Interview: Arterburn: You Can’t Rate-Hike an Oil Shortage Away

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1:01All right, joining us now is Tony Ardibon of Wise Wolf Gold. And again, he's set up David Knight Gold. So if you go there, he knows that you're coming through us. And he has a great business I've dealt with him for years. And of course, it's a great way to get both a group by and a dollar cost average, a regular savings program to start to get money out of this fiat system that has so much, so many obvious flaws. That's what I got right now. We want to talk about a couple of those coming up. How you doing, Tony? I've done great, David. It's good to see you. Yeah, there's some, there's definitely some flaws in the system. It's starting to really show. Yeah, well, they've got a new thing now that kind of, you know, tick off like 1% off the gold price. They said, oh, look at this new metric that we, that new data that we had. It's not new metric. They've had it for a while. But the purchasers management index, I think they call it.

2:01And so this is a scale that they've set up between zero and 100. If you're above 50, that means the economy is expanding. If you're below 50, it means it's contracting. And so they're looking at this. And again, I don't believe any of this stuff. I don't even believe that they accurately track the jobs. And they don't believe it either because they'll come out and give you an employment figures or employment figures. One quarter later, they will say, no, those are wrong. And this is, they do this consistently. It's like Trump, you know, with his war and peace stuff. The Labor Department will come out then. And both administrations will do this, both the Democrats and the Republican. And they'll come out quarter later. And they'll change the previous quarter's numbers. So they can present to you an improving trend. So you've seen that game. We've seen how they have gained the inflation figures. And so this PMI that was a basis of people buying and selling and the price of gold changing in terms of dollars.

3:01That's just another bit of a head fake, in my opinion. Well, I think you're absolutely right. And, you know, statistics don't lie, but liars use statistics. I listened to your show yesterday. I have one of the representatives from the Trump administration. I forget who it was. But saying how robust, small business and how optimistic, small business was. And I'm, what delusion are you living in? I'm small business. I talk to small business people from all walks of life and just regular folks that they don't have us business that are employed or lack of employed. And I talk to them all the time. There's a lot of fear out there. There's a lot of anxiety. There's a lot, there's so much uncertainty. We live inside the economic clown world order. What is she talking about? Like this, you know, you look at, you know, it's also created this problem and the response to everything is like, it's not a problem. Yeah, just, you know, you can't afford to eat hamburgers anymore just to get some chicken. Right. So, yeah. We've got great chicken prices. I mean, it's so bizarre that they can try to paper over the damage

4:04that they've done through the uncertainty. And you can go back and it's not just one administration that's done this. It's pretty much every moderate. Administration in my lifetime that has gotten to this to this point. And, you know, if you, if you look at the data coming out, you look at what's happening, David, there's the reality will show you a path. And the, you mentioned it off air. We're going to discuss, you know, what's happening with, with rates and, and gold and liquidity. That's where the world is headed. I mean, if you're, if you're really studying it, nobody's betting on the future of the dollar system. Nobody's betting on our current economic system. They're betting on what's next. And we're living inside of a relic for lack of a better term. But if you can see in the inflows, the ETF state, that's another thing. Like, I watch, I watch other metrics, not just what the Fed's telling me, you know, we can get to that too on, you know, what they, what they tried to achieve through raising rates.

5:04But I look at what the inflows of ETFs look like, gold, Bitcoin, things like that. What Hong Kong is doing, I go back to Hong Kong, Hong Kong's adding gold, not just for their physical storage and their exchange hub, but to their own currency backing. Like, this is happening around the globe. And so it, even with the Treasury yields being so high, like we're at 20 year yield. A basis on that, I mean, it's 20 year high, supposedly. Still moving into gold. Like even bypassing that, bypassing what's happened with, with bonds and everything else, just still going to gold. And you can see that through what's happening. And this is just the beginning. So we're at a very early stage. And it's interesting that, you know, gold and silver, both in the red this morning, which is great buying opportunity. Because it won't sustain. Because of the trends that are happening underlying the entire economic system. I agree. And you know, when they focus so much on rates, again, there,

