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Sept. 30, 2025 - Health Ranger - Mike Adams
57:00
David Morgan: Silver Guru on Exploding Gold & Silver Prices and the Future of Hard Assets
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All right, welcome to this.
Well, I don't know if you call it urgent, but it certainly is a very important interview.
I'm Mike Adams.
You won't see me on camera today.
I'm not in the studio, but things are happening just so rapidly at breakneck speed in the gold and silver markets.
I mean, you would not believe where silver is as we're recording this.
It's $46.50.
And so, and gold is also skyrocketing.
And these are very strong indicators.
I mean, I'm not just happy about it.
I'm a little frightened about what this means about the world economy.
So I had to reach out to my friend David Morgan, the silver guru.
And he joins us today for analysis.
And we're going to have a special URL on his website to give you some free reports and video access and things like that.
So welcome to the show, David.
It's just great to have you on today.
Well, Mike, it's been too long.
Thanks for having me back.
And yeah, there's a lot to talk about in the metals world and the economy.
Yeah.
Well, let's just start with the facts of where we are.
I mean, you and I are recording this on Friday, September 26th.
Like I said, silver has surpassed $46.50, although it's bouncing around a little bit.
And gold is at $37.75 roughly.
And, you know, I've learned so much from you, David, over the years.
And I know that gold and silver intrinsically haven't changed.
It's just that the dollar is collapsing extremely rapidly.
But I've also learned from some of my other contacts that there's a lot of increased retail demand right now that's unusual compared to the central bank demand that has driven it, you know, up until the last couple of months.
So what's your take on what's driving this right now?
Well, it's institutions.
It's industrial use on the silver side.
It's central bank buying.
I mean, the anchor in all this chaos is that the central banks have bought record amounts of gold from 2022 through present day.
And I know you don't have time to listen to all the podcasts I do, but I think I was one of the first that said the run to gold has begun.
And that was in the $2,000 range or before 1,800.
Because of central bank buying, they said that the run to gold goes like this.
It starts off as a soft walk and then a normal walk and then a brisk walk and then a light jog, full jog, small run, full run, and an all-out sprint.
And we're not at the all-out sprint, but I think we're past the jog phase.
We're starting to get into the fast jog or maybe the light run right now.
And that's all based, primarily based on central bank buying.
They know that the gift currencies are being debased and gold, it's good enough for central banks.
It's good enough for the general public and institutions.
So that's interesting to me because it means that there's potentially still tremendous upside on the price because the retail buyers haven't yet jumped in.
I mean, most Americans, especially, still don't own gold or silver.
They really don't.
I mean, probably more people own Bitcoin now than own gold or silver.
But crypto is, you know, lackluster performance right now.
And of course, gold and silver, when you have possession, it's physical metals in your hand that can't vanish.
So when do you think the more typical person is going to wake up to the importance of not just, I'm not talking about speculating in metals, but owning it and holding it as an asset preservation?
Well, that will happen near the end of the market, and it will be higher prices.
And it's really, it's a good marker for when to, you know, sell.
Of course, it's very difficult to call us sell on these markets because we know the destruction of the currency and what that means.
So it's a tricky thing in a way, because from my perspective, if you sell for fiat, you better move that fiat into something hard asset wise.
You know, land, real estate, commercial buildings, warehouses, you know, raw land, maybe a business that's producing, but you really wouldn't want to leave it in the bank.
So there's that to consider.
But I would say, and I have been saying for some time and taking a few hits on X or wherever else.
And when you stand up, you got to be able to take the hits when they occur.
But yeah, I've been saying it's going to be a couple of years for probably four years.
But I am going to stand my ground and say it one more time.
I don't think we have much longer with 37 trillion in debt and increasing rapidly.
And basically, it's a vote against the dollar.
I mean, in 2024, as I said a moment ago, the US dollar is about $2,000 in US terms.
And now we're at almost double that in a year.
That's something to think about.
This is the rapid run type of thing.
Are we at an all-out sprint?
No, the all-out sprint happens, as you just indicated, when the average guy, your neighbor or guy on the street, or someone you meet at the store or out for lunch or whatever, tells you about the merits of buying silver.
Gosh, it got in under 100, and now it's 120 as an example on how smart he was to get in under 100, right?
And I'm not saying it's going 100.
Well, I won't say, let me back up.
I'm going to get more flack.
I mean, I wrote in print in 2003 that this market would in silver go to 100.
It hasn't done it yet.
We're not at 50 yet.
Will it get there?
I don't know.
I think it will.
But I don't want to get overexcited here because we are overbought, overextended from any metric you wanted to use.
And the exchange has increased margins on both gold and silver.
And that's a sign that they're going to try and get it down here shortly.
Yeah, so let's talk about that.
You say it's overbought, but the fundamentals have shifted.
So the right, so this is not the same scenario as what was it, the 2011 silver peak.
Is that the year that it was?
Correct.
Yes.
Yeah.
Okay.
So what's really, really strongly different today, I mean, I can think of a number of things, but number one is just the huge commitment to build data centers that use a tremendous amount of silver.
So you've got all this industrial demand.
And then also the other cultural factor is that people have absolutely lost faith in the institutions.
