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 hi everyone uh we're trying out a new video format this week and we're going to have a discussion jeff clark is going to lead the discussion and i'm here with chris martinson and chris martinson has some very good insights he's got some very good analysis uh jeff is the senior precious metals analyst for goldsilver.com and chris martinson has peakprosperity.com so how are you doing chris oh thanks mike and and jeff good to be here with everybody i'm doing really well today pretty excited for

this conversation because hey i've been talking about precious metals for over a decade just like you and um interesting things are happening right now definitely so uh with that jeff how are you doing and then do you want to take the conversation from here ask us some questions uh thanks mike and chris it's great to be with both of you this should be a treat this will be fun um i'm doing well and it's an exciting time to be in the gold silver markets is it not so several fun topics that we're going to

jump into and i'm gonna review some articles basically and then ask you guys to comment on them and kind of get your input and of course the first big news in the industry is what silver is doing gold has been rising dramatically but silver has finally started the shoot up and it's been quite exciting in fact let me just read a couple stats to you real quick uh since it's march 19th low silver is now up 85 percent might be up 86 percent since we started this video i don't know but it's really been on a run year to

date um uh silver is up 26 and gold is up 23 so as of today silver has now passed gold on a year-to-date return basis um so the first article i wanted to bring to your attention was this one that's talking about silver it's now at its this is on yahoo finance and it's uh talking about silver futures climbing to its highest level in almost seven years uh uh and gold is responding as well to the uh stimulus measures that are going on in europe and the continued talk of more stimulus potentially

here in the united states so they're both surging and uh so what do you guys make of what's happening now in both gold and silver but especially in silver mike one of your favorite topics so take it away what do you think yeah you know uh i became a silver investor back in 2003 i discovered gold in 2002 when the spot price was uh if my first purchase the spot price was at 315 and i've been buying both metals ever since but when i discovered silver and how undervalued it was compared to gold i've really been a big

silver buyer and what's really interesting you know i normally don't look at my holdings and the value of them and so on but i'll tell you the past two days uh i've got a spreadsheet where i just type in the uh spot price of silver and what a 100 ounce bar is being purchased for and what uh silver eagles are being purchased for and and gold bars and so on i just put those prices in and i mean this i've been waiting for this for years and getting prepared for it and i really think that uh now the world

is in a very precarious position i think you will both agree with that uh but uh i i think that uh the big payoff is going to be in the safe haven asset so it's going to be the the place that's the safest and the place with the best return that's if you get the physical uh so yeah i've been i remember distinctly my first purchase of silver my former wife and i had just sold our house and we had uh what felt to me like pretty hefty gains in it and i decided to roll it all into gold and silver

so i hadn't really calculated that all out accurately for some reason so i was just doing dollar weightings and i was unprepared for the fact that when my silver showed up it showed up in an extra heavy duty truck with two axles i i was i was expecting a ups guy um and it's it's i remember that purchase distinctly it was four dollars and 53 cents an ounce and i was buying 100 ounce bars and i uh i blew out the shocks in my my next car when i moved um so i found out that that it was a great

time to buy silver i remember the days mike you probably remember him as well jeff too i was tracking like if it moved a penny or two or a nickel that was like a big day um yeah and here we are finally but i got to tell you we're closing in on 20 years since i purchased that that was 2001. so it's been a long road but but you know i bought those with the intention the silver in particular with the idea that it was a very long-term purchase and that it was going to have its day in the sun unfortunately

for some of the oldest reasons in the book which are not good which is uh that the central banks were gonna do what they do and they were gonna print and uh so it's exciting to see silver moving and it's also kind of worrying um based on that i attached that to the idea that the central banks have really gone way over the tips of our skis and they're engaged in something that feels kind of like an end game to me at this point yes it does i am very worried about the global monetary system i think that

you know there's always a bell curve of probabilities but that bell curve that you know is normally shaped like this is sort of skewed over toward one side and the tail risks of a complete uh freeze of the world monetary system is actually quite high uh and it worries me but you know you can only play the hand that you're dealt and we're doing the best that we can and i know that my personal wealth is going to increase quite a bit but i you know just like you i really fear for the uh way the world is going to look after

this and so i'm making my preparations i know that you just bought a farm i'm in the process of buying a ranch up in the mountains here and going all solar and having my own water sources and so on but getting ready for it you know you get ready if you get ready for the worst but hope for the best you got the best of both worlds there you know being resilient that's that's your uh big uh theme is building resilience right chris yeah absolutely um and i believe that that should be

