The world is already preparing for some type of mean reversion in the market, some type of credit crisis, some type of uh-oh moment in the S&P. It may or may not happen, but if it did, the life wrap the world is already showing itself to go to is clearly precious metals and not the US dollar, the US Treasury. >> You're watching Silver News Daily. Subscribe for more. >> The fiat system is crumbling in real time and silver is about to detonate. Central banks are dumping US treasuries at a pace never seen before, shifting billions into gold and now silver. As the BRI CS revolution kicks into high gear, the dollar's role as the world's reserve currency is fading fast. And for the first time in modern history, central banks are holding more gold than US debt. But here's the twist. The real shock isn't gold. It's silver. Silver is being weaponized by global powers looking to sidestep the dollar entirely, and the repercussions could send it soaring to $1,000 an ounce by 2026. The warning signs are everywhere. Judy Shelton's goldbacked Treasury proposal. That's not policy. It's a confession. A quiet admission that the US has lost control and revaluation is now the only option to keep the system from collapsing. If gold's going to $20,000, as some experts predict, silver won't just follow. It will outperform. The dollar is dying. The monetary order is shifting and silver is being positioned as the spark that ignites the next global monetary system. Stay with me because what's coming isn't just a silver rally. It's a total reordering of the financial world as we know it. >> Good and bad reasons. Um, you know, Friday the market, gold market was down $180. is the old price. Closed the week, it's still 4250. Monday was up 105. Tuesday down 260, etc. It's just these these massive vi uh, you know, gyrations in price. Relatively speaking, massive. I say that, but they're to me they're they're very typical intraday moves in a bull market. People say that is probably just Pipenberg selling his gold book, but you know, this is not unusual for bull markets in general. I don't look at gold as a typical asset which we can talk about and that's why I don't think I'm well I'm not at all worried I was talking to Alistister Mloud and obviously Egon and and Middle Coop and other interviews is in the same week this was going on and none of us were even phased by this and again it's because we have a stronger conviction about the secular direction the gold for all the reasons you and I have been discussing for years but in terms of just the recent activity you know the market likes to shake out nervous and levered uh levered investors there's a lot I'm sure of trend followers in this gold move lately who probably had hard stop orders you know with with stop orders and they got shaken out. There was also probably some profit taking in the trend camp but you know the trend following camp but again these type of moves are not at all unusual for general uh bull markets but again gold is not a typical commodity trade. It's not a particular unique or spec it's not a specific type of uh risk asset trade. It is part of the major status quo shift in the world in the monetary setting and the backdrop from which all these details spin. The larger question, the larger secular direction of gold is so obvious that these moves don't phase us because we hold gold for 10, 15, 20 years. Believe it or not, I'm not a big fan, as I said many times, of the BAS or the central banks or the east in general, but I'm doing what the central banks do. I'm and all the investors at our offices are doing the same thing. We're we're we're holding in gold or we're saving in gold and we're spending in fiat because we see the longer term longer term direction of gold well above 5 6 10,000 in the years ahead. So whether it's at 4200, 4,100 or 3,800 right now or the next week or the next month or the next hour, it doesn't phase us as as gold investors, not as gold kind of uh traders, which we're not. We're not speculators in this space. So we've never really talked about the gold price. In fact, in the many years I've been with Egon, we never really talk about the daily price. Sometimes we won't even look at it. And go that can sound very flippant. But even if you take your, you know, if you take away the gold bias, the gold perspective that I certainly have and that Egon has, etc. I think of one of my favorite investors that I allocated to, Jeremy Grantham at GMO. He's been retired now for 15 years. He was a fantastic value trader and portfolio manager out of Boston. and he had many rules of investing. But one of the things >> it's not just headlines anymore. Central banks really are fleeing the dollar. For decades, US treasuries were the cornerstone of global reserves, the ultimate symbol of safety and liquidity. But in 2024, something snapped. For the first time ever, central banks now hold more gold than treasuries. That alone is a historic shift. But it's what they're doing next that really matters. They're quietly adding silver to their reserves. It's not front page news, but the signs are clear. Massive ETF inflows, surging premiums on physical bullion, and institutional reports suggesting silver's monetary role is far from over. Why? Because sovereign wealth funds and central banks no longer trust the debt backed promise of the dollar. Trillions in global reserves are now at risk. And the only path forward is hard money, tangible, unprintable, and outside the reach of political manipulation. That's why countries like China, Russia, India, and Brazil are dumping treasuries and stacking real assets. This isn't a random diversification play. It's a coordinated retreat from a dying system. And if you think this stops at gold, you're missing the bigger picture. Silver is coming back into the spotlight, not just as a commodity, but as a monetary weapon in a global currency war. Because when confidence breaks, it doesn't come back. And central banks are already preparing for what comes next. >> Doge is going to cut 2 trillion out of the, you know, out of the spending in in in by 2000 by within the next year or two years. And none of those things have happened yet. I think she's very serious about it. Can I predict with certain that it'll happen? I can't. She's saying it will. I think the very the very fact that we're even talking about that that something Judy Sheldon is convinced is going to happen is in and of itself telling and we've tried to do a gold back treasury in the past