply, but the value, relatively speaking,

01:01:16.200 has dropped like dramatically, then what is that?

01:01:19.840 Well, it's part, part of it has to do with, um, the fact that silver is not a medium of exchange

01:01:27.060 right now.

01:01:27.500 It's not used in the marketplace.

01:01:29.960 Um, and also central banks typically don't carry silver on their balance sheet.

01:01:36.540 So we, we look at the price of gold right now.

01:01:39.940 Now, the vast majority of that price run up is the direct result of central bank purchases

01:01:45.840 who are preparing for some type of potential revaluation event.

01:01:51.520 It would seem silver on the other hand, doesn't.

01:01:54.460 Wait, hold on.

01:01:55.360 What does that mean?

01:01:57.040 Well, what's the real value of gold?

01:01:59.540 What's the real value of the dollar?

01:02:00.840 It would appear that we're on the cusp of a new international monetary system, which

01:02:07.040 is the result of certain foreign policy decisions that were made in the previous administration,

01:02:11.520 as well as just the, uh, underlying nature of the, uh, the game, the, the economic system,

01:02:18.760 like the rules of it have changed.

01:02:20.880 We're not encouraged to like probe that too much.

01:02:23.180 It's more like, Hey, go have a race war. 0.59

01:02:26.100 Right.

01:02:26.680 Do you know what I mean? 1.00

01:02:27.640 White people are bad. 1.00

01:02:29.000 Black people are bad. 1.00

01:02:29.800 It's about the trans community. 1.00

01:02:31.240 It's like, okay.

01:02:32.740 But the one thing we don't talk about is this sort of thing. 0.90

01:02:36.120 I can't believe how ignorant I am of some of it.

01:02:39.260 And I'm interested.

01:02:40.220 It's, it's a theory of mine that really this is the root of almost all of our problems.

01:02:45.580 What is that?

01:02:46.340 How?

01:02:46.600 I think, you know, the, the ability for the creation of artificial credit or money by

01:02:54.240 powers, central powers, let's say the banks or primary dealers of the federal reserve,

01:03:00.960 the federal reserve system, the government, it gives too much power and too much control

01:03:05.980 to too small a group of people.

01:03:08.260 Well, I've noticed that.

01:03:09.140 Yeah.

01:03:09.440 Okay.

01:03:09.860 Now we're getting warmer.

01:03:10.860 So, so, so, you know, the, the changes that have occurred in our society over time, none

01:03:17.800 of these things would have been possible without the ability of the government to just artificially

01:03:23.620 inflate its credit and monetize its debt and inflate the currency.

01:03:28.080 Otherwise it would have to come to the people and tax them directly.

01:03:31.760 But instead they're able to, uh, levy a hidden tax against every holder of a U S dollar, which

01:03:40.720 is not just the American people, but people throughout the entire world, the world.

01:03:44.680 Yeah.

01:03:45.040 So it gives a lot of power to certain forces that are at work.

01:03:49.860 And I don't think those forces operate, uh, for the, the, the benefit or the good of common

01:03:58.480 people like you and me, uh, they, they have different plans and there are different, different

01:04:04.060 goals associated with, uh, these centralized powers.

01:04:08.700 And, and so, uh, not being tethered to some kind of a standard has just given them too much

01:04:17.020 freedom to do too many things that people normally wouldn't agree with, or wouldn't pay

01:04:21.540 their taxes to allow.

01:04:23.280 And that's happening globally.

01:04:24.780 So, uh, the, the necessity of change has never been more apparent for every reason that we've

01:04:31.960 discussed and plenty more, we could go on and on and on about the evils of that type of a 0.99

01:04:36.000 system.

01:04:36.300 And so in the interest of fairness, um, and honesty and, and honest dealing, um, and, and

01:04:43.980 a proper valuation of what is a thing actually worth, it's going to require a lot more work.

01:04:50.700 You know, we, we, we used to be on a gold standard, um, which was a result of, uh, agreements that

01:04:58.200 were made internationally, uh, after world war two, which, uh, and even before world war

01:05:04.520 two actually, but, uh, it, it pegged the value of the dollar to a certain amount of gold.

01:05:11.280 And that gave everyone dealing in dollars, the ability to actually properly account for

01:05:20.140 what is a dollar, what, what even is it?

01:05:23.720 Um, but as usually happens, we just continue to print more dollars than we had the proper

01:05:30.120 amount of gold.

01:05:30.660 Yeah.

01:05:30.680 Then we just fight a war in Vietnam, kill 60,000 Americans and like we couldn't continue. 0.55

01:05:36.080 So in the early seventies, the president took us off the gold standard.

01:05:39.280 Or is that a fair summation?

01:05:40.920 Exactly.

01:05:41.460 Yep.

01:05:41.740 The, the expansion of the money supply, all of our unfunded liabilities, uh, other people

01:05:46.200 that, you know, for foreign governments that held dollars saw the writing on the wall and

01:05:50.140 they started demanding their gold and the gold was flowing out of Fort Knox and we had

01:05:55.180 hundreds of tons.

01:05:56.980 Uh, I don't have the exact figures, but we were losing tons literally of gold to foreign

01:06:02.600 redemption.

01:06:03.700 And at some point someone had a meeting with the president said, Mr. President, we're

01:06:07.600 they're emptying the vaults.

01:06:09.280 They're emptying the vaults and you know, maybe the vaults are empty.

01:06:12.120 We're not sure.

