Summary
➡ The article discusses a recent drop in gold and silver prices, with gold decreasing by $95 and silver by 3.5%. Despite this, the author believes that this is a temporary setback and expects the prices to rise again by the end of the year. He also mentions that banks have been covering their short positions in gold and silver, which could indicate a future increase in prices. The author also discusses the difference between paper and physical gold, suggesting that the real value lies in the physical asset, not the paper contract.
➡ The discussion revolves around the global shift towards precious metals like gold and silver, with countries like Russia, Peru, and Australia having large reserves. The speaker emphasizes the increasing demand for silver, especially in solar panels, and the ongoing supply deficit. They also discuss the possibility of revaluing gold to address the U.S.’s massive debt problem, but express skepticism about the U.S.’s claimed gold reserves, suggesting an audit hasn’t been conducted since the 1950s. The speaker criticizes the current financial system as a Ponzi scheme and suggests a return to a gold standard could provide stability.
➡ The discussion revolves around the value of gold versus the dollar, the potential impact of the Federal Reserve’s policies, and the state of the economy. The speaker believes that gold holds its value better than the dollar over time. They also express concern about the effectiveness of the Federal Reserve’s tools, such as negative interest rates, in managing the economy. Lastly, they note an increase in retail selling due to people needing money, indicating a struggling economy.
Transcript
Amidst a lot of things happening, we’re getting some clarity on what Trump and his administration is planning to do. Especially we’re seeing some of the cabinet members be selected and of course, really some escalation in the Russian, Ukraine, US conflict. Lot to dig into. And fortunately, joining me here is my dear friend Bill Holter. Bill, great to have you back on as always, especially right now. I know these are things that you track quite closely. So pleasure to have you in here today. And how are you, sir? Good to be back. Thank you, Chris. Well, good to have you here.
And let’s dig right in because obviously about a week ago, Joe Biden or whoever is running the show gave the authorization to use U.S. missiles in Ukraine. Didn’t take long for them to be used, and a lot happened over the weekend. And perhaps I’ll just let you take it from there and let people know what they at least should be aware of right now. Yeah, I think you can look at that as a FAFO moment for the us, Britain, France, basically NATO, to allow Ukraine to fire missiles, intermediate missiles, inside of Russia and understand that those missiles, they can’t be shot or guided by Ukrainians.
The only people who have the ability to guide those are Americans. So basically, that is the United States firing on Russia. And when I say it was an FAFO moment, Putin’s response was to fire an intermediate range missile that just so happened to be hypersonic. And that’s the first hypersonic real, you know, not a test. It’s a real use of hypersonic missiles. And I mean, years ago, four, five, six years ago, I used to do podcasts when I was partnered with Jim, Jim Sinclair, and he used to always say, well, about hypersonic, if you can’t catch it, you can’t kill it.
And what, what Putin just did was put the world on alert that Russia’s military is the biggest, baddest, badass military on the planet. I mean they have weapons we don’t have. They have weapons we can’t defend against. I mean they could hit anything anywhere in the world and they know it’s going to hit because it can’t be defended against. So for the markets to be doing what markets are doing now, I think like everything is backwards, everything is upside down. I mean, there should be, there should be panic, there should be fear that, you know, oh my God, the United States is no longer the biggest, baddest bully on the block.
NATO basically has become irrelevant. Yes. And at least as of Monday, we can see the panic or fear seems to at this point be in the gold and silver prices. Interesting. You do see stocks up, dollar also down, although we’ll come back to that in just a minute. Get your thoughts on the Monday price reaction yet. Something else that I’d love to get your opinion on. Obviously reports of what is actually going on in Ukraine are mixed depending on the source from the people that I check in with and listen to, it seems to me that there’s a strong impression I have that Ukraine is not going to win that war regardless of whether the US sends more money.