because after we got off uh the gold standard uh after the civil war there was a bunch of cases that went to the Supreme Court and I won't get into the weeds of that but basically the Supreme Court was saying we don't need a gold back treasury because you know our dollar is just as valuable as gold or silver of course that wasn't true that was the polit politization of the legal system uh with bad math. But what Judy Shelton is saying today in 2025 for what's going to happen in the future is that's a confession that for our treasury to be more trusted. For IOU to be more trusted in the world, it can't be backed by something like a dollar. It has to be backed by gold. That is a confession that gold has greater confidence and greater faith than the green back. And that's not a radical thought anymore because the world is seen again to your earlier point. If you if you have a peso in South America and Argentina, you'd much rather have a dollar. You much rather have a Swiss Frank than a dollar right now, though. So, it's all relative to what jurisdiction you're talking to. But in absolute terms, all major fiat money is losing value to gold. So, for Judy Shelton to do that, to even say that as a confession in terms of a revaluation, um that too is making the headlines recently for obvious reasons. These are things that would have been unheard of 10 years ago. This would have been unheard of precoid and the fiscal spending and the debt levels. Now we're at 38 trillion. I mean, the public debt just keeps getting crazier and crazier. These headlines wouldn't even be taken seriously. Now we're talking about gold revaluation. To your point, the Fed can revalue its gold certificates to market today or it could, to your point, have the Treasury and the Fed offer a bid to market at a higher price than spot and make a new floor in gold. I think there's a number of reasons why that's inevitable. Uh I know that the head of the bank, Bank of America said it's inevitable. The question is inevitable doesn't mean we can time it. If I were at the Treasury Department right now and gold's at 4,000, I could revalue gold today, our certificates at gold today and buy a little bit of time, get a trillion plus in gold and basically QE gold. Use that revaluation to get some money to buy some US treasuries, take a trillion off the table. But why not wait till gold's at 8,000 or 10,000? You don't have to you don't have to revalue gold at a new floor of 10,000 or even 20,000. it'll it'll get there on its own and then you can revalue your certificates. Then I think they're just going to wait until gold's at a higher valuation. There's actually, ironically, a vested interest for the US Treasury Department to see gold run, to let gold run. Because when it's at a higher valuation, that's when they're going to decide to hit the hit the button and revalue their certificates there. >> The BRICS Alliance isn't just forming a trade block. It's building a new monetary system. One that sidelines the dollar entirely. And at the heart of that system, gold and silver. We've seen the headlines about bricks currency initiatives, goldbacked trade settlement, and interbank payment networks. But here's what isn't being talked about. Silver's strategic role in the next monetary architecture. Gold may be the anchor, but silver is the accelerant. It's cheaper, more abundant, and deeply integrated into both industry and tradition across the BRICS nations. In India, silver has long been a store of wealth. In China, it's increasingly seen as a hedge against local currency devaluation. And in Russia, it's part of a broader strategy to insulate the economy from Western sanctions. What's emerging is a quiet consensus that the next global currency system won't be digital fiat. It'll be digital commodity backed not by code, but by vaults filled with real metal. And while gold offers the stability, silver provides the leverage. It's the bridge between industrial strength and monetary credibility. As bricks expands and their alternative system gains traction, silver isn't just along for the ride. It's becoming a pillar of postdoll finance. And the implications for price, we're only scratching the surface. Just before we get going, we just launched the official Silver News Daily Telegram. To kick things off, we're running a 10oz silver giveaway. Yes, real physical silver, not a voucher, not digital credits, actual bullion. This Telegram will be our new home for real-time silver discussions, market insights, collection picks, and everything precious metals. It's where the community truly comes alive. Here's how to enter the 10oz silver giveaway. Be subscribed to Silver News Daily on YouTube. Turn on the notification bell. Comment 10O giveaway on three separate videos. be an active member of the Telegram group and say hi. Once we hit 500 active Telegram members, we'll pick one lucky winner to receive 10 ounces of silver shipped directly to you. So, get in early, stay active. Nick's son of the gold standard. Gold subsequently rose by 8,000% in the in the 50 years since, but immediately the dollar sank by 90%. So that was a deliberate devaluation plays of our currency to monetize a debt crisis again, you know, twice almost in in just the last hundred years. So what we're going through right now is the jig is kind of up and the signs of that again I'm not making these things up. If you you don't have to read all the history of Sir Thomas Gresham or even Reinhardt Rogoff modern rings or the Austrian school. You can just look at the ddollarization where the DXY has been sitting. The deformed equity and credit markets the US Treasury demand the selling of US treasuries net and the buying of US excuse me of gold net since 2014. As of this recording, central banks hold more gold than they hold US treasuries. And even Judy Shelton wants to issue a goldbacked US treasure at the long end. Why? These are just open and obvious signs that the world is turning away from a debase dollar, a debaseed greenback. Still very powerful. We can talk about that. But they're saving in precious metals because it holds its value better than paper money. We can't say it enough. There's 5,000 different ways to say it. We can't say it enough. This is not a gold bug case. This is a macroeconomic shift. This is a major shift. It's not the end of the world reserve currency. Certainly not yet. It's not even the end of the dollar, but it is a massive shift and from the petro dollar to the US Treasury markets to the