Who Is Loading Up on All the Physical Gold? (Uncut) 02-21-2025
Who Is Loading Up on All the Physical Gold?
well you know the sudden surge of s of gold and silver deliveries to America implies that it’s a single party as opposed to the public at large if it was the public at large that would have grown gradually over a number of months more like a number of years but it all seems to have happened in a great rush so it implies that it’s a single party who’s coordinating the thing um and well Maria who’s got 170 billion uh there’s not a lot of people in the world I can think of one what can you how many can
you think of Friday February 2th 1st 2025 Manco 64 home of alternative economics and contrarian views good morning Clive how you doing hello to you Mar good morning to you hope you’re well yeah I am I am um there’s a lot to talk about of course especially uh about uh gold but uh one thing that I wanted to touch upon uh and it’s something people have kind of put to the background but I think he’s also important for gold is this Clive um and it came out yesterday in the Ft China’s Holdings of Us treasuries Fall to lowest levels since
2009 so like 16 years Beijing has been seeking to hold American debt uh through lower profile accounts and diversifying into other assets uh what are those other assets Clive I guess it’s a a gold isn’t it and well if if you look at the official report their reserves it’s sdrs and gold but the one which is increasing is gold yeah so here’s the China Gold Reserve uh treasury Reserve so it’s that you know the trend is lower and uh uh I think it’s uh one of the reasons why actually personally that uh maybe the US
government uh the treasury and the FED is bringing uh back physical gold because they know they’re going to have to compete in this multi-polar world and the paper dollar won’t do it uh they’ll have to have a a reserve asset like gold uh and uh uh I’m almost certain that they’ve leased out a lot of the gold uh that uh the US has 8,133 tons and and Clive I did a little calculation because I’ve seen that um 2 million um no not 2 million 2,000 tons uh of gold have flown into uh into the US have gone into the US in the last two
months that’s a lot of a lot of gold uh of course it could be several people doing that but I I have a feeling uh it could be a big uh institution uh and this corresponds at a price of $2,750 average to around uh I’ve got the number here hold on uh $176 billion so which institutions do you think have that Firepower and that political clout to bring back so much gold to the US and I say political because gold is very political and we saw that uh the Hunt Brothers try to uh yeah they not only try to Corner the silver market they
were acquire a lot of physical silver and they were stopped but these people uh they they don’t seem to have any any problem so I I’ll let you uh chime in well well you know the sudden surge of s of gold and silver deliveries to America implies that it’s a single party as opposed to the public at large it was the public at large that would have grown gradually over a number of months more like a number of years but it all seems to have happened in a great rush so it implies that it’s a single party
who’s coordinating the thing um and well Mario who’s got 170 billion there’s not a lot of people in the world I can think of one can you how many can you think of uh one or two yeah the the in the private sector I can think of burk Shar Hathaway which is Warren Buffett’s company and it’s been known that for the last 12 months that they have over $300 billion in cash um and of course Warren Buffett um is not a lover of gold he said you dig it out of the ground you might through mines and then you take it out
and put it back under underground and it has no use but I I actually think uh what he means is that uh in a normal environment yes gold is just money and uh Investments are our companies but in the current situation uh where the that is so high he might change his mind and I think he is aware of how important gold is because his father was very knowledgeable about gold he wrote an essay or made a speech in 1948 uh about gold and uh saying that gold the gold redeemable dollar or money is essential to human uh human freedom
and he spelled out all the uh reasons why and how gold controls governments so who knows and and I guess the other institutions the Federal Reserve and the treasury they they have all the power uh in the world for now to buy and bring in that kind of gold uh they make the rules um well you know Warren Buffett is absolutely entitled to change his mind about gold um you know I I over the decades from time to time shift my view I mean you know I’m a definitely not a fan of bonds at the moment but there was
a time in about 1982 when I was a huge fan of bonds I mean I I I I had a boss um I can’t remember his name now but he said to me Clive these 15 177% interest rates you can get on guilts you’re never going to get them or see them ever again fill your boots while it’s there and I did and and I was absolutely convinced uh I made the big mistake of selling many of them uh as the interest rates dropped down to about 7 or 8% uh course subsequently they went to zero and I would have made a much larger capital
gain um but there are times when the other things are just not worth investing in and perhaps waren Buffett uh you know he’s he’s been lightning up on stocks uh now unfortunately for Warren he’s been a little bit too early maybe a year and a half too early because the stocks he sold have gone up by 40% since he sold them but he’s sitting on this pile of cash and you know he’s not going to buy treasuries he doesn’t he doesn’t think that’s a good good I don’t think he should think that’s a good deal at the moment with
