The David Knight Show - Interview: Arterburn: You Can’t Rate-Hike an Oil Shortage Away

Episode Date: September 24, 2026

Tony Arterburn of Wise Wolf Gold and David Knight take stock of $365 trillion in global debt, a Fed hiking rates into an oil supply shock it can't fix, and a Purchaser's Management Index that got weaponized to knock 1% off gold — the same statistical sleight of hand both parties use to revise employment figures a quarter later once nobody's watching. Money should have intrinsic value AND transactional privacy: Go to https://davidknight.gold/ for great deals on physical gold/silver For 10% off Gerald Celente's prescient Trends Journal, go to https://trendsjournal.com/ and enter the code “KNIGHT” For high quality made in America products go to HomeSteadProducts.shop and use promo code “Knight” for 10% off your purchases Find out more about the show and where you can watch it at TheDavidKnightShow.com If you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-show Or you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @[e-mail] App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Become a supporter of this podcast: https://www.spreaker.com/podcast/the-david-knight-show--2653468/support.

All right, joining us now is Tony Ardibund of Wise Wolf Gold. And again, he's set up David Knight Gold. So if you go there, he knows that you're coming through us. And he has a great business. I've dealt with him for years. And, of course, it's a great way to get both a group buy and to dollar cost average a regular savings program to start to get money out of this fiat system that has so much, so many obvious flaws. That's what we look at it right now. We want to talk about a couple of those coming up.

How are you doing, Tony? I'm doing great, David. It's good to see you. Yeah, there's definitely some flaws in the system, and it's starting to really show. Yeah, well, they've got a new thing now that kind of, you know, took off like 1% off the gold price and said, oh, look at this new metric that we, that new data that we had.

It's not a new metric. They've had it for a while, but the purchasers management index, I think they call it. And so this is a scale that they've set up between zero and 100. if you're above 50, that means the economy is expanding. If you're below 50, it means it's contracting. And so they're looking at this. And again, I don't believe any of this stuff.

I don't even believe that they accurately track the jobs. And they don't believe it either because they'll come out and give you unemployment figures or employment figures one quarter later. They will say, no, those are wrong. And they do this consistently. It's like Trump, you know, with his war and peace stuff. The Labor Department will come out then in both, both. administrations will do this, both the Democrats and Republican, and they'll come out a quarter later, and they'll change the previous quarter's numbers so they can present to you an improving trend.

So we've seen that game. We've seen how they have gamed the inflation figures. And so this PMI that was a basis of people buying and selling and the price of gold changing in terms of dollars, that's just another bit of head fake, in my opinion. I think you're absolutely right. And, you know, statistics don't lie, but liars use statistics. I listened to your show yesterday. One of the representatives from the Trump administration, I forget who it was,

but saying how robust small business and how optimistic small business was. And I'm, what delusion are you living in? I know. I'm small business. I talk to small business people from all walks to life and just regular folks that they don't have a business that are employed or lack of employed. And I talk to them all the time. there's a lot of fear out there.

There's a lot of anxiety. There's so much uncertainty. We live inside the economic clown world order. What is she talking about? Like this, you know, you could look at, you know, who also create this problem and the response to everything is like, it's not a problem. Yeah, just, you know, oh, you can't afford to eat hamburgers anymore,

just to get some chicken. Right. So, yeah. We've got great chicken prices. I mean, it's so bizarre that they, you can try to paper over the damage that they've done through the uncertainty. And you can go back. And it's not just one administration that's done this.

It's pretty much every modern administration in my lifetime that has gotten to this point. And if you look at the data coming out, you look at what's happening, David, there's the reality will show you a path. And you mentioned off air. We're going to discuss, you know, what's happening with rates. and gold and liquidity. That's where the world is headed. I mean, if you're really studying it,

nobody's betting on the future of the dollar system. Nobody's betting on our current economic system. They're betting on what's next. And we're living inside of a relic, for lack of a better term. But if you can see the inflows, the ETF state, that's another thing.

I watch other metrics, not just what the Fed's telling me, you know, we can get to that too on, you know, what they tried to achieve through raising rates. But I look at what the inflows of ETFs look like, gold, Bitcoin, things like that, what Hong Kong is doing. I go back to Hong Kong.

