One of America’s Biggest Gold Wholesalers Exposes the Most Common Gold Scam Enslaving the Country

Over the past 25 years, since January 2000, the price of gold has nearly doubled the S&P average. Why don’t most people know that? There’s a reason, says Chris Olson, one of the country’s biggest gold wholesalers. This is an amazing story. (00:00) Introduction (04:49) How Has Gold Withstood the Test of Time? (25:54) Who Is Buying Gold? (48:27) What Are the Risks to Buying Gold? (53:21) The Difference Between Silver and Gold Paid partnerships with: Black Rifle Coffee: Promo code "Tucker" for 30% off at https://www.blackriflecoffee.com SimpliSafe: Visit https://simplisafe.com/TUCKER to claim 50% off a new system. There's no safe like SimpliSafe. Cowboy Colostrum: Get 25% off your entire order with code TUCKER at https://cowboycolostrum.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:00Speaker 00

  Now, more than ever, we need someone on our side. But Rob Whitman? Whitman's votes drove up costs, cut Medicaid, and risked 350,000 Virginians' health care to pay for tax breaks for himself and his donors. He's not on our side. Shannon Taylor will fight corruption, cut taxes, and bring down costs. This November, vote for Shannon Taylor. She's for us. Paid for by HMP, the House Majority PAC dot com. Not authorized by any candidate or candidate's committee.

• 0:29Tucker Carlson?

  Gold and silver prices are out of control. Have you seen this? Have you checked the spot price for gold? It is at an all-time high in world history. Why is that? Well, because it's the new global reserve currency. That's why. Countries are moving away from the dollar, and they're doing that because our national debt is exploding. The dollar has been used as a diplomatic weapon. And in general, confidence, we say this with great sadness, in our financial system is collapsing. People know something is wrong, and they're looking for safety in gold and silver. But precious metals broadly have been a reliable store of value since the beginning of recorded history. And people know that. They're tangible.

• 1:13Tucker Carlson?

  They can hold in their hands what they own. And in moments like this, they want to. So gold is more important than it's ever been. No, it's not an ancient phenomenon. It's a very modern phenomenon. And for the time being, it's the future. So we were not surprised when multiple gold companies reached out to offer us money, in one case, nearly $20 million a year, to pitch their products. And we're totally for it. We love gold. We've always felt that way about gold. So why would we work for a gold company? But $20 million to market gold? Wait a second. Isn't gold a commodity whose price is set on the international market? Can't you check it anytime you want on your phone? How could these companies afford

• 1:58Tucker Carlson?

  to spend $20 million on one guy for one year of selling their product? Well, the answer is obvious because it was a total scam. They weren't selling gold as a commodity. They were selling it to customers based on the promise that it had real value. But they were selling it for like twice its actual value. They were come up with gimmicky schemes like, oh, it's a commemorative coin. No, no, no. Gold is a commodity. And almost all of the time, the value of your gold coin is the weight of the gold in it. It's not whatever image is printed on the coin. So they're ripping people off. And what was happening, what is happening right now is that people, a lot of them old people,

• 2:42Tucker Carlson?

  are buying these commemorative coins for like 150% of the spot price. And then when they tried to sell them, they realized they can't get their money back. They've been scammed. These companies are making a ton of money. And that's why they could afford to offer me 20 million bucks a year. We wanted no part of this at all. Wouldn't mind the 20 million bucks, but we turned it down because that's wrong. So instead, we thought, well, wait a second. This country needs an actual retail gold company that sells a couple of points above spot for overhead, but in a transparent way. And makes it easy for people, average people, to buy gold and have delivered to their homes if they want. Physical delivery. So we decided to do that.

• 3:27Tucker Carlson?

  We reached out to one of the biggest gold wholesalers in the country, someone we had mutual friends with and we found we could trust, a man called Christopher Olson. We've been buying gold for him for years, actually. And together, we launched a new company called Battalion Metals. It's a truly honest gold company. We're not going to say the only, but definitely one of the few, that gives ordinary people, investors, full transparency and the lowest markups possible. Few people know as much about precious metals or have traded in them as long as Christopher Olson has. No one in this space operates with greater integrity. He's an amazing guy with encyclopedic knowledge of the topic. He's been in it his whole life. We recently sat down with him where he shared some of his insights that every investor, big or small, should hear.

• 4:12Tucker Carlson?

  We think especially now that gold buyers have been vindicated. Boy, have they been. It's crushed the stock market over the last 20 years. We think now you will find this conversation especially interesting and we hope valuable. Just to note the obvious, this video was pre-recorded, so the values we assign to gold are set by the markets, the spot price, and they were accurate when we recorded them. Are they accurate now? Well, to find out, visit battalionmetals.com.

• 4:59Tucker Carlson?

  Chris, thank you for doing this.

• 5:00Speaker 02

  Absolutely.

• 5:01Tucker Carlson?

  So I was thinking about it last night. You're one of the biggest gold wholesalers in the United States, definitely one of the biggest. You could be doing other things, but you're really interested in gold. The fact that you're in this business is a little weird if you think about it, because gold is the most primitive, the longest standing, the oldest form of exchange, medium of exchange. And it's like the only thing left from antiquity. I mean, you're not a chariot builder. That would be absurd. There's no use for chariots. But like, the one thing that connects us to the past, going back through recorded

• 5:38Tucker Carlson?

  history, is gold as a medium of exchange. Why, in this sort of hyper progressive moment where we're building AI and visiting Mars, why in the world would gold still be relevant?

• 5:54Speaker 02

  Well, within society, unless you want to have a barter economy, you have to have a form of money of some kind. And money requires certain characteristics in order for it to be good or useful as money. So you couldn't use sand or seashells. And in the past, we've used lots of different types of money, like beaver's tails, or pelts, or tobacco. But with gold, you have something that is... It's durable, it's portable, it's divisible, it's fungible, it's recognizable, it's scarce.

• 6:35Speaker 02

  So, there can't be enough of it to satisfy everyone's demand. So, it has a certain level of value just intrinsic to the characteristics of the element. And if you were going to look at, say, the periodic table of elements and figure out which of those is going to be suitable or ideal for money, the only two that really shine are gold and silver compared to the rest of them. So, over the course of history, it's been a natural progression for societies to adopt gold as a medium of exchange, simply because it has those hallmarks and those characteristics

• 7:14Speaker 02

  that allow it to be useful as a medium of exchange and a store of value. And it's when you go away from that, that you begin to have the horrible problems in society that come about through inflation or the artificial creation of credit. Because when you do that, you're essentially conveying arbitrary power, purchasing power, to entities that didn't really earn it. So, it's a form of counterfeiting to build on top of that, to counterfeit gold, or create paper claims, or to inflate a currency that's backed by gold. All of those things are fundamentally lying, and they're fundamentally stealing.

• 7:57Speaker 02

  And so, inflation causes horrible effects within a society that nobody can really diagnose or pin to inflation, but it's really at the root of those things. And it causes the gradual centralization of power towards those that are able to issue a currency without any tether to reality, or to manipulate the rules of the system. And so, for example, whoever's closest to new money within a society has more purchasing power than the market expects that they should have, because the signals haven't gone out that there's excess money in society, so prices don't change. And that's ultimately where inflation comes from.

• 8:42Speaker 02

  And over the decades.

• 8:43Tucker Carlson?

  I'm sorry, that is such an interesting point that I've never considered. The people who are closest to new money have the first mover advantage effectively. Like, there will be inflation, but the system doesn't know it yet, and therefore they have more money at lower prices than everyone else is gonna have. Is that what you're saying?

• 9:03Speaker 02

  That's the real power in it. See, if everybody, say you lived on some desert island, and everybody had a fixed amount of money in their accounts. And on that island, you had a well-established economy, and there were prices that were pretty stable, and some magical event happens overnight where everybody wakes up and the amount of money in their accounts has doubled, but it's doubled evenly for everyone. And if they were to collectively understand that together, they would realize that the prices of everything should also be doubled. So just because you've doubled the amount of money in circulation doesn't mean you've

• 9:48Speaker 02

  doubled the amount of goods and services or actual wealth. You've just doubled the claims on wealth.

• 9:52Tucker Carlson?

  Right.

• 9:54Speaker 02

  So, in that case, nobody has an advantage, because everybody has equally doubled the money supply. They all know it. At the same time, prices double and nothing's different. You just have more money and higher prices. But if just a few of those people were to get extra money, then the prices wouldn't change, and other people wouldn't understand what was happening. So the market that determines prices would not be able to detect or prevent what's basically a hack, in a sense. It's allowing people who haven't earned a claim on those goods and services to take them arbitrarily. That's why they call it fiat money, because it's by fiat. Simply, I say so.

• 10:40Speaker 02

  And that's a real problem.

• 10:41Tucker Carlson?

  Well, this country's 250th birthday is right around the corner, and our friends at Black Rifle Coffee are celebrating the right way with bold roasts made by veterans who love this country and live its values every day of the year. Black Rifle makes coffee for people who get up early and work until late. We drink it late, by the way, best at night. It tastes great, especially after their Atomic Llama formula during this time of year. Cinnamon and brown sugar. It's awesome for winter. Whether you're hosting family out in the woods, filling stockings for Christmas, this is the coffee that stands for something real, essential, and American. In 2025, Black Rifle supported groups like Folds of Honor, Team Red, White and Blue, and organizations that serve veterans and their families. And in 2026, they're going even bigger.

• 11:26Tucker Carlson?

  We support them, we know them. We've taken a lot of unfair criticism, but they are great and sincere guys. We can vouch for that. Visit blackriflecoffee.com/tucker. Use the code TUCKER for 30% off your purchase or your first Coffee Club order. Or grab Black Rifle at Walmart or your local grocery store. It's everywhere because it's awesome. Black Rifle Coffee, veteran-founded, American-roasted. This is America's coffee.

• 11:51Speaker 03

  We all hear the radio ads about the IRS. They tell you to be afraid, to be scared, and they try to frighten you into calling. I'm not here to do that. Tax Relief Advocates is different. TRA is here to tell you that if you owe money to the IRS, whether it's $5,000, $50,000, or $500,000, we have a solution. It doesn't matter if you're sitting in your car, at work, or with your kids. No matter where you are, call now. 800-576-4705. Don't lose hope. TRA can eliminate or reduce what you owe to the IRS. Generous programs are now available that can give you a fresh start. Our passion is taxes and helping individuals fix their IRS problems. We have over 1,000 5-star reviews on Google and an 8+ with the Better Business Bureau. You don't need to be afraid of the IRS any longer.

• 12:36Speaker 03

  End your tax nightmare today by visiting us online at TRA.com or call 800-576-4705. That's 800-576-4705. Tax Relief Advocates, real solutions for real people.

• 12:51Speaker 04

  Imagine if every time inverse Kramer or another top investor bought a stock, you bought it too, in your own brokerage account automatically. Well, that now exists and it's called autopilot. Built by the team behind the viral Pelosi stock tracker. Autopilot lets you browse their marketplace of strategies run by proven investors or AI driven models. Just find one with a high return, connect your personal brokerage account like a Schwab or Robinhood and every trade they make, you make automatically. Your money never leaves your own account. Autopilot just mirrors the moves. So now no more guessing, no more staring at charts and no more checking the market between meetings. Also over 1.3 billion is already invested.

