0:01 Uh but you know from China's point of
0:03 view I mean I just put myself in the
0:05 shoes of the Chinese government and say
0:07 look what's going on. We've lost control
0:10 of the pricing. We controlled the price
0:12 for the last three decades. Okay fine
0:14 that's brilliant. We can't control it
0:18 anymore. Um we have lost that. Why?
0:22 Because India is now going through an
0:25 industrial revolution at the phase where
0:28 China was 25 years ago. It's clear to me
0:32 that silver has still a lot of upside
0:34 because it's turned into a gifen good,
0:37 you know, one where um a rising price
0:41 basically doesn't uh produce supply. If
0:55 You're watching Capital Cosm. It is
0:58 December 31st, 2025 and my name is Danny
1:02 and my guest today is Alistister Mloud,
1:04 my last guest of the year. Of course,
1:06 you'll be watching this at the new year
1:09 just around then. But Alistair, thank
1:10 you so much for taking the time today
1:12 and I couldn't think of a better guest
1:14 to close out the year for me.
1:16 >> Well, thank you very much indeed for
1:18 having me on, Danny.
1:19 >> Yeah. Well, let's uh let's just dive
1:21 right into the action and just get right
1:23 into it. Let's talk about what everyone
1:24 wants to talk about. Let's not beat
1:28 around the bush. It is silver. Uh you
1:29 see all this I mean this volatility. I'm
1:31 going to zoom in on the last four days
1:36 here uh from December 25th Christmas day
1:38 uh or the day after Christmas and it was
1:42 when the markets open or Christmas day
1:45 at night when the uh overnight market
1:47 open. But as you as you can see here,
1:50 it's just been one volatile swing after another.
1:52 another.
1:53 What's going on here? It seems these
1:57 these swings seem to coincide with um
2:01 the CME raising margin requirements.
2:03 Um you saw it here on Monday. They
2:06 raised them once and then uh as of
2:08 yesterday raised them again another
2:12 time. Now we're down again today. Uh the
2:14 question is
2:15 will these margin requirements actually
2:17 amount to anything or are these more of
2:18 a speed bump? What do you make of this
2:20 volatility in
2:22 >> I think yeah I think a speed bump is
2:26 probably a reasonable description. Um I
2:30 mean bear in mind that the shorts uh for
2:32 their mark tomarket year end we want to
2:35 see silver as low as possible. So I
2:36 think there's a bit of motivation there.
2:38 Let's let's put it that way.
2:40 >> Mhm. But um you know we were chatting
2:43 before you pressed the record button and
2:47 um you know as I said and you checked it
2:50 out um so this is right there still backquidations
2:52 backquidations
2:53 >> and if anything this morning the
2:55 backidations are greater than they have
2:56 been in the last couple of days between London
2:58 London
3:00 uh spot where the price is higher than
3:03 on Comx. um you know this is this is a
3:07 market which um just cannot deliver the
3:09 physical uh the squeeze is not so much
3:13 on comx but it's more in London where um
3:16 I have absolutely no doubt uh industrial
3:20 users of silver uh are basically buying
3:22 forward contracts and uh taking delivery
3:25 and there is not the liquidity there I
3:27 mean various other people have sort of
3:31 assessed the amount of um
3:34 uh free silver as it were. Um but they
3:36 can't sort of get it quite right because
3:37 um you've got I mean the bulk of the
3:40 silver in the London vaulting system is
3:44 actually ETF owned. So that is not
3:46 liquid. I mean okay there ways in which
3:47 you can access it if you're an
3:49 authorized participant and all the rest
3:52 of it but for all intents and purposes
3:56 it is not liquid. something like 150 odd
3:59 uh million ounces in excess of that. But
4:01 you know, an awful lot of that is in
4:03 firm hands already.
4:07 >> So the liquidity is I mean, you know, if
4:08 one said it was virtually zero, I don't
4:11 think you'd be far on the mark. And this
4:13 is the problem. The problem is in
4:16 London. Um I mean it's an interesting
4:18 thing. Uh I I ran the uh bank
4:20 participation report off the December
4:23 one um couple of days ago.
4:26 because there was some I think it was an
4:29 AI bot uh which came up with this sort
4:30 of wonderful thing about how the US
4:32 banks were in trouble though terribly short
4:34 short
4:36 but actually um if you look at just at
4:39 paper um the US banks are actually long
4:44 of silver um on comx and um but if you
4:46 look at the foreign banks or what they
4:48 call non US banks they're the ones who
4:50 are short
4:52 one assumes that there would be long of
4:56 paper in London. But the problem is that
4:59 even if they're long of paper in London,
5:01 they're being effectively stood for
5:02 delivery, if you like, by industrial
5:05 buyers who come into the market and buy
5:08 a forward contract and then want the
5:11 real stuff. So the squeeze is actually
5:14 um I think very very uh tight and
5:17 difficult. And the problem is that you
5:21 know everybody in industry realizes now
5:22 that uh you know if they're in the
5:26 business of making photovoltaics cells
5:29 electronic vehicles defense industry etc
5:33 etc they need silver and they need to
5:36 get it damn quick otherwise they're not
5:37 going to have any manufacturing
5:40 material. So, we have a situation, I
5:42 think, where the price gets dri driven
5:46 up um by this sort of demand and it's a
5:48 one-way ticket because there's no
5:51 industrial user who sort of says, well,
5:53 I got a little excess stuff here, you
5:56 know, I can maybe trade it out, sell a
5:58 bit into the market and take a profit
6:01 and buy it back cheaper, or I can hedge
6:04 it, you know. No, they're not there
6:07 anymore. Those guys basically realize
6:09 what's going on. And I think one of the
6:11 the things that's interesting about the
6:14 timing of um this very very sharp
6:17 volatility is that of course it occurs
6:20 at a time when any respectable industrial
6:21 industrial
6:24 user is on holiday. >> Yeah.
6:25 >> Yeah.
6:28 >> You know he's he's still digesting his
6:30 Christmas pudding and looking forward to
6:32 well if it's Scotsman Hogman and too
6:36 much whiskey. So, so the the um you know
6:38 the timing from the swap's point of view
6:41 who've got a year-end problem coming up,
6:44 you know, like my bonuses depend on me
6:45 making profits or being able to show
6:47 that I make profits and my mark to
6:50 market doesn't um kill those profits.
6:53 Yeah, they love to bash it down. So,
6:54 that's what's going on. I think it's as
6:56 simple as that. I think there is a
7:00 broader question as to um what China is
7:03 actually doing. I mean uh it it it is
7:05 interesting because China has uh is
7:07 introducing really from next week
7:10 officially a new licensing um export
7:15 licensing um uh regime. And um it's not
7:17 stopping silver going out. It's just
7:20 tightening up on uh the export regime.
