Transcript

Silver's Epic Rally Signals Bitcoin's Imminent Collapse

From Peter Schiff · Episode page · Watch on YouTube

· 1 h 5 min · 11,386 words · 80 timestamped sections

This is the full, timestamped transcript of "Silver's Epic Rally Signals Bitcoin's Imminent Collapse", an episode of Peter Schiff published December 18, 2025 (1 h 5 min, about 11,386 words). It mentions 9 people, works and ideas, including Shift Gold, T-Gold, Sailor, Peter Schiff, Europacific Gold Fund.

What is discussed, and when

  1. – 10:00: Shift Gold, Europacific Gold Fund, Peter Schiff, T-Gold
  2. – 20:00: Shift Gold, T-Gold
  3. – 50:00: Sailor
  4. – 1:00:00: Sailor, Shift Gold, Europe Pacific Asset Management, Lauren Schiff

Notable quotes from "Silver's Epic Rally Signals Bitcoin's Imminent Collapse"

  • Turn those machines back on. You are about to enter the Peter SCHIFF SHOW.
    about Peter Schiff · at
  • Before I leave. Oh, and by the way, I'm not going to be doing any more of the shift gold Friday market wraps until I get back from vacation, which will probably be around mid January.
    about Shift Gold · at
  • Of these stocks or if you don't own them, buy them or get into my gold fund, the Europacific Gold Fund, EPGIX.
    about Europacific Gold Fund · at
  • We're building now and it should be up in January a new app one for Shift Gold and also one for T-Gold to make it easier to buy T- Gold and sell T- Gold. But ultimately I want…
    about T-Gold · at
  • Countries supposedly buying Bitcoin, with the president behind Bitcoin, with Sailor buying, he's bought now over 50 billion and he's buying as much as he can. He's going to…
    about Sailor · at
  • Presents for people. you can also give them a subscription. Well, it's a free subscription to Shift Sovereign, so you should sign up for that. but, we also have a paid…
    about Shift Sovereign · at
  • But a lot of you follow my wife Lauren Schiff she's been making music kind of as a creative outlet. she was a stage actress before we got married in New York and now she's a wife and.
    about Lauren Schiff · at

Who and what is mentioned in this episode?

People

Companies & orgs

  • Shift Gold — Company · 8 mentions · first at
  • T-Gold — Company · 3 mentions · first at
  • Shift Sovereign — Company · 1 mention · first at
  • Europe Pacific Asset Management — Company · 1 mention · first at
    Sign up for the free one. make sure and contact the representatives at Europacific Asset Management to set up your managed account to get as far away from the US dollar as you can, far away from the US stock market. in the 2008.
  • Third Eye Blind — Company · 1 mention

Products & tech

Full transcript with timestamps

You make no friends in the pits and you take no prisoners. One minute you're up half a million in soybeans and the next boom, your kids don't go to college and they've repossessed your family. Are you with me?

The revolution starts now. Starts now. We have to pass the bill so that you can uh find out what is in it.

Turn those machines back on. You are about to enter the Peter SCHIFF SHOW. TELL ME THE MONEY. [screaming]

IF we lose freedom here, there's no place to escape to. This is the last stand on earth. The Peter Shiff Show is on.

I don't know when they decided that they wanted to make a virtue out of selfishness.

Your money, your stories, your freedom. The Peter Shift Show. Well, happy Hanukkah everybody. I think we're what, fourth or fifth night? I kind of lose track with all those candles. Uh but we are kind of in vacation mode almost. I'm leaving tomorrow. Uh flying back up to Connecticut. I'll be up there for uh the rest of Hanukkah and the Christmas New Year's holidays. Um so I wanted to get this podcast in before I leave. Oh, and by the way, uh I'm not going to be doing any more of the uh shift gold Friday market wraps until I get back uh from vacation, which will probably be uh around mid January.

My kids have to be back in school on the 11th. So, I think we'll be back on the 10th. Um and so, between now and then, I'm not going to be doing any of those. So, if you've been watching uh those Friday market wraps, uh I'm going to be doing them. I'm just going to resume after uh the the winter break, but I'm going to be doing some of these podcasts. I don't know how often I'll do them. Uh but I'm going to do something if something big happens. Believe me, if there's a big move, if there's something that's important, I will try to do something uh while I'm away, either a podcast or also a spaces on X. So, if you're not following me on X, you know, make sure you do that in case I do an impromptu space to talk about a big event that happens uh over the holidays.

I am expecting that we could have some big moves uh on Christmas Eve, New Year's Eve uh in thin volume uh that I might want to talk about. So, make sure you know you're following me. Oh, and before I forget, you know, I you know, I always do this at the end. People say you got to do it at the beginning. uh subscribe to this YouTube channel, like it, comment, because apparently not everybody uh stays on for the entire thing. And I'm gonna tell you right now, those of you who only watch the beginning of these YouTubes or listen to the beginning, if you don't stick around to the end, you're missing out. Cuz sometimes I actually save the best stuff for last. And so if you don't have a long enough attention span, uh you're you're missing out. But, you know, so subscribe uh to the video. In fact, go over to um or the channel and you can go over to the shift gold and subscribe to that channel so that when I am back in

Puerto Rico uh doing those regular uh weekly market wraps, you'll you'll you'll know about them. But, you know, the big story I think this week is silver and we'll see what happens tomorrow. Tomorrow could be another big day. I think we've got an option expiration coming up, but silver prices hit $66 and I think 77 almost $68. I mean, we closed last week, I think it was 62. Now, we're off the highs, but as I am recording this, uh, you know, Thursday uh, evening here in Puerto Rico, but silver's above $65.50. I mean, we just broke through 50.

Now, if you recall from what I was saying on my podcasts, I I said that I expected silver to take out 50 because that was the big double top and that once it did, I thought we would have a quick move up to 100. I didn't think we would hit 100 this year, but I thought we would hit it next year. And we're on track. In fact, it's actually moving up even faster than I thought. Now, I'm not surprised that this is happening. What's actually surprising to me is that it took so long for this to happen. I mean, how long was silver at 30 bucks when gold was 3,000 and higher. In fact, at one point it was not only 100 to one, it was like 108 ounces of silver for an ounce of gold.

