The Tucker Carlson Show - Peter Schiff on Gold’s Dominance Over the S&P and the Plot to Stop You From Noticing

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00:00:30.340 petership thank you for for doing this so when did you personally first start buying gold physical gold

00:00:39.800 well you know ironically the first time i bought gold was when i got bar mitzvah that's how this

00:00:46.500 was when i was 13 years old wow and you know so this is in the 70s when the you know the original

00:00:52.520 gold bull market right and so i got my bar mitzvah money and because of my father um i you know i

00:00:59.080 bought gold and i ended up selling it coincidentally near the highs in 1980 because that's because

00:01:06.200 gold went from 35 an ounce in 1970 to 850 1980 so in the middle of that run i took my bar mitzvah

00:01:15.240 money because i could probably got bar mitzvah in 1975 76 and i got took my bar mitzvah money

00:01:21.600 and i bought gold and then i sold it to buy my first car which i was a senior in high school

00:01:27.760 what kind of car it was an mgb convertible nice yeah so uh although it broke down all the time

00:01:34.040 and and and i didn't i bought it it was a stick shift i didn't even know how to drive a stick

00:01:38.460 but i wanted that car so i had to figure it out as i was going along so i happened to get out of gold

00:01:44.740 you know near the highs because then gold went into a 20-year bear market right from 1980 when gold

00:01:52.780 hit 800 it was you know bottomed out at 250 in 2000 1999 2000 but that's about when i started

00:02:05.560 recommending it so i i got into the brokerage business in the 1990s and i was a stock broker

00:02:12.900 um and but i you know i also wanted my clients to own gold i didn't i wasn't in the gold business at

00:02:20.040 the time but i believed that everybody should have you know some of their portfolio in gold and so

00:02:25.800 that's when i started recommending it and so it's outperformed by a pretty big margin uh you know the

00:02:33.720 s&p 500 dow jones you know going back to the beginning of this century right 2000 2001

00:02:41.600 if you were to price the dow in terms of gold it's down about 70 percent and and it's gold yeah i

00:02:51.180 mean so there's an illusion that oh you know we have all this prosperity because in the year 2000

00:02:56.400 the dow was about 10 000 and now it's almost 50 000 right so that's a big gain when you price it in

00:03:04.860 dollars that have lost a lot of their purchasing power but when you price it in gold and realize that

00:03:10.180 gold was 300 back then and now it's 4 300 right the gold it you it took i think 45 um ounces of gold to

00:03:21.120 buy the dow and i forget what it is now maybe 16 or 13 you know it's you can buy a lot more of the

00:03:28.200 dow now than you could back then so what that shows you is that the gain in the stock market

00:03:35.160 is inflation it's not real value that's been created in the market we've just destroyed the

00:03:43.240 value of the currency that we use to price things in right and so you need more dollars to buy stocks

00:03:50.560 but you don't need more gold you could buy stocks with a lot less gold because gold is real money

00:03:55.860 government can't just create gold they can't create inflation and and create gold out of thin air

00:04:01.600 like they do uh federal reserve notes paper dollars you know originally the dollar in 1792

00:04:08.120 was defined as a weight of gold i mean that's really what the dollar was it was a specific

00:04:13.540 quantity of gold or silver and you know for a long time you know till 1913 when we got to federal

00:04:19.620 reserve we were pretty much just using gold and silver as money and even when the federal reserve

00:04:24.300 was created all the federal reserve notes were redeemable and lawful money and gold and and gold was

00:04:30.340 money up until 1971 and even though americans couldn't uh you know redeem their federal reserve

00:04:39.360 notes which we call dollars they couldn't redeem them for gold foreign foreign governments could

00:04:44.700 and foreign governments held a lot of gold as dollars as a reserve but they did that because they knew

00:04:50.860 that those dollars were not only backed by gold but convertible on demand into gold and so you know

00:04:57.140 we were on a gold standard even through the dollar up until 1971 but once you know once we defaulted

00:05:02.740 and the u.s government you know reneged on its commitments to pay to pay gold for its notes that's

00:05:08.060 when the real inflation started that's when we really started printing a lot of money and that's why you

00:05:12.300 had the big price increases of the 1970s uh you know it and it wasn't you know the arabs that were just

00:05:21.860 you know uh jacking up their oil prices because oil went from three dollars a barrel to forty dollars a

00:05:27.580 barrel but it wasn't that oil was getting more expensive it's just that we used to pay for our

00:05:31.940 oil with gold and we started paying for it with paper but all that money we printed it you know in

00:05:37.420 the 60s you know for the war on poverty the great society the vietnam war we ran these big deficits which

00:05:44.080 you know were small by today's standards but they were big back then and they were financed with

00:05:49.960 inflation and we saw the consequences in the 1970s and we may have had a real dollar crisis

00:05:58.100 because the dollar lost about two-thirds of its value during that decade against other currencies

00:06:04.240 like the swiss franc the euro the japanese yen but when reagan came in and you know we had volcker in

00:06:09.600 1980 and interest rates went up to 20 percent and we really had some substantial uh reforms in our tax

00:06:17.120 system and we created a lot more confidence in our economy we kind of stopped the dollar's decline

00:06:24.060 at that point um but now i think we're on the verge of a much bigger crisis because i think that

00:06:32.460 this time around it's not going to be the u.s going off the gold standard it's going to be

00:06:39.500 the world going off the dollar standard and you really have to understand the degree to which

00:06:45.820 the u.s has used the dollar and its reserve status as a crutch and our entire way of life as americans

00:06:55.160 has been supported by the by the idea that we could just create dollars out of thin air

00:07:00.600 and then use those dollars to buy what the rest of the world produces right we have these huge trade

00:07:06.800 deficits now um you know in fact you know donald trump used to talk about the trade deficits a lot

00:07:12.400 um as being the problem they're a consequence of the problem they're not the problem per se

00:07:18.720 but what enables these huge trade deficits we have over a trillion dollar a year trade deficit

00:07:24.480 is the world is willing to accept the money that we print for the goods that they produce

00:07:30.200 and you know when you produce goods you need a lot of resources you need land labor capital you need

00:07:37.100 factories you need supply chains you need raw materials you need workers energy and we you

00:07:43.240 know you don't need anything just to create money out of thin air right the fed just you know add zeros

00:07:47.140 right on a computer and so we're able to create dollars that the world wants and we get all their

00:07:53.460 stuff we didn't have to produce it then the world takes the dollars that they earn from us and they buy

00:08:01.140 stocks they buy real estate they buy our bonds and so as a result our asset prices have gone up and

00:08:08.600 goods prices have stayed down and interest rates have been relatively low because we're able to borrow

00:08:14.320 what the rest of the world saves even though we don't save very much ourselves and we don't produce

00:08:18.500 very much uh you know we get the benefit of of all these goods uh that are coming in and we get all the

00:08:24.480 foreign savings that are financing our our spending and i think all of that is about to change

00:08:30.500 i think that you know when donald trump talked about liberation day ironically it was the rest of

00:08:37.660 the world that is going to be liberated from the burden of having to support the u.s economy

00:08:42.820 when trump says that the world has been screwing us over and ripping us off he's got it backwards

00:08:48.520 we've been screwing them over because we've we've been getting their stuff and all we do is export our

00:08:53.140 inflation they get our paper we get things that make our lives better and and and they get our ious

00:08:58.900 and then you know they use our ious to buy up our financial assets uh but i think this is all

00:09:05.060 changing and i think what we're seeing now in the price of gold where it's finally broken out of its

00:09:10.880 uh consolidation because after gold went from 300 250 300 to 1900 right that was a 10-year move

00:09:19.480 uh it went sideways from 19 from 2011 to 2024 and it really broke out at the beginning of last year

00:09:27.600 and uh it's more than doubled since then silver has finally broken out silver had a double top at

00:09:34.080 around 50 from 1980 to 2011 and it just broke out this year gold broke out last year uh but now you're

00:09:42.380 seeing this movement out of dollars foreign central banks have been huge buyers of gold because they've

00:09:49.780 been moving away from the dollar they've been divesting themselves of dollars and buying gold

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00:11:15.860 about who's buying it which central banks well the major central banks other than you know the the west

00:11:21.240 you know you're talking about in in russia and india and uh china and even smaller ones you know

00:11:27.220 poland or various countries uh are are buying are buying gold and they're buying gold because they

00:11:34.240 want to get out of dollars and in fact you know one of the things that that happened to really

00:11:39.520 cause um this that to happen in a bigger way was when when when biden was president and he sanctioned

00:11:47.240 russia and in sanctioning them they basically took away a lot of their dollar reserves that they had

00:11:53.020 entrusted in dollars and we basically pulled the rug out from under them we sent a message to the

00:11:59.180 rest of the world that you could be next yeah that you know if you hold your reserves in dollars

00:12:03.740 you're vulnerable if you do reliable store value yeah i mean it wasn't even a store value but as a

00:12:09.700 reserve asset and and so that was a political impetus but the real reason for getting out of the

00:12:15.760 dollar is that we're going to destroy its value we have these runaway uh deficit spending

00:12:21.960 that is the source of all the inflation that we have it's the fed monetizing the debt that the

00:12:28.300 government is creating a lot of people don't know what inflation is they just think it's prices going

