Silver Rocket, Bitcoin Breakdown: Why Metals Are Crushing Crypto (2025 Recap)

What is discussed, and when

1. 0:00 – 5:00: Platinum, Steve Leman
2. 5:00 – 10:00: Steve Leman
3. 15:00 – 20:00: Platinum
4. 20:00 – 25:00: Emerging Markets

Notable quotes from "Silver Rocket, Bitcoin Breakdown: Why Metals Are Crushing Crypto (2025 Recap)"

• Basically been pounding the table for my listeners not to wait for Sunday night to buy more gold and silver or platinum, but to do it right away because I've noticed the…

  about Platinum · at 0:37

• Much action going on, right? So, I'm up early in the morning and I'm watching CNBC. I'm watching Steve Leman and now all of a sudden he and he's their senior economics reporter, right?

  about Steve Leman · at 4:18

• Biggest cost and that's going down as all their revenue is skyrocketing. But I'm buying that and I'm buying emerging markets. I keep putting more money into emerging markets. I…

  about Emerging Markets · at 22:38

Who and what is mentioned in this episode?

People

• Steve Leman — Person · 2 mentions · first at 4:25

Companies & orgs

• Fannie Mae — Company · 1 mention
• Freddie Mac — Company · 1 mention

Concepts & topics

• Platinum — Concept · 3 mentions · first at 0:42
• Emerging Markets — Concept · 1 mention · first at 22:43

Full transcript with timestamps

0:00 Hello there and merry Christmas everybody and thanks for joining this space on the day after Christmas. Those of you who may be celebrating Boxing Day, uh this is a holiday, but the markets in the US are open. They were closed in many English-speaking uh countries, but the big prestigious metals rally started early in Asia as has been the case. And if you've been listening to my podcast regularly, and if you haven't been, you should be, but every week, every Friday, I have basically been pounding the table for my listeners not to wait for Sunday night to buy more gold and silver or platinum, but to do it right away because I've noticed the pattern of big rallies that start uh Sunday night uh each week uh when Asia open for trading. Now, this has been the biggest rally that we've had of the bull market. It really is an incredible move, but I think that it's going to be outdone. This is not the

1:11 last big move, but uh right now I think platinum is actually the star of the day. It's up almost 8%. It's an all-time record high for platinum. It's trading now above 2,400. Silver is pretty close. Silver is up more than 7%. It's up $523 right now. It's trading at about $7710. That's $9 higher than it was when I did my last podcast a week ago. A week ago, it's up nine bucks. In fact, when I first started buying silver for my C clients, my brokerage clients, um, and I was buying it for myself, too, back then. I still own the silver that I bought. I was paying less than $5 an ounce. So today's move alone, the increase in the price of silver today is more than the entire price when I first started buying it, which is incredible.

2:17 And in fact, the returns that I've earned on that silver and that my clients have earned on that silver just sitting in a vault because most of the silver I sold back then we were storing for customers and we're still storing it. They have they have earned more money if they were to sell that silver today. they have more money than if they bought the S&P 500 and reinvested all the dividends. Silver doesn't pay any dividends, right? So, this just gives you an idea. But so this is a record high in the price of silver. And in fact, I was telling people on my podcast when earlier this year when silver was at $30, you could have bought silver in Q2 at $30 when gold was over $3,000. And I was telling my listeners, you got to buy it. This is ridiculous how cheap silver is.

3:19 And now it's, you know, it's almost $80. $80 in under a year from 30. And when it broke through 30, I was telling everybody, "This is the floor. Don't worry about it. It's not going below 30. Just buy it." And then when it went to 40, I was saying the same thing. And then I said, "When it gets through 50, it's gonna it's going to be a rocket ship." And it's already more than 50% above 50. and it just broke above 50 like a month ago. Copper, not that I've been buying physical copper for people, although I own quite a few copper stocks myself.

