B (3:38)

Well, that's exactly it. That if you have all of this paper and you're using it to push the price down, you're getting a compression in the price of silver. And so for decades we didn't really know what the actual price of silver should be. And it was obviously undervalued. That was highlighted by the fact that the ratio had gone up to 80 to 1. That's 80 ounces of silver for every ounce of gold. And it even got to one point to 101 and a little bit past. And so we're starting to see that ratio come down as physical product is being taken delivery of. And so the question becomes, well, what's going to keep that going? And one of the things that I'm finding with some people here and there because we have to adapt to the changing markets. As you said, if the paper market is collapsing because there's all these deliveries, then where should the actual price go? And I talked to some people and they think well you know, once it gets to 35, I'll sell my silver at a low ratio. And I'm thinking what's the expectation that the prices that it's going to go snap back to 80? How does it snap back to 80, Jerry? If the paper is being, if it's.

A (4:49)

Being deleveraged, right, there is no, I mean we're well supported when, you know, with the ratios and when we look at the participation coming into who is demanding the gold, who is demanding the silver. These are countries now remonetizing gold and silver, introducing reintroducing gold and silver for the reasons why they are considered money to be in the first place. These are intrinsic Assets that have monetary attributes and they have industrial attributes. And we're moving away from, as we are now, you know, days into the World Economic Forum meeting, these, this meeting in Davos that globalization has failed and we're moving away from that big one world style, one world government, back to mercantilism, building of things. So the reshoring of physical gold and silver is happening. It's underway, it's unstoppable. So meeting these ratios, I think we're well supported, especially for silver. It's on the critical minerals list.

B (5:47)

Yeah. Okay, so you just.

A (5:48)

Critical, you just took.

B (5:50)

Yeah, let's, let's keep, let's keep pushing this forward because ultimately we've seen some great gains in silver over the last year. And the question becomes, does this still have legs? And so to bring some facts to the table, and we started with this idea of, well, they're taking all this delivery, $2 billion worth of silver being taken delivery. Let's add to that fact, we now also have that in November, the US Added silver to the critical minerals list. And what that means is, is you now have to secure supply lines for silver that you, you need to make sure that you're importing it and that you have enough to produce what you want to produce. Now I believe that in the States and you can see a lot of evidence of this, they're building, they want to bring manufacturing back. I mean, that's what Howard Lutnick was talking about. Right. So you're going to need stuff to build all that and you're going to be producing stuff when you have all these factories. And so you need to start securing a lot of silver. And that means you're now competing with China for the world of manufacturing. Interestingly enough, Canada does not have silver on the critical minerals list, although they were a bunch of miners did get together to say we, we petitioned to put it on the list. Canada does not have it on the list. So we have silver now on the critical minerals list. And to add to that, China has now restricted exports on physical silver. As of January 1st, there's 44 companies that can export, but they have tightened control on that. You need to go to the government to see if they'll let you do it. And so they're not. And last year I think they exported something like 5,000 tons, which was a record. I don't know if it was five or eight, but it was a record at the time. Gone. That's no longer coming to global markets. It's going to stay domestically in China which means supplies just got that much tighter in the physical market. So when you just start to look together, you have physical demand off the exchanges. You have critical mineral list in the United States. You have exports being restricted out of China. And let's add to the fact that last one and then we can discuss is that the US with Korea Zinc is funding a $7.4 billion smelting facility for critical minerals in Tennessee. So you know that they have an issue of refining is another. Is another big problem. And that's not really going to be up and running until 2030.

A (8:32)

Yeah. You can't just not. It's not a, you know, you flip the switch.

B (8:36)

Yeah.

A (8:36)

Of you know, getting supply out of the ground. It's going to take a lot of time, especially here in Canada, cutting the red tape and getting. Getting out of the way and putting Canada back on the map with silver mining. Remember back in the 80s, if you can recall, Canada was number one in silver mining. Jeremy. And we are still number four for gold mining, number four in oil. So as we're. There's a push for resources and reshoring and protecting your infrastructure for the furtherance of building out technology. Because the future of the economy involves technology. Well, you have to build it and it requires a lot of silver. Most of the industries require silver. If you look to the demand from Samsung, for example, they've secured directly from a mine two years worth of silver to meet their demands. So this totally goes against that the AI Asian guy who says Samsung does not need silver. They're going to replace it with graphene. That's not the case. That's been debunked by the way. Be careful of what you're taking in from the real the this AI guy. Take it from these real guys over here that have been doing this since 2008 with the real Money show. And now you could see us on Rebel News.

