A Global Monetary Reset Is Starting: “Greater Depression” Ahead | Doug Casey
Summary
Precious Metals: Gold and silver have surged, with the guest arguing the move is the start of a larger bull market tied to monetary instability and potential shifts toward gold-backed systems.
Gold: Presented as money and a core store of value amid bankrupt governments and geopolitical risk, with central bank demand and potential redeemability scenarios supporting much higher prices.
Silver: Highlighted as a smaller, more volatile market with a structural supply deficit, offering greater upside than gold but likely to experience sharp corrections along the way.
Bitcoin: Framed as “electronic gold” with long-term potential despite recent underperformance versus gold, supported by rising institutional adoption and utility in currency-controlled countries.
De-dollarization and BRICS: China and BRICS are seen pivoting away from the USD, potentially launching gold-backed or redeemable currencies (e.g., a gold yuan), which could accelerate shifts into gold.
East Asia: Viewed favorably versus the West due to lower taxes and fewer welfare-state distortions, with continued gold accumulation and overseas resource acquisitions (e.g., assets from Equinox Gold) as supporting evidence.
Market Risks: The guest warns US stocks and bonds face a “triple threat” of rising rates, currency debasement, and default risks, amplified by escalating geopolitical tensions and war spending.
Investment Approach: Build positions in physical gold (and some silver) even at elevated prices, consider Bitcoin alongside metals, and be cautious on conventional equity and bond exposures.
Transcript
Are we seeing the peak of the fear trade? Gold, silver are rallying. Silver just broke out over $70 an ounce and gold is toying with $4,500 an ounce. Is this all geopolitically driven? Is it Fed? Is it monetary driven? Are we seeing the beginning of a financial reset or global financial and monetary reset perhaps? Uh lot big questions of course to ask, but you have to ask them. What are the precious metals signaling to us right now as investors? Should we still participate? Is it too late to invest? And since it is the end of 2025, what does it all mean for next year, 2026? So, I've invited a fantastic guest, Duck Casey. He's the founder of Casey Research. He's an author. Uh he just published another book over the summer, which we'll discuss as well. And I'm just excited to have him on because he's been in this space for a long time. He's seen a lot sort of ups and downs and he can help us understand the current move. So, really looking forward to that. But before I switch over to my guest, hit that like and subscribe button. It just helps us out tremendously and we much much appreciate it. Now Doug, it is a great pleasure to welcome you back on Soore Financially. It's good to see you again. Hope you've been well. >> Yes, everything's been fine and dandy and uh as we speak at the moment, I'm out on my farm in close to the ocean in Uruguay, >> one of my favorite countries to be in. >> I have yet to visit. I've been to Argentina. I've been across the river. I've been to Bernazies, but I've yet to go visit Uruguay. So, um I hear >> Well, you you you'd like it. It's the uh calmer, more peaceful, quieter version of Argentina, if you would. [clears throat] >> Oh, fantastic. >> And I expect, and [laughter] just a comment, I expect that over the next decade, there's going to be not just thousands, but tens of thousands of Europeans that are going to uh leave Europe and come to Argentina and Uruguay for lots and lots of reasons. So >> very interesting point actually. Yeah because it happened in the past but now like we're we're leaving Europe for very for other reasons obviously. So >> yeah although let's hope it's not for the same reasons that we've left in the past. [laughter] So let's let's be honest. So no um Doug we we need to start off the conversation talking about gold and silver. Um there's no way around it. Gold I mentioned touching $4,500. Silver broke out over $70. Um the question though of course to you as well maybe let's let's frame the move in the precious metals first before we really try to cut the or you know dissect the signal from the noise here. What do you make of this massive rally? Um really starting at a high level. >> Well look I've said for the last several years that gold was reasonably priced once it got above $33,3500 an ounce. It was reasonably priced relative to other things, houses, cars, meals, and restaurants, uh, and so forth. It had pretty well caught up after having been suppressed by the mainly the US government, uh, from the days when it was $35 an ounce. So, uh, we're living in a different world right now. Silver is a a different metal. People often say gold and silver, but they have uh share some dynamics, but there's a lot of very different things as well. So, I I guess the question is where are we in this current bull market and how high can it go? Uh yes, we're in a bull market and yes, it's going to go a lot higher and at some point gold is going to go above it where it should be. Uh where might that be? Listen, I'm of the opinion that at some point in the not too distant future, uh we're going to be using gold as actual money again the way it was before 1933. Uh [clears throat] actually in day-to-day commerce, maybe not passing gold coins around to each other, but with certificates that represent gold. Um answer to the question, I'm very bullish on gold. And I'm even more bullish on silver because silver is a more volatile commodity than gold. It's a much smaller market. [sighs] There's not a lot of silver in storage above ground. There's a 300 million uh ounce per year deficit uh in mining silver. Uh so yeah, bullish on both. That's kind of a long a long and complicated but maybe not complicated enough answer to those questions. >> No, and that that's exactly the thing like how complicated do we want it to make, right? Uh like are we what kind of message are we taking away from the current price movements here? Um is it signaling something more? you've touched on it here in on our channel before as well that governments may be forced to cut to to reintroduce gold uh as currency here or maybe back you know the the current system with gold is is that something that we're seeing because I'm not seeing it in any other asset classes or any other bigger moves in any other asset classes. So I'm I'm asking for validity of that theory here maybe because I'm I'm trying to separate signal from noise here. >> Well, let me let me make a statement that doesn't occur to most people. Uh government shouldn't be in the money business. Historically, it always has been because it's a great way for them to generate revenue, but uh government shouldn't make money any more than it should make cars or make food or do anything quite frankly. And since almost all of the governments of the world are permanently and irredeemably bankrupt at this point, uh we're going to have a real reset. Uh I don't know if the uh peasants are going to turn out into the street with torches and piss pitchforks or not, but uh it's been inevitable. It seemed inevitable to me for years that we're looking at something called the greater depression. And I call it the greater depression because it's going to be much worse and much different and probably much more longlasting uh than the unpleasantness of 1929 to 1946. But, uh, after things straighten themselves out in the end, uh, yeah, you're going to have to go back to gold at to some degree, silver, uh, as money as mediums of exchange and stores of value. You don't want to use paper. You don't want to use a political football to safeguard your wealth and plan for your future. So, that's why I'm bullish for the big picture. Look, we're we're on the edge of a pre precipice here, Kai. And we're about to