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that is already triggering liquidation of Bitcoin collateral. And with Bitcoin down as much as it was and gold and silver up, it seems likely to me that some of the margin calls that are related to Bitcoin are not even being met by selling Bitcoin. Some are, but I think a lot of the calls are being met by selling gold or silver because if you own Bitcoin and gold and silver and you're way up on your gold and silver and you're down on your Bitcoin and you get a margin call, there are a lot of people that would be reluctant to sell the Bitcoin, especially when it doesn't have as much liquidity and they may be taking profits on gold or silver or gold or silver related equities instead of having their Bitcoin sold.
And so I think that that stress in this system is showing up beyond Bitcoin. So it's not that Bitcoin is just caught up in gold and silver going down. It's Bitcoin going down that is now putting some short-term pressure on gold and silver as people who own Bitcoin are now forced to sell their gold and silver.
Now, they're making a mistake. They should be selling their Bitcoin. uh but the fact that they are selling gold or silver is creating a short-term opportunity because I think these uh prices that are the result of you know these force liquidations are not going to last because I think once the margin related selling is over then it's over and you don't have any for people who are being forced to sell because if you're not being forced to sell, I don't know why anybody would.
So when when the forced sellers are out of the market, there's not going to be any real sellers at these prices. So the markets should snap back very quickly. But I do think that what's happening in Bitcoin is going to accelerate. Because I don't even think Bitcoin has crashed yet. Even though I I titled this Bitcoin crash.
I mean, people are talking about a Bitcoin crash. And Bitcoin, I don't know, about 10 minutes ago, traded below 60,000, got to 59, 930. It's now, you know, it's now back above 63,000. So, it didn't stay there for long. And there are some, you know, bottom pickers that have been buying. In fact, this decline that we've had in Bitcoin, which is better than a 50% decline from from the peak, has been extremely orderly.
Yes, over the last few days, the declines have been bigger, but if you look um at the charts, it's just been a slow and steady grind down. There have not been any of the sharp five minute, you know, [clears throat] 10% selloffs that we've seen in Bitcoin in the past where you get like a panic and there's just a mass liquidation.
None of that has happened. This has been a very orderly decline in Bitcoin. No panic, no fear. people are just buying the dip and the market just keeps falling and and so that tells me that the bottom is still a long way from in. And if we're still a long way from the bottom and we've already fallen by 50%, that tells you this is going to be a a very bad bare market.
I mean, it's not even close to being over. And I don't think we've seen anywhere near the liquidation that we're going to see because if people who own Bitcoin in margin type accounts have been selling their gold and silver assets rather than selling their Bitcoin, that means they're still leveraged Bitcoin.
And when they run out of gold and silver assets to sell, they're going to have no choice. They're going to have to sell Bitcoin. and the buyers are just not going to be there. But I think a lot of the new Bitcoin supply is going to come from these ETFs. I think that the ETF liquidations, they've been coming in, but we've just seen the tip of the iceberg on the ETF liquidations, which I expect will not only overwhelm the cash market, uh, but but but basically fuel the force selling by the margin investors, the the Bitcoin ETF investors, as I've been warning from the very beginning of these ETFs.
These are not diehard Bitcoin maxis because if they were, they would have their own wallet and own their own Bitcoin. Now, I recognize maybe some people have both. They have their own wallets and for whatever reason, maybe they have an IRA or something and it was easier to buy an ETF, you know, in their IRA than, you know, the and and so they did it.
But the majority of people, vast majority of people who own Bitcoin ETFs probably don't own any other Bitcoin outside of the ETFs. They're just your typical investors who had a brokerage account and decided based on a lot of hype in the financial media and even from their own brokerage firms, their own online firms, a lot of advertisements around these new Bitcoin ETFs.
And I think a lot of people just decided to get into them. And I think they're going to decide to get out of them. they they they didn't buy these ETFs because, you know, they they you know, it's a gamecher as far as uh Bitcoin changing the world and they didn't really care about uh the financial freedom or, you know, a peer-to-peer or, you know, they they they weren't trying to get out of fiat.
They they they want more. They wanted to accumulate more fiat and they just saw the Bitcoin ETFs as a vehicle to do that because they were supposed to go up, you know, so high and that hasn't been the case. You know, the the Bitcoin ETF buyers have lost a lot of money. There's very few people who bought Bitcoin ETFs who are ahead.
I mean, Bitcoin, remember, Bitcoin got to 69,000 in 2021. We're at 62,000 now. So, we're considerably below uh the peak from the 2021 cycle. So, a lot of selling is coming. Probably next week would be my guess because I think we'll have another big down day on Friday and then maybe a huge down weekend uh on on Saturday and Sunday.
And you know, who knows, you know, where Bitcoin could be. Could I mean, could Bitcoin go to 40 or 30 or 20,000 by next week? Sure. Why the hell not? I mean, what's going to stop it? Because, you know, all the people who want to own Bitcoin, they already own it. I mean, how would they not? I mean, it's not like they don't know about it.
There's been so much uh in-your-face marketing and promotion of Bitcoin from everybody, not just from the Bitcoin industry, but from the mainstream financial media, um from Wall Street has been nothing but chilling crypto uh and the government. Donald Trump. You know, I listened to the complete bogus uh call out of strategy today on X.
Complete BS. Uh but the first slide that sailor showed as the number one reason to buy Bitcoin was Donald Trump that we had the president who is behind Bitcoin who wants to make Bitcoin you America the Bitcoin capital and the leader of crypto. That is the problem that Donald Trump that the government is promoting and encouraging uh this Ponzi and it's it's you know I watched an interview just recently with Trump and they asked him why are you doing this and he said well if we don't do it China will and I'm laughing I know the Chinese are laughing they have absolutely no interest in in being the leaders in Bitcoin.
Whoever whoever is the leader in Bitcoin is the loser, right? The more money you waste on Bitcoin and related industries, the bigger the more you lose. China is using its resources productively. They're building factories, not mint and meme coins. They're buying gold, right? They're not buying Bitcoin.
And yes, silver uh has had a much bigger move. In fact, silver is down more than Bitcoin uh recently. Although over the last year, silver is still way up, whereas Bitcoin is way down over the, you know, a year ago, silver was uh 30 bucks, and now it's 70 bucks. Yes, it's down a lot from 120 from a week or two ago, but silver's still way up from where it was a year ago, and Bitcoin is is way down from where it was uh a year ago.
But the Chinese have no interest whatsoever in in Bitcoin. Why do you think they made it, you know, legal for their own people to own it? They have no problem. They're encouraging the Chinese to buy gold. Yeah, they they believe in that. Uh but they don't want um their people wasting their money on Bitcoin.
Whereas in America, our government is trying to encourage Americans to throw their money away on on Bitcoin. But in that call, in that strategy call, right, first they completely overlook strategy stock is now down 80%. Right? You would have no idea that the the stock is down 80%. I mean 80%. That is a huge drop to talk about like how great your company is, everything is great.
The stock is down 80%. 80%. And what's even bigger than the stock being down 80%. Is that Bitcoin, their average price at Micro Strategy for Bitcoin is 76,000. So it's at 62,000. So they're down 18.5%. On the 54 billion that they put into Bitcoin. How is that not like the number one issue on the call?
It it don't even get discussed. I mean, the entire reason that strategy was able to raise the 54 billion that it used to buy Bitcoin was because everybody believed that Bitcoin was going to be this great investment and they wanted to get in on it. Well, they've been buying Bitcoin for 5 years. And not only wasn't it a great investment, it's down 18%.
Over the course of the five years they've been buying it, they're down 18%. I mean, you can't even imagine or think of a worse investment that strategy could have possibly made with that money. I mean, I guess maybe Ethereum or I don't know or maybe some other shitcoin did worse than Bitcoin, but if you get out of the crypto space, I mean, they'd have bought if they bought stocks, they would have done better.
If they bought the S&P or the Dow, if they bought gold and silver, they would have done way better. They could have bought, I don't know, real estate, they could have just put the money in in treasuries. They would have earned about 20% there over the four or five years collecting interest. But of course, if Sailor told investors that he was going to buy treasuries with their money, they wouldn't have given him any money.
He only got the money because he was going to buy Bitcoin, which he did. And now they own a lot of Bitcoin and the price is just collapsing. But, you know, why why should it stop? Why should it go up now? The story is so obviously wrong. All this stuff, they hyped it up. Donald Trump being president was going to set off a Bitcoin coin arms race.
The US was going to have a Bitcoin strategic reserve. All these other countries were going to have to follow. They were going to have to buy Bitcoin because the US did. Well, you know what? Nobody bought it. Bitcoin is at 63,000. It's gone down despite all of that hype, all of the lies that were being told by the Bitcoin community to the public, to investors, the lies that are still being told in the mainstream financial media that's been bought off by the Bitcoin ad money and politicians who've been bought off uh by the Bitcoin donors.
You know, even today when Scott Bessett, who's really an embarrassment of a Treasury Secretary, the things that this guy says, he I mean, you can tell he knows he's full of He has a hard time getting these words out of his mouth uh to try to defend these ridiculous policies. But when when when Cynthia Lumis, who's I I'm glad she's leaving Congress because I think she's a complete sellout uh to the crypto industry.
But she asked um uh Bessant, what's China doing with crypto? And he's didn't mention Bitcoin at all. So he clearly knows China couldn't care less about Bitcoin. The only thing that he said was that well there are rumors that China is working on a goldbacked uh stable coin to use as a replacement for the dollar.
Yeah, that's the smart thing to do. But why isn't he worried about that, right? That shows you, right? We're working on nonsense. They're working on legitimate alternatives to the dollar, a gold back yuan or some other type of gold back token. Obviously, he knows about that. Um, so that that that is that is a big deal.
But the strategy and I listened to Sailor talk, you know, about the absurdity of this digital credit that he claims to have created um which is just a Ponzi. This this security strike which uh um initially yielded um 10% and he jacked the yield up to 11% and now it's 11 and a quarter percent. and he has a few of these other uh securities.
Um but they're all scams. They're how is he going to pay this yield? He doesn't have any income. The company doesn't earn any money to pay an 11% yield. So they have to pay it out of principle, right? They have to pay it out of their cash reserves or they have to get the money by selling equity and then getting in money from the new investors to pay the old investors.
There there's a word for that and it's Ponzi which is exactly what strategy is. He's now running this giant Ponzi scheme uh where the only way he can continue to pay money to the holders of these so-called digital credit instruments is if other people are dumb enough to give him money because they want to buy um strategy.
Now he says, "Well, we've got all this Bitcoin, so we can just pay in perpetuity." That assumes that the Bitcoin has devalued. If Bitcoin keeps falling, which it probably will because why should it stop? Why should it go up? You've got all these people that own it that have been lied to that bought it as a get-richquit scheme or bought it because they thought it was digital gold, right?
They were all wrong, right? It's now a race to get out of Bitcoin, right? that Bitcoiners still don't get it because they they think they've seen it all before. They think this is just another typical selloff and all they have to do is hold and it's going to be 200,000. It's going to be off to new highs.
But I would argue that it's definitely different now because of the huge involvement of Wall Street, because of the massive amount of leverage. You know, I I um sent out a picture when I was in El Salvador over the weekend and I got into a car at the airport to take me to the hotel for the Tether conference and on the back of the [snorts] headrest of the seat in front of me was an advertisement for a company that will loan you money against your Bitcoin so you can go buy stuff and not have to sell your Bitcoin.
Well, now this company is going to have to sell your Bitcoin because the Bitcoin is their collateral for the money they loaned you. And if you didn't have if you had extra money, you wouldn't have had to borrow against your Bitcoin. So, this Bitcoin is going to get sold. You know, the most interesting presentation at the entire Tether conference was Tether Gold, their goldbacked stable coin.
And that's the one they really believe in. I mean, the the regular Tether, they know it's only as good as the US dollar. And it's only good as good as the US government's commitment not to default on the treasuries or call a moratorum on treasuries or extend the the the maturity date on treasuries. you have a lot of risk when your asset is backed by US treasuries because ultimately the US Treasury calls the shots, you know, and if we're willing to contemplate invading Greenland, then what's defaulting on on on treasuries that Tether owns?
But the gold that they have in a vault in Switzerland in the middle of a mountain protected by armed guards, the US is not going to invade Switzerland because that's what they'd have to do to disrupt Tether Gold. And that was the most interesting aspect. And I think more people now are starting to realize that Bitcoin is not the way to go in in crypto.
that it's actually better to have a token backed by something than a token backed by by nothing. But I I don't think what's happening in in in Bitcoin, in crypto is also going to be uh contained. I I think that the leverage that exists in Bitcoin exists throughout the the market. there's a lot of leveraged longs uh in in stocks and to the extent that Bitcoin is kind of a proxy for the position of the leverage speculator then what's happening in in Bitcoin is just the first piece again and I' I've compared other things to the subprime crisis but to me when when the subprime market blew blew up in ' 07 and everybody thought it was contained and I knew it wasn't because I knew the problem was in the mortgage market, not just in the subprime market.
But I also understood that the weakest links were subprime and and so subprime is where it blew up first because that was the most vulnerable. But it wasn't so much that it was a spillover effect where it started in subprime and then it spilled over. The problems existed throughout the market. It's just that uh subprime got exposed first.