It was extremely absurd. Now it's back, you know, around 65 or something like that. It's still cheap. It's just not as ridiculously cheap as it was. But what's really been happening is silver is just catching up to gold, right? It's taken a long time, but now it's making up that lost ground quickly because gold hasn't really gone anywhere as silver's been rising, but it hasn't gone down. Gold is around 4,33050. The key is it's holding. It's not going down. I think what is happening too is people that were long gold and short silver because that's obviously been a popular trade. That trade is being unwound. And so that means that you have to sell your gold and buy back the silver that you shorted. So that's probably keeping a lid on gold, but gold's not going down because there is still substantial buying of gold beneath the market. So we have very strong support now above 4,000 for gold and

we're not going to get anywhere near 50 on silver again. I doubt it. I mean, it's is it possible that we could go back down and retest 50 again? I guess so. But I think the odds are that we're not going to get down there. Um, what's also been a bit surprising, but again, nothing surprises me, is that the mining stocks have gone nowhere this week. They've been steady. Even the silver stocks, even with this explosive move in silver, the silver stocks are not making new highs yet. Uh, and maybe uh, you know, people are thinking that this is a fluke, right? that, oh well, you know, this is just some kind of speculative blowoff and so they're not paying up for these silver stocks. Well, they're going to because this is not a speculative blowoff. This is a long overdue catchup.

In fact, one of the places where there isn't a bubble. I mean, there's so many bubbles that have been inflated uh by uh the Fed and it's, you know, loose monetary policy. The one thing that's not in a bubble is gold and silver. It's not even close. It doesn't even have any of the characteristics that would qualify it uh as as a bubble. Uh and and so I think that a lot of the money that has kind of been on the sideline this week uh kind of watching in disbelief as silver prices have surged, I think you're going to see a a delayed reaction in those mining stocks. And I think they're going to soar to new highs uh before the end of the year. Uh so I would encourage people uh tomorrow, tomorrow morning, I would be buying more of these stocks or if you don't own them, buy them or get into my gold fund, the Europacific Gold Fund, EPGIX.

Of course, if you buy that tomorrow, you get filled at the close, right? But that's still going to be okay because I think the big moves again are going to happen next week. Just like, you know, it started just like I said last week on Sunday night. You know, silver gapped up to $3 on Monday. Had a big move, but you had all weekend to buy it. And I and and again, you got to go to shift gold and buy some gold and silver, tomorrow, this weekend. Just don't wait till Sunday night because that's when Asia wakes up and they start buying. You want to buy before they do that, right? And I think with a thin holiday trading next week, uh, we could see even bigger moves. We could see a bigger short squeeze.

There's still shorts out there in silver holding and hoping that the market comes down, but there could be an overwhelming amount of physical demand for this commodity that is in scarce supply. You know, Trump declared it as strategic metal, silver, right? I mean, there's a lot of real industrial use. Big buyers need silver. Uh, and there's just not a lot of silver there. That is the problem. Uh, now it's not a problem for me. I own a bunch of silver. I own a bunch of silver mining companies, right? So do my clients now. But it's a problem for the people who have short they've shorted silver that they don't have. And good luck trying to get a hold of it.

Uh, so I would be loading up on silver uh over the weekend, Friday, you know, at shift gold for physical delivery. And if you don't want to take delivery, you go to t-gold.com and you can buy silver, you know, close the spot and we store it for you. Eventually, we'll tokenize it if you want to withdraw it in the form of a token. Uh, but for now, you just need to get a get a hold of it. You got to own it. And we're working on the app, too. Right now, you have to go on a desktop, you know, you got to go to the or I guess you can access it through a phone, but you got to go to the website. Uh but we're building now and it should be up in January a new app uh one for Shift Gold and also one for T-Gold to make it easier uh to uh buy uh T- Gold and sell T- Gold. But ultimately I want to have people be able to transfer their gold using their phone uh to other people who have accounts at T- Gold. So the gold

can go back and forth, the silver can go back and forth. So it can be used as a medium of exchange which is how gold and silver should be used. They are money. And this platform is going to make it a lot easier to use gold and silver, not just as a store of value, but as a medium of exchange, as as money. And ultimately, we'll have the debit cards, the credit cards, the tokens, all this stuff is going to be built on top of this. Uh but, you know, the first stage is to get everybody on boarded and get the gold and silver purchased uh before the prices go much higher. So, you know, do that.

uh at uh at Shift Gold and and and and T-Gold. Now, we got some news that came out this week. You know, we actually got a jobs report and an inflation report that we got and the jobs report, I think, came out yesterday, right? So, everything is kind of coming out at the wrong time, you know, because of the government shutdown, but we got the November non-farm uh payroll report. Now, I take these numbers with a very, very small grain of salt, but we got 64,000 jobs created. That's not a lot of jobs. And the forecast was 40,000. That's also a pretty low forecast. So, I guess people focused on the fact that we had a really low bar and we cleared it. But I doubt we cleared it. By the time they revise this number, I expect it to be negative.

Now, where we did get bad news officially was on the unemployment rate, which ticked up to 4.6%. Which is like a four-year high. So, this is the highest the unemployment rate has been since Trump's been president. And of course, this doesn't capture all of the people who are unemployed. In fact, when Trump ran for president the first time, he was honest about how dishonest these numbers were. He said the unemployment rate was fake. When it was, you know, 5%ish under Biden, he said it was really 20%. Well, the same applies now, right? Donald Trump said all the numbers were fake until he was elected and then they were real. Then he touted the numbers that he claimed were fake when Biden was president to show how great the economy was when he was president. Well, I mean, the numbers are either fake or they're real. They're not fake under Biden and real under Trump, but according to Trump, uh they were, right? That's how

that's how he rolls. And I'm going to talk a little bit more about the the talk that Trump gave last night uh of the fantasy uh description of of the US economy. uh after I get finished going over these numbers. But so the unemployment rate is 4.6 officially. Unofficially it's a lot higher than that. But the direction is also important. Unemployment is rising. It is not falling. And manufacturing even there the payrolls dropped another 5,000 after dropping 6,000 in October. So the president is claiming that all of this investment is coming, all of this reshoring, all of these factories and production, it's all coming back, right?

Because of his wonderful tariffs that are making us rich. Yet manufacturing continues to contract. People continue to lose jobs in in manufacturing. So none of this is happening. This is all a fantasy. All the tariffs are doing is making the stuff that we import more expensive and they're also uh allowing companies that produce some of the stuff that might compete with the imports to raise their prices too. So that's all Trump is accomplishing with the tariffs is higher taxes and higher prices. That's it. We're not getting rich. Uh we're not revitalizing our manufacturing. Nothing.