all the uncertainties in the world so why not change his mind why not go for gold it’s possible so what do you think uh would happen uh to the gold price and and the mining stocks uh if we found out that Warren Buffett and and we could find out when they uh come out they have to publish their uh what they do every three months or so what do you think would happen I I personally think it would be uh massive because sometimes when Warren Buffett buys Barrack or newon it it really Sparks things up but
to buy uh two 2,000 tons that would be huge well it doesn’t really matter uh who it was who bought it but what matters is that when we do find out and I’m sure we will in Du course find out we’re going to say ah that was somebody with a whole ton of money people with a whole ton of money whether it be a country or an international organization or the Federal Reserve or Warren Buffett they’re usually very smart so if it’s good for them it’s good for me so when we I think when we find out and discover
that actually it was a coordinated move if that’s what it was uh I think that’s going to be extremely bullish for the gold price because we’ll say that buyer was smart they know what they’re doing uh I can’t go wrong by doing what they’re doing yeah uh Clive I saw excuse me a chart you put up on LinkedIn and uh it’s interesting because I’ve been talking about like all like how all FIA currencies are sinking uh versus uh gold I I was talking about that and writing about that in 2006 and the reason I did
that is because I I had learned by then that fear currencies always go to zero and uh maybe Warren Buffett and other people are realizing yes the dollar might be strong but there’s another currency uh that is even stronger against all currencies and they’re waking up to it so could you uh go over this chart uh for the viewers so so what you see it’s it’s a multicolored chart I think the heading of my post was something that gold is looking rather colorful today and gold was somewhat below today’s price I can’t remember
what it was maybe it was 2,800 maybe 2,900 but suddenly below today’s price um so in each color you’ve got all oh in different colors you’ve got all the ma gold the gold price in all the major currencies Australian dollars Canadian dollars Singapore dollars even Indian rupees Japanese Yen uh uh uh to put it on the same chart I’ve divided the Yen by 140 or something like that uh I’ve got in Chinese Remnant B in dollars and Euros Swiss Franks of course which is the strongest currency in the planet and
British pounds which is one of the weakest so look what you can see when you look at this chart it doesn’t really matter in which currency gold was quoted in every currency on the planet it was hitting alltime highs and it will have hit even higher highs since I I put this up a few weeks ago um and uh what this shows is that it’s the collection of the entire world’s currencies which are uh being basically debased by more and more government Bing and more and more Central Bank printing yeah and I guess this is almost
the equivalent of the Dow theory that all these uh ma these components are confirming this because if it was just the British pound going you know gold and British pounds going up and the other staying stable that would have said that yeah it’s only Britain but it’s the whole world that’s right so it’s it’s it’s just I mean it’s not amazing to me I mean I’ve I’ve yeah long realized that the the printing of money which has has been going on ever since we came off the gold standard and in fact it was on it
was happening before that’s why we had to come off the gold standard so before 1971 they were printing so much money they had no choice but to come off the gold standard because nation states like France Switzerland and the UK were asking America to give their gold back they said here’s your dollars your dollars are convertible to Gold please give us the gold and America was handing over the gold but the gold reserves were depleted by almost half prior to 1970 thanks to foreign Nations saying you
haven’t got enough gold we’ll have our gold so finally the point came when uh the French would already help themselves to I think a billion dollars of uh gold ask for another slice of it and the American President Nixon on the 15th of August 1971 said sorry you can’t have it we’re temporarily suspending the gold window um he didn’t say you’ll have it later because but he did say it was temporary and so we’re still in that temporary session where you can’t actually get your gold at least not at the gold price of
1971 which was the official price yeah uh before we look into uh the audit question Clive and also I wanted to see what what you think about the revaluation I wanted to uh actually go off topic a little bit and and look at uh an economic statistic that came out yesterday that I mean I haven’t looked at it that much and not many people talk about it I I remember back in the day when I worked in the city we used to call it misleading indicators you know the leading economic indicators for the US and I don’t know I
just had a quick look uh and I brought up this chart and I was amazed that leading indicators have have been below zero since 2022 and I remember Clive in the beginning of 2022 we had two consecutive quarters of negative GDP growth but they said it wasn’t a recession because uh uh unemployment was too low uh and here we I mean this is not normal uh that leading indicators are all going negative it’s the rule here we’ve got one or two months in the last two years that that it’s up and if you look at