You talked about the weapons advantages. I hear reports on an increasing basis that, you know, it’s like we want to go to war against China, we need to ask them for parts to build the weapons. And that really there’s been a, some flaws exposed in the, the capabilities here that I guess more specifically though, that regardless of what decisions are made that that war in Ukraine is not being won. So it’s really a matter of how much more life and resources are going to be poured into something that seems very unlikely to change the ultimate outcome.
Is that about right and anything you could add to that? Yeah, there’s nothing that’s going to change the outcome it’s done basically was a grinding war of attrition. Russia is not going to back up and they’re not going to be backed up. Your comment on if we were to get into anything with China, the biggest thing about China would be the strategic metals that they have basically 100% control of and we can’t build weapons without them. So. And I mean look at what we’ve done. We’ve basically depleted our ammunition stockpile, we’ve completely emptied the spr. So I mean it’s, it’s almost like over the last couple of years the Biden administration has been tying our hands arms behind our back for any future type of conflict.
Not to mention that we got a bunch of generals that wear skirts and high yield pumps. But that’s a whole nother story. Yes, I can only imagine your thoughts on that, Bill. Last one on Russia. Again, it don’t want to unnecessarily speculate, but just the timing of right after the election. Biden we haven’t heard a lot from in the past couple of months, leaving many people wondering who is really calling the shots here. But you know, with about two months left making this decision, I wonder what Putin is sitting there thinking. Is he just saying, I hope these guys don’t do something too wild? It seems like he’s able to have a conversation with Trump, whereas he mentioned he hadn’t talked in the Tucker Carlson interview that he hadn’t talked with Biden in two years.
Do you think he’s just sitting there like, I hope they don’t go too overboard in the next two months and we can make it to there? Or what do you imagine that’s like? Yeah, there’s a couple thoughts on this one. You know, Biden is trying to get World War 3 started before Trump can even get in. So he inherits World War three. Another thought is, I mean, if there was global conflict and you had nukes being lit off, you know, around the world, would there be a transition of power? Would they cook something up saying, well, yeah, we’ll install you, Mr.
Trump, once things calm down, but we’re in the middle of it and we can’t, we can’t change the succession of power or whatever. Putin obviously has to be thinking that Trump is a guy that he can talk to. Trump seems to not want war. So hopefully Putin Russia remain, I don’t know if the word is tolerant or not, but they don’t come back with any real severe response between now and when Trump gets in. And let me just to clear things up, the pics that Trump has put together for his cabinet and I posted this, I think on Thursday or Friday and I had hopes just like, you know, a lot of people still have hopes that, you know, Trump’s going to come in and clean things up and blah, blah, blah.
But if you look at his cabinet pics, I mean, this is like it’s deep state all over again. I mean, the treasury secretary, where are his roots? George Soros? And you got, I think it was the head of the fda, the lady, you know, who still proposes masks and thinks that the vaccine is a good thing. I mean, Trump needs to come in and say I screwed up but you’re not seeing any of that and you’re seeing a bunch of his picks have some very serious deep state ties. So for him to, for people to hope that he’s going to come in and clean, you know, drain the swamp, I don’t know.
I’m highly skeptical at this point. Well, I understand you and we’ll see obviously with RFK involved where things on some of those topics that we mentioned too much on, on the platform here, where they shake out on that. Although Bill, as I know, your first strike though. Yeah, well, I, I might add you were in one of the videos that we got kicked off for a week. This was back in 2022. So one of our strikes. I give you partial credit, Bill, and I know you can, you’re proud of that, can put that on your resume for your clients.
And I’m adding, I’m adding you to the list. I mean I was a strike. One of Greg Hunter’s three strikes, one of X22, three strikes, one of Sean at SGT’s three strikes. I mean I try to be helpful. I mean I feel like I’m in a hall of fame diversified portfolio. So. Wow, this is special stuff. Yeah. And since we’re making this history, Bill, I don’t know if we’re going to get into historical territory in terms of down days and gold and silver, but again, we’re recording on Monday and certainly a bit of a sell off.
