Transcript

Gold & Silver Q&A: When to Sell, Q1 2026 Crash Fears, Bitcoin vs Gold

From Peter Schiff · Episode page · Watch on YouTube

· 3 h 39 min · 41,016 words · 573 timestamped sections

This is the full, timestamped transcript of "Gold & Silver Q&A: When to Sell, Q1 2026 Crash Fears, Bitcoin vs Gold", an episode of Peter Schiff published December 28, 2025 (3 h 39 min, about 41,016 words). It mentions 16 people, works and ideas, including Artificial Intelligence, Federal Reserve, JP Morgan, Jane Buffett, IM Gold.

What is discussed, and when

  1. – 15:00: Federal Reserve, Danielle D. Martino Booth
  2. – 30:00: Federal Reserve, JP Morgan
  3. – 45:00: Jane Buffett
  4. – 1:00:00: IM Gold, Cisco Systems
  5. – 1:45:00: Flexjet, NetJets
  6. – 2:00:00: JP Morgan
  7. – 2:15:00: Winklevoss, Peter Schiff
  8. – 2:30:00: Equinox Gold, Peter Schiff
  9. – 3:00:00: Delta Electronics, Taiwan Semiconductor
  10. – 3:15:00: Tencent

Notable quotes from "Gold & Silver Q&A: When to Sell, Q1 2026 Crash Fears, Bitcoin vs Gold"

  • Great. It's great to talk to you. I just had a question about like some of these things that you'd said about the Federal Reserve and like how Trump is going to put a yes man…
    about Federal Reserve · at
  • Parabolic. It's awesome to see and everything. and how you feel about JP Morgan closing all their shorts and going long a couple weeks back and look what's going on now. Well…
    about JP Morgan · at
  • Of you know variables there. But this is an interesting if you look at like Warren Buffett who's got all this capital right now like if this happens in the next year or two they are going to be in an incredible yeah to just cherrypick.
    about Jane Buffett · at
  • And I pro I kid you not just by going from your recommendations. I don't buy anything crazy. I just probably IM Gold is the only one that's kind of you know junior.
    about IM Gold · at
  • Right. I don't know if it's Enron but it certainly reminds me of like Cisco Systems during the com bubble.
    about Cisco Systems · at
  • Actually have So, I actually have two shares right now. I have a I have a fraction of a longitude at NetJets, Citation Longitude, and then I've got a share that I just purchased in a Prader 600 with Flexjet.
    about NetJets · at
  • Well he knew about me. He just said, Well, I in his mind he was saying, well, I can think of Peter Schiff, but I'm not allowed to mention his name on CNBC.
    about Peter Schiff · at
  • About people that you know that have gotten rich and have power like the Winklevoss, yes, there were a group of people that got involved in Bitcoin. Not when I first learned…
    about Winklevoss · at

Who and what is mentioned in this episode?

People

Companies & orgs

  • Federal Reserve — Company · 4 mentions · first at
  • JP Morgan — Company · 3 mentions · first at
  • IM Gold — Company · 2 mentions · first at
  • NetJets — Company · 2 mentions · first at
  • Flexjet — Company · 2 mentions · first at
    Citation Longitude, and then I've got a share that I just purchased in a Prader 600 with Flexjet.
  • Cisco Systems — Company · 1 mention · first at
  • Equinox Gold — Company · 1 mention · first at
    A good buy. I own a lot of that one myself. But anyway, and then my last question is Equinox Gold sold off their Brazilian assets and it only fetched like a billion dollars and…
  • Taiwan Semiconductor — Company · 1 mention · first at
    I only have I have a few I only have a few stocks that are AI related. like I own a stock I own Taiwan Semiconductor.
  • Delta Electronics — Company · 1 mention · first at
    I own this company in Thailand, Delta Electronics, which has been a huge home run for me, which has been caught up in AI. So, I have a few like stocks that are AI related, but I don't I don't have Nvidia. I don't have.
  • Tencent — Company · 1 mention · first at
    I'll find it. I might. So yeah, Tencent. I own I've owned Tencent for a while. So I have I mean I have some tech stocks, but they're, they're not I'm way underweight tech, you know.
  • ITL — Company · 1 mention

Concepts & topics

Full transcript with timestamps

Anyway, I've been talking for a while. Uh, we got over a thousand people in the space now. So, I'm gonna try to bring some people up uh who want to ask some questions or make some comments and I'll stay with you guys, you know, you know, till the markets close, you know, and maybe a little bit later than that. And then I got to be back with my kids. But, uh, so, uh, if you I got a couple people up there speaking. So, anybody if you just want to unmute yourself, you can say something. Yeah. Hello, Peter.

Hey, Peter. Yeah. Hey, Doug. Former Navy officer here. I followed you for many years. Um, Austrian economic guy myself. Uh, happy to talk with you. Hey, sir. I just want to ask you a quick question. Uh, do you think they're going to try and back the Treasury on the long end with uh with gold? I I mean, it's kind of a I don't want to call it a scam, but uh there's been a lot of chatter about them trying to stabilize the Treasury market with gold. What do you think about that? Well, you know, ultimately gold is going to be all we've got to bring stability to the markets. I just don't know uh that they have a plan to do that now. Uh that they even realize that they're going to need to do something like that.

But I think ultimately uh our gold reserves are going to be very important in bringing stability back uh to the dollar. But I think that we're going to go through a massive economic downturn with, you know, huge inflation uh before before that happens. Yeah.

Hi, Peter. Am I audible? Are you able to hear me? Yeah. Great. It's great to talk to you. I just had a question about like some of these things that you'd said about the Federal Reserve and like how Trump is going to put a yes man in there and he's definitely going to get the easy and um

well, he's already promised that. I mean, he's come right out and stated that. So, it's not like we have to guess. He said, "I'm going to put somebody as chairman of the Fed who wants lower interest rates." That's the criteria.

Sure. Sure. My question about that though is uh do you see some possibilities of hindrance toward that because you had heard from like Danielle D. Martino Booth that technically the FOMC could decide to revolt uh rebel against Trump and put somebody else up as the uh chairman or the person at the podium. And also when I look at like the makeup of the Federal Reserve Board of Governors, like I can only count three doves right now, which are Waller, Bowman, and Mirren. And possible that the Supreme Court doesn't kick Lisa Cook off of the board, so she stays. And it's also possible that Jerome Powell stays on as a governor. So now we got four hawks against the three dubs the board.

Well, I I look the criteria for hawk you talked. I mean, none of those guys are hawks. There are the hawk is extinct at the Federal Reserve, right? If there were any hawks, they'd be raising interest rates. There there are it's all they're all doves. Now, you're going to talk about, you know, super doves versus just like regular doves or something like that, but you know, I I I don't think there's any, you know, real uh you know, guys that are hard money, anti-inflation, sound dollar, uh you know, they're they're all they're all going to cave, right? All these guys are going to look at the financial markets uh and they're going to look at the the budget deficits and they're going to do what is politically expedient. I don't care what kind of noise any of these guys makes. They're all going to go down the path of the least political resistance. Nobody is going to no one's going to go out on a limb. There are no

Paul Vulkers right anymore at the Fed. And that's and that's that's by design, right? All these guys that are there were appointed right by the by government.

So the government doesn't put they don't put guys like me on the Fed for a reason.

So you think he will get the easy monetary policy he wants no matter what? Like you don't see anything that could uh hinder that?

Yeah. No, he will get it. The question is how long will he keep it? Because look at some point right when inflation is 10% 15% the way the CPI measures it like at some point they have to do something right they can't ignore it forever so he will get the easy money but yeah at some point um the Fed is going to have to do something because then then then it's like Armageddon but the problem is they may wait so long I don't even know you know what they will be able to do again they may have to do something with gold they may have to just you know back the the currency with gold at some some rate but that is going to force massive austerity on the government right so the only way that they can stop this is going to be to force the government to cut spending I mean really cut spending in the here and now and I'm talking about social security Medicare not in the future not saying hey people that turn 65 in 20

years I'm talking about the government saying if you are getting a social security check today, the check that you're going to get tomorrow is going to be smaller. A lot smaller. That's what I'm talking about.

Okay. Well, thank you for answering my question there. And I would certainly also appreciate hearing you talk more about what you think like Trump's monetary policy is going to look like. You know, is it QE? Is it buying at the long end of the Treasury curve? Is it more interest rate?

I think I think we're already in QE. I think we're already back. I think what I think what the Fed is denying it, but you know that's the first you know the first thing they do is deny it, right? And once they start denying it, you know that that's what they're doing. So the minute they had to say this is not QE, you know damn well it's QE.

Sure. Sure. But like what they're doing right now, I mean is it really enough to matter though? Because like if they do it for as long as they say they're going to do it and just the amount that they do, well that only adds like 1% to USM2. So, you think it will be increased more and will go on for longer?

Oh, it's the camel's nose under the tent, right? I mean, they just they just opened it up a little bit, but th this is just the beginning. Oh, yeah. Yeah. Yeah. No, it's they're it's it's going to be bigger than all the other ones combined. No, the balance sheet is going to explode,

you know. Okay. This is what they're going to do. I mean, it doesn't You don't have to be a rocket scientist to know it. I mean, that's that's that's all they could do. All right.

Long end of the Treasury curve, too. Oh, yeah. all the way out. All right. Thank you, Peter. Appreciate it.

All right, Doug, you're up. Hello. Yeah, you got Oh, Doug, Peter, I had asked my uh question about the Treasury market. Uh, we could go on. I I

Oh, I I I unmuted. Maybe I thought you already spoke. No, you did. I think I All right. Thanks a lot, Doug.

Yep. All right. Um I got um emote mo mode le hello thank you Peter for having me uh speaking out of the the well let let's call it the the the birthplace of the central banking system. I will speak very softly and very gently about the accumulated interest cost which you addressed. Uh thankfully enough I'm I'm impressed by by addressing stag flation which is sorry for my English uh I I'm not a English speaker from from the beginning but stagflation is like the

well what's what's your do you have a question or a quick point you want to make

yeah the quick point I have to make is that you are on the target speaking about stagflation and on the target of speaking about the Fed as a hoax which it it of course is we can agree upon that. So where do we go from there to address the central banking system as such? That's my question. I mean I think I think central bankers and not just in the United States but all around the world uh but especially in countries like the European Union or group you know uh Japan the UK uh they've done tremendous damage uh over the last decade or two uh they've enabled governments to do substantial damage because they've been the enablers of the deficit spending and the growth of government and all of that is detrimental to the standard of living of the population. Uh the key to economic prosperity is freedom and freedom is freedom from government. It's the freedom to be left alone so that people can pursue uh their own

self-interest uh and maximize their their their well-being. But in so doing, they maximize the well-being of others in a a free market system. In a free market, the way you accumulate personal wealth is by uh enriching uh the people that you do business with, your customers. Uh and and so that that's what serves humanity is is free market capitalism. And the bigger a government gets, the the more difficult it is for capitalism to work and the the more you minimize the benefits of capitalism. and and so the central bankers have been instrumental in allowing massive growth of government and government spending and debt and and and you know we're going to be reaping the consequences of that and I think this whole uh fiat system is falling apart right now and the world is in the process of going back to real money and that's what gold is that's what silver is that's what's going on right now it's the

remonetization of the precious metals or or whatever backed by natural resources and so on. So so so we see I'm I'm I'm not speaking out of uh you know personal interest here in any way shape or form but but but we can see that the the the the multipolar world is you know growing where nations and people within the nation the nation is the blood and earth.

Yeah. I'm not I got to let you go. Thanks for your call because I got a lot of people on the line and I want to uh move forward. Um if anybody else wants to speak, if you just raise your hand, I'll know because I got a lot of people that are requesting, but a lot of times I I bring people up and they don't realize it. So if you raise your hand, then I'll bring you up right away and then because I got a lot of guys that are requesting to speak. I mean, I got dozens of you guys, but All right. So if no one's going to raise their hand, I'm just going to rand Oh, there's somebody.

All right. Um All right. I just I just All right. I just enabled like four people. So, somebody just uh uncop your Good. Who's Go ahead.

Yeah. This This is Mr. Boy talking. Hey. Uh I don't know if you've seen that meme recently of like that guy in the club. Uh he closes closes his eyes and um he's listening to the song. Uh anyway, so w with the with the run and silver recently, for whatever reason, I find uh maybe to catch you at some Puerto Rican club dancing just the same way. But anyway, what I wanted to mention, what I wanted to mention is uh going into Q1 of 2026, do you see any sort of like substantial pullback? I know that we're running super hot right now. Silver's going up every single day, but what do you think what do you think is going to happen really uh going forward? Well, look, as I said earlier in the podcast, when you're talking about silver moving like five dollars in one day, um, you know, can it go down uh by $5 in one day? Sure. Right. I mean, and if it does, it doesn't change anything, right?

I'm not going to like get bearish on it if if that were to happen. Um, but you know the fact that it is moving like this, you know, yeah, I know that it's thin trading right now and maybe that exaggerates it, but this is a catch-up move that is long overdue. Silver is still not expensive priced in gold. Uh, and gold is the way to price silver, not US dollars because US dollars, you know, are just constantly losing value. So, you can't really price price it in dollars. Um, yeah, but I I look I This is something that I've been expecting for years now. So, it makes sense to me.

So, I don't think it's some kind of like market fluke. And I don't think that this is like 1980 when silver went to 50 and then, you know, went into a, you know, massive bare market for decades because that move to 50, you know, really started at a dollar. So silver went from one to 50. So that was 50x. That was a a big move. And of course 50 in 1980 has a different connotation than 50 today, you know, based on what you could buy with $50 versus what $50 buys today. But that also ended with, you know, the Hunt brothers trying to corner the market and all kinds of stuff going on. and and then you had interest rates go up to 20% and with Vulkar and you had the exchange, you know, cracking down on on speculation. So, none of that stuff is happening now. I mean, no, you know, so we're nowhere near the top of of the the market like we were back then. And of course, in 1980, the the US was still

on relatively sound fiscal footing. you know, our debt to GDP was about 30%, not 120%. Uh we still had trade surpluses, not trillion dollar deficits. Uh you know, so uh we were still a creditor nation, not the world's biggest debtor. So it's we're a very different country than we were in 1980. Uh and of course, silver did get back to 50 in 2011. Uh, but that was also a bigger move cuz silver went from under $5 to 50. So, silver went up 10x and then it pulled back. I would say that this move started more like at 30. And so, we've only gone up, you know, 2 and a halfx, you know.

So, if we were to go up 10x from 30 to kind of mirror the rally we had from 2001 to 2011, you're talking $300 silver, you know? So, I think $300 silver would be something similar to $50 silver in 2011. And I think we're going to get there. I don't know how how many more years it's going to take for silver to be at 300, but I do think we're going to have $300 silver. And another thing too, I don't know if you've ever heard of this uh theory, the the the puts crash window theory. He he published a book about the unified cycle theory claiming that like you know um based off the you know the the lunar phases that there's you know heightened market risks. Um, and basically based off what gold is doing, silver is doing right now, where where Bitcoin's at, what the market's doing, you know, uh, the the the next window really is going to be from January all the way until March, you know, which is going to be

Q1, which is going to be a huge quarter, especially given the whole, you know, controversy with the with the next Federal Reserve uh, chairman and everything going on. I really believe that we're going to have some some big event happening within Q1 of uh, 2026. What What are your thoughts on that? Well, look, I mean, big things could happen at any moment. I mean, we're on the cusp of, I think, a major uh, you know, realignment of the world economic order. And, you know, and I think it's very ironic that you have a guy like Trump talking about how this is the new golden age in America, how we're this is we're the greatest. This is the best we've ever been. We're at the top of our game, right? As we're about to completely collapse, right? So it's like, you know, it's a misdirection where people are thinking, yes, this is America's time when it really is the end of the time.

It, you know, the sun is setting on this and we're on the verge of a collapse and we're all talking about how great we are and how how this is a boom yet we're missing all the signs that it's a bust. And final question for you, uh, because I'm in the transportation business, how do you think the next, let's say, 3 to six months looks like with this whole stag inflation environment? You know, do you think that that maybe there's going to be potentially a a uptick in rates to to kind of counteract the the rise in uh prices of goods and oils?

I I I don't expect the Fed to hike rates. In fact, they've even said it that, you know, rate hikes are not

Sorry, I I meant to I meant to say like the rate uh in terms of like, you know, how much it costs to transport goods and services. Oh, yeah. In the trucking industry.

Yeah. Look, prices are going to go up throughout the US economy. Um they're going to go up because of the inflation that the Fed has continued to create. They're going to go up because of the big deficits of the big beautiful bill. They're going to go up because of tariffs. there are all sorts of upward pressures that you're going to get on consumer prices and consumers are already feeling it. They're going to feel it a lot worse uh when oil prices and other energy prices also start to kick up which is going to happen. Uh I think it's overdue. So maybe that'll happen next year as well. Uh which again will not work well at the polls if we have a much higher gas prices uh come November of 2026.

Um, but I I I don't expect the Fed to react to the inflation. I think the Fed is going to be reluctant to hike rates. Um, in fact, they may continue to cut rates and they'll claim that it's a one-off thing, that it's tariff related, that they're seeing through it, or if the economy is weakening, they will claim that the weakness in the economy will exert downward pressure on inflation. And so, they don't have to, right? they these guys, you know, you got a lot of Phillips curvers there that don't really get in inflation and and and where it comes from. But again, there's just going to be so much political pressure uh on on on the Fed and and and Trump is going to be, you know, controlling it. You know, even if he loses Congress, he still has control of his lackey that he puts uh on the Fed.

Yep. Yeah. All right, Peter, that's everything for me. Thank you. Yep. Alien alien here. Peter, thanks for taking my call again. Appreciate you. Merry Christmas, happy new year, and all that stuff. Um, I think someone may have said the last talk uh caller said uh mentioned a catalyst. Wouldn't a catalyst in 26 be the Supreme Court decisions given constitutionality of the tariffs and uh Lisa Cook situation? Thanks, buddy. Love your stuff. Yeah, I mentioned that. So, I think the Lisa Cook situation, what I've opined is that I think the Supreme Court might actually say or rule that the concept, the very concept of an independent Fed is unconstitutional and that the Fed must be answerable to an elected body uh and namely the president. And so I think that they they may uphold uh Trump's right to fire her even if they recognize that he fired her not because of um you know that mortgage fraud, but he really

wanted to fire her because she he wanted to replace her with somebody more friendly to his uh his uh you know politics. They may rule that's okay. They may rule that the whole idea that they can't be fired is wrong because there's nothing in the Constitution that creates a fourth branch of government. So an independent Fed, I mean, you know, it's it's it's not there. Now, personally, I think the whole idea of the Fed itself is unconstitutional. I don't think they're going to go that far. Uh but they might go far enough to say that what's unconstitutional is to have it completely independent. Uh but any Fed to me is unconstitutional, especially one that's controlled by the government because the government has no constitutional authority to print money.

Uh in fact, the constitution specifically prohibits that from happening. We're on a gold standard constitutionally. That's what's money, gold and silver. And all the US government can do is coin it. Take the gold and silver and make coins out of it. That's all that's all the federal government could do. Uh but, you know, I think they may just come out and just, you know, get it half right or something. But but I think that would be a bad ruling because it would destroy the pretense of Fed independence and that's going to be very bad for the dollar, very good for gold. As far as the tariffs, I think there's a very good chance that they strike down the tariffs. They're obviously unconstitutional. I don't think it's a major, you know, precedent changer for the court to uphold the fact that uh all revenue bills must originate in the house and that tariffs are designed to raise revenue and they need to be

originated in the House of Representatives. They need to be passed by the Senate uh before they can be signed by the president. And that what the president did is completely unconstitutional. Now, I think that's actually going to do Trump a favor because it gets him out of jail on the tariffs because the tariffs are harmful. And he can pretend that that ruling is what causes the recession because he's out there saying that the economy is booming because of the tariffs and it's not booming and the tariffs are hurting, not helping. But given that script, if the Supreme Court gets rid of the tariffs and then we go into a recession, Trump can obviously say, you see, we had a great economy and the Supreme Court screwed it up, right?

So, it gives him kind of another scapegoat. But also, apparently what I've been what I've heard is that even if these tariffs are declared unconstitutional, he can come up with some other way to put them right back. And now they're going to have to come back with a whole new court case. Right. So, who knows if they'll actually go away, even if the Supreme Court says they're unconstitutional. Um, who's up next? I got a couple of guys.

Hey, Peter. How you doing? Is that Chris? Oh, that's uh it's Aaron. Okay, go ahead.

Yeah. Um, yeah, Silver's going parabolic. It's awesome to see and everything. Um, and how you feel about JP Morgan closing all their shorts and going long a couple weeks back and look what's going on now. Well, I didn't hear. Did Is that what they did? Were they short silver and now they're long?

Yep. They're long silver. Yeah. From a couple weeks ago. Yeah. I don't think it's coincidence that it's running America because usually us using Asia time it went up. I don't know if you seen Mike Maloney's graph of the Asia time and if you took out the the the the London time and the American time, it would be like 600 ounce of silver. Mhm.

