🔴 Will They TAKE Your GOLD & SILVER If They Lose Control? | Jim Rogers

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결론: 짐 로저스는 전 세계 주식시장 대부분을 매도했고 금·은은 보유·추가매수 의향이며, 미국 재정 위기와 정부의 금·은 몰수 가능성을 경고했다. 주식·채권 전반: 주요국 증시가 사상최고치 부근이라 과거 패턴상 문제가 뒤따랐다며 대부분 매도했다고 밝혔다. 중국과 우즈베키스탄 주식은 일부 보유 중이다. 미국 채권·재정: 10년물 금리가 약 4.79%, 30년물 약 5.25%로 고점 수준이라고 언급. 공식 부채 약 40조 달러에 부외부채까지 합치면 훨씬 크다며 미국 파산 가능성을 주장했다. 정치권의 대응은 신뢰하지 않는다는 입장. 중국: 미국채 보유를 줄이고 있는데 중국은 재정 상태가 상대적으로 양호하다고 평가. 중국은 금·은을 더 축적할 것으로 전망. 일본·엔화: 일본은 인구 감소와 막대한 부채로 문제가 있으며, 외환시장 개입(엔 매수)은 미국채 매도로 이어질 수 있다고 봤다. 금·은: 전쟁이 격화될수록 금·은이 약세인 역설에 대해 명확한 설명은 없었다. 가격이 떨어지면 매수 기회로 보며 보유를 유지한다. 정부의 금·은 몰수 가능성을 인정하며 역사적 선례를 언급했고, 플래티넘·구리 등 대체재도 거론했다. 미국 정치: 중간선거 후 분열 정부 가능성에 대해 정부가 덜 할수록 시민에게 낫다는 입장. 출연자 전망: 주식시장 하락 가능성과 금·은 방어 필요성을 강조하나 구체적 목표가·기간은 제시하지 않음. 광고(골드 IRA 관련)는 판단에서 제외.

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01. I sold almost all the stock markets in the world because everyone is having a great time. And historically, when this happened, there were problems behind it. If the government comes knocking on your door and looks under your bed, you don't want them to see your gold. But we all have to adapt. And there have been many periods in world history when governments were very much against gold and silver.

02. People found ways, simply ways, to adjust and adapt. I hope I can. You're watching " Capital Gains," and my name is Danny. Today is Labor Day, September 7, 2026, and with me is the one and only legendary Jim Rogers. Jim, always a pleasure, buddy . Thank you for taking the time. Oh, today is Labor Day.

03. Oh my God, you're right. I'm sitting here in Asia and I didn't know. Well done. Thank you. Yes. Well, the markets are closed today, so there aren't any major events happening, at least not recently , but I want to talk to you, Jim, about some of the things we've been seeing recently in the bond market and the currency market.

04. Let's talk a little about the bond market. I mean, you think about everything that's happened in the last month, whether it's Scott Minnessen talking about, you know, these bond buybacks and, you know, even the potential use of $1 trillion of the TGA, the Treasury General Account. And now you have, uh, President Trump also trying to, uh, you know, get Fed Chairman Worsh to lower rates or he'll just stop trading with countries.

05. Uh, so what do you think about all this? The yield on 10-year bonds, I believe, is at highs not seen since the beginning of the war in Ukraine, 30 years at a 20-year high. What do you think about all this? Well, Danny, I've been here longer than you, and politicians are always talking about things like lowering interest rates and improving the economy.

06. It's the same thing since before you were born. And it will be the same after you are born. They don't know what else to talk about because they don't know anything else to do. They are not very intelligent people. That's why they work for the government. Eh, you'll hear about them later. Uh, they want stocks to go up and prices to go down.

07. They get paid for this. But are we starting to see any cracks in the foundation? This is another story developing last week: A leading sovereign wealth fund could issue more than $80 billion in Treasury bonds. This is from the Norwegian Wealth Fund. Uh, is the whole system switching to something other than bonds?