across multiple dimensions uh a cornerstone of my resilience financially is gold and silver but it extends to other hard assets that includes uh living on a piece of property that's that's got trees and water and soil and other good things like that um and i really believe that we're entering again that period of of hard assets i i'm a big i'm not a i'm a terrible day trader um i'm a much better swing long-term position trader and what got me excited recently from my contrarian swing trading

standpoint is this idea that compared to financial assets commodities have been at we're at an all-time generation like never is low on a ratio basis in my lifetime and i know mike that's what what you've been talking about for a long time is is that it it's not the price itself you got to look at it's the relative position compared to other things and on a relative basis right now um you know if you just said i like to buy low and i prefer to sell high commodities are a great place to be as a reflection

of that that hard asset idea and there's nothing easier i think for anybody to get involved in the gold or silver to get back to jeff's original thing i've loved silver for a long time partly because i was i was a little boy and i would pull out the silver quarters and dimes and half dollars from from the change i still remember being able to do that i always wanted to find a buried treasure you know i wanted to hear the shovel hit a wooden surface and you know find gold and silver that was

part of my boyhood uh but i i'm a big believer in silver now from an industrial standpoint that's depleting it's getting harder to find there's more people there's more money there's less silver in the world on a relative basis so to me it's just that that's a no-brainer rip van winkle purchase somebody says chris 20 years from now you know you wake up and you've bought one thing what is it silver is actually at the top of my list very good so i think that we all could

agree that gold and silver prices are not only going higher but they're going to be very critical to make sure that we own a physical form going forward for the foreseeable future anyway so so thank you so on to the next topic so i'd like to talk about tina tina is the acronym for there is no alternative i don't know if this is a mainstream moniker that's been around for a while or not this one article that i'd like to highlight to you talk it's from market watch it's basically

saying there is no alternative uh now for investors so i want to talk from strictly an investment standpoint this article was talking about because of the poultry yields that fixed in income securities bonds treasuries whatever off is so low right now that it doesn't really offer much of a return that makes gold more attractive meanwhile you have people like warren buffett and here's an article on cnbc about mark cuban saying the uh current market in stocks looks like a frenzy like it was during the

dot-com bubble when he made all his money back in 1999-2000 he's comparing that today to that time frame then and then on top of that you have an article here in yahoo finance saying that global real estate investment has fallen by 33 percent internationally globally in basically one year so we have stocks peaking and vulnerable and frothy we have bonds paying nothing we have real estate basically collapsing and that includes commercial real estate by the way there is tina is really a very real

thing there is no alternative do you guys think that this is going to draw investors more and more into the gold and silver markets absolutely i think that that is the alternative the the the saying that there is no other alternative is wrong and what's happening really is and chris you can corroborate this i think is that they're just front running the fed they see all of this currency creation when the fed creates currency it puts it in circulation by buying an asset and they buy those assets which

are bonds and mortgage-backed securities and stuff from brokerage houses and so the brokerage houses are then flush with cash and the markets go so they're front running the fed basically they know the fed's creating currency and they're betting on that knowing that the global economy is just falling apart under our feet uh what do you think chris there's always an alternative always and uh so people say well there's not enough gold well that's always it current prices of course and and uh

when in my view when you have even a modest amount of say the norway sovereign wealth fund or family offices or uh you know the the any of these big pensions whenever there's a tiny movement from any of those into actual hard assets like gold and silver then we'll see some really extraordinary price explosions and by the way right now we price gold by the ounce but maybe in the future it'll be common to price it by the gram or the tenth of a gram and that'll be followed by the spec

the fleck and the moat right you know or whatever that's the thing about gold it's it's always divisible um and you know people say well there's not enough and i say well at current prices but what if it's ten thousand announced what if it's a hundred thousand an ounce and it feels unreal to people because they're still in the dollar dollar-centered view where they think of everything in terms of dollars and they have their reference framed around dollars or currencies right

whether it's yen euro or any of that stuff and we're going to be flipping that view as my view over the long haul and we'll be thinking about things in in terms of hard assets and their relationship to each other and people will understand finally what you've been talking about mike forever which is that it's the currencies that are floating up and down in in value they don't actually have a fixed value and that's why they're not good as as a form of money um the unit of