I don't know if you've seen that. Well, look, I mean, those guys are obviously they got some smart traders there and so, you know, they were smart to cover their silver. I don't know how long they stayed short, you know, what kind of loss they had, but they've obviously made a lot of it back and maybe then some, you know, if they got if they've been long for these last $20 of upside, you know, or $10.

Yeah. And silver silver's used so much more nowadays than back, you know what I mean? So, and one more thing, what about um China stopping uh exports on silver January 1? How do you feel about that?

Well, I mean, look, I mean, that's just that's just going to be more bullish. You know, I just read or I heard about a new uh use for silver. Was it um uh what company?

The solid state battery, the one that goes 600 miles and 9 minute charge. Yeah, exactly. And they're going to need silver for that. So, so like there, you know, we're constantly coming up with new ways to use precious metals because they have such unique properties that give them incredible value. In fact, even Trump, I think they declared silver a strategic metal. It is a strategic metal. It's very important and it's scarce. Um, and uh

a critical mineral. They call it a critical critical mineral. Yeah. Yeah. And and you know, it ain't easy to go open up a new silver mine. I mean, a lot of the silver is a byproduct of other metals, but it's, you know, it's hard to find it. You know,

Keith New Keith Newire said that he can't find a good one. Yeah. Look, they haven't had any major discoveries uh of silver, just like they haven't had for gold. And nobody's been looking for silver. Silver's been so cheap for so long, nobody's been bothering to spend any money trying to find it, you know? I mean, because the pricing the the prices have been all screwed up. You know, now that prices are finally starting to move, we'll start to look for silver again. But the problem is it's going to take many, many years to find it and then many, many years to get it out of the ground. So, it's not like a quick mechanism where, you know, high prices are the best cure for high prices. The prices go up and the producers produce more of the good that has a high price and that brings down the price. Well, you can't just do that with with silver. It takes many many years, maybe decade or more for the

market to respond. So, the only way we're going to get more silver and more gold is if the people who are holding it as investments decide to sell it to the industries who need it. That's the thing. And you know, like it's going to take a lot to get my gold and silver. I ain't gonna sell it, right? So the people who own it for monetary purposes, the central bankers, they're not going to sell theirs, right? They're not going to turn their gold over. They need it. The reason they need it is the dollar is done. They know that, right? It's obvious from our fiscal position. So gold is money and you know, silver is money too, but you know, the central bankers aren't using it, but you know, the people do.

And my last thing, Peter, have you heard of the Gresham's law? Yeah, that's what I think we're in right now.

So, but and thank you for your time, man. All right, take care. Uh Christopher Peter, how's it going, buddy?

Um, first of all, I want to compliment you on your black and white photo. Love that.

Well, the one your your profile pick. Oh, on my profile. Yeah. Yeah. I think my wife I think my wife took that picture years ago.

Yeah. I I mean I'm also I I'm like the only other person or uh you're the only other person I see with a black and white profile pick. So like that. Um uh I am a uh private private markets guy and a lot of this is totally over my head. So a lot of time I'm I'm trying to uh pick little bits here to learn. Um mostly I focus on very early stage startups as an angel. What I heard you say that really spooked me though is um when I heard crisis that would be orders of magnitude worse than 2008 GFC I I lived through that. I lived through the 2000.com.

Um that's pretty bad. So I would love to hear a little bit more into that. First of all like what kind of timing are you thinking on that? What are best case worst case scenarios of that? like just more detail because when I hear like orders of magnitude worse than GFC that that is not a small that's that's a that's a big deal and and how much of that is hyperbole or like you really think because that feels much more like great dep great great depression.

Yeah. No, it's not hyperbole. I mean I actually think it because first of all if you think about what happened during the 2008 financial crisis, right? Yes. The stock market went down but it didn't stay down, right? It came back up, right? So if all you had to do is hold, then you got your money back. In fact, you made money. Um, and the dollar went up. So, uh, consumer goods did not get more expensive, right? We we didn't have a increase in the cost of living. Unemployment went up, but people got unemployment benefits. uh the government, you know, people still got their welfare and their, you know, their SNAP benefits and their social security checks. And even though housing prices went down, um you know, I mean, people weren't homeless, uh a lot of people didn't, you know, if they if they lost their home, it was no big deal. I mean they, you know, I mean, they didn't have any equity in it or

they rented something or they they walked away from their mortgage because people didn't have recourse mortgages. I mean, a lot of people, you know, bought their houses with no down payments. And by the time the house crashed, they had already extracted, you know, hundreds of thousands in home equity loans. So, they were big winners. Uh, the banks got bailed out. So, I mean, nobody lost any money who had a bank account. So, you know, it wasn't really that bad. What is going to happen with a dollar crisis and a sovereign debt crisis is a market decline that doesn't reverse uh where people not only lose their jobs but the cost of living goes way up and banks fail and there are no bailouts, people lose money or there's massive inflation and so they don't lose money but their money doesn't buy very much.

Um, so I I I think like the what the crisis I'm talking about is going to be where this the shelves are empty where you know you can't buy stuff because there's nothing there. Uh, and there's price controls and there's you know I mean that that's where we're headed where and and you could say will it be a depression? I think from in in many practical perspectives it will look like a dep look worse because in the great depression prices came down by 30%. you know, which was a relief for a lot of people. And if you had your money in the bank, I mean, most people didn't lose much during the depression compared to what they're going to lose to inflation.

I mean, the only wild card I hear guys like Elon Musk, you know, talking about how AI is going to just be so disruptive to productivity that we're just going to flood the world with, you know, with intelligent robots and we're going to have this unlimited supply of labor that's going to produce everything we need for basically nothing. you know, if that can actually happen within the next few years, then maybe I'm wrong.

That's already starting. By the way, yeah, but um you know, but it's kind of a race, but obviously like if we didn't have these problems, right, then the AI would just be a pure benefit. It wouldn't just and robots it wouldn't just be to offset the negative. It would be a positive all by itself, right? But, you know, yeah, obviously if I'm gonna I if we if we can just get all the stuff that we now import from China and everybody else, if we could have our own robots to just produce the stuff for us, you know, for next to nothing, then I guess we could still have stuff on the shelves if the robots put it there. But again, I just don't see where the resources are going to come from to create all these robots. I just don't think we have, you know, we we don't have the capacity, even if we can think of it, we don't have the capacity to do it. I mean, not not that quickly, not on that kind of a a time scale, right? It

take it's going to take longer to to transform society. Uh even if we have the technology to do it, it's just the capacity to do it. I know the ideas, well, the they'll figure it out. The the machines will figure it out on their own, right? They'll just become they'll just, you know, the machines will build the machines that'll build the machine. We don't do anything. We just sit back and let it all happen, right? I don't know. But I, you know, I'm just looking at the economics of what's going to happen to to the exchange rates and the dollar and and I know that America has been living beyond its means for decades. And the only thing that's made that possible has been the reserve status of the dollar. And that's what's in jeopardy right now. And when that goes, the whole thing comes trashing down.

Okay. So, ju just two other uh questions on that. One, if you if you said this, apologize, I missed it. What do you think the timing is of this like really going to one and two um I mean I have my own opinions but um and and everything affects private markets but but what do what do you think how do you think this affects private markets um from your perspective? Well, look, the timing has always been, you know, difficult because, you know, I've been warning about this stuff. My my last book, America's coming bankruptcy, how to save, you know, the real crash, America's coming bankruptcy, how to save yourself and your country, came out 12 years ago. So clearly, you know, that was very premature. But everything in that book is true. Everything that I said was going to happen is going to happen. Just it's happening a lot later.

Although I didn't put a date on it. Uh my thinking at the time was that it would have been sooner than than this. Um but so I can't tell you. I think that you know the breakdown you know in the bond market which and I think the bond market is breaking down even though you're not seeing bonds crash you're not seeing them rally and the fact that they haven't been rallying with all the rate cuts and all this stuff is telling in and of itself. But now you've got the explosion uh of gold and silver which I think are clear warning signs uh that we're getting closer. But you know I I I still can't say is it is it is it 2026 is it 2027 is it 2028 when it really really hits the fan. I mean I don't know. Um, but it's coming, you know, and the same, you know, when I was warning about the 2008 financial crisis, I was warning about it for years and I didn't know when it was going to come, but then after the subprime thing blew up in '07,

I was pretty sure that it was soon because that was a key uh thing that I had been predicting and I and when it happened, I I appreciated the significance. I knew it wasn't contained the way, you know, the Fed said it was and other people were dismissive of it. Um, so other people are dismissive of, you know, gold and silver surging like this and I I think it's it's significant just like the subprime was significant. Um, so it it could it could it could start to happen very soon. Um, you know what was the other part of your question?

It it was it was around actually before you get to the other part I I I I want to give a quick quick anecdote because you kind of referred to something that that made me think of this. Um, when you were talking about the leadup to the GFC. I was living in Scottsdale at the time. I was out there for about a decade at at that moment and I had bought a house just like literally a month after 9/11. So I bought at a pretty depressed point in Scottsdale. Um, but I remember leading up to the GFC, literally I would get people knocking on my door that were brokers offering to sell my house to some like they had a buyer or whatever for like 3x what I had paid for it just a couple years prior. I remember

and I knew that that was just insan. And then I had like employee I I didn't really have like I try not to have a lot of people reporting to me, but I had a couple people that reported me that were like not making a lot of money cuz I knew how much they were making and they had like five home rentals and I was trying to find like how are you affording this? They're like, "Oh yeah, I get a mortgage with zero down and like I was like, "Holy fuck."

I spoke at a conference in like Phoenix, the Scottsdale area. Um back back then I don't maybe it was 2004ish or something like that or 20. 4 to 7 was just heady days. Crazy.

So there was a guy there that had a booth and what they were doing is he was putting people together who had good credit with people who had bad credit and wanted to buy houses. And the people with good credit would co-sign the mortgage so the people with bad credit could get could borrow the money. And what was in it for the people with the good credit was they were going to get a percentage of the appreciation right for co-signing the loan. And I was like, "This is an accident waiting to happen." I was like, "You're going to wipe the the people with bad the are going to end up losing all this money, right?" And and the guy said to me, "How what do you mean? How could they lose?" And I said, "Well, you know, the people with bad credit are have bad are bad credit for a reason. They they got they're not going to be able to make the payments and now your clients are going to be on the hook." And I said, "Well, yeah, well

then they just, you know, they could sell the property." I said, "Yeah, but what if the property goes down?" And he said, "Well, what do you mean? That's impossible. Property never goes down in Phoenix. It was like It was like It was like I said something that was completely outside the realm of possibility. Like there's no way that the real estate can't go up.

It was it was it was stupid. Yeah. It was just And like the people like the mortgage brokers and stuff back then, I swear to God, there were three points in in our country that almost took down the global economic system, the global financial system. It was Florida, uh, Nevada, and, um, and Arizona had like literally those three places were just so insane it almost took down the whole country. Okay. Anyway, that that was that was a side note just because you you said it brought me back. The the other question, which you may have less insight, I'm just curious if you have a perspective on um, if and when this mega crisis, as you're calling it, were to materialize, how do you think that would uh, impact private markets? Would that be a boon for private market markets or would it be a disaster? Well, look, I think that the expensive stocks that had been, you know, caught up in the boom, uh, you know, the AI related or the tech

stuff or, you know, you know, meme stocks or crypto or just a lot of companies that trade on hype and momentum but without a lot of current earnings and dividends. I think these stocks have a lot of downside risk even in nominal terms. Uh but I think um good solid companies you know you know US businesses let's say like an Exxon Mobile or Chevron or Kico Phillips or those are oil ones but you know there companies like that I think people will be fine. I think those stocks are going to go up and there are other non-energy stocks too, businesses uh that that will go up whether they'll go up as much as you know their foreign counterparts. I mean personally I think Americans will make a lot more money investing in quality dividend paying uh value stocks outside the United States than they'll make inside the United States. But I think that those stocks will still have much better returns than let's say bonds

or cash uh or stuff like that because you need to be out of dollars. You need to be out of cash and bonds, treasuries, munis, corporate bonds because inflation is going to kill you and if you don't lose to inflation, you're going to lose to default. So one or the other, right? You there's just, you know, you're not going to get repaid in in real money or you're not going to get repaid in any money. So it's to me uh being a you know being a creditor is not where you want to be when the real risk is is is is inflation. Um anyway I forget what else you asked me but let me

yeah it was it was it was just around private markets. I I'll give you a a quick story and then I I'll jump down so other other people can can uh jump in. But um unfortunately we missed by about a year a massive opportunity in talk about like private markets kind of stuff. Um, we were creating an e-commerce rollup in 2008 and had we raised the capital that we needed to roll up small mom and pop SMB kind of uh longtail e-commerce retailers in 2007 versus the beginning of 2008. We would have absolutely cleaned up because these mom and pops were growing like 50 to 100% year-over-year, but they were terrified because of the GFC and like oh my god, what's going on? And so their multiples to acquire them like plummeted. The problem was we didn't have we needed like a $20 million war war chest. And so anyway, the reason I'm bringing this up is um a little bit like there's obviously different um aspects

to private uh markets. Um and I invest today at like first check like angel. So that's a very different thing and lots of you know variables there. But but this is an interesting if you if you look at like Warren Buffett who's got all this capital right now like if this happens in the next year or two they are going to be in an incredible

yeah to just cherrypick a lot of bargains but if Warren Buffett was smarter I mean he's a smart guy but if he was going to be more savvy he wouldn't be holding all that dry powder in dollars he'd be holding it in gold that's you know but I think from a political perspective I think that Buffett didn't want to send that signal. I think he's very cognizant of the microscope that he's under and the message that he would have sent of no confidence if he was holding gold. But I think it was a major mistake that he made and continues to make in holding just dollars, especially since, you know, he does have a global perspective.

He has, you know, done acquisitions outside the United States and, you know, other currencies will go a lot farther than than the dollar. By the way, while we've been speaking, now silver is up more than $6. We're we're knocking on the door of $78. You know, I just said yesterday on X, I put I said when silver got to 70, I said we're at 70, I said $80 is in play before the end of the year. People probably thought, "Ah, no way. How are we going to get another $10 in a week?" Yet, here we are $2 away from $80 silver. And I just posted that because silver just got to 70 last week and it's already at 78.

Well, okay, last last comment. If if if Buffett really is playing 40 chess, I I I actually think you're right. Obviously,

over 78 7802 now $6.17. Yeah. like like in especially in private markets, there's signal when investors make actions and and if if the world is watching what he's doing and he knows that it's actually it behooves him not to panic the world because he doesn't want to he doesn't want to create that crash and now he's going to hold cash when the crash happens and be able to like acquire all this stuff. Anyway, I'm going to I'm going to shut up and and drop down. Thanks, Peter. Is uh good conversation.

All right, hold on one second. I just wanted to post $78 silver uh on not to ask. But, uh, who's next? I got a couple of

Hey, Peter. How are you? Good. How are you doing? Well, um, appreciate you letting me speak on here. Really quick, um, just one question really quickly. I know you mentioned uh, silver and gold, how it's going to take you a lot for for, you know, any organization, the government to get your silver and gold. What would it take for you to be like, "All right, you know what? Here's I'm I'm going to sell here. I'm gonna and I'm going to pivot into something else." Well, I mean, obviously, look, I'm I'm almost 63 years old. I mean, so it just depends on uh what I need to buy. I mean, right now, I don't need anything that I can't buy with my current income.

So basically I buy things with my income as opposed like when I bought so I I'm taking delivery my of a boat that I built in Poland and and it's you know it it's actually got it got delayed. I was supposed to spend half of my Christmas vacation uh on on this boat uh you know we were going to take it from Palm Beach you know through the Bahamas and then I was gonna fly back to uh Puerto Rico from there and let the captain take the boat back to Puerto Rico. But it got delayed. But I remember when I bought this boat and I I it took a it took, you know, a year and a half to build it and I was paying for it and I was like, well, you know, I could be buying more gold and silver stocks with this money.

And of course, you know, the boat ended up costing me double what I thought it was going to cost me because all the gold and silver stocks that I could have bought every time I kept I had, you know, I had to pay I had to pay for it as it was being being built. You know, as I hit certain milestones, I had to keep sending them money. But um yeah, I mean I could have bought uh more gold and silver stocks, but I already owned so many. And I remember at the time I was like, you know, I know they're going to go up and I know I'm going to end up, you know, this boat's going to cost me double or more what I pay for it, but at the end of the day, I wanted the boat and I just wanted it for the enjoyment of having it and for the family to use it. And so, um, I bought it rather than buying more gold or gold and silver stocks or stuff like that. And and you know, right now I still have enough income that I don't need to sell any of

the gold and silver that I own. In fact, I have enough income that I don't spend it all and I can buy more. But at some point, right, I mean, I could stop work. I don't know. I mean, at some point, I may want to consume more and I may have to sell some bowler silver or sell some of my stocks to do it. I don't know. Maybe I'll never reach that point. Maybe the stocks will just pay enough income in dividends that I I'll just be able to do that. But it just depends on where I am. Now, I suppose if I got to the point where I really thought my my my um my stocks or gold was overpriced, might I sell it strategically?

Yeah, I mean, I could. You know, funny. I thought about selling the properties I had in Puerto Rico because I bought these houses a house in a and they went up like seven 8x from what I paid. It's crazy crazy stuff. And I knew I knew that they were overpriced. And I said, you know, I should just sell these things and buy even more gold stocks, which would have been a phenomenal trade had I done that. But it would have disrupted my life a bit. I would have had to sell a house. I would had to rent. And I was like, you know, screw it. I got plenty of gold and silver stocks. I don't feel I like the house I'm in. I don't feel like moving. So I I I made a decision more of a convenience and emotional rather than a financial decision. So it just depends on where you are in in in life and what like people will say, hey, you know, I tell people not to buy a house and they'll say, but you own a house. I say, yeah,

because I can afford to lose money on a house. That's why I own it. It's like I I don't care. But for some people when they're making a financial decision, they tell me, you know, how much they're putting into a house. I'm like, "No, you'd be better off renting. You don't have the money to to wait to buy a house, right?" Because people start thinking that houses, you know, are a way to get rich. They're not. They're a way to go broke. You know, you h you buy houses when you when when you can afford them. You don't you know, you don't. But at one point during the housing bubble, that's why people bought houses. They bought houses because they thought they would make money on them,

even though they were just living in them. Yeah, definitely. I mean, thanks to you, Peter. I think I I listened to you back in Jan Feb. Basically went all in on silver, gold, silver mining stocks. Made my first had my first million dollar year. I'm 30 years old, so you know, thank you so much for that for helping me with that.

Um, great. And then you help my family as well. So, uh, they're in a great spot because of you. So, really appreciate you. Um, so I mean, um, what I was going to say was, um, I would say right now I'm very heavily up on on on these positions. I would say now just uh you know the time you know when when to cash out if it's uh you know putting

Yeah. I I I don't think that we're anywhere near the end of this. Um if you already have heavy positions, is this the time to add? Maybe not. Um although even there, you know, we haven't had a big enough move that I would think that there's going to be a meaningful correction. But uh I certainly wouldn't be thinking about selling and selling hasn't even crossed my mind for the stuff that I own personally. Um even though I and again even though I recognize that stuff could come down and even though personally I have no capital gains tax. So it's capital gains isn't even an issue for me because I live in Puerto Rico and I have zero capital gains. But for a lot of people where you do have capital gains, I mean that the last thing you'd want to do is sell, pay the tax, and then buy back because I don't believe that you'll get a pullback that will equal what you pay in taxes.

So you have no way to come out ahead. Uh but obviously you can have an IRA, you can have a pension, you can have a tax deferred account where taxes aren't a consideration, and you could sell things and buy them back and not have to write a check to the government. Um, but then you start to get into the timing of it and and watching it and I, you know, I mean, you some people could do that. I mean, you could be nimble and, you know, uh, but a lot of people will end up just selling and then, you know, there'll be a bigger rally and they won't get back in and they'll kind of, you know, so I I for most people I think, you know, it's just, you know, ride ride this trend.

This is this is still early. This is a generational move um that is in front of us and you know like if you if you took a survey of your neighbors you know you could probably knock on a hundred doors and not find anybody that owns any of these stocks.

Yeah. No 100%. And I think everyone's up, you know, when so we, you know, when when somebody, you know, when when somebody knocks on your door or something, when when when it's common place, when everybody, you know, when owning gold stocks comes as ubiquitous in America as people who own crypto, right? Crypto right now is all over America, right? Everybody knows about it, has an opinion on it, owns it, doesn't own it, owns a little, right? um when we get to that position on gold and silver mining stocks, you know, yeah, that might be it probably will be a time to sell. Yeah. I remember when crypto was back at $1,000, my buddy was like, "You should buy." And I'm like, "But this is nothing. Like, I don't know what this is. I I don't understand it."

