Shaun Newman Podcast - #548 - Vince Lanci

Episode Date: December 23, 2023

He's been trading commodities for 20+ years and managing partner at Echobay Partners. We discuss Bitcoin, CBDC's, Gold, and Silver. Let me know what you think. Text me 587-217-8500 Substack:https://open.substack.com/pub/shaunnewmanpodcastE-transfer here: [e-mail] Website: https://silvergoldbull.ca/Email: [e-mail] [phone] – general sales line, ask for Grahame and be sure to let us know you’re an SNP listener.

This is Tanner Nadee. I'm Trish Wood. This is Tammy Peterson. This is Curtis Stone. This is Quick Dick McDick. This is Carrie the Don, and you're listening to the Sean Newman podcast. Welcome to the podcast, folks. Happy Wednesday.

How's everybody doing? Who, before we get to Vince, and let me tell you, you're going to want to pay attention in this one. Let's get to today's episode sponsors, Guardian Plumbing and Heating, home in the Guardian Power Station, bringing free electricity to everyone, as well as a reliable off-grid solutions, Alberta, Saskatchewan and Beyond. And let me tell you, if you're staring at your power bills and everything else, we've been very, I mean, they're going out. But it's been very fortunate because we haven't hit that dreaded minus 40.

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Can anyone tell me that? Like, I don't know, like the kids were whining this morning, saying, whining, the youngest was whining, four years old. you know, when's, so far away. Like, so far away, dude. It is like right around the corner, 13 days, 12 days, whatever it is. And it's going to be here. I don't know where the time went.

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Go to the show notes. You can find it all out there instead of rattling off phone numbers and everything else. When it comes to investing in precious metals, reach out to them, SMP at silvergold.com. Or just you can reach out and say thanks for supporting the podcast. Either way, I'd appreciate it. They are paying attention, and all the emails, phone calls really do help. And finally, December 19th is the last day they shipped before Christmas.

So if you're looking to fill a little silver or gold or whatever in a stocking, and make sure you reach out and buy before December 19th. It comes right to your doorstep, and yeah, that way you can get a stuff in, stuck in a stocking. Stuffed in a stocking?

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That's JPML playing out of Lloyd Minster here. And I think they're on the road. I think they left this morning, if a memory serves me correct. They're playing five games in five days or something like that. I'm just like, my wife, Mel was making fun of me because as grown men, we complain about more than one game in a day. And these kids are about to rattle off five and five. So, hey, best luck to the group of the athletics kids.

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780874-7625. At the end of this interview with Vince, we head over to Substack, and he's got a promo, going on if you're interested in his thoughts. Follow over to Substack. There's a link in there with a promo code to follow him over to his platform. And certainly, well, we'll see what you all think.

You make sure to text me one way or another and let me know what you thought of this episode, okay? Now, let's get on the tail of the tape brought to you by Hancock Petroleum. For the past 80 years, they've been an industry leader in bulk fuels lubricants, methadone chemicals delivering to your farm commercial or oil field locations. For more information, visit them at Hancock Petroleum. He spent 20 plus years trading commodities. He's a managing partner at Eco Bay Partners. I'm talking about Vince Lancy.

So buckle up. Here we go. All right, welcome to the Sean Newman podcast today. I'm joined by Vince Lancy. So first off, sir, thanks for hopping on. Thanks. Thanks for having me on. You know, it's funny.

I was saying to before we started, when I first, I ran into Tom Longo, like, I don't know. Now he's coming on for, I believe it's the, I don't know, He's been to Lloyd now, so he's actually done a live show here. But when this weird, you know, happenstance relationship through Twitter, as all things seem to arise, and I said, yeah, I need somebody to come on and talk gold and silver and a couple other things, Bitcoin, if we want to mix in some of that. And I'm like, I just don't, I need to, you know, kind of get the, and I went to Tom.

I'm like, and it could probably be you, Tom. I'm just like, is there somebody else with a different voice? And he goes, oh, Vince. And so to the listener, that's how this comes together. So I appreciate Tom. If you're listening, thanks for hooking this up and for Vince for saying yes. Now, Vince, before we get into any of that for the audience, maybe they've heard of you. Maybe they haven't.

Either way, a little background. Who is Vince? Sure. I guess, I guess, oh boy, how do we do this? Right, it's first time, right? So my background and my training are as a derivatives trader in commodities. So that's where I got my first skill development. And I managed money for a couple of funds that you may not have heard of.