gold stacking of central banks to the BIS making it a tier one asset. What more evidence do you need that there is a shift here? So again, goes back to what whatever the gold price does today or tomorrow is really irrelevant in a larger scheme of the direction it's going. >> The dollar's greatest strength, its global dominance, is now its greatest liability. For decades, Washington used the dollar like a weapon, punishing adversaries with sanctions and cutting nations off from SWW if that strategy has backfired. Countries once reliant on the greenback are now racing to ddollarize, not out of ideology, but out of survival. And that rush away from fiat is creating a vacuum. One that silver is uniquely positioned to fill. Unlike central bank digital currencies, which still operate under the same flawed assumptions, silver is trustless, borderless, and immune to manipulation by decree. Its value doesn't rely on promises from governments. It's real, tangible, and it's quickly becoming the hedge of choice for nations who no longer believe the rules will be applied fairly. We're witnessing the breakdown of the Bretton Woods order, not with a bang, but with quiet, coordinated exits. Russia and China are settling trade in gold. Saudi Arabia is pricing oil in yuan. And behind the scenes, silver is being added to sovereign portfolios as a bet against the entire fiat complex. Once confidence in the dollar evaporates, the flight to alternatives won't just be a trend. It'll be a stampede. And while most investors are still watching gold, the smart money is already loading up on silver. This is the whole conversation about the DXY relative to the euro or the or the yen or certainly if you're in Argentina. I have a lot of friends in Argentina and they would certainly rather have dollars than pesos. We talk about that all the time. It's all relative. In absolute terms though, the dollar is losing purchasing power dramatically against gold and silver. And in absolute terms, all the major currencies of the world are losing value against gold. So again, it's a better store of value than paper money. I mean this isn't just a modern realization. This is the history the history of debt. I mean again from the 1700s the 1500s uh Sir Thomas Gresham always said that eventually bad money will you know be replaced by good money that people will save in the in the good money and spend in the bad money. This was in the 16 you know well the 16th century or certainly the 1750s these cycles of really poor management of debt cycles. It goes back to ancient Rome with the dinarius. It was all silverbased and before the dinarius, the ice currency was the bronze age of the Romans uh empire. They would always keep devaluing their real money with something that had less and less hard assets behind it until no one wanted it anymore and eventually was replaced altogether. That was Adolf Tier in the in the 1800s. So these are not things we're making up from 2022 to 2025 or from 2016 to 2025. These are cycles of credit, cycles of bad currencies, cycles of incredibly negligent mismanagement of of spending versus income and debt versus income and deficits versus growth. We've we've gone over the numbers at Nauseium, you and I together, but it's very very simple pillars here. You have too much debt. You debase the currency to pay for that debt. Eventually, that current currency becomes unloved. The IUs from the government in that debt become unloved. and the world in general and the citizens in that country start to realize the purchasing power of their debaseed money is no longer as good as hard assets in general and gold and silver in particular. This is a cycle we've seen throughout the centuries. It's very hard for many of us to accept that. No one wants to look at CPI scales or yield curves or other kind of dramatic Wall Street lingo or or you know kind of wanky talk. But the bottom line is we all feel the inflation. We all feel it in our purchasing power. You don't have to be an expert in markets or in precious metals to realize you're being robbed and that the currency is being devalued right before your eyes. It's melting. And you know, this isn't the first time America's devalued its currency to get up a debt crisis. We did it in 1933 when we went off the go when we confiscated gold and overnight revalued it from 20 to $35 an ounce. That was a massive revaluation, almost a 70% devaluation of the dollar. In 1971, when >> silver has always played second fiddle to gold until the system breaks, then it becomes the star. History shows us that when monetary panic sets in, silver doesn't just follow gold's lead. It erupts past it in percentage terms. In 1980, when inflation fears ran wild, gold surged. But silver exploded from under $6 to nearly $50 in just months. In 2011, the same pattern repeated with silver shooting from $9 to almost $50, while gold climbed more modestly. And now, with gold once again breaking all-time highs, silver is lagging behind, sitting in the 30s, undervalued and ignored. But that's exactly how it always starts. The gold to silver ratio, once over 90 to1, has compressed to 82 and is still trending lower. Historically, when that ratio drops during bull markets, silver outpaces gold by two to three times. And if gold really is headed toward $10,000 or more as part of a monetary reset, silver doesn't just get dragged along. It's slingshots. We're not talking about $50 silver anymore. We're talking $500, even $1,000. Because once trust in fiat collapses, the only assets that matter are the ones that can't be printed. You know, no one likes to think ahead. Investors have a very short time horizon. They look at things and of course the headlines are very short in the last week about the gold price. >> But if you step back at all the things you and I have talked about over the years and you've talked with others, I mean, >> just keep it simple. Right now, entitlements in the US for the past 150 years, it's probably the biggest Ponzi scheme in history. We have 120% debt to GDP. We have $2 trillion deficits. We're seeing bricks dilization. And we're seeing central banks stacking gold. We're seeing talk of a gold revaluation. We've got Judy Shelton talking about a gold US Treasury. In other words, there's these massive indications of a seismic monetary shift, a geopolitical shift, and a currency shift going on in the backdrop of these these these intraday moves. These intraday moves are are are peanuts compared to the larger seismic shifts in the