hi i'm mike maloney and i'm joined by jeff clark and adam taggart once again jeff how are you doing i'm doing great mike it's great to be back with both of you guys so adam thanks for joining us again today like i said guys favorite time of my week well that's great all our usual segments today plus a great meme so stick around for that so we're gonna jump right into some fun stuff here today uh this first is a video actually our article of the day and it's about sam zell and if you don't


know he's a very popular hedge fund manager he's been around forever i believe he's 80 years old now and he's been very successful and he's saying in this video it's real short you can watch it that he is buying gold for the first time in his career so this is very significant and the reason we wanted to highlight it is because he's been a very successful hedge fund manager in his life and what he sees right now makes him want to buy gold for the first time in his career


so mike what's your reaction to sam zell buying gold well i think it's a brilliant video he says a lot of really good stuff here everybody should watch this and it's only four minutes long uh and he does talk about a couple of things that i've been experiencing personally here including the government paying people to not work uh one of the things that elon musk famously said i'm i'm paraphrasing him here i'm not sure if this is exactly the exact quote but i hate to break it to everybody but if


you don't build stuff there's no stuff and this is the problem that we're running into uh here even getting an uber now takes about five times longer than it used to and the prices is double triple uh there's a ride that's that was always under four dollars uh that i take every once in a while over to a certain area here uh and usually there's an uber here in three minutes and it can take up to 20 minutes for for the car to arrive now and the ride has gone from under four


dollars to about on the way back from this restaurant that i went to uh the on the way back it was 24 for this same ride from four to 24 because they can't get enough uh drivers out because the driver they're they're all being paid to stay home now they used to do this as a second job you know uh to pick up extra cash and now there's no reason for them to uh so it is really messing up the the entire economy here restaurants are having problems and so on but the big thing is that the government


is you know they're borrowing the currency and then the federal reserve is uh the entity that's creating it so they borrow created currency when that gets spent in the economy it comes back as inflation and that's what samsel is protecting himself against and he'll probably make quite a bit on it what's your take adam yeah um so you know i always say don't necessarily look at what they say but watch what they do right and this is a great example of that sam has been an extremely successful


investor his whole career and he's actually kind of been a precious metal skeptic through most of it and i think the fact that now at age 79 he is now saying you know what it's time to own gold i've seen the light um it's really really telling of where we are in the story and the term that he used was currency debasement you know everything that we warn about on this program week in and week out uh the light bulb has gone off for sam so you know when you see somebody of that stature


that degree of success who again was sort of on the other side other team on the playing field for most of his career finally crossed the line it's a really telling um milestone of where we are in the story here well on to our tweet of the day guys and this is from our friend galactic trader bacon is up 11 and you can see he lists all the different commodities here food commodities uh well food and other commodities i should say and there is bacon it's up 11 uh i believe this is year over year uh


and then he goes through a whole list of things you can see bread and chicken and on down to gasoline corn of course as we know about cotton appliances so all kinds of things are rising substantially in price if not spiking out right so like what's your reaction to all these things rising in price so much uh this you know i still contend that there's going to be a deflation and that deflation will be with the markets popping and crap you know bubbles popping and crashing however uh in my book i covered


uh the invisible crash and if everything you know you can have the markets crash if the markets go sideways and everything else catches up to them and surpasses them then they are losing value compared to the rest of the economy uh this is what the beginning of a hyperinflation looks like actually adam what's your take yeah i know exactly well first off i think look for most people you know it's all fun and games until they come for my bacon right and then it gets serious but you know look at these numbers folks


on this chart i mean things up by high single double digits we know that that commodities like lumber are up like triple digits year over year right and what's interesting is it's not like the non-tangibles aren't you know uh are remaining the same they're increasing as well you know things like health care and education so they're not taking a break from this price inflation they're they're they're participating right along with it so you know the question is is like you


know how hey how can regular people survive for much longer with this type of cost inflation right and i don't even know how anybody can report the cpi with a straight face these days saying that inflation you know remains below two percent sure maybe on some academics uh whiteboard but not in the real world in people's homes and home lives i interviewed uh ed butowsky who creates the chapwood index which basically is a basket of the 500 most uh purchased items by consumers and he calculates and this is this is pre this


recent inflation spike that most metropolitan areas are seeing an annual cost inflation rise of somewhere between 11 and 13 and i think that's now higher given what we've been seeing over the past couple of months so guys i mean how long can the average person stand to absorb that type of of cost of living inflation especially when wages aren't rising they won't be able to stand it and what will end up happening is this will be another reason for the government to create more currency


federal reserve to create more currency that the government will then borrow and give to the people that are hurting because of the inflation that was caused by the government borrowing currency and the federal reserve creating it for them you know this is a positive feedback that you don't get out of really until the end of a hyperinflation once it starts i mean you know i talk about the government has two choices they can shut the printing presses off they can send every government employee home with no


pay stop spending anything on anything and uh and at that point they can wait for the free market to do price discovery and figure out how much currency there is in the system and then they can start the game over again or they can print the currency into oblivion no government has ever chosen the first option they always choose the second option right well that sure reminds me of hidden secrets of money episode seven that's exactly what's happening here right now the beginning parts of that so


yep well guys by the way i have to mention real quick silver is spiking uh today gold and silver are both up gold's up about one and a half percent as we talk here silver of course outperforming gold up twice that up over three and a half or excuse me over three percent so interesting to see that gold and silver are spiking when news like this is coming out so well if you're liking this video please hit that like button for us down there below and and hit the subscribe button to the notification bell as well so


