Hello everyone. Welcome to Bald Guy Money. And this past Friday, we experienced the largest single day pullbacks for both gold and silver that we've ever seen. Now, to begin, I've been accused of wanting to hide from all of this, but here I am. I've been accused of ruining people financially for being full of BS. But let me remind you all of some critical facts. The first one being that gold and silver in the month of January 2026 alone added 13% and 19% to their prices respectively. They closed record


monthly highs and those closing highs are higher than what the intraday highs were from the previous month. Meaning we closed higher in January for both metals, for both gold and silver than they got at any point in the month of December 2025 with silver price up in each of the last 9 months in a row and gold price up in each of the last 6 months. This is a streak that is rare and it's going to have pullbacks as I warned you about last Sunday when I said this. Larger moves for gold and silver


like the one we're seeing happen on the market right now don't happen without reason. And with the first phase of the gold and silver bull market now behind us and the conservative price targets I shared with you all back in September of last year now already achieved. I am shifting my focus to the aggressive scenario I shared in that video with a new minimum target for gold at $7,500 an ounce and silver at $150 an ounce. both based on my analysis from last week's video, which I've incorporated


here, with a high possibility, mind you, of seeing a small correction before we reach those levels, which for gold may happen as it breaks into the low to mid5,000s. And for silver, somewhere between 120 and $130 an ounce, which was the upper part of my conservative range and the previous lower part of my aggressive range. And the reason I mention that is to prepare you for that potential volatility and to not mistake a pause for a top. Because from my point of view, if you give up there, you may end


up regretting it just like the people who sold their silver at $40 and $50 an ounce regret doing that today. Now, instead of coming on here and just saying I warned you about a correction, let me say that where I didn't cross my tees and dot my eyes and take a little bit of the blame on myself was in my Wednesday video when I said silver had strong support at $100 an ounce. Because although that was true and silver remained above $100 an ounce during the Thursday attack on metals, it later broke down of course on Friday to levels


I had only shared on Patreon 2 days before. This is not a ploy to get you to join my Patreon. This is me saying not mentioning those lower levels wasn't intentional. It was simply an oversight. Now, what caused this pullback? And I call it a pullback because I'm hesitant to call this a crash when both metals were up more than 10% this month in the month of January. But without mincing words, I am calling this a bailout. Not only of some banks that were caught off guard by this huge runup in the prices


of precious metals, but of the US dollar itself, which was breaking down, further threatening its credibility as a reserve asset and the United States at large. Well, rising metals prices were just adding to the doubt. And what we saw on Friday was a coordinated move between the US government, banks, and the financial media. Starting with the big announcement of Jerome Powell's successor at the Federal Reserve, followed by a coordinated selloff of gold and silver in the paper market, not the physical market, but the paper


market. And we will be talking about the physical market in a moment to get the prices of both metals down, crushing leverage traders, taking their money to fill paper holes at the major banks while simultaneously flooding the mainstream media with the narrative that the Federal Reserve's independence has been saved, that the dollar as a result is now rising, and that metals prices were most likely in a bubble. And it's no coincidence that all of this happened just as the US dollar was breaking down. I presented that to


you all on Wednesday. And I suspect Kevin Walsh, who has been selected to succeed Jerome Powell at the Federal Reserve and is being presented as someone who might actually want to raise interest rates, Kevin Worsh was handpicked by people in the background of the Trump administration specifically to avoid that US dollar breakdown and cast doubt over US dollar weakness and cast doubt over the strength of precious metals and the precious metals market. And for now, it's worked. But this is only a temporary fix to a much larger


problem. A problem that knows no political party. This problem isn't conservative. It isn't liberal. It isn't Democrat or Republican. It applies to everybody. This problem knows no country. It is a problem that exists basically in every country around the world. And it's as simple as comparing the supply of paper to the supply of gold and silver, which despite Friday's paper market smackdown, metals are still very much in demand. So to cover the fundamentals and give you all an inside


look at what is happening, I met with Josh Far, the CEO and founder of the Scottsdale Mint in Berlin, Germany at the World Money Fair. We met on Friday to discuss his take on the pullback in precious metals prices and if it's something that you need to be worried about. We discussed silver and if it's true that there's not enough of it. We discussed gold and the US dollar. And we finished the discussion by talking about what happens after the Friday crash and where we are in this current precious