There’s silver down three and a half percent, buck nine, buck 11 or 12, let’s call it gold down $95. That, that’s one of the bigger ones I remember in the past couple of years. And before we get your perspective on that, just one other thing I’d like to add in which I’m guessing you probably saw already, but for anyone at home watching, this is last week’s COT report. We see there was some more short covering in silver by the banks here. More cover, short covering by goal, the banks and gold as well. And anyway Bill, any thoughts on the sell off we’re seeing on Monday? Yeah, well, and you’re probably, you’re for sure, you’re seeing, you know, now that they’ve had, I mean silver, gold went straight down off the open.
They’ve not been too, too weak after that. I think gold was off maybe 70, 75 bucks. It’s down another $20 and silver was like down a buck. So it’s down another 10, 20 cents. But I think for sure you’re seeing some covering here. And I mentioned to you before the Call just to pull that chart up on gold. If you look at gold, if you look at silver, if you look at the HUI index, you look at the bottom right hand corner. If you could scroll down a little bit so people can see it. There you go, right there where your cursor is, it looks the same or very close for silver.
The HUI actually had started to cross over on Thursday and Friday to the Upside. Once the MACD crosses either upward or downward, then you get momentum players coming in. So the thought process in my mind over the weekend was, okay, let’s see what happens on Monday because even if it’s a flat day, these MACDs are going to cross over to the upside and you’ll start to get momentum buyers, well, you know they can read charts just as well as I can or you can, or any of us can. They saw that happening and voila, you know, a dollar plus on silver, almost 100 bucks on gold.
And that’s not going to negate the crossovers, but it will delay them, you know, maybe delay them three, four, five days. Maybe delay them. You know, if they, if they’ve got a little bit more powder to get. So go down another 50 bucks or 100 bucks, you know, they could delay it for a couple weeks, but that’s all they’re doing is delaying it. Because if you look at just the basic chart itself, this thing, I mean gold has been an absolute tractor in first gear the entire way up. So you first off. Yeah. Where we do a correction? Yeah, we’re doing correction.
We were, you know, we, we no longer were overbought. It looked like we were bottoming and now it looks like they’re trying to delay the bottom. But the bottom is going to happen nonetheless. And I think by year end you’ll see new highs on gold and I’d be pretty surprised if you don’t see silver at least sniff 35, if not go through it. Okay, well I know that would make some people happy and we’ll touch on a few silver thoughts before we wrap up. Now Bill, you saw me, they made me disable my pop up blocker here.
I don’t know what, what they’re targeting with us here. We got the AARP K jewelers least promoting gold and silver as we’re, we’re going along here. And you did also mention these short positions. Here’s the bank short position which as I’ve talked about a bit on the show here and I think you’ve seen as well, we did reach an all time high in terms of bank shorts in gold, which has come in a bit since, since then. So it was over 250,000 contracts. Now we’re down to 192. Similar in silver. We did get more short in 2016, but aside from that we would have been at a record.
And similarly there’s been some covering. I’m wondering what you would say when you see short covering like that as a takeaway. My perspective is that it doesn’t necessarily mean hey, the sell off is over, but certainly they’re providing bids at a higher level, which may be one way of saying it is that the chances that the set next sell off in gold brings us below 2000 or silver brings us below $22. When you see short covering, an extreme like that becomes less likely. Is that a good way of phrasing it? I don’t think you’re going to see those, those levels at all.
I mean you’re looking at those are come expositions and we are very, very close to COMEX and LBMA becoming irrelevant because gold and silver, I mean they are, they’re global assets and you have global players buying the crap out of both gold and silver. Not so much silver from central bank standpoint, but what was it, two or three weeks ago Russia stepped up and they said, well yeah, we’re going to start buying other commodities. And I think silver was the first one that they named. So it’s not going to take a lot of money in silver to really upset that market.
