China Has Changed the SILVER Game From Paper to PHYSICAL – 'Watch Shanghai': Francis Hunt
Summary
Silver Bull Case: Guest is emphatically bullish on silver, citing physical shortages, multi-year supply deficits, and heightened delivery demand, especially from Asia.
Shanghai Price Leadership: He argues the Shanghai silver market increasingly sets the real price, with a persistent premium over Western venues and higher delivery volumes.
Gold as Monetary Anchor: Gold’s strong year is framed as a catch-up to fiat debasement, with silver outperforming due to both monetary and industrial demand dynamics.
Risk Factors: COMEX margin hikes and tighter Chinese export controls add volatility and could constrain Western supply, reinforcing the East/West price differential.
Oil Dynamics: He discusses heavy Venezuelan oil, U.S. refining capacity, and policy moves to suppress headline inflation via lower oil, noting potential for further oil weakness.
Trade Idea: Reiterates the Gold/Oil ratio thesis (long gold, short oil), which has strongly outperformed since the ratio’s lows and could continue in stagflation.
Equities vs Gold: Using the Dow/Gold lens, he expects equities to underperform in real terms amid ongoing fiat debasement, favoring monetary metals.
Market Implications: Mentions integrated majors like Chevron and Exxon in Venezuela context, but sees the most asymmetric upside in precious metals and related miners.
Transcript
Hello everybody and welcome into commodity culture where we break down commodities markets, sound money, principles and geopolitics all with the goal of making you a better investor in the commodities sector. Today is December 31st, 2025 and I'm thrilled to welcome Francis Hunt to the program. A trader and technical analyst with 30 years of experience and the creator of the Hunt volatility funnel trading method. Francis believes there is much more upside ahead in the silver price and he walks us through the levels he's watching to know when it's time to double down and when it's time to take your chips off the table. We dive into the geopolitical setup for silver and the key role China is playing in driving the market as we enter 2026. [music] then you're going to want to stick around to the end of the interview where Francis goes on an epic and insightfilled rant on the globalist agenda and how to protect yourself as the parasitic political class attempts to strip you of everything you have. Now, if you love silver, pick up your commodity culture stack silver not fiat t-shirt available in the commodity culture shop using the link in the description below. And now, strap yourselves in for my conversation with Francis Hunt. Francis Hunt, it is great to have you back on Commodity Culture. I want to talk about silver. I've been kicking off the show a lot with silver these days because it's been the big story of the year when it comes to the commodity sector. Now up over 140% year to date, greatly outperforming gold. We've seen quite a roller coaster ride for the metal here to close out the year at the end of the week. uh last week, the last trading day on Friday, it surged over 10% in a single day. We saw it drop back down. We've seen it rise back up. I mean, it's only what are we Tuesday or Wednesday today? Uh we're Wednesday and it's already it's just been on this seessaw back and forth. I'm wondering what you make of gold's incredible run here in 2025, the roller coaster price action recently, and do you expect this outperformance versus gold to continue in 2026? Uh so you're referring to silver's run or gold specifically because they both been magnificent. Silver. Yeah. So, uh, silver's doing everything we believe it should be doing and, uh, doing so very, uh, sp uh, getting more volatile, it has to be said. And I think some of that has got to do with, uh, the fact that we've had a little bit of light trading markets in the leadup to Christmas, post Christmas, and the leadup now of New Year. So, we're recording this on the 31st of December. Happy new year to everybody by the time they watch this. Um, and my overall take is that we're getting a little spike in volatility. I do want to highlight that silver margins for speculation have jumped twice. Uh, it may be worth um I can talk through this. I don't suppose I have to screen share for that. But uh we're at on the 5,000 ounce uh contracts, the ComX 5,000 ounce contracts, you are at 20K. They then upped it to 25 and they've now upped the 25 to 32.5. So that's a case of two backto back u increases that have essentially taken you from 20,000 to 32 a.5,000 in total. That additional 12 a.5,000 is about 62 a.5% um that you've had in quite short succession in two separate moves. So uh that will have caused a bit of chop. I would argue there's a couple of interesting things going on and I would it becomes a question of which is the real market and my opinion um is that the Shanghai uh is now the real market uh for silver. It may be worth sharing the differences. there is a premium between uh the comx and the western world's pricing uh all aspects of western world pricing versus uh Shanghai uh and I will say also that an immense amount of delivery seems to be taking place that's the other thing that's happened that's driven this in that there is real so here's the difference in a sense between gold's performance and silver's po performance for me gold is the banner for the debase ment of debt and fiat and you've got out of that a catchup year of 70%. Um because we've been debasing slowly for a lengthy period and we've actually had gold and silver suppression where it wasn't allowed to catch up. It should have been linear. Every year you lose you have you were experiencing 3 5% inflation. You should have had a 5% move in gold and silver. But for decades it hasn't been like that. So here's the great gift that you're getting. you're getting catchup moves for suppression error. The difference between gold and silver uh in terms of their performances is that in the silver markets they've also it was the ultimate suppression tool and you had uh above ground uh availability that has now largely been uh far more depleted and you have real deficits of supply that have existed for multi-year. So in the silver part of the gold market, not only are you getting the inflation debasement trade elements that has driven gold, so you start with the 70% gold has, you've also had as a loss of trust in the western system. You've had people saying it now matters more to physically hold and control the actual metal. So they have been increased the increased uh delivery mark for delivery components in the futures market has actually seen a massive uh run in you don't own it unless you hold it physically. So we've had uh lots of images on X of even just retail Chinese people with the very popular uh 16 kg slabs which are 500 ounce bars. Um the the the largest standard is a th000 ounce uh uh bar. Um I think uh I stand corrected that when they say 5,000 ounce, I think it's five of the,000 ounces is the contract. Um but I might be incorrect. Someone will correct me below. Uh I'll have to double check that. But anyway, the you're having a two-tier pricing system as well. So the west currently represents in essence a discount window for the east and the the if you want to follow what direction comx silver or your broker in who you're trading with uh in the silver markets in the western realm what's likely to be happening whether you're going to be going up or down it's almost more beneficial to be watching the Shanghai price because you get the Asian session and you see what happens there and the western market is now following the eastern market because the delivery market the most aggressive delivery market is now in the east and that's the difference that's the premium on top of gold. So silver starts with the 70% monetary metal debasement gains that gold has had as a as the almost a natural that's what they're all getting as monetary metals and then on top of that it's getting the actual shortage the run on the physical shortage gold less of a shortage aspect because a lot of bullion stored central banks hold a lot of it they can lease it out lend it do whatever um but in terms of consumption silver has consumption so I think that's the difference between the two, which is the main driver behind your question. How long does silver outperform uh gold? I also dropped other things in there like watch the Shanghai price, but I'll I'll hand back to you on that. The sponsor of today's episode is Arc, Silver, Gold, Osmium. Owner Ian Everard is praised even by his competitors as one of the most honest and level-headed bullion dealers in the United States. [music] They have some great prices. You can see some of them displayed right now on screen. Take advantage of these specials today by reaching out to Ian at 3072649441 [music] or by email at ianarchcsggo.com. Make sure to tell them of course that commodity culture sent you. And now back to the interview. Yeah, I'd love to dive deeper into that differential in the spread uh between the silver price in the west and that in Shanghai. Uh you mentioned briefly some of the drivers there. Maybe you could get into it a little more detail and let us know what you're seeing. And would you say that when it comes to Shanghai, it's more of a physical market compared to the paper market of the West? And do you think moving forward more and more into the future, we're going to see the Shanghai price be the one that really reflects the true value of the underlying metal? >> I think any place that is doing actual delivery on the highest level. As always with technical analysis, they'll always say volume is an endorsement. It's like a number of voters for a certain price. If you have a very thinly traded item, I could list a family held company where me and my family members hold 95% of the equity and we have an IPO with a very minor amount and we let the market push it around and at any point we can whail in and buy up our own remaining 5% or we can dump it that changes the entire market cap valuation including for the 95%. So we'll always say to you volume, true volume is an endorsement for the price. Thin volume is not necessarily as strong an endorsement on the price. So in the case of silver, I'll say whoever's where the bulk of the delivery is taking place. That said, it would not be accurate to just say that Comx and LBM are just paper markets because what's actually happening is delivery is being called for there too. Um but you do still have this uh premium. And it's worth possibly showing that. So this is this is the Chinese contract adjusted from Chinese1 to dollars and adjusted to ounces from kilograms that AG this formula you see up here. So I'm I'm I'm talking up top here. AG1 uh with an interrogation mark is the front end contract on the the futures market. that is the USD to the Chinese one adjustment because obviously in Shanghai it's in one and so there's a currency rate in that and then that 32.150747 is me being a little bit OCD to the eenth degree on um the the conversion of kilograms to ounces uh so metric system to the accepted. So this brings this chart over here uh to being the leading chart I think for uh silver prices. I'm on the 1 hour mainly because I'm just trying to show you the events of uh recent because many people that are regular watchers and viewers, they know already that you and this channel have been suggesting everybody should be bullish uh the you know the silver market and they all wondering what do we make maybe of the recent events uh with the price. The one on the left uh here is your U US stroke western world uh pricing. Let's go with a different color. And it's just your standard uh silver market. And you can see technically you kind of they this dipped a tiny bit lower. Let's just see we had a a dip down over here. You can see they're trading at different prices first of all and there's a premium in the east. So you've got a roughly around 76 at the moment in Shanghai on the formulaic adjustment. Now I would imagine markets being relatively efficient that four $4.30 is pro probably what you would lose if you bought took delivery in the west at one of the standard areas and shipped in volume. You'd probably have a very marginal profit or a marginal loss. Um the markets are kind of quite efficient like that. So the the west still gets to trade cheaper for now because there's a frictional cost to have it made available western delivered silver made available to um say the east someone in China. So they'll keep buying locally where it's just a case of you get it delivered at 76 because to buy at 7178 as we are here um by the time you've done everything else you'd need to have a large amount of scale and you'd probably barely be worth it and a lot of extra hassle. So that's the that's the premium difference for arbitrageing the different markets. These are frictional. Um but what you'll notice is that uh if I just tidy up, we traded lower over here and we took out that low on the Chinese market. But by the time uh the western market opened and it was trading down, the Chinese market started to trade back up towards that. So we got a floor in a little bit earlier and we've been maintaining u that premium. Also bearing in mind they have different trading hours. Um, so sometimes one is not available and then the other one drifts on its own. But I'd start to suggest that this formula might be closer to your true market and then you have to have a feel for the percentage differential. If we were to take it at current values, you're around 76 and 71.72. So if you make it about, it looks like about 6%. If it was 10% it would be about $7 on 71. That would take you to 78. So I think you're around seven six or 7% that sort of not quite worth it arbitrage frictional cost but at some point in truth these should be very similar but the difference