hi this is mike maloney with jeff clark once again jeff how are you doing i'm doing great mike and we have something special today for our youtube followers uh insiders know that we've had adam taggart the co-founder of peak prosperity join us for some of those conversations and he's going to join us here as well so adam mike and i want to welcome you to the team and thanks for joining us how are you doing i'm doing just great thanks jeff huge honor to be here with you and mike thank you for bringing


me into these conversations a lot to talk about given what's going on in the world right now especially in the world of precious metals i'm just thrilled to be here with you guys i want to welcome you to adam uh it's great to have you here we've known each other for quite a while now and uh so jeff uh what is the topic for the day we have lots of topics today so we're gonna move kind of fast because there's a lot to talk about in the industry as adam alluded to there so this first article was from craig hemke


over at sprott and he's talking about the delivery option now that expires today on the comics so we won't know till either tomorrow or maybe when the cots come out if a lot of investors stand for delivery at the comics or not this is a very good article because craig goes into a little bit of education here how the comments actually works what the outstanding contracts are and then he goes into what he thinks is realistic to happen so it's worth uh five minutes uh reading uh but i know mike uh and adam both have


some comments and reactions to this so mike what's your reaction to this article from craig well one of the things that he's talking about there is a default on the comex and that is probably not going to happen and he's absolutely right one of the things that he didn't mention was that you know if if it was going to happen if it's imminent they just changed the rules that's what they did to the hunt brothers they changed the rules it will never happen there's not going


to be a default so don't count on it uh the article ends with uh you know taking do you you can play this game and you can take delivery but you can also do the same thing just by buying physical coins and bars and that's what i have been recommending because uh all of the physical coins and bars come from melting down thousand ounce bars so somebody's taking you know a mint a refiner is taking them off of the exchange and melting them down and they're gone so they're not there so that's that's


one way of uh decreasing the amount of silver that's on the comex and you know you've seen lately the price of the physical diverge from the paper price that's set by the commodities exchange and that will grow huge as we take more and more silver away from them adam what's your opinion yeah very very much in alignment with you mike um so craig does great work and his piece really goes into sort of how the comics delivery system works and i think you know jeff's point everybody should uh should take five


minutes to read that article to get a better understanding exactly of how it works and when you read it you realize that the um you know the goal of this the the hashtag silversqueeze um is unlikely to be accomplished you know this month uh this is much more of sort of a marathon than a sprint if if you are one of the people and i think we all are ourselves you know we do see opportunity over time for the masses to take enough silver off the market that the people that are manipulating the prices are really going to get into


trouble but if you go through the math as craig does you realize it's highly unlikely to be something that's going to happen imminently it's going to be happen by you know all of us chipping away at this over time doing exactly what you just said which is you know just taking more and more physical ounces out of the market you know coin by coin bar by bar et cetera i've also talked with uh robert mish who is a front line precious metals dealer who has uh over 60 years believe it or not


industry experience on the front lines and he he thinks very similar to us but he is saying that inventories continue to tighten he is seeing um both sort of the the the you know awake guard of people who've been buying precious metals for a long time uh redoubling their efforts and buying more but more importantly he's seeing more first-time buyers come in who are kind of you know learning of the precious metal story maybe their bitcoin owners and they're realizing the same reasons


they own bitcoin are good reasons to own some precious metals as well and so as we get more people aware of this and get them to come in we are seeing that it is having an impact in the industry so again this is going to be a marathon not a sprint yeah you know and i enjoy the marathon uh it actually gives you more opportunity to accumulate more ounces and the longer this goes on with like the regular the stock markets going up everything else going into bubbles uh and the federal reserve and the rest


of the world's central bran banks printing more and more and more currency the bigger this thing is going to be so uh having it take a little longer just gives you everybody the opportunity to accumulate more ounces jeff what do you think um i i agree obviously as we've been saying mike and adam has been saying separately as well you know this really only works if you take physical supply and take delivery take physical out of the system if you will so so the issue is if you want to impact


the system you've got to drain them of their their metal so you could say you have to drain and maintain so there's a new saying for you you got to drain the system of physical metal and you got to maintain your position through this marathon to make sure it works so it's one thing to build on that um jeff so one of the things that craig did mention too which i think is worth noting is um you know something at peak prosperity we say a lot is that collapse happens from the outside in


so when the system begins to buckle you're highly unlikely going to see it at the comex first or see it in london um you're going to see it at the exchanges that are more on the fringe like in you know zurich or singapore or whatnot so you know we really should be putting our attentions at those kind of outer edges of the system because that's gonna show us that's gonna be the earlier indicator as to when this is really beginning to materialize um so again just wanted to you know let