B (9:50)

Yeah. I think you know, you one thing I'm glad you bring him up because or it up because it's. It's AI and we don't know who's behind it. But there is a lot of misinformation out there. There's a lot of various narratives coming to. Coming into play in the precious metals market. You could stick with the regular fundamentals. I was just listening to an interview with Danielle Combo, Daniela Cambone with our favorite Michael Oliver, one of our favorites. And he was very much signaling an alert his concern about the US dollar and that's always been part of the fundamental reason to own physical gold and Silver is the fact that the dollar is being made worthless every single day. If the government can print it, if the government can go into further debt and, and you can feel it. We know Canadians can feel it because they can see it in. Prices have risen everywhere. And so how do you protect against that? Well, gold's up over 800%, I believe, in the last 20 years. And you can see silver is starting to make some pretty big gains again because it's no longer being suppressed by paper. And so it's a tremendous opportunity in that respect. You should be really excited where things can go, actually, before we get back into the AI guy and the multiple narratives. You know, you should be excited because, you know, it's funny, a lot of the banks are calling for $5,000 gold. This year their forecast was $5,000 gold. We're already at $4,900 on gold. And even Poland has approved their central bank to take delivery to accumulate 150 tons of gold. And just so you know, we're saying 2 billion ounce, $2 billion of silver off the exchanges. Their gold acquisition approval is worth 23 billion.

A (11:41)

Oh, well, there you go.

B (11:41)

So at this point, they could probably buy all of the silver off the exchanges. I wonder what's stopping them in that case. They could become a titan in the silver market. But if, you know, if you look at where gold's headed because of dollar devaluation, people don't, you know, countries don't want to hold the US dollar anymore. This could push gold to $8,000. And if you were to add 15% a year for the next five years, you actually get to $10,000. I digress. We can talk about objections. We can talk about bull markets and how many, you know, what the gains look like in past bull markets. But just at $8,000 an ounce, if silver were to maintain 35 to 1 ratio, that puts it to 228. And if it were to go to its historic ratio of 16 to 1, you're looking at $500 an ounce. Now, I'm not going to hang my hat on a ratio. It's part of other, other criteria. But it's just interesting sometimes to play with that math.

A (12:38)

Yeah, you have to. But I think it's very important to do that. We use ratios, we use cycles. Because bottom line, as Canadians, you and I know you can't trust that CPI. The CP lie at 2, 3%. And it begs the question, do we really want to settle with yield? Does the yield of three and a half really cut it when you're decreasing purchasing power by double digits. I suggest maybe it's around 12 to 13% inflation. Decreasing your purchasing power, decreasing your portfolio. The word of the for the next two years. And going back to Michael Oliver, if I may, you know, looking ahead, his forecast, he called about 2 to $300 silver. Within a few months after that, that interview, he upped his projections even higher because of the T bond issue. The US treasury, which is the very fabric of the United States financial system is under, is under fire. Many countries have already begun dumping massive amounts of treasuries to acquire gold and to acquire real things. And this is what we're, what we're expecting with the move towards recal, bringing back collateral towards the US treasury to collateral. Bring the collateral back to the US dollar because remember, what is the best collateral right now? The US treasury is backed by paper and paper backing paper will eventually, like Voltaire says, go back to its intrinsic value of zero. It loses its complete purchasing power. And that's what we're witnessing as Canadians. So you need to convert out of fiat paper currencies that can go to zero and roll into, and convert into ounces in and of itself valued in ratios and cycles. And this begs to question, you know, when will this happen? So what's going to happen? What's going to be that, that pinprick.

B (14:20)

In, in past, maybe the yen carry cool markets. How many times over does does the price of gold and silver rise? I understand gold something like eight times. And the low in, in, what was it, 2016, 2015 was around just over a thousand dollars.