08. Is this the beginning of something much bigger? Well, I'd like to think so. It would be great if this actually happened. Uh, unfortunately, I've been hoping this would happen for decades. And politicians all over the world talk, talk, talk, but most of them don't act. I mean, we could go back 40 years and they were talking about how they were going to change their investments and so on.

09. Nothing happened. They are bigger than you. They are more interested in their work than you and I are. They do what they need to do to keep their jobs. Right, but you see a 10-year yield of $4.79 and a 30-year yield of $5.25. And you know, it's not like it was in the 1980s, when we had higher interest rates because of inflation.

10. This time we have $40 trillion in debt. The debt crisis is in much worse shape now than it was then. So the Fed had a lot more degrees of freedom, a lot more flexibility to maneuver. What about the conditions that exist today? Well, you say 40 trillion, but Danny , that's what they're counting. Right.

11. There is off-balance sheet debt, which is a couple hundred trillion more. So no, the US is in a much worse state than they want us to know. They certainly want everything to sound as good as it really is, but the debt is staggering. The debt cannot be repaid with your life, or mine, or anyone else's life.

12. The debt is too overwhelming. I mean, 100 years ago, if it was 1926 , we would be talking about the situation in Great Britain. And Britain eventually went bankrupt. I don't understand how the US can avoid bankruptcy. I can add. Unfortunately, in Washington, they can't add. They cannot subtract. They don't know basic arithmetic.

13. Yes. Well, it's just the US debt market that's going through some stress here. This is also the entire Western world. You look at European bonds, you look at Japanese bonds, you look at Korean bonds. The profitability of all of them is growing rapidly, setting new historical highs. However, the only exception to the rule is actually China.

14. Chinese bond yields have been declining recently. Can you explain why this dichotomy exists? Well, China has a gigantic economy and a gigantic population. And whether we like it or not, the Chinese have done a better job of balancing their balance than we in the West. I mean , nobody likes to say this, but China did better.

15. And they continue to do better. Now I'm sure they too will eventually get out of control. I mean, they are people just like you and me. But for now, the Chinese have done better. Yes, they have debt, but nothing like the US, nothing like the West. How did they do better? Can you tell me more about this ?

16. They don't have that much debt. They don't really have as much debt relative to their GDP or population as we do in the West. I mean, look at Britain, look at anyone. The debt- to-GDP ratio in most Western countries is extremely high and continues to rise. Yes, the Chinese started taking on debt. The Chinese have learned, but that doesn't mean they are as bad as us, the US.

17. Do n't worry. They are people. They will succeed. They will succeed, Danny. I'm not...I'm not an optimist. Well, they have shed about half of their Treasury holdings since the 2011 highs and continue to shed US Treasury bond holdings. How do you expect this to happen in response? Why are the Chinese getting rid of US Treasury bonds?

18. And secondly, will they replace them with something else? Well, I mean, I do n't know. I don't talk to them . They're not exactly asking me or anyone else what to do, but I suspect they can add, like you and I, and how I can, and they see what's going on. They see the situation. They know it's getting worse.

19. And I assume they are rational people and want to reduce their debt. So does gold act as a substitute for US Treasuries in this use case , in this particular case with China? Is this something they can count on in the future as they continue to get rid of Treasury bonds? Will they actually be redistributed into gold?

20. I suspect the Chinese will add more gold and silver, as will many people in the world. I mean, I don't think they're going to add more U.S. Treasury bills or Treasury bonds. Uh, I think they'll increase the amount of gold and silver. I mean, China has been buying gold and silver for hundreds of years.

21. It's part of their DNA . I've seen some of the headlines of other interviews you've done, Jim, and it's usually something like Jim Rogers sold everything. I mean, did you sell everything? Um, this... Well, I sold my stocks in every country except China and the US. I mean China and Uzbekistan. Good. I still own some Chinese stocks and some Uzbek stocks, but I sold everything else.

22. Including commodity-related stocks and any other country? I thought we were only talking about stocks and bonds, but I actually sold all of my stocks and bonds. Of course. What about stocks, for example, of mining companies? What about stocks of oil producers and, you know, coal producers and so on?