in the macro space and the direction of the dollar and the direction of debt and of course the direction of precious metals. So why would you be thinking about, well, this market's topping out. I got to get out now at the top. Why would you want to sell a key asset with no counterparty risk when the entire world is riddled with signs of counterparty risk from the US Treasury and the US dollar to risk assets to stable coins uh to AI stocks? I mean, it's fascinating to me. But again, people think that maybe this is the end of the bull run. I again, I have my bias. This is chapter one of a very long novel. maybe chapter two for the direction of gold. And it's it's easy to get seduced by certain headlines. I mean, even during Weimar when you started to see wheelbarls of money, every now and then there'd be a headline saying, "Uh, the ver the Versail treaty's been amended. Our reparations are going to go down and people would actually start selling gold and buying more Reichkes Mark. Within the next two or three weeks, the you know, the currency was getting slashed by two 300% or doubling every two weeks. They thought that the problems are over. The problems that gold is an anti-IT solution to the problems that gold is solving or basically doing nothing but hold its value while the rest of the world devalues. Those are not going away just because it's $150 move in the gold price during this particular day up or down. These problems are are so endemic to the global macro system and the global financial system. Again, long answer, short question, Elijah, but no, these these price moves don't phase me because I hold gold for decades, not for weeks or months. I don't trade them. I save in them. The thousand plus clients that we have from 90 different countries are doing the same thing. And any gold investor right now understands this perfectly. It doesn't phase me in the slightest, Elijah. It's a short answer. >> The institutions are already moving, but they're doing it quietly. While retail investors debate whether silver will break $35, the real action is happening behind the scenes. In just the last quarter, the EyesShares Silver Trust alone saw $1.2 billion in inflows. Comx open interest is climbing and physical premiums are surging to 15 to 20% above spot. This isn't noise, it's a signal. Silver is being accumulated by those who understand what's coming and the pressure is showing in the system. Comx inventories have fallen 12% year-over-year with deliverable ounces dropping as demand for physical delivery quietly spikes. The paper market can't keep up. And when ETFs and sovereign entities start competing for the same ounces, the cracks become impossible to hide. That's how silver moves. Not gradually, but violently. When liquidity dries up and the price discovery mechanism breaks, and we're already seeing signs of that breakdown, volatility has jumped with silver swinging 8% in a single session. Institutional players are trying to frontr run the next phase while the average investor is still asleep. But when the short squeeze begins and the bids hit a wall of empty vaults, the price won't stop at resistance. It'll gap higher, fast, disorderly, and impossible to chase. The smart money knows this. That's why they're buying now, not later. >> We see the rust belt. We see what Triffin's dilemma, how it played out since the 2001 when Clinton signed the World Trade Organization, let China into that. It just meant a major major segment of US manufacturing and US production went offshore. And so that is another dilemma of being the world reserve currency. It's a paradox. And so to your question, would a cheaper dollar actually help us? Would would we be unburdened by that exorbitant privilege if we if we were off the the world reserve currency status? In many ways, yes. And Trump wants a cheaper dollar, a weaker dollar for his trade deficits, but he's fighting against these larger forces. As as Jeffrey Sachs said, you can't blame the mall if your wife takes your credit card and she spends too much on it at the mall. It's not the fault of the mall. It's the it's the fault of your spending. So, you can't blame the rest of the world that our dollar has been too strong and our work has been offshored. The problem is our own problem with our currency and of course with our spending. And so again, another long answer to a short question. Just debasing the dollar though as we are if we as we try to do won't be enough to to to compete with labor costs in the bricks and certainly in China at least for now. But I think this our currency your problem paradox is now coming to an end. It's now our currency, our problem. And the dollar is being debased at a at a massive absolute pace versus gold at a relative basis versus other currencies less so, but still occurring. But until we lose that world reserve currency status, and it's not going to be anytime soon because it's not going to be replaced, the world reserve currency is not going to be replaced by the ruble, the rupee, the yuan, or the Swiss Frank or any of those currencies. Instead of seeing a new world reserve currency, what we're going into is a multi-polar era where regional currencies will use for trade and they'll be net settled in gold. And that's really what the bricks have been playing at the long game for already preparing since 2014, accelerating since 2022. And we're going to see even more so in the next couple years, gold as a key financial tier one strategic reserve asset used for net settlement. And instead of going at the US dollar like the Majino line, we're just going the world's just going to go around the US dollar, which they're already doing at a quantifiable pace. So even if the world reserve currency stays at the US dollar, the world's slowly and surely trading around it and net settling in gold. And that's why central banks have been stacking gold at record levels since 2022. Over. >> The elephant in the room is supply and it's shrinking fast. Silver may be surging in demand, but mining output isn't keeping up. In fact, we're heading straight into a structural supply crisis. Global mine production in 2024 is expected to rise by just 1%, a negligible bump in the face of skyrocketing demand. Major producers like Fresno and Pan-American are reporting flat or even declining output. Recycling, once a reliable buffer, is down 4% due to lower scrap volumes. And here's the critical point. 