Don’t panic, sell Bitcoin and overpriced U.S stocks. (Uncut) 03-11-2025

Don’t panic, sell Bitcoin and overpriced U.S stocks. Buy Intl. value.

He’s got to repay these notes and he’s not going to have the money. He’s just going to have Bitcoin and he won’t be able to sell that Bitcoin for enough money to pay off the notes. Now, he was probably hoping that he can unload his worthless tokens on the US taxpayer because the government was going to buy it.

But Trump made it clear that no taxpayer money is going to be used to buy those worthless tokens. All Trump did is say, we’re not going to sell the tokens that we got for free. And if we can get any more tokens for free, we won’t sell those, but we sure as hell ain’t buying any.

And so that big buyer who was going to be the ultimate fool and bag holder ain’t showing up to the party. And so Bitcoin is going down. If you really love your Bitcoin, just wait till Michael Saylor is forced to sell and then buy it.

It’s going to be a hell of a lot cheaper. It’ll be cheaper than you can even imagine. If you still want to buy it back then, you could do it.

Look, the AI stuff, I think there’s some, there’s real potential in AI. There’s no potential in these crypto crap and Bitcoin. So all those crypto stocks, don’t even try to catch the falling knife.

I would sell it and forget it. But I do think at some point, you know, some of the AI stuff is going to be a good buy. But I still think there’s probably more downside.

I haven’t seen any panic yet. Today wasn’t panic. You know, we get the Dow, you know, down 5,000 in a day, you know, something real, you know, we get some real liquidation into the close.

I mean, we didn’t even close on the exact lows today. To me, everybody, again, is like a deer in the headlight. They’re holding and hoping.

I’ve listened in on a couple of these, you know, crypto spaces. I do it anonymously now because I made a mistake one time of like going on there where you can see me. And then, of course, they want me to talk and then they see.

So I don’t want people to think I’m crashing their party. So I go, you know, anonymously and I just haven’t, I just kind of take the pulse of the room. And I didn’t get any pessimism, all this optimism.

I mean, these guys are just completely oblivious. You know, they’re like lambs. They’re getting led to the slaughter and they have no idea where they’re headed.

But anyway, the purpose of the spaces is so people can ask me questions and talk about what’s going on in the market and where it’s headed and what you guys could do. This is like a spaces with some real actionable information on how to handle what’s going on, because I was telling people before this decline, sell these stocks, sell into this mania, you know, get into value. You know, the international stocks, this is the first time and I’ve been, you know, working with international stocks for 20 years.

This is really the first time I’ve seen a big drop in the U.S. market, where not only did we not have a drop in the foreign markets, where the foreign markets have gone up. I mean, until today, my international dividend payer fund was up 15 percent on the year. Now it was down a bit today, maybe a percent.

So maybe it’s up 15 percent with the S&P down, you know, three, four percent. So foreign stocks are going opposite. Of course, gold stocks are still doing well this year, not nearly as well as they should.

They were down today, but they’re still way up on the year compared to the stock market, which is down. And, you know, the Nasdaq and the Russell 2000, which are really down. But the thing is, you ain’t seen nothing yet.

There’s a lot more downside because there’s so much air that needs to come out of these bubbles. And there’s still a lot of real value around the world. People have been ignoring value to buy all this hype and momentum.

And it was all great when everything was going up. But, you know, when the party ends, the hangover is, you know, is incredible. Anyway, so let me go.

Let me see if I don’t know if Paul showed up to co-host. I can never I can never find any of this. So I’m just going to go on the top of the people who are requesting, because that might mean, I guess if you’re up top, maybe you requested first.

So I’ll talk. This is one percent crypto. That’s one percent too much.

Here you go. One percent crypto. One percent crypto.

You’re up. You got to unmute yourself. Yep, I can.

I got a question, Peter. So you think when we hit a recession and there’s there’s going to either have to be bailouts, there is going to have to be QE or, you know, they’re going to have to drop the interest rates. Which one do you think they’re going to do? Well, they’re going to do all of them.

I mean, they’re going to first of all, they’re going to have to go back to QE because if they just cut interest rates, it’s not going to do anything about the long end. The long end will probably go up. So the Fed’s going to have to go to QE.

And I think, you know, Trump and the Republicans are going to abandon all this free market stuff. You know, there’s a saying that there is no atheist in foxholes. Well, in a recession, there are no free market, you know, guys.

Everybody wants the government to do something. Everybody wants a government bailout. Nobody is willing to say we have to suck it up and deal with the pain.

Right. Trump has talked a little bit. Oh, there’s gonna be a little bit of pain.

Yeah. You know, but when he really sees how much pain there is, right, they’re not going to have the stomach for it. And so they’re going to go to deficit spending, stimulus, bailouts if any banks are failing or whatever.

And it means that inflation this time is going to go straight up. So there is no way around inflation being worse under Trump’s term than it was under Biden. And remember, the worst year of inflation for Biden was his first year.

It actually got better in the next few years. It wasn’t as bad. But now we’re headed back up.

And if we throw gasoline on that fire, which we’re about to do, we’re going to see double digit inflation, official double digit inflation. So things are going to get pretty bad. But you have to know, you know what, what to own.

I mean, the dollar has just started falling. I mean, I think it’s going to go over a cliff. We’re going to have a big drop in the value of the dollar.

And so that really means that you got to be international. You got to be in these foreign value stocks. And I think commodities are going to do really well.

The only commodity that’s been lagging has been oil. And at some point, oil is going to turn and head a lot higher. But, you know, it’s the international stocks.

I mean, it’s ironic. It’s, you know, it’s the opposite of what everybody thought. The Trump trade is going to be selling your U.S. stocks, selling your Bitcoin, buying international stocks, value stocks, emerging markets, commodities, gold.

That’s the Trump trade. Yeah, personally, I’m starting to believe that Trump might actually work with the banksters because it seems like they want someone that people support. And when it comes time to like do the bailouts, you know, they need a president that’s actually liked by the people.

So maybe that’s why, you know, Trump is in power right now. Well, he’s only liked by the people who like him. Now, there are, he did gain some popularity.

And I did a podcast where I said that he was a living American folk hero who couldn’t be beat after he got shot. And at that point, I said, look, this is ridiculous. There’s no way Trump’s going to lose this election.

And I think he converted some people over. But a lot of the people who, you know, were neutral on Trump, who went pro-Trump, are going to turn back negative when the economy stinks. Because I think that a lot of people bought into everything is going to be great the day I walk into the office.

Admit it, I’m president. Prices are going to start coming down. Right.

He meant grocery prices, not stock prices. And, you know, when they talk about Trump is saying, well, I don’t care about the stock market now because I care about Main Street. I don’t care about Wall Street.

You know, a lot of people on Main Street own stocks. So they’re not going to be too happy to get wiped out in the stock market. And also a lot of people on Main Street own Bitcoin.

And they’re not going to be too happy about all their Bitcoin wealth vanishing. Yeah. And another thing is, I don’t know if you’ve seen the post from Senator Rand Paul.

He posted that the deficits are actually going to go up and they’re saying Doge is going make all these cuts. Even if you look at the Debt Clock.org, now they have this Doge Savings Debt Clock, which is like two hundred billion dollars now. But I don’t think that’s even real.

And it’s all like fugazi, it seems like. Yeah, I don’t think it’s real. I think, look, the best thing that Doge is doing is shining a light on the way the government wastes money and on the fraud.

But Rand Paul’s been doing the exact same thing himself for years. I mean, every year he goes to the Senate floor with a long list of grievances and he reads off all those stupid programs. It’s not like we needed Elon Musk and Doge to figure out that we were spending money to study transsexual goldfish or whatever the hell they’re doing.

He’s been pointing that out. But the problem is that’s the small stuff. We need to go after the big stuff and no one’s doing that.

And Trump is talking about, look, we need to bring manufacturing back. We do. But tariffs aren’t going to do it.

All the tariffs are going to do is raise the cost of imports. And it’s going to cause Americans to have to pay higher taxes and higher prices. That’s it.

And so it’s going to in the short run contribute to the recession, which we need anyway. But they’re not going to let the recession run its course. They are going to interfere by causing inflation, which is what they’ve done with every recession since, except they’ve been able to get away with it.

But they’re not going to get away with it this time. I’m going to go to this next guy. It’s another crypto.

Crypto Face. Crypto Face, you’re up. Crypto Face.

Hello. You got to unmute yourself, Crypto Face. Hello.

All right. RBD. I’m going to add this guy.

RBD. Thanks for giving me the chance to speak. I have one question for you.

I’m trying to expose my portfolio to the Chinese tech stocks. What do you think about that? Well, you know, I’m bullish on China. And I think there’s, you know, the market has been moving up.

And we own most of the stocks that we own are Hong Kong stocks that are very exposed to China. You know, so I like those stocks. We have them in our emerging market fund.

We have quite a few exposed. We’re overweight. China in our emerging market fund.

And I’m not really, you know, going to rattle off individual names. But yeah, I mean, I’m bullish on China. You know, all the bearish talk about China.

China is producing all the stuff that we consume. You know, the Chinese people save a lot of money. And that’s what’s important.

You know, savings. That’s what drives capital investment under consumption. We’re doing it backwards here, you know, and it’s because we’ve been led astray by monetary and fiscal policy that’s been, you know, too easy.

Rates have been too low. And so the government, the Fed, have been encouraging consumers to go out and borrow money and spend it. And, you know, that went into overdrive during COVID.

But they’ve really screwed up the economy. And it’s going to take a long time to right the ship. You know, so people have to be prepared for what’s going to be happening.

But anyway, thanks for your comment. I am adding Bailey. C. Bailey, you’re now, or you have to unmute yourself.

Either RBD or C. Bailey. You guys are both on mute. Hello? C. Bailey? He unmuted.

Oh, here’s Paul Maresca. I’m going to invite him to co-host, see if he gets that. I finally found a call.

He looks like President Abraham Lincoln on there. Paul, are you up? I got a couple of speakers that I unmuted though. Are you guys there? Well, Paul, you’re still on mute too.

Here’s another crypto guy. I’m going to add you as a speaker. Crypto M. All right.

Everybody seems to be muted. I wonder if this means that X has got a problem. Can you hear me, Peter? Yeah, I got you.

Oh, you went away. Yeah, I just wanted to make sure I muted myself so you could respond. Hey, I got a question for you, Peter.

If you believe that the four-year cycles are still intact in some form or fashion, do you also think that what’s happening right now with the Trump administration kind of plays right along with four-year cycles? You know, when these things come into play, it takes time. We have the next crypto summit in August that plays right along with the cycle for what we call the blow-off top. Then we’re going to have the down part of the market.

That’s going to be when everyone realizes that all these things are going to happen right away. When we get 12 to 16 months out, we’re right into the beautiful time of the next cycle, which basically just falls right in line with everything. Are you talking about a market cycle or something? Yeah, yeah, like the four-year cycle.

Oh, a Bitcoin cycle? Yeah. Yeah, I mean, I think on Bitcoin, the reason I think Bitcoin has played out and there are no more cycles is I don’t think there’s anybody left to come in, right? They got Wall Street in and they got all these Bitcoin ETFs that are loaded up with Bitcoin. They got MicroStrategy and Mara and a few other companies that borrowed a page from this madman’s playbook.