I'm not going to say their names. But I ended up becoming more of a commodity arbitrager. And I looked at relationships geopolitically. And the commodities that I focused on were gold, silver, and energy. And since then, well, basically in 2010, I shut my fund down. I retired profitably. And since then, I've been coming back and forth trading in small parts. But about, I'm also, I also, I'm an adjunct professor at a prominent East Coast

University. And a couple of years ago, during COVID, I started this newsletter. for fun called gold fix. A lot of people were asking about what to do and everyone was at home sitting at home. And I started a newsletter and the newsletter was focused on money. So focused on gold, silver, fiat and Bitcoin. And over the last two years, it's kind of gone from being a hobby to a full-time habit to, you know, something that stands on its own. So that's, that's, That's my path, right? From trader to money manager to, I'm still managing money, but not as aggressively, to, I guess, author, right? For lack of a better word. But that's it. That's pretty much what I do. So you've been staring at the markets, specifically gold, silver. You mentioned energy. Bitcoin was thrown in there a lot longer than this guy. So I look at you and I go, okay, what?

can you impart on the audience and myself then? You know, I was just listening to you on Twitter with your couple of minute videos there, and I'm like, oh boy, all right, CBDCs. You got me on a rant, that's right. That's right. And I'm like, well, let's talk about it. Break it down for me. What you're seeing today that's got you fired up?

Well, what I saw today, or I think I just had a mini moment there, you know, As there's a group, as there's a large group of people. It's just about Bitcoin. And everyone is up in arms that is familiar. I don't know how familiar audiences with it. But everyone who is familiar with it is up in arms about Elizabeth Warren's bill that's going to be going through now. I'm not going to be as passionate as I was on that because I just try to get that out there. But, you know, I was annoyed because.

The people that have something to say normally telling everyone to buy or do this or do that, they had nothing to say. And the people that have been buying like well-behaved little minions for the last three years are acting like this is brand new when it's something that Gold Fix wrote on in 2021. So I was, you know, I guess kind of a little bit annoyed that they were letting me. this happen to them. And what this is is the government is seeking, I'm going to lay it all out in three easy points here. The government is looking to put a bill into Congress. And if that bill becomes law, that bill will effectively make it illegal to use Bitcoin and any other cryptocurrency

as money, right? And to understand that, we'd have to agree on a definition of money. So I'm not going to get into that conversation, except to say that if they have their way, Bitcoin and Ethereum and everything else will be treated like a security. If it's treated like a security, then it's a stock. If it's treated like a security or a stock, then it's centralized and they feel that it's privately owned. If it's privately owned, then it can't be money because money has to be state-owned, at least partially state-owned. Now, that said, if you're trying to parallel it, which a lot of people we're trying to do. What does that mean? It means that Bitcoin goes from being a potential electronic competitor with digital currency that's going to be coming out soon, to being

Chachky that your grandmother puts in her China cabinet behind glass, like a Hummel or a figurine or something. And it sounds like I'm demeaning it. I happen to be long and own Bitcoin. But what they're doing is they're going to make sure that Bitcoin and Ethereum and other cryptos cannot compete. They're setting the table for digital currency. I'm not going to rant like a freedom nut, which I am, but they need to remove Bitcoin as a potential competitor to what's coming. And what's coming is central bank digital currency, which will also eliminate cash. We've been talking about that for a long time, but it happens under this new rule. And when it's over, you're going to have a lot of people that were hoping for Bitcoin

to be some sort of a gold 2.0 really just be a collectible that they can use overseas, but not here. I mean, that's, you know, that's it. Why do they need to remove it as a competitor? Oh, yeah. Well, if it comes down to money needs to money can be anonymous, right? So I can give you a dollar. You can give me something, right? And that's the transaction.

And if you remove, if that were to be able to be used literally as money, then people could avoid taxation. okay they could avoid trend it wouldn't be able to monitor transactions uh there would be all kinds of unheard of that's a really you know that's a really involved question you just asked me it seems simple but it's not but it's kind of like this if i if i'm the u.s government right and i think the world is breaking down into uh you know east and west cold war 2.0 and i want to secure my tax base i want to make sure that the money that is made here stays here right i will launch a digital currency and what a bitcoin is is becomes a back door for people to

avoid to avoid taxes one way or another that's what's going on in china right now so if you're in china and you're worried about the communist party or you're in china and you're worried about their economy you throw your money into dollars you throw your money into bitcoin and you take the bitcoin offshore then you bring it back when things okay but this is uh you're competing with a sovereign's a sovereign's money. And that's basically it. I don't know. This is where I'm into new territory, Vince. So I go, okay, so they put it in a way that it takes away the competition.

But Bitcoin's still going to be there and people will still be able to take it offshore, won't they? Yeah, they will. You wanted to go down this rabbit all. Okay. Well, forgive me. I'm just trying to understand because I'm like, I know. No, no, no.

It's, I'm just not as, I'm not as eloquent with it as I'd like to be. Let's talk about gold, okay? Meaning, meaning let's talk about Bitcoin as if it were a physical object like gold. Okay? So if you wanted to smuggle gold out of the country, if you wanted to smuggle your wealth out of the country to avoid paying taxes, you would convert your money to gold and you would have to get it in a suitcase and get it past customs. Okay. Bitcoin isn't gold.

It's very small. You can put it in a thumb drive and you can walk across the border with it and no one wouldn't know. That makes it much easier to smuggle wealth out of the country. And that's a big problem for the U.S. They don't want that to have. It's a bigger problem than Goldwood because it's because of its lack of physicality. And because it's a digital transaction, it can be, it's, it goes beyond nations. It can be used anywhere that will accept it.