75% of silver supply isn't from primary silver mines. It comes as a byproduct of base metals like lead, zinc, and copper. That means even if silver demand explodes, supply can't ramp up without a corresponding boom in other metals, which isn't happening. Worse yet, the reserve replacement ratio for top miners is below 1.0. That's code for they're not finding enough new silver to replace what they pull out of the ground. It takes 10 to 15 years to bring a new silver mine online. And by the time that happens, the deficit could already be in the billions of ounces. The Silver Institute projects a 215 million ounce shortfall this year alone. SNP Global warns that by 2030, we could see a cumulative deficit of a billion ounces. This isn't a squeeze. It's a slow motion collapse of the supply side. And when investors realize there simply isn't enough physical silver to meet future demand, the repricing will be ruthless. >> That was the exorbitant privilege. I think Justang the French minister called it the exorbitant privilege of having the world reserve currency. In a lot of ways that is a massive privilege because if you have the world reserve currency and the world has to use that currency and certainly if you have a petro dollar and the and the oil or the energy consuming world has to consume that currency or that energy in that currency. There's this massive demand that straw sucking demand that Brent Johnson talks about for your dollar. That's an exorbitant privilege. You can export your inflation to the rest of the world. You can print and spend, print and spend, but your dollar, even though you're debasing it at home, if the rest of the world needs it, it keeps that demand for that dollar. So, it keeps it from being completely destroyed or debased away. And so, that was the exorbitant privilege then. That was the our currency, your problem quote of Connley in the 70s, which you fast forward to 2025, it's now our currency, our problem. because for a number of reasons um when when our currency is backed by a US Treasury that no one wants anymore or when yields get higher you know that becomes our problem we have to pay back our own debt at a higher at a higher cost at a higher at a higher percentage and that makes that very hard for Uncle Sam to pay his own bar tabs that's one of the problems where our currency becomes our problem and the other obvious thing is when you have a world reserve currency this is Robert Triffin this is Triffin's dilemma uh he warned of this in the 1960s. If you have a world reserve currency, there is going to be greater global demand for it. And that means your your currency will always be relatively for the most part stronger than most other currencies. If your currency is stronger than most other currencies, you're going to be running trade deficits. It's going to be harder to export your widgets, your toasters, your blue jeans, your car parts, your tires, your whatever to the rest of the world when it's more expensive because the dollar is more expensive. So that creates a natural trade deficit. It's no fault of the manufacturers themselves. But what Triffin also says eventually the CEOs of these companies, the producers of these widgets in the US are going to see that we have this problem. Our dollar is too strong. Our cost of labor is too strong. We're going to offshore that labor to cheaper zip codes where labor is cheaper and our margins are better. And of course, we've certainly seen that since the World Trade Organization in 2001 when we outshored the American dream and made it in China because the American dream was made in China for decades. And so that was what Triffin warned. That's the paradox. You have a stronger currency. You're going to have a trade deficit. Manufacturers is going to be hollowed out in your own country. It's going to be pushed overseas. And look, myself, Luke Gro, and others who are from the Midwest, silver isn't just a monetary hedge. It's the backbone of the industrial world. And that's where the real squeeze is brewing. Over 60% of silver demand now comes from industry. And the growth is exponential. Solar panels alone consumed 162 million ounces in 2023 and that number is expected to soar to 240 million by 2030. Governments across the globe are rolling out aggressive net zero targets and silver is essential to every solar cell produced. It's not optional. It's irreplaceable. Meanwhile, electric vehicles are rapidly scaling with each car requiring up to 50 g of silver. EV production hit 14 million units in 2024 and is still climbing, meaning silver demand from this sector is compounding year after year. Add in AI infrastructure, servers, cooling systems, high efficiency circuits, and you're staring at a demand curve that doesn't bend. It only goes up. And let's not forget 5G. Each base station uses about 5 kg of silver. And with nearly 6 million already deployed globally, the numbers get staggering fast. What makes this even more explosive is that industrial demand doesn't care about price. It's inelastic. Solar manufacturers and EV makers don't stop production because silver is $35 or $100. They pass on the cost. That means industrial users will keep buying no matter what. And in a world of shrinking supply, that leaves less and less for investors. When industrial demand collides with monetary panic, there's only one possible outcome. A historic shortage that launches silver into the stratosphere. It, you know, based at $42 right now. So those 260 million ounces have a lot more value revalued at 10,000 or 20,000 or higher than they will at 4,000, 5,000, or 6,000. And I think they know that gold can go that high. Many say that's pie in the sky thinking. We saw Bitcoin go from 10,000 to over 100,000. That wasn't shocking because no one took it seriously. If gold went from 10,000 to 100,000, that would be scary because the world stacking gold, the central banks are stacking gold and he who has the most gold wins. It's a longer longer conversation. But I think they're going to wait until gold's at a higher valuation before they revalue gold because it's one and done. You don't want to do it at 4,000 or 5,000 if it's going to be 10 or 15,000. And eventually in our lifetimes, Elijah, I'm quite confident it will be not because gold gets shinier or because gold gets more headlines because there's more jewelry or wedding rings or or dental fillings. It's because fiat money across the sk across the spectrum is just losing value versus gold because it can't be created at nauseium like paper money can and it holds its value better. And the fact