01:06:13.180 Uh, I guess the president's going to find out maybe at some point if they let him, but,

01:06:18.460 uh, yeah.

01:06:20.060 So, so they decided to suspend redemptions.

01:06:23.080 And at that point, the price of gold was allowed to float.

01:06:27.360 So there became this sort of secondary market that was no longer part of the government,

01:06:32.960 but it was relegated to banks who began to make markets and determine, uh, what is the

01:06:41.860 value of foreign exchange?

01:06:43.740 What's the value of the dollar versus the British pound or the German Deutschmark?

01:06:47.800 But a lot of that was also continued to be related directly to gold.

01:06:52.240 And so gold had a floating price at that point.

01:06:56.340 And, and so the, the floating price of gold becomes a benchmark and a barometer of the

01:07:01.260 health of any individual currency, which then becomes, uh, part of the reason why the government

01:07:07.740 is now interested in managing that price of gold as a matter of policy.

01:07:12.680 And, and, you know, just, just like they, they had a gold standard at one time, but they

01:07:17.380 had to default.

01:07:18.320 And that's what that was.

01:07:19.260 It was a default by the U S government.

01:07:21.000 It declared bankruptcy and revalued its debts.

01:07:25.420 Um, then the system became one of, okay, now let's, let's manage this.

01:07:30.060 And, and you'll notice 1971, 72, that's like a, that's, that's a, that's a bright line in

01:07:35.560 human history where we see the purchasing power of the American middle class steadily declined

01:07:42.560 from that point forward every single year.

01:07:45.620 Um, and, and, and almost any benchmark of any of the ills in our society go right back to

01:07:53.740 that timeframe because that unleashes certain forces that nobody can properly diagnose.

01:08:00.340 Uh, there's a, there's a, there's a quote, uh, by, by Keynes, John Maynard Keynes, who, uh, he said

01:08:07.180 something, I can't remember the exact quote, but that inflation works havoc and, and basically

01:08:12.940 misery on a society in ways that not one man in a million can diagnose.

01:08:17.600 And so it's a very subtle change that occurs within the body politic when you begin to debase

01:08:26.660 a currency.

01:08:27.440 And as you debase a currency, you're, you're kind of debasing the people and you're committing

01:08:32.160 fraud and institutionalizing it on a grand scale.

01:08:36.040 And that's really an abomination, uh, in the eyes of God.

01:08:40.360 Uh, the, the, the Bible talks about unjust weights and measures being an abomination.

01:08:45.360 And, and, and so there, there's a real price to that type of activity being allowed to occur

01:08:53.080 at scale on an institutional level within your society and we've globalized it.

01:08:59.660 And so from, from that point, uh, and, and it's not as though there weren't many evils

01:09:04.620 that we had prior to that point, there were plenty, but at that point, uh, they became leveraged

01:09:11.500 in a sense, the, the, the ability to maximize certain effects on society through the use

01:09:18.260 of money and artificial money creation, um, sort of like alchemy in a sense, um, gave certain

01:09:27.500 powers, just in enormous ability to manipulate and control society in every level.

01:09:35.060 Um, uh, I believe it was, uh, JP Morgan who said that, uh, give me control of the nation's

01:09:44.660 money.

01:09:44.940 I don't care who makes it law.

01:09:46.120 It makes its laws, something to that effect.

01:09:48.800 Um, and that's very true.

01:09:50.880 If, if you have control of the money, it doesn't matter who's in charge.

01:09:55.260 It doesn't matter who's elected.

01:09:56.940 It's money rules.

01:09:59.360 And, and so that you've control of the food and the shelter and the water and it's like

01:10:04.800 you have control of human life.

01:10:06.980 And, and you'll notice that, uh, it was during the creation of the federal reserve in, uh,

01:10:12.620 1914, um, that that's the same year that the income tax was instituted.

01:10:20.140 So those two things seem to go together.

01:10:22.080 They seem to be two part, two parts of the same tool.

01:10:26.680 And so we've watched that tool just expand grotesquely to the point where it is.

01:10:31.700 And since 1971, just every ill that you can conceive of in society has expanded, uh, consistently

01:10:39.960 from that date.

01:10:41.660 And, and so now we're at a point where all of the fruits of that have come home to roost

01:10:47.340 in every possible way.

01:10:49.060 And, and I'm convinced it's directly related to the money and we can point to lots of other

01:10:54.320 problems, which they are problems.

01:10:57.060 You've got symptoms, you've got other secondary causes, but I think a lot of those symptoms

01:11:03.240 and secondary causes would have never had the power that they do have if it weren't for

01:11:09.560 the ability of certain forces to enact their will using the money system to which they're,

01:11:18.920 they're, they're untethered to, to any outside force or to, to anything that should ever hold

01:11:26.040 them account or check their power other than their own determination.

01:11:30.900 Fiat money.

01:11:31.480 We decide what percentage of the feds balance sheet should be gold.

01:11:36.900 It used to be 40%.

01:11:37.960 Then it was changed to 20 and that, then it was changed to, I think maybe 10 or five.

01:11:42.180 And then finally they said, ah, whatever amount we want, we'll just call it whatever we want.

01:11:46.280 So they've got carte blanche to decide what money is and how much money there is and to

01:11:52.840 regulate its use in, in every possible way.

01:11:55.640 So money really is at the heart of maybe almost every problem right next to the spiritual realm.

01:12:05.880 And, and they're connected and they are directly connected.

01:12:08.480 Yes.

01:12:09.240 And there, there, there's a reason that there's a force called mammon that's referred to

01:12:14.740 throughout scripture.

