← The Peter Schiff Show Podcast
The Peter Schiff Show Podcast
Gold & Silver Crash: Why This Selloff Changes Nothing (Buy the Dip)
00:46:22
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Hi everybody, this is Peter Schiff for the Schiff Gold Friday Gold Market Wrap. Of course it is Sunday night and I'm doing the Friday market wrap live. I'm even simulcasting it on X. The reason I wasn't able to do the the update on Friday, it's not because I was hiding because of the big decline in gold and silver. I, I was in El Salvador for the plan B conference, Tether's conference. And so I just got back earlier this afternoon and I didn't really feel like doing the update from my hotel room and I had other things that I was doing down in El Salvador so I decided to do it on Sunday night. You know, when I got on the plane to fly down to El Salvador late Thursday morning, Silver was above 120. It had traded above 121. In fact, Silver made its all time record high on Thursday. Same with gold, it was above 5550. Can't remember the exact price but when I landed because I had no Internet for the three and a half hour flight, the jet didn't have any Starlink so I was kind of blind. And so when I, when I landed and I went on my phone I saw what had happened to gold and silver. On Thursday there was about a 10 minute period where gold dropped like $300. I forget exactly how much but it was a huge drop and an even bigger drop in, in silver. So both gold and silver closed way down on the day. I forget where silver closed. It was still, I believe it was above 100 but barely. Gold closed above 5100 but still about what, $500 off of, of its high. And then the following day on Friday it was even worse and gold and silver got killed again. Gold closing below 5,000, it closed at about 4900 I think $4900 approximately. So yeah, gold must have closed. Excuse me, it must have closed well above 5100. It must have been 50, 52 or 53, I forget but. And it was lower. It was lower during the day. It didn't close on the low, but it closed pretty close. Silver got all the way down to below 80. In fact, about an hour before I just went live, silver was down almost 8 bucks. It was trading at around $77 an ounce. So about 36% below the record high that it hit on Thursday. Now as I am recording this live, silver has actually bounced back and it's now up a buck and a half. So it's back at around 86 and a half dollars. And gold, which was almost down $200 earlier, I think I saw it down about 170, 180 is now down about 57, and in fact five minutes ago is only down 20. So it's a very volatile session, but it follows an unprecedented collapse in gold and silver prices. Unprecedented in the dollar value that's wiped out on paper during the decline and the magnitude in such a short period of time. Yes, Silver has dropped 36%, just not this quickly. Same thing with gold, right? Gold has fallen by 10, 15%, but just not in two days. Right. This is really an unprecedented move down. Now the question is, why did this happen and does it change anything? Am I now bearish on gold or silver because of this big drop? Now, the first thing to keep in mind is we just had this crash in gold and silver, right? But silver is right now over $86 an ounce. A couple of weeks ago, that would have been an all time record high. So, yes, we've had this spectacular decline, but all it did is bring silver back to where it was a couple of weeks ago. Right. It erased this, you know, major move up. But I don't think it's done any real damage to the bull market. It may have done some damage to some speculators who were highly leveraged and maybe got in recently and now got stopped out and lost money. Same thing with gold. Gold is still close to 5,000. It's 4,800. You know, they ran my Tucker Carlson, or Tucker ran the first part of our interview last week and when they aired it or, you know, put it on Twitter on x, gold was above 5,000. It was close to its high with maybe 5,200, 5,300. But when I recorded it, it had just hit 4,000, you know, like four weeks earlier. So we're still considerably above 20% above. In fact, even though gold was down 500 bucks on Friday, which was the last day of the month, I think January was still the best month ever, despite losing $500 an ounce. And $500 an ounce is more than gold was worth when I first started buying it. Same thing with silver. Silver just lost $30 an ounce in a day. It was just a year or so ago I was buying silver for $30 an ounce and it lost in one day the equivalent of what its entire price was not too long ago. So it was a huge, huge move down. But in the scheme of things, and years from now, nobody's even gonna notice this. It's just gonna be a small blip on the chart. So the question is, does this change anything? No. Fact. People should be buying this dip. This is a great opportunity. I lost more money on paper personally on Friday than I've ever lost on any day of my life. I mean, it's not even close. It didn't even bother me that I lost all that money because a couple of weeks earlier I didn't even have that money. Right. Easy come, easy go. But as far as I'm concerned, I haven't lost anything because I'm just as confident as I was a week ago that prices are going much higher. And so it doesn't bother me that assets that I had no intention of selling went down. In fact, I'm happy about it because