go over the edge. So, I'm not about to sell my gold, even though I've got [clears throat] 100 to one returns on some of the coins that I bought many years ago. Why should I sell? >> No, the theory is still in place. I think the concept remains the same. The question is, is this a fake out that we're seeing right now in the precious metals? And I'm using that term deliberately here because as I as I said like all the other asset classes being it the US dollar being at bonds being the S&P 500 meaning the main stock market are not really moving um in the last two weeks like the precious metals have and they would be moving in the other direction I would assume if that were to be the case but they're not moving at all. So I'm really trying to figure out is this just as I said is this a fake out? Like does this even make sense or is this really the beginning of something bigger? That's really the the thesis and the question I'm asking here. >> I think a lot of people see that the world's economy is in trouble. A lot of people see that the world's governments are bankrupt. They see that a lot of governments in the world are actually on the edge of wars. I mean, I can't believe that uh European countries are doubling their defense budgets. I hate to say defense, it's not defense, it's war budgets. uh hate to use the words improperly. Uh some countries are reinstituting the draft. Uh their high officials are saying things to antagonize the Russians looking for a war. These are all reasons why you want to have gold in your own possession and not conventional uh uh investments and speculations. I mean, the stock market is at all-time highs. I'm talking about the US now in particular. The bond market is still very close to all-time highs. Uh that's a triple threat to your capital. I mean interest rates are eventually heading way up and the currency is headed way down and there's a real default risk certainly in corporate bonds but also in government bonds. Where are you going to go except for gold and silver at this point and and speculations uh which everybody's going to be forced to get into trying to outrun the debasement of the currency because all of these currencies are going to lose value rapidly in the years to come. >> Well, the mainstream media is leading us to believe that it's all about the Fed next Fed rate cuts here and of course geopolitical tension. Um I I think we're missing something here and I'm curious what you're thinking like the main reason for this you know rally is over the last maybe 10 days two weeks in particular but it started already in March for gold for example and silver in particular as well but like what what have been the main drivers now like is it is it easier is it easy to single one point out is it really just retail reallocation to the precious metals or is it really just the Fed announcing for their cuts >> I don't think the retail public uh isn't gold or silver at all. Uh you look at the premiums on coins, which is what the retail public buys, they're still very, very low. The average guy out there still doesn't know anything about gold at all. He doesn't talk about it. You don't hear about it at cocktail parties. [sighs] Uh what's moving the market now? I'll take a guess. uh central [snorts] banks uh still own way too many dollars and they can see that the US government is going to have to print trillions of dollars in the in every year quite frankly with the deficits that's running. So they want to get rid of those dollars uh for that reason. They're hot potatoes. Uh they don't want to hold hold dollars because they saw what happened to the Russians. So when you hold a a US dollar, you're holding the unsecured liability of a bankrupt government that's in a position to steal it from you electronically arbitrarily. That's another reason uh why money is moving into gold. U I think that's enough. And and of course there's there there's Trump uh who's who's uh you know, it's funny. I I was so glad that Harris and who's that idiot that ran with her? Waltz, I think his name is. I'm so glad they didn't win. They would have been a total and unmitigated catastrophe. So, I was kind of happy that Trump won. But, uh he's he's getting out of control. He's a megalomaniac, a narcissist. Uh and um he he's unpredictable. He has no philosophical core at all. So, uh, what's he going to do next? I I just read in the paper this morning that he's announced that the US Navy is going to build a new class of ship called the Trump battleship. I mean, this is this is incredibly egoistic on on his part. Uh, now the guy's out of control. And that's another reason since the world the financial world revolves around the US. If you've got somebody who actually may be a lunatic running the country, uh, who wants to make himself into a new Caesar, I hate to say this, but it's becoming apparent. Uh, we're living in a very, very unstable world, especially in the US. Well, Europe, too. Europe's a sinking ship. >> Yeah, we got a lot of water on board already. So, I'm not sure we can get all that water out. I'm not sure our pumps are strong enough. I'm I'm not even sure we fired up the pumps yet. So, we're still trying to figure that one out. So, um, but Doug, one one thing, um, you you haven't mentioned, I'm curious what your take on that is, is really the role of Asia in all of this. And, uh, especially coming from the precious metal side, we all know that China doesn't export. They they buy a lot of mines. They just bought another billion dollar. They just done another billion dollar deal in Brazil, just north of where you are at, uh, buying assets from Equinox Gold, for example. Just just little pieces here of a puzzle. But I'm really curious how that all fits together and what what is Asia's role in all of this here, David? >> Well, [sighs and gasps] we're if we're talking Asia, we're really talking primarily about the Chinese and uh they have a lot going for them uh at this point. Um uh their governments are not welfare states. So that the average resident of of East Asia has not been corrupted in the same way that North Americans and Europeans has. That's good. Uh the general tax level is much lower in um East Asia. That's very good. Uh it's got a lot of advantages quite frankly over the uh declining West. I I lived in in Asia for for years and I like it very much. Uh in fact when I decided to mainly move out of the US, I still have a house in the US but uh for me it came down to either Argentina or u actually the anti antipities of the world. Thailand, the opposite, totally geographically, culturally, and just about every way. Well, I chose I chose Argentina and Uruguay, but uh I'm a big fan of uh of Asia. I think relative to the rest of the world, they're going to do just fine culturally and and lots of other ways. >> But them stockpiling gold and silver, is that uh you know, reason for a concern? Are they planning, and I'm being facicious here a little bit, perhaps a monetary upset of the world? >> Well, look, the Chinese don't want to own US dollars. Uh that's why the [clears throat] the BRICS countries, the southern countries have been talking about getting rid of the US dollar and using something else. And it's completely [snorts] obvious why because the US has turned into their adversary in addition to being bankrupt itself and unreliable and out of control. Uh so what are they going to use for their c? Well, a bricks currency, it's just going to be another government fiat unit. But uh I suspect that in order to get it accepted, they're going to say that it's backed by or redeemable in those are two different things. saying something is backed by gold, that's great. But unless it's redeemable at a fixed ratio with gold, it doesn't mean too much. I think that's what they're going to do. At some point, there's going to be a gold yuan. And uh the Japanese might do the same thing