Precious-metals expert Tony Arterburn (DavidKnight.gold) warns that gold and silver are no longer just reacting to inflation—they’re becoming weapons in a global currency war as governments quietly abandon trust in fiat money.
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And we haven't lost track of Tony, but it might appear like that to the audience because it's been a while since Tony's been on.
He took some time off for the Christmas holidays and things like that to try to get caught up.
It's been a chaotic time, of course, in the metals market.
Things have been moving incredibly quickly.
And I don't know how you do it, Tony.
You take the time to come on at all.
But it's great to have you back.
And we're really anxious to talk to you with all the things that have been happening.
We're now up over $4,600.
Gold has gone high.
We had well over $80 for silver.
I don't know what the exact price is of silver.
I don't follow this stuff on a day-to-day basis, but you do.
And it's really crazy times, isn't it?
And this last week, we just had both of them get a shot in the arm again from Trump because he wants to be the dictator of the dollar.
He wants to be the one who's going to set this.
And you have to look at this, and I can understand why the markets and why Wall Street investors and anything would be scared of this.
Just take a look at what he did with tariffs.
It doesn't matter what you think about tariffs.
It doesn't matter what you think about interest rates.
Trump is going to be setting, if he's going to be the one setting interest rates, they're going to be varying based on what he had for breakfast this morning.
It's going to be crazy, right?
Well, the uncertainty is certainly there's an underlying driver of these prices that you can go with the traditional market forces, David.
But I was saying off air, I think, and I started to notice this in the last quarter of 2025 and towards December.
I just said I'm taking the rest of the month off of my shows and appearances.
I got to focus on my business because so many people were selling silver because it was reaching new all-time highs.
And every week, something else was happening, new price drive.
And so I've seen this accumulate over the last 30, 45 days.
And I'm just convinced now that we're in some sort of fourth-dimensional warfare between governments.
I think silver is in a key playing role in the currency wars that are going on right now.
I remember when Russia put silver as a strategic reserve asset, that story really stuck out with me.
And I've talked about it on your show.
I talked about it on my show many times.
I thought this should get a lot more coverage than it's getting.
I don't think that people really understood what that meant.
That was the first time that a major government, especially a nuclear power, is saying, we're signaling that this is a monetary asset for us again.
And silver used to have that same standing, especially in countries like China in the early 20th century and for centuries before that.
And as you pointed out many times, the very word that is used for the Indian currency comes from silver.
Yeah.
And that's right.
And I think, wasn't that the case with the dollar as well?
Maybe there was another currency that was that way as well.
It was a word for silver.
Yeah, the dollar.
It was based off a German silver coin.
Yeah, the dollar.
T-H-A-L-E-R, right?
Dollar.
Yeah.
So it went from dollar to dollar.
So, yeah, really, I mean, you know, silver, because of the lower value, was really kind of the everyman's currency that they were passing around.
The gold was there as a store of wealth, of sovereign wealth, and that type of thing, which is what we're seeing with the central banks.
But we've also seen a massive amount of individual purchasing.
You know, the shortage that we talked about before, what happened in India, you know, every year they have as part of their religious observations, they will accumulate wealth or whatever.
Typically, they would get gold, but when you guys say, hey, you need to get silver this year.
Everybody was buying silver created a big shortage in terms of distribution.
And there's something else happening with silver that I thought was kind of interesting.
And that is, that was sent to me by Listern.
The guy put out three videos yesterday, and there were a lot of assertions that were made in it.
And it wasn't possible for me to verify what he was saying in terms of commodity trades and amounts.
He said, this is not anything that's concealed.
This is not a theory.
These are actual trades that have been made by JP Morgan.
And he said, if you look at this, he said he totaled up on these various exchanges that they were short 4.2 billion ounces of silver.
And so what he was saying was, this is about to go vertical.
And I can't verify if that's true.
I sent it to you, and I know there was a lot of information there.
And he was referring to a lot of things that is very hard for us to get access to.
But what do you think about that?
I mean, as you said, it's a kind of fourth-dimensional warfare that's going on now.
That's something that we've talked about for years.
The role that JP Morgan has played in silver has a lot of history.
There's some shadowy things that have gone on there and some things that are suspect and criminal.
I mean, they've been convicted of shorting the silver market of the fraud, really.
I mean, if you want to put it in that way, and they have paid a steep fine for it.
And I want to say it was more than once.
And if you go into their history, they're the largest holder of physical silver, supposedly, in the world, private holder, other than governments.
