MarkZ Morning (Uncut) 03-19-2025

Coffee with MarkZ, joined by Andy Schectman. 03/19/2025

Good morning, and welcome to my lecture. Looking out there, what, what, a 24 hours of disclosure and changes, wow. Hello TurdFerg, hello PoppyEyed, Doc, hello Debbie’s Door, hello Melatime, hello Leslie K, RexyClaire, BustedGia, EagleEye, who do we have over here on the Twitch side? The Bug, the Sist, the Young at Heart, Cath, Walker, Gypsy, good to see you folks this morning.

Big breaking news, SEC officially drops Ripple lawsuit after four year battle. Congratulations to all of you XRPers, Ripplers out there. All I can say is like, wow, markets are going to be screaming today as they figure out just what that means.

Big news for you guys. You deserve the win. You definitely deserved the win.

Carolyn, yeah, the temporary Twitchers. I’m just reading a few of these. Let’s see, no knee surgery, tore my MCL, six to eight weeks physical therapy, return to work after completion.

Ray, let’s see if we can get her done before then. Hello BuddyCrow, we’ll get into all the news, don’t worry, because I know it is screaming. Hello DangoUnchained, I kind of liked that when you got there.

I told you Israel did it. You weren’t wrong, brother. You weren’t wrong.

Yeah, what have we learned in the last 24 hours? Without a doubt, one was major Jewish connection to the JFK assassination, or should I say Mossad and CIA? What did Gary Underhill do? What do you know about Hillary Clinton, right? Yeah, wow, we got a ceasefire in the Ukraine. We’ve learned that there was an active, I mean, like talked about the JFK files as they were doing their research, research investigation, talking about how CIA had set up and implanted people in other countries, supposedly to affect press to counter the USSR in China. So they’ve been openly manipulating and putting people into press situations, talked about right there in all the JFK files.

What else did we get to hear about? I mean, it’s unreal now. There are a couple of people trolling and having a good time talking about, and I put a screenshot up or my thumbnail, Joe Biden being named, but Joe would have been like 21 at the time, guys, he wasn’t out of college. The funniest one I saw was like, I don’t know, it was like July 13th or something like that, 1963, and JFK said, I have some information that will lead to the arrest of Hillary Clinton.

Somebody created a fake letter out there and people are like going, oh, my God. And I was like, these trolls have a sense of humor. I love it.

So it is a it’s a rip this morning. Hello, Captain Peggy, just got back from the cornfield. Hello.

Raps by Char. Yeah, I think we’re all awake. He actually went to college, graduated near the bottom of his class.

Let’s see. And he just listened to the Pam Bondi Prescott mess over her wearing a cross. What a disgrace.

The judge is. Yeah. Judge is all upset.

She’s wearing a cross. Wow. Activist judges, they don’t seem to catch it.

For those that have been paying attention, the Democrats just in the last month or two have lost over three hundred thousand registered Democrats who change sides and parties. They don’t seem to get how wildly unpopular they are with the people as they continue to fight deportation of terrorists, criminals as they continue to fight to keep globalist corporations USAID alive when the fraud is so obvious and easy for the overwhelming majority of Americans. They have not had this low in approval ratings since like 1990.

Democrats have just tanked and they continue to destroy themselves. They’re doubling down on stupid. They’re not paying attention to what the American people are asking for.

Jay Potter XRP up almost 30 cents so far. I wouldn’t be surprised to see it even going further. You had beam me up, Scotty, twitch me up.

We’re twitching you up right now. Like wow. We were told disclosure was coming with with the reset.

You guys noticing any disclosure? The fallout is going to take a while, guys. The fallout from this. Hello, Chef Patriot.

Yeah, nobody. See, isn’t that the crazy thing? Nobody knows. I’m guessing it’s Chef Melaniesa.

Let’s see. Hubbard. See, let them stay ignorant.

They’ve been told many, many times they don’t listen. What it is destroying, though, is it is destroying the trust in a lot of these agencies. It’s obliterating mainstream media because we now know that I mean, without a doubt, we have government documentation, right, declassified about how the press has been implanted to change our minds, change our thinking.

Just put it right there. You know, we talked about it, but we were crazy conspiracy theorists until last night. We’re no longer crazy conspiracy theorists.

We can hand them. We hand them all the documentation. Matt, CSAC said a poll out yesterday, only seven percent of the population strongly agrees with the direction of Democratic Party.

Yeah. And only was it twenty six or twenty twenty six percent of people view them favorably. And only seven percent strongly agree with them.

The rest of them are like, well, I’m favorable, PB. We’re going to talk about silver and gold being removed from COMEX. We got Andy and boy, he’s going to be on fire today.

Just get ready for it. Beast, I don’t know if it’s going to go by Sunday or not, but things are certainly well under way. It appears that is the overwhelming message I am getting out of redemption areas.

What does that mean, though, for when we get our money that we’re still trying to figure out? OK, let’s let’s throw on some news banner. We want to wrap the news as quickly as we can this morning to maximize our Andy time. Politician from Washington factions in Iraq are now demilitarized.

Talking about the forces, Iraqi politician based in Washington, Nazar Hadir said on Wednesday that the armed factions in Iraq are currently demilitarized after direct and clear U.S. threats. It was very interesting breakdown from this Iraqi American politician. He’s just saying, hey, the reality is.

The Trump administration is a very different Washington than the Biden administration, this administration doesn’t play and it’s getting things wrapped, it’s not going to play games back and forth, is going to get things done. So he’s saying, hey. They’re demilitarized, he said, they’re going to be demilitarized, Iraq is finally on board, they didn’t want to touch it because wildly unpopular.

But it was made very clear to them that any of the Houthis or any of the folks that are associated with Iran, they’ll strike wherever they don’t care where they’re at. They’re going to remove them and remove them with with prejudice. And getting into just how that leads to stability for the Iraqi people, you no longer have paramilitaries all around you with grenade launchers, RPGs, grenades, whenever somebody gets upset, in other words, bringing calm and peace to the area.

I just love. But his point was, it’s a very different Washington, D.C. and it is moving forward on getting Iraq stable and on their own. Financial expert advises Iraqis to buy gold, gold and oil that tend to move opposite of each other.

Protect yourselves, hedge your bets. I just thought that was a neat one to see because they have been covering us up in Iraqi news at least every week or other with gold reserves and the number of people in Iraq that are buying gold. U.N. readiness to help Iraq recover corruption funds and work on integrity, they’re helping them find billions and billions and billions of dinar that been smuggled over the years.

U.N. now actively helping them track it now. Guys, this takes it out of circulation, improves the value of the IQD. I know I’m going quickly.

Hang on. Parliamentary oil and gas committee discuss the challenges of the refinery sector and preparations for Ministry of Oil to face oil derivative crisis. Before I move forward with that one, government contacts there is saying that the budget table should arrive any day now.

They did have one article where a commentary, economic, how does that one work? Or an economist gave some commentary, said he didn’t expect it till early April. But that’s. That doesn’t mean he’s in the know, that’s just his take, just like when somebody else, oh, no, you’re getting an RV and I don’t know, pick a year out there in the future.

We’re all allowed to have different opinions. Government still saying it should arrive in the next days or week. This one, though, they talk about how necessary it is.

And I’ve been beating on this one. Iraq wants to be increase their service sector. In other words, refineries, oil derivatives, et cetera, for more money.

And they get into just what they’re doing, expanding a number of refineries, upping production capabilities. We shared the article last night where Iraq is now becoming the by this year will have the largest oil reserves in the world. That is huge.

All hell breaks loose in Turkey. This one was a breaking story this morning. Arrest of Erdogan’s top opponent sends a lira crashing to record low triggers market wide trading halts.

