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Peter Schiff (18:12)

All right, so what to talk about the market reaction to the bad news. And the reaction wasn't nearly as bad as it should have been because people are still, you know, dismissing how bad the news is. And you know, I don't know how long the bad inflation numbers are going to have to continue before people realize the significance. I mean, you know, is the Fed gonna wait three more months, six more months? I mean, how long, how high will inflation be by the time the Fed admits they got it wrong and then starts hiking rates? But how high will they have to hike them in order to catch up to where they need to be? Of course they're not going to hike them. They're going to be so far behind the curve that it'll be impossible to ever catch up. And the damage that they would do would be so incredible that they're not going to do it. I was wondering, because nobody really brought it up, though, if somebody did bring up at the hearing today the recent trend in inflation and if they had asked Powell, what do you think about this? We got 5% inflation, 6% inflation, depending on the number. I was wondering if Powell would say, don't worry about that. It's Just transitory. Now, maybe he wouldn't want to use the word transitory again. So maybe he'd say temporary or ephemeral or some other adjective to try to dismiss the inflation. But that's exactly what they did the first time, right? There was plenty of evidence in 2001, early 2001 or even 2000, but there was plenty of evidence that inflation was getting worse and the Fed just turned a blind eye, just like they're doing now. So the stock market was down, but not much. The Dow, which was down, I'm not sure if it was down 500, down 450 at least, closed down 225. That's only about a half a percent. The S and P was down a little less than that, about a quarter of a percent. Russell 2000 was the weakest, down almost a full percent, 0.9%. But the NASDAQ, you know, seemed to eke out a small gain. You would have thought the NASDAQ would have been down more. But. But again, the bond market did get clobbered. The Yield on the 30 year bond is back at 4.82% and the 10 year is 4.61. But we are headed much higher and that means mortgage rates are also headed much higher. And that's going to be bad news that is going to weigh on an already slowing economy. I mentioned, in fact, the title of last year, a podcast on Friday, had to do with stagflation, the Fed's worst nightmare coming true. And that's exactly where we're going to be. You know, rising inflation, rising interest rates are going to put more pressure on the economy. And I think sometime between now and the end of the year, there's a good chance that we're going to officially recognize the recession that we've been in for a long time. And again, the problem is Trump's going to own this recession. Right? The narrative is he inherited a great economy and ruined it, or that's what it will be. And that's why it's important to point out the economy that Trump inherited was not great. That was a lie and he didn't ruin anything. I mean, yeah, he's got his fingerprints partially on the problem because he was president for four years as the problem got worse, right? Not better. And even though he's helping the clean house with Doge and you know, they're doing some good stuff, it's not going to be enough to overcome, you know, this, this huge problem that is going to get worse. Even if they cut some spending it's not going to be enough to offset the growth of spending that they don't cut and then the tax cuts will add to that. But this debt bomb is likely gonna explode. And it's a global thing. You know, I mentioned the yield in the us I've been talking about the yield on the Japanese government bonds. Well, they're up again tonight. We're now at 1.36. They were just 1.3. I mean, we're going up almost consistently. This is a big deal. I mean, yes, the yield is low, but remember it was just 50 basis points and before that it was 25. So the yield doubled, then they doubled again. I think we're going to be at 1 1/2% relatively soon before the end of this quarter. It even could happen in February. But certainly I think by the end of March we'll be at one and a half. But we're not going to stop at one and a half. We're going to be at two. And when we break two, which we could easily do this year, that's what I think all hell's going to break loose. Because I think once we break two, it's going to be a quick move to two and a half or three. And this is a huge deal for reasons I explained on my last podcast, but nobody's paying attention to this, you know, slow motion train wreck. But it is a going to be a train wreck and it's going to be a big deal in the United States, not just in Japan, and it could be a bigger deal in the United States. But the, the important reaction that I want to talk about is gold. But actually before I get the gold, the dollar. Because the dollar again had the typical knee jerk reaction when this number came out, the dollar immediately spiked. Why? Because that's how the algorithms are programmed to react to inflation news. If it's worse than expected, you buy dollars, right? The opposite of what common sense would tell you to do. You find out that your dollars are losing value faster than you thought. That is