And that's been that way for a very long time.
You got to remember, you go back to the 70s, and you had the Hunt family, and they cornered the silver market.
And I coined the term deep stated.
I thought that they were just basically, you know, taken out, taken out to the woodshed and punished for exposing weakness of the dollar in the late 1970s, early 80s.
And nobody touched silver again.
There was a time when Warren Buffett supposedly was into some physical silver, but he has that pet rock theory.
He doesn't do anything.
I think he held some for a while and then dumped it.
So nobody through the 80s and 90s and 2000s has picked up the mantle of silver.
But JP Morgan was one of those entities that started accumulating.
And I imagine that they have a lot of analysts who are looking at this as where does the fiat dollar go?
What is silver's uses for?
All the factors that would drive it up.
And I think they've been, and again, they were convicted of suppressing the silver price while they were buying.
So it's like, and that doesn't register with a lot of people.
A lot of people think of stock fraud as a pump and dump where they're just going to inflate the price, drive people in it, and then sell off.
That's not what they did.
This has been a long-term play.
And I'd love to see if I didn't have enough time to verify some of the things you sent me yesterday, but it does make sense that they didn't get that to you till really late, and there was a lot there.
The guy goes, it's about a half-hour video, and he's got two or three of them that he put up.
But yeah, it is a complicated situation.
And of course, there's always been this tension between gold and silver.
You go back to William Jennings Bryant and his cross of gold speech and that type of thing.
But it's, yeah, we live in very strange times here.
And of course, we're talking about how Trump portrays this stuff.
He just told the Detroit Economic Club that inflation is defeated.
Nobody believes that but him.
He is such a bold-faced liar that he will say that kind of thing.
He's probably go into stores.
They can get that banner that George W. Bush just had of the mission accomplished.
We can get right back over the way.
Just write in inflation.
That's what I'm saying.
Mission accomplished.
Yeah.
And we had evidence of that.
Everybody was scared to death of what he was going to do when he started coming after Jerome Powell.
And that was one of the reasons I said when we were talking about this thing in the fall, and you would see JP Morgan, all these different large banks, Goldman Sachs and everything, they come up with a Bank of America.
They've got their analysts who say, well, we think gold is going to be here at this point in the first quarter or the second quarter, the first half or this.
We see that kind of stuff all the time from them.
And they constantly kept revising it up.
And it's like, well, we just passed that already.
You would look at this stuff in the fall.
And I said, it's really going to really step up because Jerome Powell is going to be ending his term.
But, you know, Trump doesn't even want to wait for that.
He is so eager to play games with interest rates and with quantitative easing.
I mean, he is chomping at the bit.
And so much so that he's going to take the risk.
What risk?
I mean, his supporters are going to support him no matter what he does.
But so much so that he wants to come after with criminal charges, come after Jerome Powell and get rid of him like he did Lisa Cook.
Isn't that interesting?
I think that's a big tell as to what his economic policies are going to be.
Right out the gate, he's going to do everything he can to push every button to have easy money.
And that's going to make inflation roar.
He's going to pour a lot of gasoline on the fire.
He's an agent of chaos.
Yeah, he is.
The Federal Reserve is a criminal entity, just not really maybe for the building of an extra wing.
I think it's for the entire scope of what they've done to our currency, to our world.
I mean, the very reality in the fabric of America has been ripped apart by the central bank.
Don't mention that.
It is very telling.
And, you know, certainly he has a lot that he can say.
How can you justify $2.5 billion, not even to build?
I mean, this is not foundation costs or grading costs.
This is just decorations, right?
They're going to remodel it with decorate $2.5 billion of decorations for these existing buildings.
That's outrageous.
But I said, so he's going to audit that, but he's not going to audit the Fed itself.
He's not going to audit Fort Knox's gold.
Let's focus on this other thing over here that really doesn't matter, except as an indication of the corruption and the just the raw power that the Federal Reserve has.
It's absolutely astounding.
I mean, and people are following this like this is a good thing.
And I think it's just chaos for the sake of chaos's sake.
And the whole thing that's pushing all of this, you know, the drive in prices is the movement out of like safe haven traditional markets where people played.
And, you know, there's long-term paper markets.
This is this is fear.
Yeah.
And again, it's governments that are involved.
And people might think I enjoy where we are in the silver price.
I think it should have taken a little bit longer.
These massive hikes that we've seen that are really unprecedented since the 1970s.
And this won't, I don't believe this will end like the 1970s, David.
I don't think that, you know, if silver went from $52 to two in 1980, we're not, that's not going to happen.