6:04as we've said so many times, there's the repo market in all these other different ways that they've got of increasing the money supply, which is going to be inflationary. And the interest rate, the little tiny changes that they're making in the interest rate, and really their hands are tied. They can't do anything significant there, as we've talked about in the past. But, um, I think that's a great idea. There's not going to be anything significant there, as we've talked about in the past. But, um, these little insignificant changes that they're making, where, meanwhile, when nobody is looking at their creating tons and tons of more dollars, they've got a lot of different ways they can do quantitative easing. But this is Ed Dowd, who said they hiked rates into a supply shock. And he said, that's rarely the right medicine. Because you can't produce more oil or have more shipping capacity by raising rates. That's not going to bring, you know, they're not looking really at the cause at all. The cause, of course, is our government and the Iran War.

7:05But they can't do anything about that. So what they'll do is they'll raise rates to make people think that they're doing something about it. And it is as phony-tony as, that means by that, to rhyme. But it is as phony as what Trump does when he says we're winning the war. It's just a head fake to get people to fall for it. And a lot of people do. And so when you look at the fundamental issue here, this supply shock that is created by the Trump oil embargo, it's not OPEC, but it's Trump this time, we know what that is. And raising the rates isn't really going to do anything to correct that. You know what happened with Volker? That was all the aftermath of the OPEC oil shock. And that set off stagflation went on for quite some time. And then eventually he raises the rates to really higher levels. But right now, this is still ongoing. And it is still building. And it is still accumulating this financial wrath that is going to break on us.

8:06And so it's too soon for them to be able to do anything to try to mitigate just even the inflation. Or the stagflation or the dragflation aspect of this because it's still ongoing. And that's the point that he's making. He says they know this, but they hack the rates anyway. It is interesting. I mean, beside the quantitative easing and the increase in the money supply and the massive debt. And I think the metrics came out today. It's 365 trillion global debt. I believe that sovereign debt around the world, not including private debt. So we're in a debt crisis as well as a currency crisis. And you mentioned Paul Volker and we talk about this all the time. But I read an article on kick code this last week and somebody made my point where they didn't have the maneuverability anymore that they did in the 1970s with the debt. The sheer number of the amount of 40 trillion plus the unfunded liabilities and the obligations. They don't have the maneuverability anymore.

9:07The market shares different. We've built so much fake on top of fake. People want to invest right now. There's a lot of companies building on the Bitcoin network or cryptocurrency networks. And I think that's interesting. It's not a giant market share, but they're building on top of it. But think of all the stuff that's been built on the Fiat network. The Fiat network has been going on a long time since 1971 officially. They've built a lot of fake stuff on top of that. It's hundreds of trillions. So we're sitting over here talking about market caps of gold, which is like 20 something trillion and silver. It's like two. Two trillion. Bitcoin is 1.2. It's a small amount of finite and a sea of fake. And I, so you don't have to be a genius to figure out that something is a miss here. You mentioned the Fed raising rates because inflation got hot. Because why? Because well, Trump's war is a good example. There's some other factors, but mainly Trump's war. I mean, if you go back in the reason that the price model for gold and silver changed is because the economic model changed because the price of crude changed.

10:14The price of crude went from $60 a barrel to $100 plus a barrel. You know, that tends to change things. Plus, you choke off the supply chain or you cause uncertainty, which changes the futures. And the prices of gold and silver have come down. I think it's kind of a bargaining chip coupon, if you will. Because this is stuff we're going to reset again. So the Fed cannot create new shipping lanes. The Fed cannot create new oil supply, even with the delusional Trump administration that says they're going to have a will even worry about the straight of hormones. You know what? Yeah. We're close. A little piece of water. Are you insane? Like what? What is it? The guy who is making our pieces of paper worthless, Scott Besson says the straight of hormones is going to be just as worthless piece of water. That's interesting. You know, he's getting, he did this financial D-Day thing. I don't know if you've seen that. He listed gold and crypto and other things as a sanctionable currency. Sanctionable.