that, you know, unreported or misreported or malreported inflation is much much higher than 10% or the 3% that we're we're saying it is now, you know, that means that anything you're getting on a US IOU from the from the short end of the curve from a from a T bill all the way to a 30 US Treasury, the yields you're getting on all those IUs from Uncle Sam are completely negative returning because inflation is much higher than the actual yields on those bonds. That means you're getting a negative returning bond. As I've said many times, a negative returning bond from Uncle Sam is a defaulting bond, constructively a defaulting bond. So, we're already constructively in default. The way we get around that is we just lie about the inflation rate. It's it's it's not even it's not even close to accurate. But it is the official rate. So, that's the number we have to we can measure our risk with, but it's it's absolutely fictional. So if if you and I see that if if many of our listeners already see that of course China, Russia, the bricks, the other nations of the world see that and that's why they're turning their back on the dollar slowly not overnight but slowly and but surely and certainly since we weaponized the dollar in 2022 as I said then the jig is up now for that. That was a watershed moment as big a moment as 1971 because the world will no longer trust a weaponized neutral reserve asset. And that's why ddollarization has gone so exponential. That's why the oil trade has gone off the petro dollar so fast. Not completely, but in a significant trend. And that's why central banks now hold more gold than US treasuries. Again, something un now layer on top of everything else. The one catalyst that always sets the metals ablaze. Federal Reserve policy. In September 2024, the Fed finally blinked. After years of tightening, they cut rates by 50 basis points. With more cuts expected into year end, the Fed funds rate now sits between 4.75 and 5.0%. But the trend is clear. The pivot has begun. And here's why that matters for silver. Lower interest rates reduce the opportunity cost of holding precious metals. The dollar weakens, liquidity expands, and hard assets benefit. Every major silver bull market of the past five decades followed a Fed reversal and we've just entered the early phase of the next one. But it's not just about rates. Real yields, nominal interest minus inflation, are still positive, but only barely. If inflation ticks up while the Fed cuts further, we could see negative real rates return by early 2025. That would be a green light for silver. Add in the dollar's downward pressure as global capital flows chase higher returns elsewhere and you've got a monetary environment that's not just friendly to silver. It's rocket fuel. Investors are already positioning for this. As fiat confidence erodess and yields fall, the flight to hard assets will intensify. Gold gets the headlines, but silver is where the leverage lives. It's the volatile turbocharged trade for a world that's losing faith in its own money. And the Fed, they've just lit the fuse. Stirflow from the Engoldry Trust report. We have Alistister Mloud is another adviser. In short, I'm just surrounded by brilliant mentors who really really understand this space and all that knowledge has trickled down into my simple little mind and I couldn't have better partners, better colleagues. And for the listeners who want to just get a free education on different views on gold, the website is more than just interviews and articles. There's a whole section on not just why you should own gold, but how you can own gold. You don't have to be a client to get that education. We break down jurisdictional pros and cons holding bank, you know, holding gold outside of the banking system, why that makes sense, picking the right jurisdictions for you, what are the pros and cons of every jurisdiction, including Switzerland. Uh, so all of that's free, free education. You don't have to become a client to read it. It's a valuable education tool and uh we welcome anyone to come take. >> Just before we get going, we just launched the official Silver News Daily Telegram. To kick things off, we're running a 10oz silver giveaway. Yes, real physical silver, not a voucher, not digital credits, actual bullion. This Telegram will be our new home for realtime silver discussions, market insights, collection picks, and everything precious metals. It's where the community truly comes alive. Here's how to enter the 10oz silver giveaway. Be subscribed to Silver News Daily on YouTube. Turn on the notification bell. Comment 10O giveaway on three separate videos. Be an active member of the Telegram group and say hi. Once we hit 500 active Telegram members, we'll pick one lucky winner to receive 10 ounces of silver shipped directly to you. So get in early, stay active. Ultimately sees gold racing to the moon. So all of us, Brett Johnson, Zeberg, myself have different views on what the DXY could or could not do. Even Bren Johnson and myself still see rising gold even if the DXY spikes. Zeberg sees a big retracement. Guess what I'm trying to say is all three of us though still see gold far far higher after the next uhoh moment. If we have an oh moment in this Fed supported markets and this is my long-winded way of closing by saying if you're holding gold as a strategic reserve asset as a store of value and you buy it at 4,000 3,000 or 4500. If you're holding for the long term, if you're thinking about the legacy, if you're thinking about the purchasing power of your actual real money, if you're thinking about your kids and your grandkids in safety and whatever may come, if you're holding gold for the long run, even those who see a retracement in gold certainly do not consider this the last dance for gold and see it in the much much higher valuations. So, I wouldn't be worrying about a pullback to enter this market. Again, I'm agnostic whether you come to my office or not, but I don't want clients to not buy gold because they're waiting for a pullback. And I'll close with this. When Henrik and I were in South Africa in February of this year, he was saying the same thing. 