So what the US needs to do is if they can't stop you from putting in a suitcase and taking it on a plane, they have to stop you from using it. And the way to do that is to make all American businesses not permitted to be transacted as money. It's not acceptable as money. You can't walk into a Starbucks and say, I'll give you two fresh eggs for a cup of coffee. Right. So the Bitcoin will be reduced to a commodity, literally, a commodity in that sense. And second, what the U.S. does, regulatory-wise, they're going to make sure that no American business accepts it as money.

And Europe will do what the U.S. does. And that's just the way it works. In a regulatory fashion, they're kind of joined at the hip. U.S. and Europe will do the same thing. Whoever's first, the other copies it. So if you're a person with Bitcoin thinking, and believe me, I hope this, again, I own Bitcoin. If you're a person thinking that you're going to eliminate nation states, you're going to have money that transacts across borders,

okay, then take your money out of the U.S., right, and then you go into Europe, and then you try and do it in Europe, and then Europe stops you too. And how do they stop you? They can't stop you from carrying it around. They'll stop it from transacting. They won't kill your Bitcoin. It'll still work.

You just won't be able to use it. Your keys won't unlock it anymore, so to speak. And then if you say, well, I'm going to go to, a bricks country or Asia. Fine, you can do that and it'll probably work for a long time. However, these are authoritarian or communist countries. They have other ways of preventing you from spending or using your wealth out there. So I think the worst case scenario for Bitcoin is all this stuff passes in the draconian fashion it's being written up right now. And then Bitcoin becomes a very viable alternative for a black market and smaller countries that need

to do trade. That's it. It's just, it's, it's, it's, it's, it's, it's, it's, it's, it's, It's really sad. That's all. It's really sad for me. Yeah. Well, when I listen to talk, I guess what you're pointing out is what they're going to do is they're not going to make it illegal. They're just going to make it very, very, very, probably have a couple extra berries on there, difficult to use.

Whereas right now. Yeah. Right? Like that's what it sounds like to me. That's actually, that's, that's a hundred percent right. If you can't, in anything that the government declares war on, right, especially what you're talking about right here, if they can't control the supply, the Bitcoin, right, they have to control the demand. Right. So the war on drugs, if they can't control the demand, they have to regulate it.

So stop it from being made. We can't stop Bitcoin from being made. Stop it from being sold. We can't stop it from being sold. Well, we've got to stop it from being used. And it becomes heavily regulated. a drug that they don't approve of. That's exactly right. Here's a gold question because, you know, I got a bunch on gold, but the one that comes to

mind immediately is book club here where I'm at. We've been, we talk about a bunch of different things. And one of the things was the fact that gold was made illegal for U.S. citizens to own for 41 years, 33 to 74, in the form of gold bullion without a special license, I might Is that similar to what they're doing to Bitcoin? Or am I just off on my brain target here? No, no, no. That's effectively, that's what they're doing. See, that's effectively they're doing the same exact thing.

Okay? So if you can't, just, I'm speaking for the government right now. We can't let this happen. Well, how will we stop from letting this happen? Let's take them. let's confiscate them, whether it be your gold or your guns, right? Or in Tom Longo's cases, goats as well, high time. But they will, the first move is let's take it, right?

And if you have something that gets in the way of taking it, like the Constitution, now we're not going to talk about, I mean, 1933 when they confiscated before, that was crazy. But if you feel that you can't get away with, confiscating it, right? Then you prevent use of it. Right. So, for example, in 1933 to 1974, we confiscated gold because we didn't want to competing

with the dollar, period. Right? In 1974, as you said, we made it permissible to own gold again. But by then, we had put in place systems that prevented you from using gold literally as a a transaction. Right, right. The word is we demonetized it. We legally said gold is not money anymore.

And that was so significant before 1974. I'll give you an example. If I give you money and you give me money, there's no tax. It's money for money. You don't tax money. You tax things. So if I give you gold and you give me money, the gold gets taxed. Okay?

So when you take something that was, money that in and of itself is not tax, it just is, it's used to pay taxes for services and goods, and you turn that thing into a good, you immediately drop it by its taxable value. See how that works? Yeah, I might need you to say that one more time because I'm like, oh, I get what you're saying, but at the same time, I'm like, I don't think it hurts to hear it one more time, because I'm probably, I probably got people stopping right now. they're going to rewind that and go, I got to listen to that one more time.

All right. I got to slow down. Okay. I understand. It's part of my DNA now. Okay. If you have $1,000 in your bank account in your pocket, right? And you go into a bank and you say, I want $1,000.

You can write a check. You have $1,000. You give that to them. It goes in the bank. Okay. The money is the money. Money is not anything except money. It sounds very weird to say it that way, but that's what it is.

Now, when gold is money, it's money. So how much do I have here? I have one ounce of gold. One ounce of gold is the money, not dollars, right? So what can I get for one ounce of gold? Whatever one ounce of gold will buy you. What can I get for $1,000? Whatever $1,000 will buy you, all right?

So now we go to the bank, you and I. you go in with $1,000 and say, I want to open a checking account with this $1,000. They give you $1,000 credit. They used to do that with gold. Here's the gold. We'll give you $1,000 in gold credit, but now they don't. You give them the ounce of gold and they say, we'll give you only $500 for it. They treat it like collateral.

