(0:00 - 0:57) In just the few short weeks that Parliament was in session this spring following the election of Mark Carney, our government has shown that they know we are headed for an economic collapse. Carney recently signed two agreements with the EU for economic and military cooperation, a decision that will prove disastrous as it ties us to the European economy, which is in even worse shape than ours. In fact, the EU is flat broke. This is the primary reason they are gearing up for war with Russia, because they believe that by capturing Russian resources, they can stave off the impending collapse. But they will lose that war, and succeed only in making the inevitable crash worse. In BC, Bill 7, passed in 2023, gives the government there the right to seize private property without due process in response to predicted emergencies. (0:58 - 2:22) Gold prices, which had reached 3,000 US per ounce at the time of our first quarter update just three months ago, are now in excess of 3,300 per ounce, and showing no sign of slowing, as governments and central banks around the world purchase record amounts of gold. Because they know what's coming, and they know that precious metals are the only sure way of preserving wealth. In part two of this three-part quarterly economic update, my team of financial experts, Bryce Wade, Adrian Spitters, and Warren Keane, show the economic and geopolitical indicators that prove a global economic collapse is coming. And it's coming very soon. You will also learn in this interview of one very common investment, where, if you have any money there, it is time to bail out before you wake up one day in the near future to discover your investment is worthless. Gentlemen, welcome back for part two. Thanks, Will. Always a pleasure. Thanks, Will. Thank you very much. Now, in part one, of course, we discussed how we got here with a very good summary, and especially you, Adrian, painted a terrifying picture of the global economy, and showing us that it's a house of cards. It's going to collapse. (2:23 - 5:29) And then, Bryce, you talked about the global geopolitical situation and how that is falling apart. Also terrifying. Also, yes, terrifying. And then, Warren, you gave us a very good picture of why gold is a sanctuary. And do as they do, not as they say, because they're buying it up in record amounts. So now, in this one, folks, we're going to talk about what is happening right now, current day, and it is a very different picture than a year ago. So, Bryce, you're a big picture guy. Let's start with you. Yeah, I'll just kind of give a brief overview of the stuff that's happening right now, because I really want Adrian to go into a little bit of depth about the stuff that's happening right now on the financial picture. And so, what I'll say is this, right? I've been saying for years, and even in the first segment, I've been talking about war, so we are in a war, right? What does that actually mean? What does that look like, right? And the way that this connects to the economy is a very simple and specific way, which is commodities, right? The war is a come-as-you-are game. You don't get to say, hey, I'll give you a loan 20 years in the past. I don't even know if you're going to survive the war, right? And so, war is a game of logistics, right? And so, what's happened and what has been happening for a long time is we've been financializing everything. And this is what Adrian is talking about, the financialization of literally everything into the moon, right? But when in war and in reality, and this is why I like this saying, which is you can ignore reality, but you can't ignore the consequences of ignoring reality, and the consequences are come and due. And so, what that means is that the commodities that really run civilization, so like copper, zinc, lead, cobalt, all of these different things that we have to pull out of the ground to make manufacturing possible is there is basically a super cycle going on. And what that means is that there is a move away from equities into things that are physical. What are the things that are going to survive? What are the things that are going to give me the ability to continue to produce, to manufacture things that we need? And this is one of the cores of civilization, which is our ability to manufacture advanced things, right? So, if you go back in time, you only had the ability to manufacture what somebody could do with a hammer, basically, because we didn't have industry, right? The Industrial Revolution was really what can machines manufacture for us. And now we have another revolution, which is the AI revolution. So, now we have things thinking for us, not even just doing stuff for us, but, you know, robotics are coming along as well. And so, where I'm going with this, why I'm talking about this, is that the move towards a war-based economy, like Russia's economy is basically full war at this point. China's economy is collapsing right now, so they're moving towards a, um, what's the communist word for that? A not free market, a, Adrian, what's the word for a controlled economy? There's a technical term for that, what's it called? Central planning. Central planning, thank you. A centrally planned economy. And so, you know, when Adrian was talking about the ESG things, that's effectively a centrally planned economy. It's just by unelected oligarchs instead of, you know, a government, but effectively it's the same thing. (5:29 - 7:07) And so, a war-based economy is a centrally planned economy, because the government has to say, you do this, and you do this, and you do this, otherwise we all die, so do what I tell you or else, right? That's what a war economy really looks like in practice, and that's what they're moving us towards. And so, the legislation that is being put forth by Carney and the liberals in the past, they have basically been telling us, censorship, control of the economy, um, we're gonna do, they couldn't even make a budget, but like, hey, we're gonna spend all this money that doesn't even have a budget, right? All this ridiculous nonsense, right? And so, what's happening right now is preparations for what's coming, right? So, the preparations for war in the West and the East are very different, right? The Russian economy, it's like, I think, a tenth the size, if not less than, no, it's less than a tenth of the size of the US, and they are out producing the West in, uh, material for war. So, like, um, ammunition production, all that sort of stuff, they're actually producing more, because they've put a majority of their economy towards doing that thing, right? And so, us, here in the West right now, I'm basically saying that we are just before the recession actually hitting. And one of the things to answer this, what's happening right now, is one of the things that's happening is FedEx and UPS are basically what's known as a belt weather for the economy, because they touch so many aspects and areas of the economy. So, when FedEx goes down and UPS is not sending stuff, and last year there was actually, Yellow Freight went bankrupt. So, that was, like, a major trucking company in the US, like, one of the biggest, I think it was the biggest, actually, with the biggest trucking company went under. (7:07 - 8:13) That tells you that there is less things happening, with the Trump tariffs and all these different things. So, we are basically, right now, dealing with the precursor to the actual recession. So, recessions suck for everybody, because I don't have enough money, I can't find a job, blah, blah, blah, right? That can potentially be a doom loop, like what is happening in China. But all I'm saying with this is that there is enough examples, and I'll give you a specific one, is this year, so far, companies have announced 750,000 job cuts, the highest year to date since 2020, when 1.5 million were announced. So, outside of 2020, this is the highest year to date since the 900,000 cuts that were announced at the first six months of 2009, which is basically in the middle of the recession. So, like I was saying before, the stuff that we're being shown right now is what we've been talking about for a couple years now. Because we, people that were looking at this, were like, hey, we're seeing the signs of something coming. What are those signs? Well, the signs are now basically telling us, this is here. So, I'll kind of leave it there. (8:14 - 10:54) All right. Adrian, I think you're up with your second presentation, please. All right. So, this is part two of a three-part series I wrote on It Starts With Gold. And in this presentation, I will outline a five-phase roadmap detailing how the global financial system is being dismantled through policy, not bombs. Each phase builds on the last, from the media reframing to full legal overhaul. Now, let's talk about what is