not a sign to go out and buy more of them. You'd want to get rid of them, right? Because they're losing value faster than you thought. You're getting poorer. But the way the algorithms or the people who program them, they think, oh, higher than expected inflation delays the rate cuts. Anything that delays the rate cuts is bullish for the dollar. And so they buy dollars. But this is based on the idea that hotter inflation just means the Fed has to try a little bit harder to beat inflation, right? To get inflation down to 2%. We just need to keep rates where they are for a little while longer to win. And that's going to be good for the dollar because it means higher for longer before inflation goes down to 2%. What the traders don't realize, and this applies even more so to the gold market, is that that's not what it means. Higher inflation doesn't mean the Fed's going to fight harder to win. It means the Fed has already lost, they have surrendered. Inflation is going to keep going up and the Fed's not going to do anything about it. It's not that they're not cutting, it's that they're not hiking. The Fed should be hiking rates. They should have hiked rates today. Intermediate. They should be, oh my God, we totally got inflation wrong. We really screwed up with these rate cuts. You know, we need, we need to take all, all hundred basis points back. In fact, we need to go up 100, we need 200 basis point right now. Right. We need to quickly go to where we should be before this really gets out of hand. Right, but of course they're not going to do that. But the fact that they're not hiking rates, that is the problem. Because with inflation rising every month, that means real rates are falling. And that is bearish for the dollar, but it's ultra bearish for gold. And gold had the best reversal. So when the news came out, gold was already down about 15 or 20 bucks coming into the numbers because I think maybe there was some fear already in the gold market that we would have worse than expected inflation. So people were kind of getting ready for it. And then when the number came out confirming that fear, gold went down immediately, about like 40 bucks. Silver also went down. Wasn't, it wasn't as weak as you might have thought, but it was down, you know, 20 something cents, something like that. And then gold started to rally back and it actually closed positive 5 or $6 on the day. It closed about around 2905ish around there now by the way, on Monday night. And I didn't do a podcast Monday, but I did an X spaces on Monday and I talked about this. And on Monday night gold hit a new record high, just above 2,940. 40. And we reversed and I think today's low was around 2,865 just above there. We may never see that number again. That may be the low. I think gold's going up from here. This was a nice day. Technically. We took out yesterday's low and closed positive. We didn't take out yesterday's high in gold, but the fact that gold shrugged off this hotter than expected inflation news because months and months ago a cpi, a CPI report like this would have sent gold down for the count that day. It would have gone down 40 or 50 bucks or 60 bucks and it wouldn't have recovered, would have closed near the lows. The markets are waking up to this reality that bad news on inflation is actually good news for gold. And eventually we're going to have huge rallies. Gold is going to be up 50, $100 when we get bad inflation news, because it just confirms why you need to own gold, because inflation is running out of control and the Fed's not doing anything about it. But more than gold is the gold mining stocks. Now, gold mining stocks had a great day today because they took out yesterday's low and then not only took out yesterday's high, but they closed above yesterday's high. The GDX was up 1.7%, GDXJ up 1.72 as well as well. But both of them close above yesterday's high. But the star of the day was Barrick Gold, which I happened to talk about as an example of how badly the analysts have got this stock wrong. And I was saying that we were going to start to get the earnings coming out and I expected a lot of gold companies to come out with better than expected earnings. And that is exactly what happened with Barrick. Barrick beat on earnings considerably and they canceled their old stock buyback and announced a new $1 billion stock buyback. And, and I think what's also very significant about the, the Barrick earnings is the realized gold price. So they ended up getting a realized gold price of about $2,650 last quarter. And that was well above the 1986 that they realized in the same quarter a year ago. So a huge increase in the gold price year over year. And that's why they had a big earnings beat. But look at where gold is now. It's already at 2900. It's already, you know, almost 300 higher than the price they got for the gold they sold last quarter. So the earnings are going to be even better this quarter. And so, Tom, this could be a wake up call to Wall Street, a few more of these numbers. Now we got Kinross, that came out after the close and somehow they managed to miss their earnings. They were supposed to earn 25 cents on the quarter and they only earned 20 cents. Now, the same quarter last year, they earned 11 cents. So they still almost doubled their earnings in a year, which is a, you know, fantastic