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Since I am older than you, I feel compelled to correct you. In 1970, 1980, and nearly 1908, silver was selling for $50 per ounce. Those Hunt brothers, you may recall. Do the stories ring a bell? You know, the Hunt brothers were extremely wealthy. They were the heirs of a Texas oil magnate named HL Hunt, who was once considered the wealthiest man in the world.
Furthermore, the Hunt brothers were conservative Christians who were extremely devoted to their faith. It was also their understanding that the Bible mandated that silver be priced at the same level as gold. Furthermore, they were literate. They whipped out their Wall Street journals and gushed over the prices, so they continued to buy.
Plus, they were flushed with cash and had plenty of room to maneuver. Consequently, they persisted in purchasing until the regulations were altered in the pits in Chicago, rendering the Hunt brothers unable to satisfy the margin calls any longer. So began the terrible bare market in silver prices, which eventually plummeted.
However, that occurred many years ago. Only rarely since then has the price of silver returned to that level. Silver is mine. It will return to that location in my opinion at some point. When exactly is a mystery to me to discover the exact time, I will need to tune in to your show. The price of silver though will inevitably reach new heights.
Perhaps even gold. However, I am currently purchasing silver rather than gold. Reason being, silver is somewhat down historically. Both nevertheless will succeed. We live in a world where the ability to print money is practically unlimited. Fear not then, since there are no longer any constraints, the majority of paper currency in 2026 and 2027 will be in a state of extreme stress.
The idea of a sound money would never be uttered by any national bank. Even before he finished his speech, he would be fired from his job that day. The issue is right there. I own gold and silver for that reason anyhow. When the chance comes, I hope I'm astute enough to purchase further. What I just stated isn't acceptable, Jimmy.
I am completely opposed to it. Those are the facts, though, as I gaze out the window. I take it you're saying I should liquidate my gold and silver. Sure, I share your interest in the news across the globe and to everyone else as well. To me, there is no use in selling my precious metals at this time.
No, at least not in the papers I usually peruse. Additionally, I am aware that numerous governments across the globe believe they have complete autonomy. You can choose to focus on events in the middle of the country or in Washington DC. In their minds, everything is fine. You won't need to fret if you peruse Washington.
Everything will be okay. We have an abundance of weapons and are free to do as we like. What worries me much more is that they seem to believe they can do anything they want. That is particularly true now that I can understand how the world is these days. It seems like everyone has a gun. Lots of people are currently in deep financial debt and the markets don't seem to mind either.
Looking out the window, I can see that everyone is smiling through Asia and beyond. I say it again, someone should ask questions when everyone is pleased. All these indications of weakness can actually be seen as bullish at times. You can only improve if things are horrible. Therefore, let's all chip in and make a purchase.
I do not hold that opinion. As for me, I'm not going to buy in bulk. Absolutely not. The markets, in my opinion, are at record highs all across the globe. And I'll say it again, I think someone should ask questions even when everyone is happy. The only markets I'm familiar of that aren't currently skyrocketing are one or two.
Shanghai was brought up. I will also make note of Usbekistsan, a country where I have lately made a purchase and where I actually hold shares. The majority of global markets, however, have been rising since 2009. My friend Jim, that's 16 years straight. It's been quite some time. It is the longest in the United States history.
Maybe this will continue indefinitely. Rest assured, Mr. Trump will assure you. He is in complete command of the situation. Even when Mr. Trump reassures me, my anxiety grows. So, I'm hoping it continues indefinitely, though I seriously doubt it. That has never been the case. So, I'd like to inquire about that or put some pressure on you because maybe things are different now that governments and central banks all over the globe are just keeping pumping money into the system.
As we witnessed in 2022 to 2023, regional banks in the US always seem to be a source of trouble whenever something major occurs. Despite the rapid intervention of the Federal Reserve and the subsequent injection of billions or even trillions of dollars into the system, Silicon Valley Bank and two or three others went under.
Also, no problems whatsoever. In your opinion, does this mean that the market will likely never recover from its current level of activity? Another great opportunity to buy it is if we see a pullback like in April and May. Apparently, you implied that maybe things are different this time. In fact, that's what they've done from the beginning.
Throughout my career, central banks around the globe have only ever known one thing. How to create more money, inject more money into the system, rescue the system, rescue my job. They are demonstrating once again that they are unconcerned with the system and only concerned with preserving their employment.
As far as I'm concerned, that is identical. That, I might stress, is their long-standing practice dating back to the inception of central banks. Well, they'll insist it's different, so we'll assume they keep doing it. The system is now under our control. Rest assured. At this point, everything is well, and things are different because I know, I mean, I've been to this movie before.
So, my response to their statement, which they will utter, if they haven't already, is to get extremely anxious. The ending of this film is familiar to me and I am aware that it has always ended poorly. Once again, I can predict that it will end poorly. I don't know when your show will conclude, but I will watch it to find out.
That's my problem. Just give us a deadline and we'll be ready to go. In the past, 50%, 60% or 70% losses have been typical of bare markets. At times even there are equities that fall by 90%. Even higher flowers typically fall even lower. The next US bare market will see a precipitous decline of at least 70%.
I can assure you of that. Let me tell you this is going to be the worst thing that has ever happened to me. And I'm older than you. So it will be the worst thing that has ever happened to you as well. The situation has gone on without a hitch for the longest time ever. and it's just going to get worse or more extended depending on who you ask.
The worst part in my opinion is that people like Alan Greenspan will reassure you that everything is under control. Alan Greenspan, you've heard of him. He's no longer employed there. But I have faith that he can reassure you if you give him a call that everything is under control. He will still tell others that regardless of whether you contact him or not.
His response to the phrase, "Oh my god, you've got to be worried," would be to hang up and contact someone else. They will promise to promote you and increase your salary if you phone and assure them that everything is fine and that we have everything under control. Also, Jim, I didn't say a pullback.
I said the bare market is coming if you're hoping for a 70% decline in the stock market. I see. I'm sorry, but during market downturns and pullbacks, maybe I can make a difference. I see. However, you are implying that you anticipate a 70% decline from the NASDAQ or the S&P 500's all-time highs. It always has, I told you, Jimmy.
Perhaps things are different now. Much obliged. Possibly Mr. Greenspan is correct. On this occasion, it's distinct. Rest assured, that 70% drop will never happen again. It has always done this though, and I will say it again. According to Mr. Greenspan, this time is different. Rest assured, even while I wish everything were different, I can assure you that it is not.
This will occur in the next bad market, just as it has in every previous one. The United States debt is currently so outrageously high, which is why I say that the United States of America has amassed the greatest national debt in global history, and the debt continues to rise on a weekly basis. Therefore, a terrible bare market is inevitable.
So perhaps I'm mistaken. Potentially the central bankers have a point. The issue has been resolved. Yet I stress again that is what has transpired in the past. The transcription was performed by Turboscribe.ai. Remove this message by subscribing to unlimited.
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