with with the yen. So, um they're kind of going in the right [clears throat] direction relative to uh Europe and and the US. And forget about Canada. Canada's as bad as Europe or worse in some ways. >> Yeah. The only difference between Canada and Europe is that Canada has resources and Germany, for example, doesn't have any. That's a good point. But of course, the Congo has lots of resources and it's never going to do them any good. They'll just stay in the ground unless they're stolen peace meal by whoever can get a hold of them. >> Yeah. No, fair enough. Politics has a lot a lot to do with it, right? And the the rulers of it. Um maybe Doug coming back to gold and silver real quick, but what should investors do with this current runup? Like in this environment if you're let's say you're underallocated to gold and silver, should you still step in? Is it is it too late? Should we wait for the typical [clears throat] bull market correction which can be quite dramatic? Meaning 40 50% draw down seem to be normal um in in a bull market. Um so what what is your I would say financial advice or anything but like what what is your your inkling? What what are you feeling here? What are you seeing? Look, as far as gold is concerned, gold is money and its value in fiat currencies fluctuates. But look, I've I've been collecting buying gold and putting away putting it away for well over 50 years at this point. Never sold an ounce. And when it drops 50%, I don't it doesn't bother me. I want the asset. Now, that was easy for me to say as little as 10 years ago when gold was manifestally cheap. Now, with gold close to 4500, should people buy it now if they don't have any? And yeah, I hate to say this because it's not cheap anymore by any means, but there can be a real panic into gold. For instance, if the US government decides to make the dollar redeemable again with gold to establish faith in the dollar, at what price would they have to pick to make gold, each dollar redeemable in gold? Well, it depends on what you want to say is the money supply. Do you want to say it's just dollars outside the US or M1 or M3? Uh, what do you want to count? I think gold is going to wind up going to 10,000 $15,000 an ounce. Uh but not because that's what it should be relative to other things, but as a monetary finance. So the answer to the question is yeah, gold is the only financial asset that's not simultaneously somebody else's liability. So if you don't have any, start buying it. I mean just start buying it. Build start building the asset better late than ever. And in that breath, I should mention Bitcoin. Uh I've been a fan of Bitcoin and a buyer of Bitcoin since 2017. I was a little late to the party. >> Not too late. But um I think that uh Bitcoin also has a future uh alongside gold and alongside silver, which is also a semi monetary metal. >> Allow me one followup on that topic. Like Bitcoin hasn't moved with up with gold. um either front ran it or it's actually dropped against gold as as of late. Um if you describe it has similar characteristics or you see it playing the same role in the future, wouldn't it be moving in tandem? >> You'd think it would. Uh you'd think that uh people would be um buying Bitcoin as they dump conventional assets. But maybe uh within the world of Bitcoin, there's been a bit of a listen, it's gone from people like all the big guys on Wall Street like Jamie Diamond and all these people saying, "Oh, no, I wouldn't touch it with a 10-ft bowl pole to now they're putting together structured entities to buy Bitcoin." And of course, you got um who am I talking about that's put together a whole series of c countries companies to buy Bitcoin and so forth. So maybe we've had a little bit of a mania in Bitcoin and what should Bitcoin be priced at? Well, that's another question. Um you know, [laughter] it it's ter it's Terry incognito. The problem with Bitcoin among other things is that the asset itself is uh well less than 20 years old. So it and it's it's it's it's not so widely held in the world, which is a good thing because it could be that there are billions of people, especially in uh backward currency controlled countries that will find it much easier to buy Bitcoin to get out of their local worthless currencies than it is to buy to buy gold. Uh yeah, I remain bullish on Bitcoin. It's [clears throat] it's really kind of an electronic gold if you would. >> No, no, fair, fair enough. I can definitely follow your reasoning here. So, m makes a lot of sense. Um, let's switch pace a little bit. You you were used to write a newsletter. You you you were the founder of Casey Research. If you were to put out a letter, >> which I which I'm pleased that I sold to my friend Porter Stanbury years ago. >> Yeah. >> Uh, yeah. My publications now are internationalman.com. So everybody that's listening to this should sign up for it because it's got very good articles and it's free >> every day. >> So do that. >> And of course I have a podcast on YouTube too called Doug Casey's Take. So those two things. But go ahead. >> No, but if you were to let's say publish an article tomorrow on internationalman.com forecasting top five topics of 2026 themes that would sort of dictate headlines or dominate headlines in 2026. What what topics would you pick? >> Well, look, I just finished this book with my friend Matt Smith and his son Maxim. It's called the preparation. And I think it's extremely important. Why do I say that? Because it's well known that the standard of living, average standard of living of the average guy is has been dropping for the last couple of decades, propped up only by taking on more debt. And what this book is about is why and this is probably less applicable to Europeans than it is to Americans because Europeans when they go to university uh apparently it's free for most Europeans. But just because it's free doesn't mean that it's not a waste of time. In fact, I'll go further. going to the going to school to a university is actively destructive of your well-being today because almost all of the professors and the administrators they're hardcore Marxists they're collectivists they're statists and in the US to pay for the privilege of being corrupted it'll cost you a couple hundred 300 maybe $400,000 over four years so you go into the world with an albatross around your back around your neck But what we do in this book and why it's important is that with the development of artificial intelligence and robotics and lots of other totally new technologies, uh most people's jobs are at risk. You're going to find a lot of people that don't know what to do. People that have gotten out of four years of being corrupted in college. Now, what do I do? I don't have any real skills. So what we do in this book is describe precisely exactly how a young man in particular because young men are the ones that are really in trouble uh how they get an education, a classical education and simultaneously learn really valuable skills. So at the end of the four years uh instead of a worthless piece of paper, a diploma to hang on the wall, you can transform yourself into being a Renaissance man. So this may not be as relevant to Europeans uh as it is to Americans because Europeans don't have to pay for being corrupted in college. But uh everybody should read this because the only solution to uh sustainability for you as an individual in the in the future is in effect to become a veritable renaissance man uh a jack of many trades and a master of a a couple. And that's exactly what we show how to do it, where to do it, all this type of thing in the book. So I'm very uh enthusiastic about it and Amazon >> has them. >> Absolutely. >> So So excuse me for the commercial, but you ask what's important in the world and this is very important because we've got a whole generation of young men that are lost today. Uh there