I guess Turkey is trying to go the way of Romania and just remove the competition before there can be a vote similar to what the Biden administration attempted. This is where democracy goes to die, guys. This could be a massive power shift in the near Middle East.

Just watch it. It’s all coming together at one time. Ceasefire with Ukraine changes enter.

It’s all coming together at one time. I’m getting downright excited. I’m bouncing.

I have to slow myself down. Oh, wait a minute. We can take the news one off.

We’ll be a lot more questions to answer once we get back around to it, guys. Just bear with me as I get through news. That’s a lot.

I like it. What’s up with Jens? Geologists uncovered the largest iron ore deposit in history, valued at a staggering five point seven trillion dollars. Right.

A new iron ore deposit in Australia. Isn’t it amazing how we keep finding more and more just. Miraculous deposits, 14 trillion in Uganda and gold.

I mean, every time we turn around, there’s another massive find. Clearly, the world is preparing for a move to asset back for commodities rule setting the stage. Oh, I will include again a link for the JFK assassination records that will be in today’s links.

Last night links when the computer went down, I lost them and I just did not go back and find them all. Manufacturing surges in February, tripling growth forecasts. Donald Trump said we’re going to bring manufacturing back.

We just didn’t realize we’re bringing it back that quickly. Manufacturers started ramping up after Trump won the election for domestic manufacturing. It’s good to see jobs starting to come back.

Good paying, hard working manufacturing jobs coming back to the United States. Manufacturing output surge in February, exceeding expectations and fueling optimism for Trump’s economic revival after years of industrial contraction. We’re finally expanding again.

This is. He’s very clear on what he was doing, of course, we are starting to see results sooner than expected, which is positive. And remember, Wall Street and Main Street no longer cross.

Maybe we can break down that intersection and have them intersect again. This one I just found interesting. White House promotes to IRS whistleblowers who expose tax agency’s favoritism for Hunter Biden.

In other words, the left, the Bidens, they attempted to destroy these two men, the Trump administration rewarding the whistleblowers. And I firmly believe that whistleblowers should be protected and rewarded, not. All they did was point out the corruption.

Is that a bad thing when you point out corruption, when you point out fraud, when you point out waste, treasonous behavior? Oh, you shouldn’t be punished for telling us the truth. You should be rewarded. And that is what this administration has done.

They’re now moving them over to the Treasury Department. To work, Supervisory Special Agent Gary Shapley is being promoted to deputy chief of IRS criminal investigations, while Special Agent Joseph Ziegler is promoted to senior advisor for IRS reform. Both men will work in the office of Treasury Secretary Scott Besant.

Well done. Protect them. Reward them.

Breaking big. Somebody mentioned this yesterday. I had to go find it.

It appears there were a lot is a lot of legs to this one. This one is huge. It’s another reminder of what the government will do to get in your head.

No, no, no. This this one’s good. We got to find out they were doing it in the 1960s with the Kennedy papers last night.

Now we break in here is Mohammed Khalil, a British spook. He worked at the British embassy in Beirut, had security clearance, attended Columbia University’s SIPA school, linked to the CIA. Yeah, here’s part of the money that was paying for him to be here for school came from possibly the CIA.

And he worked British embassy in Beirut. I mean, it goes it gets deep, guys. It gets deep into where the money came.

So he was here causing protests on college campuses over the immigrant or illegal immigration deportations. Of course, he was whipping them up into pretty violent protests on college campuses. Now it looks like he was connected to governments, British government and CIA.

Right. Color revolutions paid for by your government, your tax dollars. It’s getting interesting, guys.

Think about just what we’ve learned in the last few days. It’s huge. Absolutely huge.

Surfer, yeah, I think my ears are smoking. Hopefully you guys all got to keep up with that one. Let’s see.

I don’t know. You can, Kim. Oh, gotcha.

Savings bonds currently held by people may be affected by the RV. Trump signed an executive order specifically stating that they would be honored no matter what. So, uh, no, they’re not going to be affected, in my opinion.

Still going to be able to exchange them. I don’t think they’re going to change in value, meaning I don’t think they’re suddenly going to become worth more money or something. If that’s the question, Claire, I need to get the lower court judges out of POTUS business.

Get this done. Yeah. And he’s forcing it.

Trump’s forcing it, ignoring certain orders. He is playing a very calculated game right now. One that you can tell they were prepared for.

Let’s see. The SEPTA sector is definitely going to be including exchanges. I can tell you I’m ninety nine point nine percent certain, but I can’t tell you with absolute certainty.

Until after it’s done and then we’ll look back at it. Do all of my sources still very much believe that it is? Yes. Did I miss the bond up, buddy? There really isn’t much of a bond update.

I’m getting phenomenal things. Hey, we’re finding out when our final contracts are. I’ve had somebody that another person that was told they were about to get about 30 K in travel money.

We have so many folks from bonds or different groups are suddenly being issued their instructions to go get dollars, do their final closings, getting that information so they can be sent the travel money. I’m finding it all. I mean, they’re clearly positioning for a mass release.

I would not be surprised if there’s quite a bit of money already flowing on that front based on the number of. Numbers and contacts that have now go straight to voicemail. Dougie Jack, it is all about the art of the deal.

I wish more people would pay attention to it. I’m just reading a few of these. OK.

Oh, five forty nothing on the five thousand refund checks from Doge. I would quit looking for it any time soon if it if it even comes. I mean, that is recovering fraud.

So the news has been exceptional. I know I went quickly through it. Let’s see.

Iron Mountain, I’m just reading a few of these. I went through it fast because I want to be ready for Andy. OK, I see some questions we’ve already answered.

Let’s see why I’m not able to access Eddie. Is there a problem on? Well, I don’t know. I’m right here on Rumble, Eddie.

So I don’t understand the question. A lot of people are still figuring out we’re not on YouTube. Bad Street, some bondholders have traveled.

The smaller holders, a number of them are awaiting their travel money. And I’ve been told from a number of different groups that it seems to run between 20 and 30 grand as to what they’re being given for travel money. They get travel to Europe, most of them.

Interesting. Trump’s calling it Liberation Day. Whoa, Jamie, what is what’s he calling today? Liberation Day or to call it? No, he’s calling April 2nd Liberation Day.

Guys, I think they’re setting us up for a big one. Patriot starfighter. Not when you’ve got to travel across the ocean at last minute.

Many of these people will be paying a fortune. Some of them flying a private jet. It’s really not that much travel money when you stop and think about the scope and the speed at which they need to travel.

I would assume many of them are going to be spending it on private jet because they’ll be carrying boxes of bonds. So I really don’t look at that as exorbitant money. I did it first.

I was like, whoa, that’s stupid. And then I was then I took the time to research a little bit. Flights, business class, first class, it’s uncomfortable flights across the big water, or many of them will probably pull their resources and rent private transportation for security reasons.

I don’t know about you, but how would you feel flying economy with your backpack with a couple of billions of dollars worth of bonds in your backpack? I think you’d be terrified. I would be. Well, I wouldn’t want to be terrified, but I would certainly be nervous.

Let’s see. Don’t be too upset there when p.m. there, you got to figure out if what news you learn today is even accurate or even kind of sort of. You we’ve all got to back up, look at it from a little further away.

This is developing a lot of what we’re learning. We’re going to find out isn’t quite accurate. Musical Fisherman, I have to ignore your question, and that should probably tell you everything you need to know.

And Corey, don’t worry about the Comex thing. Andy is going to one of the biggest things he has to discuss here in a few minutes when he joins us. I’m going to try to keep up with you all.

Let’s see Mark back in the day. Did that all the time spook and spy stuff? Yeah, exactly. Many of you did.

