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Well, I just want to because I'm older than you, throw in one correction. The silver sold at $50 an ounce in 1970. Uh, see 19 nearly 1980. Yeah. End of 1970, 1980. Um, you remember the Hunt brothers? You you remember the stories? You know, the Hunt brothers were very very rich heirs of what who at one time was known as the richest man in the world.
HL Hunt, a Texas oil man. And the Hunt brothers were devout, devout, devout fundamentalist Christians. And their reading of the Bible was that the Bible said that silver should be this equivalent of the price of gold. And they they could read. They got out their Wall Street Journal and they could see, oh my god.
So they didn't stop buying. and they had a lot of money and a lot of margin. So they just kept buying until in Chicago in the pits they changed the rules so that the Hunt brothers couldn't meet the margin calls anymore. Even the Hunt brothers and so the price of silver collapsed totally collapsed. Horrible bare market.
Um but that was a long time ago. Gold has silver has not gone back to that price except once since then. Uh I own silver in my view it will eventually go there again. I'm not sure when. I'll have to watch your show to find out when. But I know that silver is going to go to new highs someday. Uh gold too probably.
But at the moment I'm not buying gold. I am buying silver. uh because silver on a historic basis is somewhat depressed. But both are going to do well because we're in a world where there are very few if any restraints on printing money anywhere. So be worried. Well, most paper money in 2026, 2027 are going to be under duress because there are no restraints anymore.
No central bank would stand up and say, "We must have sound money." He'd lose his job that day before he finished his speech. And therein lies the problem. That's why I anyway own gold and silver. And I hope I'm smart enough to buy more. if the opportunity arises. I don't like what I just said, Jimmy.
I don't like it at at all. But as I look out the window, those are the facts. Are you suggesting I should sell my silver and gold? I read the same newspapers you all over the world and everybody else. I don't see any reason to sell my silver and gold. Not yet. Not in the newspapers I read anyway. And I know that many governments around the world think that they can do just about whatever they want.
I mean, you look at what's happening in Washington or the middle. I mean, you pick the place. They all think everything is okay. If you read Washington, they will tell you, "Don't worry. Don't worry about anything. We've got more guns than we need, and we can do whatever we want. And as long as they think they can do whatever they want, I get very worried.
Especially since I see the state of the world. A lot of people have a lot of guns now. And a lot of people have huge debts now. And markets think everything is great. When I look out the window, I see everybody's happy in Asia and everywhere. I repeat, when everybody's happy, somebody should ask questions.
Well, all these signs of weakness sometimes are considered bullish. I mean, if everything is bad, you can only get better. And so, we should all pile in and buy. I am not of that persuasion. I am not piling in and buying. No, no, no. I see markets around the world, many of them at all-time highs. And to repeat, when everybody's happy, in my view, somebody should at least ask questions.
And I only know one or two markets that aren't wildly high right now. You mentioned China. I will also mention Usbekistan where I do own shares and where I bought more recently. But most markets around the world have been going up since 2009. Jim, that's 16 years. That's a long time. That's the longest in American history.
So maybe it's going to go on forever. Mr. Trump will tell you, "Don't worry. He's got everything under control." When Mr. Trump tells me not to worry, I worry even more. So I hope it's going to go on forever, but I doubt it. It never has. So, let me ask you about that or let me push back a little bit because maybe it is different this time because both the governments and the Fed or the central banks around the world just continue to pump money into the system and every time something happens like we saw back in 2022 23 we saw a problem with the regional banks in the US.
Silicon Valley Bank and uh two or three others all collapse, but yet the Fed comes in right away and they just pump billions or trillions of dollars into the system and everything's fine. Do you think this is just going to keep going on and so this market maybe never pulls back or anytime we see this this pullback like we saw in April, May, it's just a huge opportunity to buy it.
Well, you said maybe that means it's different this time. No, they always have done that. Central banks around the world, as long as I've been in the business, all they know is print more money, pump more money into the system, bail out the system, save my job, save my job. They don't care about the system.
They care about saving their jobs. And that's what they're doing. Again, in my experience, that's not different. That's what they've been doing since the beginning of time. since the beginning of central banks, I should say. Well, Jimmy, let's say they continue to do this and they will tell you that it's different.
We have the system under control now. Don't worry, everything is okay now and it's different now. And if they say that, which they will say if they haven't already, my answer to you is get very, very worried because I know I mean I've been to this movie before. I know this movie how it ends and I know it's always ended badly.
Always. And I know it's going to end badly again. My problem is, I mean, I have to watch your show to find out when, but I know it's going to end. You tell us when and we'll all act. Tell us the day before so we can act sooner. And when you say it's going to end badly, maybe can you quantify that? Like where do you see the S&P going?
Is it down 20%, 30%, 50%. In my lifetime, the bad bare markets, the typical bare market has already always gone down 50, 60, 70%. Sometimes, and some stocks go down 90%. The high flies usually go down even more. So, I will tell you unequivocally, the next bare market in the US is going to go down at least 70%.
I will tell you it's going to be the worst in my lifetime and I'm older than you. So it means the worst in your lifetime because it's been the longest without a problem ever. And this and the situation continues to get overextended more and more I should say more and more extended or worse depending on who's commenting.
In my view, what's worse? You know, Allan Greenspan and those guys will tell you, "Don't worry, we have it all under control." You remember Alan Greenspan? Of course. Well, he's not there anymore, but I'm sure if you call him up, he'll tell you, "Don't worry, it's all under control." And even if you don't call him up, he's going to tell people that
the central bankers are really the epitome of politicians, aren't they? You can never get the truth out of them. Well, that's how they get the job. I mean, if they were if they weren't politicians, they wouldn't get the job. If they if you call them up, said, "Oh my god, you got to be worried." They'd hang up the phone and call somebody else.
But if you call, if you tell them everything is great, don't worry. We've got it all under control. They'll say, I'll give you a promotion, too, and a raise. And Jim, if you're looking for a pullback of 70% in the financial markets, the S&P say pullback. I said the bare market when it comes. Right. I'm sorry.
Maybe I'm making a difference in a pullback and a bare market. Right. But what you're saying is you think the S&P or the NASDAQ will go will drop 70% from its highs. Okay. Always. What I said was Jimmy, it's always has. Maybe it's different this time. Hooray. Maybe Mr. Greenspan is right. It's different this time.
Don't worry. It'll never go down 70% again. But what I will repeat what I said, it always has in the past. Now, if that were to happen, that's essentially an indication of what's happening in the economy. Okay? So, things would just be in total dire straits. You know, we would be in a severe recession or depression.
Uh we'd have significant ne negative economic growth. The unemployment rate would be well over 10%, I would envision. Would you agree with that? Like where would you see the unemployment rate going in that sort of scenario? Well, Jimmy, I repeat, that's what's always happened in the past. Mr. Greensman will tell you it's different this time.
Don't worry. And I will tell you, no, it's not different this time. It's always happened in the past and it's going to happen in the next bare market, too. And one reason I say that is because the debt in the US is so unbelievably high now. The US is the largest debtor nation in the history of the world and the debt gets higher every week.
So how can we not have a bad bare market? Now maybe I'm wrong. Maybe the central bankers are right. They have solved the problem. But I repeat, always in the past that's what's happened.
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