You have a few companies that have leveraged up their balance sheets or issued stock and bought Bitcoin. Then they took it to the government and they tried to get the U.S. government to buy Bitcoin. And the U.S. government basically said, OK, no, we’re not going to buy it.

But yeah, you guys gave me a lot of money in my campaign. I owe some people who helped elect me. I said we’d do this Bitcoin reserve.

We got a reserve. We’re not going to sell the crap we got. But that’s it.

We’re square. We’re done. And so there is the U.S. government’s not coming.

The German government, the Chinese government, the French government, the Australian government, none of these governments are going to buy this crap. So the pyramid was looking for new buyers and they ran out of buyers in the private sector. People willing to buy with their own money.

The greater fools were already on board. And after they got the speculators from the stock market with the ETFs, they did the politics. But I think that what’s going to happen in this decline, and I don’t know when it’s going to hit big, but at some point and maybe when Bitcoin cracks back below 50,000 or 40,000.

But at some point, I think you’re going to get mass selling from the ETFs and that’s just going to just implode the market. I mean, really implode the market. You know, we could be looking at, you know, easy sub 20,000, maybe sub 10,000 on on on that kind of big liquidation.

And I think that once a lot of the people who really are not in crypto because they give a shit about money or the government or digital gold or, you know, they’re not libertarians. They don’t care about any of the philosophical underpinnings that got a lot of people passionate about Bitcoin. They just thought they could make money.

They just bought it because it was going up. They were being inundated on CNBC with one commercial after another. Everybody comes on CNBC.

Bitcoin is going to a million. Bitcoin is going to five million. You got to buy it.

Everybody has to buy it. And so they bought it. Right.

When they end up selling and take their losses, they’re done. They’re out of the market. And so it’s going to be very, very hard to reflate that bubble.

And then at some point, MicroStrategy has got to sell. And I think that, you know, once you see a big drop, if Bitcoin goes from 100,000, down to 10,000, 20,000, there’s no way you can’t argue that it should be in a strategic reserve that the government, all they say, thank God, the government didn’t buy it. Right.

So all that talk, no governments are going to want to touch it. So and then eventually people are going to worry, why should I buy Bitcoin when MicroStrategy is going to have to sell, you know, 700,000 or however much money he has, or maybe he’ll be up to a million at some point. He’s about half a million now.

But he’s going to keep buying all the way down. That’s the crazy part about it. He’s going to keep selling stock and buying Bitcoin until he can’t do it anymore because the stock has crashed so much.

He doesn’t have any more currency that he could use to buy the Bitcoin. And he can’t do it at a negative Bitcoin yield because the minute he has to do a negative Bitcoin yield, I mean, it’s it. He’s done.

So I think people are going to move on and it’s going to be obvious. Bitcoin is not digital gold. And, you know, this story is over and the crypto industry, that’s going to be another part of the recession.

I don’t know how many jobs are in the crypto industry, but they’re all going away. All these companies are failing like the dotcoms, except some of the dotcoms survive. I don’t think any of these crypto businesses are going to make it.

So they’re going to go out of business. Their employees are going to lose their jobs. And all the spending that was associated with crypto, well, it’s all going away.

You know, so I would just say, you know, if you’re in it, you know, if you want to win the game, get the hell out. Right. Whoever has the most Bitcoin when the music stops is the biggest loser.

Anyway, Paul, are you up? You’re still muted. Hello. Yeah, I can hear you.

Maybe you can start taking over picking these guys to talk. Yep. Yeah.

Forrest up next. OK, put him up. Hey, how’s it going? Good.

Hey, so I talked to you last time about MicroStrategy, but my question is like, given MicroStrategy did a dotcom pump and dump, how do you think they’ve been so successful literally doing the exact same thing twice? You know, it’s the environment that he’s in. The speculative mania, so many people are in on this crypto nonsense. And when you like when you surround yourself with people who believe the same thing that you do and everything that you believe is reinforced by what they believe and you’re all on the same page and you’re all getting excited about it and you can’t you can’t recognize anything that contradicts you know, this this narrative that you’ve built up in your mind.

And especially what really emboldens them is guys like me, right, who I’m speaking objectively. I understand economics, understand, you know, money, gold. I understand everything about Bitcoin.

I know all this crap about it. And but because I understand it, I’ve been critical of it the entire time it’s been going up. And so what happens is that people who just bought it and, hey, what does Schiff know? Right.

You know, we made all this money. So you don’t know anything because Bitcoin is one hundred thousand. And, you know, you were saying, you know, it was a bubble.

It’s not gold. All this all the way up. That’s true.

But what’s going to at some point on the way down. Right. You know, they have to acknowledge, oh, shit, maybe he was right.

Right. Because, you know, that now all of a sudden the reason that so many people have paper profits, the reason that Bitcoin is as high as it is, is because so many people haven’t sold it. That’s the reason they haven’t they haven’t woken up.

They’re still holding it. But everybody who owns Bitcoin, believe me, they will sell at some point because they want to buy stuff. They just don’t want to collect Bitcoin and go to their grave with a Bitcoin collection.

The point of buying Bitcoin is to get that Lambo. Right. You want to sell it and get stuff.

And the reason people aren’t selling now is they think if they hold it long enough, they’ll be able to get a lot more stuff. And it’s almost like it’s it’s the fear of losing losing the profits. Right.

Nobody wants to sell their Bitcoin because they don’t want to give up all the gains that they’re confident they’re going to have at some point that emotion is going to switch and people are going to be afraid of losing money, not afraid of missing out on making money. And then it’s like, shit, I better sell now while there’s still something left. And as soon as that mentality takes over, it’s done.

I mean, it’s just going to it’s just going to implode. So since MicroStrategy literally revolves around Bitcoin going up to succeed, do you think they could be used as like a poster boy for a new law that, you know, that regulates stocks differently than they’ve been like? How is he able to do that during the dotcom era and then do it again? I don’t know exactly. You know, there’s so much crap going on during the dotcom bubble.

And he was part of that bubble. And that was, I guess, his training for this bubble. But, you know, there is going to be more regulation, unfortunately, all the money that people are going to lose in crypto is going to end up.

There’s going to be more government regulation. And all of this, unfortunately, is going to be a big blemish on Trump that he did not need because he’s already. I have a wrap up and.

Going to reflect negatively on Trump because Trump said he wants to make America the crypto capital of Bitcoin capital. So if it turns out that was a big bubble, that really calls into question his judgment. Right.

Like, OK, so like Trump, you know, you thought this was so great and look what happened. Why should we believe anything you say? You were you know, you were dumb enough to buy in on this crypto crap. You know, so why, you know, why should we listen to you? So I think I mean, I think the Republicans, I’ve said is I think they’re going to lose maybe the House and the Senate in 2016 because there’s going to be so much garbage that the Democrats are going to have, you know, to just put at Trump’s feet as far as the recession, the inflation, because he promised, you know, you don’t want to overpromise and under deliver.

That’s the problem. He promised, you know, so much and he’s not going to be able to deliver. That’s just going to be worse.

And, you know, of course, it would have gotten even it would have got worse had Kamala won. But that’s not going to matter because that’s you know, that’s that’s not you know, the polls, the people are not, you know, are going to know that they’re just going to say, shit, I voted for Trump because I hope things are going to get better and they got worse. So it must be because of Trump.

So now I got to vote the other guys. Right. It’s always throw the bums out whenever there’s a problem.

Yeah, makes sense. Would you say that it’s like Elon’s silence on blockchain overall is strategic since he used to tout it so heavily? Yeah, I mean, I think Elon like Elon is a smart guy. I mean, he’s way smarter than me.

And there’s no way because I know that when he got in on Doge, I think he specifically picked Doge because it was a joke. And he just wanted that’s his sense of humor. I mean, he’s he’s you know, he’s kind of like me in that respect.

I mean, I think we have a similar sense of humor. You know, he said he’s got maybe he has Asperger’s. I probably I’m somewhere there, too.

I have it a little bit. I think I think we have some some things in common, not that I’m on his level intellectually. I’m not even close.

But I think I get parts of him. And I always thought that he was, you know, joking with people about it and just like having fun with it and seeing like how he could move the markets and play around with it. So I don’t I don’t think you know, I don’t think he believes in it.

You know, I think he knows it’s a bunch of crap. I think it’s interesting, though, since he became he made his first million off PayPal for him to be at dinner with David Sachs last night, you know, and crypto moving towards like a payment processing operation. It seems like he should be speaking out or know a lot more than he publicly admits.

You know what I mean? Yeah, look, you know, I think a lot of people are just, you know, don’t want to criticize it because, you know, they don’t want to appear to criticize Trump. They want to kind of support the president. And I’ve never liked that.

I mean, I will support the president when the president does something that’s good. But if the president does something that’s bad, I want to I want to call it out. I don’t want to I don’t want to support it.

And then when it blows up, you know, you don’t have any any credibility if you just, you know, cheerlead when somebody does something. And I know like that’s what’s happening with terrorists, because I know there are a lot of Republicans who I know who are understand terrorists and who are against these terrorists, but they’re afraid to say something about it because, you know, it’s Trump. And all they’ll say is, well, you know, he’s using them as a negotiating tool, negotiating tool for what? What is he negotiating? I mean, it’s like this is all BS.

Yeah, crazy stuff going on for real. Last thing, like, how would you think, like, given all of the currency issues going along, how do you think that affects treasuries overall? And how could treasuries actually play into, you know, a digital financial situation? Well, you know, they’re hoping that stable coins will come out and hold treasuries, be buyers of treasuries, right? Like, I mean, who the hell needs that? I mean, I mean, we I it’s easy to send dollars if I need to send somebody dollars. You know, I got all kinds of ways to do it.

You know, so I don’t think there’s gonna be this huge new untapped market for stable coins pegged to the dollar so that they’ll have a huge place to hold all these treasuries. But that that’s what they’re looking at. They’re looking at.

I think most of the stable coin dollars have to do with people trading in and out of crypto. And so they need, you know, something to a pair where they can get out of if they want to buy and sell, buy and sell. They need to have something to buy when they sell Bitcoin or ether.

So I think when the collapse of crypto happens in these coins, there’ll be a lot less interest in the U.S. dollar stable coins. So I think this whole thing is just going to collapse. Makes sense.

So how would how would Japan affect that with their with all that? I mean, sovereign debt is going to become more expensive. So Japan is going to be paying more to borrow money. Germany is going to be paying more.

Everyone’s going to be paying more to borrow money, which means the U.S. is going to be paying more. But the problem is we owe so much. We can’t afford to pay more.

So that’s why either we default or we inflate. All right. All right.

Hey, have a good day. Let’s go with R8D or crypto in my veins. So I agree that most of these crypto projects are going to fail.

That’s very likely, just like in the dotcom era. But would you, Peter, would you also agree that some of these cryptos are basically like new companies, new equities or new stocks, a new form, and that some of these companies have some great things going on and have a great chance of being successful? Yeah, I know a lot of these projects are absolute trash and have no business being in the space whatsoever. And that doesn’t need cleaned up.