Like, and I And even when it run up to 10,000, I didn't buy it, nor have have I ever bought. I've never believed in it. So, I'm with you on that. I think it's complete you know, the whole crypto movement. And I think it's really only a matter of time before anyone holding Bitcoin is um is is going to be in a bad spot. But and then what are your thoughts on on holding treasuries at all? Like you know, let's say you have a little dry powder, you know, versus holding gold versus holding, let's say, just cash in a foreign currency. Let's say Swiss Franks. Would you rather hold treasuries paying 3.5% or just, you know, cash in, you know, Swiss Franks, for example? I'd rather have I'd rather have Swiss Franks and there are a lot of other currencies that I I would own before I own dollars. And yeah, you definitely want to earn interest on those currencies. Uh and you could do that. Um but I only own

treasuries because I own money markets. I don't I don't go buy treasury bills directly, but I do have money markets that own treasuries, so I earn interest. Um, but I I do that just really more as a parking place. Not so much for dry powder for investments. I don't keep much dry powder because I keep earning money because I'm still working and so I still have to invest money and so I invest my earnings. Um, but most of the cash that I keep is simply for my expenses. So I have a place so I can pay my bills, right? I can write checks on my money market account. Um, and I have a lot of bills. I have a lot of overhead. You know, I'm married, so I got a lot of spending there. But, you know, I got kids. Uh, I I still support my my older son who's out of college now. I got two younger kids. I support my mother. I have a lot of bills that I have to pay on a regular basis. Now, I have a lot of bills associated with that

boat, the captain, the stewart, the the dock. I mean, so things get expensive, right? So, I need

I need cash because, you know, the captain's salary is in dollars, right? I got to pay them every month.

So, I I use it more just to pay my bills, but I I know it's going to go down in value, but I'm going to spend it, so I don't really care. You know, I have to keep replenishing it because, you know, I keep using up that money and I got to put more money in.

Totally makes sense. Totally makes sense. Well, I I really appreciate you, Peter. Thank you so much. I did read your book on uh you know the coming crash I think before back in January and then I started listening to you via podcast and then I was like holy this is huge. I had no idea and the amount of people that have no idea is is absurd and you know people think that uh people you know all my friends all my friends they all believe in the Bitcoin train. I've tried to get them into silver and gold. they don't believe me, you know, they they've made zero dollars this year. You know, they're all, you know, but anyways, thank you so much, Peter, for for everything that you do and for for allowing me to speak. Really appreciate it.

All right. Sure. My pleasure. Okay, Orlando, you're up next. Hey, Peter, how are you? Can you hear me?

Yeah. I appreciate you bringing me on again. All right, so um I have just two really just two point or two things. One is a question, one is a kind of a point. um read the books you know crash crash proof real crash how economy um grow and how they crash read those so the first point I'm trying to make I want to make is is that I don't believe that people are being educated enough about how things work in the economy and in markets and I and the point the the the example I want to give is I when I was doing my MBA in finance they have this thing called stock stock track I believe it's called and I would be in this class and and you know you can do swapions you can do eurobonds, you can do whatever and you you you're you're trained how to use these things and I can use them now, right? I didn't go to FIN way. I don't want to be a trader. I'm an entrepreneur. And so everyone, they would they would say, "Okay, use the

strategies and blah blah." And I would just go in there and buy gold, silver, stock, or anything related to precious metals. And I will always beat the the I was always in the 99 percentile even though it's a short class like probably like

well you well those must have been kind of recent class because gold and silver had some pretty bad years you know.

Yeah it's more it's it's last year it's last year last year sure. Yeah. So I would buy those. So anyway so that's the point the first point I'm trying to make. The first point I'm trying to make is I'm an entrepreneur. I just I I spend my my business is very risky. I'm in tech. So I'm in it's very risky. It's up and down. There's different things. And so I want to uh I I I when I buy asset, I buy safer assets. So that's the first thing. And I want to credit you on I've always had precious metal. I had to sell them at one point so I can pay employees and all that. You know, it gets crazy. It got crazy just have a 2020 2020 2021 22. And um this year I was able to put some money together again and got back in.

And I pro I kid you not just by going from your recommendations. I don't buy anything crazy. I just probably IM Gold is the only one that's kind of uh you know junior.

I go with the big boys and well IM Gold is a pretty big company. It's not a real junior in that sense.

Okay. Okay. Okay. So I I with those with those I I consider it kind of because it's not as big as you know the the new and and and the and the uh and

yeah I mean IM Gold is considerably smaller than Newmont and Barrett but it's still you know when I think of juniors I think of things a lot smaller than that.

Okay. Or like Thor and those guys. But anyway, um the since January that just just those three items, those those three pieces in the portfolio is up 128%.

I guess I would say IM goal is more like a mid-tier like a it's not like one of the biggest but it's kind of you know good size.

Okay, sweet. So the next point I'm trying to make is given given all that we are seeing I I work with AI a lot right we work on the stuff we we employ in our products and so on. So, I know that there's a use case. There is definitely a use case and it gets better and better every I'm telling you I I have to implore the the guys that work with us. I have to tell them, guys, you need to get up to speed with this. You got to get on top of that. You got to build other skills because the skill that you are focusing on now with this programming, I'm telling you this this this AI can do it better than you right now and that one can do it better than you. And before you know, you don't have a job. You got to put on something else.

But my point is my point, you have to do more, right? add more value. But my point my question is what about what's going on with with Nvidia and these deals that they're making cuz you know Michael Bur just came out and say it he's not saying Nvidia is a ponder it's a scam but it look it's looking more like Enron than anything else. What do you think about that?

Right. I don't know if it's Enron but it certainly reminds me of like Cisco Systems during the com bubble.

That's right. Cisco systems. You're right. That's what you get. And and and probably even more so. And I remember I was very critical of Cisco when it was the darling of everybody and you know I think it may have been the first uh trillion dollar market cap or bill I don't know what if it hit it that high or 500 billion or whatever it was but but it was generating all these earnings but it was doing all kinds of vendor financing and I was pointing this out that a lot of the companies that they were financing were going to go bankrupt and they were never going to get paid and a lot of the, you know, routers that they were selling, you know, were never even going to get unboxed and and they were going to be on the secondary market. They were going to be competing with their own merchandise.

So, I I was way ahead of knowing what was going to happen to Cisco before it happened, right? I mean, and so I think that the same thing is happening maybe even bigger within the uh AI space and not just Nvidia, but all these, you know, hyperscalers and all these companies that are immediately getting rewarded for how much they're spending on AI. Not how much they're making off of AI, but how much they're

spending is looking to spend a trillion dollars and they're like, how you going to make that money back? I mean, look, we don't even know like a lot of this investment may turn out to have been a waste because maybe they're I mean, we may not need as much data as they think and they may come out with newer, better GPUs that make the ones that they just spent all this money on obsolete.

Exactly. And that brings me to this point, Peter. It seems like a global crossing moment to me where we get all this bandwidth under the ocean, all of this bandwidth, and we don't really need all of it. EV eventually,

yeah, the the the the cost of transferring one gigabyte across the on the ocean floor just turns out to be practically zero because it's just look what what what tends to happen is people get over excited, especially in an environment of cheap money, artificially low interest rates, lots of cheap money flossing around. Uh, and I think it's easy to, you know, get everybody, uh, you know, crazed about something and and then it feeds on itself. And, um, so I've seen this movie before several times. It always ends the same way. But yes, I appreciate the fact that AI has tremendous potential, just like I appreciated the fact that the internet had a lot of potential. And just like I'm sure I would have appreciated the potential of railroads and automobiles and telegraph or the wheel or all sorts of things that were invented a long time ago, right? Uh you can see the potential, but you can still have an

investment mania built around that thesis. You know, one of the things about like the the bubble in in crypto, right, and Bitcoin and and and altcoins and all that is there you have a bubble built on nothing. So, so I you know, so while I see the real life practicality of AI to improving the human condition, right? Making our lives better, making our lives easier, right? Well, I can see all of that for uh uh AI. I don't see anything from crypto. I mean, just maybe minimal minimal amounts.

Yeah. And that's the thing and and I would agree with you there, Peter, because that's the thing about crypto. I remember in about 2004, 2005 when this thing was just kicking off before the white paper was written, my buddy came to me and say, "Hey, you know that they're doing this new thing and you can start mining." And I'm like, "What is that?" we were we were we were we were making computers at the time, you know, back then you you can actually make computers and make motherboards and so on and and I just like I don't understand I just I just left it. And then years later, Bitcoin and all the other guys and and the main thing behind crypto is the blockchain.

But how the blockchain is built, it doesn't benefit nobody really outside of cryptocurrency. It wasn't built for anything. everyone I even looked at it other people looked at it we could probably use it in law we could use it with with properties and so on but outside of the distributed ledger ver uh situation with with how it works outside of that it doesn't really work like for example you're trying to do t- gold it works for that because that's a perfect uh use case because of how it is when you're putting real stuff behind it but when you try to put it in other businesses I mean other areas it doesn't work because

yeah and the whole idea too gold is you can tokenize gold and put on a blockchain, but you don't even need a blockchain if you're going to tokenize gold. You don't. So, it's like, you know, it's one way to do it, but it's not the only way. The the reason that blockchain is important with Bitcoin is because there's no custodian. There's no there's no one person regulating it and keeping track of it. But the reason that it can work is because Bitcoin itself is nothing. So, so the only reason that the bit the Bitcoin blockchain can work is because Bitcoin itself has no value, right? So, because if Bitcoin was actually a valuable thing, then it wouldn't work like that. You would like so it's but there is so again there is a use case there's some use case but they're limited. For example, there is a database structure because we make software. So there's a database structure. You know Oracle and those

guys they have database. You have MongoDB different things. There is a database structure called the cockroach database and it's distributed and the idea came from crypto but it is not ledger based you see. So it may spin off some ideas but the using the ledger itself seem to only work in crypto itself in that's a perfect use case. But anyway that's all I got for you.

Thanks a lot. All right. Talk to you later. Take care. Um, is that Brandt, you're next.

Hey, Peter. Longtime listener. I've been listening to you since I was in college. Uh, I'm an owner of EPGFX and EPASX. So, I'd like to say thank you for finally getting the time to speak to you.

Oh, thanks for being a client. Yeah. Um, I guess I I got a couple questions. The first one is what would you advise someone I guess like my parents or someone who has their money tied up in a 401k and they have you know $600,000 in a 401k but they have no exposure or I'm assuming I'm assuming the 401k that my parents have doesn't have any money if any maybe has very little in the gold and silver.

Yeah. Well, it depends. I mean do they do they they have any direction over how the money is invested or is that does an employer do that for them? Uh I'm not 100% sure. I'd have I'd have to speak to them.

Yeah. So what you have to find out is to what extent do they control the investments. Now normally if they control it, the plan limits what their choices are. So you have to look through the choices to see if there's let's say a precious metals fund that's even among the choices that they have. Now if they don't have let's say like my funds or something similar, right? Uh you can always go to the employer and say, "Hey, you know, I'm interested in adding exposure to precious metal stocks. We don't have anything. Can we put something in the 401k? Can you change it?" And maybe they will, you know, so you got to work that way. If they can't, what a lot of people end up doing is rolling over some of that money if they can into a self-directed IRA. And then once you move it into an IRA, which you can do without any tax consequences, um then you have complete control over what you invest in. And then yeah, you

can invest in my funds, you can invest in whatever you want, individual stocks, but the first step is to figure, you know, take a look at what they got now and and talk to the employer, you know,

sounds good. if if they don't if they don't have options that are that will work. You know,

the and the next thing I have is the this the speaker earlier talking about the great financial crisis. Um, and I've been listening to for many years and I was 18 in 2008. Um, so I I it really it really didn't affect me much uh because I didn't have any assets. Um, but but nowadays, you know, it it could it it it could affect me and and and other people. Uh, I I guess so. My question is is if this financial crisis that you've been predicting occurs during Trump's term, um the the doomsday scenario that I see is that the Democrats come in and they say, "Oh, it's capitalism's fault.

It's the free market's fault." Despite there being thousands and thousands of pages of

course Yeah, that's exactly what they're going to say. That that is and that is exactly why Trump is so dangerous as president now because of his rhetoric because he's so perceived to be so ultra-conservative, ultra free market, ultra business and capitalism and you know that and and he's also made the mistake of claiming how great everything is and taking credit for it personally, right? like the econ he Trump has owns this economy lock, stock, and barrel. It's his. He's made it what it is. And so when it collapses, right, there's nobody to blame but Trump and the voters aren't going to buy.

Well, it's still Biden's fault from three years ago or four years ago when you already said we have the greatest economy in the history of the world. We have the hottest economy in the world. We have a golden age. You've already said that. You can't take that back and say, "Well, you know, it really never was as good as I said because it was all screwed up from Biden." So, he owns it. You know, it's like, you know, he broke it. He owns it, right? He bought it. So, if he's going to take down the Republican party uh in a landslide, as bad as the Democrats are, as bad as they are, and as disjointed as they are, you know, and and all screwed up as they are, they're going to win. Just like I was sure that Trump was going to win this time, and I was sure that Trump was going to win the first time, and I was pretty sure he was going to lose the second time. I I I always think that the incumbent is going to lose because I'm

always sure the economy is going to get worse and it always does. And what's always the same is the party in power lies and they tell everybody how great it is, right? And the numbers lie. The government numbers lie by design and the financial community lies, right? They want every everybody to think it's great. But the voters have to live in the real world. They know that their lives are getting worse, that they're working harder and they have less to show for it. That their savings are going down and their debt is going up, right? And so they constantly want to vote for the the guy who's promising to change things and make things better.

And so since I know that regardless of which party we elect, nothing really changes. We keep on growing government. We keep in interest rates artificially low. We keep cranking out money. And so all of this is a negative. And so I know that things are going to keep getting worse even though we are creating technology and innovating in ways that should make things better, but it doesn't because it's offset by all the stuff that government does to make things worse.

I I think that um well, let me I guess I want to ask you this question. is do you do you foresee any any chance of you running for president in the future because we would or some we we need someone who can explain the economic theory to the voters in a way that you can and I'm not even I forget about Trump he's going to be gone after 2020 but I'm not even sure someone like as smart as JD Vance is as much as I like JD Vance I don't think he even understands it. No. And again, I don't think JD Vance has much of a future because I think that his political stock is going to collapse with the Trump administration. So, when things get really bad uh under Trump, um you know, it's going to tarnish JD Vance. Everybody thinks, well, he's the air apparent. He is the air apparent.

He's the heir to a disaster. So, that's that's going to be going to be his problem. But as far as whether or not I would run for president myself, um, look, I ran for Senate once, so to say that I I I couldn't run, and if I was going to run for another office, that would probably be the one um that I would run for. Um, but, you know, I don't know. I mean, you know, because I'm an honest person and it's hard to, you know, it's hard to win a campaign being honest um and telling the truth. So, the only way that I could possibly run would be in an environment of complete economic devastation where things were so bad that the truth couldn't hurt, right? and where it was a real choice between okay we're going to go total g commami right capitalism is completely doesn't work you know we need to just redo America you know as a socialist country or something like that and I it was framed like that and I I guess I I have a lot

of credibility because I'm not I I I didn't sign on to this under the Bush administration or the Trump administration so I'm I can defend capitalism uh and and not be a hypocrite And if things go the way I think they'll go, you know, I may have an extra billion dollars that I could spend on the campaign if I thought I could win because obviously I'm going to have to fund it myself.

Well, but here's here's the thing. It's it's not the same thing as I think you ran what was it in 2010 or thereabouts.

Um it's not the same thing. We have X now. We have Rumble. Like you can you've been on Rogan. Like you can get on all these major platforms. Like we don't you don't need to go on CNBC or MSNBC or Fox News. Forget all of them. They're all losers. Nobody listens to them.

So we can circumvent the entire mainstream, right? But even if you took all the people who listen to me, that's not enough to outvote the people on social security and welfare and all that stuff. And you know, because again, you know, it's hard it's hard to win when there's an army of people who are voting for your opponent because that's their that's they've been bought and paid for. it's very difficult uh to do it. But I suppose if inflation has already wiped them out and you know they're already they already can't you know survive. I mean that's look Malay was elected president in Argentina right and so you know he is very similar to me as far as our views on government and economics and money and freedom and all that stuff. So if Argentina could elect Malay, you know, can America elect somebody like me? doesn't even have to be me, right? Can we elect Malay here?

Right? But I think in order for us to do that, things have to be a lot worse. We would never elect a guy like that or a guy like me now. Things are not nearly bad enough for uh that message to work. I mean, it would resonate with some people, but it wouldn't it wouldn't with enough people. That's the problem, you know. We got so many damn people voting, you know. Well, I understand. I understand that, hey, we need to cut Social Security. We need to cut Medicare. But it's I remember back to the Ron Paul days. That's even though yes, that's that's something that we have to acknowledge, but that's not something that a candidate would have to lead with. Hey, my my main campaign thing is to cut Social Security, cut Medicare.

Yes. Right. So, hey, bring the troops home. Let's focus on ourselves. Yeah. But I have to talk about slashing government spending, and that's part of government spending that needs to be slashed. I don't know how I don't know how I avoid that, you know, like but like my my theory on how I would cut social security. I want to eliminate it completely for a lot of for most people, but I want to have a program to take care of the people who unfortunately depend on it and have nothing else. So, but we have to have a way of phasing it out, right? just like, you know, so so I don't want I don't want to trap people in this Ponzi scheme anymore. But I recognize that there are people who but for social security checks are going to are, you know, they're they're they're they got nothing. So what do you do with those people? It's a difficult situation. But there are a lot of people, look, I don't need social

security, you know, and and I I you know, and there are a lot of people that don't need social security and they could lose 100% of their benefits and they'd be fine. And there are other people that if they lost their social security, they would have to start selling uh other assets. And so who does that harm? It harms their children who are going to inherit less. Well, that's okay. You know, you know, it's okay if people inherit less money because there are a lot of people that aren't going to inherit any money. And the thing is that, you know, I don't need to subsidize the inheritance of kids by taxing other kids. So, you know, that we we we need to get out of this Ponzi scheme, this intergenerational Ponzi scheme that was started in the New Deal.

That was a rotten deal. And, you know, we never should have done it. But now so many people depend on Social Security that you can't take it away because they won't vote for you. But the problem is PE Social Security is going to be worthless because the money's going to be worthless because at the rate we're going, that's what's going to happen. But look, you know, I I you know, we'll see what's going to happen, you know, um because this, you know, and a lot has to happen. But I mean, and I'd rather not have to do it, you know, I'd rather somebody else do it that I could support. But

no, I I understand. It's just it just seems to me that that every single presidential election, it's it's it's just so maddening because there's never a conversation about economics. It's always about like the dumbest stuff. And so we and so so not even you just if someone could just articulate basically hey there's too much government spending we're too much money in debt uh our dollars are become where the inflation is this and this is we're going to fix it boom boom boom you just have three bullet points I think that could sell to the general public and you don't have to lead with yeah we're going to cut social security like obviously that needs to be accomplished but that doesn't need to be the number one thing you say on every single campaign stop I guess

well obviously but it would be the number one thing my opponents would use against me they they would know that I want to do that and look like I remember when I land ran against Linda McMahon, right, for Republicans in in here for Senate for the um and I never made decriminalizing drugs a campaign issue. Not once, right? Even though I believed in it, right? I I didn't want to run on legalizing marijuana, you know, legalizing cocaine or heroin, all that stuff, right? Even though I believed that that is the best thing to do, not only because of my fact that I believe in freedom, but because I thought it would reduce drug addiction, reduce crime, uh reduce uh drugrelated deaths.

I thought it would be a good solution all around to stop turning drugs, making it a criminal problem from a health problem. and and I you know I I I had a lot of but I never once brought it up but she when we we were at the convention to get nominees and nominations one of the ways she derailed my my my getting enough votes was she started spreading all this information about how I want to legalize heroin and cocaine and all these kind of drugs even though I never once talked about it because what they did is they they just looked at something I said on a podcast on a on YouTube talking about it and they and She chose to make that an issue because she knew in the Republican party that that would be bad for me, right?

Because again, a lot of the Republicans don't believe in the free market when it comes to stuff like that.

Yeah. I last thing I'll say, I guess the thing to do is is to wait and see uh what's happening in Thomas Massiey's primary because, you know, if Thomas Massie gets defeated, I think that's going to be that's going to be devastating to someone like us in the freedom. He's the only guy in the house I've given any money to recently. I mean, I've donated his campaign a couple times. Uh he's a good guy, you know, and you know, you know, the fact that Trump is critical of one of the only guys who actually believes in small government, right, and believes in the Constitution shows you where Trump stands on these issues.

Yeah. So, I think it's wait and see with him to see where the Republicans are going because like I said, if he loses, you know, then then then then we have to reassess our strategies that, hey, maybe we can't work within the Republican party because they're able to just buy 20 billion dollars worth of ads in Kentucky and they can defeat somebody.

