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I own gold, and I own silver. I have for a long time. [clears throat] I hope that if they go down and people get unhappy and in despair and with gold and silver that I will buy more. [clears throat] I have never sold any of my gold and silver. I hope that someday I hope that someday my children and grandchildren and great-grandchildren own my gold and silver someday.
Everybody should have some gold and silver under the bed. This has been true for centuries. You remember Jesus Christ? Jesus Christ was sold for 30 pieces of silver. I mean, even in his day, even in that day, silver was extremely important and extremely valuable. It still is and it gold and silver will probably always be valuable in the world.
Tangible precious metals have preserved generational purchasing power across centuries of systemic currency debasement and violent economic turbulence. When market valuations plunge into widespread despair, emotional public panic routinely creates prime accumulation opportunities for resilient physical wealth.
Jim Rogers, an acclaimed international investor and best-selling financial author, observes that storing physical gold and silver safely under the bed provides an indispensable defense against depreciating paper currencies. Rather than attempting to time erratic short-term market fluctuations, patiently accumulating distressed tangible assets secures long-term generational survival.
Looking forward across global macroeconomic cycles, he predicts that gold and silver will probably always retain essential intrinsic value worldwide, easily outlasting unstable fiat regimes. Furthermore, he forecasts that overextended stock markets will deteriorate significantly across multiple countries within the coming year as artificial liquidity fades.
For dedicated investors conducting thorough fundamental research, premier mining companies provide extraordinary operating leverage capable of generating staggering investment profits during resource revivals. Now, we present the clips from Jim Rog am not a very good market timer, and maybe the worst market timer in the world.
Um my approach to gold and silver is when they're depressed and when there's despair, I try to buy more. I don't I repeat, I have not ever sold any of my gold and silver. I hope that someday I have a lot more gold and silver. Gold and silver for hundreds of years have been good to own and protected people.
I do not own any mining stocks at the moment, partly because I'm lazy. But, if one can do the research, do the homework, mining stocks are much better than owning gold and silver cuz you can make much, much more money if you get a good mining company. They have much more leverage, and you make it staggering amounts of money if you can figure out the right mining stock, the right mining company, whether it's gold or silver.
I do not own any now, but I certainly have at many times in my life in the past, and I presume I will again someday when I'm not so lazy. But, there you can make a lot more money if you pick the right stock and gold and silver, even better than gold and silver. One of, if not the most important single commodity, that everybody's economy uses [clears throat] oil, and every every individual uses oil one way or the other.
So, oil is extremely important, and the price of oil Therefore, the price of oil is perhaps the most important price of everything around the world. At the moment, the price of oil is down from where from its all-time high. So, if people are willing to do the work, they should consider buying some oil and gas right now.
I'm lazy. I don't own any. I'm just telling you, that's only because I'm lazy. But, oil and gas are extremely important to all of us, and certainly when they're depressed, people should be interested. Oil prices are already I mean, what are they? 50% down from their all-time high or something? Don't quote me, but it's down a lot.
Um so, but yeah, of course it could get worse. Things can always get worse. It doesn't matter, Vlad, what the asset is. They can always get worse. I promise you. I've lived through enough markets to know that. But, oil and gas are down from their all-time high, and people should know about oil and gas, and they should certainly know that the price is down now a lot from the all-time high.
And maybe somebody should do some research. Right now, I repeat, because I'm lazy, I may I have a lot of cash. And at the moment, nearly every stock market in the world is making all-time highs. That has happened rarely in world history. And throughout history, if everybody's making all-time highs, it has been a time to ask questions.
So, I am worried. Every stock market in the world is making all-time highs. So, I don't own many stock markets at the moment. I have a lot of cash because I'm worried. Now, Vlad, things can go on [clears throat] for can go well for a long time. They always have. But, normally, when everything is at an all-time high, eventually things get bad.
I would suspect that if we were now talking a year from now, things would have gotten bad, at least in some countries. Global stock markets are simultaneously trading at historic all-time highs across nearly every major international exchange. This synchronized equity surge represents an extraordinary anomaly rarely witnessed throughout modern financial history.
Historical market cycles clearly show that universal valuation peaks consistently precede sudden systemic instability. Prompting disciplined capital allocators to liquidate broad equity holdings and accumulate substantial cash reserves. Meanwhile, foundational energy commodities such as crude oil and natural gas sit roughly 50% below their record peaks.
Because hydrocarbons directly power global transportation, heavy manufacturing, and everyday commercial activity. Energy pricing dictates the underlying cost of everything across the global economy. Severely depressed commodity prices offer compelling opportunities for researchers willing to investigate neglected natural resources rather than chasing overextended benchmark indexes.
Patient capital thrives by buying unloved, deeply discounted productive assets while widespread optimism dominates mainstream finance. Now, let's get back to the interview. The United States is the largest debtor nation in the history of the world. No nation has ever been so deep in debt. And that it gets better, it gets worse, gets more debt every day, every week.