there are still a lot of people that I am trying to get to buy gold and silver. And so this is an opportunity. I would much rather my followers, my audience buy silver at 86 than 120. And so the fact that it's come down is great. In fact, I'm a little upset that silver bounced so quickly. I was hoping it was still below 80 when I did this update because I wanted to encourage people to go to shift gold and buy. Now I still would buy, but yeah, I would have liked it if, you know, was still eight, nine dollars an ounce cheaper. That would have been great. And in fact, I checked on the Schiff gold website and I checked our prices and we've got the best prices of any of the reputable known gold and silver companies by at least three or four dollars an ounce on silver. In fact, right now if you go to Schiffgold, the 1oz silver buffaloes, if you're only buying one, are 93.90. Now an hour ago we were at 88. That's how they've moved. It's about 10% above the spot price, which is higher than it normally is. But if you go to the largest online retailers of gold and silver, you'll see they're three or four dollars higher per ounce minimum. And that's, that's, you know, a big, a big savings when it comes to silver. And the same thing with gold. You know, gold, right now we're selling one ounce Maple Leafs, right about exactly $5,000 an ounce. And gold's around 48 30. So that's a higher spread than we would normally have. But good luck trying to find somebody else selling it cheaper. But the point is that's 10% lower than it was Thursday. So I think it's a great opportunity. Is it possible that gold goes lower and Silver goes lower, of course, of course it's possible, but who cares? The point is to accumulate as much gold and silver as you can. And the even better buying opportunities are in the mining stocks. They got decimated. That's one of the reasons I lost so much on paper on Friday is because I have so much gold and silver mining stocks. So I would also encourage people to be buying these stocks on Monday. Don't worry if they go any lower. And look at my gold fund, the Euro Pacific Gold fund, epgix. But anyway, let me get into, you know, what I think happened. And of course I don't have any proof, right? I am just trying to make sense out of something that really doesn't make any sense unless you view it from the prison that I'm looking at it. So gold and silver prices had been moving up by record amounts and the dollar had just fallen to a four year low. The dollar index and this dollar had fallen to an all time record low against the Swiss franc. And the bond market was starting to roll over. I think that Scott Besant and some other people close to the President talked to the President and said, we got a problem here, right? Maybe Jerome Powell thinks what's happening in gold is irrelevant, but it's not. It is very relevant. And I think there was a real danger of the gold price and the silver price continuing to rise, but have that spillover in a more damaging way in the foreign exchange market and in the bond market. So I think the Trump administration realized that they needed to do something to stop this. They had to figure out a way to kind of derail this train, slow it down, do anything, buy some time. And so what I think they did is they coordinated with some short sellers, you know, whether it's big banks about, you know, going after silver on the Thursday, because if you look at what happened, right, the huge drop in the price of gold and silver in just a few minutes is the result of a huge sell order hitting the futures market, like randomly, like at the market. I used to think a mattress was just furniture until I got my ghost bed. It's a whole different experience. I woke up and thought to myself, so this is what good sleep feels like. Because Ghostbed doesn't build mattresses like furniture. They build engineered sleep systems. Their beds are serious health equipment beds designed for relief and recovery, not looks or fluff. Your body should be healing while you sleep, not fighting for comfort. I noticed the difference right away. If you're waking up stiff, tossing and turning, sleeping hot, even reaching for a pain reliever before bed, hoping tonight will be different. 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Now if you had a lot of silver or gold that you wanted to sell, would you just dump it on the market all at once? Or would you try to slowly get out without impacting the price or impacting it as little as possible so that you could get the highest possible price for the gold and silver that you're selling, that's what would make sense. But if you just dump a huge order on the market, knocking the price down, meaning that you end up selling your gold and silver at a much lower price than you might have got had you been more quiet about gradually selling it's clear that the real intent of the sale was not to get a good price on what you're selling, but to drive the price of what you're selling lower. So it was an attempt to move the market down and it worked, right? The market went down a lot. But then what the government did is Donald Trump ended up on Friday morning sooner than was anticipated. Cuz it was supposed to happen next week or this week. He announced his pick, Kevin Warsh, to be the new Fed chair. Now when that pick was announced, there