23. What about them? I, Danny, have actually sold all my stocks and bonds. Of course. Wow. And what is the logic for this? Well, I mean, if you look out the window, you'll see that the stock markets in almost every stock market in the world are hitting all-time highs. This has not happened very often in world history.

24. When this has happened in the past, it has usually led to problems. I don't know what will happen, but I do know that almost every stock market in the world has reached all-time highs, and that's a rarity in my lifetime. Right. And then, returning to Asia, we saw a massive stock market crash. Well, not a massive one, but a pretty big stock market crash in South Korea.

25. KOSPI fell 40% in 40 days. It has since recovered, but is still far from the highs it once was. Is this what we should expect in the rest of the Western world, or do you foresee it? No, no, I have no idea. People should watch your show to find out what happens. Uh, in my opinion, yes, I sold almost all the stock markets in the world because everyone is having a great time.

26. And historically, when that happened, problems followed. I don't know what will happen, but I know it's not normal for everyone to be lucky at the same time. Everyone is very lucky. This is unusual. Couldn't this be a symptom of increased money printing? If you look at the graph of the M2 money supply, it is also starting to accelerate again .

27. And, you know, if you look at history, governments always prefer inflation to letting things collapse. So, in nominal terms, yes, markets are at historically high levels, but what if you value things in gold, or value or control an empty money supply? Will it still give you a similar result? Well, I didn't sell my gold and silver.

28. This is a different world, uh, from the one I thought we were talking about. Uh , I don't think gold and silver will collapse. Stocks may crash around the world, but I doubt gold and silver will . Hopefully I'm smart enough to buy more gold and silver if the prices are good. Hmm. I did not sell my gold and silver.

29. Is n't the incentive for these government officials to inflate the debt and, you know, keep the train moving in the same direction? Ca n't they keep the markets at highs, uh, nominally speaking, just by printing more money, but in real terms the markets, you know, will tell a different story. What about this risk?

30. What if they just let the money taps run wild? Well, they learned their lesson. You...I don't know if you taught them, but they know this lesson. Yes. They know that printing money is very easy, and it can help them. So I don't know that most governments in the world now know how to print money and know the benefits of printing money.

31. I mean , the days when people worried about things like debt or currency stability are long gone. And now all the bureaucrats want to keep their jobs, and keeping them is easy if you print money. Hey guys, quick break. The US debt has grown to over $40 trillion , and I'm old enough to remember when it was $20 trillion, back in 2017.

32. And in less than ten years, it has more than doubled. We've reached an inflection point, and it looks like this thing is ready to go parabolic. And as a result, investors are starting to get rid of bonds. This is TLT, a 20- year Treasury bond ETF. You can see here that from 2020 to today, bonds have lost more than half of their value.

33. And the reason I'm talking about this, guys, is if you have an IRA, a traditional IRA, on average, if you're 20 to 30 years old, you have about 0 to 20% allocated in bonds and cash. If you are between 40 and 50 years old, you have about 20 to 40% allocated in bonds and cash. If you are 60+, you have about 40 to 60% allocated in bonds and cash.

34. Do you really want to have such an excessive stake in bonds and cash that disappears due to inflation? This is where Noble Gold comes in . If you feel like your IRA is over-allocated to the US bond market, then check out Noble Gold, where you can allocate a portion of that amount to gold and silver.

35. Just fill out this little form here and you will receive a free gold guide kit, which is very helpful. I've really taken the time over the last few months to get to know and understand the guys at Noble Gold, and I hope you have too. We have a special link in the description box for you. If diversifying your IRA into gold and silver sounds right to you, then check them out.

36. The link is in the description box below, as well as in the pinned comment. Now let's get back to the video. Of course. Easier. Easier. I'm looking at the Japanese Yen vs. US Dollar chart from last night, and it looks like we had another big gap in the relative price of the Japanese Yen to the US Dollar.

