In today’s episode, Kip dives into this week’s market volatility, shares personal stories from his time battling big banks like JP Morgan, and discusses the realities behind gold market manipulation. You’ll hear Kip’s unfi ...
Go look back because the market is closed. Good Friday afternoon, everyone. Kip Herriage here with the Daily VRA Investing podcast. Hope you had a good day today. Hope your week was fantastic as well. We got a few things to talk about here, don’t we? Because it’s been some volatility that’s taking place. I know there’s some nervousness going into today’s trading because remember last Friday we had the. What do we call that, the flash crash, Mini flash crash last Friday, where both the Dow Jones and Nasdaq finished down about 800 points.
And, you know, I think those fear that today we get a repeat of that, especially what happened yesterday. I’ll talk about this. J.P. Morgan, Jamie Dimon of J.P. Morgan, real scumbag, by the way, if I could say, you know, they closed my accounts. All right, quick story. All right, so with WMI and VRA, you know, we did investment seminars all over the world for about eight, nine years. And for a couple of years, I got really focused, kind of laser locked in to JP Morgan and to Jamie Dimon because of the criminality.
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And at the time, I was focused on a couple of things. It was the manipulation of the gold and silver markets and their role in the financial crisis and the crash. And so I had information that I really hadn’t heard other people talk about. And so really, for about a year or two, probably closer to 18 months, on stages all over the world, I repeated those stories. Well, all of a sudden, about 2010, 2011, my account stopped working. Credit cards weren’t working. I got a phone call, said all of my accounts have been closed, corporate and personal. We banked at JPMorgan Chase for a long time.
I think we’ve been there 15 years, something like that. And. And just closed all our. We had a total of. Between corporate and personal. I think it was like 11, 12 accounts, they closed down. So I went into the branch to find out what in God’s name happened here. Branch manager said, can’t tell you.
Pardon me? Can’t tell you. And I knew this guy, he’s like, man, I’m really sorry. I said, do you know? And he goes, all we know. All we know is that your accounts have been closed. You’ll need to call corporate. So I started that process, and at the end of about two months, okay, this is extremely frustrating, as you can imagine. Embarrassing as well. Had to explain to all our employees, you know, especially, you know, accounting and my office manager, like, what happened here? What did you.
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Kip? What did you do? What did you do Kip, you know, and my wife. What did you do? Because I’ve, you know, I kind of live in that gray area when it comes to telling the truth. Because I just. I don’t care. I just. I just don’t care. I think if something needs to be said, I believe in saying I’m pretty plain spoken, and that’s just how I’m built. And sometimes it bites you in the butt, right? And so that’s what happened here.
So after about. I don’t know, must have been two or three months of calling up the ladder, I kept getting another name. What’s your boss’s name? What’s your boss’s name? I finally worked all the way up to what I was told by the guy I spoke with. There was Jamie Diamond’s inner circle, like 12 people that answered only to Jamie Dimon, this very nice black guy. Very nice black guy. And yes, you can tell by the voice, not racist. Just walk me through it. And he said, Listen, Mr.
Herriage, I understand your frustration, and I know you’ve been making a lot of calls. I would do the same thing if I were in your shoes. And yes, I have the reason. I have the reason that your accounts were closed. I’m looking at it right now. Thank you so much. What was it? And he goes, I can’t tell you. And he goes, but you could probably figure it out if you think about it.
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And that’s the only thing I could think of is that I’ve been knocking them for a couple of years. And look. And so look, you know, it was a blessing in disguise. It wasn’t the time, of course, but blessing in disguise. Because then I went with the regional bank, a company based in Here in Texas, which of course then got bought out by a company based in Oklahoma, what have you. And anyway, I stay with regional banks, don’t work with the big money, major money center banks anymore. And would I change anything? No, I wouldn’t. Because, again, I’m just.
I’m not built like that. My hero in that area, by the way, is Wayne Allen Root. Wayne Allan Root, who I know a lot of you know and love as well. Just one of my best friends in the world, Wayne Allen Root. You know, I’ve had, like, Twitter. I’ve been banned from Twitter, banned from YouTube, banned from Stripe. You know, again, all my accounts closed. JPMorgan Chase.