It's not going to happen.
Nothing like that's going to, there might be some pullback, and there probably will be both in gold and silver, and there's profit taking that could go on.
But I think we're pushing new boundaries and price discovery every single day.
And this is a reflection of the weakness of the dollar, the weakness of the fiat system, the massive, the systemic malignancy of worldwide debt, the global debt that is really, I mean, it's bankruptcy on paper for pretty much the entire world if you look at debt to GDP.
And we've been talking about that for a long time, and it's only accelerating.
But there's an underlying, I think, story going on with silver because of the governments that I think are starting to realize that these strategic assets, and especially silver, gold, things like that, they're reaching for the physical bullion.
And all the paper markets, those days are gone.
And thank God.
I mean, I remember February of 21, David, they did the Wall Street bets and they did the whole Reddit people and they did buy silver.
And people were sold out of physical silver all around the country.
And they were trying to get the price to move by buying out the physical silver.
And people went and bought physical silver out of shops.
And one of my shop was that way.
And we sold out.
And the next day, the price went down.
And that's because they did, because they sold off these paper markets that they used to be able to control the price.
They sold off 1.5 times the annual supply in one day and just sold, you know, hit sell, sell, sell.
And it dumped that price down.
So the spot actually went down.
But if you went in to go buy silver the next day, you couldn't get any.
And I thought, this is broken.
This can't last.
This is a complete exposure of what that market was.
Well, we're not there anymore.
And you can't go back.
You go to the beginning of the year when we talked about the black swan event, really with unintended consequences was just the threat of tariffs and not giving clarification on whether gold or silver or commodities would be tariffed if they entered into the country.
Yeah.
And that alone started clearing out vaults and contracts were called.
It's a cascading event.
It needed to happen.
But that was the unintended consequence.
Without that, we don't have $4,600 gold on our way to 5,000.
We don't have that.
If you remember last year, we hit an all-time high over 30 plus times.
I think almost every time I come on the air with you, there'd be a new all-time high.
So it was really an unprecedented, it's uncharted waters.
And nothing really in history lines up to what we're watching exactly.
I don't think it even rhymes.
Well, you know, it's a very different time.
If you go back and you look at the 1980s, what was happening to that in terms of gold and silver, that was the shock that was sent through the system because of the energy, because of OPEC and the oil shortage and embargo and things like that.
That set off a wave of inflation.
And we saw that in the interest rates.
And so just in this last week, kind of to underscore that, the fact that Trump is talking about the confiscatory interest rates on credit cards.
Well, that's there because they got rid of the caps on usury.
It wasn't a federal cap, as I pointed out this week.
It was state law.
And this is a tradition that had gone back to the 1500s in English and American tradition that you would not charge more than six or eight percent.
It'd be illegal.
That'd be considered to be usury, loan sharking, that type of thing.
But because we had such rapid inflation, first the Supreme Court and then the Congress and Supreme Court in 1978, then the Congress in 1980 did things to essentially get rid of the state usury laws.
And so now Trump wants to do just a one-year moratorium on these ridiculous rates that they're able to charge people.
It's the most amazing thing, but it really does show the character of the banking system, Tony, when you see how they come back and they say, well, if you cut the interest rates that we're allowed to charge poor people who can't pay off their balance, that would hurt the poor people.
That would restrict their credit.
It's like, how does that hurt the poor people if they're not allowed to go into debt to you for 20 to 30 percent a year?
I mean, it's a, oh, and of course it would hurt us as well.
But yeah, it would hurt you, but it would not hurt the poor people.
That's almost like saying that, sorry, you're not going to be able to drink your paycheck or pour it into the casino slot machine.
You know, we're going to prohibit that.
But it truly is exploitative.
And it's been there for a long time.
And so what I thought was interesting was that Trump got, first of all, Scott Bessant was confronted at one of these economic clubs about that and said, you're starting to sound like Elizabeth Warren.
And then Trump called Elizabeth Warren.
So on economic issues, we've got the Elizabeth, Trump is Elizabeth Warren.
On issues of war and peace, we've got Lindsey Graham.
That's kind of where his advisors are, right?
We're supposed to believe that he's the peace president and he's a Republican, and yet he's looking at Elizabeth Warren and Lindsey Graham.
They are his influences.
But when you look at the, when you're talking about paper, silver, paper, gold, we're talking about stuff on the Shanghai Stock Gold Exchange, which is SLV for silver and GLD for gold.