And how many more of the whistleblowers from that day in time need to come forward or from current times or past times and tell us how often they manipulate our press, our stories, our media, our information? I mean, nobody paying attention. You think they just suddenly had a change of heart? They just suddenly started caring. They found God, found Jesus.

They were on their own road to Damascus and had that epiphany. I am guessing that intelligence agencies don’t have those epiphanies often. Too busy playing God with American, well, no, lives all over the world.

How many color revolutions have we lined up? How many mass murders have we helped cover up around the world? I mean, we we owe the world a lot. A lot of leaders around the world do. I’m not just saying this American thing.

This is a leader thing. And they have a lot of making up to do coming clean. Fortunately, information sanitizes it all.

Truth sanitizes it all. Jay Rainey, I agree with the bonds in the backpack, especially with TSA. Exactly.

I mean, how many of you folks would want to have to take that stuff through TSA and then sit there and explain it all? Be a whole lot easier to fly private. Let’s see. Mark’s not you.

I’m not put Facebook. Yeah, Facebook is I like it about as much as I like Telegram. That booger repeat bond stuff every three minutes.

So they won’t have to just put it on a loop and start recording a three minute video and just letting it play while you guys chat. K-Staff, they only remove you for a day. Do not post links.

That was your warning. So you don’t post a link again. You’ll be able to go right back in there on the next podcast.

Yep. Muting is only for a day unless you really took it off. And then it’s permanent.

My broken wheelchair, the new one is in route. I’m supposed to be in late this week. Gary Ross, I agree with you.

Just put in a new wheelchair. And Mark, with all these files being dropped right now, will be an excellent cover for currency exchange. It really would.

K-Staff, question if I live in Canada, but also a U.S. citizen to get the contract rate, do I need to open a bank account in the U.S. where it shouldn’t change? I’m told that the rate is the same for U.S. and for Canada. Just changing for the value of the Canadian dollar. That’s all shouldn’t matter at all.

I mean, if it were me, there’s no way I’d put it in a Canadian bank. I mean, we got enough problems in the U.S. bank, but I don’t know why you guys trust your banks at all. I mean, how many of them did they just go in, close your accounts during the whole trucker thing? Yeah, that would be a non-question for me.

I’d already been across the border setting up an account. Oh, did you guys see that Trump is, they are looking to cancel any extra citizenship? In other words, if you’re going to be a U.S. citizen, they are looking to end any dual citizenship. You’re either American citizen or not.

Not an in-between, not, well, I’m an American citizen, I’m a German citizen, American citizen, Canadian citizen, American citizen, and a French or any of those. They’re looking at saying no, no dual citizenship, which screams in the Sarah to Sarah to me. Screams it.

Just enjoying a few of those. Dog Day Live said, Mark, you should get an NIL deal with a wheelchair. What’s an NIL deal? Yeah, I wonder if Trump can start disburring lower judges.

It keeps staying in the way Thomas. It would be, I mean, he’s forcing the issue on many of them, and some of these activists, judges, are just crazy what they’re coming out with. They’ve got them scared.

They got them running. Auntie Anne, I finally feel rested and ready. Right.

Fats McGee, that was one of my biggest reasons for supporting that one. That’s going to make huge waves in D.C. because most are dual citizens. Yeah, they’re looking to end that.

No dual citizenship, which is going to mess with Andy because, you know, he’s a dual citizen in Dubai. No, I’m just kidding. You’re not.

What’s going on, homie? Trump administration is looking to end any dual citizenship in the U.S. You’re either an American citizen or you’re not. So, in other words, you won’t be able to be an American citizen and a German citizen, American and a British. You got to pick.

That’s an interesting one for sure. I know a lot of, I mean, there’s a whole industry of people who are, you know, getting dual citizenship and- I’ve even considered it many times. And second passports.

What’s that? I’ve even considered it many times. Yeah, I bet. Well- Especially during the Biden administration.

I was like, do I need to hedge my bets? And see why. Totally. I mean, geez.

That’s an interesting one. You know, he certainly is polarizing, man. And a lot of what he’s doing, I applaud, but I can see, you know, hey, he’s got courage.

I’ll say that, you know, most politicians have no courage. They have no spine. They, you know, pander to the process to get reelected.

He’s obviously doing what he believes is best for the country. So God bless him for that, you know, if nothing else. No, I’m with you.

Andy, your podcasts are everywhere. Before I forget, guys, since I have not already sang Happy Birthday, I will do it this evening at the news time, but sound off if you have a birthday so I can add you to the list for tonight. I’m not going to make Andy listen to it again.

I think you have a great singing voice, Mark. Never bothers me. And I hear you’re going to learn to play the guitar.

There aren’t many people I know that will break out into, you know, acapella online. So, hey, more courage. I give you lots of props, brother.

I’m going to get you to start playing the guitar for me. My son plays the guitar. Yeah, I’m not a guitar player.

I have a lot of collector guitars that have signatures on them. A million years ago, I helped a buddy start a business and he became very successful in the entertainment memorabilia business. He outfitted a lot of the hard rocks and there was a place in Minneapolis called Mississippi Live that is no longer there, but it was down on the Mississippi River and there were bars, memorabilia bars.

And so I kind of took payment in memorabilia instead of money. And that seems like a lifetime ago, but my son, he taught himself how to play the guitar and he’s really good. He’s in a band and I said, can you read music, kid? And he says, no, it’s just math, dad.

He’s like a math savant. So evidently playing the guitar, if you’re good at math, you can pick it up. And we just have to get him on a whiskey and wisdom so he can rip a few chords for us one night.

He would do that. He would do that for sure. So it’s good to be back.

I was traveling last week at a conference in Ottawa. Next week, I’m off to Europe for two weeks to visit my daughter who’s going to school in Barcelona for five months. I miss her very much.

So we’re going to go spend a little time there and do some touring in Europe. And let’s see, we’re going to go to obviously Barcelona. Then we’re going to go to France and then we’re going to go to Italy, Rome and then to Prague and then back home.

So I’ll try and jump on from a remote location, and certainly it’d be easier for me to do whiskey and wisdom on Wednesday nights than it would be otherwise. We travel next Wednesday. I don’t know, the whiskey and wisdom is going to be like four in the morning for you.

Not that you sleep much, but- Let’s see, what, eight, nine, 10, 11, 12, one. Yeah, you’re right. It would be the other way around.

The early one would be better, but I don’t sleep very much. You never know, man. Maybe we’ll- You can have Bloody Marys with us.

Yeah. My wife will be like, what the fuck are you doing to the mini bar, man? They’re raiding the mini bar in the corner of the hotel room, but whatever. No, I don’t like it when my schedule has me all over the place.

It’s been exceedingly busy lately, but it’s all good, man. It’s all good. How are you doing, buddy? There’s lots going on.

Well, one, I don’t know if we’re going to get past this one. Yeah, so, you know, that’s an interesting one, Mark. And there’s a lot of, what am I trying to say? There’s a lot of debate as to what that really means.

And, you know, some guys who I respect a lot would say that this is, nothing, that it is, these are contracts that were traded on COMEX that have low volume. I don’t know that I believe that. I mean, I think- I don’t.

It’s just deteriorating liquidity in the London market. That’s what it says to me. And, Kevin, I’m glad that worked out for you, Surfer.

I really am. And, yeah, Kevin is good. And what these- Kevin’s been working hard.

They’re doing is really pretty frightening. I’m glad it worked out. He has been fighting hard for so many from the community of late that have gotten suckered by some of these companies out there.

Yeah, and the companies out there all do the same thing. It’s weird. I mean, they all sell the same, exact same MO, quarter ounce gold coins, that are about 40 to 50 to 60% markups, if not much higher.