• 13:34Speaker 04

  So if you wanted to check it out, search autopilot in the app store or go to join autopilot.com. That's join autopilot.com. Investing has risks like the loss of principal.

• 13:45Tucker Carlson?

  It's funny, you're a gold dealer, not just wholesale, but retail as well. You know, one of the biggest billions of dollars of gold.

• 13:55Tucker Carlson?

  But that's a better explanation I've ever received from any economist. So I kind of want to just call you an economist now. I doubt you'd accept the term. Can I, I don't want to be digressive, but I can't control myself on this. You were saying that from the beginning of time, gold was used as a medium exchange because of its inherent physical properties. Right. But I also find it interesting that gold was used, was considered valuable and used for trade on every continent on earth before we believed there was any communication between those continents. So separate civilizations, the Egyptians, the Mayans, the Incas, ancient African civilizations,

• 14:38Tucker Carlson?

  every, basically every civilization before, again, there was any contact between civilizations, all decided of all the metals and elements out there were using gold. The first and second temples were adorned. With gold, et cetera, et cetera, et cetera.

• 14:54Speaker 02

  Right.

• 14:54Tucker Carlson?

  It almost feels like there's a metaphysical thing going on. I mean, I don't know the answer, but have you ever thought of that?

• 14:59Speaker 02

  Definitely, yeah. I think all of reality is symbolic and I think gold symbolizes something. So it seems like it's, you know, baked into the fabric of reality itself. That if you're gonna need money, if you're gonna have money, then you're gonna need something that's suitable to it. And it's, it seems like quite a coincidence that you happen to have two elements that fit that bill so well. And it would explain why.

• 15:25Tucker Carlson?

  But that everybody recognized it thousands and thousands of years before the internet. I mean, independently.

• 15:33Speaker 02

  Yep.

• 15:33Tucker Carlson?

  What are the odds?

• 15:34Speaker 02

  Yeah, the odds are astronomical. And I think that's why, that, that explains why that would happen. If, if it's basically encoded into reality, in a sense, a symbolic, a symbol of wealth that's meant to be viewed as such, then you, you would imagine that people would discover that. The ancients were very, very smart. Ancient civilizations were not necessarily as ignorant as we might think they were.

• 15:59Tucker Carlson?

  Well, we're, we're coming to learn that. I don't see anybody building megaliths now. I see a lot of poured concrete garbage. I don't see any megaliths. So clearly they were more sophisticated on many levels than we understand. Um, okay. So I've talked to, I talked about this last night at dinner, but um, I think because you have been in this business your entire life, you're a major player in the business. You spend your life with people who understand the value of gold, but outside of your world, gold is constantly attacked, constantly attacked and derided as an investment for unsophisticated people, for the dummies, for the crazies, for the paranoics who think society is collapsing,

• 16:42Tucker Carlson?

  don't believe in the US dollar or whatever. And so I asked you last night to look up the performance of gold relative to, let's just pick the markets, the S and P, Standard and Poor 500 biggest companies in the United States. That's like a widely used measurement.

• 17:01Tucker Carlson?

  The performance of gold was all it it beat the market by almost twice. Am I making this up in my mind?

• 17:09Speaker 02

  Well, if we look at performance over the time period from, say, January 2000 until today.

• 17:17Tucker Carlson?

  Twenty five years.

• 17:18Speaker 02

  Yeah, twenty five years. You see gold up roughly a little over a thousand percent. Whereas the S and P is up less than 400% over that same time period, including dividends. So it's clear that there's something more happening with gold.

• 17:35Tucker Carlson?

  Can you say that one more time? So in the last 25 years, if you bought an index fund, you just or let's just say, strictly speaking, the performance of the S and P for the last 25 years and two months has been what? It's up what?

• 17:49Speaker 02

  It's something less than 400%.

• 17:51Tucker Carlson?

  And gold is up what?

• 17:52Speaker 02

  Over a thousand.

• 17:54Tucker Carlson?

  Okay, over 25 years. This is not just like some, you know, because there's been a run on gold recently. The spot price has risen a lot to record highs. So anyone who says gold, and I know like Warren Buffett or all these other geniuses are like all against gold. But like, actually, if you'd gone in all in on gold 25 years ago, you'd be more than twice as rich as someone who just kept it in the markets. That's what you're saying?

• 18:17Speaker 02

  Yep, definitely.

• 18:19Tucker Carlson?

  Okay, so like, why didn't I know that till last night?

• 18:24Speaker 02

  Well, it's it seems to have been a policy objective of the United States government to discourage the use of gold and to suppress its price relative to the dollar in order to maintain dollar dominance on the world stage. And that dollar dominance has been the primary means by which we've been able to live well beyond our means and command a military budget that's larger than any other country on earth. And if gold is a competitor to the dollar, gold is really it. It serves as a barometer of the health of the dollar as well.

• 19:06Speaker 02

  And there have been multiple times in recent history that gold has risen precipitously or silver against the dollar. And whenever that happens, it's it's it's a threat to a debt based system to see real assets appreciating against the currency in that way. So. Additionally, you've got other foreign governments that are holders of gold, central banks, and if you can suppress the price of gold against the dollar, you can also suppress the purchasing power of those governments against your own.

• 19:46Speaker 02

  But what we see now, especially since 2022,

• 19:53Speaker 02

  with the sanctions that were placed on Russia as a result of the Ukraine invasion, the US Treasury debt is no longer a neutral reserve asset. It's not safe from a national security perspective for countries to rely on dollars or to expect that they might not be seized or sanctioned.

• 20:16Tucker Carlson?

  And so this is the problem with sanctions on Russia? Stealing people's stuff because you don't like their politics?

• 20:22Speaker 02

  Yeah, it was a huge mistake to do that because

• 20:25Tucker Carlson?

  It was suicide.

• 20:25Speaker 02

  Yeah, yeah, because it really has literally threatened this dollar dominant system of world trade. And I'm not sure why the Biden administration would have been interested in doing that.

• 20:37Tucker Carlson?

  It seems like they set out to systematically destroy the United States.

• 20:40Speaker 02

  Yeah.

• 20:40Tucker Carlson?

  There's no, I, you know, I don't care what people's stated motives are. I care about what they do. And if everything they do points in the same direction, that's the motive.

• 20:51Speaker 02

  Yeah, don't look at what they say, look at what they do.

• 20:53Tucker Carlson?

  Well, that's exactly right. The point of a system is what it does.

• 20:56Speaker 02

  Exactly.

• 20:56Tucker Carlson?

  And the point of the system they created was to destroy the United States, to knock it from its perch, to degrade it, to break it apart. And destroying the dominance of the dollar was something as insane as their reaction to a war that they started on purpose between Russia and Ukraine just tells you everything. But where does that leave us now?

• 21:16Speaker 02

  Well, there's a process underway that many people refer to as de-dollarization. And a lot of it centered around BRICS economy. And you've even seen President Trump talk about threatening sanctions on these countries. I think 100% sanctions if they attempt to move away from the dollar. So he's obviously been advised as to the threat that that poses to US national security or foreign policy objectives. But

• 21:48Speaker 02

  There is a distinct move to look for a neutral reserve asset that can be used to settle balances of payment accounts between various countries that are trading with one another. And historically, it's been dollars and treasuries for decades now as the world's reserve currency, but now they need an alternative. And the only alternative that's ever truly existed has been gold. Some people talk about maybe Bitcoin could serve that purpose, and I mean, on some theoretical level, maybe it could, but it's also got a number of security issues and technical infrastructure problems that many foreign governments are...

• 22:29Tucker Carlson?

  It's based on electricity, okay? And people have to generate electricity. All of this stuff is based on electricity. And all of it. AI, our whole life is based on electricity, and electricity is like a little over 100 years old in its current form. So like, this is a pretty new technology, and it can be taken out really, really quickly. So that's just a fact that no one ever wants to say anything about, but like, an EMP attack like eliminates crypto and the internet and AI, and you know what I mean? Like, it's all sort of transitory, actually.

• 23:01Speaker 02

  Right, and it's also not, not as private as one might think.

• 23:05Tucker Carlson?

  Well, yeah.

• 23:06Speaker 02

  So you have the blockchain where every transaction is public, as it has to be.

• 23:10Tucker Carlson?

  Yep.

• 23:11Speaker 02

  And, and so, gold is really the original cryptocurrency, because I can have value physically, transfer it to you, and truly, nobody knows about it, because it's, it doesn't need to happen on a blockchain. The gold is the gold.

• 23:28Tucker Carlson?

  How hard is it to transport it privately? And by the way, I should say, I think you and I are both starting with the assumption that it is not a crime to have the fruits of your labor. So it's a crime to steal, of course, it's a crime to defraud people, but if I've earned money, I have a right to have it. You have no right to know where I have it, or what I'm doing with it, as long as I'm not doing something illegal. And so like, let's just say that's our core assumption, all this money laundering nonsense, which is really just a way to control our population, not to stop money laundering, which is the basis of our government in the first place. All right, so with that in mind, it is, it is not only okay, it's virtuous to have money in a, in a, in a private form that other people can't see or control.

• 24:13Tucker Carlson?

  That's okay. It's okay, because you're not a slave, you're an autonomous person. With that in mind, like, how hard is it to have gold, to move gold, to transact with gold outside the view of other people with privacy?

• 24:25Speaker 02

  It's very easy to do. And I mean, you, you, you hit the nail on the head. It's private money is, it's, it's a foundation of human liberty, of freedom.

• 24:36Tucker Carlson?

  They're trying to make you feel guilty about it. What, are you into kiddie porn?

• 24:38Speaker 02

  Right, right.

• 24:39Tucker Carlson?

  Says the kiddie porn guy?

• 24:41Speaker 02

  Exactly. You know, and, and, and so it's directly linked to your sovereignty as, as, as individuals, as nations, as families. But to, to transfer, you know, you could move a million dollars worth of gold in a package that's going to weigh about 35 pounds and, and be about, you know, about that big. That's a million dollars worth of gold. So.

• 25:06Tucker Carlson?

  A little smaller now.

• 25:08Speaker 02

  Yeah, yeah. It just keeps getting smaller. The value keeps going up.

• 25:12Tucker Carlson?

  Right. Which means it's a denser store of value than it was.

• 25:15Speaker 02

  Exactly.

• 25:16Tucker Carlson?

  People worry about the safety of their home now more than ever. Simply Safe is an amazing solution. And with the early access Black Friday sale upon us, there's never been a better time to protect your house, your family, this way. So typical security systems react after someone's already broken into your house. It seems a little late, really. Simply Safe takes the opposite approach to stop bad things, home invasions, for example, before they happen. How? Active guard outdoor protection. Cameras detect threats outside your house, alert real security agents who take action when the intruder is still outside, not in your bedroom. Why doesn't everyone do this? We don't know. But this is a great idea. And Simply Safe works whether you're home or not. You can be around the world.

• 26:01Tucker Carlson?