But, you know, what do you feel about the innovation side of it and the growth of where we can go from here, you know, as far as transparency with this and, you know, changing the world and making it a better way to spend money globally? Well, you know, if there’s any real legitimate innovation going on anywhere in crypto, I think there’s so much crap that’s around it that there’s no way to really find it. And it’s not, you know, you got to get rid of all this nonsense first. You got to bankrupt all these companies.

You got to, you know, you got to move out, let the cryptos crash. I mean, there may be, look, all the stuff that people talked about 10 years ago on blockchain. Oh, we’re going to have stocks on the blockchain.

Well, no one’s trading stocks on the blockchain. You’re going to have the title to your car on the blockchain. Well, I haven’t seen that yet.

Real estate titles on the blockchain. We don’t have that. I mean, we’re not even tokenizing gold in any big way, which would really work for the blockchain.

And, you know, so it’s it’s not there’s nothing really there. It’s too much hype on let me create this worthless token. I mean, look at all the money that they made with Trump coin and Melania coin.

I mean, what the hell is all that? Right. And so as long as you can make all this money doing that shit, that’s what people are doing. And and so the whole I mean, there’s it’s all this.

It’s like a cult fanatics thinking, you know, they’re not changing anything. Right. There’s there’s you know, this is not like Michael Saylor says, oh, Bitcoin is like like the wheel, you know, like is this transformative? You know, I know it’s not.

I mean, it’s it’s absolutely garbage. I mean, if you want to say, OK, blockchain, somebody, you know, they invented the blockchain, which has been around. In fact, Bitcoin wasn’t the very first.

It wasn’t like they had the blockchain out there. Then Satoshi would ever use it with Bitcoin. But he didn’t invent the blockchain.

So the blockchain has been around. People can use blockchains. Where does blockchain fit? I mean, I don’t think it’s, you know, the wheel, you know, or a lot of other.

I don’t even think it’s a stirrup. You know, the stirrup was a big invention, you know, to put on a saddle for a long time. You know, you didn’t have a stirrup.

And so, you know, you weren’t stable. So you couldn’t hold weapons and shit in your hands until somebody finally put a stirrup on a saddle. I think that is more transformative than Bitcoin.

Who’s next? Rich. Hi there. Can you hear me? Yeah, perfect.

OK, so, you know, we’ve seen metals often drop in previous market pulldowns. But do you see it being at least somewhat different this time with, you know, gold holding the line due to the amount of physical bullion being imported back into the U.S. recently? Well, I think what’s significant about gold still being around twenty nine hundred and right near its high and Bitcoin being deep in a bear market, you know, down like 30 percent or whatever it is from its peak. And in fact, Bitcoin is substantially below its peak price in November of twenty twenty one in terms of gold.

So despite all the hype and all the money thrown at it, Wall Street, the slip slick Madison Avenue ad campaigns and the Super Bowl ads and NFTs and El Salvador and MicroStrategy or all this crap, Bitcoin has gone down versus gold. Gold’s had none of that money behind it. No advertising.

The public’s been selling gold for over a year yet gold keeps going up and Bitcoin is going down. And I think one of the reasons that Bitcoin was able to thrive in the earlier years was because gold was going nowhere. Bitcoin came on the scene in 2011 and that’s when gold peaked at about 1900.

And then gold went from 1900 down to a thousand in 2015. And it didn’t even get back above 2000 until last year. So gold really went nowhere for the whole period of time that Bitcoin went from pennies to one hundred thousand right or somewhere near there and not quite one hundred, maybe sixty, seventy thousand.

And and so it was the fact that people were getting frustrated with gold that led people to buy Bitcoin. And then people said, look, gold sucks. It’s going nowhere.

Bitcoin is a much better store of value. It’s gone up 10x. It’s gone up 20x, which doesn’t make it a store of value.

It just means the price went up. But people thought, well, that’s the same thing as being a store of value. Well, it’s not.

But my point is that now that gold is going up and I believe gold is going to keep going up, it’s going to go to 4000, going to go to 5000, going to go to 6000. And Bitcoin is going to be going down. And that’s going to take away a lot of the impetus and the hype that got people to buy it.

Because if real gold is actually performing, if real gold is going up, then why do I need to fool around with fake gold? Why do I need this digital copy of gold when the real thing is doing great? Right. It was one thing when the real thing wasn’t going anywhere and Bitcoin was going up. But when the real thing is going up, if Bitcoin is going down, what’s the argument for Bitcoin? So I think it’s going to be very difficult for Bitcoin to recreate the conditions that led to its original success.

Okay, got it. And then when this move happens, and I see it happening sooner than later, I mean, do you think there will be a difference in demand when it comes to numismatics versus just your generic one ounce gold bar from like Valcambi? Yeah, I mean, numismatics, I mean, that’s a collectible market like baseball cards or paintings. So it depends on the collectors.

I think in general, that if there is a big bull market in gold and silver, that generally means that more people are interested in collecting rare coins. I don’t recommend that people get into that. It’s a lot more specialized.

I recommend gold as a store value, as a monetary substitute. A rare coin is not bad. I mean, just like, yes, a rare gold coin, you might pay $100,000 for a gold coin that has an ounce of gold.

You’re not paying $100,000 for the gold. You’re paying it because it’s one of 10 coins that still exists, and it’s 150 years old and whatever it is. Just like when you buy a baseball card, you’re not making an investment in cardboard.

Whatever that paper is worthless. I mean, you’re buying the rare card, the rookie card from Babe Ruth, and there’s only three left, and mine’s in perfect condition. So that’s what you’re buying.

You’re buying a rarity, and there has to be demand for it. Just being rare. If nobody cared about baseball, if there was nobody passionate about baseball, then these old baseball cards wouldn’t be worth very much.

But because you have a lot of people that grew up as kids collecting cards, they love the sport, they have their heroes, because there’s a big market and some of those people succeed and become very rich, they want to own these things. So you have to have it. They talk about the NFTs.

Nobody’s going to want to collect those things. No one’s going to give a shit about those. Same thing with these meme coins.

Nobody is going to want a collection of meme coins. People would be embarrassed to admit they had one at some point. Yeah, no, that makes total sense.

Well, I appreciate the input. Thank you. All right.

Take care. Josh is next. Josh? Josh, you’re on mute.

Yeah, while we’re waiting for Josh. Yeah, so again, you can get out of these crypto tokens, you can get out of Bitcoin or Ether or Solana or Ripple, whatever you got. Don’t worry that you’re not selling the high.

It’s high enough. A lot of people years ago, imagine you’re buying Bitcoin and talk about Bitcoin being $79,000. I mean, that’s a hell of a price to get for nothing.

So it doesn’t mean, just because it’s not $109,000, you can’t get these benchmarks and think, oh, Bitcoin is cheap because it was $109,000 and now it’s $79,000. No, it’s expensive because it was a dollar and now it’s $79,000. So don’t get caught up in thinking that it’s cheap because it’s not as insanely priced as it was a month ago because it’s still insanely priced.

What is cheap, I think are these gold mining stocks. So even if you have a higher price, even if you have to take a loss on your Bitcoin, you can make that money back in these mining stocks and then some. I think you can get 10x or more, a lot more maybe on these gold mining stocks.

So if you want to gamble and you want to take a risk, that’s where the risk reward makes a lot of sense. So my gold fund is Europe Pacific Gold Fund, E-P-G-I-X, is the symbol for the fund, Europe Pacific Gold Fund. No load, you can get it anywhere.

You go to europac.com, go to our website, you can buy it on our website, you can talk to the representatives. I also mentioned my dividend payer fund, which was up 15% so far this year, which, you know, it’s still way underperformed the S&P over the last 10 years. But I think over the next few years, it’s going to kick the butt out of the S&P 500 and make up for those years of underperformance.

Because I think the S&P is going a lot lower and I think these international value stocks are going a lot higher and they’re going to pay a lot of dividends. And the dollar’s going lower, I think, which means that the dollar price of these stocks goes even higher. You get a double whammy when you buy foreign stocks that go up when the dollar goes down.

Because not only do you win on the stock, you win on the currency because the stock is denominated in the currency. And then if you get a dividend, then you win three times, the stock, the currency, and you get your dividend. Do we got anybody up? Just Josh.

He’s still there. Why don’t you unmute somebody else? Because I see he’s on mute. Nobody else has requested yet.

Oh, I see a few people. Matt, Donald. Don’t you see those guys on the top there? No, I have zero people requested on my end.

Let me see this guy add a speaker. All right. Who did I just pick up there? Hey, who’s that? This is Matt.

Yeah, Matt Tito. How are you? Good. I just had a question.

You see the United States getting involved with Bitcoin, the strategic reserve thing. Trump has a lot of Bitcoin people surrounding him. With my experience with the government, just like yours, anytime the government gets involved with anything, they usually screw it up and it usually ends up being a disaster.

I figure that’s probably what’s going to happen with Bitcoin. Now that the government’s getting involved, whether it’s Trump or it’s the president after that, who’s a Democrat or somebody else who isn’t as bullish on Bitcoin, they’re going to end up screwing this entire thing up. Because in the beginning, Bitcoin was for the people.

Now that the governments are getting involved in Bitcoin, it seems like the antithesis, the reason why we even had this whole idea of Bitcoin to begin with. What are your thoughts on some of that? Yeah, I’ve been pointing out that hypocrisy for a while now. The whole point of Bitcoin was to move away from government and to move away from third-party custodians, to move away from Wall Street, to get out of the system and to be independent.

Basically, they lost both. They sold a soul to Wall Street for the ETFs to get in bed with BlackRock and Fidelity and Cantor Fitzgerald and all the big Wall Street firms come and get it. Now they’ve got the government involved and now the government wants to hold it and build reserves of it.

It’s the opposite of what it was supposed to be. I think the reason that this has happened is because there were originally people involved in Bitcoin, very much philosophically like me. The reason that I didn’t get involved when I first learned about it, and obviously I should have because I could have made a shitload of money, but I didn’t do it because I ultimately didn’t see that Bitcoin was digital gold.

I didn’t think it had those characteristics. I never envisioned when I first learned about it, it was like a dollar or whatever it was. I couldn’t imagine that enough people would even care to buy it.

I knew I was in such a minority of people who didn’t like the government, didn’t like the Fed, would have been attracted to Bitcoin. I didn’t see this bubble that was created. What happened was when the guys like the Winklevoss and some other guys got involved in it and started to buy it, they saw it as an opportunity to make money.

They were like, hey, there’s only $21 million to these, let’s take a big position, let’s hype it up, and then we can sell. It’s like a giant organized pump and dump. They thought, this is the perfect asset, we’ve got a great sexy story, let’s buy up a bunch of this crap, and then let’s put out all this stuff and let’s just create a market so that we can sell what we own.

They did that. They’re the guys that really wanted it on Wall Street. They wanted the ETFs, they wanted the strategic reserve, because the main thing that they care about is the price of Bitcoin.