And the numbers, you know, as you know, rigged as they are, I guess, bear that out. So, we had a weak a weak jobs number. Uh, private payrolls up 69,000. You know, almost the same as total. So, uh, you know, not a lot of government. I mean, that at least that's one good thing. Maybe the government lost some workers, uh, which is a positive, but it's still a slowdown from the prior month. And again, I don't even believe these numbers. Nobody should believe these numbers. Uh they're going to get revised again and again and we know the direction that the revisions are going to come in and that's down. And in fact, even the Fed pal admitted at his last press conference that the numbers are exaggerated and that they're probably always maybe 60,000 less than what the the government claims. And if that's the case, they claim 64,000. So that's pretty much a push, meaning no jobs. But again, I still think it's going to end

up being uh job losses. Now, today we got the CPI numbers and a lot of people want to celebrate these CPI numbers because they were lower than expected. So, prices rose by 0.2 for the month. Um, and that was better than the.3 that was expected. But remember, if you annualize that, right, you're still around two and a half% inflation. You're still above the Fed's target because 2% per month, you know, adds up year-over-year. We're at 2.7 uh CPI. Now, the consensus was 3.1. So, the number came out below consensus, but it's still substantially higher than two. And I I think that, you know, we're going to go back the other way. I think the next the next report is probably going to be a higher number. X food and energy 02 better than.3 expected, but still well above 2% annualized. And year-over-year core CPI came out at plus 2.6.

Now, better than the.3% or the 3% expected, but it's still higher than what you would want when the Fed was cutting rates. But remember, right, the Fed, and I talked about this on my last podcast, the Fed cut rates again and return to quantitative easing. Now, of course, the Fed and everybody has been doing, you know, damage control, trying to reassure everybody that what they're doing is not QE, right? Now, you of course, why don't they want to admit that? Because that's admitting that there's a big problem because we did QE in the financial crisis and during COVID, right, when we had a great recession and we had this pandemic and a shutdown of the economy.

Those are the times we did QE. And so if we're doing QE again, well, that must indicate that there's a real big problem. Otherwise, we wouldn't be doing this emergency measure. So the Fed has to make sure that people don't realize that QE is in fact QE. So they're saying, "No, no, no. We're just managing our reserves or whatever, whatever." But I don't care how they want to dress up this pig, right? They can put all the lipstick on it they want. It's still QE by any other name or whatever. or they haven't even come up with a name for it. Uh but they are monetizing debt. They're printing money and buying treasuries, right? Just because they're buying T bills and not T-notes or T- bonds, still QE. They're doing it to artificially suppress interest rates. And they're doing it because they have to. They're not doing it because they want to. In fact, the only reason they stopped quantitative

tightening is so they could start quantitative easing. That's exactly what I said, right? The minute they announced that they were going to end QT, I said, "Well, that's just the first step." The next thing you know, they're going to crank up QE, which they did almost immediately, but they denied it. Now, the question is, how much longer will they be able to deny it? Because what the Fed is going to be doing going forward is ramping it up. So they're going to start buying more T- billills than what they're buying now and they're going to start lengthening the maturities. They're going to start going out the yield curve and eventually they're going to be down at the long end. Right? There's no there's no doubt in my mind that that is what's going to happen. And one of the reasons is because yields are going to spike at the long end and they're going to want to do something. I mean, right now we're

hanging out around, you know, the 415 area above four, right? The Fed has really cut rates now what, six, six times, three and three, like, you know, three sets of cuts, but long the the long the yield on the long bond has not gone down at all. Uh, in fact, it's gone up. And I think we're getting ready for another spike, especially if we could take out 2% on the 10-year JGB. As I'm speaking right now, the 10-year Japanese government bond yield is 1.96. We're almost there. Remember, I started talking about 2% when the yields were still under half a percent. because the Bank of Japan was kind of drawing a line in the sand like we're not going to let the yield go above a half a percent. And I was like, you know, it's not going to work. You know, it's like King Kuk, you know, trying to stop the tide, right?

Doesn't matter. You can yell at the tide all you want. It's going to come in, right? And there was a huge flood coming uh in the Japanese bond market. And uh we're almost at 2%. And I kind of identified 2% as where I thought things would really start to unravel. Meaning that once the yields get above 2%, they're going to start moving up 2.1, 2.2, 2.5, right? This is going to be a problem in Japan, but it's also going to be a problem here, right? uh and it's going to put pressure on our yields and maybe on a lot of other assets too, not just treasuries, but tech stocks and stuff like that, crypto.

And uh and so the Fed is going to do more QE. And that's why I'm expecting an even bigger rally in gold and silver next year. I mean, it's hard to imagine it's going to be bigger than this year, but it might be. Uh but I think we're going to continue it. And what's going to really uh fuel it is going to be the weakness in the dollar. The dollar kind of stopped falling. We had that initial decline after liberation day and then it's kind of been steady dollar index around 98. Um [snorts] but it's going to tank uh you know now that the Fed is you know basically shown its cards. um and the you know the markets are going to react to that and you're going to see uh a weakness in the dollar uh especially as this not QE uh ramps up and more and more people recognize it. Anyway, um the other thing that's going to be driving uh the dollar lower uh and gold higher is the new Fed chairman yet to be announced. I think

Trump has said he's supposed to announce his pick uh before the end of the year. But Trump talked about his pick last night and what Trump said was that he is going to appoint a Fed chairman who wants lower interest rates. Now that should scare the hell out of anybody that has US dollars. Right? He didn't say, "I'm going to appoint the best man for the job or gal for the job, best person. I'm going to appoint somebody who's determined to uh maintain the purchasing power of the dollar, maintain price stability, be a good steward of uh the dollar and and its role uh you know be above the political fray, uh be independent. No, no, he didn't say that. He said, "I am going to put somebody in charge of the Fed who is going to lower interest rates whether the economy calls for lower interest rates or not is basically what he's saying. I am sending somebody to the Fed with a directive to cut interest rates,

right? It's that's it. And if you're not going to give me your word that you're going to cut rates and if I don't trust that you're going to do it because obviously, you know, you could change your mind, right? Once you get the job, you're there, right? The president can't fire you. I mean, he's trying. So, he wants to make sure he's got a real Trump supporter that won't stab him in the back, right, by doing what's right for the country. that is going to be loyal to Trump above all else. Right? That is the one criteria that Trump has. You will do exactly what I ask you to do. Right? And if you say yes, you you got the job, right? I think that's who he's going to put in charge. The one he thinks is most likely not to, you know, you disappoint him, not to knife him in the back and and say, "You know what?

