Gold and silver prices are at an all-time high in world history . Gold is more important than it's ever been. It's the new global reserve currency. Countries are moving away from the dollar. They're doing that because our national debt is exploding. The dollar has been used as a diplomatic weapon. People know something is wrong and they're looking for safety .
00:01:26.880And for the time being, it's the future.
00:01:29.700So 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.
00:05:34.120But like the one thing that connects us to the past going back through recorded history is gold as a medium of exchange.
00:05:42.620Why 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?
00:05:54.440Well, within society, unless you want to have a barter economy, you have to have a form of money of some kind.
00:06:03.080And money requires certain characteristics in order for it to be good or useful as money.
00:06:10.460So, you couldn't use sand or seashells.
00:06:14.580And in the past, we've, you know, used lots of different types of money, like beavers' tails or pelts or tobacco.
00:06:22.260But 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.
00:06:36.380So, there can't be enough of it to satisfy everyone's demand.
00:06:40.700So, it has a certain level of value just intrinsic to the characteristics of the element.
00:06:46.520And 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,
00:06:55.660the only two that really shine are gold and silver compared to the rest of them.
00:07:02.420So, over the course of history, it's been a natural progression for societies to adopt gold as a medium of exchange
00:07:11.940simply because it has those hallmarks and those characteristics that allow it to be useful as a medium of exchange and a store of value.
00:07:22.260And 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.
00:07:33.980Because when you do that, you're essentially conveying arbitrary power, purchasing power to entities that didn't really earn it.
00:07:43.900So, 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.
00:07:53.020All of those things are fundamentally lying and they're fundamentally stealing.
00:07:57.180And 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.
00:08:08.800And 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.
00:08:23.100And so, for example, whoever's closest to new money within a society has more purchasing power than the market expects that they should have
00:08:34.640because the signals haven't gone out that there's excess money in society.
00:08:44.540I'm sorry, that is such an interesting point that I've never considered.
00:08:48.000The people who are closest to new money have the first mover advantage, effectively.
00:08:55.040Like, 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.
00:09:34.700And if they were to collectively understand that together, they would realize that the prices of everything should also be doubled.
00:09:44.000So, 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.
00:09:51.360You've just doubled the claims on wealth.
00:10:03.020Prices double, and nothing's different.
00:10:05.040You just have more money and higher prices.
00:10:07.760But 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.
00:10:16.600So, the market that determines prices would not be able to detect or prevent what's basically a hack, in a sense.
00:10:27.880It's allowing people who haven't earned a claim on those goods and services to take them arbitrarily.
00:10:35.320That's why they call it fiat money, because it's by fiat.
00:15:07.260Can I just, I don't want to be digressive, but I can't control myself on this.
00:15:11.280You were saying that from the beginning of time, gold was used as a medium exchange because of its inherent physical properties.
00:15:19.700But 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.
00:15:33.640So, 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.
00:15:51.560The first and second temples were adorned with gold, et cetera, et cetera, et cetera.
00:16:02.680Yeah, I think all of reality is symbolic, and I think gold symbolizes something.
00:16:09.240So, 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.
00:16:20.040And it seems like quite a coincidence that you happen to have two elements that fit that bill so well, and it would explain why.
00:16:28.320But that everybody recognized it thousands and thousands of years before the internet.
00:16:37.740The odds are astronomical, and I think that's why, that explains why that would happen.
00:16:43.100If 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.
00:17:16.180So, 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.
00:17:27.040You 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.
00:17:47.020And 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.
00:18:39.040So, 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?
00:18:58.220This is not just like some, you know, because there's been a run on gold recently.
00:19:01.240The spot price has risen a lot to record highs.
00:19:03.840So, 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.
00:19:22.060So, like, why didn't I know that till last night?
00:19:26.240Well, 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.
00:19:45.780And 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.
00:20:01.880And if gold is a competitor to the dollar, gold is really – it serves as a barometer of the health of the dollar as well.