They’re trying to make money, they’re trying to get the price up, and so they need buyers. They need to sucker in more buyers. Part of this strategic reserve and part of the hype was to say, hey, if the US is going to buy it, it’s going to be a rush.

All the other countries are going to want to get in. Once they see America buying Bitcoin, they’re all going to have to buy. That was the hype.

I know deep down that the real crypto believers who are very much sympathetic with my ideology, this is not what they wanted. They didn’t get into Bitcoin to get rich. They actually believed in the promise of Bitcoin.

The whole thing has basically been commercialized. We’ll never know if it would have worked. I don’t think it was going to, but we’ll see.

After the whole thing collapses, after it falls apart, after Bitcoin is back down, maybe it’ll be back down below $100 again. Maybe at some point, we clear out all that nonsense. Maybe there’ll be something there that we could actually use.

But we’ll see. I think that all the speculators, all the hot money, all the leveraged money, all this crap has got to be flushed out of the market before you can even think about what’s going to happen after. What happens if the United States, for instance, buys such a huge stake in Bitcoin? Doesn’t it eventually just become one giant meme coin? Can’t they just rug us all if they decide to sell it at some point? The only way that Bitcoin is going to stop falling is if the government does that.

They’re going to have to start buying it. It’ll look like a bailout if they start buying it now. It’s going to look like a bailout.

How do they justify buying it? I’d put that on X today. It’s the executive order that created the reserve, not an act of Congress. The next president could just say, sell that.

I don’t want a Bitcoin reserve. Get rid of it. And then what happens? You always have the specter.

You have this big pot of Bitcoin that’s owned by a government. And every time there’s an election, it’s going to be, well, what if the anti-Bitcoin candidate wins and decides to sell it? Whenever you have big, concentrated owners, there’s the risk that they sell. That’s why I’m saying MicroStrategy is going to have to sell one day.

They’re not going to have a choice because their creditors are going to want their money back. And the people who loan MicroStrategy money don’t want Bitcoin. If they wanted Bitcoin, they would have bought it.

They wanted the upside of Bitcoin without the downside risk. And they thought they got it with those convertible notes. But what they forgot was that he could issue so many notes that he bankrupts the company.

So all these guys that thought they were on Bitcoin risk-free are going to find out that there was a lot of risk, right? There’s a sucker born every minute. And a lot of those suckers bought MicroStrategy notes. Awesome.

Well, thank you, Peter. Appreciate it. All right.

Anybody else? We got almost a thousand people on this now, so we got to have more people. I’m sure there’s all kinds of spaces going on right now about you got to buy the dip. You know, this is a great opportunity.

Everybody’s got to load up the boat. You know, the problem is everybody already loaded up the boat at one hundred thousand because that was a great opportunity. Oh, yeah, we’ve got we’re going to get the reserve.

We got the Bitcoin president. This is going to be great. You got to get all in.

We’re going straight up to the moon. Right. This is a bunch of nonsense.

Right. You got to sell. You got to protect yourself and protect your profits or cut your losses.

I mean, if you’re in Bitcoin right now and you have losses, you are way late to this party. Most people should have big gains if you’re in Bitcoin. You should have big gains and there’s no problem getting out and taking those gains, taking those chips off the table and going home a winner.

Right. If you waited so long to buy Bitcoin that you’re in a loss now at seventy eight thousand, you got some serious problems. But one thing you can do is get out and take a small loss.

There’s an old saying that a small loss is your best friend because the small loss is a hell of a lot better than a big loss. I’ve taken both over my career. I’ve lost a lot of money doing dumb things and where I wish I had sold.

And the same thing is going to happen with Bitcoin. People are going to wish they sold who didn’t sell. You know, right now people are pissed that they sold.

Oh, shit, I shouldn’t have sold my Bitcoin at 20,000 because now it’s at 80,000. Well, eventually people are going to be saying, shit, I should have sold my Bitcoin at 80,000 because now it’s at 10,000. And that means the guy that sold at 20,000, he’s still better off than the guy that wrote it up to 80,000 and wrote it all the way back down to 10.

Who’s next? Slacker. I just had a quick question because you said the next president, whoever that is, is they could just get rid of it, which is totally true, right? But isn’t that the same thing that happened to gold in the seventies when they took it as when they stopped backing the dollar with it? That’s like the same exact thing. So what is gold now? I’m not saying gold’s going away either.

Listen, I’m not saying gold’s going away, whatever. I’m not saying Bitcoin’s going away. I don’t think any of this is going away.

You know what I mean? But I’m saying like the government rubbed us on gold, literally. So like it’s the same thing. So what’s so, I love gold.

I love silver. The government didn’t rug us on gold in that when we went off the gold standard, gold was at $35 an ounce or $42 an ounce. So if you own gold, you made a killing when we went off the gold standard.

It’s just that if you owned us dollars, you got killed because before we went off the gold standard, your dollars were backed by gold. When we went off the gold centers, your dollars were backed by nothing. And that’s why prices went up.

So they rubbed the dollar. They didn’t rub gold. They rubbed the people who held dollars.

The people who held gold were fine. They made a lot of money. And so it’s a different situation.

Now you’re saying could governments that are holding gold, could they decide to sell their gold? They could. But I don’t know why anybody would. I mean, gold’s the best reserve asset that a central bank could have.

And I don’t know why they would want to sell it when they keep buying. And all the gold, no central bank is down on their gold. That’s the one asset that they own that nobody has a lawsuit.

And so that’s the most stable thing that a central bank can have to back up its fiat currency is to have a reserve of gold. And so I don’t think governments are going to stop buying gold at all. In fact, I think more governments are going to be buying more gold.

And they’re going to rub the bondholders. They’re going to rub people that have fiat currency. They’re going to create inflation.

They’re going to destroy the value of their debt because there’s no way they can repay that debt. So they have to inflate it away. And it’ll never get backed by gold again.

Will it ever get backed by rare minerals like gold again? Is that possible? Because where are we going with all this? Because if Bitcoin’s not in and the dollar’s not in and then, you know what I mean? Like, so it’s like, we’re all in this weird… I think gold will, I think eventually we’ll be back on the gold standard because I think once there’s a complete loss of confidence in fiat currency, once you have, you know, really rampant inflation in the major economies, especially the United States, in order to re-instill confidence in the money, I can’t think of anything other than a return to a gold standard that would do it. So I think we’re going to go back there. I mean, it’s not an accident that we’ve used gold for thousands of years as money.

And along the way, you can go back to periods of time, you know, ever since they invented the printing press, there have been countries that have gone off the gold standard and tried fiat money. And it’s never worked for a long time. And they always go back to gold.

So we’ve only been on a fiat system really, you know, for 50 years, which is a long time relative to past, you know, attempts to use it. But if you want to compare 50 years of fiat to 5,000 years of real money, it’s a blip. And we’re going to go back to gold.

And so let’s say, you know, somebody is studying the monetary history of the world a thousand years from now, the period that we were using paper is just, you know, maybe it’ll be a chapter or a few pages in a chapter, right? Because it’s, it’s going to be a short period, we will be back on a gold standard. There’s no question in my mind that that’s going to happen. Thank you for having me on.

Who’s up next? Hey, Peter. Thanks for being one of the few people to say what you actually believe. Because of you and Ron Paul, I bought my first ounce of gold for $600.

All right, good. And so you mentioned international stocks, you mentioned Hong Kong. I like Argentina.

Who else? Yeah, you know, I’ve been I’ve talked to my team about getting looking at Argentina, because I really like what Malay is doing down there. And, and, you know, the reason that Malay got the mandate that he did was because things were so bad for so long in Argentina. And, you know, we did own some Argentine bonds in our, in our global bond fund.

And so we did well there. But, yeah, you know, I’m optimistic. I mean, I’ve even thought of, you know, about maybe that’s a place I’d want to go, go down and live.

I, you know, but, yeah, I mean, I think, I mean, I think they’re a country that has a lot of potential. Now, you know, it’s tough. It’s tough.

You cannot stay the course, you know, that people may, you know, you know, go back to big government. It’s very intoxicating, you know, the promises of the socialists. And that’s the problem with democracy, because it’s easy to convince the majority of the wrong thing.

Right? So that’s why if you’re a pure democracy, you’re doomed to fail, right? Because you’re always going to do the wrong thing. Because the majority is always going to want to do the wrong thing. It’s very rare that the majority gets anything right.

So where are we? We’ve got to buy international stocks, but I’m not going to buy German stocks right now. Well, you know what? Well, Germany is at a record high. But a lot of the stocks that we own in Germany, we have some good companies in our fund that are making 52 times.

But they’re not expensive companies. I mean, they’re not you know, they didn’t go from really expensive to bubbles. I mean, there’s still a lot of value because those markets have been really dead in the water for the last 10 years.

It’s been the U.S. market that’s been going up. Everything else has been going sideways. So I think this is a beginning of a big change in momentum, kind of like what we had from 2001 to 2011.

We had 10 years where the foreign markets blew away the U.S. market. And that turned in 2011. And then we had a decade of the U.S. market just going ballistic and the rest of the world going sideways.

So now that’s changing. And so you should be buying those stocks. But, you know, you don’t have to buy them yourself.

Just buy my funds. I’ve got the Euro-Pacific Dividend Payers Fund and the Euro-Pacific International Value Fund. So International Dividend Payers, International Value.

And I got an Emerging Market Fund. So you can get information on all these mutual funds at my website at Europact.com. But I think that’s the best way to buy foreign stocks. I have the foreign stocks that are the least exposed to the U.S. So thank you, Peter.

Who’s next? I don’t have anybody else on my end other than Josh, if he’s still there. But if you can see anybody else, I don’t have anybody in my request. I see a lot of people.

It says, well, requested means they want to speak or they have to have a hand up. Let me see. Let me get this guy.

ACDC. I just added him. ACDC.

I’m going to add this guy, LaFlop. First guy to talk is going to get the question. But both of you guys still have your mics muted.

Peter, so in terms of going back to the gold standard, I mean, how do you how do you think that’s like, what does that mean? Does that mean we’re all going to be carrying around gold bars? No, replace the dollar. How’s that going to look? And especially we don’t even know if there is gold at Fort Knox, right? Or not as much as no, we don’t have to carry the gold around. The gold just needs to be there to back up the currency.

And the currency needs to be convertible in the goal to keep the government honest. But a lot of it can be digital. Just like, you know, look, most people today, you know, don’t even carry around bills.

I mean, maybe they carry them around, but they rarely use them. They use their cards, their phones to pay their bills in dollars that they don’t actually have in their possession. So you could do the exact same thing with gold.

So I don’t have to carry my gold around to spend it. OK, so OK, so that again, though, is is we’re going to have to have still a certain level of trust in the government than still in the system. So that doesn’t solve the big corners, you know, main issue, which seems to be get the government out of my life, you know, self-custodian money, you know, having the money separated from the bank, separated from the government.

Is there a way to solve that problem with gold at all? Hello. I can’t hear Peter. I’m not sure if anybody else can.

Yeah, I can hear you. I’m not sure where Peter went. Yeah, we lost him.

Yeah, we lost him. We lost the host. That’s a problem.

He’s buying Bitcoin. The host is having connection issues, it says. Connected.