Hong Kong's adding gold, not just for their physical storage and their exchange hub, but to their own currency backing. This is happening around the globe. And so even with the treasury yields being so high, like we're at a 20-year yield. build a basis on that. I mean, it's 20 year high, supposedly. But people are still moving into gold. Like even bypassing that, bypassing what's happened with with bonds and everything else, just still going to gold. And you can see that through what's happening. And this is just the beginning. So we're at a very early stage. And it's interesting that, you know,

gold and silver are both in the red this morning, which is a great buying opportunity. Because it won't sustain itself because of the trends that are happening under, underlying the entire economic system. I agree. And, you know, when they focus so much on rates, again, there, as we've said so many times, there's the repo market and all these other different ways that they've got of increasing the money supply, which is going to be inflationary. And the interest rate, the little tiny changes that they're making in the interest rate, and really their hands are tied. They can't do anything significant there, as we've talked about in the past. But these little insignificant changes that

they're making. Meanwhile, when nobody is looking, they're creating tons and tons of more dollars. They've got a lot of different ways they can do quantitative easing. But this is Ed Dowd, who said, they hiked rates into a supply shock. And he said, that's rarely the right medicine. Because you can't produce more oil or have more shipping capacity by raising rates. That's not going to bring, you know, they're not looking really at the cause at all. The cause, of course, is our government and the Iran war, but they can't do anything about that. So what they'll do is they'll raise rates to make people think that they're doing something about it. And it is as phony, Tony as, I didn't mean by that to rhyme, but.

Oh, I like it. But it is as funny as what Trump does when he says we're winning the war. It's just a head fake to get people to fall for it. And a lot of people do. And so when you look at the fundamental issue here, the supply shock that is created by the Trump oil embargo. It's not OPEC, but it's Trump this time. We know what that is, and raising the rates isn't really going to do anything to correct that.

You know, what happened with Volcker, that was all the aftermath of the OPEC oil shock. And that set off stagflation, went on for quite some time, and then eventually he raises the rates to really higher levels. But right now, this is still ongoing. And it is still building and it is still, you know, we're still accumulating this financial wrath that is going to break on us. And so it's too soon for them to be able to do anything to try to mitigate just even the inflation or the stagflation or the dragflation aspect of this because it's still ongoing. And that's the point that he's making. He says they know this, but they hiked the rates anyway. It is interesting.

I mean, beside the quantitative easing and the increase of the money supply and the massive debt, and I think the metrics came out today, it's $365 trillion global debt. I believe that's sovereign debt around the world, not including private debt. So we're in a debt crisis as well as a currency crisis. And you mentioned Paul Volker, and we talk about this all the time, but I read an article on KitCo this last week and somebody made my point where they didn't, they don't have the maneuverability anymore that they did in the 1970s with with the debt that the sheer number of the amount of 40 trillion plus the unfunded liabilities and the obligations they don't have the maneuverability

anymore you know the market share is different we we've built so much fake on top of fake you know people want to invest right now there's a lot of companies building on the on the bitcoin network or cryptocurrency networks and I think that's interesting it's not a giant market share but they're building on top of it. But think of all the stuff that's been built on the Fiat network. The Fiat network's been going on a long time since 1971, officially.

They've built a lot of fake stuff on top of that. It's hundreds of trillions. So we're sitting over here, you know, talking about market caps of gold, which is like 20-something trillion and silver. It's like two, two trillion. You know, Bitcoin's 1.2, whatever it is. It's a small amount of finite and a sea of fake.

And I, so you don't have to be a genius to figure out that something is, is a miss here. You mentioned the Fed raising rates because inflation got hot. It got hot because why? Because, well, Trump's war is a good example. There's some other factors, but mainly Trump's war. I mean, if you go back and the reason that the price model for gold and silver changed is because the economic model changed because the price of crude changed. Price of crude went from $60 a barrel to $100 plus a barrel. You know, that tends to change things. Plus, you choke off the supply chain or you cost. uncertainty, which changes the futures. And the prices of gold and silver have come down. I think it's kind of a bargaining chip, a coupon, if you will, because this is stuff

going to reset again. So the Fed cannot create new shipping lanes. The Fed cannot create new oil supply, even with the delusional Trump administration that says they're going to have a willing to worry about the Strait of Hormuz, you know. Yeah. A worthless piece of water. Are you insane? Like what is it?