  It's got 24/7 coverage, no matter where you are. There are no long-term contracts, no hidden fees. You can cancel it anytime you want. It's been repeatedly named best home security system for a good reason. Plus, there's a 60-day money-back guarantee, so you're not risking anything. Don't miss out on Simply Safe's biggest sale of the year, 60% off right now. Our listeners get 60% off a Simply Safe home security system at simplisafe.com/tucker. Simply Safe, S-I-M-P-L-I-Safe.com/tucker.

• 26:30Speaker 00

  That's the kind of safety you want. Now, more than ever, we need someone on our side. But Rob Whitman? Whitman's votes drove up costs, cut Medicaid, and risked 350,000 Virginians' health care to pay for tax breaks for himself and his donors. He's not on our side. Shannon Taylor will fight corruption, cut taxes, and bring down costs. This November, vote for Shannon Taylor. She's for us. Paid for by HMP, the House Majority PAC dot com. Not authorized by any candidate or candidate's committee.

• 27:00Speaker 05

  Your joints help you keep doing what you love. Give them daily support with Ancient Nutrition Multi-Collagen Protein. Two scoops deliver 20 grams of collagen from 10 types, including clinically studied eggshell membrane. Plus, vitamin C and probiotics to support skin, hair, nails, and joint health. Visit ancientnutrition.com/protein and use code PROTEIN for $15 off. That's ancientnutrition.com code PROTEIN.

• 27:28Tucker Carlson?

  So, is it hard to move it across borders?

• 27:34Speaker 02

  Most, you know, you have to declare it whenever you're importing or exporting metal into other countries, like you would have to declare any type of good. So there are laws for customs in every country. So you're going to declare it, but it's in the majority of nations around the world, importing pure gold is not going to be taxed. They're going to allow it. They're going to facilitate it, but.

• 28:05Tucker Carlson?

  So there aren't tariffs on gold?

• 28:07Speaker 02

  Generally, no.

• 28:08Tucker Carlson?

  Huh.

• 28:09Speaker 02

  In most.

• 28:09Tucker Carlson?

  Why? That's interesting.

• 28:11Speaker 02

  Well, it's, every country has need of it. Every population has demand for it. So it's in the interest of nations to allow their populations, or their governments, or their corporations, to be able to obtain it for the purposes they need it for, without making it artificially expensive. Let the market determine the real value of it.

• 28:31Tucker Carlson?

  Yes.

• 28:31Speaker 02

  And so that's the purpose of gold. And so that's why nations give it that favored treatment, because it's a, it's a form of money, as it always has been. You don't tax money that's crossing borders. You don't put a tariff on euros or a tariff on dollars. You want the money to be able to flow, because it's good for trade. And the same is true for gold and silver in most cases.

• 28:55Tucker Carlson?

  So with that, obviously with that betraying the privacy of any of your clients, but you and I should just be clear about one of the things that you do is supply gold to people. You know, like someone wants gold, I want $10,000 with the gold, I want $10 million with the gold and you're one of the people, aren't that many actually, who can come up with it reliably and you send it to them. Who's buying gold? Like the categories here, not people, of course.

• 29:19Speaker 02

  Well, in general, retail investors buy gold, hedge funds, family offices are interested, absolutely. Yep.

• 29:27Tucker Carlson?

  Even though you are a key player in some sense in the country's financial system, actually, because gold is a part of that system, you probably are not watching a lot of CNBC, right?

• 29:38Speaker 02

  I don't have much time for mainstream news. There are many mainstream investors in gold, many very intelligent advisors are constantly advising for it and have been for a long time. And I think it's always been kind of a standard piece of advice amongst wealth managers and advisors to have, say, 10% of your portfolio in gold. That used to be a standard recommendation. It just because it's always been understood to be a hedge against inflation and volatility, you know, it's a, an asset that moves contrary to other assets. So it's a way to balance a portfolio to some extent.

• 30:19Tucker Carlson?

  Where does it come from?

• 30:21Speaker 02

  Well.

• 30:21Tucker Carlson?

  I want to buy, I call you and I say, which I'm not going to do because I can't afford it, but like, I want to buy $100 million with the gold.

• 30:28Speaker 02

  Yep.

• 30:29Tucker Carlson?

  Now you might, I have no idea if you have that like on hand, but if you don't have it on hand, where do you get it?

• 30:36Speaker 02

  Well, in the, the, the gold market internationally is, is primarily operated through.

• 30:46Speaker 02

  Exchanges such as the COMEX operated by the CME Group out of New York, the London Bullion Market Association in London, the Shanghai Gold Exchange. There are other gold exchanges in, say, Russia and in India as well. And so that's where the bulk of the trading occurs, where they're clearing hundreds of millions of dollars every single day in contracts. And that's being fed primarily by refineries, who are purchasing the gold from mines and also are trading gold that already exists. So that's the major source of gold.

• 31:30Speaker 02

  And that's usually in the form of large exchange traded standardized bars in bulk. Like the COMEX contract here in the United States is settled in a 100 ounce gold bar. And so that would be a single futures contract that firms like us would purchase or other people who need to buy and sell futures contracts will purchase that type of a commodity. From that point, bulk gold is taken and it is further processed into smaller coins and bars by private mints and by government mints, specifically for the purpose of making it available to people that want to buy it in formats that are useful to the average person.

• 32:14Speaker 02

  And so the primary source is going to be, you know, big banks, funds, ETFs that are trading mines and also the secondary market, where there's whenever there's a large amount of liquidation that's happening, if there's more than the retail market can absorb of retail dealers, let's say. And I'm referring to that as just the non-exchange traded markets. Just this is the open market in the United States, for example. If people sell too much. As they have been for the last year and a half, what that market needs to do then is

• 32:57Speaker 02

  absorb all of that selling pressure and a lot of times they'll have to send it to a refinery and have it melted down so that it can be cast into formats, it can be delivered into the futures markets where there's deeper liquidity, there's more money to absorb the purchasing power or the selling demand of the market. So even the secondary market will at times be feeding back into that. So there's a lot of plumbing internationally that provides for the efficient flow of precious metals and price discovery and trade execution

• 33:42Speaker 02

  and settlement. It's a very well-established system that operates internationally.

• 33:46Tucker Carlson?

  And without too much friction?

• 33:49Speaker 02

  Yeah, yeah. There's always a little bit of friction involved when it comes to stuff that's when you're moving precious metals or changing it from one form to another. So the least amount of friction is going to be like unallocated pool positions in London, but that's also the highest amount of risk. So it's always a trade-off. If you want to de-risk it a little bit, you'll get allocated bars. But now that means that you've moved it out of the unallocated pool, you've gotten serial numbers and it's in another section of the vault. That's going to have some friction. But if you want to further take possession of those things, now it has to flow out through dealers and operators that can take possession

• 34:32Speaker 02

  of those big bars. And now you're hiring armored cars, you're insuring it, you're financing the position that you have to carry for a period of time. That costs you interest and opportunity costs with your capital. And you'll have to then reformat the big bars into smaller coins and bars, and that requires capital, equipment, and labor, other inputs. And so there is friction to move it between the major sources of liquidity in the different markets. And so as you're doing that, that's where actually the premium comes from. So when you look at, say, the price of gold that you see on your TV screen, the reason that you can't buy it for that price from a dealer of coins or bars is the product

• 35:17Speaker 02

  that they're selling, well, it's based on that price. It's got multiple layers of friction that have been added into that product.

• 35:23Tucker Carlson?

  Of course.

• 35:24Speaker 02

  And so that's where the premium-

• 35:25Tucker Carlson?

  Because it is a physical product. It's not theoretical.

• 35:28Speaker 02

  Right.

• 35:29Tucker Carlson?

  Someone has to actually put it in, you know, has to melt it.

• 35:34Speaker 02

  And that's all friction.

• 35:35Tucker Carlson?

  Yeah.

• 35:36Speaker 02

  But, you know, if you wanted to buy gold at the spot price, the only way to do that is to actually buy futures contracts on the commodity exchanges, which is where that price is being ultimately set. But that's usually not the best option for your average investor. You don't have possession and control of it. And if you want to take possession and control of it, you're going to add some friction back into the asset.

• 35:59Tucker Carlson?

  What percentage of your customers take delivery? Have it sent to their homes?

• 36:02Speaker 02

  Uh, well, technically, 100% of our customers take delivery as it's strictly defined under the law, which means it leaves our possession and it's going to go to either a qualified depository that's acting as an agent of the customer, or it's going to go directly into the possession of that customer physically. So we, you know, the percentage that takes it home and, you know, buries it somewhere in their backyard or wherever, it's probably north of 50%.

• 36:34Tucker Carlson?

  Really?

• 36:35Speaker 02

  Yep.

• 36:36Tucker Carlson?

  Like, real amounts of gold?

• 36:38Speaker 02

  Real amounts of gold and silver.

• 36:40Tucker Carlson?

  Damn.

• 36:42Tucker Carlson?

  We've got a new partner. It's a company called Cowboy Colostrum. It's a brand that is serious about actual health and the product is designed to work with your body, not against your body. It is a pure and simple product, all natural. Unlike other brands, Cowboy Colostrum is never diluted. It always comes directly from American grass-fed cows. There's no filler. There's no junk. It's all good. It tastes good, believe it or not. So before you reach for more pills for every problem that pills can't solve, we recommend you give this product Cowboy Colostrum a try. It's got everything your body needs to heal and thrive. It's like the original superfood, loaded with nutrients, antibodies, proteins,

• 37:24Tucker Carlson?

  help build a strong immune system, stronger hair, skin and nails. I threw my wig away and right back to my natural hair after using this product. You just take a scoop of it every morning in your beverage, coffee or a smoothie, and you will feel the difference every time. For a limited time, people listen to our show get 25% off the entire order. So go to cowboycolostrum.com, use the code TUCKER at checkout, 25% off when you use that code, TUCKER at cowboycolostrum.com. Remember, you mentioned, you heard it here first.

• 37:54Speaker 06

  We have the tech to get food delivered in 15 minutes, but we all have horror stories about buying tickets. The Game Time app gives fans the advantage. Get amazing tickets in just a few taps. Fees are included, so what you see is what you pay. And the Game Time guarantee means authentic tickets at the best price every time. Take the guesswork out of buying tickets to concerts, sports, comedy and more with Game Time. Download the Game Time app and create an account for $20 off your first purchase. Terms apply.

• 38:25Tucker Carlson?

  What's interesting about this doesn't, if you do that, it pays no dividends. So you've got to really believe in it.

• 38:31Speaker 02

  Right, but profit and value is not always expressed in dollar terms. So.

• 38:38Tucker Carlson?

  What does that mean?

• 38:39Speaker 02

  Well, there's a lot of value to having your wealth under your control and in your private possession, which maybe it's worth the trade-off of not having dividends being, you know, distributed from.

• 38:52Tucker Carlson?

  What do you think the value is?

• 38:55Speaker 02

  Well, you have sovereignty, you have control, you've eliminated essentially all counterparty risk, so you're the one who knows, it's actual wealth delivered, it's not a claim on wealth anymore, it's not a hypothetical, it's not some paper certificate that says, "I owe you this," or "we promise that you have this here."