00:12:32.800 up because that's what the governments tell them or some economists tell them but prices going up are

00:12:37.400 a consequence of inflation they're not inflation inflation is an expansion of the supply of money and

00:12:44.000 credit and when you expand money you expand credit right that bids up prices and so as a

00:12:51.860 result of inflation prices go up right the root of the word inflate means to expand right prices don't

00:12:58.860 expand they go up they go down and if you get an old dictionary get an old webster's dictionary

00:13:03.320 even as even as late as the 80s and you look up inflation that's exactly what it says an expansion

00:13:09.060 of the money supply right uh but the government kind of redefined inflation because if you define it

00:13:16.320 properly well it's pretty obvious who causes it right right so good boy but anyone increasing the

00:13:22.200 money supply right but if you change the definition to rising prices now the public blames whoever it is

00:13:28.520 that's raising the prices right that that's where it's coming from and so the government is able to

00:13:32.800 blame the private sector whether it's corporations or workers uh for prices going up when they're simply

00:13:42.280 raising prices in response to inflation and of course sometimes inflation just doesn't just cause

00:13:49.280 prices to go up it prevents them from going down see in a free market economy in a capitalist economy

00:13:55.940 the natural tendency for prices is to go down right if you look at the cpi in 1900 because of efficiencies

00:14:03.200 yes if you look at the cpi in 1900 and you look at it in 1800 it was down by 50 percent so for a hundred

00:14:11.240 years in america prices went down and during that time we had the industrial revolution we had we had

00:14:17.580 the most rapid period of economic growth in the history of america which was after the civil war

00:14:22.600 and into the early 1900s all the time prices were coming down today the federal reserve says that we

00:14:28.680 need to have two percent inflation right prices have to go up two percent a year why i mean why does the

00:14:33.960 cost of living have to go up why can't it go down or at least remain the same and and what is the

00:14:39.260 answer to that what's their rationale for that well they have a bunch of bs explanations and it's all to

00:14:44.880 justify the fact that the government wants inflation it's not that it's good for us the government needs

00:14:49.900 it it's you know it's the way the government you know raises revenue and and repudiates its debts

00:14:54.900 but they have a couple of things that they say one of the things they say is well if prices

00:14:59.980 are we're going down nobody would buy anything right people would just be constantly waiting for lower

00:15:05.460 prices and so nobody would buy and that's the number one reason they say that prices have to

00:15:10.760 go up and that's all no one would buy if prices were going down yeah that's how ridiculous it is

00:15:15.180 because everyone be waiting for the bottom to buy a new dishwasher supposedly supposedly but of course

00:15:19.900 we all have cell phones if that were the case nobody would ever buy a cell phone or a television set

00:15:25.920 or a computer right prices go down but also like if i'm hungry am i going to wait a year to eat

00:15:31.940 because i think the food is going to be two percent cheaper if you don't have a dryer are you going

00:15:36.260 to wait a year no first time right you buy things they forget that there is a value to having something

00:15:42.640 today versus having to wait right the only reason amazon is based on that idea yes the only reason that

00:15:48.720 you don't buy something now because you want a lower price is because you can't afford it and so

00:15:54.240 you're hoping that the price will go down and then you'll be able to buy it which is what the free

00:15:58.800 market does so it's nonsense to say that you know we're not going to buy you know i mean would it be

00:16:05.620 a disaster if food got cheaper if health care got cheaper if energy got cheaper if clothing got

00:16:12.680 cheaper if everything you needed was less expensive why does the fed have to prevent that from happening

00:16:18.120 why is that such a horrible thing are you i'm not questioning your knowledge which is obvious it's on

00:16:24.220 display but is that actually their rationale oh yeah it is i'm not making that's so deranged that

00:16:30.320 i have trouble believing you know i know that's how stupid they think we are and then the other thing

00:16:34.740 we can't we need inflation because we can't let prices of services and consumer goods get too low

00:16:39.720 because people won't buy them yeah people will stop buying we'll sit on our hands indefinitely

00:16:43.300 waiting for a better deal like you know and the fed the federal reserve says oh yeah they believe that

00:16:48.340 then the other thing they think is that businesses can't make money if prices aren't rising which is

00:16:55.540 also not true they actually make more money when prices are falling because what's important for a

00:17:00.780 business is not the price that they charge no it's the spread between what they paid and what they

00:17:05.320 sold for exactly it's the margin and if prices are falling right even i know that yes that's because

00:17:11.660 you didn't go and get a degree in economics at a u.s university then you wouldn't know anything you

00:17:16.900 would have been brainwashed this is what they teach they but they actually say that yes businesses

00:17:20.920 don't make money unless the prices keep rising they don't really but the reality is you actually

00:17:26.580 make more money when prices are going down because you sell more you have more volume restaurant owner

00:17:30.880 right now a steak is 80 bucks it cost 80 bucks the restaurant ate it last night it's not even a

00:17:35.360 high tone restaurant yeah because meat is so expensive right now yeah look and they're making less money

00:17:40.740 because who can pay 80 bucks for a steak yes if you have any common sense you can't be an economist

00:17:45.600 at the federal reserve or or for the u.s government so they don't understand so they but the government

00:17:50.360 wants to create inflation they create inflation and so quantitative easing right which was the term

00:17:56.360 they introduced after the 2008 financial crisis that's just a euphemism for inflation what is

00:18:01.720 quantitative easing the government the federal reserve prints money and buys government debt

00:18:06.040 right monetizing debt that's pure inflation they didn't like they don't like to call inflation

00:18:11.180 inflation because you know the public doesn't like inflation so they called it quantitative easing

00:18:15.480 but we created a lot of inflation um following the 2008 financial crisis and a lot of that inflation

00:18:23.360 ended up going into financial assets but if it wasn't for all the inflation the government created

00:18:28.480 prices would have come down following the 2000 can you be more specific when you say that inflation

00:18:32.820 went into assets what does that what does that well stocks so the money like so we create money we

00:18:37.400 create credit but where does it go right and if it goes into the stock market if it goes into the

00:18:43.900 real estate market it's bidding up those asset prices right and so no one has to hold dollars like

00:18:49.480 you want to put it into something right but people don't look at asset prices rising and they don't they

00:18:55.060 don't they don't think that's a bad thing because people think that they're getting richer because

00:18:58.980 prices are going up but it's really distorting the economy uh you you don't want prices to go up

00:19:04.860 because we print a lot of money you want stock prices to go up because the companies are inherently

00:19:09.780 more valuable because they're generating more earnings and their stock price is higher because

00:19:15.200 they're worth more because they're earning more you don't want just the price to go up uh because

00:19:19.680 there's so much cash that's that's bidding it up but that's really what's been happening and that's

00:19:24.340 why when you look at prices from the terms of gold you can see that real prices are falling but i wanted

00:19:30.140 to get to why we had this big spike in inflation uh under biden uh so when we got covid in in in 2020

00:19:39.440 the government basically implemented the most inflationary combination of monetary and fiscal

00:19:48.680 policy i'd ever seen and i i called it out on my podcast at the time when everybody was swearing oh

00:19:54.640 deflation and i was like look this is massive inflation that's coming um so when covid hit

00:20:00.240 we shut down the economy we told people don't go to work stay at home don't produce anything

00:20:05.520 but then we said but don't stop shopping so everyone's going to get a bunch of money

00:20:11.360 we had the pay paycheck protection we had these enhanced unemployment benefits we ran massive deficits

00:20:18.340 the fed printed money like crazy right we doubled the fed's balance sheet for like four trillion to

00:20:23.560 eight trillion right everybody stayed home and and got money to spend so we had all this money to spend

00:20:29.060 but we weren't making anything and and so i knew that the consequence of that was going to be soaring

00:20:35.420 prices now inflation right the expansion of my supply always acts with a lag right if i create a bunch of

00:20:41.820 money today you're not going to see it tomorrow you know at the supermarket or you know at walmart

00:20:47.700 there's a little bit of time it could take six months it could take a year before you really start

00:20:53.340 to see the effect of all that inflation in retail prices so what happened was if you look at the cpi

00:21:01.320 in the final year of the trump presidency the last three or four months it really started to shoot up

00:21:07.500 and it continued for the first few months of the biden presidency before biden's policies that ever

00:21:14.600 come into effect before the first stimulus check was put in the mail and that inflation continued so

00:21:21.480 all the the cpi was up 9.1 percent during um um biden's first year his first term that was all

00:21:32.200 trump and on on trump and and and and the congress under trump because all the money that was created

00:21:38.700 that resulted in those price increases was created before biden got into office had trump been reelected

00:21:45.700 it would have been the same thing right we would have had just as high a move in cpi had trump won

00:21:52.000 right so it's not because we elected biden right that it was already baked in the cake and the main

00:21:57.980 reason that trump didn't get reelected whether or not you want to think it was rigged or not the main

00:22:02.760 reason was that trump got elected promising to make things better and at the end of his first term they

00:22:08.720 were worse because all trump really did was continue the failed policies of obama yeah and so

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00:24:37.840 i mean we he government continued to get bigger under trump deficits continued to get bigger we

00:24:46.380 continued to print more money we didn't have the real structural reforms that we needed to make

00:24:51.400 america great again we just kept blowing more air into the bubble and and and so the the the inflation

