(0:00 - 1:55) As of now, mid-2025, global debt has reached $324 trillion, well in excess of the ability of national governments to repay that debt. Global derivatives, which are essentially bets on what commodities will be worth in the future, are now valued at $2 quadrillion, many times the actual value of global assets. And just as happened prior to the 2008 commercial paper crisis, which led to a worldwide recession, banks, including those in Canada, are highly over-leveraged, with CMHC backing mortgages well in excess of what the government could actually cover. In short, it's an economic house of cards, and it is on the verge of collapse. In this Part 1 of this three-part quarterly update, my team of financial experts joins me to paint a comprehensive picture of how we got here. Bryce Wade, who focuses on the geopolitical big picture. Adrian Spitters, a personal financial consultant and best-selling author, who correctly predicted the dot-com crash and the crash of 2008. And Warren Keane, of New World Precious Metals, who closely follows the precious metals market. All signs show that we are on the brink of a global economic collapse. But as with all financial disasters in history, those who understand what is happening and take the correct step to prepare, will not only survive, but profit, while others will lose everything. Bryce, Warren, Adrian, welcome back to the show. Thank you, Will. It's always a pleasure. Thank you, Will. Thank you, great to be here. (1:55 - 2:21) Great. And you guys as well. And I can tell you right now that these quarterly updates with you gentlemen is one of the most popular interviews that we put out every year. And this time around, as I explained to our viewers in the introduction, we have decided to do this as a three-part because there's an awful lot going on. And so in this first interview, we're going to talk about how we got to where we are right now. And as always, Bryce, you're sort of the big picture guy. (2:21 - 4:45) We're gonna let you start. So you probably noticed over this quarter that we have a new Prime Minister, our good friend, Mark Scammy. And he is, you know, he's something. So the stuff that's being implemented right now, I, as somebody that knew Mark Carney that was coming in, this was one of my biggest fears. This guy was going to come in and replace Trudeau. And he did. And now we're reaping the benefits of having an internationalist destroy Canada in more ways than one. So we got net zero, we still have mass immigration, we still have crime. And the big thing that's happening is that they're pushing us towards the EU and pulling us away from the US. Our economies, the Canadian and US economy are very integrated and have been for quite a long time for obvious reasons, because we're adjacent to each other. And him pushing us towards the EU to a declining EU, the EU is in massive decline, the euro dollar, the euro is in massive decline. And so we have huge, huge problems with our economy, we're basically facing a massive recession, even though we have massive amounts of immigration. And so the amount of stuff that's happening in the country is paralleled and mirrored by the stuff that's happening outside of the country, we've had, we've had a full war, supposedly that's ended right now, in the Middle East, we have massive problems in Russia. So Russia basically just said yesterday, that they're, they're going to be reducing military spending, which basically means they're out of money, because they can't afford to do that anymore. So Russia's looking at like collapse, China is in like full on collapse mode, because their economy is just getting hammered, not only because of the Trump tariffs, but because their economy was just so broken to begin with. Anyway, they were basically massively importing, exporting everything that they could get their hands on to prop up their economy because of the real estate failure. The US economy is in the bin, right? So we're facing a recession with the US economy as well, which I'll get into later. And there's so many other things that are happening. So the, I really feel in the last couple times, the last bunch of times that we've done this, I feel like the soothsayer calling out to Caesar, hey, the Ides of March are coming, you know, because at some point, something is going to happen. And Adrian is going to explain how the Great Reset is coming and what you can, how you can see that. And then Warren's going to be talking about exactly what's happening with gold and silver, right? Obviously, because he is our, you know, resident expert in gold and silver. (4:46 - 5:02) But I think I'll kind of end with this is that we've been saying, throughout our time doing this is that you need to prepare. And I want to throw a shout out to one of your one of your viewers that reached out to me. And they got they brought me out to do a presentation to their little community. (5:02 - 5:32) And I really appreciate that it was very humbling. So I really appreciate that. And I basically did a two and a half, two and a half hour presentation, some of which I'll show today about what is happening and what you as a community member of your community can do to prepare yourself. And I really want to push the idea upon everybody that watches this is that regardless of what you think is coming, tough times are not only coming that they are here and you need to prepare for it. Gold and silver is one of the ways that you can do that. It's not the only way. (5:33 - 5:37) But you have to prepare for what's coming. And what's coming is tough times. Adrian, you're up. (5:38 - 6:09) Well, today, I'm going to in over the next three parts, I'm going to cover the case for why we are going to see a global reset, it's inevitable, I will show you that the steps that are underway right now, and then the next hour, I'm going to be talking about phases of the reset. And then on the final episode, I'll be talking about solutions. And warning. (6:10 - 12:34) Okay, I'm going to really focus on a lot of the macro market out there, the macro global happenings with gold and silver. Starting with what last quarter, because last quarter, you mentioned things like paper gold versus physical gold, and the unwinding of the large paper market. We touched on the Fort Knox audit and possible gold revaluation scenarios where gold is revalued to a much higher price by a big entity such as China, perhaps the central banks, maybe the United States, that, because it all ties into the macro picture where we are now a couple months later, where we have, and what I'll be talking about there is Basel III. So that's a central banking arrangement that comes into effect actually just now in July. Also, the amount of physical precious metals that are leaving the exchanges, the