you've got incelss and gripers and and and and Black Lives Matter people and people living in their mother's basement living on welfare. I mean, this is a a serious social upset we're looking at, which is why we wrote this book to give people a specific way out. It's not the only important thing in the world, though. There are other things. >> No, absolutely. And uh despite not having to pay for university over here, which is nice having that that benefit, but I think a lot of those rules and uh ideas and uh like do still apply. Independent thinking I think needs to be retaught in school or needs to be taught in school like actually how to figure out what what is real and what isn't and just become quite a bit more pragmatic and not just spoonfed. So, >> oh, and and I'm not saying university is bad. If you're going to take STEM subjects, science, technology, engineering, math, okay, those are disciplined subjects where formal disciplines is important. Lab work can be important, but that's not what happens in American universities by and large at all. So, >> no. Um, if you were a betting man, Doug, and I'm not sure if you are, but uh, if you were to bet on something to happen in 2026, good, bad, or negative, like good, bad, ugly, um, what definition of a black swan event here, of course, like if we can forecast it, it's not really a black swan event, of course. But what is something that you might not expect to happen in 2026, but that could really change course here for us? >> Well, I am a betting man. I do like to play poker. Uh but uh uh what do I think is likely to happen or has a good chance of happening? Well, in the United States, uh I think that the Republicans are going to lose the midterm elections and that means the Democrats will be in charge of the House and maybe the Senate, and that means they'll impeach Trump. So, that's going to be another big brewhaha. uh going for more political instability. Uh but it's more serious than that. Uh I think we're on the ragged edge of something that resembles a civil war in the US and maybe in some European countries, too. Um uh it's possible. It's not going to be like the Civil War we had in the US from 1861 to 1865. Nothing like that. But uh the red people and the blue people uh have come to hate each other where they can't even talk to each other and they really shouldn't be in one political entity uh especially one where the government controls half of the economy and one group feels it has to steal from the other group or other they'll steal from. So this is a very unstable situation in Europe. I think Europe is going to head for a breakup of the European Union, which was a good idea when it was just a customs union for free travel and of goods and and people, but it's turned into a super state, which is very expensive and very dangerous. I understand that the correct figure is that there are over 50,000 employees of the EU, uh, mainly around Brussels. And what do they do? They produce absolutely nothing. they just stop things from being produced. So I think uh economic and physical reality will mean that the EU is going to break up in addition to the uh US starting to fall apart at the scenes. Canada uh will hopefully fall apart at the scenes with uh certainly Alberta and maybe uh Saskatchewan too uh breaking off from the uh country. uh you know this is a good thing. Uh the way I'd like to see the world work is we'd have 8 billion individual countries in the world instead of just 200 countries in the world that are run mainly by sociopaths. So uh those are two big things that are going to happen. The economy is going to get much worse. I think inflation's going to get much worse, noticeable and that makes things and that's not going to be good for the stock market and very bad for the bond market and the natives get restless when they think they don't have any money anymore. So, uh, listen, I've been a gloom and doomer for uh, ever since I read Gibbons's decline and fall of the Roman Empire because these things do repeat. And in the case of the United States in particular, it's become a a multicultural domestic empire and uh they don't last for all kinds of reasons that we could discuss if we had the time. Uh I mean it's good enough while they last, but they're really unpleasant when they start falling apart. >> Yeah, as you mentioned, we're at the precipice of it. So uh we're we're awfully close. Although Europe I think Europe might have averted the immediate downfall by not unfreezing the Russian assets and using it. So we might have uh staved it off by a couple years but uh I think it is imminent. So >> yeah, I I've got to say with this dust up in the Ukraine and since most of your listeners are Europeans, I think everybody uh has been programmed to be pro- Ukraine, but uh uh the Ukraine itself has turned into a criminal enterprise and uh this this border war with Russia uh over the Danbos, which should be part of Russia. Not that I believe in borders or nation states, but uh I don't know how it's going to I don't know how it's I don't know how it's going to end, but uh how anybody who has any sense or self-respect can support Zalinski who has stolen I [clears throat] mean it's well known two three billion dollars who knows how much you know how does a how how does a nothing nobody pervert like him get into that position and then become a multi-billionaire nobody seems to be complaining about it and talking about it. It's amazing to me. >> Yeah, it it is puzzling. And now we're giving him an extra $90 billion. So, we'll see where that money goes. [laughter] So, oh well, Doug, it it is always a great pleasure to have you on the program. Um although it's a bit doom and gloomy, but we got to be realistic um where things are headed and so far it it has played out to a tea, unfortunately. So, um >> well, mark my words, K. If if if we talk again in six months, I think it'll be a lot more doomy and gloomy. Uh so make a note of it. And listen, I hope I eat my words with my with a fork and spoon because I like good times more than I like bad times, but the times are going to get bad. >> Yeah. Oh, absolutely. Like I think the writing's on the wall. So Doug, I really appreciate your cander. Thanks so much for joining us. And internationalman.com, I think, is where we can send everybody. And uh really appreciate your time. It was great to see you again. Merry Christmas. Happy holidays. Enjoy the time in in Uruguay. Have a have a wonderful time on the farm and I can't wait to catch up in hopefully 6 months or sooner. So, thanks so much for doing that. >> Thanks, Sky. Merry Christmas and enjoy us winter solstice as well. >> Oh, yeah. I think uh it's getting lighter outside again. So, I think we just had it yesterday, I think. So, yeah, I >> I'm ready for some sunshine, I'll tell you that. So, absolutely, Doug. Thank you so much. And everybody else, thank you so much for tuning in to Sore Financially. Much appreciate your time. And thanks so much for watching all throughout the year. If you got something out of our videos in the last months here, please hit that like and subscribe button. It helps us out tremendously and we just appreciate it. Leave a comment down below. How do you see things playing out? What is your What is gold and silver telling you right now? I'm really curious because everybody's got a different point of view. It's not as easy to pinpoint it anymore. It's not like one single reason that is driving up prices. There's lots of them. We're moving into a multi-polar world or back to a multipolar world. It's unraveling and we're seeing it happening live in front of our eyes. So, really curious what you think and uh merry Christmas, happy holidays. Enjoy the time with the loved ones. Turn off the news. Don't read the newspaper. Have a great time. So, thanks so much for tuning in. We'll be back with more. Take care out there.