00:24:59.220 rates as measured by cpi remember the cpi is a very flawed way to measure prices yeah in in in the

00:25:06.860 1990s they had some price index tell me why it's flawed well so in the 1990s the government decided

00:25:13.300 that the cpi was overstating how much prices were going up now that was probably a lie but the government

00:25:19.360 said we need to recalculate it we need to figure out a better way to measure prices so they made

00:25:24.420 drastic changes to the methodology for calculating the cpi and they've done the same thing for

00:25:30.660 unemployment too the government constantly changes how they measure oh i've noticed right so today

00:25:35.200 unemployment doesn't measure how many people are unemployed no not even close i know so so in order

00:25:41.560 to see what prices are doing you pretty much have to double whatever the government says

00:25:45.460 right i mean i did a but tell us what the changes are that they made well they introduced all kinds

00:25:50.660 of substitution uh hedonics um just you know they they make changes to the basket like i don't even

00:25:58.140 know like in 2020 2013 i just you know i did a youtube video it's a long time ago um because i remember

00:26:06.760 looking at the cpi and according to the government over a 10-year period newspaper and magazine prices were up

00:26:14.160 by 30 percent and i remember thinking i don't know i think they're up more than that so i went on the

00:26:20.040 internet and i and i took the 20 most popular newspapers and magazines in 2013 i looked at what

00:26:27.080 the prices were because it's just written right there on the cover it's not hard to see and then i

00:26:31.520 went and i got photographs on the internet of the exact same newspapers and magazines from 10 years earlier

00:26:36.920 and i looked at the prices and i just compared them and the actual increase was 130 percent

00:26:43.040 so who knows how you put 130 percent in and only 30 percent comes out that is the magic of the cpi

00:26:51.120 so you know well that's just that's lying well yeah that's what they do i mean unemployment the way

00:26:56.520 they measure unemployment now they they used to when they measured unemployment the official rate so when

00:27:02.500 they go back and they say hey unemployment's not as bad as it was in the 70s of course it's actually

00:27:07.460 worse if we measured it the way we measured it then because back then if you were um if you were

00:27:15.560 um part-time had a part-time job but you were looking for a full-time job you were still unemployed

00:27:22.420 and now you don't count right if you're if you're if you're you could be you can be working one one hour a

00:27:28.900 week and you're not unemployed anymore even if you spend the rest of the week looking for work

00:27:33.060 you're still not unemployed you used to be unemployed um if you stop looking for work because you can't

00:27:39.600 find a job and you're just tired of looking you really want one uh but you're just not looking

00:27:44.240 because you're you're convinced there is no job for you you used to be counted as unemployed today

00:27:49.020 they say well you're discouraged we're not going to count you so if you give up looking for work but

00:27:53.500 you don't have a job you're no longer unemployed but back in the 70s and 80s you were still

00:27:58.600 unemployed so we've basically taken so many unemployed people and we've decided that we're

00:28:04.660 not going to count them as being unemployed that's the reason that unemployment is so low

00:28:08.360 because we're not counting all these people if we still measured unemployment now the way we did in

00:28:13.800 the 70s and 80s the official unemployment rate would be well over 10 percent and the inflation rate would

00:28:19.360 be you know at least double what they claim and donald trump ironically enough when donald trump ran for

00:28:25.800 office the first time he said this if you remember he kept saying don't believe these government numbers

00:28:31.840 they're fake unemployment is a lot higher right but once he became president then he told everybody

00:28:38.100 the numbers were real because he wanted people to believe he was doing a great job and so he pointed

00:28:42.900 to the same government numbers that he said were fake when he was trying to get elected all of a sudden

00:28:48.260 they were real when he wanted to use those same fake numbers to pretend that the economy was doing

00:28:54.400 well when it wasn't doing well so so the big beautiful bill was the worst thing that we've done

00:29:00.380 under trump because the big beautiful bill not only preserved all the deficit spending under biden but

00:29:09.320 it expanded it it made it worse right we made the deficits even worse by increasing government spending

00:29:16.360 and and through tax cuts and so now we're going to have even bigger deficits and the fed is going to

00:29:23.540 be monetizing those deficits money supply you know after what does it mean to monetize a deficit it just

00:29:29.580 buys prince money and buys the bonds and in fact just last week the fed basically said we're going back

00:29:37.780 to quantitative easing without saying it because they don't want to admit it but they announced you know

00:29:43.120 they were doing quantitative tightening right they were shrinking their balance sheet because the balance

00:29:46.660 sheet blew up uh you know after the financial crisis and then after covet and so the fed was reducing

00:29:53.000 shrinking the balance sheet and they stopped in december just this month but now they restarted expanding

00:29:59.600 it again they're now printing money to buy up um treasuries in order to suppress interest rates

00:30:07.400 but you know the the underlying problem of the u.s economy has been for decades now interest rates

00:30:13.100 are too low right everybody says oh we need lower interest rates we need lower interest rates we

00:30:17.000 actually need higher interest rates the reason our economy is so screwed up is because interest rates

00:30:21.960 have been too low that's why nobody saves because you know that you you don't have a return on savings

00:30:27.360 and everybody is going into debt we have record debt in the government record debt in the corporate

00:30:32.420 sector record record debt in households uh all because the fed has kept interest rates too low

00:30:37.780 and and and they've done that to you know keep this bubble economy going in fact that's the real

00:30:43.120 reason when the fed started hiking rates the reason it stopped hiking rates wasn't because they finished the

00:30:49.540 job and they they beat inflation it was because the banks started to fail you had several banks that went

00:30:55.000 under because of higher rates right which was another thing that i i predicted just like i predicted

00:31:01.380 the 2008 financial crisis i predicted that uh the fed was set it so in the stage of another crisis by

00:31:08.640 keeping interest rates so low because the banks were loading up on low yielding long-term mortgages

00:31:14.640 and government debt and everybody thought this was great you know people can go out and borrow buy a

00:31:19.720 house and they can borrow money at three and four percent but i was pointing out well what happens to

00:31:25.000 the lenders who own all that paper when interest rates eventually go up and they're stuck with this

00:31:30.260 long-term uh debt where they're collecting three or four percent but they're now their their cost of

00:31:36.320 funds are five percent and they're getting killed and i said exactly what's happening with the housing

00:31:41.540 market now you have a situation where you know the fed has inflated a housing bubble bigger than the

00:31:47.380 one that popped in 2007 because they kept interest rates so low and people were able to borrow money

00:31:53.480 to bid up home prices but now that mortgage rates are not rock bottom anymore they're still not high

00:31:59.020 they're still low by historic standards they're just not as low as they were right seven percent

00:32:04.280 mortgage is still pretty cheap um but you can't afford to buy a home at a seven percent mortgage that

00:32:10.420 was priced for a three percent mortgage and so now you have a situation where real estate prices have to

00:32:15.440 fall things around the world are moving so fast right now it's impossible to keep up with all of

00:32:22.000 the changes but we do know that when those changes happen markets change too and nothing changes faster

00:32:29.080 than the price of precious metals gold and silver it just shifts in an instant because it is a reaction

00:32:35.660 to and against what's happening in the world so timing is essential if you're thinking about adding

00:32:41.760 precious metals and you definitely should we do you need to know when prices are going to move and

00:32:48.440 why they're moving and battalion metals makes that all really simple you can buy the dip when it happens

00:32:53.920 try calling your broker in the public equities market no this is a new world and battalion makes it a

00:33:02.280 transparent and honest world there's no fraud here at all we were founded to fight fraud so if you want

00:33:08.820 real-time alerts sent directly to your inbox when gold and silver prices move go to battalionmetals.com

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00:33:51.640 why haven't those prices adjusted more quickly than they have well i mean it takes some time

00:34:00.580 but i think that's a mystery it's a mystery all of a sudden no one can buy a house but house prices

00:34:05.700 are still high yeah well you know what's happening is a lot of the people who own their homes and have

00:34:11.620 these low low mortgages yeah they don't feel any pressure to put them on the market i mean if they

00:34:16.400 can get a high price they'll sell if not they're just staying on their homes yeah it would be crazy

00:34:21.140 like meanwhile we're not building a lot of new homes because it's very expensive to build them

00:34:25.640 um and in fact trump has made them even more expensive with tariffs so we have tariffs on lumber

00:34:30.220 we have tariffs on on copper and steel and and all the things that you know need to build houses plus

00:34:35.460 you know we're chasing out all the workers i think something like 20 of the people who work in

00:34:40.800 construction are illegal right so if if they're not here you know so you're driving up well that's

00:34:46.040 just bullshit right what you said is bullshit well they are got 50 million illegals in the united

00:34:51.820 states and they're all being paid not all but a lot of them are on the government subsidies yeah

00:34:56.660 so maybe if you took those away they would go to the construction trades you've got a lot of

00:34:59.680 unemployed people who could build houses yes but they're not going to take those jobs unless you pay

00:35:04.280 them higher wages i mean that's the problem so you're driving up the cost of building homes so fewer

00:35:09.100 homes are being built right regardless of what you think of the immigration policy no but i'm just

00:35:12.940 saying it's not a potential we have all kinds of labor problems no one can find labor but it's not

00:35:18.180 because there aren't enough people without work there are a lot of people no there are a lot of

00:35:21.600 people that should be working but the government has given them an alternative right so they and that