11:14Sanctionable asset. Yeah, we're flailing here. The American Empire is going to try to figure out how to stop the transfer of wealth that's going on. These other countries have already figured it out and they're moving off the dollar system. And I think Americans ought to pay attention to that because they're seeing the future. That's the trend. Like Gerald Slintay does trends journal. Yeah. This is a trend. The trend is the way from the dollar. Absolutely. And as you're pointing out, you know, it's not just the United States that has this issue. You point out how so many nations are under water with this. And Dow goes on to talk about how housing is already rolling over. So we got months supply of housing that's set near the 2006 peak. And then he says, when you look at China, things are even worse. We've got months of over supply of housing. They have decades of it. I mean, yeah, I've seen entire cities of like McMatchins. I mean, these are huge, huge homes and very fancy, but they're just setting there with the vines growing up over them.

12:17And ghost towns, essentially. And nobody has bought these properties. That's how bad it is there. And they've got some YouTubers who go over there and they get inside these houses and show you how nice they are on the inside. And they've only got a couple of people that are roaming around as security. And they just avoid them and go in and show what this looks like. But it is astounding what they've done in terms of over supply. And it's a good example of why we don't want the government planning our economy. They don't know what people need. They aren't that smart. They don't have sufficient information. And by the way, they still won't have that kind of sufficient information, even with artificial intelligence. They can collate a lot of information, but they still won't be able to make the right decisions, even if they were honest enough to try. Which they aren't honest enough to try to make the right decisions. But that's the reality of this. And so what you were talking about before in terms of the fact that they change these interest rates and they're having less and less of an impact on the price of gold.

13:23Typically in the past, as they would raise interest rates, and that would draw people away from holding gold that doesn't pay any interest. But even though we're at a very high rate right now, it's not having that much of an effect. And the reason for that, a couple of articles that I saw here were people were saying, well, they're moving from a trade on gold, being based on the competing interest rates from T-bills. They are moving to a situation where they are looking at liquidity. So now gold is no longer a trade on interest rates, but gold is a trade on liquidity. And that's really what the central banks are doing. As we look at what is happening with it, I think the best metric would be what the Chinese central bank is doing is you pointed out before every time the price goes down, they back the truck up by massive amounts of quantity. And they're doing it again. The Chinese central bank is telling us that gold is very, very cheap and they're not the only central bank that's doing it either. All of them are doing it.

14:23And for them, it is liquidity trade, isn't it? Absolutely is. And I've been saying this for years. And the more that gold entrenched itself into the financial system, which it's always been a part of, but I mean, it's gold is the original money. It's so easy to get liquid on gold because there's always a buyer. Spot price is going to be the same in Boston as it is in Bangladesh most likely. There might be a little variation based off physical supply, but it's basically the same. So when you've got a spot asset that you can liquid, get liquid on instantly, that's very valuable in a topsy-turvy uncertain world. If you go back to 2008, 2009, you know, when, when a lot of these so-called masters of the universe when they went when they went belly up because they were over leverage like Lehman. You know why they went belly up because they were leverage and they try to liquidate what they had and they could add there was no buyers. So you don't have that problem with gold.

15:23You might have a problem, you know, you could have a problem with bonds. You could have a problem with tea bells. It's a potential, it could tithuality that you would most likely would never ever have a problem with gold. I think that is the steadiness of gold. I think is another part of its story. Bitcoin has had a, it's up 33% over the past two months. It's made some big runs. And even when they raised rates, Bitcoin went up. And one of the things is that a lot of the institutions are buying. You can see the ETF inflows of lot like gold is going up. But it's doing that in the face of all this stuff. It's the same thing as gold. It's good, raising bond yields, raising rates. Gold stays steady. Bitcoin is more volatile. So it's been trading up and it probably will re-correct again. But the point of all that is that a lot of these things aren't acting. These assets aren't acting like they're used to.

16:24And so even short-term traders and people that are used to the same system, they've got a normalcy bias, I think. We all do some degree. But I don't think they're understanding what's happening. It's a debasement rate. And it's a economic system being developed. And that's really what's happening in the face of all this. And that really is a great point about how the Fed can't make any more oil. It was a stupid thing to do. Most likely would have been better to just do nothing. At the end of the day. Because it signals that you're doing. So you're still the central planning. And if you remember, what is it? The fifth plank of the Communist manifesto is a central bank day. But I think it's the fifth plank. I read the whole manifesto, like the planks are the, the, the, the, on your show one time when I hosted down in Austin. I read the, I think we, I think number five is the central bank. So it's, it's a, it's a Marxian idea of central centralization and central planning. And we both know that it doesn't work, obviously.