In 2011, there was a lot more public trust in the Fed, the CDC, the FDA, et cetera, even in the White House.
You know, that was Obama's term, and he was very popular.
Today, post-COVID, the vast majority of Americans, for one reason or another, absolutely do not trust government or the banks for that matter.
So how do you think this might play out differently from 2011?
Or would you counter back about what I just said?
Are there similarities that I've missed?
No, I think you hit three really important bullet points.
And I'll give you one that's factual as well, because some of those are somewhat conjecture.
And that is in 2011, if you study the markets like I do, the final oomph in that market was futures driven.
And monetary metals, Keith Weiner does work on this, and I've looked at it and I understand what he does.
And what it says is that is the market being driven by the paper market or is the market being driven by the physical market?
And in that case, it was being driven by the futures market.
In this case, it's still being driven by the physical market.
Now, that says a lot.
That's a big shift.
And you could go back to your bullet points.
Well, why is it being driven by the physical market?
Because political uncertainty, all politicians are liars.
The banks are failing us.
We have more and more social unrest.
We focus on the wrong things and I can't pay my grocery bills.
So just reiterating what you said and trying to add to it, because it is a different market.
I don't want to get too over-enthused here because we will see something happen in the markets, or at least in the derivatives market, to change the price, and we will get a pullback somewhere.
But that's not something to really fear.
It's something to be bought until this thing is resolved.
And what I mean by resolved is, as we said, I think on the last time we spoke, is I leave it aside because of the propensity for these banks to maintain their control.
And what they're shooting for is more control, which means some type of programmable currency that you'll be required to enter into that system.
And I want to talk more about that, but let me give it back to you, Mike.
Well, so, yeah, that leads me to the question of how much, well, we know JP Morgan and other banks manipulate silver price through selling short paper markets.
But it seems like at least some of the price increase now is those manipulators covering their shorts, right?
And it seems like they're running up against the wall of the fact that there are so many people demanding physical delivery of COMAX contracts.
How big of a factor is that in your view?
Well, I've always said from the beginning that we had to reach a point where the physical market actually commanded the price.
And we've seen that happen in the past, but it's been for a few days.
I would even say a full week, but it's been for a very short-lived time.
And then the price gets adjusted.
The market settles down.
The derivatives market or the paper market takes over again.
And we're off to the same game that we've always seen.
This time, as I mentioned a moment ago, we're seeing where the gold market's physical realm is not doing the spread between the derivatives market, selling the gold they have and capturing that delta that they do all the time because they're the professionals that know how the market works and they skim money from the sheeple I'll say all day long, every day almost.
In silver, it's even more interesting for silver because as that spread is being maintained right now, it's even more favorable to silver that more and more physical demand is actually taking place versus what the futures price is.
So the delta, instead of widening and for people to own the silver to capture that spread, it's lessening.
So they're less incentivized to put their silver up into the market on the shelf and earn that spread and pocket fiat.
So we're, you know, in a place we haven't been in a long time.
It reminds me of 1979.
I was working on my master's degree in finance and this particular professor knew me well.
I'd visited her house.
It's a long story, but she knew who I was.
She called me a silver expert even way back then.
And she said, what's going on in the silver market?
I mean, even she was paying attention.
And it's kind of like that right now.
I think we are, I don't think we're at a top.
We could be at a temporary top.
I don't know.
But I don't think we're at the, we're not at where we need to be as far as calling a top in my studied view.
And that's the panic manic move where, as we said, the retail investor comes in and says, you know, I'm so lucky I got silver under 75.
It's at 100 today.
You know what?
I'm glad I bought gold before it hit 5,000.
Oh, I'm so glad I bought it at 4,200.
I'm so happy.
Those types.
Well, I remember before the dot-com collapse, I started warning people in 1998.
And then even more in 99, because I was seeing what you're talking about.
I was seeing taxi cab drivers talking about how they're going to retire on Dr. Coop stock or whatever because they're not going to have to drive a taxi any longer.
They're just going to make money buying and selling tech stocks and that returns don't matter.
It's just eyeballs and everybody's going to get wealthy.
No one will have to work.
I mean, I remember hearing that, right?
And we are nowhere near that level of insanity on gold or silver at the moment, although that may come.
But David, selling silver is going to be the hardest thing I ever have to do.
But if I'm sinking to bubble territory, I don't know that I can sell it because I don't know what else to put it in.
Yeah, let me interrupt you there, Mike.
I don't embed it, but I want to interrupt because I won't forget.
I think what's a strong possibility is that we won't have to.
I think that silver will be remonetized, not like gold, because gold could go into the new monetary system.
In fact, I think at some point it almost has to.
Silver is just too scarce and too valuable to be money.
I mean, ponder that statement I just made.
But I think we'll be able to get a loan on it, which you can do now.
I mean, there are some brokers that broker silver and gold that will give you a loan, but the terms are pretty outrageous, like 11%, 12%, or something like that.
But I think that some of these banks will come in and say, hey, we'll give you a loan like a real estate loan, like 7%.
So now instead of selling at a capital gains rate, it's just, well, it's collectible.
So the taxes on silver are extremely high.