metals bull cycle. Is it the beginning? Is it the middle? Or is this the end? Now, just before we start, I spent four days in Germany with Eric from Summit Metals. We even did a video on their YouTube channel together. So, please check it out after this video. But if we agreed on anything in that video we did together, it's that you have to manage your expectations, lengthen your timelines, expect pullbacks, and if you're stacking gold and silver for the long term, stay on a schedule and buy


the pullbacks instead, of course, of buying the price pumps. Now, we've just gotten a massive pullback from the weekly highs. So, for those of you who bought silver at $120 and gold above $5,000 and you understand how they got there in the first place and you're buying this dip, please buy from Summit Metals. All products are real. No fakes, no scams, great customer service, and it supports what I do here on YouTube. So, check them out at summitmetals.com. Hello everyone. Welcome to Baldgy Money.


and I have the unique privilege to be sitting down with Josh Far, CEO of the Scottsdale Mint. Thank you very much, SC uh Scott Josh for joining me again this year here at this event. >> Yeah, great to see you one year later. >> Yeah, we're here in Berlin at the World Money Fair. And excuse me if I look at my phone a little bit because I have questions and topics prepared for Josh here. I just want to make sure that we're hitting on the main points. And before we get to what is happening in


the physical market, which I think is really a very important thing that's driving precious metals prices right now. I want to start Josh by asking you what you make of this end of the month price action. Gold has dropped from an intraday high of uh what was it? It was around 5,500, let's say. Now we're down to around 5,000. Silver is trading again just below $100 an ounce as we're recording this. I'd like to ask you what you make of this and if you think people who are stacking precious metals should


be concerned about this price action. I would say it's healthy. While it feels bad, we're back to where we were last week. So, you know, I'm here amongst thousands and thousands of people here at this show. There is no one here um that's going, "Oh my gosh, it's it's it's all over." Um that now that doesn't mean uh people that are managing trade desk books and hedging and all that stuff aren't aren't a little frazzled with with the moves, but it's been


basically an elevator up, you know, pretty much since the Thanksgiving in the United States at the, you know, the end of November and hasn't really stopped. And so I think uh getting a little bit of a retracement, it's healthy. It's shaking people out. Um, and obviously, you know, there was some news about a a f hawkish um, you know, Fed chairman coming in. Is he going to be as loosey goosey with with money printing and that sort of thing? And I mean, the reality is is nothing really


has changed. I think it's the same it's the same story. I think this is healthy even if we go a little lower. I know no one if you're in it, you know, you like seeing those numbers we saw just just just a couple days ago uh even yesterday. And but the reality is is this is this is kind of what we have to do to you know kind of backfill. Um the charts have been overbought for a long time. True. >> But I've made the comment that so many people including governments, banks, institutions, they're underlicated


>> 100%. >> So what I'm really interested to watch is how deep would would this dip last? Um it could it could definitely keep going down. It might take a few months to regurgitate and kind of you know fire back up. However, it could also snap back pretty fast as well. So, you know, in particular, the Chinese and Indian buying that we're seeing, they're still running a big premium. I was just I was watching the premium just just a little bit ago. Uh the premium in China is


still pretty high. So, I have a feeling like they're going to be coming in and obviously they're closed now. So, a lot of this dip has happened while it's their weekend. So, I think it'd be really interesting to watch kind of what happens, uh, you know, Sunday night, uh, Monday as the markets kind of start opening back up again next week. >> Yeah. And, you know, for people watching this, I made a video a while ago when you silver was in heavy price backwardation. The spot price was $80.


And I said to my viewers, I said, if we come back to $72, buy that up. And that test actually we went down to $71 an ounce. That was the last time we really checked and retested any support. and we added basically $50 to the spot price since that happened. So, I agree with you 100% that this is something that the market needs to kind of digest right now. >> You know, I posted I think it was a few days ago on my ex account that my range that I'm kind of looking at is 150 to 50. I actually meant 50. It's wild. It


can it can absolutely be explosive in every direction for short amount of time. Um, do I think it's a higher chance we get to 150 or 50 first? Your guess is as good as mine. But a lot of it has to depend on who's been doing all the major major major physical buying if they're going to pull their bid or not. And so if they step into this pullback and start gobbling it back up, we're probably not going to see 50 again. Uh, if they step aside and just let the traders kind of hammer it all out and