The guy who is making our pieces of paper worthless, Scott Besson says the Strait of Hormuz is going to be just this worthless piece of water. That's interesting. You know, and he's getting, he did this financial D-Day thing. I don't know if you've seen that. He listed gold and crypto and other things as a sanctionable currency or sanctionable asset. You know, we're flailing here. The American Empire is going to try to figure out how to stop the transfer of well. health that's going on. These other countries have already figured it out and they're moving off

the dollar system. And I think Americans ought to pay attention to that because they're seeing the future. That's the trend. Like, you know, Gerald Slinté does Trends Journal. Yeah. This is a trend. The trend is away from the dollar. That's right. Absolutely. And as you're pointing out, you know, it's not just the United States that has this issue. You point out how so many nations are underwater with this. Ed Dowd goes on to talk about how housing is already rolling over. He said we've got months supply of housing that's set near the 2006 peak. And then he says when you look at China, things are even worse. We've got months of oversupply of housing. They have decades of it. I mean, I've seen. Yeah, I've seen entire cities of like McMansions. I mean, these are huge,

huge homes and very fancy, but they're just setting there with the vines growing up over them, you know, and ghost towns, essentially. And, Nobody's bought these properties. That's how bad it is there. And they've got some YouTubers who go over there and they get inside these houses and show you how nice they are on the inside. And they've only got a couple of people that are roaming around as security. And they just avoid them and go in and show what this looks like. But it is astounding what they've done in terms of oversavine.

And it's a good example of why we don't want the government planning our economy. They don't know what people need. They aren't that smart. They don't have sufficient information. Oh, by the way, they still won't have that kind of sufficient information, even with artificial intelligence. It can collate a lot of information, but they still won't be able to make the right decisions, even if they were honest enough to try, which they aren't honest enough to try to make

the right decisions. But that's the reality of this. And so as what you were talking about before in terms of the fact that they change these interest rates and they're having less and less. of an impact on the price of gold. Typically in the past is they would raise interest rates and that would draw people away from holding gold that doesn't pay any interest.

But even though we're at a very high rate right now, it's not having that much of an effect. That's right. And the reason for that, a couple of articles that I saw here where people are saying, well, they're moving from a trade on gold being based on the competing interest rates from T-bills, they are moving to a system where they are looking at liquidity. So now gold is no longer a trade on interest rates,

but gold is a trade on liquidity. And that's really what the central banks are doing. And as we look at what is happening with it, I think probably the best metric would be what the Chinese central bank is doing. As you've pointed out before, every time the price goes down, they back the truck up by massive amounts of quantity. And they're doing it again.

The Chinese central bank is telling us that gold is very, very cheap, and they're not the only central bank that's doing it either. All of them are doing it. And for them, it is a liquidity trade, isn't it? It absolutely is. And I've been saying this for years. And the more that gold entrenches itself into the financial system, which has always been a part of it. I mean, gold is the original money. It's so easy to get liquid on gold because there's always a buyer. Spot price is going to. to be the same in Boston as it is in Bangladesh, most likely. There might be a little variation based off physical supply, but it's basically the same. So when you've got a spot asset that you can get liquid on instantly, that's very valuable in a topsy-turvy, uncertain world. If you go back to 2008-09, you know, when a lot of these so-called masters of the universe, when they went, when they

went belly up because they were over leveraged like Lehman or Lehman Brothers. You know why they went belly up because they were leveraged and they tried to liquidate what they had and they could. There was no buyers. You don't have that problem with gold. You might have a problem. You know, you could have a problem with bonds. You could have a problem with T-Bels.

It's a potential, that potentiality that you would. Most likely would never, ever have a problem with gold. I think that is the steadiness of gold, I think is another part of its story. Bitcoin has had a, it's up 33% over the past two months. It's made some big runs.

And even when they raised rates, Bitcoin went up. And one of the things is that a lot of the institutions are buying. You can see the ETF inflows a lot like gold is going up. But it's doing that in the face of all this stuff. The same thing is gold. It's good. Raising bond yields, raising rates. Gold stays steady.

Bitcoin is a, more volatile so it's been trading up and it probably will re-correct again but the point of all that is is that a lot of these things aren't acting these these assets aren't acting like they used to and so even the short-term traders and people that are used to the same system they've got normalcy bias i think we all do some degree but i don't think they're i don't think they're understanding what's happening it's the new it's a debasement trade and it's a new economic system being developed. That's really what's happening in the face of all this. And that really is a great point about how the Fed can't make any more oil. It was a stupid thing to do. You know, it most likely would

have been better to just do nothing. Yeah. At the end of the day, because it signals that you're doing. So you're still the central planning. And if you remember, what is it, the fifth plank of the communist manifesto is a central bank, David, I think it's the fifth plank. I read it, I read the whole manifesto like the Planx or the deal on your show one time when I hosted down in Austin. I read the I think number five is the central bank.

