Hello everyone, welcome to Bald Guy Money. And we start this one off with the major news of the week, which is silver's big breakout above $35 an ounce, which delivers its highest daily close since February 2012 and the highest weekly close for silver since September 2011, keeping silver's outperformance of the S&P 500, both over the past year as well as so far in 2025 intact, with gold still leading the way, up more than 40% over the past 12 months. Now this breakout for silver marks a very significant occasion in the


precious metals bull market because in the model of gold leads and silver follows the moment when silver's breakout confirms is usually when we see an acceleration in the metals bull market with both gold and silver picking up steam with silver usually outperforming gold after that happens. And a great example of that is what happened when silver broke key resistance at $8 an ounce in November 2005 on the macro backdrop of a falling US dollar driven by budget deficit concerns and higher interest rates which


caused fears of an economic slowdown and are circumstances that look wildly similar to what we're experiencing today. Especially when you factor in the US dollar being down nearly 9% relative to other currencies on the dollar index so far in 2025, which has led me to say in past videos, even in recent videos, that record high silver prices, even higher than the 2011 blowoff top price, which is already a reality in many countries around the world by the way, will become an American dollar reality


very soon. But the question is, and it's a very important question, it is how soon will we see this happen? So in this video, I want to cover if we have officially entered the next stage of the gold and silver bull market that will push metals to new highs. Once that's covered, I want to talk about the possibility of corrections along the way, building on some work I did a few months ago when I said gold and silver are not going to crash like they did in 2008. And we'll finish this video by


exploring the $100 trillion in unfunded US liabilities, which is spending the government has promised but has no way other than debt to pay for. I will talk about if this should count towards the US debt and by what year the problem starts to get really ugly and what it's going to do to gold and silver prices. Now, just before we dive in, please remember to check out www.summitmetals.com summitals.com if you want to buy gold and silver at a great price from a dealer you can trust. And that includes 5 ounces of silver at


spot for new customers when you use code new customer at checkout. Link to this deal is in the video description below. So, as I said in the intro, silver has broken out. The total value of the silver market is now estimated to be above $2 trillion. And despite a recent recovery in the stock market, both gold and silver remain strong relative to stocks as they still make up more than 55% of the value of the top 10 assets when measured by market cap, which is not far off from the April peak of about


58% and means they are still more valuable together, gold and silver, than all of the other things on this list combined. Now, my expectation is for gold and silver to reach the positions one and two on this list by next year. But a major hurdle that silver has to clear on its way back to $50 an ounce and to the number two position on this list is the $35 level. And the main reason so many experts are focused on this battleground at $35 an ounce for silver is because of the fact that seven breakout attempts after the 2011 blowoff


top failed at $35. So if you were wondering why that price is so important and everybody is talking about it, that's why with two of those failures happening in 2011, four of them happening in 2012 and the last one happening in October of last year. Now, that $35 level isn't really a random number, and it coincides almost perfectly with the highest nominal average closing price silver has ever attained in US dollar terms, which happened in 2011 when the US dollar index was near 70 and a full 27% lower


than it is today. which is significant to note as strong moves down in the DXY dollar index like the one we're seeing right now. By the way, with the dollar index breaking below key support levels, have historically coincided with big moves up in the prices of both gold and silver, like the ones we saw between 2002 and 2011 before the DXY started to recover, resulting in both metals pulling back, but pulling back to significantly higher trading ranges than where they started in 2002. So, at first


glance, things look extremely promising for both gold and silver right now. But we're not in the clear yet because as I told you at the beginning of April when I said you have 2 months to a maximum of 4 months to prepare for the next move up in metals, the summer months have not been the best performance-wise for either gold or silver. And considering the fact that we get US CPI data next week and a Federal Reserve interest rate decision on June 18th where they are expected to hold the target interest


rate where it's at now. I just want to say that a lot can happen between now and the end of the month. So yes, I am excited to see this breakout happen, but the message here is silver has to close the month of June above $35 for this to confirm. Now, I can't predict if it's going to happen or not. And I think it's best to continue to prepare for the next big move up now instead of becoming complacent about precious metals, especially with gold price consolidating at roughly $200 below its record