folks know this marathon out of sprint and look to the weaker players first for signs of true weakness right that's a good point and craig does make that he's saying look it's probably not going to happen in the u.s of the comics it's probably not going to happen in london it's probably going to happen one of these outlier players where they can't get delivery and all of a sudden you have a domino effect that's rolling through the system so yeah that's a great point well here's


a tweet of the day from first majestic silver a company i really like blackrock the world's biggest asset manager is reducing their gold exposure for more silver as it sold 2.7 million shares of gld basically and bought 1.1 million shares of slv and this all occurred in q4 of last year so it's interesting that blackrock which is the world's largest asset manager assets under management swapped out gold for silver so mike i bet you have a comment on this uh yeah i do the the amount of


uh sl of gld that they sold the spdr gold trust is gld and the amount of that it's it's far far larger than the amount of silver that they purchased so uh they did something else with a lot of the cash they only purchased about one they only took about one sixth of the cash uh it's like 427 billion i think is what the dollars worth of uh gold that they sold and then they only bought like i can't remember it was 60 billion or something like that of silver in slv but what i found most entertaining was the image


that was uh embedded in this article uh it was uh some bicycle gears from you know a bicycle that has uh gears on the chain and one of them was this big set of gears that were gold and made this big gold stack and then a smaller stack of silver but using gears instead of coins is sort of like uh saying that these are both just derivatives they're air they didn't use like gold or silver bars they didn't use real gold or silver they used some sort of image of something that was gold colored and silver colored that's all


they cared about did you get a chance to see that article adam you know i didn't read the article but i think that's such a great metaphor right you know they're they're selling gld which is really paper gold it's not real gold itself right so it um i i think it's a great metaphor for how uh you know the establishment sort of looks at the precious metal space and obviously acts in the paper not in the physical usually uh but one thing i do want to say is blackrock you know


they um you know they they have a habit of um you know winning an awful lot and they they tend to skate to where the puck is going and if we remember where the gold silver ratio was uh at the end of q3 you know they made these moves in q4 we don't know exactly when but they benefited from the uh you know the fall and the gold silver ratio is silver uh appreciated you know quite well relative to gold over that point of time so you know one kudos to them um you know they're an early mover and they're big enough to


move markets maybe they actually played a role in actually you know muscling that gold silver ratio down but what's important about this too is that you know blackrock is one of those huge influencers in the investing world right so people see what they've done and then they follow that position so i see this as yet another positive domino uh you know sort of falling into the silver story which is if a big player like blackrock is swapping you know one asset for sober i think other people are going to follow suit


just because they're they want to copy blackrock's playbook yeah that's a good point i i think that'll likely happen it'll influence other institutional investors and like mike has said the institutional world is just beginning to get into the gold and silver markets there's a long way to go with that so here's another tweet i want to bounce off you guys real quick this is from the reddit wall street silver link pslv is being manipulated by shorts it is now quote hard to borrow which means bankers


are willing to pay interest to borrow your shares and short them with the promise of buying back your shares later here's what you need to do and he goes on and says if you own a large amount of psov like i do place an order to sell your shares at a price of like five hundred dollars per share and make the order good till canceled so it stays open indefinitely once your shares are tied to an open order they can no longer be lent to the banks to be shorted this would drive up the quote hard to


borrow interest rates further making it more painful for banks to short pslv so a couple quick points there before i ask you mike you can short psov so that's this he's this is one way for he's wanting to fight back and good to cancel canceled i don't know if it'll stay open indefinitely i think you do have to renew those every six months or something like that but mike what do you make of this strategy that uh he's suggesting here on pslv well i think it's a brilliant strategy i


wish i had thought of it that is a great strategy uh take the what he's basically saying is make it so that uh banks can't borrow your shares the the uh the brokerage houses cannot borrow your shares and sell them to somebody that's going to or loan them to somebody that's going to sell them short uh set your price up so high that it basically takes that option away from them and the more people that are uh doing that uh the less they can afford to be able to short the stock or and


the fund and so uh it's it's a great way of keeping the big money the big currency from uh from manipulating the markets it's excellent it's what a great idea right what do you think adam i love it and all i know is i'm going to go after we finish recording this and go put my uh shares of pslv up for sale but it's 750 bucks a share i'm going to go there you go and and you know if it hits that target awesome hey yeah right well on to some comments of the day here so uh this is from sbb well