The rest of the market got exposed later, but it had been infected the whole time. the the nor the alt A's and conventional mortgage credit. It didn't ca it didn't catch the disease from subprime. It already had it. It just was healthier and so it didn't succumb as quickly to it. So I think the same thing is going to happen in uh the regular stock market in in the NASDAQ.
you're going to see uh bigger sell-offs coming in these other markets. It's not that Bitcoin going down is going to be responsible for it. Uh it's just that it's happening in Bitcoin first because it's more vulnerable because there's more leverage and it's worse collateral there. there there you know there is not a deep enough market to handle the forced liquidation and you know some of these people and I'm going to take take your questions in a minute so a lot of the people and this is what's going to happen I think to a lot of a lot of young people that that own a lot of Bitcoin and they may have bought it years ago so they still have gains right that they're not down right now like the ETFs most of the ETF buyers are down but there's probably is still a good chunk of people who bought Bitcoin, you know, 300, 400, 500,000, 2,000, you know, five down there, right?
The ones that bought it at a dollar or 50 cents or they, you know, they've already cashed out enough Bitcoin that none of this even matters to them, right? Um but younger guys found out about it after the fact but got in in the scheme of things relatively early. Uh and you know ended up with a few million bucks right in in Bitcoin.
Um I think that they borrowed quite a bit against their Bitcoin. Never sold any so never paid any cap gains taxes but they borrowed a lot of money and they spent it. Maybe they bought a house or a condo. They bought a car. took some vacations. And I think a lot of these kids don't even have jobs. I think their their job is they fancy themselves a crypto investor and they kind of live off the proceeds of the money they borrow out of their out of their their crypto.
So, I think what's going to happen to a lot of these guys is they're going to get, you know, liquidated. I don't even know that they've been liquidated yet. It may take a break below 50,000 or 40,000, but whatever it takes, it's going to happen, right? Murphy has a law. Anything that can go wrong will go wrong.
And the coral correlary for Bitcoin, I think, is everything that can go wrong will go wrong at once. And um so they're going to get liquidated, but they're going to have a huge problem because they're going to get liquidated and they're still going to have a gain. And so they're going to have a tax liability, but they're not going to have the money to pay the government because they already spent it.
So they're going to be bankrupted uh by their margin liquidation and they're going to have to look for a job. And in case you haven't noticed, the labor market is imploding. The jolts numbers today were a huge disappointment. the number of job openings collapsed and the the number of layoffs in January was the most for any January since January of 2009.
And of course, January of 2009 was during the Great Recession, right? And so you have to go back to that January to find a January where more layoffs were announced by American companies. What does that tell you? And it also tells you that it's going to get worse. So we are in a very very weak economy right now.
The only thing that's going to be strong is going to be inflation. And right now, gold and silver, particularly silver, have been caught up in uh in the Bitcoin uh collapse, and they're going to emerge from this, right? Gold and silver are going to emerge as the real winners, the inflation hedges, the sound money, and Bitcoin is just going to wither and die.
Uh you know, it's going to be a slow death. It's going to take a while for all of the air to come out of this bubble, but that's exactly what's going to happen. And and I think the real story, too, and I don't know when they're going to start telling it, it's not so much that, you know, Bitcoin is collapsing, but that the biggest investment mania maybe in all of history is coming to an end.
And look at all of the culpable actors in government all the way up to the president of the United States. You know, his uh hitching his wagon to Bitcoin is going to really tarnish his presidency. And of course, he's doing a lot more to tarnish it. Uh but the Democrats are going to have a field day, an absolute field day with the losses in Bitcoin and cryptoreated companies uh that are going to be experienced.
And of course, you know, and as I predicted from the beginning, the capitalism is going to get blamed for this and they're going to come up with all kinds of new regulations to protect us. Even though it's clearly not just capitalism, when the US government was an active part, played an active role without Donald Trump winning the election and being the Bitcoin president, without the Bitcoin cabinet and all this, without the government's good seal of approval, and without the Bitcoin community being able to sucker in more money by saying that it now had the blessing of the US government and people believing that Trump would guide policies to enrich crypto holders, especially since he and his family were completely invested and now had most of their net worths in cryptoreated assets, right?
How can it be a failure of capitalism when the US government was so heavily involved in perpetuating the fraud? Anyway, whoever wants to uh speak, I got a few people who have requested to talk. So, I'm gonna add a couple of people, but otherwise just um raise your hand if you got you want to add to what I've already said or have any questions.
Yeah, I got I got a couple of you up there already. You just got to un unmute yourself. Hi, Peter. Thanks for having me up. I appreciate it. Um good looking out for the space. I got two questions for you. I'm going to get right to the point because I know there's a lot of speakers and listeners um who want to get to your time and attention.
So, uh, I don't want to waste anybody's, uh, time or whatever. How do you feel about one, the Epstein involvement with the early edition of Bitcoin as far as the manipulation perhaps uh, and majority of the voting or whatever? But more importantly, what do you think the uh, all-time high of silver is going to become going out?
Because I'm not selling silver. I'm holding that tighter than Bitcoin, baby. And if anything, I'm selling my Bitcoin before my silver. So, what do you think about that, Peter? Uh, those two questions, please, real quick. Well, first of all, I don't have any idea how Bitcoin relates to the Epstein Files.
I'm sure it's mentioned in there like everything else. I mean, I mean, I mean, even Yep. Yep. Even Even I'm in the in the Epstein Files. I mean, I I know so many of my friends are in there, too. Not because we had anything to do with Epstein, but there's just so much stuff in there. Oh, your friends.
Oh, Brock Pearson. Oh, that's another guy. Oh, he's your neighbor. Never mind tether. That would be a third question I would ask. But I'm not going to go. Let's leave it to those two questions I I had initially because Tether as the 18th or what is it the 20th 19th 17th most uh largest holder of US assets right now.
Treasuries they own they own a lot of treasuries. Yeah. Yeah, baby. Oh yeah. They own a lot of treasuries. Deep deep. But as far as silver, look, I mean, obviously silver got up to 121 very rapidly and then it got caught up in in this selling and it's now back down to $70. But $70 is a high price for silver.
I mean, not not relative to where it's going, but relative to where it's been, silver uh has done really really well. And the only reason it feels, you know, bad is because it was 120 less than two weeks ago and and now it's 70. Yeah. I mean, it doesn't feel bad to me. I was just looking at your top like maybe two three years out.
Like where where are you looking at? Where's the Yeah. I I I I never really put targets. I mean, I had that $5,000 target on gold for a while and, you know, people kept, you know, giving me about it because we weren't we weren't there. Now, of course, we finally got there. I mean, I I it took longer than I than I believed, you know, back then.
But what I generally just say when it comes to gold and silver is that I expect prices to keep going up. And, you know, it's hard to say how much because it's really not about gold and silver going up as much as it is about the US dollar losing purchasing power. And therefore, you need more dollars to buy gold and silver.
So, you know, I would this is a great buying opportunity right now. Uh I I think that a year from now prices will be a lot higher than they are. And I do know that Shift Gold, we have very very good prices because you could go to the other major online sellers, major companies that sell gold and silver, and just compare their prices to ours.
just go get like a Canadian 1 oz maple leaf for a 1 oz US uh uh you know silver eagle, you know, or a buffalo. Just look. I mean, our prices could three, four, $5 a coin less. I mean, it's not even close. So, I don't know, you know, why these other companies are charging so much right now. But I do know that our premiums, like you could go right now and you can see a a silver Canadian 1 oz maple leaf.
So, we're selling it at $77.65 and I can see silver right now trading at $7059. So, it's about 10% more, which is a bigger premium than we were charging a week or two ago, but it's way lower than what our competitors are charging. And even though you have to pay a bigger premium, you're buying a coin at $77 where the melt value, the melt value of that coin less than two weeks ago got up to $120.
So, you know, it's that's not going to be the high. That's, you know, whether it takes it out this year or even next year. I think we'll take it out before the end of the year. But even if we don't get above 120 again till next year, that's a great return. Yeah, but the idea is the idea though is to buy these silver coins to have them.
To have them and keep them at home because you may need them as money one day. You may find one day that if you want to buy groceries, if you don't have silver, you ain't eating. Yeah, big facts, Peter. Uh, I appreciate that. Thanks for answering the question. And, uh, uh, I'm glad that you have supply available actually to sell to the
Yeah, I've been telling people you just buy it while we have it. I did notice in the past week sometimes some stuff was out of stock. We couldn't get it. We had to write on the on the website with that, you know, we you know, out of stock or but I know that at some point um we may not be able to get anything because I I do see a big uh surge in demand for the physical metal.
Uh and right now all this stuff that's going on is in the paper markets. All this liquidation, all these margin calls. Uh, I don't think a lot of people are selling their physical silver, right? They're selling silver ETFs or other positions. I'm not I'm not selling, Peter. And I'll I'll sell my Bitcoin before I sell my my my silver.
So, you should and you should already, Mr. Schiff. I've listened to you for years. Um, appreciate everything that you do, sir. Um, thank you. I've seen you on many podcasts. I've seen your podcast. year probably been one of the most accurate uh as far as the futures that I've seen. Gerald Cente, you know, yeah, he cusses a lot.
Entertaining, but he's caught a lot, right, too. And he talked about exactly what you just covered, which is intriguing because, you know, we injected the market to bail out the banks during Obama, during COVID. We injected a lot of money during the lockdowns. Now we're seeing the, you know, something I've been talking about, Mr.
shift for the last gosh I don't know till I'm blue in the face uh for eight years about the rise of bricks China Russia Pakistan India all these other countries buying gold silver commodities to get out of the petro dollar uh my opinion that's the reasoning we went into Venezuela to uh try to make the petro dollar survive after what we saw in Libya uh I guess my biggest question is it's more entertainment question I'm sure you've been asked this before.
Uh, how much gold is left in Fort Knox? Well, I mean, I don't know from memory the amount that we're supposed to have, but it's all supposed to be there. I mean, the United States is supposedly the the largest holder of gold in the world. Number two would be Germany. And, you know, Germany holds, I think, about a quarter of their gold here in the US.
So, that gold's supposed to be there, too. But and there are rumors that Germany is going to try to get it back because I think it's important to have your gold within your own border. I mean, you don't want to trust your gold like that to a third party because I think the United States is already showing the world that they can't trust us because, you know, we've already had a precedent of confiscating uh treasury assets and we've already told the world that if we want to invade Greenland, we're going to do it because we look out for ourselves.
We think about ourselves and if we decide we need something, well, we just go and take it. Well, if we decide we need Germany's gold, well, we're just going to take it, right? So, why should Germany leave it there, right? They better yank it out while they can. That's a great point, and that's that's what I'm going to land with, Mr.
Ship. Appreciate you giving me the mic. It's an honor to speak with you. I'd like to have you on his face one day, uh, in fact. But I'll end with this exactly right what you just said. And people need to do their own research and realize what's going on geopolitically because that's exactly what we did in Libya because Gaddafi not campaigning for him but you know he mentioned
he was form forming the formation of the golden dinar African dinar system to buy oil if you remember we went in and did what? All right. Thank you sir. Thanks a lot. Byebye. Uh, next next up is um what's this? Sebastian, can you hear me? Sebastian or is that u there's also advisor. I got I got two.
You got I'm going to put a bring up a third speaker too. So you just kind of got to unmic yourself. Unmute your mic. Yeah. You know, too, when I was watching this sailor, I was the the thing I was the most interested in in the the strategy call was the Q&A, but unfortunately, the only people he allowed in there to ask questions were a bunch of Bitcoin shills.
Some of them I know personally. Um, but so he didn't get any hard questions. It was all right? I mean, if there was any legitimate people in there, uh, he would have been asked some questions that he really couldn't answer. But, you know, he just had uh he had the whole room uh stacked with with friendly friendly faces.
But anyway, I got three of you guys that are up to speak. Do you hear me? Yeah. How's it going? I'm driving right now, so if it's still a little loud, uh my apologies, but uh I have a question personally based off, you know, from your gold and silver business. Are you seeing any, you know, actual silver shortages out there?
Yeah, because we were running out of uh certain uh products that we that we sell and Yeah, because I saw Eric Sprat made a video about how he's even starting to see it in in the sector all across on the international level. And so it's like in my opinion, I believe that right now with this whole paper artificial, you know, slam.
You you have them setting up the the uh you know, essentially a silver squeeze from what it looks like. And you know, I feel like the trigger is going to be the Iran conflict. You know, if we if Trump actually goes through with this, it's going to be the the final nail in the coffin. We got a little taste of it with the Greenland fiasco, but if Iran really gets struck, the Chinese will not, you know, be physically present in a kinetic sense, but they will covertly, you know, then just end the the US
and the whole everything that's going on with Iran now seems like it's because not too long ago, we bombed out their entire facility that was, you know, dealing with enriching uranium and supposedly we set them back years in their nuclear ambition. So, I don't know why all of a sudden they're a problem if we already took care of the problem.
So, you know, they're just trying to uh make excuses to get to get involved. Um but um what I forgot what you said originally. Um I was basically saying like I I think it's going to be the the setup for the silver squeeze. Oh, no. It's the silver. Yeah, I was going to say that, you know, up until the last few weeks, we had not had any real increase in business at Shift Gold.