I got disconnected. All right. Looks like I’m back in the same room.

I don’t know how I I don’t know how I got lost. But anyway, I’m back. Is anybody, anybody want to unmic themselves and ask a question? Let’s go with Henry or ACDC.

Pick up where you left off. Sure. Thanks a lot, Peter.

So I’ve been investing in hard gold for the last five years. And I also invest for my clients where I cannot buy hard gold. So I’ve been using GDX, the miners ETF, and also some of the miners, but I’m actually out of any individual miner names.

So my question is two folds. I know you talked a little bit about the miners and kind of recommend them. There’s some miners who are doing pretty well in terms of like royal gold and Wheaton precious metals.

But then there’s some like, I think, Rio Tinto, Newmont, which are kind of not doing all that well, at least in their stock price. So if you have any comments on individual miners, and then secondly, sorry, can I just ask the second part of my question quick? Sorry. Is that, you know, as far as the ETFs go, you know, IAU, GLD, the question came up earlier in terms of what about the gold at Fort Knox, right? So a lot of these trusts are being backed up by some gold.

And if we lose the trust of that, then what happens to the prices of some of these ETFs, if you have any insight on that too? Well, if it turns out that those ETFs don’t have the gold, then the price of those ETFs goes down and the price of the actual gold goes way up. Because now, you know, the gold’s not actually there and people who thought they owned gold don’t have it. Now they have to go into the physical market and buy it if they want to get gold.

But yeah, I’m not just mildly bullish. I mean, I think that gold stocks are prime because I think the Fed is going to go back to QE, they’re going to cut rates, and the biggest beneficiaries are going to be the gold mining stocks. I think they’re just going to go ballistic.

And I think people just buy them now. I mean, I think they’re just really cheap and we have a great portfolio at Europe Pacific Gold Fund. As I said, EPGIX is the symbol for the no-load share class that you can get anywhere.

But I mean, I think we’ve built a great portfolio. We got a lot of really small companies that I think have explosive potential. So I think that’s the best way to play this next leg up in gold, even more so than physical gold.

I mean, I’ve been recommending physical gold for 20 years, 25 years. It was below $30, I mean, $300 when I bought it for my first clients through the Perth Mint. And now it’s 10 times that much.

But the gold stocks are so ridiculously cheap that for people who don’t have any positions in gold, I would wait off a bit on the physical and I would just get in with the metal, with the stocks. And then when we get your first triple or quadruple, then you can take some profits and buy some physical then. I mean, that’s kind of what the strategy I would recommend now, because I think there’s so much potential in these mining stocks that you don’t want to just buy gold.

You want to buy gold that might go up 30% in the next year when if that happens, these gold stocks could go up five times that or more. Who’s up? Thank you. I agree with you.

And I think the interest rates, as they come lower, will also help these miners too. So thank you. Campbell Investor.

Hi, Peter. Thanks so much for your time. My question for you is, why is it so important for the US to bring back manufacturing to the mainland if we outsource it to the rest of the world for so cheap? Shouldn’t we just focus on our strength of exporting services and let the rest of the world focus on manufacturing goods? Well, that would be true if we didn’t have a trade deficit.

So if our services were valuable enough so that we could export enough services to pay for our manufactured imports, you’d be absolutely right. There’d be absolutely no reason for us to manufacture. Also, if we were a net creditor nation, where we own more foreign assets than foreigners owned of our assets, and so we were in a net creditor position, meaning that we earned interest and dividends and rents on our foreign investments.

So we had all this foreign income coming in on our assets. We could then use that income to buy their goods. But America doesn’t have that.

We’re a net debtor nation. We’re the world’s biggest debtor nation. So we owe more than we’re owed.

So we bleed red ink on an investment basis. And we have a huge trade deficit. So obviously, we can’t go on like this.

We’ve got to produce some stuff, because the services that we provide aren’t valuable enough. Yes, they cover some of our deficit. So we don’t have to manufacture everything, but we have to manufacture something.

We’ve got to make more than we do. That’s the problem. But the thing is, we can’t today, because we’re not, because it’s been so much cheaper to import, and we were able to get away with these big deficits.

And the reason we got away with these big deficits was because the dollar was the reserve currency. And if it stays the reserve currency forever, then you could say, well, maybe we can run deficits forever, and so we don’t have to manufacture. But we’re not going to have the reserve currency forever.

And the bigger the deficits get, the less likely it is that the dollar will stay the dominant currency, because we have too much debt and our budget deficit. See, when the world loses confidence in the future value of the dollar, then we can’t export our dollars to pay for their goods. So the day of reckoning was coming.

Whether Trump embraces it and tries to accelerate it or not, it was coming. But it is going to be a painful experience for the majority of the country, because in order to rebuild the manufacturing base, we have to stop doing a lot of things that we’ve been doing instead of manufacturing. And one of the things we have to stop doing is consuming.

So people have to spend a lot less money and save a lot more money. Well, if you’ve built an economy on a foundation of consumer spending, and consumers have to save instead of spend so that we can build factories and infrastructure and supply chains, everything crashes. And a lot of people have to lose a lot of money, a lot of bankruptcies, a lot of defaults.

And the problem is, in that environment, where people are losing money, they demand the government does something. And whatever the government does is going to do more harm, because all they can do is create inflation. They can’t do anything else.

I’ve been warning about this stuff for a long time. And the problem is, we’ve been able to kick the can down the road for a long time. So people think, they laugh at my warnings, because, you know, look, $1,000, $40,000.

Everything is fine. Everything is not fine. It is far from fine.

And because we’ve kicked the can down the road for this long, it’s way worse than it was when I first started warning about the ultimate consequences of the path that we were on. Next, Mulan Labay. Hey, thanks, Peter.

It’s an honor and privilege. I’ve been following you a long time. I’m curious, being a big gold bugger as you are, and I’ve followed your pieces, and I’ve been buying more gold largely because of you, little by little over the last five years.

And I’m a pretty happy camper right now. But in terms of money, I look at what the US Central Bank has done with our monetary policy. And I can’t help but think, as incompetent as I feel as government is, I keep running up against this wall, that there are very sophisticated game theory systems, the intelligence communities, that certainly know that this fiscal disorder that we’re in right now is arguably one of the largest threats to our country.

And it was brought to us by our very own politicians and institutions. And I can’t square how we’re here right now. Is it incompetence, or is it us? I’ve always heard about China’s manipulating their currency, and of course, we are too.

And there’s kind of an economic currency war where we’re playing chicken. And maybe they thought certainly they’re not going to keep printing, and we did. And I’m kind of curious to hear your thoughts of how in the hell are we in this position right now? Well, I mean, incompetence is certainly a big part of it, but a lot of it is self-interest, right? You have to understand that our political leaders, first and foremost, act in their own self-interest, right? These guys are not there because they really care about the country and they want to do good.

Their career is, I’m a politician, and that’s my job. And as a politician, your job is to get reelected, right? Because if you don’t get reelected, you’re out of work. And so the way politicians get reelected is by giving out free stuff to people and making people think that they’re helping them, right? Like, vote for me because I’m the reason that you’re successful.

I got your back. If anything happens, I bail you out. I give you money.

I’m going to make, you know, and so people want to be the hero. They want to be the guy that makes everybody’s life better. And so if there’s a problem that requires a painful solution, they have no interest in that because for them, that’s okay.

I’m out of work. I mean, if I tell the public that, hey, my plan is to have this recession and you may lose your job and, you know, your house might lose value, but, you know, that’s the free market and I’m a capitalist and I believe in the free market. And if we do that, eventually you’ll be okay.

That’s not what the voter wants to hear. The voter wants to hear, I got to bail out. I got a stimulus check for you.

Don’t worry. You’re not going to lose your job. I’m going to bail out your employer.

I’m going to send you money. I’m going to stimulate this economy. This ship is a fool for saying that we got to, you know, go through austerity.

This is bullshit. You know, this is America, you know, we’re winners and we’re just going to, I’m going to, you know, we’re going to have, you know, we’re going to, it’s going to be a boom. That’s the guy who gets to vote, right? It’s the positive message that wins, not the, you know, we got to pay the piper for all this extravagance.

So it’s the longer we keep it going, the greater the incentive to kick that can down the road. And so it’s just, it’s a self-perpetuating situation that just gets worse and worse and worse the deeper we dig the hole. But eventually, you know, you can’t do that anymore.

And, you know, it erupts. And we’re not, I mean, we haven’t even gotten to that point yet. We’re going to get to that point.

Maybe this next round of money printing will bring us to that point because the last round didn’t do it. If I could follow up, have you read a book called, someone had put me onto it about a year ago. And I’ve started to buy a little Bitcoin for the last, I don’t know, six years, not a lot of it.

But the answer to the question I just asked you was not solely misaligned incentives from those, you know, giving out money. And then this kind of this pseudo modern monetary theory where the world reserve, we could just keep printing. And of course, we’re seeing that kind of push come to shove.

And it looks like we get one more kick down the road. But there’s a book called Central Banking and the Enslavement of Mankind by a gentleman named Steven Goodson. Yeah, I haven’t read it.

It’s a fairly interesting take that I don’t have to look like you. I don’t have to assimilate, speak your language. But if I control your money, that is the real power.

And there seems to be some sort of a pattern that aligns with how the United States, and it scares me to speak about it because it’s borderline conspiratorial. But it’s also a pattern that has been fairly well sourced that aligns with where the financial order of the United States is. And while it does seem to make some sense that we in debt ourselves to everybody, and therefore their interest is aligned with the world reserve currency in the United States.

It’s not sustainable. And that may be the answer of the question, which is this kind of incompetence and misaligned incentives that you speak of is actually more structural and deliberate than may be able to be explained kind of at first. But I’d be curious if you read that book because it’s kind of wild.

Yeah, I didn’t read the book. But I mean, central banking has done a lot of harm to not only the United States, but to the world. We’d be better off without any central banks.

Now, of course, you could say, well, what if the governments just did all this themselves? Yeah, that would be bad too. It may even be worse. But that’s why the government should not have a role in creating a central bank.

And the government should not perform these functions. If the government wants money, the government should have to collect it through taxation. But the money itself should be produced privately, not by the government.

And it should be real money like gold. So the real world can create gold. The government can buy that gold and make coins out of it and make it into money, which is what it’s supposed to do.

And it could issue paper backed by that gold that it has in its warehouse. But that’s what we should be doing. We should be an honest monetary system where the government, if it needs money, it has to go out and get it.

Just like if a private person needs money, I can’t print it. I have to earn it. Now, the government doesn’t have to earn it because we’ve given the government the power of taxation.

So if the government needs money, it can tax us to get it. But that should be the only way that it can get it. And even if they borrow it, they still have to tax us to repay the loans.

What they should not be able to do is conjure money out of thin air, which is what they’ve been doing. And that has really screwed up the economy. But thanks for your call.

Why don’t we go to the next guy? Thanks, Peter. You’re the man. Thank you.

Let’s go with INRI. Yeah, hi. Thank you, Peter.

One question. I mean, the Bitcoin is currently at a market cap of 1.5 trillion. If we assume when it actually collapses over the next few months, years, what is the actual implication in society over this? There are people who have built their lives, their whole lives over Bitcoin going up and up and up.