already unfolding, so you can recognize where we are and what comes next. Phase one, controlled crisis media reframing. Crisis defaults, cyber attacks, and liquidity events are now used as pretext. The media then reframes these emergencies as necessary transitions to green inclusive systems. In Canada, coordinated efforts to cross OSFI, or the Office of Financial Institutions, the Bank of Canada, and climate laws, like Bill 7, lay the groundwork. But make no mistake, these are not temporary measures. They are structural changes. Early in May 2025, a blackout happened in Spain and Portugal, exposing the dangers of surrendering energy independence. Train stops, stores shut down, hospitals lost power, and citizens were locked out of their bank accounts. This was not a glitch. It was the first real test of a net zero agenda. Like Germany, which shut down its nuclear and coal plants, Spain dismantled reliable energy sources and over-relied on renewables that failed under pressure. The result was chaos. As we warned in It Starts With Gold, this is a manufactured crisis, driving mass dependency through energy and financial control. In British Columbia, Bill 7 quietly transformed emergency responses into a mechanism for asset seizure and state control. Passed in 2023, the law allows the government to declare emergencies based on predicted trends, enabling the seizure of private land, home, water, and resources without due process or compensation. While framed as climate resilience, it effectively rewrites ownership as a coordinated license to comply. With Part 4, expected to return in fall of 2025, the province could soon impose permanent land use regulations without legislative oversight. (10:54 - 11:48) This model aligns with decades-old UN frameworks that is designed for global replication. What begins in British Columbia could soon be spread around transforming land ownership across Canada and globally with irrevocable or revocable privileges. This is a very long article that I wrote on It Starts With Gold that goes into the full depth of what Bill 7 is and the dangers of Bill 7. It basically gives EBI dictatorial control over everything in British Columbia. So yeah, that's something to watch out for. And I think we should point out that British Columbia is the canary in the coal mine for Canada, folks. If you want to see where our federal liberal government is heading, you just pay attention to what's happening in BC. (11:49 - 12:27) Yep, exactly. We've already brought in something called DRIP, which is the UN version of UNDRIP, and that's already law. So in British Columbia, we are quietly becoming a test site for global land control model. Bill 7 enables preemptive property seizures while public safety power shutoffs conditions the public to accept emergency rule. The Declaration of Rights of Indigenous Peoples Act, already law since 2019, adds vague consent standards that weakens freehold rights. Together with UN's Sundy framework, these tools shift governance from evidence to prediction. (12:27 - 13:05) If Part 4 passes this fall, land ownership will no longer be a right but a revocable privilege enforced by unelected officials, AI-driven and in AI-driven compliance systems. And once again, Adrian, I just want to back up what you've just said, because it's so important, folks, you pay attention to this. What the BC government is doing with this Bill 7, with this DRIPA, is they're setting up a system where they can say, we get to confiscate your property, not because there is an emergency, but because we say there's going to be an emergency. Predictive, predictive, exactly. And who's predicting it? Them. Yep. (13:05 - 13:47) They're the ones who get to say, just like the WHO now can say, well, there's a pandemic, even though there isn't, but they can say that. And everybody who signed under the WHO has to go along with what they say to do about it. And this is exactly the same thing that's happening in BC. They're packaging all of this as protecting the environment, all of this crap. And what they're doing is they're setting up a dictatorial system where they can take your property under the flimsiest of excuses, and they don't have to prove a damn thing. Exactly. So phase two, debt monetization and devaluation. Spending surges under the banner of climate justice. Inflation, the silent thief, eats away your real purchasing power. (13:48 - 15:39) But then, but the metrics are rigged. The data is distorted and cash use is declining. Gold is surging and benefits financial, legal and are being tied to ESG scores. So they're going to basically tie your access to money through ESG. Phase three, CBDCs and digital ID. Now money becomes permissioned. It can be programmed based on your carbon score, your health status or your political views. Canada is moving fast with plain BC, a digital ID and federal mandates. This is not just policy. It is a full behavioral and financial reset. Canada is entering phase three of the reset where money becomes conditional. Central bank, digital currency, CBDCs are being tested to replace cash and direct and directly to your digital ID. These systems would allow governments to program how, when, where you can spend this and behavioral data through initiatives like clean BC. Did I just do this? No. Okay. So initiatives like clean BC and federal compliance mandates, this infrastructure is accelerated. This is no longer theoretical. Your money now monitors you. If you meet the right conditions, it can, or if you do not meet the right conditions, it can restrict you. Okay. Yes. And, and once you keep saying stuff, Adrian, that I have to back up with other stuff that people may not know about, in the brief few weeks that parliament's been in session, Carney's government has introduced a bill. I can't remember if it's C2 or C4, which one of the two it is, but it's the first step towards limiting your use of cash. Yeah. C5. No, C5 is the bill that supposedly gives the provinces the right to do energy developments. Oh, right. Yeah. Sorry. C4. (15:39 - 16:54) It gives the federal government the right just to override. C5 gives the federal government reins to push projects through. And it sounds like it could be really good for the oil sector, say in Alberta, but really he could be pushing through horse green energy stuff that- And even if it does allow that the provinces to say, build a pipeline, well, there's veto power built into the C5 bill. So they can shut it down. Authoritarian in nature. All of them are. Every single thing that the liberals have done for the last 10 years has been authoritarian in nature and not helped the economy whatsoever. Right. So now, Adrian, I'm sorry we interrupted you again. Please continue. That's fine. Phase four, traceability and asset control. This is when ownership gets redefined. Land, gold, businesses are tokenized. You may still own them, but only through digital assets or access controlled by platforms. Once ESG scores for political deviation, that access can be suspended. Do you still own it if you cannot use it? Do you really actually own it if you can't use it? You're still going to be responsible. You still have to pay your bills, but you don't have the right to do what you want with your property anymore. (16:55 - 17:03) Right. And ESG, environmentally sustainable governance, this is nothing but a social credit score for corporations. Exactly. (17:05 - 18:26) The global system of asset control is emerging through the use of traceability, ESG compliance, and digital finance. In Canada, programs once framed as food safety now enable real-time surveillance. Farms shut down and property seizures without due process. Under Prime Minister Mark Carney, farmland and food production are being tied to climate scores, determining access to financing, insurance, and markets. In other words, as a farmer, you might not be able to refinance your farm if you don't meet certain mandates dictated by the government. Under the traceability and all these programs that are coming in, farmers have a ton of paperwork. I was talking to a poultry farmer recently saying, I can't afford to stay in business because the paperwork is so horrendous just to comply with the government. Yes. And again, let's expand on that. They want to control the food supply. We just talked about how ESG is nothing but a social credit score for corporations. Most farms these days are owned by corporations. Yep. There's your control. Now, the bigger farmers have the resources to do the paperwork and keep plugging through, but the smaller family farms, it, he actually said, it takes me more time to do the paperwork than actually run my farm. (18:27 - 19:36) Right. So those guys are going to wind up just giving up. Because they don't want to. Adrian, can I ask you about all this ESG stuff? You know how the big banks in the