So it's it's a Marxian idea of central centralization and central planning. And we both know that it doesn't work, obviously. And what the government's given us is they've given us fiat currency upside down, in an upside down economy. In a true free market with sound money, prices would be going down.

down. We have a deflationary economy and we don't. We have an inflationary economy. That should tell you something. And another aspect of the United States that's unfortunate is that over time, we stopped making things. And that's where real wealth comes from. That's the Chinese. I mean, they made overbuilt a bunch of stuff, but they're a powerhouse still. I mean, they're manufacturing powerhouses where real wealth and leverage comes from. And we really, we sold that out. You know, we bought our sold a long time. We basically banned it, just like they did in the, EU, basically deindustrializing the West and turning it all over to China and to India. They did that through the 2015 climate accord.

I think they did, the Paris Climate Accord. So, yeah, they basically have kneecapped our manufacturing. That's why when you look at what is happening in terms of all the tariffs, that's not going to bring anything back either. That's just as stupid as raising the interest rates when you cut off the oil. Yeah. it really is it could have been strategic it could have been smart but this is the trump administration so we're doing something destructive which i think maybe that's his role in the

great reset is an agent of chaos and it certainly is to um to give a black eye or maybe just completely delegitimize the america first movement or or nationalism or traditionalism and i mean just the civil war that's going on right now just in conservatism alone if there isn't even such a thing anymore. I should tell us where we are. I mean, we're headed into another thing about the economic issues is I'm not sure what all this is going to look like past the November Democratic sweep,

which looks like a inevitability to me. I bet we're going to make some, there's going to be some record set. And people have apathy that are actually paying attention that could be considered themselves a right of center. I don't know anybody who's, who's fulfilled or feels like this is great. I mean, maybe you might get some outliers and people that are still drunk off the

Kool-Aid, but I, but it's, it's not, it's not typical. And I think even here in Texas we're going to have. And by the way, I don't support it. I'm just saying the Republicans deserve to lose. Yeah. At some level, I didn't make the rules. You guys did, you know, like you guys did a terrible job. We had the world in the palm of your hand and you blew it.

That's right. So you deserve to lose. I think that they will, and that's going to set the tone for a lot of things. I'm not sure exactly what it does economically, but it can't be good. Well, we only look at Texas, for example. How do you get a situation where both the governor and the Senate race, the Republicans are losing now in terms of the polls. They're behind in the polls. They're behind in the only state. It's happening all over the place. It's happening in North Carolina, South Carolina, Kansas, Iowa. You're seeing these typically Republican areas.

is and they're struggling and they know it. And so the people who still haven't jumped ship are out there telling Trump he's got to declare martial law and steal the election. Or right back to 2020 again, aren't we? You got to wonder how much of this is planned. You know, it's such a waste of time for us to even have this division politically in this country and when realized it's just the, you know, the bankster overlord class that wants to bring us into an agenda 21,

agenda 2030, great reset situation, one world government thing. That's, again, they tell you what they're doing. And then we, we still go at each other,

this left, right paradigm. And it's sad, you know, the Democrats have true believers, uh, that run in their party. And they really believe that stuff.

Um, so you give them credit for that. But the Republicans, what I've noticed is they really like to raise money. They don't really like to rule. Uh, that's my, it's my observation over a lifetime.

of living here and running in the public and primary. I just don't see them doing well coming up. It's going to, it may be a long time before they do well again, if ever. I mean, we're, it's, there's a lot of damage has been done, especially. Yeah. Well, why wouldn't Greg Abbott be primary? You know, like, why is he still there? You know, like after COVID, especially, you know, and if you're governor of Texas and

you still have an open border, I mean, what did you do? Like, I mean, I just don't understand. I do understand the Republican Party, but I don't understand people's affinity to reelect people to do the same thing. So I think there's a reckoning happening. You're right. Yeah, they don't deliver, but they do accept donations. Yes, they do. And they've got a lot of them. They got a war chess. It's like $400 million. It's amazing. The problem is they don't have a story to tell anymore. They can't go back and make these promises because they ring so hollow. They've had control of this stuff as you went out just there in Texas. They've had control of this stuff

and while they've done nothing with it or they've made the situation much worse. Well, they're talking to people that no longer exist. You know, like I think they ran to fool a certain demographic of people that because of the shots and things that they actually pushed might not be around anymore or just sheer age. You know, like this is something that happened, you know, the trans Texas corridor was a big thing. And you remember this day,

they would go back to the early 2000s. They had billboards here in Texas. Like, we're building the trans Texas quarter. which was the NAFTA Super Highway and all that stuff. You had Condoleezza Rice going down to Baylor University talking about the Amero and like the linkage of Canada and Mexico. People said no. And it didn't happen.