So rather than pay whatever it is, 28% or you're borrowing at 7%.
You still own your silver.
You might be able to write that loan fee off somewhat.
I don't, it depends on, you know, I'm going to give tax advice.
But now you kind of have your cake and eat it too.
So you haven't sold it.
But you have, you know, put it up as collateral, which is probably one of the best collaterals you could, you know, use.
And then take that fiat or whatever, or the CBDC or whatever we have and go buy some warehouses, expand your business, pay off debt.
I see.
Whatever.
So your silver stack becomes your bank.
You are banking your silver.
Exactly.
Right.
And then you're leveraging it.
Now, gold is considered a tier one asset.
So banks are already lending on gold assets, correct?
Correct.
At probably, I would imagine a lower rate than 11%.
Oh, yeah.
No, bank to bank.
I don't know.
Well, you can see the lease rates are low, and that's pretty much the same as a loan.
So, yeah.
Okay.
All right.
So, well, that makes sense because I again, I don't know of any better asset class.
I mean, you mentioned land, and I understand if you have an opportunity to purchase, you know, like an oil rig, you know, oil well, you know, like, you know, partnership in an oil well that's producing energy or something like that.
Yeah, that's different.
But that's not an easy thing to, you know, to suss out.
Correct.
It's going to be hard to find things to, you know, things to invest in.
Okay.
Okay.
Well, what else?
What else do you notice about this rise in silver that people need to be aware of?
Well, I think with silver, it's a dual demand squeeze.
I mean, you have industrial demand from solar, EVs, AI, all the electronics.
It's colliding with a renewable investment demand.
This renewed investment demand is coming from India, China, Russia.
Even the Saudis put a million bought a million shares of the SLV, which may be leading a pathway for other nation states to buy into silver.
So silver isn't just money.
It's the most critical industrial metal of the century.
And the stockpile in reality has been dwindling out of the LBMA, moving into the COMEX.
And the COMEX eligible silver, which is held by strong hands, is a far bigger number than what's registered.
The register is what the dealers have available to all call it contain the price or manage the price.
Because, you know, 1% of the time, someone says, hey, I actually want to make good on this contract that we signed and send me the silver.
So what does that tell you?
That again, the control mechanism seems to be breaking down.
And the price potential for silver is historically undervalued versus gold.
The gold to silver ratio should be 40 to 1, and we're above 80 to 1 right now, and it just reverts back to 40 to 1.
Every dollar you put into gold that multiplies by whatever factor gold goes to, say it goes from 4,000 to 8,000, doubles.
If the gold-silver ratio moves from 80 to 40, it will do twice as well.
So if you're going to get involved in this market now, I think silver is definitely the place you should start.
But it does move, as we both know, you know, faster up and down.
But there's kind of a floor at silver right now.
I really think, Mike, at this point, you know, if it goes different than what I'm saying now, you know, I could take the hits.
But I have a, I'll say, a feeling that we're at a point where we might not see anything below 40, or if we do, it won't be for very long.
And if I would have said that, you know, a year ago, say, well, we're never getting to 40.
In fact, one of my friends on Twitter posted a photograph of a nasty gram he got from, I guess, a disgruntled silver investor.
It was about a year ago.
Now, silver's never getting above 30, and you guys know what you're talking about.
I wish you guys would try up and blow away.
And, you know, you've been misleading people and blah, blah, blah, blah.
So he posted that up and then he said, comments anyone?
And I thought, I'll just, you know, can't say something nice.
Don't say anything at all.
So I am not saying anything at all.
It was pretty funny to read that.
Yeah, well, that's the thing.
You get all the praise if the assets go up, but you get all the blame if they don't, if they just go flat or, you know, sideways.
But I mean, I've right now I'm receiving a lot of thank yous from my own customers for recommending that they look into metals, which I've done consistently for many, many years.
And earlier this year, I mean, I bought silver at $30 spot.
I saw it when it went below 30.
I said, my goodness, this is an opportunity.
And I shared that with my audience.
I said, look, I don't think you're ever going to see it at 30 again is just my opinion.
And that's, and you just mentioned you think possibly there's a floor of 40 now.
Do you see it ever going back to 30?
It depends, you know, how the economy really goes.
I mean, in 1980, obviously it got overvalued.
Didn't stay at 50 for very long.
And then, of course, they changed the rules.
You could only sell.
And since just a few entities held so much on that platform on the COMEX, it was pretty easy to kind of control.
Sort of what happened in the nickel market in the LME in London.
You know, a lot of that real metal was there.
So they actually have their hands on, let's say, the lion's share of it, the real stuff.
And when you own the real stuff, you've got a lot of control.
So having that as a background to answer your question, Mike, it's possible, but unlikely.
But I think the futures markets are starting to break down.
Not entirely.
They're probably never going away.
But I do think that there'll be less and less shenanigans going on because we're seeing the dynamics of power in the monetary system change from west to east.
And we've been watching it for two decades.
Really?
And with that, you've seen all these new storage facilities in Hong Kong being built and how the Shanghai exchange has really started to take more and more power away from the Western Anglo-American empire from the Comex and the LBMA into the Shanghai Exchange.