is the Russian demand for delivery and the real surge as the workshop of the world is out east China and also it must be said Korea uh you think of Samsung TVs devices etc. um that have even gone direct to mines and apparently made investments and secured supply direct with uh direct to source. That's silver that won't even make it into the exchanges because it'll be provided direct to manufacture. That's going to have a knock-on effect on supply as well. So that's the two stories. If I'm just sharing um the chart, I'll also while we've just got the share screen, I'll just show you that uh margin changes which I think would have just reduced some of the retail further. We had current initial margin at 25. That's on the COMX 5,000 silver futures contract uh current maintenance and then the new initial maintenance is now 32.5. And it wasn't that long ago. It was barely a week that you were moving from 20 to 25. So you you've effectively in quite short duration. This is at their discretion. And of course, they'll want to tame the markets. Many people see them as co-conspirators with the banking cartel in terms of the suppression of silver markets. So they don't want any speculators getting hot and rich on a bank that's he heftily short. There's been quite a few rumors that there were banks unable to deliver uh a bank, many banks, one bank, who knows or maybe just a rumor that doesn't have any validation behind it. So they taking some of the they took some of the sting out on the thin markets with I think with these margin um but nothing on the big picture in terms of what we expect. We expect a 90.5 run as a as a interim target. We expect 333 as a full uh target but not the final high and we expect fourdigit silver in a dollar debasement chronic error where the gold silver ratio will be heading towards single digits between each other. So in terms of everything we've spoken of before uh Jesse uh no changes there. I wonder what your thoughts are when it comes to China exporting or restricting the export of silver. Now guys, there's a lot of misinformation circulating on X. People are posting that China has banned the export of silver. That is not correct. There are certain restrictions that there needs to be state approved companies. They have to go through a process. Um so what that means is there will be less silver coming out of China, not no silver. But Francis, I wonder what your take is there and just the whole geopolitical picture when it comes to the silver market because we've also seen the US declare silver a critical mineral. Um, India is doing some very interesting things when it comes to the silver market as well. When we look at the world and and kind of an awakening that seems to be occurring among governments and companies. We saw Elon Musk chime in about silver on X um being concerned about its cost going up for industry. How do you see that global picture when it comes to silver and this kind of great awakening that that might be occurring? >> It's a very good point you make. I mean, I've retweeted about the China uh export thing, but there's a qualification in that that I didn't put in the tweet myself, and that is there's 44 already companies already licensed to allow uh export of silver who are recognized merchants for some or other uh commercial reason that uh can uh export regardless. What is probable though is China has reduced the possibility that random people can show up and start sending metals over the board. And they said there's only 44 companies that can export. We want them registered. We want to know who they are. And at every any given moment they could say nothing for this week or nothing for next week for whatever reason. And those people who would want to retain their license would absolutely comply or they'd find themselves shut down. So, it's more about grabbing the reinss and the ropes and what's in our country is staying in our country. Um, what really needs to go out for a valid reason can go out, but we get to know every single ounce and who's doing it and they have to report to us the amounts and we'll be controlling that. So, it's more uh a step in that direction than absolute in an in than complete export ban in the absolute sense. So, it's good that you make that qualification and I just put an extra tap of the hammer on top of that nail so that everybody's clear. But there's no doubting about the trajectory. Governments want the information, the data and the control over how precious metals, critical minerals and metals are moving in terms of in and out of their land. and they are not going to have themselves depleted of key strategic resources by rogue commercial elements or even retail um that are trying to arbitrage a market for personal gain or do anything else. So the reigns are certainly be taken up and the control is brought. So that's point number one. You also mentioned our friend Elon Musk who's actually a big uh silver consumer um reflecting his concern and that kind of went with the the rampant climb in the margins. So we could see that suddenly the we were going mainstream by the time Elon's tweeting about it. a lot of normies that just follow Elon because he's always put in front of you on the algo uh that don't aren't involved in precious metal sound money discussions particularly suddenly have there there's something going on on here. So we've had our first little flurry of mainstreaming of this trend that since my YouTube channel by the way at 2009 I started it and I started speaking directly and immediately about sound money and precious metals and it was something I was watching for two three decades before that literally from when I was uh late teens through 20 sound money was of precedence because of great leaders I had around uh you know watching speakers like Ron Paul and people before him um that all deserve credit. So sound money always was central to what I did. uh but a lot of people they have complete faith in the paper market uh or they don't think about it too often and now we're getting the mainstreaming of this when Elon talks about it and it's invariably when it's a pain point and of course he says it's bad because he sees it from his perspective which is an input cost that's too expensive. What he didn't say was the central banking cartel of proliferators that have created excess debt, excess spending have been debasing your fiat currency and now we have a ground swell loss of confidence in the fiat and debt system. And as a result of the central banking cartel, people are are moving into physically held that actually gives them sovereignty in their own personal place. And by the way, um my my my shoulder pressing number in dollar terms keeps going up. So, I'm convinced I'm getting financially stronger, if not physically stronger, um are running into uh the uh precious metals uh as sound money. And he's of course there from an industrial perspective, but I wouldn't surprise me if he's personally stacking and is very familiar of those things I just mentioned. It's just not the kind of thing he talks because it'll get all the wrong people on his back, including Donald Trump, which he seems to have patched up his relationship with and all of that. um and the uh the Federal Reserve. So, you don't get away as a billionaire with criticizing these people when you have far reach. You have to be far more politically astute than me. I'll I'll I go out throwing stones at everybody because nobody cares. Um it, you know, we're a YouTube channel that just crossed 100K. Thank you for all your followers, by the way, that have come across and supported us in crossing that key landmark. So, yeah. Uh it what what happened is you had a little explosion of awareness into the more normie world and you've you've seen responses that have gone hand inhand with that so that as soon as normie world discovers it straight away you get the right price action comes back down. You see normies, if you chased in, you got slammed. It's been handled. That will mean it'll go back to sleep and people will forget about silver for a while. And for me, that's exactly what I want because we'll base, we'll rebuild, and we'll push on to new highs in due course. So, that that's my take on the little explosion of awareness to non-ound money uh world. >> Yeah, great summary. And speaking of mainstream attention, we recently saw the guy from Pawn Stars on Fox News talking about silver and how it's in a supply deficit and how he has way more people wanting to buy the metal than sell it. So, that's interesting and and certainly raising some awareness amongst the general retail crowd. I want to talk about the broad market here because this is another big story from 2025. The so-called AI revolution and the continued rise of the MAG7 and the big indices. We've seen the S&P, NASDAQ, and Dow Jones all hit new all-time highs this year, despite what many analysts are calling major overvaluation of many of the companies within those indices. In your view, is the broad market in a bubble right now? And if so, do you expect it to finally burst in 2026? >> Our our view is everybody is measuring everything in the wrong measurement tool. The measurement tool is non-standard and is not static. So we start every conversation with saying you're in a fiat and debt debasement crisis. It isn't slowly anymore where it's marginal that you don't have to worry about the implement of your measuring tool. It's a bit like you have a thermometer that tells you the temperature and it's getting older and older and slowly it becomes a little bit more vague or like a watch that tells the time and it drops a few seconds every year. We've had that watch. It's been dropping a few seconds a year, but broadly it's accurate. Providing you're not trying to, you know, set a, you know, TV schedule to it. You just want to be roughly on time for meetings. Your your old watch that has been dropping a few seconds every year is fine. That's what the the how the dollar has been historically. What's happened now is you're now in the convexity curve where the watch is now dropping 30 minutes a day. It's no longer telling you the right hour even. You know, you you you you way way off. This is the dollar and the fiat debasement. How you should frame it. You're in the earnest Hemingway rollover things happen very fast phase because trust and confidence is gone. Which is why we're talking about silver and gold in the first place. So to then talk about the stock market, you have to recognize you're talking about the stock market on uh monkeys on grease poles currencies where they're slipping into the crocodile pits at the bottom. Uh no matter how much they scamper, um the harder they scamper in some ways, the faster they're slipping down. So in my world view when I look at the charts and I go to let's just talk about uh the Dow Jones for example just take a longstanding index that you can get a lot of history from. If you divide this guy and let's go up on a weekly basis everybody will say wow it looks a great year you know that you've had let me get that menu out the way go monthly etc. There's your 12 months they look like they >> could you share your screen Francis? >> Yes indeed apologies. So that's the Dow on the left. I'm just going to try see Trading View did something super sexy and merged the two charts there. Let's just do uh just the Dow. If I divide that by gold and say, but no, your new benchmark for catchup of the overall debasement of the dollar is a gold ounce and that is your unit of account. Your unit of account has been damaged. The only time stocks were really a a massively superior investment in the recent genre most of our life, Jesse, was in the 80s once gold hit its high in ' 81. Gold went down. Let's just draw this for you. You can see the relative performance. You are in a gold epoch right now. When gold topped in 1981, that was the time to get out and get into stocks. This is the performance of the Dow Jones to a gold ounce. So these numbers will make no sense. It's how many gold ounces to buy a basket of the Dow. You went right up to 46 during that period. It included the roaring 80s. The Greenspan era, you know, you can see lovely little continuations. You It was a dumb error to be aggressively gold. There has to be a point you're a seller of gold and you're in other assets. And this was the epoch for it. from the highs of 99 since then gold is an outperforming asset. So when people say to me and stocks are up and this is up and everything's up it's everything is in normal terms up in nominal terms it's up in gold's terms everything is debasing this is a debasement you are deep in the debasement trade already this is showing you how the Dow performed this year against gold that is a convex rounding top like that and in fact I've done this chart uh on a far bigger time frame. I've done it since the creation of the Fed. Let's just show you that if you'll allow me and that takes you back in 1913 and before even in when you were far more stable and there was no central bank. If we do this, you can see I've annotated this chart many times before. Here's the creation of the Fed in that blue box. So again, I'll use the pink to highlight with that's the creation of the Fed. You were far more stable before the Fed creation. The Fed got created after the Titanic sunk and certain people went down with it, but not JP Morgan. It got created. The creature from Jackal Island happened. You rolled straight into the First World War. You rolled next into They really got going. It ran into the Bolevik revolution of the greatest slaughter of Christian Orthodox citizens citizens ever. Many of them came the Boleviks from Georgia um and were Ashkenazi and they absolutely slaughtered and starved people have the numbers at about 25 to 60 million. Then you went into World War II in the 30s. So the minute the Federal Reserve was created, you began to have the Dow uh versus gold ounces volatility increase. They didn't bring stability. They brought war, conflict, funding for war, debasement of fiat and this massive broadening structure that brings us to today. And you have gone through pumps and dumps. This is this broadening structure. So you had the proliferation of credit, the roaring 20s. You tapped out, you got slammed, great depression. Each time they steal more of your wealth because they are the buyers when the blood is in the street and they are the pumpers of liquidity to get everybody chasing in like a mania into the stock market booms. Jesse Livermore, the whole story was built on the roaring 20s into uh those great 30s. Read the book Plunger Boy. It's even better than um Edwin Lefer's version in my opinion. You then had the gold and the the Dow come down to 1.88. These purple numbers, how many ounces you needed to buy one basket of the Dow at 1.18.63, then 110th later. Then you got the Dow going up. It took until this date before you took out the highs of the roaring 20s. Most of this was just recovery. In gold ounce terms, remember what we're showing you here. Dow Jones divided by gold. It's a six-monthly chart. Two candles represents an entire year. You're talking about a century of history here. Over a century of history. You eventually got to the Dow at 28.47 O in the next high. This is a log scale chart as well. Please understand that was then the Vietnam war, the printing, the bombing forever in jungles, napal, the stealing of the money by the cartel that always enriches itself via war investments in munitions and all those companies. You ended up with debasement, the stagflation of the 70s. 1966. It took till 1998 before you took out the gold ounces high. You literally were one two years from the top of the equity market just to get back to 66 28.47 O. Think about that. This is the central banking cartel pump and dump trick explained in one chart. This is what I'm showing you here. It's probably the most important chart I can show anyone in terms of showing any anybody anything. 