United States, they abandoned it. And then Carney's moved us really closer to the European Union and Britain again. Is this sort of like part of their mandate in Europe as well? So we get on board with the CC, the ESG stuff with Europe and we leave the United States and we, you know, we isolate them or whatever. It seems to me that's what's going on. Carney can't roll out his plan with the U.S. because the U.S. is backing off on it. So now he's doubling down with the alliance to Britain or the EU because they're on side. So for him to roll out his mandate, and you've got to realize that he's the architect of net zero, he's the architect or one of the forefathers of CBDCs. He's been pushing for it, this whole climate finance. So he has to align with the countries that are on his side because personally, he's got a lot to benefit from it. (19:37 - 21:34) I just wonder how far he can go with the U.S. as the strongest country in the world, right beside us. Who's going the other way? Personally, I think Carney is going to lose to the U.S. I think Europe is not strong enough to stand up and support Carney. And I think Carney is going to be in a tailspin and lose control at some point. Trump's going to do something that is going to show. This could be our safety valve here that this stuff, this ESG doesn't get totally rolled out because of the pushback from the U.S. Yeah. Do you think that's a possibility? That's my hope. My hope that Carney is- We could go down a heck of a rabbit trail there, guys. I'm going to make one more comment and we better move on because if we don't, we are going to get mired in this. People need to keep in mind that, okay, I mean, sure, Mark Carney got himself elected by fooling Canadians into thinking that his banking experience meant he could deal with Donald Trump on the tariffs. What they don't know, what he didn't tell anybody, what a lot of people don't realize is that his governance of the Bank of England was a financial disaster. People in the U.K. hate Carney for destroying their economy. But was it incompetence? I don't think so. I think it was intentional. And this is why right now he's trying to tie Canada economically, militarily to the EU because it has proven to be a disastrous economic model, which leads to everyone being broke, the entire economy collapsing, and people being willing to accept the only solution offered, CBDC's digital IDs. And that's where everybody's going to be selling their assets because they're broke, they've run out of resources, they're going to sell their homes, they're going to sell their businesses. And then corporations that are part of the whole cabal are going to be buying up the assets at fire sale prices. That is Carney's plan. He's setting Canada up for sale. (21:35 - 21:55) Yes. And you will own nothing and you will be happy because you and your children at least aren't starving. And five years ago, people said, well, I'm okay because my house is paid for, I don't have to worry about it. Except they have ways of making you broke so that you're forcing the sell at fire sale prices. Yes. Please continue, Adrian. (21:56 - 22:21) So phase five, legal and financial overhaul. Finally, laws catch up. Compliance becomes permanent, sovereignty fades, international institutions like the IMF, the BIS begin to steer domestic economies, wealth taxes, bail-ins, and ESG enforcement become normalized. The law no longer protects your title. It enforces their access rules. It enforces their access rules. (22:22 - 25:36) So that's stage five. And again, I'll point out that we talked about all of this in our book. It starts with goals. Again, it starts with goals, not about gold itself. It is about what you need to do, owning gold. So, and again, you can download a copy of this book. We have a PDF copy of over 500 pages to read. If you prefer to listen to it, you can download, speak to find your phone and listen to it just like an audible book. And the reason we're giving it away is because I think the message needs to be shared. And we're finding that people who have bought the book or downloaded the book are actually buying the book to share. So we have no issue just giving the book away for free. So, and for those who want to apply the de-risking strategies outlined in it starts with gold, you can book a private consultation to see if your portfolio is truly fortified against what's coming. I offer a comprehensive review and second opinion to help you protect what you still have control over. So, and the contact information will also be in the show notes later on. Thank you, Adrian. Warren, your turn. Okay. Yeah. Thank you for that, Adrian. It was very eye opening. Okay. So I want to bring us up to date on the macro and the headlines of right where we are right now. So first talk about the market, where we're at, gold and silver pricing, the euro, gold displacing the euro as a reserve. Central banks, this is an ongoing theme, but we'll just dive a little bit into recently. And also, you know, we talked about the why earlier in the last episode and what they're actually doing here, these central banks and how this ties into the last points, which is record amounts of gold and to a lesser degree, silver coming off the Western exchanges and displacing what used to be a bigger, well, the big market in paper. So, and then how Basel III, which is a regulation, a framework for the central banks, how in July, there's been a new implementation that for gold. So get start here. And have I shared the screen? Yes. Yeah. Okay. Okay. So here's the market snapshot. So gold is up 28% year to date and silver pulled back in the last couple of days a little bit, but it's still 15%. We're not even, you know, this is, we're not even halfway through the year now. That's, you know, the amazing perform. It's better than most stocks by far. (25:38 - 27:33) One thing with silver is, you know, it's a 13 year high. So it's, silver is doing what it's done in previous bull markets, which it sort of lags gold and go sideways for longer, compared to the tortoise going up the mountain. Once it gets going, you know, and often these bull markets, the two in the recent history in the seventies, and then 2001, 2011, about a decade in length, we're still relatively early. That's a question I get a lot from clients is it too late because they hear about gold going up in price. So gold, you know, it reached its all-time high, pulled back a bit, some profit taking, but also it's the suppression from the big institutions, the big banks. And that is unwinding though. So I guess for silver is, it hit the $35 was a psychological sort of barrier, a 13 year high. And the all-time high was $49. We can really break through that $49 really quick. And we can say that with some confidence based on the last bull markets. So that's where we're at right now. It's been a great investment the last two years compared to any other investment out there. But again, I think what we should all say is this is about wealth protection. You know, this is the number one reason to hold physical precious metals, protect what you got. One of the biggest questions I get from people, one of my clients, I have hundreds of clients now all over Canada, every province and some outside Canada with the international program we have that they've losing confidence in the banking system. (27:33 - 30:55) They might not know all these details. They just, you know, I even get people say, I don't like the way they're talking to me. They're starting to ask me too many questions when I want to take a few thousand dollars out of the bank. So, you know, it's about protecting your wealth and maybe not even looking at it as an investment, but as wealth, storing that wealth. It's done that for thousands of years. So go on. Okay. So here's the big headline. This is just the last couple of days. Gold has now surpassed the Euro and reserves held by the central bank. And that chart is showing you what the reserves are. See the US dollar is still dominant, but now gold is over the Euro and other currencies. The other currencies in that basket, that 18%, the yen is still somewhat prominent. But so this is a big thing. This is saying, again, though, that those central banks, those largest financial entities on the planet have more faith in gold than they do in the fiat currencies. The central banks themselves now, they've been buying, they've been net buyers since 2010, record amounts in the last couple of years. And specifically in the last three years, buying over a thousand tons each year. So they've ramped it up. If anything, they've ramped it up the last couple of years. And you can see it's double from the previous decade. And they were still net buying in that previous decade. Like prior to 2010, the central banks were net sellers. So 15 years now, net buyers and doubling up