One of America’s Biggest Gold Wholesalers Exposes the Most Common Gold Scam Enslaving the Country

[00:00:00] Well, gold and silver prices are out of [00:00:02] control. Have you seen this? Have you [00:00:04] checked the spot price for gold? It is [00:00:06] at an all-time high in world history. [00:00:09] Why is that? Well, cuz it's the new [00:00:12] global reserve currency. That's why [00:00:15] countries are moving away from the [00:00:16] dollar. And they're doing that because [00:00:18] our national debt is exploding. The [00:00:21] dollar has been used as a diplomatic [00:00:23] weapon. And in general, confidence, we [00:00:26] say this with great sadness, in our [00:00:28] financial system is collapsing. People [00:00:30] know something is wrong and they're [00:00:32] looking for safety. And gold and silver, [00:00:35] but precious metals broadly have been a [00:00:38] reliable store of value since the [00:00:40] beginning of recorded history. And [00:00:41] people know that they're tangible. They [00:00:44] can hold in their hands what they own. [00:00:47] And in moments like this, they want to. [00:00:49] So gold is more important than it's ever [00:00:53] been. No, it's not an ancient [00:00:54] phenomenon. It's a very modern [00:00:56] phenomenon. And for the time being, it's [00:00:59] the future. So, we were not surprised [00:01:01] when multiple gold companies reached out [00:01:03] to offer us money. In one case, nearly [00:01:06] $20 million a year to pitch their [00:01:08] products. And we're totally for it. We [00:01:11] love gold. Always felt that way about [00:01:13] gold. So, why would we work for a gold [00:01:15] company? But $20 million [00:01:19] to market gold? Wait a second. Isn't [00:01:21] gold a commodity whose price is set on [00:01:24] the international market? Can't you [00:01:25] check it anytime you want on your phone? [00:01:27] How could these companies afford to [00:01:28] spend $20 million on one guy for one [00:01:32] year of selling their product? Well, the [00:01:34] answer is obvious because it was a total [00:01:36] scam. They weren't selling gold as a [00:01:39] commodity. They were selling it to [00:01:41] customers [00:01:42] based on the promise that it had real [00:01:45] value, but they were selling it for like [00:01:46] twice its actual value. [00:01:49] They were come up with gimmicky [00:01:51] schemes like, "Oh, it's a commemorative [00:01:53] coin." No, no, no. Gold [00:01:56] is a commodity and almost all of the [00:02:00] time the value of your gold coin is the [00:02:02] weight of the gold in it. It's not [00:02:04] whatever image is printed on the coin. [00:02:06] So, they're ripping people off. And what [00:02:08] was happening, what is happening right [00:02:09] now is that people, a lot of them old [00:02:12] people are buying these commemorative [00:02:15] coins for like 150% of the spot price. [00:02:19] And then when they try and sell them, [00:02:20] they realize they can't get their money [00:02:21] back. They've been scammed. These [00:02:24] companies are making a ton of money and [00:02:26] that's why they could afford to offer me [00:02:29] 20 million bucks a year. We wanted no [00:02:31] part of this at all. Wouldn't mind the [00:02:32] 20 million bucks, but we turned it down [00:02:34] because that's wrong. So instead, we [00:02:37] thought, well, wait a second. This [00:02:38] country needs an actual retail gold [00:02:42] company that sells a couple points above [00:02:44] spot for overhead but in a transparent [00:02:47] way and makes it easy for people, [00:02:50] average people to buy gold and have [00:02:52] delivered to their homes if they want [00:02:55] physical delivery. So we decided to do [00:02:57] that. We reached out to one of the [00:02:59] biggest gold wholesalers in the country, [00:03:01] someone we had mutual friends with and [00:03:03] we found we could trust, a man called [00:03:04] Christopher Olsen. We've been buying [00:03:07] gold for him for years actually. And [00:03:09] together we launched a new company [00:03:11] called Battalion Metals. It's a truly [00:03:14] honest gold company. We're not going to [00:03:16] say the only, but definitely one of the [00:03:18] few that gives ordinary people, [00:03:20] investors, full transparency and the [00:03:22] lowest markups possible. Few people know [00:03:25] as much about precious metals or have [00:03:27] traded in them as long as Christopher [00:03:28] Olsen has. No one in the space operates [00:03:30] with greater integrity. He's an amazing [00:03:32] guy with an encyclopedic knowledge of [00:03:34] the topic. He's been his whole life. We [00:03:37] recently sat down with him where he [00:03:38] shared some of his insights that every [00:03:40] investor, big or small, should hear. We [00:03:42] think, especially now that gold buyers [00:03:45] have been vindicated. Boy, have they [00:03:46] been. It's crushed the stock market over [00:03:48] the last 20 years. We think now you will [00:03:51] find this conversation especially [00:03:52] interesting and we hope valuable. Just [00:03:54] to note the obvious, this video was [00:03:57] pre-recorded. So, the values we assigned [00:03:59] to gold are set by the market. It's the [00:04:02] spot price and they were accurate when [00:04:04] we recorded them. Are they accurate now? [00:04:05] Well, to find out, visit battalion [00:04:08] metals.com. [music] [00:04:16] [music] [00:04:21] [music] [00:04:29] Chris, thank you for doing this. [00:04:30] >> Absolutely. [00:04:32] >> So, I [clears throat] was think I was [00:04:33] thinking about it last night. You're one [00:04:34] of the biggest gold wholesalers in the [00:04:36] United States. Definitely one of the [00:04:38] biggest. Um, you could be doing other [00:04:40] things. Uh, but you're you're really [00:04:43] interested in gold. The fact that you're [00:04:46] in this business is a little weird if [00:04:48] you think about it because gold is the [00:04:50] most primitive, the longest standing, [00:04:52] the oldest [00:04:54] form of exchange, medium of exchange. [00:04:57] And it's like the only thing left from [00:04:59] antiquity. [00:05:01] >> You're not a chariot builder. That would [00:05:02] be absurd. There's no use for chariots. [00:05:04] But like the one thing that connects us [00:05:06] to the past going back through recorded [00:05:09] history is gold as a medium of exchange. [00:05:13] Why in this sort of hyper progressive [00:05:17] moment where, you know, we're building [00:05:18] AI and visiting Mars, why in the world [00:05:22] would gold still be relevant? Well, [00:05:25] within society, unless you want to have [00:05:27] a barter economy, you have to have a [00:05:30] form of money of some kind. And [00:05:34] money requires certain characteristics [00:05:37] in order for it to be good or useful as [00:05:40] money. So, you couldn't use sand or [00:05:43] seashells. And in the past, we've, you [00:05:46] know, used lots of different types of [00:05:48] money like uh beaver's tails or pelts or [00:05:51] tobacco. [00:05:53] >> But with gold, you have something that [00:05:56] is it's durable, it's portable, it's [00:06:00] divisible, it's fungeable, it's [00:06:03] recognizable, it's scarce. So it it [00:06:07] there can be enough of it to satisfy [00:06:09] everyone's demand. So it has has a [00:06:11] certain uh level of value just intrinsic [00:06:14] to the characteristics of the element. [00:06:16] And if you were going to look at say the [00:06:19] periodic table of elements and and [00:06:21] figure out which of those is going to be [00:06:23] suitable or ideal for money, the only [00:06:26] two that really shine are gold and [00:06:29] silver compared to the rest of them. So [00:06:33] over the course of history, it's been a [00:06:36] natural progression for societies to [00:06:39] adopt gold as a medium of exchange [00:06:42] simply because it it has those hallmarks [00:06:44] and those characteristics that allow it [00:06:46] to uh be useful as a medium of exchange [00:06:49] and a store of value. And it's when you [00:06:54] you go away from that that you begin to [00:06:56] have the horrible problems in society [00:06:59] that that come about through inflation [00:07:02] or the artificial creation of credit. Uh [00:07:05] because when you do that, you're you're [00:07:07] essentially [00:07:08] conveying arbitrary power, purchasing [00:07:11] power to entities that didn't really [00:07:13] earn it. So, it's a form of [00:07:14] counterfeiting to uh build on top of [00:07:17] that to counterfeit gold or create paper [00:07:19] claims or to inflate a currency that's [00:07:22] backed by gold. All of those things are [00:07:23] fundamentally lying and they're [00:07:26] fundamentally stealing. [00:07:28] And so, in inflation causes horrible [00:07:32] effects within a society that nobody can [00:07:34] really diagnose or pin to inflation, but [00:07:37] it's really at the root of those things. [00:07:38] and it causes the uh gradual [00:07:42] centralization of power towards uh those [00:07:46] that are able to issue a currency [00:07:48] without any tether to reality or to [00:07:51] manipulate the rules of the system. And [00:07:53] so uh for example, whoever's closest to [00:07:57] new money within a society uh has more [00:08:01] purchasing power than the market expects [00:08:03] that they should have because the [00:08:05] signals haven't gone out that there's [00:08:06] excess money in society. So prices don't [00:08:09] change and that's ultimately where [00:08:10] inflation comes from and over the [00:08:13] decades. [00:08:14] >> I'm sorry that is such an interesting [00:08:16] point that I've never considered. The [00:08:19] people who are closest to new money have [00:08:22] the first mover advantage effectively [00:08:25] like there will be inflation but the [00:08:27] system doesn't know it yet and therefore [00:08:29] they have more money at lower prices [00:08:32] than everyone else is going to have. Is [00:08:33] that what you're saying? [00:08:34] >> That's the real power in it. See if if [00:08:36] everybody say you lived on some desert [00:08:38] island and everybody had a fixed amount [00:08:42] of money in their accounts and on that [00:08:46] island you had a well-established [00:08:47] economy and there were prices that were [00:08:49] pretty stable and some [clears throat] [00:08:54] magical event happens overnight where [00:08:57] everybody wakes up and the amount of [00:09:00] money in their accounts has doubled. But [00:09:02] it's doubled evenly for everyone. [00:09:05] And if they were to collectively [00:09:08] understand that together, they would [00:09:10] realize that the prices of everything [00:09:12] should also be doubled. So just because [00:09:14] you've doubled the amount of money in [00:09:16] circulation doesn't mean you've doubled [00:09:18] the amount of goods and services or [00:09:20] actual wealth. You've just doubled the [00:09:22] claims on wealth. [00:09:23] >> Right? [00:09:25] >> So in that case, nobody has an advantage [00:09:28] because everybody has equally doubled [00:09:30] the money supply. and they all know it [00:09:32] at the same time. Prices double and [00:09:34] nothing's different. You just have more [00:09:36] money and higher prices. But if just a [00:09:38] few of those people were to get extra [00:09:41] money, then the prices wouldn't change [00:09:44] and other people wouldn't understand [00:09:45] what was happening. So the market that [00:09:48] determines prices [00:09:50] uh would not be able to [00:09:53] um detect or prevent what's basically a [00:09:56] hack in a sense. It's it's allowing [00:10:00] people who haven't earned a claim on [00:10:02] those goods and services to take them [00:10:04] arbitrarily. And that's why they call it [00:10:06] fiat money because it's by fiat. Simply, [00:10:09] I say so. And that's a real problem. [00:10:12] Well, this country's 250th birthday is [00:10:14] right around the corner. 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We [00:10:57] support them. We know them. They've [00:10:59] taken a lot of unfair criticism, but [00:11:01] they are great and sincere guys. We can [00:11:04] vouch for that. Visit black rifle [00:11:06] coffee.com/tucker. Use the code Tucker [00:11:08] for 30% off your purchase or your first [00:11:11] coffee club order. Or grab Black Rifle [00:11:14] at Walmart or your local grocery store. [00:11:16] It's everywhere because it's awesome. [00:11:17] Black Rifle Coffee. Veteran founded [00:11:19] American roasted. This is America's [00:11:21] coffee. [00:11:22] >> It's funny. You're you're a gold dealer. [00:11:25] I not just wholesale, but retail as [00:11:27] well. You know, one of the biggest [00:11:29] billions of dollars of gold. Um, but [00:11:32] that's a better explanation than I've [00:11:34] ever received from any economist. So, I [00:11:36] kind of want to just call you an [00:11:37] economist now. Um, I doubt you'd accept [00:11:39] the term. Um, can can I don't want to be [00:11:42] degressive, but I can't control myself [00:11:44] on this. You were saying that from the [00:11:46] beginning of time, gold was used as a [00:11:49] media exchange because of its inherent [00:11:51] [clears throat] [00:11:52] physical properties, right? But I also [00:11:55] find it interesting that gold was used [00:11:58] was considered valuable and used for [00:12:00] trade on every continent on earth before [00:12:05] we believe there was any communication [00:12:06] between those continents. So separate [00:12:08] civilizations, the Egyptians, the [00:12:10] Mayans, the Incas, [00:12:12] ancient African civilizations, [00:12:15] every basically every civilization [00:12:18] before again there was any contact [00:12:19] between civilizations all decided of all [00:12:22] the metals and elements out there were [00:12:24] using gold. [00:12:25] >> Mhm. [00:12:25] >> The first and second temples were [00:12:27] adorned with gold, etc., etc., etc., [00:12:30] >> right? [00:12:31] >> It almost feels like there's a [00:12:32] metaphysical thing going on. I mean, I [00:12:34] don't know the answer, but have you ever [00:12:35] thought of that? [00:12:36] >> Definitely. Yeah. I I think all of [00:12:38] reality is symbolic and I think gold [00:12:41] symbolizes