kind of run momentum, we might see a flash crash that's further, but there's no guarantee >> and there is no guarantee. And so everybody watching this, just remember if you're buying on a schedule, I think you should stay on that schedule. Would you agree with that message? >> Yeah. And I think there's so many new people coming in and it's really all over the world. I mean, my company's supplying metal in all the major markets. And it's what we're hearing is


these are first-time buyers coming in. A lot of them, you know, and frankly, so many of the old school owners, they were cashing out the moment we crossed 50. They thought that was high. But a lot of people are forgetting that inflation adjusted inflation adjusted price in 1980 of 50 is closer to 300 US now. So and that's just to get back to where we were. And so I think you start looking at all all the things that are happening within the silver complex and obviously what's what's taking place in gold. Gold


is no longer a trade. >> That's right. >> This is a paradigm shift. >> This is a new order of finance that's being rewritten. It's being built. It's not my personal take. This is not overnight. I think I said that last year. Uh it will be a journey and we're in the journey uh right now. >> Yeah. And and and there are definitely going to be bounces and pullbacks and and blowoff, you know, midterm blowoff tops we might call them. So, with that bit out of the way, with respect to


what's happening today on Friday, uh the last time we spoke, silver was $30 an ounce, and you warned about a coming shortage that would create the conditions for a real silver squeeze, something that the silver community has been talking about for a long time now. Many of my viewers in the comments who are kind of ski silver skeptics, I would call them, they said that it was a classic salesman tactic, but you ended up being exactly right. Uh so my question is do you still feel that those conditions are present on the market and


if so what role do you think the United States is playing after now having reclassified silver as a critical mineral in potentially driving this price up due to potentially rebuilding a silver a strategic silver stockpile? >> Yeah. So last year I I laid out a number of reasons of why that was like the backdrop to where we could see a squeeze and we have and a lot of people aren't even sure and frankly the mainstream media doesn't know what's going on. So they call it a bubble. We are not in a


bubble. Again on the chart, if you look at a chart, yeah, it looks like a bubble. But when you look at what is taking place, we have left globalism. And I think that last year was this was when, you know, we really kind of saw it with the United States applying, you know, the threat of tariff changes and what's going on. We're in a bifurcated world, which means nations who used to trade with each other are no longer trading fairly and friendly. So they're withholding. And so you can imagine what


what is silver used for for example military, >> AI, computer chips, manufacturing. If you don't have those components, you cannot build out the military of the future. So right now the United States absolutely is locking down the Western Hemisphere first and foremost. The Venezuela play, the discussion about Greenland, what's going on all over that is has really squeezed China out of the Latin American region. You probably saw the news about the new smelter that the US Department of War invested $2 billion


for the first new smelter. And while it's a primary zinc uh zinc lead facility, they're going to pull off an awful lot of silver out of that facility and gold and rare earth minerals as well. But the key is they're battling where that concentrate comes. So concentrate just a lower grade ore that's coming out a lot of the mines out of Latin America. Most of that goes over to China. And in that deal, there was a contract that says not only that, but South it was with the South Korean


company, they have to offer more of the South Korean smelted metals and refined metals to the United States. >> Okay? >> So, we are in an absolute battle for resources whether we see it or not, whether it's reported or not. And we're in mercantile banking. So, banks are now representing governments all all over the world. It's not just the US, it's not just China. There are others. and they're all in there bidding on metals at the same time, try not to push up the


price too much. But we all know, we've all watched auctions on eBay, you know, if if if one person is bidding on something and there's no reserve, it doesn't go high, does it? Well, when many people are bidding on the same item and they're willing to pay whatever it takes to get that item, the price really goes higher. And that's what we've been witnessing. Yeah. And I've said that the United States could need 250 to 500 million ounces of silver to have a reasonable stockpile in order to meet


their, you know, if they want to have a 5 to 10year kind of pipeline to meet their needs. Now, of course, as you say, they don't want to buy it all at once. You know, a lot of people watching this might think, oh, well, then why don't they just go on the market and buy it all at once? But as you said, that could put the the market in a a major disequilibrium in that it would send the price much higher and that that would probably look like a blowoff top in a bubble, right? >> Yeah. And it's a it's a battle for above


ground metal that's readily available, but also future production. Okay. And so locking down Venezuela, for example, is very interesting uh for should be for a lot of people. And and the rest of Latin America is going to be pressured. Uh, so Brazil, who's more aligned with China at the at the moment, could be a potential future flash point as well. So these banks are representing buyers and they're buying future production. When a minor is hedging that metal that comes out of a mine, whether that's Latin