It's not money anymore. It's an object. It's a hummel. It's a, it's a, it's a, it's a, it's a, it's a, it's a, it's a, it's a, it's a, it's a, it's a money. The second thing is when you go to a store and you buy, you go to a jeweler, let's say you go to a jeweler and you buy a bar of gold, a lump of gold, no artistic quality at all. You give them they give you gold. Do you pay tax? Yeah, you do. You pay tax because you bought some thing. I didn't give you $20 and you gave me four fives or two tens. See that? We're not changing money

anymore. At one point, I could say, you know what? I've got, I've got a thousand dollars in gold. Can you, can you give me some, can you give me some, I need some bills. And you'll say, yeah, sure, Vince, I give you a thousand dollars of gold, give me $1,000 in cash. That's a money transaction. That's like making change of a dollar. Now you give me a thousand dollars. I give you a thousand dollars in gold. There's taxes that have to be pay on that. That slows it's not money anymore. It's a thing that money is used to buy. And that's what they're doing with Bitcoin. If you transact with it, it becomes a taxable item. It's not money anymore. And that's what they did. So anyway, back to this whole thing. When they could get away with it, they made it illegal to own gold.

right when they figured out how to pull gold out of the monetary system through taxes and through whatever electronic stuff they did back then they said you know what you guys can own gold again but it's something that you buy and sell it's not money anymore and so we all got coins and we got jewelry and we can own gold again and it's an investment but it's like an investment in art it's like an investment in any item that when it's sold, they'll have to be taxes paid on on selling it and owning it. Yeah, exactly, exactly. So to wrap all that up,

now we're like, you know, 40, 50 years later, and Bitcoin comes along, raising the bar, you know, oh, well, we're going to do this. And so the government is saying, well, you know what, we're going to make sure you can't do it by closing this back door. But to answer your question more directly, If they can't confiscate something, right, take the gold, take the Bitcoin, right? If they can't take those things, then they will try to throttle or block your use of them,

which is what they're doing with Bitcoin now. If they can't, and they will also do this, but if they can't block your use of it, they will tax your use of it. That's how it works. Prohibit it. If you can't stop it, look at this with drugs. Prohibit it. If you can't stop it, then reduce its spread. If you can't reduce its spread, then make it legal and tax it. And that's what it do with Bitcoin. Make it legal, not money, and tax it. Is there any stopping it, the bill? Yeah, I think, I think, well, I think there are people that, you know, I know a lot about this as a layman. So there have to be people out there that it really are small. and are working on this from the Bitcoin side

that are going to delay this bill, water it down, change it, what have you. I don't know what the timeline of it actually being passed are, is, but I will say that there is a rule that nations have, and that rule is you cannot have your money be 100% private, meaning created by a private individual, not controlled by the state. And so the United States will not let a 100% privately owned money compete with it. Nations could do two things, kill you and print money.

You take away their ability to print money, then, you know, you take away half of their authority. So to answer your question, it's going to happen. It's not necessarily going to happen in a draconian way, as I said, but it has to happen. They did it to gold. They're going to do it to Bitcoin. They have to. It has to happen. and I own it, so I'm pretty upset about that.

Anyway. When you bring up CBDCs, I think it was Martin Armstrong on here, the first or second time, geez, I'm trying to remember. It was one of the two times I had them on. And we were talking about it, and I said something probably really stupid to Martin, I can just imagine. And it was something along the lines of CBDCs, like,

oh, you know, like, are they coming, you know, in the next 10 years? And he kind of looked at me like, next 10 years. What are you talking about? And Vince, I guess, you know, we've talked about this. Like governments, I sit here in Canada, they did a poll on people if they wanted to CBDC, and it was like 86% said no. You think that's stopping it? Do you think a poll is going to stop a CBC coming into the United States, Canada, or any other places?

No, no. I mean, nothing would get done if we were a true democracy. I'm not getting political here. I'm just saying if referendum. were honored, then we would never have, Bitcoin would be legal. You know, the truckers would not have had their bank accounts frozen. You know, we are not in, I mean, so I'm going to get political or geopolitical here. Our governance model is moving towards the BRICS governance model, authoritarian with a democratic

face on it. And to that point, you're going to have central bank digital currency. It's not going to happen on a good day. It's going to happen in a crisis, like during, the pandemic, like during the great financial crisis, like during the Great Depression. But it's going to happen. And I could sit here just as easily, although I don't want to, I can sit there just as easily and argue their side of this as well.

And I don't agree with it because at the heart of it, I disagree with how government does things. But they think they're helping. They think they're going to be able to get money to where it needs to go fast. they think by creating central bank digital currencies, they're going to be able to do with money what they do with food stamps or EBT cards. So if there's an economic crisis,

instead of just printing money for everyone to have, they can send it to the industry that needs it most. It's kind of like instead of doing QE where we buy your bonds, oh, the airlines are in trouble, let's buy their bonds. Instead of that, we can send them money directly. I mean, I'm simplifying this, but that's how it works. And I look at that idea and I say, you know what, that's pretty cool. I say, hey, that's pretty cool.