account thing is is kind of not good and the store of a store of uh value's not good um so especially that last one so that's what i think i think we're just in in a you know reshuffling of how people think and i really want people to rethink that whole word of investment which has been co-opted by wall street and what wall street wants you to believe is that investment means you send your money to them and then they pill for it you know um when in fact an investment is something where you

can tangibly understand what the value is there's not a single ounce of gold or silver that got there in your hot little hands that didn't require an enormous amount of effort in energy and work in planning in diligence you know to to get it there whereas uh you know the last billion the fed created took nothing a couple of you know monkey on a keyboard could make that in half a second it's it's not real so i think that's what we're up to mike is this idea of uh that shift of fantasy towards back

towards reality yeah you know um getting back to people saying that there's not enough gold anybody that says that does not understand economics and sometimes economists when they're arguing for this fiat currency system you know i've i've been pounding away for many many years that the dollar is not money and neither are any of the other national currencies that's the reason we've got the foreign currency exchange not the foreign money exchange uh and in the federal reserve act uh it

says you know when they originally came out with federal reserve notes they had to be backed by 40 percent lawful money and that being uh either treasury notes that were redeemable in gold or the gold itself uh so um uh the i see this you know i've been warning about uh the end of the current monetary system coming closer and closer back in 2009 i started developing a presentation on the death of the global dollar standard and i just see it coming at us like a freight train i don't know

what date it's going to uh smash into us but uh this is something you know we've enjoyed this extraordinary privilege of being able to basically tax the entire rest of the world because a majority of the dollars that exist exist outside the united states so when we create more of them it devalue the inflation doesn't respect any borders and it actually transfers wealth from the rest of the world toward us and we've been able to live uh this extraordinary life's lifestyle of being able to run

these big trade deficits and uh buy real stuff and then pay for it with fun tickets that we just print so yeah for everybody out there listening uh you know start calling the us dollar the yen the euro the british pound these are currencies not money gold and silver are the only thing that has been proven to store value over the centuries so anyway what's the next topic jeff what do you got are you guys comments on this good the next topic is we'll switch gears a little bit here and that is the

nomination of judy shelton this has made a lot of news recently especially in the gold community because as a lot of people know she's a goat advocate a gold standard advocate she was approved this article here on marketplace says the senate banking committee just voted to approve donald trump's nomination of judy shelton she barely won all the democrats voted against her but she was approved so what do you guys think this means for uh the uh uh you know the governing board for the federal reserve going forward

is a gold standard really likely because she's on the board now well i we could we could hope i mean she she really hasn't backed off that position uh not surprised that there are people in dc who would vote against her because here's the essence of a gold standard marketing aside i know everybody's heard terrible things about it without actually any of that really being qualified a gold standard is terrible for washington dc because to have one means that you can only spend money

that you have and that's like a really terrible terrifying concept for uh everybody in washington dc all of their mmt advocates and all of that other stuff so judy actually is uh very very upfront about this she understands the process she understands economics she says that what a gold standard does for you is it provides that sort of restraint that you need because otherwise politics just never seems to understand restraint and so she's a believer in this idea that a little external restraint

actually is a good thing and i believe it is maybe not for the people currently in power maybe not for the people alive for the next 10 minutes but it's the best thing for the long-term health of the country if you care about children grandchildren people as yet unborn a gold standard actually can make a lot of sense and if people want to have that debate i'm all for it because judy's up uh in in the public uh whether i think she's going to get confirmed but whether she is or not i think we

need to have that conversation is it legitimate for one generation to steal from the next and uh jefferson had great quotes about that this is an age-old sort of a a discussion to have and we haven't had it in my adult lifetime mike what do you think because you've said before you don't like gold standards so why don't you clarify that and tell us what you think about judy shelton yeah i'm on the record as saying gold standards suck but gold is great and a gold standard is just a way of

cheating gold uh and but the extraordinary thing here is that the world is at a precarious point where we could see the disintegration of the monetary system and a loss of faith in fiat national currencies and so going back to gold there's a you know there's a certain amount of gold and it's uh there's all of these 100 000 gold notes that are on the fed's balance sheet and so if you it depends on what the reserve ratio would be that's what i don't like about uh gold standards is they're not going

to make it fully backed we're not going to be if they try to do a gold backed currency but it would give faith in the currency again if there's a loss of faith you go back to gold and it gives a soundness and a solidity and there would still be a us dollar and the financial system would still work uh but you take the amount of gold that's on the fed's uh books and the uh quantity of currency that they've printed and you're talking about prices somewhere between like six thousand and