what leading indicators is uh is this here uh manufacturing average weekly hour is in manufacturing new orders consumer goods employment housing stock prices credit interest rates consumer expectations so my question to you is uh what do you think uh about this discrepancy and how can they keep GDP positive if uh it seems like all these leading indicators have been really negative over the last uh two years well I I think it comes down to whether you’re counting the uh number of items or whether you’re counting the amount of
money out there we’re we’re in a world which has divided itself into two uh separate system you have the Haves and the hav Nots the halves have got jobs the halves have got money they’ got Investments they got Pension funds and the hav Nots are struggling to find a job and they’re not working they can’t buy their house and things like that so you can count the numbers one way and say how much wealth is how much is the wealth on the planet growing and you find you’ve got growth but you can count
another way and say you know how many people are economically active and you’re finding that numberers going down and you get a different result so I think I haven’t looked at how that number is actually calculated apart from what you showned me there um I can only imagine that they count GDP and the leading indicators in different ways they’re looking at different things yeah the excuse me the other thing I I would say uh is that um with the huge deficit spending we’ve seen um in the last two three years like six 7% deficit spending
which is more akin to what you you deficit spend in the recession uh that has uh patched uh how can I say inflated the GDP numbers because government spending is added to GDP so I think it’s partly that as well that uh the all the government lar Jess has made things look uh a little better and maybe now with what president Trump is doing trying to go after uh the bureaucracy uh we could see government spending go down I’ve read already that people expect um the area around Washington DC um to uh experience a kind of a
localized recession like how prices to go down because people are losing their jobs and and they’re clamping down heavily on government fraud uh you know this Doge team seems to be finding fraud left right and Center uh I think they said that uh something a trillion dollars has gone missing over the last few years uh you know this is incredible if they uh if they could use artificial intelligence to start to track down that type of type of Fraud and put bring a halt to it um obviously that money which
is being stolen will be going into the economy and helping the economy but uh obviously it won’t go into the economy if they stop it uh but it will help reduce the deficit yeah that’s right um but it yeah will will hurt the economy like you said uh let’s move over to the audit uh we saw I think it was Wednesday uh late on Wednesday president Trump was on Air Force One and he said we’re going to go into Fort Knox to see what what’s there if the gold is there he was very clear about that um so I I’ve got like a clip
here I think it’s uh from the 70s or 80s and I I’ve uh this guy is quite interesting I’ve heard of him before I I forgot his name now but he he’s done uh like a document on the Federal Reserve but I hadn’t seen this and I’m going to play this Clive uh so it’s from X Ronan Manley put that up let’s uh have a look naturally gold prices immediately begin to soar nine years later Gold sold for $880 per ounce 25 times what the gold in Fort Knox was sold for one would think that eventually someone in the
government would get wind of what was happening and blow the whistle the largest fortune in the history of the world stolen shades of the old James Bond film Goldfinger well as a matter of fact Ian Fleming the author of the James Bond series was head of the British Counter Intelligence service MI5 some believe in the intelligence community that he wrote much of his fiction as a warning as many authors of fiction do if the removal of all the good delivery gold from Fort Knox can be viewed as a deliberate raid on the US
Treasury then such an operation might well have been years in the making namely 40 years certainly enough time for Fleming to get wind of it and try to prevent it so just how did the story of the Fort Knox gold robbery get out it all started with an article in a New York periodical in 1974 the article charged that the Rockefeller family was manipulating the Federal Reserve to sell off Fort Knox gold at Bargain Basement prices to Anonymous European speculators three days later the anonymous source of the story Louise aen
Claus Boer mysteriously fell to her death from the window of her 10th floor apartment in New York how would Mrs Boer have known of the Rockefeller connection to the Fort Knox gold Heist she was the longtime Secretary of Nelson Rockefeller for the next 14 years this man Ed derell a wealthy Ohio industrialist devoted himself to a quest for the truth concerning the Fort Knox gold he wrote thousands of letters to over 1,000 government and banking officials trying to find out how much gold was really left and where the rest
of it had gone Edith Roosevelt the granddaughter of President Teddy Roosevelt so I’m going to stop it here Clive so I I thought that was quite interesting I’d never heard of that story yeah I I think the clor to have an audit of the gold in Fort Knox is louder than it’s ever been and if there’s one man on this planet who could do it it’s president Trump so you know I think he said he’s going to do it I think he will do it um and it’ll be very interesting to see how they do it because if they’re
going to do it they’ve got to do it in a way which is plausible to all and Sury which means this gold will not only have to be live streamed by bar so we’re going to want to see each bar filmed as it goes onto the scales as it’s electronically tested to see if it’s pure gold all the way through so and then each bar can be documented in a list if if they don’t do that people are going to say well you know they counted the bars but who knows what was in the bars who knows if they’re if they wear the right about you know there’ll be a