7:23 And I think it's giving China greater
7:26 control if you like over its it over
7:28 domestic stocks. domestic stocks in the
7:31 widest sense, not just uh China's own
7:33 stocks. And I believe they've got a lot
7:34 of stock which they've, you know, which
7:36 they they've stored effectively because
7:39 you're talking about uh the the second
7:43 largest silver miner um but also um the
7:47 largest refiner by far and bear in mind
7:49 it's not just imported silver dory, it's
7:53 also imported um copper ores, nickel
7:55 ores, lead ores, zinc ores and all
7:58 these. I mean, refining is a dirty
8:00 business. China doesn't mind doing it.
8:02 We in the West don't want to muck up our
8:04 hands with this. And that's actually
8:06 incidentally one of the reasons why
8:09 China has a virtual monopoly on rare
8:12 earths because rare earths also come out
8:14 of this refining thing. I mean aluminium
8:18 on boxite I understand is is is is uh
8:21 one source if you like of rare earths
8:24 and um you require a lot of electricity
8:27 to ref you know to to uh turn boxite
8:29 into into aluminium and who's got the
8:31 electricity now
8:33 we haven't we used to do it actually in
8:35 Fort William which is in Scotland where
8:37 we had hydroelect electric power I don't
8:39 know if we do it anymore I don't think
8:42 we do I think that's closed down um but
8:44 uh you know can America could do it.
8:47 Well, you know, they're at the moment um
8:49 powering loads and loads of computers to
8:53 do AI or um mine Bitcoin or whatever,
8:56 you know. So, we just don't have the
8:58 electrical capacity, if you like, to
8:59 compete with the Chinese in these
9:04 matters. So, yeah, um I think China
9:06 realizes that it's got, you know, it's
9:09 got us firmly in it, in its grasp. I mean,
9:11 mean,
9:13 >> short curlies. Yeah. I I won't use the
9:17 rude word if you like, but that's
9:24 So, um uh but you know, from China's
9:26 point of view, I mean, I just put myself
9:28 in the shoes of the Chinese government
9:30 and said, "Look what's going on. We've
9:32 lost control of the pricing. We
9:33 controlled the price for the last three
9:36 decades. Okay, fine. That's brilliant.
9:39 We can't control it anymore. Um we have
9:44 lost that." Why? Because India is now
9:46 going through an industrial revolution
9:49 at the phase where China was 25 years ago.
9:51 ago.
9:54 She's growing. I mean and demand for
9:56 silver yet for industrial purposes is
9:59 just absolutely enormous. And of on top
10:02 of that of course throughout Asia um you
10:04 know you would think that there would be
10:07 some silver sort of coming out um you
10:10 know scrap and all the rest of it but no
10:12 uh the Asians hang on to their scrap
10:14 because do they want silver or do they
10:18 want rupees or real or what you know
10:20 it's it's a no-brainer they hang on to
10:25 their silver. So um the squeeze I think
10:28 has only just started now. I I wouldn't
10:30 claim to know how this is going to
10:33 progress minute by minute or day by day,
10:37 but um it's clear to me that silver has
10:40 still a lot of upside because it's
10:42 turned into a gifen good. You know, one
10:46 where um a rising price basically
10:49 doesn't uh produce supply. If anything,
10:52 it encourages demand. It does the
10:54 reverse of what um you know the charts
10:57 that we've all been shown do. You know
10:59 sort of rising uh
11:02 >> demand gets capped by price. Price the
11:04 function of price basically is to
11:07 balance supply and demand. So um you get
11:09 the increase in supply at the higher
11:11 prices. That's not going to happen and
11:12 it's not happening now.
11:14 >> Is the paper market an an accurate
11:18 representation still of the physical
11:20 price of silver? because it seems more
11:22 and more so it's diverging away. Now you
11:25 have this arbitrage between Comx and
11:28 Shanghai and typically these
11:31 arbitrageages they they fill the gap
11:33 gets filled relatively quickly because
11:34 there's uh there's an incentive to do
11:37 so. this gap has been open now for over
11:42 a week and it seems more and more so
11:44 there's all these different mechanisms
11:46 of quote unquote price suppression and
11:49 so forth and in a in a way is this not
11:53 price control in a very to some degree
11:55 and with and if it is price controls
11:58 again to a not in total but to to a
12:01 degree doesn't it imply the after
12:04 effects of price controls which would be
12:06 supply shortages in the process you
12:07 don't let the price reach its true value.
12:09 value.
12:10 >> I don't think it's price control as
12:12 such. I mean, it's the consequence of um
12:17 you know, many years of um uh demand
12:19 exceeding supply. I mean, just look at
12:22 the silver institute um tables um they
12:24 show for the last five or six years or
12:26 whatever that uh there's been more
12:28 silver demanded than supply and the
12:30 difference has always been made up by
12:34 the category they call investment. Yeah,
12:37 it's not investment. It's Chinese stocks
12:39 basically. I mean the fascinating thing
12:42 is that in 2023,
12:46 China supplied silver to um the west. I
12:48 think I can't remember the exact
12:50 figures. Uh so please don't hold me to
12:52 it. But I think we were looking at
12:54 something like 300 million ounces being
12:56 supplied to the west. The fascinating
13:01 thing is that the um supply is actually
13:05 to um the UK, Singapore, and I can't
13:06 remember there's another one. I mean,
13:08 basically, it was going into financial
13:12 centers. Uh and then in 2024, again, it
13:17 was about 300 something,000 ounces,
13:19 sorry, 300 million ounces. I'm talking
13:22 millions, millions of ounces. um and uh
13:25 that went um to what I would call more
13:28 industrial countries. So you could see
13:30 that what was happening is that um you
13:32 know it was going it was getting vaulted
13:34 in places like Singapore, London,
13:37 Switzerland, wherever wherever you know
13:42 where the vaults are in 2023 but in 2024
13:44 it was definitely being drawn down by
13:47 industry. So um you know look this is
13:49 important to understand because this is
13:54 why China is trying to um restrict if
13:57 you like the export of silver. I mean
13:59 there's no doubt about it. Silver you
14:02 know as far as China is concerned um the
14:05 importance of silver is absolutely going
14:08 off the charts. They cannot afford to
14:11 lose stocks. So I think that's really
14:14 why they've got this new licensing
14:17 regime. It's not a question of China
14:19 stopping all exports. No, not at all.
14:21 But she wants to just really control
14:23 them. So I think that's what's going to
14:28 happen. Um as as regards the price, you
14:30 know, the relationship between paper and
14:33 uh physical. I mean basically
14:36 um industry is using um and remember I
14:38 haven't, you know, said that this that
14:39 investors are doing this. They're not.