This has been the way that a lot of people who were typically in the stock market would just move things over into silver or gold.
But I noticed what you talked about was something that was far more broken than what I saw.
I just saw, you know, I guess back in 2018 or 19, I saw that when gold was moving, the paper gold was going in a different direction or staying still.
You know, it wasn't tied to the spot market.
And I thought, why is that?
And I started looking into it and I realized I wasn't really getting gold when I bought paper gold, I bought GLD or whatever.
And that's really the issue.
And I think it's something that we need to be concerned about as you see Tether going in and saying they're going to tokenize gold into their stable coins, right?
It's not clear how that's going to work out.
I mean, who audits that to see if they've really got the gold there?
That's the issue with the Shanghai Gold Exchange and Silver Exchange.
Do they really have the gold and silver or are they saying that they've got it and then trading paper contracts for it?
It may not be tokenized because it's not on the blockchain, but it is still securitized, just like the phony mortgages in 2008, right?
Well, that's right.
And the beautiful thing that happened in 1974, we were, because of Gerald Ford taking over after Nixon resigned, we got the ability to own gold again.
It was legal after, you know, FDR from 1933 to 1974.
It was FDR that made it illegal for you to own gold.
You couldn't, I remember listening to Robert Kiyosaki, who's coming back from Vietnam as a Marine, and he smuggled in a Kruger grand that he bought just after we went off the gold standard.
But, you know, you mentioned something earlier that I think, and this is why I brought that up, that we can, you know, own gold and they may be making a play on that eventually.
We have to be vigilant on that.
I mean, I think you mentioned Tether and some of these stable coins and how do they back this up?
And, you know, people ask me about gold standards and all the rest, but we already really have one.
And that's because we're outside.
When you and I have a gold or silver coin or an ounce of bullion or a bar and it's recognizable, we're outside of the system.
We're our own bank.
Same thing with Bitcoin.
You know, millions of Americans are unbankable.
And you have these predatory institutions that you mentioned.
And they're all fruit of the poisonous tree.
We got this financial system that we have post-1971.
When all bets are off, when you have a fake currency, it tends to create these type of entities that prey on the lower economic strata.
You just can't get out of that cycle.
I mean, it hasn't been that long ago.
I had to use some of those things when I was between ventures and stuff.
To get, you know loans, small loans, weekly loans, stuff like that, and it hasn't been that long ago um, and then you know, this is a.
The reality I live in today is a lot different than it was, you know, 10 years ago, when I, you know, when I I, so I had to use some of those things and they're awful and they're hard to get out of.
Yeah um, so they keep it.
You know it is a trap.
It's just, you know, same thing that Trump is says a one-year moratorium on this.
Well, you see, that kind of stuff all the time.
You know somebody, you know, move your uh credit card balance over to everything.
You won't pay any interest for a year or whatever.
Then it shoots up higher, much higher than where you are right now, you know.
And so that kind of stuff uh, you know what Trump is proposing is just rearranging the deck chairs on the Titanic and it's not something that's going to work out for the benefit of consumers.
Uh, just like his 50-year home mortgage is for the benefit of consumers, that would be a horrible thing to get involved in.
And yeah, price controls, yeah, we know, we know that price controls don't.
This is, this is the 70s, all over again, but just worse.
I mean just on every scale.
The corruption, the amount, the amount of bureaucracy, everything in between is is amplified.
So you know, when you the, a true prosperity would cure a lot of these ills and a real free market would cure a lot.
But this is crony capitalism.
This is what happens when you all these things, these entities that are tied to the central bank, and everybody waiting on for on bated breath on what the Fed's going to do with interest rates, instead of just worrying about economic outcomes and and building infrastructure, economic infrastructure, all the stuff that should be going on right, and that's why.
That's why the new hundred dollar bill is a silver, one ounce silver eagle.
My friend, Charlie Robinson, sent me a meme, said that yesterday.
I thought that's about right, that's good.
I like that.
The new hundred dollar bill, yeah uh yeah, everything that Trump is doing is a gimmick.
Right, he's not.
You know, affordability is the big issue.
Uh, that is the elephant in the room as far as these elections are going.
And uh, 92 of people who have jobs we're not talking about people are unemployed.
92 of people have jobs said that they're struggling, according to a recent poll.
So when you look at affordability and Trump comes in, he wants to play some financial games to help you to get a house, he says, but if you are, you know if inflation is eating into people and taxes and and all these different predatory things that we've got in terms of mandated insurance and this, and that all of that is there and all the government regulations that are raising the price of things and killing industry and killing manufacturing.
