and i absolutely stand behind my claim that silver is going to triple digits one day it absolutely will this is my belief i stand behind it there isn't anything that i can measure that would show it not going there hi this is mike maloney and for years i've been saying that silver is destined for triple digits and i have been called crazy because of that but i stand behind that and so in this video i'm going to compare silver and see what the price would have to be if you adjusted it to keep up with


if it went into the same type of bubble that it was in back in 1980 compared to other portions of the economy i'm going to inflation adjust it i'm going to compare it to real estate to stocks to bonds and to a bunch of different aggregates of the currency supply and we're going to see just what silver's price would have to be to strike that same balance that it had when it was in a hyper bubble back in 1980. now in 1980 it went through the in the 70s it went through this amazing bull market and it was


punctuated by a correction in the bull market i do not consider this even though it was greater than a 20 percent uh drop i don't consider this a bear market i consider this a mid-cycle correction in one big bull market the 70s was the bull market for precious metals it was the fundamentals and the psychology that was going on the psyche of the american public and the world and uh so uh in 1980 january of 1980 when gold and silver went into their hyper bubbles their super spike um they were uh that that was not a


full-blown currency crisis a monetary crisis what that was was a geopolitical tensions with the uh iran and with the oil embargo and with big inflation those are the things that people were worried about they weren't worried about uh us treasuries or the dollar they weren't worried about the potential collapse of of a monetary system or a big shift in the monetary system the next time that so gold and silver go into their hyper bubble their super spikes it's going to be during some sort


of crisis that is is basically just the backlash from all of the monetary madness that you've seen over the past several years uh ever since the crisis of 08 it's like the the federal reserve the world's central banks they've all gone crazy and they just will not allow the free market to work they won't allow things to balance so we've begun back in 2000 one or two here we begin another bull market but this is this is the first half just like this one but much larger in magnitude and duration and then we're


in this consolidation so we're like here somewhere in this cycle and i'm absolutely convinced that that we that this will play out and i personally have pretty much bet everything on it uh so let's see where it could go first let's inflation adjust this and for that i'm going to use the bureau of labor statistics consume their consumer price inflation calculator and here i've got fifty dollars in january of 1980 equals 175 dollars today now at the end of this this video i


originally made and then we shelved it was made more than a month ago so a couple of months ago so the data that you're going to see at the very end is all as of may so this is as of july but i call this the cp lie not the cpi because in 1980 you know along with this date that we're working from that's when they stopped measuring the same set of goods and services and what the actual price was throughout the decades that they had been following for many many decades and they started doing things like


substitution and hedonic adjustment uh substitution you know uh they decided one time that uh that choice uh sirloin steak was too expensive so people would eat chicken instead that was under greenspan and then uh hedonic adjustment is your car now comes with all of these new features in it standard anti-lock brakes and airbags and so it's actually the price actually went down even though you had to pay more the car actually got cheaper because of these quality improvements and so uh what i'm interested in is the real price


of things and for that there's another thing you can use if you know who john williams is or shadow government statistics it's shadowstats.com so go there and subscribe to his services for a year support him he's been doing this year after year after year and he sort of haunts the government's statistics and tries to figure out uh what smoke and mirrors they're using and then they he backs out the smoke and mirrors to try and get a more realistic picture if you read his public comment on inflation measurement


and the change cpi and you look at the methodology that he's using he's using the government's own numbers against them so he's using uh cpi u r s versus c p i u series and then uh you know calculating some of these uh things it's very interesting uh now i believe that the truth lies somewhere in the middle that the numbers that he comes up with here are exaggerated if you use uh 50. in 1988 january 1980 uh through today you've got the bureau of labor statistics calculation of 175 dollars per ounce of


silver and if you i'm not logged in here so it's hidden from you unless you're logged in if you want to keep up on this you're going to have to subscribe to his services but in may the alternate cpi that he uses comes out to thousand two hundred and twenty six dollars per ounce but and this is using just a different set of the government's own numbers it isn't john gone crazy or something like that so one thousand two hundred and twenty six dollars per ounce of silver that's the the inflation