3:58 Copper is at a new record high today at $5.85 a pound. So, it's not just the precious metals that are rocketing. It's industrial metals. Uh, you know, I I I was watching, you know, I got up early this morning, you know, because, you know, it's hard to sleep through the nights now with so much action going on, right? So, I'm up early in the morning and I'm watching CNBC. I'm watching Steve Leman and now all of a sudden he and you know, he's their senior economics reporter, right? That's his title. Anyway, he's talking to this gal, I forget her name, and they're talking about gold and silver, about how much it's gone up, like, you know, looking at it like, "Wow, look at this, right? What the hell?" And then Steve Leeman says, and I'm almost I'm I'm pretty sure I'm quoting him exactly. He says, "I can't think of one person who was pounding the table on gold uh or silver early this year. I can't think of one

5:01 person." Yeah, he can't think of one person. You know, one of the reasons he can't think of me is because he actually blocked me on X. So, I guess he wasn't able to see all of my posts where I was pounding a table all year long on Gold and Silver. But the fact that this guy who's on CNBC every day and they have guests coming on CNBC every day, he couldn't think of one of those guests who was telling people to buy gold and silver. Yet gold and silver are the best performing investments of the year. Gold's up like 70%. Gold now, by the way, I didn't even mention gold. Gold's above 4500.

5:46 Uh today it's at 4530 now. almost up about 50 bucks. I mean, obviously, it's being outshined by silver right now, but gold is making record highs. And in fact, I think the reason that gold isn't even going up more is because I think there are people who are short silver and long gold who are still unwinding those spreads. And so, that's putting some selling pressure on on gold. Uh, but I think gold's getting ready for another big run. I think we're going to hit 5,000 probably in Q1 of uh of 2026. Silver could easily hit 100 by then. I mean, it could have a pullback. I mean, it's moved up so far so fast that kind of anything could happen.

6:31 But I tend to think that uh the momentum is is is there for a reason. But getting back to what I was saying about this Steve Leman that all these guests that they've had on all year long, not a one of them that he can recall has been pounding the table on gold and silver. Silver's up like I don't know 150%. I haven't done the math, but I mean it's almost tripled on the year. Um, I mean, it's it's done better than any of the AI stocks, you know. It it's certainly certainly done a hell of a lot better than Bitcoin. I mean, I remember and I've reposted this tweet or post rather. Sorry, Elon. Um, several times over the course of this year, but when silver had a big move to about 31 or 32 in one day, it was up like 5%. I I I posted it was like February or March of this year and I posted I said check out silver. Silver is the new Bitcoin. It's Bitcoin 2.0, right? So if you want something that's

7:37 going to move faster than gold, buy silver. Forget about Bitcoin, right? Buy silver. And of course, I mean, look what's happened. I mean, one of the best trades you could have done uh in 20 uh 25 other than buying Fanny and Freddy uh which a lot of my friends made a lot of money in that in that trade. Um but um other than that uh you know it was probably selling um Bitcoin and buying silver and that was a trade that you know a lot of people could have done. I was urging people to do that exact trade and in fact Bitcoin is down 7% on the year and ironically just about every person who came on CNBC uh this year and certainly at the end of last year the beginning of this year which is the time period that Steve Leeman was uh was referencing everybody to a man and woman was pounding the table on Bitcoin. It was a can't lose trade, right? You have to buy Bitcoin because we have a Bitcoin president. We have a Bitcoin cabinet. We

8:55 got a Bitcoin strategic reserve, right? You can't lose on Bitcoin. Bitcoin is a one-way ticket to the moon, right? That's what everybody said. Well, you know, it it it basically, you know, petered out as it tried to get off the launch pad and then came tumbling back down to Earth. Bitcoin is down 7%. Look at Micro Strategy, the poster boy of Bitcoin hit a new 52- week low today. Today, it traded $154 a share. The high, the 52- week high is $45,722. Uh, but the bad news for Micro Strategy shareholders is it's still got a long way to fall. In fact, I think it's falling all the way to zero. In fact, Micro Strategy is probably going to be a zero long before Bitcoin is a zero. Um, so it's still not it's not too late to get out, by the way, if you still own Micro Strategy because Micro Strategy is no longer buying Bitcoin. Now it's buying US treasuries because it's worried about liquidity because it