Western exchanges, the COMEX New York and in London, the bullion exchange in London, we'll talk about that. And touch on the prices as well, where we are right now. And another thing about gold has become, it's just displaced the euro as the reserve currency for the central banks. It's moved into number two position behind the US dollar. So it's very significant on a big level that we are heading towards, the way I see it as a global monetization of gold. So whatever system we have coming up around the corner, the reset, when it fully is implemented, we'll have gold as part of it, I'm more convinced than ever now. So now, gentlemen, normally when we get into these interviews, Bryce goes first, because you are the big picture guy. But Adrian, you've said you've got a presentation. So which one of you wants to lead off on this one? I think it can be Adrian would be best, because he's kind of doing the backdrop of this. So my big picture stuff is in relation to these other two things today, because he is the goal of the oligarchy, Warren is what's happening with the precious metals, and I am what's happening behind those things. All right. So Adrian. So recently, I wrote three articles on the coming reset, and I wanted to cover the phases involved. And what I've done is, each of these slides that opens up the next segments are actually the cover for the actual articles. So what I'm going to do is I'm going to make my slide presentation available to Will to share so that you can click through on these articles and actually read them. And they're posted on itstartswithgold.com. So I'm just going to show you the one of them. And so there's a full article behind it. But I'm not going to spend time going through the articles. I'm just going to build a case. So the case is that today we're going to expose what many still consider a theory, when in fact it is already underway. The global financial system is being quietly dismantled and rebuilt. Most people will only realize what has happened after it is complete. However, if you understand a sequence, you can act before your wealth, freedom, and ownership is redefined. This is no longer speculation. Each of these developments on the screen here has already happened. The pillars of global finance, debt, currency, trust, financial derivatives, capital access, and even money itself are being restructured simultaneously. And Canada is not just watching. It is at the forefront. So what are the signs of a global financial reset? Why is it imminent? We have unsustainable debt. Global debt has surged past $324 trillion in early 2025. This is not just a number. It is a flashing red warning light for the entire financial system. Years of easy money, stimulus, and unchecked borrowing have created the so-called everything bubble. Now it is starting to strain. Governments are cornered. Central banks face a no-win choice. Raise rates and trigger defaults or cut them and unleash inflation. The math no longer works. There is no path to repay this debt without radical change. This is not a future problem. It is a present reality. A global financial reset is no longer theoretical. It is inevitable. And this graph will illustrate what is going to happen to gold. A $300 trillion bond market rests on the myth that U.S. treasuries are risk-free. But rising debt, inflation, and geopolitical stocks have shattered the illusion. Bonds now offer negative real returns backed by currencies that have been debased. The 2022 seizure of Russia's reserves exposed a fragility-triggering global shift in gold. Now a Tier 1 asset under Basel III. As faith in fiat collapses, capital is fleeing to real assets. Where will the money go next? The image says it all. When the system breaks, gold will rise. The second one is weaponized currencies. When the United States froze the $300 billion of Russian reserves in 2022, the message was clear. The U.S. dollar is no longer a medium of exchange. It is a global tool of enforcement. The global response has been swift. Nations are backing away from dollar dependence, turning to gold, bilateral trade deals, and alternative systems. BRICS is accelerating its currency framework. The IMF is quietly preparing a shift. Central banks are hoarding gold at record levels. This is not a return to normal. This is a global reordering. Trust in fiat money is breaking down. The dollar has been politicized and that decision may have shattered its neutrality for good. (12:35 - 13:16) The consequence? A growing movement towards real assets, hard currency reserves, and decentralized value. Once trust is lost, reserve status is nearly impossible to regain. The system is shifting. The dollar is being questioned and gold is rising, not as speculation but as insurance against a collapsing financial order. Derivatives now exceed $2 quadrillion, and some say more. One interest rate shock could detonate the system. These are not hypothetical risks. They are baked into every pension, mortgage, stock portfolio. The entire system is now exposed to a single misstep. (13:20 - 14:39) Behind the glossy facade of Canada's stable banking sector, a quiet transformation is underway. Derivatives, once buried in footnotes, are now at the core of growing financial illusion. Systemic risk transfers, complex derivatives instruments are accelerating among the country's largest banks that aggressively buy BMO. So if you look at the graph, this blue area is all the borrowing that BMO was doing. They're actually getting financing from CMHC that guarantees all their mortgages so they take the risk off their table. The banks are basically offloading their risk to the pension funds. What happens is CMHC comes in, packages the mortgages, and then sells them off to pension funds and other investors. Disguised as risk management, these deals allow banks to offload credit exposure. The result is a balance sheet that looks stronger than it is. With securitization nearing $120 billion, the architecture is being rebuilt for opacity rather than stability. Canada's big six banks are now entangled in a derivatives-laced framework eerily reminiscent of 2008, but on a far grander scale. This time the threat is not subprime housing but corporate credit. (14:39 - 16:12) One crack in the system and the entire structure could begin to unwind. This is not reform. It is re-leveraging and risk is quietly growing. ESG capital controls. A new system is being built not on merit but on compliance. ESG scoring, carbon limits, and social criteria are already shaping who gets access to capital. This is a shift from free markets to managed allocation and is being rolled out under the banner of equity and sustainability. I put this photo together because when I'm looking at my book being promoted on Amazon, Amazon continually pairs our book