something. So it it seems [00:12:44] like it's, you know, baked into the [00:12:45] fabric of reality itself that if you're [00:12:48] going to need money, if you're going to [00:12:50] have money, then you're you're going to [00:12:52] need something that's suitable to it. [00:12:53] And it's it seems like quite a [00:12:55] coincidence that you happen to have two [00:12:57] elements that fit that bill so well. And [00:13:01] it would explain why [00:13:02] >> but that everybody recognized it [00:13:05] thousands and thousands of years before [00:13:07] the internet. [00:13:08] >> I mean independently. Yep. [00:13:09] >> What are the odds? [00:13:11] >> Yeah. The odds are astronomical. And I [00:13:13] think that's why that that explains why [00:13:16] that would happen. If if it's basically [00:13:18] encoded into reality in a sense, a [00:13:20] symbolic a symbol of wealth that's meant [00:13:24] to be viewed as such, then you you would [00:13:26] imagine that people would discover that. [00:13:28] The ancients were very very smart. [00:13:30] uh ancient civilizations were not [00:13:33] necessarily as ignorant as we might [00:13:35] think they were. [00:13:36] >> Well, we're we're coming to learn that. [00:13:38] >> I I don't see anybody building megaliths [00:13:40] now. I see a lot of poured concrete [00:13:41] garbage. I don't see any megaliths. So, [00:13:44] clearly they were more sophisticated on [00:13:46] many levels than we understand. [00:13:49] Um okay. So, uh, I've talked to I talked [00:13:53] about this last night at dinner, but, [00:13:55] um, I think because you have been in [00:13:58] this business your entire life, you're [00:13:59] major player in the business. Um, you [00:14:02] spend your life with people who [00:14:03] understand the value of gold, but [00:14:05] outside of your world, gold is [00:14:07] constantly attacked, constantly attacked [00:14:09] and derided as an investment for [00:14:12] unsophisticated people. um for the [00:14:14] dummies, for the crazies, for the [00:14:16] paranoids who think societyy's [00:14:18] collapsing, don't believe in the US [00:14:19] dollar or whatever. And so I asked you [00:14:23] last night to look up the performance of [00:14:25] gold relative to let's just pick the [00:14:29] markets, the S&P standard report, 500 [00:14:31] biggest companies in the United States. [00:14:32] That's like a widely used measurement. [00:14:34] Um [00:14:37] the performance of gold was it it beat [00:14:40] the market by almost twice. Am [00:14:45] I making this up in my mind? [00:14:46] >> Well, if we look at uh performance over [00:14:50] the time period from say January 2000 [00:14:53] until today, [00:14:54] >> 25 years. [00:14:55] >> Yeah, 25 years. You see gold up roughly [00:14:59] a little over a,000%. Whereas the S&P is [00:15:02] up less than 400% over that same time [00:15:05] period, including dividends. So, it's [00:15:08] clear that there there's something more [00:15:10] happening with gold. [00:15:11] >> Can you say that one more time? So in [00:15:13] the last 25 years, if you bought an [00:15:15] index fund, you just or let's just say [00:15:18] strictly speaking, the performance of [00:15:19] the S&P for the last 25 years and 2 [00:15:23] months has been what? It's up what? [00:15:26] >> Something less than 400%. [00:15:28] >> And gold is up what? [00:15:29] >> Over a,000. [00:15:30] >> Okay. Over 25 years. This is not just [00:15:32] like some, you know, because there's [00:15:33] been a run on gold recently. The spot [00:15:35] price has risen a lot to record highs. [00:15:38] So, anyone who says gold, and I know [00:15:41] like Warren Buffett or all these other [00:15:43] geniuses are like all against gold, but [00:15:44] like actually if you'd gone in all in on [00:15:47] gold 25 years ago, you'd be more than [00:15:50] twice as rich as someone who just kept [00:15:52] it in the markets. That's what you're [00:15:53] saying. [00:15:54] >> Yep, definitely. [00:15:55] >> Okay. So, so like why didn't I know that [00:15:59] till last night? [00:16:01] Well, it's it seems to have been a [00:16:03] policy objective of the United States [00:16:06] government to uh discourage the use of [00:16:10] gold uh and to suppress its price [00:16:14] relative to the dollar in order to [00:16:16] maintain dollar dominance on the world [00:16:19] stage. And that dollar dominance has [00:16:24] been the primary means by which we've [00:16:27] been able to live well beyond our means [00:16:29] and command a military budget that's [00:16:32] larger than any other country on earth. [00:16:35] And if gold is a competitor to the [00:16:38] dollar, gold is really it it serves as a [00:16:41] barometer of the health of the dollar as [00:16:42] well. And there have been multiple times [00:16:45] in recent history that uh gold has risen [00:16:49] precipitously or silver against the [00:16:51] dollar. And whenever that happens, it's [00:16:55] it's it's a threat to a a debt-based [00:16:58] system to see real assets appreciating [00:17:00] against the currency in that way. So, [00:17:04] uh, additionally, you've got other [00:17:06] foreign governments that are holders of [00:17:09] gold, uh, central banks, and if you can [00:17:13] suppress the price of gold against the [00:17:15] dollar, you can also suppress the [00:17:17] purchasing power of those governments [00:17:20] against your own. [00:17:22] Um but what we see now, especially since [00:17:26] uh 2022, [00:17:28] um with the sanctions that were placed [00:17:31] on Russia as a result of the Ukraine [00:17:33] invasion, uh the US Treasury debt is no [00:17:38] longer a neutral reserve asset. It's not [00:17:41] safe from a national security [00:17:43] perspective for countries to uh rely on [00:17:48] dollars or to expect that they might not [00:17:50] be seized or sanctioned. And so [00:17:53] >> so this is the problem with sanctions on [00:17:54] Russia stealing people's stuff because [00:17:57] you don't like their politics. [00:17:59] >> Yeah. It was a huge mistake to do that [00:18:01] because [00:18:01] >> suicide. Yeah. Because it it really has [00:18:04] literally threatened this dollar [00:18:06] dominant system of world trade. And I'm [00:18:09] not sure why the Biden administration [00:18:11] would have been interested in doing [00:18:13] that. It seems like [00:18:14] >> they set out to systematically destroy [00:18:15] the United States. [00:18:17] >> Yeah. [00:18:17] >> There's no I I you know I I don't care [00:18:20] what people's stated motives are. I care [00:18:22] about what they do. And if everything [00:18:25] they do points in the same direction, [00:18:27] that's the motive. [00:18:28] >> Yeah. Don't look at what they say, look [00:18:29] at what they do. [00:18:30] >> Well, that's exactly right. The point of [00:18:31] a system is what it does. [00:18:32] >> Exactly. [00:18:33] >> And the point of the system they created [00:18:34] was to destroy the United States, to [00:18:35] knock it from its perch, to degrade it, [00:18:37] to break it apart. [00:18:39] and um destroying the dominance of the [00:18:41] dollar was something as insane as their [00:18:43] reaction to a war that they started on [00:18:46] purpose um between Russia and Ukraine [00:18:48] just tells you everything. But where [00:18:50] does that leave us now? [00:18:52] >> Well, there's a a process underway um [00:18:56] that many people refer to as [00:18:57] ddollarization [00:18:59] and a lot of it centered around BRICS [00:19:01] economy and uh you've even seen [00:19:04] President Trump talk about threatening [00:19:05] sanctions on these countries. I think [00:19:08] 100% sanctions if they attempt to move [00:19:10] away from the dollar. So he's obviously [00:19:13] been advised as to the the threat that [00:19:16] that poses to um US national security or [00:19:20] foreign policy objectives. [00:19:23] But [00:19:24] there there's a distinct move to look [00:19:26] for a neutral reserve asset that can be [00:19:29] used to settle balances of payment [00:19:31] accounts between various countries that [00:19:33] are trading with one another. And uh [00:19:36] historically it's been dollars and [00:19:38] treasuries for decades now as the [00:19:42] world's reserve currency, but now they [00:19:44] need an alternative. And the only [00:19:46] alternative that's ever truly existed [00:19:48] has been gold. Um, some people [00:19:51] [clears throat] [00:19:52] talk about maybe Bitcoin could serve [00:19:54] that purpose and I mean on some [00:19:56] theoretical level maybe it could but [00:19:57] it's also got a a number of security [00:20:01] issues and technical infrastructure [00:20:04] problems that many foreign governments [00:20:05] >> based on electricity okay and people [00:20:08] have to generate electricity all of this [00:20:11] stuff is based on electricity [00:20:13] >> and all of it AI our whole life is based [00:20:16] on electricity and electricity is like a [00:20:19] little over a hundred years old in its [00:20:21] current form. So like this is a pretty [00:20:22] new technology and it can be taken out [00:20:24] really really quickly. So that's just a [00:20:26] fact that no one ever wants to say [00:20:27] anything about. But like an EMP attack [00:20:31] like eliminates crypto and the internet [00:20:33] and AI and you know what I mean like [00:20:35] it's all sort of transitory actually, [00:20:38] >> right? And it's also not [clears throat] [00:20:40] not as private as one might think. [00:20:41] >> Well, yeah. [00:20:42] >> So you you have the blockchain where [00:20:44] every transaction is public as it has to [00:20:46] be. [00:20:46] >> Yeah. Um, and and so gold is really the [00:20:51] original cryptocurrency because I can [00:20:54] have value physically, transfer it to [00:20:57] you, and truly nobody knows about it [00:21:00] because it's it it doesn't need to [00:21:02] happen on a blockchain. The gold is the [00:21:04] gold. [00:21:05] >> How hard is it to transport it [00:21:06] privately? And by the way, I should say [00:21:08] I think you and I are both starting with [00:21:09] the assumption that it is not a crime to [00:21:13] have the fruits of your labor. So, it's [00:21:16] a crime to steal, of course. It's a [00:21:18] crime to defraud people. But if I've [00:21:19] earned money, I have a right to have it. [00:21:22] You have no right to know where I have [00:21:24] it [00:21:24] >> or what I'm doing with it as long as I'm [00:21:26] not doing something illegal. And so, [00:21:29] like, let's just say that's our core [00:21:30] assumption. All this moneyaundering [00:21:31] nonsense, which is really just a way to [00:21:33] control our population, not to stop [00:21:34] moneyaundering, which is the basis of [00:21:36] our government in the first place. All [00:21:38] right? So with that in mind, it is it is [00:21:42] not only okay, it's virtuous to have [00:21:46] money in a in a in a private form that [00:21:48] other people can't see or control. [00:21:50] That's okay. It's okay cuz you're not a [00:21:51] slave. You're an autonomous person. With [00:21:54] that in mind, like how hard is it to [00:21:56] have gold, to move gold, to transact [00:21:58] with gold outside the view of other [00:22:00] people with privacy? [00:22:02] >> It's very easy to do. And I mean, you [00:22:04] you you hit the nail on the head. It's [00:22:07] private money. Uh is it's it's a [00:22:09] foundation of human liberty, of freedom. [00:22:12] >> They're trying to make you feel guilty [00:22:13] about it. What are you into kitty porn? [00:22:15] >> Right. [00:22:16] >> Says the kitty porn guy. [00:22:18] >> Exactly. [00:22:19] >> Okay. [00:22:19] >> You know, and and and so it's directly [00:22:21] linked to your sovereignty as as [00:22:23] individuals, as nations, as families. [00:22:26] Um, but to to transfer, you know, you [00:22:29] could move a million dollars worth of [00:22:33] gold in a package that's going to weigh [00:22:35] about 35 pounds and and be about, you [00:22:38] know, about that big. That's a million [00:22:40] dollars worth of gold. So, [00:22:43] >> a little smaller now. [00:22:45] >> Yeah. Yeah. It just keeps getting [00:22:46] smaller. The value keeps going up, [00:22:48] >> right? Which means it's a denser store [00:22:50] of value than it was. [00:22:52] >> Exactly. People worry about the safety [00:22:54] of their home now more than ever. Simply [00:22:56] Safe is an amazing solution. And with [00:22:58] the early access Black Friday sale upon [00:23:00] us, there's never been a better time to [00:23:03] protect your house, your family this [00:23:05] way. So, typical security systems react [00:23:08] after someone's already broken into your [00:23:09] house. It seems a little late, really. [00:23:12] Simply Safe takes the opposite approach [00:23:14] to stop bad things, home invasions for [00:23:16] example, before they happen. How? Active [00:23:19] Guard outdoor protection. Cameras detect [00:23:21] threats outside your house. 