A lot of this was because, you know, by free speech, you know, talking fairly loudly and vocally about the pandemic, about the death jabs. I mean, I just, again, I think it’s important to speak out. But Wayne is the guy who has lost. He doesn’t talk about this very much. I wish he would talk about it more, but because Wayne’s never, he’s never really been called modest, if I’m being honest. Wayne and I talk about this all the time, but, you know, he’s lost many jobs. He was fired from Newsmax during COVID He was fired from his syndicated column with the Las Vegas Review Journal. I think that’s what it is.
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A paper he’d written for, for a very long time, is the most popular columnist again syndicated all over the world because he refused to stop talking about the guy that owned MGM and sold all the stock, you know, three weeks before the Mandalay Bay, the Las Vegas massacre. And Wayne wouldn’t stop talking about him. And they finally said, if you keep doing this, we’re going to have to let you go. This guy’s just, he’s got, he knows everybody. Long story short, you know, Wayne lost that job, never backed down. Wayne doesn’t back down. Wayne’s had death threats after death threats against him, and he just doesn’t back down. So that’s who I, whenever I think I’ve lost an opportunity or whatever, and I am amazed by the way, it’s Friday, so I’ll just have a little open conversation with you.
I am amazed, I am amazed that I’m still allowed in Fox Business after all that I’ve said. You know, I think I’ve called for Treasury Secretary Jay Powell, the worst chair of our time. I think I’ve called on him to resign. I don’t know, at least 10 times on air on Charles show on Fox Business. I’ve, I’ve mentioned the plandemic multiple times. Charles has never once contacted me and said, ben, you can’t do this. You know, And I keep thinking the calls are going to stop. You know, they have me on every couple weeks.
I’m like, and Cindy, you know, my wife, she hates it. She’s like, you’re missing opportunities. Just control yourself. Stop talking about Jay Powell. Stop talking about the pandemic and these shots. All you got to do is stop talking about that. Talk about the markets, you know, and it’s, it’s, it’s a, I’ll laugh about it. She doesn’t.
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Okay. But, you know, I think this, this is the case in every marriage, right? And, but the calls, they keep calling me and inviting me on. The only time that they have centered me, the only time was I was I was invited to be on the day after Charlie Kirk was. Was assassinated. And they called me like 30 minutes before. Producer called me and said, listen, don’t talk about Charlie Kirk today. We’re calling everybody. It’s not just you, Kip.
We’re not singling you out, but we’re just not gonna, we’re gonna keep it to business today because everyone’s gonna want to recognize him. That puts Charles in a bad situation. And I completely understood that. You know, every single guest, and Charles has a lot of guests on his show, as you’ve probably seen. And every single guest would have to say something. Charles would always have to echo it. The whole show would be like that. It would be.
It would not be a great vibe. And at first I thought it was a little strange, but then I thought about, you know what? I do the same thing. It’s a business show. Keep it business. But that’s the only time that they’ve said, you know, you can’t talk about this. Right? So anyway, I hope I keep getting invited on. And I can tell you that there are reasons I’m not on Bloomberg. There are reasons I’m not on CNBC because I boycotted CNBC five years ago.
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And I’ve always tell, like Bloomberg, they’ve reached out to me a few times to see if I wanted to be on. And now I just say check my, check my Twitter feed or X now just check, just scroll down, look at about three or four days worth of posts and if you still want to have me on, give me a call back. And you know, they, they typically don’t call back after that, although they did recently and I said the same thing. And they call back and say, we’re good with this. We’re. You may have noticed we’re going a little bit different direction. We’re not. We’re trying to be more mainstream, meaning more centrist.
And we’re good with what you put. Don’t talk about that on air, but we’re good with it anyway. I have no idea why I just started down that road, but there you have it. Let’s talk about what’s happening here because there’s a lot to get into. Can do it very quickly today. Going to talk to you about bitcoin today. The price action there. Going to talk about Tesla, which is going to be featured on 60 Minutes, not in the US but in Australia.
60 Minutes is going to do a hit piece again. 60 Minutes Australia is going to do a hit piece on Tesla on their full self driving. Okay. And it’s already. We already know what they’re going to do. I’ll talk about that a little bit later. Along with this, this coiling action that’s taking place in Tesla, this stock is about to explode. Higher.
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Right. We’ve seen this chart pattern in Tesla many times over the years. And this, this stock is coiling and ready to go. I think an explosive move higher into year end. Again, our price target remains $500. And. But I, I think 598 is more probable. That’s our technical target for it.