the last couple of years. So the World Gold Council, the independent body for monitoring flows of gold around the world, they did this big survey. It's just come out. And they expect that the banks, the banks that responded, they're going to keep buying this gold. So this trend is going to continue. Again, I like to rehash that phrase. It's don't do what they say, watch what they do. And these banks, or let me pose a question to the viewers. If the central bankers, the biggest financial entities on the planet have more confidence in gold than the fiat currencies, shouldn't you? That's the question. Here's a bit more about central banks and tying them into BRICS. Now, that headline there, BRICS countries hold about 20% of the world's official. Notice how I put official in capitals, because you see the countries there at the top. China, Russia, Turkey, big buyers. They've added the most reserves the last 10 years. China has probably a lot more gold than they have. We believe there's some people in our industry that believe China has more gold than the U.S. The U.S. officially has the most. And China has become the biggest exporter of gold, the biggest importer. (30:55 - 31:24) They're importing a lot, biggest consumer. Unlike over here, they're telling their citizens to buy gold. They're telling insurance companies to hold gold. The Communist Party controls banks that can store gold. And they've had the Shanghai Gold Exchange since 2003. I think about an earlier episode where Bryce was saying we're leading up to a confrontation between the U.S. and China. (31:24 - 32:00) Some of it is about control of the financial system, and we're moving a global monetization. All these central banks were moving to a bigger role in gold, and China's at the forefront. I think I might have said this in earlier episodes. Even in silver, China is coming to South America, buying unrefined, not purely refined silver, putting it on one of the ports they own in Peru, shipping it back to China to refine it. Thereby, it's off the books. It's off the official books. (32:00 - 33:00) This is what's going on with the central banks and the BRICS countries in particular. Warren, can I just add one thing there quickly? Yes, please. I think it's important for everybody to understand the actual absolute number that we're talking about with this. The U.S. is generally considered to own the most at 8,000 tons roughly. It's considered official that China has around 2,000 tons. Historically, and this is why I'm bringing this up, the U.S. used to have, after World War II and Bretton Woods happened, and they used the USD for global reserve, they had 22,000 tons. Canada had 2,000 tons backing up our currency, and we are literally 10% of the size of the U.S. economy and population. So you have to really understand the absolute amount that was there and is no longer there. Gold isn't used up in industrial processes, so somebody owns it, and this is what's important. (33:01 - 33:12) Somebody owns basically all of the gold that humanity has ever mined. It doesn't get used up. It sits in places and is hypothecated and used as a backing for whatever the currency is. (33:12 - 39:42) All of this gold that we're talking about is somewhere. So this is the official. We used to have as much as Italy. We used to have as much as China supposedly has now. We don't have anything now, and thanks to Mark Carney that actually did that in 2015. He was the governor of Bank Canada that did that. But the reason I'm bringing this up and the reason that this is important is that gold effectively gives you a seat at the table for whatever comes next. That's why all the brick stations are buying gold for this reason, is to have a seat at the table, because whoever has the gold makes the rules. But this is one of the reasons that you hold gold and silver, is that you have the ability to say, I've got the physical asset. You come to me and talk to me about what I can do for you, because that's what banks do. I like what you said there, Bryce, about it allows you to have a seat at the table. I think of Lynette Zhang. She says that a lot, that own some gold so you can be at the table to have control of your own destiny here. So as individuals, to barter with or perhaps buy a vehicle with, if you have precious metals that have this 5,000 year history, maybe you become, another phrase is, become your own central bank. And so, yeah, get some gold. But let's continue here. Time is of the essence. Okay, so the metals drained, precious metals coming off the exchanges. So these exchanges had, the last 20 years especially, had a lot of trading, but in paper. So paper allows like an ATF, for example. You can hold the paper representation of the physical asset. So you can hold paper gold and silver. You don't have any storage fees. You can sell really quickly on the world market. And that has worked okay. And it's worked okay until the people wake up and realize the emperor has no clothes, much like banking, the fractional reserve system. They don't have all our deposits either. So what's happened, started in December last year, that the world really, in London, England actually, the deliveries of physical, so this is when you can convert your contract, your paper contract over to physical delivery. It doesn't happen much in the past 20 years. People roll it over. Entities roll over their contract into the future and keep making money. Well, what's happened is in England, what used to be three to four days delivery, all of a sudden they said it's going to be six to eight weeks, sort of exposing a shortage. They even said it was something with trucking. It was really obvious that it was a problem with supply. And that really increased the exodus of precious metals coming off the exchanges. So in May of this year, the deliveries, the physical deliveries surged 700%. So there's the statistics compared to last year. You can see every month this year is over a 200% increase of physical deliveries leaving the exchanges. So it is really, and some of this is perhaps related to Basel III. Some of it is, I think, like circling the wagons, if you will, where we're getting closer to monetization of gold again globally. But nonetheless, this is what's happening. And on a global geopolitical level, there's also this idea of, say, the BRICS countries, the Eastern countries, global south, they would like to wrestle the price setting mechanism of precious metals away from the West. They would like, Russia would like to, and China would like to be able to set the prices and do it more fairly, unlike what's happened here in the West the last years, using the derivatives like Adrian talked about, the paper, to suppress the prices, to manipulate the prices. So that's what's been going on with the gold deliveries. Basel III, okay. Basel III is a framework. And in Basel, Switzerland, the central banks, underneath the BIS, the Bank of International Settlements, which is under the IMF, which is under the World Bank, they define their frameworks for working together, the roadmap, if you will. Well, what's significant here is that in July 2000, well, this year, 2025, gold is now elevated to a tier one asset. So this is very significant. It basically means that the banks, there's rules, the central banks on the reserve requirements, paper gold is no longer good enough. They want physical gold. And also, you're getting more points. That's what I look at. It's like a point system. You have to sell so much in reserves. Well, where gold was previously a tier three asset, right? So now it's a tier one asset up there with the US dollar. So this is that big macro event that's happening that really signifies we are going to a monetization of gold again. But it sort of works against the current system because the current system doesn't want you and I to own gold. They want you to be in the dollar system where it can be, well, controlled, manipulated. So Basel III, very significant. As of July, this is when it came in, just now, it's come into play. So those are, they started doing this. It's a tier one asset. (39:42 - 41:05) It's allocated. It means it's physical, not paper. And there's no more unallocated gold accepted in this Basel III game. The industrial demand for silver. So I want to bring up silver now a bit. Now I've shown this chart before, but the industrial demand for silver is about 60% of its usage compared to gold, which is about 12, 13%. And solar panels are a big part of it. Electrification through the green technologies, the batteries in cars, in the new cars need silver. In our computers that we're on right now, silver is very ductile. You can stretch one ounce of silver 800 yards. So it's ideal. It's more conductive than copper. It's ideal to have in these computers. And what do we have coming around the corner? Well, it's here