30% chance pullback. At that time, gold was at 2900. So, a lot of listeners might have thought, well, if Henrik says 30%, I better not buy now. I better wait for the pullback. You fast forward today when gold's at 414200. Even if we had a 30% pullback today, gold would still be higher than it was in February. So if you were waiting for that pullback, you were you were chasing the wrong goalpost. I'm saying trying to time this market as a gold investor for the long term is a fool's errand. I don't know what the gold price is going to be tomorrow or or the day after tomorrow, but I'm very confident where it's going to be five, six, seven years from now. And that is much higher than the current price. And no matter what the price of gold is, it will be a certainly a stronger piece of store of value, piece of wealth measurement than fiat money, whether it's the dollar, the peso, the yuan, the Swiss Frank, the euro, the Canadian or Australian dollar. That is my strong strong conviction. That is not selling a book. And there are Jeremy Granthams in the stock market. There's the the Gunlexs in the bond market. There's even Morgan Stanley, the the great big too big to fail bank. We're all seeing the long-term direction of gold. I just want your listeners to think if you're thinking longer term, don't be trying to pick your entrance windows or your exit windows for a trade. Nobody, even the best portfolio managers, can never pick a bottom or a top. This is certainly not a top. It's certainly not the end of a bull run in gold. And I just want to make that very clear. If you're thinking about preserving your wealth longer term, the daily gold price should not be your priority or your main concern. If you're a trader, there's nothing I have to say. I'm not saying I'm against traders. I had no advice for those that are just following technical exit and entry signals. Most people do it badly. But if you're if you're seeing gold as a store of value, as a wealth preservation asset, the things that Egon Vanri has been pounding his fist on for decades, it doesn't matter. Egon bought at 300. He's never looked at the price since and it's now at 4200, 4,100. He's not doing a victory lap. He's not declining victory. Neither are we because we see gold much higher. And we don't measure our wealth in dollars or Swiss Franks or euros. We measure our wealth in grams and ounces and kilos. And that's something each of your listeners have to decide for themselves. That's the historical risk we're talking about. That's the banking risk we're talking about. That's the currency risk. Get away from all the fog, all the data, all the yield curve, all the currency, all the DXY numbers, all this noise. And just understand that fiat money is a beautiful ice cube. It's melting. If you're measuring your wealth in that ice cube, you're taking huge risks. >> Well, Matthew Pip and Bury really. But beneath the surface of everything, demand, deficits, ddollarization, there's a quiet war being waged in the paper markets. The comx is under pressure like never before. For decades, critics have accused big banks of using paper silver contracts to suppress the price. And while mainstream analysts dismiss it as conspiracy, the data tells a different story. In 2024, the managed money netl long position hit a 5-year high before collapsing in a violent correction. Comx inventories are being drawn down. Yet paper silver still dominates price discovery. That disconnect can't last forever. When physical demand rises, but the price lags, confidence in the system begins to crack, and cracks are forming. Spoofing investigations are ongoing. Unusual delivery demands are surging and the papertoysical ratio is flashing red. In February, delivery requests exceeded expectations, causing temporary tightness in the system. If these trends continue, we could see a tipping point, a moment when traders no longer trust comx pricing. That's when the manipulation narrative becomes reality. And once silver is repriced based on physical scarcity, not leverage speculation, the move will be violent. Just like we saw in the nickel market blow up of 2022, the unwind of an overleveraged paper trade can happen overnight. And with silver, where the market is far smaller and more fragile, the outcome could be even more explosive. When trust breaks in the pricing mechanism itself, silver won't just rise, it will repric in a way that stuns the entire financial world. Save favor of the US Treasury and the US dollar. DXY will spike and there'll be a 30% retracement in gold, which mean a much higher retracement in silver. That's the case against what I'm saying. It is a valid case. You cannot ignore the case. My my counter to that case is first of all running up into 2025 is very different than the run up into 2008 and the world is very much showing us their hand so to speak and that is the world is already preparing for some type of mean reversion in the market some type of credit crisis some type of uhoh moment in the S&P may or may not happen but if it did the life wrap the world is already showing itself to go to is clearly precious precious metals and not the US dollar, the US Treasury. Again, if you look at treasury auctions, if you look at the net dumping of US treasuries and the stacking of gold, if you look at what the BIS is doing, what the IMF is doing, if you look at what central banks are doing, if you look at the fact that, you know, central banks now as of this again recording own more gold and hold more gold than US treasuries, that if Zeberg, for example, and many like him say if the market crashes that the world's going to go to US treasuries and and the US dollar is a safe haven. I would argue that that is not going to be the case because it's already not the case. The world's already turning its back on the US 10 year, the US 30-year, the US Treasury, and stacking gold. So, if there is a mean reversion uh-oh moment, as Zeberg predicts, and he could be right um in 2026, 2027, or tomorrow afternoon, that the world's not going to react the way it did in 2008 because they're going to go to gold more than US treasuries. And so you won't see a spike in the DXY and you won't see a 30% retracement in in in in physical gold. Now again, that's just my view. He's arguing that history repeats itself or history rhymes and that the next market crisis will be very similar to the case study that was the great financial crisis. Again, I'm saying that's not necessarily the case. The world's already moving away from the safe haven of the 10-year and the dollar to physical gold. But, you know, even if there were a spike in the DXY, even if there were a safe haven run, as Zeberg says, in the next market uhoh moment, I actually agree more with Brent Johnson, who also sees a stronger DXY if there's a crash in the markets. But as Brett