seemed to be a coordinated PR campaign around that pick, that it was a surprise pick. Even though he had been a front runner all along. He wasn't the front runner, but, but he was, you know, you know, a pretty good bet, like 30%, 40%. I mean, you know, he, you know, from the beginning. So it's not like he's a major outlier. He's somebody that was out there as, you know, one of the guys, you know, one of the top three candidates for Fed chair. So it's not like this, you know, is a complete shock, right? But they try to spin it as if nominating Kevin Warship means that Trump has now done something that was unexpected. And that's because they're now positioning Warsh as this major inflation hawk who doesn't like quantitative easing and who doesn't like low interest rates, saying he's one of the few FOMC members when he was there before around 2008, top timeframe, who was arguing for higher rates and was a critic of quantitative easing. And so all of their media reports, and I think the administration was behind this narrative and Wall street ran with it, that you know, this is going to be, you know, Warsh is going to be a hawk and you know, he's not going to be a Trump puppet. He's not, you know, Trump's not going to, you know, be pulling the strings and that he's gonna be more hawkish than Powell, that he's probably less likely to cut interest rates than Powell and maybe even he's gonna start advocating for rate hikes and maybe he's gonna wanna go back to quantitative tightening. This is how they're spinning it, right? Then he's a real independent guy, hard money guy, Austrian economist, almost like they nominated me, right? Peter Schiff, they're not using my name but you know, they say, well maybe it's like Judy Shelton or you know, like, like, like it's an unconventional pick, but this guy, you know, is going to shake up the Fed in that he's a hard money guy who really wants to fight inflation, right? This is what they're saying, right? And so that helped fuel the sell off in gold and silver. And I think whoever it was that started the selling on Thursday had the inside information that that was probably gonna happen. And it was all part of the plan to first hit gold and silver on Thursday. And then that, like a one, two punch, you know, get the technicals, like a reversal of one day and then come out with this supposed surprise game changer to say, hey, everything you were worried about, right? People were worried about a loss of Fed independence. They were worried about, you know, a Fed that's going to be slashing rates and doing qe. And in one, you know, swoop, they diffuse that bomb and say, oh, look, Trump did something completely unexpected. So all the people who are buying gold and silver because they expected easy money, right? Rate cuts, lots of money, printing inflation. You're all wrong. Because look who Trump picked to be the Fed chairman. He picked Kevin Walsh, right? He's an ultra hawk. It's like Paul Volcker, right? This is what is out there in the media. And I think it's all a bunch of bs. I don't think that Trump would have appointed Kevin Warsh if he thought that's what he was going to do. Trump has spent his entire presidency criticizing, too late, Powell. Why is Trump criticizing Powell? Because he thinks we should have bigger rate cuts than the ones that we've already had. He wants to get rid of Powell because he hasn't cut rates enough. And he told everybody that he wants to put somebody at the Fed who's going to cut rates. Now the gold and silver market believe that, which is why gold and silver hit record highs. But now we're expected to believe that that's not the case, that Trump has had a change of heart, that he no longer wants a Fed chairman who is going to cut rates. He wants one who's going to raise rates. And you know, Powell is not raising rates. So let's get rid of him and put somebody in there who's going to hike interest rates. There is no way that that is the case. Now, maybe what they're trying to do is create the false impression that they've put a hard money inflation hawk at the Fed so that when he does cut rates, people will think, well, I guess rate cuts are appropriate because otherwise Wash, this inflation hawk, right, wouldn't have cut rates. Right? Maybe it's to provide cover. Because I believe that Kevin Wash has his marching orders and he is going to do exactly what Donald Trump wants him to do. Because if that wasn't the case, he would not have been picked for the job. So forget about what they're portraying to the public about how he's independent and how he's a hawk if that were the case. So somebody else would have got the job. But it makes sense to me that they wanna position himself that way because it was clear in the precious metals market that the way he had previously positioned it was a problem. When he was telling the truth, the markets believed him and we were on the verge of a dollar collapse. So he had to come up with a way to fool the markets into believing that, that he wasn't going to do exactly what he is going to do. I mean, unless you think that all of Trump's criticism of Powell was just an act, that he secretly didn't want Powell to cut rates, but he just wanted to chastise him for not doing it so he would have a scapegoat in the Fed to blame things on if things turn south and say it's because Powell didn't cut