with Carney's book for whatever reason. Mark Carney is advancing a global economic agenda backed by the WEF, IMF, BIS, and the UN that embodies financial control into broader governance. Under slogans like the Great Reset, Build Back Better, this agenda uses ESG scoring, carbon compliance, and central bank digital currencies to reclassify assets, restrict capital access, and monitor all transactions. Net zero mandates enforce political conformity, redefining property rights, and creditworthiness. Canada is the testbed for the digital control grid where unelected institutions dictate economic participation, eroding financial sovereignty, and sidelining democracy. (16:14 - 17:52) CBDC's digital ID. 130 countries are developing central bank digital currencies, but these are not just new forms of money. They are programmable tools. Linked with digital IT, your ability to spend could soon depend on your compliance with rules you never voted on. This is not about efficiency. It is about control. Canada's position. Canada is not resistant to this shift. It is leading. Our central banks, our provinces, and even legislation like Bill 7 Emergency Disaster Management Act in British Columbia are laying the foundation for digital identity, ESG enforcement, and financial control. Our pensions and our banks are tightly linked to global risk. We must prepare because resistance from within is unlikely. My co-author Peter J and I have warned about this in our number one international best-selling book It Starts With Gold. This book is not about gold. It is about why you should own gold. Drawing on over 70 years of combined experience helping Canadians protect their wealth, It Starts With Gold is grounded in legal, economic, and historical facts. It is written to equip you with the tools to act before your assets are redefined or restricted. Read it. Share it. Take control. We are offering a complimentary PDF download of our book. Just scan this QR code and you can get a copy instantly. Prefer to listen? Use the Speechify app to turn it into an audiobook right on your phone. We are giving the book away because the message is urgent and needs to be shared. (17:53 - 19:14) Most who read the free version will inevitably eventually buy the book anyway. So protect what you control. Read It Starts With Gold. You want to apply the de-risking strategies outlined in It Starts With Gold. Book a private consultation to see if your portfolio is truly fortified against what is coming. I offer comprehensive review and second opinions to help you protect what you still have control over. Control details will be in the show notes and your future will depend on what you do next. All right, now I have a couple of questions for you Adrian. $324 trillion in global debt. So if all countries are in debt, in the red, who do they owe the $324 trillion to? To the central bankers who print the money. Right. Really, it's fake money. So in theory, we could just stop paying the central banks and we'd be in good shape. The central banks would be the ones that are in trouble. The central banks are all privately owned corporations that have nothing to do with our economies. They basically captured us and made us believe that we owed to them. But because the central banks are part of the globalist power structure, and those same globalists control a lot of our governments, that's not going to happen. Now, the other figure that you put out that was mind-boggling, $2 quadrillion in derivatives. (19:14 - 19:46) And derivatives aren't really anything. They're just a bet. It's illusory money. Yep. So what we have here is a situation of, as you say, unpayable debt around the world. But we're not going to get out of it because the central banks control most of the government. So we're not just going to say to them, sorry, we're not paying you. And on top of that, we have global financial markets that right now are based upon fantasies. Nothing. (19:46 - 22:03) Well, the reason the markets continue to rise right now is they keep on pumping the markets with more debt, and they're growing the derivatives. And as long as confidence in the system is still there, people believe that the markets are going to go up, they will go up. All we're waiting for is one black swan, like we saw in 2008, where Lehman Brothers basically was triggered, a collapse of Lehman Brothers created the whole cascade of defaults on the insurance ball, because they're just insurance. There are futures contracts, all different types of bets on, you know, if the market's going to go down, then these derivatives will go up, and et cetera. So basically, all we're waiting for is one black swan, just like Lehman Brothers. But this time, it's going to be much, much worse, because the size of the derivatives is 10, 20 fold. Right. And I'm glad you brought that up, because that was the other thing I wanted us to talk about very briefly, was you were showing everybody the graph of how CMHC has said they're going to guarantee all the mortgages for BMO, and I assume the other banks as well. All five of them, but BMO is the big, big pig in the trough. Right. But if the market collapses, well, we know that the government, CMHC, CDIC, whoever, whatever you want to look at, they don't have the money. And that's the big question. It's going to be belief. They're going to just start printing even more money, and then we're going to probably hit hyperinflation. Right. Because they're going to keep printing money to try to stop. That's exactly what they did in 2008. They printed money. Now, they used taxpayer money visibly in the States and gave the money to the banks. And this is where this whole strategy in Canada has started. In 2008, when I was writing my book, Who's Investing Your Money?, I found out in 20, it was actually a couple of years later, that CMHC basically bailed out all the banks and bought their mortgages. They took what was at the time a $50 billion surplus and borrowed an additional $40 billion. So they gave CMHC $90 billion and who then in turn bought all the bad mortgages, put them on the books of the government and the taxpayer owned those mortgages. Now, a lot of those mortgages eventually matured and the taxpayer was off the hook, but any defaults were on us. (22:04 - 22:31) Right. And this time it's going to be a heck of a lot worse. Magnitude's worse. Yes. Because the bubble is so much bigger. So what we have here, and I'm just wanting to summarize the picture that you've painted for us, Adrian, is we are now at a point where the entire global economy, including Canada, is nothing but a house of cards. It's an illusion. It's numbers in a computer somewhere. And when it collapses, it's going to be catastrophic. (22:32 - 23:03) And the burden for that catastrophe is going to fall on the