But you know what, that's not a democracy. That's someone judging which industry survives and which industry doesn't. And I don't want that. So I have a big problem with central bank, central bank digital currencies because it's no different than an EBT card or food stamps where the government says you can't buy cigarettes with that money. everyone's going to be on basically the lawfare, which is the entree to UBI, and that's where we're going with this stuff. Well, that leads me why then,

everywhere I travel, this is how this came up, this is how I get to having you on, is everywhere I'm going right now, I run into my audience, and we sit and we chat, and within the first five, ten minutes, silver and gold comes up pretty quick,

like really quick. Like, are you buying? Are you not buying? or what are your thoughts, you know, and on and on it goes. And I go, like, Vince, what should people be doing right now? And I know you don't have all the answers, but like you probably, you know, like in sitting there, you go, well, you know, is it good for people to diversify? I assume yes.

Is it, and then how much and where? And, you know, you look at all these different things. I think a lot of people are racing towards Bitcoin. Hearing you talk about it, maybe they're not anymore. Right. Well, they probably will. It's just going to go through another cycle of manic depression, you know, that they talk about. But to give you, so you're looking for some specifics, and I'll give you some specifics.

And there are what, the question that comes up that the answer to gold is, is what can I do to preserve my purchasing power if we continue to into a debt spiral or a deficit spending situation? And what can I do to reduce the risk of my wealth being confiscated? And by that I mean not someone knocking on your door, taking your money. I'm referring to government policy that will intentionally debase your buying power. Things like yield curve control, things things like financial repression. A lot of big words,

but what they really mean is, is you need something that will hold its value if we keep spending money. It's that simple. And to put some finer points on it, I'm talking about gold, not silver here.

Silver is a little bit different. I think to your older, older listeners, you know, over the last 40 years, you've probably been hearing. You should keep 5% of your net worth and gold. Well, that number is closer to 15% now. That's how I look at it. Okay. And that number is climbing because your house, your home, which is a real asset and supposed to be a way to preserve your wealth, is much more volatile than it used to be. And it may go to infinity. In fact, for a while, there in Canada, probably did feel like it was going to

affinity, especially on the West Coast, you know, with a lot of the Chinese money coming in. But now, who knows what's going to happen? 15% protects your buying power. If you have money in stocks, it also gives you a piece of the next money that's coming out. The next money, global money that's coming out, is going to be gold-based, not just gold-based, but gold will be included in it. The bricks are going to a gold monetary system because they're, you know, tired of getting their money debased by the dollar, right? So the U.S. is going to have to have international gold trade.

We're going to have to have gold to deal with trade overseas. You need to have a decent percentage of your money in gold. And I'll give you some specifics. The two things that you want to buy if you can physically own would be bars and coins. Now, I'm not a coin salesman. I'm not a bar salesman. I have a newsletter. I sell intellectual capital.

I have no sponsors. This is just me talking to you. If you have physical metal at home, you're going to have stores of value that are not going to go down. If they go down, that's because everything else is going up. Well, it's not going down while stocks are going up. You know, I mean going down.

The second thing is you need to have your money in something that doesn't have human frailty attached to it. So you can buy a miner if you want, but how have miners done? Maybe the miners are being mismanaged by their owners. The Canadian miners have had a really rough time. Maybe the miners are having their gold bought by the government directly now. But I will tell you this, the United States is buying gold hand over fist behind the scenes. Canada probably is as well, or at least they will nationalize their miners if they have to.

the bottom line with gold is with the deficits that we're running and that we need to keep running we can't stop you know i'm not i'm a fiscally responsible person but we can't keep we can't stop printing money because we have an aging generation that's going to have a really hard time surviving if we do that if we stop that we're going to have a deflationary collapse therefore you should be owning gold as a hedge against the continued printing that we're going to do. I mean, I don't know, I don't know what else to say, except you should have 15% of your net worth. And that's, I'm talking for myself.

You have 15% of your net worth in physical metal. That's it. You mentioned, and forgive me, I should have wrote it down, but gold and silver is different. When it comes to silver, a lot of people, including myself, look at it, like it's just affordable, right? Like, it's just compared to the price of gold. What's your thoughts on silver?

Well, silver, silver. Silver's a precious metal, but it's increasing industrial use over the last 10 years, going from film to nothing to now being a part of this green solution. Silver's industrial applications are going to explode. And what I know for, I started in silver. What I can tell you very reliably is the price of silver is going to converge at a higher level with gold. The ratio of gold to silver is going to go higher. Not tomorrow, not next year. I'm giving you a 10 year time frame.

Sure. Also 10 minute timeframes. I trade and I invest. So it's not like they're the same thing. The reason for that is I'll give solar panels will be in the same. example. There's no substitute for silver industrially. Copper is not a substitute for silver. There are certain things you need silver for. And as technology gets better in using silver in other areas, we're going to be using it more. So it's solar panels, it's electric vehicles, and what have

you. What's going to happen is the industrial demand of silver is going to explode over the next five to ten years, and in doing so, it'll make the above-ground investable silver increase. So you've got central banks buying gold hand over fist. They are, right? And you've got silver being bought by the bricks. And the bricks are buying silver because they're making the solar panels, and they're hoarding it because it is a substitute for gold. I think eventually the price of silver, eventually is an easy thing to say, but I mean this.