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[00:24:06] That's the kind of safety you want. So, [00:24:09] um, is it hard to move it across [00:24:10] borders? [00:24:12] um [clears throat] [00:24:14] most uh you know you have to declare it [00:24:16] whenever you're uh importing or [00:24:18] exporting metal into other countries [00:24:20] like you would have to declare any type [00:24:22] of good. So there are uh laws for [00:24:26] customs uh in in every country. So um [00:24:30] you're going to declare it but it's uh [00:24:33] in in the majority of nations around the [00:24:36] world uh importing pure gold is not [00:24:40] going to be taxed. They're going to [00:24:41] allow it. They're going to facilitate [00:24:43] it. But uh [00:24:45] >> so there aren't tariffs on gold [00:24:47] >> generally. No. [00:24:48] >> Huh. [00:24:48] >> In in most [00:24:49] >> Why? That's interesting. [00:24:51] >> Well, it's uh every country has need of [00:24:53] it. Every population has demand for it. [00:24:55] So uh it's it's in the interest of [00:24:58] nations to allow their populations or [00:25:00] their governments or their corporations [00:25:02] to be able to obtain it for the purposes [00:25:04] they need it for without making it uh [00:25:07] artificially expensive. let the market [00:25:09] determine the real value of it. And so [00:25:11] that's the purpose of gold. And so [00:25:13] that's why nations give it that favored [00:25:15] treatment because it's a it's a form of [00:25:17] money as it always has been. You don't [00:25:19] tax uh money that's crossing borders. [00:25:22] You you don't put a tariff on euros or a [00:25:25] tariff on dollars. You want the money to [00:25:28] be able to flow because it's good for [00:25:29] trade. And the same is true for gold and [00:25:32] silver in most cases. [00:25:34] So with that, obviously without [00:25:36] betraying the privacy of any of your [00:25:37] clients, but you and I should just be [00:25:39] clear about one of the things that you [00:25:40] do is supply gold to people, you know, [00:25:43] like someone wants gold, I want $10,000 [00:25:46] worth of gold, I want $10 million worth [00:25:48] of gold, and you're one of the people, [00:25:50] aren't that many actually, who can come [00:25:52] up with it reliably, and you send it to [00:25:54] them. Who's buying gold? Like categories [00:25:57] here, not people of course. [00:25:59] >> Well, in general, retail investors buy [00:26:01] gold. uh hedge funds, family offices are [00:26:04] interested. Absolutely. Yeah. [00:26:06] >> Even though you are a key player in some [00:26:09] sense in the country's financial system [00:26:11] actually because gold is a part of that [00:26:13] system. [00:26:14] >> Um you probably are not watching a lot [00:26:16] of CNBC, right? [00:26:17] >> I don't have much time for mainstream [00:26:19] news. There there are many mainstream [00:26:22] investors in gold. Many very intelligent [00:26:25] uh adviserss are constantly advising for [00:26:27] it and have been for a long time. And I [00:26:29] think it it's always been kind of a [00:26:31] standard ad piece of advice amongst uh [00:26:35] wealth managers and advisers to have say [00:26:39] 10% of your portfolio in gold. That used [00:26:42] to be a standard recommendation. It just [00:26:45] because it's always been understood to [00:26:46] be a hedge against inflation and [00:26:48] volatility. Uh you know it's it's a an [00:26:52] asset that moves contrary to other [00:26:54] assets. So it's a way to balance a [00:26:56] portfolio to some extent. [00:26:58] Where does it come from? [00:27:00] >> Well, [00:27:01] >> I want to buy I call you and I say, [00:27:04] which I'm not going to do because I [00:27:05] can't afford it, but like I want to buy [00:27:07] $100 million worth of gold. [00:27:08] >> Y [00:27:09] >> you might I have no idea if you have [00:27:10] that like on hand. [00:27:12] >> Um but if you don't have it on hand, [00:27:14] where do you get it? Well, in the [00:27:18] the the gold market uh internationally [00:27:21] uh is is [00:27:23] primarily operated through exchanges [00:27:27] such as the COMX uh operated by the CME [00:27:30] Group out of uh New York. Uh the London [00:27:33] Bullion Market Association in London, uh [00:27:36] the Shanghai Gold Exchange, there are [00:27:38] other gold exchanges in say Russia and [00:27:41] in India as well. And so that's where [00:27:44] the bulk of the trading occurs where [00:27:46] they're clearing hundreds of millions of [00:27:48] dollars every single day uh in contracts [00:27:52] and that's being fed uh primarily by uh [00:27:57] refineries who are purchasing the the [00:28:00] gold from mines uh and and also are [00:28:04] trading gold that already exists. So [00:28:07] that's that's the major source of gold [00:28:09] and that's usually in the form of uh [00:28:12] large exchangeraded standardized bars in [00:28:15] bulk like the COMX contract here in the [00:28:17] United States is settled in a 100 ounce [00:28:20] gold bar and so that would be a single [00:28:23] futures contract that uh firms like us [00:28:26] would purchase or other people who need [00:28:28] to buy and sell futures contracts will [00:28:30] purchase that type uh of a commodity. [00:28:33] From that point, uh, bulk gold is taken [00:28:36] and it is, uh, further processed into [00:28:41] smaller coins and bars by private mints [00:28:44] and by government mints specifically for [00:28:47] the purpose of making it available to [00:28:48] people that want to buy it in formats [00:28:50] that are useful to the average person. [00:28:54] And so that the primary source is going [00:28:57] to be uh you know big banks, funds, uh [00:29:01] ETFs that are trading uh mines and and [00:29:05] uh also the secondary market where [00:29:07] there's whenever there's a large amount [00:29:08] of liquidation that's happening if [00:29:10] there's more than the retail market can [00:29:13] absorb of retail dealers, let's say. And [00:29:16] and I'm referring to that as just the [00:29:18] the non uh exchange traded markets just [00:29:22] this is the the open market in the [00:29:23] United States for example. Uh if people [00:29:26] sell too much [00:29:28] um [clears throat] as they have been uh [00:29:30] for the last year and a half uh what [00:29:34] that market needs to do then is uh [00:29:37] absorb all of that selling pressure. And [00:29:42] a lot of times they'll have to uh send [00:29:44] it to a refinery and have it melted down [00:29:47] so that it can be cast into uh formats [00:29:51] that can be delivered into the futures [00:29:53] markets where there's deeper liquidity, [00:29:55] there's more money to absorb the [00:29:58] purchasing power uh or or the the [00:30:00] selling demand uh of of the market. So [00:30:04] you you even the secondary market will [00:30:06] at times be feeding back into that. So [00:30:08] there there's a lot of plumbing [00:30:10] internationally [00:30:11] that provides for the uh efficient flow [00:30:17] of precious metals and price discovery [00:30:20] and trade execution and settlement. It's [00:30:22] a very wellestablished system that [00:30:25] operates internationally [00:30:27] >> and without too much friction. [00:30:29] >> Yeah. Yeah. there's there's always a [00:30:31] little bit of friction involved when it [00:30:32] comes to uh stuff that's when you're [00:30:35] moving precious metals or changing it [00:30:37] from one form to another. So the the [00:30:39] least amount of friction is going to be [00:30:41] like unallocated pool positions in [00:30:43] London, but that's also the highest [00:30:46] amount of risk. So it it's always a [00:30:49] trade-off. uh if if you want to derisk [00:30:52] it a little bit, you'll get allocated [00:30:53] bars. But now that means that you've [00:30:55] moved it out of the unallocated pool. [00:30:57] You've gotten serial numbers and it's in [00:30:59] another section of the vault. That's [00:31:01] going to have some friction. But if you [00:31:03] want to further take possession of those [00:31:05] things, now it has to flow out through [00:31:08] uh dealers and operators that can take [00:31:12] possession of those big bars. And now [00:31:13] you're you're hiring armored cars. [00:31:16] You're insuring it. You're financing the [00:31:18] position that you have to carry for a [00:31:20] period of time. That costs you interest [00:31:21] and opportunity costs with your capital [00:31:25] and you'll have to then reformat the big [00:31:28] bars into smaller coins and bars and [00:31:30] that requires capital equipment and [00:31:32] labor uh other inputs. And so uh there [00:31:36] is friction to to move it between the [00:31:39] major sources of liquidity in the in the [00:31:41] different markets. [00:31:42] >> And so as you're doing that, that's [00:31:44] where actually the premium comes from. [00:31:46] So when when you look at say the price [00:31:48] of gold that you see on your TV screen, [00:31:51] the reason that you can't buy it for [00:31:53] that price from a dealer of coins or [00:31:56] bars is the product that they're [00:31:57] selling. Well, it's based on that price. [00:32:00] It's got multiple layers of friction [00:32:01] that have been added into that product, [00:32:03] >> of course. [00:32:03] >> And so that's where the premium [00:32:05] >> because it is a physical product. It's [00:32:06] not theoretical, [00:32:08] >> right? It's [00:32:09] >> someone has to actually put it in, you [00:32:11] know, has to melt it [00:32:13] >> and that's all friction. [00:32:15] >> Yeah. But, you know, if you if you [00:32:16] wanted to buy gold at the spot price, [00:32:18] the only way to do that is to actually [00:32:20] buy futures contracts on the commodity [00:32:23] exchanges, which is where that price is [00:32:25] being ultimately set. But that's usually [00:32:28] not the best option for your average [00:32:30] investor. You don't have possession and [00:32:32] control of it. And if you want to take [00:32:34] possession and control of it, you're [00:32:35] going to add some friction back into the [00:32:38] asset. [00:32:39] >> What percentage of your customers take [00:32:40] delivery have it sent to their homes? Uh [00:32:42] well technically 100% of our customers [00:32:46] take delivery as it's strictly defined [00:32:48] under the law which means it leaves our [00:32:50] possession and it's going to go to [00:32:52] either a qualified depository [00:32:55] uh that's acting as an agent of the [00:32:56] customer or it's going to go directly [00:32:58] into the possession of that customer [00:33:00] physically. So uh we you the percentage [00:33:03] that takes it home and you know buries [00:33:07] it somewhere in their backyard or [00:33:09] wherever uh it's it's probably [00:33:12] North of 50%. 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But um profit and value is not [00:34:45] always expressed in dollar terms. So [00:34:47] what does that mean? [00:34:48] >> Well, there's a lot of value to having [00:34:50] your wealth under your control and in [00:34:52] your private possession, which maybe [00:34:55] it's worth the trade-off of not having [00:34:57] uh dividends uh being, you know, [00:35:00] distributed from the [00:35:02] >> What do you think the value is? [00:35:04] >> Well, you you have sovereignty. you you [00:35:07] have control. Um you you've eliminated [00:35:11] essentially all counterparty risk. So [00:35:14] you're the one who knows you. It's it's [00:35:16] actual wealth delivered. It's not a [00:35:18] claim on wealth anymore. It's not a [00:35:20] hypothetical. It's not some paper [00:35:22] certificate that says I owe you this or [00:35:24] we promise that you have this here. [00:35:26] >> We promise. We promise. [00:35:29] >> It's it's it's a and and you can trust [00:35:31] some people's promises. there there's [00:35:33] always trust involved in a system, but [00:35:35] you know this there are other promises [00:35:37] that maybe you shouldn't trust. So you [00:35:38] want to derisk a little bit, but uh once [00:35:41] you have it in your possession, that's [00:35:43] wealth delivered. It's no longer a claim [00:35:44] on wealth. Like it's a settled debt. Um [00:35:48] you know, if you look at say Federal [00:35:50] Reserve notes, the Federal Reserve notes [00:35:53] are not actually wealth. They're notes, [00:35:55] which means they're debts. They're debts [00:35:57] of the Federal Reserve. They're a claim [00:35:59] on the assets of the Fed. And so [00:36:01] whenever you pay somebody with a Federal [00:36:03] Reserve note, you're not actually [00:36:04] settling your debt to that person, [00:36:07] you're exchanging one debt for another. [00:36:10] So they haven't actually taken [00:36:11] possession of actual true wealth, which [00:36:15] is what gold is, or you know, any other [00:36:17] type of asset or capital asset. But when [00:36:20] when you have gold now, you have actual [00:36:22] wealth crystallized physically [00:36:25] incarnate, so to speak, in in a tangible [00:36:28] form that is no longer subject to any [00:36:30] other counterparty's duty to perform on [00:36:33] your behalf. [00:36:35] >> Amazing. How do you spend it? [00:36:39] >> Well, um [00:36:42] right now, uh because of the way our [00:36:45] economy works, you need dollars for [00:36:47] practically everything. uh even Bitcoin [00:36:51] as popular as it's become uh you know if [00:36:54] you if you go to a merchant that accepts [00:36:56] Bitcoin that merchant isn't actually [00:36:58] taking the Bitcoin and keeping it on a [00:37:00] wallet somewhere. They're converting it [00:37:02] to dollars almost instantly in most [00:37:05] cases. [00:37:06] Uh so the the same is true for gold at [00:37:09] this point largely that uh you know you [00:37:12] you can't really easily spend it [00:37:14] directly because most people need [00:37:18] dollars to operate on a daily basis to [00:37:21] pay their taxes to pay their mortgage to [00:37:23] go buy food at the grocery store. Um, so [00:37:27] to spend it, it usually involves [00:37:30] converting it back into dollars, selling [00:37:32] it to somebody who's making a market for [00:37:34] it, getting the money, and then using [00:37:36] it. [00:37:36] >> So, uh, which seems reasonable, um, at [00:37:38] this point in time. Uh, and of course [00:37:41] that will evolve as all systems do, you [00:37:44] know, maybe not in our lifetime, but of [00:37:46] course it all evolves. We don't use DRCA [00:37:48] anymore or Daenerys or whatever. Um, how [00:37:52] do you do that? How do you convert? So I [00:37:54] so I buy I don't know 30 ounces of I buy [00:37:58] 30 gold coins 1 oz coins [00:38:01] >> and I keep them in my safe and then I [00:38:05] have a need for them. How do I convert [00:38:08] them to US dollars? [00:38:10] >> Well, uh you could usually contact the [00:38:13] firm that sold them to you. Um and if [00:38:16] they're in your possession now you're [00:38:18] going to have the challenge of getting [00:38:20] them back to that firm. you're going to [00:38:21] have to transport them through a common [00:38:24] carrier like FedEx. Uh [00:38:26] >> how hard is that? [00:38:27] >> It's uh it's usually not hard. Um [00:38:30] especially with gold. Silver is a little [00:38:33] more challenging just due to the mass. [00:38:36] Um but there is some risk involved in [00:38:38] that. So there's there's the cost to [00:38:40] ship it. There's the cost to ensure it. [00:38:43] Uh so that's added friction. Um, [00:38:46] normally when