Canadian taxpayer. And or, well, the Canadian taxpayer and we're going to be losing our assets. I mean, we've already talked about the great taking in previous episodes and how they've been setting us up where if things fall apart, we're going to own nothing. It's going to be in the hands of the banks or other entities higher up that actually own all your assets. Right. And that's still totally not in place yet, but it's being put in place. (23:04 - 23:25) And one of the strategies in our book is owning assets in order of asset confiscation. Be ahead of the curve and owning those assets that are less likely to be confiscated as things start falling apart. Right. And we've discussed that whole structure in some of our previous interviews about how you don't really own your car. You may not really own your house. You just think you do. (23:26 - 23:51) All right. So, gentlemen, Bryce, Warren, which one of you wants to step up next? All right. Well, I wanted to start off today just talking about the last quarter, because a lot of what happened last quarter on the macro level really ties into what's going on today on the macro level, which is really a global a movement to the global monetization of gold. (23:54 - 25:25) So, we'll talk about the paper versus physical. The paper market has been, for the last 20 years, especially, a lot bigger. A lot more trading has happened in the paper market than we actually have physical on the Western exchanges. This is a possibility that a big entity, such as the central banks, perhaps the US government, maybe China, who likely has a lot more gold than officially they say. In fact, many of us in the industry believe that China has more gold than the US. So, I'll talk about that. And then I'm going to the new headlines in the third quarter where we're at. So, get right into the paper. This is a representation of the COMEX. This was silver. The black represents the amount of paper that's being traded. So, these are contracts, futures. And the red dot represents the physical. So, it's somewhat like a fractional reserve banking where the banks don't have all our deposits. So, think of it as fractional reserve precious metals on the exchanges. Exchange fractional reserve system, if you will. I just made that up. That they don't have all the physical to back the paper trading. (25:25 - 29:13) And that works as long as, just like in the banks, that we don't all ask for our deposits. What's been happening is record amounts have been leaving the exchanges. This is another. So, that was silver. Here's a little bit of information about gold. And you can see 41 times more gold is traded than mined. Okay, that's a little bit of a different statistic. Now, this is mining. But basically, a lot more gold is traded on the paper market than we have physically. Not so much as silver, though. Silver is manipulated more than gold. But what all this does is allows for big players to control the market. It's legal manipulation. It really should be illegal. They use the paper market to suppress the price, but they make profits at the same time. And also, it keeps the world in the traditional financial system and away from gold. Because gold really is the barometer of the health of the financial system or the traditional system. You might call it the canary in the coal mine, right? And so, this is what's been happening recently with these increased gold prices. It's not so much that gold became more rare all of a sudden. It's because we're seeing an accelerated erosion of the purchasing power of the dollar because of the creation of money, right? We're printing so much money that the dollar is getting worth less and less. Now, Fort Knox, there's not really a lot to say. Fort Knox is the most famous out of the four locations in the United States. So, it's not just Fort Knox. And they supposedly have 8,133 tons. But again, it's not been audited. And notice how this was a discussion in the mainstream a couple months ago about auditing it again. But it's all gone quiet. And we believe that the gold has been hypothecated, perhaps leased. We're not even sure if it's there. But there's been a lot of the last few months, there's been a lot of movement of gold to and from the exchanges. I heard one statistic like 2,000 tons has flown into the United States since Trump took office. So, it's sort of an enigma. We don't really know what's there. The fact that they won't audit it or they haven't audited it and really ratcheted it up is, I think, an indication of there's problems in the henhouse. So, it's a real, yeah, really unknown how much is in Fort Knox. This was what we talked about last quarter, which was possible revaluation of gold. And this could be executed by a big entity. And we have a history of gold revaluation. In 1933, the US, after they confiscated gold, they confiscated at $20.67. That was 1933 price for one ounce of gold. Well, six months later, Roosevelt revalued it to $35. So, we have a history of it. Here's some scenarios why we might do it. (29:14 - 32:37) And we'll go into these in detail. But basically, go back to a 40% gold reserve, which we've had in the US before the Bretton Woods Agreement. That was the ratio. Basically, you have to have 40% gold in reserve of the money supply. And what it did is it kept governments disciplined, right? And that's what we lack today, because no politician in the Western world is really going to stand up and say, we've got to have austerity at a great level to unwind these deficits and our debt. It's just not political expediency. They won't do it. No one has the courage to really stop spending over living above our means on a government, on a national level. We are going further and further into debt. So, a gold reserve would restore confidence in the US currency. Number two scenario for revaluation is to wipe out their debt. There's $37 trillion in debt. That would be very extreme. That would upend the current system. You would see gold at over $100,000 an ounce. The 40% gold reserve, the calculations, I've seen a couple of them, but it's in the neighborhood of $20,000, $27,000, $28,000, $25,000 an ounce, from where it's currently at, $3,300. So, these are, what do you call it? This is almost a low probability that it could happen. But on the other hand, it's being talked about in mainstream. So, number three, this treasury. So, there's a woman named Judy Shelton, very respected woman that has the ear of Trump. Trump, I think, would like to get her on the Federal Reserve Board or maybe even be the president. She's an advocate of sound money principles. And her idea is to, so the US, like Adrian alluded to, they have all this debt. And traditionally, they would issue more bonds. Countries buy their debt, and the system keeps rolling. And now, we see