Hello and welcome back to Soar Financially, a channel where we discuss the macro to understand the micro. My name is Kai Hoffman, I'm the edge AR mining guy over on X and of course you're hosts of this channel. I'm looking forward to bringing on a first-time guest. It's Andrew Slay. He's with Sprott Money and as you can guess Sprott Money, they're a bullion dealer and we got to talk gold. What's happening in the gold space right now? But before we get to the gold discussion, we got to set some groundwork here. Andrew Slay is a former financial planner, so he's looking at overall
market dynamics, what's pushing us in the direction of gold right now and what is pushing gold higher? Lots to discuss and it'll be a very dense and compact conversation here with Andrew. But before I switch over to my guest, hit that like and subscribe button. It helps us out tremendously and it's a free way to support us. So thank you so much for doing that. And Andrew, it is great to welcome you here on Soar financially. Thank you so much for joining us.
Speaker 1 (01:28)
Thank you much, Kai, for having me on. It's a pleasure to be here your channel for first time.
Speaker 2 (01:33)
Absolutely, yeah. Looking forward to the conversation, Andrew. And since it's your first time, I'm going to ask you a very basic question at first to set the ground a little bit. But what's your current assessment of the US economy and the global economy?
Speaker 1 (01:46)
⁓ Well, the brief answer on that is it's in tatters. So they would have you believe that things are well and going well with mainstream reporting, but the economy is collapsing in slow motion ⁓ and you know, there's nothing good happening really. So it's a dumpster fire that's raging.
Speaker 2 (02:10)
Yeah, help me out. What are some of the indicators you're looking at? And when you say it's a dumpster fire, where's the fire burning? What's happening?
Speaker 1 (02:19)
Well, look at the debt levels for people. So everyone is like approaching bankruptcy. There was an article put out by one of the major Canadian banks a few weeks ago that they are anticipating in the near future, 43 % of Canadians declaring bankruptcy. I thought things were good. Well, how do we have that kind of number being produced or estimated? And that's up. That keeps getting worse by the month, it seems.
the amount of unemployment that seems to be rising. ⁓ Debt levels in households, credit card debt is going through the roof. You look into the states, it's as astronomical numbers. Unemployment is going through the roof, even though the reported numbers are low, but they're being doctored. So, you know, people are losing their homes. Foreclosures in the states alone have surpassed 2009 levels, but they're not talking about
Speaker 2 (03:19)
Why do you think it's being ignored? Maybe let's start there.
Speaker 1 (03:25)
Well, in my opinion, you know, if you're the government, you don't want your people to understand how screwed up this really is and how bad it is. You just want to pretend it's all fine until you can't pretend any longer and the ship is sunk. Then you come running for the lifeboat. It's just like the Titanic. Literally, you hit the iceberg and everyone pretends everything's OK while they assess damage and they're trying to figure out if they can save the ship.
And meanwhile, the ship continues to sink. And it's not until water is around people's ankles that they actually figure out that we're going to go down. And they keep the band playing in the background. And the drinks are all free and all that nonsense. So ⁓ it's a weird human phenomenon. But that just seems to be the way it plays out all the time, over and over in history.
Speaker 2 (04:18)
Elections are over though. Why keep pretend? Why keep playing pretend here, Andrew? What's the reason? Are they worried about breaking something massively? Already they're deliberately triggering a recession obviously here. So why keep playing that game?
Speaker 1 (04:35)
Well, maybe a couple of reasons. One, you don't want to go down in history as a person blamed for what's going on. So you hope that you can kick the can down and then be able to office and the next person gets in and they get blamed for the problem. So I guess I'll put it this way. If I became prime minister of Canada and I knowing what I know and I said the truth out there, I would create the financial panemonium instantly and I would go down in history as the person that caused
the greatest financial collapse in Canadian history. Who wants to do that? So if I tell the truth, I'm going to cause the problem and it would be blamed on me even though it's taken 50, 60 years to get here.
Speaker 2 (05:20)
I was going to say like the term Trump session seems to be circling in the media a little bit, but let's be honest, whatever he's doing right now is the last drop in the bucket. The bucket was already full.
Speaker 1 (05:31)
Oh, correct. 100%. You know, he's just ending, ending. He's like the pinch hitter and the, or the, the, the closer for the pitcher, uh, you know, in the ninth inning and going in and, you know, he wants to talk about 0 % interest rates. And I have no political statement here to make. Um, I'm just calling it as the facts and the, and the figures, but, um, 0 % interest rates will destroy whatever is left of the value of the dollar. That's not promotion of a strong dollar. It's to destroy the dollar.