A Global Monetary Reset Is Starting: “Greater Depression” Ahead | Doug Casey
Summary
Transcript
Are we seeing the peak of the fear trade? Gold, silver are rallying. Silver just broke out over $70 an ounce and gold is toying with $4,500 an ounce. Is this all geopolitically driven? Is it Fed? Is it monetary driven? Are we seeing the beginning of a financial reset or global financial and monetary reset perhaps? Uh lot big questions of course to ask, but you have to ask them. What are the precious metals signaling to us right now as investors? Should we still participate? Is it too late to invest? And since it is the end of 2025, what does it all mean for next year, 2026? So, I've invited a fantastic guest, Duck Casey. He's the founder of Casey Research. He's an author. Uh he just published another book over the summer, which we'll discuss as well. And I'm just excited to have him on because he's been in this space for a long time. He's seen a lot sort of ups and downs and he can help us understand the current move. So, really looking forward to that. But before I switch over to my guest, hit that like and subscribe button. It just helps us out tremendously and we much much appreciate it. Now Doug, it is a great pleasure to welcome you back on Soore Financially. It's good to see you again. Hope you've been well. >> Yes, everything's been fine and dandy and uh as we speak at the moment, I'm out on my farm in close to the ocean in Uruguay, >> one of my favorite countries to be in. >> I have yet to visit. I've been to Argentina. I've been across the river. I've been to Bernazies, but I've yet to go visit Uruguay. So, um I hear >> Well, you you you'd like it. It's the uh calmer, more peaceful, quieter version of Argentina, if you would. [clears throat] >> Oh, fantastic. >> And I expect, and [laughter] just a comment, I expect that over the next decade, there's going to be not just thousands, but tens of thousands of Europeans that are going to uh leave Europe and come to Argentina and Uruguay for lots and lots of reasons. So >> very interesting point actually. Yeah because it happened in the past but now like we're we're leaving Europe for very for other reasons obviously. So >> yeah although let's hope it's not for the same reasons that we've left in the past. [laughter] So let's let's be honest. So no um Doug we we need to start off the conversation talking about gold and silver. Um there's no way around it. Gold I mentioned touching $4,500. Silver broke out over $70. Um the question though of course to you as well maybe let's let's frame the move in the precious metals first before we really try to cut the or you know dissect the signal from the noise here. What do you make of this massive rally? Um really starting at a high level. >> Well look I've said for the last several years that gold was reasonably priced once it got above $33,3500 an ounce. It was reasonably priced relative to other things, houses, cars, meals, and restaurants, uh, and so forth. It had pretty well caught up after having been suppressed by the mainly the US government, uh, from the days when it was $35 an ounce. So, uh, we're living in a different world right now. Silver is a a different metal. People often say gold and silver, but they have uh share some dynamics, but there's a lot of very different things as well. So, I I guess the question is where are we in this current bull market and how high can it go? Uh yes, we're in a bull market and yes, it's going to go a lot higher and at some point gold is going to go above it where it should be. Uh where might that be? Listen, I'm of the opinion that at some point in the not too distant future, uh we're going to be using gold as actual money again the way it was before 1933. Uh [clears throat] actually in day-to-day commerce, maybe not passing gold coins around to each other, but with certificates that represent gold. Um answer to the question, I'm very bullish on gold. And I'm even more bullish on silver because silver is a more volatile commodity than gold. It's a much smaller market. [sighs] There's not a lot of silver in storage above ground. There's a 300 million uh ounce per year deficit uh in mining silver. Uh so yeah, bullish on both. That's kind of a long a long and complicated but maybe not complicated enough answer to those questions. >> No, and that that's exactly the thing like how complicated do we want it to make, right? Uh like are we what kind of message are we taking away from the current price movements here? Um is it signaling something more? you've touched on it here in on our channel before as well that governments may be forced to cut to to reintroduce gold uh as currency here or maybe back you know the the current system with gold is is that something that we're seeing because I'm not seeing it in any other asset classes or any other bigger moves in any other asset classes. So I'm I'm asking for validity of that theory here maybe because I'm I'm trying to separate signal from noise here. >> Well, let me let me make a statement that doesn't occur to most people. Uh government shouldn't be in the money business. Historically, it always has been because it's a great way for them to generate revenue, but uh government shouldn't make money any more than it should make cars or make food or do anything quite frankly. And since almost all of the governments of the world are permanently and irredeemably bankrupt at this point, uh we're going to have a real reset. Uh I don't know if the uh peasants are going to turn out into the street with torches and piss pitchforks or not, but uh it's been inevitable. It seemed inevitable to me for years that we're looking at something called the greater depression. And I call it the greater depression because it's going to be much worse and much different and probably much more longlasting uh than the unpleasantness of 1929 to 1946. But, uh, after things straighten themselves out in the end, uh, yeah, you're going to have to go back to gold at to some degree, silver, uh, as money as mediums of exchange and stores of value. You don't want to use paper. You don't want to use a political football to safeguard your wealth and plan for your future. So, that's why I'm bullish for the big picture. Look, we're we're on the edge of a pre precipice here, Kai. And we're about to go over the edge. So, I'm not about to sell my gold, even though I've got [clears throat] 100 to one returns on some of the coins that I bought many years ago. Why should I sell? >> No, the theory is still in place. I think the concept remains the same. The question is, is this a fake out that we're seeing right now in the precious metals? And I'm using that term deliberately here because as I as I said like all the other asset classes being it the US dollar being at bonds being the S&P 500 meaning the main stock market are not really moving um in the last two weeks like the precious metals have and they would be moving in the other direction I would assume if that were to be the case but they're not moving at all. So I'm really trying to figure out is this just as I said is this a fake out? Like does this even make sense or is this really the beginning of something bigger? That's really the the thesis and the question I'm asking here. >> I think a lot of people see that the world's economy is in trouble. A lot of people see that the world's governments are bankrupt. They see that a lot of governments in the world are actually on the edge of wars. I mean, I can't