1981 when gold hit its high was peak uh gold and fulkar high high rates. He killed the debt high rates killed and debased the value of the debt that was added during the Vietnam war that actually started golf and tonking incidents in 1964. The war officially 68 through to74 before it was finally over greets three presidents Kennedy, Nixon, um no Johnson and Nixon I think it was. So all you go then you reclim you ended up at an all-time high in gold ounces for equities at 2000. 44.93 45 oz. 45 oz. So you've had highs at 18, 28 and 44. Each time they've created the ability to get people to get further debt and have bigger pumps. And every time till now, each cycle, if that's the first cycle over here where I'm drawing the one and this is the second cycle in a nice little Greek two for you there, uh, it's got even higher and dumped even lower. At the low, you were sub 1 ounce. You needed 0.99 of an ounce to buy a basket of the dog. So, what I'm showing you is the bigger the pump, the bigger the dump. Now, most people accept that, but I'm showing it to you in a chart. It's a fact. So, here you are. You've had a half dump. I've always said the 2011 bull market was a half, it wasn't even a half bull. It was a stunted part bull. Uh, and you went from 44.93 uh 2009. All of this era, you came down to around six. And then we had the reflation for the AI boom. Everything else that has happened that took you into 2017. CV19 brought the Dow down only a little bit in gold ounces. You went from about 26 25 down to about 12. That's half. But remember this is log scaled. You then had a rally after 2020. You are now in a down uh a down leg, a strong down leg. My prediction is you will run that low. My prediction also is you're in this orange box. That's the elevator to the downside. That dotted orange box that you've had that typically in previous cycles the whole bare move occurred in the orange box. We've got uh two parts because it's got so big. There's a half time to this football match. You've taken the rundown from 2000 into the stunted bull of 2012 which was sort of the most depressed time and QE everything and reflation into the second elevator. Now maybe they'll need three boxes. I don't know. I can't predict the future, but my suspicion is you end up at sub 1 oz. 0.66 is my guess will buy you the full Dow. That's when you sell your gold. For those that want to know when do I sell my gold? Uh when do I sell my silver? When the gold silver ratio dips below 10 for me, I will start reducing. By the way, we're only mining 6.9 on current uh silver ounces for one gold ounce currently. So, you know, and you can overshoot. So, you could go three, you know, three silver ounces to get your go. You could. I'm not saying you will, but single digits I even though it sounds very aggressive, um I I think it's quite uh logical that it has a decent chance of doing at minimum that and possibly more. So there's your sell point for silver. You rotate into gold when you're there. And your gold rotation into equities, again, they are going to have headlines, equities are dead, because you're going to have equities go down in nominal terms. Remember you asked equity markets gone up? I'm saying it hasn't gone up. Not by my basis of accounts. You've just had four bad years. 1 2 3 four. Because my default investment is gold ounces. The only thing that's giving me alpha over my gold ounces are silver, platinum, and potentially miners. On top of that, everything else is losing value. We are in debasement because the basis of accounts is no longer reliable. And that's my framing and let me hand back to you on that. >> Well, let's pull back the curtain a little bit and talk about some some deeper issues. And for those who don't like when this show talks about, you know, politics or or or things not related to finance, you can tune out right now. I know most of you love it as I do as well. But it seems like, as the saying goes, whoever you vote for, the debt keeps rising and the bombs keep dropping. There's a myriad of global conflicts happening. We're nowhere near peace in Ukraine at this point. Trump threatening Hamas, which sounds like it's a green light to keep bombing Gaza, which has been going on anyways. Um, regardless of this supposed ceasefire, threatening regime change in Venezuela, tensions heating up between Saudi Arabia and the UAE. I mean, the list just keeps going on. I want to know what you think is behind all of this and behind all of the this financial you want to call it trickery or or or just the the ways that central banks operate um and these booms and bust cycles that are created. Now, this is a topic I haven't really delved into on the show before and I'm asking this as a really big question. You can take it wherever you'd like, but secret societies. Now, there there's people who believe that secret societies are actually the ones pulling the levers of power behind the scenes. And these societies have extraordinarily twisted religious beliefs that guide them to create an inversion. You've used this word before, inversion, perversion. And um that these secret societies actually want to in a sense uh bring hell to earth by inverting virtue and evil and and making the evil seem virtuous and the virtuous seem evil. Um and and then transforming society in this way. Uh I recommend people check out the channel predictive history with professor Jang Shuin. He did a whole series on this called hidden secrets of power. Um what are your thoughts here on on what is going on behind all that? I know it's a big question but would love to get your take. >> So the one thing where I'd consider uh we're reason so there's lots that we get wrong and there's lots that we don't do well or whatever. So I I'm just trying not trying to sound egoist but the one thing we've always studied in the reset sniper part of our branding because we are three circles. The crypto sniper the role that digitization and new era money is going to play. The HVF method that sits in the market sniper which is how we analyze all traditional markets and also the crypto markets and then the reset aspect. For example, I have Reset Sniper and I have people on that probably would do damage to my market sniper channel. We already have two strikes for medical misinformation regarding the uh interventions of 19 and 20, which we kind of predicted with the singledigit oil uh crash without knowing that it would be a virus and shorting cruise liners. We didn't understand why uh both would go down because obviously fuel's a big input for cruise liners like Carnival and pipelines. Um, and oil is part of the answer. So, you've asked a very broad question with a lot of touchstone, but we've had John Ho on our channel about the falsification of history. Uh, I've read multiple books on um Alan Watts's work regarding secret societies. Um, the the sexual inversions, the power dynamics. You've seen a lot of this with the suddenly break out with the P. Diddy and the Epstein uh revelations. uh all of this. So I'm seeing a lot of the stuff that was way out there that's been part of my reset sniper research actually be manifesting and be clearly clear because we're seeing tip of the iceberg not the fullness of the story occurring and there is an entire uh it's our phrase the inversion perversion where they turn it both upside down and there is a a bizarre sexual occultism and almost power dynamic that involves these rituals. um in in many many ways. So you're getting into a multitude of topics uh in the breadth of that question. I'd probably say uh we we're in the we're in it. It is a spiritual war. It is a good versus evil war. And my guidance and my compass for navigating this area. Not for me to project and tell other people how they should behave morally, but I say determine your principles and stick to them and expect them to become harder and harder to adhere to, especially if they're noble ones. Do what you say. Be honorable, be honest, um be straightforward, all of these uh things. And I've even spoken about the duality of morality, which is how you should have absolute integrity and morality towards a fellow human um who is honest and forthright to you. And you should actually be prepared to be entirely duplicitious towards institutions, governments, uh who are quite clearly part of the inversion perversion. It doesn't help you be the the honest fool at the poker table because they're going to have all your chips and all your money. You owe it to yourself to survive. You owe it to your family to succeed here. And um you should set up structures and be opaque. And you should uh recognize you also owe it to yourself to survive. You're not some martyr that uh just gets to be hammered and have all his stuff taken off him. And this is a wealth strip. It is an absolute power game. People see themselves as future demigods with power over the right to live and die and how you live and die in terms of the freedom. This is an inversion perversion game that is uh the world has come and by disarming you of valid money that people accept they leave you absolutely victim to the wind and I use the word disarm for many reasons because many are being disarmed physically from ownership of firearms but also financially disarmed and everything. They have you right where they want you. The UBI uh the social score, you will comply or you will die. That's kind of how much uh how threatening these people are and how much they aspire to that power over you and that demigodness. So there's a lot going on in there. Bringing it slightly closer to the markets, you mentioned um war, Venezuela and various other aspects. Um they are trying to mask the inflation. So, first they lied about the labor numbers. We said, as we always did, that you were in a recession during 21,22, 23. We were talking about the recession. And now it's quite clear and obvious we're in a recession. We're talking about the next cycle. You have to be ahead of the game, not behind the game. A lot of people getting really excited now that, oh, we called a recession, let's talk about the recession. You need to be now thinking about the inflation. That is the lie. the inflation is being lied uh because the fiat and debt debasement that gold is showing you via its sudden catchup and the lack and loss of trust in the fiat debasement system is showing you that is seeing money flow into gold and other assets. You've just had a 70% year in gold. What does it tell you? You are in the fiat and debt debasement. Everyone talking recession. you should be concerned for your cost of living that is going to be shown and the degree of lie. So a lot of what's going on with Trump and Venezuela more specifically in the economic front is getting onto the heavy tarbased oils that the US is good at refining because they uh are more geared up for refining that Western Texas intermediate kind of an intermediate sulfur base oil. They want the Venezuela heavy stuff. Um because they are masking the full inflation and the biggest tool for masking inflation is the oil price because it's in delivery, it's in plastics, it's in packaging, it's in energy, it's in travel, it's in holiday season, it's in uh work season, it's whether you fly to meet an account that you look after as an account manager or whether you just do a Zoom call. It's in all of those things. And uh the biggest call we made this year uh regarding gold and oil was that in fact it's 2 years old now uh when oil was 14 barrels to 1 ounce of gold is you want to be long gold and short oil and that is well outperformed the gold price had you put on that trade. It was $87. It had hit $129 the oil price when we said that. And the reason we say it is because you're in stag nation and stagflation and they are controllers of the oil price. It's no surprise that it's Chevron, Exxon that want to get into