So what’s the actual impact we’re going to have? Yeah, that’s why I have been rooting for this bubble to pop for a long time. And people think, oh, that’s bad. Why are you rooting for people to lose money? I’m not.

I’m rooting for people not to lose money, because the longer the bubble goes on, the more people are going to lose money. And so the sooner the bubble pops, the better. Now, yes, there are going to be people that lose money now, but more people will lose money later if it pops later.

Meanwhile, it’s not just the money that’s being lost in Bitcoin itself and other crypto, but it’s all of the misallocation of capital and resources into this crypto industry that should be going someplace else. If we’re going to rebuild the manufacturing, then that’s where our resources should be going, not to manufacturing meme coins. We need to actual stuff.

But all these smart kids that are in computer science or engineering, smart kids that are wasting their brainpower in the crypto industry, they could be working someplace else. So the sooner we can bust this bubble, we can free up those resources to go to where they really should go. And now you have the government trying to misdirect those resources through subsidies and all kinds of stuff aimed at trying to make us the crypto capital of the world.

It’s not up to the government to decide this is the industry that we should dominate. You know, it’s up to the market. We don’t want the government to try to pick the winner, because usually it ends up picking the loser.

And we’re stuck back in the loser because the government had some political influence. And that’s what it always boils down to. Why does Donald Trump want to make America the crypto capital? Because a bunch of crypto people donated to his campaign.

That’s why. It’s not because, you know, the market wants it to be the dominant. It’s because his political donors, you know, the most money that he took in his campaign, the most money he got was from crypto.

Have you tried to actually quantify the effects of a collapsing crypto industry when it comes to, I don’t know, rising unemployment, falling inflation? What could it be? It’s hard to say. You know, a lot of crypto people don’t even have jobs. Right.

So they’re not going to lose their jobs if they’re just living off their crypto winnings. And, you know, they leverage, they borrow against their crypto or they have. They’re going to try to reenter the market, though.

Yeah. Yeah. So the unemployment rate will go up because they’ll go from outside the labor force to now actively looking for work.

Yeah, you’re right about there. And but some people also lose their jobs because they work for a crypto company that goes out of business. So, yes, I mean, it is a big bubble and it’s done a lot of damage.

The sooner the bubble pricks, the less damage that will be done. But it’s already done a lot of damage. You know, one of the reasons our trade deficits are as big as they are is because of the money we’re wasting on the crypto industry, because the crypto industry is not producing anything.

You know, it’s completely nonproductive. You know, crypto hasn’t changed my life at all as far as I mean, I know people have gotten rich off of it, but like I don’t it’s not like people keep comparing crypto to the Internet. I’m using the Internet right now.

I’ve used the Internet all the time. I never use crypto. Right.

I mean, I use it as a joke. I established my Bitcoin strategic reserve and my stockpile. Right.

So I’m now using it because I’m showing how ridiculous it is. You know, the government said we’re going to have a crypto stockpile reserve as long as we don’t have to spend any money buying it. So I did the same thing.

People want to give me crypto. I’ll take it. But I sure as hell ain’t going to buy it.

I’m not going to spend any money on it. Cheers. Thank you.

Yeah. And if anybody out here wants to go, I got a crypto, I got a Bitcoin reserve that could use some donations because that’s, you know, I have to, you know, it was up to like forty five hundred bucks a couple of days ago. Now it’s down to around four thousand because the market loss, you know, I didn’t sell it.

I’m holding, you know, if it was up to me, I’d have sold it the minute I got it. But, you know, I didn’t want to do that to the people who gave it to me for my reserve. I, you know, I would feel bad.

I mean, they gave it to me to hold it. So I’m not going to turn around and screw them by selling it. But, you know, I got my reserve.

And if anybody wants to help build it up, you know, I put my wallet address on one of those posts for my reserve. I also got a stockpile. You know, my stockpile basically just has Solana because that’s what people have sent me.

They haven’t sent me the other ones. So I got Solana and I got Bitcoin. So Bitcoin is in my strategic reserve and I got Solana in my crypto stockpile, just like the government.

Who’s next? Connie. Hey, Peter. So Trump did a interview the other day with Fox and the girl asked him basically what’s going to happen with like the tariffs.

And then Trump kind of just jumped to, well, interest rates are getting lower. So I kind of wanted to get your opinion on that. And sorry, I don’t have any crypto to give you.

That’s OK. And, you know, I don’t even feel bad that people are giving me crypto because they didn’t give it to me. They just would have lost it anyway.

What’s the difference? Exactly. In fact, if anybody who gives me crypto wants it back, I don’t know how. Yeah, I guess I could.

I don’t know how you prove that it was yours. You know, I consider I mean, I’m not doing anything with it. It’s just sitting there.

But yeah, you know, I think Donald Trump’s administration thinks that one of the things that’s going to offset the pain of the tariffs is going to be lower interest rates. But we’re not going to get lower interest rates. I mean, even if the Fed lowers them, it’s not going to lower the real cost of borrowing for average Americans unless they go back to QE.

And if they go back to QE, we get massive inflation. And so that’s just going to add to the price pressure from the tariffs. So there is no like get out of jail free card to play here.

They’re betting that we’re going to get low interest rates. So, yes, we’re going to pay higher prices, but we’re going to get a lower mortgage or a lower car loan or lower credit card debt. I don’t think it’s going to work out that way because we’re going to end up with massive inflation.

And yeah, I mean, it’s unfortunate that the economy is going to be so bad under Trump because there are some good there’s a lot of good things that Trump says and there’s some good things that he does. And, you know, we’ll see, you know. I mean, he’s going to be there for another four years.

Things are going to get really bad. Maybe one day, you know, somebody will introduce him to me and I can have a conversation with him. I have a feeling that he actually does care about the country and does want it to do well.

He’s just been led astray by a lot of special interests that have, you know, blown a lot of smoke up his ass. And I don’t know if I’d be able to convince him to do the right thing, but, you know, maybe, maybe, maybe he could. But it also have to convince Congress.

So that ain’t easy either. So. We love you in the Senate, brother.

Well, Rand’s been in there and he hasn’t been able to do much. I mean, it’s tough, you know, it’s a tough battle. All right.

Yeah. Do we have like, do we have just like follow up? Like how fast do you think prices are going to rise? Well, well, I mean, they’re going to, there’s always a lag, you know, but I think, you know, Biden, you know, by next year, they could be double digits. You know, I mean, the dollar is going to be going down and we’re printing a lot of money.

Stuff’s going to get a lot more expensive. It’s hard to know exactly just the velocity could really pick up on the money. People just trying to dump it as quickly as they get their hands on it.

Now, a lot of people think, well, that’s going to be great for Bitcoin. People are just going to buy Bitcoin. Well, they could.

But I think if it’s already collapsing, they probably won’t. They’ll probably be still getting rid of it. All right.

Thank you. Bye bye. We got anybody else, Paul? If you can see him, it doesn’t show anybody on my end.

Um, does, well, I got a lot of people that say requested. Does that mean they’re still trying to speak or does that mean they already spoke? Yeah. Requested means you can bring them up to speak.

Oh, I got like, I got so many. I don’t know what, understand why you can’t see those guys. I probably got at least, I guess there’s, I mean, there’s like a hundred people that are, you know, 50 people, at least that are, that are requesting to speak.

I don’t know why you can’t see them. This is zero. Huh? This is zero people requested and only shows 50 listeners for me.

That’s weird. I’m showing, I’m showing 983 people have joined. Yeah.

As soon as you made me a co-host that changed all that. Weird. But it didn’t change it for me.

I have 55 requested. Yeah. Now I’m looking down there.

I have 55 people that are requesting to speak. I assume they’re all on here. So I’m going to, I’m just going to grab some of them.

Here is LS. LS, you’re up. Hello? LS? I’m going to do this guy live.

Thanks. I’ve listened to more than 900 episodes. And I remember that you told that in the beer market, there are sharp rallies.

So I wonder if you expect sharp rallies and if so, would you short them? Yeah. I mean, I do think that if we are in a bear market, which I believe we are, I mean, we’re clearly already in a bear market in Bitcoin and Ethereum and all these tokens, but the stock market isn’t technically in a bad market yet. But yeah, I think there will be, you know, the Fed can say something to really rally the market.

Trump could say something, but, you know, I think money is flowing out of U.S. stocks. I think it’s got a long way to go. I think this is a big trend.

This is not a short term thing. I think this is the beginning of a cyclical move away from U.S. assets, away from the dollar. And so, yeah, you’d want to sell into those rallies.

Whether or not you want to short them is up to you if that’s the way you want to, if you want to short things. I’m more generally interested in buying the things I think are cheap and going to go up and just avoiding the things I think are expensive rather than shorting them. But, you know, you can make a lot of money if you do that the right way.

But I haven’t been concentrating on that. I got a few other people that are allowed to speak if anybody else wants to chime in. What’s going on, Peter? Can you hear me right? Yeah.

Hey, man. So I just wanted to ask, because you think Bitcoin and everything, all these U.S. stocks are just overpriced. What do you think, moving forward, how do we go about this? Because, I mean, a lot of people are saying to get jobs, you know what I mean? What do you think? About what? Overall, since the market is down, because there’s a meme going around where people are trying to buy Jopcoin, you know what I mean? Like, I’m not trying to do anything.

You know, I get them a job. That’s almost like, people need actual jobs, not a coin that says a job, because Jopcoin doesn’t pay you a salary, right? It’s like having food coin. That’s great.

I can’t eat it. But, look, you know, stocks are overvalued, but they have value. The question is, at what price would they be a good investment? When it comes to something like Bitcoin or a lot of these other tokens, I don’t think they have any value, really.

And so there’s no price at which I would become a buyer, because it’s all hype. But, yeah, I mean, look, it’s unfortunate that the Fed has created so many bubbles in this economy by keeping interest rates artificially low and printing too much money. And now the Trump administration, what do they actually want? They want the Fed to do more of the same.

They want the Fed to cut rates and print more money. And that’s how we got into this mess. That’s not how we get out of it.

It’s not like, you know, a hair of the dog. You know, more inflation is not a cure for too much inflation. I see.

But let me tell you something, man. Like, the community in crypto is so strong. And I think the Solana committee for Jopcoin would prove you wrong, man, with all due respect.

Well, as I said, I wouldn’t be, look, yeah, people can pump and dump Jopcoin. I mean, you know, look what they did with Fartcoin. They can get Fartcoin to go up.

They can get Jopcoin to go up. Right. Yeah.

Why not? But, you know, the money that people make on Jopcoin is going to equal the money that other people lose on Jopcoin. Right. So there is no real value created there.

It’s just money is transferred from the losers to the winners. So and usually, usually the winners are a small group of people who make most of the money. And then the losers is a much bigger group of people that collectively lose all that money.

So it’s not a good game to play because most people, by definition, will lose the game. As opposed to legitimate investing where everybody can win, right, everybody can win on a legitimate investment that doesn’t have to be a loser. Yeah, I see.

Thank you for your insight, man. I appreciate that. Take care.