And it wouldn’t surprise me if the stock hit, you know, 650, 700 by year end. But I think a big move is coming for all the reasons we talk a lot, a lot about here. Gold just finished. Gold was down big today. The miners down. GDX today was down what? Finished down what, 6%. So at one point it was down almost 9%. Gold finished down 1.4% at one point was down over 2%.
We just had nine straight up, up weeks in gold. That’s only happened five times in the last 50 years. I was surprised to hear it had been it happened that many times. But it had and it’s what happens next. The, the, the, the, the, the met. The, the data right on this is that it’s not good and that over the next one to three months, gold tends to give up on average 5 to 10% of its price. Well, let’s say it is 10%. Right? They say it is 10%.
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That’s only 400 bucks. Right. And so we’re $4,200 an ounce now. That takes it down to what, 3,800 based on the move we’ve had. That’s nothing. And again, these gold miners are so cheap, we needed a break. We do have some things we want to add there, both for parabolic options and in VRE portfolio. We needed a shakeout.
It was just extreme overbought on steroids. This is good. It’s healthy action. It needed to happen. And frankly, excuse me. I’ve been fighting some kind of a cough here that I cannot get rid of. It’s got into my chest. Let me just put a cough drop my mouth real quick.
I’m sorry about this. Better than coughing the whole time. So I think again, this is all healthy. Again. Remember, we’re not only in the best quarter of the year for the stock market now, but in the best quarter of the year for gold and for bitcoin, by the way. So it’s a great quarter. And let’s talk about that now because yeah, the market has been a little weak. I’m going to get into some of the reasons why.
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But Tyler, Tyler covered this in depth yesterday. I just want to hit on it again, folks. We’re five days away from all time highs across the board, right? Five, five days less. I think, I think the, I think small caps were all time high three and a half, three, three and a half days ago. And yet the Fear ingredient index is at 23 now. I haven’t checked today. It was, that’s where it was this morning, 23. That’s extreme fear.
Extreme fear. Five days away from all time highs. The AAI Investor Sentiment Survey came back. They came back late. They do Wednesday night. You get the read and came back. It’s a weekly survey. I voted in it since 1988, I think came back and I vote bullish every week by the way.
But not many people do apparently. It came back with just 33.7% bulls and 46.1% bears. Again, five days away from. If it’s, if I’m not being clear enough about this. When this is not how investor sentiment works. Is Tyler covered in depth yesterday? This is not how investor sentiment works at all. Near market top. This is how investor sentiment works when you’re already at a bottom.
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When people freak out this quickly. And I’m going to talk about the reason why. Credit cockroaches. I mean that’s really the story here. If you follow again, Jake, that’s how I got on JP Morgan and Jamie Dimon. Credit cockroaches. All right, came full circle. I’ll touch on that in a minute.
But that’s what started this. A small loss, a 50 million dollar loss from Zion’s bank sent the KRE, the, the Regional Bank ETF down like 8% yesterday based on again Jamie Dimon’s comment about credit cockroaches. Because they had their own personal poor investment that cost them some money. Right? So here’s Jamie Dimon doesn’t want to take any personal responsibility for it. So he said it’s happening throughout the industry. It’s credit cockroaches. And then so we get, then we get Zion’s Bancorp and now kre, you know, falls apart. Tyler covered this yesterday too.
But we have so few regional banks compared to what we used to have. They are so unbelievably strong. Okay, Zions, in case I forget to say it Later, Zions has 1% loan loss revision 1% of all the loans out there. Tiny. The banking System in general, especially big banks, has never been stronger. Literally never been stronger. And so we get this one hiccup. It happens in October, right? This is the volatile month.
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This is when you tend to get your, you know, your big volatility moves, things like that. This is normal and it sets you up for the rest of the year. Again, best, best, best time to be in the market. So when you see this investor sentiment drop this much in just a few days, it’s laughable. I mean, I’m telling you, it’s, it is absolutely laughable. And I’m just trying to make sure you understand how ridiculous it is and how important it is for investors to understand the psychology of investor sentiment. And I think it’s a, it’s a, it’s a big, it’s a, it’s a big factor for us in determining short term moves. It really is.
Because this is not how a market acts at all, at all. At a market top, when we get to a significant market top, these sentiment surveys will have a drop. The market will drop 2, 3, 4%. And these sentiment surveys will barely be impacted because everybody at that point was saying, oh, you know, buy the dip, buy the dip. That will then be the majority view. And it’s just not now. So it’s important to understand how to evaluate this stuff. And I think that’s, again, my mentors taught me this, this just happens to be something I’ve done.