37. Remember, in early August there was an intervention in the yen market, where they allegedly sold euros to buy Japanese yen. Hmm, I don't know if that's true or not, but that's what they said. And now you see another big gap in price over the last 3 days, last night and a couple of nights before that, and you know, two or three huge gaps in the Japanese Yen.

38. What does intervention in the foreign exchange market, in this case the Japanese yen, tell you? Well, I mean, I love Japan, it's a great country, but Japan is the biggest debtor. I mean, she's in gigantic debt. Its population is declining. Danny, Japan's population has been declining for 15 years or so .

39. It is literally shrinking, while the debt is growing rapidly. I mean, I could add. I can subtract. I don't think the Bank of Tokyo can add and subtract. But eventually problems will arise . But in the meantime, for them, they think, just pack it up. Package the problem and it won't be our problem. Someday it will be someone's problem.

40. No, they just print and buy. They print and buy. Well, they can certainly save themselves if left to their own devices, and I'm talking about them selling their US Treasuries to buy back their currencies. Will it ever be like this? Oh, of course, that will happen. This applies to central banks, that is, all bureaucrats, and they all want to take the easy way out, and the easy way is to print and buy, print and buy.

41. And they will do it. But the implications of selling US Treasuries, especially by Japan, which is one of the largest holders of US Treasuries, what will it mean for the US Treasuries market if they end up getting rid of a significant portion of their US Treasuries to save their currency? And if the US is the largest debtor country in the history of the world...Look out the window.

42. These are not the best times for the United States . I am a US citizen. My family, we are all US citizens. But we can add. The US will face serious problems. And they are getting worse and worse. Now, of course, Washington says, “Don’t worry. Don't worry." They say we have the situation under control .

43. But I can add and subtract. 100 years ago, Britain said, "Don't worry." And they became a gigantic case of predicament. Because they were in such great debt. And they continued to increase the debt. I mean, Danny, it's a simple story. Just get your story out. Don't listen to me. Get out your history textbooks.

44. Yes. So, it seems like if you look at this recent rally in gold, it started right around the same time that you saw the first Japanese yen intervention in early August, that's when you started to see gold, silver as well, start to rise. So, as we move forward and these crises begin to emerge in the currency market and the debt market, should we expect gold and silver to rise?

45. One thing I will say is that what's interesting is that if you look at the Iran war, the more kinetic it gets, the worse it is for gold and silver, which is somewhat counterintuitive . Can you understand why this is so? Well, I... Everyone has to do their own thing, but I own gold , I own silver, and I plan on buying more.

46. I am not selling my gold and silver , and I plan to buy more. I know that almost...Well, many countries in the world have gigantic debts right now. Almost every government in the world is now printing, as it used to, and still prints money. My interpretation of the story says that I need protection, and that gold and silver will probably protect me.

47. But everyone has to do it their own way. Why do you think you started selling gold and silver when the Iran war began to escalate ? What is the relationship there? Shouldn't gold and silver rise in those times? Yeah, if you ask me, um, and as I say, when gold and silver go down, I try to buy more. Oh yeah, but if you go back over the last 100 years or so, there have been many times when gold and silver have fallen sharply despite what's going on in the world.

48. I mean, you know, Danny, there are millions of us. We all have our own train of thought, and my train of thought is this: if gold and silver are weak, I want to buy more. I don't know some people. Some people need to pay for their kids' school or something. They need to buy their girlfriend a car. I don't know what they are doing.

49. But they need to sell. I want to buy. Well, is there a risk that governments could confiscate gold, and perhaps even silver, at some point if the situation gets out of control? Did you say confiscate? I said. Oh, yes. Of course, there is a risk. Yes. Yes. Yes. Yes. Hmm, and some will probably try it to help because it will be easier for them.

50. But Danny, once that starts happening, other people will do everything they can to find a way to buy more. I mean, if people start confiscating gold and silver, it will make gold and silver more valuable to some people. This complicates the situation. You know, if the government comes knocking on your door , looks under your bed, you don't want them to see your gold.