lot of questions asked so they’ve got to really do it properly and literally put that information up on the block streen block blockchain for all in sunry to see and forever and if they take in new bars they can go through the same process of filming it weighing it electronically testing it and demonstrating that it’s physically present in the in the safes um I hope they will do it I think the world is asking for that but let’s imagine what would happen if it turns out that the records don’t balance with what we’ve
been told let’s say that some of those bars have been substituted by tungsten Ville bars for example and nobody noticed I mean let’s not forget what happened in the 1930s uh I told many a long time ago the story of the American Double Eagle the 1933 Double Eagle where the Secret Service spent 70 odd years hunting down $120 coin and fin finally they got their hands on it and but the longer short was that the the minid was allegedly missing absolutely nothing according to all official records no the
to their gold balanced to the absolute minutest gram So what had happened someone had substituted another gold coin of the same weight for the 1933 gold coin which had been uh taken stolen substituted whatever they they done of course they technically paid for it with a 20 another $20 coin but that wasn’t the same thing because the 1933 coin was uncirculated it was rare it hadn’t been issued to the public so it worth much later on when it finally did sell for it was worth multiple Millions so could it
be the unknown to some people in the treasury or whatever that some of those bars have been substituted with similar bars filled with tungsten or Worse maybe the bars have been lent out to people who can’t repay and nobody’s talking about it yeah and and um that uh clip I I just played is very interesting um and I believe in it and um in the first Trump Administration Steve minuchin the Secretary of the Treasury of course visited Fort Knox uh and not much happened and you kind of wondered if he went there on a fact
finding Mission and uh they expected maybe in the second term if they’d won in 2020 uh to uh audit it and um but they they didn’t win uh or other people think otherwise um that’s another topic so he so here we are and they win the election November um in November November 5th and uh and I think the election has to be authenticated by the state I think that’s probably towards the middle of November I’m not too sure it could be a little later so when uh the Trump uh Team knows for sure he’s going to become
president what happens uh I personally think there’s a rush to uh bring a lot of gold back from uh from Europe from other places because uh they’re prepared to do an audit and they know from minuchin what’s happened at Fort Knox that could be the other theory of why so much gold 2,000 tons 2,000 tons is a lot I mean this is uh the CH the Chinese official numbers is 2,300 tons so the Americans they’ve brought in two almost uh the whole Chinese uh reserves in two months uh I think there it it smells of desperation
not desperation but that it smells that uh they they want to do an audit and and the gold has to be there and the other thing about uh the fort gold Clive it’s that uh a lot of the gold in 1936 they built Fort Knox in 1936 by the way because to put all the gold They confiscated and the gold They confiscated was 90% uh pure gold and the the good delivery bar is uh I think 59 or something like that so it’s almost pure so a lot of the gold at Fort Knox if it’s there it’s not good delivery so it would it would be a huge uh process
to uh make it uh good delivery but if it’s all gone all the gold is gone the the 90% it’s actually quite convenient that they’re bringing all the uh good delivery bars from London and does it means they won’t have to refine it again they could maybe swap them over yeah that’s right where are the sub gold bars I have a a story which happened to me back in the early ’90s um I was working in a Swiss bank and we had a one of our clients it wasn’t my client it was a client of a colleague a multi multi-millionaire had many many millions
in the bank and one day my younger colleague came to me and said uh I need a second signature on this transfer out the client wants to transfer I know let’s call it half a million pounds or whatever it was to Indonesia and this was a British client living in England I said India there’s something funny about that um what why is he doing it and he said he’s buying some gold I said well why buy you know he’s in London by why why is he buying gold in Indonesia well that’s what he told me okay well I’m
going to get more information and get some evidence see what’s going on so long and short of it was I ended up ringing the clan and asking what was going on he said well I’ve got I found a way to uh or my longtime servant employee all my he’s worked for me all my life he’s out in Indonesia and he’s found a way to buy gold from an Indonesian a person who owns an uh a copper mine or Tin Mine I think it was uh and the gold has been stored for many many decades down in this Tin Mine and now we have the opportunity to buy it
off the tin Miner and sell it to the indones Indonesian government at a large profit I said well I think you’re being hat it doesn’t sound right no no no I trust this guy absolutely he said he’s my lifetime employee there’s no chance that I’m being had uh I said well why don’t you do it for us if you’re really sure why have you done it for a small amount and see the money in the bank oh it is in the bank here you know I’ve got the I said well send me the bank step so I can see and he he sent through uh a photograph of an