resistance to that. China, for example, Japan, the traditional big buyers of debt, they don't want to buy the US debt. The central banks themselves are accumulating more gold and shedding US treasuries. So, the ability for the US to finance their debt is diminishing. And so, her idea, if I simplify it, it's sort of like, look, they have $7 trillion plus coming due on their bonds. They've got to find that money. And what they could do is say to countries, and Canada, we hold a lot of US debt. But you say to these countries, look, we can't pay you back right now. We want to extend the period of this debt, maybe a 10-year bond, a 20-year bond, to 50 years. We're going to back it by gold. So, it's another scenario. (32:38 - 35:46) And then, there's the last one, funding the Bitcoin reserve. This is on the balance sheet of the United States. They have gold pegged at, I believe, it's $42. And that was the price when they set it free to the market in 1974. So, really, if they could revalue it on their balance sheet to the current price, which is approximately $3,300 US, that would free up a bunch of money on their balance sheet. So, it's not real. It's not like real revenue coming in. But on their balance sheet, that would allow them to potentially purchase Bitcoin and fulfill Trump's wish of a strategic Bitcoin reserve. So, those things are happening with gold revaluation. Let's go a little bit further and talk about where we are right now in the market. Also, the big headlines. So, these are the headlines now. Gold has displaced the euro as a reserve for the central banks. This is very significant. More information on what the central banks are doing. I mean, they've been buying a lot of gold that became net buyers in 2010. But the last couple of years, they're breaking all-time records. The metals drained from Western exchanges. That ties into what I was talking about before with the paper gold versus the physical. And then Basel III, which is a central banking framework that is overseen by the Bank of International Settlements, which we call the central bank of central banks. And the new rules have, in July, just now, come into effect for gold, meaning the central banks get more reserve. The reserve requirements dictate that gold has a higher rating. It's been elevated to a tier one asset. Okay. So, two things there, Warren. First, I think one thing that really demonstrates everything we've been talking about so far today, and how the global financial markets are just collapsing, is you pointed out that now the central banks are using gold as their reserve, when prior to that, it had been the euro. And of course, the central banks, as we all know, is a major part of the globalist power structure. Those are the same globalists who created the European Union as a model for a one world government, and the euro as a model for an international currency, and the fact that they have lost faith in their own model. I think that tells us a picture right there, doesn't it? Yeah. And in particular, we have a central banker in Canada. I mean, that's what Carney was in his past. He wasn't elected to be the Bank of England. He was appointed. (35:46 - 37:46) And he represents that world, the globalist central banking. So as I think Bryce and Adrian alluded to that, we are almost like a testbed. So here we have this incoming central banker and digital currencies. Yet, like you said, Will, their system has become so leveraged and debt laden that it doesn't work. But they are the front runners of the system, or the global architects, if you will, of the financial system. And again, it's that saying, don't do what they say, watch what they do. And they're buying record amounts. They became net buyers of gold in 2010. Prior to that, they were selling gold. They were selling a lot of their reserves. And even Canada, we, 2006, the Bank of Canada, the governor was David Dodge. And there's a video you can see of him, 2006, where he came out saying, gold is a relic. It's not as liquid on the world markets. And he promoted the idea of getting rid of the gold. And we will use the euro. We will use the yen and the US dollar as our reserves. So he started that. Trudeau, I guess, was the last prime minister to get rid of all of it. So we're leaving us the only G7 nation without any gold reserves. I sometimes wonder if that's part of the global scheme to take over Canada. When we go to the gold standard, again, some type of gold standard, maybe not the same as before, where we had to have a 40% reserve, maybe as an exchange mechanism, like the BRICS is working on. (37:47 - 38:23) They want to trade in their own currencies, but they need a settlement currency. They don't want to use the US dollar as a settlement currency. So they have another unit, what they're talking about, which is a blockchain-based settlement currency. But lo and behold, it has a 40% gold reserve. So that would be a way for them to trade with each other outside the US dollar, but have the backing of gold in a different way. So now I'm going all over the place. (38:23 - 41:08) That's right. Now I have another question for you. So you mentioned the historical precedent for a government seizing everyone's gold. And I would say at this point in time, when this collapse happens, we're far more likely to see the Canadian government do that than the US one at this point. If that were to happen, and for the people who do own precious metals, is there any way for them to protect themselves against that? Yeah, that's a really good question. Like you said, this happened before 1933. I think because we don't have gold, the government doesn't have any gold in Canada. And they've demonstrated how much they overreach. They've shown their colors, blocking bank accounts and so on. We don't put it past them to maybe do something like that. We offer one thing at New World Precious Metals that we are gold brokers. So we have multiple solutions. I really like that about what we can offer the public. We're not just saying buy our gold and keep it at home. We have different things like Canadian registered accounts. But to answer the question, for the confiscation, we have a Cayman Islands account for holding physical gold outside of Canada. It's fully legal. It's sort of doing what our Prime Minister does, have some assets outside of Canada. And so I think that that makes sense in this day and age to have some. Because one thing about the confiscation, I think this makes me feel better. I'd like to share it with the viewers quickly. Confiscation could happen, but I don't really think it will, personally. And one of the reasons is that, unlike the 30s when they confiscated, the population doesn't have a lot of gold, physical gold. In fact, it's less than 1% of the North American population that