And in fact, for the entire two years, 2024 and 2025, where gold basically went from 2,000 to 5,000 and silver went from, you know, 20 something to 100, whatever. in there was very little pickup in business. Uh the the investors were not there. They weren't excited. They weren't buying. They were worried.
They were reluctant to buy. It wasn't until just very recently that we got a noticeable big noticeable jump in in in in calls and and buys. And I had to apologize too because one day we had about 150 unreturned messages cuz you know I'm I'm you know there's only so many guys that can answer the phones and if everybody is calling.
So this just gives you an idea. But what I've been encouraging people to do because I do have the online you know a lot of people at Shift Gold are used to just talking with a representative. But if you can't get your representative on the phone I mean just buy online. just you know if you go to the website now and if you just go to like you know on the front page top picks right and just the Peter's top picks and there you can find the most popular coins and bars in gold and silver and just buy whichever ones are available because the ones I'm recommending I mean there's a lot of more esoteric products that you could buy if you really want but if you just want to buy you know the maple leafs or US gold eagles just very popular, highly recognizable coins.
They're just there. You just you just you just fill out your shopping cart and check out and go. So, you don't have to worry about anybody calling you back. Now if we are overwhelmed you it may be a while before you get a confirmation. A lot of it is short sellers who are trying to frontr run that who see that that's happening and they're shorting knowing that others are going to be forced to sell and hoping they'll be able to buy from them.
But a lot of the shorts could be stuck in this market and desperate to try to cover and end up covering at much much higher prices. Exactly, Peter. Thank you. istic in pressing the speaker button here and having the chance to speak to you for the first time maybe one day on my own podcast as well. Erh but actually I want to ask you several questions but I'll go with like probably the main one you know for me personally for example I don't hold any Bitcoin because I don't understand like the point of it like why why would I just like you say it's like a greater full theory I'm not very interested on that aspect of crypto at all
and I actually want to ask you something regarding Ethereum not the asset itself I'm pretty sure that you you would see it as useless this as well and I I don't want to go into that argument as well. I'm more curious about your thoughts if you have any about Ethereum as like infrastructure as a financial settlement layer tokenization and stuff like that.
Just an example that maybe you will relate to. I don't know how familiar you are with the onchain tokenized gold issued for example by entities like tether gold or Yeah, I spoke well I spoke about that earlier in the podcast but yeah I'm familiar with it and I know they're they're using they're using uh you know Ethereum I mean and the main problem with it you know for me is just the the gas on Ethereum.
So, if you're going to use it as a mean of exchange, if you're going to have a lot of transactions with your tokenized gold, uh, you know, it could, you know, preclude a lot of smaller transactions, you know. So, I think that, you know, it it'd be better if those tokens could exist on on chains that chains that were less expensive to use.
I think that, you know, there's a huge shift right now in Ethereum scaling. And actually I don't know how how much of you have been following gas prices but they are extremely lower than in the past and they keep going down because of the fact that like the new paradigm regarding Ethereum scaling. And by the way, I do think that I I will actually be very happy to one day maybe see and to know if you will ever explore whether if even if it's on other chain maybe tokenization of gold by your company for
Yeah, I'm well I'm already I'm already looking at that with my company T- Gold or not a company but we're we're selling gold and silver virtually so that we can store it uh to tokenize it uh and I'm trying to create an ecosystem ultimately that allows uh customers to utilize gold as a medium of exchange uh not just as a store of value and one of the features of T- Gold will be the ability to withdraw it in the form of a token you know whether I end up creating my own token or just using an already existing token uh you know I still have to decide you know if it's worth it uh to have my own token or just use a a token that I trust But a lot of the functionality of the platform doesn't require tokenization, right?
But it's just an option that people would have as to, you know, if they want to withdraw uh their gold, you know, you can either and you can withdraw it in a physical form or you can withdraw it in a token. Yeah. But anyway, thanks. that actually going to be very uh interesting and I think that you definitely should consider like having Ethereum specifically as the arena for your venture and thank you so much for the opportunity to
Thank you. Yeah, but in the meantime, anybody can go and uh set up a T-old account at tgold.com and buy some gold or silver. It won't be delivered. We'll be storing it. The storage is free right now. Uh and the the markup over spot is minimal, so you really get a good deal. you know, we're not um you know, we're not charging very much at all.
We're kind of just making the platform available right now. Um so, uh you got your hand up. Check. You got the mic, so just unmute yourself and you're ready to go. Great. Thanks, Peter. Pleasure to talk to you. Um I had the opportunity to interview Michael Oliver last week. It was actually a week ago today.
Uh-huh. And uh one, as luck would have it, or maybe not so lucky, you know, a day before we had the big sell-off in silver. But one of the things that he mentioned that he had thought that this was coming, he called it a shin kick and actually said that he thought it would would have happened more towards, you know, February, March, but here it is right now.
Um, but I want to get your opinion on something. So I asked him whether he was still heavy into the physical metals or if he was transitioning into the mining sector. And he said, "Yes, absolutely. I'm transitioning into the minor. So, I wanted to get your thought on that and then once you answer that, would you have an issue?
Um, if I asked you about a particular um silver mine, would you be okay with that? But I'd like to get your Yeah, I mean, I I've been promoting the miners very heavily. In fact, if you want to read a special report, the best way to buy gold, it's still available on the EPAM website on europac.com. I made a case why the miners were so inexpensive uh based because it's like you're buying gold and silver but you're buying it still in the ground and it was very cheap and I think the main reason the miners are so cheap is because investors don't believe the rally is sustainable and so they they continue to hold on to these outdated price forecasts for gold and silver in the future and therefore or they greatly underestimate what these companies are going to earn in the future.
And I think not only are the analysts wrong to assume the price of gold and silver are going to crash, but they're wrong not to realize that the prices are going to keep rising. So the, you know, the earnings estimates should be factoring in higher prices than the ones we have today, not much lower prices.
So yeah, I mean I've got more of my own money and I've been talking about this. I have more of my own money in the miners than I do the metals themselves. And that's the reason and I I do expect ultimately there to be a lot of leverage on these miners. And so, you know, when gold, you know, you know, where it is 10,000 or higher, you know, by the time it probably gets there or even just stays around 5,000, if it just stays at 5,000 for long enough for investors to recognize it's not going back to 2 or 3,000, uh, you know, these mining stocks are going to go way up because the earnings are going to drive the share price.
Yeah. Yeah. And I'd just like to ask you if I could just get your opinion on High Croft if you're familiar with it or not. But you know, Eric Spr. No, I Yeah. I don't I I mean I'm not an analyst. I I I have other people that I pay to do that and so I'm not really familiar with that company so I couldn't really tell you.
Sure. Okay. Fair enough. All right. I thank you for your time, Peter. Yeah. I generally have people for mining just buy my fund because I have Adrien Day who's managing it. I have uh a lot of confidence in Adrian's ability to know which stocks to buy. We've got about a third of the portfolio in junior miners and those are the hardest ones to to know which to buy.
Probably the most important thing is which ones not to buy. And so I think Adrian does a good job of screening out the companies that we don't want to have in the portfolio. But the this ticker symbol on my my gold fund, the no-loadad symbol is EPGIX. So yeah, that's down quite a bit. It was down what, five, six% today.
Uh, you know, it's had some big drops with the mining stocks. So, um, yeah, I think I think that is the best way. It's a little riskier. Obviously, operating companies are are risky businesses. Gold mining is a risky business. A lot of things can go wrong when you're running a gold mine. So, um, but you know, a lot could go right and the one thing that has gone right is the price of gold and silver and I think that's going to keep going right.
But anyway, so is that was that Sebastian? Uh, yes, sir. Yes, sir. All right. Go ahead. Sorry. Probably not going to be too enthusiastic right now cuz it's half one in the morning. I'm nearly asleep. But I want you to know that I think you might be quite happy. I did short Bitcoin around 120,000. It was pretty obvious the top was in.
it wasn't going to go higher. And uh that's the bottom the bottom right now is again not in. So just to break the hearts of those who think that it is and it's going to go higher. It's not. It will go lower and uh I took a nice position in silver as as well. Yeah. Well, that's good. Good. Congratulations on the short.
And yeah, I do think that um we're headed a lot lower um because there's too much complacency. There are too many people who are not even worried about this that think they've seen it all before and they they know the drill and there's no real fear. There's no real panic. But that's coming. I mean, even if even if we're going to just have a short-term bottom and another big rally, we're going to have to have a capitulation.
We're going to have to have, you know, uh people really getting out and and and so that's going to happen even if we we end up making a a bottom that that that turns into a big rally. Yeah. But I personally think that the top is in. I thought the top was in before Trump was elected and I thought the top was made with the Bitcoin ETFs.
I was wrong about that because of the election of Trump that was able to put a lot more hype into the market to give it another lease on life and one more surge higher. But I can't for the life of me conceive of what could possibly top that. So, I don't know what rabbits, the Bitcoin pumpers can pull out of their hat that's gonna beat what already happened to try to to to try to get this thing to, you know, revived again.
Uh, so I think I think at this point it all a question of how long does it take to zero out, right? Or get, you know, get, you know, how many years or how many months, I don't know. uh you know, but I think that it's it's now more about getting out of Bitcoin, right? People are more concerned about how do I get rid of my Bitcoin?
If you know what you're talking about, it's not I don't think there's a lot of people now that are like, "Oh, great. This is the opportunity I've been waiting for. I I I'm going to buy some Bitcoin at 64,000." You know, I I I don't think you got a bunch of people that have been dying to buy Bitcoin and now they're going to do it.
No. If if [clears throat] anything, if anything, it would have put them off. But that whole rally up into 126,000, it was a completely fake derivatives rally just done by leverage traders. Huge open interest. And one of the biggest signals which was clearly obvious was Jim Kramer telling everyone to buy crypto at 125,000.
I mean, anyone who's going to be listening to that man at those levels in that situation is uh pretty low IQ. Yeah, I agree. Hey, thanks a lot, Sebastian. Take care. Get some sleep. Thank you. All right. All right. You're up next, uh, Mark. Yeah. Uh, hey, thank you, Peter. Appreciate, uh, all your content.
You know, it's excellent stuff. So, uh, I am an elected official just outside of, uh, Chicago, um, about 30 mi southwest, and I am, you know, a young guy. I am the youngest one on our board, 28 years old, and I'm dealing with these uh older adults who are perpetuating the cycle of, you know, government spending driving inflation.
And I'm finally getting to see how that uh, you know, really works because, uh, one of my responsibilities, I'm on the Forest Preserve Board, and they wanted to issue a $50 million bond at 5.5% interest for 20 years. you know, this is going to this was something that was going to cost us $80 million and these, you know, largely, you know, unqualified individuals are talking about how it's only going to cost $13.
You know, basically saying $13 a month is the true expense to the individual property tax owner. So, you know, that's that's fine. It's only a cup of coffee is the are the thing are the comments that they make. But but what what what do they plan to do with all the money that they want to borrow? Oh, this is Thank you for asking.
Uh the forest preserve is the largest land owner in our county and they wanted to purchase more land for, you know, forest preservation, nature preservation. Uh we do some agricultural preservation as well cuz we're actually one of the largest uh urban counties with Joliet, Illinois, but we also a large agrarian, you know, agricultural uh county as well.
So we're a really unique community. We got solar farms coming, you know, as well, which when I look at that, we actually have a 9,000 uh excuse me, under an under But they just want to they just they just want to purchase the land and just protect it as conservation. They're not going to do anything to generate any income with the land.
No. And I'm one of the voices saying we should be trying to use our assets to try and reate uh generate revenue uh as opposed to forcibly collect it through property taxes. And I'm often, you know, made into a fool. Yeah. And in fact, it's the this plan will actually not only drain the county of resources by taxing the people, but you're going to take land that may have been put into productive use.
Maybe somebody would have built housing on it or maybe uh you know, offices running right through our county where we're one of the most traveled county. Actually, 99% of Illinois's economy runs through uh Will County through rail, river, or road. We have the largest inland port in North America. So, you know, when you look at this, it's it is crazy.
But, um, yeah, I get to see it in real time. And, you know, um, you know, uh, it's and then the other other thing I would say, it's kind of funny. I don't know if you saw on Poly Market or Cali, uh, they're saying, you know, uh, by 2027, they think Jesus Christ is going to return. Um, and remember, I I didn't I didn't know they were betting on that.
They are. And remember, they did not bring baby Jesus Bitcoin. They brought him gold. There's something to be learned in that. Well, well, they didn't have bit. They didn't have Bitcoin back then, but Yeah. Yeah. Oh, really? I don't know. I don't know. I don't know how they how I don't know how they declare a winner in that bet because anybody could just claim, "Hey, I'm Jesus." I don't know what
I know. I'm just throwing it out there. How do you I appreciate all your content. You really do great stuff and I've learned a lot from you and keep representing that on the board. So, thanks a lot. Thanks a lot. Yeah. Keep fighting a good fight. It's difficult to fight against these status, but you just you just want to oppose everything they want to do, right?
That's the thing. Just just you want to be the no vote. Every time they want to just go into debt and spend a public's money. No. Peter. Peter, one more thing. How about this? It's an 11 It's a 22 person board. 11 Republican, 11 Democrat. While being the no guy, I'm also the most bipartisan vote on the count.