Sorry, Mr. President. I I I you know, now that you appointed me, I take this job too seriously. I I gotta do what I got to do. And you know, we can't cut rates. You know, that's not the guy. Trump does not want that kind of guy. He wants a yes man. He wants a team player. And he's making that pretty obvious, right? That the Fed chairman is going to be the the puppet and he's going to be the puppeteer. And it's not just going to be um rate cuts. It's going to be QE, right? All Trump wants to do is blow air into this bubble. That is his only goal to prevent everything from collapsing while he's still there. Right? Just like a lot of bad things that happened under Biden started under Trump. like all the inflation that he wants to blame on Biden. He's responsible for most of that because he he did the policies in 2020 under co the massive increase in deficit spending and all the money printing.

Biden just happened to be there when the consequences of all the inflation showed up in prices. Had Trump been reelected, same thing, right? But he conveniently could say, "Hey, there was no inflation when I was president." Of course there was. Money supply exploded. it just showed up uh on Trump. And in fact, you know, I me I made this point on Tucker Carlson. I did the Tucker Carlson interview, by the way. Uh I did that uh w uh Tuesday. They haven't they haven't put it up yet, but I made the point that the CPI really started to increase in the last four or five months of the Trump administration, maybe three or four, and into the first few months of Biden before Biden had a chance to do anything, before any of his policies took effect. And it's not a coincidence that the highest year of inflation under Biden was the first year because that was caused during Trump. You can't hold Biden responsible for the 2021

inflation. Now 2022, 2023, okay? Right. But Trump also bears some responsibility for that. But inflation under Trump in his last year is probably going to be the worst year. It's going to be up from here. It's all uphill, I think, when it comes to inflation. And by the way, you know, I was very happy to to reconnect with Tucker. Uh I kind of lost touch with him after he left Fox News and now we're kind of uh back in in touch. And you know, it's it was a good discussion that we had for a couple of hours. You know, flying home afterwards, I was regretful that I I wasn't as critical as I think I should have been of the current fiscal and monetary policy. And I really didn't warn like I think I should have. than I normally do about the impending dollar crisis and sovereign debt crisis and and how important it is for people to prepare and and how all this nonsense they're being told about the strong

economy uh and is is all BS. I mean, I didn't get into that as much as I spoke more. Uh we spoke a lot about gold. I did get to tell my story about the bank at the end. We probably spent too much time on that, but you know, I wanted to get that story out there. I want people to know uh what happened to the bank and my customers so that they appreciate the unbridled corruption in the US government, how they act above the law uh and and how you know they just you know trample on our individual rights and how the media covers it up. So we we covered that at the end. Uh but we talked more a lot about a lot of uh you know macroeconomic stuff which is good and entertaining and people will learn.

Uh, but you know, I hopefully I can go on the show again and and and approach it from that angle. Uh, I'm hoping maybe over the summer or something I can go up to uh uh the house in Maine and do and do an an interview uh from up there. But anyway, get back getting back to what I was uh uh discussing on inflation. So, um Trump when he gave his um his talk, right, last last night, he repeated what he posted on Truth Social about me, right? He accused me of being wrong and being a hater and being a loser and being a jerk because I claimed that prices were rising when in fact they are rising. In fact, the CPI numbers that we got today confirm that prices are in fact going up. Trump still insists that they're going down. And not only does he say they're going down, they're going substantially down. not just a little down, they're a lot down, right? Uh and and he went on to talk about that last

night, saying that prices have come way down and that they're continuing to come down. and he focused on Thanksgiving turkey, eggs, gas, you know, a couple of things where yeah, I'm sure that some things the prices went down, but for other things the prices have gone way up, but in aggregate in total, right, if you look at all the prices, they've gone up in total, right, Trump is kind of uh claiming uh that the opposite is uh is happening. But, you know, he told a lot of uh, you know, basically fantasy uh when he talked about, you know, he inherited this big mess, right? And he's cleaned up the mess. He didn't just inherit a mess, he helped make the mess, right? Uh, yes, Biden made it even messier than the mess that he created, but he is responsible as are presidents that preceded him. Right? We've been passing this baton from president to president as we continue to uh compound the mistakes of running up bigger

deficits uh and having the Fed uh monetize it and keep interest rates artificially low. But that's exactly what Trump wants to continue. He wants to continue uh kicking this can down the road and hoping that the bubble doesn't pop until the next president so he can say it's not my fault, right? We had the greatest economy in the history of the world, you know, and now we elected somebody else and they ruined it, right? Ah, you know, I mean, they sc, you know, we we went from the worst economy in the history of the world in a few short months to the greatest economy in the history of the world. And in fact, you know, Trump said that everybody tells him how great the economy is. All the world leaders tell him like how America is doing the greatest. We got the hottest economy in the world. Now, I don't know if they're actually telling him this or he just thinks they're telling him this. You know, maybe it was

in a dream or something, but it's also possible that people know how to suck up to Trump, right? You just kiss his ass. You tell them how great he is and you know, you could probably get what you want. So, they they know how to play him. Uh but there's no way we have if we had the hottest economy, the Fed would not be cutting rates, right? The Fed would be paying attention to higher than target inflation. See, the reason the Fed is looking past the higher inflation that they're uncomfortable with is because they're worried about the economy. They're worried about the labor market. They're worried about a lot of things. Well, if we have the strongest economy in the world and in the history of America, what the hell are they worried about? Why do they have to cut rates? Why can't they raise rates in this super strong economy? Why can't they raise rates so we can bring inflation down, right? No. No, we have

to risk inflation going up because the economy is so vulnerable. It's so weak that if we don't cut rates and go to QE, the whole thing is going to implode. Right? That is the truth, right? Not this fantasy that Donald Trump is promoting of this, you know, golden age in America. The only thing golden about the golden age is gold or silver, right? those prices are going up because the markets understand uh that a currency crisis and a sovereign debt crisis is coming. See, not only aren't things fantastic, the way Trump explains, but we're headed for a crisis that's much worse than 2008 because in 2008 the government was able to bail everybody out. That was a mistake, but it softened the blow at the expense of making it worse later. Now, I am surprised that we've been able to delay the consequences for as many years as we've had. But because we've succeeded in doing that, we've also exacerbated the

consequences, right? Because there's a lot more uh that needs to be unwound. It's it's a much bigger bubble. We've we've made far more mistakes. We've taken on a lot more debt uh than we have. So, this is going to be much worse. You know, Donald Trump claimed, "Yo, I got $17 trillion of investment in the US." That's like twothirds of our GDP. I mean, that that's not even close to a true statement, right? I mean, but we're getting we're getting the we're getting crazy from both sides, right? There was um I I I posted on on X today, Bernie Bernie Sanders came out, right?