Venezuela. The original Rockefeller oil components that standard oil got broken into. Um and this is they will use war to secure it and they will mask they will flood the there there's a plenty supply of oil and the oil price is actually very low indicating both reduced demand and very well supplied supply sufficient and potential over supply. This has stopped to a large degree the fullness of what they doing in terms of the fiat and debt debasement from being as as apparent as it truly is. In spite of that, go have a look at a beef chart. Go have a look at a Japanese rice chart. Go have a look at the coffee beans over the last four or five years whether it's Robustto or Arabica and you can't hide the debasement. But people see that less because they can say, "Oh, there was a drought here and there was a drought there and then some stock got just it's easy for the propaganda machine of the financial press to mainstream explain that away." But it's much harder when everything is going up simultaneously and the oil price is high. So by keeping ratcheting down the oil price, it's you'll remember when the oil price was at its highest, it was when we were at the wealthiest. They treat the oil price as a ratchet. When they are creating lots of liquidity and we had an absolute boom and everyone was changing their car every 18 months and extending the mortgage on their their property that had gone up by, you know, another 200 grand and buying another $80,000 car and extending the loan and all of that. The oil price they skim because everybody's flush. The oil price ran 150 during that era in 2006 and 2007. And then when we had the depression, the oil price overperforms to the downside to to to compensate for the chronic loss of demand to make things still viable. So it is uh it is a it's one of the most controlled commodities in my view and I call it the Rockefeller tax. The tax goes up when you flush because it's easy to skim. You don't hurt feel it so much. when you crashed, they needed to go down and because of the inflation metrics that are in that. And that's probably been the best trade because you've gone from 14 to 80. Now that's more than 70% performance. It's over it's over two years not um one uh but to go from 14 to 78 nearly 80 is about you've had done about a five or 6x on that because in that time gold uh gold's done what it's done over two years and you've got oil having gone from 87 to 56 59 range uh and it many people amazingly you've had recently only long after we made that called JP Morgan and Goldman Sachs saying gold could go 20 or 30. And this is what happened in CV19. People think no, it was just a once- off event. When you crash and shut down the economy, you crash the oil demand because nobody moves, nobody drives, nobody flies. Now, if you just get part of that effect, you can go 20 or $30 on oil. And that dollar isn't the same dollar when it happened in CV19, by the way. 80% of the your money in circulation most of it digits is released in the last six seven years. So this is why I keep saying people need to understand the debasement. Um and that's your benchmark of measurement. With regards to the other stuff, it's a whole other topic that for just one single question. um the spiritual war, the the secret societies. Britain uh has now got a cop who's for who's claiming, and I consider this a force for good, but I don't know if it gets anywhere, that every policeman that is a member of Freemasonry be declared and is forced to declare that he's part of a secret cult. Uh the Freemasons are going to hate on me and puke in the comments, but uh particularly at the lower levels, they have no idea what's going on. Uh, it's just like an innocent rotary club. It isn't. It absolutely isn't. It's based off the Cabala. It has Boaz and Yokim, the two pillars with the great arch and the black and white squares. The symbolism for everything is in there. The little aprons, you name it. This is a uh uh guys that never made it in life club who need a hand up from people with obligation and bound secrecy and peculiar rituals that involve blindfolded men with one pant leg being pulled up. This is anything like that is supremacist. Everybody who wants to go and use the phrase white supremacy and things like that should look into the cults that work and cover secrecy amongst themselves and get ahead. Those are people who seek advantage at the cost of everybody else. They seek gain not on merit. You get hired. You do business with this one because he's an Ashkenazi. You do business with that one because he's in your freemasonry lodge. You don't buy from the other guy. These are all hand up insider parasites and they should be treated and condemned and I'm encouraged by but the British police are getting so much wrong. So it's almost like they're trying to get some credibility. They have more arrests for hurty words on social media posts much more persecutions running into years for that and they don't do anything. So that's the inversion perversion of justice where they actually say there's a two-tier justice system and they actively go against the indigenous population and when they start a war if they start that war with Russia conscription will be for the indigenous male population to kill off the white British male and the immigrants will be exempt of that. I have no doubt and we've predicted this many many times. So you are dealing with um a Trojan force that is actually at the levers of power. It is there's a locust that gets a parasite, an insect that buries its way into its brain and actually controls the animal from within via its nervous system and that is embedded in it. And after it's had its life um and it's done what it needed the locust to do and it's controlled it, it has it kill itself. We are watching the control demolition. We were one of the first to use this phrase with respect to that followed a 911 anniversary. You are experiencing the exact same by the exact same forces that brought you 911. You are experiencing a financial control demolition of the west through uh absolutely noneconomic measures. And you only have to look at the great nation, industrial nation of engineers that was Germany to see every possible worst mistake made by the blubbering wreck that is Merk and everyone who preceded him right back to Merkel and before in terms of uh pushing up their energy cost. It's basically a transfer pricing mechanism to India, the BRICS nations where Russian energy is being sold or refined via in India and sent at much higher cost to Europe. It's a tax on Europeans. They are already stripping the wealth of everyone who continues to live in Europe by virtue of uh refusing the much cheaper energy and gas with Russia and by insisting that Russia is some sort of totalitarian enemy that wants to roll rule the world when in fact Muland the Zionist axist flipped the Yankovich out of power paid civil unrest bragged about it being 5 billion said f the EU in a call to the Polish minister as they overthrew crew are legitimately elected and from thereafter put in zo controlled aggressive people that wanted to establish eventually missile sites inside what was always part of the USSR pointing at Moscow and then say that Russia invaded. This is all baloney. There's such inversion perversion in the news. It's everywhere unfortunately Jesse and it's such a big topic I'll keep you here for a day and a half but the point of the the the the point of everything is your rulers are actively working to destroy you. Your government in the west bring it down to a simple thing. You want the black and white squares of the chessboard in your freemasonry societies. Your governance is captured. It is coordinated. It has long-standing agendas that are destructive to your existence. If you're watching this program, they are your enemy. Have no conscience about doing things that do not serve them. Be smart. Don't be a martyr. I'll never tell you do things illegally but differentiate between morality and legality because eventually all acts of morality will be illegal and only uh all laws of complete perversion will be written up as legal and that is the inversion perversion that is explained that is our catchphrase that we regularly mention and thanks for asking the question because in this time you have to prepare for that fact and actually the sad Fact is truth and principle is being pursued by the grand south in terms of money. Sadly, a lot of the other agenda items will be there. There's no perfect place in the the world of countries that we have as a selection, but there's certainly zone one of the earthquake and zone 10. And I suggest get away from the epicenter as far as you can because it is coming. uh and not just precious metals uh point of view that's part of your money and your your ba balance sheet but it is coming at every other level uh unnecessary wars conscription uh entrapment of your wealth in nations exit tax unrealized capital gains tax the death of the debt market means they cannot have the bottomless overdraft they were accustomed to for their nefarious activities the money sent to Ukraine they're stealing half of it it's being kicked back it's a it's an absolute it's an absolute cacocracy globally and particularly western world you've got to do everything to save yourself as if you exist on your own build community do all these things that's a that's the rolling statement let me hand back because I've gone long form on you >> yeah I love the long form um because it was a big question to begin with a lot of interesting insights there I feel like we could dive into that a lot deeper perhaps the next time around we'll focus in a little bit more on those aspects um Francis tell us the market sniper, crypto sniper, reset sniper, anywhere you want to direct people online as well. >> Thank you for that opportunity and great talking to everybody and again happy new year to you all. It's going to be an interesting one. The Chinese curse applies double going into this year more than any. I think events are going to be outrageous that are going to happen. Those that are positioned correctly could have an absolute blind over year. the the the sad fact is um if you understand what's coming and you positioned accordingly um you tick the boxes and you benefit, most people that are your friends that are not aware and not watching this channel with Jesse um and others like him are are going to fall on very hard times. The polarization is 99% are going to the left, maybe 95, I don't know. I my goal is to keep you as the 5%. We are here to help you build wealth in reset times accounts all at all-time highs for me across my board and for many of our community members on the runs in silver miners gold. We've been trading the yen weakness through the Swiss Frank through many others. We've had killer trades entirely this year using judicious leverage and HVF method. That is where we do that on the market sniper. Uh on our YouTube channel you can find out a bit more. There's links to book a call if you want to join our community. But not only must you build that wealth, you need to take some of that wealth and take steps to protect that which you already have and will have in the future as you maximize the huge move. Think of that Dow Jones gold ounce charts. The pumps and the dumps are getting ever bigger. If you're in the right place, you're going to be getting rich fast. Uh if you're in the wrong places, you're going to get impoverished fast. So the volatility that the central banking cartel has brought is getting ever wider. We feel we have the script and we'll take you through it. Preserve that wealth and then secure freedom. So that's a multi-jurisdictional existence. We were chatting before this call about um Eastern Europe where you hang out, some of the benefits etc etc. You've left Canada uh and others and why others should be thinking like that too. We help and support with reliable partners that we have used personally to get you set up for what is a reset financial event that typical financial advice has no use at all. You don't want to you don't want a shifting spanner when you need a jack. Uh this is the flat wheel year. This is those that have the jacks win and get the new tire and win the race while everyone else is uh sitting there and they they have the wrong tools for the situation. So pop over to the market sniper YouTube, book a call in the new year. You should be planning during these quiet times before going back to uh thinking about your long-term goals. And some of that should be jurisdictionbased. Some of that should be d uh diversification of where your gold is held uh outside of western nations. If you think you're going to see it out in the western nations, let me also tell you people like Lynette Zang are looking for plan C's. I think they might be coming over to see you as well uh at some point outside of the US despite having very good rural locations. You truly need to escape the law. They will write the laws to take your money. That is how bad it will get and that is how uh draconian things are. You haven't lived gouag yet. Uh and people have forgot their history. Anyway, until next time, there's great opportunities and a great life to be had. I don't want to finish on a doomer note. is absolutely but the prepared win the day. The prepared win the day and we help you prepare financially, fiscally, physically, ge geographically and in many other ways. So, thanks for having us on and I want to wish the channel the best year ahead as well for 2026. Uh, and you're positioned uh to be of great service and you're doing God's work and I thank you for it. >> Well, thank you Francis. Those links will be in the description below uh to the market sniper YouTube and and the other uh links that we discussed. Francis, happy new year and looking forward to reconnecting in 2026 uh for another interview. >> Absolutely. All the best. >> Thank you for joining us today. Our sponsor Arc Silver Gold. Obium has some great prices right now on silver bullion products. You can see them displayed on your screen. These are well supplies last and subject to change. So reach out to owner Ian Everard today at 3072649441 or by email at ianarchsg.com. and make sure to tell them that Commodity Culture sent you. And of course, pick up your Stack Silver not fiat t-shirt represent sound money in style using the link in the description below. And I'll see you guys in the next episode. Commodity Culture is a series on commodities and natural resources. 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China Has Changed the SILVER Game From Paper to PHYSICAL – 'Watch Shanghai': Francis Hunt