forty thousand dollars an ounce depending on how many of those dollars that they're going to cover and they haven't stopped printing yet they're going to continue printing the the pandemic is just uh caused the currency supplies all over the planet to just explode but uh you know we uh congress had approved a three trillion dollar package and the white house wants it to be one trillion but the deficit spending is not over yet and they're they've just got to do massive currency creation to cover this what do

you think chris oh they're they're going to print and print and print more and and the reason is is that there's uh you remember you know you and i a long time ago mike we went and visited this guy richard russell who has had at that time one of the longest-running financial newsletters just just this maven of of knowledge and his uh his key phrase always was inflate or die right and so i think that's where the fed believes they are they're stuck in this inflate or die sort of mode and the die side of the

story for them is deflation so we have this world that's founded on debt it's all about more debt having more debt all the time you know right now what what are the bailouts for little people it's sba loans loans loans loans you know student loans carlos that's how the system's geared and if loans continue to grow the system can sort of continue on it's got a mathematical date with a with with a canyon at some point but they like to limp that along as long as possible and if that doesn't happen

though if you get in a deflationary spiral it's awful because i can't pay my car loan my bank can't do something else then it's dominoes and the whole thing sort of collapses so that's what richard russell meant by inflate or die either they continually expand the credit in the system or the the system crumbles and and i think it's just a terrible system again i think we should have that conversation as a people like hey should we be in service to our system of currency or

should it be the other way around it's just a tool that we would use but now we seem stuck with this idea that either the federal reserve is responsible for keeping everything inflating at all moments or the whole thing collapses is a terrible place to be i don't know what i can do about that to prevent that from happening except i can make sure that my wealth is stored outside of that system and that's everything we're talking about here today well speaking of inflate chris while

we've been talking here the gold and silver price has spiked again silver is now up a dollar 30 on the day it's up over six percent so silver is really on the move and i know we've already talked about it but boy it's really spiking here and i don't know where this run is going to end if we're going straight to 30 or 50 or mike your scenario of going all the way back up to 50 and 100 dollars so uh it's very interesting to watch um and that same article i referenced before by

the way also talked about silver supply it actually referenced concerns about silver supply and this is something that i've written a lot about and i've researched a lot about and i think if that becomes a headline in and of itself concerns about silver supply and you see that in the mainstream media that's really going to be another catalyst in and of itself for the silver price it's going to get very exciting here as we go along so thanks for input and honor uh oh did you want to say something

there mike yeah and uh i can't remember when i did it but uh toward the beginning of the pandemic i uh did a video where i was talking about uh you know they can't send all of these guys down into a hole in the ground in close proximity to each other if they're testing positive for covet 19 and so what i was saying is just when everybody wants gold and silver a lot of these mines have to suspend operations and that just happened recently uh pan-american i believe it was just closed they suspended operations in two mines

in peru because some of their workers tested positive so the silver supply is going away and right now with prices on the move i mean over the past like three days i mean it's just last week that silver went over 19 and here we are at like 22.70 right something like that yes yes as we're talking here yeah it's uh well the bid price for spot silver is 22 62 just as we talked so when it broke through 19 it's shot up here pretty fast so yeah and uh uh you know if chris if you put uh

a whole bun you know you sold your house and put that into silver uh you're probably watching the same thing happen yourself where uh your wealth is changing by the minute i think we're just at the beginning of this whole thing and uh it's just getting started of course you know it's volatile things go up things go down but let me just let me just publicly engage in my little shodden freud for all the silver shorts out there all you big managed money sophisticated players who decided shorting silver was the fun way

to go uh for all those times you did your barrage at 1 30 in the morning on the thin little markets i'm really i'm really hoping you're feeling this very good chris i'm sure they are right now uh because the spike has been tremendous so i mean you have uh earlier we're talking about real estate potentially rolling over silver price going up and historically at the peak of the market in 1980 it only took three mint boxes of silver to buy the average priced home in the us we're nowhere near that now but if these

trends continue uh that is what i think is in our future so moving along real quick let's switch to the us dollar there's a good article here market watch about how the us dollar is taking a beating on wall street now mike you've had brent johnson of santiago capital good friend of ours talking about his famous milkshake theory and that uh the dollar is likely to actually rise over the next year or two more than fall but it's been falling and with gold and other you know assets priced uh in dollars