14:42 They're not in it at all. But industry
14:44 is basically using paper markets,
14:47 derivatives as a means of acquiring
14:51 physical. I mean on uh uh comx something
14:53 like 15,000 tons has been stood for
14:56 delivery this year. Now of that 15,000
14:58 tons I guess the majority of it the vast
15:02 majority of it uh would be industry
15:04 using futures as a means of acquiring
15:06 the physical.
15:09 There is no nation on earth that
15:13 produces as much as nearly 60%
15:16 of of uh
15:18 mined silver as it were. This is silver
15:21 if you like coming out of the woodwork
15:24 one way or the other. Um and it
15:28 represents roughly 60% of annual mine
15:31 output. This is just through comx.
15:32 I don't know how much is going through
15:35 London um because we just don't have the figures.
15:37 figures.
15:39 But this is the function now. This is
15:41 the function of paper and that is to
15:43 turn paper into physical. And this is
15:44 something which I think is going to
15:47 really mean that uh we're getting
15:50 towards the end of uh the paper markets
15:54 as we know it. And there's no um or
15:56 virtually no uh speculative interest in
15:59 this at all. I mean if you look at the
16:02 open interest on COMX um that is low
16:05 it's around about 155
16:08 uh000 contracts which um is certainly
16:11 not excessive and indicates that the
16:14 speculators are just not there. So it's
16:16 a you know this this is an interesting
16:20 thing and we have yet to see
16:23 uh investors turning to silver in
16:26 anything like the sort of quantity of
16:29 numbers that um you would expect of
16:31 something which is you know not only
16:35 rising but um looks like you know a
16:38 reasonable play.
16:39 Is that what you gather when you look at
16:42 the silver miners which have pretty much
16:45 just tracked the price of silver where in
16:47 in
16:49 in different predicaments they should
16:53 outperform the price of silver? I think
16:55 that's actually um uh you know an
16:59 interesting relationship because if um
17:03 they were outperforming uh silver that
17:06 would confirm that investor interest is
17:09 moving into the sector but it's not and
17:12 there is I mean the invest you know
17:15 investors basically have gone nap on AI
17:17 and things like that they haven't bought
17:19 into the mining sector at all and
17:21 they're actually missing the biggest
17:23 market of all at the moment Now I mean
17:26 we know that gold is if you like discounting
17:27 discounting
17:29 um a certain amount of loss of
17:32 purchasing power in the dollar in 2026.
17:36 I mean we can't can't measure it. Um but
17:39 I mean that's a logical um um if you
17:42 like a deduction of uh what has really
17:44 been happening between uh gold and the
17:49 dollar. Um but nobody's really um you
17:50 know looking at the prospects for the
17:53 dollar. I mean, you know, we we get cuts
17:55 in interest rates from the Fed and
17:56 they're talking about another cut and
18:00 they're talking about um QE and all
18:02 this, you know, all this refractory
18:04 stuff. But does anybody actually think
18:06 that the purchasing power of the dollar
18:08 is going to decline seriously in 2026?
18:10 They don't.
18:13 I mean, you know, put another way
18:15 around, more conventionally,
18:17 um what do people expect inflation to do
18:19 in 2026?
18:22 They think it'll be subdued. They're
18:23 wrong. They're horribly wrong. Gold is
18:25 saying you're wrong. Not only that, but
18:28 the persistence of higher bond yields is
18:29 also saying they're wrong because high
18:32 bond yields are required to compensate
18:35 holders for loss of purchasing power
18:38 when they buy uh bonds. You know, what's
18:40 my dollar going to buy me? I bought
18:41 these dollar bonds. What are they going
18:50 Yeah, I pulled up I I pulled up the oops
18:52 I pulled up I pulled up the price of
18:54 silver here in green and the price of
18:58 SIL as well on a percent scale and they
19:02 pretty much are in tandem. Uh silver's
19:06 up 162% this year. Uh silver miners are
19:09 up 165%. So that they've pretty much
19:12 moved in tandem with the precious metal.
19:15 There was a gap where SIL was outperforming
19:16 outperforming
19:19 uh the physical price, but that's pretty
19:21 much been closed recently with the
19:24 recent price move up. But it could also
19:27 spell that there could be a lag between
19:31 SIL or the silver miners and silver.
19:33 What do you how likely do you think that
19:38 is? Is is there a lag here waiting to
19:40 create another gap up in the mining
19:43 stocks that hasn't been fully priced in
19:44 >> uh given the recent rise in the metals
19:47 or do investors not or the smart money
19:49 not see this recent rally in silver
19:51 being sustained
19:53 >> I think smart money is confused actually
19:57 over the whole thing um I mean it's an
19:58 interesting chart that because one thing
20:01 I would say is that silver miners are
20:03 not a very liquid market so you got
20:06 factor that into account. I mean when
20:09 you see um uh you know an index if you
20:12 like of of silver miner miners beginning
20:15 to catch up with the silver price um it
20:17 doesn't necessarily mean that there has
20:21 been buying. It's just um you know the
20:23 it's just markup more than buying if you
20:26 like or you know an element of the two.
20:29 So um I I mean if if silver starts
20:31 consolidating and people begin to
20:33 understand this um you know the
20:35 arguments that we've been discussing
20:37 about industrial demand and so on and so
20:39 forth then I think you'll find that
20:42 silver mines I mean the decent ones will
20:45 start outperforming the metal
20:49 um if the metal consolidates. So um but
20:51 I don't see any consolidation really
20:53 lasting terribly long and I don't see it
20:55 being very deep. I mean the the test
20:57 will be once these year-end distortions
21:00 are out of the way. But I do think that
21:02 um as far as silver mines are concerned,
21:04 I mean they've got a wonderful
21:06 situation. I mean not only has the price
21:10 of silver shot up um it does mean that
21:13 they can uh very profitably mine lower
21:15 grades. Uh but the other thing is that
21:18 energy costs which are the main cost
21:20 have remained subdued. I mean what's not
21:23 to like from the P&L point of view? It's
21:26 it's um it's a very very interesting
21:28 situation and I would say these silver
21:31 mines I don't think they've discounted
21:34 uh even the current price of silver let
21:36 alone where it might go over the next 12 months.
21:37 months.
21:39 >> Yeah. So let's actually do that. Let's
21:42 do silver divided by oil and look at
21:44 that ratio.
21:46 See how that pans out. So let's turn
21:48 this off.
21:52 So yeah, I mean it's shot up 222%
21:54 the silver to oil ratio
21:56 this year.
21:56 >> There you go.
21:59 >> So yeah, massive outperformance there.