00:20:09.300And there have been multiple times in recent history that gold has risen precipitously or silver against the dollar.
00:20:18.900And whenever that happens, it's a threat to a debt-based system to see real assets appreciating against the currency in that way.
00:20:29.180So, additionally, you've got other foreign governments that are holders of gold, central banks.
00:20:38.760And if you can suppress the price of gold against the dollar, you can also suppress the purchasing power of those governments against your own.
00:20:47.120But 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.
00:21:06.220It'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.
00:21:59.500And 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.
00:22:05.260And 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.
00:22:17.720Well, there's a process underway that many people refer to as de-dollarization.
00:22:25.520And a lot of it's centered around BRICS economy.
00:22:28.480And 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.
00:22:37.820So he's obviously been advised as to the threat that that poses to U.S. national security or foreign policy objectives.
00:22:48.300But 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.
00:23:00.820And historically, it's been dollars and treasuries for decades now as the world's reserve currency.
00:24:31.000How hard is it to transport it privately?
00:24:33.540And 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.
00:24:45.200But if I've earned money, I have a right to have it.
00:24:48.360You 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.
00:24:54.400And 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.
00:25:45.740You know, and so it's directly linked to your sovereignty as individuals, as nations, as families.
00:25:53.120But 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.
00:26:06.120That's a million dollars worth of gold.
00:28:51.480So, um, is it hard to move it across borders?
00:28:56.400Um, 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.
00:29:08.160So, there are, uh, laws for customs, uh, in, in every country.
00:29:13.740So, 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.
00:29:40.420So, 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.
00:29:53.420Let the market determine the real value of it.
00:30:07.320You, you don't put a tariff on euros or a tariff on dollars.
00:30:11.820You want the money to be able to flow because it's good for trade.
00:30:14.600And the same is true for gold and silver in most cases.
00:30:19.700So, 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.
00:30:27.640You 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.
00:30:51.560Even 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?
00:31:02.260I don't have much time for mainstream news.
00:31:05.260There are many mainstream investors in gold.
00:31:08.140Many very intelligent advisors are constantly advising for it and have been for a long time.
00:31:13.820And 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.
00:31:26.860That used to be a standard recommendation, just because it's always been understood to be a hedge against inflation and volatility.
00:31:35.180You know, it's an asset that moves contrary to other assets.
00:31:39.260So, it's a way to balance a portfolio to some extent.
00:31:45.580Well, 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.
00:31:52.940Now, 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?
00:32:01.280Well, in the, the gold market internationally is primarily operated through exchanges, such as the COMEX, operated by the CME Group out of New York.
00:32:17.000The London Bullion Market Association in London, the Shanghai Gold Exchange, there are other gold exchanges in, say, Russia and in India as well.
00:32:28.220And so, that's where the bulk of the trading occurs, where they're clearing hundreds of millions of dollars every single day in contracts.
00:32:36.820And that's being fed primarily by refineries who are purchasing the gold from mines and also are trading gold that already exists.
00:32:51.720So, that's the major source of gold, and that's usually in the form of large exchange-traded standardized bars in bulk.
00:33:00.720Like, 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,
00:33:11.840or other people who need to buy and sell futures contracts will purchase that type of a commodity.
00:33:17.980From that point, bulk gold is taken, and it is further processed into smaller coins and bars by private mints and by government mints,
00:33:31.260specifically for the purpose of making it available to people that want to buy it in formats that are useful to the average person.
00:33:38.380And so, the primary source is going to be big banks, funds, ETFs that are trading, mines, and also the secondary market,
00:33:51.860where 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.
00:34:01.260And I'm referring to that as just the non-exchange-traded markets, just this is the open market in the United States, for example.
00:34:09.940If people sell too much, as they have been for the last year and a half,
00:34:18.360what that market needs to do then is absorb all of that selling pressure,
00:34:25.560and 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,
00:34:38.420where there's deeper liquidity, there's more money to absorb the purchasing power or the selling demand of the market.
00:34:48.540So, even the secondary market will at times be feeding back into that.