51. But we will all have to adapt. And there have been many periods in world history when governments were very much against gold and silver. People have found ways to adapt and adapt. I hope I can. What about the prospect of buying platinum? Is platinum a kind of protection against such a scenario? Because there is no historical precedent for the government confiscating platinum.

52. Well, no. Of course, platinum could be, uh , for now, an alternative. Uh, buying platinum is not as easy as buying silver and gold, but yes, it is another alternative. I mean copper, wheat, a lot of things are alternatives. But silver and gold...you remember Jesus Christ, right? Jesus Christ was sold for 30 pieces of silver.

53. That was hundreds of years ago. Because for most of our world history, silver and gold were valuable everywhere. And most people know this. No, even here in the United States, people forget that we weren't on the gold standard to begin with. We were under the silver standard in the beginning. Yes, when the United States was founded, it was based on silver.

54. 1792 or thereabouts. The currency was based on silver. And this went on for a long time . I repeat, silver has often been the metal of choice or the support of choice for governments throughout history. It was a currency or currency support for many governments. For a long time. I repeat, Jesus Christ was sold for 30 pieces of silver.

55. Because even then, silver was extremely valuable to everyone. Yes. Well, anyway , if that's not the case, as far as I understand, you don't own any stocks at all, not even stocks of gold and silver mining companies. Is that correct? I own shares in Uzbekistan and China. I don't own any other stocks.

56. That's right. Hmm. So what? So, if you know, we're seeing this whole bullish, uh, connection with gold and silver intensifying here. Why wouldn't you know? Just trying to understand how you navigate the market. Why are you afraid to buy shares of gold and silver mining companies, such as, for example, a bet on gold and silver?

57. God, I'm lazy. This is work. Yes, if you know what you are doing and can do it, you will make a lot more money. If you buy the right stocks of gold companies, the right stocks of silver companies. Much more money. But if you're lazy like me, you know it's a lot of work. It's a lot of work. This is true.

58. But if you can figure out which silver company stocks are the best or which gold company stocks are the best, you'll make a lot more money. Well, what about ETFs and the like? For example, you have GDX, and you have various ETFs that do all the work for you. Oh, yes. There are many ways to participate in gold and silver investing.

59. Yes, ETF is one of them, a simple and good option. I just...It's too much work for me, too much hassle. But , you know, if you have time, ETFs are a very good alternative. I understand. So, given that the US midterm elections are in a couple of months, how do you expect things to change here in Washington after that?

60. It looks like we're going to have a split government. What does this mean for global markets in general? It looks like we won't be doing much next year, um, anytime soon. Well, the fact that we don't do much is a good thing for most of us. As for citizens, you know, as voters, as taxpayers, the less they do, the better for us.

61. So, hooray, hooray. I hope you are right. I hope this will influence Washington and other governments. Whatever they do, Danny, it's not good for you and me. They take care of themselves first. Absolutely. Well, Jim , I think we've covered almost everything I've prepared for us . Is there anything else you would like to talk about before we wrap up?

62. Well, I would just say that it's really nice to see you again. As always, I am learning from you . So no, I hope I look forward to meeting you again someday. Okay, Jim. Thank you. In the meantime, be careful and worry. Of course. Well, Jim, thanks a lot for your time, buddy. You, as always, really appreciate it.

63. And so , enjoy what little time you have left over Labor Day. I think you're ahead of us by what, 12 hours? So, you have about a few hours left. It is 9:00 pm. So, you have about 3 hours left until Labor Day in Singapore, right? I am in Singapore. Yes, yes. Good. Good night. Jim, thank you. Guys, hit the like button, subscribe to the channel, write "go Jim, go" in the comments section.

64. Also check out my other channel if you like this one, Danny Kosum. The link to it will be below. I shot a video yesterday. It was recently published there. So I'll add a link to it in the description box if you're interested in checking it out. And, uh, come visit me at capitalkosum.substack.com. And if you're also looking to open a gold IRA, reach out to my good friends at Noble Gold .

65. We also have links to them. So, I'll see you all next time, guys. Thanks for watching. Goodbye. Thank you, Danny. Be excited. Be careful. Goodbye.