• 39:17Tucker Carlson?

  "We promise, we promise."

• 39:19Speaker 02

  Uh huh, and you can trust some people's promises, there's always trust involved in a system, but you know, there are other promises that maybe you shouldn't trust, so you want to de-risk a little bit, but once you have it in your possession, that's wealth delivered, it's no longer a claim on wealth, like it's a settled debt. You know, if you look at, say, Federal Reserve notes, the Federal Reserve notes are not actually wealth, they're notes, which means they're debts, they're debts of the Federal Reserve, they're a claim on the assets of the Fed, and so whenever you pay somebody with a Federal Reserve note, you're not actually settling your debt to that person, you're exchanging one debt for another.

• 40:00Speaker 02

  So they haven't actually taken possession of actual true wealth, which is what gold is, or you know, any other type of asset or capital asset, but when you have gold, now you have actual wealth crystallized, physically incarnate, so to speak, in a tangible form that is no longer subject to any other counterparty's duty to perform on your behalf.

• 40:26Tucker Carlson?

  Amazing. How do you spend it?

• 40:29Speaker 02

  Well, um, right now, because of the way our economy works, you need dollars for practically everything, even Bitcoin, as popular as it's become, you know, if you go to a merchant that accepts Bitcoin, that merchant isn't actually taking the Bitcoin and keeping it on a wallet somewhere, they're converting it to dollars almost instantly in most cases. So the same is true for gold at this point largely, that you know, you can't really easily spend it directly because most people need dollars to operate on a daily basis, to pay

• 41:12Speaker 02

  their taxes, to pay their mortgage, to go buy food at the grocery store. Um, so to spend it, it usually involves converting it back into dollars, selling it to somebody who's making a market for it, getting the money and then using it.

• 41:27Tucker Carlson?

  So, uh, which seems reasonable, um, at this point in time. Uh, and of course that will evolve as all systems do, you know, maybe not in our lifetime, but of course it all evolves. We don't use Drachma anymore, or Denary, or whatever. Um, how do you do that? How do you convert? So I, so I buy, I don't know, 30 ounces of, I buy 30 gold coins, one ounce coins, and I keep them in my safe and then I have a need for them. How do I convert them to US dollars?

• 42:01Speaker 02

  Well, uh, you could usually contact the firm that sold them to you. Um, and if they're in your possession now, you're going to have the challenge of getting them back to that firm. You're going to have to transport them through a common carrier like FedEx.

• 42:16Tucker Carlson?

  How hard is that?

• 42:17Speaker 02

  It's, uh, it's usually not hard, um, especially with gold. Silver is a little more challenging just due to the mass. Um, but there is some risk involved in that. So there's, there's the cost to ship it. There's the cost to insure it. Uh, so that's added friction. Um, normally when you're dealing with a, a, a major market maker or distributors who, who's involved in precious metals, they're going, they, they should normally in most cases have a, a strong, uh, repurchase price. So it's often in your interest to do it that

• 42:55Speaker 02

  way, but you could also practically every major city in this country has multiple dealers who would be more than happy to buy your gold coins from you. In practically any major city, you could walk in with You know, two gold eagles and walk out with $6,000 cash.

• 43:16Tucker Carlson?

  Or they'll So will they give you spot price ish for those coins?

• 43:19Speaker 02

  Usually if they're honest, yep. And, and you can, you know, you can check the price. You can call around and, and people do that all the time. See what people are paying and just, you know, make sure to keep them honest. But, you know, there, there are dishonest dealers out there.

• 43:33Tucker Carlson?

  Of course, but given that you can get the spot price on your phone 24 hours a day. And I'm like, you know, gold is 3,025 or whatever. And I look it up and I call the coin shop and say, I've got two, you know, double eagles or whatever. I've got two gold coins. Assess if they're real and if they are, will you give me spot? Is it possible you're going to get that?

• 43:52Speaker 02

  Oh, certainly. Yep.

• 43:53Tucker Carlson?

  Okay.

• 43:54Speaker 02

  And for, and for some coins, you might get more than spot. Now they, some of them command a premium.

• 43:59Tucker Carlson?

  Yes.

• 43:59Speaker 02

  Depending on market conditions and the type of coin.

• 44:03Tucker Carlson?

  So, um, when I get the cash for those coins, how private is that transaction?

• 44:10Speaker 02

  Uh, it's a very private transaction. So there, there's no specific reporting requirement that says the dealers have to report every purchase that they make from the public. Um, well, once you get to large volumes of certain types of gold or silver, they technically require a 1099, uh, report. Um, which really just discloses the amount of gold and silver that they purchased from you and the price they paid. It doesn't disclose the profit or loss that you made in that because they have no way of knowing that. Um, so, so

• 44:48Tucker Carlson?

  But if I want it totally private, what's the threshold at which it has to be reported? Do you know?

• 44:53Speaker 02

  Well, that threshold is subject to debate amongst people within the industry. Uh, there's some obscure regulations.

• 45:00Tucker Carlson?

  Okay, but roughly.

• 45:01Speaker 02

  But, but typically it's, you know, like 25 ounces of gold or say a thousand ounces of silver. Um, but it has to be in specific forms. Like, for example, the US gold eagle is specifically exempted in law from 1099 reporting. So, you know, you could sell a million dollars worth of gold eagles and No one in the government needs to be notified that you did that.

• 45:27Tucker Carlson?

  So it's totally, it's totally private. So if I have Gold Eagles or if I have up to 24 ounces, which is, I'm not good at math. Help me now, Chris.

• 45:36Speaker 02

  Oh.

• 45:36Tucker Carlson?

  3,000 times 24 is.

• 45:38Speaker 02

  Roughly 75,000.

• 45:39Tucker Carlson?

  70,000, yeah. I can just walk in any coin shop and give them that. I get, I get bills.

• 45:47Speaker 02

  If they have them.

• 45:48Tucker Carlson?

  If they have them.

• 45:48Speaker 02

  Mm-hmm. Yep.

• 45:50Tucker Carlson?

  So that's like, that's kind of what they promised me Bitcoin was gonna be. I, I was super excited about crypto, not as an investment. I'm not much of an investor, that's for sure, but I do believe in privacy and I think it's a fundamental human right. So I was hoping that you could use Bitcoin for that kind of thing, not, don't want to buy, you know, anti-tank weapons or whatever. I just want to buy like dinner or whatever I want to buy, but it's not bad, but I just want privacy. But gold, I could take gold that's sitting in my safe at home and go and get $75,000 or unlimited if I have certain kinds of coins and there's no record at all. I just get the cash.

• 46:34Speaker 02

  Correct. Yeah.

• 46:36Tucker Carlson?

  Okay.

• 46:39Speaker 02

  Now the dealer's gonna have their own records.

• 46:41Tucker Carlson?

  Yeah, whatever, but, yeah, but that, that is privacy.

• 46:46Speaker 02

  True. Exactly. It's the original cryptocurrency.

• 46:49Tucker Carlson?

  It's so weird that I feel awkward even saying this out loud. They've, they've sold the lie that like, if you don't want them in your face at all time, in your bedroom, monitoring all your behavior on your iPhone, that there's something wrong with you. You know what I mean? They want to put Ed Snowden in jail for disclosing that they were spying on me. Who's the criminal here? The people spying on me are the criminals, not Ed Snowden for telling me the truth. But they've so brainwashed everybody, even, I think I'm pretty off-grid mentally. I don't look at the media either, ever, but I still feel like, oh, you know, it's kind of embarrassing to talk about wanting privacy. Do you feel that? Or you you so off the grid that you don't even know what I'm talking

• 47:30Speaker 02

  No, no, I definitely feel it. I mean, just even talking about it in this interview. It's like, are you saying something wrong? Are you allowed to say that? Is that is that dangerous? Is that a threat?

• 47:40Tucker Carlson?

  You've been so brainwashed. It's unbelievable.

• 47:43Speaker 02

  Is it a threat to the regime? I mean, the the the system of control, taxation, monitoring, everything done in the name of safety.

• 47:51Tucker Carlson?

  No, but it's just so funny, because I because I know you. I don't think I'm giving away too much, or like a faithful Christian with six kids, like you're not doing anything wrong. You're like a law-abiding person. And even you're like, oh, I feel weird.

• 48:03Speaker 02

  Yeah, yeah, yeah. The positive law is what they call it. Like, you haven't actually harmed anyone. But, you know, it's kind of the Department of Pre-Crime wants to make sure that you're doing okay things and not potentially a threat to somebody. So even though you haven't

• 48:17Tucker Carlson?

  Only certain people. They don't care if you're a threat to others. But it's like

• 48:20Speaker 02

  Selective enforcement is always very interesting.

• 48:22Tucker Carlson?

  A threat to their power, which this is, by the way, just to be totally blunt about it. And, you know, privacy is a threat to their power. That's why they're opposed to it. You know?

• 48:32Speaker 02

  Exactly.

• 48:33Tucker Carlson?

  Tough luck, is my view.

• 48:35Speaker 02

  Privacy and sovereignty. And that's why they're opposed to gold. And that's why you want to keep everything in Federal Reserve notes and heavily regulated. You have Bank Secrecy Act. You have everything that relates to dollars in terms of what you can do domestically and even internationally. So it's a very powerful tool for control. Add to that income tax laws where they, you know, we didn't used to have an income tax in this country. We were we were a free country once. But once they need to get in and figure out how much did you earn, as though it's their business, you got to pay your fair

• 49:16Speaker 02

  share. It's not even about paying your fair share. It's about managing the wealth of your citizenry and making sure that some people are not richer than they ought to be. Because if the government wanted to, you know, pay its debt some other way, it easily could. But instead, they choose to use the people as a source of revenue. And that's, you know, think of the percentage of time that you work for the IRS every year so that you can fund regime change operations, or some other bizarre foreign policy objective like we see with USAID in some foreign country. It's like

• 49:56Speaker 02

  That entire system is just fundamentally unjust and undemocratic, and it really doesn't represent the will of the people. It doesn't allow them to be as free as they could be. It doesn't allow families to preserve and transmit generational wealth. And it's all done in the name of this obscure concept of fairness, which is defined by bureaucrats and politicians thousands of miles away from you. So it's a horrible system. And yeah, you're right. You can't be allowed to have privacy or sovereignty. There should be no ability for you to opt out. You cannot secede. You cannot be different. You're all subject to this system of control and monitoring

• 50:41Speaker 02

  to ensure that the policy objectives of whatever administration or regime happens to be in control at that time decides is what's good for you.

• 50:55Speaker 02

  It's scary.

• 50:57Tucker Carlson?

  How hard is it to store gold?

• 51:00Speaker 02

  Gold is relatively easy to store because it is so small. You can concentrate so much value in such a small piece that you could hide it in your bookshelf. You can use security by obscurity. You can stash it in different places. You could, you know, hide it inside your wall.

• 51:20Tucker Carlson?

  A jar of peanut butter.

• 51:21Speaker 02

  Yeah, jar of peanut butter. You could get one of those little pop can, fake pop can saves that you put the soda can in your fridge and hide it in your refrigerator or bury it in your backyard. Gold doesn't rust. It doesn't tarnish, unlike silver. So, you know, you could bury it. So it's very easy to store gold on your own. It's when you have a lot that it becomes more of a security risk.