When you look at all those regulations if those are there uh, and the society is fundamentally sick and getting poor uh, there isn't any kind of financial game that you're going to play that's going to help anybody.
I mean, it's just something that kind of a sugar high that he's hoping people won't realize until after they voted for it.
Um, I I saw this article, Tony.
I thought this was interesting.
Egyptian army holds billions in secret cash as a country misses a debt deadline, and so you know they've got all this money in the Egyptian army and the Egyptian government says, wait a minute, we got to make a debt payment to the IMF and they said, well, we're not telling you where the money is.
You know all the money that Trump is funneling over to the Pentagon and he loves to brag about his tax increase.
As if you know, people fill in the blank and they think well, he's going to use the this tariff revenue to get rid of the income tax.
No, that's not going to happen.
He's going to use it to pay down the debt?
No, that's not going to happen.
Uh, he says i'll give it back to you as a check.
That's not going to happen either.
Uh, he's talking about how let's, let's, increase the new record defense budget.
We just went over a trillion dollars for the first time.
Let's make it one and a half trillion.
Yeah, so we, we are flush with cash now.
Uh, it's amazing.
But when you watch him, you can start to get see the lines of how this guy bankrupted six casinos, can't you?
Well, it has the hallmark of everything that is short term.
Yeah.
Everything is short.
This isn't long-term planning.
Again, not building financial infrastructure, not incentivizing the free market.
We're not doing any of that.
This is crony capitalism.
And you see the breakdown of institutions.
You just mentioned the Egyptian army and the hoarding of cash.
By the way, keeping it from the IMF, which was born out of Bretton Woods in 1944, this was the old economic world order that is coming to an end.
There's the new institutions are being born, new factions being born.
That's a key indicator, especially since we went off the petrodollar.
I mean, it wasn't an official thing.
We just lost it, right?
In 2024, that agreement pretty much lapsed.
And people have been asking me, is Venezuela about repropping up the petrodollar?
I'm like, no, I don't think that it is.
We're going in a completely different direction.
And maybe they don't even know where they're going, but it's the, you know, the digital currency certainly on the rise, the off-ramps for the stable coins and all that.
We'll be talking about that in the months and years to come.
No, that's institutional breakdown is what you're watching with the Egyptian issue.
And I think that's going to start happening more and more.
The hoarding of cash, the hoarding of commodities, because the bracing for impact, what comes next?
We don't have trust.
And the trust is diminishing.
And trusting us as far as being the world's reserve currency in the stable country that we were perceived to be is completely off the table.
Everything is coming unraveled because we're here at the end of this fourth turning.
I just saw a clip.
I can't remember the woman's name.
We've seen her on this Ukraine thing several times.
She's notable because she's one of the youngest people in terms of leadership.
I mean, we have this gerontocracy now, you know, ruled by really old people.
She's in like her 30s, I think.
And she came out and said, she's been the spokesperson for the EU in terms of Ukraine and things like that.
She came out and she said, well, I think when we look at what's going on, we just need to have a drink.
This is her remedy.
It's so bad.
I think the only way we can cope with this is just to get drunk and drop out of reality.
And I think that's a harbinger of what's coming, don't you?
I think that about sums it up.
When they've reached, they've run out of, you know, run out of tools, whatever's in their tool bag, they've run out of.
And, you know, I think you'll see that a lot more where just people just shrug.
That's why we don't talk about the elephant in the room.
We don't talk about the debt anymore.
Nobody really talks.
You get like one, you get Thomas Massey.
We'll talk about it.
This is not even talked about by the so-called conservative movement.
I think that you covered that well this week.
Conservatism is dead.
It is.
Modern conservatism.
This isn't Russell Kirk.
This isn't Pat Buchanan.
This isn't any of those.
There's no intellectual heft behind any of this.
This is groupthink, cultish behavior and parroting headlines and things that are void of any sort of thought.
And it's really sad to watch because that's the camp that I came out of.
I mean, I'm more of a traditional Edmund Burke or something type of.
Yeah, no, it's not any principles.
They're just trying to conserve the status quo.
The status quo is given to us by the liberals who seek to destroy us economically and in terms of liberty and the rest of this stuff.
But you've talked so much about the massive debt that we have that all these different countries have.
I mean, it's just a sea of debt.
And so it's kind of interesting.
Van Eck, and this is an article off of Kitco, Van Eck analysts looked at this and said, well, you know, let's take a look.
You know, what if we were to go back to gold as a standard?