you're dealing with a a a [00:38:49] major uh market maker or distributors [00:38:52] who who's involved in precious metals, [00:38:54] they're going to they they should [00:38:55] normally in most cases have a a strong [00:39:00] uh repurchase price. So it it's often in [00:39:04] your interest to do it that way. But you [00:39:05] could also practically every major city [00:39:09] in this country has multiple dealers who [00:39:13] would be more than happy to buy your [00:39:14] gold coins from you in practically any [00:39:17] major city. You could walk in with, you [00:39:20] know, two gold eagles and walk out with [00:39:24] $6,000 cash or they'll [00:39:26] >> So will they give you spot priceish for [00:39:28] those coins? [00:39:29] >> Usually if they're honest. Yeah. And and [00:39:31] you can, you know, you can check the [00:39:33] price, you can call around and and [00:39:35] people do that all the time, see what [00:39:37] people are paying and just, you know, [00:39:38] make sure to keep them honest. But, you [00:39:40] know, there there are dishonest dealers [00:39:42] out there. [00:39:42] >> Oh, for sure. But given that you can get [00:39:44] the spot price on your phone 24 hours a [00:39:46] day and I'm like, you know, gold is 3,25 [00:39:50] or whatever. And I look it up and then I [00:39:52] call the coin shop and say, I've got [00:39:53] two, you know, double eagles or [00:39:55] whatever. I've got two gold coins. [00:39:56] Assess if they're real and if they are, [00:39:58] will you give me spot? Is it [00:40:00] possible you're going to get that. [00:40:01] >> Oh, certainly. Yep. And for and for some [00:40:04] coins you might get more than spot. You [00:40:06] know, they some of them command a [00:40:07] premium [00:40:09] >> depending on market conditions and the [00:40:10] type of coin. [00:40:12] >> So, um [00:40:15] when I get the cash for those coins, how [00:40:17] private is that transaction? [00:40:20] >> Uh it's a very private transaction. So [00:40:22] there there's no specific reporting [00:40:25] requirement that says that dealers have [00:40:27] to report every purchase that they make [00:40:29] from the public. Um once you get to [00:40:33] large volumes of certain types of gold [00:40:36] or silver, they technically require a [00:40:39] 1099 [00:40:41] uh report um which really just discloses [00:40:45] the amount of gold and silver that they [00:40:48] purchased from you and the price they [00:40:49] paid. it doesn't disclose the profit or [00:40:52] loss that you made in that because they [00:40:54] have no way of knowing that. Um so so in [00:40:57] >> but if I want it totally private, what's [00:41:00] the threshold at which it has to be [00:41:01] reported, do you know? [00:41:02] >> Well, that threshold is subject to [00:41:05] debate amongst people within the [00:41:06] industry. Uh there's some obscure [00:41:08] regulations. Um okay, but roughly [00:41:10] >> but but typically it's you know like 25 [00:41:13] ounces of gold or say a,000 ounces of [00:41:18] silver. Uh, but it has to be in specific [00:41:20] forms. Like for example, the US gold [00:41:23] eagle is specifically exempted in law [00:41:26] from 1099 reporting. So, you know, you [00:41:30] could sell a million dollars worth of [00:41:31] gold eagles and no one in the government [00:41:34] needs to be notified that you did that. [00:41:36] >> So, it's totally it's totally private. [00:41:38] So, if I have gold eagles or if I have [00:41:41] up to 24 ounces, which is I'm not good [00:41:43] at math. Help me now, Chris. Oh, [00:41:45] >> 3,000 * 24 is [00:41:47] >> roughly 75,000,000. Yeah. [00:41:50] >> I can just walk into any coin shop [00:41:53] >> and give them that. I get I get bills [00:41:56] >> if they have them. [00:41:57] >> If they have them. [00:41:58] >> Mhm. Yep. [00:41:59] >> So, that's like that's kind of what they [00:42:02] promised me Bitcoin was going to be. [00:42:05] I I was super excited about crypto, not [00:42:08] as an investment. I'm not much of an [00:42:10] investor, that's for sure, but I do [00:42:13] believe in privacy and I think it's a [00:42:14] fundamental human right. So, I was [00:42:16] hoping that you could use Bitcoin for [00:42:18] that kind of thing. Not don't want to [00:42:20] buy, you know, anti-tank weapons or [00:42:24] whatever. I just want to buy like dinner [00:42:26] or whatever I want to buy, but it's not [00:42:28] bad, but I just want privacy. But gold, [00:42:31] I could take gold that's sitting in my [00:42:33] safe at home and go and get $75,000 or [00:42:38] unlimited if I have certain kinds of [00:42:39] coins and there's no record at all. I [00:42:42] just get the cash. [00:42:44] >> Correct. Yeah. [laughter] [00:42:46] >> Okay. [00:42:48] Now, the dealer is going to have their [00:42:49] own records. [00:42:50] >> Yeah. Whatever. But [00:42:53] >> yeah, but that that is privacy. [00:42:55] >> True. [00:42:56] >> Exactly. It's the original [00:42:58] cryptocurrency. It's so weird that I [00:43:00] feel awkward even saying this out loud. [00:43:01] They they've sold the lie that like if [00:43:04] you don't want them in your face at all [00:43:05] time in your bedroom monitoring all your [00:43:08] behavior on your iPhone that there's [00:43:10] something wrong with you. You know what [00:43:12] I mean? They want to put Ed Snowden in [00:43:14] jail for disclosing that they were [00:43:17] spying on me. Who's the criminal here? [00:43:19] The people spying me are the criminals, [00:43:20] not Ed Snowden for telling me the truth. [00:43:23] But they've so brainwashed everybody. [00:43:24] Even I think I'm pretty off-grid [00:43:26] mentally. I don't look at the media [00:43:29] either, ever, but I still feel like, oh, [00:43:32] you know, it's kind of embarrassing to [00:43:34] talk about wanting privacy. Do you feel [00:43:37] that? Are you you so off the grid that [00:43:38] you don't even know what I'm talking [00:43:39] about? [00:43:40] >> No. No. I I definitely feel it. I mean, [00:43:41] just even talking about it in this [00:43:43] interview, it's like, are you saying [00:43:45] something wrong? Are you allowed to say [00:43:46] [laughter] that? Is that is that [00:43:48] dangerous? Is that a threat? [00:43:49] >> It's so brainwashed. It's unbelievable. [00:43:52] >> Is it a threat to the regime? I mean the [00:43:54] the the system of control, taxation, [00:43:56] monitoring, uh everything done in the [00:43:59] name of safety. Uh [00:44:01] >> no, but it's just so funny cuz I because [00:44:02] I know you I don't think I'm giving away [00:44:04] too much. You're like a faithful [00:44:06] Christian with six kids. Like you're not [00:44:07] doing anything wrong. You're like a [00:44:08] law-abiding person and even you are [00:44:10] like, "Oh, I feel weird." [00:44:12] >> Yeah. Yeah. [00:44:13] >> Yeah. Yeah. Yeah. The positive law is [00:44:16] what they call it. like you haven't [00:44:18] actually harmed anyone, but you know, [00:44:19] it's kind of the the Department of [00:44:20] Pre-Rime wants to make sure that you're [00:44:22] doing okay things and not potentially a [00:44:25] threat to somebody. So, even though you [00:44:26] have [00:44:27] >> only certain people, they don't care if [00:44:28] you're a threat to others, but it's like [00:44:30] >> selective enforcement is always very [00:44:31] interesting, [00:44:32] >> a threat to their power. Um, which this [00:44:34] is, by the way, just to be totally blunt [00:44:35] about it. And, you know, privacy is a [00:44:38] threat to their power. That's why [00:44:40] they're opposed to it. You know, [00:44:42] >> exactly. [00:44:42] >> Tough luck is my view. [00:44:44] >> Privacy and sovereignty. and and that's [00:44:46] why they're opposed to gold and and [00:44:48] that's why you you want to keep [00:44:50] everything uh [clears throat] in Federal [00:44:52] Reserve notes and heavily regulated. You [00:44:55] have Bank Secrecy Act. You have [00:44:57] everything that relates to dollars uh in [00:45:01] terms of what you can do [00:45:03] and even internationally. So, it's a [00:45:06] very powerful tool for control. Um, add [00:45:09] to that uh income tax laws where they, [00:45:12] you know, we didn't used to have an [00:45:14] income tax in this country. We were we [00:45:17] were a free country once, but once they [00:45:19] need to get in and figure out how much [00:45:21] did you earn as though it's their [00:45:23] business, you got to pay your fair [00:45:25] share. It's it's not even about paying [00:45:27] your fair share. It's about managing the [00:45:30] wealth of your citizenry and making sure [00:45:33] that some people are not richer than [00:45:35] they ought to be. Because if the [00:45:37] government wanted to, you know, pay its [00:45:40] debt some other way, it easily could. [00:45:42] But instead, they choose to use the [00:45:44] people as a source of revenue. And and [00:45:46] that's, you know, they think of the [00:45:48] percentage of time that you work for the [00:45:51] IRS every year so that you can fund [00:45:57] regime change operations or some other [00:46:00] bizarre foreign policy objective like we [00:46:02] see with US aid in some foreign country. [00:46:04] It's like uh that that entire system is [00:46:08] just fundamentally unjust and [00:46:10] undemocratic and and it really doesn't [00:46:12] represent the will of the people. It [00:46:14] doesn't allow them to be as free as they [00:46:16] could be. It doesn't allow families to [00:46:19] uh preserve and transmit generational [00:46:21] wealth and it's all done in the name of [00:46:22] this obscure concept of fairness which [00:46:25] is defined by bureaucrats and [00:46:27] politicians thousands of miles away from [00:46:29] you. So, it's it's a horrible system. [00:46:33] And uh yeah, you're you're right. They [00:46:35] they you you can't be allowed to have [00:46:38] priv privacy or sovereignty. There there [00:46:40] should be no ability for you to opt out. [00:46:43] You cannot secede. You cannot be [00:46:45] different. You can't you're you're all [00:46:47] subject to this system of control and [00:46:50] monitoring to ensure that the policy [00:46:54] objectives of whatever uh administration [00:46:58] or regime happens to be in control at [00:47:00] that time decides is what's good for [00:47:02] you. [00:47:05] It's scary. How hard is it to store [00:47:08] gold? [00:47:10] Gold is relatively easy to store u [00:47:12] because it is so small. Um you can [00:47:15] concentrate so much value in such a [00:47:17] small piece that you could hide it in [00:47:20] your bookshelf. Uh you can use security [00:47:22] by obscurity. You can stash it in [00:47:24] different places. You could uh you know [00:47:27] hide it inside your wall. [00:47:29] >> A jar of peanut butter. [00:47:31] >> Yeah. Jar of peanut butter. Uh you could [00:47:33] get a uh one of those little pop can [00:47:36] fake pop can saves that you put the soda [00:47:38] can in your fridge and hide it in your [00:47:40] refrigerator or bury it in your [00:47:42] backyard. Gold doesn't rust. It doesn't [00:47:44] tarnish unlike silver. So, you know, you [00:47:47] could bury it. Uh so, it's very easy to [00:47:50] to to store gold on your own. It's when [00:47:54] you have a lot that it becomes more of a [00:47:57] security risk and [00:47:58] >> yes [00:47:59] >> then then you need to get a little more [00:48:01] strategic. [00:48:03] >> Can we talk about the downsides? I like [00:48:04] to assess I'm not an investor but [00:48:09] my goal if I make money is I have no [00:48:12] expectation of becoming Larry Frink. I [00:48:14] don't want to be Larry Fink. I just [00:48:16] don't I think it's fair not to want to [00:48:17] lose what you earned. That's how I feel [00:48:19] about it personally. And so how do you [00:48:23] and be I know you are honest so I'll [00:48:26] just say how do you like what are the [00:48:28] risks to buying gold? [00:48:31] >> Well the risks of buying gold uh [00:48:33] primarily are you go gold is volatile [00:48:36] like any other asset just because of the [00:48:38] economic system that we're in. And so [00:48:40] prices are going to swing. There are [00:48:42] going to be corrections. It's it's hard [00:48:44] for anyone to know what should the true [00:48:46] value of gold actually be. And even if [00:48:49] you did know that, what are the things [00:48:52] that prevent that from actually [00:48:53] happening? So there there's always some [00:48:55] level of uncertainty. So if you're, you [00:48:58] know, if you if you put all of your [00:48:59] money into gold, let's say, because you [00:49:01] think the world's going to end tomorrow, [00:49:03] or uh which in which case you wouldn't [00:49:05] need gold, but you know, [00:49:07] >> fair, [00:49:08] >> but [laughter] [00:49:09] probably want to buy macaroni, but yeah. [00:49:11] >> Uh yeah. Well, you'll you'll need, you [00:49:13] know, if the world doesn't end, but it [00:49:15] comes close, you're you're going to need [00:49:16] some system to barter and trade with, [00:49:18] and in that case, gold gold is perfect. [00:49:21] But, you know, say you put all your [00:49:23] money into gold and [00:49:26] it turns out 6 months later you need [00:49:29] that money for something and the price [00:49:32] of gold is maybe down 10% at the time. [00:49:35] Well, now you're going to be forced to [00:49:36] liquidate. So, it's as with any asset, [00:49:39] you you don't want to put too much of [00:49:41] your liquid assets into it or you could, [00:49:43] you know, potentially uh be at a loss. [00:49:46] So, you you never want to uh put too [00:49:49] much money into anything. You need to [00:49:51] have that spending money for all of your [00:49:53] daily affairs and unexpected. So, that's [00:49:54] one risk. [00:49:56] >> Um [00:49:57] the other risk of course is going to be [00:50:01] [clears throat] [00:50:02] storing it securely. You know, it could [00:50:04] be stolen from you. you could be robbed [00:50:07] or or you you want to make sure that [00:50:08] people don't know that you have gold or [00:50:11] especially if you have a lot of gold. [00:50:13] You you want to make sure that that [00:50:14] stays really private because there's [00:50:15] always going to be the risk that [00:50:16] somebody could uh come and take it and [00:50:19] walk away with it and there's no no [00:50:21] reversing that. You you can't uh you [00:50:23] can't cancel that check. Um sort of like [00:50:26] cryptocurrency, once it's gone, it's [00:50:28] gone. Uh or maybe you'll forget where [00:50:31] you put it. So you got you got to have a [00:50:33] a trusted treasure map that yeah only [00:50:36] trusted associates have. [00:50:38] >> So uh beyond those risks [00:50:41] >> what about fire? So you put it in your [00:50:43] house. I've got you know 500 grand of [00:50:46] gold in my wall where let's be honest [00:50:49] it's not going to be stolen. No one's [00:50:51] going to find that. Like it's [00:50:52] impossible. [00:50:53] Um but the house burns down and the gold [00:50:55] melts. How much value does it lose? [00:50:58] >> Um a few percent. [00:51:00] >> That's it. Yeah, maybe maybe four to [00:51:02] five depending on how contaminated it [00:51:04] gets. You probably have to, you know, [00:51:07] smelt it down and get it refined again. [00:51:09] And so you'll you'll shave off, you [00:51:11] know, between two and 5%. [00:51:14] But you'll be able to recover it all. [00:51:17] >> So it doesn't burn up. [00:51:18] >> No, no, it'll just melt. You'll have a [00:51:22] slag of melted coins sitting at the [00:51:24] bottom of the ashes of your house. [00:51:26] >> You ever seen that? [00:51:27] >> We have. Yeah. Really? [00:51:28] >> Oh, yeah. Absolutely. Yeah, we've we've [00:51:30] bought uh many many times we've had [00:51:34] packages come in from other dealers or [00:51:37] from other customers that are melted [00:51:39] gold or silver coins and that's exactly [00:51:42] what we have to do. Smelt it down and [00:51:44] get it refined, [00:51:46] >> but it's not a huge loss. Not a huge [00:51:48] loss. Nope. [00:51:49] >> So, it's durable. Very. How much of the [00:51:51] gold have you ever wondered um because [00:51:54] gold has been in circulation since the [00:51:56] beginning of recorded history um in a [00:51:59] very very famous way? I mean there's I [00:52:00] don't think there's a book in the Bible [00:52:01] that doesn't mention gold for example. [00:52:04] Um but many ancient texts mention gold. [00:52:07] So do you ever wonder like in this coin [00:52:10] that I'm holding was any of this gold [00:52:12] you know in the second temple? [00:52:14] Oh, it's certainly possible. Pretty much [00:52:17] all of the gold in circulation has [00:52:19] remains in circulation. So there's [00:52:21] always new gold being mined and added to [00:52:24] the supply and that's about 1 to 2% per [00:52:26] year of the total supply. [00:52:28] >> Yeah. [00:52:29] >> So gold inflation is 1 to 2%. [00:52:31] >> Right. Very manageable. [00:52:35] >> But typically gold is not um lost unlike [00:52:39] silver. Um, silver's used in industry [00:52:42] and uh, silver uh, is typically not it's [00:52:45] not worth recovering through recycling [00:52:47] in a lot of cases. Um, and it's used in [00:52:51] electronic components, photovalttaic [00:52:53] cells for solar, that type of thing. So, [00:52:55] it's it's an industrial use metal. Gold [00:52:57] is also used industrially, but typically [00:52:59] it's going to be worth it to recycle it [00:53:02] and recover it. And so, uh, most of the [00:53:05] gold that's ever been mined in human [00:53:06] history is still with us today. And uh [00:53:10] so yeah, you very you very well could [00:53:11] have some some of the molecules in your [00:53:14] gold bar or coin could have been in the [00:53:17] second temple or who knows where. [00:53:19] >> Interesting. You you keep referring to [00:53:22] silver. I wanted to just keep that [00:53:23] separate. I know much less about it. Um [00:53:25] let's start with the price. What is [00:53:27] silver trading for right now? Is [00:53:28] >> uh a little under $34 right now [00:53:31] >> an ounce? [00:53:32] >> Yes. [00:53:33] >> Um for silver. [00:53:36] Okay. Give me perspective on that. Is [00:53:38] that a lot or a little or? [00:53:40] >> It's not much at all. Um, we think it's [00:53:43] highly undervalued. A lot of people do. [00:53:46] >> Um, [00:53:47] >> why do you think that? [00:53:48] >> Well, throughout history, uh, gold has [00:53:52] typically had a a value relation to [00:53:56] silver of between 12 ounces of silver to [00:54:00] 1 oz of gold or maybe 15 to one. It's [00:54:03] kind of floated around there. That's [00:54:04] typically been [00:54:06] >> How far back can we track that? Oh, we [00:54:08] can track that [00:54:10] many centuries. There's plenty of [00:54:12] evidence for it. [laughter] [00:54:14] >> That's the cool thing about precious [00:54:15] metals. Like people keep records. [00:54:17] >> I mean, there's a continuity to it. Like [00:54:19] this is we're not the first people to [00:54:20] have this conversation, [00:54:21] >> right? We're not reinventing any wheels [00:54:23] here. No. Like this is a triedand-trude [00:54:24] method of running economies. [00:54:26] >> So it's 12 to 15x. [00:54:29] Gold is 12 to 15x. Silver typically. [00:54:32] >> Typically. Yeah. Um [00:54:35] today right now the ratio is about 90 [00:54:37] to1 which is very high 90 ounces of [00:54:41] silver to 1 ounce of gold. Well there's [00:54:42] a lot of reasons why people say that [00:54:44] that is you know and suppression is one [00:54:47] of the main ideas that [00:54:48] >> we just ask the obvious question. Has [00:54:50] there been a big expansion in supply? [00:54:53] Oh, no. No. The supply the supply [00:54:55] continues to go down. And if you look at [00:54:57] what the miners pull out of the ground, [00:54:59] you know, people are mining gold and [00:55:01] silver is often found with gold. Really, [00:55:04] vice versa. Yeah. Typically, [00:55:06] >> um, and uh, what's coming out of the [00:55:10] ground, the ratio is about 7 ounces of [00:55:12] silver to every 1 oz of gold roughly. [00:55:15] It's between 10. It depends on the mine, [00:55:18] but 7 to 10 is the ratio. The gold is [00:55:20] worth 90 times the silver. [00:55:23] >> Correct. [00:55:23] >> Huh. [00:55:24] >> Correct. So, [00:55:25] >> well then that doesn't make any sense. [00:55:27] So, if there hasn't been a massive [00:55:28] expansion in supply, but the value [00:55:31] relatively speaking has dropped like [00:55:34] dramatically, then what is that? [00:55:36] >> Well, it's part part of it has to do [00:55:38] with um the fact that silver is not a [00:55:42] medium of exchange right now. It's not [00:55:44] used in the marketplace. Um and also [00:55:47] central banks typically don't carry [00:55:50] silver on their balance sheet. So we we [00:55:54] look at the price of gold right now. The [00:55:57] vast majority of that price runup is the [00:56:00] direct result of central bank purchases [00:56:02] who are preparing for some type of [00:56:06] potential revaluation event. It would [00:56:08] seem silver on the other hand doesn't [00:56:10] >> Wait, hold on. What does that mean? [00:56:13] Well, what's the real value of gold? [00:56:16] What's the real value of the dollar? It [00:56:18] would appear that we're on the cusp of a [00:56:20] new international monetary system. Yeah. [00:56:23] Which is the result of certain foreign [00:56:25] policy decisions that were made in the [00:56:27] previous administration as well as just [00:56:28] the uh underlying nature of the the [00:56:33] game, the the economic system, like the [00:56:35] rules of it have changed multiple. [00:56:37] >> We're not encouraged to like probe that [00:56:39] too much. It's more like, hey, go have a [00:56:41] race war, [00:56:42] >> right? [00:56:43] >> Do you know what I mean? White people [00:56:44] are bad. Black people are bad. It's [00:56:46] about the trans community. It's like, [00:56:48] okay, but the one thing we don't talk [00:56:51] about is this sort of thing. I can't [00:56:53] believe how ignorant I am of some of it. [00:56:55] And I'm interested. [00:56:56] >> It's it's a theory of mine that really [00:56:58] this is the root of almost all of our [00:57:00] problems. [00:57:02] What does that how I I I think you know [00:57:05] the the ability for [00:57:07] the creation of artificial credit or [00:57:09] money by powers, central powers, let's [00:57:13] say the banks or primary dealers of the [00:57:16] Federal Reserve, the Federal Reserve [00:57:18] system, the government, it gives too [00:57:21] much power and too much control to small [00:57:23] a group of people. [00:57:24] >> Well, I've noticed that. Yeah. Okay, now [00:57:26] we're getting warmer. Yeah. So, so you [00:57:29] know the the changes that have occurred [00:57:30] in our society over time, none of these [00:57:34] things would have been possible without [00:57:36] the ability of the government to just [00:57:39] artificially inflate its credit and [00:57:41] monetize its debt and inflate the [00:57:43] currency. Otherwise, it would have to [00:57:45] come to the people and tax them [00:57:47] directly. But instead they're able to uh [00:57:51] levy a hidden tax against every holder [00:57:55] of a US dollar which is not just the [00:57:58] American people but people throughout [00:57:59] the entire world [00:58:00] >> the world. Yeah. [00:58:01] >> So it gives a lot of power to certain [00:58:04] forces that are at work and I don't [00:58:06] think those forces operate [00:58:09] uh for the the the benefit or the good [00:58:13] of common people like you and me. uh [00:58:17] they they have different plans and there [00:58:18] are different different goals associated [00:58:22] with uh these centralized powers and and [00:58:25] so uh not being tethered to some kind of [00:58:30] a standard has just given them too much [00:58:33] freedom to do too many things that [00:58:36] people normally wouldn't agree with or [00:58:37] wouldn't pay their taxes to allow and [00:58:40] that's happening globally. So, uh, the [00:58:42] the necessity of change has never been [00:58:45] more apparent for every reason that [00:58:48] we've discussed and plenty more. We [00:58:49] could go on and on and on about the [00:58:51] evils of that type of a system. And so, [00:58:53] in the interest of fairness um, and [00:58:56] honesty and and honest dealing [00:58:59] um, and and a proper valuation of what [00:59:02] is a thing actually worth, it's going to [00:59:05] require a lot more work. You know, we we [00:59:08] used to be on a gold standard. um which [00:59:12] was a result of uh agreements that were [00:59:15] made internationally [00:59:17] uh after World War II which uh and even [00:59:20] before World War II actually. But uh it [00:59:23] it pegged the value of the dollar to a [00:59:26] certain amount of gold and that gave [00:59:31] everyone dealing in dollars the ability [00:59:34] to actually properly account for what is [00:59:37] a dollar? What what even is it? Um, but [00:59:42] as usually happens, we just continue to [00:59:44] print more dollars than we had the [00:59:46] proper amount of gold. [00:59:47] >> We just fight a war in Vietnam, kill [00:59:49] 60,000 Americans, and like we couldn't [00:59:51] continue. So, in the early '7s, [00:59:54] >> the president took us off the gold [00:59:55] standard. Is that a fair summation? [00:59:57] >> Exactly. Yep. the the expansion of the [00:59:59] money supply, all of our unfunded [01:00:00] liabilities. Uh other people that, you [01:00:03] know, for foreign governments that held [01:00:04] dollars saw the writing on the wall and [01:00:06] they started demanding their gold and [01:00:08] the gold was flowing out of Fort Knox [01:00:11] and we had hundreds of tons. I don't [01:00:14] have the exact figures, but we were [01:00:15] losing tons literally of gold to foreign [01:00:19] redemption. And at some point someone [01:00:21] had a meeting with the president said, [01:00:23] "Mr. President, we're [01:00:24] >> they're emptying the vaults. [01:00:25] >> They're emptying the vaults." And you [01:00:27] know, may maybe the vaults are empty. [01:00:28] We're not sure. Uh I I guess the [01:00:31] president's going to find out maybe at [01:00:32] some point if they let him. But uh yeah, [01:00:36] so so they decided to suspend [01:00:38] redemptions and at that point the price [01:00:42] of gold was allowed to float. So there [01:00:44] became this sort of secondary market [01:00:46] that was no longer part of the [01:00:49] government but it was relegated to banks [01:00:52] who began to make markets and determine [01:00:57] uh what is the value of foreign exchange [01:01:00] what's the value of the dollar versus [01:01:01] the British pound or the German Deutsch [01:01:03] mark but a lot of that was also [01:01:06] continued to be related directly to gold [01:01:09] and so gold had a floating price at that [01:01:12] point and and So the the floating price [01:01:14] of gold becomes a benchmark and a [01:01:16] barometer of the health of any [01:01:18] individual currency which then becomes [01:01:21] uh part of the reason why the government [01:01:24] is now interested in managing that price [01:01:26] of gold as a matter of policy and and [01:01:29] you know just just like they they had a [01:01:32] gold standard at one time but they had [01:01:34] to default and that's what that was. It [01:01:35] was a default by the US government. It [01:01:37] declared bankruptcy and revalued its [01:01:40] debts. Um then the system became one of [01:01:44] okay now let's let's manage this and and [01:01:46] you'll notice 1971-72 [01:01:49] that's like a a that's that's that's a [01:01:51] bright line in human history where we [01:01:53] see the purchasing power of the American [01:01:57] middle class steadily decline from that [01:01:59] point forward every single year. um and [01:02:03] and almost any benchmark of any of the [01:02:07] ills in our society go right back to [01:02:10] that time frame because that unleashes [01:02:13] certain forces that nobody can properly [01:02:16] diagnose. Uh there's a there's a quote [01:02:19] uh by by Kees John Maynard Kees who uh [01:02:23] he said something I can't remember the [01:02:24] exact quote but that in inflation works [01:02:27] havoc and and basically misery on a [01:02:30] society in ways that not one man in a [01:02:32] million can diagnose. And so it's