22:01 >> The mine managers will be rubbing their
22:03 hands with glee.
22:05 Investors have yet to understand it, I
22:09 think, or or fully appreciated. Anyway,
22:10 >> here here's another chart, Alistister. I
22:12 just pulled this up, too. This is the
22:14 price of gold in green, and then in
22:17 white you have the M2 money supply. And
22:21 if if we zoom in to
22:25 2020, you saw gold run first and then
22:29 the money supply jack up. Uh what is it?
22:33 Gold began running in May of 19. Uh but
22:35 the M2 money supply didn't start running
22:38 until March. So it's as if like gold was
22:41 pricing in a huge spike in the M2 money supply
22:43 supply
22:46 um before it even happened. And I can't
22:48 help but think that something similar is being
22:48 being
22:50 >> played out now or insiders piling into
22:53 gold because they have inside knowledge
22:57 that this white line is about to go, you
22:59 know, a little more vertical.
23:01 >> Yeah, I don't think that knowledge is
23:03 all that inside. I mean, you know, the
23:08 Fed made it quite clear, you know, um
23:11 we're stopping QT
23:14 and we're now doing QE and uh you know,
23:16 this brings something else into play. I
23:18 mean, well, two other things. If you
23:20 look at the way the economy is going,
23:22 look at the beige book, which is what
23:25 the Fed really um uh treats very, very
23:28 seriously because it's a publication of
23:31 its own regional offices. The beige book
23:34 says that um it the economy is on the
23:36 verge of recession. I think actually the
23:39 beige book is um being a bit optimistic
23:41 in that sense because if you look at
23:44 GDP, take out the government deficit and
23:46 yes the private sector is in you know
23:49 the the non-inancial private sector is
23:51 in uh um recession already and has been
23:55 for the last two years. Um, so I think
23:57 the Fed is actually waking up to this
24:00 and they're preparing to do more QE. And
24:02 apart from anything else, I think that
24:05 the virtual impossibility of the US
24:07 Treasury funding itself on the long end
24:09 of the yield curve and seeing the carry
24:12 trade may be losing its um, you know,
24:16 its its its uh, status as it were. plus
24:18 Japanese institutions probably signaling
24:21 that um they're getting more attracted
24:25 by rising JGB bond yields um so
24:26 therefore are less keen if you like on
24:28 putting new money into into US
24:31 treasuries. I mean it's becomes a a
24:34 situation really where funding is being
24:37 increasingly done through tea bills and
24:39 um who's going to help them do that?
24:40 Well, it's got to be the Fed
24:42 >> because um you know they go in, they
24:44 will buy the tea bills, they will buy
24:49 they will buy the longer issues which um
24:52 can't be um uh marketed effectively um
24:55 and turn them into T bills because um
24:57 what you will do what they will do is
25:00 they will add to the reserves of the
25:03 banks um in other words the deposits on
25:06 bank deposits held at the Fed and those
25:10 deposits will be invested in in T-built
25:13 an agency debt whatever. So um you know
25:15 this is this is money printing by any other
25:16 other
25:18 >> stretch of the imagination. So that
25:20 chart showing you know the relationship
25:22 between gold and M2 and all the rest of
25:24 it. Gold should be beginning to discount
25:29 a very big jump in um the quantity of
25:32 federal um currency
25:33 >> and deposits.
25:34 >> Well check this out.
25:36 >> All right. Quick break here because if
25:38 you're buying gold or silver the normal
25:42 way, you're probably overpaying by a
25:44 lot. And that's because most retail
25:46 dealers quietly tack on these huge
25:49 markups. Sometimes 10%, sometimes 20%,
25:52 sometimes even 30%. And you don't even
25:55 notice it. It's like paying $115
25:58 for a $100 bill. Doesn't make sense,
26:01 right? So that's why I've been using the
26:03 Boolean Standard Pro. It's a membership
26:05 that basically lets you buy precious
26:08 metals at real wholesale prices. The
26:11 same prices that dealers get. So, no
26:14 inflated premiums, no middleman games.
26:17 Their platform updates every 5 seconds
26:18 straight from mints and distributors.
26:21 So, what you see is literally the real
26:24 market. And here's the crazy part. If
26:25 you buy something like this gold
26:27 American Eagle, here's the amount of
26:29 money you're going to be saving at the
26:31 time of this recording at least. So, it
26:34 basically pays for itself multiple folds
26:36 on many occasions depending on what you
26:38 buy. And if you try it out, they're
26:41 hooking up my viewers with an exclusive
26:43 10% off their first month. Just use
26:46 promo code COSM10 at checkout. That's
26:49 coosm 10 at checkout. So, if you're
26:51 stacking, investing, or just tired of
26:54 getting hit with hidden markups, check
26:57 them out now. Boolean Standard Pro.
26:59 Click on the link down below in the
27:01 description box and use promo code cosm.
27:03 Now, let's get back to the video. You
27:06 talked about GDP. Well, GDP is soaring
27:07 as you can see here on this chart.
27:10 However, this is GDP in US dollars. If I
27:14 price GDP in gold, this is what you get
27:16 instead. So, this is US GDP divided by
27:18 gold. And you'll notice that we've
27:21 actually been declining since March of
27:23 2024. I mean, we've been declining for a
27:25 lot longer than that, but this most
27:27 recent trend started in March of 2024.
27:30 But so, here's the thing, Alistair. I
27:31 think people have to start wrapping
27:33 their head around a new unit of account
27:35 because we've always just used the
27:37 dollar and fiat currency as a unit of
27:39 account. Do you think it's time to start
27:41 using gold as that unit of account
27:45 moving forward given the uh the current
27:48 state of fiat? I mean, the inevitable
27:50 fate of fiat here. I mean what do you
27:52 make of this chart here looking at GDP
27:54 because this tells us that we we
27:56 actually the economy actually peaked in 2001.
27:57 2001.
28:01 >> Yeah. Yeah. Um I mean it yeah if you
28:02 look at the economy I mean that sort of
28:06 rather confirms I think that it's if you
28:09 like being stagnant or stagnated or it
28:12 hasn't really gone anywhere for for for
28:15 some time. I'm not sure that that uh
28:17 chart really matters. I think we have to
28:21 look at what GDP really is. All GDP is
28:24 is the quantity of bank credit
28:29 circulating in the economy. Um and it
28:31 does not tell you about how that credit
28:34 is being deployed.