Summary
Transcript
Hello everybody and welcome into commodity culture where we break down commodities markets, sound money, principles and geopolitics all with the goal of making you a better investor in the commodities sector. Today is December 31st, 2025 and I'm thrilled to welcome Francis Hunt to the program. A trader and technical analyst with 30 years of experience and the creator of the Hunt volatility funnel trading method. Francis believes there is much more upside ahead in the silver price and he walks us through the levels he's watching to know when it's time to double down and when it's time to take your chips off the table. We dive into the geopolitical setup for silver and the key role China is playing in driving the market as we enter 2026. [music] then you're going to want to stick around to the end of the interview where Francis goes on an epic and insightfilled rant on the globalist agenda and how to protect yourself as the parasitic political class attempts to strip you of everything you have. Now, if you love silver, pick up your commodity culture stack silver not fiat t-shirt available in the commodity culture shop using the link in the description below. And now, strap yourselves in for my conversation with Francis Hunt. Francis Hunt, it is great to have you back on Commodity Culture. I want to talk about silver. I've been kicking off the show a lot with silver these days because it's been the big story of the year when it comes to the commodity sector. Now up over 140% year to date, greatly outperforming gold. We've seen quite a roller coaster ride for the metal here to close out the year at the end of the week. uh last week, the last trading day on Friday, it surged over 10% in a single day. We saw it drop back down. We've seen it rise back up. I mean, it's only what are we Tuesday or Wednesday today? Uh we're Wednesday and it's already it's just been on this seessaw back and forth. I'm wondering what you make of gold's incredible run here in 2025, the roller coaster price action recently, and do you expect this outperformance versus gold to continue in 2026? Uh so you're referring to silver's run or gold specifically because they both been magnificent. Silver. Yeah. So, uh, silver's doing everything we believe it should be doing and, uh, doing so very, uh, sp uh, getting more volatile, it has to be said. And I think some of that has got to do with, uh, the fact that we've had a little bit of light trading markets in the leadup to Christmas, post Christmas, and the leadup now of New Year. So, we're recording this on the 31st of December. Happy new year to everybody by the time they watch this. Um, and my overall take is that we're getting a little spike in volatility. I do want to highlight that silver margins for speculation have jumped twice. Uh, it may be worth um I can talk through this. I don't suppose I have to screen share for that. But uh we're at on the 5,000 ounce uh contracts, the ComX 5,000 ounce contracts, you are at 20K. They then upped it to 25 and they've now upped the 25 to 32.5. So that's a case of two backto back u increases that have essentially taken you from 20,000 to 32 a.5,000 in total. That additional 12 a.5,000 is about 62 a.5% um that you've had in quite short succession in two separate moves. So uh that will have caused a bit of chop. I would argue there's a couple of interesting things going on and I would it becomes a question of which is the real market and my opinion um is that the Shanghai uh is now the real market uh for silver. It may be worth sharing the differences. there is a premium between uh the comx and the western world's pricing uh all aspects of western world pricing versus uh Shanghai uh and I will say also that an immense amount of delivery seems to be taking place that's the other thing that's happened that's driven this in that there is real so here's the difference in a sense between gold's performance and silver's po performance for me gold is the banner for the debase ment of debt and fiat and you've got out of that a catchup year of 70%. Um because we've been debasing slowly for a lengthy period and we've actually had gold and silver suppression where it wasn't allowed to catch up. It should have been linear. Every year you lose you have you were experiencing 3 5% inflation. You should have had a 5% move in gold and silver. But for decades it hasn't been like that. So here's the great gift that you're getting. you're getting catchup moves for suppression error. The difference between gold and silver uh in terms of their performances is that in the silver markets they've also it was the ultimate suppression tool and you had uh above ground uh availability that has now largely been uh far more depleted and you have real deficits of supply that have existed for multi-year. So in the silver part of the gold market, not only are you getting the inflation debasement trade elements that has driven gold, so you start with the 70% gold has, you've also had as a loss of trust in the western system. You've had people saying it now matters more to physically hold and control the actual metal. So they have been increased the increased uh delivery mark for delivery components in the futures market has actually seen a massive uh run in you don't own it unless you hold it physically. So we've had uh lots of images on X of even just retail Chinese people with the very popular uh 16 kg slabs which are 500 ounce bars. Um the the the largest standard is a th000 ounce uh uh bar. Um I think uh I stand corrected that when they say 5,000 ounce, I think it's five of the,000 ounces is the contract. Um but I might be incorrect. Someone will correct me below. Uh I'll have to double check that. But anyway, the you're having a two-tier pricing system as well. So the west currently represents in essence a discount window for the east and the the if you want to follow what direction comx silver or your broker in who you're trading with uh in the silver markets in the western realm what's likely to be happening whether you're going to be going up or down it's almost more beneficial to be watching the Shanghai price because you get the Asian session and you see what happens there and the western market is now following the eastern market because the delivery market the most aggressive delivery market is now in the east and that's the difference that's the premium on top of gold. So silver starts with the 70% monetary metal debasement gains that gold has had as a as the almost a natural that's what they're all getting as monetary metals and then on top of that it's getting the actual shortage the run on the physical shortage gold less of a shortage aspect because a lot of bullion stored central banks hold a lot of it they can lease it out lend it do whatever um but in terms of consumption silver has consumption so I think that's the difference between the two, which is the main driver behind your question. How long does silver outperform uh gold? I also dropped other things in there like watch the Shanghai price, but I'll I'll hand back to you on that. The sponsor of today's episode is Arc, Silver, Gold, Osmium. Owner Ian Everard is praised even by his competitors as one of the most honest and level-headed bullion dealers in the United States. [music] They have some great prices. You can see some of them displayed right now on screen. Take advantage of these specials today by reaching out to Ian at 3072649441 [music] or by email at ianarchcsggo.com. Make sure to tell them of course that commodity culture sent you. And now back to the interview. Yeah, I'd love to dive deeper into that differential in the spread uh between the silver price in the west and that in Shanghai. Uh you mentioned briefly some of the drivers there. Maybe you could get into it a little more detail and let us know what you're seeing. And would you say that when it comes to Shanghai, it's more of a physical market compared to the paper market of the West? And do you think moving forward more and more into the future, we're going to see the Shanghai price be the one that really reflects the true value of the underlying metal? >> I think any place that is doing actual delivery on the highest level. As always with technical analysis, they'll always say volume is an endorsement. It's like a number of voters for a certain price. If you have a very thinly traded item, I could list a family held company where me and my family members hold 95% of the equity and we have an IPO with a very minor amount and we let the market push it around and at any point we can whail in and buy up our own remaining 5% or we can dump it that changes the entire market cap valuation including for the 95%. So we'll always say to you volume, true volume is an endorsement for the price. Thin volume is not necessarily as strong an endorsement on the price. So in the case of silver, I'll say whoever's where the bulk of the delivery is taking place. That said, it would not be accurate to just say that Comx and LBM are just paper markets because what's actually happening is delivery is being called for there too. Um but you do still have this uh premium. And it's worth possibly showing that. So this is this is the Chinese contract adjusted from Chinese1 to dollars and adjusted to ounces from kilograms that AG this formula you see up here. So I'm I'm I'm talking up top here. AG1 uh with an interrogation mark is the front end contract on the the futures market. that is the USD to the Chinese one adjustment because obviously in Shanghai it's in one and so there's a currency rate in that and then that 32.150747 is me being a little bit OCD to the eenth degree on um the the conversion of kilograms to ounces uh so metric system to the accepted. So this brings this chart over here uh to being the leading chart I think for uh silver prices. I'm on the 1 hour mainly because I'm just trying to show you the events of uh recent because many people that are regular watchers and viewers, they know already that you and this channel have been suggesting everybody should be bullish uh the you know the silver market and they all wondering what do we make maybe of the recent events uh with the price. The one on the left uh here is your U US stroke western world uh pricing. Let's go with a different color. And it's just your standard uh silver market. And you can see technically you kind of they this dipped a tiny bit lower. Let's just see we had a a dip down over here. You can see they're trading at different prices first of all and there's a premium in the east. So you've got a roughly around 76 at the moment in Shanghai on the formulaic adjustment. Now I would imagine markets being relatively efficient that four $4.30 is pro probably what you would lose if you bought took delivery in the west at one of the standard areas and shipped in volume. You'd probably have a very marginal profit or a marginal loss. Um the markets are kind of quite efficient like that. So the the west still gets to trade cheaper for now because there's a frictional cost to have it made available western delivered silver made available to um say the east someone in China. So they'll keep buying locally where it's just a case of you get it delivered at 76 because to buy at 7178 as we are here um by the time you've done everything else you'd need to have a large amount of scale and you'd probably barely be worth it and a lot of extra hassle. So that's the that's the premium difference for arbitrageing the different markets. These are frictional. Um but what you'll notice is that uh if I just tidy up, we traded lower over here and we took out that low on the Chinese market. But by the time uh the western market opened and it was trading down, the Chinese market started to trade back up towards that. So we got a floor in a little bit earlier and we've been maintaining u that premium. Also bearing in mind they have different trading hours. Um, so sometimes one is not available and then the other one drifts on its own. But I'd start to suggest that this formula might be closer to your true market and then you have to have a feel for the percentage differential. If we were to take it at current values, you're around 76 and 71.72. So if you make it about, it looks like about 6%. If it was 10% it would be about $7 on 71. That would take you to 78. So I think you're around seven six or 7% that sort of not quite worth it arbitrage frictional cost but at some point in truth these should be very similar but the difference is the Russian demand for delivery and the real surge as the workshop of the world is out east China and also it must be said Korea uh you think of Samsung TVs devices etc. um that have even gone direct to mines and apparently made investments and secured supply direct with uh direct to source. That's silver that won't even make it into the exchanges because it'll be provided direct to manufacture. That's going to have a knock-on effect on supply as well. So that's the two stories. If I'm just sharing um the chart, I'll also while we've just got the share screen, I'll just show you that uh margin changes which I think would have just reduced some of the