And he was he was all upset, you know, we got to stop AI. We got to stop the robots, right? because they're taking our jobs. And you know, it's like, yeah, that that's the whole idea behind progress. So, we can eliminate work, right? We don't we don't work because we enjoy it. We work because we want the goods and services that are produced by that work. And you know, and if we don't produce them ourselves, we work so that we can afford to buy what other people produce. But if robots and AI can bring down cost, then we don't have to work so hard to buy the stuff we need. That is a win. Like Sanders just looks at everything from the perspective of the worker and he forgets that all workers are also consumers.

And if I can consume more and work less, that's a win, right? If the goal is to work more, I mean, if I can consume more and work less, if I said it, that's a win. If your goal is to work more and consume less, well, that's easy to accomplish, right? Just any socialist government accomplishes that. But if you're of the opinion that laborsaving devices are bad because they destroy jobs, then well, let's, you know, why stop at robots and AI? Get rid of all the tools, everything we've invented since the stone age. And then we'll have nothing to do but work. We'll work every day from sunrise to sunset, 7 days a week. No weekends, no holidays. You know what we'll be doing? Foraging, right?

toting water around, building huts out of grass, trying to kill animals with a a spear that we crafted by ourselves by hand. Uh, and then try to make clothing out of the pelts, right? I mean, if all you want is work, that's easy to create. Just destroy all the tools, everything that makes our lives better, just get rid of it, right? But the problem with Bernie Sanders is he said that he said, "Guess who's behind this AI? Guess who's making all these investments in AI? It's the billionaires. It's the rich people. Well, who else can afford to make the investments? You think the poor people are going to make the investments?" But what's really bothering Bernie Sanders is that people are going to get rich making our lives better. I don't mind if somebody gets rich improving my life.

Great. I' I'd rather have lots of rich people because they made my life better. But Bernie Sanders would rather have no rich people as long as we're all poor, right? If everybody is equally poor, Sanders is happy with that. Although I don't think he wants to be poor himself. But if all the rest of us are poor, that's okay with Sanders just so long that nobody makes a buck, right? Nobody can get rich solving a problem, curing a disease, right? No, no, no, no. Right. Let's we Let's all Let's just stay sick. We don't I want the guy who cures cancer to get really really rich. I hope somebody gets stinking rich curing cancer, right? Don't you want that?

Because that's why somebody's going to cure cancer because they know, gee, if I can cure cancer, I could get rich. Think of all the money I can make if I have a cancer cure. Yeah. I want people thinking like that, right? I want people motivated to cure a disease that might kill me. Right? If you say, "Well, you know, you shouldn't make any money curing cancer. you shouldn't profit from other people's diseases. Okay, then no one's going to cure cancer and we can keep dying of it, right? Uh these guys just don't don't get that. But anyway, what else was Trump talking about? Oh, also about Trump, I actually got called by a Wall Street Journal reporter. I guess I'm going to get quoted. I'm really getting on the on the president's bad side now. You know, he's already blown off at me once. You know, wait till he reads this Wall Street Journal because I I don't know what they're going to what they're going to quote me

on. But you know, Trump media t Donald Trump media was up 40% today. The stock was on a 52 leak low. Like the stock had been getting killed because it doesn't have a viable business. You know, first it was, you know, Truth Social, but that's not making any money. I mean, it's an echo chamber for Trump to go out and and and and post his uh you know, his ravings to his loyal fans, but it doesn't make any money. And so then they pivoted to a Bitcoin uh treasury company. And of course that's not working out because all the Bitcoin treasury companies are getting killed because Bitcoin is getting killed. Uh and it's I'm going to talk about that because it's going to get decimated uh very soon. So it it pivoted to that and now it just announced a merger with a fusion energy company. Now of course nuclear fusion I don't we don't I don't think we can do that yet.

I mean, it's it it's it's a it's a goal that they're working on, I guess. But what the hell does a nuclear fusion company have to do with uh a social media company that's losing money uh or a Bitcoin treasury company that's losing money? I mean, what what what does this energy company have to gain by this merger that on paper has now made billions for Trump based on the appreciation, right? Clearly, the only value that uh Donald Trump uh enterprise has, right? Is is that the name of it? DJT Trump Media and Technology. Well, I guess they added technology, right? it.

So Trump media and technology, the only value that it has is the president is the fact that the president of the United States who sits in the Oval Office who has all this political power to tilt the playing field in your direction, it's his company. So what this company had to gain was political access, right? So it Trump was able to sell that to leverage that power to get this deal done. And obviously now uh the the merged partner expects that they're going to get to leverage this that they're going to get something from the government that they might not have got had they not merged with Trump. That that how can that even be legal to do stuff like this? And of course, who knows? I mean, maybe because Donald Trump is president, right, he won't do something directly with this company.

He'll have somebody else do something for this company and then reward them somehow with a presidential favor, right? He is in a position to make billions or take billions, right? He's got all this power and he's using it. But, you know, none of the Republicans who rightfully rightfully criticized Joe Biden and Hunter Biden for the penny Annie stuff that they were doing, you know, compared to the billions. I mean, Trump is taking this thing to a whole new level, right? And out in the open. I said at least the Bidens had the decency to try to hide this with shell companies and they were laundering the money. I mean, Trump figures, you know what?

Let's just do it right out in the open. That way nobody can accuse us because it's like we're we're being so open about it, you know. And I guess it started uh you know the the the the trial balloon uh was uh Melaniacoin and Trumpcoin got away with that. He's like, "Hey, you know, I might as well keep going. Press my luck. See what else I can get away with." And he's parlaying uh this office into a huge windfall. So, at least, you know, at least the the Wall Street Journal, you know, is looking into this, right? That's why they they contacted me. But it's interesting. They they saw my post on X.