Indonesian bank statement with what looks like a pound sign on it I think it’s the Indonesian rupe sign maybe and some big number and I said well what about the gold and he then sent me a photograph of his servant carrying this stack of gold bars it was it was a pile like that must have weighed about two tons with that and obviously it wasn’t gold CU it there’s no way a human being could carry that much so I said to the guy I said look this is a fraud you someone having you or your or your servant is being had it’s not real gold
and he was absolutely insistent no no no he got really crossed and insist I send the money I said well I can’t send I can’t allow you to be defrauded like this and he got really angry and he said if I don’t if you don’t said I report you to the management of the bank and I said well I’ll put it up to the management and we’ll see what they say and I so put it up to the management and the management said if he wants to lose his money you told him it’s a fraud let him do it so we sent the money and then
he kept sending money more and more of course it did turn out much much later that the gold was complete fake the guy had been carrying copper bars which in the photograph were in some way colored gold um whether the we never found out if the servant was in on the fraud or whether the servant was being deceived but the the the magic trick which was being played here was the guy was sending over pounds and they were putting them into Indonesian rupes and presenting the English client with an Indonesian rupia balance which looked
like it his name which looked like it was British puns and of course the guy really thought he was making a lot of money but he was actually losing the whole lot because the money was to all intens of purposes being stolen my goodness yeah and if you knew gold and this client probably didn’t have never probably held a gold bar you you’d know that is impossible I mean just that 400 O Bar which is like 12 kilos already hard to hold uh so but I wish I’d kept the photo because I’d have loved to show
it you but literally can you imagine this guy he’s got a a pyramid of gold bars maybe there were uh maybe there were 20 of them in his hands and he’s holding them like that I think there’s no way you could hold 20 2400 gr bars of gold maybe Arnold Schwarzenegger in his hay day as a weightlifter but not even uh there’s uh there we had some uh news and I’m going to share it and I think you like this that a lot of the gold that’s going into the US uh has come from Switzerland and and some people actually think that it it’s actually
come from Russia because you know uh Switzerland doesn’t mine any gold it it the gold just goes there to be uh refined so it says breaking 85% of Swiss gold exports now heading to the USA and I like the picture of uh Donald Trump there on uh he might be on the matter horn with you know yeah and he’s got the gold bars beside him in in the snow and there some of them are slipping down the mountain that’s a bit unfortunate yeah so just wanted to show you that uh yeah I I did actually ring um the one of the largest gold dealers
here in Switzerland to say ask the question are you having any trouble laying your hands on gold and the answer was no absolutely not we could get as much gold as we want from our refiners here in Switzerland so there seems no problem getting gold out of Switzerland it’s just London yeah it’s just London and and comac uh uh axes um so what about revaluation C because I I saw uh I think yesterday uh pres not president but the Secretary of the Treasury bessent uh he did an interview I haven’t watched the interview but one
of the comments was that uh yeah he said I’m not thinking about revaluing uh the gold um he didn’t say I’m not going to revalue the gold but even if he was going to revalue the gold uh would he uh announce to the world that he would and uh what What’s your view on revaluation Rafi like he he tends to think that if you revalue it to the market price the that we have now that the the market price will just go through the roof uh so just wanted to see what you so I mean I think there’s a lot of sense from a
political point of view in putting the gold Mark to Market or at least putting it to the current value and the reason they could do that uh they’d have to carry out a transaction for example um a sale and purchase simultaneous agreement or a sale lease back or a lease and a purchase back it doesn’t really matter how they did it um but what they would effectively do is move the value of that gold from something like 20 billion billion to $800 or $900 billion and that’s a profit and they would book that profit to their profit
and loss account thus reducing the budget deficit now depending on how it they did it it might or it might not reduce the uh the amount of um money they have to borrow at First Sight simply revaluing the gold doesn’t change anything they still have to borrow money to spend but there are ways around that in which they could actually not have to borrow the money uh there’s two ways I can see the first one would be to uh pledge the gold to the Federal Reserve for example and in return the Federal Reserve would
Supply the treasury with 8 billion 800 billion or perhaps a trillion if they put it at a slightly higher price uh of money which they could then spend which means they haven’t actually borrowed the money because because the gold at by having revalued the gold the gold what they got from the Federal Reserve in in money terms in spendable money is exactly the same thing so it’s netted off one against the other therefore they haven’t they they now have to borrow let’s I’m going to call it for simplity
