Economic Indicators at Historic Extremes

➡ The article discusses the current economic situation, highlighting that the rich are getting richer due to their ability to buy assets that increase in value during inflation. However, those without assets and living paycheck to paycheck are struggling as everything becomes more expensive. The article also mentions the state of the stock market, where only a few stocks are doing well while the majority are at 52-week lows. It also discusses the increasing investment in AI and the potential for a deepening recession.
➡ The article discusses the potential risks of rising interest rates, which could lead to a crisis in the bond and stock markets. It suggests that investors might prefer government bonds over stocks due to lower risk and comparable returns. The article also highlights concerns about inflation, the cost of raw materials, and the impact on businesses and consumers. Finally, it questions the health of the economy, suggesting it’s being propped up and that the wealth gap is increasing.
➡ The text discusses concerns about job loss due to advancements in technology and artificial intelligence. It also talks about the increasing difficulty of achieving the American dream due to rising costs of living and home buying. The text further discusses the rise of socialist platforms, the potential weakening of the dollar, and the impact of inflation on reducing national debt. Lastly, it mentions the delivery of a significant amount of gold and silver to COMEX since the beginning of the year.
➡ In recent times, large amounts of silver and gold have been delivered and stored at COMEX, a major commodities exchange. This has raised questions about who is behind these transactions. The theory is that the U.S. government, specifically the Treasury, is responsible, as silver was classified as a critical mineral in 2025. The government could be using the Exchange Stabilization Fund to accumulate these minerals without needing congressional approval. The same pattern is seen with Tether, a cryptocurrency company, which has bought more gold than any entity except the Central Bank of Poland. It is suggested that Tether is working closely with the U.S. government, using the interest from U.S. treasuries to fund these purchases.
➡ Tether, a major player in the US Stablecoin business, is suspected to be working as a private sector proxy for the US Government to accumulate gold. This theory is based on Tether’s large treasury holdings, increasing connections to Washington, and their involvement in financial crime investigations with the Justice Department. The company is also believed to be part of a larger trend of big money entities using market weaknesses to accumulate gold and silver, leading to a massive transfer of ownership from weak hands to strong hands. This is seen as a strategy to suppress prices and buy at a lower rate, potentially in preparation for a new monetary system tied closely to gold.
➡ The text discusses the importance of owning assets to increase wealth, especially in an inflationary environment. It also warns about scams in the gold market, where companies sell special coins at high prices. The speaker advises doing homework before buying and sticking to bullion from sovereign mints. The text ends with a discussion about the stock market and the importance of understanding its dynamics.

Your ability to make ends meet. Now think about what we were saying. The wealthy get wealthier because they’re able to buy assets that go up much higher in an inflationary environment. But if you don’t have assets and you are working paycheck to paycheck, everything you are buying is becoming far more expensive. So when they talk about, look at all the, you know, the people spending, well, how about 1.5 trillion in debt on credit cards because people can’t make ends meet. Thank you for listening, thank you for sharing and please subscribe below and think about joining my substack@SarahWestAll substack.com or my newsletter.

You can sign up for that as well@Sarah Westall.com and remember to give a thumbs up and to subscribe on the platform that you’re watching. Welcome to Business Game Changers and Financial Review. I have Andy Schectman coming back to the program. He hasn’t been here in a while. We usually do these every other week and he was out last time so I got him back. We’re going to talk about the is there a shadow price for gold and silver? We’re going to talk about the consumer index. It’s the lowest it’s been, that’s the consumer confidence index. It’s the lowest it’s been in 12 years.

What does that mean? We’re going to talk about the stock market, that the majority of the stocks are at 52 week lows and there’s like 10 of them that are pumping or holding everything up. So the entire market is weak except 10 stocks. What does that mean? I’ve been talking about how the capital has been going into AI. 70% of the capital, all new investment has been going into AI and that is pretty much papering over what there is underneath, which looks like a deepening recession. And so we’re going to talk about that. And then the fact that the Comex has all has more standing for delivery than ever.

I mean not just more. It went from hardly anyone standing for delivery to massive standing for delivery. What does that even mean? What does it mean to stand for delivery and what does that mean? That tether is buying all sorts of gold. He thinks that it is a route for the US Government. He’s going to explain that tether being a means for the US Government to accumulate gold and where his theory is on that, you gotta watch. This is a good one. I want to tell you before we get into this, go to sarah westall.com Miles Franklin, fill out that form and get A copy of your special price list.

It’s the best prices that are not public on gold and silver. So you can see if you’re in the market for buying gold and silver, which everybody should have some. I mean, especially now when it’s low. I think it was good when it was higher, when it was, you know, in the hundreds. Right. When silver was over 100, I thought it was still a good buy. Now that it’s way down, I think they’re suppressing. We’re going to talk about this suppressing it to accumulate and get it ready for the reset that is going to happen. We’re going to talk about what that means.

But it means it’s a good time to buy. I’m redoing a bunch of investments because I think it’s really good right now. But that’s me. It’s always, you know, it’s an investment. So, so it’s always, you never know. But typically gold and silver is just a storage of wealth regardless. Sarahwestall.com Miles Franklin, if you’re going to be in the market to buy, do yourself a favor and compare prices. Don’t just buy. Don’t just trust whoever you’re talking to. Do your homework. Make sure you’re buying at a price that’s a commodity. Make sure you’re not getting hosed over.