earnings growth. But for some reason, and I'm not sure all the details, I haven't looked through it all, they missed. And so that stock was down after hours, maybe 5 or 6%. So that may delay the stampede into gold stocks. Although Royal Gold came out with a really strong beat after the close. Those are the only three gold stocks that reported today. Barrick in the morning and then Royal Gold and Kinross after the close. I own all three of those stocks personally. You know, we own them in our funds. The Gold fund, even the, our value and dividend Payers fund own Barrick and Kinross. You know, by the way, I looked at the Dividend Payers fund, It's up about 11 and a half percent year to date. But more importantly, it's blowing its category behind. It's almost double the category average. It's the number one fund in its class of 350 funds so far in 2025. And all my funds, you know, my value fund is doing also way, you know, way near the top, maybe the top 2%, not the top 1% like the, the dividend payer fund. But I think this trend is going to continue in my funds. I talk about all the redemptions that we've been having from gold stocks, gdxj and gold ETFs. Well, all last year we had net redemptions out of all my mutual funds. All my funds last year people were selling. And the same thing this year. Even though they're top performing funds, people continue to liquidate these funds. My gold fund again has seen net outflows. Yes, some people buy it, but more people sell it. And you know, if my fans, because that's basically who buys my funds, right? People who follow me. But if even my, my clients, my followers are throwing in the towel on their gold stocks, can you imagine what's going on in, you know, the rest of the country, what people are doing? I mean, the guys that listen to me, I feel bad for the people who have sold these funds. I mean, I'm so optimistic. In fact, I think my value fund, I think by September of this year it's going to be the number one fund in its category. For every time frame that Morningstar measures. One year, three year, five years, 10 years, it's not there yet because we had a very bad 2015. But as more of that bad performance because that's when gold got clobbered. Gold made a low in December of 2014. Gold stocks got killed. So that really hurt my performance. But that performance, that bad performance starts to drop off towards the end of this year and then my performance is going to be phenomenal and I think it'll just continue from there. But this is a great time to be investing in all of my funds. As I said, it was a complete head fake. The rally in the dollar, the sell off in emerging markets, in gold stocks that we had once Trump surprised everybody and won. I mean, I wasn't surprised by the victory. I expected it. But I also understand what's going to happen. I don't have this Pollyannic view that everything is going to be better and all the problems are going to be solved because we didn't elect Harris. Yes, Harris would have been worse than Trump, but he's not a get out of jail free card. We are going to have to pay the piper. And I think that we're going to see explosive growth, especially in the gold fund. I mean, this could end up being. Because the gold fund is already up about 18 and a half percent on the quarter. Right. And it's barely, it's not even halfway through February, but it could end up being the best quarter in the history of the fund. And this could be the best year that the gold Fund's ever had. And if it is, I think that next year 2026 will be even better than 2025. Now, again, these are my opinions. This is what I think. But I've got all my money where my mouth is. But I would encourage everybody listening to this podcast to do the same thing if they have the same, you know, risk tolerance that I do. Right. If you don't mind taking risk. You know, this is the risk you want to take because it's an asymmetrical bet to the upside. The upside potential in gold stocks so dwarfs the downside risk that it's a bet that you have to make and it's a smart bet because all the fundamentals, all the technicals, everything is aligned. I think we're going to get more of these earnings reports this week, next week, and then Wall Street's going to say, you know what, maybe we should actually put a buy rating on one of these gold stocks. Maybe we should recommend that somebody buy it. I mean, right now nobody's talking about it, but they're just going to be so cheap and these companies are going to be minting money, right? They're literally gold mines and they are going to be buying back their own stock hand over fist. And you know what? They're going to be doing, they're going to be buying back their own stock instead of looking for new gold mines. So we're not going to get a big increase in supply. And when they're finished buying up their own stock, they're going to be using their stock as currency to buy up other stocks. It's going to be a huge consolidation in the industry and then eventually the public's going to wake up, investors are going to want in on this and then it's going to explode because there's very little market cap to go around. So the prices have to go much, much higher in order to accommodate even a small inflow of investor money. Anyway, we got one more commercial break. We're coming right back, so stick around.

