pick a number somewhere between 3500 bucks and uh and and 30 three4,000 because we can round and because this chart is a month old or so and I believe that 200 ounce the $200 per ounce figure is a very attainable figure in a rush and there is a rush that's coming. >> Can central banks orchestrate a collapse? They could theoretically. Uh it's possible. I'm saying if you know a light went off in Jay Powell's head and he says, "You know what? This inflationary system, it's going to


destroy everyone. I got to end it now. And uh what I'm going to do is I'm just going to stop printing money. I'm going to I'm going to sell all the bonds that are on my balance sheet. I'm going to crash the bond market and every and all the banks are going to collapse." And then but then what would happen to him? He would get lynched. Please subscribe to our channel and activate the bell icon for timely updates. Gold's trajectory today is being shaped by forces both visible and


hidden. The distortion of inflation data, the manipulation of official statistics, and the relentless expansion of currency supply have created conditions that echo past crises only on a much larger scale. Negative real interest rates, regardless of whether measured by official CPI or alternative methods, continue to erode trust in the monetary system. History shows us that when real rates plunge, gold enters powerful bull markets. With central banks now positioned for deeper and deeper rate cuts, the setup could hardly


be more favorable for precious metals. Mike Maloney, renowned monetary historian and author of Guide to Investing in Gold and Silver, and Rafie Farber, a respected analyst and commentator on global financial markets, break down these dynamics with clarity. They point to how official inflation measures like the CP lie or CPI obscure the lived reality of rising costs. By contrast, older measures or blended adjustments reveal just how negative real rates are and why gold's surge has only just begun. The fact that 98% of


traders expect rate cuts with no bets on hikes or even unchanged policy underscores how one-sided expectations have become. This is the kind of setup where gold transforms from a defensive asset into one with outsized gains in purchasing power. Against a backdrop of manipulated statistics, negative rates, and global uncertainty, precious metals are emerging as the ultimate haven. Now, we present the clips from their interview. this is a great return, but the return they're talking about that


this does introduce risk. And so they're they're talking about something that introduces a counterparty risk on your physical gold. And I see no reason for it when you've got this type of spectacular return. There's nothing else that has has done this in in that time period. This is uh huge and to to be able to you know I said in my first book and I think I said it in in my second book that there are these rare moments in history where gold becomes not only the safe haven asset where it's


insurance but it also becomes the asset class with the single greatest gains in potential purchasing power. And we are in one of those right now. And this proves it. I thank you, David Baitman, because you've proven my first book, which I wrote from 2004 to 2007. You've proven me right to me. You know, you got to pick a number between these two sets of government numbers. This is not something John Williams of Shadow Stats Government Statistics uh came up with on his own. It's not lunatic conspiracy


theory stuff. It's the old way the government used to calculate inflation and their new manipulated way where they ch every couple of years they change something on the way that they calculate the CPI and basically it saves them a lot by screwing people out of social security entitlements and things like that. Anything that the where the government is sending out a check that uh gets inflation adjusted, uh the old CPI would cost the government a fortune. The new CPI it costs the recipient a


fortune. And so pick a number somewhere between 3,500 bucks and uh and and 30 three4,000 cuz we can round and because this chart is a month old or so and I believe that 200 ounce the $200 per ounce figure is a very attainable figure in a rush. And there is a rush that's coming. >> Judging by inflation, the bull market is not over. And in a previous video, we actually speculated that the bull market would continue because of real interest rates, specifically negative real interest rates. And we talked about this


chart here, Mike, where we showed that the the two bull markets in gold, which are in red boxes. Uh they correspond with the uh stelactites here, which are negative real interest rates. So that basically that's the Fed funds rate minus the CPI. >> Yeah. I made some special requests from you. >> Yes. you said, "Well, what if we adjusted this not by the CP lie, but by the shadow stats uh CPI, which is probably more accurate. It's the government's old numbers." And so I did


that, and that's basically the black line here. And you can see how deeply negative, like really, really deeply negative, real interest rates are for decades. >> Wow. >> And and the gray line here is the midpoint of the two. So it's halfway between the CP lie and the the shadow stat CPI. So halfway. So >> you know, I think it sort of makes sense too when you think about the inflation that was happening uh once CO lifted and all that currency from the stimulus checks that went out came out of hiding


that inflation that was there and people's real experience. How much more does it cost to go out to dinner? How much more does it cost to go shopping at the supermarket and so on? Uh I sort of believe that gray line in the middle. Um yeah, the the uh real interest rate that's in red, the the uh real rate adjusted by the CP lie doesn't fit. >> So >> yeah, I think the gray line probably somewhere in the middle, but but either way, we've got negative rates um negative real rates no matter which


metric you want to use. And I want to look at the >> Before you move on though. >> Mhm. >> Do you see how the gray line in the ' 90s is hovering around zero and then where the red box starts is where the gray line dips significantly below zero. Right where the red box it it cor that gray line corresponds to the bull market in gold perfectly. And one of the things uh that um we you know analyzing so that we could um uh define this for everybody cuz table I hate tables. I love charts.


I hate tables. But there's a column missing a column of will they leave everything alone. Uh the the all the way to the right if there was another column there. That's if they're not going to do a rate cut. So 98% of the market is betting that there's a rate cut. And from then on, the rate cuts get deeper and deeper and deeper. Perhaps I'm pointing the wrong direction for the video. I I don't know. But um uh when you get down to next year, nobody is betting that they're going to cut like a


quarter point or something. Everybody is betting on uh you know, some pretty deep rate cuts coming up. So all of the bet there's no bets going up. Every bet is going down. And wow, there's uh so uh 250 to 275 uh basis points for so that's 2.5% right to 2.75% is still at 19 19% of the survey uh is betting that they're going that low. 28% roughly uh 2.75 to 3. And what's the current rate right now? >> Right up here between 4 and 1/4 and 4 and 1/2, but they're probably going to


cut it um tomorrow. >> Okay. >> So, so yes, to your point, Mike, there's there should be a column. Ordinarily, there would be a column here, which is oh, people are betting that the Fed will leave rates unchanged. But that column's not there because there's not a single trader that's betting that rates will stay the same. And there's nobody that's betting that rates will go up at all in the next 15 months. So, everyone's betting it's going to go down. It's just


a question of how quickly does it go down, how far does it go down. >> This is so so so bullish for gold and silver. >> You know, in one of our last videos, uh we you also presented a chart uh that I I can't remember. I think it was from Tavi Costa. No, it wasn't Tavik Costa. Uh but uh it showed that every time they do rate cuts, when there's a rate cut cycle, it's rocket fuel for gold. Gold just takes off. So, and gold is already taking off and we haven't even started


the cycle yet. >> Exactly. Please subscribe to our channel and activate the bell icon for timely updates.