17:25And what, what the government's given us is they've given us fiat currency upside down. Economy. If in a, in a true free market with sound money, prices would be going down. We have a deflationary economy. And we don't. We have an inflationary economy. That should tell you something. And another aspect of the United States that's unfortunate is that over time we stop making things. And that's where real wealth comes from. As the Chinese, I mean, they made a built a bunch of stuff. But they're a powerhouse still. I mean, they're a manufacturing powerhouse where real wealth and leverage comes from. And we really, we sold that out, you know, we, we sold, basically banned it just like they did in the EU. Basically, de-industrializing the, what, the West and turning it all over to China and to India. They did that through the 2015 climate accord. I think they did the Paris Climate Accord. So yeah, they basically have kneecapped our manufacturing.

18:25That's why when you look at what is happening in terms of all the tariffs, that's like bringing anything back either. That's just as stupid as raising the interest rates when you cut off the oil. Yeah. It really is. It could have been strategic. It could have been smart. But this is the Trump administration. So we're doing something destructive, which I think maybe that's his role in the great reach. I do think so. I do think so. I do think so. Is an agent of chaos. And it certainly is to, to give a black eye or maybe just completely delegitimize the America First movement or nationalism. Or traditionalism and I mean, just the civil war that's going on right now just in conservatism alone. If there isn't even such a thing anymore. Yeah. To tell us where we are. I mean, we're we're headed into another thing about the economic issues is I'm not sure what all this is going to look like past the November. Democratic sweep, which looks like an inevitability to me. I bet we're going to make some there's going to be some record set and people have apathy that are actually paying attention that could be considered themselves right of center.

19:32I don't know anybody who's who's who's fulfilled or feels like this is great. I mean, maybe you might get some outliers and people that are still drunk off the the Kool-Aid. But it's not it's not typical. And I think even here in Texas, we're going to have. And by the way, I don't support it. I'm just saying the Republicans deserve to lose. Yeah. At some level, I didn't make the rules. You guys did, you know, like you guys did a terrible job. We had the world in the palm of your hand and you blew it. So you deserve to lose. And I think that they will. And that's going to set the tone for a lot of things. I'm not sure exactly what it does economically, but it can't be good. Well, look at Texas, for example, you know, how do you get a situation where both the governor and the Senate race, the Republicans are losing now in terms of the polls. They're behind in the polls. And that's not the only state. It's happening all over the place. It's happening in North Carolina, South Carolina, Kansas, Iowa. You're seeing these typically Republican areas and they're struggling and they know it.

20:37And so the people who still haven't jumped ship or out there telling Trump, he's got to clear martial law and steal the election right back to 2020 again, aren't we? You got to wonder how much of this is planned. You know, it's such a waste of time for us to even have this division and politically in this country and when realize it's just the, you know, the the banks or overlord class that wants to bring us into an agenda 21, agenda 2030, great reset situation, one world government thing. That's, and they tell you what they're doing. And then we, we still go at each other, this left-right paradigm and it's sad. You know, the Democrats have true believers that run in their party and they really believe that stuff. So you give them credit for that. But the Republicans, what I've noticed is they really like to raise money. They don't really like to rule. That's my, it's my observation over a lifetime of living and running in the public in primary. I just don't see them doing well coming up.

21:37It's going to, it may be a long time before they do well again. If ever, I mean, we're, there's a lot of damage been done, especially. Well, why wouldn't Greg Abbott be primary, you know, like, why is he still there? You know, like after COVID, especially, you know, and exactly. And if you're governor of Texas and you still have an open border, I mean, what did you do? Like, I mean, I just don't understand. I do understand the Republican Party, but I don't understand people's affinity to reelect people to do the same thing. So I think that there's a reckoning happening. You're right. Yeah, they don't deliver, but they do accept donations. And they've got a lot of them. They got a word chest. It's like $400 million. That's amazing. The problem is they don't have a story to tell anymore. They can't go back and make these promises because they're rings so hollow. They've had control of this stuff as you went out and just they're in Texas. They've had control of this stuff and while they're done, nothing with it. Or they've made the situation much worse. But getting back to talking to people that no longer exist, you know, like I think they ran to full a certain demographic of people that because of the shots and things that they actually pushed