Johnson said, you can still have a strong dollar, a rising DXY, and a rising gold price. So net net, I guess I'm arguing that if we have another uh oh moment, which is a whole other discussion about market risk that we won't necessarily um see gold retrace by 30% and silver by even more. That's my view. Again, it's my bias, my conviction, perhaps me selling my book, but I think the evidence suggests that we could count on a far more uh rising gold price rather than falling gold price in the next crisis. Now, of course, whenever there's a market crisis, there is a sell-off as we saw in 2008 in precious metals, usually because investors have to sell on margin or they've lost money on margin. They need a good asset to cover their margin costs and they will sell some gold. But even if we had a 2008 moment where gold retraced, it would still spike back up again as it did post great financial crisis. So, even Zebird who sees a potential large pullback in gold if the markets crash. So, how does silver get to $1,000? It starts with gold. Experts like Judy Shelton and Egan von Greers are openly calling for a gold revaluation to $10,000 or even $20,000 per ounce as a way to wipe out unpayable debt and reset the global monetary system. And if that happens, silver doesn't just benefit, it explodes. Historically, the gold to silver ratio has averaged between 15:1 and 20:1 during times of monetary upheaval. If gold hits $10,000 and that ratio compresses to 20 to1, silver hits $500. At $20,000 gold, that's $1,000 silver. These aren't fantasy numbers. They're mathematical consequences of a revaluation that's already being whispered about at the highest levels of global finance. This isn't just a price call. It's a recognition that the system cannot survive without radical change. Fiat currencies are collapsing under the weight of their own debt. A reset is inevitable, and revaluing precious metals is the only politically viable way to do it without triggering hyperinflation. Silver's small market makes it the perfect candidate for asymmetric repricing. It won't take trillions of dollars to move it, just a shift in perception, a spark of panic, or a sovereign bid that drains the ComX dry. And once the revaluation begins, there will be no going back. Silver at $1,000 won't feel outrageous. It'll feel overdue. >> Believe that the world in 2025 is very, very different than the world in 2011 for all the reasons we just went over. Again, from the bricks to the darization to the tier one status even banks like Morgan Stanley recommending 20% gold allocations uh to the obvious movement by central banks to prefer gold over US treasuries, Judy Shelton, etc. the world in 2025 and that tipping point, that pendulum swing to real money versus fake currency or paper money is very very on the minds and very conscious of the central banks and the policy makers of the world much more so today post 2022 than it was in 2011. So comparing gold and silver's moves in 2025 is very different than in 2011. So all the reasons I see you know gold in a bull market silver will outperform gold in percentage moves both to the upside and the downside depending on the volatility but in the long run silver will be significantly higher in the future than it is today if you're holding it for the long term but it's important that's my view that's my conviction to those who would say Penberg is possibly selling his book his dollar case is intelligent but it could it could it might ne not necessarily be correct you know these are important things I want to make it very clear that there are cases where the dollar could have a last dance as Henrik Zeberg said or as in certainly the Brent Johnson the milkshake theory thinks the DXY could go to 130. Could that mean a weaker uh gold and silver price? Could Matt Pipenberg's thesis about the macro environment in 2025 being so different now um that maybe gold and silver are at some risk and his secular arguments are are too optimistic? You got to at least look at that, right? I mean, again, I have said that devaluation is nothing new. I have said that the debt levels today are very different than 2011 or even 2008. And that the world is proving itself with its central bank stacking and with its preference for US dollar or US treasuries. It's proving that this time is a very new cycle, not different, it's just a new part of a cycle that it won't be behaving like prior pullbacks. And the the the strong dollar case uh by Henrik Zeberg in particular is that you know look Matt you can say all these things you want about debt and how ugly the dollar is. Bren Johnson agree how ugly the dollar is, but the DXY is going up because in times of real stress, that's still the safe haven. And and they and they would argue that 58% of global FX reserves are in US dollars, that 80% of global trade finance is in US dollars, that 13 trillion plus in global debt is still denominated in US dollars. There's massive Euro dollar demand. There's massive demand the derivatives markets because they all be backed by US treasuries. And there's 90 trillion FX swaps, Matt. So look, when when when the you know what hits the fan if markets mean revert, that means you know the the world's going to still run to the best horse in the glue factory, the US dollar, and the DXY is going to spike. And what Zeberg is saying is when that happens, there's going to be a run to the Everything we've just walked through points to one inevitable conclusion. Silver isn't just preparing for a breakout. It's preparing for a transformation. We're witnessing the collapse of fiat confidence, the rise of commoditybacked alternatives, and the awakening of both institutional and sovereign buyers to silver's irreplaceable role in the next financial era. From central banks abandoning treasuries to bricks nations forging a post-dollar monetary order to industrial demand soaring with no supply relief in sight, it's all converging. and silver, long manipulated, long suppressed, is about to be unleashed. This isn't just another commodity trade. It's the remmonetization of real assets. A historic revaluation. And if gold leads the way to a new standard, silver will rewrite the rules. So, stack wisely, stay alert, and prepare for volatility because the silver reset is no longer a question of if, but when. Make sure to subscribe for the latest updates as this unfolds in real time. And remember, none of this is financial advice. Speak to a licensed professional before making any investment decisions.