You know, you pick it up after 40 years, it comes ingrained in you as part of your DNA. You just recognize it when you see it. And that’s what’s happening here. Very bullish. But more importantly, and again, we’re a broken record on this, we are early innings of what is a generational bull market driven by the Trump economic miracle. Talk more in a moment. You see 300, excuse me, 198 billion dollar budget surplus just came in and of course no one wants to talk about it. But remember, folks, these tariffs are going to kill us.
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They’re going to kill us all. They’re going to cause massive, massive inflation and they’re going to kill us all. Look, I know that there are people being impacted, but I don’t mean to make, I don’t mean to make light of that, okay? Because small businesses are being impacted much more so than big businesses. That’s real. That’s very real. But it’s another thing altogether to say that the entire economy is going to be impacted by it. And the consumer prices, the consumers are going to wind up paying this as A tax. Well, when is that going to start? When is that going to start? Because it’s not starting now.
We haven’t seen any evidence of that. And I think Scott Besant has done a remarkable job as Trump’s Treasury Secretary. And they are clearly on the same page. And you may have just seen they just backed away from the whole China terrorist thing. Trump even came out and said, no, they’re not going to be 100%. These guys are very attuned to the market. They remember what happened in April during the tariff meltdown. They know the midterms are next year.
They are hyper focused on the markets and the economy, which are one in the same. Now, I know people say the stock market’s not the economy, not in their eyes. Okay? Not in Trump investment size. They want this market rocking and rolling. They want animal spirits coming back. They want this thing cooking with gas. Especially into midterms next year, which we’re, we’re essentially there. You know, the campaigns have already started, mines are already being made up.
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Right. They’re very, very aware of all this. And so that’s why they come out pretty quickly and go, you know what? We don’t, we’re not have 100% tariffs. You know, best is like, oh, you know, things are, things are actually, we’ve got to fairly good working relationship. We’re going to be meeting a couple weeks. You know, again, we might get some more volatility out of it. But the days are gone of us having to worry about some kind of a meltdown in the markets because, because Trump and Besson aren’t going to allow it. And all their advisors, the, the midterms next year are too important.
If Republicans do as well as I think they’re going to do, because this Democrat Party is insane. They’re completely insane. This is not the American people. The majority of the American public looks at this and goes, what are you doing? Well, he’s trying to stop crime and help your city. You don’t want to let him in. Why? Democrats clearly shut the government down. Clearly that’s what they did. And it’s clearly because they want to give benefits of, you know, more than a trillion dollars, including a lot of that to illegals.
There’s just, there’s no, that’s not even a debate. That’s just, that’s just hard evidence and just that. And the American people are seeing this. The latest survey, you may have seen this, the latest, the public views on Congress. Big swing in the, in the direction of Republicans. Big swing. You know, and again, it’s just because the Democratic party and you’ve heard me say this a bunch, it has to blow up. We need a healthy two party system.
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I’m a lifelong independent. We need a healthy two. We do not want the Republican Party to have all the power. Bad things happen, then it goes to their head. They do things they ordinarily wouldn’t do. Things don’t end well. You wind up in crazy situations that aren’t good for our personal freedoms. Trust me on this.
So we need a healthy two party system. But for that to happen, this Democrat party must first blow up, it must implode and it must be broken apart so that you know, they’ll probably have wind up with two parties, the progressive, the communist side and then the centrist Democrats like this guy John Fetterman who just because he speaks some truths, they now want to kick him out of the party. But anyway, again the point being this administration, Trump and Bessant and team are hyper focused on the markets and the economy. They want this thing melting up next year. All right, if you, I, I’ve got that vibe. My guess is a lot of you listening to do as well. Right. So you know, October volatility should be almost be over I believe the beginning next Wednesday.
I think Wednesday is the day. Is that typically on your average seasonality, March the bottom and frankly I think it’s already in pretty good action today. We’ll cover that more in a moment. I’ve talked about Tesla. Let’s go ahead and, let’s go ahead and cover Bitcoin here because it’s a lot of questions about this. And by the way, you know I just ran these screens on the various system for both Bitcoin and MSTR. It used to be MicroStrategy. Now it’s just called strategy.