22:46might not be around anymore or just sheer age, you know, like I just something that happened, you know, the trans-Texas corridor was a big thing. And you remember this day, if we go back to the early 2000s, they had billboards here in Texas. Like we're building the trans-Texas corridor, which was the NAFTA Super Highway and all that stuff yet. Condoleesa Rice going down to Baylor University talking about the Amaro and like the linkage of Canada and Mexico. People said no and it didn't happen. It literally stopped the trans-Texas corridor. But the sad part is that demographic of people has mostly disappeared. And I think they're talking to, they're still trying to do like, you know, they'll try to bring up transgender bathrooms again or something. And they're like, we get it. But in the middle of everything that's going on, like all they do is just bring up a wedge issue and not deliver. But to get back to the economics of it, I think paying attention to, at least for intel of the politics is important because we're going to be living through like a culture shock.

23:46It's going to be a lot of, on the other side of this year, we're going to have some real political infighting. And it's going to look, there's not going to anything that's going to happen like positive economically that's going to be passed. And anything happens, this bipartisan you and I both know it's something bad for the American people. Like anything that's bipartisan, something really horrible. So I don't think there's much chance of that even happening. I think it's going to be a lot of gridlock and the world's going to continue to move on. So it's going to be an interesting thing. I think the best we can know for at this point in time is gridlock exactly. But you know, we look at all this stuff. I remember, of course, back in the 1980s, early 1980s, as everything was really interesting for sky high and all the rest of the stuff. And my dad was really excited about getting into T-bills and CDs and all the rest of the stuff. And I looked at it as like, I just don't really want to try to play that game. Of course, when you buy it, when it's really high, if they lower the interest rates, you're still pretty good shape.

24:48But it's a situation like right now where the interest rates were relatively low and they start to raise them. Now, of course, they're going to cut the face of how you bond as well. But I looked at that stuff and they were talking about, and I joked with them. I said, well, I'm putting all my money in CDs and I held up one of the little compact discs. I can enjoy this. I can't enjoy that piece of paper over there. I'm constantly worried about what's going to happen to the value of it. That's the way I feel about gold. You know, you get gold. You don't have to worry about the value of it. You're trying to sit there and watch the ticker take all the time and see what's happening with it. As a matter of fact, you know, China is looking at this and we said they're continuing to buy. They have imported 1,200 tons in 2026. And that is as much in the first eight months of the year. They have surpassed what they brought in for the entirety of 2025. So that tells you what they think in terms of all these pieces of paper and treasury bills and things like that.

25:50They're putting their money into gold. Maybe you should think about that as well. They have two thirds of the year and they have surpassed the entire total of the previous year. You put that into perspective today. If you actually know the holdings, central banks and total hold like 36,000 tons. So the Chinese just brought in 1,200 tons. The United States supposedly holds 8,000 plus tons supposedly. Right. Half of it's supposed to be in Fort Knox, whether it's on Fed balance sheets again supposedly. I think so. The argument that the Chinese hold more gold than us. It holds a lot of water. I mean, if you look at the they bought gold secretly off the books at the beginning of the century as soon as George W. Bush added them on December 11th, 90, 90 days after 9, 11 to for the most favorite nations trading status with the WTO. As soon as they were added and you watch like the siphoning of wealth gone, they bought gold off the books.

26:57Massive amounts of it. And you know, they had like 60,000 gold mines. China doesn't do like net exports. It doesn't net imports of gold. So they're preparing for what's next. And I think there's a lot of other places in the world that are doing the same thing. And I think with the digitized system and blockchain, other things will be added to this with gold in real time. And again, that's not the best way to own gold, but it will happen. There will be a blockchain trading system for gold. That people will be able to do around the world off the dollar system. All it is is signaling to me that the dollar system is antiquated. And we we weaponized it. You mentioned the tariffs and all the threats that the think about the psychosis that coming out of the White House with some of this stuff like the rest of the world must be just on what you know you mentioned that the day you were talking about Christchurch taking his shoe off and beating in the podium at the UN. Yeah. And saying we will bury you. And you know, that's a different generation back then.

