this time it really will be different i mean we hear that all the time in finance and it never is yeah but this time really it is different hi i've got dave morgan on the line with me and dave was one of the inspirations for me to get into this business in the first place so dave how are you doing mike i'm doing quite well i'm gonna have to digress right off the bat here because we've known each other for a long time and you know i remember when we started the silver summit used to be in the


workshop and i was on the main stage you go back a few years at the silver summit you were on the main stage and i was on the workshop so you know as things progress we've gone you know back and forth and and that's big shout out i've said it once before but i want to say it again hidden secrets of money is something you didn't have to do i mean you could have taken the profit for yourself or whatever and you being who you are mike uh took all that and made it available to teach everyone


about the the hidden seeks of money how money really works and that is uh your opus magnus as far as i'm concerned i know your book may even top that but i digress but i just want to take a few minutes to publicly acknowledge you because i don't know you know we both take our flak and silver's not moving the way people want it to or on and on i won't go any further but thank you for all you've done for the community it's really recognized by me and many others that don't voice it


well i thanks for thank you for the recognition that you've actually been doing this since the 90s i didn't really start in it until uh the early 2000s and uh um you've been uh somebody that has been you're you're the silver guru basically you've been in this like i said since the 90s and you have been the silver guy pounding away on it since the 90s telling people what a bargain this is but what do you see in the markets right now well i see silver is finally starting to catch up with the gold i


mean that's provable by this extreme gold silver ratio that's never been achieved before in history of like 125 to 1. stayed there very briefly you see it's a spike and this time it was as well i think we've been down to the low 70s already and that portends some really bad economic times ahead that's what it's always forecast every time it's gotten to roughly 100 or above and what i see is silver still got a long ways to go relative to gold so i think we could see you know 40 is a


minimum 20 to one perhaps maybe even 10 to 1. but time will tell and i think right now mike the way i see the market is we need or we'll see a bit about trading range for a while and actually as much as i you wouldn't mind seeing somebody just go up up up every day it's actually good to consolidate we're calling the commodities market back and fill which means it moves back and forth 25 to 30 30 to 25 25 to 30. rough numbers people i don't know the future but it trades in a range and then


after it builds that base going sideways basically then it starts to move up again so that's what i expect okay um yeah do you have any uh do you believe that they've gone past the point of no return uh you know economically the federal reserve and the government and that at this point the monetary system has a likelihood of breaking some day or another because i'm sort of getting the feeling that you know i used to uh want to i was hoping that like the 2008 crash would be much deeper than it turned out to be uh


i really uh wanted things to clear and for the economy to balance itself again and they never let that happen they kept on pushing on it and pushing on it and now i just get this feeling that we are past the point of no return so the only consequences to uh further manipulation and for the system to go a little bit longer before it breaks uh is the uh wealth disparity that they that the federal reserve creates the income inequality and wealth disparity and the polarization of society so uh do you have that feeling also that


that uh there's a certain sense of foreboding out there as far as the monetary system potentially collapsing well mike excuse my corny sense of humor you know me but it's more than a feeling yeah it's an absolute as far as i'm concerned i use the analogy of uh of the back side of the power curve i have an aircraft background as some of you know you can look up backside of the power curve in google basically what that means is the airplane is going to stall out or the jet or prop plate and what it means is that no


matter how much power you've got left to throw to it you are going to stall and that's where we're at no matter how much more money they print mike it's done it's over it's kaput it is finished now it might not be that way for you today but the system is done so yeah i mean if you go back just a decade or two you used to have to print like five dollars excuse me five yeah he's worth money i'm trying to be really good today five units to get one unit of gdp growth so that's that's a bad return on


investment if you borrow money you want to borrow a unit and yield you know ten percent on that but if you've got to produce five units to get one unit of economic growth out of that's about it now we're way past the point of no return we're basically printing stuff in the trillions and what are we getting for basically a stagnant economy is what we're getting we're still getting massive bankruptcies we're getting corporate bonds that are so worthless that the federal reserve has


to come in and buy them to keep the bond market alive the repro market that no one's talked about in quite some time since this 19er thing arose is still in arrears there's people in the banking system at the top levels that don't trust each other for an overnight loan so i think everything you could point to points to the fact that they're on the back side of the power curve they can print from now till kingdom come and it doesn't do any good other than destroy the system as being destroyed


right before our eyes yeah and uh to me this is just a time to own real things uh uh anything that's a paper contract uh between two parties whether it's uh stocks or uh you know and if you you really need to uh we're you know i'm not sure whether it's a good time to get in debt or a bed or a time to get out of debt because uh if if they print this into a like a hyperinflation then the bank ends up buying your house for you if you're in debt so uh however uh i i the future is so uncertain right now it


is they've they've pushed this thing to where it's balanced on a knife edge and i just don't see any potential out there other than the knife coming back to stab us so okay um well it was great having this conversation is there anything else you want to add here at the end or any other topic you want to cover i think something i've said from the very beginning i mean to reiterate what you said over and again again is you know if you can't hold it you don't own it i think that's