00:34:52.620So, there's a lot of plumbing internationally that provides for the efficient flow of precious metals and price discovery and trade execution and settlement.
00:35:07.380It's a very well-established system that operates internationally.
00:35:14.940There'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.
00:35:23.500So, the least amount of friction is going to be like unallocated pool positions in London, but that's also the highest amount of risk.
00:35:34.700If you want to de-risk it a little bit, you'll get allocated bars.
00:35:39.140But 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.
00:35:47.060But 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.
00:35:58.280And 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.
00:36:09.180And you'll have to then reformat the big bars into smaller coins and bars, and that requires capital equipment and labor, other inputs.
00:36:19.700And so, there is friction to move it between the major sources of liquidity and the different markets.
00:36:27.820And so, as you're doing that, that's where actually the premium comes from.
00:36:31.180So, 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.
00:36:44.760It's got multiple layers of friction that have been added into that product.
00:37:00.100But, 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.
00:37:12.020But that's usually not the best option for your average investor.
00:37:15.840You don't have possession and control of it.
00:37:17.900And if you want to take possession and control of it, you're going to add some friction back into the asset.
00:37:24.000What percentage of your customers take delivery?
00:37:26.980Well, 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.
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00:39:15.560Remember, you mentioned you heard it here first.
00:40:32.060Well, 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.
00:41:42.400They're a claim on the assets of the Fed.
00:41:44.120And so, whenever you pay somebody with a Federal Reserve note, you're not actually settling your debt to that person.
00:41:51.080You're exchanging one debt for another.
00:41:53.440So, 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.
00:42:03.420But 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.
00:42:21.440Well, right now, because of the way our economy works, you need dollars for practically everything.
00:42:32.720Even 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.
00:42:45.100They're converting it to dollars almost instantly in most cases.
00:42:49.200So, 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.
00:43:08.740So, 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.
00:43:19.940So, which seems reasonable at this point in time.
00:43:24.160And, of course, that will evolve, as all systems do.
00:43:42.020I buy 30 gold coins, one-ounce coins, and I keep them in my safe, and then I have a need for them.
00:43:51.360How do I convert them to U.S. dollars?
00:43:54.100Well, 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.
00:44:04.820You're going to have to transport them through a common carrier, like FedEx.
00:44:28.780Normally, 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.
00:44:45.620So, 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.
00:45:01.520You could walk in with, you know, two gold eagles and walk out with $6,000 cash.
00:45:09.400So, will they give you spot price-ish for those coins?
00:45:14.220And you can, you know, you can check the price.
00:45:16.900You 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.
00:45:23.380But, you know, there are dishonest dealers out there for sure.
00:45:26.460But 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.
00:45:39.000I've got two gold coins, assess if they're real, and if they are, will you give me spot?
00:45:42.760Is it possible you're going to get that?
00:46:05.860So, there's no specific reporting requirement that says that dealers have to report every purchase that they make from the public.
00:46:14.000Once 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.
00:46:33.460It doesn't disclose the profit or loss that you made in that because they have no way of knowing that.
01:22:52.900And so I asked for a list of all the media people because I was in the media my whole life.
01:22:56.380And, 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.
01:23:05.180So I decide it's all publicly available if you're interested to put up yourself.
01:23:08.660So 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,
01:23:20.460I 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.
01:23:30.420Like some agents like, oh, you know, gold company X is going to pay you whatever.
01:23:52.700I 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.
01:23:57.700But as a long hold, it doubled the markets.
01:26:10.300And the people that are promoting these companies, the people who have large audiences, need to do a little investigation.
01:26:20.920And 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.
01:26:37.760Well, they don't even put their prices on the website.
01:29:31.420And we've been transparent and honest.
01:29:34.240And that's been a cornerstone of the way we've operated for decades.
01:29:40.280And I've known about these companies and never really felt that it was something that I could do anything materially to affect.
01:29:50.900So, 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.
01:30:07.720I wasn't really planning on expanding my list of projects.