The price of silver is going to converge with gold. Let's say gold's at $2,000 now. The fair price of silver would be in the event that these things came to pass, the fair price of silver would be triple what it is now. So that would be like $60 easily, right? And other people are going to tell you $150, $300. I feel that too. But, you know, I don't want to, you know, blow fake smoke up people's rear end here.

But the thing about silver is, is it's growing industrial use will make it get so expensive that they won't be able to use it anymore. And it will just become, it will just become a precious metal again. That's what's going to happen over the next five years or so. But as a comparison to gold, yeah, if gold's going up, you buy silver and you'll hold it. I own both. When you say the price of silver is going to converge with gold, what do you mean by convert? The ratio of silver to gold in trading is 80 to 1.

And that's not the ratio or 90 to 1 or 100 to 1, whatever it is on any particular day. But that's not the ratio that it exists in the earth as a ratio. And you'd say, well, who cares about the earth anymore? Two generations ago it was, well, that's not how God made it. You know, that's not how God made it. You know, it's 15 to 1. It should be 15. to one or you know whatever it is um but now you're two generations down and the millennial generation

and and and the younger generation x i'm older gen x uh would say would say well it's not really there must be a lot of it out there i mean it's 70 to one it's 80 to one it's like who cares and i'm going to say yeah that's true and this is going to be a little bit abstract but i want to i want to be clear about this the price of gold is going to 5,000 10 000 over the next 5 to 10 years assuming that's my assumption because central banks are going to buy it because money is going to keep being printed and because of those things the price of gold is going to go up it's just going to go up there's too many dollars out there now as the price of gold goes up from central banks buying it you're going to see the price of silver start to climb when the price of silver gets too expensive they won't be able to use it industrial like they used to when there's no more gold left on earth i'm exaggerating but when there's no more gold left on earth earth, people will look to silver and it will go from 80 to 1, 90 to 1 to 1 to one to converging to its natural relationship of 15 to 1, 20 to 1. And there's proof of that.

You know, during, historically, when China decided to monetize silver, I forget the name of the dynasty, but I wrote a big paper on this as well. I should know the name of the dynasty. They bought so much silver. if you have silver bugs, they're going to like to hear this. They bought so much silver that they forced the bank of England to go off of a silver standard and onto a gold standard. They reduced the ratio of silver to gold to something like five to one.

That's how high silver got. Now, I don't think that's going to happen again. But the point is, if somebody wants something bad enough, whether it be industrial or investment, nature will get in the way and assert itself. And the price of silver will converge with the price of gold. in terms of ratio. That's the answer. So right now as we sit,

I just want to make sure I got this properly. Right now as we sit, silver roughly 80 to 1 to gold, roughly. Yeah. And what you're saying is over time, I mean, the price of gold is going to go up. I think most people see that and see that it's hitting,

or it has hit all-time highs, and then it's been pulled back down. I'm sure you can talk all day long about the gold market. But over time, as it goes up, silver is going to catch it relatively. and that it went from 80 to 1 to maybe 20 to 1, 25 to 1, whatever it turns out to be. So when I hear that, isn't Silver a very good play as well? It is, but you have to have a longer time frame.

Here's what I mean. If you're looking at, let's start with timeframes, right? If you're looking at silver and gold over a one-month period, let's say you're just a pure speculator. I'm not saying you are, but I do that. if gold goes up $10, you should assume, if gold goes up 2%, you should assume silver will go up 5%. And that's what will happen over these month periods, right? However, the bigger fundamental thing is that central banks are buying gold. And the reason they're not buying silver is, and this is key, you can't use gold for anything.

Gold is useless. And I say that with love. Gold is useless. It is a pet rock. And because it can't be used for anything, it's perfect just as it is, which makes it a store of wealth. You can't improve it. You can't change its form to make it something better. It's not oil becoming gasoline.

You can't mix it with another chemical to make it cost effectively, you know, cure cancer. You can't do that. So central banks will buy gold because it doesn't do anything. They want to buy silver. They do, but it's still too used industrially. So they will keep buying the gold, and the price of silver will, now I'm getting to your answer. The price of silver will really lag gold for the next year or two. And then you're going to see something like this.