And it seems the narrative our leaders are following what the banksters of the world want, which is, you know, a debt, ⁓ the world in debt and they own everything. And the governments are cow-tailing to the bankster ways, I guess. you know, finishing this agenda where they are helping the banks with their ⁓
destruction of the dollar, impoverishing everybody in debt. And then when you have a dollar collapse and everyone that has saved their wealth for generations to today, that left it there, lose everything. And this is the playbook of history that keeps repeating itself. And it's crazy how it keeps on going on, but it's, you can go look back in currency history, which I have done, and it's exactly the same story every single time. That's why I understand what's going on.
Speaker 2 (07:00)
No, absolutely. seems like history is repeating itself. Just the tariff act, smooth holly, the new deal we've been hearing about lately. And that is making the rounds again. What can we learn though from history? Like how did it all end back then? I remember Germany printing a lot of money and hyperinflation back then didn't turn out too well for us because we tried to print our way out of debt and that didn't go over well. So, but what can we learn from it? Like what should we do differently?
Speaker 1 (07:25)
Well, A, you should keep government small. You know, when you have expansion of government, that's a cancer growing within a country. And eventually the cancer kills the host. So as you expand government, you know, the government thinks they're the economy and they keep growing and they use GDP numbers of the government employees as a means of trying to prop up the GDP numbers. But government exists only because of taxation of the free market.
So if you don't have a free market or a greatly damaged free market, you can't afford to run a country with any government at all. So government needs to be, you know, dramatically small in any government and stay out of the lives and let free market do all the work. And and then you have to stay on a gold standard, which the government never likes to do because they promise things to get elected. So, you know, if I was going to run for president, prime minister or wherever,
You know, if I want to get my job is to be a politician and a career politician, then I'm promising the sky to get elected. And the sky is pretty expensive. So I just have to keep printing money to be able to pay for that sky, whatever that program is. And that's how we get into trouble 60, 70 years later as we have, you know, in Canada, we have the CPP OAS program for security. Those are very expensive and they've never been self-sustaining.
They're just purely expenses to the government. So why are we even doing that? Why is the government even involved in doing any of that? Because some idiot made a promise about that to get elected so many years ago and we had a lot of prosperity in Canada many, many decades ago and seemed like we could afford it. Now it's going to be a real problem. So.
The other thing about printing money is in history to get rid of the debt. This is why countries continue to amass debt and deflate the dollar value to a point where when the dollar becomes literally zero, then all the debt is zero. And that's how they do the reset. That's what Germany did for the Weimar Republic in 1918 to 22. So they just printed up the
fired up the printing presses, knew that they could never pay back the allies all the war reparations, took them five years to make the wheelbarrow of money pay for a loaf of bread.
Speaker 2 (09:58)
Are you expecting high-period inflation then to hit again? Is that the path we're headed on? Do you expect QE to come our way again, potentially from the US first?
Speaker 1 (10:09)
It's really hard to say what country will do it first ⁓ Quietly QE has already been going on in the States. So ⁓ And in Canada, I think I saw an article not too long ago that there was a form of QE They don't they don't officially announce it They just talk about government is getting ready to prop up the banks and make it easier and that's a form of QE ⁓ and You know the banks are in trouble the I would say that the the central banks of the world
⁓ just the regular banks, they're all insolvent from the assets that they have mortgages on that are in trouble. Commercial mortgages alone in the States are disaster. You just had one happen the other day that ⁓ defaulted. A big huge mall was it that was worth, I can't remember the numbers exactly, but it was four or $500 million and the company just walked away and gave it to the bank.
defaulted on the mortgage. There's a property in Manhattan that sold for ⁓ in August of last year that was appraised at
235 approximately, you know quote me on the number it was close to that 235 million in 2016 and was sold and Had 33 floors, etc 35 % occupied by offices and Somebody bought it at auction in August of last year for eight and a half million dollars
So that's a 97 % haircut.