that's helping their prices as well so what do you think about that is this the beginning of a downtrend for the us dollar is this a blip or how do you guys view where the us dollar is headed in the short term and in the long term well i think uh you know the dollar right now is down on some support we've just seen the metals uh do some spectacular performance especially silver uh and i was hoping for a pullback i've got a sizable position i'm okay with uh gold and silver not pulling

back but i actually uh received some cash recently and i would really like to be able to put that into silver i just uh i would love to see a pullback but with the dollar on the support it's it's pretty much uh at the march lows uh right now um and i do think that uh brent johnson has something there the dollar milkshake theory there's so much uh debt in the world that has to be repaid uh with the u.s dollar and uh there there should be a demand for them but the thing is uh even if the dollar is going up it's

going up against the other currencies and if all currencies are falling and the dollar is uh falling a little bit slower than the other currencies that means gold can be rising even though the dollar is rising against other currencies because all currencies are basically falling against gold and silver and that's what's been happening the past couple of days here so what's your opinion chris well i agree with all that i don't spend a lot of time looking at currencies relative to each other so when you say

the dollar's falling that's only really against other currencies is how that's measured uh i love the analogy that all currencies are just skydivers and for temporarily it looks like uh without their parachutes open then the skydivers the u.s dollar is falling a little faster than the other ones right now and that's how we measure it but i do think there might be something to this shift in the dollar now and to part of part of the story is the united states has been a massive exporting nation for decades and

we've been exporting dollars they're all over the world trillions of them and they're hanging out in uh mattresses in peru they're hanging out in central bank vaults in switzerland they're everywhere right um so the thing that i i think is happening and i'm going to bring it back to covet for a second the united states seems to be the only major industrialized country that can't figure out how to manage covet it looks bad optically from outside the country people like what are you guys up to

are you really the world's number one leader in what uh so i think i think the united states has taken a ding um sort of politically economically all sorts of ways and that may be weighing on uh the dollar at this point in time which means we could get to the more exciting part of this story which is um when one of those skydivers gets really far apart from the others that's when the rest of them pull the rip cords and and you know we see what happens at that point uh so now i'm actually there was a couple

years i wasn't tracking it that closely but now i am and what do i track i track the rate of uh 10-year interest rate i'm looking for spikes in that coupled with a falling dollar will tell me that somebody big is out there busy undoing those uh carry trades selling selling their treasuries taking the dollar selling those too that's why you would see the rising interest rate and the falling dollar at the same time i you know that may that's i've got that on the corner of my screen i i'm now i'm

checking it at least once a week okay very good okay here's yet another topic i think we should be discussing and that is the geopolitical uh concerns and conflicts that just seem to be continue to escalate i mean a month ago we had an escalation in geopolitical conflict with china and yet here it's escalated even more this particular article from cnbc says the state department orders china to close its consulate in houston and this was breaking news just this morning i believe and china is vowing retaliation

so this geopolitical conflict with china just does not seem to be letting up what do you guys make of this where do you think this is head and what could it mean for gold mike uh well you know it seems like it's the end of the world sometimes i mean you wake up and you look at the news you go oh my god but this is you know we've been getting closer and closer to a collapse in world trade which is really i mean they've been playing this dangerous game and uh uh what i'm going to do is i'm going to

i'm buying the things that i think may not be available but i do think that there's going to be supply chain interruptions and uh you know the global trade i'm very very concerned about this and if this uh erupts into a trade war with china and there is the outside possibility of real war uh chris uh you've read the fourth turning so give us your perspective on what's going on with uh the with china and trump and uh global trade and everything else yeah that's it's a tale of two worlds first

uh jeff there's we all read the articles and the closing of a consulate is actually a really big deal but remember obama did that to the russians they shut down the san francisco consulate there was another uh property in maryland that we seized from them um that seems to be sort of a tit for tat thing that that you know you read about it happens but what's actually happening behind the scenes that's the other part of the story we don't know any of that stuff i can tell you that it's been

um you know both of my eyebrows are now lifted off of my eyes when i'm when i'm reading about how china is busy telling the united states navy to get out of the south china sea uh we're busy sailing all over that we've got two aircraft carrier groups there right now australia just joined and sent some ships so we've got the west making a show of dominance against china there and as well there's there's a lot of lingering um mystery and intrigue around where did this coronavirus actually come from