adjusted now like i said the truth lies somewhere between so where could it be between these let's take a look at some other things that uh have gone up since 1980. this is a median the median sales price of houses sold in the united states so this is the federal reserve's data and we're going from 1980 here and the growth factor on houses it's up 5.5 times which would give you and adjusted if silver had kept up if it was in the same balance today as it was back in 1980 against real estate it would have to be 275


dollars per ounce so let's take a look at the s p the dow and the wilshire i'm going to sort of average if you take all three of those you come out with growth ranges of 38 times to 40 times from january 1980 to today and so that ends up with an adjusted silver price if it was in the same balance as it was back then with the stock market now you got to realize by 1980 the stock market had gone sideways for more than a decade 1966 to 1980 so 14 years of just moving sideways the stock stock market had


become very undervalued and that's when silver went into its hyper bubble and so if it went into that same balance today you know we've got the stock market severely overvalued but uh the growth in the stock market is 38 to 40 times so you've got 1 900 to 2 000 per ounce of silver now that is way off to the crazy end i'm not saying it's going to quadruple digits but anything is possible i think some of this stuff is hilarious and it's fun just to take a look at let's look at


bonds now bonds on stock charts i can't i can only find the 10-year bond price going back to 2000 uh on they don't quote the price on uh the fed's website but this is a bull market here uh it's just that uh the yield on the bonds is sort of the inverse of the bond price and so uh even though this is going down this represents a bull market and what you see here is there was a if you go from january of 1980 or if you take the beginning of the bond bull market in 81 september of 81


if you go january of 1980 bonds are up a factor of 7.2 times if you use this 81 when the bull market and bonds really begin then you've got 10.2 for an inflation adjusted silver price of 360 to 510 dollars per ounce sorry i'm laughing but i find this stuff highly entertaining if you adjust it for uh gdp gdp is up a factor of eight times for a silver price of four hundred dollars per ounce if it kept up with the growth in gdp that same balance of the silver price compared to the size of the economy


the monetary base i decided not to use this why because the monetary base most of it is reserves of depository institutions so the reserves that the banks have this portion of the monetary base never leaves the federal reserve this is in the accounts that all of the banks have at the federal reserve and all of the banks have to borrow from each other at the end of every day because basically banks are broke and so they have these reserves you know what's interesting here these reserves were fine at uh 30 million dollars 15


million dollars 40 million dollars 40 million dollars and then suddenly uh 3.8 trillion dollars isn't enough and we have to keep on so just shows you the crisis of 2008 never ended they only papered over it when we finally get to the end of this and and the paper starts coming off when the wallpaper starts peeling and you actually see what has happened to the banking industry and the real economy it's going to be a bloodbath gold and silver will be the big beneficiaries and so we could probably see some of these


balances change to where it's an even bigger hyper bubble against these other asset classes so i'm not going to use the monetary base base currency but when you deduct the reserves from base currency you end up with currency and circulation now this is the currency that actually comes into a coin shop and buys a few ounces of gold or silver at a time so this is the masses at the very end of the bull market when gold and silver are in the news every day and on the radio and all over the internet and uh and


everybody every commentator is recommending gold and silver when it's in that blow-off top uh and everybody that is currently recommending stocks or options or whatever they're recommending gold and silver and that's it then uh that's when all of the public who the joe six-pack who are late to the game they rush in with this uh almost two point almost 2.2 trillion dollars into coin shops and they start buying now you know most of these people have to use this is a lot of what is used for people


to get by people that are on minimum wage when they buy groceries they're paying with cash um and then uh there's the m1 currency supply it's not money stock it's currency currency supply whoa 19 trillion how did that happen look at this this has gone like crazy exploded here now this goes all the way back to 1959 and it used to be a useful tool this was something that was great data to look at it was consistent and what they were measuring in uh back here was the same as what they were measuring