a very [01:02:35] subtle change that occurs within the [01:02:39] body politic when you begin to debase a [01:02:43] currency. And as you debase a currency, [01:02:45] you're you're kind of debasing the [01:02:47] people and you're committing fraud in [01:02:49] institutionalizing it on a grand scale. [01:02:52] And that's really an abomination [01:02:55] uh in the eyes of God. Uh the the Bible [01:02:58] talks about unjust weights and measures [01:03:00] being an abomination. [01:03:03] And and so there there's a real price to [01:03:06] that type of activity being allowed to [01:03:09] occur at scale on an institutional level [01:03:12] within your society. And we've [01:03:14] globalized it. And so from from that [01:03:17] point uh and and it's not as though [01:03:19] there weren't many evils that we had [01:03:22] prior to that point. There were plenty. [01:03:24] But at that point uh they became [01:03:27] leveraged in a sense. the the the [01:03:29] ability to maximize certain effects on [01:03:33] society through the use of money and [01:03:36] artificial money creation. Um so s sort [01:03:40] of like alchemy in a sense uh gave [01:03:43] certain powers just enormous ability to [01:03:47] manipulate and control society in every [01:03:51] level. Um, [01:03:53] I believe it was uh JP Morgan who said [01:03:57] that uh [01:03:59] give me control of a nation's money, I [01:04:01] don't care who makes it law, it makes [01:04:02] its laws, something to that effect. Um, [01:04:06] and that's very true. If if you have [01:04:08] control of the money, it doesn't matter [01:04:10] who's in charge. It doesn't matter who's [01:04:13] elected. It's money rules. And and so [01:04:16] that [01:04:16] >> you have control of the food and the [01:04:18] shelter and the water. I mean, it's like [01:04:21] you have control of human life. [01:04:23] >> And and you'll notice that uh it it was [01:04:26] during the creation of the Federal [01:04:27] Reserve in uh 1914. Um that that's the [01:04:32] same year that the income tax was [01:04:35] instituted. So those two things seem to [01:04:38] go together. They seem to be two part [01:04:39] two parts of the same tool. [01:04:43] And so we've watched that tool just [01:04:45] expand grotesqually to the point where [01:04:47] it is. And since 1971, just every ill [01:04:51] that you can conceive of in society has [01:04:54] expanded [01:04:55] uh consistently from that date. And and [01:04:58] so now we're at a point where all of the [01:05:02] fruits of that have come home to roost [01:05:03] in every possible way. And and I'm [01:05:06] convinced it's directly related to the [01:05:08] money. And we can point to lots of other [01:05:10] problems, which they are problems. [01:05:13] You've got symptoms, you've got other [01:05:15] secondary causes, but I think a lot of [01:05:18] those symptoms and secondary causes [01:05:21] would have never had the power that they [01:05:24] do have if it weren't for the ability of [01:05:27] certain forces to [01:05:31] enact their will using the money system [01:05:34] to which they're they're they're [01:05:35] untethered to to any outside force or to [01:05:39] to anything that should ever hold them [01:05:42] account or check their power other than [01:05:44] their own determination. Fiat money, we [01:05:48] decide what percentage of the Fed's [01:05:52] balance sheet should be gold. It used to [01:05:53] be 40%, then it was changed to 20. Then [01:05:56] it was changed to I think maybe 10 or [01:05:58] five. And then finally they said, "Ah, [01:05:59] whatever amount we want. We'll just call [01:06:01] it whatever we want." So they've got [01:06:03] cart blanch to decide what money is and [01:06:06] how much money there is and to regulate [01:06:09] its use in in every possible way. So [01:06:12] money really is at the heart of maybe [01:06:16] almost every problem right next to the [01:06:19] the spiritual uh realm and and they're [01:06:22] all connected [01:06:23] >> and they are directly connected. Yes. [01:06:25] And there there there's a reason that [01:06:27] there's a force called mammon that's [01:06:30] referred to uh throughout scripture. So [01:06:34] um yeah, it's it's a dangerous master. [01:06:37] Truly is. So, let me just ask you to [01:06:40] describe, you don't need to use the [01:06:43] names of the companies, they're all [01:06:44] famous, but like how does this slight of [01:06:47] hand work where these companies convince [01:06:50] mostly older, mostly conservative Fox [01:06:53] News viewers, really people I love, [01:06:56] convince them to buy gold at twice the [01:06:59] price? How do you do that? [01:07:00] >> It's a huge problem and it's been [01:07:02] happening in the industry for decades. [01:07:04] Uh, everybody knows about it. I didn't [01:07:07] know. [01:07:08] >> Yeah. Everybody in the industry at our [01:07:10] level understands what's happening. And [01:07:13] basically it involves uh companies that [01:07:17] will receive a call from some [01:07:21] individual, usually someone with a [01:07:22] retirement account who believes that [01:07:25] they need to buy gold. And uh it's it's [01:07:28] a good idea. You you want to get gold. [01:07:30] So, but where do you go to get it? And [01:07:33] so, right, [01:07:33] >> it it's it's a trustbased transaction in [01:07:37] the first place. Some major media figure [01:07:40] has endorsed them as they tried to get [01:07:43] you to endorse them uh for large sums of [01:07:46] money. and and now that that media [01:07:49] figure's entire audience is is a [01:07:51] potential customer now and a potential [01:07:54] trusting customer who [01:07:56] >> doesn't understand the way money works [01:07:59] or how gold works because as as we've [01:08:02] discussed it's not a topic of daily [01:08:05] conversation or activity for people [01:08:07] >> but you feel that it's important. That's [01:08:08] what drew me to it. I was like, there's [01:08:10] something about this that's important [01:08:12] and then I'm interested in history. And [01:08:13] I'm like, everyone else has thought that [01:08:14] since the beginning of recorded history, [01:08:15] so maybe there's something there. [01:08:17] >> Mhm. [01:08:18] >> Right. [01:08:18] >> Yep. And and so not knowing how it [01:08:20] works, they they call them up and they [01:08:22] say, you know, I have a retirement [01:08:24] account and I'd like to put $100,000 of [01:08:28] gold into the account. And the salesman [01:08:31] says, "Yep, we can help you do that. um [01:08:33] just sign this agreement and we'll get [01:08:36] the paperwork started and we'll sell you [01:08:38] $100,000 worth of gold. [01:08:41] And the the typical [01:08:44] understanding of most people is they [01:08:46] they think it's like buying a stock. So [01:08:48] they're assuming that if they've bought [01:08:50] $100,000 worth of gold that it's worth [01:08:53] $100,000. [01:08:56] >> Yeah. Well, that that's the assumption. [01:08:58] and and if there was some fee associated [01:09:01] with that transaction that it would be [01:09:03] disclosed or that it would be [01:09:05] >> that's fine. You take a vig that's [01:09:06] that's okay, you know. [01:09:07] >> Yeah. One or two% maybe three or four if [01:09:10] it's silver, you know. You you you've [01:09:12] got you've got a range of acceptable [01:09:14] percentages [01:09:16] associated with precious metals [01:09:18] transactions depending on the format and [01:09:20] the size and the delivery requirements. [01:09:24] Um and so there there is a certain [01:09:26] percentage uh which which is fair and [01:09:30] and typical. But what happens in these [01:09:33] types of transactions is the the [01:09:35] customer is charged 40 50 60% [01:09:41] above the price of gold or silver and [01:09:45] they don't know it. And I've I've [01:09:47] received receipts from customers of of [01:09:50] these types of brokers and I've looked [01:09:52] at the numbers. I've seen them in hand [01:09:55] uh showing uh people paying $75 or $80 [01:10:00] an ounce for silver coins when the price [01:10:03] of silver was 25 or paying uh and that's [01:10:07] disgusting. [01:10:08] >> Yeah. [01:10:09] And these old people, [01:10:10] >> old people who don't understand what [01:10:13] they're doing. And uh when they turn [01:10:16] around to try to cash out, they want to [01:10:20] buy a piece of real estate or help fund [01:10:25] a grandchild's college education. [01:10:28] They they see that silver and gold are [01:10:32] both up maybe 20%. [01:10:35] They go to their IRA account, try to [01:10:37] liquidate, [01:10:39] and they're underwater. [01:10:41] They haven't earned any money. They're [01:10:42] still down from their original [01:10:43] investment. [01:10:44] >> They've lost money. [01:10:45] >> They've lost money [01:10:46] >> even as the metals have risen. [01:10:48] >> Exactly. Exactly. [01:10:50] >> So, how does that work? [01:10:51] >> And it's because the the people that [01:10:53] sold them the metal [01:10:56] marked it up 50 or 60 or even 100% in [01:10:59] some cases I've seen. and and and [01:11:02] they'll try to justify it by saying, [01:11:03] "Oh, this is a a scarce coin or a [01:11:07] special issue coin." And and often that [01:11:09] is part of the game is they'll get these [01:11:11] obscure coins that are an exclusive mint [01:11:14] issue from one of the major mints and [01:11:17] and they'll get access to that exclusive [01:11:19] coin so that if you try to look it up [01:11:21] online, you won't find that coin [01:11:23] anywhere and it'll be some special gold [01:11:25] or silver coin that only they have [01:11:27] access to. But fundamentally, there's [01:11:30] nothing intrinsically valuable to it [01:11:33] other than its gold or silver content. [01:11:36] >> It's still a commodity, isn't it? [01:11:37] >> It's still just a commodity. It's not a [01:11:39] collector's piece. And that's typically [01:11:40] not what people the people are not [01:11:42] looking to invest in collectibles in [01:11:44] their IRA accounts when they're looking [01:11:46] for gold. And so, you've got bait and [01:11:48] switch tactics. So you've got [01:11:49] >> Wait, so just to prove the point, if [01:11:51] you're a in addition to being gold [01:11:53] seller, you're obviously a huge gold [01:11:54] buyer from a lot of different sources, [01:11:57] but one of them is from dealers around [01:11:58] the country. Someone comes in and says, [01:12:00] "I want to liquidate." [01:12:01] >> So you get a special issue mint coin or [01:12:04] a commemorative coin [01:12:07] um brought to you, what do you pay for [01:12:09] it? [01:12:10] >> Typically, it's going to be very close [01:12:11] to the spot price, [01:12:13] >> right? So, you're buying it for the [01:12:14] gold, [01:12:16] >> not for the spooky voodoo of [01:12:19] commemorative [01:12:20] >> there. There's no market for it. It's a [01:12:22] modern coin. It's not valued by [01:12:24] collectors. Uh it's it was it was minted [01:12:28] specifically for the purpose of being [01:12:30] kind of scarce, but at the end of the [01:12:31] day, people don't care about that. [01:12:33] There's no reason to value it higher [01:12:35] than other gold or silver coins of the [01:12:37] same purity and weight. So, [01:12:39] >> so it has in real terms no added value, [01:12:43] no extra value because it's limited [01:12:46] edition, [01:12:46] >> right, [01:12:47] >> from the New Zealand Mint or whatever. [01:12:50] >> Yep. [01:12:50] >> Rich Corinthian leather. [01:12:51] >> It It's all just speculation that it [01:12:54] should be worth more. But when when it [01:12:56] comes down to it and they try to [01:12:58] liquidate these special issue coins or [01:13:01] whatever type of coin they were [01:13:02] overpriced and sold, they come to the [01:13:05] market and find out the market values [01:13:09] their assets at the price of gold or [01:13:10] silver and and it's not just us. They [01:13:13] could go to any dealer in the country [01:13:15] and get the same story. Now, they might [01:13:18] go to the original dealer that ripped [01:13:20] them off, and that dealer will often try [01:13:23] to save face and prevent a bad review [01:13:26] online. And what they'll do is maybe [01:13:28] offer the customer more than anyone else [01:13:31] in the market will pay and they'll try [01:13:33] to pay them off to just, you know, be [01:13:36] satisfied or go away. So, it's a little [01:13:38] game that they play, but you know, if [01:13:40] they pay 30% more than the value of the [01:13:43] gold or silver for that coin, they're [01:13:45] the dealer that bought it back is not [01:13:47] going to be able to get that price from [01:13:49] the normal market. So, they have to go [01:13:51] find another mark to [01:13:55] pawn those off. [01:13:56] >> Classic Ponzi right there [01:13:57] >> in a sense. Yeah. Yeah. Very close to [01:14:00] that. So, I don't know what um you know [01:14:04] how I can describe this without getting [01:14:06] sued, but this seems really wrong to me. [01:14:10] Do you think that? [01:14:12] >> Yeah, it is. Uh [01:14:15] there was a a bill [clears throat] [01:14:18] um actually it was a regulation change. [01:14:21] Um I I can't recall offhand which agency [01:14:24] it was. It was probably uh consumer [01:14:27] protection um that they were considering [01:14:32] a rule change to require anyone that [01:14:37] sells anything to uh retirement accounts [01:14:41] to be forced to act as a fiduciary. [01:14:44] And right now there is no requirement [01:14:46] for that. [01:14:48] >> [clears throat] [01:14:48] >> And if this change were implemented, it [01:14:50] would uh significantly [01:14:53] change uh the enforcement tools that the [01:14:56] government might have to go after [01:14:58] companies like this. And right now they [01:15:01] really don't have any enforcement. [01:15:02] >> So I guess what offends me this is what [01:15:04] so you told me this I think when we [01:15:06] first spoke and that's when I decided I [01:15:08] wanted to start a gold company which I'm [01:15:10] not qualified to do. So, I partnered [01:15:11] with you, but um the the outrage I felt [01:15:15] um stemmed from the fact that they were [01:15:18] doing this with retirement accounts. [01:15:20] That just