01:30:11.580I've been wanting to scale back, honestly, because I've been successful and I've been working really hard a long time.
01:30:18.180But this opportunity, to me, was of greater value than just the business.
01:30:25.400If it had just been business, I wouldn't have been interested.
01:30:27.400But 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.
01:31:05.840So, 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.
01:31:24.620And do the math and ask some really hard questions.
01:31:27.880That's something that is of such huge value that, you know, just this interview alone is worth everything to get that information out.
01:32:49.660If 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.
01:33:34.320That's a lot of inflation in 45 years.
01:33:37.440That's the problem we're talking about.
01:33:39.340But, you know, and then most recently in 2011, silver, again, tested that nominal figure, but adjusted for inflation.
01:33:50.960That number is today, in today's dollars, maybe 70, 75 bucks.
01:33:55.100So we're nowhere near any of those previous highs.
01:33:59.160And 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.
01:34:16.060So 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.
01:34:26.700It's where silver maybe should be if you think that the ratio is a fair comparison.
01:34:31.920And to restate, there has not been a radical expansion in supply.
01:34:35.360In 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.
01:35:24.640Is there some motive for that that you can think of?
01:35:27.460Well, I'm not sure what the motive may be.
01:35:32.300It may be residual to previous positions that were taken when silver was more of a monetary asset.
01:35:39.680From 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.
01:35:55.220You just roll those contracts and buy it back, sell it again.
01:35:58.680And there are legitimate reasons for doing that, but also there are reasons that are purely economical or even manipulative.
01:36:08.020And 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.
01:36:18.860So that may be potentially part of the motivation.
01:36:24.760I'm not sure exactly what the motivation would be, apart from also the fact that silver is very closely associated with gold.
01:36:33.480So there's probably a number of reasons why it may be happening that I'm not aware of.
01:36:39.940What does the U.S. government, I've read this, but I can't recall, price its own gold at?
01:36:45.100Biggest holder of gold in the world, I think, or supposedly.
01:37:37.980So 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.
01:37:51.200Or you could look at the money supplier or take other barometers of, you know, what is in circulation.
01:37:56.700But 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.
01:38:07.860And 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.
01:38:28.520And, 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.
01:38:46.340And 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.
01:39:08.340What 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?
01:39:19.400It depends on what metric you would want to use.
01:39:24.740People 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.
01:39:38.520So 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.
01:39:54.360Now, many things could happen between now and that point, which could change the makeup of the balance sheet of the Fed.
01:40:01.000So who knows where that number would actually end up, but it would be multiples higher of where it is right now.
01:40:06.140I 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.
01:40:19.600And that's if we have the amount of gold that we actually say we have.
01:40:25.560If 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.
01:40:32.080So – and that seems to be one of –
01:40:34.320The dollar just evaporates at that point.
01:40:36.000It 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.
01:40:51.740And I think that they're – everybody's preparing for that.
01:40:54.560Why are central banks net purchasers of gold since 2005 and just upped it since 2022?
01:41:00.820So a revaluation and a rebalancing has to come for peace and for prosperity and for fairness.
01:42:21.300To maintain that artificial cheapness because it makes Chinese imports so cheap.
01:42:27.720And American exports to China are very expensive.
01:42:29.720So that's helped to fuel a lot of the offshoring of our industrial base to China over the last almost 30 years now.
01:42:39.360Since roughly 97, I think, is when that began in earnest.
01:42:44.180But 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.
01:43:04.560And that's probably what's been happening, too, in terms of our relationship with China.
01:43:09.360So 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.
01:43:29.580And that makes everyone forced to deal honestly so that your word is your word and your currency is your currency.
01:43:36.980And we disclose what these things are and we're transparent.
01:43:40.660That would be a first step towards maybe rectifying so many of the evil things that have happened in the world.
01:43:46.880If 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.
01:43:54.280Anyway, I hope our small effort moves the needle a tiny bit and I'm grateful to be in it with you.
01:44:33.600The 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.