So, I I'm proud of that and I got a lot of work to go. So, all right. Good luck. All right. Next up is Clinton. Hey, Peter. Clinton Dvau here. Pleasure to be with you again. I love talking to you about uh gold and uh cryptocurrencies and those sorts of things. I just want to say I'm very happy uh to see the collapse of Bitcoin because I think people are finally realizing once and for all that there's no such thing as internet magic money despite everyone spending the last 10 years trying to convince us otherwise.
And you know it's important to see that people realize that uh Bitcoin is not current it's not a currency. It's not a commodity. Um it's nothing of intrinsic value. It's basically a uh a multi-level marketing scheme for really gullible people. And um so now except there's no real Except there's no real product there except
well pyramid just a That's right. Exactly. Yeah. And so it's interesting because people are finally starting to realize that if you want to invest in something that is a commodity than you know your precious metals, your golds, your silvers, your platinums, your palladium, so on and so forth. you know, if you're looking to um you know, to invest in, you know, traditional currencies, well, then you invest in traditional currencies.
But the idea that you would buy Bitcoin like for what purpose? Like just so you could sell the Bitcoin to someone else who then has to turn around and sell it to someone else just doesn't make any sense. The reason Yeah. The reason people buy it is to get rich. But the thing is the promoters say that what you do with your Bitcoin is you buy it and you never sell it.
So if the goal is to buy it and never sell it, then how do you ever make any money? Exactly. Yeah. And then there's another Wait, finish. If you're supposed to never sell your Bitcoin, why are how come there's so much Bitcoin for sale? Why is there so much selling? Don't the people who know it know that you're never supposed to sell it?
The problem is that the people who are telling everybody not to sell their Bitcoin, they're selling their Bitcoin. That's why they want other people not to sell. Yeah. And I mean, and you know, we've seen these lessons over the last 10 years, but the problem of course is that somehow, and I'm not I haven't quite figured this out exactly how this happened, but it would appear that the Trump administration either willingly or got suckered into this idea of trying to legitimize uh cryptocurrencies and Bitcoin and this sort of thing.
and they basically tried. I don't think it's Yeah, I don't know if it's that they got suckered into it, although they may have. They may have legitimately actually been taken in uh by the Bitcoin people that got in their head. But I think as a political savvy political operator, and Trump is a good politician, I mean, obviously he's been elected president twice, so that's pretty damn good, right?
that's, you know, um, so I think he knew that cozying up to Bitcoin was a great political move because it got him a lot of donations, a lot of money, and a lot of votes at the same time because all the people who own Bitcoin now wanted Trump to win because that was the best way to help their Bitcoin go up in value was to get Trump in the White House.
And Trump realized that being pro- Bitcoin was great politics because you didn't lose any votes from the anti- Bitcoin people. It's like if you take a stance, I'm pro-choice. Great. All the pro-choice voters, if that's their main vote issue, if they're a single issue voter, I got all their votes. But at the same time, I lost all the votes of the pro-life people.
So, you know, you do lose a lot of votes when you come out pro-life, pro-choice, but if you come out pro Bitcoin, you get all the Bitcoin votes, but the people who don't own Bitcoin, they don't even care. Even it's not an issue that they're great politics. But then then, let me finish. Then Donald Trump did something to really exploit his own popularity within the crypto community is he launched his own coins.
Trumpcoin, Melaniacoin made a bundle there. They start, you know, Liberty Financial got money, got, you know, got foreign governments to give them shitloads of money. So Trump's milked crypto for everything they could and they made hundreds of millions of dollars off of crypto in addition to getting the White House.
Yeah. I mean, well, the other issue too with this cryptocurrency nonsense, I first of all, it's not a currency. So, it bothers me that that that the the cult of of crypto keep linking it to currency. And then, of course, the other thing is that it doesn't have any real. Hello. I think I lost Clinton.
Jewelry. Yeah. Anyway, you got a bad connection there, Clint. Let me go. Let me go to uh Alien. Alien, are you you ready? Yeah, buddy. Thanks for having me. Uh, I appreciate it so much. I hope you can hear me. Okay. Yeah, I can. All right. Awesome. I've been following you for like 25 years, 26 years.
And your dad, uh, I remember watching your dad in some old documentary videos about income tax. Yeah. And then I found out later you were related to him and now you're not only that, you were his son. Uh, but yeah, I really appreciate you. In 2019, I got rid of all my bonds and went into precious metals and mining.
Mhm. And I wanted to ask you actually about your ETF. Is it going to be something you're going to do this year? And can we buy it in Canada? Dude, thanks so much. Appreciate you. Yeah, we've already applied to to launch ETF class shares for all my five mutual funds with the SEC. So, we're just waiting for that to be approved.
But yeah, once the ETFs are launched, then yeah, anybody will be able to buy them. you know, it won't be restricted to just Americans, which is the case now with my my mutual funds. So, yeah, and I'll be telling everybody, so make sure you know, you're in in my database, although I'm sure I'll I'll I'll mention it on my podcast and I'll mention it on X.
So, I'll be telling everybody as soon as we've got the approval what the ticker symbols are so that people can buy buy the ETFs. And of course, they're not static, right? They're still managed because they represent shares of my funds, but they will trade real time in the market unlike the funds. The funds are only priced at the end of the day, but the ETFs are going to are going to trade
and we'll be able to get them in Canada, too. Thanks. Thanks so much. Yeah, I mean, well, you have to have access to US stocks. I don't think they get listed on the Canadian exchange, but a lot of people in Canada can buy US stocks. Absolutely. Can do. Thank you so much, Peter. You're the best. Thanks a lot, Alen.
Okay, we got Boston. Hi. How are you? Good. Good. How are you? I'm good. I just wanted to say uh a little thank you because of you. I I turned $500 into 20 something,000 with options. With options? I Well, that's not because Well, how how was that because of me? I've never really encouraged options.
No, no, you don't encourage uh options, but he did encourage um the uptrend of uh silver and gold and Oh, so you made it in options. Was it options on the metal or option on stocks? GLV. Oh, okay. So, on the ETF. All right. So, uh I just have another question. Uh when do I I got into silver actually today.
I bought shares, but when do you see the top? Like what around what? Well, I don't I don't I don't have any idea where the top is going to be. I think it's a lot higher. I mean, I don't think we we're even anywhere close to it because I think the the you know the this thing is going to play out and ultimately you know the top could be infinity.
I mean, I don't you know, I if we have hyperinflation, so you you don't know uh how this is going to end, but it's going to end with the dollar uh being far less valuable than it is today. Meaning that the dollar is going to buy a lot less of everything and and so it's going to buy a lot less silver.
Um you know, but I don't know how how much more value the dollar is going to lose. I mean, it's going to lose a lot of value, but is it going to lose 80% of its value, 90% of his value, 95% of its value? I I don't know. [snorts] But, you know, but we'll have to we'll have to kind of play that by ear.
But I think in the meantime, you just want to accumulate uh precious metals, you know, to enable you to get out of dollars and preserve the purchasing power that you have. Yeah, I agree. Well, that's all I have for the question. Thank you. Thanks a lot. Thanks. Thanks, Boston. Um, who do I got up next?
Oh, I already alien already uh spoke. So, all right, I'm just going to bring up a I think I ran out of people that I had already brought up. So, I'm adding a couple of speakers. Uh, as or who is that? Rod. And well, here's here's an easy name to pronounce. Greg. I put I got Greg up there now, too. So,
hey, Peter. How are you? Good. Who Who's talking? Oh, hey, this is Rodri. Roderick. All right. Yeah, it's always hard to tell because it it only shows the first, you know, you know, five or six letters and you really have no idea what the name is. Got you. Yeah, I know. Hope you're having a good night.
I I um you know, big fan of all your work and we've spoken we've spoken a couple times uh here in your spaces, you know, write your book back I think in January. got really into metals and mining uh January 2025. Um what are your thoughts on uh on what's going on in terms of you know crypto being down and sort of that correlating with silver?
Um do you think how do you think it's going to play out? Is it mainly you think because of the Fed and people just thinking that uh Federal Wars is more like Vulkar, which I think is impossible, but I think that was a deliberate uh you know media false campaign to try to knock down the gold and silver market and to try to diffuse the the the the problems that they created about a loss of Fed independence and about Trump being in charge of monitor policy.
Um, but I think I think that he is I think that uh Walsh would not have gotten the job if Trump truly believed he was an inflation hawk who was going to be tougher uh than Pal. You know, all of the criticism of Pal was that he hasn't cut rates enough and he hasn't cut them fast enough and he's not going to replace Pal with somebody less likely to cut rates and and more likely to raise rates.
I just don't believe that for a second. Yeah, definitely. And um what are your thoughts on silver versus the silver miners right now? Are you uh obviously I mean I'm hoping that the top that the low is in, but you never know. I mean, yeah, look, I think the silver miners will make new highs before silver.
So, I I think and and you know, I think the miners are a better buy, but of course, there's more risk. But I think that I think that gold and silver stocks, this that like the GDX and GDXJ will hit new highs, new 52- week highs before gold and silver do. And are you um does this drop down make you more bullish because you know builds more support or do you think that it's hysteria in terms of you know silver silver being where it's at compared to where it was a week ago?
No, I mean I think look it it it it takes some of the risk out the short-term risk because we've got the big selloff out of the way. That doesn't mean it it can't go lower. But I think a lot of the spec money a lot of the you know that came into the market late has has been flushed out. So, you know, I I think it's certainly better for people who are buying.
I mean, it's better to buy $70 silver than $120 silver, right? You get a lot more silver for your money. Yeah. Honestly, and I'm very surprised to see sort of silver tanking in correlation with Bitcoin. I mean, I I genuinely do think that Bitcoin going down to where it is. And obviously, I think that the floor is I mean, I think the floor is zero.
Um what um you know curious to hear if if you think that this what's going on with cryptocurrencies and bitcoins if that benefits the the silver miners and silver and gold ultimately even though that's their sort of it's like I think uh they're also tearing in the damage if that makes sense. Well, I mean, the only way that Bitcoin and crypto benefit gold and silver really, I mean, obviously, you know, if there's a lot of tokenized gold, that could create demand for gold and silver, you know, to be tokenized.
But I think the main thing right now is that the entire crypto industry by and large is a malinvestment. I think the US economy is being weakened as a result of the uh investments that have been directed into the crypto industry. Uh and so to the extent that the US has a weaker economy which ultimately is less productive and leads to more unemployment and larger budget deficits will end up producing a weaker you know a more easy monetary policy leading to even more inflation and dollar debasement which is good for gold and silver.
So that's kind of a roundabout way of basically of getting there. If Bitcoin hurts the US economy and leads to bigger deficits and higher inflation, then that's bullish for gold. And I think that is the case. So yeah, in that but in the short run, it's a short run, it's a little bearish for gold and silver because demand that might otherwise have gone into gold and silver gets deflected into Bitcoin.
But I think that's less of a problem now because I think it's a lot more obvious to people that Bitcoin is not digital gold. It's not an alternative for gold. So, you can't just buy Bitcoin instead of gold. If you want gold, buy gold. Don't buy Bitcoin and thinking it's going to it's going to be the same as gold only better.
So, Bitcoin is a completely different animal that you know could rise and fall. Totally independent of gold. Has nothing to do with gold. Yeah. I mean, honestly, nothing. I don't think anything's really changed in terms of the fundamentals with silver being at one point now. And I think that if it does dip to let's say 50, then I think it's the the buy of a lifetime.
So yeah, we're starting to recover quite a bit. I mean, silver is only down about 16 cents now. It was down uh you know, quite a bit lower. It was down around 60. It got down to uh I think about 65, a little below $65 uh around the time I started the space. And now it's back above 70. It's only down about 16 cents.
So, it's coming back. Uh, still negative. Gold's coming back, too. Gold, gold was down maybe 60 bucks, 70 bucks, and now it's down about 18 bucks. So, Bitcoin also, by the way, is quite a bit higher than it was when I started the space. It's all the way back up to 65,300 and change. So, uh, the low, uh, was before I started the space, but the low was 59,930 so far today.
So, we've had, uh, a, you know, pretty big bounce already. Like, it's like a 10% bounce already off the low. All right. All right. Well, thank you so much, Peter. Big fan. And gota, you got to come down to Miami and, uh, show us some come down to Miami. It' be great to have you here. Thank you. I was thinking about being in Palm Beach and next week I'm deciding there's an event that I was supposed to might go to in Mara Lago but I don't know I I hate to travel and I but then there I was also thinking about doing Patrick BD David's show and he's
if you're in Puerto Rico you got to come down to Florida sometime. I mean Miami we'd love to have you. I I live in Puerto Rico. You know I do get to Florida once in a while but all right take care. Um, so we've got uh Greg, you you know, you're raising your hand. Go ahead. Yeah. Hey, uh, Peter. Hey, last year I was on your on your spaces.
I had uh asked you about market manipulation by the big bankers to bully and you kind of brushed it off a little bit more more like discounted it. Didn't totally um discount it, but for the most part, you did. But in light of what happened on Friday, which for the statisticians out there, that's that's what they call a sigma 10, a one time 10 to the 23rd power event.
You know, you're going to win the hundred billion dollar lottery before something like that happens. and and all of the events surrounding it. You've got the uh the emergency meeting yesterday with with 50 leaders from around the world. Uh that doesn't happen overnight. That was clearly a pre you don't just like get a crash in the markets and then decide you can assemble 50 people from the around the world.