That's how they they contacted me to talk about it. So, the president now is going to start to hear my name a few times. He's really going to start getting pissed. I hope, you know, I hope I hope he doesn't sick the IRS on me anymore than they already have, right? And stuff like that. because you know uh I joked on X when I was flying uh to Florida to meet with Tucker. I put it I said I hope the president doesn't shoot down our plane. Uh because they've been well they've been shooting down boats or blowing up boats. But uh that was I don't I didn't expect them to shoot me down but it was kind of like I know I'm getting under his skin, right? I I struck a nerve when I told the truth on on Fox on Fox News.

But I want to talk also about Bitcoin. But I don't think did I miss what did I I'm trying to remember um what what Trump said out of his speech about the economy. Um oh yeah he he talked about the big beautiful bill many times about this massive tax cut in US history. Yes. Irresponsible, right? He inherits a big problem from Biden and the biggest problem he inherited was the deficit. Right? because that was the source of the inflation. So he inherits this big deficit and what does he do? The biggest tax cut ever. Why do you do that? You what we needed was the biggest spending cut ever. What we needed was Doge on steroids. And initially, yeah, Elon Musk came to town. He had little X on his shoulders and he brought his team in there to the White House and was going to cut spending. And the minute he started trying to cut it, they ran him out of town. Like, hey, come on. We're not really cutting. It's all

This is all part of the Trump show. We're not cutting anything, right? Nothing got cut. But we needed more than just to cut the fat. We needed to cut into the bone. The government is much too big. You know, you want to know why we have an affordability crisis? Because we're spending so much money on government. There's not much left over for everything else. Because the big beautiful bill wasn't a tax cut. It was a tax hike. And the reason it was a tax hike is because government spending went up. And because the big beautiful bill resulted in a bigger, more expensive government, the public has to pay for it. We don't get all this government for free. And so if Trump is not going to be honest and take our money, he's going to be dishonest and take our purchasing power. So because we have to print all this money and spend all this borrowed money into circulation, the cost of living is going up. So

everything is less affordable because we're spending so much of our purchasing power on government, right? We're buying all this government whether we realize it or not. that doesn't leave as much left over to buy the things that we really want or the things that that we really need. Anyway though, I want to talk about um the crypto. I think that we are very very close to a a mel meltdown, a big crash in in Bitcoin. And I say that mainly looking at Micro Strategy stock because look at that chart. Look at this stock. I it's hard to find a worse looking chart than Micro Strategy. I mean, it closed at 158 today. Uh the 52 week low is about 155.

We'll probably take that out tomorrow, but I think at a minimum at a minimum in the very short run, it's going to get cut in half. Maybe around 80, right? And there's no way that Micro Strategy stock is going to go down by 50% and Bitcoin not go down, you know, maybe not quite as much, you know, so the discount that it trades at relative to Bitcoin will widen, but Bitcoin is going to go down at least to 50,000. You'd have to say at least 50,000 if Micro Strategy goes down to to 80. And it could do that before the end of the year. Now, 50,000 is still a high price for Bitcoin because you're, you know, you're it's nothing, right? You're buying nothing and you're paying 50,000 for it, right?

So, it's a lot. But what I think is going to happen if we crack 50,000 in Bitcoin. I think that a lot of the loans that were taken out against Bitcoin, a lot of the, you know, people, a lot of the people this year, earlier this year, were so convinced that with the Bitcoin president and the Bitcoin strategic reserve, which is really the Bitcoin bailout fund, but with the Bitcoin strategic reserve, with all these countries supposedly buying Bitcoin, with the president behind Bitcoin, with Sailor buying, I mean, he's bought now over 50 billion and he's buying as much as he can. He's going to have to stop because he's now destroying shareholder value. He's selling stock below its NAV to buy Bitcoin. He should be doing the reverse. He should be selling Bitcoin and buying back stock. That would maximize shareholder value. But he can't do that because that would destroy the value of the Bitcoin. So he's forced uh

to shrink the Bitcoin per share in order to sell stock to prop up the price of Bitcoin because the minute he stops buying uh you know it can it it it can implode. But people, I think, were very confident when Bitcoin was over a 100,000 that it could only go up, right, with and especially with all the other copycat Bitcoin uh treasury companies, right? Buying Bitcoin, announcing their Bitcoin buys. And so that's what made a lot of the Bitcoiners feel that they could borrow against their Bitcoin. I mean, they didn't want to sell the Bitcoin because a that would generate a tax, right? You bought Bitcoin $1,000, $500, even 10,000. Who wants to sell it at $100,000 and pay that big capital gains tax, right? I'm just going to borrow and pay no tax, right? You could borrow the money out. You haven't made a sale. You technically don't have any income. So, you can borrow that money out taxfree.

Number one. Now, number two, I don't want to get off this train because there's no stopping it. Bitcoin's going to 200,000, 300,000, 400,000. Why should I sell it at 100,000? I'm just going to borrow and then it's going to keep going up and I'm going to keep on borrowing and I'll never have to pay any taxes because my Bitcoin is going to go up forever. I'm just going to be rich and whatever I want, I'll just borrow. That was the mindset. Now, my thinking is that below 50,000 is when a lot of these margin calls are going to get triggered, right? Where, okay, I borrowed money against my Bitcoin when it was worth a h 100,000. But now that it's worth 50,000, there's not enough collateral left for the lender. The lender's getting real nervous, right? And so, the lender is going to contact the borrower and say, "Look, I don't know, you got 24 hours, 48 hours. you got to send in some more money. Uh you got to send in some more

Bitcoin. You got to do something because you got too much uh loan to value here. So, you got whatever. And of course, they probably don't have the money because they they spent it, right? That's why they borrowed it. They had money. They wouldn't have taken out a loan. And so, a lot of this Bitcoin is going to get sold and the market's going to implode. Then it's going to trigger mass liquidations from the ETF investors who are not diehard Bitcoin maxis. Uh they just bought this thing because they were told they'd make some quick money. Uh a lot of them unfortunately sold their gold ETFs and their gold stocks uh to buy uh uh Bitcoin. They're going to cash out.