up but no longer this is different you scroll down to underneath this page and you see that before may 2020 m1 consisted of this stuff uh and then beginning in may 21 it now consists of this stuff and if you look at it you know it's it's currency outside of that currency that is not in the treasury the federal reserve the vaults of depository institutions so that means currency in circulation it's demand deposits at commercial banks which means checking accounts excluding uh depository institutions so


other banks uh the u.s government foreign banks so excluding governments and the banking sector the financial uh institution so this is the public's checking accounts less cash items that is in the reserve float uh and then it also includes three other checkable deposits that's what ocd stands for other checkable deposits so anything that you can instantly write a check on and buy an asset with so um you know and then there's some more uh stuff about but beginning in may 2020 m1 consists of this is the same currency


outside you know demand deposits uh excluding those and but then when you get to uh number three here other checkable deposits ocds number three here's other liquid deposits consisting of ocds so ocds was was checkable deposits plus these things so all of that is just lumped into this now and savings deposits including money market deposits this is very important it's a huge change in the way they measure things i've got this going all the way back to 1959 but i want to zoom up on that and show


you what they did here and for that i'm going to go to weekly data so we're at almost 19 and a half trillion dollars on the m2 currency supply and one currency supply i'm sorry i'm going to zoom up on this here i'm going to take a very small time frame and show you that it was at 4 trillion you know zigzagging right around 4 trillion and then went up to 4 and a half trillion and then 5.11 and then that's at the end of april and then beginning in may it's suddenly up at


basically 16 trillion and so this is almost an 11 trillion dollar increase and it's not an 11 trillion dollar increase in the m1 money stock it's an 11 11 trillion dollar increase in the way they measure the m1 uh currency supply i said money stock i shouldn't have done that dan can honk me for that one it's the m1 currency supply and here we are at almost 19 and a half 19 and a half trillion well let's take it take a look at the m2 m2 so i can't use m1 we can't use the


growth of that they've completely messed up that measurement that they've been reporting since 1959 to make it useless and this is on purpose they do stuff like this at the federal reserve when they're getting ready to fiddle with something and they want to cover up their tracks they want to make it really hard for people to measure this stuff and so here we've got the m2 currency supply and that's at 20.4 the m1 is now at 19.5 so there's only about a five percent difference between these things now uh


they have just made m1 completely useless as a tool to track anything and like i said this is on purpose there's going to be something that they're going to do that will show up mostly in that section of the currency supply measurement unless they start if it really starts showing up in m2 they'll discontinue this or readjust this also anyway when you look at m2 it consists of m1 plus all of these things and it was plus savings deposits including money market deposit accounts well now as we just saw


that's included in m1 so if if you look down here beginning may it's m1 plus smaller than they're starting with number two here so basically this was already shoved into m1 here the this part right here is now inside of this part that they're measuring so this is not messed up this is accurate reporting so we can use m2 and if you use m2 an m2 has grown 13.74 times giving you an adjusted silver price if it was in the same balance against the m2 currency supply of 687 dollars per ounce


so let's go to mzm which is actually the broadest measure it's bigger than m2 you know they discontinued m3 years ago what this series will no longer be updated uh it's been discontinued oh my gosh when did they do that well looks like they did that last report was february of 2021. that's close enough it's only it's it's not you know that's not that long ago so let's go ahead and use this anyway that it's been discontinued but why are they hiding this stuff from us this this uh one here


goes back to uh november 3rd of 1980 and even though they weren't making graphs of it you'll see the velocity of mzm they measured i think going back to 59. i'll show you that back in them so they had the data of they can't measure velocity of mzm without knowing what mzm is so the fed has that had the data they just weren't showing they didn't think it was important to show it to people i guess um but uh if we look at this you know it has been discontinued but the and this


doesn't go back to january of 1980 it goes back to november of 1980 so it's actually bigger than this growth factor and this growth factor like i said was as of last may was the last time i calculated this and it's a growth factor of 25 times giving you a silver price of one thousand two hundred and fifty dollars per ounce if silver was in the same balance as this aggregate of the currency supply uh now remember gold and silver are money not just currency but money and so if some of this currency starts