Well, right now, and of course, you know, Rand is in Kentucky, too. Um but um the the right now the Republican party is Trump because Trump has got a strangle hold on that party and and so it's really not even the Republican party, it's the Trump party and and that is the problem with it because it's no longer, you know, Trump likes to talk about rhinos. He's the rhino, you know, he he's exactly what a rhino is. He's a big government, you know, guy. He's he would be a Rockefeller Republican. He's not a Ronald Reagan, uh, guy. He's not a, you know, uh, uh, Barry Goldwater kind of guy. He's a Richard Nixon, you know, Rockefeller, uh, liberal Republican. That's what he is.

Um and uh you know he and and and in many cases he's closer to a a Democrat than what you would consider a Republican. Yet somehow he's got the perception that he's like this radical right-wing Republican when he's so far to the left. He's to the left of most Republicans. They don't even realize it.

They just think he's pro business. He's he's pro some businesses. He's anti- other businesses. He's pro the government micromanaging business. That's what he wants,

right? You know, well, I hope you I hope you I hope this is the last thing I say. I hope you can get back on Rogan soon and explain some of this.

Yeah, you know, it's unfortunate, you know. So, I did do an interview with Tucker Carlson, so hopefully I can keep you know, he's he had me on. They haven't I I I recorded it a couple weeks ago. He hasn't posted it yet.

Oh, good. Uh I have lost, you know, Rogan basically. no longer. You know, I've tried to get back on Rogan's show. You know, I did his show four times. So, I was doing it like every year. He would have me on and then since the last time they haven't even responded to my outreach to, hey, you know, I'm going to be in the area. You know, you want to do a show or hey, a lot of stuff is going on. You know, it's time for another appearance. And they don't even get back to me. So, I just, you know, I guess he figured that four times was enough. So now, so I I don't know when I'm going to be on his show again. I got nothing against the guy. I think he's great and I would love to be on the show. Uh but you know, if that's not a road that's open to me anymore, I just got to, you know, go go to some other ones, you know.

Sounds good. Take care. Thank you. Take care. Hey, Peter. How you doing? Good. Who's up?

Uh Peter, uh can you hear me? Yeah. Hey, Peter. Uh first off the top I'd like to tell you thank you very much for everything. I've been listening to you for a very long time and your integrity and uh your contrarian position which is rooted in experience is unbelievably valuable. Um a lot of the things you were saying from an investment perspective I couldn't refute. So I jumped in with both feet maybe 15 years ago. Um, it see it looks like I make a lot of money, but by the time I pay for my mortgage, my kids, wife things, it's life's expensive. However,

tell me about it. All of my toy money is in precious metals uh in in miners, the big ones. Um, I tried to buy your funds, but I'm in Canada and and my account wouldn't allow me.

Yeah, you can't do it in Canada. We we are going to be coming out with an ETF soon. and you will be able to buy this year. This year?

Yeah, that'd be super cool. And and I appreciate everything you do. Um my question is like this. I've been landlocked in the strategy for maybe 15 years because I can see how fruitful it is. You you were so right in in in calling the strategy out and I'm riding it to the max. My question is when can I finally get a supercharger from ITL? When is the right time to start selling? Short of knocking on people's doors and waiting for grandmas to talk about gold. What would what technical criteria would you even start think? Because I'm not rich right?

Yeah. Look, I I look silver silver today is up um now $6.5. Um it's it's almost 78.5 dollars. We're a buck and a half away. All right. It's up It's almost up like $10 in in in two days because it was up almost this much. I was up a couple bucks on Friday. Um yet, um these silver stocks, you know, are up two here. Endeavor Silver looks like it's closing now. Up 2.7%. It didn't even make a 52- week high yet. didn't even make a 52- week high. It's lower than it was a couple of weeks ago. Um, you know, they announced the financing.

They, you know, they raised money to build out a silver mine and, you know, but I I didn't think it was a it was a bad deal and especially because they have to raise the money. Uh, but it's ridiculous that the stock isn't at new highs with a 10 $15 move in the price of silver. The stock has not made a new high. Um, what is hecka? Heck is up under 2% on the day. Cordelane up two and a half percent. Mag Silver pretty much I um let me see it. Let me Well, that like that was like flat. I can't tell. Um wheat and precious metals up 1.85%.

Pan-American silver up 2.9%. These stocks should be up 20% today. I mean, so if they were doing stuff like that, maybe we could talk about, hey, maybe we could take something off the top. But these stocks are still so they're cheaper. The the the precious metal stocks

are so much cheaper now than they were six months ago that I can't even think about telling people to sell them because they got cheaper. Even though the price went up, the value went up more, right? The value of the business. Now, unless you believe that gold and silver prices are going to crash, which is what obviously people do, right? Wall Street expects gold and silver prices to crash. And so, the expectation of a crash is built into the price. When I want to sell my stocks is when everybody assumes that there's never going to be a crash. When people are factoring in a huge run, rally, right? I want good things to be priced into the stock, not bad things. When bad things are priced in, they're cheap. There's no point in selling them if they're already priced for bad stuff to happen. I want to sell stuff when it's priced to perfection.

When nothing can go wrong, when the sky is the limit, when people are throwing caution to the wind, right? That's And I know that's coming in the precious metal sector. It's It's coming. We're not even close to there yet, but it is coming. And hopefully when it does come, I'm smart enough to recognize it. I mean, it's easy for me to talk about it now, but when gold is 20 or 30,000 and I've got billions of dollars, you know, in these in these stocks, you know, maybe my head will be all screwed up like some of these crypto people are right now.

Maybe maybe you know I'll have maybe some will have to play my own uh you know spaces to me and say hey Peter remember when you said this 10 years ago 15 it's time you know um but you know because it's hard to say how I maybe I'll get caught up in the insanity like everybody else.

Yeah. But but but you know at least I'm going to be there to make that decision. At least I'm going to have these stocks and I'll be able to make the decision not to sell them.

Yes. But I I'm definitely not going to be buying them then. That's for sure. I'm going to own all I'll be.

So 150 million% I I agree with you. It's not that I agree with you. I follow you and you're absolutely correct on this front though. We're definitely very early. Um the thing is though, if we have $20,000 gold, we're also going to have $600 eggs, right? So is there a technical criteria where you're kind of looking at where do we get out of this strategy and start uh selling the the precious assets that we could use for toy money because they aren't appreciating further because I really do

it has to do it look it has to do with what's going to be happening at the time and obviously I can evaluate the situations when they're there. I mean like I' I'd like to think I don't know, right? But let's say I was, you know, my age during the 70s and not a kid and I was smart enough to have bought a bunch of gold when it was $35 an ounce, $40 an ounce, gold stocks and stuff, would I have been smart enough in 1980 when gold was $850 and gold stocks had gone up 50 or 100x? Would I have been smart enough when interest rates were 20% and the Dow Jones was trading with a 7% dividend yield, you know, at a single digit PE?

Would I have been smart enough to turn on a dime and cash out my gold and silver and stuff like that and bought the Dow Jones when it was Yeah. I mean, you know, because that is something that I'd like to do. I'd like to be able to buy US stocks when they're cheap, but I also want to see a catalyst for like if we did all the right things. If we slash government spending, if we allowed interest rates to go way up, if we had a massive recession with lots of unemployment and lots of bank failures and lots of people losing money. But I knew that this was constructive pain that we were swallowing our medicine and that there was a great economic boom coming at the other side, right? A lot of light at the end of the tunnel when we, you know, we got through the mess and let capitalism work. I would love to invest in that environment when everything is cheap and other people can't see the the the the you know the

valley at the other side of the mountain, right? because I know it's there because I understand how capitalism works. I understand creative destruction. I understand, you know, uh the cleansing process of of a real recession, depression. And so, if I see the right things happening, yes, I would love to be able to take advantage uh and buy when everybody else is is is selling, when there's blood in the streets. Right? That's the expression. Buy when there's blood in the streets. And the streets are going to be filled with blood. I know that. Uh in the US, it's going to be a horrible collapse uh when the air comes out of this bubble.

Um but if we don't have the right policies in place, if in this environment we do blame capitalism and the solution is to get rid of it completely to have the government take over the means of production. Right? If we become a socialist country like you know by law like that's what you know no more capitalism we can't have markets we can't have wealthy people anymore you know they caused this problem it was all the rich people

computer you cut out there yeah but if we have something like that well obviously then I'm not buying anything here but although you may not even be allowed to buy anything so I don't know we have to we have to just cross those bridges when we get to him. Hello. Um, I don't know. I lost uh I lost my my guy. Um, I'm Joel. You're up.

Hello, Joel. Hello. I got Josh or no, is it Josh or Hello? Hey, it's Josh. Um, how's it going? Okay.

So, um, so I saw you post a little bit about oil and I focused on oil and gas stocks. I owned a little bit of, uh, some calls on silver miners. It's never enough when, uh, when they work. And I guess I'm curious about how you see, um, the oil market playing out and, uh, at what point you you get particularly interested in, uh, oil producers.

Yeah, look, I I think oil is uh, very cheap. I've thought that for a while. I've added to my personal positions in energy. Um, and you know, I I I don't know what's keeping oil prices down. I have a feeling that there's some kind of deal that Trump made with the Saudis. I think they've been keeping uh supplies up. Uh, who knows what they got uh in return. Uh, Trump might have made some kind of deal to keep production up uh because I think he's trying to, you know, kind of put everything on gas prices right now. Um, but I do think that you're going to get a big rally in oil. I mean, it's $57 a barrel. It just, you know, looking at all the other commodities and then looking at oil, you know, either all the other commodities are going to come down or oil is going to go up. And, you know, to me, the the most e the easiest way to resolve this divergence is for oil prices to rise. And and so I think

that's going to happen. So, uh, I think energy energy stocks are going to do well.

That that makes sense. Have you have you looked at um I did a little bit of work on trying to track uh incremental oil demand from um increased mining activity and uh and it looks like there was a considerable amount of uh incremental oil demand in the last cycle in the last mining cycle. Uh and maybe there ends up being more because grades are lower and so on. But I guess I was just curious if you had thought about sort of the fundamental connection uh beyond just sort of the money supply and inflation and stuff on oil prices.

No, I mean look obviously there there's the supply and demand dynamic in place, but to me with all the extra uh energy being consumed through the AI and through crypto mining and all that stuff that's going on, it doesn't make any sense to me that the demand isn't there. I mean, there's so much demand for power right now. um that anything that is related to the production of power seems like it should be getting more expensive, you know, and um but you know, for now, I'm just going to enjoy the cheap oil, you know. I mean, you know, I mean, I spent a lot of money on jet fuel now. It's one of my big expenses. And so, as expensive as it is to fly a jet, uh you know, it's cheaper.

It's not like it's cheap, but the fact that oil prices are where they are, it's really keeping my cost down, you know, to the expense that I, you know, they're gonna they're going to get really expensive. That's another reason I own these energy stocks is to hedge my fuel costs because I I'm committed to buying all this fuel because that's the only way I can I can use the jet is if I buy the fuel.

That's hilarious. Great. Thank you. The fuel is a variable expense, right? I mean, I got, you know, that's whatever it is. It is, you know, changes every month what the what the price what the price of the of the jet fuel is.

Well, it's sort of funny. The the microcosm I'm blowing it's another thing I'm blowing my kids inheritance on is is a private jet.

Well, you don't you don't want to give them too much. You want them to be comfortable but not not not spoiled. Um the the microcosm is

give them enough to do something but not enough to do nothing. Yeah. Yeah. Exactly. um a microcosm of what you described is you know in India or various emerging markets where um folks buy scooters or you know their first car or whatever and uh you know there's an increased uh consumption of EVs but there's still growing gasoline uh and diesel powered vehicle consumption growth

they're not going away even though you know and those electric cars are getting more expensive to produce too I mean all the materials to make those batteries which don't even last forever, you know, they they have a shelf life and then you got to get new ones. But, um, yeah, I mean, so all the cost of creating electric vehicles is going up. They're getting a lot more expensive to build now, right? All the

and and we're we're still in the first cycle for them, right? So when you go to the replacement cycle for them especially in emerging markets I think it's going to be really interesting to see especially with like you said the rising cost of electricity and sort of that whole power uh the whole power system um because of AI as well as just you know growth in consumption of energy and electricity. It'll be interesting to see if folks that bought their initial cheap electric vehicle maybe they're more expensive maybe not but either way it'll be interesting to see in that replacement cycle. I have I have a couple of electric cars in Puerto Rico, but the only reason they're economical is because of the tax advantages of the Puerto Rican government. So like Puerto Rico, if I would have bought the same version of my car in gas, I would have paid like a 40% sales tax. But because I bought the electric version, I paid no

sales tax, zero. So, even though the electric version might have been 10 or 15 grand more expensive to buy, I save like 50 grand in taxes. So, it's a no-brainer, right? It's cheaper. But the government did that. It's not cheaper naturally. You know, it's cheaper because of the tax codes. uh you know I couldn't qualify too for the the US has an electric vehicle tax credit which I could not qualify for because I placed my electric vehicles in service in Puerto Rico uh and Puerto Rico doesn't count as the United States for the EV tax credits but those expired at the they expire at the end of this year so you have like you know like one more day I guess to buy a couple more days

but there's huge um that'll make the electric cars more expensive expensive if you don't get a tax credit for buying one.

Yeah, for sure. And Trump just put out uh some really big as a part of that big beautiful bill, they put out some big uh new vehicle purchase credits that that aren't uh that don't require electric vehicles. So, um it'll be interesting to see what happens

subsidize. He's also trying to give you a tax deduction like you could deduct the interest on your auto loan uh if you buy a US produced or some but all that is Keynesian fiscal stimulus that is inflationary none of that is good economic policy almost nothing that Trump is advocating is good policy the only good policy is deregulation to the extent that he's truly deregulating in any sense then that's a positive but most of what he's doing and publicly advocating is harmful to the economy and they're not and they're not wetted in Republican philosophy to the extent that Republican philosophy has to do with less government and more free markets.

The stuff that Trump wants to do is not Republican at all. Uh, right. Well, regardless of if it's Republican or Democrat, it's still it still is probably going to be more cars on the road, which means more gasoline demand. So, should be interesting.

Okay. Yeah. And anyway, thanks for having me up. All right. Who is up next? I think I got Ggo. Gro, you're up. Well, either Gro or Grant Cardone. I noticed I

Peter. Hey, Peter. Peter, what plane did you buy? Oh, is this Grant? Yeah. Well, I don't have my own plane. I have a fraction of a plane. Okay. So, I actually have So, I actually have two shares right now. I have a I have a fraction of a longitude at NetJets,

uh, Citation Longitude, and then I've got a share that I just purchased in a Prader 600 with Flexjet. So,

I've got those two. The the net my NetJet contract is going to be up in May. So, they're overlapping and so I decided to go with the Flexjet going forward and drop the NetJet. So, but right now I'm I'm I'm overlapping. So, I'm using both.

Got it. Got it. Okay. Yeah. I mean, I can't justify getting my own plane. I don't I don't fly nearly enough to make that economical.

Well, that's you that that's not how you justify it. Well, I don't Well, I guess it's just Well, you have Wouldn't you have to fly a lot to justify it if it just sat there?

No. No. You'd have to You just have to love yourself enough to do it. Oh, well, I did that with the boat. So,

Okay. But, but I still bought into Yeah, you can only do that so many times. You can only love yourself so much.

Yeah, I still bought into it. I just I just own a piece of it. I just don't own the whole thing. But the thing the thing about it though is I couldn't I can't use the tax credit. I can't depreciate it or anything because I'm living in Puerto Rico.

Got it. Got it. But anyway, what's on your mind? Oh, not much. No, I just wanted to ask about the plane. I heard you talk. I didn't know you own a bird. So,

yeah. Well, I started, you know, I started flying late in life. I didn't start until COVID. And so, during COVID is when I started chartering. And then I got into the netjets and uh and so then once my wife started flying around she was like okay that's this is how we're doing it. So it's like but um it is you know to me it's like a tax that I pay to avoid the TSA. I just you know tra just the whole airport experience had been made so you know problematic by government you know that it it just became that I didn't even want to go places because I didn't want to go to airports I didn't want to deal with it um and so the yeah the flexjet netjet thing makes it a lot a lot better you know because I don't I don't have to deal with that crap Did I lose you?

No, no, no. I'm here. Yeah. Yeah. So, that was, you know, that that that that was it. But yeah, but from a from a purely economic, you know, it's obviously not not a wise financial move.

Yeah. Well, not everything else, you know. Yeah. I mean, if you're an executive for a business and like you, you know, your time and you really need to move around a lot, I can even see it being justifiable. But I just use it purely for recreation. I don't use it for business really. I mean, yeah, I go to conferences, you know, on it, but I I don't I mean, I could just as easily just take a take a commercial plane, but but I I mean, but for me, it's just a pure consumption lifestyle choice. Um, anyway, I got uh if if that's it, Grant, I got GGO. Are you still there on hold?

I'm bringing a couple of more people up who are requesting, but nobody's raising their hand. Hello. I got Okay. Um, that's I'm back. You're ahead. Go ahead. You're You can unmute yourself.

There you go. How are you, Peter? I'm okay. How are you? I'm good. I'm good. So, so looking at this this radical rise in the price of silver, what do you think is the biggest the biggest driving factor? Like, not I know there's multiple factors here, but what do you think it is that we're watching in the last week, week and a half? What do you think is the biggest driving factor? Well, you know, some of it may just be light volume at the end of the year. Uh people trying to reposition uh their portfolios, kind of year-end window dressing, uh short squeeze, uh you know, maybe some of it has to do with new uses for silver uh in these batteries. I don't know just a kind of a confluence of events that has been and a lot of it is technical because you know silver had a big double top at 50 and I said this many times that once we broke through that it was going to unleash a lot of buying because now there was no

resistance and and so I think that's kind of what's happening and I you know and I think there probably were a lot of people that maybe expected $50 to old. There were probably a lot of shorts, a lot of people that are now momentum trades, getting into silver, unwinding long gold, short silver trades.

Um, you know, uh, I mean, I this doesn't surprise me because I was pretty much I mean I mean I kind of almost kicked myself in the ass because I said, you know, why didn't I just lever up and buy a bunch of, you know, silver futures or options on silver? Why didn't I make billions of extra dollars on this? Right? You would have thought like I I was like so convinced it was coming. But I'm always like I'm always cautious. Like I'm I'm not I'm not like a big gambler. Like I don't even if I feel really good about things for whatever reason, I don't go out on the risk curve and gamble on it.

I was always like, look, you know, I'm already well positioned. I got a lot of silver stocks. I got a lot of silver. I'll make plenty of money if it goes up. I don't need to to lose money if I'm wrong. So, but I I obviously given what I thought was going to happen, I I you know, obviously and I could have made a lot more money than I did if I would have levered up. And I mean, I'm not even on margin. I don't even have any margin debt.

This the should have, could have, would have, right? Um the um what So, how do you think JP Morgan is positioning themselves through this? Like, so so how do you see this ending? is I know obviously we can't project what the end's going to be, but how do you see this going in the in the short to midterm?

Um, you know, I I I I just think that we're it's going to keep on moving until there's a crisis. You know, I think that, you know, so far, look, silver's gone up to almost 80 bucks and nothing bad has happened, right? As far as anybody can tell.

Well, we're on holiday. We're on holiday, Pete. We got to wait for Monday. Yeah. But I, you know, even Monday people are going to still be on holiday. They're because they're not going to be on holiday until, you know, after New Year's until like January, you know, 3rd, 4th or whatever, you know. But that's why I told people at the start of this space that during the space they should have bought some of these stocks uh and they should, you know, buy on Monday or Tuesday, you know, because people are not going to be back in work mode until after New Year's. But when they are, I think there's going to be a lot of money coming into gold and silver stocks. I mean, I think I I would not be surprised to see like a 20% move up in the mining stocks in the first full trading week of January,

you know, and I don't even that wouldn't even catch them up, you know, to where they need to be,

right? Yeah. That's that's crazy. So, I I always think about the reason I brought up JP Morgan is I'm just wondering if those short positions that they've been taking over the years, how do you unwind that without doing balance sheet damage? Like, how how are they going to pull that up?

Pull off what? How do they get out of those short positions? Well, I think a lot I think they've I think a lot of them have been covered, right? Because obviously that's part of the buying, I think. Um, but I don't know how much there's still out there. And the question is like I don't know like I haven't looked at the calls. I mean are there $100 calls out there right now that people have been selling? I mean I would imagine that I mean if there were $80 calls I mean probably people would have shorted the hell out of $80 calls thinking that they were safe and these things could be in the money uh next week.

Right. Right. Because Right. You got blue sky. Right. There's nothing but blue sky out there right now. I bet there were a bunch of $70 calls that were people were selling last week maybe who were who were long silver and they, you know, maybe they sold some calls because they were covered and they're okay. But there may have been some people that just, you know, maybe the big firms just sold these calls naked thinking, you know, it was free money. Like, yeah, silver is not going to be at $70 in one week and here it is. It's like incredible. Hey, Peter, thank you very much. Thanks for answering my question, buddy.