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Peter Schiff (36:54)

Alright, you know, also I, I noticed the CRB index, I've been talking about that before. It's now up about 25% since January of 2024. 25%. That is a big, big gain. And about a quarter of that gain is this year. So it's accelerating. This stuff is going to work its way into the cpi. It happens with a lag. Now we're going to get the PPI numbers coming out tomorrow and these higher input costs should be in the PPI even before they're in the cpi. But clearly, I mean, if we have commodity prices up 25% in a year, how is that consistent with inflation being in a good place? How can the Fed possibly believe that they've won the war on inflation? And prices are going to go back to only up 2% when commodity prices are up 25%. And it's not just one or two commodities. You have a broad basket of commodities going up. One of the only commodities that's not up that much, although it's up, is oil. By the way, Chevron announced today they're going to eliminate about 15 to 20% of their workforce. I think we had some type of similar announcement by Exxon Mobil not too long ago. But if all these big US oil companies are laying off a good chunk of their workforce, how are they going to drill, baby, drill. I mean, didn't they get that memo for Trump? I mean, don't they need those workers to Drill, baby. You know, obviously we're not going to drill baby, drill because oil prices are too low. The only way we're going to get a lot more drilling is if we have much higher oil prices. And Trump wants to get Saudi Arabia to pump more, so the price goes down to $60. Well, the lower the price of oil goes, the less oil we're going to pump. Right, because it costs a lot of money to get it out of the ground thanks to inflation. Right. The cost of, of, of drilling oil has gone up and, and so we're not, we're not going to drill. Drill, baby, drill. And even if we could, it's not again another get out of jail free card on inflation, by the way. So on Friday, last week, and I didn't really get into it the podcast, but Trump teased new tariffs on steel and aluminum. Well, on Monday, he imposed them 25% tariffs on steel and aluminum. Now, fortunately, a lot of countries were exempt, like Canada, Mexico, we get a lot of our steel from there. So I'm not, you know, it doesn't apply across the board. So it's not likely that prices will rise by the full 25% because we're, you know, but they're going to rise. And some of the countries that were selling us their steel and aluminum probably will sell it to another country and we'll just buy more from the countries that are exempt from the tariffs. But there will end up being higher prices. But the government won't collect much money from these tariffs. Right, because they've exempted the country. But we're going to pay more. And that's a negative for the companies that use steel and aluminum. Right. They, if you're a US Manufacturer of automobiles or appliances, you know, you need steel, you need, you know, it's now going to be more expensive. So what does that do to your pri. The price of your products, they go up. Now, if you want to export those products, it makes them less competitive on foreign markets, but it also makes them less competitive in domestic markets. So now what you got to put tariffs on, on the foreign products, right. You know, one after another, you know, so it's not going to work. Yes, the steel companies will benefit, but to the detriment of another company that is now paying higher prices. Now, the other tariffs that Trump is threatening are reciprocal tariffs. And what that means is he's going to look around for a country that has imposed a tariff on American goods and wants to impose, will have a similar tariff. So if a country, let's say France, has you know, a 20 tariff on, you know, some, you know, America widgets, then, all right, we're going to impose a 20 tariff on, on, on French widgets coming here, right? We're tit for tat. We're going to match whatever you're doing, which again, doesn't help us. It hurts us. Now to the extent that we can convince the other country to remove the tariffs, that would be a bigger win for them than it would be for us. But yes, whenever you have freer trade overall, it's a win, right? Everybody benefits from free trade and comparative advantage. And the freer people are to trade with one another, the better. Everybody, you know, higher everybody's standard of living is going to be. Right? But no, everybody just bows down to the political pressure of the special interests who benefit from, from protectionism. Anyway, I want to talk about some of the comments that came up during these, these hearings with. And it's semi. Annually, so I think it's twice a year, Powell goes up to Congress to take questions from the Banking Committee in the House and the Senate. Now, obviously, the reason he's there, right, is to help educate the congressmen, the representatives and the senators, right? Ask them questions. Hey, we're considering certain policy. What's your opinion on this? How do you think this particular bill or, you know, would impact the economy, would impact inflation? You know, because you're supposed to be this really smart genius, right, that, that, you