Some cases, 100 plus percent. And one to two ounce silver coins that are double or triple what they should be. It’s really very frightening.

Anyways, so some people would tell you that it’s nothing, that they’re delisting contracts that have little liquidity. Or little volume. There’s not much interest in them.

To me, that’s not what it is. I mean, it seems to me, look, we know that the physical reserves are tightening in London. We know this.

And when we look at what these, let me see if I can give you an idea of just how insane, I think I probably can, just how insane the situation is in, where the hell did that go? Just how insane things are on that market, on the LBMA. What the heck did I do with that? Give me one second, I apologize. Because the numbers, to me, speak of something completely different than this being a nothing burger.

Bear with me one second. What did I do with it? I’m not even sure. Which is not good.

Oh, here, it probably is right here. Okay, here we go. So on London, and I’ve said this before, so we’ve seen all this gold and silver flow from London to the United States.

And I’ll go over some of the recent numbers here in a moment. We’ve seen the United States become a net importer of gold. We’ve talked about that, right? And that’s something I’ve done for 35 years.

I’ve never seen that, right? And all of a sudden, they’re net importers. Which is really strange. And huge amounts of gold being delivered, most of it from London.

And it started out that the conventional wisdom was Trump tariffs, which I don’t believe. I think that, maybe to a degree, some of it is. And that’s what allowed, I think, the LBMA and their member banks to easily relinquish huge amounts of gold, 25 million ounces of gold and huge amounts of silver, over 140 million ounces of silver in the last three months.

That’s 45% of the London float. Exchanged for physical, it’s called. You take a COMEX contract, which is highly fungible, you exchange it for physical in London, and they ship it over.

And this would go both ways for a long time. I talked a lot about, on your show, the exchange for physical option in kilo gold bars from New York to Hong Kong. There is a Brinks Hong Kong that’s in the COMEX ecosystem where there’s delivery being made for exchange for physical in Hong Kong, and then obviously picked up by trucks and brought over to the Shanghai Gold Exchange.

In other words, there are players in China that are standing for delivery as well. So it goes both ways. But now it’s all coming here, and it was the Trump tariffs.

And then it was the arbitrage, right? So at one point, gold was $82 an ounce higher in the United States than in London. You buy in London, you sell simultaneously in New York. You make that vig.

Although you gotta ship it over, there’s a cost involved in that. Then it was also the Basel III regulations that we’ve talked about on your show now for a few years, but they go into effect here in the United States July 1st. And so a lot of this could be true.

Basel III says you have to have an allocated position here in the United States in order for it to be considered tier one. It has to be in your vault. Okay, that makes sense.

Some of it could be the Trump tariff threats, and some of it could be taking advantage of that arbitrage. But it just seems much deeper to me. So a week ago, two weeks ago, I haven’t looked at the exact updated numbers, but there was, they say, 279 million ounces of gold in the LBMA period.

It’s less than that now, but not a lot. 279, and of which only 36 million was available, right? And it’s because the other 240 million largely belong to Bullion Vault and GLD and the Bank of England, the ETFs and the Bank of England. So their float, it’s called, is 36 million, or was, it’s a little less now.

So 279 on paper, that’s what they say they have. 36 million available, 240 plus belongs to others, against standing behind 380 million ounces in outstanding spot contracts. So you have 380 million deliverable contracts with 36 million ounces of gold behind it.

You see a problem there? And so you’re talking over 10 times leverage. And all of these deliveries, I think the Bank of England said, holy shit, what’s happening here? This isn’t just what they say it is. And they said, oh, wait, we’ve delivered all of this gold and silver to you, but we need to put an eight-week delay on it now.

We know it’s a T plus one settlement. We’re gonna make a T plus eight weeks because we have a shortage in trucks and manpower. Yeah, right, sure they do.

They don’t, but that’s just the way for them to pump the brakes a little bit and reassess the situation. And in silver, it’s very similar. And these numbers have drawn down because in silver, the CME is out with their silver stock vault report that just came out last Friday.

The Monday to Friday total in silver booked into the COMEX vaults, most of it coming from London, 18,260,210 ounces or 568 metric tons in five days. And where the hell is it coming from? They imported roughly 81 million ounces of silver from London in the month of March. India in the month of February and March has imported 44 million.

The March contract is still going on. It could be as high as 90 million ounces delivered. But in London, they have a float of about 775 million that’s been bleeding down, or not a float, a stockpile of which only about 270 million are available.

The rest belongs to the ETFs and the Bank of England and whomever. And so they do that, but by trading 2.9 billion ounces per day every day, which is three and a half times annual global mine supply, 11 times the float. It’s all of them.

They trade imaginary gold to suppress the price. Right, and so it’s becoming evident, I guess, is what I’m saying, that the physical delivery is far more important than the paper promises. And I think that demand is favoring Asian exchanges like the Shanghai Metals Exchange, even the Middle Eastern exchanges like in Dubai, which is really gathering steam.

Even the markets in India and in Moscow, which are all delivery exchanges, cash and carry, so to speak. And so I don’t think that this is as harmless as some of the analysts would think. 128.5 million ounces of silver withdrawn from London vaults in three months.

That’s 40% of what is available there. And so it’s as if what we are seeing are major institutions that are losing all sorts of trust in the LBMA’s ability to deliver physical gold. And is this the United States’ way of distancing themselves? Where I start to get a little fuzzy is who’s gonna win in this game? Because if indeed we start to see a loss of trust in the LBMA, it will spill over to the COMEX.

And you have a massive amount of short contracts on COMEX that aren’t just commercial banks. A lot of these can be hedge funds. And there’s not enough silver to cover when they stand for delivery.

If the price starts to really spike, they’re fighting it really hard right now. And today’s the FOMC, I believe so. And with the rally that we’ve seen, a little bit of a pullback, I believe, is to be expected today.

We’re bumping right up against resistance on gold. It’s pretty much touched this point, 3,050 or thereabouts once. And typically it takes two or three times to break it.

But what I think is happening is more a loss of confidence in the LBMA, their ability to deliver. And a market that is moving towards trust or moving away from trust and moving into having the real thing. No more paper contracts.

How much did Shanghai throw that off when they opened their gold exchange? And you saw that difference in value, or the difference in value between London and here. I’m just wondering how much that, did it just take a while to break them? Well, like I looked at it yesterday, or the day before, Shanghai was at 35 bucks an ounce on silver. They’re still carrying a premium.

Shanghai, look, the way that the Chinese are doing things, and all of the deliveries we see coming off of Shanghai, in my mind, is the Chinese government distributing gold to their people. And they have programs that are run through the Shanghai Metals Exchange. They’re state-sponsored savings programs in metal.

And so what you are seeing, that’s why two years ago, Alastair McLeod said China had 38,000 metric tons of gold, not the 2,700 they tell us, that the people had as much as 18,000 metric tons and the state over 20. And a lot of it is done through the Shanghai Exchange. But the Shanghai Exchange is beginning to outpace even the COMEX in terms of volume and credibility, because it’s a cash-and-carry market where physical prices is starting to overwhelm the paper mechanism.

And a lot of us have wondered if this would ever break. I think that the Trump administration has alerted President Trump to the dangers of suppressing commodities to maintain the illusion of dollar supremacy and the illusion of bond supremacy at the expense of having all of the commodities siphoned out at make-believe Western prices. I think he was made aware of that, because everything that he is doing signals that that is the case.

Now, there are those who say this is nothing. I don’t believe that. This is another step towards breaking the connection, if you will, between the West, COMEX, and the LBMA and the Bank of England.