That was clearly something that was uh planned beforehand. I don't know when, but it didn't happen on Friday. Um and and you look at the the uh the the new Federal Reserve chairman uh selection. all of these events to me it just stinks of a manipulation at the highest level. This is what troubles me because you know there
Yeah. No, I agree that I I I think that what happened that that broke gold $500 in one day and silver down $30. I believe that was a coordinated uh manipulation to get the price down and I think the Trump administration was was in on it. Yeah. Well, you know, that's not, you know, as as people that are lawyers know that that is a violation of a US statute.
If you don't investigate something that erases 12 to 15 trillion dollars from from the uh uh from the market capitalization, then you're you're either in on it or you're just kind of clueless of what's happening. And I don't think it's the latter. Um this was this was an event that would be provable as an illegal event if it in fact happened.
And uh if the Trump administration isn't looking into it, then they're uh they're the orchestrators of it. Yeah, that makes sense. If they don't like have an investigation, although they can launch a fake investigation and not really investigate, but but but yeah, I mean, and it's probably curious that nobody nobody is even talking about, hey, let's investigate.
That's the key. Not even a boo, not even a hint. And yet, you know, he's got Look, I I like Trump. He's yin-yang. Things I love about him and the things I hate about him. But you know his family is heavily involved in crypto. They've got a multi-million dollar investment from UAE. There is a complete total conflict of interest in has been since he came into office.
And I I just think it stinks to high heaven especially for those of us who try to rely on the fundamentals and we trade and we invest on the fundamentals only to get wiped out by currency manipulators and and uh corruption. Yeah. Well, I've I've been criticizing Trump pretty much his entire presidency for these conflicts of interest, uh, which are, you know, obvious.
And even if there's he's not doing anything wrong, just the optics are bad. But the optics are so bad, there's no way he's not doing something wrong. There's no way he is not running the government for the benefit of his industries and his investments. and that he's not utilizing crypto as a way to have money funneled to him and his family.
Uh, you know, Hunter Biden sold his art, but you know, Trump can sell his his coins, his meme coins, or he can sell stock in his companies, and people could just invest in his company and then uh, you know, get get a payday, get something they want from the president for giving the president something he wants through his businesses, through his family.
And yeah, it's it's terrible. It's, you know, it the Republicans are complete hypocrites. every Republican who criticized Biden and I criticized Biden for what he did. And I was I was saying I was with the Republicans in criticizing Biden. But all those Republicans who are criticizing Biden and who say nothing when Trump does the same thing only on a bigger scale are complete hypocrites.
and uh but they're really setting a new standard uh for how much you could steal when you become president because the the Democrats are going to learn a lot from the Trumps. That's that's exactly the point that I made last week on a show that that the the Biden's made millions. The Trumps are making billions and I think that Lutnik might be the biggest creep in that administration.
I mean, this guy's been tied to Tether, no pun intended, but uh there's there's so much in there I think that the American people don't know. It's frustrating. It's not only that, but it's just hardening because we thought something uh different was coming into the White House. Thank you, Peter. All right, take care.
Um, Asus, you're up. Yeah, Asich. Um, hey, Peter, thank you for allowing me to ask my questions here. Um, so I was more I mean, Greg asked a lot of the questions that I had essentially, but um, how do you think the volatility in the silver market is structurally different from what we've been seeing in Bitcoin?
And at the same time I have another question and um as you've said there seems to be quite a bit of manipulation on the markets and um what do you think is the ultimate goal that these players are trying to achieve and um you know there's been all these sort of rumors that the bullion banks are running out of silver and all sorts of contradictions that we've seen on the market.
So what's your opinion on this? Well, I mean, I think the Bitcoin volatility th this is the very very rare, you know, if not unprecedented silver volatility. I mean, you have to go back probably to the the eight Hunt brothers cornering the market in in in the the 70s for this kind of volatility. But since then, I mean, this is very rare.
Whereas Bitcoin, this is kind of normal for Bitcoin. Um, what I think is a little bit different [snorts] this time with Bitcoin is how many people are involved, you know, uh, and the size because obviously we're starting to decline from a much bigger level. And this is really the first time we've had a major Bitcoin decline where you had so much Bitcoin owned by institutions whether it's exchange traded funds, Bitcoin treasury companies.
And I think it's the first time we've had this much leverage uh in the system where you've had so much money borrowed against uh crypto collateral. So, um, the volatility could could even get bigger in in in Bitcoin and ultimately move a lot lower, but I think that once the volatility in in in silver, I think it's going to subside.
I don't think that this is how silver is going to trade going forward. But I think it's got to get through this period of big volatility. Uh, and then we're just going to head higher. I think at a more you know maybe more like gold has been heading higher you know from gold moved from 200 to 4,000 you know in a very slow and steady pace with not a lot of volatility along the way and I think ultimately silver will get on a similar trajectory.
You just got to get through a lot of this noise now. And what do you think about the bullion bank supposedly running out of deliverable um silver in the next couple of months? Well, that that makes sense because I mean silver has been running supply deficits for for for years now and demand for silver is is growing now quite a bit.
So whatever those deficits were in the past, they should be bigger in the future. And you know it's not you know silver is not like soybeans or something because if you know let's say there's a big increase in the demand for soybeans. Farmers can plant more soybeans. they can take land that they were growing corn or growing wheat and just start growing more soybeans, right?
If that's where the the market is. But with silver, if there's a shortage of silver and the prices are going up, you know, companies just can't turn on more silver production. Um, it's it's it's a much bigger deal. and and so the the higher prices don't immediately cure the higher prices like you would in other commodities.
It it's going to take a much longer period of time 5 10 years or so for the market to respond to higher prices with increased production. So in that case, what's the ultimate goal of these people? Like obviously these price swings in on the silver market are happening after trading hours when liquidity is super low.
And um it seems I don't know at least it seems weird to me because if somebody was taking profit, they would probably not do market sell orders like they seem to be doing here. So they're trying to suppress the price of at least the the paper price. But if they know that these bullion banks are supposedly going to run out of silver, what's what's the end goal here?
What do you think? I don't know. I don't know what they're I mean, I think they're trying to suppress these prices because of the signals that that that they're sending. They're, you know, really like the canaries in the coal mine. And if you're trying to kill all the miners, you know, you want to keep the canaries alive so they don't they don't notice what's going on.
But it's interesting too that while gold and silver were rallying, they had no correlation to Bitcoin at all. But now that you know there's a crash, there is a correlation now. I mean over the last week or so, as gold and silver go down, Bitcoin goes down. And as Bitcoin goes up, they go up. So they are kind of correlated now which shows me that it's kind of just indiscriminate selling that people are just having to sell whatever they got.
and people that have a lot of Bitcoin and crypto, it looks like they also have a lot of gold and silver and gold and silver related uh investments and and so those are the types of investments that are being liquidated, you know. Yeah. And so they're trading they're kind of trading, you know, in a high correlation right now.
Yeah. Well, I think at the end of the day, everybody wants to be part of this debasement trade, but um nevertheless, Peter, thank you so much for for everything you do and um hopefully hopefully we're going to see a nice bull run. Yeah. And I think that Bitcoin has been um included in the debasement trade and it shouldn't be there.
I I don't think it is an effective hedge against a depreciating dollar. So, it's kind of crowded its way into that trade, but it really shouldn't be part of a portfolio that is geared towards protecting yourself from a a a weak dollar and the dollar, you know, being uh you know, supplanted as the reserve currency.
Yeah. But I mean, also like ultimately you want to have a diversified portfolio, right? Like if you're if you're wrong 95 if you're wrong 5% of the time, you at least want to have some diversification into Bitcoin to the least, right? Um I I just don't see that I want to have Bitcoin exposure. I'd rather just have 5% in something else.
But anyway, thanks a lot, Isaac. Thank you. Hey, Peter, one more one more thing I wanted to mention real quick. Uh I don't know if you ever heard of the mathematician, he's also a big gold bug, Steven Puets. He wrote like a book called the unified cycle theory and in there he demonstrates it's it's very like you know niche and it's kind of out there but about the you know moon cycles affecting the market and uh basically right now based on his like you know mathemat mathematics and what he's basically saying is right now we're in this um you know puts crash window as he as he named it and with all these 10 sigma events with these ma massive you know uh paper slams in the gold and silver market as well as with Bitcoin and all the stuff going on geopolitically with with Iran, with Greenland and whatnot, Venezuela.
It's like it all kind of makes sense that it's all convening now. And if you look at it, it's basically saying that by March, you know, given the track record of the 1987 crash, 1929, the Japanese, you know, uh, market crash as well as like the tulip mania and all these big kind of, you know, economic events that 2026, espec especially in March specifically, is going to be the big event.
So based on the trajectory of what's what's happening now, I feel like that could be, you know, very plausible. What do you think? Have you ever heard of that? Wait, remind me of of what again? I missed some of that. Yeah. Sorry. It's like this guy named Steven Puts. He's like a statistician, mathematician, but he's also a gold bug, and he uses like the lunar cycle, like the moon cycle and whatnot to to to claim that it somehow affects the markets.
What do you think about that? No, I mean, look, I mean, I I I I don't put a lot of stock into like astrology or stuff like that or any of that. I I I I don't think it, you know, it it has any impact on uh on markets or anything. I mean to the extent that there's something related like people and you know what you know and this it has to do with uh you know when they're born and and and and you know the climate in which they're raised.
So there may be some, you know, [snorts] some certain characteristics that you may find uh that certain uh, you know, people of the same sign might have in common, but it may more likely have more to do with the time of year, like when they got born and what the weather was like and what the environment was like, uh, when they were certain ages.
I don't know. But I I I don't really, you know, I think it's more just, uh, I don't know, just a bunch of nonsense. Yeah, I know. I know. It's more like conspiratorial. I just wanted to put that out there. All right. Thank you, Peter. Yeah. Byebye. Um anyway, um who's uh who's up next here? Adam. Yeah, thanks Peter.
Appreciate it. Appreciate the mic. Yeah, I agree with you um on a lot of points, man. I've been following you for a long time. I've spoken to you in spaces previously. Uh me, I'm a person that knows the difference uh between fiat currency and uh assetbased money. Uh, and uh, I've always looked at Bitcoin and all these cryptos as fiat.
You know, it's uh, just uh, you know, it it's a casino in other words. And a lot of people throw their money in it hoping to make money, but in uh, actuality, the only value is what people uh, perceive it to be. Uh, so that's the only reason Bitcoin went up is because people believed in it. And uh, belief creates value.
I guess kind of like the belief in the US fiat dollar. Uh I'd like to see us go back to a uh assetbased dollar. Uh personally uh the one thing I do see different with the ISO 200022 uh uh blockchain uh I'll call them infrastructure. Uh that's the way I look at it. It's I see it as a possible replacement for the banking system internationally.
And when I invest in those I'm investing in infrastructure. I'm not buying crypto. when I buy like some XRP or something like that. Uh just to give a view on that. But my question is uh I I'm I'm a fan of gold backs. Uh I don't see them on your website. Are you looking to bring them to your website?
No. I mean the thing I I've never liked about the gold backs is you you actually pay a very large premium over the value of the gold that's embedded in in the note. And and so I always thought that something like T- Gold, you know, tokenized gold uh would be a much better way to um you know have commerce in gold or silver than to pay such a huge premium to have a small amount of gold uh you know in in a piece of paper.
And to the extent that you want to do a private physical transaction, I I think silver coins are are a lot better. You know, I think that, you know, you you you get you you know, you you know, the premium over the melt value of a silver coin is, you know, you're getting a lot more silver for your money than gold when you buy the the the notes, the gold back notes.
you're you're you're turning a lot a lot more fiat into into gold than you need to. Yeah, you're right. So, that's that's been that's been I just think there's better ways that enable somebody, you know, so let's say you had $1,000 and you were going to buy uh the greenbacks, you'd end up with a lot less gold than if you just bought, you know, $1,000 into a gold back token or something where you're like at the melt value.
breaks down to like I think there were like about $5 a half uh bill denomination what they call it which is a uh 12,000th of an ounce uh breaks down to about like $2 and change and you're paying about close to like five bucks for it but that's for the minting and the processing and uh so you're paying you're paying $5 to get $2 worth of gold.
Yeah. The thing I like about it personally is uh it's it's divisible. I don't have to spend like a lot of money to get something in my hand. I do like what you're talking about. I'm a fan of Paxos, which is a blockchain sort of gold and what what you're uh seem to be going for with T- Gold. Uh correct.
So, yeah, I'm I'm definitely looking forward to that. I'll get down with that, Peter. And Paxos though doesn't even have physical that you have derivative instruments, but like Tether Gold, they have the actual physical bars in in a vault. So, yeah. Beautiful. Looking forward to that. All right. Hey, take care, Adam.
Thanks for the mic. Hey, Justin, you're up. Hey, Peter. How's it going? All right. Um, I just have a quick question for you. So, I you always talk about Bitcoin, all this stuff. I I don't really care about Bitcoin, but the regular stock market's down, too. Um, and it all seems to stem from, you know, the Fed's uh the new Fed selection.
And I'm wondering if gold is acting more like a risk asset right now because it seems to be moving down with everything um versus like a safe haven. And is there going to be maybe some sort of trigger in the near future, a catalyst that'll flip it back to being that safe haven? Because we've seen gold respond, right?