owns physical gold. They own more paper gold than physical gold. They're invested in ETFs and so on. So there's not a lot to confiscate. That's quick interjection, just so everybody understands what that 1% means. In China, it's about 10%. In India, it's about 20% of people that own some type of physical precious metals. So their value to get a confiscation going for North America, gold isn't the thing they're going to look to first because there just isn't a lot there. They're going to look at like your savings. They're talking about doing savings confiscation in Europe for the war effort. (41:08 - 41:18) They're talking about a lot of our values in property. So property would come way before gold because there's more value there to take. Sorry, Warren. (41:18 - 41:25) Yeah, no, no, that's great. Yeah, it's other countries. There's a headline in Korea. (41:25 - 46:09) This is February, actually. It was a couple of months ago. But they halted gold sales because they couldn't get product in Korea to refine it. They couldn't get enough raw product. So they halted gold sales. The public went into a frenzy and bought silver. They had to halt silver sales. This is just a couple of months ago, like February. In Canada, we don't hear this stuff. I think we live under the shadow of the US dollar. It's all powerful here, more so than other parts of the world, culturally, too. Like Bryce mentioned, in India, I heard a statistic like Indian women own 20% of the world's gold or something like this. Culturally, they have it. And they wear it as jewelry. But it's also passing down family wealth. And they have a history of doing this, a culture much older than our culture here. They've seen governments come and go where we haven't. So back to the compensation, another development which I really like, I think it works in our favor against compensation, is the sound money defense league in the United States. So the United States has, in their constitution, don't quote me, it's not exact, but it's like all debts can be settled with gold and silver. And so states are taking that now. And the sound money defense league is promoting this return to sound money. So they have over 13 states of eliminated taxes, capital gains. Utah was the first. You have states like Texas and Florida who have built their own repositories to keep the state's funds, a portion of the state's funds, into physical gold and silver. So that's happening there. And also because they don't want to confiscate it again, like happened before. This is in their memory. So we don't have the sound money defense league in Canada, but it bodes well for us that it's happening up in the U.S. and hopefully it will come down here. So those are cases for maybe against confiscation. But still, this government has demonstrated their colors, as we said, shown their overreach to us, blocking bank accounts, all the bills they're passing, which are restricting freedoms, property, like Adrian was saying, all this. So the best protection is to have some of this wealth in physical precious metals. I won't emphasize that. That's all we offer as a company. I really believe people should be careful about owning paper gold and silver, but have some outside the country. And Bryce, I think we're back to you to tie all this together. Yeah, absolutely. So kind of one of the things happening with this, and as Adrian and Warren both kind of illuminated, there is massive things happening in the world now, financial industry, precious metals industry, but also geopolitical. Right. And that's kind of my area. So I just want you to understand what's happened in the last little while. Right. So since our last meeting in the last three months, there's been two full wars, which is absurd. So India and Pakistan almost went to nuclear war with each other. We saw the biggest modern air war in modern times with modern technology. The Pakistan got blown out of the sky pretty much because they were using a lot of Chinese trashy technology from yesteryear. But this is really a testing ground for modern warfare. Right. So when I want you, so I'm just going to overview a couple of things that happened. Now, this is going back beyond the last three months. But I just want you to think if I had said this five years ago, what would have that what reaction would that elicited from you to say, wow, things are really messed up. Right. So going back to the start of the Iran-Israel conflict, right, we had October 7th, that happened, that was like an escalation. Then we had True Promise One, which is the biggest ballistic missile attack in history at that time. Then we had the Lebanon Pager attack. Right. Now, that was unique, because what that showed is that any piece of technology literally could be a bomb. Now, your smartphone, they could make that into a bomb like that. That, to me, was like one of the craziest things that's happened in in recent memory, because it basically took the war from out there somewhere. It could be anywhere. Right. (46:10 - 47:54) I think before we scare people too much, we have to clarify something about those cell phones that were blowing up. They had explosives planted in them. Yeah, yeah. But but I'm saying that any technology could be made. And I understand that. I just don't want people who are watching, thinking that their cell phone is going to suddenly explode on them. Yeah. Well, not unless somebody planted an explosive in it. Yeah, good clarification, for sure. But all I'm saying with that is that it miniaturized that, like the, there's a term for that, which is unrestricted warfare. Right. And so it's going, it's a different type of warfare. Right. And then after this, we've had the assassination of the Hamas leader in another country, True Promise II, which was massive drone and missile strikes on Israel that had the fall of Syria and the Israeli decapitation strike on Iran. And in the US just recently, and we're talking like a few weeks ago, the US entered the war and bombed Iran. Like, did you think that that would be possible, that the US would just be like, you know what, we're going in there. Right. And through all of this, right, we've had Ukraine and Russia happening. And this one is, is really important. Right. So last month, we had the Ukrainians attack directly the one of the big parts of Russia's nuclear triad, they attacked the bombers. Right. So if we had said, you know, like, I thought, if you'd said this four years ago, before the war really started, and somebody just attacked Russia's ICBMs, or their nuclear triad, we'd be like, well, it was World War III. But now, because we've been so acclimatized to these, these steady escalations in attacks, it's become normal. (47:54 - 55:20) Right. And at some point, in my opinion, I want to insert this fact, Putin