intraday high. But I am concerned and I'm going to be perfectly honest about this about that June 18th Federal Reserve meeting, the impact it's going to have on the market as well as profit taking at the end of the month. And I think we will still have to wait until August or September before that next big move up happens. And I may be wrong on that. I hope I'm wrong on that. I hope to see it start moving up more in July and August. But what I want you to pay attention to and what I want you to


remember is if we see a pullback in the second half of June, that will be a great opportunity that you heard about here first. Now, to those of you who keep stubbornly saying that I'm wrong on this, that this is the top, and that you're going to buy gold and silver at much, much lower prices when the stock market crashes because Christopher Muan said so on a podcast somewhere. Well, I think it's going to be a painful lesson for you. And by the way, I really like Chris. I respect what he does. I just


disagree with him on this because so many people look back to the 2008 crash and say what happened then is exactly what's going to happen this time around. And to a certain degree, they're right. Some of the asset classes that crashed in 2008 are going to crash in exactly the same manner and for exactly the same reasons as they did in 2008 this time around. And if you know what a margin call is, you'll understand that when the market sells off, everything sells off. Nothing is spared. But a lot has changed


since the 2008 crash. For instance, the US dollar isn't the safe haven it once was. Not only because central banks have caught on to the game of money printing that the Federal Reserve engages in every time to save the markets, which was firmly established when the bank bailouts happened during the global financial crisis, but also because US dollar neutrality was violated in 2022 when the USA weaponized the dollar against Russia. And whether you agreed with it or not, it caused a spike in central bank gold buying. And


the latest data for the first three months of 2025 confirms that these central banks are still buying gold in large amounts. Even with the average closing price of gold now well above $3,000 per ounce. And what that means is when the stock market crashes, yes, there will be some gold and silver selling. And the reality is silver will sell off more than gold. So be prepared for that. But it won't be like it was in 2008 for the same reason metals didn't sell off when American banks started


failing in 2023. And that is because gold and silver are literally the only remaining safe havens. And if we pull up the numbers from the last major stock market pullback when the S&P 500 lost almost 20% of its value starting from the February opening to the April low. when some people were worried about their retirement savings or if they were even going to be able to retire. These numbers prove it. Because despite a major sell-off across the board in tech, in energy, in miners, in consumer


retail, not only did silver hold up very well, down by only half of what the S&P 500 corrected by, but gold went up when the sky was falling and margin calls were pouring in on Wall Street. Gold went up. And if you were sleeping while it happened, you can be excused for not noticing the major shift that is happening right now before our very eyes. But I will repeat what I said on March 9th, and that is if you're expecting a spectacular crash in gold and silver prices, if you're waiting to


buy silver below $20 an ounce, or if you're waiting for gold to go back to $2,000 an ounce before buying, you are going to be waiting for the rest of your life. Because as I see things today, here are the crash levels I would expect to see before each individual asset starts to make its recovery. And for metals, that recovery, just as we saw back in 2008, is going to be extremely fast. And it may happen faster than you can even buy these pullback prices. Now, just before I cover the $100 trillion US


debt question that could send gold and silver soaring even higher, please remember that if you want to diversify your hard asset portfolio into land, visit channel partnerofland.com. They make buying land easy. The process is transparent and by using promo code bald guy, they will give you $300 off from any piece of land you buy from them, whether it's at auction or handpicked from their online offer. So check them out at landofland.com or call them at the number on the screen to get started


and get something that can't be printed by the Federal Reserve before the Federal Reserve starts printing. Okay, so moving on to this video's viewer question. And please remember, I answer one viewer question in every single video I do. If you have a question you'd like to see me answer in a future video, don't be shy. Put your question in the comments section below, and I may choose it to appear in my next video. And this week's question comes from Catfish Customs, and it builds on a topic I


covered last week, and it has major consequences on gold and silver prices. And what Catfish asked was, "How do unfunded government liabilities, and I'm going to explain what even the heck that is in a moment, how do they play a role in US government debt?" And I will expand on that answer by also talking about what it means for gold and silver prices once they start materializing in the US national debt, as I assume it's something you're going to be very eager to hear. So, to start, what is an


unfunded liability? Well, it's just a fancy way of saying promises to pay for things in the future like a pension for retired workers or health care for senior citizens that nobody has saved money for today. Basically, what they're saying is we're going to cross this bridge when we come to it. And what we've seen countless times either at the local government level or from the private company level when it comes time to deliver on those promises, the companies or the local government can't