uh well guys on to our chart of the day and this is very interesting this is a chart showing the most downloaded apps that are out there right now and what do you think is the most downloaded app is it youtube or instagram or facebook or even tick tock no it is robin hood the robin hood app is the most downloaded app right now and this suggests some very interesting things uh don't you think mike yes it goes along with a chart that we covered in the last video that you and i did where it was the uh percentage of


the uh population of the united states that is now invested in the stock market uh this goes right along with that spike that uh is showing that we are in uncharted territory where we're this this is causing bubbles the the uh dislocation and distortions that the federal reserve has caused in the economy are just immense and everybody wants a piece of the action and this is what market tops look like this is what it looks like before a crash except this one is taken to an extreme that we have


never seen before on this planet adam what do you think well i think this shows that we have officially become a nation of speculation junkies um we are just addicted to speculation and of course that's for all the reasons that we've talked about on this program people have either been forced out the risk curve uh to to get returns to be able to just live or you know the younger generation is having so many many challenges building capital their only hope of actually getting enough money to uh maybe


put a down payment on a house someday is just to take home run swings at these meme stocks uh or whatnot and just hope that they get a you know a 10 dagger in there at some point i just interviewed a guy named eric hickman to your point there mike about market tops and he's a a big sort of forensic analyst of the markets and since 1910 has seen that the market has had basically eight roughly equal in duration periods good period bad period good period bad period and um at the top of every good period uh it


ends with everybody in stocks um it's everybody has decided that that is the only way to build wealth going forward and uh it becomes sort of a 100 trade in that right now we are at that stage where everybody is all in stocks and what you need to keep in mind is these good periods are followed by bad periods and these bad periods which are about as long as the good periods they end with people swearing that they will never own a share of stock again because they have been beaten up so badly


in the marketplace and we really need to keep that in mind right now because that seems unimaginable right now to the average investor but if history is any guide which i believe it will be um you know the tables will turn here and and i think you know this specific robin hood app at the top of the list shows us that we really can't get any more saturated with speculation at this point in time right our producer dan ruboch says you can't trade armageddon and uh you know if we're at that market top and


all these amateurs are jumping in and trading on a retail trading app like this uh they're they're trying to trade armageddon they're creating armageddon by doing it uh you know uh like i say if you can't cry you gotta laugh uh so this is this is really bad news i think so anyway jeff what do you think yeah it's feeling a little greedy to me out there right now fomo the fear of missing out and of course when others are greedy is when you want to be fearful and and probably play more defense than you


usually would and i think gold and silver just might do that for us so uh well on to some viewer feedback and this is actually a viewer question mike that's directed to you it's from economics otaku mr maloney mind inquiring if gold has passed the short-term deflation phase um well you know i'm not sure if he's talking about deflation of gold or if he's talking about because you know gold has been in consolidation pretty much from 2011 until uh now and then we're getting


close to uh breaking out again but one of the things we've done is on gold we've developed something called a pan and here a cup and handle formation and that is one of the most bullish formations that there is uh so i do expect things to break out sometime soon and then it's off to the races uh if he's talking about the short-term deflation in the economy uh well we did have that with with uh kovid and with the economy getting shut down we have had a short-term deflation except it's not the type of deflation


uh that um i've seen when i study uh hyperinflations and so on uh and when everybody's on one side of the boat usually whatever is the maximum pain for the maximum number of people that's what happens so when people get trapped backwards on their mortgages like they did back in 2008 2009 2010 and when the stock market crashes and they see their iras deflate by uh 50 their 401ks that's uh what i'm talking about and i haven't seen that happen yet maybe maybe it doesn't happen i still


think it's going to happen it'll be short-term uh the government comes to the rescue with 10 times what they've been coming to the rescue but you know maybe there was the contraction in gdp that we just saw in the slowing of velocity and stuff during the covet thing and this time we're going to skip it but you know every time somebody says this time it's different they're always wrong right adam what do you think uh maybe a short-term deflation coming like mike's saying or we head right into


inflation or maybe even both we got some sort of stagflation going on what do you think yeah that's that's the magic question and i will say i'll be more informed on being able to answer it after uh the upcoming wealthyon conference on june 5th because we're going to have a bunch of notable deflation and inflation experts there like lacey hunt and grant williams and stephanie pomboy and our own mike maloney as well and as we get closer to that data let folks know more about it but my general feeling is is i complete


i i i predict the same thing as mike which is where this story is over the markets are so incredibly distorted right now that there is going to be a pretty major correction in the markets and during those violent corrections everything that retains value gets sold just to meet margin calls and whatnot and so i think you will see some downward pressure on the precious metals then because they will be one of the few things that retain the majority of their value but i do think that will be short-lived


as mike said and i think the government's response is basically going to just be rocket fuel for the precious metals at that time i think that is really the time by which you've got to have your position uh built in advance the only thing i'll say is in the short term uh i think gold and silver are going to do quite well until that we have the the larger market correction for all the reasons we talked about at the beginning of this program you know we got the sam samsells of the world


uh you know finally saying it's time to allocate syria's capital the space they've been ignoring so i think the precious metals short-term bottomed in march and uh are going to do quite well until such larger market correction happens yes uh okay on to our meme of the day here guys um before that if you've not read mike's book we'll put the link down there below and you can do so for free and yes check out adam's new wealthy on channel it's uh it's great and i've seen the some of the


guests that are coming to his conference is going to be very exciting so you can check that out so okay mike share our meme of the day with us well this one's interesting uh you know uh one of the things that dan is always saying is can you delegate a right that you don't have because that's what we do with government we we constantly empower government with all of these rights that we don't have to coerce to force people to do things and this one is about the moral compass and our own


personal ethics that we all have don't steal the government hates competition thanks everybody for watching we'll see you later bye jeff bye adam bye guys bye guys