What would be the price of gold?
says if gold were to back m0 that is the base money uh it would need to trade at thirty nine thousand dollars per ounce if gold were to back m2 which is broad money and in terms of that we're talking about you know um m2 is things like including savings deposits money market funds and things like that m0 is really just kind of cash that is issued by the government So if it were to go to broad money,
M2, it would need to trade at $184,000 per ounce, the price of gold in order to cover the outstanding debt that these people have put together, the money liabilities in a scenario where the only thing you got left is gold.
And of course, the central banks have been accumulating gold as if it was going to be the only thing that was left.
It's going to be what they have in terms of making a case for their legitimacy or making a case for their new financial system.
They're going to need to have gold.
That's why they're all racing to get it.
And this massive debt that we have, just the sovereign debt in all these different countries, not even including the consumer debt that is there, is truly amazing.
It really reminds me, and I know people have done a lot of these analysis on what would it look like if we go back to a gold standard.
When I first went on the air and I was on conservative talk radio in Dallas, there was a host there that argued that we couldn't go back to a gold standard.
There's not enough gold.
And I thought, well, no, no, no.
I'm like, you got it backwards.
Like, of course there's enough gold.
But they were saying, we have trillions of dollars.
You couldn't make that into gold.
And I thought, well, that's, that is, I guess that's modern conservative think, you know, where we just, we have to infinite prints and other things.
No, you'd have to be, if you have a limited supply of money, which is the way that you're supposed to have it with sound money, you have a limited supply, which makes it valuable.
You have to be fiscally responsible, which means you have to have some measure of sanity.
You can't just do anything you want and build anything you want and bomb anything you want.
You have to have.
So at the root of everything that's falling apart for us is fake money.
Because you can just paper over everything until you can't.
And I think that's why we're reaching endgame where the institutions are coming apart.
Trust is completely diminished.
The amount of corruption that we see is unprecedented.
I mean, all this stuff that is systemic in everything we do, but it's worldwide, folks.
I mean, it's global.
It's not just here in the U.S. All these central banks, it's a sad reality watch.
And for them to, I mean, people will float this idea about gold standard.
Well, we already have one.
It's ourselves.
And these governments are, you don't want the government involved with your gold, in my opinion, because look at what happened in 1933.
That's right.
You know, I like the free market.
Let the free market decide.
You can have your fiat currencies.
I mean, I would love it if we had a consensus in this country about fiscal responsibility and the evils of central banking and all the rest of that.
But we're not anywhere near there.
And if they just take that and then they make it into a gold standard, it's not good for us.
Yeah, your gold might go up and you're told to sell it or whatever it is.
I just don't, I don't subscribe to that.
Yeah, that's right.
I got a couple of questions for you from listeners here.
Hatch car 61 said, excellent that Tony's back.
Can you please ask him why Wolfpack packages are taking longer to be delivered?
Well, that's something on the, well, my crew, and by the way, I have, I have just great people.
And I look around sometimes like, how did all these people show up?
I have wonderful people and we ship everything out of Missouri.
It has been a really efficient last 30 days.
I know my crew is doing a great job.
I think the mail is something that if you're going USPS, some packages do, or UPS.
That's an interesting question.
You can always mail into the crew.
I want to check your tracking number.
Most of the time, we are in real time.
Like if your card gets charged, like on a Monday, most of the time, like on a Wednesday, you've already got a tracking number.
So I don't know.
I'd have to look at it.
Well, I know things are changing in terms of shipping.
We've used a service called Cindle, and they just kicked us off.
Karen is saying, What?
What is going on?
Did they go out of business?
No, they didn't go out of business.
And she's asking them questions and they won't respond to her.
And it's like, I don't know, we've been debanked in the past.
We now have been de-shipped.
I don't know what's going on with it, but we can still take stuff down to the post office and put it through.
But there's some crazy things going on.
And Amazon has just said they're not going to use the postal system anymore.
So that's going to be a big hit for the postal system, just like it was for UPS when they didn't have that business.
And so, you know, there's a lot of things that are happening right now in the shipping side of it as well.
It really is.
And I, but I think it's all things, David.
So many companies that I used to rely on for service and other things, I just, you don't get that same competency.
Yeah.
Isn't there?
And I ask other entrepreneurs and other people, and they said, no, this is real.
You know, like, you're not, you're not going insane.
It's not, it's just not the same.
And, you know, even UPS, we have issues.
It's funny because the girls who run my Branson shop who do all the packing, they're used to run a UPS store.