you know who's actually responsible it it there's there's a lot going on in china i think has is feeling a little beleaguered right now and so the chance of that erupting into something where china decides to pick you know there's lots of ways you can wage war the fourth turning talks about these four different ethical turnings that happen across generations roughly 20 years a generation so 80 years we're in that fourth turning as it's called that's the crisis turning and very often through history

that fourth turning has had war as a part of it and you know war is the failure of diplomacy so we're seeing diplomacy break down we're seeing a lot of bad blood between the united states and china's being waged the war is already on it's not a kinetic war we're not shooting bullets right now but you could see it with the pulling of the huawei contracts for their 5g technology all over the world particularly in the uk but also europe in the united states we're seeing it in um uh you know how

who's you know china's not buying things that they said they were going to buy even though they need the food grains from our farmers on and on and on so we're seeing sort of the trade war we're seeing an escalation of it in other ways and and i've been a believer for a long time that way before you get to a hot war you've got all these other things that would pop up first but this is the kind of signpost to your point mike that it's just awful to wake up every day and it's like

2020 is just shaping up to be like the worst year ever you know hopefully not the worst decade ever but um it's it's just coming down to like it's happening so quickly it is getting really hard to stay on top of it and that just really leads me back to your earlier comment mic which is if you really think you need something buy two of them uh you know it's kind of how i'm interpreting it right now because i can't feel confident anymore that the systems the trade routes the

uh supply chains even the financial system itself is gonna remain viable and you know that's i'm not saying it's likely that that any of those things are going to break down but the chance is non-zero and because it's non-zero and because the consequence of that would be so catastrophic this is insurance buying time right so buying insurance is like having two tractors instead of one it's having two of everything um if you can so so that's what i've been advising on the

resilient side is for everybody to become their own their own like logistics supply chain listen if you're going to wear the the pants anyway over the course of the next year or two why not buy them now if you can um under the theory that uh no harm no foul you're going to use them anyway if you have you could store them then do that i hadn't thought about buying two tractors i'm i guess i'm going to have to do that you know i've never heard uh that war is a failure of diplomacy

that is a great saying so not mine but uh it's uh yeah really was really struck run true when i heard it yeah well let's hope that's not what happens um i i think we're positioned financially correctly if it does but uh i don't think that's what we all want of course so chris could you give us as we wrap this video up could you give us just a quick update on cover where you see things right now and uh i was asked by a neighbor the other day am i still going to be wearing

a mask a year from now so uh could you give us just a brief update where you see things right now with the epidemic or pandemic excuse me yeah so it's it's very confusing of course so on the one hand we can see that country after country after country with all sorts of different responses have had the same sort of a curve where they have a real uptick in cases and then and then the cases seem to go away and that's true in sweden but it's also true in pakistan it's true in france it's

true in italy it's true in germany it's true also all over the place so i think that's the native state we're going to learn someday that that we get immunity by other means we've been investigating this on my youtube channel there's the the b cell immunity where you get antibodies but there's also these t cell immunity and anyway it's complex we're learning more and more my view is it's going to go away uh get get back to manageable levels on its own at some

point that that's the hope the problem with it is it's a coronavirus and our bodies don't make lasting protection against coronaviruses based on the common cold there's four different common cold coronaviruses we get each of them about every year um so if this is like that you know we have to begin managing it as if we could get this over and over again and for the people who've gotten it they've either described it even if they're a mild case is either like the worst flu they've

ever had in their life or something three times as bad as that right so it's clearly something we don't we wish wasn't part of our landscape it's part of the landscape i'm only going to give you about a 50 50 chance that we're going to have a vaccine in the next year i know there's a lot of excitement you've got the moderna vaccine you've got the pfizer abbott vaccine you've got all these other ones in the oxford one but we're really rushing them and vaccines are actually very very

complicated and uh they have interactions and things you have to you know there's a reason we do a lot of testing usually a decade before these things come out so i think that um we're going to see some vaccines come out my prediction is we're going to see that you know oops they weren't quite what we thought they were or something like that so my guess is that it's going to be about a year before we really have our hands around this and even if even if jeff we had a vaccine

that came out today and it was really good behaviors have changed enough that i don't think we're going to see people going back to the same packed experiences on planes on cruise lines in vegas that we saw before eighty percent of the people might decide to go back and do that but i think we've lost the same edge of capacity of of people wanting to go and uh and be that way that's a behavior change those are very hard to undo and um i'm gonna my prediction is yes we're still gonna be dealing with this