All right. Yeah, look, the market seems like it's settled almost. I mean, I mean, no, we're still we're almost up $7 now. So, silver, I kid you not. So, silver is $78.72. It's almost up $7 now on the day. That's It's up 10% 10% in one day. I mean, this would be a big move for Bitcoin 10%, right? Yet, we're getting it in silver. We're getting the Bitcoinization of of silver, which is again is fulfilling my prophecy that silver is the new Bitcoin that I made a year ago on X. Uh, which is exactly what's happening. You're not getting 10% up moves in Bitcoin. You're getting it in silver. And I remember earlier this year the Bitcoin uh guys were making a big deal that the market cap of Bitcoin slightly exceeded the market cap of silver. What a great opportunity that was to dump your silver. I mean to dump your Bitcoin and and buy silver, right?

Just at the point where the two had the same market cap. Think of all the things you could do with silver compared to the nothing that you could do with Bitcoin, right? What would you rather own? All the world's silver or all the world's Bitcoin? In fact, if you owned all the world's Bitcoin, you could do nothing with it. If I owned all the world's silver, I could write my own ticket, right? I'd be I'd be the richest man in the world if I owned all the world's silver, I suppose. Although all the world silver doesn't even have the market cap anywhere close to uh uh you know Nvidia or Tesla or something. But believe me, if I owned all the world silver, I could sell it for whatever I needed to sell for a hell of a lot of money because people would need my silver. That's for damn sure. Um all right. So, uh I'm bringing up uh Boiseette.

Um, what's I uh and also um Oh, no, you're already up there. Um, you mesh, you can speak in in back.

Hey, okay. Yes. Shall I jump in, Peter? Yeah. Hey, Peter. Um, everybody has said everything about you, so I'm not repeating that, but I owe you a part of my wealth. So, uh, thank you for that. Thank you for for sharing all the knowledge and everything that you've done. Um, I wouldn't have been holding, um, you know, precious metals, so to say, uh, if it were not for you. So, thank you. Um,

all right. Now, now silver's up $7.7. I was just going to say I was just going to say you need to change the title of the space because it's not seven $5 Surge, it's $7 now. By the time I guess you finish, it might be even $10.

Yeah, it serves $2 since I since I composed the title. Indeed. Indeed. And and and it's not just uh like as you compare it with Bitcoin. It's also like you can say whole precious metal crypto space because even paladium is up uh 13% and platinum is up 9 and a half% on the day. So all in all like it's uh it's a it's a crazy time that we are living in it seems. Yeah. Let me see. Platinum is up $21. That's 9% and palladium is up 13%. $222.

Indeed. Yeah. Yeah. So, um, beat their mind. I mean, is anybody like looking at this and saying, "Now, why is this happening? And should I be concerned that there's anything possibly negative about this?" Right? that this, you know, that that these metals are not rising because inflation is going away because inflation is going down to 2%. That's not why they're rising, you know. Hello.

Yeah. Yeah. Um, so yeah, I mean you you like it's a perfect segue to my question actually, Peter. um you you have been you have been talking about sovereign debt crisis for you know number of years and pointing to that and I I like it's very easy to uh relate now that it's contributing to what we are seeing right now but I'm based in the UK I'm very close to AI industry I've been in machine learning and AI for almost 15 years and I'm also part of the AI advisory board to the UK government and I'm seeing few things happening on the government side as well so my question to you more comes into uh wealth preservation specifically when we are reaching the stage where uh even capital controls and things might become reality and I'm really worried about that part specifically holding physical soins and bratannias on my side as to the exit might become a very hard part so I I'm sure you have uh investors all around

the world and uh you might have an idea about the UK regime as well um so I wanted to take get some kind of a take on your side like what would you suggest like walleted gold offshore somewhere in Switzerland. Besides holding obviously um you know um um your your fund which which I'm holding currently

I've I've been other suggestions you have I've been recommending that people all around the world uh own gold and silver because I think inflation is a worldwide uh risk uh because all the world's central banks are creating it. uh now I believe that the risks are relative that in some countries the risk is greater than in other countries but in all countries the risk exists and that's why gold is rising in all currencies uh now gold is up $7 now silver broke 79 I'm looking at up $722 uh 7907 so it is just rising like into the end of the day um into this weekend and a Friday and I know Monday Monday is going to be the first time a lot of these markets are open because you know Australia didn't trade uh last night they were closed for Boxing Day, right?

Um but and also like the UK, Canada didn't trade today. Canada was closed for Boxing Day. So um you know there's going to be I think another one of these big I mean silver. I I look, I mean, anything could happen obviously when you have a day like this, but I would not be surprised to see it up again on Monday. Maybe we'll get a reversal on Tuesday or something, but maybe maybe we'll hit $90. Maybe we'll be up 101. I mean, you know, th this is got, you know, this is just momentum and you don't see it all. you if you looked at the gold and silver mining stocks today, if that's all you looked at, if you looked at the GDX, right, which was up 1.8% and the GDXJ that was up 2.2%.

You would have no idea that the metals were up like this. No idea because this is like a normal day. This is like a day that you would get when maybe gold's up 15, 20 bucks, silver's up 40 cents, 50 cents. That's when you would get a 2% move in the GDX or the GDXJ. Um I mean these stocks, I mean these index should be up should be up. They should be up 20% today

at least. Uh I I I think Monday we can see um a lot of that happening or probably even Sunday night when uh when offmarket or off hours trading starts. So that could be the possibility because I've seen specifically based in London. So we we are we are few hours ahead of you um if you if you're in the US and we see that those kind of uh momentum building up in the night itself which gives you a very good positioning because it'll be daytime here in London in the morning. I mean, I wonder if some people were just like even like shorting the mining stocks as a hedge against their gold positions. Like they were buying gold and silver, the metal, and then shorting the miners as a hedge. I don't know, maybe some people were doing that. Just trying to figure out like why they didn't go up.

But absolutely. So, uh, Peter, jumping on to another question I have, if you permit me. Um specifically uh my question goes to the um the the exit strategy side. Um I think I mean I'm I'm almost in alignment with you on most of the aspects and we might be entering the period of high inflation stagnation very soon and how from your point of view you view the exit strategy if any. Uh

well again I I'm not I'm not thinking about exiting. Like I can tell you like I know like it like pained me like a couple of months ago the portfolio managers of our funds you know we have some gold exposure gold stocks in our uh dividend payer and value fund and they were like look we need to take we need to sell some gold stocks because you know now we're like 30 35% gold stocks and that's ridiculous because we're not a gold fund. and reluctantly I agreed to lighten up on those stocks just so my my my my non- gold funds didn't start to look like gold funds. So we had it we had so that was part of a liquidation only because we rebalanced a little bit.

We still have you know like a 25% waiting or so in because but my you know but they're they're not supposed to be gold funds. They're supposed to be you know diversified. So for for for that kind of situation like if if you have gold stocks like for years I kind of had in my personal portfolios I was 50% precious metals mining and then 50% everything else right and what what I would do is when my portfolio was less than 50% because they went down I would buy more you know gold stocks and when it was when gold stocks were over I wouldn't buy I buy other things. But now I've let the portfolio get way out of whack because the gold and silver stocks have gone up so fast in the second half of this year that I'm way way way beyond 50%. But I haven't sold, but the new money that I'm putting to work now is ma mainly not in gold and silver. I'm trying to, you know, energy emerging markets. I'm trying to bring up the rest of my

portfolio. that if some people have an allocation in mind where you know they want gold and silver stocks to be no more than a certain percent of a portfolio then I could see pairing it back to rebalance that to maintain the the the diversification that you want so you don't get overly concentrated in in the sector but but for me personally I don't mind being overly concentrated because I'm still very confident but like obviously Look, if my portfolio gets to be 90% gold and silver mining stocks, I mean to I got to like diversify. I can't because then because then if you get a 50% decline, you know, when you're 90%, you get a, you know, you get a really big draw down. So, at some point, you know, I'll probably decide, you know, if we get a big enough move that I need to I need to take some profits so I can be more diversified, you know.

Okay, got it. And the last question I have is about the um this underlying problem that some people are saying it is there, some people are saying it's not there. But let's take a hypothetical scenario and what happens when uh let's say comics and London LBMA eventually breaks and we see a physical only price discovery. In that case, how do you see uh in that hypothetical scenario, how do you see this entire thing playing out? Um, well, I got now silver is now up 10 and a4%. It's up It's up $7.36. It's It's 79 It's over 7920 now. This is nuts.

Um, so silver is up more than platinum now. Platinum is 9.4, but it's still not as much as palladium at 13.3%. You know, I was even I remember when I told people that I I on my podcast when you you could get three ounces of platinum for or for one ounce of gold. And I did my podcast and I was like, "You got to go now and you got to buy platinum." I said, "Call up. Forget don't buy gold." I says, "I said plat this is ridiculous that platinum is so cheap." Um, but you can still get two ounces of platinum for an ounce of gold.

Even though platinum is at an all-time record high, it's still less than Well, it's just about 2 to1. you know, 2450 for platinum. So, if you double that, you get 4,4900. So, it's not quite 2 to1 anymore. But,

hey, Peter, how come CNBC won't have you on today? Well, they don't even know. Well, I know they know I exist. They just want to blot me out of their mind. But I probably haunt them and and it's going to be more and more because every time I know these guys, every time they see the price of gold go up, they think of me. They can't not think of me. I was the guy that was on their network pounding the table. I was the one with one of my favorite appearances. I still have it on the internet. I went on Squawkbox in 2004, 2005, and then I came on again a few months later, and I'm on there with um um uh Haynes, um was his um was his first name, Mark Haynes, who passed away. who always I always liked Mark anyway, but um I was on with Mark Haynes and I said, "You know, Mark, the price of gold's gone up $50 since the last time I was in your studio." And it was like 400 and change.

So it was like it came off the bottom. I was like, "Or 500, whatever." And and his response to me was, "Who cares? Why should I care about the price of gold? Care about the price of milk? Care about the price of oil. I don't care about gold. I don't buy gold. I couldn't care less." Right? That was his attitude. He was the anchor on a financial show and he couldn't care less about the price of gold. And I I said, "Well, you should care." And I said, "Eventually you will care." Now, maybe he didn't live long enough to care. I don't know if he ever cared, but you know, it was it was amazing to me.

People that are the top on air talent in financial news don't even understand the significance of the price gold. Just because he didn't buy gold didn't mean it wasn't sign as to what was going on. And back then, gold was of, you know, foretelling the 2008 financial crisis, right? Gold was moving up and it was a sign of a problem. It was a sign of easy money, excessive money. And that's what inflated the housing bubble. Well, gold's doing it again. And it's another sign. And the same idiots, you are on CNBC that were ignoring it back then. But they all know me. In fact, I know when Steve Lee was saying, "I can't think of a single person who was pounding the table on gold," you damn well he knew about me. He just said, "Well, I in his mind he was saying, well, I can think of Peter Schiff, but I'm not allowed to mention his name on CNBC."

I'm like, I'm like one of those my name is like the one of those words that you can't say in radio. You know, one of the you know, the curse words. Peter, I assure you one thing that um no matter how they take your name or not take your name, I'm sure they are they are watching your podcast and they are buying their stuff uh in the background. They may not then they may not be talking about it or at least at least the cameraman definitely is rich because of you.

Yeah. All right. Thank you. Bos said you're up. Boycell. Yeah. Happy Friday. I'm Adrian Boycell. I wanted to see this has been a really interesting conversation and as somebody that grew up as a millennial with a totally different lens of perspective, I'm curious if you're open to to kind of hearing a different perspective with a with a question at the end of it and it'll be a brief kind of perspective here.

Oh, go ahead. So, uh I have been in the traditional finance stocks. I just got hosed on Luminar, uh, researching after reading lots of books about AI and technology. And as a young millennial, that's a freaking I'm a workhorse, man. I I'm I was inspired by people like Grant Cardone, which is funny, at a very young age. And I I work 12, 14, 16 hours a day as as a as a dad. And it is even with the amount of money that I make, which is great money in California, it's very still a a hard struggle to make it. And with that perspective, I I saw the change in sentiment with the younger generation below me in the internet capital markets. And so my question to you is you talk about gold and silver, but if you had all the gold and silver in the world, what would that like?

You'd rather have you'd have more power than having all the Bitcoin in the world. But if you really understand crypto, it's really not about having all the Bitcoin. It's about internet capital markets and having all the attention and influence. Look at somebody like Grant. I mean, why he came up and asked you about the plane? It's it's a status thing. It's a power thing. It's an influence thing. And when you have that level of influence with crypto and you have that kind of I mean, look at the Winkle Vosses and there's so many different people that you can point to that have massive amounts of crypto, people that I have in my own circle that are tens if not hundreds of millions of dollars in crypto. They they have gained a lot of leverage. And so for me is what I've learned about money, and I'm not an economist. I don't have the receipts that you do, but what I've learned about money is it's about money moving fast.

Like money favors speed. And the more money you have, the more leverage you have. And it's just a tool. And so I don't see the hype that I'm seeing right now with silver and and Bitcoin or Bitcoin and and gold as much as I see the incoming upside potential. I mean, what's the upside potential for gold? Does it go to 200, 300? But when you're talking about things like internet capital markets, when we're only at a $3 trillion market cap and we have the potential to go to what 80 90 hundred trillion market cap, which I believe in and my heart of hearts is is coming and maybe that's where I'm wrong, but what is your perspective in that?

Well, look, um, when I talk about having all of the gold and silver, gold and silver are valuable and people need them, governments need them, and so if I owned it all, uh, I, you know, I have plenty of people who want to buy it from me. If I own all the Bitcoin, the Bitcoin is worthless basically because what it's not worth anything if one person owns it all. So, but even if it's distributed the way it is, I don't think it has any real value. But your point about people that you know that have gotten rich and have power like the Winklevoss, yes, there were a group of people that got involved in Bitcoin. Not when I first learned about it. I don't think any of the, you know, any of those guys were in back then when it was a pennies or a dollar. But I think big money got into Bitcoin when it was a few hundred a token, 200, 300, 400. I think big money like the Winklevoss and other guys started to get and then once they

got in it and they had big money in it, they spent big money promoting it, cultivating a market for it,

spreading the story. And there they did a great job of hyping it up and promoting it and getting people on board, right? And

that was the just similar to how porn had got the internet off to its stuff. And and then they also did a great job of getting Wall Street, which was initially skeptical and rightly so. they got Wall Street in on it once it got high enough and once they got enough, you know, demand that Wall Street saw the money that they could make by uh, you know, having ETFs and stuff like that. So, they they did a great job of getting Wall Street in on the scam. And then they also saw a window of opportunity with Trump and other politicians. Hey, these guys need our money and we have a lot of votes now. We can get the politicians on board. And so they got more and more uh you know credibility in the Ponzi scheme in the pyramid scheme which is basically all it is. And and I also know though that there are a lot of people the other day.

There are a lot of people who don't know it's a pyramid, who don't know it's a Ponzi, who who literally just are are just, you know, they drank the Kool-Aid and they're drunk on it and they

come sense isn't common either. So, I mean, it's not surprising to me. But the power of decentralization and giving the person, the small person, small business owner, small American, born and raised in California, giving the power for me to be able to build a community of thousands of people with social media and and create influence and be able to train people and rebuild my own.

What does that have to do with Bitcoin? Build me. Like I I've got over at one point I had like a $5 million market cap on my coin. I'm down to a million now. But I built

on your little Oh, you had a meme coin that you came up with. It's a utility coin. So I've built a community. I've built training and education and an AI tech. Like I built all this stuff.

Yeah. Well, don't don't talk about your token. I don't want to I don't want to use this as a platform to get people into. But I tell you, so many people approached me, you know, with Peter Shift points.

Uh even friends of mine wanted to launch coins and um and and and people into crypto. And I like I don't want to do any of this Even though even though I could make money off of it, I know that it's wrong because I'm making money because other people are losing it. I mean, I I want to make money helping people make money, too. That That's my Let me finish.

That That's my profession, right? If I'm an asset manager, a broker, I make money helping people make money. Now,

they may end up losing money. I'm not perfect. I'm not infallible. I' I've put people into investments that didn't work out and I was usually in the same investments right alongside of them. But my goal was to make them money. My goal is never to lose people money. Now, if I were to have started a memecoin, I would have known known that the people who bought it would lose money and that I would make money because they were losing money. And I could not do that, right? That's not me, right? I'm not going to deliberately

encourage people to lose their money so I can make some myself. Now, unfortunately, a lot of people who are in the crypto don't think that way. They think it's perfectly okay to make money for themselves even if it's at the expense of other people losing it. To me, that's a fraud. That's a con. And in many cases, it should be illegal if you if you lie to people and and deliberately deceive them knowing that you're going to win and they're going to lose, right? And that and that's what all this crypto is. I mean, all these people that got in early and who made all this money, the only reason they made money is because the people who got in late lost it. Now, a lot of the people who got in late don't even know they lost their money yet because they still have their Bitcoin and the price is still 87,000. They haven't tried to sell. But all that money is lost. You will never get it out. Yes.

Individually, if you if somebody is listening to this uh X right now, spaces space and I actually have more people, you know, I wanted to stop talking at three hours, but maybe I'll keep going because I got I got more people. You're having too much fun. I can tell that

I got Hold on, let me finish. I got more people listening now. When I started, I had 1.2,000. Now there's 1.6. So that it's going up. But um the people who uh own, if you're listening to this, yes, one person can go and sell their Bitcoin right now. No problem. There's a market for that, right? You can get out. But there's going to be a point where a lot of people are going to want to get out at the same time and they're not going to be able to do it because the bottom is going to drop out. Yes, most of the people are still delusional, right? The Kool-Aid hasn't worn off. They're still drunk on it and they're hodling, right? And so you can sell. People can sell. But when enough people sober up and realize

just don't know that it's been lost. But the people who made their money, they're made they they're spending your money right now. If you bought Bitcoin over the last couple of years, right? The people who got rich are spending your money. You gave them your money and they gave you their Bitcoin. So they're out buying private jets and yachts and mansions.

A half truth though. And and I know all these guys and I know what they're buying.

Yeah, there's there's there's truth. I agree that there's truth in that. But what I feel like the aha moment that's that's missing from this conversation is the the actual that's why I was asking about internet capital markets. the fact that myself, builders, creators, content creators, the workforce and and the new economy that's emerging with people like myself and thousands of others that are that are creating technologies and web 3 and all the stuff that's being innovated and built in this space to help other people, right? People are making investments into those things into utilities, right? And so that's that's the part that it's just doesn't seem to be acknowledged is like every like whether it's traditional finance, stock market, whatever is a lot of people are buying the tops and selling selling the dips. I mean that's been happening. So I just don't understand fundamentally how

because this isn't a physical asset like gold or silver that you see it that that's the part that I'm still disconnected on there. There seems to be a missing element to that that this is about people. This is about you, me, and everybody in this space right now. And that's that's like saying everybody's a scam on the planet, you know, like how is that possible?

What's happening with gold and silver? This is a reflection of a a a reordering of the monetary system. What I am telling you, we are seeing is the beginning of the end of the dollar and the US dollar's dominance as the world reserve currency. I agree with that's why they're buying the crypto

which which means this is the end of the American exceptionalism of Americans living uh this lifestyle that is disproportionate to our collective productivity and I agree that there are people who have unfortunately recognize this right understand this and have decided to buy Bitcoin as their hedge as their safe haven as their way to profit. from this and it's unfortunate because they are going to lose all of their money because Bitcoin is not what they think it is. It is not a better version of gold. It is a ver it is nothing. It's the model A of the car industry as far as I'm concerned. Not it's it's an inferior technology. It's it has a lot of institutional money.

It's it's very it's very centralized. We don't know who Satoshi Nakamoto is. At least we don't. The general public doesn't. And so there's a lot of mystery and and anonymity around that which I think is a problem. But at the same time, there's so many other technologies that are far superior to that that are changing our financial situation worldwide.

Maybe. Maybe. But anyway, I got to let you go. I got a lot of other people that are up here. Uh so Cody, you're up.

Hey Peter, how you doing? Okay. Uh so I just wanted to know uh where you think the gold silver ratio might be headed based on where it's been historically and the fact that there's been a buy gold sell trade that's been reversing recently. Yeah. So let's see. I'll do a quick uh look right now at the gold and silver. The ratio right now is around let me see it's 4550 gold divided by about 79 on silver. So it's about 57 to1 right now and my target has been about 50 to1. Uh and we're almost there. You know, we started at we were over a 100 to one, but you know, as far as the peak of the bull market, I would not be surprised to see something more like a 20 to1 or maybe even less. But I think once we get to about 50 to1, I think that's relatively, you know, I think that's a decent ratio.

I I I I I I think that silver from a monetary perspective is not as important as it once was because of technology, blockchain, whatever, because you can tokenize gold or find ways to fractionalize it electronically that you can engage in commerce with gold for small transactions. microtransactions. And before that, right, the you know hund couple hundred years ago when we were on or even a hundred years ago when we were on a gold standard, we used gold, but we didn't use gold for all payments. We used silver for smaller payments. And then for even smaller payments, we used copper. We used nickel, right? A nickel was made of nickels. The penny was made of copper, right? We use those metals to uh affect smaller transactions, right? If a cup of coffee uh cost a nickel, right? You couldn't really pay with it for gold. It was too cheap. So, you would use you use nickel. Um but today, I could pay for

coffee with gold. I could pay, you know, for anything. So, silver isn't as important, I think, as it was for for the monetary purposes. So maybe we won't get to the 15 to1 ratio or something like that like we've been. But but you know I I think that there's room and you know there's a lot of demand for silver. There could be speculative demand. Silver can get overpriced just like silver was very underpriced when it was $100 100 to one. It can go overpriced and you know at 20 to1 it would probably be it would be overpriced but that doesn't mean it can't get there. You know anything that anything can go from being underpriced to being overpriced.