00:35:26.140 that is a huge problem uh that is a whole different topic but the point is that there aren't a lot of

00:35:33.140 homes being constructed and there's not a lot of homes for sale because the people that own the

00:35:37.760 homes uh you know they they have such a good deal on their mortgage that they don't of course

00:35:42.180 of course and rather than even sell it you'll rent it out because now you can rent it out and pay the

00:35:47.940 mortgage and collect the rent and you know you have a good a good spread there put on an airbnb

00:35:53.280 but eventually right people have to sell their houses for whatever reason people die people get

00:35:59.900 divorced people move houses are going to come on the market and of course eventually people are going

00:36:05.160 to lose their jobs i mean we're headed for a very severe recession i think we've been in recession

00:36:08.880 for years it's just going to get a lot worse and a lot of the houses are going to come on the market

00:36:14.320 and real estate prices are going to go down substantially nationwide and that creates a whole

00:36:21.060 new problem because now if people lose their home equity now they may just default on their mortgage

00:36:27.740 and now in addition to sitting on all these underwater mortgages uh banks are going to start to lose

00:36:33.760 money on defaulted mortgages so the question is who who eats the shit sandwich is it the real estate

00:36:41.480 is it the people who have real estate assets or the people seeking to buy real estate assets yeah i mean

00:36:46.980 you can someone's going to get screwed here oh right exactly the buyer or the seller well houses

00:36:53.240 are unaffordable you know people cannot afford to buy them right so the solution is lower prices but

00:36:59.240 obviously if you already own a house and that's your main asset right the last thing you want is

00:37:04.300 lower home prices exactly and so that is the problem but the fed created that problem by blowing up this

00:37:10.020 bubble in the first place if we never had uh the artificially low interest rates and of course the other

00:37:15.000 problem was the government guaranteeing the mortgages uh which enabled people to pay more for homes

00:37:20.100 than they otherwise could have paid right so all of these can i just ask you a foundational question

00:37:24.640 why did you've referred a couple times to uh quantitative easing the post financial crisis

00:37:31.500 interest rates at zero but that went on for like what 15 years or something why did that go on for so

00:37:37.600 long because they were afraid to let rates go up because of all the debt that we had they they knew

00:37:42.240 that if they let rates go up it was going to be a problem so they kicked a can down the road

00:37:46.660 and and and they kept them low but the point is that all of the the money in housing it's not it

00:37:53.380 doesn't make housing more affordable it actually makes housing more expensive right of course

00:37:57.540 whenever the government comes in to try to help you pay for something they actually make it more

00:38:03.940 expensive if you look at all the areas where the government is involved in a big way which would

00:38:08.540 be housing uh health care education that's where prices have gone up the most right it's because the

00:38:15.880 government gets involved and and subsidizes it you know before the government got involved in

00:38:21.740 education college was not expensive right uh if you were upper middle class uh in the 1940s 1950s

00:38:30.860 you could afford to send your kids to ivy league schools it was you know wasn't that big a deal

00:38:35.920 right if you were poor like my my uh my father grew up poor right um he wasn't dirt poor but you know

00:38:43.240 he was you know he thought he was like upper lower lower middle but my my father's father you know

00:38:49.400 they had eight kids um and you know his mother didn't have a job right so even though my grandfather

00:38:54.780 worked as a carpenter uh he had a wife who didn't have a job and he was able to support eight kids

00:39:00.400 and they had a house they had like a beach house they had a car i mean you know they lived okay for

00:39:04.360 you know uh what would be he would consider you know upper lower class if they had a house and a

00:39:09.220 beach house by modern standards they'd be rich but they weren't back then right i'm saying even having

00:39:13.700 eight kids yes either you're amish or you're rich yeah nobody could afford eight i mean you got to be

00:39:18.120 rich to afford eight kids today and of course you could because your wife would have a job my

00:39:22.480 grandmother didn't work um and my my grandfather came to this country without a penny he didn't even

00:39:27.520 speak english he came here at about 12 or 13 no welfare no food stamps no government housing just

00:39:32.820 nothing just show up and you know get a job where did they live in the haven in connecticut he started

00:39:38.680 we was worked he worked on building the yale bowl it's like the first thing he did but but anyway

00:39:43.140 so my father didn't have any money for college so he got a job in the summer and that paid for all

00:39:48.800 his college he didn't graduate with any debt he worked his way through college like a lot of his

00:39:53.200 friends that was common to do back then there was no government loans there was nobody could get a loan

00:39:58.040 to go to college but because nobody can get a loan to go to college the universities had to keep the

00:40:02.860 cost down or they wouldn't have any customers so there was a lot of free market pressure to keep

00:40:08.460 tuition down but what happened during the 1960s is the 18 year olds got the vote right and once 18

00:40:15.460 year olds could vote politicians figured well how can we get these kids to vote for us oh let's let's

00:40:21.500 promise that they don't have to work their way through college anymore you could just bum around

00:40:25.520 europe all summer go to woodstock and uh we'll we'll arrange loans for you you can loan money you can

00:40:31.640 borrow money and just pay it back later when you get your job and so they started all these government

00:40:36.560 guaranteed loans and then what happened the colleges reacted to that by raising prices hey the kids have

00:40:43.520 all this money right let's raise prices and so and then they kept increasing how much the kids could

00:40:48.920 borrow and the colleges kept raising prices and then they said oh well let's have fancy gymnasiums let's

00:40:54.280 have nicer dorms nobody cared how much anything costs because all the loans were coming in and so the

00:41:00.000 government got involved and now college cost a fortune everybody has a degree so it doesn't even mean

00:41:05.080 anything anymore and you and you and you graduate with a mortgage right the government caused tuition

00:41:11.440 prices to skyrocket the same thing with health care may i ask a question about college loans how did the

00:41:16.980 lenders do in that arrangement well the lenders did great because the government guaranteed all the loans

00:41:22.080 so the lenders didn't care if the kids could pay back the loans didn't matter what your major was

00:41:27.720 right you could major in basket weaving you could go to a college you know where you take you know you

00:41:33.560 don't get no reading or math i mean they didn't care because the government guaranteed every loan

00:41:40.580 and and and and and so you know in a free market you couldn't borrow all this money because the banks

00:41:47.240 would be worried about getting the money back well why am i going to loan all this money to somebody

00:41:51.460 who has no assets you know what you know but once the government comes in then nobody cares right

00:41:57.160 that's what that's what happened so the lenders got pretty rich on this of course they oh yeah the

00:42:01.260 lenders made a fortune and the universities made a fortune because they got to charge more for their

00:42:05.900 product exactly right it's the kids that get stuck with the bill you get all these liberal or i like to

00:42:10.560 say liberal but democrat radical left politicians that are now complaining about all the student loan

00:42:16.360 debt they're the reason it exists without the government there would be no student loan debt

00:42:21.220 colleges would be a lot less expensive uh yeah and and people you know would would work their way

00:42:26.700 through like my dad did if they didn't come from an affluent uh family but they did the same thing

00:42:31.800 with with health with health care i mean health insurance and and and and health care is expensive

00:42:37.760 because the government is so involved in it and even if you look at where the government is not

00:42:43.740 involved like lasik surgery prices have come down um for those procedures because the government

00:42:50.600 doesn't pay for it you know the government and and and the reason that we all have insurance right

00:42:56.420 people have you know uh insurance for everything now and in fact what really made it bad and

00:43:04.780 trump doesn't you know the republicans want no uh role in repealing it is under obamacare they said

00:43:13.660 that insurance companies cannot discriminate against people who are already sick right if you have a

00:43:19.080 pre-existing condition the insurance companies have to charge you the same as if you were completely

00:43:23.460 healthy which destroys the whole concept of insurance and makes it extremely expensive what's

00:43:29.160 not insurance at that it's not it's free health care it's like you can't buy fire insurance after

00:43:34.180 your house burns down right and if you could nobody would buy fire insurance before it burns down no

00:43:40.180 one would have a fire extinguisher either well yeah why yeah well it's like what if you could buy car

00:43:45.080 insurance that covered all your gas right right i mean would you you you i mean nobody expects their

00:43:52.220 auto insurance to cover their gas or their their oil changes or their tires right you buy auto insurance

00:43:59.020 in case you get a wreck and now you have your car is totaled right you don't have the money health

00:44:03.860 insurance is supposed to be i got cancer i got a brain tumor you're not supposed to have health insurance

00:44:09.820 because she sprained your ankle because she had a baby or your annual she got the flu yeah all of

00:44:14.640 that stuff is supposed to be paid for out of pocket but the reason it's not is because the government

00:44:19.280 created a perverse incentive for people to get their insurance from their employer because if your

00:44:24.480 employer gives you health insurance there's no tax if they give you money to buy health insurance

00:44:29.740 then you have to pay taxes so now everybody gets their health insurance from their employer uh and and now

00:44:36.540 they have health insurance that pays for everything and so you know you go to a doctor sometimes and

00:44:41.500 if they tell you you need to do something ask what it costs they're like who the hell knows nobody knows

00:44:47.700 what anything costs yeah because nobody cares because nobody's paying for it right the person that's

00:44:53.500 paying for it isn't even in the room right you have the patient the doctor and neither one of them is

00:44:59.320 is you know knows what anything costs because you got some third party that's paying the bill so the