now, AI, which needs more computing power. So more silver is required. And of course, we have the medical use of silver in instruments. It has antimicrobial properties. I heard the other day, well, I read the study actually, that there's some antibiotic resistant strains of bacteria. (41:05 - 42:33) Well, silver could kill this bacteria because of its antimicrobial properties. What was it? The Romans used to keep their water clean by putting silver coins in them. I heard the other day from one of my clients, they said, it'll make your milk last longer if you put an ounce of silver in there. Anyway, it's all those uses which keep growing. But this is where I wanted to sort of focus on the silver is that there's always been this industrial use, I'm sorry, this military use, right? And Bryce, do you remember what the amount of silver we would say is in a cruise missile? Yeah, it's about, what do you say? 14 kilograms. Okay, so 500 ounces. So in every missile, just, but this chart here, the reason it's blurry, because it's from 1943, if you see that red square box, 1942, back then, just imagine that back then a bill to authorize the use for war purposes, silver, you know, this is, so silver is strategic this way. Unfortunately, the military uses it. Look at this one from 1965, when they took the silver out of coinage, right? And a worldwide shortage of silver then. (42:34 - 52:21) Warren? Yes. Can you go back a slide? Because it is an important piece of information there for everybody to understand. So this bill was talking about 100 million ounces per year in 1942 during the war. The global production for silver right now is about a billion ounces, billion in a bit. And so they're talking about a much higher usage of silver right now, than that what they would have required back then. So I think it's really important for everybody to understand. One of the chief reasons in Andy Schectman's and our opinion that the demand for silver so high is weapons manufacturing. And every time you put silver into a weapon, it is gone permanently. So silver is a depleting asset that is being used up. And so like silver is a very, very unique commodity. So sorry, Warren, continue. Yeah, it is looked at strategically right by countries now. And recycling is never been a big component of it. So we are in the fifth year of a worldwide deficit. That means we are consuming more than we're mining, which is about the billion ounces, Bryce mentioned, plus recycling, which is less than 200 million ounces. The price is going to go a lot higher to make recycling cost effective. But yeah, it's a perfect storm, actually. We say silver is like a coiled spring, that not only do we have a history of prices going parabolic with silver in the last couple of bull markets, but all the catalysts are there, which is low mining output. A lot of the easy to mine silver has already been mined. You have industrial use climbing, military use, unfortunately, climbing. And you would think, well, let's just go mine some more silver. It takes 15 to 20 years to develop a mine. We have lots of environmental controls, obviously, restrictions. But also the price, because I believe probably to do with the military's need of it, keeping the price suppressed the last decade, especially, it hasn't been that attractive for miners to mine it. So now you're in a situation where you need more silver than ever, and there's not enough supply, and you can't increase the supply very quick. They have all those catalysts. So we believe silver is a investment in our company. We say we love gold, but we love silver even more. This is just more of sort of adding to that story of it's always been in demand, and that was probably done for the military back then. Here's another look, a visual of the supply and demand. Like Bryce said there on the right, we got a supply of about a million ounces, but our demand is over top of that. I don't know if you can read that small print, 2005 silver demand is expected to continue outpacing supply for a fifth consecutive year. Basically, silver is a great investment. One comparison to gold, you might think of gold as a protection, protect your wealth, insurance, a hedge against inflation. Silver has a lot more growth opportunities. So that was about it. That was about the main things I wanted to talk about where we are now. I do have some books to recommend, and I always recommend Adrian's books on the right, but I think I'll just leave it there. Unless you have some questions, Will, for me on any of that. Yes, I do, Warren. If you wouldn't mind stopping your screen share. Okay. Warren, there is a very big question that comes to my mind with everything you've just shown us. You talked about the 700% increase in people cashing in their paper to get physical gold and the delay that they're now putting into that probably because the supply is not there. And you showed us a graph in the first section, first part of this interview series that shows that the paper gold, the paper silver that's out there is far in excess of the actual physical precious metals. So what all this says to me is that we're headed towards essentially a run on gold where people are going to realize that they're in a very delicate position with this paper gold, paper silver that can't be backed up by actual physical metal. What happens when a very large percentage of these people who hold paper gold, paper silver suddenly decide they want the real thing and there isn't enough? Yeah, that's a really good question. What happens to people when they realize, when the world really wakes up and they can't deliver, when there's basically a default, right? And one thing is a lot of people don't realize that all these ETFs, for example, SLV is iShares, the biggest silver ETF, GLD is the big gold ones. And who is administering these things? BlackRock and JP Morgan. Talk about the hen guarding the hen house. JP Morgan was fined $920 million in 2020 for manipulating precious metals prices. So a lot of people don't understand that if they have an ETF, they often, not all of them, some of them are backed by physical gold, but like the big one is not. A lot of these ETFs have a small print and it says something to the effect of this asset you hold may or may not equal the underlying value of the commodity, of the underlying commodity, so that you wouldn't get paid. Your ETF would all of a sudden wouldn't be worth the spot price of gold like it is now. There's that, they have that built in. Another thing they have built in on the exchange is that you have to have, you can't get delivery for small amounts. There's, you have, and I don't even know the numbers off the top of my head here, but you have to have like a considerable amount of gold or silver to get the, to qualify for a right? So it's only the big entities, the sovereign wealth funds, the countries like India, apparently they just took all their tons of silver off the exchanges. Also two countries now just recently, Italy and Germany, they want to repatriate the majority of their gold now from New York and London. Most of the gold in the West is held in London and that way for a long time. They want to repatriate it back home because they have concerns about the viability of the U.S. system and would they get it back in a crisis? So now I'm going a little bit off that, but your question, basically I would think the prices would really increase. It's like the, it's like the emperor, I like to use that phrase, the emperor has no clothes. Be like a run on the bank. What would they do? Clothes off the exchanges. Yeah, it's going to create havoc, but you see the smart money pulling their physical off it. So I think we focus on ourselves, individuals, and I know I'm a broker that I'm a gold and silver broker here and I'm probably biased, but get some gold and silver to protect yourself now, not to. Okay. And I'll just some, I'll just end to answer your question. Well, I think the prices would go much higher because there would be a shortage, right? Right. On the physical goal. Yeah. What I would think is going to happen to the paper gold, the ETFs that are not backed by physical gold, where you don't necessarily have the right in that contract to turn that in for physical gold. Those are going to become worthless paper. Exactly. There is no gold to back it up. Sorry folks, but you own something that's backed by something that doesn't exist. Right. And that might be the black swan that collapses the system because there's going to be a, people finally will wake up that, that there's so much paper out there that they're worthless. And then there's a massive run to precious metals and pardon? And there's not enough. There's not enough. And that might be that actual black swan that's coming. Yeah. And I think it's important to expand on this just a little bit. So Rick