A (14:37)

Yeah.

B (14:37)

So that would put it somewhere into the 8,000 range. Right, right. What about for silver?

A (14:43)

For silver, I would think it's in the 2 to $300 range.

B (14:46)

I believe. No, but what is the amount of times it goes up throughout the, for.

A (14:51)

The 50 year period? Yeah, I think it's about seven times.

B (14:54)

Seven times, I believe.

A (14:55)

Okay, caught me off guard with that one.

B (14:58)

Okay, we'll have to get it for the next show. Let's go back to some of these other narratives because one of the things, you know, I took a phone call this morning, someone who's looking to get into the market and she said, you know, I was ready to get in last week, I wanted to do this and do it this way and started talking to friends or reading articles and, and it cast a lot of doubt into the market. And we mentioned this AI guy because what we've noticed with him, for example, is putting out tons of content which is very expensive to Put out that quickly. And it seems to have some facts wrapped in with some misinformation and just enough to kind of give people pause. What are some of the concerns that people are having right now in terms of what's giving them pause and what kind of narratives are you seeing and how they, they may or may not be correct?

A (15:51)

Yeah. So John Rubino put out, is this guy really a false, false flag? And you know, really we have to analyze what's the real motive behind here because he's talking a lot about silver truths. So silver is the main focus. And if you look at the overall pie of who uses silver from the Silver Institute, you know, out of the hundred percent pie, ten is you and I, investors that stack precious metals to preserve our purchasing power. 95% is industries, countries that are remonetizing their systems back with gold and silver. So what's the real deal? Why the, why is he talking to the, to us, the people? You know, he's using things like, you know there is going to be a crash, the flash crash sign teleports to 84, then $10 smash triggers, triggers. Monday manic and silver crashes. He's using all of these headlines but we know and throughout this time that silver is very buoyant. We're supported. So what gives? Why I believe, Jeremy, throughout all of his headlines he's talking to you. He doesn't want you to take your money out of the banks. Similarly, this is the reason why the World Economic Forum and institutions, they require your money in the bank because it's a fractional reserve banking system. They need your money in the to be pledged in the banking system. Your money is their collateral. I don't think so. Your money is your own collateral. And when you roll out of these banking systems and you roll into outside of the banking system with physical gold and gold and silver that cannot be hacked, it cannot be bailed in. It's outside of the banking system. This is what people do. They want to move out and hedge themselves. Firstly in position for the top side potential with what's happening. A lot of individuals like Daniel G, he once pledged that, you know, he pledged support for silver, that you can participate in the silver stock out, that there's silver is going to be running out and that you want to participate. On bnn, he's the TV TD bank strategist for commodities. He said that he was on board and all of a sudden he capitulated and said, well, silver's going to crash and there's no silver stock out. Guys don't nothing to look over here. And then he launched a short position calling for $40 silver, shocking everybody. Guys, and maybe I'm gonna hesitate here, Jerry. I don't think I should buy silver because it's gonna drop, says Daniel Galley. Well, he had a stop loss at $92, which he got stopped out. So not a very good call. And the forecasts are much higher for. So you know, you know, filter the news, speak to gentlemen, speak to individuals and professionals like Jeremy and myself who, you know, we, we, you know, we try to poke holes of as much, much data that we get and trying to filter through the noise.

B (18:31)

Well, I think, look, it's not about trying to come up with a narrative. It's here, here are the facts. We had $2 billion worth of silver taken off the exchanges that we can see the paper is collapsing, which means the market is now moving towards if you, you either have it or you don't. And we have a motto. If you can't hold it, you don't own it. And it seems that a lot of entities, whether it's countries, industry, maybe part of the investment, they're saying, look, we need the product. It's not good enough for just to roll over futures contracts. We want that physical. And you're going to have to figure out how to get it to us. So that's a huge part. And then when you add to them the facts of the China isn't going to export it, that it's on the critical mineral list that they're building, that they're building a $7 billion smelting facility for critical minerals. I was actually just talking to a client before, before we came here. She lives in Mexico and she's all up on the, on the market, which was amazing because I said to her, I said, whoa, the student has become the master. Because she was schooling me on, on everything that's going on in Mexico because apparently they are not making it easy to get the permits to actually mine the stuff.