So, know, whoever had the mortgage on that lost, they just lost it. Right. So, so that's just the tip of the iceberg. There's that is all over North America, everywhere. And it's not being reported on anywhere. Commercial leases in Canada, there's vacancies all over the place. So commercial buildings are going down in value. What's going to happen if we have a 40 % issue with people filing for bankruptcy in the near future in Canada, you know,
one to two years, let's say, what happens to mortgages and commercials, leases and loans? If we have that many people filing for bankruptcy, you're gonna have defaults all over the place. And then a devaluation and all those products, businesses, houses will go from a million dollar house down to a half million dollar house and the mortgage is 800,000. So banks gonna call the person and say, you need to make that.
need to give us three, four hundred thousand immediately, otherwise we're going to foreclose because we don't want to mortgage for three hundred grand above what the market value is. And that's going to start playing out in the near, probably later this year, perhaps maybe into next. So there's a disaster coming.
Speaker 2 (13:03)
No, it's definitely looming. It seems like we're getting closer and closer to doomsday here. A lot of different factors, of course, that are weighing on the global economy. And one big one, of course, is the big T word, tariffs, apparently the most beautiful word in the English language.
What do you make of it? Of course, it's caused a lot of turmoil. costs stock market corrections, bond yields to rise, US dollar to drop, gold to rally. Of course, massive, massive impact. So not just noise, but a massive signal. What do you make of that, Andrew?
Speaker 1 (13:36)
Well, I'm not a tariff expert, but I'll give you my point of view of it, which is ⁓ maybe a little different than others. I think a lot of that is distraction. And of course, tariffs are another form of warfare as well. As far as you know, Canada, the US tariff issues, it's another way of taxing the people without actually trying to tax the people, you know, with a new legislative tax. So if you're trying to impoverish your people,
and have the cost of living go up and ⁓ cause more strife out there, you can just create a tariff war. then all of a sudden, leaders on either side of the border say, well, we've got to fight back. We've got to raise tariffs on this. You do that. And then the people of that country ⁓ line up behind that fight, which is ridiculous. We shouldn't be allowing our politicians
to retaliate with a tariff. Like if we just use Canada US, for example, like I'm in Canada, I'm not sure where you are exactly, but ⁓ if you're on the state side, I mean, our government shouldn't be raising tariffs against US goods coming into Canada because who pays for that? Us, the consumer. There's no tax going to the Canadian government directly on that. It's the cost of goods are going up.
and it's passed on to the consumer so the standard living drops, our cost of living goes up and instead of that we should be holding our politicians feet to the fire and say address the exact concern that the leader of the United States has and head that, you know, fight straight on with that, deal with that issue and then call the bluff if it's really just a tariff or is it really because of this and then deal with that issue and then if
If it's still being done, well, that's the way it is. But if we tax US goods coming in, the Canadian people are the ones that suffer. And that's the way it always is. Tariffs on China stuff right now, I mean, there's companies that are laying off people all over the place in China, which is that's a whole different sort of ball of wax. And the American people are the ones that are going to pay the cost of living increase for goods coming into the country from wherever.
So.
I don't see it as very positive, but that's if there's an end goal to it, I'm just not aware and privileged to it.
Speaker 2 (16:14)
Now, it's an interesting topic of debate, course, the tariff debate, because everybody's wondering, is it leverage? Is it a bluff? What is this all about? Did really 78 countries call 1-800-no-tariffs and ask for a trade deal? So I'm really curious.
what the end game is in general. It's an interesting discussion, I think, in general. But you keep bringing up Canada. Let's stay on Canada for a second. GDP growth per capita has been absolutely abysmal in Canada over the last nine, 10 years. You have an election next Tuesday. Officially, it's already going. People can already go to the polling booths and drop their vote. How do you see that? Is there a sea change happening in Canada? What do you expect the outcome to be here?
Speaker 1 (17:03)
That's a really good question. So I don't have a preference per se. At this stage of the game, I'm so disgusted that the political leaders as a whole, that we need to start over again in all our countries around the world because they've been corrupted so much. ⁓ But
I think we have basically any leader that gets in place, we're going to have a different flavor on the way to the collapse. So it's not going to matter who gets in. It's going to be what's put in place that's going to be even more detestable. know, Carney was sent over here at a certain time by the globalist agenda, you know, and he's been away from Canada for quite a while, two decades or whatever.
And then he lands over here months prior to being inserted as an unelected prime minister. Isn't that amazing timing? And then his own party does a leadership debate and 80 odd percent of the MPs aren't allowed to vote. So he gets that by democracy. And ⁓ so I don't think he was sent over here to lose. So I think one way or the other, Carney's got a strong chance of winning, however they win.
I don't want him to win because he's the guy that's the grandfather of the carbon tax. He's the grandfather of this ESG program. mean, he's a globalist through and through and has all kinds of problems in his closets. So he's an economic disaster waiting to happen for Canada and people love him. And I'm not even sure why because he's been the puppet master for Trudeau for the last eight years advising Trudeau what to do next.