We're going to bomb Iran over the summer. Gold moves up. We've got Greenland drama. Gold moves up. You know, it's a safe haven for the world. Well, it's still it's still a safe haven, but remember some of what's really happening is some of the safe haven premium came out because one of the things that it's a safe haven from is uh a too loose monetary policy of a loss of Fed independence.
And and so the narrative since Walsh was appointed was that's not going to happen because Trump went out of the box and put this guy in who's a hawk who's, you know, who's going to be tough and independent, right? And I've I said that I think that's Uh so I think you know uh it's more related to the fact that gold had made such a big move that some of the hot money uh leveraged spec or speculative money got into the market and now it's getting out you know so it's creating a lot of noise but I think you know we're going to get through this period and uh you know gold's not going to be this volatile but it's going to be going up.
I I mean I agree with everything you're saying like fundamentally gold is a safe haven. I I totally believe that. I'm a huge gold bug myself, but um I'm just I guess I'm talking about the current volatility and kind of looking for that catalyst. Not trying to catch a falling knife or anything, but just looking for, you know, an opportunity to add more to my position in gold.
Um well, yeah. So I think you know this is an opportunity with with the market down although it's turned higher now. So both gold and silver are now positive. Gold's up about 10 bucks uh on the session. So you know it was down quite a bit and silver well it's going over. You know now it's back down 2 cents but you know the the markets are ticking around and you know there's a lot of of volatility here but Bitcoin is starting to roll over.
So we'll see what happens. I'd like to see these markets decouple. Meaning, I'd like to see gold and silver start coming back up with Bitcoin going down because that's been the correlation. There's been a negative correlation until very recently between gold and silver. And if we can get back to that, that means gold and silver going a lot higher because I think Bitcoin are going a lot lower.
And if the negative correlation comes back, uh, then that's bullish for gold. But right now they're they're having this positive correlation and so Bitcoin I think is dragging the metals down. Yeah, it's definitely feels like that to me. I I guess in my head I'm just looking at like the political aspect of like is it going to be another Fed meeting where they've got to drop the the rates?
I mean the jobs numbers look so bad. I mean every day it's something negative and it's not just here in the US either. Yeah, the jobs numbers are bad and they would have been even worse if we were going to get the jobs number report tomorrow, but they postponed it. But yeah, the data that's been coming out, the jolts numbers were horrible.
The challenger layoffs were huge. So yeah, I mean the labor market is as weak as it's been since the Great Recession. And you know, you have Donald Trump talking about how we have the strongest economy in US history. It makes no sense that the economy is that strong, yet the labor market is that weak.
So, I think it's all You know, they're basing the strength of the economy on the GDP numbers, which I think are going to be revised down eventually, but a lot of it is skewed uh by the AI investment. Um, and there's a lot of debt that's being accumulated that's not being factored in. Um, it's it's funny you mentioned the infrastructure, the capex investment because I I watched uh Amazon's earnings today and um it was just an embarrassment.
The company announces $200 billion in I work in construction. $200 billion in capex for a year. It's like Brewster's millions. I I don't know how you could spend that much money that quick. Yeah. I mean, and now the crazy thing about uh these companies now is what everybody is looking for. It's not how much money they earn, but how much money they spend as if like the spending is what's driving the share price.
The more you spend, the higher your stock price goes. Well, well, that's what happened. I feel like today is they uh I was watching Bloomberg and they were actually joking. And they're like, "Oh, maybe the the excitement about capex and, you know, ignoring the bad earnings and lower margins is not the way to go for earnings because it happened.
Microsoft got it, too. They they they're like, well, you know, our we're margins are down. We're not doing great, but we've got huge capex. We're going to invest more, but it's all borrowed money anyway." Yeah. Well, Microsoft, I don't know how much, you know, problems they're also having with all this Bill Gates stuff, too.
that's way um that can't be helping the stock. But um yeah, looking at Microsoft, Microsoft is poised at a very precarious position on a chart where I mean if Microsoft doesn't hold like right where it is, right? You know, and right now it's around 393, but if it doesn't hold where it is, you know, it looks like it's going to drop down below 300.
uh you know which is a you know very substantial decline and it's a big waiting of the NASDAQ. Yeah it all the capex is just it's just vapor. It's you can't spend that money fast enough even if you tell you know Nvidia oh yes put an order in for a hundred billion dollars worth of your nextg chips. It it doesn't make sense.
I mean look look at AMD you know and and that had the you know bad bad numbers but look at something look at the I mean the debacle dour was Pelaton right down 25% on the day but um it it's it's looking really ugly to me but I remember but it just Pelaton is just such a good example of you know mania because that stock you know during COVID you know went crazy people were buying it as if you people were never going to be allowed out of their homes and everybody in the country was going to own a Pelaton, right?
And so and so during during during uh co in 2020 Pelaton and a lot of people were probably buying Pelaton with their stimulus money, but Pelaton was up around like 125 130 oh here 155. It got up to 100 in 2021. It was up to 155. I want me to see if I if it was even higher than that. Maybe it was even in the 200s.
Um, but that stock got Yeah. 171. So, yeah, it got up to 171. It's at four bucks, right? But, you know, people paid $170 for this bike company. And I forget what the valuation was. I mean, if everybody in America had to buy one of these things to justify it, you know, but but now here it is $4, right?
So anyway, thanks a lot, Justin. Yeah, thanks, Peter. Good night. All right, I got uh District or or Alex, you guys are up. either district or Alex. No, I just want to say I want y'all to hold Trump accountable. If y'all don't like him, I want y'all to fall in love with him so we can fall in love with each other.
What? What are you What What are you talking about? Well, if Trump don't do what he say he going to do, which he's doing it, I don't know why I don't like him. I want y'all to try, please. Cuz he gonna be the Listen, I'm I'mma give y'all a prime example. Y'all already know CBS, NBC, all that. All those channels, they hate Trump.
I am so glad the president reached out to the most critical, even the daughter and the grandma be just trolling Trump. Well, well, Trump, look, Trump Trump has been a Trump has been a disappointment to me. Not that I expected that much out of Trump, but he's he's delivered even lower than that. So, he couldn't even meet the low expectations uh that that I have um for Trump.
I mean, it's, you know, there are things I always liked about him. Um, and there were things that I didn't, but at this point, the things that I don't like are trumping the things that that I do. And I and I hate the the cabinet that he's put together. And and and you know, I was embarrassing watching Scott Besset testify and the things that he was saying.
Uh but you know, foreign foreign leaders, foreign central banks, if they were watching, they should be scared too about holding dollars after listening to Scott Bessett, you know, and supposedly he's a real smart guy. Maybe he is, but I mean, and then he knows he's lying. Peter, I got a question. What's the cost to mine a Bitcoin these days?
I I heard it was like $70,000 between energy, infrastructure, labor. Yeah. You know, obviously it varies by region, you know, depending on mainly what your energy costs are, but I do know that, you know, if the price of Bitcoin goes down, the difficulty or whatever is adjusted and the cost of mining goes down.
So, you know, if Bitcoin keeps falling, the mining costs will have to fall along along with it because otherwise there won't be any any any minor, you know. Well, this I think the miners are going to go extinct. They're going to go well eventually. I mean, eventually. That's part of the problems with Bitcoin is that it requires the miners be there indefinitely and they have to get paid.
Now, right now they're getting paid because of the reward, but the rewards keep getting half and eventually the rewards are going to be so small that they're not going to be adequate to compensate and and so they're going to have to find a way of taxing Bitcoin owners to sustain the network. Yeah. Long term, I I I think it's going to go to zero.
I I I Yeah, I think Well, I agree. I think before that actual happens, the whole thing will have imploded and so nobody is going to care. So it's going to self-destruct. No. And you know what? Just people are just going to walk away from the idea and move on to, you know, shinier objects and Yeah. Well, it was interesting, you know, when Kathy Wood when she lowered her Bitcoin forecast from 1.5 million to 1.2 2 million, which in and of itself was a joke.
But she said the reason that she did that was she discovered that uh people prefer stable coins to Bitcoin for commerce. Duh. What a what a great discovery. But yeah, I mean there Bitcoin serves no purpose because if you actually want a cryptocurrency, there are a lot of currencies that are better than Bitcoin uh to use that are more usable.
Uh so if it's not going to be used as a mean of exchange, then what purpose does it serve? Well, they the madeup purpose is that it's digital gold. Well, but but but it's not digital gold. I don't care if they want to call it digital gold. That doesn't make it digital gold. Digital gold would be tokenized gold.
It would be gold where you represent it digitally. The ownership just a random string of numbers isn't digital gold. I don't care that there's only 21 million of something that has no value and nobody really needs. And there isn't even really 21 million Bitcoin. There's 2.1 quadrillion Satoshi's. And all a Bitcoin is is an arbitrary bundle of 100 million Satoshi's.
Who the hell needs a Satoshi, let alone 2.1 quadrillion of them when they don't do anything? You know, I mean, for some reason, a lot of smart people can't figure this out. But it really is so simple that Bitcoin has no value. And Michael Sailor will say, well, you know, you just need to spend a,000 hours studying it.
No, you don't. I mean, if you have to spend a,000 hours studying it, you don't know what the hell you're studying. It doesn't take a,000 hours. It doesn't even take 10 minutes to realize that it's that it's worthless. But, you know, that and he invents these crazy narratives and he he fills it with all kinds of complex words and phrases that when he says it, it makes it sound like it's legitimate if you don't have no idea what he's talking about.
uh you know but so a question uh did the Warren Buffett ever buy a Bitcoin? No. Warren Buffett smart why would he buy Bitcoin? Absolutely. People think people just think ah that Warren Buffett he's just what does he know? You know he's just the most successful investor we have. But what the hell does he know about investing?
He's like too old he's too old-fashioned to realize how good Bitcoin is. Yeah. That's where I remember 25 years ago on CNBC all the com guys were calling Warren Buffett an old dog. He didn't know like he just didn't understand the dotcom bubble. So, he never got that and he didn't get burned. And they kept on saying on CNBC all these CEOs and money managers, high-tech guys, and they were saying, "Oh, you know what?
He's an old dog. He he he you know, he he's just not with it. He's not with the time. It's the same old same old." And like all the guys that are these pro Bitcoin guys, they're all in the industry. They're they they can't see the forest for the trees. That's the problem. And they're they're so uh vested in the narrative.
They're, you know, they're they they own a company. They work for a company. They're in this space. And the whole thing that gives crypto industry value is Bitcoin. Take Bitcoin out of it and it it's all gone. Even if it's not, you know, so you have to just worship at the Bitcoin altar. You just have to believe in it, right?
because if you don't then there's nothing there. What I don't understand is there's thousands of financial instruments that you can trade every day and people are just like looking at one financial instrument, Bitcoin, and that's it. They're looking at nothing else. And it's like there's so many other things to trade and make money going up, going down, derivatives, options, like it's unbelievable.
And people are just like, well, I just want to put all my money into Bitcoin. I want to hold it. I want to retire. 20 years from now, Bitcoin's going to be at $5 million and I'm going to be a billionaire. Like like these people are like ludicrous. They're they're nuts. Absolutely nuts. And you know what?
And and and they'll follow guys like Michael Sailor and and and he's like, you know, uh he hopes there's greater fools, the greater fool theory. He just needs a lot of suckers to keep on propping him up. And uh Michael, he's also competing with the banks. And so he was up what 46 billion dollars marked to market what four or five months ago or whatever.
Yeah. All of all of that is gone. Do you think do you think do you think JP Morgan is going to allow him to take over Swift? Do you think JP Morgan is going to allow him to compete with the banks? These banks are all going to get together and take the take him down. And they're doing it right now. Bitcoin is going to be extinct.
You can't Like you can't take over the US banking system. Yeah. I mean, right now, Sailor is on paper down about 9 billion on his Bitcoin investment. Yeah. No, it's it's which is a big loss, but it's, you know, if he actually tried to get out of the Bitcoin, the loss would be much bigger. It's he's only down 9 billion because he's not trying to sell.
But, you know, he makes a big deal that oh, you know, it it doesn't matter. And he talks about how, you know, Bitcoin is going to go up a certain percent a year, but it hasn't. It's gone down. It's gone down on average since he he's been buying it. So, why, you know, why would it why do what if Bitcoin just goes down on average every year?
Why the hell should it go up? There's no reason for it to go up. There's every reason for it to go down. Well, I think investor sentiment like I this last selloff, there's going to be a lot of people that are burned. They're going to be turned off. They're going to be focused on moving their money outside of Bitcoin to other investments.
Uh, and you know, people are just going to say, you know what, I I'm I'm I bought it. I got burned. I'm out. I'm going to look at something else and then never come back in. Yeah. And you know, the thing I point out all the time is every time I talk about how much Bitcoin is down, right, these Bitcoin fanatics tell me to zoom out, right?
Like I have to go back to day one to see how much money Bitcoin made before anybody owned it because the people that that bought it at the beginning. But I keep reminding them that that will work even if Bitcoin is at $1,000, right? So, if Bitcoin goes to $1,000 or when Bitcoin is at $1,000, you'll be able to say, "Zoom out, it's the best performing asset in history because if you bought it at a penny and now it's at a,000, look at how much money you made, right?" Okay.