rule is a very prolific investor. It does has a lot of focus on commodities and mining and stuff now. So if anybody wants to go and research this, go and look at Rick rule, Rafi Farber, Andy Shekman. These people are in our industry, kind of the generally known as the gurus that know the most about this on a, on a fundamental inside the system type of level. And what they're all effectively saying is that we're getting close to that point. So the question that you just asked, well, is a very good one. And we're going to find out soon what that actually means because the COMEX is being drained. We talked about this last year and we were saying, Hey, the COMEX just lost. I can't remember the number that it was like 50 million ounces or a hundred million ounces or whatever the number was. It doesn't really matter, but we're getting close to the point where they are going to default on a delivery. And when that happens, we're going to learn what that actually looks like. (52:21 - 57:59) And what I personally think is going to happen is exactly what you said is that stuff becomes worthless. So what is the actual value of the underlying metal? If all of that money, and we're talking billions and billions and billions and billions of dollars is actually now worthless. And either it just gets wiped out and you just straight up lose, or it moves to the actual physical metal that itself, and you're investing in the commodity and the physical ability to get it right. So we're in, we're in, I'll hand it to you in a sec, Adrian, and kind of what I'm saying here on this is that we are in uncharted territories, not just in our lifetime, but historically, like in all of human finance period, we're in uncharted territory because we've never been financialized in this way to this degree, right? The only thing that I equate to what's happening right now in my mind is the fall of Rome because Rome had a very mature financial system to support the empire and all of the functions of the empire. And one of the major reasons that it fell is because they financialized away all of their wealth. They basically hypothecated it and printed it into the stratosphere and it became worthless and it collapsed. The Romans, what they did with silver is an example of increasing the money supply. They took the silver and mixed it down the pure silver and put other alloys in it. So they could have more coins, uh, and then distribute it. And then, uh, you know, Gresh, Gretchen laws took over, which people, uh, bad, which is bad money, um, displaces good money and people would keep the good silver and then use the bad silver and basically lost faith in the currency. But it was a form of money printing again, you know, the group of governments to living beyond their means I think this, this, uh, central, the reserves, like what you asked will, um, is very similar to the banking where we're seeing now. Banks have controls. Um, I heard something about $3,000, anything over 3000, you know, they're, they're, and what's probably coming next is capital controls because they don't have all the cash either. They don't have all our deposits. That's already starting to happen. I was going to mention that, but Adrian, go ahead. Yeah, I just got to quickly share a screen from a previous episode. Uh, talk about the, um, the bond scam. When, when, when people start realizing that their paper, um, gold certificates are worthless, uh, even a bigger bubble or a bigger scam is the, uh, you know, the faith in, in, in, in the American dollar, the faith in, in fiat currency alone, that is going to start probably coincide with that. And then you're going to get a massive run of people dumping their fiat currencies or bonds into buying the gold. So I think there'll be two black swans happening at the same time. So then the conclusion that I draw from all of this gentlemen is that anybody who's watching this, who owns ETFs, paper, gold, paper, silver, it's time to sell it and buy the actual physical precious metal. Yeah. And actually, so I wanted to circle back to this cause I think this is a very important, um, factor to say in this segment, which is what's happening now and what are you, where are your assets? Right? So I want everybody that watches this to go into your portfolio, whoever manages it, if it's you, if it's a financial planner and look, where is your money? What is it in what asset class, right? And do a percentage is it, you know, X percentage into the markets, X percent into property, X percent into precious metals, X percent into whatever that is, right? The, the, the, the rule of thumb that I tell people for this reason is cause this is what's happened historically is 10 to 20% goes into precious metals in times of peace as a hedge against everything else, right? As I just explained, and as, um, Adrian and Warren have illuminated over the last two segments here, we're in insane chaos, historic times. So you can put a lot higher, um, into precious metals than you would otherwise want to in times when the economy is doing really well, we're going into a time of war, right? And I think it's really important to, for everybody to understand is if you have a registered account and your money in your retirement, if the vast majority of your retirement savings is in your property and in, um, mutual funds, as an example, all of that stuff is at risk, maybe not property as much as the mutual funds, but mutual funds basically go into the stock market and they're weighted into the SMP. Typically that's typically how it works, right? And so the, the, the stock market at the area of the stock market, that's done really well. And you can look this up is the magnificent seven, the mag seven. So the seven biggest tech companies in history really, um, has been the majority of the gains in the stock market. And if the stock market didn't, if the SMP specifically didn't have the, uh, the, the magnificent seven pushing that average up the, the, the, the rest of the stock market is fairly flat, right? So you're, we're coming into a position right now. And this is why I'm saying this right now is that we're basically at the top. There isn't too much further to go until something happens. And all it's going to take is one of the institutionals or the commercials or somebody or everybody starting to notice I'm freaking out of here. Right. And at some point that's going to happen. This is the thing that I really want to get across to everybody at some point, this is going to happen, right? We don't know when it could be next week. It could be next month, next year, next decade. We don't know, but the mathematics guarantee that at some point that's going to happen. And as I said previously, if you know that something is going to catch on fire, when do you want to be out of that place? Well, as soon as you know that it's going to be a fire on fire at some point. So what I'm telling everybody, and I am not a financial planner, but Adrian is, so if you want a financial advisor opinion on this, go talk to Adrian. (57:59 - 1:02:48) But what I'm telling you is all of the math. And this is why I'm a fundamental investor, not a statistical or, um, that's the other word statistical is good enough. Um, not a statistical advance, uh, uh, investors, because at some point everything tactical, there's another technical term for it, but I can't remember that technical investor. Yeah, close enough. But what that strategy is, is looking at the history of the, like all of the metrics of the, of the company and say, this is a good investment because all of these metrics and stuff, I'm a fundamentalist because at some point everything comes back to reality. And what the reality is, is there's a reset happening. They're pushing us into this position where they want to take what we have. They tell us over and over again, we're going to, you're going to owe nothing and be happy and we're going to take it from you. So we're even more happy, right? Well, that is basically telling you in their words to us that whatever assets you currently have, you're going to lose. And the only way that they can do that is if they're at risk, right? So one of the things that you have as an option for the protection of you, your family and your future is gold and silver. Now you don't have to put everything into that. Go talk to Adrian. If you want to do other stuff like that and invest in businesses, but hard assets, real things that are going to keep you and your family alive and give you the ability to decide at your, to decide at your discretion, how my money does in the economy, right? Because this basically gives you an option where I'm going to decide at a future date, what my money is going to go to, because all of the investments that happen typically from traditional investment sources, like mutual funds and that type of thing in the