It all depends on the market. Um but I you know at around 50 to1 I mean I I I you know I think you know there probably isn't going to be that much. There could be a pullback you know but I would I would not I would not buy silver at 50 to1. I would keep buying silver and gold. You know, when I when I when I I usually had told people to have about 2/3 gold, one/ird silver. Earlier this year, I started telling people to be at least half and half or even more silver than gold because silver became so cheap. But it's not that cheap anymore.

You know, it's it's caught up in many. It's kind of, you know, to gold, right? And platinum was 3 to one not that long ago and now it's two to one.

Exactly. And Platinum and platinum is still a lot lower than gold. So platinum still I mean because for for most of my life platinum was more expensive than gold.

So So I bought some platinum this morning. Uh Zero Hedge had posted a link to the US mint and uh selling a coin for 23.45. They hadn't updated the price yet. So I bought some of those cuz to me that seemed like it was a good deal. Oh, you you were able to buy it for less than it was worth.

Yep. They hadn't updated it yet. Yeah. Well, that was their loss. I guess you're

um I had one more question. Some people have told me they've made a lot of money buying coins like on eBay, like one or two at a time, because people will list a coin and they won't constantly update the price. And so if you're kind of scouring, you know, eBay, you can find uh coins that are selling for less than, you know, the the the value of the coin, right?

Well, yeah, but this this was the US mint. I know. That's kind of crazy that the US Well, that's they're not updating it fast enough, you know.

Yeah. Uh I just had one more question. Uh you're T- Gold. Um, I wanted to sign up for that and uh it looks like

Here's the here's the thing about T-old. So, I don't want to talk about it on this space because I am in I I am in um Connecticut right now and so

based on my tax situation in Puerto Rico, I I don't work when I'm in the United States. I'm on vacation now. I don't work. Okay. And so I don't want to promote anything that would be considered work. So what I'm doing,

I'm just educating people about in general about gold and silver. I don't want to speak about my particular businesses or products in a way that may look promotional because I don't want anyone to say, "Hey, Peter Schiff, you're in Connecticut and you're working." I ain't working. I am exercising my freedom of speech to discuss current events, the economy, gold and silver with my ex following. I am not I'm not here as a salesman for any of my businesses. That's how I handle my my tax situation.

How could I ask you that? Uh you can ask me that. I will be back in Puerto Rico in a couple of weeks and you can ask it the next time I'm doing a an X when I'm actually in Puerto Rico.

Okay, I'll jump on then. All right. Thank you. That's when I do my work. I This is This is all fun and games. I'm just I'm just exercising my freedom of speech uh to talk about important issues.

Well, I hope you're having a good time. I just added a couple of more uh speakers. So, you just got to Bur, is that you? Cody, who who just who who just spoke?

No, that was me. That was Cody. I'm leaving. Okay. Thanks a lot, Cody. Hi. Hey, can you hear me?

Yeah. Is this Barry? Yeah, this is Barry. Oh, Barry. Okay. My question is on one of these stocks that you've uh previously mentioned called I am Gold and I just want to think about like how to value a mining company and like specifically looking at that one. So right now it's trading at like a $10.5 billion valuation and then it has three producing mines and then one large asset. So like how do you look at each mine and say how much is that mine worth and then compute like a theoretical value to where it's trading in the market? How do you go through that process?

Well, okay. I don't I mean I don't really go through it myself because I have portfolio managers that uh kind of work for me. But I mean on my own like if you're just going to look at stocks right I look at the you know the the the PE of the stock and you know what it's trading at and I try to look at the reserves uh to know like how much gold and silver do they know they have and so um what am I paying for those reserves like how much is that gold costing me and that silver costing me because when you are a stockholder of a mining company, what is the main asset of that company? It's the mines.

It's the gold and silver that is in the ground that they get to pull out of the ground and sell it. And so I want to know how much do I got? How how many ounces do I have uh of of the metals proven reserves, you know, and and then also an estimate of what it would cost to extract it so you have an idea. I mean, um, because obviously if it cost if it cost me $10,000 an ounce to get certain gold out of the ground, that gold doesn't have much value today because it it the price is lower. So, I'm not going to dig it up to lose money. But I like to know about it because in the future, it may make sense to mine that gold. When gold is $20,000 an ounce, if it costs $13,000 an ounce to get out of the ground, now I got something. I got a valuable asset down there that I can that I can make money on. But, you know, I like to look at, you know, you know, the all those things and decide if I think it's it's a good

value, right, for for the price. But but I mean, right now, pretty much all the major goal companies that you could think of, I think are undervalued, right? The the key is the ones that are the most undervalued are the smaller ones. Now, some of the smaller ones are also the most overvalued, right? So, you just got to be smart enough to know like like, you know, to know the difference, right? And that's where I'm not smart enough to know. I that's why I have I have other people that do nothing but look at these things. It's easy to look at the big companies, right, and figure out, you know, if they're cheap or expensive. But the smaller ones, the real juniors, you know, that one you have to know a lot more because there's a lot more unknowns there, you know.

And so when I'm looking at a company like Agneo Eagle who's producing like a ton of free cash flow

and they are looking at acquiring a company, like let's say they want to acquire some junior,

at what price are they computing like the gold value? Are they saying gold's 4,000? Are they saying it's 3,000? like what is their internal metric?

But I look at Aggo Eagle relative to its own historical values and relative to its history as a company, relative to the price of gold. And Agnigo Eagle, which normally trades at a premium because it's a top tier, probably the best gold mining company relative to where it's been historically, it's cheap.

So I still think, you know, I think it's a good buy. I own I own a lot of that one myself. But anyway,

and then my last question is Equinox Gold sold off their Brazilian assets and it only fetched like a billion dollars and I think it got like some people by surprise cuz it produced like 200,000 ounces a year. So you're only selling it for like a billion dollars. So I think people are questioning like how much the mines are actually worth. And I know that's not like an ideal jurisdiction, but does that surprise you that like a mine that had, I don't know, seven or eight years left and producing 200,000 ounces a year only sold for like a billion dollars?

I don't I don't know all the details of the transaction, so I I know we own some Equinox, but again, it's not I don't I don't know the details, so it's not I can't really comment on it,

but it sounds like you did a lot of homework on it. Okay. Thank you, Peter. Have a good one.

Take care. Who's up next? independence and the rhetoric that is like Hey, what's up, Peter? Can you hear me?

Is this Sam? Yeah. Yeah. Can you hear me? Yeah. I've been waiting for this moment for probably 20 years. Um, it's crazy, bro.

Which moment? I mean, gold, silver going up like this or talking just speaking to you. So, you know, I get I lose my first job 2008.

I start researching gold and silver. I see you and you call the housing crisis on Fox News. You say there's going to be they're all C's and B's. I believe you. the housing crisis happens. I lose my job. I go to your website, Matt Malo, if that rings a bell. I start buying gold from him.

Yeah. He used to work for me, but Yeah. Go ahead. Yeah. And I bought my probably 15 grand.

Eventually, I have 40 grand of it. It's in my apartment in New York City. It's like 2010 tw and I say, "Well, I ship it to the to the M to the uh into the storage facility, but I don't really trust it, right? like in Armageddon, am I really going to get it out the vault?

So, I never trusted storing my gold% and and then I had it in an apartment in Queens, which I couldn't even have a firearm. So, I was like,

and I found Bitcoin, right? And I Bitcoin around a thousand bucks. It changed my life. And you led me

to Bitcoin. So, like I always would hear you say like, "Go, go, gold." And I mean, this man made me a Bitcoin millionaire. And you made I think you made many, many, many people.

Yeah, I know that. I' I've talked about that frequently. I ran into a lot of those people at the Bitcoin conference in Vegas where the story was exactly the same that if it wasn't for me, they never would have bought Bitcoin.

And and and and so uh yeah, I mean a lot of people got rich off of Bitcoin because of me, even though I never recommended that they buy it.

It's to me I love it. That's I just been waiting to tell you thank you. Now the question is though, you got to be selling it. You can't not sell it or you're not you're going to lose the wealth. You got to sell.

See, I'm See, I'm See, that's the funny thing. Just like gold was a better purchase value, right? Is a better store of value at the time, right? I don't know what it was. It was technology at one point. Like, I mean, you know what I mean? At one point, right? We we could store more of it. People believed in it. I just truly believe Bitcoin's people are going to see what I saw. You know what I mean? Like, why? Like, I stop I love you to death. I stopped buying gold around $1,000 an ounce. Maybe I shouldn't have. You know what I mean? But

and thank God I did, man. Had I bought Bitcoin instead of gold or gold instead of Bitcoin.

Well, that that's you, right? But the people I agree. Anybody who started buying four years ago, let's say,

right? They're way worse off. They would have been better off buying gold and silver.

So, agree. Okay. The question, but that's what happens in 15 years. That might not be the case. No, I think I think in 15 years if you still hold your Bitcoin, it's going to be less than the thousand you started buying at. You're going to lose everything because I I I think I think that this is just a whole pyramid Ponzi, right? Silver and gold are real. You you you got an illusion now. Yes,

you you got in early enough that more fools feel the pain everyone else feels. It's over for me in a way. I agree. more fools came in after you did, right? And they bit up the price of what you owned and they gave you the opportunity to sell what you own.

But, you know, we're running out of it that that it's it's it's finished, I think. Now, is it possible that Bitcoin could rally and make a new high? It's possible, but it's also possible it never will see a new high, that it's over and that it's going down.

See, I learned so much from you, right? And you kind of like taught me so much about the beginnings of value.

And I just I don't understand why you don't understand that Bitcoin's going to a million dollars an hour. Like, it's going to a million dollars a coin.

Yes. Exactly. And you know, it's funny and I've said this. A lot of people in the Bitcoin community recognize

I knew gold was $5,000 an ounce. I told you that 10 years ago just like I told Let me finish by saying there are a lot of people in the Bitcoin community that hold me in high regard that think I'm a smart person uh that respect me and they can't understand why I don't own Bitcoin because they believe in it

and they think they think therefore I must have an ulterior motive. I secretly own it.

Yeah, you have tons of Bitcoin somewhere. Like that's what I'm assuming. It has to be because that's what they want. That's the only way you can square it in your mind, right?

Yeah. Because it doesn't make any other sense. Yeah. Right. Because you don't want to admit that maybe I know something that you don't. Maybe I'm right and you're wrong. No. No. Maybe you are. Maybe you are. Sold my gold. That's why I never sold my gold. I never sold.

Have you sold any Bitcoin? Never. I refuse. What? I won't just like I won't sell my Bitcoin. I'd rather die with the gold than the Bitcoin.

All right. Well, you're you know h how much did you invest in Bitcoin originally?

I don't like to say originally because it's kind of like a security. Well, no one's going to know who you are. This is anonymous,

I guess. But I mean, everyone knows me. I have a YouTube channel. I've been taking so but you bought

I mean I started let's just say fine. I started buying five coins under around between 800 and,000.

Right. You start so you're you're up you're up you know close to 100 times your money.

100x 100x, right? So you put you put in $100,000 and you got a hund00 million, right? And maybe you didn't put in a h 100,000. Maybe you put in 10,000, you got 10 million, right? Something like that.

Okay. Now, have you borrowed against any of that Bitcoin? I've done nothing. None.

I do not. So I plan on it. That's the ch See, the goal is to borrow against it turn into real estate. I have built a $5 million real estate portfolio in the interim. It's given me time to invest in other things. I will tell you that,

right? Okay. But you So what's the high in the Bitcoin bubble at least? What's the most What's the most you pay for any for Bitcoin?

84. I bought a whole coin like six months ago when we were in that at 84,000. Yeah. Yeah.

Okay. So you're still buying up here. So that's there. That's yesterday, right? Well, that's all right. But look,

I I I think that you should be selling. You should not buy any more at a minimum, right? you have a lower cost basis. You're just averaging up at this point. But I you you you need to sell a bunch of that Bitcoin and realize the the gain and invest in something else. Whether it's real estate, whether it's, you know, stocks, something. But the the one thing you don't want to do is turn that big winner into a loser. Because if you hold long enough, all of your profits will be gone and you'll be stuck with losses. You You don't want that. You don't want to take that huge winning trade and turn into a loss. Now, the only negative about this, right? Because I'm trying to encourage you to sell your Bitcoin or some of your Bitcoin. You don't have to sell it all.

Just sell some of it. sell enough of it so that you don't care if it goes to zero because I'm sure if it went to zero and you didn't sell any, you would care. So, make sure you sell enough so that if it goes to zero, you don't care, right? You're okay. But I know that if you follow my advice and sell your Bitcoin, some other poor fool is going to buy it from you and now that person is going to lose the money instead of you. I know that. But you know what? At least I can try to help you because you're listening to my space. I don't know the guy. Not that I know you personally, but I have this little But I don't know the guy that's going to buy it from you. I don't know the random person. And if he didn't buy yours, he would buy somebody else's, right? So, somebody is going to lose money in Bitcoin whether you sell yours or not. What if we both can agree that enough billions of of a small percentage

of these billions of people on Earth will be inquisitive enough to believe that it is it does carry. See, my whole thing is you can memorize 24 words and travel anywhere.

Yeah, I would forget I would forget those words. I don't have I don't have a good enough memory. But you know,

so that's you. That's not me. I mean, so the whole point I get it and there's other ways to do it. There's third party. There's Shaw 256. Yeah, there's other ways to go about it.

I think Bitcoin is very clever. It's interesting. But I think that the people who want to buy Bitcoin already bought it. I I think it's already mature. I I I was at that conference in Vegas. 3540,000 people there thinking they're in on the ground floor. Believe me, that's nothing like the ground floor. I mean, that exhibit hall was insane. Like, I've been going to gold conferences for like 20 years, and they're tiny. There's nobody there. I mean, this th what I've seen in these Bitcoin conferences, you know, this this is a a mania. This is the peak of a bubble. This is not the ground floor of anything.

Is there a percentage of your mind? Because you're a smart guy. To me, people that are extremely intelligent business-wise, they always keep a piece of what if, right? Is there a chance you're wrong? Is there a chance Bitcoin goes to $1 million a coin? Is there a chance to 20 trillion?

There is a chance. There is a chance that it goes to 1 million. There's no chance that I'm wrong, but there is a chance that it goes to a million. But I think the chance of Bitcoin going to a million is not big enough to want to bet on it. And the the the most likely scenario for Bitcoin going to a million is hyperinflation.

And and and so and and it may and a million dollar Bitcoin may represent a decline.

100 grand today. You know what I mean? Yeah. 100 grand Bitcoin today or something, right? Because it's in the in the in the ratioed value of inflation.

But in real terms, I don't expect Bitcoin and what I've been telling people for the past couple of years is look, even if Bitcoin goes up, I don't think it's going to go up as much as my gold and silver or my gold and silver stocks. And so I said, for the riskreward, I'd rather own that. And yes, I would be richer today had I bought a bunch of Bitcoin when you first bought your Bitcoin at a th00and, right? But I am a lot richer today because I didn't buy any Bitcoin three or four years ago or two years ago or one year ago. So it just depends on when you look at it.

I agree. You're also a hustler, Peter, man. You're a hustler. Everyone like I work seven days a week. You work seven days a week. You're on a space after Christmas.

I'm not working. I'm doing this for fun. You're educating. Yeah, you're educating on leisure. Uh, but one thing I did notice, man, is once you have work ethic and discipline,

if discipline goes to zero, who cares? You know, I mean, if Bitco Me and you can produce from within, right? So, what we

gold's not going to go to zero. It's impossible. But Bitcoin was zero 15 years ago.

So, I mean, it could easily go back to zero again. Like, gold wasn't zero 15 years ago.

No, it wasn't zero a thousand years ago. Yeah. Never. I mean, I don't know when it started at something, right? Yeah.

Well, the first person that found it valued it for it was never zero. Yeah. But, you know, so it's there. But anyway, I want to I want to hop because I got I want to

100%. I just want to say thank you. You've been a mentor, a father figure to me. I just want to say God bless you, man. Everything you do. Uh I love the banter between the the Bitcoin community and you. We really truly love you. You helped so much of us see value and and and I think you've made us a lot of entrepreneurs, too, man. So,

yeah. Look, I'm glad I was able your dad, man. He fought to the end, man. I I I read your dad's story, too, man.

Yeah. Yeah. Look, I'm glad I was able to help you make a lot of money in Bitcoin, but again, you're only going to make it if you sell. If you ride it all the way back down, I didn't make you anything. But you're lucky that you didn't listen to me when it was a thousand and that you bought it anyway. But you're going to be unlucky if you don't listen to me now. You got

I was and in fact if you remember what I was saying when it was a thousand back then I was telling people look

this thing can go a lot higher. I remember saying that many times. One time I even said it can go to 50,000. I threw that number out there when it was way below 10,000. But I said look

it's pure gambling. This is pure like a bubble getting bigger. I said, I have no idea if it's going to happen, but I'm it could happen because I thought the whole thing was

the reason why Bitcoin, this is why I realized Bitcoin was was worth it is because of the hash rate. They first started mining it on phones, right? You could mine it on a phone and then it got too hard to mine on a phone, right? It got too difficult and so people with their phones had to stop and a few people could do it, but then you had to use like a, you know, more a professional laptop or a better laptop and then the difficulty level went up. Then it ebbed back down, right? And people couldn't cuz every time people start to jump in, it creates a difficulty level too high that the people that jumped in at the end can't handle it and they they can't make enough money for the electricity. Only the big boys can stand.

Yeah. And and there were people that were mining it has never gone down, Peter. It continues to go up.

Yeah. People were in their college dorms like mining it because you know they got they got the electricity for free. But look, I know I got it. I got look I got I got I gota let you

but I don't think any of that matters anymore. I think and again but that's that's that's the internal value of Bitcoin is that hash rate.

If you really if you really like Bitcoin just get rid of all your Bitcoin now or most of it and wait until Micro Strategy or Strategy goes bankrupt. Wait until they're forced to sell all their Bitcoin and then buy it. It'll be way cheaper. You so you'll save yourself a lot of money. In the meantime, you could do something more productive with it. But anyway, thanks a lot. Who's up next? Anyone want to raise their hand?

Thank you for your time. All right, Sam. take care. Nice to meet you. Yeah, I've heard that story many times, but you know, from all the people that ended up buying Bitcoin because of me, but I guess it worked out well if they bought it a long time ago. But I doubt anybody is buying Bitcoin today because of me because I think the people that bought it because of me bought it a long time ago because I've been so, you know, adamant against it recently. I can't imagine any of my followers buying it now. um at these at these prices. All right.

Who I just saw somebody's hand go up and then it went away really quick. So, I lost you. Um I'm going to put a I'm going to I'm adding a couple of people who are just requested to speak Bammy. It's like a or wolf.

Hey Peter, first off, congrats. Oh, this is Ali. Hey. Okay. Hi. How are you? All right. How are you?

Good. Well, first off, congrats. Uh, second off, you know, you've been talking a lot about um, you know, minor valuations both in gold and in silver. Um, I I wanted to throw an idea at you. Um, you know, in oil, you know, a lot of the juniors suffered from really low valuations in in some of the past rallies because the market was always betting on a pullback. But if they had been able to lock in some of their costs and lock in some of, you know, their revenues, I think the market probably would have given them some more credit.

So, so my question is, you know, would it make sense here for, you know, gold and silver miners to hedge off like five or 10% of their production and then basically hedge at the same time their fuel purchases? It looks like the futures curve for both is is relatively flat right now. And then they can come back to the market and say, "Hey, we've locked in some of our margins here. We basically traded 5% of our silver production for, you know, you know, 15 20% of our costs."

Um, a lot of these a lot of these companies have already hedged off some because they had to borrow money to to build out the mines and the lenders required them to hedge. Um, and um, and so there is some hedging that's already going on. in these stocks, but and they have locked in pretty good profits on what they've hedged, and they have unlimited upside on what they didn't hedge, but there's a lot less hedging going on now than there used to be uh 20 years ago and stuff. Um, but yeah, I mean if I mean I if I were a gold mining company though, I would do as little hedging as possible because the shareholders of gold mining companies by and large want the upside to gold and silver. They believe that gold and silver prices are going up. So they're not buying into these companies because they want the management to hedge, right? You know, they're not buying it as just like a yield play and hey, I just want you to

lock in a good profit so I can get a good dividend. I am bullish on the price of gold and I want the upside and I'm willing to take the risk that gold goes down and that the company's profits go down. I'm willing to take that risk because I don't think that's what's going to happen. I'm confident. I agree with you there

going up. Yeah, I I agree with you there for about 60% of the shareholder base, but the maxis don't actually set the marginal price of the stock. It's the cautious bulls who are doing it. And the cautious bulls in order to give them the rerate are going to want to say, "Hey, can you lock in, you know, some some of your profit margins?" Silver might go back down. We're okay with taking that risk, but what we'd like to see though is is to make sure that you've got your costs under control and you're going to be able to, you know, you're going to be having positive cash flows even if there's a retracement in silver.