seems over the top. I mean, if [01:15:22] some drunk rich guy calls in and you [01:15:24] fleece him 40% on a gold sale, it's it's [01:15:28] immoral, but it's not quite the crime [01:15:30] that you're describing, which is some [01:15:32] old Fox News viewer calls in and goes, [01:15:34] "It's my IRA, my individual retirement [01:15:37] account, [01:15:38] and you're selling stuff that like, you [01:15:42] know, isn't worth what you're selling it [01:15:44] for, but like by a lot. I mean, it's a [01:15:49] full scam of all people. [01:15:52] >> A full scam. And I' I've seen story [01:15:54] after story of [01:15:55] >> But why does nobody say anything about [01:15:57] it? [01:15:59] >> People have [01:16:01] attempted to say things and do things [01:16:03] about it. Uh there there there was a [01:16:05] court case against a a company in [01:16:08] California specifically um a very large [01:16:11] company and uh it was brought by the [01:16:15] state of California who actually looked [01:16:17] into this dealer's practices and um [01:16:22] ultimately forced that dealer to settle [01:16:24] on a number of these counts and to [01:16:27] change their practices. Um though even [01:16:30] after changing those practices there [01:16:32] were still issue after issue of [01:16:34] different types. Um so so there was that [01:16:38] one case where some action was taken to [01:16:41] a certain degree but you know if if one [01:16:44] of these dealers folds or goes bankrupt [01:16:47] or gets sued out of existence they'll [01:16:50] just pop right back up. It it's so easy [01:16:52] for anyone [01:16:53] >> really. Uh, so I actually asked for a [01:16:56] list of all the media people who were [01:16:58] shilling for these. I I think they're [01:17:01] criminal enterprises. That's my view. [01:17:02] But um certainly it's it's not [01:17:05] defensible if you know what actually [01:17:06] happened. You can't defend it. It's [01:17:08] wrong. And so I asked for a list of all [01:17:10] the media people cuz I was in the media [01:17:12] my whole life. And you know there are a [01:17:14] couple people I really dislike on that [01:17:16] list but there are also way more people [01:17:18] I really like including a couple like [01:17:20] actual friends of mine. So, I decide [01:17:22] it's all publicly available if you're [01:17:24] interested to look up yourself. So, I [01:17:25] decided I was not going to call anybody [01:17:26] out by name, but I really hope that this [01:17:31] tape circulates [01:17:34] um [clears throat] and that they decide, [01:17:36] you know, I I doubt knowing a couple of [01:17:39] these people are like legit good people. [01:17:41] Um, so the best people in the media [01:17:43] actually and I just don't think they [01:17:45] have any idea like some agents like oh [01:17:48] you know gold company X is going to pay [01:17:51] you whatever who turns down millions of [01:17:52] dollars. I just don't think they know [01:17:54] >> but I hope they do now. And I just want [01:17:56] to be clear that the business that you [01:17:58] and I are about to roll out is um is a [01:18:02] response to at least I'll speak for [01:18:04] myself. It's a response to this. I think [01:18:06] it should be easy. I think gold's [01:18:08] important. I don't think anyone should [01:18:09] put 100% of their money in it for the [01:18:11] reasons that you described because it's [01:18:12] a commodity and it goes up and down. But [01:18:14] as a long hold, [01:18:16] it doubled the markets. Like what's the [01:18:18] argument against it? So, um I really [01:18:21] think it's important for people to buy [01:18:22] gold. I buy gold. In fact, any profit we [01:18:25] make from this, I'm taking in gold [01:18:27] personally, but I just think it should [01:18:29] be easy for people. And um [01:18:32] [clears throat] you know, you don't make [01:18:34] you know, you make whatever 4% rather [01:18:36] than 100%. But like that's okay. That's [01:18:38] a normal business, right? [01:18:39] >> Right. Right. Be be transparent, be [01:18:42] upfront, and and that's going to be [01:18:44] [clears throat] part of our goal in the [01:18:46] operating of this new venture is to be [01:18:48] as completely transparent as possible. [01:18:50] And part of that is to [01:18:52] >> uh give customers the the indication of [01:18:56] what would you pay me today for the [01:18:59] product you just sold me? [01:19:00] >> And that difference between the bid and [01:19:03] the ask, the sell price and the offer [01:19:05] price is called the spread. [01:19:07] >> Yeah. and and the spread is really the [01:19:09] determinant of what is the cost of the [01:19:13] asset that you're investing in. What [01:19:14] what is the friction? Um if you need to [01:19:18] sell it tomorrow, how much are you going [01:19:19] to lose? And you know, if you sold it [01:19:21] back and the market didn't change, you [01:19:24] should expect to take, you know, 3 to 5% [01:19:27] off of [01:19:29] your your value, [01:19:30] >> right? [01:19:31] >> Because that's that's the typical uh [01:19:33] profit margin of of of an honest deal. [01:19:36] much better than a new car. I'll tell [01:19:37] you that. [01:19:38] >> Sure. Yeah. Well, and and and this is a [01:19:40] commodity money. So, you know, there [01:19:42] there's only so much that should be [01:19:43] added in terms of value and processing [01:19:46] and costs to that transaction. You know, [01:19:49] we're talk when we're talking 40 50 60%. [01:19:53] That you're you're just taking you're [01:19:54] just taking at that point. There's no [01:19:57] justifying. [01:19:58] >> But you're taking from the best people [01:20:00] in the world. That's what you know, [01:20:02] obviously, I was glad to be fired from [01:20:04] Fox. I'm really grateful I don't work [01:20:05] there. Um, but the viewers, you know, I [01:20:08] really love the viewers and I met a lot [01:20:11] of Fox viewers. I'm related to a lot of [01:20:12] Fox viewers and that's the one group I [01:20:16] you know, like they have enough [01:20:17] problems. [01:20:18] >> The government hates them. [01:20:19] >> Mhm. [01:20:20] >> And you're stealing from them. [01:20:21] >> Yeah. Yeah. It's it's a tragedy. It [01:20:24] really is. And I've seen the stories. [01:20:26] And the people that are promoting these [01:20:31] companies, the people who have large [01:20:33] audiences [01:20:35] need to do a little investigation agree [01:20:37] and and check out check out the actual [01:20:40] practices of the companies that they're [01:20:42] recommending and understand what is the [01:20:45] spread on the typical deal that these [01:20:48] companies are offering to their [01:20:51] customers to to the audience members of [01:20:53] those people. Well, they don't even put [01:20:54] their prices on the website. So, that [01:20:56] tells you everything. Like, you're [01:20:58] you're selling something. Tell me how [01:20:59] much it costs. [01:21:00] >> Yeah. Or if they do, they'll do the bait [01:21:01] and switch. You'll call for that and [01:21:03] they'll say, "Well, you know, you should [01:21:04] maybe get this." Cuz they'll they'll say [01:21:06] something like, "The government can't [01:21:07] confiscate this coin." Or they'll tell [01:21:09] you some secret story, some secret sauce [01:21:11] about the thing you should really buy [01:21:13] that's going to cost a lot more, but [01:21:14] there's a story behind it. Um, so yeah, [01:21:18] you you that's that's one of the the [01:21:20] typical signs is they don't have [01:21:22] e-commerce or they're they're not going [01:21:23] to display prices. No, there's plenty of [01:21:25] honest companies too that are telephone [01:21:26] only. They just they're not into [01:21:28] technology and they're honest brokers. [01:21:30] We we work with people like that. Um, so [01:21:33] that that's not that's not a guarantee, [01:21:35] but these companies almost always will [01:21:37] not display their prices or their [01:21:39] spreads uh because they don't want you [01:21:41] to see that. Um, and and it's typically [01:21:44] very high-profile celebrity endorsements [01:21:46] because it's a con job. They're relying [01:21:48] on your confidence. They're your trust. [01:21:51] They're stealing the trust. And by the [01:21:53] way, and some of these people, [01:21:55] some of the media figures who are [01:21:57] promoting this stuff are just not just [01:21:59] not good people. I know them well. But [01:22:01] there are also a bunch of them who I, as [01:22:04] I said, I know really well. And they are [01:22:05] good people. And they're basically [01:22:07] really honest people. And that's why [01:22:09] they're popular, by the way, because [01:22:10] they're honest. and they've earned that [01:22:13] trust over a long period. [01:22:16] And so anyway, I think it's a tragedy [01:22:18] for them. It's misleading probably [01:22:21] unintentionally uh to their viewers just [01:22:24] the whole thing. One of the reasons I [01:22:25] was glad to grateful to partner with you [01:22:27] is that even though you're in the money [01:22:29] business, you don't worship money, [01:22:31] >> right? [01:22:31] >> Yeah. At all. So, um and also you don't [01:22:34] need to do this. You've been successful [01:22:36] enough. I just being honest don't need [01:22:38] to do it either and I I don't expect to [01:22:40] get rich doing this but I I really [01:22:42] believe in it and I think it's a it's a [01:22:45] good thing. I mean that too. [01:22:47] >> Yeah, I agree. Um you know we we've been [01:22:50] very successful. We've been in business [01:22:52] since 1976. We've [01:22:56] sold and delivered over $5 billion worth [01:22:58] of metals um in in the lifetime of our [01:23:01] company. And I've [clears throat] been [01:23:02] in it since I was born. My dad started [01:23:04] the company. So, it's it's always been [01:23:07] uh part of my life. Grew up doing it. [01:23:09] And uh I came on board to help my dad [01:23:11] and I wanted to do things right. I [01:23:13] wanted to help him do things right. I [01:23:15] wanted to support our customer base, [01:23:17] which at the time was primarily uh [01:23:20] wholesale dealers that we would supply. [01:23:23] Um or retail dealers that we supplied as [01:23:26] a wholesale dealer. [clears throat] And [01:23:30] so those have always been my [01:23:32] motivations. I never when I was a kid I [01:23:34] didn't think I would be in precious [01:23:36] metals. I wasn't interested in what my [01:23:37] dad was doing but I wanted to help him. [01:23:40] He needed help and so that's what I did [01:23:42] and I wanted to do things right and uh [01:23:45] we've been very successful and we've [01:23:49] been transparent and honest and that [01:23:51] that's been a cornerstone of the way [01:23:52] we've operated for decades. Uh, and I've [01:23:58] known about these companies and [01:24:02] never really felt that it was something [01:24:04] that I could do anything materially to [01:24:06] affect. So, uh, when you first contacted [01:24:11] me and you had this idea about doing [01:24:14] something about it like this, I jumped [01:24:16] at the opportunity because, you know, [01:24:19] like you said, I I I don't need more to [01:24:23] do in life. I wasn't really planning on [01:24:25] expanding my list of projects. Uh I've [01:24:29] been wanting to scale back honestly [01:24:30] because I've been successful and I've [01:24:32] I've been working really hard a long [01:24:34] time, but this opportunity to me was [01:24:39] of greater value than just the business. [01:24:41] If it had just been business, I wouldn't [01:24:43] have been interested. But to be able to [01:24:45] actually [01:24:48] disclose this particular problem on a [01:24:51] platform like yours is of so much value [01:24:55] to the people that you and I love, the [01:24:58] American people, the Fox News viewers, [01:25:01] just average Americans who are trying to [01:25:04] protect themselves from the predation [01:25:07] and corruption that's rampant everywhere [01:25:09] in this country. [01:25:10] >> That's true. And and like you said, it's [01:25:13] not it's like they need this kind of [01:25:14] abuse. One more thing to get. They've [01:25:16] been hit from every single angle. The [01:25:18] people are suffering so badly. And I've [01:25:20] read these stories. So the idea that [01:25:23] that you would [01:25:26] that you would talk about this [01:25:27] particular issue and and bring it up in [01:25:30] in such a way that your audience is [01:25:32] going to know about it. The industry is [01:25:35] going to take notice. the people that [01:25:37] are promoting these companies are going [01:25:39] to hopefully think twice and go back and [01:25:41] do the math and ask some really hard [01:25:43] questions. That's something that is of [01:25:45] such huge value that you know ju just [01:25:48] this interview alone is worth everything [01:25:51] to get that information. [01:25:52] >> I hope so. Man, I almost took the money. [01:25:54] [laughter] [01:25:55] It was like I was like, "Wow, how [01:25:57] great." You know, it's like [01:25:59] >> I honestly think I've been fired for [01:26:01] less than a week and you know, most of [01:26:04] our staff came over from Fox paying [01:26:06] their salaries. It's like, wow, I've got [01:26:07] quite a burn right now. And I was like [01:26:10] very psyched. I was like, oh, gift from [01:26:11] God. And it was only because I was on a [01:26:13] long drive, like a 5-hour drive, just [01:26:16] spacing out thinking about it. And just [01:26:19] in like a hyper autistic way, I was [01:26:21] like, it doesn't make any sense. And I'm [01:26:23] terrible at math. if I know nothing [01:26:24] about math, but just like I can smell [01:26:27] like things that just aren't obviously [01:26:29] true. Like how does that work? And it [01:26:31] just led down this rabbit hole. So [01:26:32] anyway, I'm super super excited. Let me [01:26:35] just ask you one last question because I [01:26:37] I of course I keep stepping on your [01:26:38] answers as usual. [01:26:40] >> Silver, [01:26:41] >> people buy a ton of silver. [01:26:42] >> Yeah, [01:26:43] >> it's it was traditionally you said um [01:26:47] about [01:26:48] 1112th or 115th as valuable per ounce