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And y’, all, I, we don’t own this because of the leverage. And that’s not Again, we just, we don’t like being over leveraged to bitcoin. We don’t own Bitcoin for bitcoin. Right. We don’t own Bitcoin for the leverage. That’s just why we don’t own mstr. Now that hasn’t actually served us very well. I mean MSTR strategy again, previously Microstrategy, Michael Saylor’s company has done extraordinarily well.
And so we’ve been sitting here going well that was a mistake. We probably should have bought that. You know, the stock this year hit a low 102. That was in August of last year. At 102 and went to 543. I mean, that’s five times your money in four months. Right? Well, that’s reversed now. And now MSTR is back down to close today at 289, right down from 543.
That’s the loss of 46% from the December highs. And below the 200 day, well below the 200 day broke important support today. And it is reaching heavily oversold levels. But it’s not too extreme. Oversold. Anyway, point being, you know, you’ve got a negative sentiment now beginning to make its presence felt in bitcoin. And. But if you, if you dial it back a little bit, you look at the chart, Bitcoin’s been in a big trading range Again, I’m talking about bitcoin only now, not the MSTR.
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Bitcoin’s been in a trading range of like 98,98,000 to. To the highs of 126. And that’s been in place for May, Since May. And so it’s been volatile this year. It is hitting heavily oversold levels now. And there’s no question about it, a lot of people now have the. The bloom is off the roads a little bit for bitcoin. Everyone loves gold now, right? And when I think about this, it just reminds me of all the bitcoin people that I really don’t like.
You know, they’re the ones that were shitting all over idiots own gold. You should have sold it all. We told you you should own bitcoin. Like, does that work on anybody? It didn’t work on me. It may be it made me not want to invest in bitcoin, but I just look past it because these. That’s the nouveau riche, you know, in bitcoin. Oh, we’re so smarter. So smart.
You were so stupid not to sell gold and, you know, I’m just like, you know, that’s probably not approach that’s going to work because gold is gold and bitcoin is bitcoin. These are completely different assets and both should be owned for different reasons. So I think to some degree there’s a little bit of karma here. Again, the investing gods that I’m telling you, it’s real. I can’t explain it. But this, by the way, it’s little G. Of course there are sports betting gods, there are investing gods, there are golf gods. If you start bragging about something, tell me, tell me you have experiences.
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Because I have a lot of my life. I’ve done a lot of sports betting. Helped put myself through college. Love sports betting. Don’t really do it much anymore, don’t have time for it, but used to love doing it and you know, I think when it would not just play a lot of golf and I just learned in my lifetime, of course, a lot of investing that whenever I start feeling super cocky and start telling people about my success, I have learned that in very short order I’m going to get hit upside the head, buy two by four and my success is going to go bye bye. And so I’m telling you that, that, that is real. And again, it’s just, it’s a, it’s a karma thing. And, and I think some of that’s happening to bitcoin now that people that again, these people hated gold, made fun.
You get my point. So you know, I think try to stay as modest as you can and you know, maybe keep your, your success stories maybe just to your significant other, your spouse and, and maybe you know, just close family and be careful how you do it as well. But again, we still love bitcoin. I was on Wayne show last night on, on Real America’s Voice and I still think that bitcoin, you know, our year in target is 200,000 right now again we’re 100, 108 basically 108 now. I still think Bitcoin could hit 200,000 by year end because we see these shakeouts and they just run out of energy, right? And then, you know, here come the buyers and then the weekends are gone. So I think that’s what’s happening now. The weekends are selling. You got people that probably own too much bitcoin that now see what’s happening in the stock market to see what’s happening.
Gold and silver and the miners again, gold is up 65% for the year before today. 65% for the year. The miners GDX, the gold miner ETF up 152% as we started trading this morning. Again, it was down 6, 7% today. This was our number one group coming in the years, you may remember, our number one sector was GD actually Gold Miner ETF. We said it’d be over 100. Well, it’s 152 now but it’s extended, right As I said earlier, it’s extended extreme overbought. We need some, we need a bit of shakeout.
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That’s good. It’s healthy and it helps, you know, extend a bull market which is what’s going to happen here. But these gold miners really are just now getting started. This is probably second inning for the Gold Miners. That’s how early this is. We’re going to make a lot of money in these juniors that we own. I really believe that that’s how we’re positioned as you know, what we do with our own money is what we tell you to do with yours. That’s our approach here.