And you’re talking about that whole thing with the cot commitment of traders. Those are paper positions and when this game ends, paper is going to be meaningless. And I said this, I’ve said this for 10 years that there is a scenario and I think it’s more likely now as time has gone on. There is a scenario where you could see the paper gold price get absolutely slaughtered and go to $10 an ounce offered no one willing to buy. And then in the physical markets you could see gold at $10,000 an ounce, but you can’t buy any because there’s not available.
And that’s the dichotomy between paper and real metal. Because these buyers globally, they don’t buy COMEX contracts, they don’t buy LBMA contracts, they buy ounces and they say deliver me my stuff. So we’re, we’re getting much, much closer to that. Chris. Well, I hear you. I’m not, I’m not sure whether I do or don’t want to be doing a show the day that Comex gold goes to 10 bucks and the actual price is 10,000. But we’ll, well, we’ll touch on something along those lines in just a moment. Although quick silver question for you. Going to pull our chart back up here.
Now if you lump this one into one big peak here in the 2011-2012 is range and then you have that one there. You know, this is only the third time we’ve been here well above 30. We had a couple minutes in 2021. So a, do you think that now the other 2 times silver did go to the 4950 area? So a, do you think that we are heading there in the near future? And I guess the second part maybe you can tack on when you’re done is what actually caused that spike in 2011, in your opinion? 2011, I’m trying to remember.
I think it was Bear Stearns that had the massive short position and then they were taken over by JP Morgan. And I think that short position had to ultimately be unwound. I mean they were taken over in 2007, 2008. It sat on their books and I think the decision was made that they had to cover it and they knew they couldn’t cover it at the $15 pricing or whatever it was at the time, $12. So I think really that was a function of shorts being unwound. And if the shorts hadn’t been put on by Bear Stearns in the first place, you would have seen the 50 silver before 2007 because they retarded that move.
And here we are now, I mean, we’ve had what, a couple months now where silver’s been above $30 and it’s chopping between the, you know, 29 and 35 level. I think the longer it chops here, the, the more it tells you it’s going to go through that 35 level. And once 235, I think you could see $50 pretty quickly. And that’ll be the third time that we’ve hit. I mean we got to go back to 1980 for the first time. The second was 2011 and now the third. You know, if we got there again, it’d be the third time.
I, you know, this is technical analysis. And when the is hitting the fan, technicals mean nothing and fundamentals mean everything. And the biggest fundamental is if you got buyers that are trying to pile into silver yet the silver doesn’t exist to deliver. Guess what technicals mean. Nothing. $50 might as well be a dollar, who knows? But that could bring your launch where you’re going to see $2 $5, $10 moves per day in silver and ultimately reset the price or the pricing because the pricing mechanism will then become the cash markets as opposed to the paper markets.
And the cash markets are real buyers and sellers. And the paper markets are a bunch of Picassos trying to paint the chart. I like it. And Bill, just to be clear, in that fan hitting technical analysis you gave, was that to the second or third decimal place that we’re, we’re quoting on that one? Oh, probably the fifth. Okay, excellent. Another thing that you mentioned in there was the precious metals exchange that Russia talked about coming out of the BRICS summit. I’ve wondered. Now, I’ll be clear. I’ve not heard Russia or any officials say this, but just to the degree if we do go to this path where half the world is looking a bit more towards gold, you also have conflict going on.
It seems like some of these strategic metals would be an area of vulnerability. And at least According to the USGS, in terms of reserves, we see two of the top three. Here’s Russia at 92,000 tons. You have Peru at number one, 110,000 tons. And I mentioned Peru because James Anderson did a great video over the last Friday about how they’re doing deals, China’s doing deals directly with them. We’ve also heard of it, this US Dollar denominated Chinese bond. And you have Australia in second place. But here’s two of the three largest reserves of silver in countries that seem to be aligning with the East.