And I asked her, I said, so when we put in a claim with UPS, have we ever gotten the package back?
Because when we lose the package for Wolfpack, I just replace it.
So I just eat it.
Like, I don't ever get it back.
And so it's funny.
I'm like, have we ever gotten one back on a claim?
She said, no.
I'm like, so we just put it in just for the record.
We put it in, you know, we never get that back.
And used to, there would be a lot more of an investigation process.
And no, I just think that's, that's everywhere.
So at least wise wolf, we've still got, you can get a whole people call all the time and I answer the phone.
And why wouldn't I?
I mean, it's kind of like what you're talking about.
We see this everywhere.
It's a Corey Doctoroy, the science fiction writer.
It's kind of a rude term, but he calls it insidification.
That's really what's happening to everything.
It's not just the software stuff and not just things online, but it's just everything.
Things have gotten so complicated that nothing is working anymore.
Like it seems like AP Rumble Seat says, I'd like to, I would trust Tony, but can you talk about flexibility to sell if you might need to?
Is that at all viable?
I don't know much about metal investments, he says.
I mean, we're buying.
I don't think this is a great time to sell.
I mean, honestly, because you're not, you need to wait for things to stabilize.
And because of the whipsawing that's gone back and forth, my buying rates, you know, I'm at 85% of spot on anything over an ounce of silver.
And people, why would you be that way?
It's because of the, there's no end buyers.
And David, I won't name the institutions.
I'm three weeks from getting paid for a very, very large orders that have been with wholesalers.
Three weeks.
That means that I had to take it out.
People sold me stuff.
I sold it to the trading floor.
Trading floor hasn't paid me.
And that's because they're backed up.
Yeah.
And, you know, it's bottlenecked everywhere.
So I've had to make tough decisions on what I'm actually percentages I'm buying for.
Now, if you're a Wolfpack member or if you're a David Knight listener, just call me.
We can do something a little bit different.
But the majority of the times for like physical walk-in shops.
And by the way, it hasn't slowed much down.
I mean, I just, I just am able to, I have a little bit more flexibility.
I have to go sell stuff to the refiners or whatever.
But, you know, we don't have in this market.
And what's funny is you see rising prices, but limited retail buyers.
And the reason is because institutions are buying, folks.
Yeah.
Institutions.
That's right.
And that's not, it's not, and there's an argument.
We had that last year.
I remember that video.
We talked about it at that point in time.
There was a silver show, you know, like a gold and silver show, like have gun shows and things.
And this guy goes around, he talks to all the different dealers and said, yeah, you know, silver, everybody wants to sell silver, but the institutional buyers are getting everything.
The price is going up, but they're just, you know, the people off the street are coming in and they're not buying silver, but it's all institutional in terms of buying.
It's institutional.
Yeah.
Maybe they know something.
And maybe, well, the other thing.
I think the governor knows something.
And I think it's government.
It's institutional, but more importantly, more than market forces, I think it's governmental.
Yeah.
Yeah.
Well, and it's the chaos and volatility that we see everywhere.
And, you know, it's not just the tariffs that have created that kind of an issue.
It is something that's happening through every type of business.
Wally Walrus says gold got Gaddafi killed.
Yeah.
It did.
That's absolutely right.
We got the emails from Hillary Clinton talking about that and how they can't have him set up another standard in competition to the kind of fiat system that they had in Europe.
The banks don't want that.
Yeah, that was peak fiat.
You know, that was peak fiat with Gaddafi and what happened.
He wanted to do an African-backed gold-backed currency there.
And interesting is the Hunt family used to own the oil rights in Libya.
And then there was that coup d'état in the revolution.
You got it, Colonel Gaddafi.
The state of Colonel graduated being a colonel.
The Hunts are right there at the epicenter of a lot of things, weren't they?
They were the epicenter of that too.
Yeah, that was peak fiat.
If you go back to 2009, interesting metric, after the great financial crisis, central bank buying of gold was almost at zero.
And they just relied on the dollar.
I mean, market holdings were dollars.
The world transacted in dollars.
And that's the way it was until that.
And that was a watershed moment.
And central banks started buying gold.
And now everything is just a race, not only for gold, but I think minerals, silver, copper, all these other things that are going on.
Things that make that actually society runs off of and away from the fiat system.
They know what's going on.
And that's the central banks are the institutions are signaling to you folks what the future is.
Yeah, that's right.
Absolutely.
Well, gold in terms of the things that we have any control over is one of the few things that we can do, I think, to actually try to move against this tide of chaos.