• 51:49Tucker Carlson?

  Yes.

• 51:50Speaker 02

  Then you need to get a little more strategic.

• 51:53Tucker Carlson?

  Can we talk about the downsides? I like to assess. I'm not an investor, but my goal, if I make money, is I have no expectation of becoming Larry Fink. I don't want to be Larry Fink. I just don't. I think it's fair not to want to lose what you earned. That's how I feel about it personally. And so how do you? And be, I know you are honest, so I'll just say, how do you, like, what are the risks to buying gold?

• 52:22Speaker 02

  Well, the risks of buying gold primarily are, gold is volatile, like any other asset, just because of the economic system that we're in. And so prices are going to swing, there are going to be corrections, it's, it's hard for anyone to know what should the true value of gold actually be, and even if you did know that, what are the things that prevent that from actually happening? So there, there's always some level of uncertainty. So if you're, you know, if you, if you put all of your money into gold, let's say, because you think the world's going to end tomorrow, or uh, which, in which case you wouldn't need gold, but you know.

• 52:58Tucker Carlson?

  Fair!

• 52:59Speaker 02

  But.

• 53:00Tucker Carlson?

  Probably want to buy macaroni, but yeah.

• 53:02Speaker 02

  Uh, yeah, well, you'll, you'll need, you know, if the world doesn't end, but it comes close, you're, you're going to need some system to barter and trade with, and in that case, gold, gold is perfect, but you know, say you put all your money into gold, and it turns out six months later, you need that money for something, and the price of gold is maybe down 10% at the time. Well, now you're going to be forced to liquidate, so it's, as with any asset, you, you don't want to put too much of your liquid assets into it, or you could, you know, potentially, uh, be at a loss, so you, you never want to, uh, put too much money into anything, you need to have that spending money for all of your daily affairs and unexpected, so that's one risk.

• 53:48Speaker 02

  The other risk, of course, is going to be storing it securely, you know, it could be stolen from you, you could be robbed, or, or you, you want to make sure that people don't know that you have gold, or especially if you have a lot of gold, you, you want to make sure that that stays really private, because there's always going to be the risk that somebody could, uh, come and take it and walk away with it, and there's no, no reversing that. You, you can't, uh, you can't cancel that check. Sort of like cryptocurrency. Once it's gone, it's gone. Or maybe you'll forget where you put it. So you gotta, you gotta have a trusted treasure map that

• 54:26Tucker Carlson?

  Yeah.

• 54:26Speaker 02

  only trusted associates have. So beyond those risks.

• 54:32Tucker Carlson?

  What about fire? So you put it in your house. I've got, you know, 500 grand of gold in my wall. Let's be honest, it's not gonna be stolen. No one's gonna find that. Like, it's impossible. But the house burns down and the gold melts. How much value does it lose?

• 54:48Speaker 02

  A few percent.

• 54:51Tucker Carlson?

  That's it?

• 54:51Speaker 02

  Yeah. Maybe, maybe four to five, depending on how contaminated it gets. You probably have to smelt it down and get it refined again. And so you'll, you'll shave off, you know, between two and 5%. But you'll be able to recover it all.

• 55:07Tucker Carlson?

  So it doesn't burn up?

• 55:09Speaker 02

  No. No. It'll just melt. You'll have a slag of melted coins sitting at the bottom of the ashes of your house.

• 55:16Tucker Carlson?

  You ever seen that?

• 55:17Speaker 02

  We have.

• 55:18Tucker Carlson?

  Really?

• 55:19Speaker 02

  Oh, yeah. Absolutely. We've, we've bought many, many times we've had packages come in from other dealers or from other customers that are melted gold or silver coins. And that's exactly what we have to do. Smelt it down and get it refined.

• 55:36Tucker Carlson?

  But it's not a huge loss?

• 55:38Speaker 02

  Not a huge loss. Nope.

• 55:39Tucker Carlson?

  So it's durable?

• 55:41Speaker 02

  Very.

• 55:41Tucker Carlson?

  How much of the gold, have you ever wondered? Because gold has been in circulation since the beginning of recorded history in a very, very famous way. I mean, there's, I don't think there's a book in the Bible that doesn't mention gold, for example. But many ancient texts mention gold. So do you ever wonder, like, in this coin that I'm holding, was any of this gold, you know, in the second temple?

• 56:05Speaker 02

  Well, it's certainly possible. Pretty much all of the gold in circulation has, remains in circulation. So there's always new gold being mined and added to the supply. And that's about 1% to 2% per year of the total supply.

• 56:19Tucker Carlson?

  That's it?

• 56:19Speaker 02

  Yep.

• 56:20Tucker Carlson?

  So gold inflation is 1% to 2%?

• 56:22Speaker 02

  Right. Very manageable. But typically, gold is not lost, unlike silver. Silver is used in industry and silver is typically not, it's not worth recovering through recycling in a lot of cases. And it's used in electronic components, photovoltaic cells for solar, that type of thing. So it's, it's an industrial use metal. Gold is also used industrially, but typically it's going to be worth it to recycle it and recover it. And so, uh, most of the gold that's ever been mined in human history is still with us today. And, uh, so yeah, you very, you very well could have some, some of the molecules in

• 57:04Speaker 02

  your gold bar or coin could have been in the second temple or who knows where.

• 57:10Tucker Carlson?

  Interesting. You, you keep referring to silver. I wanted to just keep that separate. I know much less about it. Um, let's start with the price. What is silver trading for right now ish?

• 57:19Speaker 02

  Uh, a little under thirty-four dollars right now.

• 57:22Tucker Carlson?

  An ounce?

• 57:23Speaker 02

  Yes.

• 57:24Tucker Carlson?

  Um, for silver. Okay. Give me perspective on that. Is that a lot or little or?

• 57:31Speaker 02

  It's not much at all. Um, we think it's highly undervalued. A lot of people do.

• 57:38Tucker Carlson?

  Why do you think that?

• 57:39Speaker 02

  Well, throughout history, uh, gold has typically had a, a value relation to silver of between twelve ounces of silver to one ounce of gold, or maybe fifteen to one. It's kind of floated around there. That's typically been.

• 57:57Tucker Carlson?

  How far back can we track that?

• 57:58Speaker 02

  Oh, we can track that. Many centuries. There's plenty of evidence for it.

• 58:04Tucker Carlson?

  That's the cool thing about precious metals, like people keep records. I mean, there's a continuity to it. Like this is, we're not the first people to have this conversation.

• 58:12Speaker 02

  Right. We're not reinventing any wheels here.

• 58:14Tucker Carlson?

  No.

• 58:14Speaker 02

  Like this is a tried and true method of running economies.

• 58:17Tucker Carlson?

  So it's twelve to fifteen X. Gold is twelve to fifteen X silver typically?

• 58:22Speaker 02

  Typically, yeah.

• 58:24Tucker Carlson?

  Okay.

• 58:25Speaker 02

  Today, right now, the ratio is about ninety to one, which is very high. Ninety ounces of silver to one ounce of gold. Well, there's a lot of reasons why people say that that is, you know, and suppression is one of the main ideas.

• 58:39Tucker Carlson?

  Well, just ask the obvious question. Has there been a big expansion in supply?

• 58:43Speaker 02

  Oh, no. No, the supply, the supply continues to go down. And if you look at what the miners pull out of the ground, you know, people are mining gold and silver is often found with gold.

• 58:54Tucker Carlson?

  Really?

• 58:55Speaker 02

  Vice versa, yeah, typically. Um, and, uh, what's coming out of the ground? The ratio is about seven ounces of silver to every one ounce of gold, roughly. It's between ten, it depends on the mine, but seven to ten is the ratio.

• 59:11Tucker Carlson?

  But the gold is worth ninety times the silver.

• 59:13Speaker 02

  Correct.

• 59:14Tucker Carlson?

  Huh.

• 59:15Speaker 02

  Correct, so.

• 59:16Tucker Carlson?

  Well, then, that doesn't make any sense. So if there hasn't been a massive expansion in supply, but the value, relatively speaking, has dropped like dramatically, then what is that?

• 59:27Speaker 02

  Well, it's, part, part of it has to do with, um, the fact that silver is not a medium of exchange right now. It's not used in the marketplace. Um, and also, central banks typically don't carry silver on their balance sheet. So we, we look at the price of gold right now. The vast majority of that price run-up is the direct result of central bank purchases, who are preparing for some type of potential revaluation event, it would seem. Silver, on the other hand, doesn't.

• 1:00:01Tucker Carlson?

  Wait, hold on. What does that mean?

• 1:00:04Speaker 02

  Well, what's the real value of gold? What's the real value of the dollar? It would appear that we're on the cusp of a new international monetary system.

• 1:00:13Tucker Carlson?

  Yeah.

• 1:00:14Speaker 02

  Which is the result of certain foreign policy decisions that were made in the previous administration, as well as just the, uh, underlying nature of the, the game, the, the economic system, like the rules of it have changed multiple times.

• 1:00:28Tucker Carlson?

  We're not encouraged to, like, probe that too much. It's more like, hey, go have a race war.

• 1:00:33Speaker 02

  Right.

• 1:00:33Tucker Carlson?

  Do you know what I mean? White people are bad, black people are bad. It's about the trans community. It's like, okay. But the one thing we don't talk about is this sort of thing. I can't believe how ignorant I am of some of it. And I'm interested.

• 1:00:47Speaker 02

  It's, it's a theory of mine that really this is the root of almost all of our problems.

• 1:00:53Tucker Carlson?

  What is that? Wow.

• 1:00:54Speaker 02

  I, I, I think, you know, the, the ability for the creation of artificial credit or money by powers, central powers, let's say the banks or primary dealers of the Federal Reserve, the Federal Reserve system, the government, it gives too much power and too much control to too small a group of people.

• 1:01:15Tucker Carlson?

  Well, I've noticed that. Yeah. Okay. Now we're getting warmer.

• 1:01:18Speaker 02

  Yeah. So, so, you know, the, the changes that have occurred in our society over time, none of these things would have been possible without the ability of the government to just artificially inflate its credit and monetize its debt and inflate the currency. Otherwise, it would have to come to the people and tax them directly. But instead, they're able to levy a hidden tax against every holder of a US dollar, which is not just the American people, but people throughout the entire world.

• 1:01:51Tucker Carlson?

  The world, yeah.

• 1:01:52Speaker 02

  So it gives a lot of power to certain forces that are at work. And I don't think those forces operate for the, the, the benefit or the good of common people like you and me. They, they have different plans and there are different, different goals associated with these centralized powers. And, and so not being tethered to some kind of a standard has just given them too much freedom to do too many things that people normally wouldn't agree with or wouldn't pay their taxes to allow. And that's happening globally. So the, the necessity of change has

• 1:02:35Speaker 02

  never been more apparent for every reason that we've discussed and plenty more. We could go on and on and on about the evils of that type of a system. And so in the interest of fairness and honesty and, and honest dealing.