There's nobody to take the other side of that trade. The big money that's been propping it up, they they've been getting out, right? the the OGs and the whales, they've been selling. They don't want to buy it back. Meanwhile, even Tether that used to be a big buyer. They're buying gold. They they even they're done buying Bitcoin, right? They want they want real gold, right? That's what they're buying. So, we are I think on the verge of a major major crash in Bitcoin. And you know, even if it doesn't happen, the safe thing to do is get the hell out now. Just wait. Just wait a while. Just see. It's not going to run away to the upside, right? It's either going to crash or maybe it's going to go down a little or go sideways. There's very little upside. The upside's in gold and silver, right? Get rid of your Bitcoin.

Go to shift gold. Cash in your Bitcoin. Buy some gold and silver because this is going to be a a a a epic decline. And it it's ironic, too, because, you know, I do think we're going to have a dollar crisis, but the Bitcoin crisis is going to happen first. And a lot of people who bought Bitcoin thought that they were protecting themselves from a dollar crisis. They were wrong. If they wanted protection, they should have bought gold or silver. Uh they they gambled, right? Uh they were told that they were going to this was going to be the fastest horse in the race. Well, first of all, it's not even in the race anymore. It's out in the pasture, but pretty soon it's going to be in the glue factory. Uh so you got to get out. But Bitcoin crashing is actually going to be a problem for the economy, right? There's actually a lot of risk associated with a Bitcoin crash because not only are the net

worths of the Bitcoin holders going to be wiped out, so a lot of young people are going to lose everything, uh, unfortunately, some of the older people who bought Bitcoin, uh, you know, they could be wiped out if they put too much of their retirement money in there. They put their IAS in there. the lawyers are going to have a field day because I think all the Bitcoin IRA companies are going to get sued for sure because they're going to say, "You never should have let me put my retirement money into something like Bitcoin." I mean, I I don't have a problem with the young guys losing money in Bitcoin, you know? Um because if you're going to lose money when you're young is the best time to lose it. A is because you don't have a lot of money um when you're young, right?

um so you don't lose that much and B um you have a lifetime to not only earn it back but to learn from your mistakes and believe me people made big mistakes and it's a valuable lesson when they lose all their money in Bitcoin. But if you're my age and you lose all your money in Bitcoin it's a big problem because a by the time you're my age you should have a lot of money. You should have saved. you know, you're basically knocking on the door of retirement. So, you lose the money, you don't have the years to make it back and you don't have anything to learn from it because you're, you know, most of your life is gone, right? So, you don't get a lifetime of benefit from a a valuable lesson learned. You know that, believe me, you young guys that lose your money in Bitcoin, these losses are a valuable lesson that will prevent you from losing more money later, right? And of course, one day you'll probably be in the same

position that I'm in. You got some kids that are doing something stupid, and you're going to try to convince them not to do it, and you'll be able to use your experience with Bitcoin as an example of of how you lost money when you were young and you did something dumb. Uh, and they're gonna say, "What do you know? You know, fuddy duddy, you know, you don't get the new thing, right?" Because you get it, right? Everybody thinks they've reinvented the wheel. Everybody thinks that they're no no more than their parents and their great-grandparents. And, you know, they're the first to ever do this. Uh, but but that's coming. And I look at this, I think this is going to be a meltdown then again. So, not only is it going to be a wealth effect because people are going to lose their money in Bitcoin, a lot of people are going to lose their jobs because a lot of these crypto companies are going to go out of

business and a lot of the people that work for crypto companies own a lot of crypto. So, not only are they going to lose their jobs, they're not going to have anything to fall back on to tide them over because they're going to lose that, too, right? They're losing their their um their jobs. They're losing their their their portfolios. So, there's some systemic risk here. There's lenders uh that are going to lose who've loan money against Bitcoin collateral. You know, Michael Sailor keeps talking about how Bitcoin is this great collateral. It's horrible collateral. We're going to find that out. Uh landlords are going to lose money when their tenants, these crypto companies, don't pay the rent anymore.

Um it's going to cascade, right? There's going to be uh some ramifications that are just going to worsen the economy that was going to weaken anyway. So, this is what's this is what's coming. So get out of the Bitcoin. I know people are say, "Ah, Peter, you know, you've been you've been wrong on Bitcoin." Yeah, I have been wrong in the past when I've said I thought the price was going to go down. Although I have been right and I've called many big Bitcoin declines. The thing is that Bitcoin has always recovered from those declines.

Now maybe it will recover from this big crash. I wouldn't want to bet on it. And eventually it's going down for the count. It's get it's going to be knocked down and it's knockout. It ain't getting back up. Everybody is complacent, right? They think, "Well, it's always going to come back, right? All I have to do is hodal. All I have to do is ride it out and I'm guaranteed to be rich." Right. Michael Sailor, volatility is not a bug. It's a feature. We want volatility. Yeah. Yeah. Right. Right. Uh, you know, one of these days, you just don't know when, right? The crash is the last one.

And this might be the last one that's coming. Right. We may, you know, we may have seen the highs. We have seen the highs. I said this and I was right about this. Bitcoin is like 40% below where it was priced in gold four years ago. That is big. That is significant. Uh because that's the best way to price it. And if Bitcoin couldn't make new highs this year with all that it had going for it, the whole might of the White House, the presidency, the cabinet all being Bitcoin and the Bitcoin Zar and uh all the Bitcoin treasury companies and all this stuff. If Bitcoin went down in that environment, imagine how much lower it's going to fall, right? As it becomes less popular, right? You had everything going for it, yet it couldn't go up, right? That's it.

It it has exhausted. Uh and there's a very good chance that it's going down. In fact, the only reason that Bitcoin even had that last big rally to 100,000 because people make fun of me because I said it will never get to 100,000. Had Trump not been elected, I would have been correct. It never would have hit 100,000. but it only got to 100,000 because of Trump, but now it's back below 100,000 and it may never get back up there again, right? Uh so you want to get out the the the last thing I want to leave you with a couple things. Remember uh uh you know uh gold and silver, especially silver makes a good stocking stuffer. You know, you could buy, you know, some silver rounds, silver coins.

You know, keep some for yourself, but you can you can put some um uh as presents for people. Uh you can also give them a subscription. Well, it's a free subscription to Shift Sovereign, so you should sign up for that. Uh, but, you know, we also have a paid newsletter that you can take a look at after you sign up for uh for the free one. Uh, make sure and contact the representatives at Europacific Asset Management to set up your managed account uh to get as far away from the US dollar as you can, far away from the US stock market. You know, in the 2008 financial crisis, everybody uh fled to the dollar. This crisis is going to be because everybody is fleeing from the dollar. And it's a whole different ballgame in how you need to be invested.

