and they got nothing. They've literally got no gold in there at all. They don't know how they're going to get it. I mean, really. And there's another problem, and that is that um you know, how do you how do you invest in gold? Well, your compliance officer won't give you um hell if you buy an ETF. But an ETF is actually quite an expensive way to do it. what you should do is buy physical metal and store it properly and it'll cost you, you know, basis points, no more than that. Um, but the problem


there is that gold and silver are not regulated investments. You got a lot of explaining to do to your your uh compliance officer, but that's the best thing to do. Um I mean I'd sort of calculate if you look at uh the actual level of exposure at the moment portfolio exposure to gold around the world and we're talking about u an estimated 300 trillion of uh portfolios total around the world. [music] They've got no gold left and this time it's not a rumor. According to Alistair


Maloud, the vaults of the Western financial system, once considered the backbone of global trust, are now virtually empty. The gold, he says, has been leased, released, and rehypothecated into oblivion. And now, the paper game that has long propped up the dollar is beginning to crack. But that's not all. Silver is showing the same signs of stress. Mloud warns that the world is heading toward a physical metal shortage unlike anything we've ever witnessed. So today we break down his urgent warning. What's really


happening behind the vault doors and why this moment could redefine wealth as we know it. Their exposure is about 1/2 of 1%. If you're going to increase it by only 1% at current prices, that's 25,000 tons. Where you going to come from? It's just not there. So I think uh we're in a situation which um you know we've already beginning to see a squeeze in the market. Um, and this is something Andy was probably a lot closer to than me, but I mean I, you know, when I saw all that stuff going out of the Bank of


England back in April, um, you know, the trucks backing up and being told come back at the end of the month, I sort of thinking, you know, that's basically leased gold, which, um, before then was just remaining in the vault. Okay? you know, it was a it was a book transfer, you know, uh so the Bank of Finland would own say uh you know, they would lease say 50 tons um and it would be leased to XY Z. It was a book transfer because it would remain in the vaults. Now it's disappearing. Now, if I was a central bank and I don't


think I'm stretching my imagination too far, I would think, hold on, I don't think I want to get involved in this leasing game anymore. I think I'm going to stop leasing because it's now getting more important that we actually have possession of our gold or at least have it stored without any encumbrances such as out on loan to someone else, leased to someone else or whatever. So I think that's drying up the whole of the mechanism if you like in London. So what I'm saying is that um you know it's it's


all very well turning around and saying you know put 20% of your portfolio in gold. It's not there. And worse than that the liquidity actually is drying up. Um liquidity that's keeping the paper market going because you know it this this lease gold it gets um hypothecated rehypothecated rehypothecated. It just goes round and round and round and it's, you know, it's like spinning plates. You know, you used to have those traps on the stage with spinning plates on the end of and you,


you know, you go around, you get dozens of these things spinning and, you know, see them starting to forget around and sort of get them going. That basically is the gold leasing game. And a lot of this gold has actually gone disappeared. I mean, the leasing game has been going for so long. um you know analysts uh back in the last century were looking at it and saying you know where where's it gone they were assuming that after a lot of uh diligent research I I should add that uh up to um you know a third to a half of all


central bank gold by 2002 was out on lease and the way Frank Venerosa put it was probably adorning the necks of women. I actually think China bought it, but you know, but who cares who bought it? It's not there. I mean, that's the key thing. So, we actually do have um this additional problem. I mean, you you know, the idea that you're going to have time to um you know, sort of coditate and wait to see developments and all the rest of it. I mean, you could end up missing the boat hugely on the gold


game. And of course, the thing about silver is that it's always been the poor man's um uh uh monetary metal as it were. And uh you know, if they think they've missed the gold boat, you know, they'll go and buy silver. So, and there's again there's not a lot of liquidity there. I mean, I'm seeing that in China stocks have do have dropped to well under a,000 tons in the SHF. Um and uh you know this is this squeeze is evident again and I see that this morning um there's a small backidation


between spot in London and and comx so that's returned after one day I think it's one day of um of normalizing so the situation I think when it comes to you know the availability of metal is not there to accommodate um investment strategies turning around and saying well you know I you should you should up your gold content and I think what it means is that you should actually buy sooner rather than later sooner before all the other first of all um when we when Bretton Woods ended there was a big big propaganda effort by


the US Treasury to persuade everybody that gold was no longer um part of the monetary system now I think it's important to know that uh that actually goes against common law. Common law is that gold is final settlement and everything else is credit. And this goes back to the first set of laws produced in Rome which were at 448 BC that was refined by jurors in the following um uh decades follow following centuries and then incorporated in Justinian's pandex and of course out of the Roman


Empire came all the countries the European countries from the eurals of if you like from from Russia all the way through to Portugal. who went out and colonized the world including the great US of A. Um so everyone's common laws outside you China and so on so forth which is somewhat different everyone's common laws had the same thing and that is that physical metal gold silver was final settlement and everything else was credit including fiat currencies that's the important point they are credit and the


value of a fiat currency depends on two things firstly the quantity of his issue and secondly the faith that its users have in that in the value of that currency. And the problem is that fiat currencies always come to an end and we've had this regime now based on propaganda no more for 54 years. It's coming to an end in my view. Why is it coming to an end? It is coming to an end because governments use fiat currencies always as a means of uh accumulating debt without having to if you like uh keep the value of that


currency tied to gold which limits it cramps their style. It really does cramp a government style. Please subscribe to business upside for such insights.