So in three, like, for example, next year the price of silver will be, I'm making this up, I'm not predicting. But next year, the price of silver will be 80 silver makes one. one gold and then two years from now it'll be 70 silver makes one gold and then 10 years from now it's going to be like 30 silver you know makes one gold it's going to explode uh over time in a more exponential or geometric fashion but not right away because the central banks are still buying gold right you understand the real estate market right yeah yeah yeah okay right so so you're in most of your everyone has to understand a real estate market to an extent when you live in a neighborhood and they start building houses next door, right? You say, why is my house not going

up in value? Why is my house not going? Because that house isn't done and it's not sold yet. So the house gets done and you go, why is my house not going up in value? That's a $2 million house. I live in a $500,000 house. My house should be going up. There should be some sort of an equitable thing. And I say to you, wait until that house sells. When there's no more of those houses available, your house will become that house. And so one day, the $2 million house next door to you sells. And immediately your house goes from $500,000 to $750,000. The inventory of gold, once it's cleared off of the free market, paves the way for silver to be number one. When there's no more gold available, silver will be all you can own. And that will make the price of silver go sky high. That's how I feel

that my position is set on that. But that'll take time. So if you got, if you got time, and you've got patience, silver or gold. I mean, like, what you're saying about gold is, you know, you're watching. I don't know. Like, I look at the, once again, I have three older brothers. We talk about this an awful lot. And once again, I would put myself on the lowest of the totem pole when it comes to that, which they're probably foaming at the mouth, listening to this, Vince.

They're probably sitting there going, you know, all these different things. But like, when I sit and I talk about all this, you know, one of the things that's been really curious to me has been gold. because I would assume it would have been, you know, they're buying it all up, okay? They're taking it all off the market. Why isn't it going through the roof then? Yeah, that's that's the like billion dollar question, right? And to answer that, we can go back and just go through the events of last week when Gold made new all-time highs.

We can just do that if you like. We'll make it real for everyone. This really goes back to the very beginning of the conversation about Bitcoin. The United States's money is the U.S. dollar, and the U.S. dollar is the global reserve currency. What does that mean? It means that you need dollars to do business. If you buy something overseas, you're paying people at every point of the way in dollars. I'm going to build a house in Shanghai.

Okay, well, I'm going to hire my worker. He gets paid in dollars. I draw down on my line. I'm a construction guy. I draw down on my line of credit in dollar. He gets paid in dollars. I buy my supplies. He gets paid in dollars.

It gets built. The investor comes. They pay me in dollars. It's dollars top the bottom. All throughout the chain, you know, I pull something, I chopped out a tree. I pay the guy in dollars. I take that tree. I take it to a paper mill.

I pay that guy in dollars. I take the paper. I sell it on the market. I get paid in dollars, dollars, dollars. And because of that, the whole little diatribe I just gave you there, because of that, everyone's got a whole dollar. Everyone's got to have them. You got to have them on your books so you can pay your bills when you need to pay them. It's like, and that's how it works. That's how central banks work.

And how do we keep our dollars? Well, we keep them in treasury bonds. The global reserve asset is the U.S. Treasury bond. So when I want to buy something, I use my dollars. But when I'm not, I keep it in the treasury bond. Like your grandmother putting her money in a CD and she'd break the CD when she had to go out and buy Christmas presents. All right? So that's the way the world runs. And because the world runs like that, the price of gold stays down.

I want you to think of gold as a country. The reason all these other countries' currencies are weaker than ours, aside from the fact that we are, in my opinion, you know, the greatest country on Earth, is because we can do whatever we want to the dollar, and they have to buy dollars when we print too many of them because they buy their oil. They chop their tree down. They use dollars at every point in the curve, right? So gold, which is not money anymore, right? Gold is something you buy with dollars. So unless you're using gold all the time, the price doesn't go up. The price doesn't go down. But at some point, there's going to be a real shift on that, right? Because it's almost at some point,

it's like the markets are going to realize, wait a sec, where'd all the gold go? No? Well, this is what's happening right now. People aren't going to talk about this because central banks aren't talking about this. But the reason I gave you that whole chain of command thing is because, remember, everyone needs dollars in the world. I'm generalizing. Everyone needs dollars in the world to do business all along my business line, right? Okay. And when I'm not using those dollars i put them in treasuries now we enter the problem u.s freezes this is why gold's going to infinity metaphorically speaking sure u.s freezes russia's assets freezes their dollars russia and the rest of the bricks i'm not condoning russians act russians actions at all but

one third of the world or more says you know what maybe we shouldn't use dollars if they can stop our If they can confiscate our dollars, if they can throttle our dollars, if they can sanction us so that we can't pay the guy chop in and treat out, it just stops our economy. We need to use something else. Now, I'm taking you right down the proper rabbit hole for your audience here. We need to use something else. Well, we're not going to use dollars anymore. I'm generalizing. We're going to use, what are we going to use?

Well, I want to use the ruble and I want to use the rupee and you want to use the yuan, right? instead of dollars. And they're dealing with that right now. Everyone wants to use their own currency, and it's a problem. That's the word multipolarity. The problem is they have to figure out how to use their own currency

because even though they may not like the U.S., they don't trust the collateral in each country. Rupies, what do you guys do in India? What do you make in India? Well, you know, we don't really, you know, we make, I don't know, sneakers, right? Turkey, what do you guys make? Well, we make pistachios.

See, these countries don't have robust economies that can back their currency. You know, what do you do? Well, we drew for oil. That's all you do, right? All right. So I'm not going to accept your oil from my pistachios. I'm not going to accept your sneakers from my pistachios. I need something we can all use.