Although the thing is the prices have gone up so much so quickly that I don't think any of these companies are in danger. I mean, even if prices went down 30 40%. They have so much leeway in there now. The prices have gone up so much in relation to their costs that I mean all you're doing by hedging is saying I want to lock there's so much profit now I want to lock this profit in as opposed to I know Peter it's not so much as a risk at this point given and but I I still think there's a lot of upside coming. It's not like it's over, but you know, if they if some of these companies if some of these companies want to sell their quarterly or the year, they want to lock in the price for the quarter or the year, that's not bad.

I don't you don't want to go long-term and and and like lock in your price, you know, like, oh, I'm going to sell my gold and silver at this price for the next five years. You you don't want to do that. But, you know, if you're a silver company and you're seeing a big spike to 80 and you want to sell a little bit, you know, you you know, I'm not going to kill you to sell some silver for $80, but I wouldn't want you to sell it all or anywhere near because I think silver's going higher than that. Quite a bit higher, actually.

Yeah. My only point is that there seems to be a transaction here that doesn't offend the maxis. If if they were to just hedge off five or 10% of it and use that to hedge their other inflation adjust exposures like fuel then I don't think the maxes get offended and I think it helps the marginal bulls.

Well, one of the things I would be doing now as a gold company is I would be hedging energy. Energy is pretty cheap right now. So, you could hedge that. You can buy some, you know, calls or do some stuff on on on the energy. Yeah. Because I know energy costs are going to go up. No question about that. All right. Well, thanks thanks for your call. Uh, who's up next?

Thanks, Peter. I got a couple of you guys uh on deck. Wolf Bammy. Um, hey Peter, I I'll jump in. Appreciate you having me up here. Yeah, it's Wolf. Uh,

yeah, you're you're missing some good weather down in Puerto Rico. I'll just say that first off. Uh we we had had you on one of our uh podcasts not too long ago and um

yeah we're going to get a snowstorm here. My kids are excited about that. You know we don't get to see any snow in Puerto Rico, but we're about to get snow in New England.

Same same 10 degree range every day down there on the island. Good times though. We love it down there. Um, Peter, I wanted to ask you a lot of times when we look at what are the tailwinds and the headwinds for different things. It seems like almost everyone's making multiple arguments that it's just a lot of tailwinds behind gold, behind silver, behind these metals from multiple things. You mentioned, you know, a lot of people like central banks were wanting to buy uh they're dumping bonds essentially to buy these metals. And then there was something you mentioned as well with like crypto where people are, you know, speculators within crypto were saying, "Okay, let's maybe take some money, pull out of that and go in."

Are are you seeing just multiple tailwinds still behind all these precious metals?

Yeah. I mean, look, I I think you got fundamentals, you've got technicals. Um, you know, I mean, there's so much going for uh the precious metals. And again, I think the one cloud that has been overhanging precious metals for the past couple years has been Bitcoin. And that's been a it's cast a big shadow that has taken a lot of investor attention, particularly here in the US uh away from the medals. And I think now you're it's preious metals are coming out from that cloud because I think that we've you've got this bare market now in Bitcoin, this bare market in Micro Strategy that is going to accelerate uh in the new year and um that's going to really refocus attention on the precious metals. Now remember the whole the whole marketing of Bitcoin was that gold is worthless now. Gold's being demonetized. Gold's going to crash. Gold has got no value now because Bitcoin is better. Bitcoin Bitcoin is everything

gold, you know, wants to be but can't be. Like it's the it's a better version of gold. And now gold can just be a metal, right? It could just be, you know, inused in jewelry. We don't need it anymore. And and and so a lot of people had heard that. Okay. Okay. Well, they didn't have an interest in investing in something that, you know, was like the horse and buggy, like it was going away. It was going out. It was being replaced by the motorc car. And so once more people realize that that's not the case, that Bitcoin was just a flash in the pan that that it's over and that gold is still gold and that Bitcoin was never gold and silver is still silver.

Uh I think that's huge, you know. So now, you know, you remove that distraction, that headwind, we've got all these tailwinds. Um, and you know, and you know, and it's going to be so ironic, too, that so many people who bought Bitcoin instead of gold are going to watch gold and silver sore as their Bitcoin crashes. And I, you know, I feel bad, too, in that that's going to happen. I mean, I can't stop it from happening. I mean, I'm trying to save as many people as I can, but I know I can't save everybody because that's impossible because everybody can't get out. Only a few people can get out. The masses are going to be stuck in. That's how these things work. Um, but you know, for the people who bought Bitcoin for those reasons, I mean, there's a lot of people who bought Bitcoin just because they wanted to get rich, just because they jumped on a bandwagon, they got suckered in. They don't really know that much about

Austrian economics or, you know, sound money or libertarians. I mean, so those guys are, you know, they deserve to lose their money and so, you know, whatever, right? I mean, they lost their money in all kinds of crazy things. Maybe they bought Beanie Babies or they bought, you know, Pets.com or who knows. But the people that I feel badly about will be like the guy the last caller who, you know, I don't feel badly about him because he got in at a thousand, but he just said he bought another Bitcoin last week for 85 grand. So, you know, this guy, if he doesn't follow my advice to sell, he's going to lose a lot of money uh when he could have made money if he had been in gold and silver because he bought Bitcoin for the right reasons, but he bought the wrong thing, right? He he understood the problems and he just implemented the wrong solution, you know, and it's ironic or it's unfortunate because those people are

going to lose more money than people who didn't even know there was a problem, who didn't even worry about the dollar or inflation and didn't even bother to hedge, you know. So, it's worse when you know about it and you just do the wrong thing. Now, at least there are some people that bought both that said, "Okay, look, I'm not I'm just going to cover my bases. I've got gold. I've got silver. I got Bitcoin." Okay, those people are going to be okay. Um, but the people who are just all in on Bitcoin, that's going to be a big problem. And there's quite a few of those guys.

So, the the reverse side of that question, Peter, is we we know all these we can define a lot of these tailwinds coming into to the metals right now. Is there a headwind you see out there? I mean, I obviously I see the people making the technical arguments on the charts and stuff, but aside from those arguments, which you need more than just that in my opinion at least, are there other headwinds that you're seeing out there against these right now?

Well, what headwinds? I mean, I don't I don't I don't think other than the fact that, you know, there can always be a pullback when we've had this kind of run, you know, a technical correction or something. I don't see anything on the horizon um that is going to change this unless you know AI has a positive impact on productivity faster than I think and there are people that that believe that it's going to be very fast. Um, but I've been hearing this for the last few years and I I still haven't seen it, you know. You know, so um I think things I think stuff always takes longer than than people imagine. Just like this whole bubble has been inflating, you know. I thought that it would collapse a lot long, you know, years ago and it hasn't done it. So things can go on longer than you think. It doesn't happen as soon as you think. And I think the same thing will work you know for positive things

not just for negative things right we can we can a problem uh could linger before it becomes a crisis. Uh and so the AI you know AI could do all these wonderful things but it may take a lot longer than the people who are involved in it believe.

Yeah. We were having that same issue finding uh finding people to make the argument for a headwind for something you know against uh gold, silver or many of the other metals. Another

look you'd have to get the Fed would have to be very aggressive in hiking rates. I mean I don't see that happening and you know um and

right apart from something breaking in the economy, right? Well, and and if the Fed were very aggressive in hiking rates, there'd be a financial crisis and then you'd have to say, "Well, will people not buy gold during that crisis?" So, even rate hikes might not uh you know, it may temporarily cause a pullback, but I think we'd end up making new highs because the rate hikes would cause the financial crisis, which would cause, you know, people to buy gold when the Fed started bailing everybody out.

The flight right back to safety. Yeah. Exactly. And that's that's where like the the other thing we we discussed on our on our podcast the uh 60 2020 piece and the one follow-up question I wanted to ask you on that and I'm not saying that that was your recommendation just one of the ones that's out there that we discussed a little bit as far as putting you know the allocation of your portfolio when you see valuations like they are today do you deviate at all from that towards the metals a little bit more maybe maybe not as a safer asset but as a Hey, a little bit better value play here because of the overextension of some of these values across across the NASDAQ, across the S&P.

What' you say again? Do you deviate away from like maybe a 6020 or a 603010 just as far as portfolio construction when you see the valuations the way that they are in the current market?

Like like in valuations of the miners? No, I mean like when you see the AI stocks, the uh you know your your meggaap tech stocks and those and and if you have some of your portfolio in there and you see the valuations they're sitting at, do you think, hey, maybe it's time to go into gold a little bit more, which obviously at all time highs,

I only have I I have a few I only have a few stocks that are AI related. Um you know, like I own a stock I own Taiwan Semiconductor. Um, I own this company in um in Thailand, Delta Electronics, which has been a huge home run for me, which has been caught up in AI. So, I have a few like stocks that are AI related, but I I don't I don't have Nvidia. I don't have like uh uh you know, Microsoft or Meta or Google or Enthropic or I don't know, whatever these stocks are. Um I I don't have I don't have these positions. So, I'm not even you know, I mean, obviously, I should have bought some of these stocks. they did really well. Um, but I was just putting a lot of my money in gold stocks and silver stocks and then I was buying conservative stocks with good dividends to kind of offset that. That was kind of my approach. like I was concentrating my speculative money on the miners and then I was investing

in you know defensive stocks you know tobacco, food and beverage, pharmaceutical uh you know I was I was doing good safe things and then I was putting I was concentrating my risk instead of putting it in tech. I was putting it in gold and silver and and the miners. So that was kind of what I was because I felt a lot more comfortable with that. Um, you know, and I own I I like I own I own what do I own? It's tech. I own uh I own Singapore Technology. I mean, I own a few tech stocks, but not the ones that everybody thinks about. I own um um uh um what should we call it? Um sometimes I'm bad with names.

Um I'll find it. I might. So yeah, Tencent. I own I've owned Tencent for a while. So I have I I mean I have some tech stocks, but they're, you know, they're not I'm way underweight tech, you know.

Well, Peter, I'll I'll definitely pass the mic around. I appreciate you. When you get back down to Puerto Rico, you'll have to come see.

Well, we'll be we'll be back. We'll be back early in the new year. The kids go go back to school, so we'll be back.

All right. Well, we're all in the uh Carolina area, so we'll have to meet up sometime.

All right. take care. Yeah, I know there's a lot of crypto people. They they did this crypto Monday there in uh I went one time. They've been trying to get me back over in Puerto Rico, San Juan. Um anyway, who's up? I got I still got a couple of people that are muted that are that can speak. You guys got to unmute yourselves. I'm going to go for another So, it'll be four hours and and I got about another 23 more minutes and I'm going to go. So, anybody that wants to talk to

Oh, hey Peter. Hey. Hey. Uh, I early buy our gold and silver physical. Yeah, you know that it looks like everything's settled up. When I'm looking, I think everything stopped trading, but silver's up almost $7 and40 some odds on on a day. I mean, let me let me to get this. So it's up 10.34%. Gold was only up like 1.2%. So gold was like an afterthought today. So 10.3% for silver and 9 and a half% for platinum and 13 plus% for palladium. Um yeah, maybe one of the reasons that the gold stocks didn't do better today is they were just looking at the $50 price of gold move. uh and weren't paying attention to any of these other precious metals and and so

it's a good good day to be an OG and I remember but and meanwhile but meanwhile Bitcoin didn't do anything I mean I think it was slightly positive but um if you look at um Micro Strategy was down on the day closed off the lows but it made a new 52- week low and you know the Bitcoin ETFs We're up on the day, but like less than a third of 1%. So, you know, no money being made in crypto.

Not today. Probably remember uh um buying monster boxes from Tolving. Remember that guy?

Who? Oh, one of the old um um precious metal physical um buyers and sellers. Yeah. God, way back in 11 12.

Yeah. Well, I I put on post today when I first started buying silver for my brokerage clients, it was under $5 an ounce.

Today, it was up by more than the total value. It was up by um seven dollars. I mean, that's I mean, I was buying silver for $4 and a half dollars and now it's up seven and a half dollars in a single day.

Oh, Peter, the way I think about it is my first monster box uh is $12 silver. Um is probably $14 purchase cost. God, the premium on a monster box, that's a 500 ounce box of silver American Eagles. Or

here's the Yeah. Here's crazy. Yeah. So this summer I bought a statue, a sculpture that had a thousand ounces of pure silver in the sculpture. Okay? And when I bought the sculpture, the silver was worth about $37,500 because silver was $375 an ounce. And I like the sculpture, but one of the reasons I was willing to buy the sculpture and I had to pay quite a bit more than the melt value of the silver for the sculpture is I said, "You know what? I know by next year it's going to be worth more than I paid because I think silver is going to be $100 an ounce by next year."

Well, you know, marble doesn't go up in value, but silver does. And and I was like, you know, Yeah. Well, granite, you know, or you know, whatever. or they make it out of, you know, um, copper because they make, you know, they make statues out of bronze, but it's not going to. But I knew that worst case scenario, this sculpture will be worth more than what I paid, even though I bought it as an art. Now, obviously, I could have went out and bought silver and made more money, but I wanted it because I liked it as a work of art. And maybe it has collect, it probably has a lot of collector value, so it's probably worth a lot more than the melt value. But I knew even if no one gave a about the artist, nobody wanted it for anything, I'll be able to melt it down for for more than I'm paying for it. And it's almost there. It's almost now because now the silver is

and it's only been it's hadn't even been 6 months. I haven't even owned this thing for six months.

Awesome. What is it? It's about a,000 70 pounds. Ex. Well, it's actually weighs about 130 lbs because in addition to 1,000 ounces of silver,

the rest of the sculpture is, you know, has a has a base that's ma that's bronze, silverplated bronze. So, it's a heavy work, but it's a it's an eagle, right? And just the eagle itself is what's made of silver, but it's perched on a constitution. And the constitution is not made of silver. It's got a silver patina on it, but it's not solid silver there. But the bird itself is 1,000 ounces of silver.

Oh, you should post a picture of it. It's very pretty. Well, you know, Donald Trump has the same sculpture in the Oval Office. It's part of the permanent connect collection, but his isn't silver. He's got a goldplated bronze. So, if you can see it, it's up in when when you when you when he's there talking in the Oval Office and he's sitting behind the Resolute desk. The sculpture is off to the right. It's called the presidential It's presidential uh American patriot.

Oh, totally. I've totally seen that. Must be hard to clean that thing. It does.

Silver Yeah, gold doesn't tarnish. I It hasn't tarnished at all yet since I've owned it. I mean, I have it. It's in air conditioning. It's in. So hopefully I don't have to polish it much so far. But yeah, the gold one he won't have. He'll never have to polish. But the gold one is not solid gold. That would be a fortune. It's just plated gold.

Of course, but No, Art's great. Um there's use cases for for precious metals. Absolutely. Um

All right. Then I started buying Bitcoin and and other Yeah. Um cryptos. Yeah. All right. Well, thanks a lot. Good talking to you, man.

All right, Benji, you're up. Uh, you're up next. Or I got a couple of guys. All right, I'm going to bring up a couple more people. You got to notice that if you're I brought you up as speaker, you just got to recognize that you're a speaker and then unmute yourself and start talking.

Hey Peter, what's going on? This is Panda. How you doing? Hey Panda, how are you

doing? Well, so I wanted your outlook on copper, just this industrial usage. Also, you know, there there's there's plans to decarbonize. Uh there's plans electrifi electrification of the grid. Um you know, AI play as well. Uh how do you see copper playing out as an industrial metal in 26?

Well, I've been bullish on copper. You know, copper hit a new all-time record high today. Uh so it's not just a a precious metals uh rally that's going on. Industrial, you know, non-ferris metals are rising. copper was up almost 5% on the day. So, you know, decent move. I mean, um, and you know, I own copper stocks in addition to gold and silver stocks. I own some copper streamers. Uh, so I like copper. I mean, copper's going up, you know. Um, you know, there's all sorts of uses. I've liked it a lot just for the whole, you know, electric, you know, you know, you need copper for the batteries and the whole electric vehicles and solar panels and all all this stuff. I mean, copper is a big deal. Um, and you know, as the world uh, you know, increases their standard living, as we build more homes and you know, there's copper, copper's in the wiring, it's in the plumbing. I mean, you know, we we

use copper for a lot of things and, you know, there hasn't been any major new copper mines developed in god knows when. So, I just think there's going to be a lot of demand for copper and the supply is going to be constrained. So, price is going higher.

Yeah. I heard about on both sides, the demand as well as the supply. Um, I also wanted to ask you your thoughts on uranium.

Yeah, I mean uranium has I mean I'm bullish on uranium. I mean, I've been bullish on it for a long long time, but there's a lot of speculative money in in uranium. And so, you know, I mean, there could be a big pullback in uranium. I mean, I wouldn't be chasing uranium at these levels. Uh, but you get some of these stocks get like a 50% pullback or something, I'd take a look at them again. But, they've had a big run and I think there's some some downside risk. some of the hot money could come out uh of these of those stocks. But I mean, yeah, I mean, look, uranium is a good story. I mean I and it's part of the energy play and and nuclear is very real and it's it's something that's going to be developed and it needs uranium and doesn't need a lot of it but it needs it and there's not you know so it the price can go higher without hurting the demand because it's still you know it's an essential part of the process and it's

not in the scheme of things it's not that expensive. Yeah. So, I'm I'm a I'm a crypto guy, but I still hedge. I have traditional equities ETFs obviously commodities. Um, I you know, it's funny because you can get some of these outsized returns just without having to go into crypto. Crypto does have a lot of eighth metric upside. However, just in uranium, um, I wanted to get your thought as well because another area, a lot of explosive growth, quantum, you think it's too early for the the quantum narrative?

Well, I don't know. I mean, I don't own those stocks. I know they've had a run and and quantum is actually one of the things that is a threat to Bitcoin, you know. Um but and I don't know that Bitcoin is asymmetric upside anymore. I mean, I think it's there's a lot of downside there. Um

well, what about like Peter? What about Ethereum? Like how Larry Fin says he wants to basically tokenize equities, tokenize everything. It's going to have to go on a blockchain. Like do you think there's any kind of interplay with like blockchains like ETH, Salana, etc.? Well, there are a lot of look, Ether has a lot of competition. There are a lot of other blockchains that can do the same thing as Ethereum, uh, without as expensive as the gas that you pay on Ethereum. Um, but I know there's a use case for Ethereum. I know a lot of guys that are big Ethereum guys that have been in it since, you know, the beginning at dollar Ethereum, whatever the hell it was, and who have, you know, hundreds of millions or billions of dollars worth of this stuff. So, I know these guys. Um uh but you know I think the whole crypto trade there's too much money already in it for there to be enough upside left in

it at a minimum on Ethereum. If you look at a chart you know you want to buy it when it gets near or under a thousand you know if you're if you're a believer in it. So at 3,000 to me, you know, I mean, could it go back up to four or 5,000? I think it's far more likely to go back down to 1,000 first. And of course, if it breaks that and you know, you know, it's, you know, it can go down to 200. I mean now back down at 200 it may look interesting you know uh for all those reasons you're talking about but you know at at where it is right now to I mean I there are so much better places to put your money I mean can can yeah can ether go from 3,000 to 5,000 yes but I I think that there are gold and silver stocks that have a lot more upside potential where It's much more realistic in my mind that it's going to happen. And I think, you know, Ether can go down 90%. It could go down to 200. I don't think my mining stocks have

anywhere near that kind of downside risk. They have downside risk, but I don't think they're going down 90%.

Very cool. So, thanks Peter very much for your time. I remember that epic call you made back in o I think it was around 08 crisis that that gentleman on Fox News. Um, so yeah, great call and been following your work for a while. Thanks.

All right. Thank you. Thank you. Who's next? You got I still got a couple of guys in the queue. Hello. That's AI. AIG, Banie, Sammy, Tiger. Oh, no. I haven't gotten Tiger up yet.