Okay, let’s get into this conversation now with my friend Andy Schectman. Hi, Andy, welcome back to the program. Sarah, it is great to see you. It’s been a while and good to be back. Well, it’s, yeah. I miss not having these every other week. You’re on twice a month and we haven’t done it in the, we skipped one because you had business stuff going on. But okay. Since we talked last, the consumer index came out and it’s the lowest it’s been the confidence, consumer confidence is the lowest it’s been in 12 years, which I want to talk about that a little bit.

It’s not showing up necessarily in a decrease in revenues coming in. And I think that’s because of two factors. I think that’s because of inflation, like gas and inflation and all that other stuff. And then I think, well, inflation, I think that’s pretty much what it is. Right. I mean inflation is beyond just gas. It’s food, it’s everything. And I think that’s why the numbers aren’t reflecting it because inflation is so high. Yeah. And not only that, the CPI is, is a gauge that poorly measures the inflation that is in the system. It excludes Food and energy and housing.

You know, they talk about rising interest rates and you have this segment of, of the talking heads that seem to think that rising interest rates are always indicative of a strengthening economy. In other words, the, the economy is strengthening and strengthening. And this is why there’ll be greater inflation expectations and why, you know, the stock market is at all time highs and it’s killing it. Everything you look at the s and P500, right, 440 or 50 of those stocks are trading at, you know, massive lows. They’re close to their bottom for the last 52 weeks. So you have a market that is being held up by, yeah, closer to like seven stocks.

Horrible breadth. And it’s upside down in that respect. You have inflation that hasn’t even begun to, in my opinion, show itself. Much of it has been masked by the drawdown in the reserve of our Strategic Petroleum. And normally when you talk about inflation shock due to energy, there’s a lag time. Add into it the masking of the bleed down of the Strategic Petroleum reserve. And then you look at the diesel problem we’re having. They call it the crack spread where the difference between the cost of oil and the cost of diesel is at all time highs.

Diesel’s over six bucks a gallon. And diesel is the foundation basically of everything these days. When you talk about transportation and farming, it runs the combines, it runs the tractors, it runs the freight, the trucks that are driving it. Across the nation, price inflation is set to only get worse. And they try and tell us the economy is so great based on all the spending that we see. But look at all the spending on credit cards because everything is so much more expensive. See, that’s what I think it’s okay, there’s 1.4 trillion in consumer credit card debt at 20% or higher interest rates.

That’s not a robust economy. That’s economy that’s hanging on by the skin of its teeth if you ask me. Okay, so, but you said something that kind of freaks me out. Okay, you’re saying that there’s only seven stocks that’s really holding. Is it really only seven? Seven to ten? I mean there’s the seven tech stocks, then you got the Micron and a couple of others. It’s, it’s more or less 10 stocks that are leading the entire charge. That’s incredible. And the rest of them are at lows because that tells me it’s a, what it does is it says that the investment in AI that was really to prop up the economy and everything else is down here.

And it’s one big paper illusion of what’s going on. Well, and I want to give you something, something that you don’t hear many people talk about. And I think it, it should be spoken of more often. And let’s put everything else aside. We can, we can put aside the fact that you have $29 trillion in, in 2026. Corporations are, have or are set, governments and corporations have or are set to borrow. You can set all of that aside. You can set aside the 10 trillion in treasuries that come due in the next, within the next year or less.

You can talk about the fact that so far this year we’ve added on, well, on the fiscal year that ended in September, 2.37 trillion in a single year in terms of indebtedness that we added. And it took 211 years for the United States to accumulate through what, Civil War, two World wars, Great Depression to add that kind of debt. We do it in a single year now. It took 211 years the first time around. And so when you talk about a government that takes in $5.4 trillion in tax revenue last year, but still spent 7.4 trillion and over a $2 trillion deficit with over 1 trillion a year in interest on our debt, this is the beginning.

And won’t you talk about this? But I want to cover something that I don’t think enough people talk about. Because I think what you’re talking about is a situation where most investors are worrying about inflation, right? And they’re worried about higher interest rates, which leads to more debt, higher rates, more borrowing. All of this stuff continues. But the part that I think needs to be talked about just a little bit more is what can happen if rates continue to rise. We’re already at that moment where a bond market crisis very quickly becomes a stock market crisis.

Because as of last week, the s and P500 traded at what’s called roughly a 19.4 times forward earnings. 19.4 times. That means investors are paying $19.40 for every $1 in expected annual corporate earnings. Okay, if you flip that PE round, you turn it upside down and do the inverse of that. That means that stocks offer an expected earnings yield of about 5.2% on the S&P 500. 5.2% is what expect to earn if all goes well. But here’s the interesting part. The 10 year treasury now pays 5.3% with no earnings risk at all. So why take stock market risk when government bonds like the U.S.

treasury offer comparable Returns with virtually no risk other than, I guess you could say there’s always risk but far less risk on a U.S. treasury than you would have on a corporate equity, a stock. So as treasury yields keep rising, stock valuations are going to come under wicked pressure. And I think that this is something people need to think about because yeah, rates go up and we run into problems with the bond market, with the real estate market, with the holdings of Treasuries by the banks and the insurance companies. But people don’t think enough about, we’re at that point right now with risk.