01:12:16.800 So, um, yeah, it's, it's a dangerous master, truly is.

01:12:21.520 So let me just ask you to describe, we don't need to use the names of the companies, they're

01:12:27.640 all famous, but like, how does this sleight of hand work where these companies convince

01:12:33.320 mostly older, mostly conservative Fox news viewers, really people I love convince them

01:12:40.280 to buy gold at twice the price.

01:12:43.020 How do you do that?

01:12:44.160 It's a huge problem.

01:12:45.200 And it's been happening in the industry for decades.

01:12:48.420 Uh, everybody knows about it.

01:12:50.360 I didn't know.

01:12:51.520 Yeah.

01:12:52.040 Everybody in the industry at our level understands what's happening.

01:12:56.460 And basically it involves companies that will receive a call from some individual, usually

01:13:05.740 someone with a retirement account who believes that they need to buy gold.

01:13:10.820 And, uh, it's, it's a good idea.

01:13:12.460 You, you want to get gold.

01:13:13.660 So, but where do you go to get it?

01:13:16.260 And so it's, it's, it's a trust based transaction in the first place.

01:13:21.380 Some major media figure has endorsed them as they tried to get you to endorse them, uh, for

01:13:29.420 large sums of money.

01:13:30.440 And, and now that, that media figures entire audience is, is a potential customer now and

01:13:37.080 a potential trusting customer who doesn't understand the way money works or how gold works.

01:13:44.060 Because as, as we've discussed, it's not a topic of daily conversation or activity for

01:13:50.220 people.

01:13:50.400 But you feel that it's important.

01:13:52.000 That's what drew me to it.

01:13:52.740 I was like, there's something about this that's important.

01:13:55.700 And then I'm interested in history.

01:13:56.740 And I'm like, everyone else has thought that since the beginning of recorded history.

01:13:59.300 So maybe there's something there, right?

01:14:02.140 Yep.

01:14:02.680 And, and so not knowing how it works, they, they call them up and they say, you know, I

01:14:07.540 have a retirement account and I'd like to put a hundred thousand dollars of gold into

01:14:12.740 the account.

01:14:13.240 And the salesman says, yep, we can help you do that.

01:14:16.840 Um, just sign this agreement and we'll get the paperwork started and we'll sell you a hundred

01:14:21.920 thousand dollars worth of gold.

01:14:23.640 And the, the typical understanding of most people is they, they think it's like buying

01:14:30.620 a stock.

01:14:31.120 So they're assuming that if they've bought a hundred thousand dollars worth of gold, but

01:14:36.740 it's worth a hundred thousand dollars.

01:14:39.480 Yeah.

01:14:40.220 And well, that, that's the assumption.

01:14:41.960 And if there was some fee associated with that transaction, that it would be disclosed or

01:14:48.080 that it would be clear.

01:14:49.160 You take a VIG, that's, that's okay.

01:14:51.180 Yeah.

01:14:51.300 One or 2%, maybe three or four, if it's silver, you know, you, you, you've got, you've got a

01:14:56.800 range of acceptable percentages associated with precious metals transactions, depending

01:15:02.560 on the format and the size and the delivery requirements.

01:15:08.160 Um, and so there, there is a certain percentage, uh, which, which is fair and, and typical, but

01:15:15.660 what happens in these types of transactions is the, the customer is charged 40, 50, 60% above

01:15:25.660 the price of gold or silver.

01:15:28.400 And they don't know it.

01:15:29.680 And I've, I've received receipts from customers of, of these types of brokers.

01:15:35.520 And I've looked at the numbers.

01:15:37.100 I've seen them in hand, uh, showing, uh, people paying 75 or $80 an ounce for silver coins.

01:15:46.040 When the price of silver was 25 or paying, uh, and that's disgusting.

01:15:51.560 Yeah.

01:15:52.660 And these are people, old people who don't understand what they're doing. 1.00

01:15:57.080 And, uh, when, uh, when they turn around to try to cash out, they want to buy a piece

01:16:06.240 of real estate or help fund a grandchild's college education, uh, they, they see that silver

01:16:14.420 and gold are both up maybe 20%.

01:16:17.760 They go to their IRA account, try to liquidate and they're underwater.

01:16:23.700 They're, they haven't earned any money.

01:16:26.120 They're still down from their original investment.

01:16:28.180 They've lost money.

01:16:28.720 They've lost money.

01:16:29.580 Even as the metals have risen.

01:16:31.680 Exactly.

01:16:33.240 Exactly.

01:16:33.760 So how does that work?

01:16:35.000 And it's because the, the people that sold them metal marked it up 50 or 60, or even a

01:16:41.980 hundred percent in some cases I've seen.

01:16:44.480 And, and, and they'll try to justify it by saying, oh, this is a, a scarce coin or a special

01:16:50.860 issue coin.

01:16:51.720 And, and often that is part of the game is they'll get these obscure coins that are an

01:16:57.360 exclusive mint issue from one of the major mints.

01:17:00.720 And, and they'll get access to that exclusive coin so that if you try to look it up online,

01:17:05.720 you won't find that coin anywhere.

01:17:07.180 And it'll be some special gold or silver coin that only they have access to.

01:17:12.140 But fundamentally there's nothing intrinsically valuable to it other than it's gold or silver

01:17:18.620 content.

01:17:19.300 But it's still a commodity.

01:17:20.980 It's still just a commodity.

01:17:22.360 It's not a collector's piece.