Hey, Peter. What's going on? Who's that? Sammy. Sammy. Yeah, Sammy. Hey, listen. Uh, I just want to know when did you have the uh, you moment? When everybody around you was doubting you? When you were young, when you were smart, you were working a 9 to5. When did you say, "Hey, this guy's an idiot." But when you

What guy you talking about? No, no, no. Just like your anecdotal experience, like when did you know everybody was around you like, "Hey, I know what the hell I'm talking about." and you know what you're talking about was much more congruent and you had a moat and you had a thesis and it was standful and you knew that what whatever you were saying you were confident and thus it it kind of worked out for you obviously but when was that

I've always I've always been confident that I was right and I guess obviously it worked against me with Bitcoin in that I was confident that I knew that it would eventually collapse but I could have made a lot of money uh you know riding that bubble for a while. Uh but I mean I was very confident during the housing bubble. I was very confident during the dotcom bubble that I was right and the consensus was wrong. And uh and and I was proven right on the dotcoms and I was proven right on housing. And you know what's been going on ever since the the bailouts for the 2008 financial crisis. I've been convinced that that my assessment of of how the Fed handled it and what we did is correct. And the consensus that the Fed saved us and that Bernaki is a hero and that the US economy is in good shape now that that consensus is wrong. That my my take that we sold our souls to the devil and that the devil's going to

collect that we made the problems that caused that crisis significantly worse. I know that I'm right about that and I'm going to be vindicated on this too. this has just taken longer to vindicate me and I think that what we're seeing now in the precious metal space is just the beginning of the vindication. Uh but it will be complete, you know, when we get the dollar crisis and the bond crisis and the economy the whole economy tanks. All I'm confident that all that's going to happen and you can throw the collapse of Bitcoin into the mix. That's probably going to happen, too. you know,

listen, you you didn't miss. I'll tell you that much. I mean, you have a you have a you obviously have uh a good record and it's it's standing still. I mean, it's obviously standing the test of times as we speak. So, congratulations. I just want to say thank you so much for providing the information, man. But you killed it. You did a good job, uh, Peter. So, I want to say thank you.

Thank you for the information. We're going to get some recognition. And I don't want to talk too much about my business, but I think we're going to get some awards from Liipper next year for best performance of the year, best performance over 10 years. I mean, I've got some, you know, some publicly traded funds that have phenomenal track records now over a 10-year time period, which is, you know, this is the time periods where they they they measure things. Um, but all of that really is the last couple of years. Like, you could look back and say, "Hey, I was in last place over 10 years." a couple years ago, but now I'm in first place because patience paid off. Like it doesn't really matter like, you know, if you go from, you know, one to 100, you know, and you win, it doesn't matter, you know, where you were at 70 or 80, right? It doesn't matter how long if there if you finish the race and you

win. It doesn't matter if you were behind for, you know, the first 75% of the race. If you cross the finish line first, you win, right? They don't give a prize halfway through, threequarters of the way through. So, I was always confident that my strategy would pay off if people were just patient enough to let it work. The problem was some people lost their patience and bailed out. What was so frustrating is how many people bailed out at the end of last year, at the beginning of this year. And that was so unfortunate because all they had to do is wait one more year and everything paid off, right? They made back a a decade of underperformance to be at the top. It's just

Peter, are you talking about gold here? Well, just all my strategies, my my investment strategies from gold and foreign stocks and all.

What about what about your what about your Bitcoin strategy? I'm just curious. No I

He's very bearish on that. I mean, why why is that? Consider it's one of the best performing assets in human history. Why?

I I don't I don't have a Bitcoin. My Bitcoin strategy is not to own it. So, that has

Oh, come on now, Peter. Come on. What do you mean? That's my Bitcoin strategy. And

so, you got one of the best performing Wait a minute. You got one of the best performing assets in human history. And you don't take any position in it. Not even one.

It hasn't been the best performing asset over the last four years. It's been one of the worst. So,

wait, wait, what time? Wait, wait, wait, wait. What time frame is that? One of the worst

last four. Yeah, last four. It's been one of the worst performing assets in history.

Well, no, not in history, but a lot worse than what everything I've owned. I mean,

wouldn't that be ch wouldn't couldn't I say that about gold in the prior four years? I could compare that to gold.

Well, I'm I'm talking about I've owned gold since 2010 and it hasn't done very well all the way until recent.

Gold since 2010, gold has about tripled. So, it's done right. But yeah. Yeah. Do you want to compare that to Bitcoin?

No, because I what? Bitcoin is irrelevant to gold. It's like, you know, Bitcoin

No. No. It's very relevant. No. Bit Bitcoin was rose from nothing. So, obviously, you know, Bitcoin was nothing 15 years ago.

And so, it went from pennies. It got pumped up. Uh, I'm not gonna, you know, I don't give a about that. But most of the people,

you don't care about making, you don't care about making money. Just the people who made money in Bitcoin bought it 15 years ago, 10 years ago.

No. No. Every single person who's held it for four years or more has made Bitcoin money on Bitcoin.

No. Four years. They've been better off owning gold or silver by a long shot. I reverse. You're cherrypicking your time frames. I don't like that.

You just said anybody who's owned Bitcoin for four years has done good. I said no. The last four years they have not. I'm not cherry-picking. I'm just saying

you're cherry picking an exact time frame to fit your narrative. Yes, you are. I'm taking today. I'm taking today and going back four years. That's what I'm

And if you reverse it, if you forget this year and reverse it one more year, let's forget this year. This year happened. How am I going to forget it? You're the one cherryicking the time frame precisely.

Cherry picking because you want to eliminate this year. No, sir. No, you want to eliminate this year. How can that not be cherry-picking?

Look, I've watched your post. I've watched everything you said. You cherry picked

just to fit your narrative. You're you're saying reality. No, he's been hold. You've been very stand on gold. Let's be honest here. You've been very honest on commodities.

Let's put it this way. Let's say a year from now Bitcoin is 10,000. Okay. You can make

based on what theoretical what? Where did you get that? I'm just look I'm just saying for the sake of argument, let's say in a year Bitcoin is 10,000. Okay. You can you can make the same argument that Bitcoin is the best investment in human history, even if it's at 10,000. If you want to ignore the last few years, and you want to start when it was a penny, and say Bitcoin's gone from a penny to 10,000,

but here here's the facts. Anybody holding Bitcoin for four years or more is significantly up with an average OF 800%. YES, THEY ARE.

I'VE OWNED it for 13 years. Okay. So, if you bought it four, I'll I'll pull up the chart right now where it was four years ago.

You ch You like to cherrypick reality. It's crazy. I'm not cherry-picking. I'm You are I I'm hearing you.

You're telling me. So, do you live in reality? Yeah, I do. That's my You understand?

Apparently. Apparently, I'm the only one that does. So, so four years ago. So, this is

How many% How much percent has Bitcoin up since inception? I'm not inception. You said four years. So

average of 800% every four years. Yeah. And that still will be true if it's at 10,000 next year. But anyway,

gold does not even compare to that in any time frame, my friend. All right. All right. So anyway, so this is if I go back to December of 2021, right? That was four years ago.

December of 21 2021. All right. Let's see. Bitcoin was around Oh, I'm on the Ethereum chart. Hold on. I gotta switch. I didn't realize I switched charts. Uh because I somebody asked I So December of 2021. Wait, hold on. Got to get it.

Can you can we both agree that Bitcoin was around uh 50? The high was 69,000. That was November. Yep. And you're cherrypicking again. I know what you're doing.

So December, this is psychological cherry-picking is what you're doing on a time frame.

Four years ago, you said four years. So four try to go back five. Let's go. Let's go five. Let's Let's cherry Let's do some cherry picking. Let's do SOME GO BACK FIVE. I'M GOING BACK FOUR.

NO, because you don't want TO ADMIT THE TRUTH. NO. OKAY. If you go Hey, 1 plus 1 is two. You understand that?

Look, you know what? You should kick this guy. I have no problem. If you want to lose all your money in Bitcoin, go right ahead. I

I have it. It accounts to 80% of my net worth. Thank you. It's 80% of your net worth.

It is accounted for 80% of my entire net worth. All right. Well, that means All right. Well, you're going to lose if Have you sold any of it yet?

Oh, I constantly rebalance. I know good habits. I understand that. That's not the point. The point is this asset is unbelievable

for you because compared to gold for you, not for people who bought it over the last few years. They're taking big losses.

But you could say the same thing about gold ranging from 2012. I can cherry pick it.

No. No. How many people lo how many people didn't do well in gold from 2012 to 2020 or 2021?

Okay. Gold is at an all-time record high today. So nobody who gold is no match for asset performance comparing it to Bitcoin. Where are you getting central banks? Central banks aren't buying Bitcoin, my guy. They're freaking buying gold. Central banks are getting ready to use Bitcoin as collateral, my friend. I don't know what you're talking about.

There are a lot of people who own Bitcoin who are losing money on their Bitcoin right now. There are no people who own gold who are losing money on that gold.

And what is going to be your argument in the next one year when it's hitting 130 to 150? What's your argument then?

Well, that's not your 131. Hold on. 13150, sir. So 131,000 plus, what is going to be your argument when Bitcoin continues business as usual?

Okay, like it always has. What makes you think that it's going to turn around and reverse under 10 grand? What makes you think that? Under what circumstances cause that?

First of all, the regular Joe does not give a about Bitcoin. What? It's already gone down about 40% from its peak. So I just I think that that

that is business as usual, my friend. Nothing new. I don't think it's business as usual now. It is business as usual.

That's pure manipulation. That's not business as usual. Institutions involved and politics involved. But if Bitcoin is back at 130,000 next year, Right.

Right. My my guess is that the investments that I do own will have done even better than that. And so I'll

But here's the thing, Peter. I got a I got a message from you on X a post. You said, "Don't buy Bitcoin. You're silly to buy it at $3,800.

Yeah, I did. Here we are at 87,000. How many people? Why did you post that? How many people lost money not investing Bitcoin using that advice?

Well, I mean, I think that people that follow my advice will ultimately make money.

They lost thousands upon thousands of dollars missing out on it based on your advice. It's not correct is what I'm saying.

No. And I'm not anti advice to people is don't participate in pyramids or Ponzi schemes. pyramid scheme. Okay.

Yeah. You just don't you just don't recognize it. That's exactly what it is. Let me tell Let me tell you something, Peter. I'm about to go to Dominican Republic in a couple weeks. Okay. When I sit down at a restaurant now, there's now two prices on the menu instead of one. There's now RD, which is Republic of Dominica, and now there is BTC.

Well, I I what is there one restaurant that does that? Try all of them, my friend.

I doubt it. I really would you like me to post a post? You're full of Yeah. No, I I don't think that there's a bunch of restaurants where they're taking

You don't think I don't need to think I'm going to show you. I will post them and I will tag you at them. No problem. Okay.

They would much rather take tokenized goals. That's a much better uh No. No, Peter. No. When I go to Guatemala, I I lived in Guatemala City for 2 years. Guess where the majority of the restaurants take as a alternate way of paying? And that's BTC. When I go to Lake Aitan in Guatemala, they now take BTC for property. They take BTC for anything. Why are you always in Guatemala?

Well, I lived there for two years, Peter. Oh, all right. So, what my point being is the intrinsic value and the demand for Bitcoin is going

there's no intrinsic value. There is no intrinsic value. You want me to run you to run it through you? You me to teach you about intrinsic value and why it's valuable?

No. No, there is no intrinsic value. No, there's plenty of intr there's plenty of intrinsic value.

You just think there is. No, I know there is because I can show. You believe there is. So if I want to get a million dollars, which I have a million dollars in my wallet right now and walk through GSA.

Now you sound a little bit buffoon right there buddy. I don't care. Really? How is that buffoon?

You don't you don't you don't talk about how much assets you have, buddy. You don't do that. Stop it.

What? But but a million being disrespectful to the host. But a million. First of all,

no, there's no disrespect. This is just fact impress me. It's not a lot of money. But you know,

okay, a 100 grand I'm just using as a example. This isn't a flex. Okay. I'm not in it for ego. I don't give a about your ego.

Yeah. I'm not saying that Bitcoin Bitcoin has a price. Yeah. Bitcoin is you could sell your Bitcoin for $87,400. I get that. That doesn't mean

But I could take that I could take that million dollars of value, Peter, and get to Guatemala tonight right now. Load up on an airplane. It's in my wallet. It's in my hot wallet right here. Go through TSA airport and I've got a million dollars in value to Guatemala, which I can unload anywhere there.

Yes. But you don't. So therefore, there is intrinsic value there. Yeah, but there are all kinds of other cryptos you could do the exact same thing with.

We're just talking about million cryptos have been nothing unique or special about being able to do that with Bitcoin. You

I'm just talking about Bitcoin. You could take USDT. Same thing. You don't need Bitcoin.

Why are you pivoting? I'm just talking about Bitcoin. Okay. Bitcoin is a slow valuable about it because it's not unique. That is intrinsic value when I'm able to transfer wealth.

No, you're not transferring wealth. You're transferring Bitcoin. WELL, HOW DID IT get to Guatemala? Did it magically appear in my wallet?

It doesn't go anywhere. It's wherever you want it to be. Bitcoin that is intrinsic value because I can transport it.

No, just because you don't live in reality. No. Just because you can sell it. Look, I can in a bag and if I get somebody to pay me for it, doesn't mean the bag of is worth anything. Just means some idiot bought it from me. So, you can get somebody to buy your Bitcoin. Now that's great. But the point is in the future there may not be people foolish enough to want to buy it. And in the fact

based on what your feelings based on what based on what your feelings no based on the fact that it's nothing you

whose opinion is where's that coming from? It's coming from 1% of the wallets 1% of the Bitcoin wallets control 90% of the supply. That thing can be manipulated at any point in time. It's had five maximum draw downs greater than 80%. I mean, you tell me this is not a safe haven. That's why you guys refuse to realize the transition from from risk on assets to safe haven assets. And that's why I clearly understand both. I'm very down.

I don't need your education. Let me ask you a question. Let me ask you a question, Bitcoiner. So why

Mr. Tiger to you? Okay. All right. Mr. Tiger. So when Bitcoin started the year, it had everything going for it. You had a Bitcoin president. You had a strategic reserve. You had Bitcoin legislation, pro- legislation. You had Michael Sailor, you know, buying billions and billions. You had all these other copycat Bitcoin treasury companies buying Bitcoin. You had all these ETFs buying Bitcoin. You had non-stop hype. All the financial channels, CNBC, Fox Business, constantly promoting Bitcoin, one guest after another, all the on air talent, Bitcoin, you got to buy Bitcoin. Bitcoin's great.

Bitcoin, you can't lose. Bitcoin's going to the moon. All these influencers, all these, all of this stuff. Yet, Bitcoin is down 7% year to date. And it's down 40% from its high in a year where gold and silver have had their best year since the 1970s. What I don't understand is why do you compare why do you compare Bitcoin to gold is what I don't understand.

Because Bitcoin is marketed as digital gold. I don't compare it. The Bitcoin community compares it. So if Bitcoin is digital gold, why did gold go up 70%. Why did silver go up 130% and Bitcoin go down?

But you're cherrypicking that time frame for talking about this year. I'm not right. And you're taking one single year. But you explain this year. Why did this year work like this?

Peter, I can't explain why the market does what the market irrationally does. But you can't take a sing Peter, you can't take a single year.

Why not? And then make an argument. You can't because it's cherrypicking. You have to zoom out a little bit. Why don't you compare the next 15 years?

We haven't had the next 15 years yet. No, not next. Previous. Why don't you take 15 years and zoom out and make the same argument

because that's also not enough time. 15 years is nothing. Just because that's all Bitcoin's existed a little over 15 years. You can't

point we don't you're cherryicking one year. It may not exist 15 years from now. That

that's like me that's like me telling you why don't we do 10 year comparison Bitcoin versus maybe Bitcoin's entire lifespan is 20 years. Maybe it's got 5 years left before it's zero. We don't know.

But the the performance is phenomenal. Why can you not admit that? No, it's not phenomenal anymore.

Phenomenal. Why the hate? I don't. Bitcoin is not even a tier one asset. I mean, central banks would have reclassified it as a tier one asset if it were going to be the next thing.

It's two trillion dollar almost $2 trillion. I mean, are you going to be just as bullish? Let's say Bitcoin ends next year at 50,000.

Now, I want to be clear about something, Peter. I am not a maxi and I don't have all of my money in Bitcoin, just to be clear.

All right, watch your language, though. Sometimes young people listen to the podcast to this stuff. I got, you know, kids and stuff.

My My bad, Mr. Peter. But um yeah, I mean, but at what point you this you want to write off this year as no big deal. Zoom out. How many more?

What I don't understand is you. I don't understand you. I want to get to you. Why do you not leave us question how many more bad years does Bitcoin have to have before you stop zooming out to the beginning?

Me. Me personally, two. If it had two bad years in a row from here out, I would agree with you. But I don't

Let's see what happens. I'm with you. But what I understand about you, why the hate? Why can you not have some exposure to it?

Because I don't believe in it. I think it's going down. Why should I get exposure to something that I think

Let's back out another question here. Let's ask a different question. Why can you not have exposure to some crypto?

I don't want any exposure. He does. He He gets free Bitcoin sent by him by people like you. So he absolutely I didn't ask you. Shut up.

Any Bitcoin in my strategic reserve? I got like five grand worth. So I mean Okay, that's a start. That's a start. What about your Ethereum?

Oh, I I no one gave me any Ethereum. I got a little Salano. I don't have any Ethereum. Nobody sent me.

Where is your How how is your crypto education? I'm just genuinely asking. I'm very educated in crypto. That's

okay. So, you understand smart contracts, huh? You understand smart contracts? I do. Yes.

You understand a layer one like Ethereum, the significance it holds in our future. Yeah. Would you agree with that?

I'm going to be launching a token. Yeah, I know. I mean, I I'm use a different a lot of different chains. Look, I did I did an ordinal, right? I came out with an ordinal on on on on Bitcoin. You can go and buy the ordinal now. I mean, we sold them all, but it's not they're they're you can buy the resales on Magic Eden. But the interesting thing about my ordinal is it's called uh Golden Triumph because I was it was gold triumphing over Bitcoin. And since I bl and since I did that ordinal, gold has triumphed over bit Bitcoin. Gold has gone way up and Bitcoin has gone way down priced in gold since I did that ordinal.

Peter, I got another question for you. Let's say gold goes crazy. Right. Do you believe in rebalancing?

Oh, yeah. Yeah. I mean, well, if somebody has a portfolio and they have a certain allocation,

yeah, I mean, they could lighten up on especially gold mining stocks and stuff, but they're still, as I said earlier in this thing, hey, I got to run. It's already after 6:00. I got I wanted to stop this thing. But, um, yeah, I mean, I haven't rebalanced anything yet personally because I'm I'm letting it ride. But, I I still think my mining stocks are really cheap, even though they've gone up a lot this year.

I got one quick question for you, go. Do you believe that crypto is our future is my biggest question to you?

Well, financially, monetarily, no, not at all. I mean, oh my god, Peter, come on.

I I I think crypto is the past. I mean, if to the extent Oh, Peter, come on, Peter.

To the extent that that there that there's a future in it, it's like tokenized gold. It's tokenized real things, not madeup nonsense like Bitcoin. Uh the only thing the only thing that the future for Bitcoin is as an example of popular delusions and the madness of crowd I'm going to come back to this conversation in a little bit in a little bit.

Bitcoin Bitcoin will succeed in in in knocking tulip bulbs uh out as the primary example for you know for this kind of financial.

Another another six months I want back in this conversation. Six more months. Yeah. Bitcoin will be a lot lower six months from now most likely.

Don't think so. Don't think so. Good luck. Anyway, look, on that note, now that it turned into a Bitcoin debate, I got to get going because I got to have my dinner soon. I've been doing this for four hours. Over four hours.

Good luck with your silver and your gold, Peter. Good luck. Thank you. Uh, and I I'll be back. I'll be back at work uh uh you know, in uh second week of January. I'll be back in Puerto Rico. I'll be back at work uh doing my thing. Uh but until then everybody, thanks for participating in my spaces and if you you know if you're not following me on X, get your friends to follow me, follow me yourself and have them listen to this uh this four hours because it's very educational for people who don't know anything about the stuff that that I talk about. Anyway, have a happy new year everybody. A very prosperous uh 2026.

Uh and I will be back. So, uh, I'm signing off. Take care, everybody.

Questions about this episode

What is discussed in "Gold & Silver Q&A: When to Sell, Q1 2026 Crash Fears, Bitcoin vs Gold"?

In order: 0:00 Federal Reserve, Danielle D. Martino Booth; 15:00 Federal Reserve, JP Morgan; 30:00 Jane Buffett; 45:00 IM Gold, Cisco Systems; 1:30:00 Flexjet, NetJets; 1:45:00 JP Morgan; 2:00:00 Winklevoss, Peter Schiff; 2:15:00 Equinox Gold, Peter Schiff; 2:45:00 Delta Electronics, Taiwan Semiconductor; 3:00:00 Tencent.

What is mentioned in this Peter Schiff episode?

16 people, works and ideas are mentioned, including Artificial Intelligence, Federal Reserve, JP Morgan, Jane Buffett, IM Gold, NetJets. Each one on this page links to its own page with every episode that mentions it.

How long is "Gold & Silver Q&A: When to Sell, Q1 2026 Crash Fears, Bitcoin vs Gold"?

The episode runs 3 h 39 min; the transcript is about 41,016 words in 573 timestamped sections.

More from Peter Schiff

About this transcript: the episode's spoken words as captioned on YouTube, split into timestamped sections. Reclip.Me locates every person, work and idea in the text, keeps the time it is first named, and quotes the words around it verbatim. Last updated January 24, 2026.