Where is it worth it to hold your money in stocks that are returning less on what is expected on the PE ratio cumulative on the S&P 500 than what you can get in a 10 year treasury. For that matter, what you can get in pretty darn close to a two year Treasury. So I think, yeah, you do have inflation coming through the pipeline. And not only that, Sarah, manufacturers have reported that the cost of rising raw material prices that it’s happened for 24 consecutive months. In other words. Well, from the diesel, right? I mean from diesel and the cost, everything.

That’s right. Oil input. Yes, that’s right. And these costs don’t disappear. One or two things happen. Either the businesses absorb it, which turns their profits from good to not so good, or they pass them on to the consumer. And so how you were saying that there’s only, let’s say there’s 10 stocks that are holding up the entire market. That means that they’re, because we talked about this before, 4 or 5 trillion dollars market caps. I mean these are incredible, right? So they’re holding up the market at these market caps that are really out of line. If the entire rest of the Exchange is at 52 week lows.

That’s an unhealthy economy. Of course it is. But they tell us that it is a healthy economy and that’s the part that gets everyone confused. And then they lie about the measurement of inflation. Then they spin things around like the consumer price index comes in hotter than expected, meaning inflation’s getting worse. And they want us to believe this gives them the opportunity to hit gold and silver and stand for delivery at subsidized prices. But they hit it because we are supposed to believe now that rising interest rates or the expectation of rising interest rates because inflation and war are supposedly bad for gold.

I don’t understand that. You see, here’s the. It’s never been bad for gold and silver, right? In these conditions it’s usually better. So it’s weird, of course, because here’s the thing. Thing, Sarah. What they’re trying down world. That’s right, it is. Because what they’re trying to tell us is that all of these rising costs, rising inflation and the, the need for higher interest rates means that the economy is super strong. Look at the, look at the stock market. The economy is so strong that they’re going to have to raise rates to cool the economy to bring it down.

Do you think they’re desperate? Is this what it’s showing? Yeah, I think it’s the opposite of that. Instead of it being a strong economy and have to raise rates to cool down the economy. I think what you have are two things. Wicked fiscal irresponsibility where we add another over 2.3 trillion to the debt. A trillion seconds ago was 31,688 years ago. We are spending out of control and also lack of trust in our foreign policy and weaponization of the treasury market. And you know, when we took $400 billion from Russia with us and our Western allies, you cross the line.

So I think that this is a deal where it’s not what they’re telling us. It’s not about a strong economy. It seems like we’re just propping it up. It’s an illusion. They’re born with an old narrative. If the dollar and the economy was. If this economy and this country had the same type of reputation that it did when we were younger and everyone wanted to be here, everyone wanted to invest in this country, everyone trusted our judicial system and our foreign policy and our mod monetary policy. And we weren’t fiscally irresponsible. We weren’t running massive indebtedness, massive deficits.

I think it’s a different story. I think what you have right now is the antithesis of that. And the reason rates are rising is because foreigners are not willing to hold Treasuries at these yields. They’re just not. And so they’re selling Treasuries in favor of assets like gold. And I think that is a much, much more accurate reflection of what’s happening then a strong economy. What you have is a stock market that is detached from Main Street. Most of the stocks in the S and P are down, but these other stocks, which are, you know, have massive weighting, are carrying everything.

And it’s the wealthy getting wealthier and everyone else not. And if you are invested in those stocks, you’ve done very, very well. If you’re not, you’re having a much harder time putting food on the Table, which is the majority of the people. It’s the majority of the people. You know how expensive is. Yeah, there is spending by wealthy, which is also keeping the things up. And it’s an illusion. I remember back 25 years ago, you might remember when the Taliban was taken down and the troops were going into Afghanistan. They were two blocks away from the Taliban headquarters.

They were in charge of all the press and the media and they were pumping out that the entire city was under control, except, you know, the very core. And they were two blocks away and they were still telling all the people that the Taliban were in charge. Charge. We’re in control. We have everything. I mean, they were literally lying to the people until they were actually physically taken out. And I just wonder how different this, how different any country is. It’s not. I mean, look at, look what, look what Ben Bernanke, they, they said is, you know, he said the subprime, subprime crisis is under control and contained.

Nothing to worry about. And within a couple of days, the whole thing blew up. You know, and I think they have zero incentive to be honest about those kinds of things to the public because again, people are motivated in two directions. One by fear, which is the strongest motivation of all, in greed. And I think when you get people scared, they do things that are emotional and they do things very quickly and they do what they can to protect themselves. And the last thing they want, I mean, it’s the same thing, you know, with the UFOs.

Well, they didn’t tell us for what reason. It’s the same thing. That movie, that movie with the army, movie with Jack Nicholas. And you can’t handle the truth. You can’t handle the truth. That’s what it is. They figure we can’t handle the truth. The markets can’t handle the truth. We’re certainly getting the truth from Elon Musk, or not the truth to scare the hell out of people. I mean, he was on the White House lawn with, with Trump talking about super intelligence, right? And then he was bringing up universal basic high income. And then a couple days later he talked about how the fact that in three years there’s going to be no salaried jobs left.

Now, I don’t believe that he’s, he’s done a lot of predictions that don’t come true, but he. Whether that it probably won’t come true like he says it, but it probably could come true to a certain degree. I mean, like certain chunks of it, you know, and if we can’t handle the truth Elsewhere. How? Why are they giving us that level of truth? Well, I think that there are some that will give you some truth. You look at the other side of things. Politicians are saying, well, the productivity that AI and robotics will create will be enough to make things fantastic again.