A (19:46)

Right.

B (19:47)

So you still have a lot of pushback in the, in the industry. And I was listening to an inter Keith Neumeyer, who's is it CEO or head of First Majestic Mining. And he was saying, look, we're overflowing with cash, but we need to see Silver at $70 for a prolonged period before we start investing and putting a lot of money into it. And the irony of course of that is that yes, he probably will see $70 sustained. The price of silver may be 120 by the time they decide to start Expanding. So there's a lot of real things happening in the world. And I find personally, from a psychological standpoint, a lot of people don't like it when their friends do something different.

A (20:30)

Very true.

B (20:33)

They want you in a box. They want you to do what they are used to doing, the old you. And at the end of the day, look, a lot of precious metals owners are independent thinkers. It takes a lot to say, look, you can call me a gold bug and I'm still gonna own this stuff, you know. And so it's been a great ride. And we do think when we put all the fundamentals together and including the dollar, et cetera, that we're in for a much bigger ride from here.

A (21:01)

Yeah, absolutely. You know, we are, we have the reasons why this is. Could this market is going to continue much higher. The fundamentals remain with the old fundamentals and there are new fundamentals at play. The converging between, you know, gold being monetary, silver being industrial, they're converging, they're going back into different roles. And with the US Introducing certain bills that introduce the gold standard again and they're talking about these tabled bills that repeals income tax, we're moving back towards a place where building things were important and that is taking the lead here for the world. Whatever the US adopts, the world adopts. That's always been the case. And right now the US made it very clear that globalism has failed. It's failed America. And they're moving in a different direction and we share the largest border with them. So it's going to be very interesting to see what Canada does. And. But we as Canadians, we follow the same trajectory. If you see the writing on the wall, you want to roll out and roll into precious metals because that is going to lead the way for you. You're going to create a relevancy in your portfolio. Gold and silver are very relevant right now. And by adding it in your portfolio, you're just creating a moat around your, around your wealth and you're positioning it for the growth that's upcoming.

B (22:19)

Yeah, and I think this all comes around this idea of there's a new paradigm here.

A (22:23)

Absolutely.

B (22:24)

There's a new paradigm of not financialization, but actual physical and collateral, as you mentioned. And that's what's going to be driving the markets forward. And we're not seeing mass participation in North America. Although Josh Philip Fair from Arizona Metals, Scottsdale, Scottsdale Mint, he said that the CEO of the Wine Wyn Wyoming Reserve, that they just purchased their first physical gold the state of Wyoming just purchased physical gold. So they're just starting to get into the market and they're making big moves. Right. We know in the United States that Florida has legalized it for, for tender again that you could pay your taxes with it, for instance. So imagine being able to pay to be able to buy a house with it.

A (23:17)

Right.

B (23:17)

As, as. Cause you can't do that here. Right, right. But maybe in the future I think as well, what's really something to think about, let your mind go a little bit, is if you're going to unleash industry, you're going to unleash entrepreneurialism. And you could only imagine that, you know, in the last 20 years we got an electric car, we got this. But we could be on the verge of seeing multiple Steve Jobs, multiple Elon Musk's that are going to create all sorts of things that are going to need a whole bunch of silver in them. So I think it's going to be very exciting in that respect. And I think the takeaway we hope is going to be that this is going to be sustained for many years to come. We just don't know exactly how far it can go. But I would say it's great to see the compression being released. We use the analogy of a beach ball being held underwater for decades. And I don't think we've reached the surface level of the water yet, but I think that it will find our way. And then, and then start to look at gold and where gold's headed and where the, where the ratio between silver and gold can be. And along the way we still have to look at where's inflation, where's the supply, demand, you know, all of those things that we're looking at. The ratios are one aspect, so it shouldn't just be where's the price. That doesn't tell us a whole lot. We have to look at underlying fundamentals and see, okay, is there more mine supply coming online? Are we still in deficit? What's the demand being like for industry? And it just seems like we're really a long way away and investors are still, haven't quite jumped in.