paramount i also think that uh what we probably could do on the next show or next time we're together is you know the unaffordium and unobtainium i mean those sound um like you know they're stretch but they're really not the silver market is so small and so is the gold market that you know will be obtainable i made the joke years ago that you go in to buy silver someone just caught fire it's like they awoke and i said oh my goodness i'm gonna go get silver so they run down the nearest coin either in a large city


there's three or four or five and they walk in and say i'm gonna buy some silver and the owner of the shop says great i've got this slab 1927 you know svdb whatever coin for 2 000 bucks and i've got this slab silver coin for another but no no i just want to buy some silver bullion because well you should have been here about a year ago yeah um you know when i said uh paper contracts and stuff in stocks um one of the things that uh uh can be a good investment when everything else is falling apart


uh i think that as the medals soar uh you you've you know you've got a newsletter uh where you re your whole lifetime has been wrapped around studying different mining companies and different uh um companies that are related to precious metals especially silver and these things can offer a lot of leverage and one of the things that i tell my audience is that investing is a team sport and you want somebody on your team that's knowledgeable you want some advice because out of the stocks there's going


to be a certain amount of winners and there's going to be a certain amount of losers and every stock contains some risk and you want to minimize the risk and that's uh by going with somebody that has done their homework on this so i want to tell all of my viewers that they should take a look at the morgan report and uh go to the morganreport.com uh check it out and if you're going to take some of your gambling money i always believe just like you've always said dave your core position should be


physical and then take your uh fun money and uh get some leverage with it because uh that leverage can have a huge payoff so regarding the mining sector dave what's happening in the mining sector well it's finally caught a bid mike and what i mean by a bid is that there's money coming in the sector again what you're seeing is a lot of money is moving into the etfs for the uh you know physical metal more or less but you're seeing um you know like warren buffett buying into uh barrett gold that's huge news i mean


he's the anti-gold bug and he buys a gold mine for the copper okay okay warren and this is what you're going to see more and more as you already did something recently about institutional money coming in so the top tier cash rich unhedged mining companies which we focus on for big money in the mortgage report have sustained good performance and many are making new highs right now and we're just getting into you know new territory in gold on a nominal basis you move down into the risk to reward


profile where you have greater risk but higher potential rewards you're seeing a lot of these companies start to eat up smaller entities that have good assets in the ground so merger and acquisitions are taking place mike so the smarter savvier better finance companies are saying well i don't really want this a currency i want to buy real assets with it so that's what's taking place in more or less the mid-tier sector then the junior sector which usually comes to the party late or when things are really hot and i


still believe that will happen but even in that sector mike you're starting to see a lot of money being raised much more easily than in the past you're seeing over subscriptions in other words we're raising funds for pick a number five million dollars and they all of a sudden they're 7.5 so they have to get permission in some cases to take the extra money so it's actually getting quite exciting again you're seeing it across the board from top to bottom from the juniors all


the way up to the seniors seniors into mid-tiers everywhere you're seeing a lot of uh interest money enthusiasm and participation and i think we're just getting started and i know i'm extra bullish and i am biased but when you start seeing a change like this that we haven't seen in basically a dead mining cycle for a long time it gets rather exciting and i can't help it i'm excited about it and the one thing i wanted to point out is if you know i'm right and i think you're


agreeing with me that if it gets to this unobtainium level or close to it i think there'll be a mad rush to the stocks because it's like in the 1930s when you couldn't own gold you went to the mining shares and this time if you can't get silver or gold you're going to go oh my goodness i can't buy it look at what buffett did buffett bought barrack why'd he buy barrack because the amount of gold he really would want to buy could move the gold market and the gold market's much bigger than the silver


market so it could be a case of where else are you going to go i can't get silver at least or even the premium is so high i feel more comfortable buying the mining share so we have that possibility of not forecasting that but i'm thinking about it yeah you know um i've spoken lately about this is when the institutional money is starting to come in and when the billionaires start coming in this is a whole different world than the 1970s uh and this time it really will be different i mean we hear that all the


time in finance and it never is yeah but this time really it it is different uh in the 70s bull market where uh silver gold went up like 24 times its price over 36 times its price during that run up we didn't have the threat of the monetary system imploding i mean this is really a different it will be different this time we didn't have all of these billionaires uh so anyway it's going to be something to look forward to but at the same time i find some aspects of it especially the rise of socialism frightening


yeah i wasn't gonna say anymore i'm sorry i can't help myself mike but i agree i mean that's the most important thing i did a video years ago missed in the silver mark and i talked about not everyone can own a little and then after that i said you know if you come out of the other side with a great deal of gold and silver and this amount of wealth but you've lost your ability to say what you want to say go where you want to go buy what you want to buy do what you want to do in other words


you lost your freedom then really what have you gained and i still adhere to that because having a big pile of purchasing power doesn't mean much if there's so much force on your personage or your ability to think do and say whatever you really want to do so that worries me a great deal and of course the polite word for uh totalitarian situation is socialism but the idea that somebody knows more than you and controls your whole life is repugnant to me absolutely agreed i want to thank you


for your time and uh so say goodbye to the audience [Music] we'll see you next time thanks for watching