But that’s not true. That’s where the wealthy get wealthier. You have maximum efficiency at the expense of jobs that aren’t needed. But it makes it a little, but it makes no sense. They want everybody to support artificial intelligence, super intelligence while telling everybody there’s going to be no jobs in three years. People are like, well, I don’t even care how good this technology is, if there’s no jobs, we’re screwed. Well, I’ve been saying that forever. I know, but the fact that that was the messaging out of the, I mean out of the White House and then out of Elon Musk, it was.

Well, Elon Musk is building a, he’s building, he’s building a company that makes robots. And when you talk about robotics and you talk about artificial intelligence, it is going to eviscerate the, the employment market, labor market, there is no question about it. But you know what I’m saying, it’s kind of like that’s the worst marketing ads you can possibly do to try to get the public to support it. Why would we support that? You know, the public Nowadays, Sarah, nothing the public does surprises me. And maybe they, I don’t know, maybe they’re, look, you got all these candidates running on the socialist platform.

Many of them are leading the charge and are leading their races. And you have a whole generation of people that just feels exasperated, you know, the average, the mean age or the middle age average. It’s not average. I always forget the difference between mean and average. But anyways, the bottom line is it’s, it’s 40 years old, is the age of first time home buyers. So you know, the American dream is becoming harder and harder and harder to accomplish. Not only or to achieve not only is. You know, when you talk about home buying, I mean that’s center to building a family.

And so this, the whole thing, you can go down the rabbit hole as far as you want, but you’re having a. Much less in the way of advancing the population, much less in the way of children being born by young families because the costs are too expensive. Not only just the basic costs of living, but buying a home and getting ahead. And I think that all of these things, that’s why you have this rise of this socialist platform where people say, look the other generations before us, they really screwed things up. So we deserve our piece and the government has to help us out with it because it’s gotten too expensive.

What a disaster. But it’s happening. I know, but we have to look at jobs and development and all the basics needs to come back. And you, you talked a lot about bringing manufacturing. I think that’s what they’re trying to do. I do. I do believe that. And I think that’s why the dollar will be sacrificed at the altar. Look, I mean, there are a lot of things that have happened recently that would point to that being a little bit more accurate than I had thought about. Isn’t that weird when you talk about it and you think you really know and then it ends up being even more than you thought? Well, you know, they brought Judy Shelton onto the treasury all of a sudden, you know, and she’s now at the treasury and, you know, but look at the people that are being brought on to the treasury market and into this group.

And I think it’s worth talking about. Right. You have, as I mentioned, you have Judy Shelton, and she’s an advisor to scout percent on currency policy. She’s the advocate for. The most outspoken advocate for bringing gold back into the monetary system. Right. So you have that. You also have a second person that he brought onto the treasury named David Zerfos, and he was appointed counsel of the Treasury. Also, he advocates for something called financial repression. And that basically means you keep interest rates below inflation so that over time, inflation eats away at the real value of the debt.

It’s interesting timing on all of this because what did Trump just say recently about inflation? That it will help get rid of the debt. And then you add in Stephen Mirren, who is the architect of Trump’s economic strategy. He’s now with the Fed. The Mar A Lago Accord. He argues the dollar’s reserve status has made it too strong, hurting American manufacturing. That’s Trippin’s Dilemma. So you need a weaker dollar in order to restructure global trade and re industrialize. And Trump did just say that we will use inflation to help reduce America’s national debt. So the problem.

Well, and that makes sense. You use inflation to reduce the debt, but the problem is, if you deliberately weaken the dollar, why would foreign governments continue holding trillions in US Treasuries? This is the problem. And this is why bringing Judy Shelton on board makes a big deal. Because I think if you look at the people being brought on as advisors, you look at the debt problem, they’re Facing you look at the bond market, which needs a restoration and confidence. I don’t know if something like this ultimately materialize. I think not only would gold go much higher, but the dollar would be toast.

And I think you hold your wealth in dollars. Right now, it is the biggest mistake you can get because they’re going to, they are going to let it sink in value, not only as Trump tells us, as his advisors advocate for, to let inflation help with the debt, but it’s the only way to re industrialize. Trippin’s Dilemma says as the reserve currency, you cannot have a trade surplus because the world needs more dollars than we can give them through trade alone. So countries are continuously selling their currencies in open market by dollars, which creates a distortion in values between the two.

And manufacturing heads to countries like that, like Cambodia or Vietnam, where, you know, or Mexico or China, where the currency is so much less that you can make many times what you’d make doing manufacturing here. And this is why Vice President Vance has talked about shedding the reserve status. It’s a privilege we can’t afford. And Jared Bernstein, the economic adviser to Biden, said the exact same thing. So in essence, to me, they’re telling you that if you hold your money in dollars, it’s only going to get worse in terms of your ability to make ends meet.

Now think about what we were saying. The wealthy get wealthier because they’re able to buy assets that go up much higher in an inflationary environment. But if you don’t have assets and you are working paycheck to paycheck, everything you are buying is becoming far more expensive. So when they talk about, look at all the, you know, the people spending, well, how about 1.5 trillion in debt on credit cards because people can’t make ends meet. Would anyone in their right mind carry that kind of debt with a 20% plus interest rate? No. But that’s why the spending doesn’t.