• 1:02:49Speaker 02

  And a proper valuation of what is a thing actually worth? It's going to require a lot more work. You know, we, we used to be on a gold standard.

• 1:03:02Speaker 02

  Which was a result of agreements that were made internationally after World War II. Which, and even before World War II, actually, but it, it pegged the value of the dollar to a certain amount of gold. And that gave everyone dealing in dollars, the ability to actually properly account for what is a dollar? What, what even is it? Um, but as usually happens, we just continued to print more dollars than we had the proper amount of gold back.

• 1:03:38Tucker Carlson?

  Yeah, then we thought we'd just fight a war in Vietnam, kill 60,000 Americans and like, we couldn't continue. So in the early seventies, the president took us off the gold standard. Is that a fair summation?

• 1:03:47Speaker 02

  Exactly, yep. The, the expansion of the money supply, all of our unfunded liabilities, other people that, you know, foreign governments that held dollars saw the writing on the wall and they started demanding their gold. And the gold was flowing out of Fort Knox and we had hundreds of tons. I don't have the exact figures, but we were losing tons, literally of gold to foreign redemption. And at some point, someone had a meeting with the president, said, Mr. President, we're...

• 1:04:15Tucker Carlson?

  They're emptying the vaults.

• 1:04:16Speaker 02

  They're emptying the vaults and, you know, maybe the vaults are empty, we're not sure. Uh, I, I guess the president's going to find out, maybe at some point if they let him. But, uh, yeah, so, so they decided to suspend redemptions. And at that point, the price of gold was allowed to float. So there became this sort of secondary market that was no longer part of the government, but it was relegated to banks who...

• 1:04:44Speaker 02

  Began to make markets and determine, uh, what is the value of foreign exchange? What's the value of the dollar versus the British pound or the German Deutschmark? But a lot of that was also continued to be related directly to gold. And so gold had a floating price at that point. And, and so the, the floating price of gold becomes a benchmark and a barometer of the health of any individual currency, which then becomes, uh, part of the reason why the government is now interested in managing that price of gold as a matter of policy. And, and you know, just, just like they, they had a gold standard at one time, but they had to default and that's what that was. It was a default by the US government.

• 1:05:28Speaker 02

  It declared bankruptcy and revalued its debts. Um, then the system became one of, okay, now let's, let's manage this. And, and you'll notice 1971, 72, that's like a, that's, that's, that's a bright line in human history where we see the purchasing power of the American middle class steadily decline from that point forward every single year. Um, and, and almost any benchmark of any of the ills in our society go right back to that timeframe because that unleashes certain forces that nobody can properly diagnose.

• 1:06:08Speaker 02

  Uh, there's a, there's a quote, uh, by, by Keynes, John Maynard Keynes, who, uh, he, he said something, I can't remember the exact quote, but that inflation works havoc and, and basically misery on a society in ways that not one man in a million can diagnose. And so it's a very subtle change that occurs within the body politic. When you begin to debase a currency and as you debase a currency, you're, you're kind of debasing the people and you're committing fraud and institutionalizing it on a grand scale. And that's really an abomination, uh, in the eyes of God. Uh, the, the Bible talks about unjust weights and measures being an abomination.

• 1:06:53Speaker 02

  And, and so there, there's a real price to that type of activity being allowed to occur at scale on an institutional level within your society.

• 1:07:05Speaker 02

  And we've globalized it. And so from that point, and it's not as though there weren't many evils that we had prior to that point, there were plenty, but at that point, they became leveraged in a sense. The ability to maximize certain effects on society through the use of money and artificial money creation, sort of like alchemy in a sense, gave certain powers, just enormous ability to manipulate and control society in every level.

• 1:07:44Speaker 02

  I believe it was J. P. Morgan who said that, "Give me control of a nation's money. I don't care who makes its laws," something to that effect. And that's very true. If you have control of the money, it doesn't matter who's in charge. It doesn't matter who's elected. It's money rules.

• 1:08:06Tucker Carlson?

  Because you have control of the food, and the shelter, and the water. I mean, it's like you have control of human life.

• 1:08:13Speaker 02

  And you'll notice that it was during the creation of the Federal Reserve in 1914. That's the same year that the income tax was instituted. So those two things seem to go together. They seem to be two parts of the same tool. And so we've watched that tool just expand grotesquely to the point where it is. And since 1971, just every ill that you can conceive of in society has expanded consistently from that date. And so now we're at a point where all of the fruits of that have come home to roost in every possible way.

• 1:08:56Speaker 02

  And I'm convinced it's directly related to the money. And we can point to lots of other problems, which they are problems. You've got symptoms, you've got other secondary causes. But I think a lot of those symptoms and secondary causes would have never had the power that they do have if it weren't for the ability of certain forces to...

• 1:09:21Speaker 02

  And act their will using the money system to which they're untethered to any outside force or to anything that should ever hold them account or check their power other than their own determination fiat money. We decide what percentage of the Fed's balance sheet should be gold. It used to be 40%. Then it was changed to 20. Then it was changed to, I think, maybe 10 or 5. And then finally, they said, whatever amount we want, we'll just call it whatever we want. So they've got carte blanche to decide what money is and how much money there is and to regulate its use in every possible way. So money really

• 1:10:04Speaker 02

  is at the heart of maybe almost every problem, right next to the spiritual realm.

• 1:10:12Tucker Carlson?

  And they're connected.

• 1:10:14Speaker 02

  And they are directly connected. Yes. There's a reason that there's a force called Mammon that's referred to throughout Scripture. So, yeah, it's a dangerous master, truly is.

• 1:10:28Tucker Carlson?

  So let me just ask you to describe, we don't need to use the names of the companies, they're all famous, but like, how does this sleight of hand work where these companies convince mostly older, mostly conservative, Fox News viewers, really, people I love, convince them to buy gold at twice the price? How do you do that?

• 1:10:51Speaker 02

  It's a huge problem, and it's been happening in the industry for decades. Everybody knows about it.

• 1:10:57Tucker Carlson?

  I didn't know.

• 1:10:58Speaker 02

  Yeah, everybody in the industry at our level understands what's happening. And basically, it involves companies that will receive a call from some individual, usually someone with a retirement account. Who believes that they need to buy gold? And it's a good idea. You want to get gold. So, but where do you go to get it?

• 1:11:23Tucker Carlson?

  And so Right.

• 1:11:24Speaker 02

  It's a trust-based transaction in the first place. Some major media figure has endorsed them as they tried to get you to endorse them for large sums of money. And now that that media figure's entire audience is a potential customer now and a potential trusting customer who doesn't understand the way money works or how gold works. Because as we've discussed, it's not a topic of daily conversation or activity for people.

• 1:11:57Tucker Carlson?

  But you feel that it's important. That's what drew me to it. I was like, there's something about this that's important. And then I'm interested in history. And I'm like, everyone else has thought that since the beginning of recorded history. So maybe there's something there.

• 1:12:08Speaker 02

  Mm hmm.

• 1:12:08Tucker Carlson?

  Right?

• 1:12:09Speaker 02

  Yep. And so not knowing how it works, they call them up and they say, you know, I have a retirement account and I'd like to put $100,000 of gold into the account. And the salesman says, yep, we can help you do that. Just sign this agreement and we'll get the paperwork started and we'll sell you $100,000 worth of gold. And the typical understanding of most people is they think it's like buying a stock. So they're assuming that if they've bought $100,000 worth of gold, that it's worth $100,000.

• 1:12:46Tucker Carlson?

  Yeah. Well, that's the assumption.

• 1:12:49Speaker 02

  And if there was some fee associated with that transaction, that it would be disclosed or that it would be

• 1:12:55Tucker Carlson?

  It's fine. You take a vig. It's okay.

• 1:12:58Speaker 02

  Yeah, one or 2%.

• 1:12:59Tucker Carlson?

  Totally.

• 1:13:00Speaker 02

  Maybe 3% or 4% if it's silver. You know, you've got, you've got a range of acceptable percentages associated with precious metals transactions, depending on the format and the size and the delivery requirements. And so there is a certain percentage which is fair and typical. But what happens in these types of transactions is the customer is charged 40, 50, 60% above the price of gold or silver.

• 1:13:35Speaker 02

  And they don't know it. And I've, I've received receipts from customers of, of these types of brokers. And I've looked at the numbers. I've seen them in hand, showing people paying seventy-five or eighty dollars an ounce for silver coins when the price of silver was twenty-five, or paying

• 1:13:57Tucker Carlson?

  And that's disgusting.

• 1:13:58Speaker 02

  Yep.

• 1:13:59Tucker Carlson?

  Old people.

• 1:14:01Speaker 02

  Old people who don't understand what they're doing. And when they turn around to try to cash out, they want to buy a piece of real estate, or help fund a grandchild's college education. They, they see that silver and gold are both up maybe twenty percent. They go to their IRA account, try to liquidate, and they're underwater. They haven't earned any money. They're still down from their original investment.

• 1:14:35Tucker Carlson?

  They've lost money.

• 1:14:35Speaker 02

  They've lost money.

• 1:14:36Tucker Carlson?

  Even as the metals have risen.

• 1:14:38Speaker 02

  Exactly. Exactly.

• 1:14:40Tucker Carlson?

  So how does that work?

• 1:14:42Speaker 02

  And it's because the, the people that sold them metal marked it up fifty or sixty, or even a hundred percent in some cases I've seen. And, and, and they'll try to justify it by saying, oh, this is a, a scarce coin, or a special issue coin. And, and often that is part of the game, is they'll get these obscure coins that are an exclusive mint issue from one of the major mints, and, and they'll get access to that exclusive coin. So that if you try to look it up online, you won't find that coin anywhere. And it'll be some special gold or silver coin that only they have access to. But fundamentally, there's nothing intrinsically valuable to it, other than its gold or silver content.

• 1:15:27Tucker Carlson?

  It's still a commodity, isn't it?

• 1:15:28Speaker 02

  It's still just a commodity. It's not a collector's piece. And that's typically not what people, the people are not looking to invest in collectibles in their IRA accounts when they're looking for gold. And so you've got bait and switch tactics, you've got

• 1:15:40Tucker Carlson?

  Wait, so just to prove the point, if you're a, in addition to being a gold seller, you're obviously a huge gold buyer? From a lot of different sources, but one of them is from dealers around the country. Someone comes in and says, I want to liquidate. So you get a special issue mint coin or a commemorative coin brought to you. What do you pay for it?

• 1:16:01Speaker 02

  Typically, it's going to be very close to the spot price.

• 1:16:03Tucker Carlson?

  Right, so you're buying it for the gold, not for the spooky voodoo of commemorative.

• 1:16:11Speaker 02

  There's no market for it. It's a modern coin. It's not valued by collectors. It was minted specifically for the purpose of being kind of scarce. But at the end of the day, people don't care about that. There's no reason to value it higher than other gold or silver coins of the same purity and weight.

• 1:16:29Tucker Carlson?

  So it has in real terms, no added value, no extra value because it's limited edition.

• 1:16:37Speaker 02

  Right.

• 1:16:38Tucker Carlson?

  From the New Zealand mint or whatever.

• 1:16:40Speaker 02

  Yep.

• 1:16:41Tucker Carlson?