It's the one thing that has basically retained its value.
And again, we look to God for our real provision.
But in terms of things that we have control over, that we should do something about, that is one of the few things that we can do to kind of guard against and hedge against this kind of chaos and volatility that is deliberate, that's being put out there.
It's not just stupidity.
It is deliberate what is being done out there.
And so I really do appreciate what you do.
Tony, worked with you for many years.
And what you do is you provide a way for people to get into that on a small, regular basis with Wolfpack.
That is a really important thing.
Of course, you can handle large transactions one way or the other, but the idea that people can save gradually and you make that service available, that is really a valuable service for people to be able to gradually save into that whatever they can put aside for the rainy day because folks, there's a storm on the way, big storm.
They like to talk about that.
We've still got some time to dollar cost average.
I think that's right.
Somebody emailed me yesterday and said that they'll come back to Wolfpack when prices go down.
I thought, I don't know.
It reminded me of that meme of the elephant sitting at the computer, you know, like the I don't know when prices are going to come down.
I'm sure, you know, this is and I don't know how you do your job because I don't know how you, you know, how do you, when it's this volatile, you know, how do you understand where things are going?
It's got to really be difficult.
I got a good team.
I have a good team.
And, you know, we did a lot of planning for this.
I think we just, it accelerated and went past.
So I wasn't fully prepared.
That's why I didn't take December and part of January off.
It's just been.
Well, that's what we talk about.
Yeah, that's what we talk about.
We talk about hyperinflation and how prices are constantly changing in Germany or Zimbabwe or whatever.
And, you know, it's just total chaos like that.
And yet, you know, what you're living with, things are changing so quickly in gold and silver.
It's like having to do business in a hyperinflation environment.
Yes.
What you're looking at.
Yeah.
Imagine you amplify it over your shops.
And then you got the direct sales and you got Wolfpack and he's trying to constantly keep up with, you know, are you making, can you keep the lights on?
You know, because you have so many price fluctuations.
And we've been pretty lucky because the deals that I needed walked in when they do, you know, like, oh, I need the supply.
I get the supply.
You know, so we're okay.
And I'm glad that we're built the way we are.
I'm glad I'm not overleveraged, David.
I'm glad that instinct to go do hoard things or do things, you know, or become a different type of company.
You know, like a, you know, I just know my limitations and what we were built to do.
And Wise Wolf is designed to be more closer to the earth to regular people.
You know, we're not going to be this giant conglomerate.
I don't want that for my company.
I just, I think the size that we are is perfect to serve.
We can serve nationally.
We can serve locally and, you know, and keep up with prices.
And that's where we are right now.
But yeah, it's been an interesting time.
I look forward to our talks weekly.
I want to make sure that we're doing this weekly again.
I think it's good for both of us.
We've just kind of been great talking to you.
Yeah.
It's been a while.
And tomorrow we're going to have Gerald Slinty.
It's been a while since we've talked to Gerald Slinty as well.
He's going to be on with us tomorrow.
Oh, good.
I can't wait for that.
We'll get his trends and predictions for 2026.
We'll see which war he wants to focus on the most.
It's like a smorgasbord there.
Every day it's another war for Trump.
It's crazy.
But thank you so much, Tony, for coming on.
And again, you can go to DavidKnight.gold and that will take you to Wise Wolf Gold, Tony Hardiman.
That'll let him know that you're coming from us.
And so thank you, Tony, for what you do.
It's been a great, been a great year this year.
And I know that it's going to be a great year for gold and silver this next year as well.
Again, when you look at, like you said, it's not going to be like 1980 because 1980, the price of gold and silver was really a response to the shock of inflation from OPEC.
And once that tapered down and they got that under control, then gold and silver went back down.
But when we look in the horizon, what we're seeing here with this is completely different.
We have so many different trends, and they're not external, they're internal.
And you got all of these different things coming together all at once.
It really is like a perfect storm.
It's like three storms.
I guess that was one thing.
What was it?
The QAnon people, they said the storm is coming.
Well, they're right.
Not in the way that they meant it, though.
But it is a storm that is coming.
And it is a bipartisan storm that's been building up off the coast for a very long time and been building up in Washington for a very long time.
So thank you again, Tony.
Appreciate it.
DavidKnight.gold will take you to Tony.
Thank you, Tony.
We're going to take a quick break, folks, and we'll be right back.
The Common Man.
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But each of us has worth and dignity created in the image of God.
That is what we have in common.
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