It’s not showing up yet because. But it will. If people are on credit cards. We’re going to start seeing either them defaulting. It’s going to show up soon is the bottom line. We’re just waiting for it to show up. One thing I heard about Judy Shelton from people that I’ve talked to is there’s one person that Washington is scared of and it’s her. Yeah, well, they should be. And you want to talk about the smart people in the country here. Now I want you to think about this for a minute. Since the beginning of this year, I talk a lot about deliveries right now, I don’t mind that I’m redundant.

I don’t. Because these things are what matter. And no one stood for delivery my entire career. Nobody. Less than 1% of contracts. COMEX is used to offset risk. A farmer plants a field of wheat in May, I mean in April, and sells the forward production to the baker who needs that wheat for his flour, right? And so, or a gold producer sells forward production before, even pulls it out of the ground and refines it. It’s a way to offset risk. The person buying it is happy getting their price. They’re happy for it in the future. And the person who is producing it or has the risk of the growing season or the mining problems or whatever it may be, they’re happy meeting in the middle, right? So since Trump won the election for 24 straight months, we are seeing massive amounts of deliveries, deliveries that no one is asking about but me.

And I’ll tell you this, since the beginning of the year, we have seen over 600 tons of gold delivered. That’s 19,290,000 ounces. And at $4,200 onto COMEX. And at $4,200 gold, that’s 61, or excuse me, $81 billion worth of gold has been delivered to the COMEX since the beginning of the year. So it’s being, it’s being, when you’re saying sand for delivery, it’s going to the comex or is it going to people or institutions? So it goes to accounts at comex. Now, this is where, let me tell you, silver real quick, and that’s a good question.

I’m going to come back to that because that’s where I get pushback. And there’s over 9,000 tons of silver delivered. That’s 290 million ounces of silver. At 60 bucks, that’s 17 plus billion. So since beginning of the year, there’s been $100 billion in gold and silver delivered to COMEX. Now, what does delivered mean? Right. So delivered doesn’t mean that it leaves COMEX, right? It could. In February, 29 million ounces were delivered or 25 million ounces were delivered. And 39 million ounces left COMEX, 160% of what deliveries explain alone in February on silver left, that’s 3 million pounds of silver worth $4 billion at the time left.

Now, that creates a lot of attention. But my theory all along has been, who the hell is doing this? Who’s got $100 billion? Who’s spending billions every single month, every single. In October, real Quick, just to. Before I finish this in October, we’ve seen in terms of deliveries 1,150,000 as of earlier this week at 4,200, that’s 4,830,000. So this is every month. This is so far this month. And it’s sitting at the Comex. It’s just sitting there. It sits in what’s called eligible accounts. Eligible are like we have nine Brinks facilities. One is Brinks jfk, which is a Comex facility.

And if you own silver thousand ounce bars in our Brinks JFK program, it’s an ineligible account, meaning it’s eligible to be registered. If it’s registered, those are the bars that back the contract. So. So people say well yeah, but a lot of that’s just they’re trading back and forth, the banks are. And I say no, that’s not true. Because when they did trade back and forth before, they did it on paper contracts and they would trade paper and most of them would settle or roll forward cash, settle or just leave the trade. And now you’re seeing people say no, I want the actual warrant and the bar numbers, I want them, I want possession of them.

Those are mine. Now the one entity that I believe could do this and not let it move, because the moving it, if you move all the gold and silver out, people are going to start to say well what the hell is going on? Right? So to me, the one entity that does this is the US government, the Treasury. Now let me just explain it real quick. Everyone knows that silver was classified a critical mineral in 2025. And so all the silver standing for delivery. If you told me SC opposite who runs the Exchange Stabilization Fund which operates in the gold and silver market, it’s part of their charter.

If he told the President we need to do this, we’re going to stand for delivery under the Exchange Stabilization Fund. We do not need congressional approval. They can trade directly through like JP Morgan. When JP Morgan was asked years ago, woman named Blythe Masters used to run their trade desk and they were kind of being investigated. What’s all this gold and silver you guys are buying? We don’t buy it. She said never. It’s for our client accounts. The CME Group, which is Comex, says we do work with central banks. So just follow me here. What if the Secretary of Bessant said we’re gonna stand for delivery and we’re gonna do it through the Exchange Stabilization Fund and we’re going to leave it there? Now silver’s a critical mineral, we can do that for national security.

Right. We don’t need congressional approval. But what people don’t know is that almost to the day that they classified silver a critical mineral on the official U.S. geological Survey class, Trump came out with Executive Order 14241, which said immediate measures to increase American mineral production. Section 2A specifically and explicitly names gold as a critical mineral. It is not on the usga. US what’s it called again? It’s called the United States Geological Survey Cleft. That’s silver. But gold and potash and copper. In section 2A were minerals covered by the order. So in other words, what I’m saying to you is that if the US treasury, through the Exchange Stabilization Fund, was standing for 100 billion in gold and silver and no one is asking where the hell it’s going.

And because it’s not leaving, people are. Well, it’s just sitting there. It’s the banks doing this. No, it’s not. This isn’t. The banks aren’t playing with $100 billion in physical metal delivered to the Comets when nobody ever stood for delivery. And if you were the. The Treasury Department, do you care leaving it on the comex? You’re not worried about comex defaulting with your gold if it’s owned by the United States government? And they’re doing it to keep arm’s length from the open market because they’re racing to accumulate. And I would say the exact same thing is happening with Tether, who has bought more gold than anybody in the world except the Central bank of Poland.