It literally stopped the trans Texas corridor. But the sad part is that demographic of people has mostly disappeared. And I think they're talking to, they're still trying to do like, you know, they'll try to bring up transgender bathrooms again or something. They're like, we get it. But in the middle of everything that's going on, like all they do is just bring up a wedge issue and not and not deliver. But to get back to the economics of it, I think paying attention to, at least for intel of the politics is important because we're going to be living through like a culture shock. It's going to be a lot of, on the other side of this year, we're going to have some real political infighting. And it's going to look, there's not going to anything that's going to happen like positive economically that's going to be passed.

happens this bipartisan, you and I both know, it's something bad for the American people. Like anything that's bipartisan at this point of something really horrible. So I don't think there's much chance of that even happening. I think it's going to be a lot of gridlock and the world's going to continue to move on. So it's going to be an interesting thing. I think the best we can know for it at this point in time is gridlock. Exactly. But you know, when you look at all this stuff, I remember, of course, back in the 1980s, early 1980s, as everything was really interest rates were sky high and all the rest of the stuff. And my dad was really excited about getting into T-bills and CDs and all the rest of the stuff.

And I looked at it's like, I just don't really want to try to play that game. Of course, when you buy when it's really high, if they lower the interest rates, you're still pretty good shape. But it's a situation like right now where the interest rates are relatively low and they start to raise them. Now, of course, they're going to cut the face value of your bonds as well. But I looked at that stuff and they were talking about it. joked with him. I said, well, I'm putting all my money in CDs. And I held up one of the little compact discs. I can enjoy this. I can't enjoy that piece of paper over there. I'm

constantly worried about what's going to happen to the value of it. That's the way I feel about gold. You know, you get gold and you don't have to worry about the value of you. Trying to sit there and watch the tick or take all the time and see what's happening with it. As a matter of fact, you know, China is looking at this and we said they're continuing to buy. They have imported 1,200 tons in 2026 and that is as much in the first eight months of the year. They have surpassed what they brought in for the entirety of 2025. So it tells you what they think in terms of all these pieces of paper and treasury bills and things like that. They're putting their money into gold. Maybe you should think about that as well. Again, two-thirds of the year and they have surpassed the entire

total of the previous year. You put that into perspective, too, Dave. If you actually know the holdings, like central banks in total hold like 36,000 tons. So the Chinese just brought in 1,200 tons. The United States supposedly holds 8,000 plus tons, supposedly. Right. Half of it's supposed to be in Fort Knox, the other it's on Fed balance sheets. Again, supposedly, right?

I think the argument that the Chinese hold more gold than us it holds a lot of water. I mean, if you look at, they bought gold secretly off the books at the beginning of the century. As soon as George W. Bush added them on December 11th, 90 days after 9-11 for the most favored nation's trading status with the WTO, as soon as they were added and you watch like the siphoning of wealth gone, they bought gold off the books, massive amounts of it. And, you know, they have like 60,000 gold mines. China doesn't do like net exports.

It does net imports of gold. So they're preparing for what's next. And I think there's a lot of other places in the world that are doing the same thing. And I think with the digitized system and blockchain and other things will be added to this with gold in real time. And again, that's not the best way to own gold. But it will happen. There will be a blockchain trading system for gold. that people will be able to do around the world off the dollar system. All it is is signaling to me that the dollar system is antiquated. And we weaponized it. You mentioned the tariffs and all the threats that think about the psychosis

that coming out of the White House with some of this stuff. Like the rest of the world must be just going to, you know, you mentioned the other day you were talking about Krustchev taking his shoe off and beating in the podium at the U.N. Yeah. And saying we will bury you. And, you know, that's a different generation back then. We took him at his word and buried him.