  Rich Corinthian leather.

• 1:16:42Speaker 02

  It's all just speculation that it should be worth more. But when, when it comes down to it and they try to liquidate these special issue coins or whatever type of coin they were overpriced and sold, they come to the market and find out the market values their assets at the price of gold or silver. And, and it's not just us. They could go to any dealer in the country and get the same story. Now, they might go to the original dealer that ripped them off and that dealer will often try to save face and prevent a bad review online. And what they'll do is maybe offer the customer more than anyone else in the market will pay.

• 1:17:24Speaker 02

  And they'll try to pay them off to just, you know, be satisfied or go away. So it's a little game that they play. But, you know, if they pay 30% more than the value of the gold or silver for that coin, they're, the dealer that bought it back is not going to be able to get that price from the normal market. So they have to go find another mark to pawn those off.

• 1:17:46Tucker Carlson?

  Classic Ponzi right there.

• 1:17:48Speaker 02

  In a sense, yeah, yeah. Very close to that.

• 1:17:51Tucker Carlson?

  So I don't know what, um. You know, how I can describe this without getting sued, but this seems really wrong to me. Do you think that?

• 1:18:02Speaker 02

  Yeah, it is. Uh, there was a bill.

• 1:18:09Speaker 02

  Actually, it was a regulation change. Um, I can't recall offhand which agency it was. It was probably Consumer Protection. Um, they were considering a rule change to require anyone that sells anything to retirement accounts to be forced to act as a fiduciary. And right now, there is no requirement for that. And if this change were implemented, it would significantly change the enforcement tools that the government might have to go after companies like this. And right now, they really don't have any enforcement.

• 1:18:53Tucker Carlson?

  So I guess what offends me, this is what, so you told me this, I think, when we first spoke, and that's when I decided I wanted to start a gold company, which I'm not qualified to do, so I partnered with you. But, um, the outrage I felt stemmed from the fact that they were doing this with retirement accounts. That just seems over the top. I mean, if some drunk, rich guy calls in and you fleece him 40% on a gold sale, it's immoral, but it's not quite the crime that you're describing, which is some old Fox News viewer calls and then goes, it's my IRA, my individual retirement account. And you're selling stuff that like you know, isn't

• 1:19:34Tucker Carlson?

  worth what you're selling it for, but like by a lot. I mean, it's a full scam of old people.

• 1:19:42Speaker 02

  A full scam. And I've seen story after story of.

• 1:19:46Tucker Carlson?

  But why does nobody say anything about?

• 1:19:48Speaker 02

  People have attempted to say things and do things about it. Uh, there, there, there was a court case against a, a company in California specifically. Um, a, a very large company and, uh, it, it was brought by the state of California, who actually looked into this dealer's practices and, um, ultimately forced that dealer to settle on a number of these counts and to change their practices. Um, though even after changing those practices, there, there were still issue after issue of different types. Um, so, so there was that one case where some action was taken to a certain degree, but,

• 1:20:33Speaker 02

  you know, if, if one of these dealers folds or goes bankrupt or gets sued out of existence, they'll just pop right back up. It, it's so easy for anyone.

• 1:20:43Tucker Carlson?

  It's really, uh, so I actually asked for a list of all the media people who are shilling for these. I, I, I think they're criminal enterprises. That's my view, but, um, certainly it's, it's not defensible. If you know what actually happened, you can't defend it. It's wrong. And so I asked for a list of all the media people, cause I was in the media my whole life and, you know, a couple of people I really dislike on that list, but there are also way more people I really like, including a couple of like actual friends of mine. So I decide, it's all publicly available if you're interested to get it up yourself. So I decided I was not going to call anybody out by name, but I really hope that this tape circulates, um, and that they decide, you know,

• 1:21:28Tucker Carlson?

  I, I doubt knowing a couple of these people are like legit good people. Um, so the best people in the media actually, and I just don't think they have any idea. Like some agents like, oh, you know, gold company X is going to pay you whatever. Who turns down millions of dollars? I just don't think they know. But I hope they do now, and I just want to be clear that the business that you and I are about to roll out is, um, is a response to, at least I'll speak for myself. It's a response to this. I think it should be easy. I think gold's important. I don't think anyone should put a hundred percent of their money in it for the reasons that you described, because it's a commodity and it goes up and down, but as a long hold. It doubled the markets. Like, what's the argument against it? So, um, I really think it's important for people to buy gold.

• 1:22:13Tucker Carlson?

  I buy gold. In fact, any profit we make from this, I'm taking in gold personally. But I just think it should be easy for people. And, um, you know, you don't make, you know, you make whatever, 4% rather than 100%. But like, that's okay. That's a normal business, right?

• 1:22:30Speaker 02

  Right. That's right. Be transparent, be upfront. And, and that's going to be part of our goal in the operating of this new venture is to be as completely transparent as possible.

• 1:22:40Tucker Carlson?

  100%.

• 1:22:41Speaker 02

  And part of that is to, uh, give customers the, the indication of what would you pay me today for the product you just sold me? And that difference between the bid and the ask, the sell price and the offer price is called the spread.

• 1:22:58Tucker Carlson?

  Yeah.

• 1:22:58Speaker 02

  And, and the spread is really the determinant of what is the cost of the asset that you're investing in? What, what is the friction?

• 1:23:08Speaker 02

  If you need to sell it tomorrow, how much are you going to lose? And, you know, if you sold it back and the market didn't change, you should expect to take, you know, 3% to 5% off of

• 1:23:20Speaker 02

  your, your value.

• 1:23:21Tucker Carlson?

  Right.

• 1:23:22Speaker 02

  Because that's, that's the typical, uh, profit margin of, of, of an honest dealer.

• 1:23:26Tucker Carlson?

  Much better than a new car, I'll tell you that.

• 1:23:28Speaker 02

  Sure. Yeah. Well, and, and this is a commodity money. So, you know, there, there's only so much that should be added in terms of value and processing and costs to that transaction. You know, we're talking, when we're talking 40, 50, 60% that you're, you're just taking, you're just taking at that point. There's no justifying.

• 1:23:49Tucker Carlson?

  But you're taking from the best people in the world. That's what, you know, obviously I was glad to be fired from Fox. I'm really grateful I don't work there. But the viewers, you know, I really love the viewers. And I've met a lot of Fox viewers. I'm related to a lot of Fox viewers. And that's the one group I, you know, like they have enough problems. The government hates them. And you're stealing from them?

• 1:24:12Speaker 02

  Yeah. Yeah, it's a tragedy. It really is. And I've seen the stories. And the people that are promoting these companies, the people who have large audiences, need to do a little investigation.

• 1:24:28Tucker Carlson?

  I agree.

• 1:24:28Speaker 02

  And check out, check out the actual practices of the companies that they're recommending, and understand what is the spread on the typical deal that these companies are offering to their customers, to the audience members of those people.

• 1:24:44Tucker Carlson?

  Well, they don't even put their prices on the website. So that tells you everything. Like, you're selling something. Tell me it's for a cost.

• 1:24:50Speaker 02

  Yeah, or if they do, they'll do the bait and switch. You'll call for that, and they'll say, "Well, you know, you should maybe get this," because they'll say something like, "The government can't confiscate this coin," or they'll tell you some secret story, some secret sauce about the thing you should really buy that's going to cost a lot more, but there's a story behind it. So, yeah, that's one of the typical signs is they don't have e-commerce, or they're not going to display prices. No, there's plenty of honest companies, too, that are telephone-only. They're not into technology, and they're honest brokers. We work with people like that. So that's not a guarantee, but these companies almost always will not display their prices or their spreads, because they don't want you to see that.

• 1:25:34Speaker 02

  And it's typically very high-profile celebrity endorsements, because it's a con job. They're relying on your confidence, your trust.

• 1:25:41Tucker Carlson?

  They're stealing the trust. And by the way, and some of these people, some of the media figures who are promoting this stuff are just not, just not good people. I know them well. But there are also a bunch of them who, as I said, I know really well, and they are good people, and they're basically really honest people. And that's why they're popular, by the way, because they're honest. And they've earned that trust over a long period. And so, anyway, I think it's a tragedy for them. It's misleading, probably unintentionally, to their viewers, just the whole thing. One of the reasons I was glad, grateful to partner with you is that even though you're in the money business, you don't worship money.

• 1:26:21Speaker 02

  Right.

• 1:26:22Tucker Carlson?

  Yeah, at all. So, and also, you don't need to do this. You've been successful enough. I, just being honest, don't need to do it either. And I don't expect to get rich doing this, but I, I really believe in it. And I think it's a, it's a good thing. I mean that, too.

• 1:26:38Speaker 02

  Yeah, I agree. You know, we, we've been very successful. We've been in business since 1976. We've sold and delivered over $5 billion worth of metals in, in the lifetime of our company. And I've been in it since I was born. My dad started the company. So it's, it's always been a part of my life, grew up doing it. And I came on board to help my dad. And I wanted to do things right. I wanted to help him do things right. I wanted to support our customer base, which at the time was primarily wholesale dealers that we would supply, or retail dealers that we supplied as a wholesale dealer. And so, those have always been my motivations.

• 1:27:24Speaker 02

  I never, when I was a kid, I didn't think I would be in precious metals. I wasn't interested in what my dad was doing. But I wanted to help him. He needed help. And so that's what I did. And I wanted to do things right. And we've been very successful. And we've been transparent and honest. And that's been a cornerstone of the way we've operated for decades. And I've known about these companies and never really felt that it was something that I could do anything materially to affect. So when you first contacted me, and you had this idea about

• 1:28:04Speaker 02

  doing something about it like this, I jumped at the opportunity because, you know, like you said, I, I don't need more to do in life. I wasn't really planning on expanding my list of projects. I've been wanting to scale back, honestly, because I've been successful and I've, I've been working really hard a long time. But this opportunity, to me, was of greater value than just the business. If it had just been business, I wouldn't have been interested. But to be able to actually...

• 1:28:38Speaker 02

  Disclose this particular problem on a platform like yours is of so much value to the people that you and I love, the American people, the Fox News viewers, just average Americans who are trying to protect themselves from the predation and corruption that's rampant everywhere in this country.

• 1:29:01Tucker Carlson?

  That's true.

• 1:29:02Speaker 02

  And like you said, it's not, it's like they need this kind of abuse, one more thing to get, they've been hit from every single angle, the people are suffering so badly, and I've read these stories. So the idea that, that you would, that you would talk about this particular issue and, and bring it up in such a way that your audience is gonna know about it, the industry is gonna take notice, the people that are promoting these companies are gonna hopefully think twice and go back and do the math and ask some really hard questions, that's something that is of such huge value that, you know, just this interview alone is worth everything to get that information.

• 1:29:43Tucker Carlson?

  I hope so. Man, I almost took the money. It was like, I was like, wow, how great, you know? It's like, I honestly think I've been fired for less than a week, and you know, most of our staff came over from Fox, paying their salaries, it's like, wow, I've got quite a burn right now, and I was like, very psyched, I was like, oh, get from God, and it was only because I was on a long drive, like a five hour drive, just spacing out, thinking about it, and just in like a hyper autistic way, I was like, it doesn't make any sense, and I'm terrible at math, I know nothing about math, but just like, I can smell like things that just aren't obviously true, like, how does that work? And I just led down this rabbit hole. So anyway, I'm super, super excited.