They own more gold than Australia. It’s the third largest producer in the world. The second and third quarter of last year, they bought more gold than every central bank combined. Now listen to this. And where are they getting the. Where were they getting the funds? Where is Tether getting the funds to buy that gold? Tether is one of the largest holders of U.S. treasuries that they use to back their stablecoins. The Genius act, which goes into effect in January, says interest on those treasuries is not transferable. Even though it’s backing the stablecoin movement, it’s not transferable.

So they’re taking that interest. Is that the US or the central bankers? That’s the US Government. Okay, Tether is the US Government. No, Tether is working with them very closely. But where are the funds coming from? Because that’s a hell of a lot of funds. They’re making it on the movement of all of their money in the treasury, the spread they’re making. And they’re I’m, you know what I’m saying. It seems like there’s investment dollars beyond just that. But maybe I listen to this one. I think I wrote something down that was really fascinating about Tether.

Give me one second because it really was ridiculous. I think I have it right here. Well, because it’s, I mean because I know everything’s the genius act, everything’s going to move in that direction. And it’s as my crypto remote viewers, I came on. It’s amazing how one of the. I’m working with Jordan and the Future Forecasters Group. But Jordan used to be the senior editor of cryptocurrencies for Kitco News, which is a financial. You know who kitco is. Your, your media person came from there. She’s the lead person. Yeah, Michelle. Michelle. So it. But he was the, you know, and so there.

So for being future forecasters, kind of cool that they’re really knowledgeable about crypto. But he had a really good point in the show that we had the other day. He says, you know, the old crypto was. The old market is really different than the new market. The old market was all around, you know, being, being a libertarian minded. How do we become independent? This new market is how do we support the current infrastructure. And when you’re investing in cryptos, you gotta look at it different. And this is the conversation we’re having when it comes to Tether.

I don’t know if you invest in, I don’t know if you can even invest in Tether in that way but, or should. But I’m just saying there’s a difference in the mindset of what’s a good crypto investment and what isn’t. And the whole System is changing 100%. It is 1000%. It is changing. And I think Treasury, I mean, I think that Tether is very, very much behind it to keep. Okay, here it is right here. I want to read this to you. Okay. In 2025, Tether, a cryptocurrency company, bought more gold than every central bank on earth except Poland.

During the final six months of 2025. Listen to this. They added 53 tons of gold. That’s the equivalent of purchasing one 1,400 ounce gold bar, which would be, call it $1.7 million, 1,400 ounce gold bar, every single hour, 24 hours a day, seven days a week for six months. So in 2026, they purchased over 27 tons in gold. June, they are currently reporting more than 146 tons of gold in reserves worth over 20 billion. Now a quick break to share with you this wonderful product called Masterpiece. It is proven to taking out graphene, ox oxide, aluminums, heavy metals, microplastics.

They also are looking at these Mac addresses and there’s more and more research and there’s studies coming out. There’s four documentaries that are being made on their studies about how they’re able to disable Mac addresses that are somehow put into people. This is amazing stuff. I highly recommend I buy a whole box of it and I make sure my whole family has it. If you are interested in trying this and really cleaning up your body from microplastics, graphene oxide, you can also test yourself. You can get your hair test to see what you are before and what you are after.

You use this for a few months. They stand behind what they’re doing with tests, studies and real results. And look for the link below where you can buy Masterpiece yourself. It’ll provide you a discount. Or you can go to sarawestall.com under shop. Okay, let me ask you, does the spread allow them, does Tether’s spread allow them to have that much capital to be able to invest without another, without the American government coming in and helping? Well, see, I think the American, they’re helping the American government. So follow me on this. Bohan, who previously ran the White House Crypto Council and it was Trump’s confidant, just like Stephen Mirren, he’s now the CEO of Tether’s US Stablecoin business.

And Tether, who as I mentioned, they hold massive quantities of U.S. treasuries, has now been cooperating with the Justice Department on financial crime investigations. And they just recently came out and identified four wallets belonging to the irgc, the Iranian Guard. So to me, I believe, and I could be wrong, this is my belief, I just say what I believe. I think they’re running as a private sector proxy for the US Government in order to accumulate gold. I’m not saying it’s proven, it’s my theory. But look, but look at the alignment. They have massive treasury holdings, massive physical gold accumulation and growing connections to Washington through not only their CEO, Bo Hines, Trump’s crypto czar, but helping the justice, they were in trouble a year or two ago with the Justice Department.

Now that went away. Now they’re working with the Justice Department. They’ve opened up their back end. So they’re helping the Justice Department with fraud and, and, you know, going after the Iranian National Guard and buying all that gold. My guess is, if I had to guess whether you’re, and I can’t prove that the treasury through proxy, through commercial banks on comex or Tether as a third party proxy of the US Government is involved in these coordinated accumulations. But I do know that Tether’s buying is real and as are the deliveries on COMEX. And I do believe that sophisticated players are 1000% using paper market weakness to accumulate gold.