And some people say what that sounds like a conflict of interest. No, we’re not. We’re not using a pump and dump system here. We’re not telling you to buy it, that we’re selling into your buying. We’re not Wall street. Right. We’re position builders. If we recommend something, we own it and we keep owning it, we keep buying it, we add to it.
You know, using monthly, daily, monthly dollar cost averaging as we have taught everyone to do for a very long time here. Because that’s what works. That’s what works. In Monday’s letter. I’m going to write this up. We wrote today about one of our favorite miners. Vista is. I’ll just call it that again.
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Our members here pay us a fair amount of money. So it’s probably not, it’s probably not great to give out all our picks, you know, especially our 10 baggers here on our podcast here. But come and join us at vransatur.com or vraletter.com vraletter.com two free weeks. Come check it out and we get everything here. See what you think. But I’m gonna tell you a story on Monday. I’m gonna write this up. There was a company I’ll just tell you quickly named JB Oxford.
This is when I was my last. It was during the dot com. During the dot com boom. And online brokers traders just getting stuck. Ameritrade E Trade really they’re starting their commercials really starting to grow. And so I was running my scans, I was at Raymond James at this time and I came across this company called JB Oxford. And here was. We had Ameritrade E Trade a lot of other swabs get swab was maybe not quite then but the hoyer is getting hot.
E Trade Ameritrade were trading big market caps. I don’t remember. I think at the time maybe 8 to 10 billion dollar market caps really just starting to grow, get a lot of accounts. And I found this, this company, JB Oxford, it was the original online broker or you know, one of the first had several hundred thousand clients, had a pristine balance sheet but this thing had a market cap of like a couple hundred million. Like what, what’s going. And they were even advertised, they had good commercials on television. And I’m like, that makes no sense. So we just started loading the boat on JB Oxford at, you know, 75 cents a buck, a buck and a quarter.
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Like a year later I got a call from my assistant. I was at home that day and she said, you know, I had not even seen the market yet and she said, JB Oxford’s trading at 23. What do you want to do? Sell it all, you know, sell every share. So we made a lot of money in that stock for our clients and ourselves. And we sold it all that day between 22 and 23 and it closed at like 14 and it never sold it above 20 again. Right? So that was a good trade. I think that’s what’s going to happen with, with this one minor calling Vista, this one miner in particular because the market cap’s 240 million and they’ve got gold in the ground of at least 5 million ounces. Probably 8 to 10, I think.
Very likely 8 to 10 and no debt. All permanents in place. I think it’s gonna, I think it’s gonna have its own JB Oxford run. Now I’m not saying it’s going to go to 23. It’s two bucks now. Okay. What I’m saying is this stock is dirt cheap and should be now 8 to $10 a share. And again we’ve known this story for a very long time.
So I think, I think it’s going to have a JB Oxford ending here and it’ll be a, it’ll be a fun time for all of us when that happens. All right, let’s take a look under the hood today. Let you get about your weekend internals. They were actually flat, I can just tell you. Advanced decline was flat. NYSE and NASDAQ volume was right at about 50. Again for NYC and NASDAQ we had about 60 more stocks hit 52 close and 52 kai. But that’s nothing there.
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Again this whole credit cockroach story and Zion’s bank and the, the fear mongering about the regional banks and the banking system in general, it is, it’s just, they’re lying. These are just lies that are being told here. But that’s an opportunity, right? It gives us an opportunity to add or initiate new positions, right? Just be careful who you listen to. I always tell people, look, these fear mongers and these perma bears are all over the Internet, social media, they’re on tv, they’re everywhere. But they’re wrong all the time. Just remember that. They’re never right or if they’re Right, they’re right one out of 20 times. Right.
Once every. Like a broken clock. Right? Right Twice a day. Just remember that. So the next time they try to fear monger you or the media does or you know, whatever you’ll, you know what, they’re, they’re not truth tellers. Right. So why would I even worry about that? And also as I’ve said for a long, long time, if you’re getting your financial views from the likes of the Federal Reserve, the Bureau of Labor Statistics or Bloomberg or cnbc, Fox Business, different story. Good people there.
But if that’s where you’re getting your financials used from, you know that’s, you’re being lied to. Just know that you’re going to be wrong a lot because they’re just not, they’re not good at what they do or they’re just, it’s propaganda. Just know that. And I think this smart audience here, I know that you, but you tell your family and friends and stuff, make sure you make sure your kids know this. Otherwise they’ll spend a decade losing money because they think they’re getting smarter by watching television or reading the Wall Street Journal. And it’s all, it’s propaganda. You know, it’s just propaganda. Sector watch today was very good.