I think there'll be a revaluation of who's who in the zoo.
And we find out how many pieces of paper there are versus how much metal there really is and wake up to a new reality.
So, you know, China took advantage of the artificially low prices and gold in particular to stockpile thousands of tons of gold over the last several years.
And other central banks around the world have done the same thing.
And also, of course, people close to the Trump administration repatriated gold out of London back to New York.
I think that was earlier this year.
Do you think that now that central banks and powerful people in the right places have got their hands on physical gold now?
They got it at discount prices, manipulated low prices.
Do you think they're ready to let it run now?
Or are they going to still try to manipulate?
Well, I think they're going to try to manage the market.
And again, as I said earlier, they've already increased the margins on gold and silver.
And it's always worked in the past.
Sometimes it takes to increase margins, then increase them again, and then increase them again, and maybe increase them again.
But eventually, if you've got to put up full payment for a futures contract, in other words, instead of putting up 20% of the money to hold your position, you've got to put up 40% of the money, then 60% of the money, and then you've got to put up 100% of the money.
What's the purpose of being in the futures market?
You may as well be in the spot market and buy it outright.
And they've done that at times.
In fact, they did it in the palladium market where you had to put up twice the amount of cash as a futures contract track.
How ridiculous is that?
But they needed to get the palladium market under control, and that's where they went to temporarily.
Didn't last for a year, lasted momentarily, but it was there.
So I think, yeah, they're going to do their best.
But let me give you one more that I've given to my, you know, my membership.
So what normally happens when they, they, the CME, the bullion banks, the powers that be in the metals markets and other markets, but we're talking metals right now.
When it starts to get, let's say, it gets away from them, they do a very smart thing.
They step aside and watch the market.
So now instead of matching, let's say, some hedge fund that's going long, silver at 47 or whatever today, they don't participate.
They don't take the other side shorting it.
So they kind of let the free market actually take place, which is the public and smaller players, let's say, and see where the market goes.
And then they let that exhaust.
So in other words, they're just watching the game.
You know, you took out your best, you know, fullback, halfback, and whatever, and you're just letting them rest on the side to see where the game goes.
And then when it starts to exhaust, then they come back in and just start shorting the market very heavily.
And then they take the market down.
So that's kind of what I expect to happen.
It's happened again and again and again.
And so the probability is still high that that same type of a situation will take place.
So, I mean, that's interesting because the silver market is so small compared to gold that the big players would kind of peter out, like if they're going to make a big move, they can only do that once.
And like, they're not sitting on unlimited capital to keep doing it.
So that's what you're saying.
Then the charge is Austin.
Yeah, not really.
I mean, the big players have infinite capital.
They're the banks.
So they can just print whatever they want.
Plus, the exchange gives them an unfair advantage.
Most people don't know.
But if you are a hedger, you have to put up 30% less margin than if you're an individual or just a regular, you know, limited liability company that trades futures.
So if you are a mining entity or a bullion bank, then instead of putting up, you know, $100 per unit, you only have to put up $70 per unit.
The idea being that if you're a wheat farmer and you really farm wheat, you want to hedge your position and get as much of a wheat crop and you don't want to take a chance at the price going lower.
So you settle in a futures contract at this price.
You don't have to put up so much money to be able to sell your wheat because you need that capital to run your farm.
So I'm not against the idea in theory, but these bullion banks have nothing to do with mining metal.
They just have stuff moving the price around to their favor.
Having said that, they are the ones that step aside.
So they have enough power to overcome it eventually.
But since they're being overpowered at the present time, they just walk away and watch for a while.
And then they see where the volume is very low and no one's just very few biased in sells.
The market has quieted down quite a bit.
And now it's at 48.78 and there's been very little activity.
Then they come in and they say, oh, we'll sell 48.78, 48, 47.50 and 47 and just start piling on.
I mean, we've been seeing these things in what we call the aftermarket, the overseas market, where the volume is really low in the middle of the night for Americans.
Well, they'll sell something like months and months worth of silver in a matter of an hour or so.
And who's going to sell six months worth of silver in an hour?
Nobody in their right mind, certainly not for a profit.
There's only one reason to do it, and that's to drive the market lower.
So what I'm saying is every now and again, like right now, you'll see where the physical market has taken command, but the futures market is leveraged.
It depends on any given Sunday, but it's 10 to 1, 100 to 1, 200 to 1.
It just depends.
It's not that high right now.
But that kind of leverage and you have infinite capital.
How do you think you're going to come out in the poker game?
I mean, you're up so much and you've been playing for an hour and you got all these chips, but this guy sits down and his chips are 10 times the amount that you have.
And you get one bad hand or you get one good hand, but he's got one better hand.
And he goes in 10% and you're all in just to call him.
And all of a sudden you're gone.
So I don't know if that's a good analogy, but that's kind of what happened.
Yeah.
It is.
So the listeners here shouldn't be surprised if there's an aggressive push to lower the price of silver through this strategy at some point here.
But you mentioned you think you'd be very surprised if the price went under 40, but you probably wouldn't be surprised if it went from its current, what is it again, 46.50, if it went to like 42.
Like that would be within the realm of a reasonable expectation.
Is that right?