believe that uh European countries are doubling their defense budgets. I hate to say defense, it's not defense, it's war budgets. uh hate to use the words improperly. Uh some countries are reinstituting the draft. Uh their high officials are saying things to antagonize the Russians looking for a war. These are all reasons why you want to have gold in your own possession and not conventional uh uh investments and speculations. I mean, the stock market is at all-time highs. I'm talking about the US now in particular. The bond market is still very close to all-time highs. Uh that's a triple threat to your capital. I mean interest rates are eventually heading way up and the currency is headed way down and there's a real default risk certainly in corporate bonds but also in government bonds. Where are you going to go except for gold and silver at this point and and speculations uh which everybody's going to be forced to get into trying to outrun the debasement of the currency because all of these currencies are going to lose value rapidly in the years to come. >> Well, the mainstream media is leading us to believe that it's all about the Fed next Fed rate cuts here and of course geopolitical tension. Um I I think we're missing something here and I'm curious what you're thinking like the main reason for this you know rally is over the last maybe 10 days two weeks in particular but it started already in March for gold for example and silver in particular as well but like what what have been the main drivers now like is it is it easier is it easy to single one point out is it really just retail reallocation to the precious metals or is it really just the Fed announcing for their cuts >> I don't think the retail public uh isn't gold or silver at all. Uh you look at the premiums on coins, which is what the retail public buys, they're still very, very low. The average guy out there still doesn't know anything about gold at all. He doesn't talk about it. You don't hear about it at cocktail parties. [sighs] Uh what's moving the market now? I'll take a guess. uh central [snorts] banks uh still own way too many dollars and they can see that the US government is going to have to print trillions of dollars in the in every year quite frankly with the deficits that's running. So they want to get rid of those dollars uh for that reason. They're hot potatoes. Uh they don't want to hold hold dollars because they saw what happened to the Russians. So when you hold a a US dollar, you're holding the unsecured liability of a bankrupt government that's in a position to steal it from you electronically arbitrarily. That's another reason uh why money is moving into gold. U I think that's enough. And and of course there's there there's Trump uh who's who's uh you know, it's funny. I I was so glad that Harris and who's that idiot that ran with her? Waltz, I think his name is. I'm so glad they didn't win. They would have been a total and unmitigated catastrophe. So, I was kind of happy that Trump won. But, uh he's he's getting out of control. He's a megalomaniac, a narcissist. Uh and um he he's unpredictable. He has no philosophical core at all. So, uh, what's he going to do next? I I just read in the paper this morning that he's announced that the US Navy is going to build a new class of ship called the Trump battleship. I mean, this is this is incredibly egoistic on on his part. Uh, now the guy's out of control. And that's another reason since the world the financial world revolves around the US. If you've got somebody who actually may be a lunatic running the country, uh, who wants to make himself into a new Caesar, I hate to say this, but it's becoming apparent. Uh, we're living in a very, very unstable world, especially in the US. Well, Europe, too. Europe's a sinking ship. >> Yeah, we got a lot of water on board already. So, I'm not sure we can get all that water out. I'm not sure our pumps are strong enough. I'm I'm not even sure we fired up the pumps yet. So, we're still trying to figure that one out. So, um, but Doug, one one thing, um, you you haven't mentioned, I'm curious what your take on that is, is really the role of Asia in all of this. And, uh, especially coming from the precious metal side, we all know that China doesn't export. They they buy a lot of mines. They just bought another billion dollar. They just done another billion dollar deal in Brazil, just north of where you are at, uh, buying assets from Equinox Gold, for example. Just just little pieces here of a puzzle. But I'm really curious how that all fits together and what what is Asia's role in all of this here, David? >> Well, [sighs and gasps] we're if we're talking Asia, we're really talking primarily about the Chinese and uh they have a lot going for them uh at this point. Um uh their governments are not welfare states. So that the average resident of of East Asia has not been corrupted in the same way that North Americans and Europeans has. That's good. Uh the general tax level is much lower in um East Asia. That's very good. Uh it's got a lot of advantages quite frankly over the uh declining West. I I lived in in Asia for for years and I like it very much. Uh in fact when I decided to mainly move out of the US, I still have a house in the US but uh for me it came down to either Argentina or u actually the anti antipities of the world. Thailand, the opposite, totally geographically, culturally, and just about every way. Well, I chose I chose Argentina and Uruguay, but uh I'm a big fan of uh of Asia. I think relative to the rest of the world, they're going to do just fine culturally and and lots of other ways. >> But them stockpiling gold and silver, is that uh you know, reason for a concern? Are they planning, and I'm being facicious here a little bit, perhaps a monetary upset of the world? >> Well, look, the Chinese don't want to own US dollars. Uh that's why the [clears throat] the BRICS countries, the southern countries have been talking about getting rid of the US dollar and using something else. And it's completely [snorts] obvious why because the US has turned into their adversary in addition to being bankrupt itself and unreliable and out of control. Uh so what are they going to use for their c? Well, a bricks currency, it's just going to be another government fiat unit. But uh I suspect that in order to get it accepted, they're going to say that it's backed by or redeemable in those are two different things. saying something is backed by gold, that's great. But unless it's redeemable at a fixed ratio with gold, it doesn't mean too much. I think that's what they're going to do. At some point, there's going to be a gold yuan. And uh the Japanese might do the same thing with with the yen. So, um they're kind of going in the right [clears throat] direction relative to uh Europe and and the US. And forget about Canada. Canada's as bad as Europe or worse in some ways. >> Yeah. The only difference between Canada and Europe is that Canada has resources and Germany, for example, doesn't have any. That's a good point. But of course, the Congo has lots of resources and it's never going to do them any good. They'll just stay in the ground unless they're stolen peace meal by whoever can get a hold of them. >> Yeah. No, fair enough. Politics has a lot a lot to do with it, right? And the the rulers of it. Um maybe Doug coming back to gold and silver real quick, but what should investors do with this current runup? Like in this environment if you're let's