rates. But I don't think, you know, I'm not gonna read that much into it. I think Trump was being honest in his criticism of Powell. He wanted lower rates. There's no question that he wants lower rates, cuz he wants to blow air into the bubble. The problem was by telling the markets that that's what he wanted, we were getting a crash in the dollar relative to gold and silver that was about to spill over into the foreign exchange markets. And so he had to do something, he had to stop this alarm from sounding. And so they came up with this plan to position WARSH as this independent inflation fighter and coordinate this massive short selling in gold futures, which of course is where everything took place, right? This was not in the physical market. The people who sold all this gold and silver don't own any gold and silver. They sold what they do not own and what they cannot deliver. And there I think is gonna be the problem because this market is going to rise and I think it's gonna rise a lot faster than the shorts. Believe. The people who were buying gold and silver, the real buyers who were buying it at 90 or buying silver at 90 and 100 and 110, they're not going to stop buying because it's back down to 86, they're going to buy more. The real physical buyers who were buying gold at 5,500 are not going to stop buying it because it's 4,800. They're going to buy more. Right. Forget about what the speculators and the futures traders are doing. Yeah. I mean, people that just, you know, trying to gamble and make money off of the price fluctuations. Yeah. They may change. I think what just happened, you know, a lot of people got burned, and they may think twice before buying futures on gold or silver again. And I think some people may have been scared out of the spot market, you know, by the volatility, which is probably one of the goals of the Trump administration is to try to slow down the rise. Right. It's like if you're trying to kill the coal miners, you want to keep the canary alive, Right. You don't want the canary to die, and then the miners have a chance to get out. If your plan is for them to die, you got to keep that canary alive. And if he looks like he's going to die, you got to figure out, you know, you know, what can we do? How can we help this canary keep, you know, keep chirping along so the miners don't get wise to the poison gas. Right. That. That's in the mine. And, you know, I was listening to an interview that Trump had last week, late last week, about, about the housing market, right? You know, they talk about the affordability crisis in housing and the obvious from free market solution. When home prices are unaffordable, they go down. Because ultimately, what determines the price of a home is what people can pay, right? If you sell your home, somebody has to buy it. Finding great candidates to hire can be like, well, trying to find a needle in a haystack. Sure, you can post your job to some job board, but then all you can do is hope the right person comes along. Which is why you should try ZipRecruiter for free at ZipRecruiter.com Zip ZipRecruiter doesn't depend on candidates finding you. It finds them for you. Its powerful technology identifies people with the right experience and actively invites them to apply to your job. You get qualified candidates fast. 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And he said that that is his goal, because he doesn't want to make people who own homes less rich than they are right now, which I guess would include himself. He owns a lot of real estate, too, but he was talking about average baby boomers who own a home and where that home is the majority of their wealth because of the appreciation. And his goal is to make sure that prices don't decline. In fact, he wants them to keep going up. So he doesn't want houses to be affordable. He wants them to become even more unaffordable than they are right now. But what is Donald Trump's solution then? How are people going to buy houses that they can't afford now? And Trump wants them to get even more expensive? Well, he wants low interest rates, very low interest rates, so that people can borrow money cheap, so that they can overpay for these homes. But how's he gonna do that if he appoints an inflation hawk, who's gonna start jacking up rates? He needs somebody to lower rates because his goal is to inflate the bubble. Right now, housing is a bubble. But Trump doesn't want the bubble to deflate because that means that people that own houses will lose money. Of course they have to. The houses are not worth what they think they're worth. But Trump wants homeowners to be able to continue to pretend that houses that nobody can afford to buy are worth what they think they're worth. And the only way to do that is through massive inflation. So appointing a inflation hawk is completely inconsistent with the President's goal. An inflation hawk is going to be raising prices. Look at the inflation data that came out last week on producer prices. Much hotter than expected. It's clear that rates need to go up. And if Kevin Warsh was everything that he's being marketed to be, he would be the first vote to hike rates. But meanwhile, the other two Trump appointees who are on the board, they're the ones that dissented. They're the ones who last week voted to cut rates when everybody else