Now, it could be wrong. And I think he very much wants to revalue the gold in our reserves anyways. I mean, I think what he’s doing is very cold and very calculated.

I think somebody did have a long conversation with him. And of course, one, when you’re talking about Alistair, if you guys, probably one of the best writers out there, just brilliant, brilliant mind. You should, whenever you get a chance, read some of his stuff.

Yeah, no, and I mean, look, the speed and scale of these shifts that we’re seeing in the gold market are, they’re unprecedented, and they’re very hard to analyze. I can tell you that it’s an outlier to the nth degree in every respect. And it does make sense to revalue gold on many levels.

So there’s confusion. Let’s talk about the confusion. Yes, he is gonna wait until July 26.

I think that’s, Judy Shelton told me that. I interviewed, and for those of you who don’t know who Judy is, this is Judy, and she was Trump’s nominee to run the Federal Reserve in 2016. And of course, in the world of partisan politics, they didn’t confirm her, and they should have, because she’s wickedly smart.

She’s an Austrian economist who believes in savings, investment, and reinvestment instead of the braindead Keynesian experiment of indebtedness and taxation and spending. Or the new trendy version, modern monetary economic theory. Yeah, no, she doesn’t believe in modern monetary theory, which is, in essence, just print your way to prosperity.

But she told me that during the, when she wasn’t confirmed, she was a advisor to him, President Trump, and some think that she will replace Powell when his tenure is up here next year, and maybe she will. I was really impressed with her as an interview, but she said to me that she’s discussed at length with President Trump the prospect of issuing treasuries backed by gold, deliverable in gold, and she told me on my podcast with her that she believes it will be announced on July 4th, 2026, the 250th year anniversary of the country. Great reminders.

Then we’ll announce them and issue them. For them to be able to announce that, I mean, they got a huge amount of work to do between here and there. I mean, that’s a massive undertaking.

Well, that’s just it. Not only do you have to onshore, first you have to lie about why you’re onshoring and so as to not alert the LBMA and the other players that would otherwise reluctantly part with the metal. Then you have to get the banks in line, and the rumor out there is that the banks in the United States are going long, the banks in Europe are not, and if they were to set off a run on the LBMA for delivery, that brings down some very, very large banks who have failure to deliver, but these are banks that are not just banks who deal in gold.

This is like Deutsche Bank and HSBC and Standard Charter and UBS. These are big European banks. I don’t know how it all plays out, but certainly you could see a short squeeze to the nth degree, and then as the price goes higher, the shorts on COMEX will have to cover, but where does it come from? You can’t find it.

Almost all the gold that’s been delivered, way over half of it that’s been delivered since November has already, that’s come in since November has already been delivered, and delivered and leaving the COMEX are two different things. Some of it’s left the COMEX. Others go into what’s called eligible, where it’s not registered.

Registered means it’s for sale. Eligible means, no, it’s just being held in a vault that is a COMEX vault, but the moral of the story with all of this is something big is going on with gold, and if you were going to revalue it, as Judy Shelton talks about, and I did some math the other night. I’ll tell you what it looks like, and I’ll tell you the confusion, but you would have to first reshore it.

You would have to let the banks get out of the way of their short positions, and then continue to accumulate it best you can, and it’s funny, when you name JP Morgan, who’s already the custodian of SLV, and now the primary custodian of GLD, only 2 million of the, I don’t know, 30 million or however many ounces are in GLD. It’s held by HSBC Bank anymore. It’s all JP Morgan.

They’re basically the sole custodian. They and BlackRock. So it’s another big stash of gold and silver that could be nationalized.

If you own GLD and SLV, you can never take possession of it. The government could nationalize it, put the money in your money market account, say you can go buy physical gold and silver. We didn’t make it illegal, and just take those two ETFs amongst others that they are administering to add more gold and silver to the stockpile with minimal effort instead of like Roosevelt did, go door to door.

Not gonna happen. Yeah, I don’t think that one’s gonna happen too. We’re gonna get blown away with questions at some point.

I don’t know if you wanna tackle, you wanna still keep dealing with all the macro going on here. Yeah, and then I’ll tell you the confusion, I’ll answer this question. I’ll tell you the confusion about the gold certificates that some people ask me.

And also I did some math to see what it would look like. So the one that you probably have is, if it’s in Nevada, if it’s not a private vault, and is it in an IRA? I’m guessing it’s in an IRA. There is a vault in Nevada on McCarran Tarmac that I’ve been to.

It’s a wickedly impressive place. And it’s owned by the largest distributor of gold in the world. And it’s right next door to UPS on the tarmac.

So they send stuff out up to five o’clock at night, and they put it right into the airplane and off it goes. But if it’s an IRA, you can take metal directly out of the IRA anytime as a taxable event. If you’re under 59 1⁄2, you’ll pay 10% penalty.

If you’re over 59 1⁄2, you pay no penalty. And it’s called an in-kind distribution. So I’m assuming that was what her question was.

So there’s been some confusion about the gold certificates that the Federal Reserve holds, and the Treasury sells to them, in essence. And the questions I’ve been asked is, well, if the Treasury… So let’s, okay, let’s say they just market to market. The gold that’s in right now that is owned by the U.S. Treasury is valued at $42.22 an ounce.

Because, and it’s valued at 35 everywhere else around the Western world on their balance sheets, which is the old Bretton Woods price. But Nixon, when he closed the gold window in 71 at $35 an ounce, he revalued it in 72 to $38, and then revalued it again in 73 to 42.22. So not only did Roosevelt pay $20.67 in 1933 when gold was 20 bucks, so everyone thought, well, shit, I get 67 cents, a dozen eggs or a nickel, that’s a good deal. And then he devalued the dollar by 40%, making gold 35 bucks an ounce.

But it’s been revalued to other times. In fact, the gold backing was revalued, I think, in like 59, where we were 100% gold backing, revalued to 40% gold backing. They have the ability to do this stuff, right? So these gold certificates that the Treasury sells or gives to the Federal Reserve as collateral for money, the Fed does not have claim on the gold held by the Treasury or owned by the Treasury.

They have claim to, in essence, fiat dollars. And so when, if they were to market to market from 42.22 just to the over $3,000, it would add over 800 billion to the U.S. Treasury. So the Treasury would issue these new certificates to the Federal Reserve, who would then give them the money.

And so now the Federal Reserve has these certificates. It’s not a claim on the gold, it’s a claim on the money. It’s a weird thing.

It’s an accounting gimmick. The Treasury still owns the gold. And I did some math and I took the entire U.S. money supply and took 40% of it.

Why 40%? Well, the U.S. was on a 40% gold backing from the mid-50s to 71. When Switzerland was gold backed, they were at 40%. And when the BRICS just came out with their new BRICS settlement currency in principle, as Delma Rousseff told us, the head of the BRICS New Development Bank, that they’ve agreed to a 40% gold backing in principle, that seems to be the agreed upon number.

So I took the money supply, multiplied it by 0.40, took that number and divided in the gold that hasn’t been audited since 1953, not just at Fort Knox, but the New York Fed, the West Point Mint in New York and the Denver Mint, all of it is the gold that we supposedly own. I divided that into that number and it came out with just over $12,000 an ounce. Could it happen? Abso-fricking-lutely, it could happen.

Why not? And if that happened, every $4,000 increase gives the Treasury general account one trillion free and clear. The Fed would write them a check in essence for over $3 trillion. And now you start to whittle away your debt.

You start to have the ability to back the Treasuries that Judy talks about. We’ve already onshored all the gold. We’re doing it slowly enough to allow the banks to get out of their positions.