00:45:03.900 the entire system doesn't work but it's all because government got involved right when government

00:45:09.620 tries to make things more affordable it makes them more expensive the only way to make things

00:45:14.500 cheaper is to let the free market do it right the free market is great at lowering costs and increasing

00:45:20.120 quality but the free market is blamed i mean of course we don't have anything approaching a free

00:45:24.640 market nothing resembles a free market it's a monopoly economy it's cartel but all of this is

00:45:30.480 described as a free market thereby totally discrediting the concept of free market economics

00:45:35.640 and ensuring that we're going to get a socialist system now we don't have it anymore and it's very

00:45:40.560 unfortunate because a lot of people look at trump and they say well he is a pro-business president

00:45:45.020 and he is pro-business but he's not pro-capitalism pro-free markets donald trump wants to micromanage

00:45:52.780 the economy from the white house like he's the ceo he wants to decide where he thinks capital should go

00:45:59.040 and direct it into industries that he that he likes or companies that he likes and that's wrong

00:46:05.660 i mean i mean one of the big industries that he's promoting is crypto and for me i think this is a

00:46:12.620 complete waste of capital now yeah i mean if americans want to throw their money away in a lot of these

00:46:18.960 crypto companies all right i mean it's it's unfortunate but if the government is now promoting it

00:46:25.440 and pushing money into this industry that might have gone someplace else if it was a free market

00:46:31.420 this is doing a lot of harm why is it throwing i mean you know you meet all these people who've made

00:46:36.860 hundreds of millions you meet kids who've made real money from crypto why is it throwing it away

00:46:42.480 well because where did they make it they didn't make money in crypto because they you know produced

00:46:48.080 products that we consume or provide services that improve our lives the people who've made money in

00:46:55.580 crypto and i know a lot of them they've made money in crypto because the crypto that they bought a long

00:47:00.920 time ago went way up well how's that different from buying gold well i'm not people i don't know a lot of

00:47:07.380 people who got rich buying gold right uh i've done really well just being honest and so have you

00:47:12.200 no what okay we've tripled our money i'm not i'm talking about i'm talking about people who bought

00:47:17.860 bitcoin for a dollar and now it's 90 000 right you're talking about people who put okay so it's

00:47:24.680 a big run-up but it's the same but when you buy gold which i'm totally i own a gold company i'm totally

00:47:29.080 for buying gold but you're not it's not a creative act you're not making anything you're not making

00:47:35.260 anyone's life better you're not really adding to the sum total of the economy you're not doing anything

00:47:39.060 other than buying something low and holding until it gets high right but there is a big difference

00:47:43.040 and i'll get to that in a minute but the people who have made money in in crypto right it they bought

00:47:49.880 it at a very low price and now other people are buying it at a much higher price believing that

00:47:57.160 they're going to be able to do the same thing there are people who are buying bitcoin now at you know

00:48:01.640 90 000 whatever it's at they're buying it because they think it's going to a million they think

00:48:07.060 they'll be able to sell it at a million and of course the only reason someone's going to buy it

00:48:10.940 at a million is because they think it's going to 10 million right so it's all this greater fool theory

00:48:15.140 and so but why is it different from nvidia or any stock so nvidia right and i i think nvidia is

00:48:22.960 overpriced but nvidia is a business that is generating income right selling its gpus and has earnings so it's

00:48:30.180 an actual viable business the question is what is that business worth i think it's worth less than

00:48:35.540 the market currently right but it's worth something there's no doubt that nvidia is a

00:48:40.340 valuable company that is producing things that that people need the rationale for the trade like

00:48:45.320 for the average person buying any stock is that i will buy it lower than i will sell it well and

00:48:51.640 the people at the very end of that chain as it starts to decline get screwed well if that's the

00:48:56.740 reason look if if we buy stocks right for my our customers at europe pacific asset management which

00:49:02.300 is my my company the most important criteria is the current earnings and the dividends right so i'm

00:49:08.500 buying companies because they generate income to me as the owner just like if i were to buy real

00:49:15.520 estate i would look at the rental income right for sure what am i getting in rent yes right if you just

00:49:20.600 buy real estate because you think the price is going to go up well you're a real estate speculator

00:49:24.340 maybe you'll speculate right maybe you'll be wrong but it's different from an investor who is looking at

00:49:29.180 the cash flow for sure so when i buy a stock if i'm getting a seven eight nine percent dividend

00:49:33.960 right because i own that company it's paying me a dividend i don't need the stock to go up i just get

00:49:39.280 my share of the income i'm buying into a business that is generating income now if the business grows and

00:49:46.600 generates more income in addition to my dividend yield when i go to sell the stock in the future if it's

00:49:52.540 a more valuable company that's generating more income and paying more dividends then i can sell it

00:49:57.520 at a higher price than what i paid right because the business itself is more valuable but if you're

00:50:02.740 simply buying a company it doesn't even make any money then maybe it's losing money and you just

00:50:07.440 want to bet that in the future it might make money and you're speculating on a stock you could speculate

00:50:13.420 but it's very different from being an investor right you're you're a stock speculator but when you buy

00:50:19.500 bitcoin you're not even speculating in the sense that bitcoin is going to earn money in the future it's

00:50:25.480 never going to earn money in the future it is a non-income producing digital asset you know it's

00:50:30.820 marketed as if it were digital gold but it's not digital gold at all it's got nothing in common

00:50:36.220 with gold gold is a valuable commodity now when you own gold when you decide to buy some gold right

00:50:44.400 what you're doing is you're storing that gold so that somebody in the future can use it right

00:50:49.460 gold is unique among commodities in that it doesn't decay it doesn't spoil right for thousands of

00:50:58.280 years you know gold will stay the same right and if you know if a if a ship sunk 500 years ago in the

00:51:05.320 in the ocean and you can salvage that ship today if there was gold in it it looks exactly the way it

00:51:10.880 looked when the ship sank everything else is so the physical properties of it are enduring and the but

00:51:16.440 they're not just enduring they are important and valuable because they're needed in all sorts of

00:51:21.580 industries right and so when you are storing gold the gold that you're storing can be used in the

00:51:27.620 future not just by a jeweler who would want it you know to make jewelry but you know to use in aerospace

00:51:33.280 in consumer electronics in medicine there are all sorts of things where you actually need gold

00:51:39.560 there are industrial applications for gold right and there are more uses for gold now than there's ever

00:51:44.380 been and in fact we're developing new uses all the time so as as we advance as a civilization we come

00:51:51.820 up with more ways that we can utilize gold and so when you're storing that gold and you know you are

00:51:58.860 you know holding it for somebody to use in the future that's why it's a store of value but can i also

00:52:03.580 add to that i mean that's obviously true what you're saying it's even more true for platinum which is not as

00:52:09.380 prized as gold and i think the difference is that gold does have a mystical quality to it it's been a

00:52:15.200 medium of exchange for all recorded human history all recorded i mean from the earliest rings we have

00:52:20.080 refer to gold so there's something about gold that people associate with value and well it has value

00:52:25.620 it's not that they associate it well it has industrial value okay it has but even just look just even here i

00:52:31.100 have a gold bracelet that i'm wearing i mean just having a uh a jeweler have a gold watch right like

00:52:35.740 it's like i wear gold when i know i'm going to talk about gold but the reason people could see

00:52:39.760 that that people like it for a reason as to where it is but the reason is not so easily explained it's

00:52:46.180 not just that it's you know useful in medical devices or in consumer electronics is there something about

00:52:51.020 it that resonates that you know hums at a certain frequency within people and right and you're talking

00:52:56.740 god knows what that is societies that never had any interaction with each other were using gold

00:53:02.160 even though that's kind of what i'm saying right but we don't know why let's be honest we don't

00:53:05.900 actually know what that is no but when you look at gold and you look at the things you can do with

00:53:09.360 it and the properties that it has you know we as humans value the properties that gold but it's just

00:53:14.220 inherent it's like we always have well i would i would i would imagine that if there's life on other

00:53:19.720 planets they value gold there too you know i i think it's kind of a universal thing as far as the

00:53:26.080 properties that gold has now what what bitcoin did right gold wasn't the first money it was the best

00:53:32.780 money right because before we had money there was barter right we invented money but when when there

00:53:39.400 was no money and if two people wanted to trade uh with each other you know they they would barter so

00:53:45.620 if i was a butcher and you were a baker and you know you wanted some meat you would offer me some of

00:53:52.080 your bread right and then i would give you some meat and and and we could trade but what if you're

00:53:56.740 a vegetarian right what if you don't want meat how you know how am i going to buy your bread if all i

00:54:01.420 have is meat right so it's it was difficult because you needed a confluence of needs but man invented

00:54:06.900 money right which was a commodity that everybody would accept as payment and so if i had money then i

00:54:15.960 could buy your bread and give you the money and then you could take that money right and buy something

00:54:20.760 else but the money also had to be something of value but not bread which would go stale or meat

00:54:27.880 that would um you know go bad the money had to be a commodity that would hold on to its value and so

00:54:34.240 that's where you know gold came in so instead of giving you meat that you'd have to eat right away or

00:54:39.900 freeze it or something i just give you gold and you knew that that was valuable and somebody else

00:54:44.620 the candlestick maker would take gold for his candlesticks you don't need to give him meat you don't need