Well, that's irrelevant to almost everybody because if it goes from 120,000 to a,000, you've lost almost all of your money. It doesn't matter that it was worth a penny, you know, 20 years before you bought it. But but but but you'll always be able to go back to the beginning. So the question is when are the Bitcoiners going to start to accept a more recent uh timeline?
I mean, will 10 years be enough? You know, five years from now, right? If Bitcoin is a thousand, are they going to accept the fact that it was a lousy investment? Well, and just look at the last 10 years and not the last 25 years or whatever. Well, just think of the people that have been buying in the last 6 to 12 months, right?
So, they're all underwater, right? And uh Oh, a lot of people a lot of people bought Bitcoin for the first time after Donald Trump became president because he promised to make bit America the Bitcoin capital. They talked about a Bitcoin strategic reserve and didn't Eric people said uh he Eric Trump publicly said Bitcoin's going to a million
like Yeah. The Trumps got way behind it. They were telling all their vote all their supporters to go buy Bitcoin. Yeah. Yeah. They pump they pumped it up like crazy. Oh my god. You know people are going to be losing. They also told people they told people to buy Ethereum too, not just Bitcoin. They said buy ether.
Yeah. The the founder I I live in Toronto. So the founder of um Ethereum, Vitalik, uh he's originally from Toronto. His father lived here. I know him. So smart kid. Well, you know, there was a whole there was actually a group of people, you know, maybe three or four people that worked on it um and created it.
And one of the creators recently recently reached out to me uh to say that I was extremely influential on his thinking that I was the reason that he got into Bitcoin initially and he got into Bitcoin very cheap and and so that he was in on the creation of um of Ethereum. But he said, you know, in my opinion, if it wasn't for you, meaning me, there would be no Ethereum.
uh because he play p play p play p play p play p play p play p play p play p play p play p play p play p play p play p play p play p play p play p play p play played a critical role and a lot of what I taught him went into the his uh impetus to create Ethereum because if it wasn't for me he never would have found out about Bitcoin so yeah but and there's a lot of people I hear these stories all the time I mean I shaped a lot of the big people the early people in the industry uh may never have gotten into it had it not been for the their early listening and following of me cuz I got them all into the idea of hard money and Austrian economics and to be anti-fed and anti, you know, stuff like that.
And then they ended up, you know, that put him on a road that ended, you know, led him to Bitcoin or led him to Ethereum or stuff. So I I got a lot of this started actually. Are are you living in Puerto Rico or are you in the States? Yeah, I'm in Puerto Rico. Oh, Puerto Rico. How's the macroeconomic situation down there?
I don't know. I mean, the the country is extremely corrupt. The government is extremely corrupt. So, I mean, I you know, I got a lot of nice neighbors. I live in a nice community. Uh but, you know, it's now so now we're starting to see some movement. So, now silver's up $2. So, this is a nice So, the people who went on my website when I started this call, I was telling people to buy $67 silver.
Now, it's at $73. Uh but it's still cheap. Uh but so silver gold is up 60 bucks now. So it's a nice move. So at 4837 and you know Bitcoin's been going a little sideways now. It's still 64 about 800. I when I started the spaces though I thought it was going to be more interesting because I I thought Bitcoin was going to keep falling throughout the evening and I thought I'd be able to talk about it going down.
you know, maybe it'd get down closer to 50,000, but you know, obviously I'm not going to it's not going to happen. I'm not going to stay on this thing all night. Uh, you know, we got this rally, but um, we got this rally going, but I would still get in there. Let me see what the what the price is now at shift gold for those silver coins.
So, question I looked at earlier. Are you a money manager like for outside funds or you just manage your own funds? No, no. I mean I have an asset management company and registered investment advisor. So we we do separate we do separately managed accounts. So if you go to you know europac.com we you know we manage accounts.
The bulk of the money that we manage is for individual clients and we manage their portfolio but we also have five mutual funds that we manage. What's your and those you know for the the entire book? Yeah. I mean, it's probably two and a half billion or so, you know. It's not a lot. It's not a lot. I mean, I'm relatively I'm relatively small, you know.
Yeah. I mean, yeah, it's substantial in that, you know, it generates a good income for me, but in the scheme of things, I mean, I'm very small, right? I don't I I'm not, you know, I mean, there are mutual funds alone that have like, you know, 20 billion, 50 billion and single funds, right? my my my gold fund I forget where I think I was up at about 600 billion 600 million in the gold fund.
I it's probably lower now, but my other funds are like 200 million, 150 million and I'm you know okay well I'm going to look you up definitely. Uh what's your website ring off I I think my aum because we have had a lot of inflows now this year in fact tw is off to my my best year ever for money coming in.
So now that you know our returns were phenomenal last year and coincidentally my worst year right where I had the most money withdrawn from my accounts was uh last year even though we were doing great. No, it was 2024. 2024 was the worst year which was right ahead. 2025 was my best year of performance and I lost the most amount of clients right before that happened.
And the worst quarter of 2024 was Q4. That's where a lot of money got pulled out cuz that was when Trump got elected. And so a lot of people uh a lot of people pulled out when when uh when Trump got elected because they became they became very optimistic uh about the US economy, about the dollar, and so they pulled money out and that that bled over into the first quarter of 2025.
So very unfortunate for the people that bailed out because they missed out on the best returns we've delivered. Um but now this year is starting off great. People are now seeing how good the returns were last year and so the money is coming in. So if an international investor creates a um a trust in Puerto Rico um doiciled there uh are there capital gains?
Well, yeah. I mean, you don't The only way you get out of the capital gains is to is for you to live in Puerto Rico. And then if you live in Puerto Rico, you're no longer subject to US capital gains. You're only subject to Puerto Rico capital gains. But Puerto Rico has deals where you get zero capital gains, which I I made that deal, you know, with them, you know, you know, like eight eight years ago or nine years ago.
Understood. Yeah. All right. Thanks a lot, Alex. Thank you. I'm going to step down. Thanks, Peter. All right. Take care. Bye. All right. I'm adding uh district and uh Insomnia. Hello. I'm here. Here's a this guy Jeff is raising his hand. If you raise your hand, Dave is raising his hand. I'm bringing up a couple of people who are raising their hands, but I got like four people with mics now.
Somebody's got to unmute one of them. There's Dave. There's Jeff. District. Come on. Hey, Peter. It's Jeff. It's Jeff in Connecticut. How are you? Oh, hey Jeff. How are you? How's the weather up there? Uh, freezing. Yeah. Yeah. One quick question, Peter. I have a small precious metal store here in Connecticut where we mainly focus on buying.
And about two two months ago, the refiners stopped taking sterling or 90% silver. And about a two weeks ago, they stopped taking 999 silver. This week, the refiners stopped taking gold, scrap gold. Any idea what's going on with the refiners? No. Why wouldn't they? I you figure they they need it. Exactly.
No, some of the bigger refiners, I mean, Ele uh you know, one right in New York City, Manhattan Gold, um they pretty much stopped taking taking gold this week. The whole the whole industry, any the guys I know in the business, well, some of the I only reason I can think is that they're the volatility.
They're a little they're stepping back. they don't want to buy it because they think the price could drop and they might get stuck with it. So maybe maybe they're kind of like backing off from having any inventory right now. Uh but that just means that they're going to, you know, they're going to be short, you know, and then there's going to be a squeeze uh when everything settles down and now they they they want to buy it.
Yeah. Like I said, it started two months ago with the Well, if it started two months ago that we didn't have this kind of volatility back then, so I don't know. Not not with gold. It started with silver two months ago. Well, silver was moving up very fast two, you know, it started to move up, but I don't know.
I mean, I don't know. So, how how has that impacted your business? How are you, what do you do if you can't we can't unload it? That's exactly the problem. We we're we're sitting on a ton of it and um it's becoming a major major problem for us. Well, if you bought some of it a few months ago, you should have a nice gain in it.
Well, but now we're now we're speculating. Yeah, I know. Well, you could probably hedge it. You can get into a futures contract and you can short, you know, you can hedge some of it if you want, right? Yeah. All right. Wait, what? I have one other question about Michael Sailor. I realize he he refuses to debate you, but if he truly believes that the nonsense that he says, don't you kind of feel bad for the guy?
Who? Sailor. Yeah, he he's he's way too smart to be that that dumb. So, you really think I I I I mean, I think he's I think he's a common man, personally. I mean, I I think I think he's making it up. I mean, if I'm wrong, then it's because he's he's that dumb, but I don't think he's dumb. I mean, I He's probably got a higher IQ than I do.
I mean, I think so. I think he's intelligent and he's come up with an intelligent scam and he's really pulled it off. I mean, look look look. I mean, he's had tremendous success with this scam, right? Well, it it's just a shame that he's going to take so many people down with him financially. I mean, I can't tell you the dozens and dozens of young kids I've seen over the years sell me 100 ounce silver bars their grandfather left them to buy that Mimi coins.
And oh look, believe me, look, I've had clients, not that many fortunately, but I've had clients who cast out their entire account to go into Bitcoin. And most of that did not happen like, you know, when Bitcoin was really cheap, right? So they did it at maybe 40, 50, 60,000, you know, dollar Bitcoin, right?
It wasn't they did it to buy $100 Bitcoin. It was when it became really popular and uh and I had clients that did it and I tried my best. Some of them I talked out of it. Some of them I saved from making that mistake. But there were some that were just, you know, I couldn't do it. They were just completely, you know, they drank the Kool-Aid and there was no uh you know, no talking them out of it.
All right, Peter. Well, thanks for uh letting me in. And uh when you get a chance, look, go on go on El Me's website and you'll see exactly what I'm talking about. Thanks, Peter. Yeah. All right. Bye-bye. Bye. I just had a whole phone call in public. Who's up next? District. No, just saying y'all just had a whole phone call in public.
Who's this? Oh, I already had you up. Good night. Good night, District. You've already you've already been up. Uh Dave, Dave, are you there? Dave, you're all right. Okay. Oh, are you already spoke? All right. What about uh All right. Who wants to raise their hand? I got a bunch of All right. I'm I'm Bur.
Who's that? Um anyway, I got I got Wait, wait. There's all these hands that are Yeah. All right. I got I got a couple of people that were waving their hands that that have mics now. Hey, Peter, can you hear me? Yeah. Yeah. I'm calling in from Maryland here and I wanted to talk about your Tucker Carlson interview.
Why was it so Why was it so short? It seemed like one of his shorter episodes. It was only like an hour and a half when he No, it wasn't even It wasn't even an hour and a half. And we spoke for like two and a half hours. So, I asked them about it and they said they had an audio problem and they lost a lot of the audio and so they cut it short.
even some of the stuff where they didn't lose the audio because it was I you know I spoke for a long time about the situation at my bank and how the government conspired uh and all the evidence about the stealing of the bank and and so there was a lot of that and it all got cut out and then there was the ending you know we talked a little bit more and um you know we you know we thanked me and was you we you know blah blah and all that is gone.
That's why like you know it just ends right. It doesn't he doesn't say well thanks Peter you know really enjoyed uh you coming here like there was that exchange took place you just didn't see it. So we had a much longer discussion. So I got to go on his show again. I'm kind of thinking about maybe seeing if he'll put me on over the summer uh and I'll I'll do the show uh from Maine because I I'm planning on spending a lot of time this summer on my boat up up up in that area and so I'll you know I won't be you know I may even take it all the way up to the the main.
So uh I I I'd like to go on a show again and and redo that part you know and we could talk about more stuff. Yeah, that's tough. that that's probably the part that you probably wanted out there most to get someity and and publicity to raise attention. I wanted to bring attention to the criminality of the US government and and the IRS chiefs and and and and the Puerto Rico uh regulators and the J5.
I wanted to really expose that and he had a good uh you know platform for me to expose it. And it's unfortunate I guess the government caught a break, right? They a lot of people were going to find out about about this and now they don't know. So yeah, I don't know how a podcaster doesn't know how to record a podcast.
But yeah, that's tough. I thought it was a good interview though. I wanted you to talk more about predicting like the 2008 crisis cuz I don't think a lot of people at least Tucker listeners might know that you like perfectly called that crisis. So then it would give you more credibility. So I sort of wish he asked about that and you could explain that.
But overall, it was a pretty great interview. Yeah. I mean, we might I forget what else we talked about besides the bank. I mean, there could be some other uh points that that also got got chopped out, you know. And then I just want to talk about gold miners. So, I I did some of the math on like IM Gold and Equinox Gold.
And as long as the the gold price holds at like 4500, we're looking at like a 5PE on both of those stocks. Is that a fair PE to pay for, let's say, 4,500 gold? Um, well, no. Especially since gold's not going to stay 45,00. It's more likely to keep rising. But even if it stayed there, no. Why should it trade at 4 and a half times earnings?
I mean, even if the earnings were were flat, I mean, the dividend yield, if they just paid out all their earnings in dividends, they could have a 20 25% yield. And so true. So obviously like why should a stock have a yield that high? The price would have to come up to bring the yield down to some normal return.
But I yeah I mean look and yeah I own a lot of IM gold and we own we own both of those in our funds but I have a a personal a much bigger position in IM gold. I mean I've owned IM gold for a long time. And then do you see this trend where Chinese mining companies, so it's technically not China, but it's like stateowned mining companies are buying gold mines.