chasing after that money and this these are some of the most likely uh portions to come chasing it now mzm they call it money of zero mature maturity i call it currency of zero maturity so it's cesium cesium that's uh number 55 on the periodic table i believe so but czm is currency of zero maturity meaning it is withdrawable immediately it's it's similar to something that's in a checking account it's instantly available right now so what is mzm made up of it's m2 which we already know is


checking accounts plus money market small money for market funds uh and small-time deposits plus institutional money market funds that is the important part who's in who what's an institutional money market fund an institutional money market fund is uh is you know these are uh when you when a an institutional investor a hedge fund a pension fund the goldman sachs trading desk uh any big institutional not a retail investor not you and me any big institutional uh uh you know a mutual fund


any big fund that has a cash position it's not cash it's a bunch of treasuries it's a money market fund that they are invested when they park their funds that are in what they consider a cash position they're not invested in a stock or a bond or some other investment class asset they've moved it to a neutral asset and that for them is a money market fund which is cash that pays a little bit of interest and so this is very important why is this important because these are huge


funds and if they ever decide to come chasing gold or silver you know it's it's less this is less small time denomination deposits time denomination deposits you're penalized for early withdrawal so that currency is much less likely to come chasing gold and silver this currency is the currency that will come chasing gold and silver so this is probably the most pertinent measurement of what dollars could come chasing gold and silver should there be a rush toward it and we were up to 22 trillion dollars


back in february who knows where this has gone since uh and it is a growth factor of 25 times for a an inflation adjusted silver price of one thousand two hundred and fifty dollars per ounce so this is very important that um those money market funds that we were talking about um well first uh the all of this this the the smoke screen that they're doing mzm of money stock discontinued this one went back to the you know the graph that we're just looking at 1980 until today november of 1980 velocity of mzm they


were publishing and it went back to 1959 meaning they had this data but they never they just didn't show it to you and and then you've got uh all of these other ones that went back to 59 real mzm and so on but look at these um these were discontinued in 2013 uh these are all discontinued so there isn't a single measurement anymore of mzm that exists that they publish they've hidden currency of zero maturity the currency that can instantly uh change its mind and be invested in this or be invested in


that so uh in there was uh money market funds now about half these are all of the money market funds and it split about 50 50 between so there's four and a half trillion dollars here parked on brokerage accounts it's in people's uh you know half of it is in your uh trading platform and mine if you've got any stocks you've got an account with some brokerage house and you can trade that and if it's in a cash position it's in this right here and then you can decide to buy gold and


silver with it at any given moment and instantly it goes from being parked in these money market funds to that but it's when the other half of this the big boys and they're gonna you know they're gonna try and accumulate positions they don't have the the big funds really don't have any gold or silver yet just wait until they do but right now like i said uh uh if you use it it's 1 250 for mzm but you know money market funds they really didn't start here until the early


70s so this isn't a fair measurement this is absurd but let's do it anyway let's say we take the growth of money market funds from 1980 until today uh it's grown by a factor of 75 times so that's 3 750 per ounce silver now that is crazy that's not going to happen unless we go into hyperinflation and that will completely change all of these prices and the balances of all of these things but if you take uh all of these things let's get down to the bottom line here let's


look at everything that i've measured here from january 1980 through may of 2021. these are the deflators the cp lie the alternate cpi real estate stocks bonds gdp currency and circulation m2 mzm and money market funds and the average there i i excluded these uh because of some of the things that they had done to them when it came to the average i should have left in uh currency in circulation and m2 and just excluded money market funds but it's a growth factor of 15 times when you take


all of these and average them for a per ounce price of 750 now when i had included all of these it was a growth factor of 22 times for a price of 1 100 per ounce now i have never claimed that silver is going into the quadruple digits but you know what anything is possible uh and i absolutely stand behind my claim that silver is going to triple digits one day it absolutely will this is my belief i stand behind it there isn't anything that i can measure that would show it not going there so i


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