And that was the old Cold Warrior mentality. But we didn't do it by beating our shoe louder, you know, like it wasn't. We didn't take our clown shoe off and beat the podium. But that's where we are now. I mean, we live in a time where everything is kind of inverted and upside down. And so worst parts of us, unfortunately, are in control. So it's good to know that at least some things are still working out on the financial system. I mean, even with gold in the red right now, at least I know that, you know, it's funny, I have no doubt in my mind.

If I buy a little bit of gold or a little bit of silver, I'll be better off in five years than I am, you know, today. Oh, absolutely. Yeah, we'll talk about that when we come back. And as a matter of fact, we've got a couple questions for you as well. All right. And joining us now again is Tony Ardabon of Wise Wolf Gold. and we're just about to give him a question from a listener here. Question for Tony. This is from Hatchcar 61. He says, with an ever-ending increase in diesel fuel,

well, why is Wolf start charging shipping for Wolfpack subscriptions and non-Wolfpack purchases? How are you going to handle that? I mean, we're seeing that going because we sell some stuff on our store, T-shirts and coins and things like that. We're really seeing the shipping going sky high. It's amazing. I'm always trying to figure out how not to pass those costs on. I don't like the shipping costs.

One of the things, I've been talking to a couple of different firms about doing a blanket shipping price. It's one of the things we see from like the trading floor. If you order for me, it's funny, these big contracts that are insured a lot of times, depending on the product, we have a pretty stable shipping price. And it's usually like 25 bucks for large orders. And it stays that way. It's crazy.

But for Wolfpack, we're always looking for ways to go get around. that. I mean, even the shipping cost on the smaller packages, like, I pay more than I charge for shipping. It's like, it's like maybe I charge eight bucks and then it's 12. Well, the good news is, as the dollar keeps losing value, the packages keep getting lighter weight, right? Right. It's like, it gets lighter. Yeah, it's shipping as far as the weight that I sent out, even with the increase of memberships, it is less, less weight that I've sent out, unfortunately. But no, I, I, that's a good question. I'm always looking for ways to make shipping free if I can. But yeah, we live in a world where they've got record diesel prices.

And everything's going to get put back on us to fit that bill, even though we're supposed to be living in this robust, small business-friendly economy, whatever. Now, I do my best. I mean, it's not something I just automatically do and throw on the customer. You know, I'm more interested in, I have a long-term relationship with anybody's in business with me instead of gouging. That's great. Well, what else is going on besides trying to figure out how you're going to manage these shipping costs?

We've got a lot of things. Yeah, we figured out, you know, just I think we talk about this every week, but just keeping the doors open at this point. I mean, we keep in the supply chain. I'm always looking for new inroads to, you know, relationships with suppliers and mints and stuff like that is keeping variety going. But no, I'm grateful to be here. And, you know, I'm in the middle of this. I would just underscore to people, but, you know, just like we saw in the period before,

between the election and between Trump taking office, we had this period of time where gold just kind of went sideways for quite a while. We're in that kind of period of time right now, again, because of Trump and his pronouncements and his actions and things like that that are happening. But it is now, I think, just as it was then, a good time to take advantage of the drop and price. And we just look at it as a period where it's been on extended sale price.

Because there are fundamentals, yeah. I think another thing to look at, and I don't mention it enough, but the IRA issue with, you know, with current IRAs and current 401Ks and other things that are linked to paper stocks, which I don't even know how much, how real any of these things are actually valued.

But you can, and you can go and do a gold and silver IRA through us and have physical metals, which it's outside of the banking system. It's inside of a, you know, you've got storage facilities, which, you know, it's not exactly perfect, but you have something that's not tied to a company, not tied to, you know, shareholders or anything like that. It's just you and your medals and those stay that way. I think that's a great way to hedge against what's what's on the horizon, too.

at least even if it kept it's kept it's just separate from what you do, even if it did nothing, at least it would protect your wealth. I agree. Given the uncertainty, which I don't want to just paint this as, you know, total chaos on the horizon or doom and gloom,

but it is some strangeness. Well, the stock market has always been something of a casino, right? Everybody pretty much knows that. And we've got a guy in charge now who has bankrupted a lot of casinos. Well, the metrics of,

what's going on in the stock market right now, besides the inflated priced earnings ratios, especially for these few stocks that are mostly the market. This headline, fewer stocks are carrying the market than at any time since the dot-com peak. And so, I mean, we're seeing all of these markers that aren't necessarily a repeat of history, but they certainly are rhyming. And so we have to ask, you know, what do you think is going to be happening with this? in the future. It's just like when we saw what Trump was doing with the Iran war, it's like, okay, we've seen this play out before. We saw it in 1973. We've seen this type of thing with a

dot-com situation. We've seen that play out most recently in our lifetime. Of course, there's been many of others just like that when they had railroads came in, when the electric grid started running in. And so you had a lot of people who were so excited about the transformative of technology that they get overly enthusiastic, I guess, in the words of Greenspan, irrational exuberance kicks in. And that irrational exuberance creates a bubble. And even though the technology may be something that is fundamental and transforming, they can still get way ahead of it.