Voted to leave them where they are. So why is Horse gonna be so much different than these other guys? He's not. This whole thing is a campaign, but don't buy into it. Don't get scared out of your gold or your silver. If anything, buy more. Keep on buying. Take advantage of the opportunity that short sellers have presented. Right. Right now gold is down about $107 at 4782. And silver is only up about now. Silver's down 91 cents, so it's down to $84. So that means the prices on shift, gold are gonna get updated probably in a minute or so, if not already. Yeah. The silver rounds are now back down to 90. And the gold coins are at 49, 46. Right. They were at 5,000 when I looked at them a bit ago. I'm sure they're about to tick down because it keeps in pretty good. Pretty good real time. But I mentioned before that the premiums are going to go up and they've already gone up, but they're going to keep going up because this decline in price is going to fuel more demand in the real world for the physical metal. And the short sellers can't deliver physical metal. They can only sell it on paper. And so I think that the premiums are gonna continue to increase even if the price of gold and silver decreases. So the sooner you can get your hands on physical product, the better, because it's possible that even if prices go down in the futures market, they can still go up in the physical market. And if your goal is to accumulate the physical coins, then you gotta buy them. The bars and coins, you gotta buy them when they're available. And the fact that some of these other companies are charging such a high premium is also indicative of the fact that they're running out of the product. But I don't know how many days it's gonna take for this market to repair the damage, because they did a lot of damage. But these shorts, they're still there. They haven't covered. Obviously, if they'd covered, the prices would be a lot higher. But all the people who sold silver, they don't have ultimately have to buy it back because they can't deliver it. So they got to buy back those contracts and, you know, we'll see what happens to prices when they do. And, you know, ultimately, I think the biggest losers are not the people who, who were long gold and got flushed out, but I think the people who are going to be trapped short gold and silver. Because I think a lot of these Short sellers. Yeah, they may be celebrating now, but I think it's premature victory dance because the real buyers, I think, and we'll see, you know, the Chinese market hasn't even opened yet, but that's where the main buying has been coming from. And I've been observing that the entire time. Right. You've got a lot of buying in Asia. You get selling when you come into the, you know, the European or the US time time zone. So the, the west has been selling and the east has been buying. But clearly buying gold and silver have been the right thing to do because look at where the prices are even after those big drops and even if the selling continues for a bit, the prices aren't gonna go anywhere near where this market started. Now for those of you who are in, you know, in bitcoin, you know, I would still, you know, bitcoin is down too, but it still makes a lot of sense to get rid of your bitcoin and buy gold. You know, bitcoin didn't go up when gold was going up, but bitcoin did go down when gold went down. So it's not going up with gold, but going down with gold. It didn't go up with risk assets. Oh, and by the way, if Warsh really was this inflation fighting hawk that he's being presented to be when it comes to the outlook for precious metals and the dollar, and the dollar did have a, a rise because the dollar was way on the lows and it had, you know, a nice rise yesterday on the same story that was driving gold and silver. So the dollar index, you know, got back up to 97, it was down, you know, 96. But if it really was the case, the stock market would be crashing too. I mean, the stock market is priced for rate, rate cuts and easy money. So if war really was this complete, you know, wild card, completely unexpected, who was gonna pursue a tight monetary policy? The stock market would be crashing too. But obviously, you know, Trump's not trying to crash the stock market, which is why he's not gonna appoint a hawk. He only wanted to crash the gold and silver market because that was the market that was worrying him. That was the alarm that was sounding that was gonna be problematic for the dollar, for the bonds, for the whole US economy. So we had to diffuse that bomb before it went off. But if you've got bitcoin, even though you're selling your Bitcoin at 77,000 and change, and you might think, well, that's 40% below the peak, well, silver is about 30% below the peak. So get out of your bitcoin and get into silver. You could do that right now@shiftgold.com you could, you know, we use bitpay and you can sell your bitcoin and get silver. You could take advantage of the drop in silver and get out of your bitcoin before it drops a lot more. Look, Michael Saylor has been buying Bitcoin for five years, more than five years, right. He has spent about $54 billion buying Bitcoin. His average price is just over 76,000. Now, his first purchases were quite a bit less than that. I forget. I think he may have bought some bitcoin at around 10,000 to 20,000. I