michael j bury was warning about hyperinflation until all of his tweets disappeared mysteriously a few hours ago this was posted yesterday what gives is it possible to reach out to him for an interview micro jeff i checked out the big short it was a great film i loved christian bell's portrayal of mike berry who seems like a very peculiar genius the best kind and yes i can attest i've seen that movie if you've not seen it it is a very well done movie and based on a true story of course so


um i did check michael bury's uh twitter feed and it looks like some of his sweets were actually deleted i don't know if they're back up right now but it does look like somewhere deleted so mike what do you make of that um well the censorship issue is getting more and more interesting it's a very different world that we live in today than in 2019 2020 was very different from 2019 and 2021 is turning out to be a horrific year when it comes to freedom of speech uh and but i agree with him i uh


read his the article when it originally uh there was an article about his tweets when that originally came out with uh all of the quotes that from uh authors that had written books on the weimar hyperinflation and uh we have gone through these stages already uh that that the weimar republic went through just before the hyperinflation really kicked into gear uh with the uh bifurcation of society and uh a whole bunch of the public starting to speculate in the markets whether it's cryptos or the stock market


or real estate or whatever but everybody's trying to get rich by trading instead of creating new wealth you're just uh you know uh passing dollars back and forth with somebody else hoping that you you know when that when the game stops that you end up with more of them than the other guy uh no new wealth is created in trading just uh passing around old wealth that was created a long time ago and the economy doesn't really grow from this that's one of the things that people don't understand about fundamental


economic economics the stock markets going up doesn't mean the economy is growing the economy grows when more goods and services are created so one of the things that's very interesting about michael berry is he believes that he's got asperger's syndrome and that was portrayed very well in the movie the big short but with asperger's somebody that has aspergers they don't have a real sensitivity as to how somebody may interpret what they're going to say they just speak


whatever they feel or think at the moment and they they aren't aware of what the consequences might be so this is him just tweeting out the truth of what he believes it doesn't have any spin on it that's one of the things i like about this adam what's your opinion on it well first off i think there's so much to unpack of what you said there mike and we don't have time for it today i think but we probably should do a deep dive on the dynamics of what happened in weimar germany


just so you know our viewers have a real understanding of you know should it happen here what what signposts to look for along the way um but uh so first off with michael bury um incredibly bright guy um uh you know my world is is you know reaching out and bringing people like michael berry on for interviews and whatnot and two things mike i agree with everything you said about censorship that very well may be what's going on here but it could also just be his compliance team you know for a guy


with asperger's who is sort of speaking off the top of his mind who has investors that he has to report to sometimes the compliance people step in and say hey wait a minute you know maybe we need to walk that back or maybe we need to hide these tweets so it might not be as nefarious as we may fear maybe it is but it could just be a you know concerned compliance person but i agree with everything that that michael said obviously um and that you said there too mike and i i guess the the key thing i wonder


underline about michael is if you watch the big short which was a great movie or read the book phenomenal book by michael lewis um you know michael saw the fragility of the system and he took out big bets that he actually had to create there wasn't an easy way to short the housing bubble he actually had to create some of the instruments that he ended up using to do so and he lost money for years he lost a lot of money for years before he was then proved right and then made an incredible boatload of money


but he had to have that conviction to hang in there to know that he was right even though the market hadn't woken up to that reality yet and i think for long-suffering precious metal holders who are wondering why is gold why is silver not taking off like bitcoin or tesla or gamestop or whatever um you know i think there's a lot we can take from michael bury's um history there which is you know fortunately we're not losing a lot of money we're just not making as much as we think we should be


the time will come and it's the exact same dynamic where you just need to have the courage uh and the perseverance of your con your convictions to hang in there until the world wakes up to reality and then to be positioned well when that adjustment moment happens so i think michael is a great uh you know kind of model for all of us for that well listen we're gonna wrap this video up thanks everyone for joining us mike's gonna close it out here with the quote of the day uh if you've not downloaded mike's book if


you've not read it yet you can do so for free we'll include the link below here so mike what's our quote of the day here okay this is from the great thomas sowell by the way uh there is a wonderful video uh where an interview with him uh on the internet uh hopefully we can get that posted below this video or make a link to it somewhere but the quote of the day is politics is the art of making your selfish desires seem like the national interest that seems to be what 99 of the politicians do


the psychopaths playbook yes right well thank you everybody for watching uh mike thank you and adam thanks for joining us and we'll see you both on the next call a real pleasure guys okay bye you guys