Now we’re starting to see fracture between the LVMA and the COMEX. I mean, look, I’m not saying I know what’s gonna happen. And I don’t, but I’m telling you, if this were gonna happen, the steps that are being taken right now would fall right into place.

And it appears as though he really doesn’t care about what happens to Europe in this or to the Bank of England. Because we’re this close to seeing what appears to be a default. You could argue going from T plus one day to T plus eight weeks is in essence a default.

And the amount of metal that we’re seeing flowing over is just ridiculous. So we’ll see what happens. I don’t think that it’s as mundane as a lot of the analysts.

And some of the analysts that I really respect a lot, a lot who think it’s a nothing. So I don’t, either I’m stupid or have the courage to say what I feel, even though I’m not an expert on COMEX like some of these other people are. But to me, you don’t make moves like this right now when there’s all of this strain on the LVMA and all of the deliveries into the COMEX and becoming a net importer of the only other tier one asset in the world and putting all of this strain on the LVMA and then make these moves just because there’s not a lot of volume in it.

It’s a signal, it’s a shot across the bow. We are trying to delineate ourselves from you. And it seems as though that the United States is becoming a delivery mechanism and it never was set up to be a delivery mechanism.

So yeah, man, happy to take questions, but I’ll tell you, this is as unusual and strange as anything I’ve seen in my 35 year career. I don’t think it’s just something to be shrugged off as no big deal, just contracts that had small volume. No, I agree with you.

We’re seeing some historic things and I knew we were getting to a breaking point. I just didn’t know exactly what that breaking point was gonna look like. And then yesterday you get a story out of your UBS bank.

The auditor is like, these books are such a mess. I don’t know what to tell you. I don’t know, I mean, risk, not risk from when they swallowed Credit Suisse.

He’s just like, don’t know. Yeah, well, that’s the problem. Banking should have collapsed in Europe yesterday.

Yes, and that’s a problem when you hear that because they bailed out Credit Suisse or gobbled them up because evidently it was too systemic for them not to. And now UBS has a very dangerous position in a systemic world. And so you see like a European bank default and that’s how it can spiral into other areas.

These banks are not just bullion banks. They’re major investment houses. So bring down the system really quick.

I was looking at something, how I could go higher than anyone thinks possible. Let me just say this. When I started in this industry, the Dow Jones was 2,100 and the Japanese Nikkei was 40,000.

And everyone said, Japan’s taken over the world with anything but the motherboard. Where was gold when you started, 800? Where was gold when you started? About $300 an ounce. And silver was about four or $5 an ounce.

And then it got down to 250 bucks in 2000. But the Dow Jones, who would have thought it would go from 2,100 to over 40,000 and the Nikkei from 40,000 losing 75% of its value. And let me see what it’s at today.

It touched it. I don’t know how many, just a few months ago, but the Nikkei today is at 37,000. So it’s been 35 years and it’s still not back to where it was when I started.

It’s a whole generation. So I learned that markets go much higher than anyone ever thinks possible to the upside and fall further to the downside. In a world where for quite some time, the Western paper market, which in London is 90% paper, controlled by very large banks who have huge derivative positions and are able to create an illusion of reality in regards to the price of gold and silver, not because they wanna make all this money.

It’s more along the lines that gold and silver are the antithesis to the Western system. So you have to squash the competitors, so to speak, and they have the ability to do that with naked contracts. What is changing the landscape is the demand for delivery.

And so all of these contracts have delivery demands. So if you have, like I was saying, 36 million ounces of gold available per sale, backing 380 million ounces in deliverable spot contracts, you have a problem, a big problem. If everyone says, give me my shit.

Well, that’s exactly what happened to Bernie Madoff, right? And no one figured it out until everyone was enamored. My wife has a friend who, they lost everything, Bernie Madoff. And I remember, I didn’t really know them as well at this point, but they had a monstrous house in Minneapolis.

They were sending two kids to private school. They were going to Vegas all the time. They had nice cars.

They didn’t pay off their house, which was stupid to me, because they were making so much money every month, they figured, what the hell, why not? And her father, this gal’s father, sold a company and gave each of the kids 10 million bucks. And they lost it all, plus clawback. So, but it was a great deal while it was going until everyone said, well, I need my money back.

And that then became the problem. It’s the same thing here right now. This is what the Hunt brothers noticed in 1980, way more paper contracts than bars behind it.

So they bought up all the contracts and stood for delivery. The exchange changed the rules on them. The difference is the COMEX is an exchange that can change rules.

The LBMA is not, it’s the over-the-counter market where it’s, I’m trading with you and you better not screw me. And it’s different. So it’s a powder keg waiting to happen.

We’ll see what happens, but I think it’s something certainly to pay very, very close attention to. It just seems to me that Trump was advised that we need to start on-shoring, reshoring the commodities that are of national security interest, and both gold and silver, amongst others, are at the top of that list. Maybe that’s why he’s interested in Canada and Greenland because of the rare earths.

When you see Indonesia just join as a full BRICS member, they’re the largest, they have the largest in-ground deposit of nickel in the world. And their previous president, Wadudu, called for an OPEC-style cartel of rare earths. So, you know, things are getting interesting, but, and as old-time Pozar said, it’s about he or she who has the commodities in this new system, this new monetary system, will win.

Yeah, Ponzi schemes always end badly, they do. And this is one that will. Another way of saying that is that large governments like the United States can manipulate markets for an extended period of time, but only by pushing them in the direction they’re going, either up or down.

And trying to hold back global demand is very silly, very dangerous, like a mud wall dangerous, because you have countries now that, you know, a long time ago, when these exchanges were founded, most of the countries challenging the West all these years were third world and not sophisticated or coordinated or wealthy enough or motivated, but they are now. And this is presenting a problem. And, you know, speaking of problems, I was looking at this, looking at the banking issue the other day, which I don’t think we’ve heard the end of.

And let’s see if I can find it. I don’t know if I, because there was some, who’s calling me? There was some crazy stuff with the banks that I just read the other day. Let me see if I can find it.

How about Jamie Dimon selling 234 million worth of stock, and then Warren Buffett announcing a 334 billion cash balance and then 12 days later, the NASDAQ 100 crashes 11%. Is there a law or rule governing the spread between, no, there isn’t. And that’s why it’s at a, the rule would be, I mean, the geologic ratio is seven to one right now.

For 5,000 years, it was 16 to one geologically, but it’s found in nature. Silver is in something called epithermal right near the surface. Big deposits were found forever ago.

So the fact that it’s 85 or whatever to one is a generational opportunity. And when you see the amount of silver being delivered into COMEX, the big players are saying, ah, silver is important. So that trade will express itself at some point.

Where did I put that? You can keep putting up questions as I’m looking for this, Mark. Yeah, yeah, I’m having too much fun listening to you this morning though. I mean, we’re watching so many macro things come into focus.

It’s kind of nice watching the fundamentals starting to rule the day like they should have all along. So remember we talked about Lowley Bank of Lindsay, Oklahoma? Yeah, and silver is used for industrial manufacturing more than gold. It’s also used copiously in military applications, and they strip that out of the supply-demand numbers.

This is why silver has been held down. The military-industrial complex. So if you look at like military-industrial complex is basically owns all the military contractors, Raytheon and General Dynamics, all these big military contractors, that’s BlackRock, right? And so they hold silver down to create high-tech weapons to fire all over the place and fund other armies and fund war all around the world.

And then when they destroy the Ukraine, who gets all the rebuild contracts? That’s right, it’s BlackRock, the industrial complex. The military-industrial complex is the one that’s been holding down silver because they need to make high-tech weapons and then blow up countries and then come and rebuild them. It’s a gig that rinse, wash and repeat.

