hi this is mike maloney and i'm joined once again by jeff clark jeff how are you doing i'm doing great mike and we've got lots to talk about today so we're going to jump right in we've got a article of the day tweet of the day some good fewer feedback which which is a question i'm going to put to you and a great name of the day so stick around for that so let's just jump right in this first article mike talks about just came out this morning talks about the big slide


in gold it's down two percent to a three-week low because u.s yields are surging and the u.s dollar is also up but this pressure is is you know is putting pressure on gold and silver prices as you and i talk here gold's down about one and a half percent now silver's down almost two and a half percent but again it's larger because of rising yields and a rising us dollar so mike what's your reaction to what's happening in the market now for gold and silver well i keep on saying that we live in an


insane world you know uh they keep on announcing more and more stimulus there's going to be a you know an infrastructure package there's going to be more uh direct checks to people so there and that currency doesn't exist yet i've got to create it and you know the deficit this year is going to exceed the size that i believe uh it's about it's going to be exceed the size of the 2004 m2 currency supply the deficit larger than the currency supply of 15 16 17 years ago uh it is just


it's totally insane we're destroying the currency yet uh gold falls they say the ultimate safe haven that you know if you look at central banks they hold gold as as a tier one asset it is the ultimate safe haven uh treasuries are the second safe haven but they do produce yield and since the yield is going up more people are uh rushing toward treasuries and uh the the uh the yield has to go up because if the federal reserve and if the treasury wants to sell more debt so that we can do all of this


deficit spending then and it's going to be supported mostly by conjuring out of thin air they have interest rates have to rise to get people to accept this in a time of currency printing they need to get paid more for the risk that they're taking uh there will come a day where uh treasuries rise the dollar rises and gold rises all together uh where their their the safe haven of gold as people get worried more and more about the quantity of currency but this is basically uh um this is the dollar milkshake theory


uh coming true so um brett johnson's dollar milkshake theory uh check that out we did a video on it a while back uh but uh this is rising eventually though gold will turn around and rise with it uh but um what what is your take on all of this well i i wanted to point out this other thing that analyst said in this article mike he said while gold is likely to see some pressure in the short term investors pricing in inflationary concerns could eventually trigger a frenzy of gold buying so it's this whole idea that this is you


know a temporary trend and there is a bridge out ahead and so you want to buy obviously one golden silver a week which is now because something else is going to happen uh something's going to give which you've spent a lot of time talking about in a lot of your videos so yeah well that uh thing under pressure short term uh the uh thing is that you're you're absolutely right the uh concern inflationary concerns and all of this stimulus bailouts deficit spending uh direct uh stimulus to people


and stimulus to the economy through all of this uh infrastructure package this is huge and it is it's so big i mean like i said it's bigger than the entire currency supply was just a little while ago the deficits not the amount we spend uh which is the you know the total amount you spend is uh what you tax and what you borrow and now just what we borrow in a year is going to exceed what the entire currency supply was cumulatively from the beginning of the country until uh earlier in the previous decade


uh so we just live in an insane world uh and but what this is to me is nothing but a buying opportunity uh i'm uh taking a look at some technical indicators i've got some targets and i've got some cash set aside and i'm ready uh because i'm going to be buying some more gold and silver because i believe that with what they're doing to the dollar right now all of this deficit spending this is a trigger uh it builds up pressure and this is going to be the last opportunity to buy at these levels


so yeah i've been doing the same thing i've been doing some selective buying and i've been building cash waiting in case there is and one more big you know drawdown on gold and silver prices here so uh because i really do believe there is a bridge out ahead we can't see where it is yet but i i think it's coming so well mike on to tweet of the day here this is from eric voorhees if i'm saying your name right eric and he's quoting hayek here mike i think you'll like this i don't believe we


shall ever have a good money again before we take the thing out of the hands of government that is we can't take it violent violently out of the hands of government all we can do is by some sly roundabout way introduce something that they can't stop what's your reaction to that mike well i love fa hayek he he also said uh that if socialists understood economics they wouldn't be socialists right because economically it doesn't work but what is amazing is uh this was he this was just some


off-the-cuff statement that he said in a in an interview a television interview and uh he didn't like write this down in one of his uh great books uh but uh this you know i didn't even know this quote existed uh a while back it uh was something that i learned about more recently but um what it is is the prediction of bitcoin and cleric cryptocurrencies uh it's quite amazing uh that he was seeing that the um way to end this is like dan our producer said i guess this is a quote from uh from hitchhiker's guide to the


galaxy is in a puff of logic you have to uh win by the by uh the other side like vanishing in a puff of logic this is is logic somebody came out with something that uh governments really can't stop they're going to try it's going to be difficult uh for a lot of people that are invested in crypto i do think that they're going to try some time or another and i'm heavily invested in cryptos uh and so um you know i'm trying to make uh plans for that and i do take crypto profits and turn


them into precious metals once in a while especially silver um when they nationalized uh gold back in 1934 uh you know they made it ill illegal to own in uh 33 i'm sorry and then they changed the price in 34. when they nationalized it in 33 um they bought it from everybody uh they would have to if they're going to take your gold away from from you uh they would have to do the same thing but it's going to be at far far higher prices than this it has to be a threat to the dollar that won't occur until way beyond five


thousand dollars an ounce that's like ten to forty thousand dollars an ounce is uh when it becomes a threat and then uh silver is even more under their radar cryptocurrencies though are already starting to become some sort of threat and they waited too long that's what's interesting is they waited far too long for all of this because major institutions brokerage houses the brokerage houses practically brokerage houses and tech sort of run the government and the government runs us and so uh it's almost too late so


uh any thoughts on that or do you want to just go to the next thing well we'll go to the next one here if you like the video you're watching today be sure and hit that like button for us and subscribe to our channel there below so this is viewer feedback and i'm going to jump onto this mic because it's kind of related to what you were just talking about this is from daniel mccallum ray dalio recently mentioned that he believes the u.s will outlaw bitcoin should i sell my crypto mike


well um if if they they you know india i believe india has already done that or they announced that they were going to and uh you can make you can't keep somebody from having it what you can do is you can make it very difficult for the gateways that turn uh back and forth uh into dollars uh and so into a local currency um so what i do personally is i take profits constantly and i try and make sure that uh when i'm taking those profits and converting it into precious metals uh that i have exceeded my investment in


so i'm my cryptocurrencies are now a free ride they've made enough and then i've taken enough profits and converted that into gold and silver to where uh i don't i know i've covered my investment in so basically even if they outlawed it i i could uh be perfectly legal submit to the law and not redeem any of the crypto currencies that i have or not even try to just let them go and i would still be in profit so should you sell your crypto that's all up to you uh it all depends on whether or not


you're already on a free ride uh i never make it uh advice i only tell people what i'm what i do myself and i take profits when the cryptos rise and convert them into metals yeah very good i think metals is the more sure bet even though we're all bullish here on on kryptos uh for the most part so well if you've not read uh mike's book uh please uh give yourself a treat the link is below here you can do so for free on the meme of the day so mike uh this is a fun meme i saw so


give us this meeting okay this is a painting of george washington presenting the constitution at the uh constitution constitutional convention which by the way went on for almost four months these people these guys the founding fathers arguing about what is the right way to create our government and he says just to be clear none of this matters if there's a virus i want to thank you for watching we'll see you later see you mike see you next time