And so I think you watch what big money does, not what it says. And so I think the average investor is being frightened out of gold and silver at the same time. There are big money pickpocketers accumulating the metal that everyone else is selling. And I think we’re not watching a collapse in demand at all. I think we’re watching a massive transfer of ownership from weak hands to strong hands. And I honest to God. And it’s suppression of price and a suppression of price so they can buy it at a lower price. You knock down the paper price if you have all of that money and the ability to short the markets as the government and you know you’re late in the game and you need to accumulate this stuff to, to compete with the global South.

And China’s been doing it right along with us who added 21 tons of gold to its reserves in, in September. That’s that, that’s the largest purchase in a very, very long time, at least a couple of years. And but aside from it’s 23 straight months that they bought and it’s the largest accumulation in three years. But if you look at how much they’ve accumulated this year, over a thousand tons that they tell us about and it’s obviously much more than that, which is that in and of itself is 160 billion. But at this pace it will be an 11 year high for China accumulating gold.

Now this is, the price has gone down. Silver got killed. The first quarter of the year, China imported more silver than in the history of the country. I told you in February someone stood for delivery for 26 million ounces of silver, which isn’t a big delivery because it’s not a primary delivery month. It’s every other month for silver. January, March, May, but February you could stamp for delivery. They did 26 million, but 39 million got on trucks and left. What I’m saying is that the biggest, most sophisticated and well informed money on the planet, it they’re accumulating gold and silver through paper market weakness and which misdirects the public and the hedge funds and the media and allows them everything.

Yeah. And it looks like that’s what they’re going to back this new system. But let me ask you, is there a shadow price for silver and gold? I just had somebody send me this presentation of somebody looking at what the inflation is of money. And if the, if gold and silver kept up with inflation, there’s a whole different price. Just like Shano. Stan, here’s what I really believe, Sarah. I believe the government will let gold, they want gold and silver to go much, much, much, much, much higher. But they don’t want it to go much, much, much higher until they’ve, they’re done accumulating it, until they’re ready.

That’s the most important thing. Now, you know, who’s it going to benefit? Well, it’s going to benefit the two largest superpowers on the planet, United States and China. And there are a lot of people think that Trump and Xi talk and know exactly what they’re doing and are in line with this. And you have lots of rhetoric and both of them would probably like to see the end of the London banking cartel. And, you know, you put all this together, look, there’s a fine line between conspiracy and reality. And I just, again, this is a lot of this.

The facts behind it are real. You know, connecting the dots to. You get to the point of having to say, this is what I think is happening. That’s all real, that’s all verified. I do believe this is happening. And I think misdirection is everywhere. I just, I think this isn’t some distant idea. I think you’re seeing, you know, you’re seeing payment systems being built around the world, gold accumulation, treasuries being shed, fiscal irresponsibility and bringing people on board that are finally starting to think outside the box. Because what is traditional won’t work anymore. We’re too far down the line with our indebtedness.

As interest rates go higher, it’s game over. And I think that, that, you know, I think that this is something that finally the people who pull the strings in the United States have noticed they’re accumulating and they will let it run, but not until, I don’t know. To me, we’re on the cusp of a new monetary system. You know, the fourth turning. We’re on the cusp of a new system. And I do believe one or the other gold will be at the center of this system. It won’t be using gold coins to buy food, but it will have a very close tie to the monetary system and to inspire trust.

I believe that to My soul. We’ve been talking about it for years that this is what’s going to happen and we knew, we saw and now we’re in the middle of it and I’m not sure if people are catching up yet to what’s really happening, but it’s real and we’re watching it go down in real time. It’s kind of what so surreal if you ask me. I think people still have some time to get gold and silver while it’s before it readjusts well and if they’re going to let the dollar suffer. And Trump is telling you this, as are his advisors based by their platforms, their policy platforms, financial repression, you know, let inflation eat away at the value of the dollar which eats away at the indebtedness which also allows you to re industrialize and sell your product to the world.

Every these countries who has sold us their goods has done so by having a currency much less than ours. And it makes it much more attractive to buy that stuff in a cheaper currency. If you are the US and want to re industrialize but have a very strong currency, no one will buy your stuff. They have to convert to an expensive currency first at a big vig and then buy it instead. They’ll buy it somewhere else even if it’s not quite as good. But they don’t have to convert to a super strong dollar first. So, so the idea is I think, look, long time ago my mentor Richard Russell said the Fed has two choices but to inflate or die.

They’re too far down the road which means inflate or default. What they’re doing now in my opinion is soft default on the dollar reserve status, not on the treasury market which I think they ultimately will try and back with gold. And the genius act will mean shows that after January, money movement in dollars will be back by 95 day duration or less. US treasuries, that’s what’s going to back the stablecoin. Anytime money moves on that network, Stablecoins are created and backed by brand new US Treasuries which pins the front end the overnight lending rate or the 95 day or less US treasury rate to the floor, which also neuters the dual mandate of the Fed bank of London, City of London, Federal Reserve.

Maybe he is out to get them. Maybe there are things that are happening much bigger than it appears. But any way you look at it, holding your wealth in dollars is as dumb as a mud wall right now. And I don’t care what assets mean to you, it doesn’t need to be gold and silver. That’s what I choose. Whatever assets mean to you, own them. I don’t care if it’s women’s handbags. It doesn’t matter. You do. I feel a lot of people do that though. I know they do. I lived in, believe me. You go to Palm beach, there’s a store there, I forgot the name of it, but it’s filled with women’s Birkin bags.