28:37 So um I mean apart from credit which
28:39 goes into the financial sector which is
28:42 including I mean not not not um you know
28:44 into the employment side and the cost
28:46 side of the financial sector but going
28:48 into stocks going into this that and the
28:50 other thing investments financial
28:52 instruments that is excluded from the
28:56 GDP numbers and correctly so um but the
28:59 real point about GDP is it doesn't
29:01 actually tell you what the economy is
29:02 doing. So it's actually pretty useless
29:06 in that sense. What it does tell the
29:10 government is what its tax base is and
29:12 that is the beginning and end of what
29:15 GDP should be. It is a government
29:18 accounting mechanism so that it can see
29:21 what its tax revenue is going to be. Now
29:25 this is very important because um people
29:27 buying let's say US treasury debt
29:31 particularly when um you have got um a
29:35 very high level of uh interest payments
29:38 which is the case and you have an
29:41 economy which is not generating the
29:44 income for the government you know in
29:46 terms of taxes for the government to sustain
29:48 sustain
29:51 the level of its debt then quite clearly
29:54 this is indicating that uh the
29:56 government is in a debt trap
30:00 and I think a rational examination of US GDP
30:01 GDP
30:04 the government's interest uh costs
30:06 annual interest costs which are now what
30:09 a trillion dollars or something and at
30:11 the same time um
30:14 that the budget deficit I mean it's it's
30:17 quite clear that uh the US government is
30:20 now in a debt trap
30:23 which basically means that um you know
30:25 you've got sort of two steps. The first
30:28 one is you know people waking up to this
30:31 fact and nobody no longer saying uh well
30:34 we have faith in the dollar. Yeah well
30:36 so what that's not going to matter. So
30:38 that's the first stage and the second
30:41 stage I think is when um they actually
30:43 act on it and they say this is a debt
30:46 trap. interest rates should be higher
30:48 and you know what if interest rates and
30:50 bond yields go higher I'm even less
30:53 interested in buying dollars that's the
30:55 point about a debt trap and we are
30:57 actually pretty much on the cusp of that
30:58 and I think that's very important to understand
31:05 where do you think we
31:07 do you think we go in January because
31:09 you mentioned earlier in the podcast
31:12 that all this action is just occurring
31:14 on the quietest couple of weeks of the
31:17 year towards the end when the office
31:21 reopens come next Monday. How do you
31:23 think things react here? What do you
31:26 think? Are they are these when I'm going
31:28 to get a little tinfoil hat here. Are
31:31 they just placing this speed bump in
31:33 regards to margin requirements higher
31:36 just to slow down the price appreciation
31:39 of silver so their buddies on Wall
31:41 Street can go long on silver? Are they
31:42 giving themselves an opportunity that
31:46 way? But be that as it may, how do you
31:49 think Wall Street reacts come the start
31:51 of January, the start of the new year to
31:53 what we've seen transpired the last
31:55 couple of weeks?
31:58 >> Yeah. Well, I I think the point I'd make
32:01 uh about um margin requirements
32:06 is that um you know the the uh um you
32:09 know ComX and also the Shanghai futures
32:11 exchange which have been doing the same
32:13 thing are absolutely right. I mean when
32:16 you get volatility like this you need to
32:19 have better margins because otherwise I
32:22 mean you know if you get a failure then
32:24 you know it's it's it's the market that
32:27 it's it's the um you know it's COX or
32:30 the SHFA that takes it on the chin you
32:32 know and they don't have the resources
32:35 to bail out or to assume the liabilities
32:38 of someone else. So they do need to
32:40 manage this and I think we've got to
32:41 accept that
32:43 as to what happens in the new year. I
32:45 mean this is going to be very very
32:49 interesting. Um I think that uh the u
32:53 persistence of um backquidations between
32:57 London and Comx means that silver could
32:58 well you know I mean this could just
33:00 turn out to be you know as you say a
33:04 speed bump and it just continues on up.
33:08 Um we don't know. um this sort of
33:11 Cassandra like foresight is is not
33:13 necessarily gifted to us. I mean my view
33:16 on this is that you know if you like as
33:21 a as an investor or or whatever is you
33:24 just stack and just you know don't worry
33:26 because this is going higher. It's going
33:29 a lot higher. I don't know when but I
33:31 know it's going higher. What I would
33:33 worry about actually and I think this
33:35 this could be a bit of a speed another
33:38 speed bump uh is that um there is no
33:41 doubt that the equities and particularly
33:45 US equities are in a huge bubble.
33:47 Rising bond yields if that occurs in the
33:50 next two or three months will pop that
33:54 bubble and when that bubble pops bubble
33:59 pops watch out. I mean the the um credit
34:01 bubble is larger than anything we have
34:04 seen in history in recorded history so
34:06 far as we can see. I mean it's even
34:10 maybe larger than the South Sea bubble
34:12 maybe even larger than John Law's
34:14 Mississippi bubble don't know but it's
34:19 larger in my view than 1929 to 1932.
34:22 1920s you had the runup it was a sort of
34:24 two to threeyear runup of the roaring
34:27 20s. um when everything was absolutely
34:29 wonderful, everybody could make money
34:32 etc etc and then you had the smooth holy
34:35 tariff act uh which was discussed in
34:38 debated in congress in 29 enacted in
34:42 1930. Today we've got a larger credit
34:46 bubble fueled into the equity market and
34:49 at the same time we have got Trump's
34:53 beautiful tariffs which actually we
34:56 don't know how you know to what extent
34:57 these tariffs are because he keeps on
35:00 changing his mind. It makes it virtually
35:02 impossible and this is an additional
35:04 factor impossible for any international
35:09 trade involving the Americans to um to
35:13 cost itself. So the whole situation is
35:17 in my view a lot worse than 1929 to 1932
35:21 when um the Dow lost 90% of its value,
35:25 89% to be exact and some 10,000 small
35:27 banks went out of business. I mean this
35:29 is what we're talking about now. This
35:32 time the Fed can't allow banks to go out
35:35 of business. Not only that, but it can't
35:38 allow zombie corporations to go out of
35:41 business big time. Not only that, but
35:44 ever since Greenspan, the mantra has
35:47 been you've got to keep the market high
35:50 in order to keep confidence going.
35:51 They're going to have to go into the
35:54 market and I think they will do what the
35:56 Japanese bank, central bank has been
35:57 doing, Bank of Japan and that is they
36:01 will buy equity ETFs to try and support
36:04 the market. Won't work. It might work to
36:07 an extent but it's very bad news for the
36:09 dollar. I mean the dollar will start
36:13 losing its value very rapidly in 2026
36:16 which basically means put another way
36:18 consumer prices are going to go through
36:22 the roof and then of course in 2027 what
36:24 will we have? We will have governments
36:26 trying to control prices. Every
36:28 politician I've ever spoken to knows
36:30 that price control is the most stupid
36:33 thing you can do. What do they do? They
36:35 introduce price controls. Why? Because
36:38 the whole thing is political.