So if they think they're getting someone different, they are getting the puppet master himself. Again, I'm not saying anything political about this. I'm just calling it as it is. Pierre Polyver will offer a breath of fresh air, but the same issue is it's all being run by the banking cartel and Canada is still going to go bankrupt, still going to have a currency collapse, regardless of who comes in office.
So it's going to be under what kind of conditions are we going to see that under more so than the end result of the overlying problem. So do we have less freedom under Kearney and the Liberals? Do we have more freedom under Paul Lever? But either way, the currency will collapse. And that's going to be a very difficult time. So as much as I can say about that and the politics side.
Speaker 2 (19:45)
Who do you think is better equipped to deal with Trump?
Speaker 1 (19:51)
⁓ Probably Paul Avira or Maxime Bernier.
Speaker 2 (19:58)
What makes them different? I want to get political by the way. I'm just curious to see where things are going. I lived in Canada for three and a half years myself, so I have my own opinions obviously. But I'm curious, because Trump didn't have the biggest respect for Justin Trudeau. But he seems to be getting along quite well with Mark Carney here. So I'm kind curious what your opinion on that matter is.
Speaker 1 (20:18)
Well, I find it interesting if he gets along with Carney because he's a globalist and he's from the banking cartel. And we know Trump doesn't like bankers at all. So that's very interesting. ⁓ I think he likes to get along with liberals because I think in my humble opinion, Trump thinks he can control the liberals a lot easier than it can the conservatives. So it's just from a ⁓ selfish point of view, if you will, that ⁓
he feels more comfortable being able to control or manipulate or intimidate or whatever the number, whatever the adjective would be that he can get what he wants easier through a liberal than he can through a conservative.
Speaker 2 (20:59)
Kind of interesting. was just Googling Trump, Kearney and it came up in the news today. I'm not sure why it's like three weeks later, but they had a call March 28th or so and apparently the 51st state debate came up again. So ⁓ it's definitely amusing. Let's call it that. Cause it's interesting how Canadians sort of got, what do call it? nationalist again. know, Canadian pride is blossoming again, it seems like. It's really interesting having those conversations these days.
Speaker 1 (21:29)
That could have been on purpose to do that because Canadians are really asleep when it comes to that. know, like the nationalism in our country is just snoring away for decades. And it's not until something that wakes up the Canadians that we actually will get up and do something about it. And then we're just, you know, a bunch of crazies at that point, you know, like World War II and whatnot. Everyone was scared to fight the Canadians. but so it could have been for that.
to wake up the Canadians to start paying attention to what's going on. Maybe there's a reason that that's why he said that. ⁓
Speaker 2 (22:06)
there's
the election as well on Tuesday and it's a close race. So I'm sure that had something to do with it. Cause that call happened three weeks ago, over four weeks ago. So why bring that up now? Right? It's a, you know, timing and coincidences. I don't believe in them. Not in everything.
Speaker 1 (22:24)
I don't either. That's why I think Carney will be the prime minister and he'll win because he wasn't sent here with that kind of timing to lose. He's too important a guy in the WEF realm that they would let him be humiliated by sending him here just to lose an election after being away for 20 years. The timing of that just seems to be too perfect in my opinion.
Speaker 2 (22:48)
Bit of a topic for a different discussion, Andrew, but I hear there's a job opening at the WF right now. So, ⁓ we'll talk about that another time and who should throw in the hat to, sort of lead that group. ⁓
Speaker 1 (22:59)
Nestle, the ex-guy from Nestle took over Closewell.
Speaker 2 (23:02)
Oh, did he? Oh, I haven't read it. I only saw an article today that, about all the accusations. So I need to do a bit more homework before I can discuss this topic on air, but it'll be interesting because the conspiracy theorists love Klaus Schwab obviously. And he's very memeable, course, with some of his statements. So we'll need to find a new target here.
Speaker 1 (23:21)
Well, the new target's got all kinds of... ⁓ is a huge target. ⁓
Speaker 2 (23:26)
I gotta do my homework on him first before I get into that.
Speaker 1 (23:29)
Yeah, I get you.
Speaker 2 (23:30)
Okay,
but you touched on currency and the Canadian dollar for example against the US dollar has been abysmal as well What is that dollar 39 per US dollar right now? Can a Canadian versus us? US dollar seemingly strong still on a global perspective rough the Dixie right around 100 as well What do you make of the currency? You need to see countries imploding like Canada you suspect or the US further down the road here What do you make of the currency?