So any thoughts on that and whether you see that being an area that’s targeted and anything else on that? Yeah, we could talk about that, but I think that’s not as important as the existing supply and demand deficit. If you look at the true uptake or use of silver in just solar panels alone, that’s roughly 50% of global production. I mean, the supply and demand numbers. We’ve been in a deficit, what is this, the fourth year or fifth year now? So I think that is more of an immediate threat than what you put up here. This is like future stuff because the world is picking sides, east and west, and it’s clear the west is losing, the west is losing power and the west is not going to be calling the shots in the future.
And the east is telling you that gold and silver are both monetary reserves. Yeah, well, we certainly have seen that playing out. Although, Bill, if we take a step back to the West, I’ve been excited to get your take on this one. So I will pull up the tweet here. That from Ron Paul. Elon Musk has asked me to advise the new Doge board and he would love to help bring sanity back. We heard J.D. vance say that he’s come, he’s coming around to Ron Paul’s assessment of the Fed and as you mentioned before, about percent now the new Treasury Secretary and favors gradual tariffs, deregul regulation to push American businesses and control inflation revival and manufacturing.
And that’s something we’ve heard quite a bit about. And although you have the idea on one hand cost cutting sounds great, yet under the current debt load and the other dynamics, you have a problem there. I’m going to play about 40 seconds of something Luke Grman recently shared in terms of how some of these things could work and then I’d love to get your opinion on that. Happy subscriber here. Can you explain the dynamics of a gold revaluation, how that would work with buying treasuries with the proceeds? Wouldn’t they have to keep buying gold in the open market to say to maintain the price and therefore borrow more? And additionally on gold repricing, wouldn’t the effect be similar to QE in theory? Yeah, it would essentially be like QE, except there would be wouldn’t be a debt swap, as Bernanke I believe called it.
It would be straight, straight cash printing, creating money over the back of the gold, buying back treasuries with the dollars. So it’d be straight money creation, much more inflationary. So Bill, in the context he’s saying that he talks a lot about how you actually could bring manufacturing back here, but basically inflation is baked in. Now if you in some way cut down the debt to gdp, then that makes certain things that you don’t have to necessarily destroy the banking system and gold sits out there. He talks also in this clip about how in the Fed accounting manual they have the ability to call the Fed or the Fed can be called by the treasury and have the price of gold certificates reset, which we heard them talking about in that strategic Bitcoin fund.
Obviously we’ll see when it happens. But do you think we will go down that path in an administration that has ties to Judy Shelton who’s talking about gold and Ron Paul? Any possibility of that in this term? Yeah, I’m, I, I was going to bring Judy Shelton up on my own, but I’m glad you brought it up. She just did an interview last week, I believe with David Morgan and talked about revaluing the gold. And what is the number? 700, $800 billion worth of gold the bottom line is, and I’m not talking about any specific person, I should just say the whole thing is full of shit, because that’s assuming that we have 8,300 tons.
Do you assume that we have 8,300 tons? I assume we absolutely don’t have 8,300 tons. We’ve not had an audit since the 1950s. And I would just say, if you know for a fact that they’re blowing smoke up your ass about cpi, about unemployment, about absolutely everything, if you’ve been lied to about everything, why would the amount of gold that the US Holds, why would that be the only thing that they’re telling the truth about? That’s the first thing. I mean, we don’t have the gold to do it. So assuming that we do have the gold, which I again, I assume we absolutely do not, but assuming we do have the gold, so what? You’re not even talking about a trillion dollars worth of gold.
You’re talking about a $200 trillion debt problem in the United States. Are they going to actually revalue? Are they going to revalue gold up 200 times? Are they going to turn it into half a million dollars an ounce? Is that what they’re going to revalue? Because in order to cover the outstanding debt, that’s the type of revaluation you’d have to have. And that’s assuming that we have all the gold that we say we have. So if we only have half of the gold we say we have, now you’re talking a million dollars. We have a quarter of it.