A (24:59)

Not at all. I mean we're handling as much as we can. It's been a hectic pace here at Guild hall with people trying to, you know, get their rif lif withdrawals underway. We help people to take physical delivery out in kind, in your hands, out of your registered plans. And you know, the, the trans. The transfer period from institution to us that's taking long. The, the the pushback that people are getting. So you really have to push back and fight for your money these days. Just to remind you, this is your money, your wealth, your inheritance that you fought for, that you work for. And you don't need to work two or three jobs to maintain a good standard of living. We believe very strongly that this is the future, that this is going to be life changing for yourself, your family members, and we would love for you to, you know, pick up the phone and give us a call. That famous number, as you know, is 1-8778, silver and the website is guildhall wealth.com or, you know, give us a call directly. We're always standing by, ready to take your call or just come and pop.

B (25:56)

Into the office, although it has been very busy. So please be pat. Patient. Leave a message, Leave a message, we will get back to you. We are working overtime, but ultimately with Guildhall, we have a motto. If you can't hold it, you don't own it. Within the registered accounts, which we love, it allows you to hold actual physical gold and silver. It's stored in a Brinks depository, fully allocated, fully segregated. You maintain complete ownership and it's held in a vault outside the banking system. And on that, there's been some crazy, you know, fake news on that saying, oh, somehow Brinks is stealing from people's accounts. Listen, Brinks don't care. They, they are union workers. They do their job. They put the product in, into the safety deposit box or they put it into the sub account, they put it up on the thing and they are, that's it. They take, they have massive amounts of insurance on their business. Yes. Okay. And every person who works there has to make sure that they're on the right. All the policies are in place so that they're not on the wrong side of that insurance. So it's such. It, it's just unbelievable the type of information that's coming out trying to stop people from getting into the market. But it does feel sort of like the type of desperation that we're seeing at Davos and how the globalists are just, it just all smacks of desperation. So the message is, is don't fall for it. Talk to experts. Look, do your own research.

A (27:22)

Yes.

B (27:23)

And you'll see the facts. We've presented them today. So if you want to hold some physical gold and silver, you can buy it direct with Guildhall, you can store it in a depository. We started about 500 ounces of silver and what's great about that is it means Your product is secure, it's insured, it's there for ease of liquidity. You can always take delivery of it if you'd like. It's always yours. That was nice. And. And then within the registered accounts, again, if it's a tfsa, you decide you want to take delivery, no problem. There's very little red tape with that in a, in a rsp, tfa, RR or a riff, a lift, you can take delivery. You just have to be willing to pay the withholding taxes or the income tax on the new funds. The new funds that you've made.

A (28:11)

Right.

B (28:11)

We should definitely get into the whole income tax withholding tax issue in the next show because it's something not to be feared.

A (28:23)

But I do want to highlight, you know, for the last 20 years plus, you know, Guildhall has been providing the means for Canadians and people from around the world to get into physical precious metals. And, you know, from the very beginning, since 2002, my hat's off to Jeremy because him and his father were the architects, the first and the pioneers to be able to hear from the people, first of all, I have these RSPs, and you want to use them, want to protect them. They were the ones that would architect this whole solution of bridging the gap. How do we get physical precious metals within RSPs? Guildhall became the pioneers of this in 2015, and it was Jeremy's vision with Paul. So my hat's off to you guys to bringing this to the Canadian landscape. And it's been an honor to help Canadians realize what they have to do. Roll out of the RRSPs. It's a lateral transfer.

B (29:10)

Yeah.

A (29:10)

There is no taxation at that time, but we'll get into the tax part in the next.

B (29:14)

Yeah, it's definitely not to be feared. And the type of money that's being made, you can definitely overcome it. If you like what you hear, get in touch with. We'll show you how to get involved in the market. We want to thank everyone for joining us this week. And, Jerry, thank you for answering some great questions and bringing good discussion to the show. That's it for another edition of the Real Money Show. We can't wait to speak to you next week. Feel free to reach out to us@guildhallwealth.com and please be patient. We are doing our best, but we will, we will return your call and answer all of your questions and help you get into the physical gold and silver market. It.