know, we put in charge of the Federal Reserve, right? You're like our top economist. That's why you're there. You know. You know, we're not really economists. You know, we're not financiers. You know, we don't really know. Here's some, you know, give us some guidance, right? Like tell us what you think. Right, right. That's why he's there. I mean, why else would he be there? Yet every time they ask him about a particular policy, like, you know, how would tariffs impact inflation or how would larger budget deficits, how would this. He says, I can't answer that. I can't talk about politics. You know, I don't want to comment on the wisdom. This is exactly what he said. I don't want to comment on the wisdom of what you guys do. I just want you guys to do whatever you want and I'll deal with it. What the hell? I mean, so he's saying that even if I think you're about to do something really stupid that's going to be harmful to the economy, I'm just going to bite my tongue and let you do it. I'm not going to give you any warning. I'm not going to give you any benefit of my wisdom and my knowledge. I'm just going to let you idiots destroy the country because I have to keep my mouth shut. Who said that? Where does it say in the Federal Reserve act that the chairman has to keep quiet when he thinks Congress is doing something stupid? Again, the whole reason that the Fed is independent is precisely so the Fed is free to criticize popular programs that are proposed by Congress. He's supposed to do that. I mean, if he's not gonna answer these questions, what is the purpose of these hearings? It's a waste of time. In fact, all they do is use them as a photo ops, right? You have all the Democrats, you know, make speeches about how Trump and his co President Elon Musk are destroying democracy and are gonna take away your Social Security and they're peering into your bank account so we have no more privacy. You know, like, what about all the other bureaucrats who had access to all this information before, Before Elon Musk? They didn't care about that. They didn't care about our privacy. Then who elected all those bureaucrats? Nobody, right? But no, they want to come in here and they want to grandstand about how terrible Trump is, how terrible Musk is. You know, the funniest quote was today. There was a Democratic, a congresswoman, right? And she said that, you know, Donald Trump and Elon Musk, they want to turn the Federal Reserve into an agency that helps the rich get richer and the banks get bigger. I mean, I almost fell off my chair. I mean, what do you mean, turn it into that? That's what it is. I mean, Alan Greenspan turned it into it 25 years ago. That's what the Fed does. Before Donald Trump got reelected, before the Doge Department was created, the Federal Reserve was there to make the rich richer and the banks bigger, Right? The Fed bailed out all the banks when they failed, and now they're bigger than ever, right? All the too big to fail. Banks are bigger than ever because the government bailed them out. And the Fed was there, right? Why is the, the, the divide between the rich and the poor so great? Because the Fed's policies have already favored the rich. They were doing that for a generation. Now, this is not new. Somehow she thinks that the, you know, it hasn't been like that. And now Trump and Musk want to change it. They're like, yeah, you know, the Fed isn't helping the rich Enough. The Fed isn't helping the banks enough. It just shows you how clueless or they, they don't even care. Right? They just want to be critical. So the Democrats spent all their time criticizing Trump and the Republicans spent all their time criticizing Biden, Biden this, Biden that. Right. But nobody is dealing with the actual problem, you know, the debt, the ticking time bomb. You know, again, he's, he keeps saying that the debt isn't a problem, but the path is. He says we're on an unsustainable path. Well, but, but that means the debt is a problem because the debt is on that path. I mean, you can't really separate the debt from the path because look at the path, right? It's continuous and it's growing exponentially. And we can't wait until we get to the point where, you know, there's a crisis. I mean, that's basically what Powell is talking about when he says that we're on an unsustainable path, but we're okay right now. It's like again, you jump off the top of the Empire State Building and on the 50th floor on the way down, you're on an unsustainable path. But clearly you're headed for disaster. Right? You can't say it's, you know, I don't have to worry until I hit the pavement. Because once you splat on the pavement, that's it. Right. There's nothing you could do. Right. So according to Powell, we don't have to worry about the unsustainable debt because we're not on the pavement yet. We only have to worry about it when we have a full blown crisis. Well, no, by then it's too late. You can't do anything about it. Right. You have to worry about the problem when you can still do something to fix it. You can't just say, well, we don't have to worry about it because it hasn't blown up in a complete, unmitigated disaster yet. Right. Well, by then, you know, it's too late to do anything. You are done. So he should be doing everything