Speaker 1 (23:59)
Well, I have a little bit of a different perspective there. When you're referencing currency, you're comparing it to other currencies and that's how they promote it on the business channels. And all that is, is measuring which plane is on fire falling to earth fastest. That's all that really is. What we have to pay attention in our own countries is what is our dollar buying versus what it did a month ago or last year. That's really what's important in my opinion.
And ⁓ you can measure against other currencies as a, I guess, as some reference point, but not as far as, let me give you an example. ⁓ You'll see like an article in the past from one of the mainstream business channels that will say, the American dollar is stronger this week. Okay. And what does that really mean? If you're in America, you expecting your goods to go cheaper this week?
You know make you feel good about you the American dollar. I don't know but It's just measuring the US dollar against the five currencies that it's measured against So if those other five currencies are falling faster than the American currency then that means the American currency is stronger that week They're all falling okay so it's a in my opinion, it's almost a deceptive way to
on mainstream business channels because if you have a strong American dollar, then why is a dozen eggs in the US 14 bucks?
So, you know, a couple of years ago it was $2.50. So, you know, so it's it's very distracting, very, you know, miss, I even hate the word misinformation because it's used so damn much. so all of our currencies globally are going to zero. So the American dollar, for example, right now is roughly three cents from when it started. Canadian dollars, roughly around two and a half cents.
There's your exchange rate, give or take. so ⁓ any given week, if ⁓ if our dollar gains a couple of pennies against the American dollar, all it means is the American dollar accelerated downward briefly faster than ours did. That's all it really means. And ⁓ if our dollars went to par, all that also means is that
know, Canadians can buy stuff from the US cheaper than we could with the exchange rates. So there is an impact from that perspective. So we're buying US goods. The exchange rate does matter in that way. ⁓ But everything that's made domestically in our own countries, i.e. food, for example, chickens, eggs and beef and whatever, ⁓ if our dollar is losing purchasing power, regardless of how it's measured against other currencies and it's cost us a fortune to eat.
we have to start looking at our governments and our banks as to their the culprits. And it doesn't matter that the US is doing well against the Germany, German market and the Japanese yen and whatever. ⁓ That's really just for international trade. But, you know, I guess I'm trying to ⁓ circle around it too many times, but that's basically the currencies are reflective of each other and that's only for trade. ⁓ In domestically,
They never talk about the fall of the dollar inside the US borders. They only talk about it in respect to other currencies. That's the only time they reference it. And that's only part of the picture. So Bank of Canada put out a report in 2006 and they acknowledged in the report, buried in the report. read it. 2006, the Canadian dollar lost 94 % of its purchasing power.
They won't even say that it was worth six cents. They just say lost 95, 94 % of its purchasing power, which means it's worth six cents in 2006.
So, you know, that's it's rare when they they won't even say what the value of the of ideas they just have purchasing power So it's aggravating. It's infuriating to me because they're they're talking algorithmic English so that the average person doesn't understand what's really going on on purpose
Speaker 2 (28:37)
Absolutely. That's why my next question is like, do we talk currency? Do you talk money? Do we talk fiat? Like what's even the right term to use? Like currency, think maybe, or currency of trade or whatever you want to use, any neutral currency, because you touched on the gold standard before.
My question is, can we ever get back to that as currency or a currency backed by gold potentially or silver for that matter, even to expand the question a little bit. What do you make of that? And I know you talked about CBDCs in one of your videos on Sprott Money as well, central bank digital currencies, to throw that in, to make it a really broad conversation here.
Speaker 1 (29:13)
go too broad, I won't remember all the points you want me to answer.
Speaker 2 (29:16)
No, but we need to just like what's the end game? Like how can we maybe even save our currency, our money right now, even if it's fiat and I know everybody hates fiat, but is there even a way of redemption?