America, US, Europe, Australia, when they're selling that metal to a bank, well, oftent times the bank has another customer on the other end. So they're buying future production locked in at that today's price. And so as that metal gets comes out, it's delivered to the bank and to the end customer. And so this is this is a lot of things that are taking place all around the world right now, which is why I think places like China is extra concerned and they're putting export restrictions. They're


just reviewing what's what's leaving. They're looking at who's who's exporting it from China, where are they sending it to. So these countries are absolutely battling in seen and unseen ways. So, do you think that a lot of what we're hearing about the refineries being backed up and not taking in extra silver is more about just noise and a problem of capacity that they're not able to get it out the door fast enough to meet the demand? >> It's because they're booked, which means


they have >> they're some some of these are representing huge customers first and foremost. >> Okay. So, I'm going to guess some of them have been approached um from some banking entities or other customers and they've basically taken over their entire production. >> Okay? >> And so, so much has come in that the small guy can't get served because they're serving a big guy. >> So, we talked about it. When consumers are selling metal, it goes from the


store. Let's say you're in a strip mall in a small town. That metal, if they can't sell it in that store, gets rolled up to an aggregator or a wholesaler and eventually that goes to a refinery. Guess what? they make at refineries, thousand ounce bars that go to the exchanges, which goes back into the hands of banks or governments or whatever. So basically, you had for the last two years a lot of retail who was selling out of silver was going into the hands of of some of the big big players.


So that's what's probably driving the most of refining capacity all over the world. Um so there's just so much material moving hands, changing hands, and they're just booked up. >> So it doesn't necessarily mean that there's too much supply versus demand. >> No. Oh, and we're actually now seeing retail awakened in October. I would say it was been a fairly quiet 2025 uh until October. I think people were starting going, well, wait, what what's going on?


Could could Silver go triple digits? And and now, you know, we we we saw where we where we've been just over the last few trading days. And so, yeah, we're we are facing now um a pretty interesting environment where um it's it's it's really not going to stop anytime soon. I I don't see this I don't see this demand stopping and and metal's just changing hands, frankly. And so, uh if if if there's not a lot available at a price, it goes to a higher price and then


someone says, you know what, I'm willing to let this go. And I'm sure there's some people here watching and maybe that was a great sale, maybe you got to send your kids to college or a down payment on a home. There's nothing wrong with taking some profit off the tables, but then a new person comes in and buys it for a new purpose. And so, that's really what we're seeing really all over the world. So, switching gears a little bit now to gold. Gold, I think, is moving due to entirely different reasons than


silver. And I think you alluded to it at the beginning of our discussion by saying we're entering really a new paradigm where it's clear that there are a lot of you know countries financial institutions that are concerned about the US dollar the strength of the US dollar as well as the reliability of US treasuries US bonds. Uh I'd like to ask you if you think that uh this move in gold is sustainable and if at all you're concerned about what is happening with the US dollar and the sustainability of


the US debt market. >> Oh, there's a lot of problems. Um and I think the world knows there's problems. There's no currency that's safe right now. Uh and obviously the US dollar has been fairly strongish for the last number of years and then it's got been kind of weak against the euro and but the reality is is it's the purchasing power of everyone's currency is less and less. Y >> and now central banks are not trusting each other. Governments are not trusting


each other. No politician is trusted in any nation. And so people are going to a trustless asset. So even the biggest of the big are putting more gold on their balance sheets. you you know so someone let's say a bank central bank had zero they're going to 1 to 3%. If you were 1 to 3% you're going to 5 to six. Then there's countries like Poland that's like hey let's go all the way to 37%. And I can tell you they're not going to stop there. They're going to keep going.