Yeah, if we're in the market, I think we Are which is a very strong bull market doing the final leg up where I've said for years 90% of the move comes the last 10% of the time.
And this is when people really don't want to get in board because there's people out there that bought silver at 30 in 2011, wrote it all the way up to 35 and recently and said, Oh man, I'm done.
I'm out.
I hate silver.
And now it's at 47, 46.
And then they're kicking themselves.
And now they're thinking, well, do I get back in or not?
You know, all the fundamentals that Mike Adams and David Morgan talked about really are true.
That is true.
And that's why I've tried to be so, you know, so complete with head and heart and say, look, you need to head yourself, but you don't need to bet the farm, especially if things go the way they're going right now.
As you see the way that these markets can move and they're moving better than, you know, Bitcoin, the stock market, the bond market, the housing market, you know, general business.
I mean, just about anything.
And this is kind of your war chest in a way because as things unravel, and fortunately they are, you have something very solid to fall back on where you can still feed your family, you know, the same, you know, good meals or whatever.
I mean, I'm not trying to go into the rabbit hole too far, Mike, but you know what I'm saying.
And that was all I was trying to convey was that this is what you want, but people do what people do.
And I know that two people can hear exactly the same thing and hear it differently.
Yeah, absolutely.
Let's talk about your website.
You've got a special link for our audience, and I appreciate you putting that together.
And the site is themorganreport.com and then put a slash ranger on the end of that.
And that'll take you to a landing page with some special content items.
Can you tell us about those?
Sure.
We're going to give you the 10 rules of silver investing, which are good for anybody that's brand new or anybody that's really a seasoned professional, just to keep you out of trouble and not to make a rookie mistake or even a seasoned investor mistake.
And then we've got a direct link to the movie The Four Horsemen, which even though it's over a decade old, it's still as current as ever about what's really going on in the age of empire and how the American empire is dying and what we might expect for the future.
And lastly, for your people who listen to the Health Ranger, Mike Adams, and all that you do.
And, you know, publicly thank you, Mike, with all you put a lot of time in for free for thousands and thousands of people.
I will give you a 15-minute one-on-one consult with me personally, not one of the staff.
If I get overwhelmed, I might have a staff member do it, but I'd reach out and say, hey, will you accept one of the staff instead of me?
And you can say yes or no.
But I can't do it indefinitely.
So this will be up for about 30, 40 days.
And if you hear this broadcast two years from now, oh, I got to talk to David to get my 50 minutes.
It's not going to be available.
That's basically for this hot market that we're in now.
People that may be overloaded in real estate, wondering what they might want to do, or where do you buy silver the first time?
Or who knows?
But 15 minutes, my time to you.
Ask me anything within reason and have at it.
That's a very big deal.
You're, you know, you have decades of knowledge and experience in this area.
And I turn to you for analysis.
As you know, privately, sometimes I'll ask you a question.
What do you think about this?
What's your take?
So again, that website, folks, is themorganreport.com/slash ranger.
And you get those bonus items and take advantage of that 15-minute free consultation.
But if you book it, show up.
Don't be a no-show.
Because yeah, that's how it works, David.
You offer consulting for free, and then sometimes people don't necessarily take it seriously.
Well, normally my days are so busy that I fit in one or two per day kind of a thing.
But what does irk me, Mike, is when I finally, and I try to make my Fridays kind of a half day.
So I've got that, you know, two-hour gap and I want to go watch a movie or, you know, go to the library or take a nap, whatever it is.
And I can't, you know, I got to wait till the 4:30.
And then I've, so kind of just twiddle my thumbs for a couple hours, cleaned the office, and they're a no-show.
Those are the ones that I'll bring.
Yeah, that's that's not good.
So anyway, our audience is well-informed and very mature.
And they obviously they've been tracking all this and they're watching this interview because probably they they own silver and perhaps they want to own more.
So my next question is, is silver too expensive to buy now?
You know, it's a tough one.
I mean, even I have a tough time thinking, do I want to buy anymore?
Relative to gold, no.
So on that basis, I would say it's still safe at these levels.
And I would say on those 10 rules of silver investing, rather than get caught up in the, I won't say hype, but the fact that the market's a fast-moving market right now, just have a plan.
And as outlined in those rules, dollar cost average.
So look, I've got X. David says, you know, 10% should be in the metals.
I think I'm happy with 5%.
That's, you know, X divided by 20.
And that's the number I have.
I'm going to achieve that number by doing the following.
I'm going to buy one sixth of that amount every first of every month, starting October 1st, six months out with the equal dollar amount.
That's called dollar cost averaging.
So if the market is at 48 the first, you know, October 1st, and then it's at 40 on November 1st, you're buying more when the price is down and you're buying less when the price is higher.
And as long as we're still in a bull market, and I certainly believe we are, I still think we are going to get to at least $100 silver.
Doesn't make it true.
You trust me, David.
I believe him.
He's been really right on most of the time, blah, blah, blah, blah.
Doesn't guarantee anything.
But as messed up as the financial system is and with the gold silver ratio where it is and with the physical market taking control over the paper markets right now and continue to do so, I think you're smart to just dollar cost average in, get that 5%, be happy, be safe, do whatever makes you happy for a stock investor, real estate investor, run cattle, drill oil wells.