Speaker 1 (29:27)
Yeah, there is. So, you know, I spent a long time as a financial planner, 34 years, and realized where this was all going. And so, you know, got out of that business and, you know, I had to re-educate and reprogram myself to understand what's going on with silver and gold. And that's really the end game on all this stuff. And, you know, now I work at a bullion dealer, Sprout Money that
you know, sells this internationally and this is the place to be to help people. That's why I'm here. So, ⁓ so the defense on ⁓ the fiat standard, all fiat currencies die. They all go to zero. So the term fiat comes up when you take a gold standard away or gold backing away from a currency, then there is nothing backing the currency, which means the currency's intrinsic
true value is nothing and it will eventually return to nothing, which has been the playbook of history on every single fiat currency in history, which is the last thousand years. And so when you have nothing backing a currency, that's why it turns to zero eventually. And why it takes a while is momentum. So they all started off with a gold standard for argument's sake. It could be of other things. ⁓
People are used to, they're sold to use the dollar bills as lighter transportation and all that. And so they get used to doing that. And it's viewed as a receipt for the gold. And that's the only reason that paper money even has any perceived value because, hey, this is an American $20 bill and this is a receipt for one ounce of gold back in 1900. And eventually they start printing more money than they have gold and they eventually have to take away the gold standard.
So then if you have nothing back in a currency, that's why it's nothing but paper at that point. And you have nothing but momentum going forward from there where there's been several generations using cash. And then, you know, the next generation sees the parents using cash and it's just so on and so on. And then you have 30, 40, 50 years of debt accumulation to where we are now, where you have critical mass debt in countries all around the world.
that are insolvent. And we are at that last stage of critical mass implosion where it's not going to matter how much cash they print. It's just going to lock up. And then everyone's going to start to realize that there is no true value to the currency. It's paper. know, and ⁓ so that that happens all at once. But the process to get to the all at once is inch by inch, day by day, year by year.
And then it happens all at once when people start to, I don't know, when eggs become $50 American, people start to wake up that they've lost their purchasing power. I don't know what the number is, but it's slowly gaining momentum. And then it will be a rush to the exits. ⁓ Defending yourself against that is people that save all their hard earned money, pardon me, currency and labor in a currency for years.
As the currency is losing on average roughly 10 % purchasing power every year, eventually you will not have enough money to live off of. Whereas if we go back to our grandfathers, they had a great standard of living because the system was still functioning relatively well back then. But now we're at the end of the cycle where the currency is now going to speed up and collapse. And so if you're someone who saved millions of dollars in currency,
whether it stocks, bonds, funds, doesn't matter if the exit is back to the currency, whatever country you're in, that's the problem. And the currency will have no value. So you could have two million zeros or the two million is there, but the two million doesn't buy you a day's worth of groceries. It's the same result. It's worthless either way. Same as, you know, people should be Googling on YouTube, searching out for a documentary on Venezuela in the last 10 years.
watch a few of those things, you'll see a window of what's coming because it's exactly where we're headed. And the government is, reports on that stuff. They don't want anyone to understand currency history at all. And everything is just fine. And it's not.
Speaker 2 (34:07)
Yeah. So resource rich, cash poor. seems like if you were to take Canada, for example, right? I touched on CBDC, CBDC is my previous question there, Andrew. And as a follow up to that, we can expand on the CBDC discussion. Because do you think CBDCs will be introduced before, during, or after, forget money collapse here?
Speaker 1 (34:30)
That's been a debate I've been having with myself for quite some time. It's been very hard to figure that out. I always thought because in history, currencies collapse and then the governments introduce a new currency. And there's always a massive trade-in and it causes impoverishment like crazy and all that. And I don't see the trend line right now going that they can get this done in time. And now that the European Union, as of five weeks ago,
publicly announced that they're going to a CBDC for October of this year, I think that's the writing on the wall. And ⁓ I think it would be ⁓ very wise for people to prepare as if that's going to happen in North America, because I think it will at the same time. And if it doesn't, I'm not going to be disappointed, because if it doesn't, it just means it's a few months, five months, six months delayed. But
When they do this in the European Union, they're going to go to a QR code on a smartphone. There's no more euro. Euro is done, gone. So what has to happen for that to occur is they have to shut the banking system down and destroy the financial system in dollars, in euros, ⁓ in Europe. And then everyone's going to be broke. And then they launch digital currency and attach a universal basic income or whatever to it.
It'll be some kind of flavor like that for October. And I've seen some breadcrumbs in the US of some dates that were coming for September 30th for no longer accepting checks from government departments to each other. So I thought, well, that's interesting. That's a very, you know, timely date as opposed to October 1st is ⁓ CBDC's in Europe. And I think it's a good possibility in my opinion that ⁓
mean, for countries to trade with each other and settle debts, I mean, you have to have everyone on the same system. So if this goes on in Europe for October, as they have publicly announced, I think it's in North America and the rest of the West all at the same time. So that could be a July, August, September problem in our systems, banking, finance, everything. ⁓ It could be part of the great taking documentary, which David Webb put out, which people should be.
watching that video as well, the great taking documentary on YouTube, you know, people should familiarize themselves with that because I think if this is triggered in the summer, I think that event is going to happen this summer. If it's delayed, thank goodness, it'll be delayed until whenever. But ⁓ if you plan for that, get your assets out of the system as much as you can handle to do that, which is going to be hard assets. The best is silver and gold. That's why I'm here.