retail further. We had current initial margin at 25. That's on the COMX 5,000 silver futures contract uh current maintenance and then the new initial maintenance is now 32.5. And it wasn't that long ago. It was barely a week that you were moving from 20 to 25. So you you've effectively in quite short duration. This is at their discretion. And of course, they'll want to tame the markets. Many people see them as co-conspirators with the banking cartel in terms of the suppression of silver markets. So they don't want any speculators getting hot and rich on a bank that's he heftily short. There's been quite a few rumors that there were banks unable to deliver uh a bank, many banks, one bank, who knows or maybe just a rumor that doesn't have any validation behind it. So they taking some of the they took some of the sting out on the thin markets with I think with these margin um but nothing on the big picture in terms of what we expect. We expect a 90.5 run as a as a interim target. We expect 333 as a full uh target but not the final high and we expect fourdigit silver in a dollar debasement chronic error where the gold silver ratio will be heading towards single digits between each other. So in terms of everything we've spoken of before uh Jesse uh no changes there. I wonder what your thoughts are when it comes to China exporting or restricting the export of silver. Now guys, there's a lot of misinformation circulating on X. People are posting that China has banned the export of silver. That is not correct. There are certain restrictions that there needs to be state approved companies. They have to go through a process. Um so what that means is there will be less silver coming out of China, not no silver. But Francis, I wonder what your take is there and just the whole geopolitical picture when it comes to the silver market because we've also seen the US declare silver a critical mineral. Um, India is doing some very interesting things when it comes to the silver market as well. When we look at the world and and kind of an awakening that seems to be occurring among governments and companies. We saw Elon Musk chime in about silver on X um being concerned about its cost going up for industry. How do you see that global picture when it comes to silver and this kind of great awakening that that might be occurring? >> It's a very good point you make. I mean, I've retweeted about the China uh export thing, but there's a qualification in that that I didn't put in the tweet myself, and that is there's 44 already companies already licensed to allow uh export of silver who are recognized merchants for some or other uh commercial reason that uh can uh export regardless. What is probable though is China has reduced the possibility that random people can show up and start sending metals over the board. And they said there's only 44 companies that can export. We want them registered. We want to know who they are. And at every any given moment they could say nothing for this week or nothing for next week for whatever reason. And those people who would want to retain their license would absolutely comply or they'd find themselves shut down. So, it's more about grabbing the reinss and the ropes and what's in our country is staying in our country. Um, what really needs to go out for a valid reason can go out, but we get to know every single ounce and who's doing it and they have to report to us the amounts and we'll be controlling that. So, it's more uh a step in that direction than absolute in an in than complete export ban in the absolute sense. So, it's good that you make that qualification and I just put an extra tap of the hammer on top of that nail so that everybody's clear. But there's no doubting about the trajectory. Governments want the information, the data and the control over how precious metals, critical minerals and metals are moving in terms of in and out of their land. and they are not going to have themselves depleted of key strategic resources by rogue commercial elements or even retail um that are trying to arbitrage a market for personal gain or do anything else. So the reigns are certainly be taken up and the control is brought. So that's point number one. You also mentioned our friend Elon Musk who's actually a big uh silver consumer um reflecting his concern and that kind of went with the the rampant climb in the margins. So we could see that suddenly the we were going mainstream by the time Elon's tweeting about it. a lot of normies that just follow Elon because he's always put in front of you on the algo uh that don't aren't involved in precious metal sound money discussions particularly suddenly have there there's something going on on here. So we've had our first little flurry of mainstreaming of this trend that since my YouTube channel by the way at 2009 I started it and I started speaking directly and immediately about sound money and precious metals and it was something I was watching for two three decades before that literally from when I was uh late teens through 20 sound money was of precedence because of great leaders I had around uh you know watching speakers like Ron Paul and people before him um that all deserve credit. So sound money always was central to what I did. uh but a lot of people they have complete faith in the paper market uh or they don't think about it too often and now we're getting the mainstreaming of this when Elon talks about it and it's invariably when it's a pain point and of course he says it's bad because he sees it from his perspective which is an input cost that's too expensive. What he didn't say was the central banking cartel of proliferators that have created excess debt, excess spending have been debasing your fiat currency and now we have a ground swell loss of confidence in the fiat and debt system. And as a result of the central banking cartel, people are are moving into physically held that actually gives them sovereignty in their own personal place. And by the way, um my my my shoulder pressing number in dollar terms keeps going up. So, I'm convinced I'm getting financially stronger, if not physically stronger, um are running into uh the uh precious metals uh as sound money. And he's of course there from an industrial perspective, but I wouldn't surprise me if he's personally stacking and is very familiar of those things I just mentioned. It's just not the kind of thing he talks because it'll get all the wrong people on his back, including Donald Trump, which he seems to have patched up his relationship with and all of that. um and the uh the Federal Reserve. So, you don't get away as a billionaire with criticizing these people when you have far reach. You have to be far more politically astute than me. I'll I'll I go out throwing stones at everybody because nobody cares. Um it, you know, we're a YouTube channel that just crossed 100K. Thank you for all your followers, by the way, that have come across and supported us in crossing that key landmark. So, yeah. Uh it what what happened is you had a little explosion of awareness into the more normie world and you've you've seen responses that have gone hand inhand with that so that as soon as normie world discovers it straight away you get the right price action comes back down. You see normies, if you chased in, you got slammed. It's been handled. That will mean it'll go back to sleep and people will forget about silver for a while. And for me, that's exactly what I want because we'll base, we'll rebuild, and we'll push on to new highs in due course. So, that that's my take on the little explosion of awareness to non-ound money uh world. >> Yeah, great summary. And speaking of mainstream attention, we recently saw the guy from Pawn Stars on Fox News talking about silver and how it's in a supply deficit and how he has way more people wanting to buy the metal than sell it. So, that's interesting and and certainly raising some awareness amongst the general retail crowd. I want to talk about the broad market here because this is another big story from 2025. The so-called AI revolution and the continued rise of the MAG7 and the big indices. We've seen the S&P, NASDAQ, and Dow Jones all hit new all-time highs this year, despite what many analysts are calling major overvaluation of many of the companies within those indices. In your view, is the broad market in a bubble right now? And if so, do you expect it to finally burst in 2026? >> Our our view is everybody is measuring everything in the wrong measurement tool. The measurement tool is non-standard and is not static. So we start every conversation with saying you're in a fiat and debt debasement crisis. It isn't slowly anymore where it's marginal that you don't have to worry about the implement of your measuring tool. It's a bit like you have a thermometer that tells you the temperature and it's getting older and older and slowly it becomes a little bit more vague or like a watch that tells the time and it drops a few seconds every year. We've had that watch. It's been dropping a few seconds a year, but broadly it's accurate. Providing you're not trying to, you know, set a, you know, TV schedule to it. You just want to be roughly on time for meetings. Your your old watch that has been dropping a few seconds every year is fine. That's what the the how the dollar has been historically. What's happened now is you're now in the convexity curve where the watch is now dropping 30 minutes a day. It's no longer telling you the right hour even. You know, you you you you way way off. This is the dollar and the fiat debasement. How you should frame it. You're in the earnest Hemingway rollover things happen very fast phase because trust and confidence is gone. Which is why we're talking about silver and gold in the first place. So to then talk about the stock market, you have to recognize you're talking about the stock market on uh monkeys on grease poles currencies where they're slipping into the crocodile pits at the bottom. Uh no matter how much they scamper, um the harder they scamper in some ways, the faster they're slipping down. So in my world view when I look at the charts and I go to let's just talk about uh the Dow Jones for example just take a longstanding index that you can get a lot of history from. If you divide this guy and let's go up on a weekly basis everybody will say wow it looks a great year you know that you've had let me get that menu out the way go monthly etc. There's your 12 months they look like they >> could you share your screen Francis? >> Yes indeed apologies. So that's the Dow on the left. I'm just going to try see Trading View did something super sexy and merged the two charts there. Let's just do uh just the Dow. If I divide that by gold and say, but no, your new benchmark for catchup of the overall debasement of the dollar is a gold ounce and that is your unit of account. Your unit of account has been damaged. The only time stocks were really a a massively superior investment in the recent genre most of our life, Jesse, was in the 80s once gold hit its high in ' 81. Gold went down. Let's just draw this for you. You can see the relative performance. You are in a gold epoch right now. When gold topped in 1981, that was the time to get out and get into stocks. This is the performance of the Dow Jones to a gold ounce. So these numbers will make no sense. It's how many gold ounces to buy a basket of the Dow. You went right up to 46 during that period. It included the roaring 80s. The Greenspan era, you know, you can see lovely little continuations. You It was a dumb error to be aggressively gold. There has to be a point you're a seller of gold and you're in other assets. And this was the epoch for it. from the highs of 99 since then gold is an outperforming asset. So when people say to me and stocks are up and this is up and everything's up it's everything is in normal terms up in nominal terms it's up in gold's terms everything is debasing this is a debasement you are deep in the debasement trade already this is showing you how the Dow performed this year against gold that is a convex rounding top like that and in fact I've done this chart uh on a far bigger time frame. I've done it since the creation of the Fed. Let's just show you that if you'll allow me and that takes you back in 1913 and before even in when you were far more stable and there was no central bank. If we do this, you can see I've annotated this chart many times before. Here's the creation of the Fed in that blue box. So again, I'll use the pink to highlight with that's the creation of the Fed. You were far more stable before the Fed creation. The Fed got created after the Titanic sunk and certain people went down with it, but not JP Morgan. It got created. The creature from Jackal Island happened. You rolled straight into the First World War. You rolled next into They really got going. It ran into the Bolevik revolution of the greatest slaughter of Christian Orthodox citizens citizens ever. Many of them came the Boleviks from Georgia um and were Ashkenazi and they absolutely slaughtered and starved people have the numbers at about 25 to 60 million. Then you went into World War II in the 30s. So the minute the Federal Reserve was created, you began to have the Dow uh versus gold ounces volatility increase. They didn't bring stability. They brought war, conflict, funding for war, debasement of fiat and this massive broadening structure that brings us to today. And you have gone through pumps and dumps. This is this broadening structure. So you had the proliferation of credit, the roaring 20s. You tapped out, you got slammed, great depression. Each time they steal more of your wealth because they are the buyers when the blood is in the street and they are the pumpers of liquidity to get everybody chasing in like a mania into the stock market booms. Jesse Livermore, the whole story was built on the roaring 20s into uh those great 30s. Read the book Plunger Boy. It's even better than um Edwin Lefer's version in my opinion. You then had the gold and the the Dow come down to 1.88. These purple numbers, how many ounces you needed to buy one basket of the Dow at 1.18.63, then 110th later. Then you got the Dow going up. It took until this date before you took out the highs of the roaring 20s. Most of this was just recovery. In gold ounce terms, remember what we're showing you here. Dow Jones divided by gold. It's a six-monthly chart. Two candles represents an entire year. You're talking about a century of history here. Over a century of history. You eventually got to the Dow at 28.47 O in the next high. This is a log scale chart as well. Please understand that was then the Vietnam war, the printing, the bombing forever in jungles, napal, the stealing of the money by the cartel that always enriches itself via war investments in munitions and all those companies. You ended up with debasement, the stagflation of the 70s. 1966. It took till 1998 before you took out the gold ounces high. You literally were one two years from the top of the equity market just to get back to 66 28.47 O. Think about that. This is the central banking cartel pump and dump trick explained in one chart. This is what I'm showing you here. It's probably the most important chart I can show anyone in terms of showing any anybody anything. 