I don't care.
I'm a free market thinker.
You do what makes you happy.
But I think you're making a huge mistake if you are in a position where you can afford to invest and you're not positioning yourself in a metals position if you don't have any right now.
So get some, but don't bet the farm that, you know, it's going to go to 100 just because I think it will.
Okay.
Well, that's that's very conservative advice.
I'll add on top of that.
Personally, I don't own any stocks at all.
I don't own any treasuries, no bonds, no muni bonds.
I don't trust banks.
So I minimize deposits in banks.
I only invest in two things, and that's my own company and precious metals.
That's it.
Yeah, now that is pretty much the same.
I mean, I got a little bit of real estate because I have a cabin in Montana, but yeah, but that's not right for everybody.
It's right for us.
And that's why there isn't a one size fits all.
But you say that we can say it on your show.
But, you know, I can't go into a public forum at the mining show and say that because there's this prudent man thing and all the stuff that kind of like the authorities want you to fit within the 64.
And I've been on the edge of the lane, you know, all the time, Mike.
But there's also, you don't want to get kicked off the speaking dais because you've made a statement like that.
Well, I'm off-roading off the lane into the woods.
I'm off the grid.
I don't care about the lane.
But yeah, you're right.
That's not for everybody.
It's just, I got to say, I've never regretted whatever price I paid for silver, not once.
But then again, I wasn't buying it in the middle of the 2011 peak either, where some people could lose some.
But the way I've looked at it is I'm not a speculator.
So I'm not, my goal is not to convert this to fiat one day at a higher price.
That's never been my goal.
And so as a result, and I see the dollar collapsing, I see the empire collapsing.
And I see more signs of actually a systems failure of the Western financial system.
I think we're headed for a commercial real estate collapse that's going to cause bank failures.
And we're already starting to see the subprime auto loans.
The Tricolor company just collapsed.
And by the way, we just saw the collapse of the only sodium ion battery maker in North America, Natron, just went belly up.
So we won't be making batteries in America, that's for sure.
It's all going to come out of China, folks.
And China doesn't want dollars very much anymore, right?
You know, I'm looking around and I don't trust the system to stay in place very much longer.
What are you thinking about?
Oh, my thoughts are similar, Mike.
And one thing I wanted to voice, and I'm glad we still are open because, you know, people worry about the CBDC or some private equivalent of that.
And it's obvious that's what these bankers want.
But remember, there are 14 states now that you can legally use gold and silver in a transaction.
So you can mitigate that.
Like, well, sign up and get your CBDC.
Well, I don't want that thing.
And, you know, it might be a little tough because there aren't going to be a lot of like, you know, Walmarts and, you know, Applebee's, these corporate entities that are ruling our lives right now.
But there will still be farmers' markets.
There's still be individuals that own property or whatever.
And you can negotiate with them for real money.
And that will catch fire pretty quickly in those states.
And of course, they will, you know, encourage other states to do the same thing.
So we could get to a point where we get more into a state's rights versus federal government kind of a battle where we're actually free, you know, free people to use our resources as we see fit, as it should have been and really was set up in the beginning.
So I wanted to get that out there because I haven't voiced it.
You're the first one I've actually talked to in a public forum about this because, well, I can't.
What do I do?
Well, actually, depending on your state, and you don't really have to be in a state where they've re-vivified that you can use gold and silver as money.
What a concept.
But you are really constitutionally secured doing that.
Although you could, I don't want to micro delve on this thing, Mike, but you could get into a situation where the legal tender law thing gets put in the court and all that.
But I think things are breaking down.
I don't think that people, if things break down to the level that they could, and I don't want to see this, but if they do, then a lot of these authority figures are going to just walk away because if the currency fails, why would they go to work?
And you'll just see a whole new free market.
It's called a black market, but it's really a free market pop up.
I don't think we're going to get there, but the trend is moving that way.
And it's moving that way rapidly.
And that's why you're seeing these rapid movements in the metals because it's a precursor or a barometer of the storm ahead.
I mean, when a barometer really moves and you're a sailor or a pilot and you see that thing go, you go, holy moly, I better really pay attention.
Something's out there that I don't want to fly into or put my boat into.
I better, you know, turn around, cancel the flight, get to the harbor.
And that's what we're seeing right now.
Yeah, absolutely.
And I want to bring in related to everything you just said, the fact that the state of Texas passed that law where they are building out a system where if you deposit your physical metals in the state depository, then beginning in the spring of 2027, you can have a debit card that's supported by the state that's tied to your metals.
And you go out and buy groceries or pay for gas or whatever on your debit card.
And they just sell off the metals to cover your debit card transactions.
And thus, you don't need a bank.
You don't need fiat in the bank and a bank-issued debit card.
You just put metals.
Metals become your bank.
And you have ownership over those metals.
You can go, you can show up at the depository and you can say, give me my metal.
Or you can go out and spend it like cash on the debit card.
Like that is a major change in the way people will think about metals.
Absolutely.
And I think Texas is the leader.
And I think you'll see other states follow through.