Gold and silver will be will do much better than they did in '08. Uh but so will foreign stocks, emerging markets. So, you need to load up on these things now uh before the new year. And I do think that when the new year starts and people look back at where the good returns were in 2025, they're going to see the performance. In fact, you know, our dividend payer strategy is up about 60% on the year. I mean, that dwarfs the S&P. I mean, so people are making a lot of money investing internationally, and I think in January, people are going to look back at 2025. In fact, I think we're going to win some Lipper awards for our funds for the best performing funds. We'll see. I think my value fund is going to win the number one fund over the past 10 years. Best in best-in-class over 300 funds. Best return over 10 years. I think my dividend payer strategy is going to win best fund of the year in its category of again 300 or

so funds. Best return of the year. And I may even get some best returns threeyear and 5year time. I'm it's I'm I'm I'm not leading there yet, but you never know. The last couple of weeks I could gain enough uh extra distance to actually be the tops for three years or five years. We're close. We're just not at the top. Um uh so I think you know when people look back uh they're going to um they're going to see how good these returns are and they're going to want to put more money into foreign stocks and that's going to obviously push prices up higher. So before they have a chance to to do that, top up your own position, right? Invest more in our strategies or if you know you don't have any money, you know, talk to the representatives and do something. Uh and then finally, you know, I forgot to mention this on my last podcast because I meant to, but I mention I mentioned it on the uh Shift

Gold Market rap, which I did on Friday. Uh but a lot of you follow uh my wife Lauren Schiff uh you know, she's been making music uh kind of as a creative outlet. You know, she was a stage actress uh before we got married in New York and you know, now she's a wife and mother, but she is very artistic and very creative. And so she started uh writing songs. Uh and her partner is uh to a guy that was the the lead uh guitar player for Thirdey Blind. Right. So going back uh and and Tony was a um a fan of mine and reached out to me just kind of because he was a fan of the podcast and I kind of introduced him to Lauren and they can you know work together on these songs and Lauren actually helps you know arrange the music as well but he does a lot of the music you know and Lauren writes the the lyrics and then sings the songs right and so their album is called Funny Money which is kind of you know a nod to

Uh, and they've been releasing these songs. Uh, and the the first one was GB. Uh, and um, she hadn't released one now. It's been a couple months. She's still got about at least a half a dozen of these things in the queue, like waiting to drop, but she, you know, she keeps working on them, improving them. But the most recent one called Yesterday's came out last week. And so, I wanted to encourage people to listen to that song. If you're, you know, on YouTube and you're seeing this on YouTube, they've got a YouTube channel, uh, Laughing Cats. If you go Laughing Cats Music, you search that, you'll find Laughing Cats and you can listen to it. You can also subscribe to the channel, you know, so you'll get, you know, notified when the next song comes out on YouTube. She's also on Spotify, but people have to have an account there, right? You have to paid account on Spotify. But if you look up um, Laughing Cats, uh, you'll see uh,

you'll see her um, you know, she'll come up. But not only listen to yesterday's, but listen to um her other songs if you have a listen to them. The first one was GB. Her favorite song is Jerk. Uh and we have a video there. A lot of people think, "What did she name that one after me?" You know, she claims it wasn't it wasn't after me, but you know, who knows? But the title of that song is Jerk. You know, one of my favorite songs that she has that is on the internet is not part of Laughing Cats. If you want to hear it, uh you got to go on um uh Spotify and under her maiden name, Lauren McCord, she has a song uh that she actually uh sang and helped write and it was in the last Bruce Willis movie and they played it in the closing credits.

Um and you can listen to that song. It's a beautiful song and I think she did a really good job uh singing. It's called Goodbye. And there's a regular version and there's an acoustic version, but you can listen to that one, too. Uh, but I think it's good to support the music. I actually, it's really good music. I mean, it's catchy. Uh, you know, sometimes I find myself singing these songs and a lot of the people, uh, that I run into tell me, yeah, they really, they really like her music and and they listen to it. And, you know, this is just a hobby. I mean, we don't didn't make any money. In fact, I spend money, right? Helping her helping her record all this stuff. Uh, you know, she uses the podcast here, the studio. It's also a recording studio. Uh so Tony comes out sometimes they work on this stuff and and sometimes they they perform live, you know, here. Uh but so anyway, so go either go to Spotify, go to YouTube and

and have a listen. The most recent one is called uh Yesterday's. Uh but they're all good songs. More are coming. And you know, leave her a comment. You know, let her know that you know what you think of her of of the of the work and and the songs. Anyway, have a wonderful uh rest of your Hanukkah for those of you who celebrate that. Um, if I don't do another podcast before Christmas, I mean, I might, but if I don't have a happy Christmas or merry Christmas, rather, I'm sure I'll do one before the the new year. So, I don't I can I can hold off on the the happy new year because I'm pretty sure something big is going to happen and I'll end up uh doing doing another one uh before then. Uh and again, watch out for an impromptu um space uh where I just, you know, feel like talking. And the thing about the spaces that I do is you have a chance to ask me questions, right? On these podcasts, you know, it's just me

talking. There's no real interaction. But when I do an X space, uh you can interact. You can agree with me, you can disagree with me, you can make a point, you can ask a question. And so, and I sometimes I'm on there for like three hours at a time, right? So, you know, I get going and then, you know, I never stop because people people are there. And so, uh, make sure uh, to look out. And again, you know, I already said this, but if you like the video, give it a thumbs up, leave me a comment, and make sure and subscribe to the channel if you're not currently a subscriber.

Bye for now.

Questions about this episode

What is discussed in "Silver's Epic Rally Signals Bitcoin's Imminent Collapse"?

In order: 0:00 Shift Gold, Europacific Gold Fund, Peter Schiff, T-Gold; 10:00 Shift Gold, T-Gold; 40:00 Sailor; 50:00 Sailor, Shift Gold, Europe Pacific Asset Management, Lauren Schiff.

What is mentioned in this Peter Schiff episode?

9 people, works and ideas are mentioned, including Shift Gold, T-Gold, Sailor, Peter Schiff, Europacific Gold Fund, Shift Sovereign. Each one on this page links to its own page with every episode that mentions it.

How long is "Silver's Epic Rally Signals Bitcoin's Imminent Collapse"?

The episode runs 1 h 5 min; the transcript is about 11,386 words in 80 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.