00:54:49.400 to give him bread so you know and a lot of things were used as money you know throughout societies but

00:54:54.580 what what what ended up being the best money was gold and they made coins out of it and you could

00:54:59.960 easily tell you know that how much gold was in each coin and so what kind of weight of gold you were

00:55:05.060 getting in exchange for whatever it was you were selling and the reason gold became better money than

00:55:11.980 you know seashells or you know uh um cattle or salt you know different things that were used you

00:55:18.840 know the romans used salt as money that's where the word salary comes from right because it was salt

00:55:22.480 um but um gold had a lot of properties you know it was very divisible it was very portable it was very

00:55:30.660 durable it was fungible it had a lot of these properties that really made it ideal to use as money

00:55:36.660 and so what what the creative of bitcoin did is he came up with a you know a digital token that

00:55:44.920 you know mimicked those properties right bitcoin it's portable it's divisible it's fungible right it it you

00:55:52.420 know it can do all that stuff which is fine but what it doesn't has have is the most important

00:55:59.020 characteristic that you need to be money and that's you have to be a valuable commodity you have to have

00:56:04.140 value intrinsic value for on on your own right there has to be a use beyond just a medium of exchange

00:56:11.820 because money needs to be a store of value it can't just be a medium of exchange or a unit account

00:56:16.420 it has to be a store of value and so in order to store value you got to have value right you can't

00:56:21.640 store something that you don't have so when you have gold you're storing the value of a metal that can

00:56:26.980 be used in jewelry and consumer electronics and aerospace and all this stuff but when you're holding on the

00:56:32.920 bitcoin you have nothing right i can't do anything with bitcoin it can't be used for anything because

00:56:38.420 it's just a string of numbers like i'm you know it's so it has no actual use sure i can give you my

00:56:44.440 bitcoin i can sell you my bitcoin but what can you do with it well you could give it to somebody else

00:56:48.800 or sell it to somebody else but the only reason anybody wants to buy it is because they think the

00:56:54.280 price is going to go up that is the sole source of demand is i'm going to get rich if i buy this

00:57:00.740 bitcoin and hodl it and never sell it and ride out the volatility i'm going to get rich well there

00:57:06.260 was another use that was intended or at least advertised at the very beginning i remember it

00:57:10.940 vividly which was as a medium of exchange that couldn't be controlled by governments and that

00:57:16.220 was going to usher in true human freedom where they couldn't control commerce yeah part of the

00:57:21.560 promise of bitcoin when i first learned about it was it it was you know anonymous and private

00:57:26.980 and it allowed you to circumvent the aml laws and the kyc laws and you can transact without the

00:57:34.260 government knowing what you were doing and that was a a positive aspect of well yeah that was the

00:57:40.720 whole appeal to me which is completely lost now that it's all in etfs and bitcoin treasury companies

00:57:46.960 and all that but even though that was appealing because it didn't have any real underlying value you

00:57:54.440 couldn't really keep a lot of money in it it was only really uh useful i think for people who were

00:58:00.520 doing something illegal because there you know if you have to launder money because you're doing

00:58:06.100 something illegal even if i end up losing 20 or 30 percent of my money in bitcoin because i accept

00:58:12.840 bitcoin and by the time i use it it's you know it's lost 30 of its value that's fine because criminals

00:58:18.500 are used to paying to launder money of course they don't mind it but if you're if you're a law's honest

00:58:23.720 person and you know i'm buying stuff i really don't you know care if the government knows i i bought it

00:58:28.060 you're not going to take that kind of a risk um to be anonymous to be you know to transact in private

00:58:35.360 and you know i think i think it's unfortunate that we've lost all of this privacy uh that we once

00:58:41.300 had i mean it was you know constitutional right you had a right to privacy the whole constitution is

00:58:45.600 written supposedly so yeah but not anymore we have you know there's no privacy whatsoever in

00:58:50.720 anymore um but um ultimately the fact that it didn't have any real value is what is what lessened

00:59:00.140 that appeal to most people but in order to make bitcoin palatable to wall street they actually got all

00:59:07.760 this government regulation i mean can you imagine an industry that is just asking to be regulated wants

00:59:13.020 regulation i mean normally a business industry would want as little regulation as possible they

00:59:19.620 don't want the government getting involved well they call it clarity well what they're looking for

00:59:23.880 in crypto is validation they want the regulation to validate product in the industry so they can get

00:59:30.820 people to buy it by saying the government has blessed it so the government now endorses it the government

00:59:35.720 is supporting it and the reason that so many politicians including trump the reason that they

00:59:41.200 support bitcoin is because bitcoin supported them right people that got into bitcoin early

00:59:46.900 made so much money because so many other people got in late that they were able to pay off a bunch of

00:59:53.000 politicians and get them to support bitcoin uh they supported this whole idea of a bitcoin strategic

00:59:59.600 reserve which is really just a bitcoin bailout fund trying to use taxpayer money to buy out bitcoin but

01:00:06.180 the the bitcoin industry was able to pay off a lot of politicians and because can i just ask though

01:00:12.260 i mean a lot of what you're saying is obviously true but i also think you've described the decline

01:00:17.000 of the u.s dollar it's diminishing purchasing power so clearly there needs to be a new global reserve

01:00:24.220 currency you don't want it to be one owned by a geopolitical rival so why wouldn't tether why wouldn't

01:00:31.080 bitcoin be the new global reserve currency well first of all gold is money it's not currency and

01:00:39.140 so there's a difference between money and currency so currency is backed by money so when we were on

01:00:46.540 a gold standard and we had paper that was redeemable in gold the paper was currency the gold was money

01:00:53.060 so currency is like a money substitute but you can have two kinds of currency you can have legitimate

01:00:58.060 currency which is backed by real money where you can have fiat currency which is backed by nothing

01:01:02.100 and so what we have now is fiat currency and the question is what could we replace that with bitcoin

01:01:07.700 um and i don't think that that's possible because i don't think that bitcoin has any value uh beyond

01:01:15.440 its appeal that you know you know a greater fool is going to come and buy it central banks can't hold

01:01:21.960 bitcoin as a reserve against their own currency if they had to sell it i mean the price would drop

01:01:29.840 sharply you know you know you have to have real money that's why all these central banks but under

01:01:35.100 our current system you don't have real money you have the u.s dollar which is real because people

01:01:40.300 have decided it's real it's yes it's an act of faith and their faith in that is declining because

01:01:45.700 it's been used as a political weapon as you i thought so crisply explained and so you need to

01:01:52.340 replace it with something why wouldn't big why would bitcoin be any different from the u.s dollar except

01:01:56.960 you like start anew well the the main difference there is you know they're both in a way fiat right in

01:02:03.020 that both bitcoin and the dollar derive their value from faith and confidence right but bitcoin people

01:02:11.340 are buying most people who are buying bitcoin are buying bitcoin to get more dollars they they're

01:02:15.420 thinking the price is going to go way up and they'll be able to sell out and have more dollars than they

01:02:19.760 started with most people are not getting into bitcoin because they just want a safe store value

01:02:24.200 if that was the case they would buy gold they're speculating in it um but the central banks right

01:02:32.040 these big central banks are not going to be able to put large quantities of their dollar reserves

01:02:39.900 into bitcoin uh there's just it's not a reliable long-term store value for them that's what they're

01:02:46.320 looking for they're looking for something to replace the dollar to back up their currency and

01:02:51.720 are they are they buying bitcoin no they're not buying i mean you have me el salvador bought some

01:02:56.580 bitcoin i mean you have you have some foreign governments that have sovereign wealth funds yes where

01:03:01.540 those sovereign wealth funds have kind of bought some bitcoin etfs or maybe they bought strategy you

01:03:07.240 which was a big mistake but because they're you know these investment managers are under a lot of

01:03:12.640 pressure just like any other manager to perform and and so a lot of these crypto related assets

01:03:18.580 went up and so there was a pressure hey i need to put these in the portfolio uh and so you have

01:03:25.420 allocations and and then the community crypto community tries to pretend oh these governments are

01:03:30.140 buying up bitcoin they're not really buying bitcoin the managers of these sovereign wealth funds have

01:03:34.780 taken a small allocation i think that's all going to stop because this is going to blow up uh you

01:03:40.040 know the people who are putting money into crypto now into bitcoin are going to lose a lot of money

01:03:43.880 where they're they're the exit strategy i mean that's why bitcoin hasn't gone up you know bitcoin's

01:03:49.620 real high watermark was four years ago it's down about 40 percent priced in gold over the last four years

01:03:55.300 so we've been distributing bitcoin from the strong hands that bought it early the ogs the whales

01:04:02.000 to the retail public has been buying it at these inflated prices uh for years and eventually you

01:04:09.900 know the bottom's going to drop out of this thing so that lee i mean you're making a very i would say

01:04:14.300 i'm biased of course but you're making a pretty compelling case for gold on a bunch of levels but

01:04:19.760 one most obviously is a hedge against whatever the hell's going to happen next like so if you were

01:04:24.360 giving advice to someone you love like i've got a hundred dollars what do i do with it i think the wise

01:04:30.280 the loving advice would be put some of it in gold well everybody should have some money in gold

01:04:34.880 but so why isn't that advice ever uttered on any of the financial advice channels um i think that's