It’s $2 million. You know, just do the math. Off of it. They’re all full of. They lie to us about everything. The system’s a Ponzi scheme. The whole thing’s coming down. And yes, gold could save it. You would have to. You would have to revalue the gold that we actually do have. The numbers that are, you know, to this point, unthinkable, but they’re gonna become reality. Yeah, well, I feel like you’re holding back a little bit on how you really feel on that one. But I guess in the back of my mind is that everything you said makes perfect sense.
Although that interest is still sitting there, compounding that just went up a little higher. So ultimately, what other choice do they have? I suppose we’ll find out. Although, Bill, just to support your premise there that we get lied to a lot of things on the central banking world, I actually did have a clip pulled up from Judy Shelton that I’d Love to play just a moment of this year and get your thoughts. And I recall in Paul Volcker’s final book, Keeping at It, the Quest for Sound Money and Good Government, he said he never accepted from either a moral point of view or an economic point of view, the logic of, he said even low inflation, he said, it’s still skimming, it’s still taking away purchasing power.
And I love, he said in the book my mother would see through that. He meant it’s just such an obvious scam that he was amazed that that was becoming a conventional thinking at central banks. And Bill, I might add, she also referenced how in the Humphrey Hawkins act they had this part here and by 1988 the inflation rate should be zero again, provide that pursuing this goal would not interfere with the employment goal. I suppose maybe Fed governors would argue that second premise, but just interesting that the 2% mandate, it’s a little murky where that case was supposed to be zero.
Well, I would just say amen to what she just said. And Paul Volcker was telling the truth right there. 2% is still skimming. Why does your money have to become worth less each year? Why does there have to be inflation? The simple answer is because in a Ponzi scheme, you have to pay past investors. The only way to pay past investors is to have new investors create new debt to pay off past investors. So, I mean, under a gold standard, you don’t have inflation. You have sound money. If you, you know, you work for the week or you work for the month or whatever, you square up your books and you have a profit and it’s in gold coin.
Well, that gold coin is still going to be the gold. It’s still going to be gold coin in a year or five years or 10 years or 20 years, it’s still going to have value. It’s not going to be debased. I mean, think, think about it. If you buried a perfect example, if in the year 2000 you buried $270 and you buried one ounce of gold, where would you be today? You know, one versus the other. One’s worth 2600, 2700. The others still $270, which doesn’t buy what? $270 bought back then. So. No, it does not.
Well, Bill, fortunately, our last topic here before we wrap up, I think we’ll put your mind at ease because obviously I know what a great fan of Ben Bernanke, former Federal Reserve chairman, you are. And first of all, I may mention here that thank you for the incredibly handsome Model as, as some people know, we created a Ben Bernanke in a, in silver, throwing hundred dollar bills out of his helicopter. But I think the real key part. Look at the handsome model. Look at that handsome guy in there. Silver chopper Ben Bernanke. This was from a couple of years ago, I think.
I think you’re wearing the same shirt there too. So you look good. Look a little younger, although this one’s a little more storage. Okay, you’re upgrading. I like that. Nice personal growth in that time. Bill, as I was writing a few things up, I was curious, you know, I wanted to check again what he actually said about helicopter money. So I was googling Ben and I was shocked at what I found because apparently he was writing a column for the Brookings Institute a couple years back, right? Which he gave a three parter of. What tools does the Fed have left? And I mean each one is better than the next.
But. And I would say we might, even though he’s not the Federal Reserve chairman anymore, it seems like we’re on track for these. Because part one, of course, negative interest rates, which I know you’re a big fan of. Then part two, he didn’t call it financial repression or yield curve control, but we have targeting longer term interest rates when the negative short term interest rates aren’t enough. And would, would you guess what other tool they have left? A helicopter. I, I couldn’t believe. Because here, in his own words, and he even puts a quote here, here’s a quote from his book and he mentions the deflation speech.