And I've I've took myself out of that system as a financial planner nine years ago. And it's taken a lot longer than I thought to collapse, but it hasn't hurt me being in gold and silver for nine years. I've done very well and I have I have no worries about the market at all. I have no exposure, which is fantastic, I have to say.
Speaker 2 (37:42)
You must sleep really well.
Speaker 1 (37:44)
I do,
have no concern about what happens tomorrow. You know, I have control of my assets and I have no banking exposure. And I like to strategically plan things and that's what I set out to do and that's what I achieved. And I'm like, you know what, if it all shuts down tomorrow, my day doesn't change. And I really like, I really enjoy that for myself. And I try to help other individuals do the same for themselves to whatever degree they want to. doesn't, it's okay with me. It's...
I'm a salary position here at the company, so it doesn't matter to me what they do or don't do. I try to help people and explain it, and then they make the decisions and do what they want to do. But gold and silver historically have been the number one asset to hold during these end cycles of currency collapses. And you hold these things. Actually, what we're going to go through is another Great Depression as in 1929 and 32.
became wealthy on this were those that sat on the sidelines and metal and let all this collapse occur and then bought assets at 90 % discount. This is the game-changing information right here. People follow this. You can buy property and businesses and whatever. And historically in the US, you could buy city blocks for a couple ounces of gold. And all those things came back in value and made people very wealthy because they own these assets
that eventually return to real value. And that's the way people survive this scenario. If you hold dollars, you're going to hold nothing in the near future.
Speaker 2 (39:23)
Now it makes sense, and I think we all understand that. Was there anything that triggered your flight into precious metals?
Speaker 1 (39:31)
⁓ I had a couple of clients ask me ⁓ six months or so before I started to be suspicious that, know, Hey, what do you think about holding silver and gold? And my response, which was basically carbon copy of any response to the financial planner of today is why on earth would you want to hold it? It doesn't do anything. It's a pet rock. know, it's whatever you can't. Yeah, all that stuff. It's it's it's I look back on it now going, my gosh, I was such an idiot.
Speaker 2 (39:55)
Paying dividends, you know.
Speaker 1 (40:01)
And I had no knowledge of gold and silver and the industry keeps it that way. You know, it's the same no matter what end of it you're talking to. And ⁓ then I was also suspicious of the ⁓ stock market didn't correct again. This is 2016. We're eight years after 08 and things weren't good, but the market kept going up. And then I just...
I started to not believe what I was seeing in the market. So I started to try and find information out on YouTube and find independent ⁓ analysts that had no skin in the game. Like there's no point in asking a realtor professional or a ⁓ fund manager from a bank or something like that, or a fund manager of a fund company and say, know, what's there, you know, for them, it's like, no matter what, just invest for the long haul and you'll be prosperous. Well, that's
couldn't be further from the truth. So I was trying to stay with people that had really good careers, very educated, knowing what's going on in the financial system and start paring down my information to find out what I know today is that, know, gold and silver money, fiat is currency. I had no idea what that term was when I was in my other field.
And I just uncovered, it took me six months, January 2016 to July 2016 to understand finally after trying to deprogram myself that that was the truth. there was people that could talk about it, make references and back it up all day long. And on the other side of the argument where I was standing, there was nothing but denial. So denial is not proof of anything. And if all I can say is that can't be true and I don't believe that,
then I'm denying it to myself and there's no argument there. And if somebody else can lay out examples all day long, then that has to be the truth. You can't make all that up. So once I realized that was the truth, I'm like, okay, well now I had to pour myself into educating myself on metals because my job was now over as a financial planner. So I thought, okay, well have to start destroying my business and I told my clients they have to get their money out.
and go into metals and I would help them with that. And I had to find a source to do that. then, you know, six, seven years later, literally at that point, I spent 10,000 hours educating myself in the history of currency and money and cycles and just, you know, just name it. And then, you know, now I'm working in an international company and I do these podcasts all over North America and sometimes offshore.