01:17:23.600 And that's typically not what people, the people are not looking to invest in collectibles

01:17:27.140 in their IRA accounts when they're looking for gold.

01:17:30.600 And so you've got bait and switch tactics.

01:17:33.300 You've got.

01:17:33.500 So just to prove the point, if you're a, in addition to being a gold seller, you're obviously

01:17:37.580 a huge gold buyer from a lot of different sources.

01:17:40.760 But one of them is from dealers around the country.

01:17:42.960 Someone comes in and says, I want to liquidate.

01:17:44.720 So you get a special issue mint coin or a commemorative coin brought to you.

01:17:52.500 What do you pay for it?

01:17:54.060 Typically, it's going to be very close to the spot price.

01:17:56.380 Right.

01:17:57.000 So you're buying it for the gold, not for the spooky voodoo of commemorative.

01:18:03.920 There's no market for it.

01:18:05.540 It's a modern coin.

01:18:06.860 It's not valued by collectors.

01:18:10.220 It was minted specifically for the purpose of being kind of scarce.

01:18:14.480 But at the end of the day, people don't care about that.

01:18:16.660 There's no reason to value it higher than other gold or silver coins of the same purity

01:18:21.960 and weight.

01:18:22.400 So it has, in real terms, no added value, no extra value because it's limited edition

01:18:30.260 from the New Zealand mint or whatever.

01:18:33.640 Yep.

01:18:34.140 Rich Corinthian leather.

01:18:35.160 It's all just speculation that it should be worth more.

01:18:38.860 But when it comes down to it and they try to liquidate these special issue coins or whatever

01:18:44.960 type of coin they were overpriced and sold, they come to the market and find out the market

01:18:51.700 values their assets at the price of gold or silver.

01:18:55.480 And it's not just us.

01:18:56.520 They could go to any dealer in the country and get the same story.

01:19:00.740 Now, they might go to the original dealer that ripped them off, and that dealer will often

01:19:06.540 try to save face and prevent a bad review online.

01:19:10.740 And what they'll do is maybe offer the customer more than anyone else in the market will pay.

01:19:16.780 And they'll try to pay them off to just be satisfied or go away.

01:19:21.560 So it's a little game that they play.

01:19:23.160 But if they pay 30% more than the value of the gold or silver for that coin, the dealer

01:19:30.020 that bought it back is not going to be able to get that price from the normal market.

01:19:34.440 So they have to go find another mark to pawn those off.

01:19:39.660 Classic Ponzi, right?

01:19:40.740 In a sense, yeah.

01:19:42.320 Yeah.

01:19:43.200 Very close to that.

01:19:44.840 So I don't know how I can describe this without getting sued, but this seems really wrong to

01:19:53.240 me.

01:19:53.940 Do you think that?

01:19:55.800 Yeah, it is.

01:19:58.600 There was a bill.

01:20:02.280 Actually, it was a regulation change.

01:20:04.380 I can't recall offhand which agency it was.

01:20:08.300 It was probably Consumer Protection.

01:20:13.400 They were considering a rule change to require anyone that sells anything to retirement accounts

01:20:24.620 to be forced to act as a fiduciary.

01:20:28.280 And right now, there is no requirement for that.

01:20:31.060 And if this change were implemented, it would significantly change the enforcement tools

01:20:39.320 that the government might have to go after companies like this.

01:20:43.980 And right now, they really don't have any enforcement tools.

01:20:46.200 I guess what offends me, this is what...

01:20:48.520 So you told me this, I think, when we first spoke, and that's when I decided I wanted to

01:20:52.240 start a gold company, which I'm not qualified to do, so I partnered with you.

01:20:55.120 But the outrage I felt stemmed from the fact that they were doing this with retirement accounts.

01:21:03.980 That just seems over the top.

01:21:06.260 I mean, if some drunk rich guy calls in and you fleece him 40% on a gold sale, it's immoral,

01:21:12.160 but it's not quite the crime that you're describing, which is some old Fox News viewer calls and

01:21:18.080 then goes, it's my IRA, my individual retirement account.

01:21:21.080 And you're selling stuff that you know isn't worth what you're selling it for, but by a lot.

01:21:32.200 I mean, it's a full scam of old people. 1.00

01:21:35.840 A full scam.

01:21:36.720 And I've seen story after story of...

01:21:39.340 But why does nobody say anything about it?

01:21:42.820 People have attempted to say things and do things about it.

01:21:47.400 There was a court case against a company in California specifically, a very large company.

01:21:56.360 And it was brought by the state of California who actually looked into this dealer's practices

01:22:02.620 and ultimately forced that dealer to settle on a number of these counts and to change their practices.

01:22:11.640 Though even after changing those practices, there were still issue after issue of different types.

01:22:20.000 So there was that one case where some action was taken to a certain degree.

01:22:25.700 But if one of these dealers folds or goes bankrupt or gets sued out of existence, they'll just pop right back up.

01:22:34.920 So it's so easy for anyone.

01:22:37.080 It's really...

01:22:38.360 So I actually asked for a list of all the media people who are shilling for these.

01:22:43.920 I think they're criminal enterprises.

01:22:45.840 That's my view.

01:22:46.600 But certainly it's not defensible if you know what actually happens.

01:22:50.720 You can't defend it.

01:22:51.620 It's wrong.

01:22:52.900 And so I asked for a list of all the media people because I was in the media my whole life.

01:22:56.380 And, you know, there are a couple of people I really dislike on that list, but there are also way more people I really like, including a couple of actual friends of mine.