Well, the rest of the world is wise to it and standing for delivery. That’s why they took that information out of the supply-demand numbers where they were using 200 million ounces a year in the 40s and now they just don’t. And we talked about the 500 ounces in Tomahawk cruise missiles that a client of mine who works for the DOD has confirmed and all of this stuff.

So yeah, silver is a better value. But we talked about Lindsay, Oklahoma and how they were bailed in with $7 million of uninsured deposits. Just saw a, there was an article that I read and it says, as of June 30th, 2023, the FDIC estimated the cost for the failures of SVB and Signature Bank to total 18.5 billion.

Of that estimated total cost of 18.5 billion, the FDIC estimated that approximately 15.8 billion was attributable to the cost of covering uninsured deposits as the result of systemic risk determination. So Silicon and Signature have 16 billion in uninsured deposits, Oprah, Winfrey, the Hollywood stars and the tech startups, they get bailed out. 7 million in uninsured deposits in Lindsay, Oklahoma, they don’t get bailed out.

Half of that money is gone. And now, as of December 31st, 2024, JPMorgan Chase has 1.15 trillion in uninsured deposits. Wells Fargo, 652.7 billion in uninsured deposits.

Citibank, 594.5 billion. And Bank of America, 821.9. There’s only 140 billion in assets in FDIC. So do we have a problem with these big banks? And if one fails, does it trigger the reset? Does it trigger the dominoes falling across the board? And what if one like UBS fails, which they’re all systemically connected? Is this part of the plan? Do they want to trigger a reset? Starting it with metals or commodities? I don’t know, but the uninsured deposits are something people need to think of and having more than the insured limit in any bank is insane right now.

What was that last question, bro? Oh, no, they were just discussing silver’s uses. Silver being, so the demand for silver could outstrip that of gold. Well, once it gets close, gold’s actually a better conductor.

So it’ll start to balance if prices get too close. At least that’s my theory. Silver’s been used in a lot of those applications because gold’s- I mean, I don’t know if the oxidation really does much, but change the color.

Silver is used in a myriad of industrial applications I don’t think it’s industrial. I think it’s strategic. And so, I don’t know.

I mean, there are those like Bix Weir who will tell you that he thinks silver will be worth more than gold when it’s all said and done. I don’t know if I really agree with that, but nonetheless, to see it go down into a single digit price ratio between it and gold would only be mirroring its geologic footprint. So I don’t think that’s out of the question.

Yeah, FDIC can only cover 1.6 of all deposits and I’d be surprised if they can actually handle that. But just do the math. If there’s ever a run on the banks, the math tells you an overwhelming majority of everybody’s screwed.

Yeah, no question about it. And what does history tell us? There’s always a run on the banks at some point. Yeah.

And then when you realize that the large bullion banks like HSBC in Scotia and even JP Morgan, they’ve been relying on derivatives and unallocated gold accounts in London to hedge their positions. So if we start to see this liquidity in London’s market, in the London OTC market, the LBMA, dry up, these big bullion banks are gonna lose their ability to manipulate gold prices via these unallocated paper contracts. And what does Basel III say? Unallocated paper contracts are not tier one.

They have to be allocated in your possession. And so what a lot of these banks have been doing is they will have physical gold in their possession and then sell short on London. And the problem with that is you’re getting people standing for delivery.

If you sell short on London, someone takes the long side of that contract. And these entities can say, we don’t want cash settlement. Thank you very much.

We would like delivery. And we’re seeing perhaps the Genesis, the beginning of delivery squeezes on both markets, LBMA and COMEX. But the positioning of the metal that’s flown in is getting into strong hands on COMEX.

Maybe kind of the closing scene on COMEX is to see a squeeze like no one can believe. All these dummies who are short instead of going long when all of these changes are happening and then there’s delivery demands and you can’t find it and London is not delivering it and where are you gonna get it? That’s what you can lose unlimited when you’re short. You can only lose what you put up when you’re long.

But if you’re short, in theory, you can lose unlimited amounts of money until you’re bankrupt. I don’t understand why the market allows leverage like that. It’s so dangerous.

It’s so very dangerous. Many countries demanding their gold. They want their physical gold.

They don’t want paper. They don’t want certificates. They want the real thing.

So I’ve read this before several times, but for her, I think it was Sherry’s information in the past year and a half, whether it be the LBMA or the Bank of England, which would be custody for the LBMA or the New York Fed, which would hold custody for COMEX. These are the countries that have requested their gold back and gotten it. Germany, Austria, Slovakia, Argentina, the Netherlands, Saudi Arabia, Hungary, Belgium, Egypt, Senegal, Romania, Nigeria, Poland, Ghana, India, Turkey, France, Serbia, Venezuela, Algeria, Cameroon, South Africa, and Czechoslovakia.

And I don’t know if they got all of it back, but certainly some of it. And maybe they want it all back now. Quite frankly, that is an indictment again of the system.

A system that is fiat, that works on trust, that has none, is not a good system. And if you look net-net since 2014, net-net, there’ve been no central bank buying of our U.S. Treasury. Sure, some have bought some, but there’s been more sold than bought since 2014, repositioning into things like gold, which carry no counterparty risk.

And looking at last year as an example, was up 40% and the 10-year Treasury up four. So at what point, it’s outperformed it over the last 25 years, and it’s outperforming it this year, the S&P 500. So I think that the Treasury market is in trouble, and that’s the whole premise of why Judy says we need to back it by gold and make it deliverable in gold, and then issue stable coins off it.

Even the stable coin issuance, every time someone would buy a stable coin or use a stable coin, it would support the Treasury market. It is, I think, the plan they’re thinking of. Calling the short, the Treasury could then own the banks and they don’t have the physical metals.

So the question is, who’s gonna be short? Is this by, before they do that, will the commercial banks who are in the know have gone long? Will they sacrifice one of them or two of them? Absolutely. At the altar to really jack the price up at the end? So yeah, I mean, that is in theory, but my feeling is that the banks that are tied in, if there are any, if Trump has an allegiance to any of them, they will have repositioned, and that’s what we see happening right now, perhaps, all this gold coming back to cover their unallocated short position. You gotta know we need a couple of them to survive.

That’s correct. Yeah, I mean, one of the things that’s kind of crazy is that we see all this stuff, and it’s very difficult to ascertain because he’s a wild card as to what’s going on. But I’ll say this, that when you see how big the problems are, it’s funny, I saw a meme, by the way, just to not change subject, because the problems are huge, right? And they’re like, they’re not getting easier.

I saw this meme where it said, a judge has just sent the astronauts back into space, reversing the Trump and Elon Musk doing what they can to get him back. When you see that he’s being challenged by sending back a gang, a very dangerous gang, or trying to send them back and reversing that law, it’s unbelievable. If our president can’t determine that a ruthless gang of Venezuelan gang members can’t be deported, but a woke Democratic judge can, our country’s, you know what, screwed.

And then all this fraud with USAID, now they’re saying they have to be reinstated. Again, these Democratic judges that are just trying their best to derail what he’s doing. So at this point, all bets are off.

I think he’s gonna do whatever he thinks needs to be done, because he knows his hands are gonna be tied. He’s gotta do all this stuff before the midterms. He’s got a shock and awe, so don’t be surprised to be surprised.

No, I can’t track how much gold is in the pipeline at the refineries, because not all of it belongs or is available to the market. You know, so, and I don’t think that the miners are gonna disclose that, nor are the refiners. The refiners could have a whole bunch of gold that was sent in by a mint, and maybe it’s due to go to an industrial application, or maybe, you know, no, you can’t.