as [01:26:51] gold. Now it's 190th. [01:26:54] >> Yes. [01:26:55] >> I just don't understand that. It's got [01:26:57] tons of industrial uses. Um why is it 30 [01:27:01] bucks an ounce? [01:27:02] >> It's a really good question and we think [01:27:05] it's going to change. Um you know, if [01:27:07] you if you look back at when the the [01:27:10] first major high in silver was about $50 [01:27:13] an ounce in 1980 when the Hunt brothers [01:27:15] were cornering the market. um wi-i which [01:27:19] is an interesting indication of maybe [01:27:21] what its real value is. Um maybe not, [01:27:24] but the inflation adjusted number if you [01:27:27] want to calculate that to today's [01:27:29] dollars is about 190 bucks. So we're [01:27:33] we're nowhere near [01:27:34] >> that's how much inflation we've had [01:27:35] since 1980. [01:27:37] >> Yeah. $50 is then is $190 roughly today. [01:27:42] Yeah. [01:27:43] >> Oh man, I remember 1980 really well. I [01:27:46] was 11. [01:27:47] I mean that was a wow really that's a [01:27:51] lot of inflation in 45 years that's the [01:27:54] problem we're talking about but you know [01:27:57] so and and then most recently in in 2011 [01:28:01] uh silver again tested that nominal [01:28:04] figure um but adjusted for inflation [01:28:07] that number is today in today's dollars [01:28:10] maybe 70 75 bucks so we're nowhere near [01:28:14] any of those previous highs [01:28:16] >> [clears throat] [01:28:16] >> And historically since since about you [01:28:20] know maybe 1915 to present if you look [01:28:22] at all of the fluctuation of the the [01:28:25] gold silver ratio it's roughly the [01:28:28] average has been roughly 53 [01:28:30] >> to1 instead of 90 to1. So even if we [01:28:33] just changed if the ratio was to be the [01:28:36] basis for revaluing the price of silver [01:28:38] it would be over $50 right now based on [01:28:41] the price of gold. It's where silver [01:28:43] maybe should be if if you think that the [01:28:46] the ratio is a fair comparison. [01:28:48] >> And to restate, there has not been a [01:28:49] radical expansion in supply. [01:28:51] >> Correct. In fact, the supply that's [01:28:53] coming out of the ground, like I said, [01:28:55] miners report it being roughly a 7:1 [01:28:58] ratio, maybe 10:1 ratio depending on the [01:29:00] mine that you're extracting from. So, it [01:29:04] it has industrial demand. A certain [01:29:07] amount is lost every year. So, there's [01:29:08] some amount of a deficit. I think um I [01:29:11] don't have the exact figures, but then [01:29:13] the amount that's coming out of the [01:29:14] ground is nowhere near a 90 to1 ratio or [01:29:19] um even 50 to1. It's 10:1 or less. So [01:29:23] the the the possible [01:29:24] >> that sounds like market manipulation [01:29:26] maybe [01:29:27] >> that's what a lot of people claim. Uh [01:29:30] I'm not enough of an expert in some of [01:29:32] that inside baseball. I' I'd let other [01:29:34] people talk about that issue who who [01:29:37] have a lot more information than I do. [01:29:39] But to my [01:29:40] >> understand the motive for that that you [01:29:42] can think of? [01:29:43] >> Well, it [01:29:46] I'm not sure what the motive may be. It [01:29:48] it may be uh residual to previous [01:29:52] positions that were taken when silver [01:29:54] was more of a monetary asset. Uh there [01:29:57] from what I understand there are a lot [01:29:59] of short positions by certain bullion [01:30:02] banks that trade paper contracts to sell [01:30:07] positions that they don't ever actually [01:30:08] intend to deliver on which is a standard [01:30:11] practice. You just roll those contracts [01:30:13] and and you know buy it back, sell it [01:30:14] again. Um and and there are legitimate [01:30:17] reasons for doing that but also there [01:30:19] are reasons that are purely you know e [01:30:22] economical or even manipulative. And [01:30:25] from what I understand, there are [01:30:27] positions on the books of various banks [01:30:30] where every dollar silver goes up, [01:30:32] they're losing hundreds of millions of [01:30:34] dollars collectively. [01:30:36] Um, so that may be potentially uh part [01:30:40] of the motivation. I'm not sure exactly [01:30:42] what the motivation would be uh apart [01:30:46] from also the fact that silver is very [01:30:47] closely associated with gold. So there [01:30:50] there's probably a number of of reasons [01:30:53] why it may be happening that I'm not [01:30:55] aware of. [01:30:56] >> What is what is the US government I've [01:30:58] read this but I can't recall price its [01:31:00] own gold at [01:31:01] >> biggest holder of gold in the world I [01:31:03] think or supposedly [01:31:04] >> yeah $4222 [01:31:07] per ounce. [01:31:08] >> Is that less than the market price? [01:31:10] >> Oh quite a bit less [laughter] [01:31:12] >> like $3,000 less almost. That's how how [01:31:17] do you how do you do that? [01:31:20] >> Well, the uh the Fed can uh choose how [01:31:24] it wants to value its assets. They can [01:31:26] either [01:31:26] >> So, the Fed is magic. Is that what [01:31:27] you're saying? [01:31:28] >> It is. Yeah. Yeah. They can they can [01:31:30] mark their assets to market or they can [01:31:32] mark them to cost. Uh they they have the [01:31:35] the amazing power to uh value or revalue [01:31:39] different assets on their books. That's [01:31:40] part of the magic that we all enjoy. Uh [01:31:44] uh so so yeah it's it's it seems [01:31:47] undervalued now there [laughter] [01:31:50] >> can I buy gold from the US government at [01:31:52] 42 bucks [01:31:53] >> be nice wouldn't it be nice yeah so [01:31:54] there there are people who have you know [01:31:57] who watch the value of the federal [01:32:00] reserves balance sheet and market to [01:32:03] market because there is enough [01:32:04] information I think that people are able [01:32:06] to do that or you could look at the [01:32:08] money supply or take other barometers of [01:32:11] you what is in circulation. But there [01:32:14] have been a number of times um James [01:32:16] [clears throat] Rickards uh who who is a [01:32:19] famous uh commentator on these topics. [01:32:21] He's he's written a few books about this [01:32:24] topic. um and and he describes in one of [01:32:27] his books um I believe it's uh the death [01:32:30] of money uh where he discusses [01:32:33] uh the fact that the the Federal Reserve [01:32:36] technically on paper marking everything [01:32:39] to market has been underwater a couple [01:32:42] of times you know essentially insolvent [01:32:46] >> and but that that didn't include [01:32:52] marking the gold to market or revaluing [01:32:55] it to some other price which may be [01:32:58] arbitrary or it may be act an actual [01:33:02] market price. And so it it would appear [01:33:04] that the [clears throat] gold on the [01:33:07] Fed's balance sheet has always been sort [01:33:09] of a standing tool like an ace in the [01:33:13] hole to say [01:33:15] if we need to revalue this asset [01:33:18] to rebalance the balance sheet of the [01:33:21] Fed of our currency [01:33:23] >> then we'll revalue that asset. What [01:33:25] would happen to since the United States [01:33:28] is supposedly the world's largest holder [01:33:29] of gold, what would happen to the to the [01:33:32] gold price [01:33:33] >> if they did that? [01:33:36] >> It depends on what metric you would want [01:33:38] to use. Um, [01:33:41] people talk about the old gold standard [01:33:44] uh under the Federal Reserve where we [01:33:46] had a 40% reserve ratio. 40% of the [01:33:49] value of the dollar had to be backed by [01:33:51] gold. [01:33:52] um there's other ways to determine it. [01:33:54] So, uh if the value of gold were set to [01:34:00] say 40% or some other number, it's it's [01:34:02] going to be between, [01:34:04] you know, maybe 20,000 and 40,000, as [01:34:07] high as 40,000 to to get that ratio [01:34:10] back. Now, many things could happen [01:34:12] between now and that point, which could [01:34:15] change the the makeup of the balance [01:34:16] sheet of the Fed. So, who knows where [01:34:18] that number would actually end up, but [01:34:19] it would be multiples higher of where it [01:34:21] is right now. Uh, I think it was Luke [01:34:23] Groman who said that if we wanted to get [01:34:25] to a one:1 parody with Chinese yuan, we [01:34:29] would need roughly a $22,000 gold price. [01:34:32] And that per ounce [01:34:35] >> per ounce and and and and that's if we [01:34:38] have the amount of gold that we actually [01:34:41] say we have. If we don't have that much [01:34:43] gold, then the price goes up because the [01:34:45] dollar goes down in relation to what [01:34:46] gold we do have. So, and that seems to [01:34:50] be one [01:34:50] >> and the dollar just evaporates at that [01:34:52] point. [01:34:53] >> Depends how much gold we have in that [01:34:55] scenario. But it it would be a serious [01:34:58] blow to the confidence of other central [01:35:00] banks into what is the dollar really [01:35:01] worth in some future scenario where uh [01:35:05] international currency settlement gets [01:35:06] tethered to gold of some type. And I [01:35:08] think that there [01:35:09] >> everybody's preparing for that. Why are [01:35:11] central banks net purchasers of gold [01:35:14] since 2005 and just upped it since 2002? [01:35:18] >> So, a revaluation and a rebalancing has [01:35:20] to come for for peace and and for [01:35:23] prosperity and for fairness, it's going [01:35:24] to happen. [01:35:25] >> If you're I mean, if you were actually, [01:35:29] as you so wonderfully put it, tethered [01:35:31] to reality, gold is reality. If you were [01:35:34] tethered to reality, you couldn't have a [01:35:36] ton of neocon wars. They've never been [01:35:38] popular. They wreck the country. [01:35:40] Everyone kind of hates them. But it [01:35:42] doesn't matter what people think because [01:35:44] you make up the money supply [01:35:47] when you need it. I don't think we would [01:35:49] have any of these wars if if we were [01:35:52] tethered to gold, [01:35:54] >> right? And we probably wouldn't have [01:35:56] hollowed out our industrial base. [01:35:58] Globalism wouldn't be possible, at least [01:36:00] in terms of the American version of [01:36:02] globalism, [clears throat] [01:36:04] >> um, without that fiat currency aspect. [01:36:07] And and if we want to have say a uh like [01:36:10] uh Luke Groman who you've had on the [01:36:12] show here, [01:36:13] >> very smart guy. [01:36:14] >> Yeah. Incredibly smart. Um and and his [01:36:17] his idea of the revaluation of gold to [01:36:20] obtain a parody of Chinese yuan to the [01:36:22] US dollar of one to one. Um that would [01:36:26] be good for us as well because the the [01:36:29] Chinese yuan is so incredibly cheap [01:36:32] compared to the dollar. And I think [01:36:33] that's been people have accused China of [01:36:36] being a currency manipulator to maintain [01:36:38] that artificial cheapness because it [01:36:42] makes Chinese imports so cheap and [01:36:44] American exports to China very [01:36:45] expensive. So that's helped to fuel uh a [01:36:48] lot of the offshoring of our industrial [01:36:51] base to China uh over the last almost 30 [01:36:55] years now uh since roughly 97 I think is [01:36:58] when that began in earnest. Um but that [01:37:01] that also um is sort of a side effect of [01:37:06] of maybe this fiat currency system that [01:37:10] not only are we able to manipulate the [01:37:12] world but maybe other people are also [01:37:15] able to use that system that's set up [01:37:19] against us and and and that's probably [01:37:22] what's been happening too in in terms of [01:37:24] our relationship with China. So, I I [01:37:27] think there's a lot of problems that we [01:37:30] could solve internationally and even [01:37:33] domestically if we were to return to [01:37:36] some form of an honest money standard, [01:37:39] an actual standard that everyone is held [01:37:42] to. [01:37:43] >> Yes. uh a set of norms and and and that [01:37:47] makes everyone forced to deal honestly [01:37:49] so that your word is your word and your [01:37:52] currency is your currency and we [01:37:54] disclose what these things are and we're [01:37:56] transparent. That would be a first step [01:37:58] towards maybe rectifying so many of the [01:38:01] the evil things that have happened. [01:38:03] >> Well, lying is evil and if you're in a [01:38:05] society that's where you're just you [01:38:07] can't even get to the truth then you [01:38:08] know you have a huge problem. Um, [01:38:10] anyway, I hope our small effort moves [01:38:13] the needle a tiny bit and I'm grateful [01:38:16] to be in it with you. So, thank you, [01:38:17] Chris Olsson. [01:38:18] >> Thank you. [01:38:20] [music] [01:38:23] >> So, as you heard, that was Chris Olsen, [01:38:25] one of the biggest gold wholesalers in [01:38:27] the United States and a genuinely, in my [01:38:29] view, honest man. And we are starting a [01:38:32] company together that will allow people [01:38:35] just normal people to buy gold in a very [01:38:39] clear way. Price is on the website. You [01:38:42] can check the spot price and you can [01:38:44] know exactly what the markup is. We're [01:38:46] not in this to get rich, hope it's [01:38:48] successful, but that's not the point of [01:38:49] it. The point of it is to make it easy [01:38:52] and transparent for people to buy gold [01:38:56] because we believe it's important for [01:38:57] the reasons we just described. and and [01:39:00] that's all sincere, but you can judge [01:39:01] for yourself because full transparency. [01:39:04] Um, so if you're interested, the company [01:39:06] is called Battalion Metals, Battalion [01:39:09] Metals, and the web address, not [01:39:11] surprisingly, is battalion metals.com. [01:39:15] And we're open to any questions about [01:39:16] this. We want to bring honesty back to [01:39:20] this business. There's no reason it [01:39:21] should be a scam or shrouded in secrecy. [01:39:24] By the way, secrecy is a tell for [01:39:26] dishonesty. Someone is hiding something, [01:39:28] there's a reason they're hiding it, and [01:39:30] we are not hiding it. But you can judge [01:39:31] for yourself.