01:23:05.180 So I decide it's all publicly available if you're interested to put up yourself.

01:23:08.660 So I decided I was not going to call anybody out by name, but I really hope that this tape circulates and that they decide, you know,

01:23:20.460 I doubt knowing a couple of these people are like legit good people, so the best people in the media actually, and I just don't think they have any idea.

01:23:30.420 Like some agents like, oh, you know, gold company X is going to pay you whatever.

01:23:35.380 Who turns down millions of dollars?

01:23:36.680 I just don't think they know.

01:23:38.440 But I hope they do now.

01:23:39.360 And I just want to be clear that the business that you and I are about to roll out is a response.

01:23:46.800 At least I'll speak for myself.

01:23:47.960 It's a response to this.

01:23:48.980 I think it should be easy.

01:23:51.180 I think gold's important.

01:23:52.700 I don't think anyone should put 100% of their money in it for the reasons that you described, because it's a commodity and it goes up and down.

01:23:57.700 But as a long hold, it doubled the markets.

01:24:01.600 Like, what's the argument against it?

01:24:03.160 So I really think it's important for people to buy gold.

01:24:06.440 I buy gold.

01:24:07.620 In fact, any profit we make from this, I'm taking in gold personally.

01:24:11.380 But I just think it should be easy for people.

01:24:13.560 And, you know, you don't make, you know, you make whatever, 4% rather than 100%.

01:24:20.760 But, like, that's okay.

01:24:21.980 That's a normal business, right?

01:24:23.360 Right.

01:24:24.020 Right.

01:24:24.460 Be transparent.

01:24:25.620 Be upfront.

01:24:26.060 And that's going to be part of our goal in the operating of this new venture is to be as completely transparent as possible.

01:24:33.920 100%.

01:24:34.200 Part of that is to give customers the indication of what would you pay me today for the product you just sold me.

01:24:44.240 And that difference between the bid and the ask, the sell price and the offer price, is called the spread.

01:24:50.960 Yeah.

01:24:51.320 And the spread is really the determinant of what is the cost of the asset that you're investing in.

01:24:58.300 What is the friction?

01:25:00.820 If you need to sell it tomorrow, how much are you going to lose?

01:25:04.200 And, you know, if you sold it back and the market didn't change, you should expect to take, you know, 3% to 5% off of your value.

01:25:14.460 Right.

01:25:14.940 Because that's the typical profit margin of an honest dealer.

01:25:19.740 Much better than a new car, I'll tell you that.

01:25:21.680 Sure.

01:25:22.180 Yeah.

01:25:22.460 Well, and this is a commodity money.

01:25:24.400 So, you know, there's only so much that should be added in terms of value and processing and costs to that transaction.

01:25:32.240 You know, when we're talking 40%, 50%, 60%, that you're just taking.

01:25:38.260 You're just taking at that point.

01:25:39.740 There's no justifying.

01:25:42.160 But you're taking from the best people in the world.

01:25:44.260 That's what, you know, obviously I was glad to be fired from Fox.

01:25:47.760 I'm really grateful I don't work there.

01:25:49.180 But the viewers, you know, I really love the viewers.

01:25:53.320 And I've met a lot of Fox viewers.

01:25:55.580 I'm related to a lot of Fox viewers.

01:25:57.220 And that's the one group I, you know, like they have enough problems.

01:26:01.520 The government hates them.

01:26:02.640 And you're stealing from them.

01:26:05.380 Yeah.

01:26:06.020 Yeah.

01:26:06.600 It's a tragedy.

01:26:07.940 It really is.

01:26:08.760 And I've seen the stories.

01:26:10.300 And the people that are promoting these companies, the people who have large audiences, need to do a little investigation.

01:26:20.920 And check out the actual practices of the companies that they're recommending and understand what is the spread on the typical deal that these companies are offering to their customers, to the audience members of those people.

01:26:37.760 Well, they don't even put their prices on the website.

01:26:39.820 So that tells you everything.

01:26:41.420 Like you're selling something.

01:26:42.780 Tell me it's what costs.

01:26:43.540 Yeah.

01:26:44.020 Or if they do, they'll do the bait and switch.

01:26:46.140 You'll call for that.

01:26:47.000 And they'll say, well, you know, you should maybe get this because they'll say something like the government can't confiscate this coin.

01:26:52.560 Or they'll tell you some secret story, some secret sauce about the thing you should really buy that's going to cost a lot more.

01:26:58.120 But there's a story behind it.

01:27:01.240 So, yeah, that's one of the typical signs is they don't have e-commerce or they're not going to display prices.

01:27:07.920 No, there's plenty of honest companies, too, that are telephone only.

01:27:10.460 They're not into technology and they're honest brokers.

01:27:14.300 We work with people like that.

01:27:16.620 So that's not a guarantee.

01:27:19.160 But these companies almost always will not display their prices or their spreads because they don't want you to see that.

01:27:26.720 And it's typically very high-profile celebrity endorsements because it's a con job.

01:27:31.500 They're relying on your confidence, your trust.

01:27:34.880 They're stealing the trust.

01:27:36.380 And, by the way, in some of these people, some of the media figures who are promoting this stuff are just not good people.

01:27:44.080 I know them well.

01:27:45.000 But there are also a bunch of them who, as I said, I know really well.

01:27:48.720 And they are good people.

01:27:50.100 And they're basically really honest people.

01:27:52.700 And that's why they're popular, by the way, because they're honest.