• 1:30:26Tucker Carlson?

  Let me just ask you one last question, because I, of course, I keep stepping on your answers as usual. Silver. People buy a ton of silver.

• 1:30:33Speaker 02

  Yeah.

• 1:30:34Tucker Carlson?

  It's, it was traditionally, you said, um, about one twelfth or one fifteenth as valuable per ounce as gold. Now it's one ninetieth?

• 1:30:44Speaker 02

  Yes.

• 1:30:45Tucker Carlson?

  I just don't understand that. It's got tons of industrial uses. Um, why is it 30 bucks an ounce?

• 1:30:53Speaker 02

  That's a really good question. Um, we think it's going to change. Um, if you, if you look back at when the, the, the first major high in silver was about $50 an ounce in 1980, when the Hunt brothers were cornering the market. Um, which is an interesting indication of maybe what its real value is. Um, maybe not, but the inflation adjusted number, if you want to calculate that to today's dollars, is about 190 bucks. So we're, we're nowhere near.

• 1:31:24Tucker Carlson?

  That's how much inflation we've had since 1980?

• 1:31:27Speaker 02

  Yeah. $50 is then is $190 roughly today. Yeah.

• 1:31:33Tucker Carlson?

  Oh, man. I remember 1980 really well. I was 11. I mean, that was a, wow, really? That's a lot of inflation in 45 years.

• 1:31:44Speaker 02

  That's the problem we're talking about. But, you know, so, and then most recently in, in 2011, uh, silver again tested that nominal figure, um, but adjusted for inflation, that number is today in today's dollars, maybe 70, 75 bucks. So we're nowhere near any of those previous highs. And historically, since, since about, you know, maybe 1915 to present, if you look at all of the fluctuation of the, the gold silver ratio, it's roughly, the average has been roughly 53.

• 1:32:21Speaker 02

  To one, instead of ninety to one. So even if we just changed, if the ratio was to be the basis for revaluing the price of silver, it would be over fifty dollars right now, based on the price of gold. It's where silver maybe should be, if you think that the ratio is a fair comparison.

• 1:32:38Tucker Carlson?

  And to restate, there has not been a radical expansion in supply?

• 1:32:42Speaker 02

  Correct. In fact, the supply that's coming out of the ground, like I said, miners report it being roughly a seven to one ratio, maybe ten to one ratio, depending on the mine that you're extracting from. So it has industrial demand, a certain amount is lost every year, so there's some amount of a deficit, I think. I don't have the exact figures, but then the amount that's coming out of the ground is nowhere near a ninety to one ratio, or even fifty to one. It's ten to one or less. So the possibilities-

• 1:33:15Tucker Carlson?

  That sounds like market manipulation, maybe?

• 1:33:18Speaker 02

  That's what a lot of people claim. I'm not enough of an expert in some of that inside baseball. I'd let other people talk about that issue, who have a lot more information than I do. But to my understanding-

• 1:33:31Tucker Carlson?

  Is there some motive for that, that you can think of?

• 1:33:34Speaker 02

  Well, I'm not sure what the motive may be. It may be residual to previous positions that were taken when silver was more of a monetary asset. From what I understand, there are a lot of short positions by certain bullion banks that trade paper contracts to sell positions that they don't ever actually intend to deliver on, which is a standard practice. You just roll those contracts and buy it back, sell it again. And there are legitimate reasons for doing that, but also there are reasons that are purely economical

• 1:34:13Speaker 02

  or even manipulative. And from what I understand, there are positions on the books of various banks where every dollar silver goes up, they're losing hundreds of millions of dollars collectively.

• 1:34:27Speaker 02

  So that may be potentially part of the motivation. I'm not sure exactly what the motivation would be, apart from also the fact that silver is very closely associated with gold. So there's probably a number of reasons why it may be happening that I'm not aware of.

• 1:34:47Tucker Carlson?

  What is the US government, I've read this but I can't recall, price its own gold at? Biggest holder of gold in the world, I think, or supposedly?

• 1:34:55Speaker 02

  Forty-two dollars and twenty-two cents per ounce.

• 1:34:59Tucker Carlson?

  Is that less than the market price?

• 1:35:01Speaker 02

  Quite a bit less.

• 1:35:02Tucker Carlson?

  Like three thousand dollars less, almost. That's cra- how do you, how do you do that?

• 1:35:10Speaker 02

  Well, the Fed can choose how it wants to value its assets. They can either-

• 1:35:16Tucker Carlson?

  So the Fed is magic? Is that what you're saying?

• 1:35:18Speaker 02

  It is. Yeah. Yeah. They can, they can mark their assets to market, or they can mark them to cost. They have the amazing power to value or revalue different assets on their books. That's part of the magic that we all enjoy.

• 1:35:35Speaker 02

  So, so yeah, it's, it's, it seems undervalued now.

• 1:35:40Tucker Carlson?

  Can I buy gold from the US government at forty-two bucks? Is that possible?

• 1:35:44Speaker 02

  Wouldn't it be nice? Yeah. So there are people who have, you know, who watch the value of the Federal Reserve's balance sheet. And market to market, because there is enough information, I think, that people are able to do that. Or you could look at the money supplier, or take other barometers of, you know, what is in circulation. But there have been a number of times, James Rickards, who is a famous commentator on these topics. He's, he's written a few books about this topic. And, and he describes in one of his books, I believe it's The Death of Money, where he discusses the fact that the Federal Reserve,

• 1:36:27Speaker 02

  technically on paper, marking everything to market, has been underwater a couple of times. You know, essentially insolvent.

• 1:36:35Tucker Carlson?

  Ouch.

• 1:36:37Speaker 02

  And, but, that, that didn't include-

• 1:36:43Speaker 02

  Marking the gold to market or revaluing it to some other price, which may be arbitrary or it may be an actual market price. And so it would appear that the gold on the Fed's balance sheet has always been sort of a standing tool, like an ace in the hole, to say, if we need to revalue this asset to rebalance the balance sheet of the Fed, of our currency, then we'll revalue that asset.

• 1:37:15Tucker Carlson?

  What would happen to, since the United States is supposedly the world's largest holder of gold, what would happen to the, to the gold price if they did that?

• 1:37:25Speaker 02

  It depends on what metric you would want to use. People talk about the old gold standard under the Federal Reserve, where we had a 40% reserve ratio, 40% of the value of the dollar had to be backed by gold. There's other ways to determine it. So if the value of gold were set to, say, 40% or some other number, it's going to be between, you know, maybe 20,000 and 40,000, as high as 40,000, to get that ratio back. Now, many things could happen between now and that point, which could change the makeup of the balance sheet of the Fed.

• 1:38:08Speaker 02

  So who knows where that number would actually end up, but it would be multiples higher of where it is right now. I think it was Luke Gromen who said that if we wanted to get to a one-to-one parity with Chinese yuan, we would need roughly a $22,000 gold price. And that-

• 1:38:25Tucker Carlson?

  Per ounce?

• 1:38:26Speaker 02

  Per ounce. And, and, and that's if we have the amount of gold that we actually say we have. If we don't have that much gold, then the price goes up because the dollar goes down in relation to what gold we do have. So, and that seems to be one of-

• 1:38:41Tucker Carlson?

  The dollar is to evaporate at that point.

• 1:38:44Speaker 02

  Depends how much gold we have in that scenario. But it would be a serious blow to the confidence of other central banks into what is the dollar really worth in some future scenario where international currency settlement gets tethered to gold of some type. And I think that there, everybody's preparing for that. Why are central banks net purchasers of gold since 2005 and just upped it since 2022? So a revaluation and a rebalancing has to come for peace and for prosperity and for fairness. It's gonna, it's gonna happen.

• 1:39:16Tucker Carlson?

  Right. If you're, I mean, if you were actually, as you so wonderfully put it, tethered to reality, gold is reality. If you were tethered to reality, you couldn't have a ton of neocon wars. They've never been popular. They wrecked the country. Everyone kind of hates them. But it doesn't matter what people think because you make up the money supply when you need it. I don't think we would have any of these wars if we were tethered to gold.

• 1:39:45Speaker 02

  Right. And we probably wouldn't have hollowed out our industrial base. Globalism wouldn't be possible, at least in terms of the American version of globalism, without that fiat currency aspect. And if we want to have, say, like Luke Roman, who you've had on the show here.

• 1:40:03Tucker Carlson?

  Very smart guy.

• 1:40:04Speaker 02

  Yeah, incredibly smart. And his idea of the revaluation of gold to obtain a parity of Chinese yuan to the US dollar of one to one, that would be good for us as well because the Chinese yuan is so incredibly cheap compared to the dollar. And I think that's been, people have accused China of being a currency manipulator to maintain that artificial cheapness because it makes Chinese imports so cheap and American exports to China very expensive. So that's helped to fuel a lot of the offshoring of our industrial base to

• 1:40:42Speaker 02

  China over the last almost 30 years now, since roughly 97, I think is when that began in earnest. But that also is sort of a side effect of maybe this fiat currency system that not only are we able to manipulate The world, but maybe other people are also able to use that system that's set up against us. And that's probably what's been happening too, in terms of our relationship with China. So I think there's a lot of problems that we could solve internationally

• 1:41:23Speaker 02

  and even domestically, if we were to return to some form of an honest money standard, an actual standard that everyone is held to.

• 1:41:34Tucker Carlson?

  Yes.

• 1:41:34Speaker 02

  A set of norms. And that makes everyone forced to deal honestly, so that your word is your word, and your currency is your currency. And we disclose what these things are, and we're transparent. That would be a first step towards maybe rectifying so many of the evil things that have happened in the world.

• 1:41:54Tucker Carlson?

  Well, lying is evil. And if you're in a society that's, or you're just, you can't even get to the truth, then you know you have a huge problem. Anyway, I hope our small effort moves the needle a tiny bit. And I'm grateful to be in it with you. So, thank you. Chris Olson.

• 1:42:09Speaker 02

  Thank you.

• 1:42:14Tucker Carlson?

  So as you heard, that was Chris Olson, one of the biggest gold wholesalers in the United States, and a genuinely, in my view, honest man. And we are starting a company together that will allow people, just normal people, to buy gold in a very clear way. Prices on the website, you can check the spot price, and you can know exactly what the markup is. We're not in this to get rich, hope it's successful, but that's not the point of it. The point of it is to make it easy and transparent for people to buy gold, because we believe it's important for the reasons we just described. And that's all sincere. But you can judge for yourself, because full transparency. So if you're interested,

• 1:42:56Tucker Carlson?

  the company's called Battalion Metals, Battalion Metals. And the web address, not surprisingly, is battalionmetals.com. And we're open to any questions about this. We want to bring honesty back to this business. There's no reason it should be a scam, or shrouded in secrecy. By the way, secrecy is a tell for dishonesty. Someone is hiding something, there's a reason they're hiding it, and we are not hiding it. But you can judge for yourself. BattalionMetals.com.