28:00We took him at his word and buried him. And and that was the old cold warrior mentality. But we didn't do it by beating our shoe louder. You know, like it wasn't. We didn't take our clown shoe off and beat the podium. But that's that's where we are now. I mean, we we we live in a time where everything is kind of inverted and upside down. It's the worst parts of us, unfortunately, or in control. So it's it's good to know that at least some things are still working out on the financial system. I mean, even even with gold in the red right now, at least I know that, you know, it's funny. I have no doubt in my mind if I buy a little bit of gold or a little bit of silver, I'll be better off in five years and I am, you know, today, absolutely. Yeah. We'll talk about that when we come back in as my fact, we've got a couple of questions for you as well. Right. And joining us now again is Tony Ardibon of wise wolf gold. And we're just about to give him a question from a listener here. Question for Tony. This is from hatch car 61. He says with an ever ending increase in diesel fuel. Well, why is wolf start charging shipping for wolf pack subscriptions and non wolf pack purchases?

29:08Are you going to handle that? I mean, we're seeing that going because we sell some stuff on our store t shirts and coins and things like that. We're really seeing the shipping going sky high. It's amazing. I'm always trying to figure out how not to pass those costs on. I don't like the shipping costs. One of the things I've been talking to a couple of different firms about doing a blanket shipping price is one of the things we see from like the trading floor. If you order from me, it's funny. It's funny. These big contracts that are insured a lot of times depending on the product, we have a pretty stable shipping price. And she's like 25 bucks for large orders. And it stays that way. It's crazy. But for wolf pack, we're always looking for ways to go get around that. I mean, even the shipping cost on the smaller packages, like I pay more than I charge for shipping. It's like, it's like, maybe I charge eight bucks. And then it's 12. It's just that's the dollar keeps losing value. The package is keep getting lighter weight, right?

30:10It gets lighter. Yeah, it's shipping as far as the weight that I sent out, even with the increase in memberships, it is less, less weight that I've sent out. But no, I that's a good question. I'm always looking for ways to make shipping free. If I can. But yeah, we live in a world where they get record diesel prices. And that's everything's going to get put back on us to to fit that bill. Even though we're supposed to be living in this robust small business friendly economy, whatever. I do my best. I mean, it's not something I just automatically do and throw on the customer, you know, I'm more interested in a long term relationship with anybody's doing business with me instead of gouging. That's great. Well, what else is going on besides trying to figure out how you're going to see shipping costs? I've got a lot of things. Yeah, we figured out, you know, just I think we talk about this every week, but it just keeping the doors open at this point. I mean, we keep in the supply chain. I'm always looking for new inroads to, you know, relationships with suppliers and mints and stuff like that is keeping variety going.

31:20But no, it's just grateful to be here and, you know, I mean, I would just underscore to people, but you know, just like we saw in the period before between the election and between Trump taking office, we had this period of time where gold just kind of went sideways for quite a while. We're in that kind of period of time right now again, because of Trump and his pronouncements and his actions and things like that that are happening, but it is now I think just as it was then. Good time to take advantage of the drop in price and just look at it as a period where it's been on extended sale price. I think another thing to look at and I don't mention it enough, but the IRA problem issue with, you know, with current IRAs and current 401ks and other things that are linked to paper stocks, which I don't even know how much. How real any of these things are actually valued, but you can, and you can go and do a golden silver IRA through us and have the metals, which it's outside of the banking system it's inside of a, you know, you got storage facilities, which you know it's not exactly perfect, but you have something that's not tied to a company not tied to, you know, shareholders or anything like that it's just you and your metals and those stay that way.

32:42I think that's a great way to to hedge against what's what's on the horizon to at least even even in the cap it's kept it's just separate from what you do even if it did nothing hitly stiff would protect your wealth. I agree given the uncertainty which you know I don't want to just paint this is is you know total chaos on the horizon or doom and gloom but is some strangeness well start market has always been something of a casino right everybody pretty much knows that and we've got. Guy in charge now who has bankrupted a lot of casinos well the metrics of what's going on the stock market right now besides the inflated price earnings ratios especially for these few stocks that are mostly the market this headline fewer stocks are carrying the market than at any time since the dot com peak and so I mean we're seeing all these markers that aren't going to be a lot of things. There's that aren't necessarily a repeat of history but they certainly are rhyming and so we have to ask you know what do you think is going to be happening with this in the future it's just like when we saw what Trump is doing with the Iran war it's like okay we've seen this play out before we saw it 1973 we've seen this type of thing with a dot com situation we've seen that play out most recently in our lifetime of course there's been many of others just like that when they had railroads came in when they're electric.