10:06 borrowed so much money to overpay for Bitcoin. Now it needed to sell stock to raise cash to pay the interest on its debt and to keep paying the coupon on its preferred. So the buyer of Bitcoin is gone. And the other big buyers, the ETFs, they turn sellers, too. So party's over, guys. Uh, if you're in this space and you're in crypto, get the hell out. Do yourself a favor. You know, New Year's resolution, get out of this stuff. Um, if you were lucky enough, and I'll say more lucky than smart, but I don't know. I mean, I I guess I could give you credit, too, for being smart, but if you were lucky or smart enough to have bought it 10 years ago or 15 years ago, take your money and run.

11:01 If you were dumb enough to buy it a year ago, two years ago, three years ago, four years ago, cut your losses. Cut your losses. But your losses are not just what you lost in Bitcoin. Your losses are what you didn't make because if you bought Bitcoin instead of buying gold or silver because some idiot talked you out of gold and silver because you were watching CNBC, right? Instead of listening to my podcast and you didn't buy gold and silver, you were thinking about buying it, but instead of buying it, you bought Bitcoin.

11:40 You didn't just lose 10, 20, 30, 40% in Bitcoin. You lost the double or triple that you would have made had you bought gold or silver. That's your real loss. It's the opportunity loss. But you got one way to make it back and that's to go all in on the mining stocks, right? And you know the mining stocks have had a good year, right? But not the kind of year they should have had. Yeah, these mining stocks, a lot of them have tripled and quadrupled this year, but given where they started the year and given how much the metals are up, look, silver is up 7% today, almost eight now.

12:21 It's just jamming just since I started this podcast. No, I mean, not a podcast, this space. Now, silver is over 77 and a half. So, you're talking about 8% in a single day. And you got silver stocks, uh, look at like heckla mining up 1%. 1%. I mean, give me a break. Pan-American silver up, that's a little bit better. Three and a half% at least. That one's at a 52- week high, but that's nothing. Nothing. Uh, Cordelane up just under 3%. Again, that's a decent move when silver's up 1%, not when it's up 8%. Endeavor Silver up three and a quarter%.

13:11 Again, it's not even at a 52- week high. All of those silver stocks I just mentioned to you, despite silver having a big gain on uh Christmas Eve day, it was up about a couple of bucks. All those silver stocks were down. They were down on the day. and and and and so these stocks, the gold and silver stocks are still so cheap. This is your chance to make back some of the money that you didn't make owning gold and silver because the the these stocks are not priced for anywhere near where we are. Forget about where we're going, but where we are right now, right? And and I think it's going to be the same because when silver was just sitting there at 25 $30 as gold was going up, right? Go up and up and up and silver didn't go anywhere. And I kept saying, look, you know, buy it. And I think one of the reasons that people didn't buy silver is because they expected gold to fall, right? Everybody watched gold prices

14:20 going up and they thought, well, it's a fluke. It's a bubble. uh it gold's going to go down and so I don't want to buy silver because when gold goes down, silver is going to get killed. So the fear that gold was going to go down kept a lot of people from buying silver. Okay? And I kept saying gold's not going to go down. It's going to keep going up. So buy silver because it's going to catch up. It had to, right? This is, you know, that's just reality, right? And now it's paid off, right? The people who were patient, it's paid off. And now silver is finally outpacing gold, which is exactly the way it should be in a real precious metals bull market, which we are in. But the same thing has been happening with the gold mining stocks.