say you're underallocated to gold and silver, should you still step in? Is it is it too late? Should we wait for the typical [clears throat] bull market correction which can be quite dramatic? Meaning 40 50% draw down seem to be normal um in in a bull market. Um so what what is your I would say financial advice or anything but like what what is your your inkling? What what are you feeling here? What are you seeing? Look, as far as gold is concerned, gold is money and its value in fiat currencies fluctuates. But look, I've I've been collecting buying gold and putting away putting it away for well over 50 years at this point. Never sold an ounce. And when it drops 50%, I don't it doesn't bother me. I want the asset. Now, that was easy for me to say as little as 10 years ago when gold was manifestally cheap. Now, with gold close to 4500, should people buy it now if they don't have any? And yeah, I hate to say this because it's not cheap anymore by any means, but there can be a real panic into gold. For instance, if the US government decides to make the dollar redeemable again with gold to establish faith in the dollar, at what price would they have to pick to make gold, each dollar redeemable in gold? Well, it depends on what you want to say is the money supply. Do you want to say it's just dollars outside the US or M1 or M3? Uh, what do you want to count? I think gold is going to wind up going to 10,000 $15,000 an ounce. Uh but not because that's what it should be relative to other things, but as a monetary finance. So the answer to the question is yeah, gold is the only financial asset that's not simultaneously somebody else's liability. So if you don't have any, start buying it. I mean just start buying it. Build start building the asset better late than ever. And in that breath, I should mention Bitcoin. Uh I've been a fan of Bitcoin and a buyer of Bitcoin since 2017. I was a little late to the party. >> Not too late. But um I think that uh Bitcoin also has a future uh alongside gold and alongside silver, which is also a semi monetary metal. >> Allow me one followup on that topic. Like Bitcoin hasn't moved with up with gold. um either front ran it or it's actually dropped against gold as as of late. Um if you describe it has similar characteristics or you see it playing the same role in the future, wouldn't it be moving in tandem? >> You'd think it would. Uh you'd think that uh people would be um buying Bitcoin as they dump conventional assets. But maybe uh within the world of Bitcoin, there's been a bit of a listen, it's gone from people like all the big guys on Wall Street like Jamie Diamond and all these people saying, "Oh, no, I wouldn't touch it with a 10-ft bowl pole to now they're putting together structured entities to buy Bitcoin." And of course, you got um who am I talking about that's put together a whole series of c countries companies to buy Bitcoin and so forth. So maybe we've had a little bit of a mania in Bitcoin and what should Bitcoin be priced at? Well, that's another question. Um you know, [laughter] it it's ter it's Terry incognito. The problem with Bitcoin among other things is that the asset itself is uh well less than 20 years old. So it and it's it's it's it's not so widely held in the world, which is a good thing because it could be that there are billions of people, especially in uh backward currency controlled countries that will find it much easier to buy Bitcoin to get out of their local worthless currencies than it is to buy to buy gold. Uh yeah, I remain bullish on Bitcoin. It's [clears throat] it's really kind of an electronic gold if you would. >> No, no, fair, fair enough. I can definitely follow your reasoning here. So, m makes a lot of sense. Um, let's switch pace a little bit. You you were used to write a newsletter. You you you were the founder of Casey Research. If you were to put out a letter, >> which I which I'm pleased that I sold to my friend Porter Stanbury years ago. >> Yeah. >> Uh, yeah. My publications now are internationalman.com. So everybody that's listening to this should sign up for it because it's got very good articles and it's free >> every day. >> So do that. >> And of course I have a podcast on YouTube too called Doug Casey's Take. So those two things. But go ahead. >> No, but if you were to let's say publish an article tomorrow on internationalman.com forecasting top five topics of 2026 themes that would sort of dictate headlines or dominate headlines in 2026. What what topics would you pick? >> Well, look, I just finished this book with my friend Matt Smith and his son Maxim. It's called the preparation. And I think it's extremely important. Why do I say that? Because it's well known that the standard of living, average standard of living of the average guy is has been dropping for the last couple of decades, propped up only by taking on more debt. And what this book is about is why and this is probably less applicable to Europeans than it is to Americans because Europeans when they go to university uh apparently it's free for most Europeans. But just because it's free doesn't mean that it's not a waste of time. In fact, I'll go further. going to the going to school to a university is actively destructive of your well-being today because almost all of the professors and the administrators they're hardcore Marxists they're collectivists they're statists and in the US to pay for the privilege of being corrupted it'll cost you a couple hundred 300 maybe $400,000 over four years so you go into the world with an albatross around your back around your neck But what we do in this book and why it's important is that with the development of artificial intelligence and robotics and lots of other totally new technologies, uh most people's jobs are at risk. You're going to find a lot of people that don't know what to do. People that have gotten out of four years of being corrupted in college. Now, what do I do? I don't have any real skills. So what we do in this book is describe precisely exactly how a young man in particular because young men are the ones that are really in trouble uh how they get an education, a classical education and simultaneously learn really valuable skills. So at the end of the four years uh instead of a worthless piece of paper, a diploma to hang on the wall, you can transform yourself into being a Renaissance man. So this may not be as relevant to Europeans uh as it is to Americans because Europeans don't have to pay for being corrupted in college. But uh everybody should read this because the only solution to uh sustainability for you as an individual in the in the future is in effect to become a veritable renaissance man uh a jack of many trades and a master of a a couple. And that's exactly what we show how to do it, where to do it, all this type of thing in the book. So I'm very uh enthusiastic about it and Amazon >> has them. >> Absolutely. >> So So excuse me for the commercial, but you ask what's important in the world and this is very important because we've got a whole generation of young men that are lost today. Uh there you've got incelss and gripers and and and and Black Lives Matter people and people living in their mother's basement living on welfare. I mean, this is a a serious social upset we're looking at, which is why we wrote this book to give people a specific way out. It's not the only important thing in the world, though. There are other things. >> No, absolutely. And uh despite not having to pay