Saddled me with the nickname helicopter Ben. And Bill, some, some of the comments he puts in there are quite stunning, including here where he talks about, they like to call these efforts open mouth operations. So that’s from Ben Bernanke. He also wonders at certain points if the new policies will have enough pop. And based on how much extra pop they can deliver. So similar to the scientific technical analysis you were talking about before, I mean some of the things he said in here are just stunning. What he’s saying there about whether it has enough pop or not, what he’s alluding to is has the system gotten too big? And when I say too big, too big for not just the Fed, but all global central banks collectively to save.
And I think the answer is it is too big, they cannot save it. I mean with interest rates being tightened just for a couple of years, the Fed is now insolvent. They’ve lost all of their equity. You look at the bank of Japan, you look at the European Central bank. You look at the bank of England, the bank of Australia, every one of their balance sheets have gotten absolutely smashed because interest rates have gone higher. The collateral, which was only the head of a needle holding the system up is now it’s evaporated. They don’t even have any equity.
They have no equity for that. Head of the needle holding the system up. I mean, it’s like the system is floating in midair with no foundation whatsoever. Well, that sums it up just about right. And heading right into the holidays. Although fortunately the we. Yeah, yeah. Happy, Happy Thanksgiving, Merry Christmas, Happy Hanukkah, and here’s your dollar. Although Bill, I might add, our. Well, fortunately, Bill, the. Our Silver Chopper Ben Cyber Monday sale Yorda before Monday, you can get him in your kitchen before Christmas. So keep that in mind. And I will disagree with you on one thing.
You said today, that there’s no backbone of what’s going on here. And that obviously does not include that we have Billholter.com where you write about these things on a daily basis. So since we can’t have you on every day just yet, people can find you there. And any last words that you’d like to share or anything you can tell people about the site or how they can reach you if they’d like to get in touch? Well, yeah, you can obviously go to billholter.com there’s a contact button there if you want to contact me directly regarding precious metals business.
My business email is B. Holter Roton me. Yeah, I guess my final comment would be the holidays are going to be interesting to say the least. I mean, think about your extended family, think about, you know, anybody’s family getting together for Thanksgiving. This country has never, ever, ever. Well, maybe the Civil War, but it’s never been as divided as it is now. And I bet you there’s going to be some real boots of conversations that end with fights, people leaving. I mean, I’d love to see a. I’d love to see a video, a video comedy of people meeting for Thanksgiving, meeting for Christmas.
You know, you’ve got. You just have a complete dichotomy. Yeah. Well, maybe we could get you to Thanksgiving over at some Democratic households and videotape you and make a movie out of. That would be fun. Although actually, Bill, one last quick one before we wrap up that I did want to ask you. One of the themes in silver we’ve seen this year has been a lot of selling, really over a year now on the retail level. Any changes in that, any slowdown in that Any other thoughts on that one? I just recently had a fairly sizable sale, but that was to purchase a business.
And yeah, I noticed this year there’s been more retail selling than I’ve ever seen in 15 years or more. And that is a function of people need money, not big sales. They’re not, you know, I’ve seen a couple, you know, a few, couple hundred thousand dollar sales, half a million dollar sale, but that’s to actually buy property, buy housing, which I don’t advise to do that because that is, I mean that’s a bubble of bubbles. So I mean real estate is going to get hammered. But the selling that I’ve seen this year were pretty much small.
5, 10, 25,000 people raising money because they needed to live on, they needed to pay their bills. I think that just illustrates how soft and depressionary the real economy is. Well, appreciate that update. And again, people watching at home. You can find him@bill holter.com where he shares things like that regularly. So Bill, I appreciate you making some time as always. Amazing. We’re rounding up 2024 already, but happy Thanksgiving to you and best of luck to anyone if they invite you to their Thanksgiving table and are talking about Keynesian economics or anything else like that. But great to see you as always.
I know people always love hearing from you and we’ll have to do this again soon, sir. Thank you, Chris. Happy Thanksgiving to you and yours.
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