01:27:54.880 And they've earned that trust over a long period.

01:28:00.320 And so, anyway, I think it's a tragedy for them.

01:28:03.160 It's misleading, probably unintentionally, to their viewers, just the whole thing.

01:28:08.220 One of the reasons I was grateful to partner with you is that even though you're in the money business, you don't worship money.

01:28:14.460 Right.

01:28:15.180 Yeah, at all.

01:28:16.480 So, and also, you don't need to do this.

01:28:18.860 You've been successful enough.

01:28:20.240 I, just being honest, don't need to do it either.

01:28:22.780 And I don't expect to get rich doing this.

01:28:24.860 But I really believe in it.

01:28:26.980 And I think it's a good thing.

01:28:29.700 I mean that, too.

01:28:31.220 Yeah, I agree.

01:28:33.180 You know, we've been very successful.

01:28:35.400 We've been in business since 1976.

01:28:38.120 We've sold and delivered over $5 billion worth of metals in the lifetime of our company.

01:28:45.720 And I've been in it since I was born.

01:28:47.520 My dad started the company.

01:28:49.220 So, it's always been part of my life.

01:28:52.240 Grew up doing it.

01:28:53.200 And I came on board to help my dad.

01:28:55.440 And I wanted to do things right.

01:28:57.300 I wanted to help him do things right.

01:28:58.940 I wanted to support our customer base, which at the time was primarily wholesale dealers that we would supply.

01:29:07.320 Or retail dealers that we supplied as a wholesale dealer.

01:29:12.220 And so, those have always been my motivations.

01:29:17.000 I never, when I was a kid, I didn't think I would be in precious metals.

01:29:19.920 I wasn't interested in what my dad was doing.

01:29:22.080 But I wanted to help him.

01:29:23.640 He needed help.

01:29:24.380 And so, that's what I did.

01:29:25.620 And I wanted to do things right.

01:29:27.720 And we've been very successful.

01:29:31.420 And we've been transparent and honest.

01:29:34.240 And that's been a cornerstone of the way we've operated for decades.

01:29:40.280 And I've known about these companies and never really felt that it was something that I could do anything materially to affect.

01:29:50.900 So, when you first contacted me and you had this idea about doing something about it like this, I jumped at the opportunity because, you know, like you said, I don't need more to do in life.

01:30:07.720 I wasn't really planning on expanding my list of projects.

01:30:11.580 I've been wanting to scale back, honestly, because I've been successful and I've been working really hard a long time.

01:30:18.180 But this opportunity, to me, was of greater value than just the business.

01:30:25.400 If it had just been business, I wouldn't have been interested.

01:30:27.400 But to be able to actually disclose this particular problem on a platform like yours is of so much value to the people that you and I love, the American people, the Fox News viewers, just average Americans who are trying to protect themselves from the predation and corruption that's rampant everywhere in this country.

01:30:54.180 That's true.

01:30:54.620 And like you said, it's like they need this kind of abuse.

01:30:58.800 One more thing to get.

01:31:00.020 They've been hit from every single angle.

01:31:02.140 The people are suffering so badly.

01:31:04.020 And I've read these stories.

01:31:05.840 So, the idea that you would talk about this particular issue and bring it up in such a way that your audience is going to know about it, the industry is going to take notice, the people that are promoting these companies are going to hopefully think twice and go back.

01:31:24.620 And do the math and ask some really hard questions.

01:31:27.880 That's something that is of such huge value that, you know, just this interview alone is worth everything to get that information out.

01:31:36.460 I hope so.

01:31:36.920 Man, I almost took the money.

01:31:38.820 It was like, I was like, wow, how great.

01:31:41.700 You know, it's like, I honestly think I've been fired for less than a week.

01:31:46.160 And, you know, most of our staff came over from Fox paying their salaries.

01:31:50.420 It's like, wow, I've got quite a burn right now.

01:31:52.360 And I was like very psyched.

01:31:54.680 I was like, oh, gift from God.

01:31:55.920 And it was only because I was on a long drive, like a five-hour drive, just spacing out, thinking about it.

01:32:02.440 And just in like a hyper-autistic way, I was like, oh, it doesn't make any sense.

01:32:06.560 And I'm terrible at math.

01:32:07.480 I know nothing about math.

01:32:08.560 But just like, I can smell like things that just aren't obviously true.

01:32:12.960 Like, how does that work?

01:32:14.740 And I just led down this rabbit hole.

01:32:16.300 So anyway, I'm super, super excited.

01:32:19.240 Let me just ask you one last question because I, of course, I keep stepping on your answers as usual.

01:32:23.760 Silver.

01:32:24.740 People buy a ton of silver.

01:32:25.940 It was traditionally, you said, about one-twelfth or one-fifteenth as valuable per ounce as gold.

01:32:35.820 Now it's one-ninetyth?

01:32:37.420 Yes.

01:32:38.260 I just don't understand that.

01:32:40.580 It's got tons of industrial uses.

01:32:43.800 Why is it 30 bucks an ounce?

01:32:46.280 That's a really good question.

01:32:48.060 We think it's going to change.

01:32:49.660 If you look back at when the first major high in silver was about $50 an ounce in 1980, when the Hunt brothers were cornering the market, which is an interesting indication of maybe what its real value is.

01:33:06.860 Maybe not.

01:33:07.980 But the inflation-adjusted number, if you want to calculate that to today's dollars, is about 190 bucks.

01:33:16.460 So we're nowhere near.

01:33:17.760 That's how much inflation we've had?