We can use gold. But I don't want to hand you gold. I mean, they're going to do that eventually. But so the currency will become whatever this new currency is, this bricks currency. And the gold will be the replacement for the bonds. The gold will be your grandmother's CD that they store wealth in. I need to go out and buy a pair of sneakers from India, take some gold, liquidate it to my rupees and go, I'm sorry, roubles or whatever, and I go out and buy it.

But in the meantime, money that I'm not spending sits in gold instead of U.S. treasuries. That's why the treasury market got hammered earlier on this year. Because other countries were saying we don't need as many treasuries because we're not paying in dollars anymore. Right? So they're buying in gold. So these countries that don't trust each other, you know, Pax Americana, everyone's got dollars, everyone's happy. No one's happy anymore. So the bricks, this is why gold's going up.

So the bricks say, we need something to replace our treasuries with. And that's gold. They all agree, you can't use pistachios, you can't use oil, you can't use sneakers, you need something that we all agree on. Okay, I will buy as many root, I will buy as much gold as I need to, to make my ruble good, right? India is buying gold and silver. India is buying silver.

See, it's not money, but it is money. right okay uh china they're just buying all the gold they can every time they sell a treasury they sell a million dollars in treasuries they buy a hundred thousand dollars in gold and the rest of the money who knows what they do with it but that's what they do so little by little all these eastern central banks are pulling gold off the market pulling gold off the market and this is what happened and that's why sunday night in china pulling gold off the market pulling gold off the market it bled out from the Chinese demand to the Comax price in the U.S. And so the price went up $120 because Chinese demand was so big for this window of time

that it disrupted our pricing. It kind of went, you know, it was like an arbitrage. If gold's $200 higher here than it is there, well, shit, I'm J.P. Morgan. I'm going to take the gold from the U.S. And I'm going to bring it over to China and say, here, give me $200. And that's what starts happening. the price in the east is higher than it is in the west and it's higher in the east because they're using less dollars as the dollar goes away as a gravitational force gold's price will levitate now in the

in the west in the west they're also buying gold europe is buying gold the dutch have bought gold germany had their gold reaped everyone's buying gold they're just not talking about it they're not allowed to because to do that would make the dollar look bad to make the treasuries look bad. And eventually we have to capitulate to a higher price. That's what's going to happen. I feel like, and I'll see if I can spit this out, but, you know, we're trending closer and closer to the CBDC. Everybody wonders what's going to happen. And on a really large version, isn't the big fear with the CBDC is you have one centralized point that controls what you can buy and do with your money, right? And they can see every facet of it. And the United

States, with the world's currency being on the U.S. dollar, has done that to themselves, now where the entire world is like, whoa, I want to move away from this. What's the way to move away from it? Precious metals. And you go, what is a microcosma that? That is the population of my area, Canada, right, where we see the CBDC coming and we go, we see one entity that's going to control our lives and everybody is going, where do I invest money into? So no different than Russia and China and India and all these different countries going, we need to move away from this and build up this, the store of wealth so that we can all, people are doing the same thing.

Am I wrong on that, Vince? No, no, you're right. I mean, look, we live in the country. So we rebel last. You know, those people, they've already had their wealth. So, I mean, you can put the Russian banks in the same monetary family as the Canadian truckers. They confiscated their wealth.

Well, shit, I'm not going to leave my money in that much money in a bank anymore. But the interest, you're right, the interest, the rest of the world, the brick side of the world, has decided that the dollar used to give us. safety and trust. Now it also has risk involved in it. And that risk is, U.S. may just say, we want your dollars. We're not going to let you have them back. We don't like what you're doing. And they did it with Russia nuclear power. Who's to say they won't do it to us? Meanwhile, so that's how they're thinking out there, countries, right? Domestically, you're describing what's happening here. You've got a blue collar worker, right?

that guy says, this is kind of crazy. I could have my, you know, my bank account frozen. I need to have something outside the system, right? And the wealthy Canadian, he's saying, I'm not worried about that. He's not worried about it because he's wealthy. But it's kind of like the bigger the country, we went after Iran, no one cared. Right? We go after Russia, they care.

So we go after that $50,000. year blue collar guy no one cares go after you know the the owner of a um a horton's coffee or you know whatever and that's it it's over you're going to get a pushback and we're starting to see that pushback in multiple areas in the west in money we're talking about it with money but it's it's actually a cousin of the free speech argument you know the Elon Musk free speech debate and the guns debate you know all these things are related to, we can't control them anymore. We need to control our own people. So it's kind of like our government can no longer tell them what to do,

so they're going to try and tell us what to do a little bit more. And the interests in terms of wealth preservation and conservative values are actually more aligned with BRIC's governments than they are with Western governments. nowadays. You're right. Canadian person has more in common with a Russian right now. Which is a wild thought. Although I bet you a lot of the audience would concur with that. They've been staring. Economically. Yeah, a lot of things here in Canada have been pretty strange for quite some time now. Now, Vince, with time almost up, we're going to switch over to substack. So we're going to take a brief pause if you've been enjoying Vince. Head over to

Substack and hear in the last couple minutes here before I let Vince out and hope to see you over there folks. So head on over to Substack will be there shortly.