And there's actually a debit card like that here where I live.
Unfortunately, and you can make up your own reason why.
I really don't have a reason why.
The bank is not taking any new accounts.
But we're looking for another bank because it's exactly that.
So think about it.
If you put your money on deposit in a private vault and you've got 90% metal and 10% fiat, because for a while, maybe your average price on silver is 30 bucks and the fiat price of silver was 28.
So you bought gas with fiat, but now that it's at 46, you're probably going to run some silver through it.
The point being, you could have an all-out bank collapse and you've only lost 10% of your wealth.
The other 90% is still in a vault somewhere.
And in your scenario, it's even better because all the banks could go down to, you know, where, and yet it doesn't really affect you because, you know, you have the concept about the difference between money and fiat.
And you put your savings in the money.
What a concept.
Right, which is metal.
So, and the way I would work this is I wouldn't take like all my silver and throw it into the depository.
Right.
I would just put in however much that I need to live on for that month or that quarter or however often I want to drive over there.
But, you know, if I'm living on $5,000 a month or whatever, I'm just going to take $5,000 worth of silver, put it in there, spend it.
I don't even, by the way, I don't even live on $5,000 a month.
I live on a lot less than that.
But it makes it very easy.
You just take the metals when you need to spend them.
And otherwise, you are your own central bank and no one can manipulate your, you know, the physical metal that you have in hand as long as you've secured it on your property or in your home or, you know, whatever you do to secure it.
You got to keep it safe from the zombies, obviously.
Yeah.
You know, well, that goes back to like the documentary.
I've got Ellen Brown in there that's written a few books.
One of them is Web of Debt.
And she's a real big proponent of state banking, which is kind of what you're saying.
It's a state depository.
She says that, you know, there's nothing wrong with banking per se, as long as this is a public utility where we, the people, have command.
So whoever puts up the building and hires the security forces and the cameras and everything else, that's a cost.
And that's added on to our fee when we, you know, take gold out for a payment.
And that's all fair, but it's a public utility.
It's our money guarded by them.
And we have a relationship that we agree to.
You're guarding my wealth and you get whatever it is, 2% a year or whatever it is for doing that job and making it convenient for me just to run this piece of plastic to get gas, groceries, and whatever else.
But really, it's kind of a turnaround to go right on back to where we started, which is honest money for honest people.
Yeah.
Yeah, exactly.
And the only drawback to that system is technically then the state could see your transactions potentially.
Right.
Even though they may promise that, oh, we protect your privacy.
We never look at your transactions.
You know, of course, they're going to look at all your transactions.
I'm with you on that part of it.
Yeah.
Yeah.
But it's a much better solution than going into an Irish scan DNA sample on a tattoo to be able to buy food.
Well, right.
And that's why the best solution is at the farmer's market using physical silver or maybe smaller gold pieces if you're buying something big.
Like, do you have like half a cow's worth of beef?
You know, like bring up the pickup truck with a freezer on it.
Well, think about this, Mike.
90% silver quarter in 1963 is about eight bucks in fiat right now.
Wow.
That's amazing.
Yeah, we're going to see a lot of that, I think, coming out.
I want to ask you about the gold revaluation potential.
Now, I did a report on this, did the research, and it's clear that there is a mechanism in place that's supported by the Treasury and the Fed and certain people in the Trump administration to potentially, I say, potentially revalue gold because it's currently like $42 on the balance sheet in the Treasury.
It's 261.5 million ounces of gold is what the Treasury claims to own, I believe.
If that were simply valued at the current spot price, that would add several trillion dollars to the general fund of the treasury.
And I'm just catching up the audience here.
If they were to sort of artificially revalue that at a higher level, like $24,000 an ounce, let's say, it turns out that for every, I think, $6,000 an ounce that they push gold higher, they get another, or no, for every $4,000 they push it up, they get another trillion dollars of, you know, cash in the treasury.
So do you give any credence to the possibility that the Trump administration may try to pull the trigger on that?
Or is it just too crazy?
No, I don't think it's too crazy.
I mean, the revaluation argument you outlined is true with the debt over $37 trillion climbing rapidly.
Gold probably eventually will be repriced far higher, maybe $10,000, $15,000 isn't outlandish when you align gold with the global debt level.
And if that were to occur, you could basically rebalance the books and start over.
And because of that in mind, this is a market where really you should be buying the dips as people have been taught in the stock market for years.
Stocks only go up by the dips.
Well, that's not true.
Stocks, like all markets, do go up and down, and we could see a bear market in stocks.
I think we will.
But regardless, I think you should be buying the dips.
These paper claims that ETFs and futures cannot be trusted the same way that the physical bullion can.
So please start there.
If you've built up some wealth in the physical realm and you want to go into these paper promises, that's your choice, but please don't start.
Well, let me have a follow-up question with you on this, because let's say the Trump or the Treasury and the Fed, and I think this is why Trump is really maneuvering to control the Fed and the Fed Board of Governors also.
He's got to have a majority control over that to pull this off.
But suppose they revalued gold at, let's say, $15,000 an ounce.
I know then that if I'm going to sell gold for fiat and use that fiat to buy something, I need to do it rapidly before the inflationary effects of that whole thing kick in.