stock market, you're basically bending on a company, right? If that company fails, your investment fails. This is like, this is basically saying, I don't trust the things that are happening. Keep my money safe, keep it out of the way, no third-party risk. And when things change and when I know where I should put my money in the future, that's when I'll make a decision, right? So what I'm basically telling everybody right now is that if you go and look at where your money is, you will probably be very unhappy with where it is because I had a client this week basically saying that their financial advisor put them in Chinese stocks. China is collapsing right now. That's insane, right? But like, you just don't know if you don't look, if somebody's managing your money for you, go and ask them, what the hell are you doing to protect my money? Because the recession is here. It just hasn't officially hit yet. And that's kind of where I'm at now. Well, I want to, I think I'd like to add, can I just add one, really go ahead there. Yes. Is that traditional financial advisors, the majority of them, they, they, even if they wanted to, they can't sell physical gold and silver because the institutions they represent don't have that as an offering, right? People like Adrian can get you into non-traditional assets that have tangible value. And then we, you know, we do gold and silver. We don't do, we don't sell mutual funds. We just do gold and silver and that's it. I guess what I'm saying is there, uh, these financial advisors, unfortunately, the majority of them, even if they wanted to get you in physical gold and silver, they don't have to offer. So then we, then we say, suggest, well, come see us because we partner with them. You know, we will partner with the financial advisor to help people. Just want to interject. If a financial advisor, um, tries to offer precious metals, they're going to put you in, um, an actual mutual fund that invests in gold or silver or precious metals. And they'll say, this is your allocation. And then their firm from a compliance perspective would only permit them to put you up to 10% into a precious metals or gold, uh, mutual fund. So there is a disincentive, um, to, to even allow you to own physical because first of all, it's not available. So they'll try to, uh, accommodate you by offering mutual funds that, that, that, that, uh, offer that. So you're, you're, you're investing in Fiat. So when I, when I talk to clients, I tell my clients, you know, if you're going to be holding cash or, you know, putting money in cash, look at gold. Uh, because, uh, if, if, if the central bankers are beholden to using, uh, precious metals or gold as a tier one asset over treasuries, shouldn't you? So I'm actually saying that, you know, gold today, um, is considered a cash equivalent because it preserves wealth. Now, Warren, I have another question for you, but first I, because we're on this topic, Adrian, I want your opinion on something. Uh, I'm absolutely not a financial advisor. Um, but there is something that my wife and I did last year. We, when we moved, uh, what savings and investments we have into other things, partly into new world precious metals, we took out everything that, and most of our investments had been in, um, the big five banks, mutual funds. (1:02:49 - 1:02:58) Folks, you need to get out because a lot of people don't understand those big five banks. They're not part of the globalist power structure. They're not associated with the central banks. (1:02:59 - 1:05:09) And if the globalists get away with bringing in CBDCs, they want to dissolve those banks. They want to get rid of them because it's just a barrier. They don't need those. So if you're invested in those, get out because you could wake up one morning and discover that is a worthless investment that they don't even exist anymore. Adrian, what do you think? I agree. Um, one of the things you've probably noticed with, with your account is when the markets took the big dip earlier this year, when they were down like 10, 15, up to 20% at one point, your portfolio at worst was down slightly and now it's fully recovered. So what we've been able to do is to manage the risk. And the portfolio, uh, is, is at least a third in non, um, public assets, non-stocks, non-bonds. It's in multifamily rental properties, it's into infrastructure, it's in assets that are outside the banking system. Um, as far as, uh, you know, if there's ever a run on the bank and one of the banks to get into trouble, those assets that you have, whether they're mutual funds or stocks, they're co-mingled with the banks and those assets would actually become the asset or they are the assets of the bank and are subject to, um, being used as collateral, like, you know, to protect the bank. So we have what's called a custodial, uh, wall that protects your assets. So not only, uh, you have less exposure to the stock and bond market because you have those non, those alternative assets, we have very little exposure to the bond market, which is where the big risk is right now. And we're using private debt, uh, to, and, and, and real estate as part of the offset for the, for the liquidity part or for the income part of, of a portfolio. So the other thing is we, because of the way our portfolio is structured, we do not mirror the market where the real risk right now is, is, is magnificent in, in the, uh, in, in the S and B index representing 50% of the, of, of the, of the actual value of the index. Well, when those seven stocks start collapsing, cause they're, they're grossly over, overvalued, they're going to drag the whole market down with it. (1:05:09 - 1:07:03) And, uh, that's one of the reasons why our portfolios are so stable is because we don't look like the market. We're, we're actively proactively investing in, in assets that have upside potential and, uh, don't have that level of risk. Right. Now, Warren, I said, I had one more question for you. In the previous episode or of this series, you made reference to how gold could in a future valuation be well into five digits. And three months ago, when we did the last update, quarterly update, I asked you, because at that point in time, as we were sitting down talking, gold had just hit $3,000 an ounce, which was a lot of analysts saying, well, that's the upper limit. It's not going to go beyond that. And I asked you, so for those people who hadn't bought gold yet, have they missed the boat? And you said, no, they had not. And you were right. Cause here we are well above $3,000 an ounce with no signs of it slowing down. So when you talked about in that first part of this series about gold, possibly hitting five digits per ounce, what would be the conditions that might lead to that? Okay. Well, you know, first of all, those predictions of five digits were about revaluation. If gold revaluation occurred, right. And that's a harder thing to predict the timing because, well, they wouldn't be giving us notice, right. They would do it overnight. And so it's a real possibility because of that possibility. I have a different, I have more, my recommendations to clients have a bit more weighting of gold, right. Now, do you want to tell me the question one more time? Will, I want to make sure I get through it. Well, I'm trying to remember the exact figures. I think you said something like 12, $14,000 per ounce of gold, something like that. Which of course is many times, you know, four or five times what it is right now. (1:07:04 - 1:08:33) And so all I'm looking for is for the viewers edification to understand the circumstances that might lead to that. Because as you just said, if that revaluation happens, it's going to be overnight. There's no notice coming. Yeah. So, okay. So there's a bunch of scenarios now. Now I get you. Okay. So there's the possible revaluation. So that would just happen. Boom. There's the thing that you asked before, Will, which is what, what, what's going to, what is going to happen when the exchanges cannot make one of these deliveries of physical on the contract. So then, you know, gold is this, gold is the safe, the ultimate safe haven asset, as we say. And the, when there's fear in the market is when it does very well, when it does, when it goes parabolic, it goes high, it's unfortunately the rest of the world is not doing well. So a war, so if world war breaks out, because the systems will collapse, right? And gold becomes one of the only assets potentially that is tried and true. So a war could spike the prices. Silver, when one of these big consumers cannot get supply. So what we've been seeing with silver is companies like Samsung going right to the miners and making contracts, which was unheard of before they would buy it off the exchanges and stuff. (1:08:33 - 1:10:33) They're trying to secure their, their allocations of