15:07 People are afraid to buy the gold mining stocks and the silver mining stocks because they expect the price of gold and silver to come down. They don't understand why it's going up and they believe it's going to come crashing down, right? And so they don't want to buy these stocks and the analysts [snorts] don't want to redo their earnings estimates based on the current price of gold and silver because they believe that these prices are unsustainable and that prices will be much lower in the future. So they are not incorporating $77 silver or $4500 gold into next year's earnings or the year after that or the year after that. They are incorporating much lower prices. But not only are they wrong to incorporate lower prices, they're wrong not to incorporate higher prices because this trend is not going to stop. Gold and silver prices and platinum prices and copper prices and lots of other prices are rising

16:14 for reasons that are going to be even more obvious next year and in the following year. So, these stocks are priced for a big drop in gold and silver when we're going to get a big rise in gold and silver. But even if I'm wrong and gold and silver just stay where they are and don't go anywhere, earnings are going to beat by a mile Wall Street estimates and I expect a wave of money to come into these stocks in Q1 of next year and a lot of that money is going to be coming out of crypto. I think a lot of the, you know, Wall Street money that bought into this uh, Bitcoin is digital gold, right? And in fact, I keep hearing these guys coming on CNBC.

17:04 I heard another one this morning saying to buy Bitcoin, this because he said it'll catch up to gold. He said, "Look at gold and silver. Look how much they've moved. Bitcoin hasn't gone up, so buy Bitcoin." What he should have been saying is sell Bitcoin because it ain't going up and buy gold and silver. But he just expects Bitcoin to go up like gold and silver because he's dumb enough to think it's the same thing. He he's, you know, all these guys on Wall Street, they never understood gold and silver. When I was buying silver for $4 and change and gold for under 300 because I understood it and that's why I bought it for my clients. None of these guys, none of my competitors at major Wall Street firms were recommending any gold and silver because they have no clue. They don't understand it. That's why they were so easily taken in by the con of Bitcoin, right? They they Oh, yeah. It's just like gold. Yes, it's

18:00 just like gold. If you don't know anything about gold, if you don't have the slightest clue about monetary history, you know, or what makes gold money and what makes gold special. Yeah, if you're completely clueless about that, you might fall for the Bitcoin uh uh you know, hype, right? You might get taken in by that. And if you don't understand economics and you know, a lot of these guys don't they don't get the Fed. They don't see what's going to happen. And that's what I think too is one of the things that's more amazing to me than this big this huge rally in gold and silver, which is something that I've been anticipating. In fact, the only thing that's surprising to me is that it's taken this long. Should have happened sooner. Uh, but personally, I'm making a lot more money because it happened later because I I I have a lot more gold and silver stocks and than I ever thought I would own because the

18:52 market just kept giving me opportunities to buy more and I just kept taking advantage of it. Um, and you know, people that want to tease me, hey, you know, I I I could have been a lot richer had I bought, you know, gone all in on Bitcoin when I first heard about it. Yeah, of course. Just about anybody that heard about Bitcoin when I did if they put all their money into it, you know, would be billionaires today. Um, and you know, I know a few people who did, right? You know, um, but the reality is most people who bought Bitcoin are losing money now. They didn't buy it 1015 years ago. Uh and if they did, they didn't put all their money in. They put some in and they put more in when the price got went up. And so they averaged up. And you know, by the way, Micro Strategy, the average price is over $75,000 of Bitcoin. I mean, we're going to be back below that soon. Where is Bitcoin?

19:49 Let me look. It's at 87,000. His average price is 75,000. He's barely up. I mean, what what a horrible trade. The guy's been buying Bitcoin for 5 years. 5 years. What's he up? 15%. Imagine if he bought silver. Imagine if he bought gold. All the things that that Michael Sailor has been trashing for all these years. If he just bought those instead, he wouldn't have to be raising a dollar reserve to head off a liquidity crisis that's around the corner, right? when Bitcoin tanks, which is about what's going to happen, right? People I think there are people who are waiting to January to unload their Bitcoin. I think some of the whales, they don't want to have to pay taxes this year. So, they're going to start selling the Bitcoin that they still have because they could see that it's over and they're going to be getting out. Now, there people that have losses, you know, I guess they could maybe try to sell them, but you know,

20:47 but I think the big money still has gains because the big money got in a long time ago. It's all the suckers uh that got in recently. But the point I wanted to make is what's more amazing than the rally itself and how few investors are getting in on it. I mean, I'm telling you, I mean, I'm in the retail business for gold and silver and business is still slow. And I talk to others in the industry. It's slow. The public, the American public is completely asleep. And this thing, this train is just passing them by. They they have no idea what's going on in in gold and silver.