So wouldn't there be, well, and also, I don't want to sell all my gold at $15,000 because I don't want a bunch of fiat currency sitting around at the front end of a massive inflation wave that we know is coming because of that decision.
So doesn't this create a whole new complexity of how to manage your assets?
If the revaluation takes place, and even if you own gold, you need to be smart about how you use that gold.
Yes, absolutely.
It could.
I mean, you can think of it being kind of the reverse of what happened in the 30s with Franklin Roosevelt.
Turn in your gold.
I'll give you $20 for it.
And then they revalue it.
Now it's worth $35,000, a 70% increase.
Whereas in this case, we'd see it go from the 42 to what, 15,000?
I mean, what happened then?
So it would cause some dislocations, as you outlined.
That's, I think, one of the reasons I wouldn't say not to do it, but how do you do it?
You know, I mean, I interviewed Dr. Shelton early on after she published her book and started speaking about, you know, putting out a gold-backed bond in the treasury market.
And it makes a lot of sense from the aspect that kind of mitigates this overnight revaluation thing.
You're looking at a 30-year bond or 20-year or maybe a 10-year note or whatever, which you kind of delay it.
But things are unwinding too rapidly.
I mean, you've got to kind of, you know, we're in a triage situation.
The markets, as I used the barometer analogy a moment ago, that's kind of where we're at.
So it's like, well, that's nice on paper and it sounds good.
And that's great in a calm, steady, believable market.
But the belief system that the system works is breaking down rapidly.
I mean, look at all the young people that have college degrees that have student loans and can't pay them back and can't get a good job.
And they were sold the lie that all I have to do is go to college and work hard and borrow money I don't have to get a job I can't get.
I mean, these people are giving up and you can't blame them.
An American dream, as George Carlin said, says is a dream because you have to be asleep to believe it.
I mean, unfortunately.
Yeah.
And there's a big club and you ain't in it, right?
And that's definitely true for Gen Z right now.
It would be, I mean, gosh, my wife and I bought a house when we were quite young and we worked hard to pay it off in less than seven years.
And we saved and we lived modestly, et cetera, got out of debt, never took on debt since then.
But that's impossible for a Gen Z person to do today the same way we did it.
I mean, that house has triple or quadruple the price, and yet the wages that a young person can earn haven't gone up proportionally.
So we've got a generational problem here.
David, we're coming up on the hour.
I can't believe it already.
But is there anything you want to add here before we get close to wrapping this up?
Well, somewhat facetiously, Mike, I have to add to what you just said as a bit of humor, sick humor.
It's like, well, no, no, it's okay, Mike.
All you have to do is buy Bitcoin and stay in your basement, get a job, and pay off five houses.
And that's another big lie.
And unfortunately, as you know, I'm not real favorable to Bitcoin.
I'll maintain my stance based on fact, but regardless.
So unfortunately, I think this whole Gen Z and Americans overall, I mean, people worldwide, it's not just the United States, have been sold the big lie.
And that is you can print wealth.
You can't.
And that things can be, you can get rich by not working.
Yeah, you can occasionally, but it's very rare.
I'll leave it at that.
I have nothing else to add.
We've already talked about themorganreport.com slash ranger.
And I'd be happy to be with you again.
It's going to be limited in time, maybe 30, 40 days.
And I'll leave it at that.
I just am happy to be with you again.
And I think we showed a lot of directions out of this quagmire.
We're owning metals, having a depository, being in a state where you can actually use metal for payment, having minimal amount in the bank.
And, you know, I'm with the Ecclesiastes, nothing new under the sun.
People are awesome for the most part.
I mean, we're all, none of us are perfect, and yet most of us have good hearts.
I still believe that.
And I think as things get tougher and tougher, it's going to separate the cream from, you know, everything else.
But I think there'll just be a lot of trial and errors, but there'll be enough of good-hearted, well-intentioned people that we can get through this.
And no matter what.
Yeah.
But let me add a comment on that.
The people at the top, I know.
Yeah, they may have been born with good hearts, but instead, they prioritize their own greed at the expense of others.
That's the issue.
You know, that's where, you know, you and I share similar values, David.
We think that it's important for us to do well as the people around us also do well.
You know, it's important to have a society of people who are all experiencing abundance and self-reliance, et cetera.
You don't want to be one wealthy person surrounded by a bunch of impoverished, desperate people.
And the problem with this whole revaluation of gold scenario, which I pointed out in my report, is that it's going to wipe out the middle class.
It's going to lead to unbelievable inflation.
And people who only hold fiat or fiat instruments rather than metals or hard assets, they're really going to be impoverished en masse.
And I think, in my opinion, and don't take this as financial advice to the listeners, but in my opinion, the best way to survive this is to have metals.
And if you don't own physical metals in your hands, you're going to face financial extinction as the Western financial system basically implodes, is my opinion.
All right.
So it's themorganreport.com slash Ranger.
That's where you can get the special access right there, the landing page.
Themorganreport.com slash Ranger.
And thank you so much, David, for your time today.
Greatly appreciate your time.
It's always good to speak with you.
Oh, thank you.
My pleasure.
All right.
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