a trillion they have to borrow a trillion less because they’ve got that money printed by the Federal Reserve um the the other way to do it is literally to sell it to the treasury to the Federal Reserve and by the way this it doesn’t have to be the Federal Reserve it could be um an Associated party who does a sort of s um sale repurchase agreement where they sell it to the part third party and agree to buy it back later dat at a later date uh but they could sell it to the Federal Reserve and then the Federal Reserve would also
print the money which means the government doesn’t need to borrow that much uh so in a way I think it makes a lot of sense if they sold it to the Federal Reserve the gold would still be to all intents and purposes within the control of the government um if we go back into history mustn’t forget that this gold used to belong to the Federal Reserve way back when before 1934 the government yes bar you had yeah I was gonna I it was in my head to ask you who really owns the gold I I personally don’t think uh well maybe legally the
Federal Reserve owns it because the people who uh were uh kind of coerced into handing in their gold in 1933 they did it voluntarily but uh they did it because there was a a threat of a $10,000 fine and in prisonment so they handed it into the Federal Reserve Bank in their district and the Federal Reserve issued them uh notes Federal Reserve notes but I would yeah so technically had the FED owns that gold because people handed it in voluntarily and they they paid them with a promise uh but uh I would say ultimately
the gold belongs to the American people um but I’ll like Contin so yeah so that in 1934 31st of January uh they passed some legis the 30th of January they passed some legislation which basically removed all the gold from the Federal Reserve to the the ownership of the treasury at $20.67 cents in return for what’s called gold notes so the treasury the Federal Reserve received what’s called gold notes which are not redeemable in Gold but in paper dollars uh so the treasury took control of that gold at
$20.67 and the very next day revalued it at $35 all of that profit accured to the treasury not to the Federal Reserve who were mightily pissed off that they didn’t get that profit as were as were uh Nations around the world like the British and the French who held lots of dollars which was actually gold or so they thought and suddenly they weren’t each dollar was worth Le half as nearly half as much gold uh so you know there there was even discussions if you look at Hansard at the time you’ll see there
were even discussions in Parliament about how we’d been uh deprived of our Gold by the Americans uh there wasn’t a lot we could do about it but uh that was the fact so back then they booked a huge profit by revaluing the gold for TW this is the treasury from revalu it at $267 to 35 they repeated that trick and made it another two billion or so profit in the 1970s by revaluing it in two events up to $422 I believe yeah uh that so I think if they were to do it again there’s no reason why they should they’ve done it
three times in history now why not revalue it again to the current market price book a profit that reduces the budget deficit because they got a profit and of course if they monetize it in some way either by pledging it and getting a loan against it uh they don’t have to count the loan as part of their debt because golden revalued gold is money and it’s the same thing so they don’t have to count his debt so they borrow that much less or they could just simply sell it to the Federal Reserve and reconised again in a few years a
couple of things Clive actually it would be the fourth time they do that the first time I’ve been looking into it was in 1838 uh the ounce of gold used to be $19.38 and then they raised it to by 6.66% to 20 $267 and and about the British complaining about Roosevelt I would say I’ve heard that the Dutch and a lot of countries were complaining about the British when they went off the the gold standard in 1931 because a lot of uh countries were holding like uh deposits not gold uh and they thought it was as
good as gold but anyway uh yeah uh before we look at some of your coins Clive you have some interesting coins just wanted to show uh the viewers uh have a look a little bit uh at Silver you know the forgotten the poor forgotten metal um and uh but I think uh silver is starting to look a lot better and I’m just want to check here uh the go silver price is at 3286 uh so I did this chart yesterday but it’s almost the same price and if you look at it if uh next week uh we closed the month above let’s say I think
here it’s around 3260 but a close above 33 for example would be the highest close uh in silver like you look at here in uh in like 13 years so I’m just trying to say that people need to be patient I know we’ve been saying this for a few years now but silver looks even more uh in my opinion uh explosive than gold what do you think Clyde I I do think that Silver’s waiting for its breakout when it breaks out I think it can move a long way so where are we we’re sort of $32 $33 I think we U the number I’ve got in my head is more like
35 $36 um because I’m looking at a different time scale you’re looking at the monthly or the weekly chart aren’t you there Mario um monthly yeah yeah I think when it breaks sort of the $ 35 $36 we’re on our way to 40 as a a fairly quick next stop uh but so yeah it all depends on how you look at it but at the moment silver is looking relatively strong um I’m not ready to write an article to say it’s going to break out tomorrow but I think uh I think that’s that’s going to come soon yeah yeah uh so C uh