silver. So a big entity who could not deliver that would spike the prices because you got to remember there's market sentiment, right? There's like, like even, okay, here, here, put a real story to it is in 2011, that was the last peak, the last bull market peak where silver was higher than it is today. And go, and you know, that was a gold peak too, that there was people lined up in the banks. The banks were selling, TD bank in particular, because they're a bullion bank. They were, they had placards right on the teller's counter, buy gold from us, like buy it when it's high, right? You want to buy it now. We've seen already, like, like I brought that example up earlier where South Korea, they had to halt gold and they had to halt silver. When that happens, the sentiment really, it's, it incites fear, panic, and the price can just go parabolic. So a big supply shortage, I guess the answer, the revaluation possibility, war. Now here's another thing, Adrian would know more about this, but this is a possibility now where we have a de-dollarization happening, right? Movement away from the U.S. dollar as a reserve currency. I've learned a lot. I don't believe you can displace the U.S. dollar overnight because it has the plumbing, the plumbing of the world financial system, but you just can't recreate that. But we have to acknowledge that every year we're seeing less trade done in U.S. dollars and led by China, the Shanghai Cooperation Council, the BRICS countries, they're making inroads of, you know, trading outside the U.S. dollar. (1:10:35 - 1:11:48) What's going to happen now with these dollars that are held by these institutions? They're shedding them. They're going to come back home. We could have a tsunami of inflation on our shores here in North America. We haven't seen it before. I think that's why we're so complacent too. Like we haven't seen a Weimar Republic thing happen here, but those dollars come back. Inflation, that will spike gold prices because now the dollar is getting, like it is now, it is getting debased. You know, when the government says 2% inflation, I believe it's more like double digits, like 10%, our cost of living for you and I to live. So if that accelerates, that creates, you know, quickly loss of confidence in the fiat system, gold becomes the go-to. So that, you know, hard to put your finger on the dates of when these things could happen, but the catalysts are all here. So yeah, further erosion of the currency. And this is why I look at these central banks, you know, especially they're front running the system. That's what they're doing. We should be in on this too. There's a system. (1:11:49 - 1:13:44) Yeah. Hey, Bryce, go back to that chart if you'd like to comment on that. Well, just go back to that chart again with the $300 trillion in bonds, a lot of it is denominated in US dollars. And when the faith in the US currency collapses, nobody's going to be buying bonds. And so those bonds are going to start, you know, people are going to be dumping those bonds because they're not worth anything. And again, that's just going to put more money into precious metals. So it's not only, you know, it's not only the faith in the dollar, it's that the bonds won't be sold and governments can't raise money anymore. And they are in a real rock and a hard place. Sorry, Bryce, I'll just go quick. They're in a real rock and a hard place because they have to raise money. They're still living in a deficit. They're still spending more than they bring in from revenue. And they have all these debts, payments on these bonds coming due from the bondholders. No one wants to buy their bonds. So what they do is start monetizing their own debt. And right now they're doing stealth. What's that? The treasury starts buying it up because nobody else is buying it. Yeah. So right now they're doing stealth quantitative easing. And you probably know more about this, Adrian, but they're allowing the big banks in the United States to leverage even more, holding more bonds. They've decreased the reserve requirements that they have to have those bonds. So now those big banks are buying the U.S. debt even more leveraged. And it's a way to get liquidity in the system sort of back doorway. So we have already started. And then the printing presses will turn on soon, probably August, September. And then we're going to further devalue that currency. And that is all the gold needs, right? Gold keeps retaining. (1:13:45 - 1:13:51) We're on the cusp of hyperinflation or total financial collapse. Exactly. Exactly what I was just going to say. (1:13:52 - 1:14:49) We're on the edge right now. Yeah. And we don't know which way it's going to go, right? So to your original question, what could push this up? So I want to give you two ideas that will kind of tell you what's going to happen regardless of the actual price. And that's trajectory and momentum. So think of all of the things that we've talked about that could have a negative effect on your financial future. Now think about anything that you can think of that will have a positive effect on your future financially. The column of bad to the column of good is orders of magnitude different. So that tells you where is the trajectory, right? Now, the momentum question is how many of those things are coming true, which tells you a velocity more or less, right? And so to Adrian's point, and Rafi Farber makes a good point about this as well, is that 100% of currencies have failed. We're just living through the ones that haven't failed yet, right? Just to clarify, when you say 100% of currencies have failed, you mean 100% of fiat currencies? Correct. (1:14:50 - 1:15:12) Yes. Because gold coins have never failed. Those have never failed because they're actual physical assets. But yes, fiat currencies, paper money, where the government says it's worth this much because we say it is, every single one of those. And I think it's something, what, 700 of them, something like that? Oh, it's far more than that. The average lifespan of a fiat currency is around 80 years, and we've exceeded that already. (1:15:15 - 1:17:36) And so the average lifespan of a world reserve currency is about 200, 250 years, right? So the Roman dinar was one of the longest. There was also the Byzantium, whatever theirs was called. And there was the Turkish or the Ottoman, whatever that one was called. I can't remember what that one was called either. It doesn't really matter, right? So the point that I'm making with this, right? And so to your question, to your point of the amount that have failed, there used to be regional coins, right? So the million different duchies or whatever in the Middle Ages, right? They all had their own currency, right? Because I'm the king of the castle, literally, right? So they all have their local currencies, right? And so all of those have failed because they've always been connected to a group of people, in this case, a nation state, but an empire, a city state, like it doesn't really matter, right? But the underlying asset of gold and silver, which is what they used to use, that has never failed, right? And that's why it's been continued to be used forever is because people always recognize, well, what gets me what I need? Because that's the ultimate question, right? If the whole idea of a currency is that it's an intermediary for resources, right? And so if I can't get the resources that I need with your currency, well, I'll use a different one, right? And this is what we're going through at a macroeconomic inter geopolitical level right now is that the hegemony of the US empire, the US dollar is now in conflict with the rest of the other currencies, because the rest of the currencies are recognizing, hey, this game isn't good for me. So if it's not good for me, I'm going to use a different one. However, right now, there's no alternative. And that's what the Chinese are trying to build. And I absolutely don't want them to win. But I also don't want the central banks to win. I want us to win. The only way for us to win is that we all have the ability to transact outside of their stupid system, whatever they want it to be. And this is why I continually tell everybody that like, if you want to avoid this stupid system that they want to push, you have to have the ability to get the resources you don't have today, at some time in the future. And the only way to do that is either barter, or gold and silver, if you don't want to and fiat currencies become worthless. So that's where I'll leave that. But I think it's really important to understand that if you don't want this, you need an alternative. And you need to start building that alternative now. Well, thank you so much, gentlemen, once again, for clarifying exactly where we are. Now, folks will return in part three, as where we're headed and what to do about it.