01:33:19.100 Since 1980?

01:33:20.720 Yeah.

01:33:21.020 $50 then is $190 roughly today.

01:33:25.740 Yeah.

01:33:26.720 Oh, man.

01:33:27.720 I remember 1980 really well.

01:33:29.660 I was 11.

01:33:31.440 I mean, that was a...

01:33:32.540 Wow.

01:33:33.100 Really?

01:33:34.320 That's a lot of inflation in 45 years.

01:33:37.440 That's the problem we're talking about.

01:33:39.340 But, you know, and then most recently in 2011, silver, again, tested that nominal figure, but adjusted for inflation.

01:33:50.960 That number is today, in today's dollars, maybe 70, 75 bucks.

01:33:55.100 So we're nowhere near any of those previous highs.

01:33:59.160 And historically, since about maybe 1915 to present, if you look at all of the fluctuation of the gold-silver ratio, it's roughly, the average has been roughly 53 to 1 instead of 90 to 1.

01:34:16.060 So even if we just changed, if the ratio was to be the basis for revaluing the price of silver, it would be over $50 right now based on the price of gold.

01:34:26.700 It's where silver maybe should be if you think that the ratio is a fair comparison.

01:34:31.920 And to restate, there has not been a radical expansion in supply.

01:34:34.980 Correct.

01:34:35.360 In fact, the supply that's coming out of the ground, like I said, miners report it being roughly a 7 to 1 ratio, maybe 10 to 1 ratio, depending on the mine that you're extracting from.

01:34:46.760 So it has industrial demand.

01:34:50.100 A certain amount is lost every year.

01:34:51.900 So there's some amount of a deficit, I think.

01:34:54.120 I don't have the exact figures, but then the amount that's coming out of the ground is nowhere near a 90 to 1 ratio or even 50 to 1.

01:35:04.080 It's 10 to 1 or less.

01:35:06.400 So the possibilities—

01:35:08.220 That sounds like market manipulation, maybe?

01:35:11.020 That's what a lot of people claim.

01:35:13.900 I'm not enough of an expert in some of that inside baseball.

01:35:17.340 I'd let other people talk about that issue who have a lot more information than I do.

01:35:22.400 But to my understanding—

01:35:24.640 Is there some motive for that that you can think of?

01:35:27.460 Well, I'm not sure what the motive may be.

01:35:32.300 It may be residual to previous positions that were taken when silver was more of a monetary asset.

01:35:39.680 From what I understand, there are a lot of short positions by certain bullion banks that trade paper contracts to sell positions that they don't ever actually intend to deliver on, which is a standard practice.

01:35:55.220 You just roll those contracts and buy it back, sell it again.

01:35:58.680 And there are legitimate reasons for doing that, but also there are reasons that are purely economical or even manipulative.

01:36:08.020 And from what I understand, there are positions on the books of various banks where every dollar silver goes up, they're losing hundreds of millions of dollars collectively.

01:36:18.860 So that may be potentially part of the motivation.

01:36:24.760 I'm not sure exactly what the motivation would be, apart from also the fact that silver is very closely associated with gold.

01:36:33.480 So there's probably a number of reasons why it may be happening that I'm not aware of.

01:36:39.940 What does the U.S. government, I've read this, but I can't recall, price its own gold at?

01:36:45.100 Biggest holder of gold in the world, I think, or supposedly.

01:36:48.480 Yep.

01:36:49.440 $42.22 per ounce.

01:36:52.380 Is that less than the market price?

01:36:54.200 Oh, quite a bit less.

01:36:56.240 Like $3,000 less, almost.

01:36:59.480 That's crazy.

01:37:00.540 How do you do that?

01:37:03.760 Well, the Fed can choose how it wants to value its assets.

01:37:09.300 So the Fed is magic?

01:37:10.800 Is that what you're saying?

01:37:11.640 It is.

01:37:12.620 Yeah.

01:37:13.260 Yeah.

01:37:13.520 They can mark their assets to market or they can mark them to cost.

01:37:17.880 They have the amazing power to value or revalue different assets on their books.

01:37:23.860 That's part of the magic that we all enjoy.

01:37:28.200 So, yeah, it seems undervalued.

01:37:31.520 Now, there...

01:37:32.300 Can I buy gold from the U.S. government at $42?

01:37:36.260 Is that possible?

01:37:36.780 Wouldn't it be nice?

01:37:37.640 Yeah.

01:37:37.980 So there are people who have, you know, who watch the value of the Federal Reserve's balance sheet and market to market because there is enough information, I think, that people are able to do that.

01:37:51.200 Or you could look at the money supplier or take other barometers of, you know, what is in circulation.

01:37:56.700 But there have been a number of times James Rickards, who is a famous commentator on these topics, he's written a few books about this topic.

01:38:07.860 And he describes in one of his books, I believe it's The Death of Money, where he discusses the fact that the Federal Reserve technically on paper marking everything to market has been underwater a couple of times, you know, essentially insolvent.

01:38:28.520 And, but that didn't include marking the gold to market or revaluing it to some other price, which may be arbitrary or it may be an actual market price.

01:38:46.340 And so it would appear that the gold on the Fed's balance sheet has always been sort of a standing tool, like an ace in the hole to say, if we need to revalue this asset to rebalance the balance sheet of the Fed, of our currency, then we'll revalue that asset.

01:39:08.340 What would happen to, since the United States is supposedly the world's largest holder of gold, what would happen to the gold price if they did that?