well so silver coins shall I talk about those yeah um so I I actually bought uh I bought two lots of silver coins very recently one was uh just two days ago I I got a call from the silver dealer he’ got some uh just one coin uh which I’m going to show you to start with um I haven’t got in front of me but I’ve got a picture of it uh it it came in a lovely box uh it this is this is from eBay actually but it’s a a proof coin and I see they’re selling them on eBay for 197 quid here I paid I paid 34 for
Franks that’s pretty good and it’s absolutely mint it’s in a box with a certificate authenticity it’s it’s exactly what you see on the eBay website an uncirculated proof silver coin what what what that one was was uh from the island of Nei and it’s uh they call it um The Yoda Star Wars Yoda boxed limited edition 5,000 coins only minted so quite pleased to get that I I’m not planning to sell it but obviously I seem to have bought one which is I just paid the silver price for it when it’s worth apparently a lot more from people who
are collecting it but the other thing I bought was is that a 1 o 1 oz coin is it yeah it’s a 1 it’s written 1 o999 and it’s $2 uh official price I also bought this little collection of and again uh it’s a complete collection of the Swiss mountains there’s a few more coins which you can’t see here and each coin is very interesting uh they’re not one out I think they’re 20 Gams each but each coin is interesting because they have a Swiss mounted so for example this one is the Matterhorn and on the back of each coin
they have the name of the person who climbed the mountain first and the year which was climbed and when you look at the back of all these coins you find almost every Swiss Mountain was first climbed by a Brit this guy is called uh that’s that’s not the B one there pulled the wrong one out this is the B one at the matter oh yeah that’s looks more like it yeah this one this one was called climb by a guy called Edward wimper in 1865 so every coin’s got its story and I looked up the story of Edward wimper and
he went up to matorn with a crew of SE there was seven of them uh he was leading and they managed to reach the the summit the first time anyone had ever got to the top of the matorn and on the way down somebody at the bottom of the Rope they all roped together on the same rope someone at the bottom of the Rope slipped and dragged down with him H dangling by the Rope the three above him and uh here’s a if I just show you there’s a let me sh let me allow you to share it yeah there’s a little picture
here hold on CL uh okay go ahead right so just show you this picture uh there we are sure so this is a a picture from a 100 years ago more uh an artist impression oh it’s an artist can you see it all right Mario no I I I’ve seen a lot of stuff on your browser oh sorry let’s uh I’ll stop sh and go back I’ll I’ll try again I probably pressed the wrong button here uh maybe this one sh does that work now yeah that’s it okay you can see the four climbers yeah dangling they’re they’re held together by a single rope yeah and above them at
the top you can see one of the climbers I think his name was tog tager or something uh he was actually Swiss and above that there’s his father which we can’t see and above that is Ed wimper who made it to the top uh so these people are now dling by the rope and the three guys at the top can’t go up or down or move they’re they’re nailed into the Rock but if they unnil themselves they’ll be dragged to their deaths with the four hanging wow and as The Story Goes The Rope broke now there’s lots of questions
about whether the Rope actually broke or whether it was cut so when these remaining three climers so the Rope broke the four people at the bottom fell thousands of meters to their deaths uh they didn’t recover their bodies for some time because it’s the matter horn it’s very hard to get get bodies some of them I think were recovered some years later but when the three climbers made it to the bottom they were charged with cutting the Rope which of course they denied um eventually they were let off
with the charges because there was no evidence whatsoever as to whether the Rope had been cut uh but many years later they when they retrieved the bodies they found the rope and here it is this is a picture from the matorn museum this is the Rope which snapped there’s two pictures there so I asked the question to the viewers do you think the Rope snapped looking at that rope or do you think it might have been cut well it looks to me like it would snapped it’s very hard to say I don’t think they’ve ever forensically examined
it I’m sure uh why would they uh I just uh don’t understand why they would cut it but uh well the they they they they the the people who were above him could not have moved up or down if they had they couldn’t you can’t pull up four people impossible to pull up four people um and if if they had taken their um uh I don’t we call the pivots out of the rock then they would have been dragged down with the rest of them so there’s no way they could have moved up or down or anything as long as they remained roped
together oh I see I see all right um so well I just can I just show you an update of um the kic uh deliveries yeah that the gold one yeah this is the gold Kix deliveries uh month by month and you can see that deliveries follow a very regular pattern you’ve got a a major month minor month major month minor month but something has gone happened very strange in January and February normally in January we’ve got about 7,000 ,300 contracts would get delivered this January it was 22538 three times as many February which