Who’s next? I’m going to add Lake as a speaker. Lake, are you there? Hello. I’m going to add Nutanomics.

Nutanomics. Lake is still. Lake is think Nutanomics, you got to air you out.

Can you hear me, Nutanomics? You just got to speak. I see you’re unmuted. Hello.

All right. I’m going to try Sharon. I just added Sharon.

Hello. Anybody? Nutanomics? Sharon? It’s on recession. Are we close? Are we already in it? I think we’ve been in it for some time now, at least a year.

I mean, I’ve been talking about that on my podcast. I think the government statistics really didn’t reveal the recession. I think they overreported the job growth.

I think they underreported inflation. And that’s why I was so confident that Trump was going to win. It was because I knew that in a recession, you throw out the incumbents and Trump was promising change.

And when you’re in a recession, you want change. So I think we’re in a recession. I think that it will be officially acknowledged at some point this year that we’re in a recession.

And of course, it will be blamed on Trump. Most of the media will blame it on Trump. Trump, of course, will blame it on Biden.

And so there’ll be a lot of argument over whose fault it is. But if you understand the business cycle, recessions are actually the good part of the cycle. They’re not the fun part, but they’re the part where all the mistakes are fixed, where all the misallocations of resources are corrected.

So during a recession, all these crypto companies can go bankrupt. That’s a good thing. We don’t want these crypto companies in business wasting money.

We want to free up those resources, land, labor, capital to be redirected someplace where they can be put to productive use. But the process of doing that is a recession. While we were doing the wrong thing and screwing up the economy, that’s when we had the boom, right? But the bust is when we have to sober up and get our shit together.

And so we need the recession. The problem is the politicians always try to fight off the recession because the voters don’t like it. It’s like if you go to rehab and then instead of letting you go through detox, they give you more drugs so you feel better.

That’s counterproductive because that’s not why you’re in rehab. But the politicians do that and then they short circuit the recession before it’s able to do all the repairs that it was supposed to do. And so then you start a recovery while you still have problems underlying the foundation of the economy.

And so it crashes again because the government never allows the market to really fix what the bubble broke. And the bubbles are always fueled by cheap money, artificially low interest rates, too much money printing. That’s what does it.

And they’re going to be demanding more of the same. They only have one solution to every problem. Print money, spend money that we don’t have, print money, create inflation, and try to spend and borrow our way into another recovery.

But the problem is we’re already broke based on all the money we borrowed and spent stimulating the economies out of the prior recessions. Peter, can I ask you one more thing? What are your thoughts on AI? Because there are a lot of investments happening there. Do you believe that it’s going to prolong the recession, make it worse? Is it going to get us out of there if promises are not met with AGI, for example? Well, as we’re making the investments in AI, that is a cost to the economy.

That’s a short term cost that if AI delivers on its promise, we’ll get a long term benefit. And I think that there’s a lot of potential in the AI technology. I think a tremendous amount of productivity can be unleashed using AI, and so I’m very optimistic about that.

But I do think it will take years to develop and implement. It’s not like, look, how long have they been talking about self-driving Teslas and they’re still not self-driving? I mean, a lot of this stuff takes time to happen. But yes, I think it will happen.

I think there’s real value in AI. I think there’s real value in a lot of these companies. But the problem is, there’s such a speculative mania around the industry that we’re going to have to flush a lot of that out.

But I don’t mind, and I think that resources that we are using to AI may be well spent. Now, we may be overinvesting. It may be that we don’t actually need the data centers that we think we need.

There’s another Chinese company that came out today with AI that can be done for less money, which is great. So it’s possible that we can get the benefits of AI with a lot less capital investment, a lot less energy, which is good. That’s a good thing.

But I think that a lot of money has been thrown at it very quickly in an environment where everybody is chasing bubbles anyway. So I think we have to clean out a lot of this speculation and we’ll see where we are. But there is promise there, unlike Bitcoin or crypto, where I don’t see any promise at all.

I think it’s just all hype. Peter, BaldGuyMoney here. Can you hear me, man? Can I ask you a question? Yeah, are you the same guy? I’ve done a podcast with BaldGuyMoney.

Is that you? Yeah, we’ve done two together, man. All right. Okay.

All right. Yeah. So I didn’t know if there’s been more than one BaldGuy.

I’m sure there are plenty. I’m waiting for AI to cure baldness and gray. I want a full head of dark brown hair again.

You were in Turkey last year, Peter. You should have taken your shot. My shot of what? Getting your hair back.

I don’t have enough donor hair. I’ve lost so much hair. I don’t have enough in the back.

Listen, you know, last week, silver surprisingly closed spot at $32.50, slightly above $32.50. And that’s been a key point of resistance for a while. And in fact, you know, I would argue on a technical basis that put us back into bullish territory. Now, with the stock market, I mean, just in deep, deep, deep red today, silver once again has closed above $32 an ounce.

Do you think that we’re finally seeing the fortunes for silver on the market turnaround? And at what point do you think retail is going to start, you know, getting that FOMO and coming in, looking at how high gold is saying, okay, you know, I’m going to get greedy. It’s going to happen. That’s why I’ve been mainly telling people who, you know, customers are shift gold that they should be focusing on silver right now over gold.

When you’re looking about 90 to one ratio. And the reason that I think silver is still so cheap is because the public is not involved. The main drivers of gold have been central banks and they don’t buy silver.

They buy just gold. But when the public starts to buy and compete with the central banks, they will focus a lot on silver, especially since it’s still so cheap. So yeah, I mean, while I think the best play is the mining stocks, which includes silver mining stocks.

I think the second best play is silver over gold. So I’d buy the mining stocks first. If you want to buy physical metals right now, I would buy silver.

That doesn’t mean I’m saying you don’t buy gold, but maybe in a couple of years, then you just buy gold because these mining stocks could be a lot more expensive. It’s just that right now, these mining stocks are really, really cheap. And that’s for the same reason that silver is cheap because central banks don’t buy mining stocks.

They just buy the gold that they mine, but they’re not buying the stocks. Investors are selling these stocks because they wanted to buy AI stocks or they wanted to buy crypto stocks or they wanted to buy crypto. So, you know, when those bubbles pop, right, as the air comes out, the money is going to flow what’s left of it because a lot of the money just goes to money heaven.

But new money is going to start moving into silver. I’ve been saying that to me, $30 on silver looks like $2,000 on gold. So we stayed at $2,000 for a while on gold.

And I kept saying, this is the bottom. Everybody kept saying, I don’t want to buy gold at $2,000. This is the top.

And I would say, no, no, no, this is the new bottom. $2,000 is the bottom. You want to buy any dip below because we’re just building a floor we’re going to take off.

And then we did. I think the same thing is happening with silver around $30, right? This is to gold. This $30 to silver is gold $2,000.

People like, oh, I don’t want to buy silver at $30. I mean, that’s cheap. But I think once it gets comfortably above $50, I think the public will come in.

It needs to really, I think, take out that $50 high, maybe a $60, $70. And then people will start saying, OK, it’s going to $100. And the public will start coming in.

But obviously, you don’t want to wait for that when you could buy it at $32. Why wait to buy it at $72? One last thing, and obviously, I want to give an opportunity to the other people to ask you questions as well. But are you surprised at all, considering the fact that the S&P 500 has basically just given up nine months of gains in the last 12 trading days? Are you surprised at how strong metals are holding up right now? No.

I’m not surprised at all. And I’m also, I mean, what’s more surprising is that the foreign stock markets are holding up so well. And that, to me, is showing decoupling.

But the dollar is not rising. See, the times where gold has gone down when the U.S. stock market has gone down is when you have a strong dollar, when the dollar is rising, when people are going into the dollar as a safe haven from a market decline. That’s not happening.

The dollar is going down now. It’s not going up. And that is a great environment for gold.

Yeah, I couldn’t agree with you more, even the fact I covered that this weekend in my video, you know, that what we could see in the future is instead of the investors running to the dollar, what they’re going to start doing is simply running to gold. Right. And because if you think about it logically, if the markets are tanking, what is likely to happen? The Fed steps up and cuts rates or goes back to QE.

So they debase the dollar to prop up the financial markets. So why would you run to the dollar when stocks are tanking? You want to go to gold because gold not only protects you from the market going down, but it protects you from what the Fed does to stop the markets from going down or to inflate the markets back up. Yeah, gold is the only viable alternative to the dollar.

And gold has no viable alternative because the dollars cook. Europeans are talking about spending $800 billion on defense. They don’t have that money sitting in a savings account somewhere.

That’s going to be all newly generated, printed, borrowed money. Yeah, well, a lot of it is going to be borrowed, which is going to push up the price of borrowing in the U.S. And it’s going to unwind the yen carry trade. All these carry trades where they’ve used foreign currencies to fund leverage bets in the U.S. on treasuries and on the other end of the spectrum on riskier assets, all this stuff unwinds when all this whole carry has to be unwound.

That’s a giant global margin call. Yeah, absolutely, man. Thank you so much for taking my question.

All right. Who’s up next? I’m going to go till like 6.30, which is about 18 minutes. Now, everybody’s on my time now on the East Coast because I know 6.30 is when I have dinner.

So I don’t want to take this long into the night. But and, you know, I’m going to do a podcast tomorrow. So anybody that’s interested in hearing more stuff formally, I’m going to be doing a podcast tomorrow.

And then I got to travel. I got to go up to New York for some business for a day. And I won’t be back in Puerto Rico till Friday.

And I’ll probably end up because I got a Friday. So I probably won’t do I’ll do another podcast probably on Sunday because we have a CPI coming out on Wednesday and the markets could get killed between now and the end of the week, especially if that CPI number is bad. So but tomorrow I’m going to do a podcast before I leave on Wednesday morning.

Who’s up? JP. Oh, glad to be here. Thanks for letting me up.

I didn’t even realize. So, Peter, my question to you is I have a gold ETF. CGXF is the ticker.

It’s just been really underperforming while other ones have gone up. Do you think I should go into a more, for lack for lack of a better word, exciting one rather than. I don’t understand.

What’s the symbol? CGXF. CGXF. Delta, Gamma, X-ray, Foxtrot? No, CIGold.

Giant’s covered. CGXF. C, Charlie, Gamma, X-ray, Foxtrot? Correct.

And nothing comes up. Is that on a foreign exchange? What exchange? This is on the Toronto Stock Exchange. Oh, CGXF-T.

I don’t know. I remember I’m not picking it up, but I don’t know what’s in it then. Is it a mining ETF? Yeah, it has a basket of gold mining ETFs and it just hasn’t moved much.

Well, you know, the gold stocks, they’re up this year, but they’re still cheap, but I don’t know what’s in it. But I prefer my mutual fund, but you can’t buy that from Canada. I’m not really sure what’s in there.

Is there any gold stock that would be available on the Toronto Stock Exchange you would recommend that I look at? Well, you’ve got plenty of mining stocks up there in Canada. I mean, the big ones, you’ve got Franco Nevada, which has been making 52-week highs recently, which looks good. It’s a royalty company.

Agnigo Eagle is a good one. Those are the top stocks, I think. But also, yeah, you got Alamos Gold has been doing pretty well.