So that like Equinox gold sold their Brazil assets to Semach, which is a Chinese company. But what I do know Tether has made a substantial investment in in in Equinox. They also made a big investment in Metalla. You know, that's another royalty company that I own a lot of. and Metalla, you know, has a lot of gold.
It also has a lot of copper and some silver royalties, but you know, but Tether, Tether is one of the biggest shareholders now. Understood. And last question before I hop off here on in that Tucker interview, you tried to say like illegal immigrants are like helping the economy and even he was sort of taken aback and called BS on it like explicitly.
Why? Why can't you understand that illegal immigrants are driving down wages and are actually like taking welfare? So, they're costing the economy a ton. Well, I actually never got into the impact of illegals on the overall economy. We specifically discussed housing and the cost of housing and what Trump was doing to help drive up home prices.
And I mentioned one of the things that he did was the tariffs because a lot of the, you know, the lumber, the steel, the copper, uh, that go into home construction were tariffed and therefore the costs were higher for the builders and so that was making construction costs go up. And then I mentioned labor costs because the the fact of the matter is
I think it's about maybe 20% of the construction workers are illegal, right? And in in certain in certain markets, it's it's even higher than that. And so if you drive out those workers, right, cuz they're not here anymore. And now the builders have to hire the legal workers, they're going to have to pay them more money.
I mean, they were hiring the illegals and they were getting a deal, right? They're getting lower wages. So if they have to pay higher wages to an American to do the work, that increases the cost of building the home. And that was my only point was that this was another factor driving up construction costs.
You had higher material costs and you had higher labor costs that were a direct result of Trump policies. So, you know, we never got into the broader fig issue as to whether illegals are good or bad. But I can tell you philosophically, right, when America had its strongest period of economic growth, we had the most immigration.
We had people flooding in uh to this country. Now, they weren't here illegally because it was very easy to get in legally, right? I mean, they were coming in millions and millions at a time. Um, and they were a big positive. The only reason that illegals or any immigrants for that matter represent a negative, and I'm not saying it's a net negative, but obviously there are a lot of illegals that we would be better off without, is because of the welfare state.
So when immigrants came here in 1900, they did not have welfare. They did not have food stamps. They did not have Medicare. They didn't have any of this crap. So if you came here, you had to work. And if you couldn't work, then you had to leave because the government didn't help you. There was nobody to help you.
You had to help yourself. And that was great. It was sink or swim. But now people come to America, they don't have to do if they don't want to. They can just get on all sorts of government programs. And obviously that's a drain on our resources. But I don't think that driving down wages, right? If you think, well, immigrants are bad because they're driving down wages, that is not a bad thing because wages are an input cost of production.
And the cheaper we can produce things, the better off we are. I mean, everybody who buys something indirectly pays the labor of everybody who helped produce it. And if the labor is less expensive, then the goods are less expensive. And now you have more money to buy other things. And all these work, every worker who's like, "Oh, I want high wages." Okay.
Well, then you're going to get high prices, too. If everybody gets high wages, then everybody pays high prices. All of the workers are also consumers. Consumers benefit from low costs. That includes low labor costs. Yeah. So, Peter, that's where you're missing. So, there's there's two parts to the the equation.
The first part is the lower wages, and then they're also consuming. So, you have 30 million illegals and they're living in houses, apartments. So, they're driving up the rent. They're driving up the mortgages. So, it's like you get lower wages as an American and higher house prices. So, you lose on both ends.
Well, it depends on the transaction. But if a lot of those illegals are helping to build those apartments that they're living in, if they're working in construction, I mean, part of the problem is that you have uh local zoning laws and and and you have uh rent controls and other restrictions that limit the the the construction of of housing.
You know, we didn't have a problem when we had all these illegal immigrants coming in in the 1890s and the 1900s and the 1910s. We didn't have a problem of illegals bidding up rents because we were able to build uh more than enough housing units to accommodate them. Uh because the labor provided by the immigrants, you know, added to the productivity of the country.
The the reason that it doesn't happen now to that extent is because of the giant welfare state uh that we've erected and all the other government regulations that didn't exist back then uh that have you know inhibited our productivity. Yeah, I understand that that the regulations do need to be cut. Um yeah, definitely understand that.
But there there are there are some bad illegals. There are illegals here that are committing crimes. And yeah, I get it that it was a crime to even come here, right? So, they came here illegally. They committed a crime, right? Right. Right off the bat. Um, so so if we deported every illegal immigrant tomorrow, would housing prices go up or down immediately?
Well, I don't think many I think housing prices would go up because I don't think most illegals are buying houses now. They're probably renting apartments. They're not qualifying for a mortgage. they're they're not here legally. So, it would probably drive up home prices because it would drive out construction workers, but you might have lower rents, right?
Because obviously fewer people would be renting. Uh, so rents would probably go down. But, you know, here I give you an example of things that would happen. So, I know when I lived in California, there were a lot of illegals that were, you know, working and they probably still are. They worked in the home.
They were housekeepers. They were nannies. They provided child care, you know. Then they also did the the lawn, you know, the gardening and all kinds of stuff. But if you had to deport all those illegals, a lot of, you know, married women would have to quit their jobs. They'd have to go they'd have to they'd have to go home and stay with the kids because they couldn't afford if they had to pay a legal person.
It would be so expensive that it wouldn't make any sense to work, pay high taxes, and then take everything you have left over and pay for child care. It only works because they got the illegal there. And and so there there's there's a whole there's so much stuff that would that would change if you got rid of everybody's nannies and and and how you know housekeep would would stop.
So, so with your logic, why don't we just bring in a billion illegal immigrants tomorrow? Let's tell all of Africa to come in. Let's tell all South like so what limit does you know one of the logic breaks down. So no, you go I I was in the uh Dubai not too long ago and you know they have so many there it's very easy to come in there and I mean there's so much economic benefit happening from all the people coming from all over the world to go work in Dubai.
Uh so you know your construction costs are very low and a lot of things because you got plenty of labor there people are coming in. Um, look, if we if we went back to no welfare programs, no welfare state, if we turned back the clock, got rid of the income tax, got rid of all the crap that we didn't have, you know, 100 150 years ago.
Yeah. Open, let people come. I mean, what are they going to do? They're going to go and they're going to work hard and they're going to they're going to add to the economic output of the country. uh you know I got but given the fact that we do have free health care, free housing, free this, free that.
Yes, you know there are a lot of problems with just opening up the borders and say come and get it. Yeah, I mean I get that. But it it the problem isn't immigration. The problem is the welfare state. That's the problem. But isn't there also a national identity? Like Americans believe in the first amendment.
Americans believe in the Second Amendment. Like all these people from all over the world don't don't respect that. So reported No, no. If there wasn't if we didn't have a social welfare state, people would not come here if they didn't believe in being an American. They, you know, if they didn't believe in our system, um they wouldn't come here.
But now we we tell them, "Hey, come here and we'll we'll we'll support you. We'll give you money." All right. Well, then I'll come. Um, you know, but the people that came here, like when my grandparents came here, came here because they wanted freedom. They wanted to be left alone. They didn't want, you know, a government telling them what to do.
They came to the land of the free, the home of the rugged individual. They knew exactly what they would get if they came here. And that's why they came, you know, they they they didn't want all the big governments of their own countries. They came to America to be free. And that's what I want. I want freedomloving people around the world who want to work hard and want to achieve success.
Yeah, I want them coming here. And I want the freeloaders who want to live off the government staying in their other countries, right? But the problem is we turned on the magnets. We turned on the welfare magnets and we attract those kind of people now. So we just got to stop attracting them. All right.
Thank you, Peter. I appreciate it. Have a good one. Take care, everybody. Who's up next? Hey, Peter. Hey, can you hear me? Yeah. Okay. I'm old school like you and I've been around a long time and I'm one of the few people that has actually read the white paper on Bitcoin. Yeah. I read it when it came out in whatever it was 2007 or six or whatever.
And I'm thinking halfway through it, I'm like, "This is brilliant." And then I get to the part where there's 2.1 quadrillion Satoshi's attached to the to the 21 million bitcoins and I'm thinking this is insane. I mean they're they're they're going to you're going to be able to buy it and not count it.
To me it it just rire of like uh a warrant with no expiration. Yeah. I mean well the the thing is because there's so many Satoshi's you never really run out of them, right? There's an unlimited supply of Satoshi's with two quadrillion. I mean, you're never going to run out of them. But, you know, the insane thing is how do you trade something and then not count it as towards its market cap?
What do you mean it's all counted in? I mean, no, I mean, these guys don't I mean, when is the last time you ever heard anybody who is long Bitcoin talk about a Satoshi? Well, they don't. Look, they do talk about sats and stacking SATs, but the market cap of of all the Satoshi's is the same as the market cap of all the Bitcoin because you know each Bitcoin just represents 100 million Satoshi's, right?
But if you're if you're trading an instrument, if you're trading a warrant, it at some point you have to count that as the company's mark towards the company's market cap. You have well all the Satoshi's are counted because they count all the Bitcoin which includes all Satoshi's. I mean, I I beg to differ with you because
because at some point you're you're going to have over 21 million Bitcoin on these whales balance sheets like Black Rockck. Well, how can that be? If there's only 21 million Bitcoin, how can there be more? I'm that's I'm telling you that's what is going to happen because they don't count the Satoshi's towards its market cap.
Well, but they have to this each Satoshi is part of the Bitcoin. I know, but they don't. And you ask them about that question. Nobody has nobody has an answer. Okay. So, I've got Let's say I have a Bitcoin and I send you half my Bitcoin. So, you've got half the Satoshi's. Yeah. You got 50 I got 50 million Satoshi's,
right? And I got 50 million Satoshi's. So, together we have one Bitcoin. But how are you saying that something's not counted? We each have 50 million Satoshi's because they only count a full Bitcoin. You can buy You can buy one Satoshi less than a Bitcoin and it doesn't count as a bit makes sense. You can't buy one Satoshi less than No.
Peter, let me just uh talk really quick. Just you can buy over here educating people about money and the importance of owning real assets. You've probably convinced more people to think about gold than any pirate movie ever did. I'm just curious, at what age did you personally get into gold or first realize its importance?
Well, you know, Tucker Carlson asked me that question and I said I I put my bar mitzvah money into gold when I was 13. So, that was in the 70s. Nice. Appreciate it, Peter. Yeah. Anyway, I just noticed it's after 11:00 here in Puerto Rico. We're, you know, we're an hour later. So, I started this thing at 8:30.
So, I got to I got I got I got to hop and um but I want to thank everybody for uh participating in this call. I had expected, you know, there to be more of a Bitcoin decline. Maybe it'll happen later while I'm asleep, you know, because as we finish it up, it's at 64,700. Um but gold and silver did recover.
They were under a lot of pressure when I started the call. Gold's up a little over 50 bucks right now. So, off the high, silver's up about a buck and a half. But again, I want to encourage everybody if you still have your Bitcoin, this is a little bounce. You can get rid of it. You know, even if you're down, uh, you know, you don't have to make your money back in Bitcoin.
In fact, you probably won't make your money back. You'll just lose more. So, what you should do is get out of Bitcoin now, and you can make your money back in gold or silver. Probably silver. you might make it back faster, but you can buy you can buy some silver on my website at shift gold. Uh you can, you know, look at the silver coins and bars.
Don't call us. Do it all online. We're really busy right now. It's much better not to try to get a phone call. Um, you know, I'm a small shop, so if you just do it online, it's a lot smoother. It's very easy to do to put the orders in. You can either get the physical gold for delivery, physical gold and silver, or you can do T- gold and we'll store it for you.
Uh, and you know, have, you know, have you'll have you'll you'll still own it. You just won't have physical possession. You can always get your T-old delivered later on. You just have to pay the the little extra to get it made into a coin or a bar because when we sell it to you, you know, just in raw form, it's not in a actual coin.
[snorts] So, you know, we just have, you know, big bars and you just get a piece of a bar. Um, but I'd go there now and if you have Bitcoin, when you go to my website, you can pay with Bitcoin, which is a service provided by Bitay, and then you can kill two birds with one stone. You can not only buy gold and silver, but you can get rid of Bitcoin in the same transaction.
So, you win twice. You get rid of fool's gold, and then you own you own the real thing. And we mentioned earlier my mutual funds, my gold fund, the symbol for my gold fund is EPGIX. That's my, you know, you could buy that no load at any discount broker. But I have five different mutual funds. So if you want to get in all my funds, so you win all my website.
Now we mentioned earlier my mutual fund the symbol for my gold fun. And you can do t load at any discount broker.com. Anyway, that's thanks everybody. I'm really appreciate everybody hanging in there. Uh and if uh you know you didn't start from the beginning, you can go back and listen to it. you know, these spaces are [snorts] preserved on on the the the feed and tell your friends, you know, if you tell your friends to listen to it, they don't follow me on X, tell them to follow me.
My follower account is building now. I'm now over 1.3 million and hopefully I'll get to 1.4 million before the end of the month. And so, you can help me do that if by following me if you're not already following me. And then encourage the people who follow you to follow me. Encourage them to listen to this space.
Uh especially if they're in Bitcoin, you know, because they they they gota they got to learn the truth before it's too late. Otherwise, they're they're going to go down with this ship. You better abandon while while while you can. Anyway, everybody, thanks a lot. Don't forget I'm going to be doing a shift gold market rap tomorrow on Friday.
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