is a major month normally gets no more than 20,000 30,000 perhaps contracts delivered this month it’s 74,000 contracts of gold deliveries yeah you multiply that by 100 you get the amount of ounces isn’t it so so there’s an all full large what we don’t what nobody really knows is who’s taking delivery of all this gold it it can’t be people are taking the delivery of the gold to sell it short because the Futures have been trading at a huge premium to the short which is shouldn’t shouldn’t be the case I’m going to show
you that picture now uh that what we’re looking at here is uh the month-by-month premium that the Futures trade at over and above the uh spot price so normally they start out when it’s a couple of month two months away at a a sudden premium of around uh sorry that’s silver uh Silver’s got the same look at gold here uh n oh they’re both sorry those were the gold I haven’t got it there the gold gold picture is pretty similar I think that silver is well there’s a huge open interest and the the March contract becomes
deliverable uh very soon and it will be interesting to see where uh the open interest in the March silver gets rolled over into the uh I think it’s the June contract if not we could be seeing the uh the most uh silver delivery uh on record uh well it’s but it’s it’s both gold and silver the spot price of gold and silver is rising the premium on the future is higher than it it should be according the cost of carry it’s an un very very unusual situation so if it wasn’t for the premium on the Futures going up I would say people are
buy are taking delivery the spot because they can’t get it from London they’re taking delivery and they’re selling it back into the Futures Market that would be a a normal activity to to profit uh in the normal way but the fact that but if that was happening like that the premium would come back to some sort of normal level but it’s not the premium is going to un very very unusual and exceptional levels which kind of means that someone is not only taking delivery the spot they’re also buying the future and and not selling not
selling into the future so uh that’s why I think we’re you’re we’re both right that someone somewhere is taking delivery of a lot of gold and a lot of silver for reasons we don’t yet know uh Clive before we uh wrap up just wanted to go over new mon they they published their result results after the market closed yesterday and I think they’re pretty good but one thing that caught my attention is this here gold aisc it’s all in uh like sustainable cost like how much it cost them to uh get 1 ounce out
of the ground and it’s uh 1,000 uh what they expect it uh let’s see around 1,630 and 1,620 so uh I guess the average price of gold is not where it is now but even it’s let’s say 2,600 that means they’re making they’re minting ,000 for every ounce I think that’s uh really good uh and um so I I carried out a study of a number of gold mines and the last one I I studied was actually yesterday it was Harmony gold which is a South African company but I’ve looked at a number including Barrack um the conclusion I reached when
I crunch the numbers is that the analysts are underestimating the profits that these gold mining companies will make in 2025 and 2026 uh now I was very meticulous in my calculations I looked at the balance sheet I looked at how much gold these gold mining companies do sell forward because what gold mining companies do they sell some of their gold forward and they also do what’s called colors and caps on their gold but taking all of that into account taking into account the increased cost of Mining and it’s
going up by quite a lot of South African RS and it’s going up by about 5.1% in America uh taking into account that the the fact that the bottom line is all girl mining companies will make a lot more money than last year that’s in the numbers from the analysts but when you crunch the numbers the actual amount they’re going to make is higher than what the analysts are currently forecasting so what’s happening the analysts are all in a bunch here you got the bunch of where they think they’re going to make it and the one at the
bottom then moves his figure from the bottom to the top of the pile but still stay in the bunch then the new one at the bottom moves his finger to the top his forecast so gradually one by one they’re increasing their forecast but there’s still some way from where the actual forecast is going to end up now what that means is some of these gold mining companies are going to be on extremely low price ring ratios well well below 10 and that’s based on an assumption that the average selling price in 2025 is uh I I used a an
average selling price of $2,400 wow doar for 2025 and I used 2,900 for 2026 and I think those those numbers are reasonable take into account that some of the gold has uh has been pre-sold uh but yeah the those numbers are as you saw with new mod and barck there recently and we saw some other results from uh kin Ross and we anniko eagle and uh uh yeah kin Ross Ana Eagle British Barett gold all of them have recently come out with results much better than expected and the the results which will come in the future are going to be
better than the currently being forecast because the analysts are slow to react to the rapid rise in the gold price yeah I saw uh Goldman Sachs um they uh really they really went out on a limb to forecast that gold will reach 3,100 in 2025 which uh I think is a little bit uh yeah I think even Rudy could forecast that but anyway Clive um thank you for for your time again and uh thank you uh the viewers for your interest uh in our uh like Friday chat I I think last week we got over 6,000 views so if you
haven’t subscribed yet to the Channel Make sure you do and Clive have a great weekend and I’ll see you on Sunday look forward to it okay I’ll see you see everybody Sunday thumbs up thumbs up thumbs up