in a year well you're not telling me what i wanna hear but i understand that some of these changes many of them are going to be permanent so uh mike want to if you want to comment on that go ahead but i'm going to hand it back to you to go ahead and wrap up this video for us thanks guys for joining us well uh i do want to say one thing before we leave and uh that's that uh what scares me more than uh the pandemic is the closing of the world economy uh the there's this is the the we were already in these massive

bubbles and if you measure things like the size the value of the stock market compared to the size of the economy it was way way way overvalued to begin with and now you add the potential collapse of the monetary system and stuff uh to all of these massive bubbles and then closing down the world economy and the gdp shrinking they uh they were going to in puerto rico here the cases have surged recently since they opened the economy back up and allowed stores to open the cases surged and then uh they they've closed the beaches again

again uh if you're laying out on the beach you get a ticket you can you can go there to exercise uh but uh puerto ricans have done a fairly good job i mean you can't go into a grocery store or any business without wearing a mask and they've got somebody to uh spraying you know disinfecting the shopping cart handles and your you can't go in without getting your hands uh sanitized and so on uh so everybody is wearing a mask they are social distancing but keeping the economies closed there's going to be a chain

reaction here and it's taking time to play out and this worries me actually a lot more than the deaths from the coronavirus because um lifespan uh is directly coral correlated to the prosperity of an economy of a society the uh freest countries are also the most prosperous countries the countries that try to keep their government small compared to the size of their economy those people live 20 years longer than the most controlled economies and the poorest economies so if our incomes fall and we uh have uh a

if our incomes fall and we have less access to good healthy food and quality health care because we can't afford it then we die soon so the number of people that if you add up the number of years times the population that that we could potentially live less the number of years we're cheated out of uh times the population it's far far more people than uh the pandemic is ever going to cause so the government damage could be a lot worse uh you know that's your topic chris what what have you got to say on that

real quick well i i've been talking about needing to have a balance across uh the covid response and the economic shutdown and all of that but it didn't have to be this way there are countries that have managed the to not shut things down and to get their arms around covid we're doing neither in the united states we're both we're both having the worst of the experience of covet and we've got to shut down economy it's just mishandled uh spectacularly um so so yeah i agree that that

this could have and should have been handled better and because we've handled it so badly we're gonna suffer some pretty serious economic declines but i gotta be honest mike that was coming anyway you know we it was because we had too much debt it's because you know we were mishandling the the macro economies because we didn't have these structural reforms in places because we allowed the parasitic if i can use that word the parasitic financial system to just get too big and there's

only so big something like that can get i think this was all destined for you know my view i think this was all destined to to to fall apart anyway but kovid put that on steroids uh and really exposed it so um you put all that in a blender and i really think this is a time for people to be resilient i think it's time for people to understand sorry jeff that certain things aren't coming back the way they were and uh this is a moment where you've got to say where is the puck gonna be how do i get there um because you know

if you're if you're back where the puck was i'm sorry but this may not work out for you you know some jobs just aren't coming back and these are people i care about these are friends of mine these are airline pilots these are people who owned a lot of commercial real estate i mean these are people taking some serious hits and you know it's a and lots of people taking serious hits and i get that and um but it's important to understand that some of those things may not be coming back

and so the sooner we can get to that realization as individuals the sooner we can adjust and i know that's hard to do um but uh that's where i think what we're at and i think kova just exposed that i think it just took stuff that was gonna happen anyway and made it happen sooner yeah it did expose that but the one thing that uh you know these bubbles were going to pop just like you said uh it was there's like a collapse that we're destined we were destined to have and this has sped it up but it has also

given the politics to the people that are at fault the people the federal reserve the world's central banks all of these uh politicians that do all of the reckless deficit spending they now get to point a finger at covid and say it's coven's fault it wasn't our fault we were doing everything properly and uh you know that's i guess we just have to uh uh inform people on that that it did covet 19 just sped up the process but this was all destined to happen thank you guys uh you can catch us at

goldsilver.com or peakprosperity.com uh mike any uh comments you want to uh make as we close this video out uh well you can go to goldsilver.com and get the get my book for free and i believe you've got a book also right chris yeah prosper tells it talks all about how to become resilient across eight different forms of capital financial capital very important um and uh yep come by peak prosperity.com you can get a copy there okay thanks everyone thanks chris and mike for joining us we hope you enjoyed

this video if you liked it we'll uh do it again thanks everyone have a great day and make sure you on gold and silver thanks bye everyone bye