36:39 And I think that's the thing that people
36:41 have got to realize. This is being
36:45 driven by politics, not by sensible
36:48 economic analysis.
36:49 >> Yeah, they can pump as many dollars they
36:52 want into the stock market, but in real
36:54 terms, it won't mean a thing. I mean,
36:57 point of fact, here's the S&P for this
36:59 year priced in gold. Again, shifting
37:02 your unit of account to gold shows a 30
37:06 plus% decline this year in the S&P. And
37:08 if you take a longer term view, this is
37:10 on a log scale. If I look at it from a
37:13 linear scale, it's even more apparent.
37:15 It it actually shows that we've been on
37:18 a downtrend for quite a while now, since
37:20 2022. And we haven't hit a high since
37:24 2000 or so. And here's the
37:26 when it's shifted back to a lock scale.
37:28 Here's the 1929 crash you alluded to, Alistair.
37:30 Alistair.
37:33 and S&P price in gold saw what from top
37:37 to bottom saw a 80 84 85% crash.
37:38 crash. >> Remember
37:40 >> Remember
37:42 >> we were on a gold standard there at
37:46 20.67 which persisted right into um >> Mhm.
37:46 >> Mhm.
37:49 >> Well, I mean I think Jan January 34 was
37:51 when it was actually devalued when the
37:53 dollar was devalued. Yeah.
37:53 Yeah.
37:55 >> So I mean that's you know that will be
37:57 the same in dollars that that particular
38:01 one but now absolutely no nothing
38:03 >> to secure the value of the dollar. The
38:05 dollar the dollar is in freef fall
38:09 itself. So I mean it's interesting I was
38:11 looking at numbers um in the best
38:14 documented hyperinflation
38:17 ever the German one in 1920 to23
38:24 and uh in uh between 19 February 1921
38:32 sorry I'm I'm I'm shifted a year out
38:36 between December 20 sorry January 20 and
38:38 December 21,
38:41 the the the German stock market more or
38:44 less tripled. And at that stage, believe
38:47 it or not, the uh Deutsch mark, the
38:49 sorry, the Reich mark was just about the
38:52 strongest currency in the world. It
38:53 started fading towards the end of that
38:57 period and um measured in gold, its
38:58 purchasing power starting to decline
39:01 quite rapidly, which upset the stock
39:04 market. the stock market crashed
39:07 but because the Reich mark crashed
39:11 itself very significantly the decline in
39:13 the in an index if you like of the
39:17 stocks was around about 25%.
39:22 But measured in gold it was 93%.
39:26 >> So uh that's the relevance of of um you
39:28 know sort of looking at the S&P in gold
39:32 terms today. And um I mean the situation
39:34 I think in many senses was very very
39:36 similar to what we have today. I mean
39:39 the fascinating thing is that um you
39:42 know the finance minister Carl Heerik I
39:46 think it was uh you know he actually
39:48 wrote a book on economics and he was
39:52 regarded as um a foremost economist
39:55 rather like Kanes was at that time in
39:57 the the very early 20s.
40:00 And not only that, but uh when it came
40:02 to replacing the Reich's mark with the
40:07 new ransom mark in November 23, he was
40:09 the guy who put together the plan. It
40:13 was helmet Shak who actually, you know,
40:16 took over the central banking facility.
40:19 But it was Hellfrick who actually did
40:22 did this. Now he was finance minister.
40:24 He presided over the collapse of the
40:28 currency. He knew what was going on,
40:31 but he was powerless to stop it. He
40:34 encouraged it. It was political. This is
40:37 the whole point. And I think people who
40:39 just look at the sort of economic
40:40 situation and say the Fed's doing this,
40:42 Fed's doing that, whatever, whatever,
40:45 and the outlook is boom. They're missing
40:47 the whole point. The whole thing is
40:51 driven by politics. That is really what
40:54 determines the outcomes, not
40:56 macroeconomic analysis. I mean, that's
40:58 just, you know, forget it. It's just a
41:00 waste of time.
41:03 >> Mentioned politics. Is this is this
41:04 thing that's going on with silver today?
41:06 Is that tied into the stuff going on
41:08 between the United States and Venezuela
41:12 and South America by virtue of uh
41:15 kicking out China from the region and
41:18 forcing them to find their own silver
41:21 elsewhere? Yeah, I mean I think I think
41:23 China is actually being a lot more
41:26 pragmatic about things. Um
41:30 it really started when Trump started to
41:34 um you know talk about 140% tariffs and
41:36 all the rest of it against China. So
41:39 what China did was it said okay you know
41:41 I mean they didn't actually care. I mean
41:44 yes obviously they care to a degree but
41:46 um the amount of trade they were doing
41:48 with bricks was actually far greater
41:50 than what they were doing with America.
41:54 Um you know the deficit that well her
41:57 surplus if you like uh export surplus
41:59 China's export surplus to America was
42:02 considerably less than it was to to
42:06 bricks. So um in a sense uh she had
42:10 already protected herself against this.
42:12 But when China when Trump decided to cut
42:17 up really rough on on uh uh tariffs then
42:20 China countered
42:22 effectively saying well if that's your
42:30 and uh oh oh says Trump you know and he
42:33 started backing off but I think what
42:37 we're seeing with China's um policy over
42:39 silver is an extension of the rare
42:43 earth's story, she realizes two things
42:47 and that is that um she's actually
42:49 controlling some very very rare
42:52 materials which the west needs
42:55 and the second thing is that she needs
42:57 it for herself.
43:00 So she's not going to let this go as it
43:03 were and I don't I don't think there's a
43:05 price really which is going to change
43:07 her mind.
43:10 So um because since the rare earth thing
43:12 she's also taken on on board the
43:17 necessity to um control the licensing if
43:19 you like put it that way of of silver
43:23 exports and also antimony is another one
43:25 which uh um as I understand it I'm not a
43:27 materologist but I understand that
43:32 antimony is is is a very important um uh
43:36 uh metal if you like to um anneal with
43:40 uh lead in in uh um you know in in
43:43 ammunition and that sort of thing. So
43:46 you know if you haven't got any antimony
43:50 you can't um make ammunition you know of
43:53 all sorts. So, China has actually got
43:55 the West, as I was saying earlier, by
43:59 the gonads. You know, it's um and we're
44:01 only, you know, we don't really realize
44:03 this. I mean, it's just extraordinary.