34:09They're electric grid started running in and so you had a lot of people who are so excited about the transformative technology that they get overly enthusiastic I guess the words of Greenspan irrational exuberance kicks in and you're. The irrational exuberance creates a bubble and even though the technology may be something that is fundamental and transforming they can still get way ahead of it and when they get that far ahead of it and somebody points that out and because it is kind of a group mentality and they realize that then they panic in the other direction and I think that's really where we are right now with the stock market as well so when we talk about gold being an insurance policy I think people need to take a look at that in preservation of wealth I don't know what I'm saying. It's when you look at it and you look at the uncertainty of the stock market and the things that have happened in the past that might be something want to factor into your decisions. You get the feeling that somehow the mismanagement will have to pay a price somehow all the mismanagement and chaos and it's been antithetical to growth like the policies from the administration and not just this one but the previous ones too and it's just compounding.

35:25I mean you and I started when you and I first started talking gold was about $1,200 an ounce. So we've seen gold at 5,600 and it will interesting enough isn't it that we live in a time where you and I both know the all time highs of these metals and we're not anywhere near them right now so that's we just live through them. So do you think they're going to be back to where they were of course they will as far as dollars. But the stock market and all the other thing that the metrics tied to that and looking like the 2000 dot com bus I think that's something to pay attention to because a lot of these companies aren't built off true earnings anymore this isn't. That's just saying this about this is very different. I mean when we look at the dot com bus you didn't have a situation like Nvidia where they are you know floating loans to the customers to buy their product and then booking that is sales and it's crazy what's happening with this they really have gamified this system in a way we didn't even see with the dot com bus haven't they.

36:27Yeah, I think that's that's part of the extension of what I talk about and you know if you had an economy with sound money and it was built on true structure and true earnings we wouldn't have these kind of companies there would be competition there would be a lot more diversity and decentralization in the economy but this is what happen if you remember Venezuela they were they had a booming stock market and their currency was collapsing. You know like and I think that that's not they're not the only country that's happened that way. We definitely look that way you know look like there could be some runs on the on this current currency system you look at the what the treasuries doing which is pretty unprecedented buying back these long term funds like they're about what 11 billion into to buying bonds back right now which has never happened basically quantitative easing. Even doing the same thing the Nvidia CEO is doing right.

37:27This is funny but Tim can economy that is out there. It is interesting and that's the rest of the world's kind of like bracing for that worldwide debt you know they're going to have to reset the whole thing that's funny. It's we kind of come back to that every time but yeah the current system won't last that's why I think I'm outside of it I'm I'm on part of the debatement trade. I think you know again you don't have to be that smart figure it out but I don't even pay attention to price most at all. I do it in the morning to set my buy percentages but I don't even really care I just look at what I know what's going to be you know mathematically certain in about five to 10 years. I feel good about what I do I wish we could get as a political system as easily as we can exit the financial system in many different ways but again if you want to do that you can go to David night dot gold and Tony will help you do that. On a gradual basis and dollar cost average this stuff out I've looking at the articles about gold I see at least three large banks that have said yeah we think the price of gold should be about five thousand well that's about 16 17%

38:32about where it is right now and so and as you point out it wasn't that long ago that it was significantly above five thousand and all the things that we see happening are nothing has been fixed. What they've done is they've added new problems to the existing problems or made them all worse in many in many ways so just keep that in mind and protect yourself is what I would say to people. Thank you so much for joining us Tony and you got a transmission coming up after this one sir yeah my order Bern radio transmission I'll be live on rumble America on plug channel and at Tony order burn on X great great thank you so much for joining us really appreciate it thank you for supporting us have a good day thank you. Thank you.

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40:46Thank you.