forget exactly. But when he started, yeah, the price was a lot lower than where it is right now. But he's been buying for over five years, so most of what he bought was higher or, you know, than the current price. And his average price is 76,000. So what is he up? He's up, you know, not. Not even so two divided by 76. He. He's up about two and a half percent. That's it. That's all he's got to show for the greatest investment ever, according to Saylor. Right. Saylor said that bitcoin was gonna do maybe 30% a year, compounded forever, which is why everybody should own nothing but bitcoin. Mortgage your house, sell your business, you know, take out loans on your credit cards and buy bitcoin. Well, he's been doing that, right? He has been doing exactly what he has been advising others to do. So at least he's consistent, right? He is following the strategy that he recommends that everybody else embrace. He's been doing nothing but buying bitcoin for five and a half years. And what does he have to show for it in terms of the gain on his bitcoin? Nothing. He. Yes, the price of strategy stock has gone way up because he excited people about, you know, buying the stock. And because the stock traded at a premium to bitcoin for so long, he was able to use that overpriced stock to accumulate a lot of bitcoin. So now he's got a bunch of bitcoin. And so the value of the company is now a lot higher because of all the bitcoin that he owns. But the value of that bitcoin could collapse, and it will collapse. But at least for now, the company has more value because he's bought a lot of bitcoin. But the bitcoin that he bought has not gained Any value. In theory, had he bought anything else with the money that he raised, he would have had a better return than bitcoin. He could have just taken all the cash and bought treasury bills. The interest would have exceeded what he earned on bitcoin. Now of course, had Saylor said, buy my stock, I'm gonna take the money and buy treasury bills, he wouldn't have raised the money. In fact, had he said, give me money to buy the S&P 500, give me money to buy gold or silver, he couldn't have raised the money. The only reason he was able to raise all that money is because he was gonna use it to buy Bitcoin. Because bitcoin was supposed to be this great asset that was gonna out return everything. And everybody wanted a piece of microstrategy because it owned bitcoin. But bitcoin went nowhere. Now the next thing, and I had been predicting for many, many months that strat, the market price of bitcoin was going to be below strategies average cost. But it's going to keep on falling. 60,000, 50,000, 40,000. And strategy is not going to be able to buy any more bitcoin. They're still buying somehow, but they are going to run out of firepower to continue to prop up this market. Meanwhile, the leverage, the liquidation of levered positions. There is a lot of borrowed money. I met this guy in El Salvador who has a company where people borrow money against their Bitcoin because they didn't want to sell it. Well now they're gonna have to sell it at much lower prices than they could have sold it, but they didn't want to because they were too greedy. Right? They didn't want to miss out on the moonshot. And so they kept their bitcoin and they took out a loan. But the bitcoin is collateral. And that collateral will be sold at much lower prices to protect the lender. But that's common, that's gonna happen. And as I've been warning, a lot of people are going to get out of the Bitcoin ETFs. And if gold and silver prices can fall that much, just imagine what can happen to bitcoin and it will happen to bitcoin. Bitcoin is gonna have a day in the not too distant future that's worse than what we just saw in silver. And so in order to avoid that, you can get out now. And the same thing is happening to other ones. Look at, look at ether. Ether was almost 5,000. It came very close to 5,000. It's at 2285 that that's going to get killed as well. So if you own any of these cryptos, this is an opportunity for you to, to buy this rare, sell off this big sell off in gold and silver and get out of your bitcoin or your ethereum or whatever the hell you happen to have before. There's an even bigger decline because it's coming. And in fact because the money that went out of gold and silver in theory didn't flow in to bitcoin then there's nothing the bitcoiners were promising or the bitcoin promoters were promising you that bitcoin was gonna go up. Gold was moving first and bitcoin would follow. It didn't. And then they said, oh, now that gold is down and silver is down, the money is going to rotate into bitcoin. It didn't. It's one broken promise after another. Yes, bitcoin did very well for the people who owned it 10 or 15 years ago. It hasn't done well for the people who bought it one year ago, two years ago, three years ago. And you know what, that's when most of the people bought it. That's when all the retail money came in and they're disappointed. They haven't seen any gains. Meanwhile, they've seen other assets go way up, including the gold and silver that many people sold to buy the Bitcoin ETFs. So you have a final opportunity, this is a gift to get into gold and silver and out of your crypto and to get rid of more fiat. Just take advantage. It doesn't matter again, doesn't matter if the market