21:28 And then I hear people talk about a bubble. How can you have a bubble in something that the public doesn't even know about? Isn't even isn't even involved in. But even the professional investors, people that manage big money for other people, they're not involved either. They're they're just going to get involved. I think they're just going to start next year because people are going to look back on 2025 and say, "Oh, what what where did people make money? What was what was good?" And it's going to be gold and silver and it's going to be these mining stocks. But when the analysts when they start looking at these mining stocks and they start seeing how cheap they are and the massive earnings growth that they have, they're not going to find that in any other sector. I mean, personally, I haven't been buy yet. bought even I bought more gold and silver stocks on that last pullback. Not that much, but I

22:18 mean I had to buy a little, but I got so much now. I mean, I buy when there's a big correction, which, you know, we But I've been putting money recently into energy because oil's oil is so cheap. It's ridiculous. It's never been this cheap relative to gold and silver, which is another reason why these miners are going to kill it because energy is their biggest cost and that's going down as all their revenue is skyrocketing. But I'm buying that and I'm buying emerging markets. I keep putting more money into emerging markets. I think that's going to be a big mover next year along with commodities because I expect the dollar to tank to tank. Now the dollar hasn't even really gone down much this year.

22:59 Although it is very close to an all-time record low against the Swiss Frank. Just less than 1% away from an all-time record low. Swiss Frank is a leading indicator of I think a loss of confidence in the dollar just like gold. Why are foreign central banks buying gold? Because they're losing confidence in the dollar, right? You can see that in the Swiss Frank too, which is also a safe haven from the dollar, right? So the dollar is not a safe haven asset anymore. It is a risk asset. And if you want to um minimize your risk, the risk of holding dollars, you buy gold, right?

23:38 That is what's going on, right? That and the central bankers, if they're afraid of the dollar and they don't even they don't want US treasuries, they don't want 4% interest because they know the dollar's uh potential depreciation is much greater than that. So the the coupon is not high enough. But this tells you all this is a bunch of BS. the Trump administration about this golden age in America about this great booming economy. It's all a croc. The economy is not booming. There is no, you know, he keeps saying everybody says you got the hottest economy in the world. We're If that was the case, why are they buying gold like it's going out of style? If the US economy is so hot, right? Gold should be cold. The fact that all these countries that are telling Trump how great our economy is, the fact is they don't want our currency, they don't want our bonds, they'd rather own gold, right? That tells you the central

24:30 bankers, investors, this is this is a big deal. And I think what we're going to see uh next year is a big drop in the dollar versus other fiat currencies. And it's going to send prices through the roof. Commodity prices are the most sensitive, and that's why you're seeing all that strength. The only commodity, the only one that isn't showing strength is oil. And that can't last. You know, just like silver couldn't sit back forever while gold was going up. There is also a long-term relationship between gold and oil. And oil is just too cheap relative to gold. So, one of two things has to happen. Gold prices have to crash or oil prices have to surge. My money is on the ladder. oil prices are going to surge. But when that happens, that's going to destroy the only thing Trump has to claim that inflation has come down because all he can point to is the gas price. That's all he's got. And he's

25:30 going to lose that next year, which is why the Republicans are going to go down in flames in the midterms and lose the House and the Senate. But the printing press is Trump is going to put a new lackey in at the Fed uh mid year. He's going to start. He's got his marching orders. Destroy the dollar. Cut interest rates to the bare minimum. Crank up the presses. That's why gold is going up. That's why silver is going up. Nobody on CNBC gets this. None of their experts understand this. They have no clue. They don't know what's wrong with the US economy. They don't understand how it functions. They don't understand what makes it work.

26:12 It's all about the dollar being the reserve currency and about our ability to print money, create it out of thin air and trade it for goods that everybody else produces. That's the only way our economy survives. We have to be able to bring in imports so that we can, you know, continue. What's our economy? It's retail. It's distribution, right? What do we sell? The stuff we import, what do we distribute? The stuff we import. Who are the biggest employers in America? UPS, FedEx, Amazon, Walmart. What's the biggest job for American men?