01:39:19.400 It depends on what metric you would want to use.

01:39:24.740 People talk about the old gold standard under the Federal Reserve, where we had a 40% reserve ratio, 40% of the value of the dollar had to be backed by gold.

01:39:35.320 There's other ways to determine it.

01:39:38.520 So if the value of gold were set to, say, 40% or some other number, it's going to be between, you know, maybe 20,000 and 40,000, as high as 40,000 to get that ratio back.

01:39:54.360 Now, many things could happen between now and that point, which could change the makeup of the balance sheet of the Fed.

01:40:01.000 So who knows where that number would actually end up, but it would be multiples higher of where it is right now.

01:40:06.140 I think it was Luke Grohman who said that if we wanted to get to a one-to-one parity with Chinese yuan, we would need roughly a $22,000 gold price.

01:40:16.460 And that per ounce?

01:40:18.960 Per ounce.

01:40:19.600 And that's if we have the amount of gold that we actually say we have.

01:40:25.560 If we don't have that much gold, then the price goes up because the dollar goes down in relation to what gold we do have.

01:40:32.080 So – and that seems to be one of –

01:40:34.320 The dollar just evaporates at that point.

01:40:36.000 It depends how much gold we have in that scenario, but it would be a serious blow to the confidence of other central banks into what is the dollar really worth in some future scenario where international currency settlement gets tethered to gold of some type.

01:40:51.740 And I think that they're – everybody's preparing for that.

01:40:54.560 Why are central banks net purchasers of gold since 2005 and just upped it since 2022?

01:41:00.820 So a revaluation and a rebalancing has to come for peace and for prosperity and for fairness.

01:41:08.340 It's going to happen.

01:41:08.840 Right.

01:41:08.920 If you're – I mean, if you were actually, as you so wonderfully put it, tethered to reality, gold is reality.

01:41:17.080 If you were tethered to reality, you couldn't have a ton of neocon wars.

01:41:21.520 They've never been popular.

01:41:23.260 They wreck the country.

01:41:24.280 Everyone kind of hates them.

01:41:25.640 But it doesn't matter what people think because you make up the money supply.

01:41:30.820 When you need it.

01:41:32.400 I don't think we would have any of these wars if we were tethered to gold.

01:41:37.600 Right.

01:41:38.240 And we probably wouldn't have hollowed out our industrial base.

01:41:41.840 Globalism wouldn't be possible, at least in terms of the American version of globalism, without that fiat currency aspect.

01:41:50.640 And if we want to have, say, like Luke Roman, who you've had on the show here.

01:41:56.460 Very smart guy.

01:41:57.600 Yeah.

01:41:58.200 Incredibly smart.

01:41:59.000 And his idea of the revaluation of gold to obtain a parity of Chinese yuan to the U.S. dollar of one to one.

01:42:07.580 That would be good for us as well because the Chinese yuan is so incredibly cheap compared to the dollar.

01:42:16.740 And I think that's been people have accused China of being a currency manipulator.

01:42:20.860 Of course.

01:42:21.300 To maintain that artificial cheapness because it makes Chinese imports so cheap.

01:42:27.720 And American exports to China are very expensive.

01:42:29.720 So that's helped to fuel a lot of the offshoring of our industrial base to China over the last almost 30 years now.

01:42:39.360 Since roughly 97, I think, is when that began in earnest.

01:42:44.180 But that also is sort of a side effect of maybe this fiat currency system that not only are we able to manipulate the world, but maybe other people are also able to use that system that's set up against us.

01:43:04.560 And that's probably what's been happening, too, in terms of our relationship with China.

01:43:09.360 So I think there's a lot of problems that we could solve internationally and even domestically if we were to return to some form of an honest money standard, an actual standard that everyone is held to, a set of norms.

01:43:29.580 And that makes everyone forced to deal honestly so that your word is your word and your currency is your currency.

01:43:36.980 And we disclose what these things are and we're transparent.

01:43:40.660 That would be a first step towards maybe rectifying so many of the evil things that have happened in the world.

01:43:46.880 If lying is evil and if you're in a society that's, or you're just, you can't even get to the truth, then you know you have a huge problem.

01:43:54.280 Anyway, I hope our small effort moves the needle a tiny bit and I'm grateful to be in it with you.

01:44:00.640 So thank you, Chris Olson.

01:44:02.240 Thank you.

01:44:02.620 Thank you, Chris Olson.

01:44:32.620 But that's not the point of it.

01:44:33.600 The point of it is to make it easy and transparent for people to buy gold because we believe it's important for the reasons we just described.

01:44:43.560 And that's all sincere.

01:44:44.980 But you can judge for yourself because full transparency.

01:44:48.040 So if you're interested, the company is called Battalion Metals.

01:44:52.060 Battalion Metals.

01:44:53.680 And the web address, not surprisingly, is battalionmetals.com.

01:44:58.560 And we're open to any questions about this.

01:45:00.800 We want to bring honesty back to this business.

01:45:04.180 There's no reason it should be a scam or shrouded in secrecy.

01:45:07.760 By the way, secrecy is a tell for dishonesty.

01:45:11.240 Someone is hiding something.

01:45:12.260 There's a reason they're hiding it.

01:45:13.640 We are not hiding it.

01:45:14.640 But you can judge for yourself.

01:45:16.620 Battalionmetals.com.

The Tucker Carlson Show - November 24, 2025

One of America’s Biggest Gold Wholesalers Exposes the Most Common Gold Scam Enslaving the Country

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