1981 when gold hit its high was peak uh gold and fulkar high high rates. He killed the debt high rates killed and debased the value of the debt that was added during the Vietnam war that actually started golf and tonking incidents in 1964. The war officially 68 through to74 before it was finally over greets three presidents Kennedy, Nixon, um no Johnson and Nixon I think it was. So all you go then you reclim you ended up at an all-time high in gold ounces for equities at 2000. 44.93 45 oz. 45 oz. So you've had highs at 18, 28 and 44. Each time they've created the ability to get people to get further debt and have bigger pumps. And every time till now, each cycle, if that's the first cycle over here where I'm drawing the one and this is the second cycle in a nice little Greek two for you there, uh, it's got even higher and dumped even lower. At the low, you were sub 1 ounce. You needed 0.99 of an ounce to buy a basket of the dog. So, what I'm showing you is the bigger the pump, the bigger the dump. Now, most people accept that, but I'm showing it to you in a chart. It's a fact. So, here you are. You've had a half dump. I've always said the 2011 bull market was a half, it wasn't even a half bull. It was a stunted part bull. Uh, and you went from 44.93 uh 2009. All of this era, you came down to around six. And then we had the reflation for the AI boom. Everything else that has happened that took you into 2017. CV19 brought the Dow down only a little bit in gold ounces. You went from about 26 25 down to about 12. That's half. But remember this is log scaled. You then had a rally after 2020. You are now in a down uh a down leg, a strong down leg. My prediction is you will run that low. My prediction also is you're in this orange box. That's the elevator to the downside. That dotted orange box that you've had that typically in previous cycles the whole bare move occurred in the orange box. We've got uh two parts because it's got so big. There's a half time to this football match. You've taken the rundown from 2000 into the stunted bull of 2012 which was sort of the most depressed time and QE everything and reflation into the second elevator. Now maybe they'll need three boxes. I don't know. I can't predict the future, but my suspicion is you end up at sub 1 oz. 0.66 is my guess will buy you the full Dow. That's when you sell your gold. For those that want to know when do I sell my gold? Uh when do I sell my silver? When the gold silver ratio dips below 10 for me, I will start reducing. By the way, we're only mining 6.9 on current uh silver ounces for one gold ounce currently. So, you know, and you can overshoot. So, you could go three, you know, three silver ounces to get your go. You could. I'm not saying you will, but single digits I even though it sounds very aggressive, um I I think it's quite uh logical that it has a decent chance of doing at minimum that and possibly more. So there's your sell point for silver. You rotate into gold when you're there. And your gold rotation into equities, again, they are going to have headlines, equities are dead, because you're going to have equities go down in nominal terms. Remember you asked equity markets gone up? I'm saying it hasn't gone up. Not by my basis of accounts. You've just had four bad years. 1 2 3 four. Because my default investment is gold ounces. The only thing that's giving me alpha over my gold ounces are silver, platinum, and potentially miners. On top of that, everything else is losing value. We are in debasement because the basis of accounts is no longer reliable. And that's my framing and let me hand back to you on that. >> Well, let's pull back the curtain a little bit and talk about some some deeper issues. And for those who don't like when this show talks about, you know, politics or or or things not related to finance, you can tune out right now. I know most of you love it as I do as well. But it seems like, as the saying goes, whoever you vote for, the debt keeps rising and the bombs keep dropping. There's a myriad of global conflicts happening. We're nowhere near peace in Ukraine at this point. Trump threatening Hamas, which sounds like it's a green light to keep bombing Gaza, which has been going on anyways. Um, regardless of this supposed ceasefire, threatening regime change in Venezuela, tensions heating up between Saudi Arabia and the UAE. I mean, the list just keeps going on. I want to know what you think is behind all of this and behind all of the this financial you want to call it trickery or or or just the the ways that central banks operate um and these booms and bust cycles that are created. Now, this is a topic I haven't really delved into on the show before and I'm asking this as a really big question. You can take it wherever you'd like, but secret societies. Now, there there's people who believe that secret societies are actually the ones pulling the levers of power behind the scenes. And these societies have extraordinarily twisted religious beliefs that guide them to create an inversion. You've used this word before, inversion, perversion. And um that these secret societies actually want to in a sense uh bring hell to earth by inverting virtue and evil and and making the evil seem virtuous and the virtuous seem evil. Um and and then transforming society in this way. Uh I recommend people check out the channel predictive history with professor Jang Shuin. He did a whole series on this called hidden secrets of power. Um what are your thoughts here on on what is going on behind all that? I know it's a big question but would love to get your take. >> So the one thing where I'd consider uh we're reason so there's lots that we get wrong and there's lots that we don't do well or whatever. So I I'm just trying not trying to sound egoist but the one thing we've always studied in the reset sniper part of our branding because we are three circles. The crypto sniper the role that digitization and new era money is going to play. The HVF method that sits in the market sniper which is how we analyze all traditional markets and also the crypto markets and then the reset aspect. For example, I have Reset Sniper and I have people on that probably would do damage to my market sniper channel. We already have two strikes for medical misinformation regarding the uh interventions of 19 and 20, which we kind of predicted with the singledigit oil uh crash without knowing that it would be a virus and shorting cruise liners. We didn't understand why uh both would go down because obviously fuel's a big input for cruise liners like Carnival and pipelines. Um, and oil is part of the answer. So, you've asked a very broad question with a lot of touchstone, but we've had John Ho on our channel about the falsification of history. Uh, I've read multiple books on um Alan Watts's work regarding secret societies. Um, the the sexual inversions, the power dynamics. You've seen a lot of this with the suddenly break out with the P. Diddy and the Epstein uh revelations. uh all of this. So I'm seeing a lot of the stuff that was way out there that's been part of my reset sniper research actually be manifesting and be clearly clear because we're seeing tip of the iceberg not the fullness of the story occurring and there is an entire uh it's our phrase the inversion perversion where they turn it both upside down and there is a a bizarre sexual occultism and almost power dynamic that involves these rituals. um in in many many ways. So you're getting into a multitude of topics uh in the breadth of that question. I'd probably say uh we we're in the we're in it. It is a spiritual war. It is a good versus evil war. And my guidance and my compass for navigating this area. Not for me to project and tell other people how they should behave morally, but I say determine your principles and stick to them and expect them to become harder and harder to adhere to, especially if they're noble ones. Do what you say. Be honorable, be honest, um be straightforward, all of these uh things. And I've even spoken about the duality of morality, which is how you should have absolute integrity and morality towards a fellow human um who is honest and forthright to you. And you should actually be prepared to be entirely duplicitious towards institutions, governments, uh who are quite clearly part of the inversion perversion. It doesn't help you be the the honest fool at the poker table because they're going to have all your chips and all your money. You owe it to yourself to survive. You owe it to your family to succeed here. And um you should set up structures and be opaque. And you should uh recognize you also owe it to yourself to survive. You're not some martyr that uh just gets to be hammered and have all his stuff taken off him. And this is a wealth strip. It is an absolute power game. People see themselves as future demigods with power over the right to live and die and how you live and die in terms of the freedom. This is an inversion perversion game that is uh the world has come and by disarming you of valid money that people accept they leave you absolutely victim to the wind and I use the word disarm for many reasons because many are being disarmed physically from ownership of firearms but also financially disarmed and everything. They have you right where they want you. The UBI uh the social score, you will comply or you will die. That's kind of how much uh how threatening these people are and how much they aspire to that power over you and that demigodness. So there's a lot going on in there. Bringing it slightly closer to the markets, you mentioned um war, Venezuela and various other aspects. Um they are trying to mask the inflation. So, first they lied about the labor numbers. We said, as we always did, that you were in a recession during 21,22, 23. We were talking about the recession. And now it's quite clear and obvious we're in a recession. We're talking about the next cycle. You have to be ahead of the game, not behind the game. A lot of people getting really excited now that, oh, we called a recession, let's talk about the recession. You need to be now thinking about the inflation. That is the lie. the inflation is being lied uh because the fiat and debt debasement that gold is showing you via its sudden catchup and the lack and loss of trust in the fiat debasement system is showing you that is seeing money flow into gold and other assets. You've just had a 70% year in gold. What does it tell you? You are in the fiat and debt debasement. Everyone talking recession. you should be concerned for your cost of living that is going to be shown and the degree of lie. So a lot of what's going on with Trump and Venezuela more specifically in the economic front is getting onto the heavy tarbased oils that the US is good at refining because they uh are more geared up for refining that Western Texas intermediate kind of an intermediate sulfur base oil. They want the Venezuela heavy stuff. Um because they are masking the full inflation and the biggest tool for masking inflation is the oil price because it's in delivery, it's in plastics, it's in packaging, it's in energy, it's in travel, it's in holiday season, it's in uh work season, it's whether you fly to meet an account that you look after as an account manager or whether you just do a Zoom call. It's in all of those things. And uh the biggest call we made this year uh regarding gold and oil was that in fact it's 2 years old now uh when oil was 14 barrels to 1 ounce of gold is you want to be long gold and short oil and that is well outperformed the gold price had you put on that trade. It was $87. It had hit $129 the oil price when we said that. And the reason we say it is because you're in stag nation and stagflation and they are controllers of the oil price. It's no surprise that it's Chevron, Exxon that want to get into Venezuela. The original Rockefeller oil components that standard oil got broken into. Um and this is they will use war to secure it and they will mask they will flood the there there's a plenty supply of oil and the oil price is actually very low indicating both reduced demand and very well supplied supply sufficient and potential over supply. This has stopped to a large degree the fullness of what they doing in terms of the fiat and debt debasement from being as as apparent as it truly is. In spite of that, go have a look at a beef chart. Go have a look at a Japanese rice chart. Go have a look at the coffee beans over the last four or five years whether it's