goes lower cuz you're never gonna time it correctly. And so if you do get a chance to buy it cheaper, then buy it cheaper. You could always buy more. Gold is now back down there, the lows again. Okay, gold's down $183.50. So we're back around 4700 and silver now is down $3.59. So it's a little better now compared to where I started. So if you. This is working out better. Now. If you've been watching this whole podcast live and you haven't had a chance to go to the Shift Gold website, so now those 1 ounce buffaloes are back to $86 and 80 cents. What is the, what's the spot price? What did I say the spot price was? 81.50. So that, so they're adjusting. Now we're down $4 and 24 cents. We're back at 89. We're still, you know, above 80. We were below 80. Gold, though, just hit new lows. Gold is now down $228.90. It's 44.60 again. You know, this is not normal action. What is happening right now, what happened on Friday. But while other people are gonna be a deer in the headlight and are scared that, oh, no, this is it. It was a bubble. Gold was a bubble. Silver was a bubble. It popped. All the air is going to come back out. It wasn't a bubble. In fact, gold and silver were the pins that were pricking the bubble. The bubble that the powers that be can't afford to have pricked. And I think they noticed that that was exactly what was about to happen. And so they did this damage control. But it's not going to work. You cannot reverse all of the damage. All of the fundamentals that have caused this massive move into gold and silver and out of dollars Isn't gonna be reversed because of one phony fed pick. And people are going to look through that and they're gonna realize that this whole thing is a sham. And these prices are gonna come bouncing back rapidly at some point and they're gonna make new highs. So before they do, make sure you buy again. It's schiff. You know, if you're a customer of ours, you already know the website, but it's shiftgold.com and remember, don't call us. Right. The phones are now very busy. It is hard to get through. Right. I'm not a huge firm. I mean, we are calling everybody back. But we now have a very sophisticated online shopping option for you. You can buy the products and check out and pay without having to make a phone call. And don't get picky, Especially with silver. If we're out of something, just buy what we're not out of. Right? Buy whatever we have. Because whatever we have, we're going to be giving you a great price. But you got to make sure to be able to buy. So don't, you know, don't call and talk. Even if you normally talk to people, you're gonna have a hard time getting through. And by the time we call you back, I mean, who knows, right, where the price might be because it's very volatile. So buy online. And again, for those of you who want to be in the mining stocks, you, know, they may be down again on. On Monday. They never really went up as much as they should have. In fact, on Thursday morning, when gold was making new highs, and silver was making new highs. Many mining stocks were already down. Which leads me to believe that the people who sold the futures market gold and silver before they executed those sells shorted the gold mining stocks because they knew that they were going to dump all of this gold and silver on the market. So before they did that, they went in and shorted the mining stocks with that insider information. And so one of the reasons they didn't care about what a lousy price they got on their gold and silver sales is because they were already short the gold and silver stocks. In fact, there were silver stocks on Thursday morning while Silver was above 121 and it was up big on the day, several dollars that were already down. And I'm like, why is this? How can silver stocks be down when they were already cheap? They already were ignoring the rise of silver and they're down. Well, now we know why they were down. Because people already knew that silver was about to collapse because they were gonna sell it. And so with that information, they went in and sold these stocks. Either they already owned them and got rid of them or they took out short positions in those stocks. But take advantage of that because the earnings are gonna be coming out. And the big drop that we just saw is irrelevant really to the phenomenal earnings that these companies are going to report based on gold and silver prices that are substantially higher than what was estimated for any of the earnings forecasts that are currently in the market. So you could buy those stocks tomorrow. And again, my gold fund. If you buy my gold fund, you can put the order in tomorrow morning, but you won't get filled until the close. It's epgix. You know, somebody was looking for my fund at Charles Schwab and they couldn't find it because they were searching under stocks. And you gotta search the symbol at Schwab under mutual funds, not stocks. It's E P G I X is the symbol for the no load fund. And again, if you want to get information on that fund and all my funds, you could do that@europack.come u r o p a c com Anyway, bye for now and probably next Friday. I'll be doing the Friday market wrap at the normal day on Friday and I'm sure it's going to be an eventful week and I will wrap it up for you on Friday. Bye for now.
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