[00:32:12]:
9 of 11 sectors nears higher. Led the upside by consumer staples up a better 1%. Financials up 19 again regaining some of what they lost yesterday. And to the downside, really nothing. Materials and utilities both down 3/10 of 1%. Commodities again, gold gave some up to get finished down 38. Bounced back a lot. But the low was 4197.
Finished at 42.66. You can see gold is not, Gold is not going up. And it’s another, this is another story that these fear mongers putting out there. Gold is soaring because the whole system is going to collapse. How many times you heard the world has lost faith in the US dollar and fiat currency. That’s why gold is going up. Wrong. It might be part of it, but the reason it’s going up is because gold should never have been this low to begin with.
We’re now seeing true price discovery take place in 2020. JP Morgan, there’s that criminality again. JP Morgan, Jamie Dimon named in this as well. Criminal charges. They pled guilty. They settled. Okay, which is admission of guilt. And paid a fine of 920, largest civil penalty ever in the banking industry.
[00:33:23]:
$920 million for admitting to manipulating gold and silver prices lower for, like over a decade. I think it was close to two decades, and that was 2020. Well, guess what happened. Gold bottom that year at 1400. That was the bottom, thanks to the work of GATA, the gold antitrust Action Committee, who spent a lot of money of their own and a lot of years because they saw it was happening and it drove them crazy. So they. At their own peril. And believe me, they were targeted big time.
Their personal safety. I mean, they were debunked everywhere for daring to investigate and take these criminals to court, but they did it. And just legends, okay? They just. I got to know him a bit and they’re just, you know, without them, they’d still be doing it, I’m telling you. So gold bottom that year in 2020 at $1400 now. So that was the low. So what we’re seeing now is honest price discovery, true price discovery taking place. Gold should have been 4200, $4300 a decade ago, but it couldn’t because they manipulated it every day.
And it was so frustrating. They did it because they did it typically about 2 or 3 in the morning, they just whacked it. So you’d open the morning, go, oh, my God, again, the gold. Look at this. It just can’t get out. Just. We know. We knew what they’re doing.
[00:34:43]:
We couldn’t prove it. They did. Gadda did. So gold is going up because it should have been $4,300 a decade ago, and today, frankly, frankly should be, you know, eight to $10,000 an ounce. That’s the truth of it. So, no, the world’s not falling apart. We’re not going to have a credit crisis and a big crash, and the world hasn’t lost faith in all fiat currencies, much less the US Dollar, which is still, you know, king shit, still the world reserve currency, and it will remain the world’s reserve currency. Gold is going up because it should have been this price a long time ago.
That’s the primary reason. The secondary reason is that something else is going on here. And we talked about this. We’ve heard a lot of rumblings about this. Some pretty good sources on this, this. The Trump administration, by the way, who called this the golden age of America, didn’t he? Has he been saying it? The golden age of America? Maybe we should have taken it more literally, huh? Trump’s always loved gold. Look, look at the White House. Look at, look at Trump Tower.
It’s just all adorned in gold. Trump is a gold bug. And I think that next year, now this may happen after the midterms, I don’t know. But you’re going to see a massive treasury offering or a series of them that are partially backed by gold. Bitcoin, probably a basket of gold bitcoin and maybe others. Right. For, for a series of large treasury bond offerings. It’ll be done at a much lower interest rate.
[00:36:12]:
It’d be long term in nature and it will sell like hotcakes. Right. And so that’s again, again that’s the scarcity value for gold. Right. So I think there’s a lot more going on here than what meets the eye. But no, gold is not jumping because of a global crash is about to take place or meltdown of our financial system. Again, these people are not truth tellers but they know that, you know, they make money by pitching these evil, these, these dark stories to you. So they keep doing it.
Right? Same song, different verse. Right? Okay. Gold again down 38 today. Silver today down 5% today down 266 an ounce at 5062 again just off all time highs. Copper today flat at 499 a pound. Crude oil today was up 18 cents a barrel at 57.64. And as we covered earlier, Bitcoin down right at 1%. Last 24 hours, last trade here 107,399.
All right folks, that’s it for the day. Hope you had a great day and even better weekend. We’ll see you back here again Monday after the close.
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