26:47 Truck driver. What are they doing? They're driving around all the stuff that was sold at Amazon and imported from China, right? But you take away the strength of the dollar. None of that stuff comes in. And if we can't import that stuff, well, there go all the jobs. There go there goes all the consumption. There goes all the GDP. All we're going to get is massive money printing. And we are on the verge of this. Gold and silver are screaming this. This is a much bigger crisis than the 2008 financial crisis. Much bigger. Orders of magnitude bigger. It has a much more profound impact on uh on on Americans, not just investors, but every American. And what's going to be so much more significant is that there's no bailout. The government, the Fed cannot bail us out of this crisis because it's a crisis where the Fed and the US government are at the epicenter.

27:51 Right? So instead of running to the dollar like they did after the 2008 financial crisis, they're going to be running from the dollar. It's not about whether or not some subprime mortgage borrower can pay back his mortgage. It's about the creditworthiness of the United States and our ability to service and repay our debt without destroying the value of the currency. That is what's at question. It's sovereign credit, not mortgage credit. It's the very dollar. And so we can't bail out. We can't print dollars to bail ourselves out of this crisis. It's a dollar crisis. It's a US Treasury crisis. So, it's going to be a massive reduction in the American standard of living, a massive reduction in the real value of US dollar denominated assets. And so, the key is now to get out ahead of that, right? To to get ahead of that train by getting into gold and silver. Now, you know, yes, the prices are up, but they're

28:50 going to go a lot higher. That's why they're going up. That's why they're going up like this. Get into these mining stocks because this is a gift course. Get out of Bitcoin be and Ethereum and all this crap while you still can, right? Before the bottom drops out of that. That's the biggest bubble of them all. We're going to have a Bitcoin crisis for those who own it before we even have a dollar crisis. And that's actually going to be good for gold and silver because when Bitcoin and all this crypto crap crashes, that's going to take a lot of paper wealth out of the economy. It's going to have a negative wealth effect. A lot of people are going to lose their jobs because they work in cryptoreated industries.

29:34 It's going to be big, right? This going to have an impact and it's going to cause a weaker economy, which means more money printing, which means more inflation. A lot of people still think that a weak economy means less inflation. They don't understand inflation or where it comes from. A weak economy is going to mean more inflation. Weak economy equals strong inflation. Why? Because in a weak economy, we have bigger budget deficits. We have fewer people working. We have more people collecting checks from the government.

30:02 We And the government's printing more money. They're borrowing more money. So the dollar is going to fall. And when the dollar falls, prices go up, right? So, we're going to have stagflation, but not just a stagnant economy, a depression, and not just inflation, but doubledigit inflation. So, this is what's around the corner. You're not going to get That's, you know, I decided to do this space during the market hours because if you're watching mainstream financial, you're not getting any of this stuff. You're just hearing all kinds of, you know, lollipops and sunshine. Everything is great. The market's great. And when they talk about gold and silver at an all-time high, it's hey, you know, they just kind of, hey, look at that. What's happening here? Oh, gee, nobody could have, nobody saw this coming, but oh, wow, it's interesting. Right? Like talk about whistling whistling past the graveyard.

Questions about this episode

What is discussed in "Silver Rocket, Bitcoin Breakdown: Why Metals Are Crushing Crypto (2025 Recap)"?

In order: 0:00 Platinum, Steve Leman; 5:00 Steve Leman; 15:00 Platinum; 20:00 Emerging Markets.

What is mentioned in this Peter Schiff episode?

5 people, works and ideas are mentioned, including Platinum, Steve Leman, Emerging Markets, Fannie Mae, Freddie Mac. Each one on this page links to its own page with every episode that mentions it.

How long is "Silver Rocket, Bitcoin Breakdown: Why Metals Are Crushing Crypto (2025 Recap)"?

The episode runs 31 min; the transcript is about 5,097 words in 35 timestamped sections.

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