came right out and said that if the EU attacks Russia, nuclear response would be an option. Yeah. And instead of people losing their minds, like they would have when I was young. Yeah. Yeah. Well, what? Yeah, well, and in the same vein, on the opposite side of the pond, the US has changed their nuclear doctrine to say, we can first strike you if we feel that we need to. Like, that's a complete, that's not a retaliatory thing. That's like, we're going to destroy you if we feel we need to, right? For that's what a first strike is. Right. And so where I'm going with this, and why this is important for everybody to understand is the World War Three is in two things. It's one East versus West, right? The US is trying to project its global global hegemony. The big piece of that is the US dollar. So if the US dollar fails, you know, the global American empire fails as well. So they're trying to protect that. And one of the ways that you do that as an empire is you have a military, and you kick out and kick over any anybody that's standing up to try and take you on that. That's what happened with Germany. That's what happened with Japan. And that's what the US has been doing for the last 3040 odd years. My entire lifetime has been what the US military kickover countries, right? But this is the important part, right? Is that at some point, this war is going to happen between the US and China. This is the ultimate goal. And there's, there's things that you can say for and against that. But the ultimate point for me is that Western values, right? And we're losing Western values in the West. So don't think that I'm like defending the US government for doing all the horrible stuff that they do. However, I really don't want to live under the global communism that is coming behind the US should they fall, right? And this is what I think people need to understand is that when you're thinking about war on this scale, it's really a game of math, right? How much stuff do I have? How much does it cost me? How much stuff do they have? And how much does it cost them, right? So from that perspective, it is a numbers game, right? How many soldiers, how many tanks, how many missiles, how many guns, how many bullets, right? All that sort of stuff. But the new thing that that is really changing the game is AI and drones, right? And this is literally Skynet sort of sort of stuff. And I have, I've seen a whole bunch of videos and I am definitely scared of what's coming in the future should, you know, us the citizens be completely unprepared for this. I really don't want to live under the insanity that the Chinese Communist Party is, but I also don't really want to live under the absolute tyranny of the oligarchy that is the Western oligarchy, right? Either of these choices are very bad for all of us, right? And so when I think of these things in this way, what do I, the citizen, and what do us as a community have an option to protect ourselves? I got into gold and silver because I recognized the money that we have in our pocket is at risk. How do we protect it? Gold and silver is one of the ways you can do that, right? Now, there's always people that say, I can't eat gold and silver. You're right. Go get food because that is going to be very important. But the thing that I think is really important for everybody to understand is the war has already started and everybody is a part of this. There's no place on this planet you're going to be able to run to. There's nowhere you're going to be able to hide. And I say this because of the drone technology and AI. We have eyes in the sky and satellites. We've got AI that's looking at everything and we've got drones that can just go out. And if you've seen the stuff coming out of Ukraine, it's horrific because war used to be a sword and a guy and whoever, you know, fights, wins, right? But now it's basically, I have the ability to set up a factory and build drones at whatever capacity my resources allow me to do. And I can eventually get to the point where if I have a billion drones, you lose because you just don't have a defense against that, right? So the miniaturization of military hardware, if you get down to, you know, a bird-sized thing or like a fly-sized thing, there's really no defense. Like a shotgun's not going to defend you against that, right? In fact, there was a very frightening video that showed up on YouTube two, three years back now showing a swarm of, yes, as you say, tiny, you know, bird-sized drones, each of them loaded with a single 22 caliber bullet. Yes. And what they would do is they would move extremely fast and they go right there. Yep. And you're dead. That's actually 10 years old. I know that video very well. Now, at the time that that video was made, that technology did not exist. It still might not, but they're getting off the close. Oh, it does exist. And this is my actual fear, is that that technology can be weaponized, miniaturized, mobilized, and scaled, right? That is where warfare is going. And for anybody to say that citizens of any country or any community should be defenseless and just trust the cops and the government is just insane to me, right? We talk a lot about this, but financial sovereignty, right? I talk about the five things that keep you alive. Skills, assets, resources, community, and protection, because you have to be able to protect whatever you have, right? And so from this perspective, right, all of the things that are happening, all of the things that we've seen happening in a geopolitical and political sense, they're pushing us towards a place where we are going to be desperate for protection, right? And what comes in for the protection? Oh, well, digital IDs and central bank digital currency, so we can make sure everybody is where they're supposed to be and everybody is who they're supposed to be, right? AI isn't really talked about from this perspective, but how do we know when we're talking to somebody online that they're an actual person now? Because AI has gotten so even VEO3, we've passed the uncanny valley, right? Think about two years ago, two, three years ago, whatever that was, Will Smith eating spaghetti, that was just everybody's laughing, oh, look at this trash. Well, now you can't tell. And even the people that really understand AI stuff, you can't tell, right? So if the grid ever goes down for whatever reason, and it comes back on, how will we know that anything's real, right? How will we be able to determine and verify anything without access to the internet? Or even if we have access to the internet, what if things are lying to us? Like it's a very, very different world that we're living into or moving into. And this is why I think it's so important for people to understand that what you do now is going to matter if you're