And when they get that far ahead of it and somebody points that out and because it is kind of a group mentality and they realize that, then they panic in the other direction. And I think that's really where we are right now with the stock market as well. So when we talk about gold being an insurance policy, I think people need to take a look at that in preservation of wealth. I don't know. It's when you look at it and you look at the uncertainty of the stock market and the things that have happened in the past,

that might be something you want to factor into your decisions. You get the feeling that somehow the mismanagement will have to pay a price. You know, like somehow all the mismanagement, and chaos and it's been antithetical to growth like the policies from the administration and not just this one but the previous ones too and it's just compounded

I mean you and I started when you and I first started talking gold was about $1,200 an hour's. So and we've seen gold at $5,600 and it will interesting enough, isn't it, that we live in a time where you and I have both know the all-time highs of these metals and we're not anywhere near them right now. And we just live through them.

So do you think they're going to be back to where they were? Of course they will, as far as dollars. But the stock market and all the other things, like the metrics tied to that and looking like the 2000.com bus, I think that's something to pay attention to because a lot of these companies aren't built off true earnings anymore. This isn't... That's the other thing about this is very different.

I mean, when we look at the dot-com bust, You didn't have a situation like Invidia where they are, you know, floating loans to the customers to buy their product and then booking that as sales. I mean, it's crazy what's happening with this. They really have gamified this system in a way we didn't even see with the dot-com bust, haven't they? Yeah, and I think that's part of the extension of what I talk about. And, you know, if you had an economy with sound money and it was built on true structure and true earnings, we wouldn't have these kind of. companies. There would be competition. There would be a lot more diversity and decentralization in the economy. But this is what happened. I mean, if you remember Venezuela, they were,

they had a booming stock market and their currency was collapsing. I think that they're not the only country that's happened that way. We definitely look that way. It looked like there could be some runs on the on this current currency system. You look at what the Treasury's doing, which is pretty unprecedented, buying back these long-term bonds. Like they're about, what, $11 billion into buying bonds back right now, which has never happens, basically quantitative easing. I guess he's doing the same thing the NVIDIA CEO is doing. Right.

This is something. Pony Potipkin economy that is out there. It is interesting. And the rest of the world is kind of, I think, bracing for that worldwide debt. You know, they're going to have to reset the whole thing. That's funny. We kind of come back to that every time. but the current system won't last.

That's why I think I'm outside of it. I'm on part of the debasement trade. I think, and again, you don't have to be that smart to figure it out. But I don't even pay attention to price most at all. I do in the morning to set my buy percentages, but I don't even really care. I just look at what I know what's going to be, you know, mathematically certain in about five to 10 years. That's right.

I feel good about what I do. I wish we could get out of the political system as easily as we can exit the financial system in many different ways. But again, if you want to do that, you can go to David Knight. Gold, and Tony will help you do that on a gradual basis. And dollar cost average this stuff out. I've, looking at the articles about gold, I see at least three large banks that have said, yeah, we think the price of gold should be about $5,000.

Well, that's about 16, 17 percent above where it is right now. And so, as you point out, it wasn't that long ago that it was significantly above $5,000. And all of the things that we see happening are nothing has been fixed. What they've done is they've added new problems to the existing problems or made them all worse in many ways. So just keep that in mind and protect yourself is what I would say to people. Thank you so much for joining us, Tony. And you've got a transmission coming up after this one? Sir, yeah, Arterburn Radio transmission.

I'll be live on Rumble, the America Unplugged Channel, and at Tony Arderburn. on X. Great, great. Thank you so much for joining us. We really do appreciate it. And thank you for supporting us. Have a good day. Thank you. The common man. They created common core and dumb down our children. They created common past to track and control us. Their commons project to make sure the commoners own nothing and the communist future. They see the common man as simple, unsophisticated, ordinary. But each of us has worth and dignity created in the image of God. That is what we have in common.

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