deliver on them. And what ends up happening is they transfer those obligations over to taxpayers who end up bailing these programs out. Now, when it comes to the United States federal government and the politicians running it, they have promised a lot of future benefits. Promises that recent population and economic growth just aren't keeping pace with. And it's partially why we're seeing the US debt rise so rapidly right now. because with each passing year, more of these promises are being delivered via


borrowing more money to pay for them. And as I've already alluded to earlier in the video, the total amount of promises that are not at all saved for that the US government will have to borrow to deliver on in the future is about $15 trillion. And you can see that in the infinite horizon bar on the right of this chart covering all future US federal government obligations. And what many people do is they immediately add this number to the US national debt and say the real debt is secretly $140


trillion. And although I understand the temptation to do that because an honest person would look at it in this way, the reason it's not done like that is because every single government and this is a pattern we see all around the world. This is not only in the United States because governments around the world always claim their policies will grow the economy so fast that those unfunded programs will be magically become funded by the additional tax revenue they take in due to economic growth. But if it's another pattern that


we've also noticed, especially since 2000 in the United States, it's that the unfunded liabilities are only growing. Even in times of economic prosperity, the politicians in charge are not putting aside money to pay for these future unfunded liabilities. And as a result, along with the growing unfunded liabilities, the national debt is growing along with it. And with growing debt, as we covered in last week's video, we get long-term growth in precious metals prices. Now, in last week's video, I showed you all data out


to 2030 to project where gold and silver prices could be by then based on high and low national debt projections using the US Congressional Budget Office's own numbers. But where it gets spicy and why I like this week's question so much is because that projection doesn't take the major impact that unfunded obligations will have on the US debt after 2033. Because according to the government's own numbers, 2033 is the year that Social Security becomes insolvent. And I've spoken about it here on the channel


before. and people receiving Social Security will have to take a 25% cut to their benefits, unless of course the federal government agrees to borrow the money to fill the gap. Now, considering what's recently happened in the US Congress, I think it's safe to assume that they will likely print up or borrow the money to fill these gaps because that is what always happens. And when this happens, the US national debt figures really start to balloon, resulting in continued moves up for gold and silver as the US dollar debases,


which is what smart investors by the way and central banks are trying to get ahead of now as the US debt is projected to nearly double in the next 10 years. And when you throw in a couple wars that aren't budgeted for, I think the debt can go even higher than that. And that suggests when compared to the numbers I presented last week, which were my conservative estimates of where gold and silver would go by 2030 based solely on US debt projections, that gold can easily go above $8,000 an ounce and


silver can get above $130 an ounce in only 10 years from now. So, if you're among the more than 70% of my viewers below the age of 65, I really want you to take this data and these projections seriously because coming back to these numbers, rising debt levels resulting in more currency devaluation and higher metals prices are probably the only things you can rely on more than any single stock, more than any crypto, and more than any government or company pension program. And this is why I stress the importance of having gold and


silver, not only for emergency purposes or a systemic financial crisis, but just as something to take with you into old age. And coming back to these 2033 gold and silver projections that I shared last week and in a few videos in 2024, these unfunded liabilities, these unfunded obligations that I'm talking about are already having a major impact on how investors, banks, and central banks are positioning themselves today. And my assumption is that it will drive prices up faster than the conservative


figures that I've just shared with you a moment ago. And it's why I am still showing these numbers more than one year on since I revealed them. And if there's any lesson that I want you to take from this video as you continue your day and continue your week moving forward and tying it back to what I said about waiting for a crash to buy gold and silver, the message is get your house in order now because it starts out with gradual currency debasement. At the beginning it doesn't look very bad. It


just seems like harmless small amounts of inflation. And that's exactly what the governments of the world tell their citizens it is. Until all of a sudden, your currency isn't worth anything anymore, or at least nearly as much as it once was. As we've seen in Lebanon, as we've seen in Turkey, in Venezuela, in Zimbabwe, and countless countries, and with countless currencies around the world throughout the history of man. So, with that said, that's it for this video. Please remember if you enjoyed


the content to leave a like below. And if you think somebody in your life needs to hear this message, please don't be shy and share this video with them. It helps my channel grow. And as I end all of my videos, I want to encourage you all to take care of yourselves and take care of each other. See you in the next one. Goodbye.