01:04:42.360 weird yeah you know because wall street has never been uh a big promoter of gold um you know i don't

01:04:49.940 mean why why doesn't you know jp morgan tell you to buy gold why doesn't cnbc tell you to buy gold

01:04:54.760 well i don't think they have enough gold companies that advertise on cnbc i think most of their

01:04:59.440 advertisers are from the crypto industry and i think that really corrupts the whole process really

01:05:05.140 yeah i think the advertisers advertise because they know they're going to have a lot of pro

01:05:10.900 crypto content i mean they spend the entire day on cnbc uh i've you know i haven't been on that

01:05:16.940 show in over a decade you know they're the ones that initially started calling me dr doom when i was

01:05:22.060 predicting the 2008 financial crisis so they kind of used to have me on uh but and it's not just me

01:05:27.940 they don't really have any bitcoin critics on their air they have they have one bitcoin promoter

01:05:33.600 after another and all of the the on-air talent all the anchors are pretty much pro bitcoin um

01:05:39.760 where are they on gold they don't even really talk about it i mean you know but you'd started this

01:05:44.760 conversation by describing the rise in the s&p relative to gold i mean the fall in the s&p

01:05:52.660 well that well the s&p has risen but once you root it in gold because all measures are comparative

01:05:58.000 you see that it's actually fallen compared to gold so gold is the better buy yeah but again you know

01:06:03.480 so like that's just indisputable right yes but that that that is not what they're selling on these

01:06:08.840 financial channels but they're lying then well yeah i mean you know or or they or they don't

01:06:13.240 understand it i mean there's a lot of but that's even i understand i mean i don't know anything

01:06:17.060 again because you didn't get a degree in economics from a major that's really simple i you buy i buy

01:06:22.020 two things 25 years ago which is worth more now that's just simple right and and you know it's

01:06:27.940 going to accelerate because we're going to be printing a lot of money you know now that the fed

01:06:32.540 has really gone back to qe they haven't admitted it but it's only a matter of time why do you say

01:06:37.280 they've gone back to quantity because they're printing money and buying treasuries so but what are

01:06:40.960 interest like over the past six months what have for those who are not paying attention tell us

01:06:44.640 where interest rates well short-term interest rates have come down right the fed has cut rates

01:06:48.680 three times and so now they have the fed funds at three and a half to three and three quarters

01:06:52.960 but the 10-year treasury has stayed around four percent it's around four point one five percent

01:06:59.060 the 30-year treasury is around three four point eight percent right so they haven't been able to move

01:07:05.140 long-term rates down and i think long-term rates are going to soar in this country and i think in order

01:07:11.960 to prevent long-term rates from really rising the fed is going to be monetizing more debt printing

01:07:17.480 more money creating more inflation remember we're spending now over a trillion dollars a year just on

01:07:23.220 interest on the national debt like 1.2 1.3 trillion that's going to hit 2 trillion probably sometime next

01:07:29.460 year because almost all of the national debt is financed with treasury bills right back when interest

01:07:36.280 rates got to 20 percent in 1980 most of the national debt was long term so it was unaffected by the

01:07:43.080 big move it only affected the new borrowing but now right if a third of the national debt comes due

01:07:49.800 in the next year the government has to refinance that at whatever the current rate of interest is

01:07:55.440 so i think we're we're headed for this fiscal you know time bomb uh where the the cost of servicing

01:08:01.780 the debt is skyrocketing i mean in not too many years it could cost us more than we collect in taxes

01:08:09.400 just to pay the interest on what we've borrowed right because the the debt service costs are

01:08:14.640 exploding and the only reason they're not much higher now is because rates are still low you know

01:08:20.240 four percent is low right donald trump wants them lower you know he wants you know zero or one percent

01:08:26.260 but the reason he wants that he wants just more inflation he wants to try to blow air into the bubble

01:08:31.220 to hide the fact that the economy is actually getting weaker so he just wants to make the bubbles

01:08:35.660 bigger by creating more inflation while at the same time claiming that he's vanquished inflation

01:08:41.280 all because energy prices have come down and energy prices have come down in fact energy prices are as

01:08:48.600 cheap as they've ever been if you look at how many barrels of oil you can buy with an ounce of gold

01:08:53.260 oil is dirt cheap the question is how long is it going to stay this cheap i don't think it's going to

01:08:58.740 stay cheap i've been buying a lot of oil stocks now uh we've been increasing our allocation energy

01:09:03.300 because i think we're going to see a big move up in oil price one factor you haven't mentioned is

01:09:09.020 technological change so and with gold too i mean if gold prices i don't know what the threshold for

01:09:15.240 gold is but if it gets to you know six grand an ounce or something crazy somebody's going to figure

01:09:19.820 out a better extraction technique and there's going to be a lot more gold and prices will fall well there

01:09:23.900 won't be a lot more gold because you know the supply of gold grows pretty slowly one or two percent

01:09:29.620 a year it has right but that's a technology question yeah but you know we you know we haven't

01:09:34.960 come up with um better ways um or you know because the gold gets harder to get out of the ground you

01:09:41.360 know the the real easy gold has already been extracted right because they've been mining gold for

01:09:45.300 hundreds of years so uh you know the gold that's still there is more difficult to get out of the ground

01:09:49.900 but there hasn't been a major gold discovery in decades there hasn't been a lot of investment

01:09:56.180 in exploration and development so by the time the industry is able to uh you know attract enough

01:10:03.460 capital into the sector because nobody's been interested in in gold mining right it's been it's

01:10:08.020 been dead in fact crypto i think really harmed the industry but it created a big distraction of course

01:10:14.120 where people are like well why should i buy gold i got bitcoin it's better than gold it's gold 2.0

01:10:18.240 so the industry was really starved for capital but i'm just saying because markets do respond to

01:10:23.980 reality over time over time the price gets high enough yes it's in seawater okay so like yeah they

01:10:29.480 will yes over time and and people will start melting down their jewelry because they need money and the

01:10:35.140 prices are higher and yes all this will happen but it's not going to stop the price of gold look the

01:10:39.920 price of gold was twenty dollars an ounce uh from 1789 to 1933 right for like 150 years it was twenty

01:10:49.260 dollars an ounce and then roosevelt devalued and got 35 but if gold can go from twenty dollars an ounce

01:10:55.220 to four thousand right where can it go from four thousand i mean it can go to a hundred thousand

01:11:00.340 you know obviously you know we can keep debasing the value of currency you know ironically you know

01:11:06.860 the one of the ways that you're going to actually bring gold into the modern economy is through the

01:11:15.800 blockchain through the internet everybody wants to talk about you know uh stable coins right which are

01:11:22.460 basically tokenized dollars right just taking the dollar and turning it into a token yeah right well

01:11:28.780 there's no real stability in tokenizing dollars because you've got the same inherent problem if

01:11:34.560 you own a state a dollar token inflation is going to destroy its value it's going to you know you're

01:11:40.040 going to lose value the same way you're not in control of the congress and the fed so and you don't

01:11:44.460 even really earn interest on it at least if i have dollars i can put them in a money market and get some

01:11:49.400 interest to offset some of what i'm losing to inflation but the ideal thing to tokenize is gold right

01:11:57.020 because when you turn gold into a token now you actually have digital gold so instead of having

01:12:02.360 paper money that's backed by gold i can have a digital token that's backed by gold as long as the

01:12:08.080 tokens continue to match one for one the physical supply of gold that's a real system

01:12:13.480 yeah well that second you've got more paper than you've got assets then it's not but you know what

01:12:17.380 but it's so easily auditable on a blockchain i mean i'm doing that and you should look into this

01:12:22.160 too i i you know i have a on shift gold i have a t gold uh which is ultimately going to be tokenized

01:12:28.200 gold i haven't launched the token yet uh but right now i'm i'm helping people buy gold and silver that

01:12:34.840 we're going to tokenize so once you have the gold you'll have the ability to withdraw it either in a

01:12:41.120 physical form or in the form of a token but the idea of a gold back token the idea of t gold is so that

01:12:47.400 you can use your gold easily as a medium of exchange and you can transact instantly uh over

01:12:53.840 the internet you know somebody in the united states can make a purchase from somebody in australia and

01:12:59.860 pay them instantly with gold you don't have to send the actual gold to australia you just send the

01:13:05.720 token which represents ownership of that gold if you have the token then the gold belongs to you

01:13:11.060 and so if i want to give you my gold i don't have to drive down to the vault grab some of it and and

01:13:16.580 bring it to you no i just send you the token and now you own the gold just like paper money when

01:13:22.460 paper used to circulate whoever had the paper had ownership of the gold the paper currency was titled

01:13:28.600 to gold and so now you could do that with a token through a block as long as you can redeem it

01:13:33.100 yeah and it's enforceable and it's auditable look when you know when it isn't enforceable of course it's

01:13:39.060 a legal contract it's a lot so if i sell you a gold token and that's like an iou it's an iou

01:13:45.940 for gold and i legally contractually am obligated to pay you or whoever is the bearer of that token

01:13:52.780 so while you own the token the gold belongs to you but if you spend that token and now somebody else

01:13:58.700 earns it because you know they provided goods or services or you just gave them a gift now they own

01:14:04.480 the gold now they don't have to come and get it they you know they can just leave it there and just