able to survive, right? And so the reason that I love New World Precious Metals, Warren, Adrian, these guys get it. These guys understand that if we're going to survive as a community in a society, we have to have the ability to trade resources, right? So the five ways that you can trade resources is barter, gold and silver, some sort of physical currency, fiat currency, which is basically everything that we've grown up with, effectively debt, cryptocurrency, and central bank digital currencies. That's it. Those are the only five ways that you can make a transaction with somebody else. So if you don't have the resources that you need now, you better have something that you can trade for something that you need, food or otherwise, right? And generally, that was always a skill and a barter, right? Because that's how civilization really started. I had an access of access of something that I have, you've got an access of something that you have, let's find a way to make a deal so that we can both benefit, right? That's the genesis of civilization is being able to trade stuff, right? And now because it's been so financialized, and the oligarchy has controlled so much of it, we're really coming down to the wire, the iron wire, if you will. (55:22 - 59:22) We're coming down to the wire. And the the next step, right, is going to be very different from what we've grown up in, right? We've lost so many of our rights, we've lost so many of our ability to determine our future. And it's really going to come down to if you the individual don't want to be a part of this central bank digital currency and the you know, the beast system that they're trying to create for us, well, you'd better be working on a solution with you and your community to be like, hey, how do we survive what's coming, right? I can't stress this enough that there's no way to avoid dealing with this, right. And so I'll make one final point with regards to where we got here, right. So that's kind of the macro the generality stuff. But I want you to think back, you know, close your eyes for a second and think back to 2006, right? economy's going great. People are just loving times, right. And in 2007, there was there was things happening at that time, that proved and guaranteed that there was going to be a recession in 2008. What were those things, right? The three big things that you could point to at that time was massive increase in spending, the deficit deficits, basically, the reduction in the job market, and the interest rates that were really sky high. So they raised interest rates, people were losing their jobs, so they couldn't afford stuff. And this basically collapsed a whole bunch of the banks because of subprime mortgages and all the other dumb things that they were doing at the time. Now, what's happening right now? So literally yesterday, so because I was looking for for stuff to support this, because we've been seeing this happen for a while. Yesterday, Microsoft said that they're laying off 4% of their workforce, workforce, right, there is layoffs happening all over the market right now. And this is another indicator is consumer spending is down, right. So when we talk about how the velocity of money works, that's transactions. So I buy something, you sell something, we both make money, or you make money, and then you spend that money, the velocity of money is how the economy functions, it's resources flow around in a circle, right. And if that process slows down, that's basically what a recession is. So the Chinese are even further down that where they're in a doom loop, because nobody is spending anything because nobody has any money. In the West, we're running out of money, all of these interest rates, we've been basically spending our reserves and people what happens when they run out of reserves, is they start selling assets. And that's what's starting to happen. So what you're going to see in the coming months, and this has already started to happen, is that people are going to start selling their homes because that's the biggest asset. Well, I've got, you know, $500,000 in equity, but I can't access it because I can't refinance because I'm retired. Well, I'll just sell the home and then I got $500,000 and I can do whatever and I'm okay, right? Unless they get away with what they want to do in terms of putting a capital gains tax on your primary residence. Exactly, exactly. And so I really point to all of the policies that have been put forth by Carney and the Liberal government in general, and this is not unique to Canada, this is happening all throughout the West, right? Because a lot of them are left-wing governments, but they're basically saying that we're going to increase taxes, we're going to take more of your money, and we're going to spend it how we see fit, which is generally ridiculous and useless. But because of those three things, right, people are running out of money, and they're going to start selling assets. This is already happening in real estate, right? So Vancouver and Toronto, new condos aren't selling because people are out of money. You can't tell me that a million dollars, 600 square foot condo is a good deal. What an absurdity. And so at some point there, it's unsustainable. And at some point it's going to break and it's breaking right now. And so the reason I'm bringing this all up and I'll cut in with this is that we have been talking about what's coming for basically a year, more or less, a couple years now, right? It's here now, right? And so the question now is, what is your position and what are you going to do about it, right? So if you have money in the stock market and mutual funds is a big thing for a lot of people, well, you might consider moving that somewhere else. Because if you have it in the stock market, and maybe I'll end on this actually, because I think this is really important. (59:22 - 1:00:17) What we've been seeing for the last year or two years is all of the institutional money, the people closest to all of this information, institutional investors, like the people that are very intelligent investors, they're selling, right? We now have the highest allocation into U.S. equities in the private sector, the retail money, like the small people, basically, than ever since the dot-com bomb. And so what they've been taking is exit liquidity, right? So if you don't, and I use this example a lot, if you knew that your house was going to burn down, would you get out of it now or wait for it to start burning down before you left? Right. That's what's happening. Yes. All right, gentlemen, thank you so much for covering how we got to where we are now. We'll pick this discussion up in part two, where we talk about where we are now and what is happening. So thank you all again for your time.