Robustto or Arabica and you can't hide the debasement. But people see that less because they can say, "Oh, there was a drought here and there was a drought there and then some stock got just it's easy for the propaganda machine of the financial press to mainstream explain that away." But it's much harder when everything is going up simultaneously and the oil price is high. So by keeping ratcheting down the oil price, it's you'll remember when the oil price was at its highest, it was when we were at the wealthiest. They treat the oil price as a ratchet. When they are creating lots of liquidity and we had an absolute boom and everyone was changing their car every 18 months and extending the mortgage on their their property that had gone up by, you know, another 200 grand and buying another $80,000 car and extending the loan and all of that. The oil price they skim because everybody's flush. The oil price ran 150 during that era in 2006 and 2007. And then when we had the depression, the oil price overperforms to the downside to to to compensate for the chronic loss of demand to make things still viable. So it is uh it is a it's one of the most controlled commodities in my view and I call it the Rockefeller tax. The tax goes up when you flush because it's easy to skim. You don't hurt feel it so much. when you crashed, they needed to go down and because of the inflation metrics that are in that. And that's probably been the best trade because you've gone from 14 to 80. Now that's more than 70% performance. It's over it's over two years not um one uh but to go from 14 to 78 nearly 80 is about you've had done about a five or 6x on that because in that time gold uh gold's done what it's done over two years and you've got oil having gone from 87 to 56 59 range uh and it many people amazingly you've had recently only long after we made that called JP Morgan and Goldman Sachs saying gold could go 20 or 30. And this is what happened in CV19. People think no, it was just a once- off event. When you crash and shut down the economy, you crash the oil demand because nobody moves, nobody drives, nobody flies. Now, if you just get part of that effect, you can go 20 or $30 on oil. And that dollar isn't the same dollar when it happened in CV19, by the way. 80% of the your money in circulation most of it digits is released in the last six seven years. So this is why I keep saying people need to understand the debasement. Um and that's your benchmark of measurement. With regards to the other stuff, it's a whole other topic that for just one single question. um the spiritual war, the the secret societies. Britain uh has now got a cop who's for who's claiming, and I consider this a force for good, but I don't know if it gets anywhere, that every policeman that is a member of Freemasonry be declared and is forced to declare that he's part of a secret cult. Uh the Freemasons are going to hate on me and puke in the comments, but uh particularly at the lower levels, they have no idea what's going on. Uh, it's just like an innocent rotary club. It isn't. It absolutely isn't. It's based off the Cabala. It has Boaz and Yokim, the two pillars with the great arch and the black and white squares. The symbolism for everything is in there. The little aprons, you name it. This is a uh uh guys that never made it in life club who need a hand up from people with obligation and bound secrecy and peculiar rituals that involve blindfolded men with one pant leg being pulled up. This is anything like that is supremacist. Everybody who wants to go and use the phrase white supremacy and things like that should look into the cults that work and cover secrecy amongst themselves and get ahead. Those are people who seek advantage at the cost of everybody else. They seek gain not on merit. You get hired. You do business with this one because he's an Ashkenazi. You do business with that one because he's in your freemasonry lodge. You don't buy from the other guy. These are all hand up insider parasites and they should be treated and condemned and I'm encouraged by but the British police are getting so much wrong. So it's almost like they're trying to get some credibility. They have more arrests for hurty words on social media posts much more persecutions running into years for that and they don't do anything. So that's the inversion perversion of justice where they actually say there's a two-tier justice system and they actively go against the indigenous population and when they start a war if they start that war with Russia conscription will be for the indigenous male population to kill off the white British male and the immigrants will be exempt of that. I have no doubt and we've predicted this many many times. So you are dealing with um a Trojan force that is actually at the levers of power. It is there's a locust that gets a parasite, an insect that buries its way into its brain and actually controls the animal from within via its nervous system and that is embedded in it. And after it's had its life um and it's done what it needed the locust to do and it's controlled it, it has it kill itself. We are watching the control demolition. We were one of the first to use this phrase with respect to that followed a 911 anniversary. You are experiencing the exact same by the exact same forces that brought you 911. You are experiencing a financial control demolition of the west through uh absolutely noneconomic measures. And you only have to look at the great nation, industrial nation of engineers that was Germany to see every possible worst mistake made by the blubbering wreck that is Merk and everyone who preceded him right back to Merkel and before in terms of uh pushing up their energy cost. It's basically a transfer pricing mechanism to India, the BRICS nations where Russian energy is being sold or refined via in India and sent at much higher cost to Europe. It's a tax on Europeans. They are already stripping the wealth of everyone who continues to live in Europe by virtue of uh refusing the much cheaper energy and gas with Russia and by insisting that Russia is some sort of totalitarian enemy that wants to roll rule the world when in fact Muland the Zionist axist flipped the Yankovich out of power paid civil unrest bragged about it being 5 billion said f the EU in a call to the Polish minister as they overthrew crew are legitimately elected and from thereafter put in zo controlled aggressive people that wanted to establish eventually missile sites inside what was always part of the USSR pointing at Moscow and then say that Russia invaded. This is all baloney. There's such inversion perversion in the news. It's everywhere unfortunately Jesse and it's such a big topic I'll keep you here for a day and a half but the point of the the the the point of everything is your rulers are actively working to destroy you. Your government in the west bring it down to a simple thing. You want the black and white squares of the chessboard in your freemasonry societies. Your governance is captured. It is coordinated. It has long-standing agendas that are destructive to your existence. If you're watching this program, they are your enemy. Have no conscience about doing things that do not serve them. Be smart. Don't be a martyr. I'll never tell you do things illegally but differentiate between morality and legality because eventually all acts of morality will be illegal and only uh all laws of complete perversion will be written up as legal and that is the inversion perversion that is explained that is our catchphrase that we regularly mention and thanks for asking the question because in this time you have to prepare for that fact and actually the sad Fact is truth and principle is being pursued by the grand south in terms of money. Sadly, a lot of the other agenda items will be there. There's no perfect place in the the world of countries that we have as a selection, but there's certainly zone one of the earthquake and zone 10. And I suggest get away from the epicenter as far as you can because it is coming. uh and not just precious metals uh point of view that's part of your money and your your ba balance sheet but it is coming at every other level uh unnecessary wars conscription uh entrapment of your wealth in nations exit tax unrealized capital gains tax the death of the debt market means they cannot have the bottomless overdraft they were accustomed to for their nefarious activities the money sent to Ukraine they're stealing half of it it's being kicked back it's a it's an absolute it's an absolute cacocracy globally and particularly western world you've got to do everything to save yourself as if you exist on your own build community do all these things that's a that's the rolling statement let me hand back because I've gone long form on you >> yeah I love the long form um because it was a big question to begin with a lot of interesting insights there I feel like we could dive into that a lot deeper perhaps the next time around we'll focus in a little bit more on those aspects um Francis tell us the market sniper, crypto sniper, reset sniper, anywhere you want to direct people online as well. >> Thank you for that opportunity and great talking to everybody and again happy new year to you all. It's going to be an interesting one. The Chinese curse applies double going into this year more than any. I think events are going to be outrageous that are going to happen. Those that are positioned correctly could have an absolute blind over year. the the the sad fact is um if you understand what's coming and you positioned accordingly um you tick the boxes and you benefit, most people that are your friends that are not aware and not watching this channel with Jesse um and others like him are are going to fall on very hard times. The polarization is 99% are going to the left, maybe 95, I don't know. I my goal is to keep you as the 5%. We are here to help you build wealth in reset times accounts all at all-time highs for me across my board and for many of our community members on the runs in silver miners gold. We've been trading the yen weakness through the Swiss Frank through many others. We've had killer trades entirely this year using judicious leverage and HVF method. That is where we do that on the market sniper. Uh on our YouTube channel you can find out a bit more. There's links to book a call if you want to join our community. But not only must you build that wealth, you need to take some of that wealth and take steps to protect that which you already have and will have in the future as you maximize the huge move. Think of that Dow Jones gold ounce charts. The pumps and the dumps are getting ever bigger. If you're in the right place, you're going to be getting rich fast. Uh if you're in the wrong places, you're going to get impoverished fast. So the volatility that the central banking cartel has brought is getting ever wider. We feel we have the script and we'll take you through it. Preserve that wealth and then secure freedom. So that's a multi-jurisdictional existence. We were chatting before this call about um Eastern Europe where you hang out, some of the benefits etc etc. You've left Canada uh and others and why others should be thinking like that too. We help and support with reliable partners that we have used personally to get you set up for what is a reset financial event that typical financial advice has no use at all. You don't want to you don't want a shifting spanner when you need a jack. Uh this is the flat wheel year. This is those that have the jacks win and get the new tire and win the race while everyone else is uh sitting there and they they have the wrong tools for the situation. So pop over to the market sniper YouTube, book a call in the new year. You should be planning during these quiet times before going back to uh thinking about your long-term goals. And some of that should be jurisdictionbased. Some of that should be d uh diversification of where your gold is held uh outside of western nations. If you think you're going to see it out in the western nations, let me also tell you people like Lynette Zang are looking for plan C's. I think they might be coming over to see you as well uh at some point outside of the US despite having very good rural locations. You truly need to escape the law. They will write the laws to take your money. That is how bad it will get and that is how uh draconian things are. You haven't lived gouag yet. Uh and people have forgot their history. Anyway, until next time, there's great opportunities and a great life to be had. I don't want to finish on a doomer note. is absolutely but the prepared win the day. The prepared win the day and we help you prepare financially, fiscally, physically, ge geographically and in many other ways. So, thanks for having us on and I want to wish the channel the best year ahead as well for 2026. Uh, and you're positioned uh to be of great service and you're doing God's work and I thank you for it. >> Well, thank you Francis. Those links will be in the description below uh to the market sniper YouTube and and the other uh links that we discussed. Francis, happy new year and looking forward to reconnecting in 2026 uh for another interview. >> Absolutely. All the best. >> Thank you for joining us today. Our sponsor Arc Silver Gold. Obium has some great prices right now on silver bullion products. You can see them displayed on your screen. These are well supplies last and subject to change. So reach out to owner Ian Everard today at 3072649441 or by email at ianarchsg.com. and make sure to tell them that Commodity Culture sent you. And of course, pick up your Stack Silver not fiat t-shirt represent sound money in style using the link in the description below. And I'll see you guys in the next episode. Commodity Culture is a series on commodities and natural resources. 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