01:14:08.960 transact uh the token i mean that's what people did if you go back to the days of a blacksmith with

01:14:14.040 your gold you would have gold and you left it with a blacksmith and he gave you an iou and and and if

01:14:20.240 the people in the town knew the local blacksmith and they recognized his iou you know if you you

01:14:27.040 could you could spend it people would take it right because they they didn't have to go get the gold

01:14:31.360 they knew the gold was there the problem would be of course if the blacksmith you know absconded with

01:14:35.940 gold but you know in in in capitalism and i i have this argument all the time with these bitcoiners

01:14:41.980 because they think that what i'm doing with tokenized gold they think well you know you have

01:14:47.440 to trust the third party so you know i want to own bitcoin because i don't have to trust the third

01:14:51.540 party well of course you know if you put your bitcoin on an exchange if you own it through an etf of

01:14:56.520 course you're trusting a third party um but i have no problem with trusting third parties

01:15:02.120 in capitalism because a business that has a reputation and has a brand uh wants to maintain

01:15:10.400 the value of that brand you know i mean the insurance industry is a perfect example of

01:15:15.780 trust when you buy an insurance policy you're relying on a third party the insurance company

01:15:21.680 to pay your claim right you know if you have fire insurance you're trusting that if your house burns

01:15:28.020 down the insurance company is going to pay you every transaction required i mean i trust there's

01:15:32.900 no poison in my ice cream yeah you know every transaction people in bitcoin say well when i

01:15:36.720 have bitcoin i don't have to trust anybody well no you have to trust everybody you have to trust

01:15:40.860 that people still want your bitcoin despite the fact that it has no value we also have to trust

01:15:44.800 the electrical grid well that doesn't exist without it right that too but the bigger thing is you're

01:15:50.000 just trusting that the people who believe in bitcoin who believe that nothing is something

01:15:54.700 continue to believe that and continue to have gold coins in your backyard you you have to trust fewer

01:16:00.200 people all you have to trust is human nature which is attracted to gold period well but when when you

01:16:05.580 own gold you're not trusting anything because the gold itself has value well that's what i'm saying

01:16:11.540 right so but if you have possession of physical gold you do you're not relying on fragile systems

01:16:16.860 right i mean the only risk there is somebody could steal it from you if they find it right you could

01:16:21.220 lose it right you know if you have gold um but the thing about tokenized gold and i i recommend that

01:16:28.160 people have both they have physical gold and and they have some tokenized gold because the tokenized

01:16:32.680 gold is the gold that you can use in commerce you know that you could easily spend it's much more

01:16:38.340 difficult if i have bars of gold or even gold coins even as even a uh you know one ounce gold coin is

01:16:44.820 four thousand dollars a tenth of an ounce coin is four hundred dollars right i mean so if you want to buy

01:16:49.760 something for five bucks you know how you know let's let's go you know you you can't really do it

01:16:55.080 but if you have the tokenized gold then you can easily transact you can you know buy a cup of coffee

01:17:00.260 and the barista can accept payment in gold you know the big problem though and i i want to congratulate

01:17:06.380 you too on on on battalion gold right that you that you set up um because you know when i start as i

01:17:13.900 mentioned when i started in this industry in the gold industry in 2010 for over 10 years before that

01:17:21.440 i was just telling all my customers buy gold just go out and buy gold right even though i didn't sell it

01:17:26.840 i thought everybody should own it and i just said you know go out and get it and little did i know that

01:17:32.280 people were just getting ripped off because i found out years later people would call me up and they

01:17:38.020 would say you know i i just sold some gold you know i bought it you know it was four hundred dollars

01:17:42.680 and and now i sold it at 700 and i lost money how'd you lose money and and then uh and i started

01:17:49.080 looking into it and i found out that when they bought gold when it was 400 they didn't pay 400 they

01:17:54.240 paid like because they they didn't get 400 worth of gold they just paid 400 to get like 200 worth of

01:18:00.680 gold because they bought it in the form of a commemorative coin that was supposed to have value

01:18:04.440 yeah they got and and so i set up shift gold simply because i didn't want people to get ripped

01:18:11.120 off anymore because it was so it was so pervasive and it was almost because so few people were buying

01:18:17.100 gold that the only way that the gold uh industry could make money was to overcharge and what really

01:18:23.040 made me furious and i don't even want to name names but i i had a you know is that they would go to

01:18:29.600 some of the most popular conservative talk show hosts and they would pay these guys to recommend

01:18:36.520 their gold company oh i know and the reason they would do that is because the loyal listeners

01:18:42.420 trusted the talk show host well they came to me with an offer yeah that's how i know this i didn't

01:18:47.720 understand how it worked i never thought i've always been pro gold but i didn't realize people

01:18:51.580 were paying twice oh the value twice a spot price the only reason it worked tucker the reason it

01:18:58.360 worked is because the people who listen to their favorite talk show host and the guy would say

01:19:02.420 here's the firm i trust this is where i buy my gold yeah because they don't rip you off but here's where

01:19:07.660 i get my gold go buy your gold there and the the listener who is very you know loyal to the talk show

01:19:13.980 hosts and trusts them goes to that gold broker and just assumes they're getting a great deal hey you

01:19:19.880 know so and so wouldn't recommend this company unless they were going to treat me right and so they

01:19:24.180 didn't shop around and in fact they make it impossible to shop around because they sell coins

01:19:28.540 that nobody else has because they're so obscure and they try to pretend that they're you know they're

01:19:34.480 not going to be confiscated or they have some kind of collectible value and it's all bs they have no

01:19:39.700 value they it's all the money when it goes into the pocket of the salesman because these these gold

01:19:45.420 salesmen work on commission and if they sell you you know maple leaves at a one percent markup and

01:19:51.560 maybe they make two hundred dollars in gross commission and they make 30 bucks for themselves

01:19:55.960 or they can get you to put the ten thousand dollars into these ds coins and they make two

01:20:00.780 thousand dollars three thousand that's what they sell that's what i didn't know any of this and the

01:20:06.100 problem with selling gold in an honest way is that it's a very low margin you do it's a very low

01:20:12.280 margin you're not getting rich selling gold and we're not getting rich from it and our prices are

01:20:16.120 transparent you know exactly it's whatever two points above spot or something we're not in this to get

01:20:20.980 rich well where you're going to make money eventually is on volume eventually a lot more

01:20:24.900 people are going to start buying gold i mean people just don't know enough but everything

01:20:28.040 can't be a scam because then people lose confidence in their fellow human beings in their country and

01:20:33.860 it's just bad the problem is the only companies that can afford to advertise on television are the

01:20:39.120 ones that are ripping you off i'm that that's how i figured out it was a scam i was like how can they

01:20:43.360 afford it's a commodity yeah how can they afford to pay me just as a pitchman i'm sure they have

01:20:49.380 other people though they do have other people pitching as well how can where does this money

01:20:53.620 come from and that's how i figured yes and that's and i talked to a lot of people that i knew in

01:20:57.380 industry and i was pointing out you are your your audience is getting ripped off you are helping

01:21:02.820 these guys steal money by promoting these companies and they're the nicest people and they're directionally

01:21:08.980 correct in their concerns they're they love america they're worried about the softening of the dollar

01:21:13.100 they know that their politicians basically are looting the country through devaluing the dollar

01:21:17.660 that's all true so they're they're the best people they're the most honest people and to

01:21:23.000 screw them over just enraged me yes they're screwing them over they're they're trying to do

01:21:27.140 the right thing yeah they're trying to buy gold oh i know and then they're getting ripped off now

01:21:31.580 the thing is gold has gone up so much that a lot of those people don't even realize because now

01:21:36.340 they could actually still sell their their gold at a gain but they would have a much bigger gain

01:21:41.260 if they hadn't been ripped off in fact i have a special report i remember i wrote this report

01:21:46.320 people can get it you know it's on my website on shiftgold.com but it's classic gold scams and i

01:21:51.780 go over all of the tricks all the things that gold salesmen tell you to steal your money to convince you

01:21:58.060 why you shouldn't buy you know a maple leaf or a cougar and why you should buy this certain and they

01:22:03.880 have all these tricks and and and a lot of times too they'll even advertise for these you know they'll

01:22:11.140 have a low price on a maple leaf right that might even be lower than what i would charge right but

01:22:17.540 then when someone calls up to buy it they don't sell you that no they sell you they upsell you into

01:22:22.720 something else and they also try to con you into it by a lot of these companies have something called

01:22:27.620 like a price protection like they say hey we'll guarantee you if the price goes down over the next

01:22:32.120 30 days we'll we'll do it we'll we'll mark it to the lower price well we'll give you some more

01:22:37.040 or sometimes they even offer to give you free gold or free silver if you buy a certain amount

01:22:41.300 and the only reason they could do that is because they're overcharging you by so much money it's

01:22:45.520 totally right they have enough left over or if they're if they're if they're charging you 50

01:22:49.960 more than the price of gold and the price of gold goes down and they have to give you back

01:22:54.660 10 of what they overcharge you they still made a fortune exactly

01:22:57.740 you

01:23:06.720 you

01:23:07.720 you

01:23:08.220 you

The Tucker Carlson Show - January 26, 2026

Peter Schiff on Gold’s Dominance Over the S&P and the Plot to Stop You From Noticing

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