for university over here, which is nice having that that benefit, but I think a lot of those rules and uh ideas and uh like do still apply. Independent thinking I think needs to be retaught in school or needs to be taught in school like actually how to figure out what what is real and what isn't and just become quite a bit more pragmatic and not just spoonfed. So, >> oh, and and I'm not saying university is bad. If you're going to take STEM subjects, science, technology, engineering, math, okay, those are disciplined subjects where formal disciplines is important. Lab work can be important, but that's not what happens in American universities by and large at all. So, >> no. Um, if you were a betting man, Doug, and I'm not sure if you are, but uh, if you were to bet on something to happen in 2026, good, bad, or negative, like good, bad, ugly, um, what definition of a black swan event here, of course, like if we can forecast it, it's not really a black swan event, of course. But what is something that you might not expect to happen in 2026, but that could really change course here for us? >> Well, I am a betting man. I do like to play poker. Uh but uh uh what do I think is likely to happen or has a good chance of happening? Well, in the United States, uh I think that the Republicans are going to lose the midterm elections and that means the Democrats will be in charge of the House and maybe the Senate, and that means they'll impeach Trump. So, that's going to be another big brewhaha. uh going for more political instability. Uh but it's more serious than that. Uh I think we're on the ragged edge of something that resembles a civil war in the US and maybe in some European countries, too. Um uh it's possible. It's not going to be like the Civil War we had in the US from 1861 to 1865. Nothing like that. But uh the red people and the blue people uh have come to hate each other where they can't even talk to each other and they really shouldn't be in one political entity uh especially one where the government controls half of the economy and one group feels it has to steal from the other group or other they'll steal from. So this is a very unstable situation in Europe. I think Europe is going to head for a breakup of the European Union, which was a good idea when it was just a customs union for free travel and of goods and and people, but it's turned into a super state, which is very expensive and very dangerous. I understand that the correct figure is that there are over 50,000 employees of the EU, uh, mainly around Brussels. And what do they do? They produce absolutely nothing. they just stop things from being produced. So I think uh economic and physical reality will mean that the EU is going to break up in addition to the uh US starting to fall apart at the scenes. Canada uh will hopefully fall apart at the scenes with uh certainly Alberta and maybe uh Saskatchewan too uh breaking off from the uh country. uh you know this is a good thing. Uh the way I'd like to see the world work is we'd have 8 billion individual countries in the world instead of just 200 countries in the world that are run mainly by sociopaths. So uh those are two big things that are going to happen. The economy is going to get much worse. I think inflation's going to get much worse, noticeable and that makes things and that's not going to be good for the stock market and very bad for the bond market and the natives get restless when they think they don't have any money anymore. So, uh, listen, I've been a gloom and doomer for uh, ever since I read Gibbons's decline and fall of the Roman Empire because these things do repeat. And in the case of the United States in particular, it's become a a multicultural domestic empire and uh they don't last for all kinds of reasons that we could discuss if we had the time. Uh I mean it's good enough while they last, but they're really unpleasant when they start falling apart. >> Yeah, as you mentioned, we're at the precipice of it. So uh we're we're awfully close. Although Europe I think Europe might have averted the immediate downfall by not unfreezing the Russian assets and using it. So we might have uh staved it off by a couple years but uh I think it is imminent. So >> yeah, I I've got to say with this dust up in the Ukraine and since most of your listeners are Europeans, I think everybody uh has been programmed to be pro- Ukraine, but uh uh the Ukraine itself has turned into a criminal enterprise and uh this this border war with Russia uh over the Danbos, which should be part of Russia. Not that I believe in borders or nation states, but uh I don't know how it's going to I don't know how it's I don't know how it's going to end, but uh how anybody who has any sense or self-respect can support Zalinski who has stolen I [clears throat] mean it's well known two three billion dollars who knows how much you know how does a how how does a nothing nobody pervert like him get into that position and then become a multi-billionaire nobody seems to be complaining about it and talking about it. It's amazing to me. >> Yeah, it it is puzzling. And now we're giving him an extra $90 billion. So, we'll see where that money goes. [laughter] So, oh well, Doug, it it is always a great pleasure to have you on the program. Um although it's a bit doom and gloomy, but we got to be realistic um where things are headed and so far it it has played out to a tea, unfortunately. So, um >> well, mark my words, K. If if if we talk again in six months, I think it'll be a lot more doomy and gloomy. Uh so make a note of it. And listen, I hope I eat my words with my with a fork and spoon because I like good times more than I like bad times, but the times are going to get bad. >> Yeah. Oh, absolutely. Like I think the writing's on the wall. So Doug, I really appreciate your cander. Thanks so much for joining us. And internationalman.com, I think, is where we can send everybody. And uh really appreciate your time. It was great to see you again. Merry Christmas. Happy holidays. Enjoy the time in in Uruguay. Have a have a wonderful time on the farm and I can't wait to catch up in hopefully 6 months or sooner. So, thanks so much for doing that. >> Thanks, Sky. Merry Christmas and enjoy us winter solstice as well. >> Oh, yeah. I think uh it's getting lighter outside again. So, I think we just had it yesterday, I think. So, yeah, I >> I'm ready for some sunshine, I'll tell you that. So, absolutely, Doug. Thank you so much. And everybody else, thank you so much for tuning in to Sore Financially. Much appreciate your time. And thanks so much for watching all throughout the year. If you got something out of our videos in the last months here, please hit that like and subscribe button. It helps us out tremendously and we just appreciate it. Leave a comment down below. How do you see things playing out? What is your What is gold and silver telling you right now? I'm really curious because everybody's got a different point of view. It's not as easy to pinpoint it anymore. It's not like one single reason that is driving up prices. There's lots of them. We're moving into a multi-polar world or back to a multipolar world. It's unraveling and we're seeing it happening live in front of our eyes. So, really curious what you think and uh merry Christmas, happy holidays. Enjoy the time with the loved ones. Turn off the news. Don't read the newspaper. Have a great time. So, thanks so much for tuning in. We'll be back with more. Take care out there.