You know what got hit hard today, which I think has been a good stock, but it was down quite a bit today, is IAMGOLD. It’s down 7% on the day. I mean, there’s some stocks that I think are good that have been down.

Kinross. I mean, there’s a lot of individual big-name stocks you could buy in Canada. There are Canadian companies.

Well, I was just wondering, because having the basket of the ETF, that just makes it move slower. Because that was my plan. I have very little physical gold.

I have more physical silver. Yeah, but I’m sure if it owns a lot of gold stocks, it’s going to go up. I mean, gold stocks as a group are going to go way up.

I think my gold fund is going to do better, though. I think we’ve got a great portfolio for the Americans that are listening. The Euro-Pacific EPIGX is where you guys should be going, I think.

I mean, E-P-G-I-X. Yeah, E-P-G-I-X. All right, let me take another call, because I know I’m running out of time.

So let’s squeeze some people in. I don’t see anybody else, so you have to let some people in. Oh, there’s 54 people still.

Yeah, I looked it up. Crafty Pirate. I just added Crafty Pirate.

Are you there? Crafty Pirate? Yeah, I can. Excellent. Thank you for the honor, true honor of talking to you.

I’ve been trying to reach you via Paul, but apparently he hasn’t received my messages. Well, Paul’s on this space, too. Yeah, excellent.

Okay, I wanted to pick your brain. I know that you are a very open individual. I know that you’ve mentioned Monero in the past.

I want to get your idea about, you know, you’ve always been an advocate for true liberty and freedom. I want to see if you associate with Monero as a cryptocurrency, as being something special, as an alternative to Bitcoin, where privacy is the function. Yeah, I mean, the question is, the original appeal of Bitcoin, when I first learned about it, was that people thought it was private.

And so it was a way to circumvent the prying eye of government that was very involved in spying on everybody’s banking. And so the original idea, which I thought was the most valid part about Bitcoin, was that if I wanted to transact with somebody and I didn’t want the government to know that I was transacting, that that was the value of Bitcoin. Of course, that also would make it something the government doesn’t want, because they don’t want people buying drugs or evading taxes or funding terrorists.

And so Bitcoin, as it turns out, was not really that private, but Monero is. And to the extent that Monero can actually do what I thought Bitcoin could do, but it can’t, then that would give some value to Monero. The question is, what’s it worth? And the problem with it is, maybe I could use my Monero to make a payment or transfer, but do I really want to hold on to it? How much money can I put in it? Because the price might crash.

But the thing is, where I think Monero would have the most value now would be to criminals and illegal activity, because they’re willing to pay the price. If you’re committing crimes and you need to launder your money, you generally have to pay people money to clean up your dirty money. And so even if you earn a dollar dirty and you end up with 70 cents of clean money, all right, you paid 30 points to wash your money, that’s a cost of doing business.

I think most honest people don’t want to take that risk until you get to a point where the government is really, really oppressive. And now, it’s not just criminals that need privacy, but everybody that needs privacy, because the government is a criminal. And if you try to fight back against the criminal government, and then they throw you in jail or execute you or something, you’d want a private way to transact so that the government couldn’t find you.

But I know that the government would crack down hard on anything that did that. But yeah, I mean, there is some value in that. I just wouldn’t know how to price it.

Well, the price really doesn’t matter. What matters is the value and the function of privacy. The price is really irrelevant when you compare it to the US dollar.

Because if our goal here is to get out of the system entirely, then we have to go back to private money. And I posit to you that Monero is private money. Because it’s private, but it may not be money, but it’s private.

I will grant you the privacy part. But yeah, I mean, that is, I mean, what would really, I mean, what would be private if Monero was, if let’s say Monero was a bearer instrument. Let’s say I created Monero’s, and they were backed by gold.

And anybody that had Monero, and I don’t know who has it, and I can’t track where it goes. But anybody who has Monero can show up, right, at my vault, and turn in their Monero and get a predetermined amount of gold, that would make it money. But I think if I did that, and I was the custodian, the government would come shut me down, right? So it’s the government that won’t allow money to be private anymore.

And so people are trying to invent, you know, alternatives, they’re trying to invent like a crypto token that has no central custodian of any real money, because everybody’s afraid to act as the custodian, because the government’s going to come get you. And so you have to just say, well, put your faith in this token. And that’s the problem is say that, you know, how is that token really going to maintain a particular value when you can’t do anything with it, other than use it to give to somebody else.

So it’s like, it’s not money. It’s something that you could use instead of money. Because it has privacy.

But it’s not really money in the sense that it’s a commodity that can be a store of value. So that’s the problem. Well, I would suggest to that listening to others like Mike Maloney, about listening to the conditions of money, and that fungibility is in fact, a conditional attribute of money.

No, it is. You know, I mean, Bitcoin satisfies a lot of the things that you need money to do. But not fungibility.

But the thing that it doesn’t have, and it’s the same thing that Monero doesn’t have, is the actual value as a commodity separate and apart from it being used as a medium of exchange and a unit of account, which is why it’s not a store of value. And so that’s why it ultimately doesn’t work. Because the value of any of these cryptos is purely a confidence.

It’s purely based on do people have confidence that other people will value it in the future. And the problem is, if the price can get too high, you know, then it’s even riskier that people don’t value it at such a price. So these things, they just don’t work.

That’s the problem. I see a flaw in your reasoning. I see a flaw in your reasoning and you’re always comparing it back to the U.S. dollar.

Now, my posit to you is that you have to think outside of the U.S. dollar. I’m not limiting my thoughts to the dollar at all. So, okay, so let’s say that, you know, okay, we have an alternative system here that we can use and transact.

And we do, in fact, have all the characteristics of true money and privacy. But it doesn’t have the characteristics. Like, I’ve used the example of cigarettes, you know, in a prison.

And cigarettes have been money. The G.I.s used them after the war in Europe. They were using cigarettes as money.

The reason cigarettes worked as money, apart from the fact that, okay, they’re fungible, they’re divisible. You know, I have a pack of cigarettes. I have, you know, 30 cigarettes in there.

How much do you want for that? Two cigarettes, three cigarettes, whatever. You know, you could use them. But the reason that cigarettes had value was because people smoked them.

And even if I wasn’t a smoker, somebody smoked cigarettes. And if I didn’t want to smoke them, somebody could smoke them. So it was the fact that the cigarettes could be smoked that made them viable as money.

And then, you know, they had other characteristics that where they could be used. The problem with these tokens, including Moneros, you can’t smoke it. You can’t do anything with it.

So at the end of the day, if I’ve got a whole pile of Moneros, what do I have? I don’t really have anything. Yes, if somebody will take the Monero from me, okay. But what, you know, what’s it worth? I mean, like I can say, how much is a barrel of oil worth in terms of an ounce of gold? Or how many bushels of wheat should be in an ounce of gold? Or how, because you have all these commodities that you could relate to other commodities and their relative use cases and their relative scarcities and try to get a price.

But you can’t really do that with a token that doesn’t have a use case beyond, you know, the transaction, but ultimate privacy. If I want to transact in privacy, I can do it. I can hand you some gold.

I can even hand you some paper dollars. And the government doesn’t know that we’ve transacted. So you can still have a private transaction as long as you don’t do it electronically, you know? Well, I would suggest to you that the key factor in both of our arguments is the concept of faith.

And the faith in money is the key underlying common denominator of what we’re discussing here. But I appreciate your openness. And I suggest… What’s the market cap on Monero right now? It doesn’t matter.

Again, we’re comparing back to US dollars. I’m just curious, like how much money is, you know, what are those tokens? You’re talking about money. You’re talking about money.

And I suggest to you that the US dollar is not money. Well, the dollar has never been money. It’s been a money substitute.

All right. Anyway, thanks for that. Is there one more quick call? Then I got to run.

Yeah, I have one quick question for you, Peter. So I’m curious, in the next like 50 to 100 years, do you have any fear of humans discovering like an abundance of gold somewhere in space, whether it be an asteroid or somewhere nearby? Well, I mean, first of all, if we discover an abundance of gold in the scheme of things, that would be a good thing because gold is very valuable and we need it for a lot of things. So if we were able to come up with a whole bunch of gold, that would be good.

It could disrupt the monetary system if, you know, gold was everybody’s money and all of a sudden gold was plentiful and it was all over the place. But I think that the odds of us finding such a large quantity of easily accessible gold is very, very slim. You know, gold is very scarce on Earth and it’s likely very scarce in the universe based on the origins of gold and how it came into being.

And so I’m sure there is gold in space and I’m sure one day we’ll mine it. But it’s going to be very expensive, I think, for the robots that we send to other planets to mine the gold and actually get it back here. So, you know, I don’t think that we’re going to do that.

Now, if we have a way of just making gold out of the molecules in the air, if we can invent a machine that can just create gold out of nothing, then we don’t need any money. Because if we can create gold out of nothing, we can create everything out of nothing. And if we can create everything out of nothing, then nobody needs to buy anything.

So nobody needs any money. So if we could get to the point where, you know, I can have whatever I want just by asking for it, then nobody is rich and everybody has everything. We’ve reached the point in human evolution where everybody has everything they want.

There’s no limiting factor. There’s no scarcity that limits us. The reason that some people are rich and some people are poor is because everything is scarce.

There’s not enough to go around. Not everybody can have a private jet, right? Because they’re too expensive to make, they’re too expensive to operate. But if I could just push a button and a private jet just magically appeared and it could fly itself and I didn’t need a crew and it could power itself just based on the sun or whatever, everybody could have one.

So if we get to a point where we could create gold like that, then you’re not even going to need money and it’s not even going to matter. Awesome. Thank you so much.

And I do think that one day, if we don’t destroy ourselves, I’m sure that we may be at a point where we even evolve beyond our own bodies and we just exist as energy. In which case, nobody needs anything, right? I don’t know where the ultimate evolution of man is taking us. But I think for the foreseeable future, there is a limit on the resources and we’re going to need money and the best money is gold.

But anyway, on that, let me just wrap this up. I’m going to do my podcast tomorrow, shiftradio.com on my YouTube channel. If you’re new on the spaces, subscribe to my YouTube.

You’ll get that notification. We also posted on X. If you’re not following me on X, follow me, get your friends to follow me. I’ve been talking about my funds.

You want to take advantage of the Europacific Fund family or go directly to europac.com, talk to my representatives. We do separately managed accounts. europac.com is the website.

All the information on the funds, I have a value fund, international value, international dividend payers, emerging markets, foreign bond, gold miners fund, five funds. These are funds that I think are going to do very well in stagflation in the US as money is leaping out of overpriced US stocks and out of crypto. If you’re crypto guys, even if you don’t sell everything, sell something, take some chips off the table and do something real.

What you don’t want is this bubble to pop, all the air to come out and you took nothing off the table. That’s the worst thing that could happen is you fail to sell anything. You got caught up in the hype.

And at the end of the day, you walk away with nothing. The winners are the people that get out. And so make sure you get out.

If you want to leave a little bit of the house’s money on the table in case it goes up again and I’m wrong, fine. But take your winnings, take your principal and invest it soundly.