And you walk in there and there are 10 year old Birkin bag that people go in. That’s like on consignment for 15, 20, $30,000 for a person. Are you kidding me? I know, I’m like. The point of it is assets will make you wealthy. Liability. What’s the old saying? Assets feed you, liabilities eat you. And this is why the wealthy get wealthier in an inflationary environment. They don’t care about the cost of food and energy because it’s called the Cantillon effect. They’re closest to the money spigot. They get that money and they buy assets like the stocks, like real estate.

They just keep buying assets. And assets go higher when the cost of living goes higher. So if you own assets, what do you care? You’re making so much money in your assets, you don’t care about the cost of living. If you don’t own those assets, you’re struggling and it will only get worse in my opinion. Okay, Andy, then go to sarahwestall.com Miles Franklin. Then get a copy of the current price list. And you don’t publish it. You publish it twice a week. But it’s not public. Well, we send it with a link also now that will update repetitively that you can see that.

But yes, we don’t. And there are many reasons why we don’t publish it publicly. We allow purchasing up to ten grand and we’ll be as competitive as anyone on those smaller purchases. If you’re looking for any size order, really, it would behoove you to ask for the price list. And if you find a major company matching prices or, or prices that are lower, let us know. Often we’ll match it or beat it. But you don’t take advantage of people. Here’s the deal. We’ve, we’ve worked with hundreds of people. Now you’ve probably worked with thousand, but I’ve sent you hundreds of people more than that.

Probably, probably. Well, that have been scammed. Yes, yes. No, I’ve sent you thousands over the years. But I mean, who’ve been scammed? Yeah, and you, you, you Help them get their money back. Oh, you’re the only gold company out there who has been doing that. And if that didn’t earn you respect, I don’t know what else does. That. I appreciate it, Sarah. And you know what? I take it very serious. I’ve been doing this for 36 years, and it bums me out. When you see a company like Rosalind Capital who’s all over Fox News and touted by.

What’s his name, Dufresne, William Duane. It’s like people put their life savings in, they go bankrupt with $60 million in liabilities and zero in assets. Their only asset was their client base. But this has happened quite a bit. There’s a lot of it out there. That means that everybody, they thought they were holding silver for them or gold for them, and they didn’t. Correct. And then you start to wonder, what about the IRA custodians? Where were they in all of this? Why didn’t they scream, where the hell is the metal? Rosalind, it’s deeper than that. And that’s why I have made this a mission.

And I will say this. I have once mentioned a company now Roslin Capital went bankrupt. It’s public knowledge. I have never mentioned the companies that I would like to that are still in business and still screwing people. But I. I just simply tell exactly what they’re doing. Here’s what you’re buying quarter ounce gold coins from mints you’ve never heard of and 3/4 of an ounce or 1 1/2 ounce. It can never do 1 ounce silver coins, usually from the Royal Canadian Mint or the British Mint, the. The Royal Min Mint, because these mints allow you to do this.

I have a 2 ounce Rocky Canadian Rocky coin that we own and we’re the only ones who have it. Now, I could say it’s a special coin, limited mintage. And you want it because you don’t want the normal maple leafs. Well, they would sell it at five times what a normal maple leaf is. I sell it for less than a maple leaf. And it is limited mintage because I control the mintage. If I want to send more silver there, great. They’ll make more for me. It’s. It’s just a scam when you phrase it the way that this is special only, limited mintage.

And you know you want this. Well, it’s limited because you guys own the die. You paid for it. You’re the only ones who have it. And it’s total crap anyways. These are the things that we talk about, Sarah. But we’ve never had a customer complaint ever in 36 years. People need to understand this market. I tell people if you’re in the market to buy at least, at least do your homework. Because so many of these influencers are selling these companies. We know, we see them come in and I’m like oh, I cringe at some of these stories.

And so if you’re in the market to buy at least do your homework and figure it out. I mean you just want a vanilla ice cream, that’s all you want. You want vanilla, you want bullion, you want American Eagles, Canadian Maple Leafs, brand new stuff made by the sovereign mints, no frills. And you can compare those with everyone else. These other coins that these companies make that are supposedly special, you can’t find them anywhere. Why? Well that’s right, they own the die. No one has them. Oh that’s why. So I mean it’s just a scam anyways.

That’s irrelevant. It’s not. It’s very relevant but it’s really relevant. But I like that because it shows that they can, people can trust you. But again sarahwestall.com Miles Franklin people do email you as well. Tell them that I sent you and you just thank you for everything you do. I love having you on my show. We always talk about different topics and people get insight into what’s really going on. The consumer index, index, the stock market, the fact that there’s only 10 lifting up the entire stock market, people need to take that to heart. That’s a big story.

It’s an inverted pyramid. Right at the top is way heavy. That’s massive story that nobody’s talking about because the s and P500 is more indicative of a broad based, it’s 500 companies right. So that’s more broad based sampling of the economy or look at the stocks in the Russell 2000 and I don’t know what the percentage my guess is more are at closer to 52 week lows than high. Now I’m not positive on that but I will tell you that’s kind of what I’m getting at. In any case Sarah, I look forward to chatting with you again and I’m going to have you on little by little on my show next.

I think your message, what you are doing, things that we talked about off air are so important and so are you. So thanks for having me. Thank you so much. We’ll see you soon. Sa.
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