So you know Poland is becoming an elite player um you know very strategically and they're going to be probably one of the strongest players in all of Europe like and it's happening before our eyes and you know financially and manufacturing economy. >> Absolutely. And you kind of look at it, you know, where Germany has supported most of the EU over the last number of decades and suddenly Poland's looking a heck of a lot better right now in terms of a future outlook. >> Yeah. And you know, a lot of German


manufacturing, you know, I live in Poland and a lot of German manufacturing has been exported to Poland, not only because it's cheaper labor, but also the infrastructure has improved so much over the past, you know, 10 years, I would say. And there's a real issue with energy availability in Germany that has also thrown a major monkey wrench into how this economy operates. And obviously we're both here in Germany right now. And I think we're hearing and seeing the consequences of that. Now the last time


we met, I asked you as the last question in our discussion. I asked you, do you think we are closer to the bottom of the precious metals market or the top of the precious metals market? Now, a year ago, you said you think we're only just getting started. And to anybody who doubted Josh's ability to to recognize what is happening in this market. I mean, the guy is an insider. He knows what's going on from A to Z in this market. I'd like to ask you the same question for especially for people who


might have just found my channel, who are just getting in. Where do you think we are? At what stage? If we if this is a three-stage bull market, which stage are we in? One, two, or three? And are and and are we at the beginning of that stage or at the end of that stage? >> So I would say we're probably closer to the end of the first stage, early second. Um I was, you know, I was originally thinking in baseball analogy of nine innings. Uh I was thinking we're somewhere in that third fourth inning.


So I think that kind of lands um where we're at might, if I had to put a date on it, >> it's feels like 2030 2032. So, if you have a five to sevenyear outlook in terms of kind of watching this unfold, it can go a little faster, it can go a little slower. Obviously, I'm I'm not I I can't predict everything. I'm just calling things as I'm seeing it unfold and uh what what's taking place. So, I I would say to those that aren't in it, you know, drops like what we're seeing


right now is a wonderful time to perhaps, you know, start looking at building in that initial allocation. A lot of people have had FOMO of missing out. Um and my personal take is uh you know I've been talking a lot about the fair Sinclair ratio uh which is the the foreign debt uh on the on the balance sheet of the US government and stated gold holdings and at what price does that need to be to um to um equalize um and so right now that number is right around 35,000 okay for gold. So you know


I are we going to get there it's also possible the US has more debt in the future quite quite likely. So that number could go up as well. So I think I think when you have that kind of long-term outlook, I mean that's what the central banks are looking at and and we're going to have to go through some sort of monetary finessing, monetary resetting. Uh we've got a crisis unfolding in front of us right now. Yeah. And I think you know what you say with respect to having a long-term outlook is important. And you know, to


anybody who may be feeling doubt or fear, maybe if you've just entered the precious metals market, maybe you bought at the very top, this is definitely something that you need to spend time in in order to benefit from because the volatility is definitely ramping up right now simply because there is a group of people I think that understand we're entering a new paradigm. Y >> and then there are just tons more people who are still in that old paradigm who are thinking blowoff top this is the end


and you know this is what's really creating these big moves. So just as a last thing Josh what would you tell the people you know at home watching you know whether young or old who are just getting in how would you manage set and manage their expectations with respect to precious metals right now? >> It's a journey. Um, I don't get overly rattled with, you know, short-term blips. It's gonna it's going to be there's going to be some breathtaking moves to the upside and downside. We


we've witnessed it. Um, it may go through a little bit of a cooling off period, but it's going to be it's going to be a really exciting journey. These are the alpha assets that the biggest entities in the world are fighting over. And so if you're wanting to buy those assets as well, um, and I've been in the space, I did corporate risk management 20 plus years ago for mining companies. These are assets that are critical to infrastructure. Uh, and and frankly there's not enough of them and right now


for what for what what we're facing. And so it's it's a journey to be less stressed about. And I think frankly for a lot of people, they view it less of a trade. um they think of it more of a diversification of their life, their retirement, their family's assets that maybe they pass those assets down to the next generation. Um obviously, you know, you can take some off the table and and trade some of it, but I think I think really you kind of look at it as a different it has a different place in


your portfolio um that balances a lot of things out. >> Well, Josh, I appreciate you taking the time to sit with me again here in Germany. Thank you so much again. Josh Far, CEO of the Scottsdale Mint. Check out their fantastic products, by the way, which are of course available also at Summit Metals. They're absolutely fantastic gold and silver products. If you're new, I recommend the 1 g gold bar, especially if you're on a budget. Don't be afraid to stack those over a long period of time, as well as their 2


oz uh silver stackers. I really like those and the Kit Kat bars. So, check those out. I'll leave the links to those in the description below. Thank you again, Josh. >> Thank you. Thank you. Bye.