44:05 We sort of, but I mean, you know, there
44:07 are the two reasons. Firstly, she
44:10 realizes that she can control us this
44:12 way. And the second thing is she
44:14 realizes she needs this stuff for her
44:17 own purposes, her own industries. I mean
44:19 the difference between the US and China
44:23 in a sense is that the US is interested
44:28 if you like in uh state technology um uh
44:30 defense technology and so on so forth
44:33 whereas China develops her technology in
44:36 the private sector basically for
44:39 consumer goods. It's a completely
44:41 different thing. And now it does mean
44:43 that China's use of these rare
44:46 materials, rare earth, silver, antimony,
44:49 aluminium, and all the rest of it is far
44:53 far greater than America's. She cannot
44:55 all the rest of the world. She cannot
44:59 afford to lose control over uh these
45:02 important metals. So, she's hanging on
45:04 to them. And that's the story of silver
45:06 as well.
45:08 I mean certainly what you're saying I
45:11 mean you're saying about Latin America I
45:13 mean that is interesting because there's
45:16 a geopolitical balance here.
45:21 America is decided I think um that um
45:23 because nothing seems to work in terms
45:26 of trying to control China trying to you
45:29 know ensure that the global south
45:31 doesn't sort of migrate towards China
45:33 etc etc. I mean America is lost on
45:35 everything. She's hated around the
45:39 world, which doesn't exactly help. Um,
45:41 what she's doing, I think, is she's
45:46 decided that she needs to um control the
45:48 Americas rather than try and control the
45:52 world. So, China sees this and thinks,
45:54 okay, you know, we're going to be losing
45:57 quite a lot of stuff in um, you know,
45:59 Chile, Venezuela, whatever, whatever, whatever.
46:00 whatever.
46:03 Um there's a battlefield in Africa uh
46:06 which our mutual friend Simon Hunt was
46:10 talking about last time we we were on uh
46:13 in the DRC but that's also Zambia as
46:15 well. We're talking about copper there
46:16 and just look at the copper price. I
46:19 mean you know silver is copper on
46:21 steroids if you like but I mean they're
46:24 going in the same direction. So um you
46:26 do have that international uh uh problem
46:29 but I think America is concentrating
46:34 more on um its own uh you know sort of
46:36 if you like Central America and Southern
46:39 America and controlling that and if you
46:44 like as placing less emphasis on uh on
46:47 on Eurasia and I think this is part of
46:50 Trump's um approach to the Ukraine situation.
46:52 situation.
46:55 um can't quite be as far as Israel is
46:57 concerned because the Israeli lobby is
46:59 just so strong. I mean it really is in
47:01 America. But you can see the big shifts
47:04 here. So from China's point of view, she
47:07 could probably accept the American logic
47:10 of trying to control the Americas as
47:13 long as she's got the rest of the world.
47:14 >> Yeah. And you mentioned these other
47:17 metals because platinum and palladium
47:19 also moved with the price of silver um
47:21 on that big day we had last week.
47:23 Platinum actually I think overtook
47:24 silver on the day or something like that
47:27 or got really close to it. What's your
47:29 view on platinum? At one point platinum
47:30 was actually priced higher than gold.
47:32 Now it's about half the price of gold or
47:34 a little less than or a little Yeah, a
47:36 little less than half the price of gold.
47:39 uh how do you see platinum playing out
47:40 given that it's still like from a
47:42 platinum to gold ratio from a platinum
47:45 to silver ratio uh it's kind of
47:48 underperformed these other two metals
47:50 >> well I don't actually analyze platinum
47:53 and palladium um you know I just sort of
47:55 note that they they move and I think
47:58 from a market point of view um you know
48:00 they're rather like silver on steroids I
48:01 mean you you've got in terms of
48:04 production you haven't got um mines if
48:06 you like all over the world which can
48:09 sort sort of produce platinum and you
48:11 know take it further and do palladium.
48:14 Um you know this is very very tight. I
48:16 mean you got Russia uh obviously South
48:19 Africa they traditionally were the only
48:22 two sources of these metals. I'm sure
48:24 there are others now I think I you know
48:27 but as I say I haven't analyzed it but I
48:29 think it's a tighter market in effect
48:32 than silver and therefore more volatile
48:35 and so to see platinum really suddenly
48:37 shoot up I mean for a long time nobody
48:39 wanted platinum they wanted palladium
48:42 now it seems it's the other way round I
48:44 think it's just um it's just part of the
48:47 whole scene I mean if you look at um
48:50 base metals priced in gold I mean look
48:52 at silver. Sorry, look look at copper
48:55 priced in gold. If you run that chart,
48:58 you'll see that um you know it's way
49:02 down. I mean, compared with the year
49:05 1900, I think it's about 18% of the price.
49:06 price. >> Yeah.
49:06 >> Yeah.
49:08 >> It's at an all-time low.
49:10 >> Yeah. Yeah. Exactly. So, so now some of
49:14 that is is maybe gold discounting, you
49:16 know, the dollar's further decline into
49:18 uh 2026.
49:21 Um but if you if you look at that chart,
49:23 you can you can see that actually
49:25 because you know gold's purchasing power
49:27 over long periods of time is relatively stable.
49:28 stable. >> Mhm.
49:29 >> Mhm.
49:34 >> Um that tells me that uh copper is underpriced
49:35 underpriced
49:37 by any measure. If it's underpriced in
49:40 gold, it's underpriced by any measure.
49:42 So what's going to happen price of gold?
49:44 It's g of of copper. It's going to go
49:47 through the roof, I think. Um, and it's,
49:49 you know, it could even, it should even
49:52 go up against gold.
49:54 Let's assume that gold even goes to, I
49:57 don't know, 5 $10,000. You'll get
50:00 copper, maybe even, you know, sort of
50:04 going up more rapidly in declining fiat
50:07 currencies. This is a crisis for fiat
50:09 currencies. This is the end of the fiat
50:13 currency era that we're seeing. They
50:14 have depressed. I mean, if you look at
50:17 the price of copper in in in dollars,
50:19 you get a completely different chart.
50:21 And you think, oh, you know, copper's
50:24 up, but it's not because we know in real
50:26 terms, it certainly is not. If you've
50:28 got it there in dollars, you'll see what
50:31 I mean.
50:32 >> Yeah. Alltime high. >> Exactly.
50:34 >> Exactly.
50:38 And uh look at aluminium or aluminum as
50:39 uh your friends over there would call
50:42 it. That's another one I I spotted today.
50:44 today.
50:45 you know. >> Oh,
50:45 >> Oh,
50:47 >> there you go. Yeah.
50:50 >> Uh, you know, don't tell me that, um,
50:51 you know, inflation is not going to be a
50:55 problem in 2026.
50:58 >> Out of curiosity, I charted CO uh, COPEX
51:01 divided by GDX, the copper miners versus
51:04 the precious miners, uh, the precious
51:06 the gold miners, I should say.