⁓ It's been an amazing part of my career, which I'm thankful for because I get to talk to people all over the place and I get to help people all over the place. And that's been very rewarding to me as a sort of a finale of my career. it's not going to be pretty when this happens, but it's coming and people either have to prepare and be prepared, not scared. Right. And whether we like it or not, ⁓ the lion is still there if we stick our head in the sand.
Speaker 2 (43:21)
It reminds me of Burt the Turtle. I love Burt the Turtle. He was very alert. ⁓ Andrew, maybe a bit of a summary question to end it up. It feels like it's rhetorical question at this point, but if I were to come to you with a million dollars, how would you tell me to invest it right now? Again, it's not financial advice. I'm not going out doing the same thing, and I don't advise our audience and listeners to do the same. It's really just to wrap up the conversation and to backtest what we've been talking about here.
Speaker 1 (43:24)
Yeah.
Well, ⁓ in the simplest ⁓ answer, ⁓ everything would be more complex with a discussion. So I'm just going to keep it as a simple answer and it's got to be a template. ⁓ I just tell clients, whatever you don't want to lose of your million dollars, you need to put in hard assets, hard assets that you have control over and there's no counterparty risk. I.e. just an example, know, gold, silver in your possession. OK. And when you get beyond your comfort level there,
particularly for a million dollars, you may want to do a third party storage and secure, which is not including the bank. You know, having a huge stockpile of food and getting rid of your debts if you have them. Make yourself as resilient to tough times as you possibly could. And but keep enough money that you can buy as much silver would be your first priority. Gold second.
Silver and coinage form is money that will be used every day that will be Well, I came up with this phrase not too long ago. Well gold is for wealth preservation And silver is for self preservation So if you buy nothing but ounces of gold, you can't use it day to day Okay, go down the farmers market with an ounce gold. That's worth 3,400 us and you want to buy 500 bucks for the groceries How do you get change? Nobody has it so
Gold is for large amounts of money in a small space and silver is for a smaller amount of money in a big space because it takes a lot more volume obviously. And you're going to use those silver coins to go to the farmer's market and the farmer and whatever or barter every day. The coinage will go through the economy as a new market, the new free market. So that's going to be really important. And as far as financial advice, which we've
done our declaration, here's a word of advice to your viewers. If you want to test your advisor, ask them, how do you defend my portfolio against a currency collapse? And see what they say. And that's your answer.
Speaker 2 (46:05)
Post those in the comments down below if you do that. I'm really curious.
Speaker 1 (46:08)
And when you get your answer, which is going to be a whole whack of whatever, ⁓ then you know that you have to move on. Absolutely. You have to have advice from someone that understands what's going on.
Speaker 2 (46:24)
Absolutely. Andrew, what a wonderful conversation. Really appreciate you coming on. Where can we send our viewers to learn more from you and Sprott Money?
Speaker 1 (46:32)
So we have a SprottMoney.com for US viewers, SprottMoney.ca for Canada. And our toll for numbers on there, 1-888-861-0775. My extension, if you wish to speak to me, is 2-30. And we do business all over the world, mostly North America. And my email, if anyone wants to reach out to me, is deathofthedollar at SprottMoney.com.
So deathofthedollar, that's broughtmoney.com. And it doesn't cost anything to call if you want to ask me some questions. ⁓ Sometimes it's hard to get a hold of me because I'm busy some days. But yeah, we're here to help and we're all salaries. So there's no commission, no pressure sales, nothing like that. You just want to call and get some information and I'm happy to share.
Speaker 2 (47:27)
Fantastic. Awesome. Good idea. Thank you so much for coming on, Andrew. Thanks for sharing your knowledge here with our audience. Thank you so much. We'll have to do this again in the future and see where we act on the CBDC topic, maybe in October or so when the Eurozone has introduced ⁓ their CBDC model. ⁓
Speaker 1 (47:47)
I think there's gonna be lots to talk about over the summertime. We're gonna see some things happen. But thank you very much, Kai, for having me on. It was a pleasure to be on your show. And I wish you the best in growing your subscribers because you've got lots of great people coming on here that I've seen so far. So good luck with you on that.
Speaker 2 (48:03)
Thanks so much, Andrew. Really appreciate it. And everybody else, thank you so much for tuning in. I hope you enjoyed this conversation with Andrew Slay. If you did, leave a comment, leave a like down below. And if you haven't done so, and I know 75 to 80 % of you haven't done so, subscribe to the channel. It's a free way to support us and we tremendously appreciate it. Thank you so much for tuning in. We'll be back with lots more here on SORE Financially. Take care.
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