he can to, to get us to do the right thing now, which would be hiking interest rates and, and warning about what's going to happen. But no, he doesn't do any of that. Let me see what else. I made some. I'm just looking at my own post here. Yeah, it was, it was Ayanna Presley, that was the Democratic congresswoman who talked about the banks, I think. Yeah, I, you know, I don't I don't think I, I had many more comments on what was said because again, it was all nonsense. What they talked about and what was more important is, is what they didn't talk about. And you know, some people kept asking him, you know, what do you need to see before you start cutting rates? Nobody said, well, what do you need to see before you start hiking rates? Nobody talked about the potential for rate hikes. And in fact, Donald Trump himself set the stage before, even before we got the CPI numbers. He came out and said, we need rate cuts now. He said we need them to go along with the tariffs. He said it's time for America to rock and roll. You know, rock and roll with rate cuts. You know, we can't have rate cuts. You know. Trump campaigned to get rid of inflation. Well, we want to get rid of inflation. We need rate hikes, not rate cuts. We need the Fed to pick up the pace of its quantitative tightening. But it's not going to do that. And in fact, the Fed talked about how it's going to continue to do that. He was asked again about QE or when might they do that. And he pointed out, well, we only do that once we get down to the zero bound. And he said, so we're not at the zero bound. And I thought they might break from that recent tradition because I know there's going to be a lot of upward pressure on long term interest rates. You know, once they get above 5%, the 10 year hit 6%. The only way the Fed could, you know, put some brakes on that without sharply increasing interest rates, which they don't want to do, would be to go to qe. But I don't think they want to slash interest rates to zero and then go to qe. So I think the next time they do quantitative easing, it's not going to be when they're at the zero bound. They're going to do it well before. I don't think we're going to be able to reduce rates to zero in the face of this high inflation. They were able to do it when inflation was below 2%. It's not going to go below 2% even if we're in recession. In fact, the recession is going to be caused by rising inflation and rising interest rates. And so they can't cut rates anymore. Again, that's why stagflation is not one of the scenarios that they stress tested because all the banks fail and that's why they have no contingency plan. That's why all they can do with Respect to stagflation is hope it doesn't happen. Because the Fed knows that there's nothing in their playbook for stagflation, right? It's, it's game over. And so they just want to, you know, close their eyes and hope it doesn't happen.

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Peter Schiff (52:32)

month required intro rate, first 3 months only, then full price plan options available, taxes and fees extra. See full terms@mintmobile.com you know, another thing that I've heard discussed on television recently, financial press, is the idea that the US government with Scott Besant, they want to, you know, revalue America's gold and market to market and that would increase the value of our gold by about $800 billion. Now what they're talking about is that now that the US government's gold was worth $800 billion more, that they would get the Federal Reserve to just create the 800 billion and give it to the government. And I guess the Fed would take the gold as collateral or I don't know how they want to structure this deal because they're not talking about the government selling the gold to get the $800 billion. They want the Fed to just create the money out of thin air and give it to the government to spend, just deposit it into the general account of the US government. So we could just spend the money. Right? And somehow this is supposed to be a new source of funds that's going to be good. It's just inflation. That's all it is. You know, it's like QE where the money is directly injected to the treasury. It's not going through the banks and then the treasury spends it right into circulation. So it's pure inflation. Right, in its purest form. And so all it's going to do is make prices go up, especially gold prices. You know, once the government, I mean, just, just officially recognizing the obvious, yes, the gold is not $42 an ounce. That's obvious. You know, it's almost $3,000 an ounce, you know, and so just revaluing it doesn't matter. But if the government takes advantage of that by having The Fed print $800 billion so they can spend it, then the price of gold is going to be 4,000 or 5,000. And then what happens if every time the price of gold goes up, they ask the Fed to print more money? Right. So they can spend that too. Right. It's going to be a self perpetuating spiral. Look, the only thing that makes sense with revaluing our gold reserves is if we go back to a gold standard. And we need to have a gold price at which we can back our currency. And, and that is a price in the tens of thousands, many tens of thousands of dollars an ounce. To do that, or