51:11 >> Yeah. And uh it looks like I don't know
51:15 COP X looks still relatively under
51:17 >> underperforming GDX but it looks like it
51:20 may be basing out here or something a
51:22 bit. It's I think it's one to watch out
51:25 for. Yeah, I think I think an index uh
51:27 will pro probably has uh Freeport
51:30 McMarren with their very very big
51:36 Grassburg um mine in um uh in Indonesia.
51:38 They've had real production
51:40 difficulties. So their share price I
51:44 think has actually you know I mean look
51:45 I don't follow it but I would guess
51:49 their share price is way way down. Um,
51:50 >> I mean the real cop, you know, the real
51:53 copper story is China. China's got it
51:55 basically. I mean, it just gets all the imports,
51:56 imports,
51:58 >> but but here's here's here's the nominal
52:00 value of of COPEX, the copper miners
52:02 index. Uh, and it's it's so it's at
52:05 all-time highs.
52:07 >> You chart it against copper. You price
52:09 it in copper, it's outperforming copper. So,
52:10 So,
52:11 >> yeah, that's good.
52:13 >> I think it's early innings for the
52:15 copper miners in this case.
52:19 >> Yeah. Interesting. Interesting.
52:20 >> All right.
52:22 >> One reason I like talking with you
52:24 actually, Danny, because you're so good
52:25 with your charts.
52:26 >> Oh, thank you.
52:28 >> Yeah. I mean, I look at this stuff all
52:31 day. Um I'm kind of I'm I've never been
52:32 tested for it, but I wouldn't be
52:34 surprised if I was on the spectrum of
52:36 some sort, but be that as it may, it's a
52:37 pleasure having you on as always,
52:38 Alistair. Anything else you'd like to
52:41 talk about before we wrap this uh this
52:42 episode out?
52:43 >> Actually, I tell you, there is one
52:45 thing. There is one thing and I want
52:48 everybody to watch out for this. With
52:50 this new AI, you're getting people
52:52 pretending to be other people. >> Mhm.
52:53 >> Mhm.
52:54 >> So, I mean, it's interesting. I was
52:57 reading something that Pepe Escobar um
53:02 wrote yesterday, was it today about how
53:06 um videos are being done um which make
53:09 it look like it's him in various
53:10 languages and all the rest of it and
53:14 it's not him at all. Um, and I think
53:15 what it means is that you've got to, you
53:17 know, everybody should be very, very
53:20 careful who they actually subscribe for
53:23 on, you know, subtax, whatever, you
53:25 know, YouTube videos and all the rest of
53:29 it, social media, because AI is actually
53:32 taking literally taking words out of our
53:35 mouths and uh, using them for other
53:38 purposes. So, be careful who you
53:39 subscribe for. I think that's
53:42 desperately important. Yeah. Anyway, >> obviously
53:45 >> obviously obviously
53:46 obviously
53:48 you might say, "Well, I would say that,
53:49 wouldn't I?" But it's I think it is a
53:51 new feature which we got to be very very
53:53 careful for about um
53:55 >> Yeah. I mean, you're kind of biased as a
53:57 human being to say that, Alistister. I
53:59 mean, who are you to hate on these AI
54:02 bots just because you're flesh and blood
54:03 and carbon based?
54:05 >> Funnily enough, I've got Yeah. Well,
54:07 exactly. I've got a I've got a very very
54:13 good friend uh who has an AI buddy um
54:15 >> and uh she asked him all sorts of
54:17 questions and he's very helpful and all
54:20 the rest of it. It's actually scary. It
54:22 really is. It really is.
54:23 >> And it's only going to get better from here.
54:24 here. >> Yeah.
54:26 >> Yeah.
54:27 >> That's the scary part. It's this is this
54:32 is as this is as uh as as low as it's
54:34 ever going to be. It's only gonna get
54:35 better from here. So
54:38 >> you reckon
54:40 >> where where can people find you? Um
54:42 Alistister, fellow human.
54:44 >> Fellow human. Well, mloud financeubstack.com
54:47 financeubstack.com
54:51 um will get you there. It's quite simple
54:52 quite similar to capitalcosm.substack.com.
54:54 capitalcosm.substack.com.
54:58 So um anyway, I'd love to to just say to
55:01 everybody who watches this, I mean, you
55:03 know, good luck in 2026.
55:06 It's going to be a very interesting year
55:10 in the Chinese proverbial sense.
55:13 >> Um and um I think it's going to be a
55:15 time when
55:17 capital preservation rather than capital
55:20 accumulation is actually going to be the
55:25 sensible strategy. Protect your wealth.
55:26 It's going to be quite difficult to do
55:29 as well and to feed the family and
55:32 >> to ensure those around you don't suffer
55:34 too much. I mean, it's it's it's it's
55:36 not going to be pleasant when you get a collapse
55:37 collapse
55:38 >> get a collapse of the currency, when you
55:41 get, you know, food prices rocketing and
55:44 all the rest of it. Um, no, this is not
55:47 fun. It's not it's no joke. No joke.
55:49 >> Yeah. 95% of people are just oblivious
55:51 to all this we just spoke about. So, for
55:53 the people that are watching this
55:56 content and this video, um, the burden
55:59 lies on us to inform those close to us,
56:02 um, get them ready for what's going on.
56:04 um because they are going to be shocked.
56:06 It's going to be a shocking event and
56:07 most people are still in denial. They're
56:09 still waiting for Bitcoin to go back up
56:13 and I don't know if maybe maybe it does
56:15 in in 10 years or so. I I don't know. But
56:15 But
56:16 >> who cares?
56:18 >> Yeah, who cares? I mean, at the end,
56:20 we've got bigger fish to fry here. So,
56:22 um Alistister, thank you so much for
56:23 coming on, my friend. I really
56:24 appreciate it. Be sure to check out
56:26 Alistair Substack, everyone. We'll have
56:28 a link down below. And if you got value
56:30 out of this podcast, hit the like and
56:34 subscribe. Happy new year everyone. Uh
56:35 let me know what you thought of the
56:38 podcast. I do in fact read the comments.
56:40 Um and uh I may not be able to reply to
56:42 each and every one of them, but I do
56:44 read them. Hit that subscribe button as
56:47 well. Hit that bell notifications. Press
56:49 all the buttons you can my friends. Um
56:51 because it does help us in the long run.
56:52 A little bit does go a long way in
56:54 helping push this video and this channel
56:56 in the algorithm. And so if you
56:57 appreciate the work that we're doing
56:59 here, I would you know I'd appreciate
57:01 it. Uh likewise. um as well. Also check
57:02 us out on Substack at capitalcosm.substack.com
57:04 capitalcosm.substack.com
57:06 to get all of my stuff early and ad
57:09 free. And with all that said, happy new
57:12 year everyone. Catch you later. Bye.
