Brandon Aceto

I think the standard of living in America is highest in the world.

But the lower class has actually been benefiting and going up in standard of living more than the middle class because of all the subsidies and all the welfare.

So that's a bad thing, too, is that the middle class works harder than the lower class and gets less.

Yeah, let me grab that chart.

Yeah.

So it's crazy.

I mean, there's been a marketing campaign to not look at gold as a form of money because I don't think that the government likes when you own gold or when the consensus is for people to obtain gold.

But the value of the dollar versus gold, the dollar has lost 50 percent of its value against gold over the last three years.

And I agree, Eric, that it could be for the tariffs because gold is a good indicator of future inflation.

Gold actually started rising quickly in 2019.

So it almost predicted the money printing in 2020, very interestingly.

So it could be for the tariffs.

But also, I think this is interesting that for the first time since 1996, the central banks have more gold on their balance sheet than treasuries.

And I almost see it as like a...

credit default swap situation where they didn't let the price of the bonds move until they got themselves positioned to where they had enough of them to where it wouldn't hurt them if they let the market do what it did.

So if you see right here, the net balance of gold owned by central banks has gone crazy over the last 10 years.

So I think maybe now they're in a position where they're comfortable letting it go to its natural price because they will have gotten hurt before if they let it go to its natural price because there's a lot of short selling suppressing the price.

So there's a lot here.

Brandon.

Estimate or just consensus?