The debt goes higher and higher, and nobody in Washington seems to understand or care. But, I have read enough history to know that somebody's going to care someday. Cuz for 100 years ago it would have been the British. And then the British went bankrupt and had their own problems. I know that history shows that every nation, every company, every family, every individual, everybody who takes this path winds up in trouble.
I don't like saying it, I'm an American. But Vlad, I will tell you it's good time to be an old American cuz I'm not going to have to pay all these problems someday. My children, unfortunately, it's not a good time to be a young American because young Americans are going to face some big problems down the road.
This is going to end badly. It always has. And if you go to Washington, they will say, "Don't worry. It will be okay." But they've always said that. Politicians throughout history have always said that. And unfortunately, the market is smarter than the politicians. The market is smarter than all of us.
And the market, well, the market will take its own way. No, Vlad, this is going to end very, very badly. As I say, it's a good time to be an old American. It's not a good time to be a young American. I'm talking about the a bigger picture than you are. No, we can certainly have lots of bull markets and we have had, history shows.
I mean, the British had some great bull markets as they were on their way into decline. And America's had some great bull markets in the last few years, two decades. And we're having a good one now. No, no, no, you can have big bull markets while even while you're in decline. And that is happening to America.
All they have to do, Vlad, is print a lot of money. Borrow money, print money. I mean, this is It's been going on for centuries. They know what to do. They know how to keep everybody happy. And they know how to keep themselves happy. Now, you and I someday or our children someday will worry, but in the meantime, no, they can keep this going.
I don't know how long. I know it's going to end someday. I don't know if it's going to end next month or next year or next decade, but I do know it will end someday. But in the meantime, we can have a very good time. Nearly every market in the world is making new highs. Nearly every market is making new highs.
That has not happened often, but when it does happen or when it has happened in the past, it has often led to problems. So, I have sold nearly all of my shares around the world. I still own Uzbekistan. I still own China, but for the most part, I've sold because everybody's having a wonderful time, and that worries me.
I hope if I were 40, I would be as smart as I think I am now. [clears throat] Uh I hope that I would look at the world and I can remember there have been times earlier there were times in my career that I was skeptical. There were times when I was very optimistic. Uh I tried to change with the times, and sometimes I got it right.
But I would hope that whether I was 14 or 44 or now, that I would look and say, "There's a lot of optimism around. There's too much optimism. I should ask questions." If this were 1926 instead of 2026, and we were in London, Britain had gigantic [clears throat] debts, but the market did very well for several more years before they started collapsing.
So, I mean, Britain was the most important economy in the world at the time. It [clears throat] had huge debt. It was going into decline. But that didn't mean they didn't have very, very, very big bull markets and then some people didn't make great fortunes in the London markets. And that [clears throat] is happening in the US now.
And Vlad, I hope it happens a long time. I hope it happens for many more years, you know? But I don't want to live through a bad bomb in America. I I want everything to be terrific for the rest of my life. America's the largest debtor nation in the history of the world. We've had the longest bull market we've had in American history since 2008, you know?
Never in American history have we had such a long period of good markets. Now, Washington will say, "Don't worry, it's going to go on forever." Maybe it is, but it never has. So, maybe people should look out the window and ask a few questions. It's never been this good, this long in America. And America's never been the largest debtor nation in history.
Most of Europe has gigantic debts, too. I mean, nobody, percentage-wise, has as bad debt as the US, but Europe has very bad debts. You know, just no matter where you go. I mean, even Germany has a large debt now. You know, the Germans were theoretically the prudent, well-managed economy. But even Germany has a lot of debt now.
Now, what's hard to find I mean, Vlad, it's hard to find a country that doesn't have a lot of debt now. The United States has become the single largest debtor nation in world history, compounding systemic liabilities at an alarming pace without any fiscal restraint. National debt figures climb higher every week while political leadership in Washington ignores the compounding balance sheet crisis.
Exactly one century ago in 1926, the British Empire stood as the primary global economic power, burdened by immense sovereign debt, yet still generating roaring bull markets and immense private fortunes while drifting into long-term insolvency. Governments routinely prolong speculative rallies during periods of imperial decline by borrowing trillions and aggressively printing fiat currency to maintain popular satisfaction.
The current American financial expansion represents the longest continuous bull market in domestic history since 2008. This sovereign leverage trap is not isolated to North America. Across Europe, even traditionally conservative economies like Germany are carrying unprecedented debt levels. Financial history demonstrates that free markets remain infinitely wiser than central planners and political promises.
The mathematical reality of compounding debt has historically overwhelmed every major nation that walked this path, leaving younger citizens to shoulder catastrophic structural costs. Artificial liquidity can postpone sovereign insolvency, but fundamental accounting cannot be cheated. .
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