And- Yeah, I mean, you can talk to folks at work, some of them, you know, how busy have you been? How covered up have you been? I had one comment, Dubai refinery, just saying that they are pretty much going around the clock for re, what’s the word I’m looking for? Resmelting the gold from Europe to go to the US, because we have a different storage system and hallmarks. So, I mean, they’ve said they’re very busy, but I don’t know, is that new gold? Is that- That they aren’t able to get as much gold as they need to refine it. That was one of the things that the Bank of England said, yeah, well, you know, a lot of this needs to be refined into a hundred ounce gold bars.

And really it doesn’t, because there is a 400 ounce gold contract, you know, that they can send over, which is the hallmark in London, 400 ounce. But no, I can’t see that, but, you know, what you can see is really vast tightness at that level for the bars and working around the clock. So seeing it at that level tells me that it will, you’ll see it at this level at some point too.

The big money’s always ahead of everyone else, always is. Let’s see, yeah, Switzerland becoming un-neutral. There’s so many changes going on right now.

It really is, you know, I just want to sit here and eat my caramel popcorn and- I love caramel corn. Yeah, right, same, one of the community made it for me, she and her husband, so yeah, it’s really good. Maybe I should have shared one with you before I gained 20 pounds.

It’s my favorite, man. She will, Andy’s website is milesfranklin.com, milesfranklin.com, but you’re, have you added like where to find your podcasts and stuff on here yet? You know, we have, our IT team is developing our new site, which is being beta tested now. Remember, the best way to get our price list, which is going to be way better than the prices you see here is info at milesfranklin.com, Mark Z sent me, and I know it bothers some people that I don’t post it.

I don’t care, there’s benefits to all of them that I don’t, very big benefits, and for other reasons too, so send us an email, info at milesfranklin.com, we’ll send you our price list, and we can even sometimes do better in the price list, which isn’t updated every single day, it’s usually twice a week, info at milesfranklin.com, but our new website, which will be more user-friendly for purchasing is more or less done, but it’s backend that took forever to get done, now we’re just beta testing it. So yeah, man, things are just absurdly crazy right now, and never seen it quite like this, and it’s interesting, so I was working out this morning, and at the end of my workout, I go on the elliptical for about 45 minutes, and I was right in front of CNBC, on the elliptical, Squawk Box, or whatever it was, and they have the ticker that goes across like this, and then underneath the ticker, they have things that flip up like this every few seconds, and it would be like the S&P, the Dow, NASDAQ, the DAX, the Nikkei, and I counted, I counted, when gold came up, it took 44 spins for it to come back up again, and in that 44 spins, Bitcoin was mentioned seven times to gold’s one, and Bitcoin would keep popping up, and gold once, and this is with gold at all-time highs, yesterday, closing at all-time highs, it’s very interesting when you talk about even people who feel they’re well-read reading the wrong stuff, the misdirection that has been perpetrated on the American public is crazy, and it is a very strong effort to push people, in my mind, into Bitcoin, and keep them away from gold, when gold, if you would’ve told me that gold would be over $3,000 an ounce, outpace the S&P 500 massively over the last 25 years, killing it this year, doubling the 10-year treasury, beating it by tenfold last year, being accumulated by all the central banks, being reclassified the only tier one asset, being imported by the US government for the first time ever since November, and not a flippin’ word about it, and then it comes across gold at all-time highs based on the flight to safety concerns. That’s the best they can say about it.

Again, this is why people don’t understand it, even people who spend a lot of time trying to keep themselves educated, they don’t spend enough time searching out information like mine and yours, or doing anything alternative. They rely upon SquawkBox and CNBC to show it one out of 44 turns, and it’s seven out of 44. It’s almost 20% of the time it flips, you see Bitcoin, and you only see gold once.

So it’s interesting when you think of it that way. Is that by design? My guess is it is. It says it’s from a golf tournament.

This 2025 Men’s Invitational Flight Winner. I won my flight. Speaking of which, how did the member’s guest tournament go? That’s it, we won our flight, and we got into the shootout, and that was scary as hell, man.

The whole country club was sitting there on golf carts, and we decide, and it’s alternate shot once you get to the shootout, and I teed off, and I’m telling you, man, it was the scariest tee shot I’ve ever hit in my life in front of literally the entire country club, and might be the best one I’ve ever hit too. We ended up losing in the shootout. We didn’t make it to the end, but we went undefeated in the flight, which is five matches we went undefeated, and we scored more points than anyone in the entire tournament during the flights, and then when we get to the shootout, they take the flight winners, and the one team that didn’t win their flight but had the most points underneath us, they’re the ones that won the whole damn thing.

It’s a good friend of mine, and it was great, man. It was an awesome weekend, so everyone who won the flight got that glove. So here’s the stuff, Ryan, and I try hard to make it so people can understand.

The bottom line is simply this, that it seems to me that there are some knowledgeable traders, maybe the government, probably the government, very, very big in-the-know insiders that are delivering as much gold and silver into the United States as they humanly possibly can, and I’ve never seen that in 35 years. Something is changing with gold and silver, period, and I think they realize that we are moving to a system that needs it in order to inspire confidence, and probably a marriage between blockchain and gold, and that silver probably won’t be a bimetallic system like it once was, but I think they understand that silver is strategic, not industrial. And I think your whole digital crypto is the perfect ledger to make certain that gold transactions are honest.

So there will be a merger thereof. It’s just logical evolution. Yeah, man, crazy times, Mark.

I’m sorry I didn’t get to see you. I got a text from Mike who said I missed a good time. I would have liked to have seen you guys, but next time, for sure.

I’ve gotta go stateside a couple of times over the next few months. I got a niece getting married, my daughter’s graduation, so I’ll try to make time for a Florida visit. Nothing else, we can do a meet and greet and have an old-fashioned with a few of them.

You know, I would love that. Every time, every time. Let me just text my wife that I can see someone.

Oh, there she is, we got it. Oh, we can wrap up. I know it’s getting to that point where we can go on an hour.

Mark, I need a friend, buddy. Hey, and you got one. All right, well.

Who in here wants to be Andy’s friend? You know I love you, man, and I will look forward to chatting with you again real soon. I will be in Europe from next Wednesday for two weeks. I will come on, maybe next Thursday I’ll come on from Europe and I’ll maybe do it remotely on my phone or whatever, but I won’t leave you hanging for two weeks.

Sounds great. If nothing else, we’ll send you to the refinery in Brussels. Sounds good by me, brother.

Sounds good. You stay well, hope everyone else stays well, and thanks for having me on, dude. I’ll talk to you soon.

Thanks, Andy. See you, bro. You too.

The illustrious, notorious Andy Sheckman, much appreciated. The John Dowling, I put a link in it. Guys, let me share that one again.

Hold on, got an extra sound going on in the background that we don’t need there. John just released that one, did a recording with Mr. Dowling yesterday. Very much enjoyed it, guys.

He’s a truly world-class individual, a good Christian fella. It’s very comfortable to have conversations, even if our intel isn’t always the same, which is a good thing. Means we’re both fighting and trying and looking for it.

Just thought you guys might enjoy that one. So over at Chris Real World and John Dowling, us talking about RV, well transfer, et cetera. Very much enjoyed my time.

We’ve become friends during this journey and have just never done anything together. So it was very enjoyable for those that wanna catch that or watch that. And I’ll drop that over in Kick as well, if there’s anybody over there that is interested.

Other than that, I’m gonna go back to drinking my Freedom Forged, although I have started putting in these Freedom Drop things. Woo, liquid mushroom. And it doesn’t change the flavor.

It’s really great way. But now I got energy and I like it, feeling rested. And I’ll see you guys this evening at seven.

Don’t panic on the him talking about July 2026, that 250th anniversary. We’ll talk about more of that this evening. Bye, guys.