if we want to use our gold to pay down our national debt, we need to devalue the dollar dramatically. Because even if we sold all of our gold, if our gold is not even a trillion dollars and we use it to pay off our national debt, we wouldn't even pay off what, what, four months worth of it. You know, we got the numbers that came out today for the Treasury. They came out with their statement for the monthly deficit. Look at these numbers. So For January of 2025, the expectation was for an $89.9 billion budget deficit. These are the official numbers. Right. The actual national debt grows by more than that because all the off budget stuff isn't even recorded in these official numbers. So they were looking for 89.9 billion. We got 1, 28.6 billion in one month. It's a 40% increase in the prior month, but year over year it's a 500% increase. The budget deficit in January of 2024 was 22 billion. It's 1 28.6 billion in January 2025. What does that tell you is likely to happen for the rest of the year? 2025 I think is going to be the biggest annual increase in the national debt in history. But the record won't last long because we're going to break it in 2026. Right. Doesn't matter about what goes cuts. I'm tired of hearing Doge is going to solve that. Doge is going to fix that. There are certain things that Doge is going to do. Exposed corruption, maybe put some people in jail. You know, people who have been getting rich. Right. The head of Doge saw her net worth go up by like 20 something million in the last three years. Where'd she get all that money? Is she some super genius investor? If so, she should have quit her job and, and run a hedge fund. No, it's obvious. People that worked at USAID, right, when they come up with $50 billion, $100 billion grant to some cockamamie organization, right, in Bangladesh or whatever, they get kickbacks under the table, right? That's why they're funding this stuff. I'm sure millions of dollars are coming back into their pockets. And who knows, maybe some of it even got kicked up to the big guy. Who knows how this criminal organization, you know, my father called it the federal mafia. And that's what it is. It's a criminal organization. There's a bunch of crooks in the government, you know, that's why they're upset at what Elon Musk is doing, shining a light, because, you know, it could shine on them. I mean, some of the people who are protesting the most probably are the most guilty, right? They don't want to end up in jail, right? So, yeah, we might get some good stuff there, but it's not going to derail the train that's headed off the tracks. So you've got to protect yourself. And I don't care. If you want to hope for the best, fine, but plan for the worst. And, you know, get in, buy some gold. Buy it now. Buy some silver. Silver. I mean, we're getting ready for an explosive up move. I mean, we got below $32 this morning. Who knows? Maybe that's the last time. I don't know. But you should be buying these stocks. You should be loading up the boat on the gold fund. You know, go my. My gold fund. Euro Pacific Gold Fund. EpigX. Epgix. I always get that wrong. Epgix, that's the no load symbol. Every discount broker, you can buy that gold fund. I'd be buying it tomorrow, right? I think we got a great portfolio. Adrian's done a hell of a job picking the stocks, but I think we're going to get an explosive move up in these stocks. And so now is the time to get fully positioned. If you already own some, Buy More and if you're one of the clients who cashed out I mentioned, people have been liquidating the funds all year. Buy it back. It's not too late. Even if it's higher than when you sold. So what if the longer you wait, the higher the price is going to be? So bite the bullet and do it now. And, you know, if you get all the information, get the perspectives, make sure you know the risks at my website, europack.com so it's shift gold for the physical gold and silver. Europack.com for information on the funds. You can buy my gold fund at my website. If you don't have a brokerage account, you can buy my funds directly on theeuropac.com website. Anyway, don't forget again, sign up for the free newsletter at Shift Sovereign or you know what, sign up for the premium service. It's well worth the money. It's not expensive. And again, if you enjoyed this podcast, not only give it a like or thumbs up, write a comment, but share it with your friends. Make sure more and more people you know I've been looking at my YouTube channel. I've been stuck below 600,000. There has been no growth. If you don't now subscribe to my YouTube channel, make sure and subscribe and then have all your friends subscribe. I really want to crack that 600,000 level. I'm all, you know, I got above 1.1 million now on X and if you're not one of the 1.1 million that are following me again, please do so and tell your friends to do it. I think I'm going to do another podcast later in the week, probably Sunday now that there's no more NFL football. The Eagles surprised everybody and beat the crap out of the Chiefs, but that's it for a while. And so Sunday nights are no longer football night. They may be Peter Schiff podcast night. And so I'll probably be back on Sunday night, so make sure and catch it live. Bye for now.